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Established 1839
Volume
Reg. U.S. Pat. Off.
Number
196
editorial
6196
New York 7,
N. Y., Thursday, September 20, 1962
Price
50
Cents
Copy
a
In 2 Sections
Section 1
—
Benefits From
| As We See It
In their recent,
rambling, serio-comic apologia pro vita
the high priests of the Slavic empire, once the domain
of Ivan the Terrible, come up with some remarkable
sua,
statements,
some
of
them
remarkable
so
that
their
By M. G; O'Neil,* President, The
authors
easily qualify as the foremost current practi¬
tioners of the big lie technique. Of all'such assertions,
perhaps the most remarkable is that which blithely in¬
forms an astounded world that "as regards
questions
of the internal socio-political order of states,
they must
be settled by each people independently, without any
outside intervention. Peace can be
safeguarded only if
one
respects the inalienable right of each people to in¬
dependence, if one strictly observes the principle of
nonintervention by some states in the domestic affairs of
t
Rubber
Not since America
been
discovered 500 years ago
was
comparable concept
a
The cost of
landing
striking
as
the
a man on
moon
the Space Age.
as
is estimated at $30
said to
those
from $40 to $150 billion.
range
who
would
Mr. O'Neil
delay space exploration;
implications
our
research and exploration will have on
space
uncommon
other
—to
stand
be
larger than the world's auto industry in
industry
10 years.
as
the Soviet Union and its activities
are
concerned,
"revolutionary spirit" forceably inserted into
the gullets of helpless victims that causes concern in the
minds of informed people
throughout the world. So far
it
is
as
the
Cuba itself is concerned
that
no
one
in his
senses
supposes
''the
people" have anything to say about what is
now
going on or is planned for them in the future. It is,
of course, standard Soviet
technique to incite minorities
to rebellion and to help them
gain control which they
can not
keep once they get it except at the price of
surrender of all independence to the Soviet Union.
There is, however, a. sort of
"revolutionary spirit"
which may or may not
Soviet
Union
wholly
which "we
and
owe
all
its existence to the
other
nations
globe have had good reason to fear in recent
is a deep dissatisfaction with what(Continued
on
the
years.
It
on page
21)
How
rapidly
change when
time
we
before
by
sweeps
for
pause
it would
a
group
just
discuss
the possibilities of
reaching the moon.
How he
might be laughed off the ros¬
trum
embarrassed
or
circumstances
and
moment and recall
a
be—even for
into
a
scientist
a
decade ago and
1
" ' "u
si¬
lence!
This past decade,
...
a
secrets
minds
...
probes
of space
events
new
rooms
and
be
must
.
.
.
how
prove
with
stance
of
lives
our
briefly
beginning of
at
Yes,
those
our
1962.
has
Most
of
within
Municipal
'
inside
out.
business
the
predic¬
tions in January were optimistic. Wall Street and
the
downward
over
the
possibility of
an¬
of these events have happened since
predictions last January.
I sum them
simply to refresh ourselves on one facet
current state of American
business, as
of
the
are
more
than
every
scene.
a
few items there that should
person
in
this
country
con¬
engaged
Every passing day sees the growing economic
unity of the European
(Continued on page 21)
State,
Members New York Stock
Exchange
Associate Member American Stock Exchange
•
Members Pacific Coast
Offices
Securities
MEMBERS
MIDWEST STOCK
in
EXCHANGE
135 So. La Salle Street
FIRST NATIONAL CITY BANK
del Mar,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,
Santa Monica, Whittier
on
Notes
Municipal Bond Division
Dept. Teletype: 571-0830
New York
Correspondent
THE
Southern
California Securities
Bond
NY 1-1246, NY 1-457
w
Bonds and
Exchange
Claremont, Corona
Inquiries Invited
770-2661
Agency
Encino, Glendale, Hollywood, Long Beach,
•
BOND DEPARTMENT
17,
California
Dealers
Distributors *
CHEMICAL BANK NEW YORK TRUST COMPANY
—
MANHATTAN
Pershing & Co.
BANK
Chicago 3, III. FRaoklln 2-1166
Net Active Markets Maintained
To
UNDER/WRITER,
DISTRIBUTOR
T. L.Watson & Co.
D EALER
ESTABLISHED
Dealers, Banks and Brokers
1832
Members
first
American Stock
Exchange
CALIFORNIA
On All
Canadian Exchanges
CANADIAN DEPARTMENT
Teletype 212-571-1213
<^outhw€dt
Executed
CANADIAN
BONDS & STOCKS
Inquiries Invited
Commission Orders
New York Stock Exchange
DIVERSIFIED
'
Canadian Securities
Block
company
in
business.
So. Hope Street, Los Angeles
623
Corporate & Municipal
TELETYPE:
on
all
Lester, Ryons & Co.
Underwriters
NewYork
•
hours
Housing
MULUNEY, WELLS 4 COHPAHT
Chemical
770-2741
almost
Municipal
jCAfiC'
PHONES;
has
and Public
Securities
P. O. Box 710, New York 8, N. Y.
Product
rosy
now
Housing,
State and
few
a
concern
PUERTO RICO SUPPLEMENT: SECTION TWO
*
The
"Blue
U. Si Government,
Public
bellwethers,
of us in business
heavy pressure of
continued to bite into
many
Now, for a moment, let us turn our telescope
beyond the shores of the United States.
There
M. G. O'Neil
happened since
the
bill
the
viewed from the domestic
completely
what
clean
recession.
up
cern
Look
stir.
corporations
Gross National
national
other
change, to
concepts that
to
could over-night turn the sub-
a
.
horizon.
investors
to
ideas,
a
.
cycle of the roller coaster?
To a degree, it was all of these things combined
its giant
into the
all these
open
that gave
.
--the word-of-mouth fear that sends thousands of
indeed this
its bouncing of images
satellite to bring peo¬
living
our
events
Monday" emerged on the invest¬
Everyone, from the milkman to
ivory tower economic advisor, has offered ex¬
planations of why the stock market suffered such
severe declines last May.
Was it a growing aware^
ness of the price-earnings ratio where some shares
were
selling as high as 100 times earnings? Was
it the realization that inflation was no longer per¬
haps the bogie it had been in previous years? Was
it the government's intervention in the steel price
situation? Was it loss of investment confidence
brought on by the parade of stock market scandals
that kept blackening the headlines of our front
pages? Or was it perhaps sheer and simple panic
ple from other continents into
thrusts
of
the
year,
with its dizzying
succession of flights into outer
space
in
Then
ment
past
against
on
.
bit of
economy
.
series
past decade and yet while our
profits were $17.2 billion in 1952, they increased
only to $23.3 billion last year—and probably won't
go much higher this year.
answers
lives not least of which is that the astronautics
.
.
a
Our
doubled
lists industries
already offering by-product concrete benefits; and sketches
the
how
far
taxation
profits.
billion by 1970 and the entire military-civilian space bill is
will
Ip this setting the taunt that "it is the revolutionary
spirit that you fear" appears no less than ludicrous. So
more
a
the
gave
t
came
if you will
than
has there
co-existence,
peoples.
Washington both
of health.
Then
is precisely the
meaning of peaceful
underlying the peaceable policy of, the
Soviet State." A cardinal principle of the Soviet credo
seems to be an unshakeable faith in the
gullibility of all
other states. That
General Tire and
Company, Akron, Ohio
25
BROAD
STREET
NEW YORK 4, N. Y.
MICCT WIRES TO MONTREAL
•
PERTH
AMBOY
Dominion Securities
Corporation
Goodbody a Co.
MEMBERS
BRIDGEPORT
AND TORONTO
NEW
2 BROADWAY
NEW YORK
YORK
STOCK
EXCHANGE
1 NORTH LA SALLE ST.
" '
CHICAGO
40
Exchange Place, New York 5, N. Y.
Teletype 571-0880
Area Code 212
Electronic
Industry
MUNICIPAL BOND DEPARTMENT
BANK OF AMERICA
WHitehall 4-8161
N.T. & S.A.
SAN
FRANCISCO
•
LOS ANGELES
The Commercial and financial Chronicle
(1198)
2
Thursday; September 20,1962
..
.
a
The
Brokers, Dealers only
For Banks,
.
'This Week's
•
•
:
Forum Participants and
Their Selections
Alabama &
Westgate-California Corporation—
Louisiana Securities
'
500 Reasons
A continuous forum in
which* each week, a different group of oxperts
in the investment and
advisory field from aH sectionsof the country
participate and give their reasons for favoring a particular security.
\
M. J.
call "HANSEATIC"
to
.
counties:
M. J. COEN
>
,
Over-the-Counter issues, ,giy-
,
,
Kansas Cuyr Mo.
.
»Westgate-Oalrfornia Corporation
Orange,
I
Federal
•
play
a
ment.
-
,
Diego,
The"baAk' aTs£ wfli
,
,
San
Riverside; Los Angeles, and San
President;MidlandSecuritiei Co, foe,
position more than 500
We
Coeii, President, Midland
Securities
Co.,
Inc.,
Kansas
City, Mo,- (Page 2) ' /
-
o <
-.
;- •
,
"
;
'%*■
ing
'V
.*>-
the broadest
you
coverage
in Over-the-Counter markets,
:v»
investors have had their, doubts
.about: cyclical > stocks- ± especially
i
,
•
\T. The
earnings are"' not
consolidated- in Westgate'S ^results'
this year when' the-stock market-arid for- that-reasbhy the real book
took a mauling and - widespread valued ;Westgate is understated
„
bank's
rr
f
*
-yf
,f
II
NEW YORK
V
uncertainties
vi* arsedover P,
the
f utur-ey
H Since ?the:; investment^ <
HANSEATIC
CORPORATION
Established 1920
•
-
*'
American
Los
•
Chicago
•
Philadelphia
Angeles
•
San Francisco
Private Wire System
Nationwide
food,
a
-
M. J.Coen
con- •
lars
.
(,
worthy
consideration
for
and
cents
but
*
our Monthly Stock
Digest, and our other reports
that give you a pretty clear
picture of the Japanese
economy as a whole.
Write for
,
,
The Nomura Securities Co., Ltd.
61 Broadway, New
York 6, N.Y.
Telephone: BOwling Gr.eaii-9-2895
This
is
not
offer or solicitation for
an
orders for any particular
securities
STREET
WALL
99
they are worth several million*
dollars.'-"'T'-' ■?' K'-<
v'!:• V r:--[
investment.
Raw
Refined
—
Liquid
—
raw
fish from Its fleet and an
aggressive
national
structure.:
•:
marketing
,
:
can
be
give
on
well
bound
makers of au¬
Robert F. Taylor'
tomotive vehl-
area.
It
owns
all
While
there
is
a
as
those
equipment
Federal
will
"hard
to
as
find"
quotations.
call:
WeSgate f. 2% stock\4mdend was paid m
estate.
construction
under
in
wmsoffer
w
cash. Shareholders
"eu
San
25 Park Place
New York 7, N. Y.
REctor 2-9570
-There
fl0^rsior4eae
are
the
is
owned
'
i.
.
-
—
:;
313 222-5012
Bay City, -Mich.
CANADIAN
Common
vehicles
•V
October 11 f"
*
;
'
v
' '
.
'
'
t
■
r
•
t
now
-
;•
>
s;
Fall
The 1962.
-
—•
-
,
Edition of our
Canadian Common Stock Pur¬
fits Ifrom the sale of its products
to the. original equipment manu¬
Altos
Los
sales to. the. replacement market.
i?SSSSi^l?>-US *]*C?1X1f
banking,
substantial
of
the
tional Bank
Westgate
block
of -the
United
of
San
a
^axes*
capital
The
owns
States
Na-
Diego which
has had an astoundingly dynamic
growth.
It
has
expanded
and
grown into a
complex banking
system with 26 offices in five key
sold to non-automotive industries.
.
is
traded
-
over-the-
appreciation
;
provide
to
factor
reasonable
an
as
a strong
' well as
vey
will be published in the
October II issue of The Com'
-
■
-
■
■
•
1
mercial and Financial Chron¬
icle.
The data includes a long
list
of
stocks
Canadian
' common
which have paid
cash
dividends uninterruptedly for
as
long
as
133
years.
(This is under
nizes the .need for food, money,
real estate, and transportation.
I
circumstances to be construed ps an offer to sett, or
of anofferto buy, any security referred, ta herein.)
no
sotieitation
'
'
has
shown
better
a
Over-the-Counter
Quotation Services
for 49 Years
rate of growth than most, of its
major customers, or those of its
in¬ )
current
investor who recog„
past two decades, Fed-
eral-Mogul
counter and should have
%
j come
Over the
■
stock
i
-
f
,
competitors with which it could
be compared; earnings pbr share
have
shown
'compound rate
a
taxes
\
annual
an
earnings before
20.6% of net
V Continued*
.
**
Incorporated
of growth of 11%.
income
saiqs of
were
^.
National Qnotation Bureau
average
h
on paste
.
R
*i.
VL
Established 1913
46 Front Street
SAK FRANCISCO
■-a:
.1
-V
-
-t. A
-
New York 4, M« Y.
CEEECSSGO
9
«.
Office
Branch
.
on
J In years of high < automotive
production^ ;Federal-MoguI bene¬
In. 1961,
„
DETROIT 26, MICH.
,
which do not use some
parts manufactured by Federal'Mogul-Bower Beartngs.
•
,
'
.
Bower carries
-
few
-
..
_
as a
-
a
'.-v
-
Building;
WOodward 2-3855
Shopping .Center in the explo- 088,394, for a total of _$11,455,092. Service sales contribute more than
sively growth residential area of ;Net . income was $1,215,J95,^ equal '25% of totals volume. In addition,
East Long Beach. It is a quality !
a s^f.re 0IL
a c^aas. & other - cyclical • industries, such as
center and has such tenants as ^°£^05)^t^ldl?g after Provision the manufacture of farm impleBroadway-Hale, J. C. Penney, and :?* $135,000 for income taxes after .irients, ..earth-moving and roadWoolworth. In the agriculturally tax credits;
building machinery, and aircraft,
;
;
.
productive San Joaquin Valley, :
Annualizing the first six months are sometimes in an expanding
Westgate owns more than 2,000 we. estimate the company, should phase when automotive production
is -declining. Somewhat less-than
acres, whose land values have in- earn between $2 and $2% million
'half of the" company's yolume is
creased 59% in the last decade.
or about $2 per share net
after
■
1.
Penobscot
1051
were -moving
giyen the option .to ^e cash at
Diego a 27-level sykscraper which
stock
WILLIAM B. DANA CO.
jpsli-
Members,
i
.
commercial property,
Also
$4)
securities
or
-
Midwest Stock Exchange
Stock Exchange
Detroit
^
and for replace¬
Mogul
-
c-
'.
^
In
Write
„
market for. bearings, both as origi¬
nal
QUOTED
—
MORELAND & CO.
ment, it has. proved to be more
e^m<^
ecdnomieal for even large users
65,000 shares of $70 par value 5% of bearings to buy, rather than,
preferred and -232,905 shares of /manufacture, them. Of the auto¬
$10 par value 6% preferred.
1 motive makers, only General
Kan¬
BOUGHT — SOLD
,
-tremendous
facturers; In years when automofivej production declines, the Fed¬
tallest—is to be ready for occui- satisfactory:^to sharehoiders,»
; eral-Mogul service, d i v i si on,
pancy in mid-1963, and is located ,
Net sales for the six months through its 10,000 jobbers and 109
adjacent to the $40 million City ended June 30, 1962, were $9r- branches in the United States and
Center project.
366,69b and rentals, dividends and ...Canada, prospers- from profitable
year)
—
Over-the-Counter
lines, inc.
practitioners of
of metallurgy.
- ^
the art
bas qutstanding 1,194,-
downtown
office space, Westgate share. On thfe basis, the
with the remaining floors to be :P®ym®nt;
?T
occupied by the United States cents. i^tead of the 22^ centsin
National Bank of San Diego and
°h the former _basis. The
various
Westgate administrative coi??Pan,y 1? *1 ?
.? ..ow
elements. The structure-the city's
iu ; the . future if it proyes
monthly prices
listed
associated truck
■.v
'
publication
the
you
.
Telephone: BEekman 3-3622-3
.
prime
This
NEW YOItK OFFICE: '
-
City Transit, Inc., a metropoli¬
Motors produces bearmgs:
Even
tan bus line; Atlantic Transfer,
The class B, which, is manager
a Los Angeles
intracity Trucking ment owned, 'is convertible into so, General Motors is usually
line; AirporTransit of Los An-- class A share for ahare at the rate Federal-Mogul's third or fourth
largest customer. Few companies
geles,
which provides service of 160,000 shares a.year beginning would care to stock bearings or
from the
liuge^International Air- in 1964. The class B does riot par-? seals foe years after the manufac¬
port ■ to the city and operates a tlcipate in dividends. The' manture of the vehicle or machine, for
self-propelled - tram-line
within agement does not contemplate a
which it was designed has ceased.
the confines of the airport.
haq
per
.
,
149 Broadway, N ew York 6, N.Y.
readily under¬
taken by ' the I
protlts-„.;,v
.
transportation, Westgate operates the Yellow Cab Companies
in Los Angeles and its suburban
commercial real
(Single Copy
Securities Co., Ltd.
one
West- JJ.er.e
dilutiori should be more than 28„Q0Q different parts.
gate owns all but two of the 26 SnS1Z^
By the end of this year, there
*
w
office1 buildings occupied by the-.-.ta-rncd. growth m earnings. The will probably be over 80 million
United States National Bank-of
A.
a 9° centan- pars, trucks and busses In: opera¬
tion" in the United States alone.
San Diego and' much additionalr
oi
^ ln
(Only $45
.
'
>
bear-
of
which
f'Y®
w
credit, which can. be taken against
In
In
record
r >.
branch offices
our
JAPANESE
'■**cleg, farnj.' im-;
plements, machinery, industrial
In food, WeStgate owns Brest- this one move. But looking to the
equipment and other mechanical
O'-Chicken Tuna, Gifford's Olives future and;,, larger markets,
ier
devices.; To make bearings re¬
and Girard's Salad Dressing. AJ1 trenchment is not
the cards. 5
quires great technical skill and
food production is carried on in
ibngre^perience, as well as sub¬
its new, modern San Diego plant,
stantial capital.. The combination
where equipment and facilities arp
of materials-used in bearings reprunrivalled in quality and design
discontinuance of "trol^f ^and >esehts: the hard-won
knowledge
concepts. It has ari insured source
s ^ 2 of the most skilled
DXgby 4-2727
bank & quotation
Mobile,Ala,,,... •;->
DAI WA
work-
lifigs is hot
10% conversion and in the event
Cpryipp Your
Arrounts
aervite
vuur hlluuiii^
/
the manufac¬
add to its profits; after taxes, for ,♦»
cisco-Oakland
Exports—Imports—Futures
t
-
sas
SUGAR
■'
;; v
Direct wires to
1
v
ing operations,;
■
cities, as well as in the San Fran¬
NEW YORK 5, N. Y.
:
Unlike most
metal.
Westgate-CaHfornia Corp. is a
festgate d°es_not carry 'any
holding concern withi the- various.
subsidiaries operating: with com-- Tuna label, on_ which it has spent
nearly $7 milliOn tn «advertising
plete autonomy. Most Of Westalone in the dast four years. If
gate's operations are concentrated
the company desired to cut^back
on the West Coast, where ^the na¬
its promotion program,- it - could
tion is growing fastest.
of
LAMB0RN & CO., Inc.
J
ducting.
•
trndoufotecfly,
ture
IN JAPAN
;
.
:
Angeles, ahd San Francisco-Oak-,
land cannot be pinpointed in doj-j
,
cern
Opportunities Unlimited
212 sijh425
New Orleans, La. - Birmingham, Ala.
the : development,
production and distribution of a
complete lih©
y The transportation companies
of sleeve, ball ;
generate, a substantial volume of
an droller;
depreciation ; cash. The l value of
bearings, oil
.the franchises m Kansas-City, Los
s ea 1 s
ah d
.
of
haimvot2-0700
robert f.; taylor --
at •proficiency in
^
tion, anti realestate,
these
peaceful needs J
give a dimen¬
sion to
.
-
-
should-; be estimated
several, million dollars.
transporta¬
Telephone: 363-2000
Teletype: 212-571 — 1231,32,33, 34
Boston
as
y
in 'l the| Federal-Mogul-Bower 6earuigs, Jnc.
feel
we
banking,^
York 4
60 Broad St., New
fields
x
-19 Rector; St,Mew York 0/ M. Y.*'
hawk is, carried at cost,- the actual -This • qompany is essentially an
value ^ of ; Westgate*s
investment; automotive shppJfer with unique
,
basic,
such
;
Associate Member
Stock Exchange
*.\
Ihen-'a/,
company
is>
-engaged in •
:omy.
Co'
'.\M,ewberr < Amtrican. Stock- Exchange
.
.hation^-ecoh-*;1
•-
rv;w-
•
'Members. ^Hew. York; Stock- Exchange'
by the company's equity in : the
earnings an<F asset Counselor; investment, Counsel; Inc.,'
Detroit, Michigan
value, of- the bank.
";
C'. |. .
-of: the
course
V
Stejner,:Rouse &
undistributed
;
•'
.
Bought—-Sold—Quoted
Bower Bearings,
■
,
'
-
Taylor, Coun- V
selor; Investment-Counsel; Inc.,;
Detroit, Mich.. (Page 2)
-LiiSJ
«...
v
Mogul
-
Inci —Robert F/
;
leading part in its develop-
-
•.
.-l~ •
i;* fir
i.,
Volume 196
Number 6196
.The Commercial and Financial Chronicle -
v.
(1199)
3
CONTENTS:
Thursday, September 20, 1962
Industry: Past and Present
j:
J
V
.
•1
*
^
■»
-»
^
I K
1
<te Nemours <fc Co^ Wilmington, Delaware
v<"»'
v
t
<
;
B.S.
^
By Crayton K. Black,* Manager, [ Trade Relations E. J. -dii iPont
■
-
■;
PAGE
LET'S HAVE
-
Tangible Economic Benefits From Space Research
Unlike all previous tariff legislation since World War I, writer bale- fully claims that the current tariff bill now in the Senate will decrease •'
industry essential to
.
our
"*a
/'
•
.
increase imports and, thus, jeopardize an -l
defense and well being, Mr, Black explains
our
favorable chemical trade balance]
comparative study of Tariffs*,
♦,:
*
■
,
.
Oft that day the second law. passed
nificant event?
bjf Congress was a-tariff act. • t
founding- fathers,liyho werei
("km
the
deenlv convinced
were
y
•
for
'
*
1
/
>:
* 1
'
■
■
Bids
the; government
we
as
think.
you
V.-
V;
v-
>
'.
•
;
and
the
i
keeping
YORK
4-6551
5
E F. MacDONALD
9
Cobleigh
Investment
Plan /*'•
BUCKINGHAM CORP.
~u_Douglas Greenwald 11
*>
Marcus Nadler's Prescription for
Economy
MOSLERSAFE
COMPANY
Expanding
an
■
--
:11.___1
•__
14
MARADEL
Sidney Koretzr Would Cut Gold Price to End ; : "
Shortage __________—_________(Letter to Editor) 14
w
WHitehall
Future
Canadian Consumer BUys
Bli
Two-Thirds of Total
,
STREET, NEW
Telephone:
-
Charles F. Home
•*'
j,:
■
„
Colorado Interstate Gas Co.__--____Ira U.
-V;'••••£ "
WALL
:___
—
•
but that
obsoletes aren't
Obsolete Securities Dept.
August Huber
Electronics Industry:"Present
•
thataw
your
much
as
-
•
Treasury to- Sell Long Bonds via Competitive v
llvo
perhaps
.
.
"down"
99
government"
and so for a period that no American industry Could'
of
25. years they ,• clung to
the; exist without tariff
protection. It
theory of tariff for revenue only.- ^ the German
hope that -our;
It. is -interesting to note .that eusdependence would" not'- only, keep ■"
toms duties Were the main source us from
declaring war- ontthem
revenue-
.
American Business
Germans had "mohopOlized
inllucfrv
nf
i+o
dye industry
(in; spite of its i V V:/ ;v'-. Schedules
Engli^r-ongin) and had fnade* the % r i ■■•*W\La*
jn
: -V
sensitive-on the subject of 4ax£-:
tlbri.
.
#
Past and
Advice to the Investor
of the'""' *w
v
..
4
of
v
t S
weight of rubber and ' nidiet irigots. Why was ^this such a sig-
-
(Chemical Industry:
Future ;_.___.;__________.:____^Crayt)on K. Black
protections in the present bill heretofore 4n ex>
istence during the presidencies of Roosevelt, Truman and Eisenhower.-«
Apparently July 4, ,1789. was .not
a
holiday- for our Congressmen,
,
.
■
notes the difficulty m making
and deplores the absence
A SHOWDOWN
Exploration,C. O'Neil
Tariffs and the
selective statutory
/
,v
*>and
'.
chemical exports and
our
COMPANY
AND
Articles and News
-.
„
PRODUCTS
;
w.ould assist them in.
SANDERS
(Editorial)
-
-
.
„
j." i
m the .War of
.
Having learned
r
1312
that
it
riot
was
hiformation
wise.tb -de-.
were revised
and the complexity of
business, this
#
Bank and Insurance
task.-
was no easy
under the pressures of war. Presi-
;pend on Europe for manufactured
goods, tariff daws
the
,
'
dent Wilson, who was in • general
an exponent-of free
trade, u edog-'
nized the- importance of a dotnes-'c
to
Stocks________
17
'-
-
Businessman's
;
,
afford protection to American industry in addrtion to revenue. t.*v
tic chemical industry for economic s
Average tariffs have fluctuated as well as defense reasons and
Bookshelf
39
cv Coming Events in the Investment Field—
-V-■
;v-: '■>
\ :
-
ASSOCIATES
1
'•
./■
,•
40
16
J.F. Reilly&Co.,lnc.
37
39
■
Commentary
__
Current News in the Field—
*
Recommendations.
1
Broadway, New York 5
DIgby 4-4970
;>8
__
_
L.
growing industries. The South ob
jected strenuously to these rates
(even with threats of secession)
and
they
1922
being
.
"Regarded
.
lead¬
our
:
-
Rocket Economics"
j
From
■
the- strictly
of \ view, ,the
chemical industry does riot " seem
to be adapted to American ways:
economic
tariffs,
were
lowered further in 1357.
20%
average
The
the lowest Tt lacks
was
of
one
tJp to Space :
leading .r.
'v..
collected,
duty
nation's
ing colleges said: 'j V
Because of excessive amount of
revenue
the
economists from
lowered.
were
of
one
comparative advantage.
in a period of over 100 years.* • 5
"Processes are in the main adapted -r-*
During the period between the
.to the'German industrial ways
"
Civil War and World War I, tariffs
and
traditions
and > a. technical , , ;
fluctuated depending on the
party gtaff to be had at comparatively vvt
in power and the economic con]ow wages.
As a matter;of the ->-:
dition of the country.- Iri-general; mternational division
the
trend
a
World
.
;
r
i:
;
War
I
As
have
we
(The)————
Notes
J__
19
Electronic Capital
Atlas Credit, A and B
;16
r
___
Our Reporter on Governments-
-
i-ii_x
_
_
11
Public Utility Securities—_
-
Securities. Now
in
Curtis Mathes
38
;
____________
,'A
Singer, Bean
20'
_
:
20
Registration—.—
Prospective
&MACKIE,
24
Security: Offerings;.
Security X Bike Best (The)
■
35
to
Up to
chemicals
now
had
promi-
assume
been
non-existent.
tariffs
our
^
,
;
-
Any attempt to develop
;'-i
*
•
American
venhire
imported
A
•
mo/iJ
"V™
control; wasthe
by
iw
that
hands of
World War
man
sub marine
the
Ger¬
and
run
the
"Deutschland"
delivered
British
over
f
Provision
-
-
Commission;
against
The
*
with
an
1
for
some
chemi-
made
-
'
'
-
for
tion.
and
As
Washington
for
protection
methods
foreign
\
all
;
of
•
com¬
D.
SEIBERT,
"
-
'
39
1"
President
'
*
•
t.s,.!1,
'*
Treasurer
J.
£. F. MacDonald
MORRISSEY, Editor
Thursday, September 20, 1962
'
'
:
r
advertising Issue) and «very
— market
quotation
reoorda,
corporation news, bank clearings, state and city news, etc.). Other
Office: 135 South La Salle St.; Chicago 3, III. (Phone State
2-0613).
Copyright
;
...
<
All
;
V
/
.
1962
by
William
B.
Dana
class
-
,
postage paid
at New
York,
N.
Y.
•
:
.
SUBSCRIPTION RATES
MONDAY AND THURSDAY EDITIONS
specialized in
Company
rights reserved. Reproduction in whole or in part
written permission is strictly prohibited.-
without
Second
For many years we
-
Every Thursday (general news and
Monday <complete statistical issue
v, :
,
;
REctor 2-9570 to 9576
,
WILLIAM DANA SEIBERT,
-
—
chemical
on page
V
t
GEORGE
.:
discrimina-
know, the
Continued
:
"
5
•
...
Place, New York 7, N. Y.,
CLAUDE
4
S. Patent Office
WILLIAM B. DANA COMPANY; PUBLISHER
25 Park
v
CHRONICLE
Beg. tJ.
Provision * rA c->
*
we
%
,
have
Los Angelas
San Francisco
St. Louis
6
v
of
equal
Cleveland
Philadelphia
40
COMMERCIAL and FINANCIAL
.
returning
Market—
Published Twice Weekly
-
.
'was
made
unfair-
petition
coal tar dyes and.medicinals. She
was
Cliinago
>,■
American valua-
Commission. V
also
was
blockade
500. tons
h l
Tariff
slid into New London, Conn. She
had for, the second time in four
inonths
22
(The);___t___^—____ 13
Washington and You
flexibility in rates as the result of V >'#"■
investigations to be made fey the'.^"'4;:,
I
1916,
Tariff
Ln wafad^ted
cals;
November,
the
^
The
the.
foreigners.-
In
Tax-Exempt Bond
...
men't °^er aU Previous tariff acts
due in larg€ measure to th« ex~
few
so
Corner.;^.-;.;.;...;;..
<-
,
oellent foundation which had been
intermediates
^
Teletype 212-571-0610
^
whi^^u^l^ldliedthe
.-
Salesman's
State of Trade and Industry
-
allowed to thrive, v
was
.
domes-
a
Security
a
present multibillion dollar chemi--.:
low or cai industry
very
-
raa
Exchange Place, N. Y.
Direct IFires to
virtual embargo on-dyes. Thus the -m-
on
40
2
_l_
__
:
Electronic Int'l Cap. Ltd.1
HA 2-9000
stated'--President"'-y**
planed
starts
nence.t
/
and You
.
Control Data
-
dustry
;
.
^ Observations
that
'
18
,
the
•-
.
Market
I News About Banks and Bankers—
It is at this point in-oui* history.
Wilson did not agree and suethe chemical industry,- par-,
ceeded in getting the Emergency
ticularly the organic chemical in— Tariff Act of 1921 which
•
23
^Mutual Funds
oflaboi^the ^
downward:
was
before
13
Indications of Current Business Activity—
VNSTA
people of the- United States prob- i^
".ably:'would do ' well to "turn to". ^
Underwood" Tariff ' Act. reduced " other things in which Cthey Work
most duties still further but;the -to better
advantage, arid get their ~
advent of war gave if little chance dyestuffs from
Germany.*.?
;; Just
10
Washington Ahead of the News——_____
from
point
.
;
A
-
-.
(104 issues per year)
In
United States, U. B. Possessions and members of Pan American
$65.00 per year; in Dominion of Canada $66.00 per year;
other countries $72.00 per year.
;
•
Union
Spencer Trask & Co.
Founded
Members
25
BROAD
-
'
t
In
^
other
Exchange
.
ST., NEW YORK 4, N.
;
t
Y.: /
:
Bank
..
'
TELETYPE 212-571-0785
THURSDAY EDITION ONLY
United
countries
-
and
-v'
Note—On
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*
Chicago "
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Schenectady
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Glens palls
Worcester
1
year;
in Dominion
$23.50 per
year.
OTHER
,
of
.
acoount
for
made in New
;•*•••
of
-----
the
Canada
;
r
per
year)
of Pan
\
American
$21.50
per
•
fluctuations
foreign- subscriptions
$45.00
*
.
<
"
INCORPORATED
1n
and
39 BROADWAY, NEW YORK •
per
year
-
•>,
'
(Foreign
'
WHitehall 3-6633
the rate * of' exchange,
advertisements, must. b*
York funds.•
,
,7
m V. FRANKEL & CO.
year;
*
PUBLICATIONS
Quotation: Record—Monthly,
remittances
Boston
per
-Postage extra). <
*
(52 issues
States, U. S. Possessions and members
Union; $20.00
1868"
New York Stock
TELEPHONE HAnover 24300
i
{ £
•
\
•
_
.
-
'■
'
Teletype 212-571-0500
212-571-0501
«
J
4
(1200)
The Commercial and Financial Chronicle
..
,
Thursday, September 20, 1962
.
.
&
OBSERVATIONS...
change guarantee (tied to gold)
with exchange controls, and hence
with devaluation. With regard to
Advice to the Investor
gold exchange guarantee, par¬
ticularly if done multilaterally,
By August Huber, Partner, Spencer Trask & Co., New York City
a
A.
BY
WILFRED MAY
authorities
some
door is
anteed
WASHINGTON—In formal plen¬
or via shop-talk in
corridor or bar, discussion
hotel
'
.
International
tary Fund-World
Bank
meeting here, is
almost
sively keyed to the state
dollar;
■
exclu¬
of the
public's
in identifying ex¬
lies
confusion
the
of
source
such
preserve,
of
Zolotas
would
it
maintain
in"
of
wide
price,
prevent
the
gold
devaluation.
v
;
•.
Treasury to Sell Long Bonds
Popularity
Bids
In
marked
a
departure from its customary practice, the Treasury
its
1960-1961, the pro¬
through
cate
withdrawal of dollars.
an
bonds
syndi¬
basis
the
on
long-term
underwriting
of
sale
the
operations—
borrowing
in
nique
taken in dollars fell to
36%
gross;
if repayments
are
taken into account, there was no
portion
net
Treasury announced Sept. 14
intention to test a new tech¬
competitive
of
bidding.
qualms * are being
at
talk," as with Presi¬
Kennedy's anti-devaluation
''too much
and
Telstar
assurances
on
fashioned"
TV
a
way
and
on's
ing
Richard Nix¬
comparatively
millions
rival to
,
•
•
of TV
-
''
'
•
•
listeners.
;
Adding to expectations of ulti¬
mate devaluation is a widespread
impression that' the President's
protestations
have
lacked
full
y!
conviction.
conclusion
Such
tressed
is surely
but¬
as
devaluation.
Also
creating skepticism in the
cognoscenti is the growing tend¬
ency
of President Kennedy and
his advisers to shift blame for our
to
other
monetary
troubles
countries,
possibly by way .of
alibi for a future de¬
building
an
will
awarded to
be
Circularization of Exchange
Control Proposals
.
the group of¬
fering the highest bid (the lowest
interest cost) for bonds- bearing
given coupon and maturity and
provision, if any. The Sec¬
of the Treasury will re¬
serve the right to reject all bids.
retary
discussion
for
«
Public circularization of the ex¬
change controls proposals is like¬
wise unfortunate.
Here again is
of
ques¬
of
Bank
York
New
on
fied.
around
Bidding
an
Experiment
ket
objective
Treasury's
to
the practicability of this
this
new.
Study Loans
A
loans collateralized by stocks and
bonds will be undertaken by the
Federal Reserve System to fill an
important
in
gap
related
to
banking in¬
security
credit and to facilitate the
Special
Study of Securities Markets now
being made by the Securities and
Exchange Commission. The study,
announced
sion
jointly by the Commis¬
and
the
will
Board,
Federal
it
make
other than
ing
Reserve
possible
to
substantiate
data
benchmark
on
the
markets
securities.
for
It
other
is
not
presently contemplated that offer¬
ings of long-term bonds at com¬
petitive bidding will be made on
a
regularly-scheduled basis.
If
this
trial
first
should
prove
suc¬
cessful, subsequent applications of
unbridled discussion harmful in this technique for selling longinflating the question.
The ex¬ term bonds will be made, with
change control protagonists as¬ appropriate notice to the market,
whenever the general
sume that their remedy is required
economic
for a single cause, and in attack¬ environment and
capital market
ing symptoms overlook our real conditions seem appropriate for
troubles
as
the combination of such an offering.
rising short-term demand obliga¬
Recognizing that many prob¬
tions on us, and our domestic
lems will have to be resolved be¬
spending sprees, with hardly a
fore this new type of borrowing
word about the anti-inflationary
necessity of financing the budget operation can be initiated, the
from
will
not
are
banks
are
which
available.
In
and
relative
no
It
made, and their terms
Detailed
a
questionnaires will be
broad sampling of banks
in
to
terms
the
Dividends
all those with
total loans of $200 million or more
at the end of 1961, and covering
a sample of each bank's loans out¬
standing on Sept. 26, 1962. All in¬
formation reported by the banks
concerning individual loans will
including
be confidential and survey
of
current
market
are
and
obviously
desiring
those
usual
policy
current
yields
consideration for
It is the
however, of most
a
income.
companies to limit cash
dividend payments and plow the
major portion of earnings back
growing
the
into
results
business
future
for
ex¬
—
deficits
outside
the
"printing
press" facilities of the commercial
Treasury
wishes
to
obtain
the
views of members of the financial
sial issue being widely circulated
is the flaunting of the direct in¬
other inter¬
persons on the procedural
and
other
aspects
of
selling
long-term Government securities
through competitive bidding.
consistency
Written
comments
dressed
to:
community
banks.
and
any
ested
Another
by-product
controver¬
between, on the one
hand, all-the-way assurances of
the country's soundness, both in¬
ternally and externally (as by
Secretary Dillon last year at
Vienna) and, on the other hand,
should be
ad¬
will be published
groups
of
Information
devel¬
along
with
the
late recommendations
area
Treasury Department Room 3036,
Main Treasury Building 15th and
tended
Analysis
U.
a
generally
weak
mar¬
or
vestment quality.
for legisla¬
of securities mar¬
U—relating to credit ex¬
by banks on security
collateral.
where
earnings
and continued
envisioned
to
wall; double to
few years hence,
present price of
(25
times
future
earning
power)
is already on the high
side""(bver-discdunting potentiali¬
ties).
:;"'//// • "-X '.•>/'
/ '/.■
$6
share
per
the
stock
a
the
at
150
In another
instance,
stock
a
may
with
present earnings of $3
per
This
valuation.
be
selling
is
reasonable
a
indications
if
However,
earnings
favorable
at; 40
the
on
are
share.
that
are
downgrade
and/are
likely, to fall to
$1.50
share, the stock at 40 is
high.
///
\ ■ " "/V
still
per
around
.
too
Difficulty in Forecasting Earnings'
Recognition should be given to
that
realization
the
ings
future
earn¬
be
forecast h with
precision.
Projec¬
cannot
mathematical
jection of the future which may
or
may 'not
materialize as en¬
visioned.
It
should be clear that psycho¬
logical forces — both hopes and
fears—along with temporary tech¬
nical
factors,
influence stock
prices and consequently they will
often sell at market prices above
or
"value."
below so-called
For
you can buy a
reasonable figure of
example,
stock
at
a
40 with $3.50
earnings (and favor¬
prospects); but if there are
able
who—for
those
forced
to
some
reason—are
willing to
price, then
you
can show a loss for an in¬
terim
despite having purchased
sell
stock
sell,
or
below
are
that
good value.
You
sell
can
over-valued
an
stock
(on the basis of price overdiscounting future earning power
or
lower earnings are foreseen)
relatively
example
of relative
ket credit. It will also be helpful ;■ common stock "value" would be a
to the Board of Governors in its 'basically well situated issue sell¬
tion in the
ulation
Debt
in
A
(b) motivate a higher mar¬
ket price to get the yield in line
with other stocks of similar in¬
ket,
connection with its Special Study
of Securities Markets, to formu¬
S.
of
cline
re¬
sults of several other studies being
conducted by the Commission, in
continuing administration of Reg¬
Office
pansion.
oped by this survey will be used
by the Securities and Exchange
Commission,
be
favorable but if there are those who op¬
yield,
on
a
secure
dividend, timistically are willing to pay
nevertheless provides a stock with higher prices—or are forced to
attraction since (a) it can cushion cover short positions — then you
or
prevent a market price de¬ could have sold too soon.
only in totals for
of banks, loans, and types
collateral.
times)
can
forecast of earnings
belonging to the Federal Reserve
System,
higher
grow.
per
price you
pay.
(Some stocks characteristi¬
cally through the years sell at
relatively
high
market
prices
compared with earnings, reflect¬
ing a growth record, | strong in¬
dustry position, while other stocks
habitually sell at more conserva¬
tive
price-earnings ratios. Thus,
the
past
records
of
"normal"
price-earnings ratios must be a
consideration.)
duration.
sent to
(50
growth
earnings
and
probable
future
earnings (soundly estimated)
also
been
a
brief, stocks should best be
measured
supply information on
the types of securities serving as
collateral for these bank loans, the
purposes
for which such loans
have
as
.
area
for
and
data
future.
tions on probabilities can be made.
share " over the Among the vagaries are unpre¬
next few years, then the stock as¬ dictable
economic upheavals,
sumes greater attraction. For ex¬
peace or war, labor, politics and
ample, despite fluctuations mean¬ taxes etc., in a general way and,
while, as these earnings even¬ more
particular,
for individual
tually materialize—and the stock companies, competition, new
then sells at 15 or 20 times such processes and someone "building
earnings—the market price could a better mousetrap." That's where
attain a price level between $60 "speculation"
comes
in
on
all
to $80.
common stocks — a studied pro¬
• ;• ;.
a
$4
reaching
in which
regularly- collected
an
consider
you
selling at 40 which is cur¬
rently earnings $2 per share—or
20 times earnings — this is not
particularly cheap. But, if you can
loans
fori! purposes
purchasing and carry¬
securities,
conservatively and
example: if
the
reach a
earnings
to
price
confidence forecast.
stock
comprehensive survey of bank
formation
be
can
some
For
On Securities
Government bonds in
the hands of the public, at the
lowest possible interest cost to the
taxpayers "and
without adverse
effects
and
mar¬
giving consideration^ not; only to
current
profits
but
also
those
bbr,rp^ing '',r|echni(iue..
technique for occasionally placing
moderate amounts of marketable
long-term
the
(The net result of gen¬
economic
conditions,
the
eral
cur¬
stock eventually may
a
expected
share
primarily,
in relation to
in
sometime
con¬
revolves
it
17, at 3:30
.company's industry, position, its
announcement
sales, profit margins, management,
at this time, the Treasury hopes
etc.,
all v boil
down finally to
to give all interested parties ade¬
"earnings.")
quate time for preliminary con¬
A
stock of
a
sideration, prior to the October
basically sound
17 meeting, of all of the/proce¬
company may be said to be at¬
dural .and other'problems which tractive
if- it
is
selling
at
a
might be encountered in initiating reasonable", relation to earnings—
credit secured by stocks; and bonds
is
latter
the
say
earnings,
%/
'
...
price.
October
Stock?
and
If however, a stock is selling at
150 .and currently earnings $3 per
August Huber
PMr In making-the
—including
The
be
and
dividends
a
selling at 50
earning
market
risk
will
I
stock
Then such
most
tingency
also
higher P/E multiples.
tained
and
complex or,
co nversely,
over
simpli-
estimate the total amount of bank
long-term
valuation.
V-.
in selling State and
local
government securities and
the
bonds
of
privately-owned
public utilities.., It is anticipated
that
potential underwriters will
form bidding groups. The bonds
explore
on
widely used for
been
years
many
call
with
Roosevelt before his first election,
with
French
Finance
Minister
Georges Bonnet before his deval¬
uation in 1937, and by Sir Stafford
Cripps before Britain's last pound
denials;
W.
tions and suggestions will be held
in the auditorium of the Federal
To
procedures to be fol¬
be similar
to those
will
a
by memories of past pre-
devaluation
wish to par¬
are
be
bolster
could
$1 per share is
selling / at
times
earnings.
This
is
obviously an excessive
price. It is not excessive however,
if it can be adequately demon¬
strated that earning power of $5
per
share or higher can be .at¬
The
easy
at
rently
than
others?
can
be reflected in later higher quota¬
tions should the general -market
A
at¬
more
with
which have
unknown
*k
it
tractive
earnings
price and
case,
market
the
soon or too late.
What Is "Too High" for
stock
a
selling too
or
In' this
sell
"buy"? Why
a
which
lowed
strategic mistake in introduc¬
his
officials
which
etc.
what
makes
magnitude of one-quarter of a bil¬
The basic
similar to Candi¬
date Vice-President
in¬
lion dollars.
of
fear
next six
ticipate in bidding for and distrib¬
uting the bonds. The amount to
be offered will be in the order of
fireside^ economic
awareness
them—in
time during the
some
tutions which might
"old-
chat, the airipg of such controver¬
sial, technical questions at meet¬
ings such as this is criticized for
"blowing - up,"
unwittingly, the
public's
will be. .made
.
months, after there has been full
opportunity for comment and ap¬
praisal by both investors and the
banks and other financial insti¬
citizenry of the highly publicized
full-dress
controversy.
Depicted
dent
experiment
N.
Avenue,
of
explanations
Washington 25, D. C.
'
'
*
A public meeting with Treasury
Wednesday,
The
a.
expressed over the impact on the
as
in¬
Now,
yield and P/E indicate "good"
is
-
Reserve
TOO MUCH TALK?
Considerable
Pennsylvania
of
(a)
(b)
held
now
of
can
through underwriting syndicates sometime in the next six months.
The
for
buy, and
be
This
-
problem
search
to
dividuals,
stitutions,
not
offering at competitive bids
plans a trial $250 million long-term bond
popular dollars by the with¬
drawing nations. But in the fol¬
lowing fiscal year, April, 1958-60,
withdrawals in dollars declined to
<
then
And in
stocks
answers
operations from 1946-1958, 92% of
all withdrawals were chosen in
the
those
is
Via Competitive
is
stocks
should
Duiing the period of the Fund's
60%.
investors
r u e
everything else revolves. Examined
play; and the problem of buying
continuing
ever
which
t
questioning to a similar
degree fifst occurred at last year's
meeting in Vienna. But it should
be realized that lessening of con¬
fidence in the dollar has actually
been a four-year affair.-
which
the difficulty in forecasting earnings and the psychological
forces at
sold.
Dollar
Past Fall in Dollar's
value,-
The
around
core
the factors which determine when
Greece,
psychology, and would
forestall,
not
further
improve
actually
central
are:
Governor
as
Bank
the
V'-'l-
■ ;•/
• -
Another
the
currency
fluctuations
'subsequent ' article) "
annual
an
investors are outlined by Wall Street partner
places earnings and dividends in relationship to market price as
who
system to foster
international reservoir of liq¬
uid
Mone¬
the
A;-;/
)
,
(Citation of advantages from open
discussion will he included in a
by the cream of the world's bank¬
ers
and monetary authorities at¬
tending
1
activities.
session,
ary
engagement in money-dunning
our
Fundamentals-for
permanently shut de¬
spite disclaimers by U. S. Treasury
officials. Endorsers of a gold guar¬
DOLLAR
DRESS DISCUSSION OF THE
FULL
not
the
feel
here
•
I
Another
both
In
the
selling—the
act too
basis.
age
the
briefly
cases
above—either
lined
investor
soon on a
investor
and his
the
over
is
or
often
the
longer
on
aver¬
hauL
firmer
ground
stock investment
on
common
may
so-called "value"
Nevertheless,
and
out¬
buying
rela¬
mind
elementary fun¬
that such earning power although the - admittedly
nni ovncinHintr
hp mflintainnd.
damentals briefly outlined herein.
ing at perhaps only 8 to 11 times
current earnings with indications
r»an
program
tively
should work out
if he keeps in
well
Volume 196
Number 6196
.
The Commercial and Financial Chronicle
.
.
(1201)
tion with its consideration of pro¬
systems.
posed rules for administration of
means
the law.
The
General
Dynamics-Electronics, Rochester, and Vice-President of
,
markets
for
r
*
electronic
keep profits from rising at
v
is singled
and
.
-
equipment for industry. Both foreign and
competition, according to the industry's spokesman, may
domestic
out
profits
.
in the decade of the
.
.
sixties.
'
>
Discussion
The
electronics
industry
of
the
.
.
.
a
peak
new
includes
r
sales in
1962.
tinuing
J
pres-
of
sure
$13.1 billion in
However, the con-
Space
Administration
petition,
both
foreign t
a n
domestic,
Two Problems Ahead
d
may
profits
rising
keep
from
at
a
Th
e
V
The
record
a
for this
growing
i n d'ustry. De¬
spite a decline
according
to
ke
Contributing to this record
increasing
were
the
defense
step-uD
of
programs^
ex-
thl
tion
The
.
.
electronics
the
Gross
industry^ im the,
National
the
in
total
past
10
years
as
as
0f
the
in
result
industry; is
the
United
manufacturers
of
the
in
are
tronic
in
plants
the
000
this
-
Few
ture
are
U.
such
group of
the
by
were
$12
5,000 elecnation with
in
elec-
more
than
broad
products.
elec¬
in
$25
of
a
rising
increasing
costs,
more
The television set
^ is
Communications
Commission
making
all-channel
the needs of the
in
new
Industry
with the FCC
diverse
The electronics
fore
were
President
law
•
conferences
under way be-
Kennedy
and
space
ing
facilities
control
signed
instrumentation.,
,
,
.
almost 2% of the total U. S. sales
the EIA Market¬
Services / Department,
the
;fastest
x
growing portion of this
through the offices of the Elecmarket
is
the
computing,
data
tronic Industries Association, had
given the Commission necessary processing and industrial control
information with respect to the ^equipment, up *28% in 1961 over
time required for conversion to ;1960 to $1,030 billion.
Sales of
all-channel production and tech- electronic testing and measuring
of
nical standards for the
industry
has - more
than
2,000
product categories ranging from
entertainment equipment, such as
radios and televisions, to computers and electronic gear for rockets
and
satellites.
These
manufactured
about 4%
goods.
account
for
products and for
of total sales of durable
the
bill.
This
by
the
a
few
of-the
information
studied
■
Within
member
every
is
FCC
new
ing
sets,
being
conjunc-
now
in
According to
weeks
industry,
„
lion—an increase of about 5%.
encouraging
of the
U. S. Department of Commerce
that
Japanese exports of
elec¬
tronic
products
to
the
United
States
rose
to
$120 million in
1961 compared with $94 million
Offsetting
trends
in
practical
and
for
cutting
as
.
growing at
than
a
trial
-
year.
♦Statement
Sept. 11,
military
1962,.
The
,
The
seems
II
election
as
Fund,
of
director
a
James
cialists,
marketing
is briefly
as
Consumer—An
lar
of
volume
dent
of Dominiek &
Dominiek
toward
and
inventories
at
distributor levels
are
factory
20%
after
grad
u a
Osborn, II
the firm
and
since
aids
and
commercial
sales
Yale
U nive
rs
a
and
Dominiek
no
shares
are
Stock
Exchange.
will slow down fall production.
WE TAKE PLEASURE IN
PEYTON
listed
on
ANNOUNCING THAT
H.
KNIGHT
"miscellaneous"
It is
trial
not
IS NOW ASSOCIATED
UNDERWRITING
WITH US IN OUR
DEPARTMENT
surprising that indus¬
controls
equipments
Specializing in Real Estate Securities
of
New Offices
at
595 MADISON AVENUE
-
and
commercial
be
that
ability of American in¬
to achieve this result is
of the
our
The
its
CO.
MEMBERS
New
York Stock
Midwest
Stock
Exchange
Exchange
•
•
American Stock Exchange
Commodity
Exchange,
Inc.
the
dustry
one
&
(ESTABLISHED 1929)
industry. It is through these prod¬
ucts that a lower-cost and high¬
industry complex will
realized.
It is worth noting
DEETJEN
EMANUEL,
electronics
er-quality
of
PLaza 2-1020
computing
system are the
most vibrant segments of the in¬
dustrial
Announce The Opening
and
more
important aspects
struggle with communism.
Soviet
intention
Union
to
design
entirely
which
are
tronic
computers
run
has
and
revealed
factories
elec¬
associated
by
120
BROADWAY, NEW YORK 5, N. Y.
Telephone DIgby 9-0777
September 18,
1962
in
Its
the New York
lion.
NAT BERGER SECURITIES CORP.
partner
Dominiek.
and
by
last year. However, there is
evidence that this build-up
million.
ity
been
The Dominiek Fund is managed
greater
than
equipment
ahead of 1960 at
Nuclear,
medical
(power sup¬
plies, meteorological equipment,
radio astronomical equipment,
etc.) expanded 18% to $265 mil¬
$615
and
has
1956.
sound
10%
were
broadcast
ting
from
and
James E.
in
1949
equipment increased 12% to $290
million.Communication, naviga¬
tional
firm
vestment
larger TV
(4)
expansion
in
UHF set production. Factory sales
are
expected to total $2.1 billion
or
go slightly above 1961. Cur¬
rent
Osborn
joined the in¬
number of converted. FM station
a; trend
Mr.
because
wider participation in the
manufacture of color sets, (2) ris¬
ing public interest in FM stereo
radio and a steady increase in the
(3)
com¬
pany.
(1)
screens,
the
of
vestment
follows:
increase in dol¬
expected
Dominiek
closed-end in¬
spe¬
.
is
Osborn
E.
of The
14 Wall Street, New
has been announced
by Gardner D.
Stout, Presi¬
Inc.,
City,
outlook for other segments
electronics
industry,
as
our
City,
Director
most
by
York
(
the
viewed
Electronic
the
New
indus¬
York
of
of
Dominiek Fund
market
ago, this
commercial market
by Mr. Home at the
Association,
profit
much slower rate
a
made
Conference
Industries
micro¬
the
Fall
1962
com¬
v
few years
the
be
that
of
1960 although the ratio of tube
type sets rose over the previous
manufacturers
finding
are
increase
an
was
Radio
such
inter-stellar
electronic
report
receivers, however,
accounted for
only 62% of the
exports, compared with 74% in
fragile
applications.
To
these
recent
a
This
1960.
28%.
air
uses
is
The Consumer Market
expanding missile
manufactur¬
requiring ever
growing amounts of sophisticated
4.3
•
unit cost of military and
equipment. Last year elec¬
component sales totalled
$3.4 billion, and this year we ex¬
pect the figure to. rise to $3.6 bil¬
promising area to
achieve significant profit ratios.
foreign
are
4.0
.
tronic
electronic
these
to
rapid tech¬
programs,
12.9
greater
open-
techniques will complement
is
■
the
11.6
space
immediately ahead
potential of the
test
higher quality and greater safety
and reliability*, to such major in¬
dustries as machine tools, paper,
•textile and oil refining.
To meet
industry well
praise,it has received
outstanding way-in which
cooperating with the Federal
automatic
become
who
nological obsolescence. Industrialcommercial
electronic
products
are one
of the primary means to
meet this challenge by improving
quality while simultaneously re¬
ducing costs. •
- ^
years,
and
wave
i-
ability to maintain accept¬
profit margins in spite of
\competition and
closed
munications. Infrared and
our
able
en¬
the
systems.
materials
industry to meet the chal¬
lenging economic factors of this
faced with
the
upon
—
diverse
Expectation arises
are
use
both
will
can
We
the
industrial
welding will become
predominant. Lasers and masers
in part from the need for Ameri¬
decade.
of
the
Electronic
There is every, Season to believe
that this phenomenal growth will
This'
auto)
;6.8
,
Components—Factory sales are
rising, despite increasing foreign
competition
in
the
consumer
product area, largely because of
rising requirements for compo¬
nents of high reliability and much
highway (and of
traffic)
and
in
the
solving of air pollution problems.
$2.2 billion
million
of
throughout the world.
course
Today
continue.
deserves the
manufac-
and
(
for the
effective.
industries
a
$450
•Estimated
in the control of
-
engineers.
S.
to
contrasted
(excl.
1962*
6.2
■■«.!
Phono
electronic techniques will be used
in¬
they account for
nearly 20% of the total electronic
dollars—up from 13% in 1951.
substantial price rise,
industry, in about two
were
Because
lead
In the years
Market
commercial
-
Radio
production
tions in
control
electronics
Television
manufacturing
automatic
1961
•
in
industry,
part
"•
is able to complete its conversion
The use of electronic automa¬
to
all-channel manufacture. ; •"
tion/has
brought
lower
costs,
1961
manufacturing,
150,000
largest
future,
60's.
Industrial
of
products
1951.
much
as
growth,
a
the
of
industrial
industrial
of
antenna
of
ness 0f
television receiver industry will not be known until
Sales
employed
between
j10w this whi affect the busi-
almost every state of
Of the more than 850,-
persons
of
$60. The shift to the production
only all-channel sets obviously
wm entail
space
poten¬
profits—
expansion—and
decade
tronic
*of
*«this
•lt legislathe average
costs
for
tolerances
electronics
For
dustry has grown four-fold in the
last 10 years. During 1961, sales
raise
average
an
foreseeable
Factory Sales
loop control systems there is a
growing market which is cur¬
rently doubling every two years.
Nearly all new electric generat¬
ing plants and about 50% of oil
refinery and chemical plants now
being built depend—wholly or in
doubt in¬
no
with
compared
as
follows:
(in millions of units)
United
States now has more than 75%
of controlled computer installa¬
>
.
1962
as
is
operational
industrial products mar¬
Growth
as
the
in
union.
to
the
for
The
-
pas-
fast
over
the
recent
as
fifth
States.
billion. There
facilities
con¬
has
^
the
be
installation
ancj
output.
As
the
ancj $30 with additional
-Prpduct)
and it has increased twice
will
—by
...
,
past 25 years has grown about 35
tune* (compared wvith six times
for
far
so
price of television receivers—once
all-channel sets become the rule
Faster Growth Than GNP
,
is
.
are
exist, electronic tech¬
will accurately measure
niques
seems
Only time will tell,
second
'
.
substantially in the
the
in
nel sets equally capable of receivin£ UHF and VHF signals.- The
exnen-
space
plbration
and
pansion of industrial markets.
.
trade
sa.?f *>y 1^'on^r1^s^,^t a bill which
™
re?ulre„ a,U Tv sf manufacturers to produce only. all-chan-
the Electronic Industries Associa-
Stures
foreign
cutting authority is
seen>
The
the
Marketing Services Department of
tion.
the
way Presi¬
Kennedy wants it. What im¬
pact this will have on both our
exports and our imports remains
all-time high of near¬
an
billion,
$12
-
in
1961
all
conditions and relay
this information to controls which
will make automatic
ket that offers the greatest
tial
is
•
to
processing
and
government,, sales; will
it is the
our
dent
consumer
ly
the
of
,
last year.
Estimated unit sales at the fac¬
tory
sequences
12% above the 1961 figure. In¬
field
cerned—just about the
Charles F. Home
electronics, total factory sales
reached
upset
where
and
portables sold in
States, and this year
less.
importance
electronics
volume"
radio
of
United
the
their share may be
(or
the
for-close
terprising
crease
experts.
first
tariff
as
of
sales
could
' calculations
"large
Agency, reached
continue to rise and
the ; next
need
a
adjustments.
While
40%
one
economy where there
$7.6
lion
elec¬
expansion bill which now
Lkely to be adopted at least
year
in
* rule
the
on
within
and
years
slide
marketing
proved
be
effects
tronic; industry
few
y e a r
19 61
to
profound
compara¬
ble rate.
,
of
industrial
U. S. manufacturers sold less than
network.
or
and
tories of radios
desir¬
is to be doubted,
of this
In any
product sales, while less
spectacular, passed consumer
products by more than $100 mil¬
; There have been two significant
developments which may have
feasibility
of
dustrial
com¬
system
While
the
of
use
computer
ment
or
distributor inven¬
(other than auto)
also are up, but sales are contin¬
uing high.
Foreign competition,
however, is still rising,' especially
in transistor portables. Last year
Factory
dare
economies.
•*<••
•
the
it is indicative
billion. Electronics procure¬
by the military is expected
to rise to $7.6 billion during 1962,
weekly
earnings
of
production 1 workers
for
major
segments of-the industry currently range from $76 per week to
$110 per week,
of
O
-
through
ability)
military purchases of
equipment and compo¬
nents totaled $6.7 billion and to¬
tal government procurement, in¬
cluding the National Aeronautic
,
Average
,
its
on
Last year
Federal Aviation
United States is expected to reach
States
anism
consumer
$350 million.
and
principal segments,; .V
1950
in
electronic
tariff problems, cold war competition, and sales data of the
industry's
.
United
the
1950
taled
The industrial market
offering the greatest potential for expansion
as
.
a comparable rate.
outbreak
since
products ac¬
counted for $1.5 billion of the $2.7
billion volume
of
the - industry.
Military sales amounted to only
$.6 billion. Industrial products to¬
exploration, and expanding
space
markets
and
present defense program.
The main factors
pushing the electronics business over its previous
all-time high of nearly $12 billion in 1961 are said to be:
increasingdefense expenditures,
step-up in
industry
has
drastic change in its
Korean
In
this
Russians
depending so heavily on com¬
puters that they have even spoken
of controlling
their entire cen¬
tralized product
planning mech¬
electronics
started
General Dynamics Corp., New York
*
—
the
only through
the
hope to match the productivity of
undergone a
product mix
By Charles F. Home,* President, Electronic Industries Association
President, General Dynamics-Pomona, Pomona, Calif., and
and
is
American workers which is
great¬
er by a ratio of 3 to 1.
They are
Government the Biggest
Customer
Present and the Future
It
that
5
Teletype 212-571-1667
6
The Commercial and Financial Chronicle
.(1202)
tendency has given the dollar:
Tax-Exempt Bond Market
BY
important
this
the
Although
traditionally
market has been
quiet - since Labor
Day with retail business unappaient in any important volume,
state and municipal bond
prices
have continued to be firm and the
Drop-outs
were,
reached close
members.
no problem as
was
participations,
and
doubled
betterment.
Such
of the syndicate
Underwriting
sentiment
would
It
$1,000,000 or more for which specific sale dates have been set.
in
involved
seem
7-.
;,
7
4>
•
•
_
ana
v
3,000,000
___
.1,565,000
1,500,000
.*
._
Soutneast Polk Coram.^S. D., Iowa
■!
4
much to do with the dollar's
nave
_
likely,/of; Maaison School District, Micb._ =
seems
tnis probability may
1
/m
•
1,900,000
_
.
.
v
„
•(••/'
1964-1984
1963-1982
1983-1992
3:00p.m.
11:30 a.m.
8:00 p.m%
1963-1981
4:00 p.m.
*
.....
4
frequently
were
trebled
oven
reduction
passage
1
,
September 20. (Thursday)
that-Congressional thinking Jhas.7:..47.4 •
^4^ "
developeu that would reduce cer- Fairbanks, Alaska
however, -num¬ tain
foreign
aid 7 substantially! .Ledyard, Conn.
and generally
erous
to half
lf^n£Uo,vin8'.'Jabulations we list the bond issues of
is ahother
DONALD D. MACKEY
.Thursday, September 20, 1962
.
Larger Issues Scheduled For Sale
/
an
.
improved status and the equanim- ""444
74
September il (rriaay)
the ity presently prevailing in our Louisiana State Board of Education
• ;
' ;.:,*v r ; ; 7 ' 4:4 r4
4. security ,markets.
7 V 7 7- (Baton Rouge)
2,500,000
1964-2001
11:00 a.m.
by
,
.
4*7
price structure has shown remaining members.
slight improvement. During the
/ Whereas
managers ' have 7 tra¬
,.,V 4; Recent'Awards
td 7 hold
7,;;^/'| ^^77 <s (V.Vv.vi^" September 24 (Monday) ,7;'., 7 44744-T'"-4{
past, week the Comw.ercial & Fi¬ ditionally 7 attemp -ed
nancial
Chronicle's
high
grade groups together rather tnan push 7 This week's-new issue
calendjr7Cook County Twp a_ d/7214, III.* • 2,450,000 '1965-1981. • 8:00 p.m.
20-year bond yield Index showed the bidding to a point of signifi-.,
vw^wtalwort*.???>,"/Dallas, Texas ...
5,000,000 :1968-1992 • 1:45 p.m.
a
market gain. Trie average yield cant
drop-outs* - the trend - now -32^000, included a- half dozen.is-..,Farmingfcn -Sch. Dist., Mich.___
.2,100,000
1964^1988 .v 8:00 p.m.
sues
of
was
reduced from 3.03% a week seems
general
market
importance
definitely headed toward
Flbrida'Development Comminsion : 1" /
" V:*#
v
average
.
________________
,
.
ago
Sept. 19,This
to 3.019% as of
dollar better¬
ment in this .category-of obliga¬
tion of something less than $2 perbond at the offered side of.the
means
average
an
.74*
market.
smaller
wherein- greater ,welL worthy
action; is innerent; .Bidding lor
of; brief comment.; , ;
groups
of
flexibility
sizable
this
new
Buildup
Likely
among
The technical nicety of the tax-
suited for fast .moving
periods of market rally. However,
mirably
the larger groupings are
than
During
times.
at
$200,000,000
_
At
present the scheduled underwrit¬
ing total is less than $300,000,000.
An
abrupt increase seems
un¬
gradual build-up
to be certain in
currently spirited
bidding for new tax-exempt bond
issues and its implied inducement
likely,
but
would
the
of
relegated
be
to
not
certainly
of. market
periods
rurmer-up
-:
It
•
seems
to
format
utilized
for
of distribu¬
.underwriting
purposes
broad
and
tion
the;- large
a
T•
.
" " 'T
1,000,000 >1963-1982 710:15 a.m.
'* '-7 "
( /
7:7
■
»September 25 ((Tuesday)
Allegheny County, Pa...'
Baltimore, Md.
DanYerSj Mass
5,430,000
: 32,600,000
7___
,
.7
1963-1972 7 11:00
1,095,000
,7
____
'(:'-7'£/
.
1963-1992 711 ;00a.m.
4963-1992- 11:00 a.m.
:
am.
1967-1992 (11:00 a.m.
1963-1988' 11:00a.m.
Detroit, Mich.
.12^10,000
^etr0it school District, Mich..10,000,000
8:442%met in-,
«
N. C
winning
g r o
the
-
7.v,
26 /(Wednesday)
/
-
v
■
-
Fla
r-7- X775
/
7
**
1964-1967
1,100,000
-
2:00 p.m.
'7l,98o,000 4963-1981 : 11:00 a.m. '
Mal^n» Mass- -—--—(—-—1"Merritnaek College (No. Andover,
u^ TrSe Wells
rri^ Trust and '!
1964-1988 7-r-"-T
6,790,000
:;7;;/?.September
made:, by^ the ^;
..
f
; Clearwater,
was
maior'members » of
Other
;S"'
be generally
will
/
United California Bank account:*
7
that
us
account
bit! of
terest.. cost
.
obvious.
,
T
thrftanak^
coS?.rf 375%V Th7'Green3boro.
.
diversity should be
(1963 - 2002)
award^ to the
i
(ScaR
ease
weakness the: advantages of
and
.^obligation
,-
A
:
Oistrict;No. 4
heiida which w«re
oblivion.
to
geographical
a
appear
view
+
general
______
£ wider.n,. Saiinas Ajnion' High Sch. (Dist., Cai.'
.
andAthis consj^d
;^L0s Angeles ; Capnty^
.Cahforma Sanitary
likely to be emphasized.
compact coalitions are ad¬
seems
These
important retail interest. Since
the new issue calen¬
dar has been light, totaling less
of
mid -August
(Tallahassee):
*_J____,__7 : -7,920,000., f 1984-1982 v 11:00 a.m.
issues,.
Maple Heights City S. D., Ohio..:_ ' 71,000,000. .1964-1983.7,1:00p.m.
v-Ieyels >j^icj19rdsonj Indep. Sch.
Dist,, Tex. 7 2,500,000 '1963-1993 7 7:30 p.m.
this, tendency $2,480,000
the ranks as dealers,-
exempt bond market has abetted
this improvement in the absence
Pnce
quite well established as the syn-. writing groups was very keem
dicate format for at least the near 7
Last ; Thursday saw - only .one
future. As more large: banks join
.
Calendar
week s
high
-
and. competition
bidding,; seem
issue
new
reached-
for
Abbreviated .-groups,-, even;,;
•
■ •
.
,
11:00 a.m.
17,200,000 -1963-1991' Noon
Juan):.—.-..--30^0,000 1964-1986'11 d)0a.m.
to* 385%/de- .Univ. of Texas (Bd. of Regents)../; 1,000,000 1964-2001 10:00 a.m.
Bank
XMass •)'
--
-—1——
—
1.500,000
----.
-
-Savfnas^& Co^.'Nassau Coupty,
55 Earth'& Co Re«f7-ed77.Puert0 Ric0 (s>an
strength. As a general rule,.how¬
1964-2001
;
yield W 1,60 %
believe that bidding mand was immediate with all of '7 V'-77;
c-ntpmRpr 27 fThnrsdav)
:/7//
very important market. fac¬
groups will tend to be relatively the bonds placed and the account--.- 7; -,(/7/
September if
tor, dealer inventory, seems light smaller than they, have been in marked closed.
" ("
^ Geddes, New. York.
_r
2,650,000
enough to induce further market the past.
,44•447"77777744
Friday and, Monday were'Void Nashua,. N. H.
: 1.525,000 -1963-1:982. 11X10 a.m.
gain even in the absence of con¬
This
development may partly of
any sales
of ,importance" but •'
7 ,
• ,
' ."4
v-7
r>;:•7a7;7
-7;,
certed investor interest. The Blue
help overcome the recent dealer
Tuesday of the current week was
^7,777
October
1
(Monday)
V7 / - 77,
4- ;
List total of offerings continues to criticisms
that management
has
;a banner day, with four issues of Englewood, Colo.
_..77_ 3,047,000
7
show
less
than
$350,000,000
of frequently been unresponsive to
.^importance' oh the calendar. The Paramus School District, N.
•2,160,000 719644983 7 8:00 p.m.
state
and municipal
bond items the rank and file of account mem¬
..latgest
new
financing* of
this
■
;■ ; 7-77
.,7,:;:
:7'-7.
,7 ,:/,,••■•:./
' 7,.:V. v. >
and although this is by no odds bers. Actually, new issue volume
(week
was
$19,715,000 - State7 of 7 - 7 7 477.
October 2 (Tuesday) 77; (7/4-.:-.7.7/ 7-7 T : *
the total of dealer inventories it has increased to such an extent
Delaware, various purpose (1963-;:/..
.
.,
,v- x
^ /1(.ftAn.n
oaoo
m.nno
is representative in a general way. that managers have been, from a
;1982) bonds, which went to The -Arxzcma State University.
.... ;
1,500,000 1965-2002 10.00 a.m.
As new issue bidding
continues physical
viewpoint, " unable - -to .First
Boston Corp. and associates.'
?£.4^;X Flood Control;. _
-Q.nn ■
aggressively, it may be presumed handle the
myriad
details
in¬ at a
.dollar, price bid of- 100.289
^a- *ZA~"7iV\
1 ?Sfi^ '
that dealer inventory is to some volved in
large accounts. Members
./with
a
2.80%
coupon, The. secona
of Virginia'(Charlottesville>; 1,200,000 1964-1987 Noon.
extent withdrawn in anticipation have doubtless often, been dealt
.dollar! price bid, 100.199 also for 47477/. 77 4 v'- •('7'i7> .;(77.
■
;477-'74,- 7 74 7' 7 -x7*7 =
(of better prices.
:7744:4 'V withV abruptly and impersonally. •a
.2.80.% coupon,, was-made /by. the ( ,7"'; 7,(.(7'-* 7;, 7 October 3 (Wednesday) . 77^ 7
7
Since this situation has been mag¬
New Syndicate Format
-group managed jointly by First .Artesia Municipal SD #16, N. Mex.1,350,000 71963-1969 * 10:00 a.m.
nified by this year's record vol¬
-National
Bank
of. _Chicago ■' and Licking County, Ohio.—j—--—; >4,316,000
1964-1983' (Noon - 77
On Tuesday, Sept. 18, the bid¬
ume
of underwriting, the small
••••7'"
*. ,7'
--r7^ »
-->7; ; > v.;...77 7: • 7'7.'7^;.7:7;.; ,;.7
ding for new issues reached new compact group membership idea ■>Halsey,/Stuart & Co., Inc. Xn ad- 7
dition, there were two ether-bids ;•
..■
high' levels
since
the ' market has been developing and put to
;^/
.
'. October 6 (Saturday)
V • • -'7'i/ .
to
potential issuers.
ever,
A
we
•(lftursa^y^,,.
■
,
.
-
.
.
toation?Xm/S
.
break
in
May.
bids
The
for the
practical
4
use.
-
"
:<♦«
*:■
•"
f
sizable issues up for sale
(each will be detailed in following
several
;
.
:
V.;
7'
:
-4
'
.
•
V-
**'
■
»
.
.
' V
.••*
»"
/Morgan\uaranty*'trast c7 ac^
'-t
4,
•
;
Dollar Pressure Eased
■'
:
"
4
'
•'count and
one
7
>'
.
74 7/7'
'x-
basis
would
>
/r__
_
'7
■
,
7 74/.{:',77'::7*7 -77777.'7
.
.
been1 had
have
occurred
last
week.
the
The
sales
market- in
account f. include:-
particular, it has been
to
lead
this
san¬
prevailed with
MARKET
a
ON
few dealers. /experiencing-(rising
Bate
California (State7---.-7—7
Connecticut
3%%7
(State)_______
3%%
New Jersey Highway Auth .*, Gtd._ 3%
New
York
Pennsylvania (State)
♦Delaware (State)--——
——7
——_
toy,?e(d frmn't 55%
,
1.500,000 .1963-1988
W^min® P: S* Distri4 Mich.....;
2.60% (borrower and
2.95%
1981-1982
340%
1981-1982;
3.35%
1981
3.15%
.
3.10%
'
3.30%.
"
1
3.00% ;aged jointly by7Kuhn,7Loeb &1
2.95% 7Co. and Glore, Forgan & Co; at a44:.'44.47
net
interest
cost
,of.
2.67M
%<. ;ilere;(
3.15%
7'^
^
October 16 (Tuesday)
7
7__=___r_ x;
/
.
- ----r—
________
\
>v
,
,4
'
x
/w
j
•
4-
j
October 17 (Wednesday),
*
t
7,
C^((7^_i!(l)(4-'i!i:14.; 4,100,000^7(1-v
?
> -
.
v
4;
Greenwood, • Midi. State Univ7(Bd. of Trustees) * 7 1,200,000:
1965-2002 :11:00 a.m.
(close,
Univ. of Illinois, Board of Trustees .7 77
3.35%
7 '-7-7.7 7.-7. /7-774-;*v4/;:4/.
a
2.6782% net interest cost sub- '
;(tjrbana, ill.)
7^6,'700,GOO'4965-2002'-11:00a.m.
mitted by the account managed;yefo
Beach, Fla.=_____7__2,400,000 (196.4-1991 ; Noon 7r
(jointly by'The Northern Trust- Co. ( '■/;. > 7 -;; r."*7;4"/-i • -7.-7;7 --i.
"..7'7'-; v -7-'7 -4,
•:9nd the First National CHy Bank/:.; U
November 14 (Wednesday) '/
/In terms of dollars, this cover of '
7
;
.4
OAnnr. nrifi
7777-;:>-
3.30% *! 3.15% /again
bidding 7 :was " extremely
with the runner-up bid of
.
„
3 ESTABLISHED 1894E
7
.
.
2.95%
.
;
7.44
1981
3.42%
city which carries•••7.4../(•-1
,
3.20%
1981
-
a
8:00 p.m.
7'
October 15 (Monday)
.
3.05%
apparent availability.
the
•
first
amounts
STATE AND MUNICIPAL BONDS
over
to
the
about
bid
second
1V2
cents- per
bond. Seven additional bids rang-
ing in interest .cost from 2.68% to
CORPORATE BONDS
2.699%
LOCAL STOCKS
were
also
made
for
much- sought after issue. 7:
Other- major
.
The
120,000,000 '1965-1978 : 11:00 a.m.
Hills, RegrS. D.: N. J._7__-7 2,676,000
1963-1984 1 8:00 p.m.
7 C;Il "
2.75%-
1980
Menipjhg andxMbfris
demand, with the present 'Iqdianapolis Airport District,. Ind. . 2,000,000
2.90% (balance being only $5,200,000! < >>( Lalyirgenes Mun. Water Dist., CaL./; 2,000,000
2.90% >7 Omaha, Nebraska, an infrequent.^7477;../7(C^4.7/77;;-'-T-/•'7v(;(;U,7-744>';77.4
1981-1982
-4 September 19; 1962 Index: =3.019%
(
pany
3.00%
1974-1975
4*'4;
:
3.15%
33/8%
1981
' • > :*; ■ 7 7 777.7 7 -y 7 7 J,.-'- 7 77 7
7 October 10- (Wednesday) 7/ x, ? v(747
7:7
3.15%
2.90%
-
,4
40:00 a.m.
_—_—„
! . 7': 7'
\
3.30 %.
3.05%
1-.777 7 7* 3%
__:
Scaled
3.05%
•
\ >'
.4.(7^(4.7-'.. 7^ /
Asked
1981-1982
—
7--/.;.-7.-
*D^
,7
1981-1982
■
Housing Auth. (N. Y., N. Y.) 31/2%,
Angeles, Calif.——
33/4%
Baltimore, Md
3V4%
♦Cincinnati, Ohio <U. T.)
—.31/2%,,
——7
Philadelphia, Pa.__________
3%%
♦Chicago, 111.—3V4%
New York, N. Y
.;;
:
Rank.;,pf
31/4 %.
New
Los
(
1982
1981-1982
——
State-——___
Bid
Maturity
National
^7^ (/,.'
.Louisiana Fiscal Authority71 ___i:
tional
and
REPRESENTATIVE SERIAL ISSUES
National 7_ -
7^a^ Falls Chuch, (Virginia-1777^I7i74,200,000 4963-198t
:tiQnalBank;o£Detroit,Copnecti-7^exingt^;
7^^j^4 v;74
'
7 price
x
>:'77,1:7";7;';V-7-
°rs' i
>
ment
Mellon
.Bank and. Trust Co., (First
dealer-
pleasant to note that the pressure
on > the
dollar seems appreciably
guine effort to buy,new inventory? reduced, Most of the*. non-com¬
although some of the same senti-. munist
industrial
countries * are
banks- seemed
♦No
,
October,9 .(/Tuesday) 7
were
higher by ten, r7. On the bullish side, of things .hattan Bank and associa.tes.' .y-T->7(.» 77.7 77/7:7
Major members of the: Winning Phoenhc; Ariz, __—9,000,000 4
points: ' (0.10%) than - they pertaining - to
the.; tax - exempt
paragraphs)
(77:
1963-1977 * 10:00 a.m.
Univ- o£ Nevada (Bd. of Regents) • ; 2,012,000
by the Chase Man-7 'Oy
members
this
.
.
TT...
Fast Bay Municipal/.Util. p., Calif. «»3Q,000,uOP
—
-
Houston (Waterworks Rev. Bonds), .
.
'/4':-;:..>.;*(4'7
4 ;Texas-'x—'v7r4-4*7777"7* ;' 77(j">-/. /v >
:; f/. 7-v: j774'4,/'7r(*-:7--4i7'
.77;;'-'747x77. :r 7 November 15 (Thursday) 7^ ; .. 7
0
.
_
.
47
(Oklahoma
City
Municipal- Im-. ( ( 7
of -the * : mroVerrent Auth. (Rev.>, Gkla.4 4 10,000,000
■
4" 77 7
^
^
f
'<74-
(winning syndicate .inciude:Drexel Vshrevenort La. __ii_i_--_777^i(.=_-*•*:"• 9,200,000
1963-1987 10:00 a.m.
& Cox7-Eastman Ijilfen, Uniqh Se-7
^,7
<'7. v ; *
* :• 7 -■*'*'.'7*- <;*-/7* .-•/'
7;74"''\. -7"'r-'7<,x7-;.^>'.7i-. 4
:
Robinson-Humphrey Company,Inc.
December 1
(Saturday)-*;4*777
Rho-u.es & Co., Uhited Cahfomia
' -.
•
.
' - * , ■
Bank, Estabrook ^ Co.,'Hemphill, 'Los Angeles County. Malibu Water-.
,, v,> > - , % 747.-4/4
Noyes & ,Co.,
Laidlaw &
Co.,7
works District No. 29, Cahf.____
1,600,000
7—---/7--r--—
Strcud & Co., First National Bank ■
v 74
:
J
7 : :
4*. 7.
'77/-4 7
,cf - Boston,
National 7 Bank
of7^ "
* /.„,.December 5 (Wednesday) ? . ..,, 7r .1,.,
Commerce* Seattle and the Fifth, Maccn
County
Special
Charter
( 7
.44 :74 4v 7 \
RHODES-HAVERTY BLDG.
ATLANTA 3, GEORGIA
,
.
„
.
.
JAckson 1-0316
\
.
.
-
(
.*
7 Continued
on
page
'7 * 7.'. School - District No. 61,
—
- -
3,655,000
-.
Volume 196; Number 6196
The Commercial and Financial Chronicle
.
(1203)
'
*
'
v/
'
1
against
.
dA"ljA"IIip6i
'
-t;
V
-
^
;
3.79%
a
week
ago.
Dur programs and
.
political- de- lITvvidrl
even
Index includes all of the, im*- vfelopments takeon'more"tangible
Portant revenue term; bond issues meaning.
.
V " 1 ; \ :
'
;
'
.'and
<
www'.'.
*
the-Index^ has^averaged #ie
individual
yields
ra
have
group
approached
the
.
Dovtb*
-
W UI1U. • .Dd/IliA Ocllb
-
a^ aa
i
•* In'the mesritime,; tollroadsas;
therefrom^ rig-
Will
the
reflect
yields aW
average
the
J
%
"
Completion of the current trans¬
action will not affect the total of
.
V
tS
r«n*
bank's
Year
-v.
•
outstanding
funded
debt, as on Oct. 1,1962 there will
mature an equal amount of Two-
•
.Issue Abroad
C^r^f Pn'
7
,T
the
^ the/roads look reasonably
3%%
Bonds
United
1960.
The
placed outside
States
in September,
outstanding ob¬
total
ligations of the bank amount to
about $2.5 billion of which about
billion. is
$1.9
United
States
denominated
dollars
and
in
more
at par, was made
by private
than
$600
million
in
Belgian
placement with 53 institutional .francs. Canadian dollars,Deutsche
investors in 25 countries. -.
marks, Italian lire, Netherlands
h Jie Trustees °e
University many, of these issues and the in- L Summer revenue -reports from if The new bonds will be known guilders, ster 1 ing and "Swiss
of Indiana sold $5,800,000 revenue >
creasing likelihood of ultimate re- the toll road highways i continue as the "Two Year Bonds of
'•
1962/: francs.
^1963-1991) bonds to the gropp. funding4operations.;Utilizing this to break records. The Ohio Turn- and will bear interest of 3%%,
Over 55% of
•pleaded
by
Kjdder,,
Peabody
&
Co.
method, our revenue bond index 'pifce/. the mid -section of- the. toll .payable semi-annually A with the
bank's outat a net interest cost of "^"3
would average at 3.6S% currently.'road continuum from Newx» York first
payment due on April 1, standing debt is held by. investors
The runner-up bid, a 3.3899% net.
"
'
v*
to the Wisconsin line; has filed !> 1963.
outside the
United
The issue is dated Oct. 1,
States.
In¬
interest
cluded in the holdings of these in¬
cost,;was made by Wer-. Answering Toll Rood Critics • splendid i report for' August, In- "1962 and matures Oct. 1, 1964.■
;theim & Co., bidding alone, Five; - Toll road issues have been-sub- -terest was earned 3.33 times .as'-- Subscriptions received for the vestors, m addition to non-dollar
other bads ranging in interest
cost; ject to broad criticisms in. the agaipst -2:92
times;- for;. August- u" issue were greatly in excess of the obligations,-are nearly $800 milfrom .3,39% to 3A8%, were
also\years that' they.,have been* out^-year ,ago; -For 1he ^ight months .principal amount of bonds to be Tion of the dollar bonds and notes
made for this issue. This issue is
standing and on balance .it has' ending Aug. "30,'. 1962, interest was
sold, indicating keen investor in- t-of the bank, or about 42% of its
unkiuein that it represents a gen- been generally adverse from a fl- earned 2.09
times;; for-the same terest * in^them.~ Purchasers in- total United States dollar obliga¬
eral obligation of- the Trustees of ;nancial.
viewpoint. Recently im- - period a year ago, the coverage Eluded central banks
•• "
government tions.
Indiana University and is secured
"portant criticism centered on the was 1.84 times. This is typical of
special " accounts ' and
privately
hv. nlerives of ariv.availfth'lp funds'
K«f
Had
.
rr-0—,
...
.
,
.
.
■
.
-
.
-
...
.
-
-
,
"the-
current^
revenues.
trend
in
toll
-roa-i
:
,
nwnw?
ance
aai—
—^
comp
Nat Berger in
*
\v;
-•..; •- 1 ; -;; /; The
co
nishing buildings- for a new edu-rderstood,
;7..v?;c*.v:
:
Starts
to
Admit
JacksOIl
Purchased
cational -laboratory school;. *■ ; ;j;wxxviiiiiou•
Australia;
►
-
Associated
-
iu"?
with
•
R.
as
Ai-j
rvueY rea„ structively be placed, however,,on SAN. FRANCISCO,
members of
major
Presspnch
- Austria;
Belgium;
:
Cambodia; Canada;, China; DenCalif. — On - ark. Finland- Fran pa
the
teir>oadtraffic, to- Oct. 1,: Daniel D. Jackson ' will mark' Finland; France.
.
^
day and its future projection.- Ten»• becomet a partner : jhf the New. ; Germany, Cfhana,-Israel, Italy,
1—
A
•
■ vij-- »•
• -n
I
;
JansriL Malava;-. MfYirn', Nnrwav
-PmI-.f airlyanqcon?:-mr>
Kidder
r
•
body & Co.
CrF
&
;tren^^
"
-
Co.,; Hbrn-
\blcrwer
New Location
.
•
.
have
"
new
duPoht
;
:.Hu^oit & Co
sen," InC." Scaled'
1.75% in 1963 to
this
casualty
company,:
^disposed
carried
'.
3.59%
a
and
•
-. 35 -
the Veornpiexities of' population: firmer San Franciscov branch; 111 Switzerland; 'Thailand; United
Federal road Sutter 'Street :rKingdom; and Yugoslavia.
^growth,,; state .and
Christen-r.. v.
yield
to"
issue having
lent
nue,
New ;Vork Han-
curities Co. and Wells &
,
Nat Berger Securities Corp., speeiaiists in real estate- securities,
^
.
'
-
-.
.
;
new
2-1020.
and
in
i,;.v
was;1
.-'.l.'i-v/z' This announcement is not
ojjer oj securities jor sate
an
:•
v
••
solicitation oj-an ojjer to buy securities.
or a
}>".r"it?9
c-;;-
New Issue
i:".
'.-a
sold pre-sale;
' ;t-;
-r.£: T+.J t
.
r»
•
,
.
;
-
'
of
3.0057%.."The
runner-up
bid, 3.051% net interest cost, was
made by Phelps, Fenn & Co. and
associates. : Scaled
to yield from
"
1
;
1.96% in 1963 to 3.25% in 1933, a
balance
of
$400,0(^0 presently
4
:
• •
1
vow
'
'-.'nnd
■
-
-
7
-
,
-
...
;
V
Nippon Telegraph & Telephone Public Corporation
"
cost
*' ■'
•
September 19, 1962
■.
I $18,500,000
-
(1963-1987) bonds. The issue was
bought
by "the-. First
National
Bank, Memphis, at a net interest&
;
,
a,...
*
"
.
^
Tuesday's.'! only, other sale of
note
involved
$1,170,000 Mont,; gomery
Alabama
limited -1 a x
'
v
-
1990,.
speedily *;
of.'The
1991
maturity
one-quarter of 1% cou-
was
'■
"
.
"
pon
the-opening of
offices at 595 Madison* Ave¬
New .York City.; The firm's
telephone number is PLaza
ftom'
attracted excel-:
fire' insurance
interest,-
...
announced
6% Guaranteed Telegraph and/Telephone Dollar-BondsDue 1977
;
re-
rnains.in account. The 1934 to 1987
; matnri Jes
'
and
-
carried
sold
were
at
1%
a
coupon
-
4.10%
a
yield;
"
it
is
reported.
Wednesday's
consisted
Florida
.
of.
Unconditionally Guaranteed
„
only sale
various
of
-
note
Orlando^
1 {1963-
The
;issue
was awarded
National : Bank,
; Florida-
alone,
;
*
at
2.8497%.
-
to Payment
purpose
*-
,1982); general -obligation i bonds.-.
5
as
of Principal and Interest by
":
-
.
$5^350,030
-V,
to- the:
bidding
••
an
*
a -net
interest cost of
The runner-up
bid, ;.a
;^,89 %; net interest cost,
was. made
by the Trust Co. of Georgia and
".associates. No scale was released
;
as
■
y;
*. fered
to
the public*.,
Big -Week
.
-
>
^
-
*
selling - Tuesday (Sept, 25). Other'
-loans / include
important
$22,910,000 Detroit, Michigan; general,
obligation and water; revenue
bonds,
000,000
also
on-'
Tuesday;
$30,Commonwealth of Puerto
general purpose < 1984-1986)-.
„
and'
$17,200,000
Nassau
County, New York' various- purpose (1,963-1991)
bonds, both dn
Wednesday;
;;
;
;
:
-■
„
'■
of the week involves; $32,-;
600,000 Baltimore;-Maryland vari-ous
purpose
(1963-1988)
bonds
bonds
»;
>
.
U.
*-*
r
Copies of the prospectus
of importance./The-largest;
loan
Rico
^
..
■)
Next
'
»
Price 96%
:
../a
Aheads;:-'-- V.';.
sues
/
t
^
J.
:
K,
; b
weeks hcalendartotals$164,878,000 and includes four is-
'
v
plus accrued interest from September 15,-1962
f
1
v- •
the bonds have not been reof-
f
¥
f"-V:
••
'
'
■
thf prospectai)
i": V
;r'
•
.
1
•
/
'
*
;
'.r
-
'
■
be obtained from such oj the undersigned (who
may
as mag
are among
the underwriters named
legally offer these securities under applicable securities laws;"
'.
The toll road,
bridge and pub¬
lic utility revenue issues have not
been receiving the attention, that
issues have
new
and-
this*
view, of
bank
is
the
recent
f
Dillon, Read & Co. Inc.
The First Boston Corporation
■
;
•'
f\
*-'■
Kuhn, Loeb & Co.
Incorporated
Eastman
•,
*:•
.
,■
'A'-.,'"' v">
'
:'
' •
^
-
.
t
Blyth & Co., Inc.
*'
■
'
■'
Smith, Barney & Co.
incorporated
■
in
a
-
Dillon, Union Securities & Co.
--
Goldman, Sachs & Co.
Harriman
trading
dominating
.tax-exempts-.
.
atmosphere;
Our
revenue
at
3.78% yield as of Sept. 19
a
bond Index average^
Ripley & Co.
Incorporated
Kidder, Peabody& Co, Lazard Freres & Co. Lehman Brothers Merrill Lynch, Pierce, Fenner & Smith
...
.
Incorporated
...
White, Weld & Co.'
v
Incorporated
:
' Dean Witter & Co.
Paribas
Bache & Co.
The Daiwa Securities Co., Ltd.
-
r
;
The Nikko Securities Co., Ltd.
.
Corporation
.The Nomura Securities Co., Ltd.
-
I quiet
-
in
the
soealled
dollar
quoted issues hnve held their oWii
in
■
The Dominion Securities Corporation
Weeks
recently
interest
However;
hi
understandable
.:
"
.
Dollar Bond Index to Be Changed
'-•>
as
-(
.
s
Yamaichi Securities Company of New York, Inc.
"
,
*
Financial Chronicle
The Commercial and
THAT
UNDERSTOOD
INTERESTED
SEND
TO
the
New York 4, N. Y.
Aluminum Industry
Report —
& Co., 61
—
Wiesenberger
Broadway,
N.
6,
York
New
Y.
trends—David
of
($2.50 per copy).
Outlook—Review—The
Northern Trust Co., La Salle and
Monroe Streets, Chicago 90, 111.
dum— Thomson
Life Insurance
particular reference to Charles of
the Ritz, Chesebrough-Pond's and
tive analysis of
Stocks
Co.—The Milwau¬
Factor &
kee
Co.,
St.,
Michigan
East
207
Milwaukee
—
M.
tion
Pure
&
&
Co.—Purcell
way,
Chas.
to
H.
a
Club Inc. and
Co., 50 Broad¬
Oil Stocks
—
New York 5, N. Y.
York
New
Florida Cane Sugar Industry—Re¬
Bulletin
&
McDermott
New York 4, N. Y.
Co-.,
&
Rothschild
F.
Co.,
Peter P.
—
42 Broadway,
4, N. Y.
& Co., Inc., 99 Over-lhe-Counter Index — Folder
Wall Street, New York 5, N. Y.
\ showing
an
up-to-date compari¬
Income Stocks
Discussion of 24 son between the listed industrial
port
Lamborn
—
—
20
Street, New York 5, N. Y.
Speculation—
discussion of the way in which
speculation operates in the securi¬
markets and the differences
between investment and specula¬
ties
tion—Butler, Herrick & Marshall,
Heights
37th Ave., Jackson
76-11
72, New York.
Wisconsin Corporations
—
Memo¬
randum—Robert W. Baird
'/ :
2, Wis. '
,:'
.■"
& Co.,
Wisconsin Avenue, Mil¬
East
110
waukee
T/'
;■
;;
J.
Case.
I.
Allegheny Pepsi-Cola Bottling Co.
—Study—Suplee,
Mos-
Yeatman,
ley Co., Inc., 1500 Walnut Street,
Philadelphia 2, Pa.
Allied
Chemical—Memorandum—
Chas.
W.
Scranton
&
209
Co.,
,
—
Union
Securities & Co., 1 Chase Man¬
hattan Plaza, New York 5, N. Y.
Also available is an analysis of
issues
—
Eastman
Dillon,
Sterling Drug Incorporated.
Insurance Companies
—
Compara¬
Bissell &
Meeds, 120 Broadway, New York
tive
figures
—
Laird,
York.
5, New
Japanese
Market
—
Investment
stocks
industrial
counter
over-the-
35
stocks
used
Quotation
National
the
the
and
Averages
Dow-Jones
the
in
used
Averages, both as to yield and
market performance over a 23-
period — National Quotation
Bureau,
Inc.,
46 Front Street,
New York 4, N. Y.
year
Air Cargo
Profit Breakthrough in
—
Study
—
Co., 39
Sartorius &
Survey — Daiwa Securities Co.,
Ltd., 149 Broadway, New York 6,
Broadway, New York 6, N. Y.
N. Y.
Puerto
Japanese
Nomura
Market
—
Review
—
Securities
Co., Ltd., 61
Broadway, New York 6, N. Y.
Also available is an analysis of
Mitsukoshi Ltd.
—
reference to Fuji Car Manufactur¬
ing
Co.,
Kawasaki Rolling
Stock
Manufacturing Co., Nippon Sharyo
Seizo Kaisha Ltd., and Tokyu Car
Manufacturing
Co.
—
Yamaichi
Securities Co. of New York,
Inc.,
Ill Broadway, New York 6, N. Y.
Also available is an analysis of
Tokyo Electric Power Co.
,
Rican
Securities
—
Street,
American Enka
—
Comment
Colby & Co., Inc., 85 State Street,
Boston 9, Mass.
Also available are comments on
Co. and Thompson-Ramo-
Best &
Wooldridge.
%
'•,,:
J;
■
Corporation
Apache
Bulletin
—
Broad
25
New
4, N. Y.
York
achievements
scientific
current
of
Fuel
—
Cells starts the series in the Sep¬
issue
tember
Magazine—The
of
the
Exchange
Exchange
Maga¬
zine, Department 7 TB-27, 11 Wall
Street, New York 5, N. Y.—20c
$1.50
per copy,
Selected
on
per year.
Stocks—Brief comments
issues which appear
Review
—Paul Gould, 321 West 44th St.,
York
New
help the
through the
complexities
amazing
4,
Winslow, Cohu & Stetson, Inc., 26
interesting
Bank
A.
of
York
New
Report
Bankers Dispatch
—Blunt
West
Corp.—Analysis
Simmons,
111
Street, Chicago 3,
'Ellis
&
Monroe
E.
J.
Brach
dum—
Sons
&
—
Memoran¬
Steiner, Rouse & Co., 19
Street, New York 6, N. Y.
Corporation—Analysis—
&
Stieglitz, 52 Wall Street,
5, N. Y.
New York
Caterpillar Tractor
dum
Robinson
—
Memoran¬
—
&
Co.
42
Inc.,
South 15th Street, Philadelphia 2,
Pennsylvania.
Cetron Electronic
randum
Corp.
McKeown
—
Illinois.
'
'•
>
••
.
.•*
—
Memo¬
-
Cleveland
2
Cliffs
Iron
Company—
Broadway, New York 4, N. Y.
Also
available
H. J. Heinz
Land
Co.
reports
are
on
available
is
a
report
on
Inc.
Intertype
Corp.—Analysis
—Eisele & King,
Libaire, Stout &
Harris
New York 4,
50 Broadway,
Co.,
York.
New
index
an
of
Company
Investing
Estate
Real
is
Powder
Co., 7616 Girard
Calif.'
Jolla,
Avenue,
La
Holiday
Inns of America Inc.—
— Equitable
Securities
Review
Corporation,
322
Union
Nashville 3, Tenn.
Howard Johnson
Company
Manufacturing
3,
D.
—
South
Chicago
Ira
Haupt
York
La
C.
—
Whitsel
Salle
&
Street,'
111.
Dobbs
&
5, N. Y.
Merrill
Smith
Lynch, Pierce, Fenner &
Incorporated, 70 Pine St.,
New York
5, N. Y.
Also available are comments on
Mattel, Airlines, Hayes
Radio Corporation of
Mary Carter Paint and
Corp.,
America,
Gillette
Company.
Foods
York 5,
Minerals
Co.,
York
Report
—
N. Y.
Isaacs Member
Of Midwest Exch.
—
An¬
CHICAGO, 111.—Milton J. Isaacs,
a senior partner in the investment:
& McDow¬
firm of Straus, Blosser
ell, 39 South La Salle Street, has
been elected a
member of the
'Midwest Stock
Exchange, the
/.firm
Street,
Locust
1516
Mr.
New
Analysis
—
New
W.
J.
way,
120
Broad¬
New York 5, N. Y.
Oxford
Mott
Co.
Paper
Report—De
—
Associates,
Inc.,
Old
600
Country Road, Garden City, N. Y.
Also available
comments
are
on
Laboratories and Fanny
Baxter
Farmer
Candy Shops.
Line
Pipe
Pembina
—
Memoran¬
dum—Watt & Watt, Ltd., 6
Jordan
of
most
his
Of
new'
We
Dallas
available
Also
dum
is
a
Southwestern
on
are
uses
electronic computers.
confident this service will
in
be of substantial assistance
Co.—Memo¬
Union
Fidelity
1, Texas.
We have
recently joined the Midwest
bookkeeping service,
which
Gas
Mr.
because of the Midwest's excellent
service and fast markets.
Mayer & Co., 30 Broad St.,
Inc.,
er,
membership,
said, "We regard member¬
ship on the Midwest Exchange as
one of pur firm's important assets
Industries—Memorandum—
4, N. Y.
with
been
Isaacs
Philips Electronics & Pharmaceu¬
York
has
which
Straus, Blosser.
centralized
New
Known
coast to
coast, he has spent more than 40
years in
the securities business,
also
M.
its
security dealers from
to
Street, Toronto, Ont., Canada.
tical
of
trading opera¬
tions.
Co.,
&
Sparks
in
is
charge
Miltcn J. Isaacs
Marietta—Memorandum—
Martin
on
exchange,
also
Broadway,
Hicks, 111
York 6, N. Y.
the
repre¬
sentative
the
&
Ar¬
as
firm's
Macy—Memorandum—Cog-
geshall
late
man
—
Co. Inc.,,
Philadelphia
Pennsylvania.
R. H.
1
Isaacs,
thur S. Gross¬
&
Street,
an¬
succeeds
who
the
Taggart
has
.
nounced.
Walston &
Life & Accident Insur¬
A.
Charles
Chemi¬
&
—
Inc., 74 Wall
5, N. Y.
ance Company
Dishy,
—
40 Exchange Place,
Easton & Co.,
New
Iv;o,
Analysis
—
320 North Fourth Street, St.
2, Mo.
cal Corp.
Industries,
D, BVD Company,
General American Transportation
Square
Inc.,
Richter,
Inc.—Bulletin—Scherck,
International
Reader"—
"Investor's
of
issue
Comment in current
—
Facilities,
Underground
Raytheon
Mathes
29
Wometco
Street,
alysis—Harris, Upham 81 Co., 120
Broadway, New York 5, N. Y.
Curtis
Co.,
Weldotron—Memorandum—Rich¬
ard Bruce & Co., Inc., 80 Pine St.,
Memorandum
—
—E. F. Hutton &
Inland
Industries Corp.—An¬
&
alysis—New York Hanseatic Cor¬
poration, 60 Broad Street, New
York 4, N. Y.
stocks.
Hercules
Y.
Broadway, New York 5, N.
Zion
available
Sincere
accounting
and
our
keeping
record
work."
Tower,
memoran¬
Fort Lee, New
Insurance
—
Memorandum
and
Co., 208 South
Salle Street, Chicago 4, 111.
Jersey
W.
E.
New
Company
Hutton
York 5,
—
& Co.,
N. Y.
Report
BROKER-DEALER
—
La
Presently
Co., Ill
—
Broadway,
Inc.
Oil
Limited
James
14 Wall
—
Analysis
'&
—
Co.,
—
Company
active
14 Wall St.,
Require
an
sentative to
of
Canada
Analytical brochure
in the Mutual
Fund field.
—
a
Memorandum
6, N. Y.
Houses,
National
Shell
—
Wilder, Hansbrough, Finch
©
Home's Enterprises, Inc.
Pyle
New
alysis—Johnson, Lane, Space and
Co., Inc., 16 North Laura Street,
Jacksonville 2, Fla.
Also available is an analysis of
Alstyne, Noel & Co., 40 Wall St.,
New York 5, N. Y.
Security Dealers Association
Teletype 212 571-1780
Industries Inc.—An¬
Tile
Florida
'»
v
Pershing
—
Utilities
15
Ft. Lauder¬
Products — Memo¬
& Co., 120
Oil
Universal
—
208 South
Salle Street, Chicago 4, 111.
V,,
dale, Florida.
Bul¬
—
Johnson,
8c
Southeast Third Ave.,
New York
Analysis
—
A. Noyes & Co.,
Cuneo Press1—Memorandum—Van
Curtiss Wright
HAnover 2-2400
Schwabacher & Co., 100
California.
La
Roman
—
Company.
Memorandum
Trinity Place, New York 6, N. Y.
—
Montgomery Street, San Francisco
randum—Eppler, Guerin & Turn¬
& Distribution
74
alysis
Corporation—An¬
Pioneer Natural
Engineering—Report
—Reynolds & Co., 120 Broadway,
New York 5, N. Y.
Microdot
Members New York
Security
and Texas Pacific
Trust.
Also
Troster, Singer & Co.
Bearings,
Bower
Courts & Co., 11
Street, N. W. Atlanta 1,
Georgia.
David
States Plastics Inc.
United
—
First
F.
Combustion
Transmission, Production
Mogul
Report
—
Marietta
Building,
Kansas
randum
,
Analysis—J. R. Williston & Beane,
(b) Natural Gas Companies
Federal
Inc.
&
Co., 209
South La Salle Street, Chicago 4,
(a) Operating Utilities
California.
2,
Illinois.
Halle
Trading^ Markets^ in—
Spring Street, Los Angeles
South
Interstate
Piper Aircraft.
and
Carlisle
Firm
randum—E. F. Hutton & Co., 623
Street,
of California—
Uhlmann & Co.y
Board of Trade
City 5, Mo.
Inc.,
letin
Specialty Co.—Memo¬
Electronics
—
—
Co., Inc., 1 Wall
Street, New York 5, N. Y. ■
; '
Also available - are reports
on
May Department Stores, Howard
Johnson
Co.
Drug
and Lee Filter.
14,
Financial
United
Louis
Kidder &
M.
Rector
For banks, brokers and financial institutions
Fair-Community
Co.,
V
—
37.
Co., Inc., 621 South Spring
Angeles 14, Calif.
—
36, N. Y.
a
series of articles to
investor find his way
York
New
Street,
New York.
Asgrow Seed. Company
Industry—Beginning
—
Paine, Webber, Jackson & Curtis,
opment Bank for Puerto Rico, San
Juan, Puerto Rico.
&
—
A. J. Armstrongs—Memorandum—
Quar¬
Also in the same issue are disof Mohawk Airlines,
>
cussions
Drug
Also
Broadway,
Science
7,
Haven
New
\
Connecticut.
terly report—Government Devel¬
new
Japanese Rolling Stock Manufac¬
turers
Review with particular
in
Bureau
Church
Field'
on page
Los
Memorandum
—
Also available is a memorandum
on
$1.00 per
150 per copy;
—
Florida Gas Corp.
Memorandum
—
New York 5, N. Y.
way,
Y.
N.
4,
*
*
*
Reduction
v'-
Garvin, Bantel & Co., 120 Broad¬
Standard Oil of In¬
Oil and
120 Broadway,
Pfizer
Oil,
to Apco Oil, Marathon
diana—L.
par¬
Discussion
—
What's Wrong With
Air
Oils—Review with particular ref¬
Company.
reference
—
Corp.
Sunbeam
erence
with
is
analyses of Diners
Celanese
Drug Industry—Survey
Analysis
—
72 Wall Street, New
5, N. Y.
available
Electric Co. and Wm. Wrigley, Jr.
ticular
Packers
Hentz & Co.,
discussion
of Eastern Railroad Mergers and
Lambert, Uni¬
Corpora¬
America, Tokyo Shibaura
of
Birmingham 3, Ala.
Also
Warner
Group,
lever
Building,
Brown-Marx
i
poration,
York
Loeb, Rhoades & Co., 42 Wall St.,
N. Y.
Also
available are reports on
New York 5,
Ampex,
100 actively traded
stocks—Universal Securities Cor¬
Meat
Wis.
2,
Oils—Review—Carl
Domestic
Stocks—Compara¬
Inves¬
York 6,
tor, 86 Trinity Place, New
,v:/ 1
Treasury Market
Broad
Investor"—American
year.
New York.
Appearing
issue of "Amer¬
sion in September
ican
Comparative figures—Hourwich &
Co., 40 Wall Street, New York 5,
A
N. Y.
New York 4,
Broadway,
2
McKinnon,
&
memoranda
are
—
Aubrey G. Lanston & Co., Inc.,
Life Insurance Stocks—Memoran¬
Review with
Max
Street, Boston
Co., Inc., 89 Broad
10, Massachusetts.
Business
Cosmetic
Field—Discussion
L. Babson and
Insurance
Life
available
"Current News in the
Electronics Specialty Co.—Discus¬
.
Earnings
Company
Don't Overlook
Chart Memorandum
—
Tire.
issues—Goodbody & Co., 2 Broad¬
way,
Corp.
Atlantic Refining and General
on
Outperforming
Market—Statistical data on 37
Stocks Which Are
THE FIRMS MENTIONED WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:
Memphis 3,
Building,
Also
Ont., Canada.
Telephone
Arthur
1962
Thursday, September 20,
.
—Auchincloss, Parker & Redpath,
2 Broadway, New York 4, N. Y.
Dobie & Co. Ltd.,
Adelaide Street, West, Toronto,
25
RECOMMENDATIONS
AND
Edo
Stocks—Re¬
Gold
African
view—Draper
INVESTMENT LITERATURE
IS
.
Tennessee.
Wis.
Avenue, Madison 3,
South
DuPont
119 Monona
—Bell & Farrell Inc.,
DEALER-BROKER
IT
.
(1204)
8
—
experienced
set up
and
repre¬
manage
retail O.T.C. department.
Partnership opportunity "
Richardson
&
Sons, Inc.,
Street, New York 5, N. Y.
Transcontinental
Gas
Pipe
Line
Corp.—Analysis—Hill Richards &
Send
resume
to:
Box 796,
Lee, N. J.
Palisades Station, Fort
Volume
196
Number 6196
.
The Commercial and Financial Chronicle
.
.
(1205)
The
Security
I Like Best
Continued
$133.2
of
This
An
marketer of gas, oil and
I
evidence
is
management which is highly *
conscious of profit margins. Pre¬
earnings in 1960
16.6%
were
of sales.
Federal-Mogul
the
and
In
has
its
eye
on
growing original equipment
replacement market abroad.
1960, the company acquired
from
Renault a majority interest
large manufacturer of engine
bearings in France; this interest
in
a
has
since
been
ownership.
have
tina
increased
and
to
full
Licensing agreements
been made with
turer of roller
manufac¬
a
bearings in Argen-V
with
Investors value the equities of regulated utilities because
(usually
discussion with the FPC
of
return
the
and
stability of
earning power, which regulation
fosters.
Equally, they value the
freedom, diversity and flexibility
of business investment, and, frequently, higher rates of return
thereon, afforded by unregulated
companies. Accordingly, the comselected
for review today
special and dual attraction
pany
has
in
assurance
a
that
its
business
shows
nice
a
balance between its regulated and
engine bearings.
A
subsidiary
is
whollyowned and one in Spain is par¬
tially owned.
unregulated sectors, and produces
facturer
of
Mexican
As
befits
the
ings
producer
major types of bear¬
and oil seals, which are es¬
sential
all
mechanical
to
devices
of
kinds, Federal-Mogul conducts
extensive
research
patented
quite
a
rewarding
activities.
atomization
A
for
process
return
tially
tern
gas
Texas
Panhandle
Western
and
_
Wyoming
a
Paso
interconnection
Natural
with
Gas, to
Denver,
ago CIG or-
'
burg, Ind.
The
at
Greens-
plant will be
new
especially designed and equipped
for the manufacture of radial ball
:
bearings.
.ending June
30,; 1962 were, $150.2 million on
which the company reported a net
income of $15 million.
Earnings
the 12 months end¬
per share for
ing June 30 were $3.07 per share.
At 36, the stock is selling at less
than
12
times
earnings for the
most recent 12-month period.
At
its present price, the $1.50 annual
dividend provides a 4.2% yield.
Dividends
each
last
have
in
year
10
been
all but
years.
Finances
increased
of
the
year
end
one
,
strong; at
are
company had no debt and its
talization
million
consisted
common
suitable
for
seeking
a
yield from
profit
the
Stock
is
investment
accounts
satisfactory
current
with a
a
and
management.
on
capi¬
solely of 4.89
shares.
company
expansion
The stock
iaries
and
Marsh
minded
is listed
-
NYSE.
Division, which is a
la^rg'e producer of pressure gauges,
valves, thermometers, regulators,
ti1PrP
arP
value
in
increased
owned
on
the
Midwest
opened
per
$21".
around
is
common
in
4 million
a
Tunisia,
and
dirigibles, is
strategic
age
now
J.
.Jnf.lud~
a major interest in
processing plant. Further,
gas
*
by"
brand
through
name,
t(J"JV up-
con-
ment
in
since 1951, and there
mu
«
^
,
Colorado Oil and Gas has grown
rapidly and, in 1961, grossed just
minerals
purther
of
ahead
during
years.
the
the
is
the
4-1
$93
been
million.
the
sion
has
Federal
given
Power
no
is>
snhstnntiq
thus,
r>Plriw
v
substantially
below
blllger, bean
'
'
X IllldUCI Dllld,
Rock
n?L
,
cost
(The average pipeline stock
today sells at about 16% times
PHILADELPHIA,
net-)
Bean
/
Because
the
of
rapid
growth
CIG, the diversity of its
operations, its above-average rerate
is
of
turns
on
prospect
Commis-
higher
Interstate
dividends,
common
ap-
to be attracting sound buy-
pears
final ruling or
invested capital and the
of
Colorado
ing,
by
perceptive
minded investors.
authorization. If the Rock Springs
This announcement is neither an
buy
to
any
growth
-
Christian was formerly in the
trading department of Janney,
Battles & E. W. Clark, Inc. Mr.
Flanigan was with Jennings, Man-
solicitation of
a
.
Longstreth.
an
offer
September 13,1962
\
23,000 Units
Washington Trotting Association,Inc.
$2,300,000
6V2% Subordinated Sinking Fund Debentures due 1977
for
three
I
of
which
state
makes
spread
Colorado
integrated
an
and
■
276,000 Shares
Non-Voting Common Stock, 31 Par Value
Inter¬
and
V'"
■
Co¬
of
lorado, and, in this way, increased
its holdings to 95%
of the now
outstanding 3,152,786 shares.
All
broad-
oil
production,
marketing organ¬
ization, grossing over $120 million
annually.
and
gas
and
Reserves
Colorado
These securities
are
as
Debenture of 3100 principal amount
or such earlier date
determine, the Debenture and shares of Non-
offered only in units consisting of
and 12 shares of Non-Voting
a
Common Stock. After December 1, 1962,
the Board of Directors of the Company may
Voting Common Stock will be transferable separately.
Interstate
itself
now
Emanuel, Deetjen
or controls
1,237,000 petro¬
leum-prone acres, with over 800,-
Peyton H. Knight has become
291,600
owns
as¬
sociated with Emanuel, Deetjen &
Co.,, 120 Broadway, New York
City, members of the New York
Stock Exchange and other leading
exchanges,
in the underwriting
department. Mr. Knight was for¬
merly in the syndicate department
of
S.
D.
Fuller &
Co.
000
regarded
as
On
proven.
Price per
the
the half billion C.F. of
natural gas and 30% million bar¬
rels of crude oil and condensate
reserves
in reserves of Colorado
mated,
you get
tude
on
of
March
some
the
20,
Oil
Unit—$175.00
(Plus accrued interest from September 1,1962)
it owns, recoverable
gas reserves have been estimated
at 2.9 trillion C.F. Add to these
acres
1
,
Copies of the Prospectus may be obtained in any State only from such of the undersigned under¬
writers
as
may
lawfully offer the securities in such State.
(esti¬
1962)
idea of the
and
magni¬
in-the-ground
Stroud & Company
Moore, Leonard & Lynch
Incorporated
assets
of CIG.
For
Singer, Deane
were
1961,
78.5%
PITTSBURGH, Pa.—On Oct. 1st,
Singer, Deane & Scribner, Union
Trust
New
Building,
York
and
members
Pittsburgh
of
the
Stock
Exchanges, will admit to partner¬
ship Norman B. Ward, Jr., Charles
E. Jacobs, Robert J. Cunningham,
gas
sales
Commission,
intrastate.
gas
sales,
oil,
gas,
by
Federal
Power
leaving 21.5% sold
With
this
division
of
plus the nonregulated
helium and instrument
Janney, Battles & E.W. Clark, Inc.
'
disposal such
a
its
large store of low
Singer-Deane's municipal
rates
/
■
'
■
'
•
_
Wright,Wood & Co.
Charles A. Taggart & Co., Inc.
Penington, Colket & Co.
C. S. McKee & Co., Inc.
reserves, its delivered
regions.
are
Laird, Bissell & Meeds
*
Auchincloss, Parker & Redpath
are
gas rates, in
general, are most at¬
tractive to buyers, and lower
than
those charged in other
compara¬
ble
service
Harrison & Co.
Hallowell, Sulzberger, Jenks, Kirkland & Co.
(in the order of $120 million)
subject to regulation.
Partly because CIG has at
sley, Jr., M. Griffith Rafferty, Sr.,
and Eugene J. Frank. Mr. Ward is
partner in Norman Ward & Co.
Mr.
Cunningham is manager of
Bond
Kay, Richards & Co.
Schmidt, Roberts & Parke
cost owned
department.
Ball, Burge & Kraus
business revenues, less than 50%
of total indicated annual
revenues
Thomas L. Barr, George H. King-
a
Singer, Deane & Scribner
interstate, and, hence, under
regulation
To Admit to Firm
of
Interstate
established, and not
ject to refund; and, the last
sub¬
rate
Suplee,Yeatman, Mosley Co.
Ryder & Co.
■ff
.
Thayer, Baker & Co. Inc.
.
Dl.
office at 121 South Broad Street
under the direction of Jack Christian and James B. Flanigan.
Mr..
del &
offer to sell'nor
T^y»
Pa. — Singer,
& Mackie, Inc. have announced the opening of a branch
of these securities. The offering is made only by the Prospectus.
NEW ISSUE
..
common
Mr.
be-
years
space'
Competitors have
to this project,
objecting
and
total
thus
is
41
California.
CIG is a partner
with El Paso Natural Gas in this
silare 0f
five
the historic high, and only 15
times indicated 1962 per share
ern
an(j
past
ri?w of 26Y4 an<? f-
a
of 5.0V4 -The present quotation of
Sprjngs Project, a $163 million
proposed pipeline for delivery of
additional gas supplies to South-
of $50 million. This
year,
CIG, which had long owned 57%
of
Colorado Oil, decided to ac¬
quire, if possible, the rest (pub¬
licly held); so it offered one share
CIG
Or¬
over
short
of
business
New
leans for many
T. J. Feibleman
■.
T
his
invest¬
own
40% extra in stocks in 1960.
was a
of
c o n-
ducted
5? might be increased. Divion
®e5 J?
thp
formerly
officer
thereto
?asls> the present $1.25 dividend
% wen protected, and quite pos-
!?
T.
Dorsey & Co.,
Inc., and prior
midwest-
seven
R.
and
Feibleman.
an
737
states.
ern
Walter
was
nd, .and the figure for 1962 has
Projected at J^-7a. On this
Colorado Oil retails refined pe¬
troleum products under the "Der¬
service stations in
nagement
Mr. Feibleman
^ financial institutions,
P™, aPP®ar®
of the
one
exploration. Colorado also owns
a half interest in a 46 mile crude
a
the
of
a
acre
pipeline, and
tment
sJ^COaXvTlv tradeTovePthe" Green was with Howard. Weil.
E col^fr.^nd hL rfnged In ^0^ Labouisse, Friedrichs & Company,
under
now
p a r
under
m a
There is also another wholly
owned subsidiary, having a oneconcession
e
Stock
trading
a
Green
_
Y^r
reserves
and
is
Interstate
future, there are the continuously
of
of
Exchange, have
etc.
transport
Knight Joins -'-Sic
Instrument
Company
eighth interest in
'
:
Sales -for the year
fut,,™
+
members
snare earnings on the com-
■../
fhP
NEW ORLEANS, La.—Schweickhardt & Co., Hibernia Building,
J?e®P®'
?_
gas
powders are used in bear¬ Colorado. Ten years
ing linings and potential custom¬ ganized a subsidiary, Colorado
ers
are
manufacturers
of
dies,
11 and
Corporation, to exmolds, and filters.
\
r
produce,
oil and gas
ana to refine
and market petrolManufacturing facilities of three
eum
products. Colorado Oil, it¬
divisions
of
Federal-Mogul
are
self, has two oil and gas subsid¬
being expanded this year.
The
division
^nr
Dept.
,
3,646
Metal
America
•
1 Tading
.
com-'
panies. •>'
book
Colorado
""
some
porting
share
Indicated
S
^
d
shares.
common
from a projected total investment
pipeline sys- 0£
$25 million in enlarged plant
miles, trans— faciiities
Helium, formerly in
directly
from
the
HpmanTfm"Visp^Tn hnifnnns
natural
a
of
El
of
pipelines
trolled acreage; rising rates
.
Mogul
largest of the additions is a new
plant for the Bearings Company
for
average
uCllWBlCKu^rClt
m
set-
6%
a
Until July 2, 1962, Colorado Interstate Gas Company was essen-
Oklahoma, and indirectly through
laboratories.
the
brought
producing metal powders was re¬
cently developed at Federalresearch
was
for
on
prospects
Acquisition
allowance
property investment.
Actually
putting
together
the
operating results of Colorado Interstate and Colorado - Oil, for
1961, on a pro forma basis, the
return would have been about
7.7% on combined capitalization,
and 14%% on net worth.
These
are quite attractive and rewarding ratios, and considerably above
in-
on
WpH[Panifni
vesica capital.
largest
of the three
preferred stock, $1,339,000
minority interest, and $60 million in Capital and earned Surin
r
with
of
lion in
acquisition of Colorado Oil and Gas Corporation.
tied
net
Combined capitalization is about
$93.4 million in debt, $31.9 mil-
helium, particularly in light of its recent
manu¬
Japanese
a
present per share
CIG by as much as 25%.
appraisal of this prosperous pipeline company, and producer and
a
tax
crease
By Ira U. Cobleigh, Economist
from page 2
million.
Project is developed as planned,
however, it might, by 1965, in-
Colorado Interstate Gas Co.
9
Incorporated
Yarnall, Biddle & Co.
The Commercial and Financial Chronicle
(1206)
10
^A.s
are," any substantial
expenditure on rocket
thipgs
increase in
and
-
Space Rocket Economics
To
By Paul Einzig
;:
/'
in the standard ,
of living pace and use resources freed from furthering affluence to
,.ouidistanoing the Soviet Union's achievement in rocket research. The *
;
i
well
writer is
;.'V
of the difference in
aware
>
.
/«
our-rocket ;; vt
can't rest content in knowing /;ArA
r-expioitation and democratic rights, between Soviet and
pi egress. Nevertheless, he
v
argues: we
^5exam|ile^
quent auto model changes and divert the technological brains so
unused ^capacity,
its
crease
the
from
relevant
is ir-..
point of .view.
of. long-run; '^rend^,>;..v,^".^J^cS,U
As far as- Britain" is concVfried:'
release• of manpower,
a
attracted
from'.; other industries•.-£'rbfyYthe-/
: higher pay which the .autoippbUe j
ihcuistry can ./afford >.tq / pay" be->f
;
used to eliminate momentary superiority of Soviet rocket technology.;^
:
the
at,
working at full capacity and that
any
curtailment- of demand for.
further
in¬
> automobiles., would
\'<J.
cost, in terms-of human
Debentures Privately
.-:..
moment American industry is not
.
Einzig strongSy urges the West to delay advances
Dr.
that-
fact
the
Thursday, September 20, 1962
-
.
view
of
,
Hitachi, Ltd. Places Convertible
production would
tend to aggravate the pressure on
the
dollar
since
itf would • be
superimposed on a heavily over¬
loaded economy.1 From this point
research-
...
cause
of theymotoring '.crazq
the British ^public,, would- .change
LONDON, England —r A Hamburg; by the imperialist colonialists of
the balance of power and would, newspaper published
recently' *a; Moscow/In East Germany^ for in-/
enable the government and-. em¬
caricature - shewing
a
Russian stance, conditions-are so bad that1
ployers to resist wage inflation.
agricultural worker staggering; a great many people are prepared'
This again, would enable them to
Under the burden of a colossal' to risk the bullets of the frontier
resume economic expansion with¬
space
rocket. The ' cartoon was guards for the sake of a remote
out limning the risk of accentuate A
tcpical- because just at that time chance -of ^getting across the wall,
the
- disappointing
" progress * of. Even the highly -privileged East mg the inflationary-undertone of ^
;v/V'VA'*i';'{;r A?
agriculture in the XJ. S. S. R. was
much publicity in the Com-
given
statements
from
leaders
Communist
by
in
and
Press
munist
Mr,
Khrushchev downwards/Needless
inadequate
the
omitted
the
that
tive
farms
:
an
the
of
used
sources was
up
>>
;
V
; ■
;
-
■
>'y
\
Importance of,Rocket
collec- ;y While the Soviet ^ Government
trac- ruthlessly sacrifices the standard
unduly large 0f living of its people for the sake
country's re-, 0f winning the race.. in space,
for the costly j_t js possible that the. American
attitude
•
to
errs
extent 'in
some
'• ;
Power
A
-
*
best'brains ' in
technology waste their knowledge
and
experience in serving'. the
- A
;L
Research; competiticp between/rival auto-;
them for its very ex-
why
projects of space rockets.
Technological Waste of Brain
;
which fact speaks for
>'/
itself in a country whose.regime
on
:'AA4 -.'V'V
the economy.;";.
privileges,
depends
enough
not
that
proportion
he
obvious
the
reason
had
was
output,
;
mention
to
fact
tcrs
.
in;apportioning the blame istence. v/Yr'
to say.,
for
German security police has now>
toy be
content / with 1 reduced
Many,
mobile
the
of
outdo'
who
manufacturers
each other in
producing their new!
models
at frequent intervals. If
they could become available for
rocket research as a result of a!
This
aspect
policy
discouraging
of
the
fre¬
Russian
science
technology ^hat~fnade
and
papers
the
their
possibler Westqcp. newsought to > have ponted out
success
this
that
fact
could
success
achieved at the cost of
delaying the progress in the standard of living of the hundreds of
inillions
of
people
behind the
Iron Curtain. Apart from the inonly
be
of
Stance
referred
tractors
to
above,
is
that
it
only
recently
to recall
Soviet Russia
and
the
satellite
Governments
decreed
necessary
sharp rise in the price
a
of meat and
other essentials
the declared
ing
<
consumer
At
moment
a
with
object of discouragdemand.
;
when
Communist
presents
the
latest
Russian success in respect of space
prcpaganda
rockets
of
the
periority
tem
the Communist systhe capitalist system, it
of
over
rockets
space
has
States
their resources to that end, even
at the cost • of. delaying a further
ticn
of
an
automobiles;
It
would
excessive
' /
\
not
in. the. United
been
achieved
at
countries
pose.
Russia 'for
the
the
peoples
are
ruthlessly exploited
of
satellite
(standing). Hitachi, Ltd. is Japan's
to issue convertible securities in this country.
pany
be
.
for
possible
snobbery of possessing the
//:■' latest model of automobile.
very
cater
to
of
this practice—which was
compared by Professor Galbraith
courage
been practiced by savage Indian
tribes—with the aid of some form
of taxation increasing the cost of
such luxury. If only the manpower resources and technological
the United States would
pass
the Soviet Union.
soon sur..
.
institutional: investors,
-
•
time
Sept. 30, 1977.
prior to
/
/
Show 8"o Gain
gas
Aug. 31,
work
its bankers and the Japan¬
Ministry of Finance was nec¬
to develop this new method
financing and co-ordinate
of
Japanese and United States finan¬
cial and legal practices in as much
|
j.
/:convertible;; securities
as
have;
been rarely issued in Japan. It is
expected" i that,
,
that
now
the
groundwork has been done, this
approach
to the United; States
will
market
taken
be
by
other
foreign companies.
on
.
.the
tute
company
outside
convertible
be
;;
of
Japan, -will
their
at
nies.outside the United States and:
is
few
the
of
one
foreign
com-,
panies which have supplied equip-*
ment for Federal power projects
in the. country..
-
Hitachi
...
produces
different
products
the
largest
and
other
types
electric
v)
■
,
10,000
ranging from
of generators
power equip-,
over
ment, heavy industrial equipment,
elevators and locomotives to (elec¬
tron
microscopes, household elec-;
trie.
appliances
and /transistor
It is presently engaged in
radios.
expansion program which is
expected to require the expendi¬
ture of approximately $500,000,an
debentures, which constD
first financing by this
The
•
up
...
and * months
part of the com¬
essary
8.8% from the
$52.75 set in June,
to the "American Gas
according
the
on
pany,
of
Association.The
stocks,
common
were
low
1962
cooperation
."Close
of
From June Low y
Natural,
negotiated
Inc.
.
ese
Gas Stock Prices
Dillon,
mining equipment is now Japan's
the
largest privately owned industrial
placement: which is unique both
enterprise and the largest
and
here and in Japan as the first sale
most diversified manufacturer of
of convertible securities by any
electrical
machinery and appli-.
Japanese company in the United ances in
Japan. It ranks eleventh
States. ;
'V'Y* - - f
in size among industrial compa¬
Co.
&
Read
the
dis-
to
governments -concerned
amount into common stock at any
pur¬
the
sacrificing the standard research required by the frequent
cf living of the American people, change
of models could be diToe
standard
of
living of the verted
to
rocket : research
and
Russian people is still shockingly production I am
convinced that
and
Vice-President of Hitachi, Ltd.
ofc0.1/2%.. convertible 4qbenures,-.! } The company, which began in
Not only had !the Russians due Sept. 30/1977, with a group-of 1910 as a small repair shop for
available
for
number
A:;;.'
Frederic
are:
/largest privately-owned enterprise and is the first Japanese com¬
progress of their relatively high
trained
a
larger
number
of
standard of living.' For instance, scientists and
technologists
but
it may well be asked whether it
they took care not to waste this
is really so important for Amerihighly skilled manpower on pro¬
can and other Western owners of
viding their public with more and
automobiles to
buy
the latest more automobiles of an increase
models every year. This fashion
ingly
superior
quality.
Surely
may
suit the sectional interests
progress .in rocket
research, on
cf the automobile industry,' but which our
very
survival might
it does divert a very high propordepend,, is-more important than
tion cf resources to the produc- the
desire
the cost of
lew
in
Watching
of U. S. institutional investors.
group
a
number .of scien¬ Hil#€binjI4d. Las announced the
technologists have been placement Sept., 12 of $16,500,00,0
an
is well to remember that progress
in
.
signs
left),
(seated
Brandi, Chairman of Dillon, Read & Co. Inc. (seated right);
which negotiated the placement, and Goro Sakaguchi, Financial
,
pity that Western countries do that.,a
larger
not devote a larger proportion of tists and
argument in support to the wasteful display of wealth
claims of an alleged su-> by means of destruction that had
as
Hitachi, Ltd;
~H.
.
to
to
.
of the-subject has
nearly enough pub-
and
monauts
Chairman of
Kurata,
agreements fcr sale of $16,500,000 of 6convertible debentures
quent //change
of
models, '• 'this
the-opposite direction. Since it is snould go a- long -Way towards
not received
important from a military as well
reducing
and
eliminating
the
licity in Western countries. When as prestige point of view to keep
momentary superiority of Soviet'
well-deserved tributes were paid up with rhe Soviet Union in rocrocket-technology.
That superi¬
redently to the two Russian cos- ket research, it -seems to be'- a
ority is simply due to the fact
i-
Chikara
.
principal
000 for construction purposes over
next five years.
the
/
.
A
.
August
closing
natural
gas
common
average
price
for
stocks
$57.37, only 5.3% be¬
closing price a year ago,
according
to
A.G.A.'s
monthly
was
low, the
This advertisement is neither
offer to sell
solicitation,of an offer to buy any of these securities.
offering is made only by Prospectus, copies of which may be obtained in any state from such of
several Underwriters, including the undersigned, as may lawfully offer the securities in such state.
an
the
summary
nor-a
The
,
weekly
of
data
Moody's Public Util¬
This is equal to a yield of
-
ities.
x
4,13%
.
the
on
current
"Many
Heads Div. in
tabulated
by
,
-
i).!,
v
if f
SAWYER'S
.
was recently increased
$2.37 a share.
i ;
The average transmission com¬
affords
6% Convertible Subordinated Debentures
Due
;
September 15, 1977
ner
a
Price 100%
'
raise
USO
throughout the world.
stocks
price of $58.25
share, 6.7% below
a year
earlier.*
I
Major
General
witcli,
USMCR
the
of
1
(Par Value $2.50 Per Share)
Price $6.25 Per Share
Straus, Blosser & McDowell
J. A. Hogie & Co.
September 14, 1962
Dempsey-Tegeler & Co., Inc.
Walston &
Co., Inc.
Exchange Firms
/
Annual Meeting
;
On Nov. ,14, 1962 The Association
of Stock Exchange Firms will hold
its
,
.
and
Annual
Meeting of Members
organizational meeting of the
Board
of
Governors.
be held at the
Dinner
funds in
facilities
The
least
can do is
haven't been
we
will
University Club_
To
of
and
State
campaign chair¬
City USO.
requests
from
the
De¬
partment of Defense for USO fa¬
cilities in this country and over¬
USO is seeking $11,132,000
nationally, while a goal of $600,-
seas,
000
has
been
set
for
New
York
City.'
In
Mr.
accepting
" Meffert
nearly half of
are
currently
his appointment,
pointed
out
that
military forces
stationed overseas-.
our
home
are
he added.
A
•
graduate
of
Business
-
Yale
and
School,
a
the
Mr.
five years in the
Navy, where he achieved the rank
Meffert
spent
of Lt. Commander.
Athletic
the New York
meet
we have the op¬
to prove that we at
grateful for the sacri¬
fices being made on our behalf,"
"Through USO
portunity
Harvard
Melvin L. Krule(Ret..), chairman
York
New
Commission
man
100,000 Shares Capital Stock
to
operate
The announcement was made by
The dividend rate of $2.01 a share
is equal to a return of 3.45%.
;
(Plus accrued interest from September 15, 1962)
to
order
company
average
a
rent-campaign
dividend of $2.87 a share
return of 4.70%.
an
Meffert,
in Bache &
Exchange Division of the USO of
Greater New York during its cur-1
a
Distribution
sold at
have
outposts,
men
barren
forgotten," he said.
general part¬
Co., will serve as
chairman of the New York Stock
Robert F.
stock closed the month at
$61.05, down 3.4% from the clos¬
ing price of August, 1961.
The
current
young
to
show them that they
pany
$1,250,000
our
where boredom is a constant com¬
panion.
dividend
rate which
to
of
sent
been
l ; > «.v}''t it-, t. '/-/n >
,; •.« i
Hardy Inv. Course
Hardy & Co., members of the New
York Stock Exchange, will present
an
informal course for adults on
"Investment for Security and In¬
come," to be given Wednesday
evenings starting Oct. 3, at the
Barbizon Plaza Hotel, New York
City.
The
fee
inrlnrfpc
all
for
the
which
$15.
course,
materials,
is
Volume
196
Number 6196
.
(1207) ' 11
.The Commercial and Financial Chronicle
,
investment plans. However,
tions
small
investment.
Douglas
By
Greenwald,*
McGraw-Hill
Department of
Manager,
Economics,
Publishing Company, New York City
not cut back
or
outlook for the rest of the year.
is
nothing in sight indicating
is
a
a
add
investment
in
in
to a favorable
up
and
spending in 1962 is put at $37.96 billion;
10.4% increase over 1961.
or
just before the stock
The McGraw-Hill recheck
taken
was
prices in May and June
so-called
of
loss
business
all planned to
considerably larger amount than anticipated last
a
Plant and equipment
the
in
drop
Manufacturing industries over¬
invest $15.3 billion
this year, down about $110 million
from plans reported to us in the
spring. Steel, machinery, electrical
machinery, stone, clay and glass
and miscellaneous manufacturing
change in direction of the economy
recapitulation of the recent McGraw-Hill checkup showing that :
Fall.
facilities
new
confidence.
Buttressing this forecast that there
business still plans to invest the same amount as it reported earlier
this year,
stock
the
up
industries
market recovery, before the cut in margin
plan
to
1962 than they did
cases
itures
plans
were
whole
raise
given had absolutely no¬
were
liberalize# and
Business
indicated
its
that
a
as
would
it
1962
has
the
been
not
so
case
far
\ r;;:kvM.' K ' V,
1962.
in
carried out. In the past, wars, re¬
v,/.n cessions and booms have led to
,
significant changes in investment
plans.
But in my view, we are
not likely to be in any of these
Developments Slow to
June
Post
Affect Investment Spending
invest less in
earlier. How¬
This
recheck
taken
was
about $300
or
before
situations
three
this
market prices began
to re¬
transportation equipment- cover, before margin requirements
some evidence is found in support of the view that the impact of the
aircraft, railroads and shipbuild¬ were reduced from 70% to 50%
aforementioned developments may be slow in effecting capital spending.
ing—fabricated metal
products and before Revenue Procedure
and instruments, chemicals, rubber 62-21, with its more realistic de¬
guidelines
regarding
My assignment is to discuss the anticipated last fall. The table be¬ and food industries plan to in¬ preciation
of machinery
and equip¬
current and short-run health of low shows the results of the three crease their capital expenditures lives
year
more
than
planned ment, became effective. It is con¬
the economy with particular ref¬ McGraw-Hill surveys and actual this
ceivable that these three factors,
yyv
erence
to
the key area
of the 1961 capital expenditures as re¬ originally.
Among non-manufacturing in¬ along with the 7% tax credit for
e c on omy—
ported by the U; S. Department of
dustries,
railroads
and
utilities new machinery and equipment
private
in¬
Commerce.,
^
planned slightly higher capital in¬ purchases, which Congress may
vestment in
Business Investment Plans Have
vestment for 1962 than they did soon make a part of the nation's
new
plants
Not Been Cut
earlier, while the mining industry law, could result in higher capi¬
and
equipcut its elans.
tal expenditures at the end of this
m en t
My
Our fall 1961 survey indicated
About
80%
of the companies year than are now anticipated by
contribution,
that business had plans to invest
for
the /most;
$35.84 billion in 1962, an increase that answered in our recheck in¬ companies and by business econ¬
omists in general.
However, it is
part, will be
of about 4% over 1961. Over the dicated they had made no change
based
on
re^
past several years our fall surveys in their 1962 plans for new plants my opinion that their impact on
cent impor¬
The remaining capital spending may be slow in
of
business'
plans have always and equipment.
requirements, and before depreciation guidelines
1962?"
in
plans by only 1%,
million. Nine out of
thing to do with a lack of busi¬ every 10 companies replying in¬
ness
confidence or the drop in dicated that they would not use
the stock market.
Instead, tech¬ such a program at all in 1962.
nological delays and construction
The fact that American busi¬
delays were the reasons given.
ness
is going ahead with its in¬
We
should point
out that in vestment
plans for 1962 was not
past
years
of high and rising a
surprise to us. It confirmed our
business activity a large number
belief that business' plans for new
of
companies
increased invest¬
plants and equipment, once made
ment plans during the year.
This for the
year ahead, are generally
cancelled plans for
1962 as a result of the sharp
-
or
Pluses and minuses in the economy's sectors
pointed
In most
lower than they were earlier, the
business in general had
fact that
reason.
investment
reasons
;
Our' check-up
Investment Plan Schedules
the
as
where
companies account for a relatively
small percentage of total capital
stock
Also,
ever,
it makes
businessmen
*
with
their
to
•
year.
good sense for
go
right ahead
modernization
pro¬
in 1962. Business firms re¬
ported to us in our recent check¬
up
tshat this
year's capital
investment programs are stressing
grams
modernization, with the hope that
these
cost-cutting
projects will
result in better profit margins.
In
earlier
our
this
year,
that they
70% of their
survey
,
manufacturers reported
planned
devote
to
1962 investment dollar to modern¬
,
.
ization.
The
reason
obvious.
is
cern
for their
con¬
of
40%
About
.
factual
tant
provided the correct direction of 20%
information
change in
from
fairly
M
Graw
c
-
an¬
these
that capital
of
In
Publishing
business'
facilities
for
maintain
a
for
orders
plans
of
surveys
'spending
15
years.
that
on
new
We
also
of
number
the
large
-
manufacturers of machinery.
and
generally survey business
plans for domestic invest¬
a year—in the spring
in the fall.
The spring sur¬
vey
is very comprehensive and is
We
hensive survey
for 1962 to
1965
carried out
of business' plans
1963.
and
Our
compre¬
of business' plans
was made during
April of this
At the end of June we car¬
out
a
special check-up of
and
March
year.
ried
early
plans.
The
McGraw-Hill
check-up
do
We
claim
conclude
nothing
surveys
of
is
of
would
investment
Continued
NEW
an
offer to sell
solicitation of offers to buy any of these
nor a
'
.
securities'.' '
* .f.
f\
September 18, 1962
ISSUE
676,220 Shares
Arizona Public Service Company
Common Stock
from
$2.50 Par Value
the
for
in
share
to
Copies of the Prospectus may be obtained from any of the several under¬
writers only in Stales in which such underwriters are qualified to act as
dealers in securities and in which the Prospectus may legally be distributed.
late
$37.96 billion on new
equipment this year,
up 10.4% over 1961. This check¬
up was based on plans of a sub¬
stantial cross-section of business,
Merrill
accounting for 35% of total capital
investment. For the most part the
Stone & Webster Securities Corporation
results
reflect
the
of large
companies. This recheck provided
no
per
and
investment.
com¬
doing about their
begin with, in¬
were
To
small companies
as much for 1962 as
larger companies.
The
not up
those
of
downward movement of the stock
market
in
had*
have
May
and
June
impact
some
William R. Staats & Co.
Lynch, Pierce, Fenner & Smith
Incorporated
on
may
Allyn & Co.
>
;
Hemphill, Noyes & Co.
Bache & Co.
Francis I. duront & Co.
E. F. Hutton & Company Inc.
Refsnes, Ely, Beck & Co.
Paine, Webber, Jackson & Curtis
Walston & Co., Inc.
1
McDonre'l & Co.
Lester, Ryons & Co.
Hayden, Stone & Co.
Incorporated
Incorporated
Tucker, Anthony & R. L. Day
Shearson, Hammill & Co.
Schwabacher & Co.
William Blair & Company
Bateman, Eichler & Co.
Ball, Burge & Kraus
Crowell, Weedon & Co.
A. G. Edwards & Sons
First California Company
(Incorporated)
their
J. A.
Business Flans for Capital Spending in 1962
Dean Witter & Co.
White, We!d & Co.
Incorporated
A. C.
vestment plans of
were
Blyth & Co., Inc.
The First Boston Corporation
plans
indication of what small
panies
than it
check-up
$28.75
spend
plants
in general, is planning ; to
invest
approximately
the same
amount in new plants and equip¬
ment in 1962 that it reported to
us
in our comprehensive
survey
taken earlier this year, and a con¬
ness,
going
Price
June showed that business planned
to
■
except that
actually
special
spending plans showed that busi¬
siderably higher amount
much
The offering is made only by the Prospectus.
:
•
in
except
not
our
what
Our
1962
.-f
they report present plans.
We
heavily emphasize the proposition
that our surveys are not promises
plans.
for
.
this experience, however, that we
have a sure-fire forecasting de¬
of
we
ahead,
We
3.5%.
happen.
1961
making these
1950,
the
During
the
last
decade, the average error between
the McGraw-Hill survey's planned
percentage change and the De¬
partment of Commerce's percent¬
age change for actual data is only
fall survey covers fewer questions
and
is
geared
to
short-range
October
been
JThis advertisement is neither
Hog'e & Co.
Wagenseller & Durst, Inc.
G. H. Walker & Co.
J. Barth & Co.
Hill Richards & Co.
Incorporated
Newhard, Cook & Co.
Irving Lundborg & Co.
Shuman, Agnew & Co.
Bingham, Walter & Hurry, Inc.
Incorporated
(Billion Dollars)
:
:
19(51
as
All
' \•.«; •••
yV
*s
Manufacturing
Mining
_L_
Railroads
Other
Bosworth, Sullivan & Company, Inc.
of
.
•
as
J. M. Dain & Co., Inc.
of March
October
& eariy
19(51
April 19(58
end
of June
15.41
15.30
.99
1.09
1.08
.64
.85
.87
13.67
14.59
.98
.67
as of
Transporation &
5.07
'..7
5.03
5.50
5.50
5.52
5.87
5.74
Commercial
8.46
8.72
9.39
9.39
34.37
35.84
37.98
37.96
*
Business—
U.
S.
—_
Department of Commerce
McCoimick & Co.
The Milwaukee Company
Stroud & Company
Stern, Frank, Meyer & Fox
Woodward & Zuber
Underwood, Neuhaus & Co.
Estabrook & Co.
Rotan, Mosle & Co.
Sutro & Co.
Birr, Wilson & Co., Inc.
Incorporated
!
5.821
Electric and Gas Util:ties__
_____——
Cruttenden, Podesta & Miller
Elworthy & Co.
Incorporated
'
All
First Southwest Company
Davis, Skaggs & Co.
Hess & McFaul
Brush, Slocumb & Co. Inc.
Communications
Coffin & Burr
19 G2
Planned
Actual *
Industry
,
Jones, Kreeger & Co.
Pacific Northwest Company
Laird &
Company, Corporation
Pasadena
also
re¬
Planned
small percentage
is going for new
War.
results of
twice
fall survey
up
were
Capacity
very
a
their
$37.98'billion,
was
year
Korean
geared to longer-range plans; the
In
New
Only
capital expend¬
this increase your
when all plans were altered by
vice.
its
our
No
of
investment
i'gh t-fc-'significantly;
s
have
we
how
enacted,
were
statistics
program
for
incentives
tax
the
the
asked
we
1951,
back to
vealed by our spring survey.
spring sur¬
question, "If
administration's
the
dates
and nearly
World War II
before that.
These sig¬
nificant
this point. " In our
vey,
them.
before
to
goes
even
that
raised
had
or
equipment
and
the trend of overall investment for
monthly index of new
nonelectrical machin¬
small
ment
indicated
Among
back
We have some factual evidence
on
plant
spring surveys, they have proved
remarkably accurate in indicating
which reflects the new incom¬
ing business of producers of capi¬
tal
equipment, and a quarterly
forecast, index of machinery or¬
ders, which reflects the producers'
expectations
for
four
quarters
ahead. The indexes cover a rela¬
on
comprehen¬
10.5% 'ov£rl961. During the years
Company
*
1962 '
for'
ery
tively
with
•
from the fall. Planned investment'
made
have
for
firms
investment
the busi¬
Department of the Mc¬
my
spring
this
business
constitute an
strength in
Graw-Hill
we
early
outlook.
ness
'
was
some
planning.
S
25%
coming.
changes in
But this group
split right down the middle,
half
increasing plans
and
indicated
companies indicat¬
survey of business' plans for
ing investment cut-backs, only a
plants and equipment taken
very
few cited economic condi¬
new
investment in¬
tentions by business
element
in¬
surveys
McGraw-Hill
The
•
sive
of
results
dicate
the
their
half cutting
Greenwald
Douglas
ticipations.
And
of
as
of
surveys
business's
well
as
reliable indications
degree of change.
Hill's
-
investment
U.
Corporation
Hooker &
Fay, Inc.
Martin Nelson & Co., Inc.
Smith, Moore & Co.
on
page
12
The Commercial and Financial Chronicle o.Y
(1208)
12
lar volume of business has
taken
American Business Keeping
ent
capacity
is
■
going
this year.
Most of this
for capacity for new
in
quarterly
current
our
psychological factors.
the
sector
to
to
note
income
survey
cannot
optimistic about
products which are an important
prcspects for new orc.ers for the
part of the payoff of industry's
last, two quarters of 1962 than
tremendous expenditures on rethey were three months ago. One
Ltarcn
ana
development during
reason
'for "decreasing
optimism
the
last
decade.
Little invest¬
afccuthe immediate future among
ment. is going for additional ca¬
this' particular group of companies
pacity for existing products.
is .the fact: that their - actual ".in¬
slightly
are
many
leave
en
I will
machinery manu¬
reporting forecast to us
facturers
Based
McGraw-Hill coming
the
on
of manufacturing
measures
oper¬
ating rate, we estimate that man¬
ufacturers, on the
average, are
currently
utilizing C4% oi their
less
capacity^ whereas they prefer to
operate at about 90%. Therefore,
it
is
true
that
industry -has, a
modest amount of excess capacity
present. - And the gap between
the operating rate ana the pre¬
at
ferred'
rate
if
widen
may
manu¬
facturing output were not to con¬
tinue to expand during the rest
of the
year.
_
As
my
this committee well knows,
Department compiles the only
direct
of
measure
capacity.: Only
I
testified; '
manufacturing
few. months ago
the ' McGraw-Hill
a
on
of
capacity before the
Subcommittee on Economic Sta¬
measures
tistics of the Joint Economic Com-'
orders- in,
new
it
to
that
.
booming.
high -at
of' nearly-1.5
despite
A
spending on goods and jj
be expected to fol- -1
general path,
j
same
exceedingly
June
j
end,
year
Private 'J
starts in the second quarter;
rate
_;J
|
were
annual
an
million
drop in June,
a
of
units,
And be¬
the
lag'between a start
put in place construction, we
cause
and
.
look
can
for the" dollar volume of
housing .'construction to break
through previous record highs.
new:
the returns
most. of
before
may
the
Housing-is
by about 10%. But.de-?
spite thissharp
drop for one
month, their anticipations for the
last half of 1962 are only off about
2% from what they were back in
April.". And
as
down
turn
Services
low
|
|
j
except
Katona,
long as personal
rises, and at this time we
see
any reason to expect
consumer
dropped
fcr this calculation
Completed,
of this
discussion
George
.
V
Shin Mitsubishi Financing
expenditures, which
by far the largest sector of the
total business picture, are depend¬
The group of
11
already
..
are
•
Continued from page
'
.
Consumer
•
Schedules
Investment Plan
place. ;
Thursday, September 20, 1962
arrived in my
The
net export balance is just
holding its own.' Exports
for
depreciating machinery be¬ have been holding- up
very well,
came
effective.
'\, A
A.;
: while imports have net increasedY
;
Corporations now have a ...high significantly.- ' We :do-i hot expect
enough rate, of cash flow to. fi¬ to see a "significant1 change? from
nance a considerably higner level
the current rate of surplus of ex-y
of investment than is now. planned
ports ' o ver imports during the rest
office
the
before
procedure
new
about
.
,
for
1962.. Our
vey
taken early this year showed
businessmen^ anticipated in¬
that
creasing
comprehensive-sur¬
their
will
have
ahead.:
flow, composed of retained earn¬
ings and depreciation, at a faster
rate than their investment in
Thus the -net export-
yeaiv
yV,
This. year's
guarantees
in -the:months,
•**
jf'fyk
y.
Federal
modest
a
neutral- ef¬
a
fect On- the economy
cash
of.
volume
of the
situation
rise
■
budget
in
Fed- '
new
eral
spending" right through the
plants .rand equipment.
At that end of the fiscal
Andrew N. Overby, Vice-President of The First Boston Corpora¬
year, June 30,
time, they expected to increase - 1983. Howeverthe increase du'rtion, * and: Takaji
Shimizu, Executive
Vice-President
of
Shin
cash flow by 14% and investment
ing the current fiscal year will be;
Mitsubishi Heavy Industries, sign documents relating to $10,009,by; only 10.5%. w V , ' : ;
•'* considerably.srhaller than the big
Shin Mitsubishi
Heavy Industries
convertible debentures,
It. is my
belief that, the Mc¬ gain registered during fiscal 1962.
-which are being offered publicly by a group headed by The First
Graw-Hill
data
on
plant
and Meanwhile, state and local spend-,
Boston Corporation and The Nomura Securities Co., Ltd. Lookequipment expenditures.; indicate ing on .highways,., schools '.and ; ling on are.Minoni Segawa, President of The Nomura Securities
that this key segment of the econ¬ other projects is due for a large
Co., Ltd. (left) and Yuji. Sato, Managing Director of Shin Mit uincrease over the coming months.
omy will continue to expand tnis
.bishi Heavy Industries.
This is the first time a Japanese company
year. If plans hold up for the year
States and cities are taking ad¬
has offered publicly a convertible debenture issue in the Ameiias
a
whole, then-the quarterly vantage of relatively easier money Ccan market.
(r L
,'•£ V ..Y ,'Y
V-.V-V-'" ^
"•
rate of. capital .expenditures, may markets to issue
it record volume
>;*'''
YnJ"*lLloa-~fA
yy'Y,'
./ ..-■•A'
be expected to reach $39 billion of construction bonds.
y; ■:
*
in the fourth quarter. compared
In
conclusion,., the; pluses and
with a rate of about $37 billion in
*
.
mittee.
its report
In
Measures
on
'of'Productive Capacity I the Com¬
•
mittee recommended and
"an
exploration
Hill
the
of
techniques
I-quote,
McGraw-
would
offer,
an,
excellent
opportunity - for a joint
public-private project
in which
McGraw-Hill, the pioneer of this
technique,
might
work
in
co¬
operation with a-suitable govern¬
ment
agency."
Hill 1
We
at
McGraw-
giving *H-hisai- project;
J'j'■
.
,
'■
are
„
.
serious consideration'.
V:
,
•
*
Another
confirms
piece of evidence that
that "invest¬
continue
throughout
is
belief
our
will
ment.
the
to
this
rest;of
the
second
minuses
quarter.
year
Other
^
.
I
\
new
.
Major Areas
...
nothing
now Lin ?•
sight I which
briefly to -.other clearly indicates that; in the next
of the economy: In¬ few
months : there
provided by the quarterly Mc¬
Graw-Hill Non-electrical Machin¬
turn
.
Index.1 major areas
.Consumer
Spending,
I have had ventories,
computed,, earlier than usual, a* Housing, the- Net Export Balance
and Government Spending.
'
■.preliminary estimate of our fore-
Orders i Forecast
ery
New
For.
today's
index
cast
hearings,
for
the
four
quarters .'.Inventories are currently being
ahead.
Although; this index does built up at a much more moderate
not provide a precise gauge of the
pace "than
earlier this year.
In
future level of
vides
an
orders, it
new
indication
changes in the confidence of
;
Capital
Goods
Capital
goods
now
expect to
dollar
the
volume
current
pro¬
of/relative
chinery manufacturers.
,
ma¬
,
.
Manufacturers
of
new
orders
than
the
first
quarter^ business
accumulating • inventories
at
annual
rate
of
about
-
marked
the
; will
be
a
change in the direction of
economy."
current
quarter,
is still lower.
an
oif
and
continue
1963.
ond
that
into
the
decline
inventory will continue to slow
down during the rest of the year.
they
the first
will
quarter
of
They forecast that the sec¬
quarter of 1983 will see a
slight picK-up in their
new
orders.
will
reverse
its
policy
:
*
Greenwald
.
Committee,
U.
let
soon and
run off.
However,
declining rate of. inventory ad¬
dition
means
that' the
negative
impact on our nation's total dol¬
30
11
ing
East/ ,42 nu
St., New York..
City. Continu¬
NE-W
ISSUE-. V
.
-
.'
"
con
only
i
as
a
B
well
September 18, 1962
140,000 Shares
?
*
be
to clients
■of
Welling
&
for
field
yrt
of
.
„
-
•
.
:A
industrial
&
of
the
prospectus
may
be
obtained
from
the
undersigned
LOUIS,
Preiss, Cinder & Hoffman Inc.
YORK 4, N. Y.
Mo.—Yates,
of
the
New ,York
Exchanges,
admit
Doll
WH 4-9370
1961,
rose
of
on
Paul
•.
that date.
on
services
and
on
padern of economic activity," tha
bank's
review
concluded.
of
;
while
years,
-
ex¬
more
services went
on
up
by
Eugene J. Habas has been elected
than 60%.
Fresident and Director of Mutual
Services Increase
3%.
their share
mem¬
Mid¬
the
1
same
by
period, by
about
the
durable
dropped
2% respectively".
The shifts which have occurrel
in
the
spending
relative.. importance
in
the three
-of
categories
cn
Jacobs
.
as
&
v
an
officer
Co.,
Inc.,
In
"the
the
shorter
course
of
however,
expenditures in
run,
Management Company, Inc., 120
Wall Street, New York City. Mr.
was formerly an officer of
Kabas
Hugh W. Long & Co., Inc.
4
.con¬
sectors
shares; of
and
the total
of
and. 1961
non-durable
about
and
1954
In the
and
Heitner
broad figures,: services
in
W'.
will, withdraw
Semple,
spending
non-durable goods has
some
Sept. 27, "are manifestations of a trend that
Doll,
Jr.,. has considerable structural sig¬
member of the New,; York Stock nificance for
the1, economy as- a
Exchange, to
partnership.
Mr. whole," the bank opined.
will
BROADWAY, NEW
same
spending
between
Woods, 819 Pine Street,
bers
west Stock
5
population
increased
■
Share
ST.
Copies
for
that
out
.
economics.
To Admit Doll
per
the level of business activity and
individual in¬
"The regular upward movement
.and
1954
w e e n
the
trast,
Price $4.00
.
penditures for all goods and serv¬
ices also increased by about 50%,
Robinson Newcomb
Yates, Heitner
share)
pointed
.
In
-
per
t
Thus
Common Stock
(Par Value $.10
Review
.counsel, studies, and planning in
the
each - of
the
; three
categories
throughout the business cycles has
had a more immediate impact on
effect the*; the prosperity of
;
to the Bank dustries.
v.
Business
said.
avail¬
Woodard
G.M.S. Stores, Inc.
in
able
;
19%, while personal income after
taxes increased by 50%, the bank
Washington,D. C., he will
also
e
Canada's,
suiting
practice
■
yLy
;
|provided a
annual expenditures for goads and generally
steadying but expan¬
services total? nearly. $25 billion,, sionary influence, whereas changes
while the- gross national product in outlays on durable goo.s have
now amounts to some $38 billion.
tended
to .reinforce the " cyclical
esta b 1 is hed
appears
takes
issued this month.
review
The
.
his
according
Montreal
Services have
1% and 2% respectively.
of.
management
c o n s u
expenditures of $25
the 1954-1961 period whereas durables
significantly
can
August,
In-,
rated,,
a
of these shares having been sold, this notice
matter of record.
ing
economy,
&
spending-
consumer
of
associated with the staff of
in
nearly two-thirds of Canada's
gross
national product,, even, a
small percentage change in spend¬
come
po
its inventories
Newcomb, business
3%
up
and government economist has be¬
g
consumer
comprise two-thirds of $38 billion GNP.
and nondurables declined
;
Since
Consultants
Robinson
now
.increased their share by
.
ing
All
billion
S.
R. Newcomb
Dr.
analysis finds that
before
Congress, Washington, D. C.
However; considering ' the' rela¬ W e 11 i n
ever did
before. They
anticipate tively
low
inventory - to - sales
Woodard,
that new orders will
subsequently ratios, it is unlikely that business
cor
fall
L
Bank of: Montreal
probably
The rate of addition
to
in
'
was
$6.7 billion:
it
'
♦Statement by
Mr.
the. Jointv Economic
In
the second quarter
the rate
dropped to about; $3.5 billion'. In
the
manufacturers
book a far bigger
quarter
of the various sectors of
the economy add up
favorably for
the rest of the year.- There is
'
.
expand
Faulkner, Dawkins
To Admit Partner
Dawkins
Faulkner,
60
Broad
members
Exchange,
mit
&
Sullivan,
Street, New York City,
Stock
of the New York
Harry
on
Sept. 27th will ad¬
J„ Smalls
to
partner¬
ship. Mr. Smalls will acquire
membership in the Exchange.
a
Volume 196
Commercial and. Financial Chronicle. A
Number 6196 .:,. ..The
■
SteeT Production
Electric
Tho State of
Output
",.
Carloadings
TRADE and INDUSTRY
-
-
Sept.-ID/amounted ~td-:7l,30i,Qt)0'
<
*
tons
Trade
Rdtail
13
Production'" this/ year, through :
.
:
.
(1209);
(*103.4 %),; orf 1.1%: above ;
16, 1961, period. ;
the Jam IrSept.
Food
Price Index "
Auto
Production
-
The
-
,*
Business Failures
,i
with
Institute " concludes
Index
-
1962,
as
of. Ingot..
Production - byDistricts" for week ended Sept.r15,.
,
../
Commodity Price Index
follows:
.
..
.
;
.
BY
♦Index of Ingot
CARLISLE BARGE RON
Production for '
'f.
■
..f'v
-
'»
Week Ended
.,
Sept. 15, 1!)62
The
nhd-September
of pre ducts, .- generally ; have * con¬
national business conditions pub¬ tinued to change .little'.in. recent
lished
by trie Federal- Reserve; weeks. Prices of livestock,! which
System, Washington, D. C., follows: had increased mbderately earlier
summary
'
North
•
changed
which
little
had
mqch> larger
employment rate increased as the
labor force showed an unusually*
large rise. ; Seasonally 'adjusted
bank credit increased reflecting in %
part " a substantial expansion in'
loans.
Betvveen "mid-August ;and
mid-September,, common s t o c k
prices showed'little net change.';;
substantially
--
down.:■
v
Bank
•
.
81
Detroit
;
:
A/ffiJf
St. LouisJ-.f—f—-
Southern
/
>usiialf Sub-;
-
v
;:
.,
90}
106
:
_
_
_
prices
and
•:
■;rv>.
J
Credit
and
" *■
Industrial Production
r
~
The
..
clined
in
July.
tA; /
♦Index,
weekly
-
C-
you - weren't
Senate
did
of
prodpetion
production
hased
production
* was
un-
says this money is in the.
pipe line, in other words set aside *
for projects
.already planned .ori
the
/
,
-
work
have
Mr.
an
actually
never
been
started.
They
able to convince;
Passman of "this.
unprece¬
■
Foreign aid is
the
House
that
so
unpopular in
it
is
wonder
a
appropriation at all can get
through that body. But in the past
any
.
partisan basis. Senator Humphrey
of
Minnesota,"; assistant : leader,
October upturn for the s.eel in¬ p!rotested that this was the
more than in other recent months.,
equiva¬
dustry, Steel magazine' said this lent of instructing1 the* President
changed in August at 119% of the: Holdings of U. S. Government se¬ week.
to be honest. He did not
; : f;
'■
curities increased somewhat f61-»
attempt
1;95T average; * While output : .of
a
large " decline, in July; j Mills ' that " specialize
in flat; to., explain, however, that in the
consumer durable goods, declined,; lowing
while holdings ,of other securities rolled products
need
increased administering of the food stamp,
activity in business equipment in¬
a
less rapid rate than, orders for * hot, rolled, arid cold plan, of the 26 districts selected
dustries increased slightly further; rose. at
earlier;
The
money
supply de¬ rolled -" sheets v "from v automotive for the; stamps 25 were Demo¬
and production of materials was;
clined; -U.! S:' Governmentf de-' customers, to offset "seasonal oe- cratic and only one Republican.
maintained.:
A/'A'AA/A'/y/:/AA- A
posits at: c o m m ere i a L b ariks clines in! demand for tin ,plate and
This stamp distribution plan is
i" "Output'
ofx televisiqii As e t s, increased
substantially. Time • deA; galvanized sheets../ '•- > ;,-; •
likely:to react against- the Demo¬
furniture, and" some/ other home,
posits' rose moderately further ; 5
Steel: orders - for ' October arei crats in that they will be conced¬
goods declined further
Industrial
tration
anywhere. he pleased. It
adopted an -amendment, by Sena-,- it has taken the Senate amend¬
tor Kerr of Oklahoma, saying the ments lying down. At least it hasthe lesser compromise
money must be spent on a bi¬ accepted
average'
on
1957-i 959.
for
without any additional
funds,
that it has enough
money on hand
to last two
years. The Adriiinis-.
....
."-.'Si^
works
Automakers hold the key to an
much*
rose
'
thing when it passed the
'giving President
Kennedy
$900 million to spend on public
90.3
Total
Reserves
Loans,
If
do
dented
; "Tbtal commercial bank credit,/
Automakers Hold Key to October
seasonally "aajusted ; increased \irv
/* ; „ upturn
;
August by, more than it had' de- i
:
*
''
buying
"
"
r
/
now.
bill
turned
'It A.A."
I ;,would,,, be
right
"/:;./"/
93
_
..
.
President, I would, too.'
J
101
W estern
around
,
Businessman:
/
/
going
is:
.President Kennedy,: If :I weren't
stocks
96
•
Cirtcinnati iff-//i
story
President,
/
-
115
'.f Chicago
•
>
/
-
71
-
-
Cleveland 1
latest
Washington
marketings .-' increased,
sequently;
■
.
than
The
'
of meat animals- during the week s including Labor Day was
un¬
;
84-
;
Youngstown * _f
/
summer,rvo&e:5% In .the first
ten.days of September to a level,
more
than
10%
above
a
year
earlier. The reduction in market¬
The
■
,
.
retail' sales,;
sharply in July, ings
maintained.
92
84
Pittsburgh
v
:th:&
and
risen
about
were
-
Coast/--
Buffalo
.
"Industrial production and con^
struct ion activity were unchanged
in
August.
Personal income
East
cut.
•
lYlost
•
observers
prised
the
at
■
•
quite
sur¬
comparative
-
.
were
with which the
ease
House passed Mr..
Kennedy's bill to buy $100 million
worth
of
United
Nations
particularly after it
that
the
United
foreign aid
Of
was
States
money
practically all
with
pays
of
bonds,,
revealed
its
the dues
the" smaller'
nations.
.
>
■
in;August.-
Auto
'"Total!>;
assemblies, which had risen-,
substantially; in July following
settlement of a strike, were down
reserves
clined
reserves
f of
in
-
running sligntly ahead of the pace ing
de¬ of September bookings a ""month; not
andrequired
member
banks,
August. Excess
reserves: ago,:
but
there
'
has /been
as
bad
r
off
slightly in August after allowance/
borrowings from jthe Federal ReA
for
the
model-changeover
cur¬
serve
also
increased. ' Reservestailment. Reported, schedules, for.
were absorbed principally
through
September indicate a seasonal re-,
a reduction in float and an out-x
covery; in assemblies. Output of
flow of gold.5'Reserves,.were sup-i
freight ,and passenger equipment,
increased further in August while plied largely through increases in
Federal Reserve holdings of th S..
production of most other .type's of,
Government securities.
: //AAy
business ^ddipmenrrw«s
main¬
little" the Democratic districts. \
;
tive tonnage^.
i
:
.■•! ■'■'
.
Inventory adjustments
by- v the end of this month/ but
General Motors. Corp. is not exUntil
-so
UN
a
apparently
has
:
with¬
strong blow when Herbert proposal that it be sub-by a Council of Nations
Hcover's
stituted
confined
to
to-
Western
nations,
catch- fire.
foreign
This is surprising in view of
aid. became
an /issue,. Congress¬
the fact that Mr.
Hoover can't:
man Passman of
Louisiana, Chair-;
by any stretch of the imagination"
man
of the- appropriations sub¬
be considered an isolationist.
A
committee on foreign aid, expects
"'
,
,
.
peoied to- do
stood
-For the first time since
Ford and Chrysler may complete
steel
as
The
failed
.
their
art/
economically
cnange' in. the: volume "of au i'omo-
somewhat but member bank
rose
that Republican districts-
/
-
before November.
to
make
his
reductions
stick
this
^
GM'
Mr. Passman says that, foreigo.
buying, the year. Every year we are treated aid. spent only $3.2 billion; lastwill be modest.. Cf •. to ' the", spectacle
of
Passman's year out of $4.7v billion/appro¬
tained.
s
'
"■
and the - Administration
;
Ingot! prcduction
this; week sub-committee • making a sizable priated
A/;Ay
Security Markets f ./AAA
will be: slightly higher than the cut in the foreign aid appropria¬ admits there is a balance on hand.
A "Changes .in production among ; "Yields on state and. local
gov-:
O#
$6.7
billion
which it claims is
tions
'
1,67,0,000 tons that' Steel estimated
materials
were
only to see the Senate re¬
generally: small. ernment,bonds
declined A, con¬
the industry poured last week. // store practically all of it, if not in the pipe line.
.;
/
'
Output of iron and steel, whicn
siderably; between
mid August
all -of, it...
had' declined, about, .orie«fourth
A.
.r V'
Everything considered, foreign;
and mid-September and'those oii
Half of. Our Open Hearth Steel
through
the
spring,; increased corporate hands declined moder¬
aid and even the UN are so un¬
c Tills
year Mr.. .Passman intends
A;/'/ Made' With'Oxygen.:,\///
moderately in August. Production ately. Yields oh
long-terip Treas¬ /■; Because of slow demand, only to cut the almost: $5 billion au¬ popular in the country that it is.
of. nondurable materials declined
thorization figures by $1,3 billion amazing they survive year after
ury
obligations! changed little at "the most
productive furnaces are
somewhat.
'
' A
/
and the most optimistic hopes are year. For every one letter con¬
slightly below the 4% level" while in use
today,-Steel pointed out.
.
that the Senate will -not restore gressmen get favoring foreign aid
'A* "• "?.**' Construction ;>v.j
-JA yields- on three-month TreasurySince the American Iron & Steel
or
the UN,- they-, get ten against
; "Thb value of new
more than $300 million. Mr. Pass¬
^. bills fluctuated around 2.80%. On
Institute stopped the publication
them.
'■
'!:
'. V'
man claims that foreign aid could
/
•! '
activity in August,, at 'a seasonally September 5,. the Treasury an-.of
steel0
industry
capacities
in
an
advance
adjusted annual rate of $62.2 bil¬ nounced
refunding,
January-, 1960, many open hearth
lion,; was unchanged from July giving holders of $26.8 billion of
furnaces have been converted to
that
and
mature
in
slightly
below /the
record securities
early:
This announcement is not an offer to sell, or a solicitation of an offer'to buy any of these securities. "
level reached, in June. Residential 1963 an option to exchange them; oxygen practice. Until now; the
;
The offering is made only by the Prospectus.:,,/
1
.■■■•„
V.
question was: How many?- ./ ;
v
construction / a c t i v i ty declined for 1S67 and 1972 obligations;"
1
A Steel survey found that 33%
further
in :■ August
while
some
.September 20,1962
of
the
over855 • open
Bank Clearings Rise 4.2% From
hearth/
types of business, construction -in¬
country . have
T
1961 Week's Volume r /: J furnaces * in- this
creased and public activity re¬ :,
be en ^eon-verted /to • the .oxygen
covered to its June level.
"
•
Bank clearings this week will
180,000 Shares
Ana
the
oxygenshow a decrease; compared with technique.
Employment.* A//A'-'Y AA a
equipped; furnaces
account : for
year
ago.; Preliminary figures'
50% -of the? nation's/.open; hearth
\ - "Seasonally ; adjusted" employ¬ 66mpfled
*
hN^Ih6 CMroni^le^dh^t
ment in nenfarm
establishments upon telegraphic'advices from- the steel being made todayJ/ .i,; /, /
order uptrend
■
"
,
.
.
,
.
.
-
t
■
.
.
■;
•
-
»
.
.
^
•
■
.
.
r.
;
,
declined slightly in August .as/re-/ chief cities of
; iductlons -irv manufacturing /were/ cate/ that /for
the
countryj
/
Indi¬
Another
,
production method of-
the : week vended /fering economies, continuous cast¬
jbffset. only in part by- gains in Saturday; ' Sept. 15r
clearings for ing,: will be in use in the U. S<
service;,, industries,-government-,; all cities of the 'United States for ; in., •. less / than ./three- .years,the
and some: dthef ; lines. Layoffs at.
which/ it ; ! is//possible to
obtain: •metalworking weekly • predicted;
automobile plants, associated with
weekly clearings -will be 4.2% (The;; continuous casting method
the model-changeover curtailment above those of the
corresponding, eliminates some sce'elmaking op¬
in production, accounted for about week last
;
year; Our preliminary erations.).// / • /
Common Stock
($1 Par Value)
-
.
A' ./:'/. 4
/
Price $ 10 Per Share*
/■
^
i
,t-*4rr
''t.1!"
.
one-half
the
reduction
.
in
.
manu¬
facturing
employment.
Average
hours in manufacturing
continued
to
decline.
Reflecting
mainly -an
unusually large in¬
weekly
crease
the
5.8%
$29,767,540,647 " '•,/ More- than three- dozen continuagainst $26,564,266,782 for the ; ous; casting machines are in op¬
other- countries,- -and
same week in 1961. Our tompara-: eration- In"
totals., stand 4 at
tive
summary
;for
some
r:
of~ the
unemployment rate rose
from 5.3% in July.:
-
to
;
Distribution
"Retail sales, after a "rise of 3%
around 36 more
'.construction.
principal money centers follows:
in the civilian labor force,
A
Week Ended
.;
r-—(000s Omitted)
Sept. 15—
New
,!
;
York.J:
Chicago....
Philadelphia
Boston"-^—-
1S62
'
/
$16,273,357
!'
1961
•
% i
+•
"
7.6
786,742
-
4
Steel
order
or
under
'-•
:
'; /'
steel producers finds a number of
them-are deeply involved in in-
July to
t,/.'Tne pubiicai/ion's scrap price
^composite cn No; 1 heavy melting
4.9
Kansas
a new
.
-.
.
McDonnell & Co.
Incorporated /
";
process.
City // 537,116
518,647 f..3.6
high, were about"
grade held at $27 a gross ton last
maintained
in August.
Sales at Steel's
Output Up 2.5% From Pre¬ Jweekv .Buying for ; export is produrable goods stores declined, re¬
iV.Idi.ng ;some., support for prices
ceding Week and Down 17.2%
flecting a moderate: decrease in
Y,
on
the East and West coasts, but
-; From Last Year's Week
!"-■,"
sales of new domestic and im¬
market activity is lackluster elseAccording
to
data
compiled
by
ported cars to a seasonally ad.A •'
/
the American Iron and Steell In¬ 'where.
•; justed annual rate of about seven
million units. 'Sales ; declined at stitute, production for the- week
;
Steady
Prices
Predicted
/
ended Sept. 15,1962, was 1,682,000
department stores, to 114% of t.ve
prices
will
tons (*9D.3%), as against 1,641,000 .'Metalworking
1957-59 average from 115 in July,
tons (*88.1% ) in the week ending probably continue steady for the
but advanced at most other types
next, three.to six months, a Steel
Sept.. '8. /;
.1;/.
•of
outlets
selling /.nondurable
check indicated. Consensus of exr
in
Copies of the Prospectus may be obtained from any of the undersigned
•only in Stales in. which the undersigned are qualified to acfas dealers
in securities and in which the Prospectus may legally be'distributed.
checkj of major U/S.
/vestigations of-the
1,337,064 > 1.0
1,144.000 4- 1.4
1,128,000
825,450
/"
.
$15,124,321
1,350,437
"
,
on-
,
A. C. Allyn
& Co.
'
Bache & Co. A
A
E. F. Hutton & Company
Inc.
Goodbody & Co.
Shields & Company
Incorporated
Arthurs, Lestrange & Co.
Adams & Peck
Baker, Simonds& Co., Inc.
Clemens & Cor., Inc.
Courts & Co.
.
Dittmar & Company,
Emanuel, Deetjen & Co.
Inc.
Granbery, Marache & Co.
Halle & Stieglitz
Ira Haupt & Co.
.
goods.
Data
.
.
r
-
Sept. 15, 1S62, shows
Commodity Prices
"Prices of
ties,
industrial
materials
for the latest week
and
commodi¬
fihished
ended
production
compared to last
year's week output of 2,032,000
tons (*109.1%).
decline of 17.2%
a
ecutives
contacted:
;
.
*
/
Continued
Raffensperger, Hughes & Co.
Incorporated
(1) Competitive pressures, both
domestic and foreign, are keeping
on
page
38
Saunders, Stiver & Co.
.
Straus, Blosser & McDowell
J. C. Wheat & Co.
The Commercial and Financial Chronicle
recommendation
President's
personal
Expanding Economy
An
says
tax
definite portent
a
of
pending
and
Banking
Y
In
Outlook
for
Business,
this
released
week
by
Manufacturers
Hanover,
jjr.
also
Nadler
urged
thor¬
a
oughgoing tax reform as a means
of injecting vigor into the economy.
.
"The
>'•
..
elimination of waste
mere
I
prices
if
even
Warwick Hotel
was
and
Chairman
Treasurer•
on
the
last
ham J. Multer.
the
CONSOLIDATED
To Meet
COMPANY
Rockefeller Plaza
30
»W
Y.
York 20, N.
New
would
Dividend No. 59
whe
both
board of directors
regular quar¬
of
Fifty-Seven
dividend
terly
One-Half
and
gold is
the
Company, payable Novem¬
ant
It
at
October
the
close
A.
speaker
Davidson,
tio
and the Institutional
John Miller, Secretary
September 19, 1962
1
The
regular quarterly dividend of
30c
per
Stock
share
been
has
October
to
William
Common
declared
1962,
15,
the
on
Bissell
payable
&
of
as
in
wanted
we
think
it
then
getting
much gold
in case we might
good
a
little
have
as
idea
attract
to
gold here for stately burial
as
we
have done in the past. I
don't
see
what
harm that
did,
40
from
the gold, reserve ra¬
to 25%. While Mr.
though the good of it has not yet
McChesney Martin, Chair-, been
explained adequately.
of
the
Federal-1 Reserve
Yours sincerely,
Board, recognizes the desirability
Sidney Koretz
of repealing the reserve require¬
ment
entirely,
One
now.
he
doing
fears
it
1350 Clifton
is that it might
reason
Street, N. W.
¬
Washington 9, D. C.
dollar de¬
feed the expectation of
valuation.
be
We
could
take
care
of that
adopting the suggestion
Isaac
Witkin,
president
General
Cocoa Co., Inc.
the
Bache Radio Program
rule
present
of
of
"Financially Yours," a stereo-FM
daily
radio
program
designed
by
especially for the ladies is being
Mr.
of the
Amend
buying and
selling gold at the fixed price of
$35. Let's limit this price support
of gold — which could never , get
this price if the law of supply and
demand
were
operative here —
purchases from central
banks or of gold that has been
newly mined, denying this bene¬
fit to gold mined in Russia or any
only
will be
Assist¬
of
gold reserves.
would
man
will be "You
Buyer."
Rebmann
of large
need
Wm.
Secretary—Investments of the
Company
of
North
America. His subject
of business
1962.
15,
luncheon
E.
they need, especially in the
light of revised thinking as to the
Senator Taft who led the
was
fight to cut
/
will
gold
world
more
Insurance
1962 to stockholders of
15,
record
The
William
the capital stock of
share
ber
NOTICES
DIVIDEND
a
of
the
than
no
.the reserve
myth, anyhow.
would
hoarders
for their gold, large
would be thrown
market, providing
the central banks with more gold
on
trouble
a
central
Government in adopting
per ounce
single'gold dollar for
redemption,
big help to the
banks of
a
private
We
obtain
be
foreign
our
Federal Reserve note
can
21, at The
Friday, Sept.
on
a
its
Engineers Club in Philadelphia.
(57x/2<)
Cents
per
on
held
of
knowl¬
allies would act in concert
stocks
certain
and
if
If
$35
gold
25%
a
deposit liabilities. Since
holder
Sept. 21
Association
the
of
eon
and management."
of
notes
the
in
resell it to the
can
learn they cannot count upon the
rolling
against outstanding Fed¬
Reserve
other
nounced that the first Fall lunch¬
favorable effect on
a
Congressional enactment of the
has
this day declared a
have
consumers
ball
gold
buy
would
our
with
This would repeal
.requirement
eral
personal income and, hence, con¬
sumption expenditures. A reduc¬
tion of corporate taxes would lead
to an increase in profits, and, in PHILADELPHIA, Pa.—John J. F.
Sherrerd of Drexel & Co., Presi¬
turn, an expansion of investment
in plant and equipment. If the tax dent of The Investment Associa¬
tion
of
Philadelphia,
has
an¬
cuts were made permanent, they
GAS
NATURAL
all
Proposes Downward-Sliding
Gold Price Scale
Phila. Inv. Assn.
taxes," Dr. Nadler feels, "would
immediately increase disposable
It
plan
Congressman Abra¬
by
year
reserve
& Smith Inc.
individual
of
reduction'
the
to
U. S. Treasury without loss is re¬
by enacting H.R. 6900, introduced
speaker was Mr. S. Darek
who
delighted the Club
last season with "'Early American
Theatre."
Mr. Naabe is returning
profits."
"A
start
$34 per
pay
moved.
it.
could
certain date,
a
will
it
edge that he
.
guest
private initiative and corporate
lator
we
"gold
(which) seems to be rearing
head," according to Dr.
We
slides and movies,
movie stars of yester¬
MICHEL,
the
ugly
increase.
with his early
W.
dollar.
At least,
of
wagon
Naabe
of unnecessary
CLIFFORD
the
of
as
15,
for gold.
Later, perhaps as
the buying price at
$33 per ounce, and so on down the
line. Thus, the present incentive
to the private hoarder or specu¬
Einzig, who reports in his
July 12 article that "gold hoard¬
ing has increased and, by the look
of things, is likely to continue to
expenditures,"
Dr. Nadler emphasizes that the
Dr. Nadler points out, "could re¬
economy is "basically sound
and showing
sult in the saving of several bil¬ that there are no valid reasons for year.
lion
dollars
a
year.
Instead of pessimism, adding that "the re¬
Officers for the ensuing year
imposing a ceiling on the Federal covery has not come up to the
are President, Elizabeth A. Booth,
debt the Congress should impose official
over-optimistic expecta¬
& Co.; Vice-President,
a
limit on expenditures and ad¬ tions—but these were not realis¬ Dolphin
Virginia Lee, Stroud & Co., Inc.;
here to it until the growth of the tic."
Secretary, May Kent, Harriman
Tax Reform and Reduction
Ripley & Co., Inc.; Treasurer,
Needed:-"'1 v.y
DIVID END NOTICES
Joan Williams, C, C. Collings &
Sound
tax
reform
is, in Dr. Co., Inc.
Standing Chairmen are
DOME MINES LIMITED Nadler's opinion, "the most effec¬ as follows: Educational, Cynthia
tive way for the government to Sorrick, Robert Marie Associates;
September 12, 1962
DIVIDEND NO. 180
stimulate the economy and to ac¬ Entertainment,
Betty
Barber,,
At
a
meeting of the Board of Directors of
Dome Mines Limited, held this day, a quarterly
celerate its rate of growth. In¬ Butcher & Sherrerd; Membership,
dividend
of
Seventeen
and
One-Half
Cents
and corporate taxes in Ann Jane Callan, Yarnall, Biddle
(lP/ic) per share (in Canadian Funds) was dividual
declared payable on October 31, 1962, to share¬
the United States are too burden¬ & Co.; Publicity, Jenny V. Almholders of record at the close of
business on
some
and have an adverse effect lof, Merrill Lynch, Pierce, Fenner
September 28,
1962.
and
more.
tribute
a
occasion,
the
For
them.
to
brighter
been
devalue the
do
fix
Sept.
of Oct. 15, set
Paul
past presidents are still active in
the Club. The Sept. 17 meeting at
and
confidence more widespread than
has been the case for some time."
had
business
to
should
rush
delphia will open its 1962-63 sea¬
by saluting its past presidents.
After 32 years of organization, 11
for
outlook
the
refusal
that
announce
ounce
Frederick G.
gold, as indicated
on
central bankers and non-
as
gold producers.
new
Mr.
We
Pa. —The In- "
its
Phila¬
son
the
supply "for stately
schedule of declining gold
a
say
the
vestment Women's Club of
would, by itself," he feels, "have
brought about a decline in equity
gold
attract
price for such approved sellers
with
agree
can
PHILADELPHIA,
to
suggests applying
in his August 2 letter, but I think
we should do more than stand on
Honor Past Pres.
facts
these
of
"Awareness
Marcus Nadler
He
Shull's stand
Dr.
the result of
the growing realization that the
period of inflation had come to
an end, that the predicated growth
of the economy and of corporate
profits had not materialized and
that,
therefore,
price - earnings
ratios were much too high."
report,
a
here.
Chronicle:
Phila. Inv. Women
ac¬
"was
says,
burial"
moreover,
Editor, Commercial and Financial
powerful economic force."
drop in stock prices,"
Nadler
University.
The
business
in
decline
"The
k
ax
re¬
tivity."
at
Finance
the
upon
and,
communist
rapid increase in family formation
during the latter half of the pres¬
ent
decade
creates
a
new
and
equity prices as "a
unique monetary proposal to stop speculation
a
gold
chase
continued
a
offers
against
prices to non-approved sellers while maintaining existing mint pur¬
could expect
uptrend. This, with
minor swings, could last until the
next year, one
time
long overdue rectification, rather
than
a
definite indication of a
is, also,
Professor
looks
Nadler
cent break in
Hanover Trust
circumstances," he
"Under these
concludes, "instead of anticipating
a
downward
adjustment
some
t o
Koretz
Mr.
of a decline.
Dr.
Price to End Gold Shortage
Uptrend
Continuing
Sees
Federal spending—not economy makes increases in ex¬
a
ceiling on the National debt— penditures .desirable."
was
recommended
recently by
No Cyclical Omen Seen in
Dr.
Marcus
Nadler,
consulting
Stock Break
Manufacturers
in
waste
opinion.
A limit on
economist
of
Reader Would Lower Gold
coupled
taxes
income
elimination
an
government expenditures" would
be a strong, new stimulus to the
nation's economy, in Dr. Nadler's
reduction and reform, coupled
with Federal spending limits, would assure continued business up¬
trend until family formation surge of latter 1960's commences. Terms
recent stock market decline "a long overdue rectification" and not
economist
known
Well
LETTER TO THE EDITOR:
for
top-to-bot¬
corporate and
both
in
cut
tom
with
New
Thursday, September 20, 1962
.
,
across-the-board,
"an
Nadler's Prescription for
Co. He
.
(1210)
14
Laird,
other
for
Iron
Curtain country. Thus
production of gold in the
United
States and
friendly na¬
tions could continue undisturbed.
current
Buy
all
gold
other
less than
at
$35 per ounce.
At
the
WTFM
airing
was
Bache
11:30
at
Each
made
&
Co.
The
a.m.
Sept. 19.
on
according
program,
towards
arrangements.
women
and their
growing
Among the initial subjects to be
in
the days and
weeks
ahead—in addition to the up-to-
treated
minute
the
are:
The
news
Role
of Wall Street—
of
Investments;- Are
the
Financially/Ready
is
What
a
Funds
Broker
Your
for
Mutual Fund?;
Putting
Work, and Making
Dividends Do Double Duty.
to
DIVIDEND
NOTICE
Bache Course in
M. E. GRIFFIN,
Commodity Trading
;
Secretary-Treasurer
^*§L
-
A
Ci—Bache
&'
PACIFIC
,
W'
CANADA^
IC
:
{
WASHINGTON, D.
Co.,
of
members
the
New
POWER
COMPANY-
York1
Stock Exchange- will
Canada
conduct the its free four-week"
lecture course^en trading- itreom-
Dry Corporation
DIVIDEND NOTICE
The
the Board of Directors:
Preferred Stock—A
dividend
the
modity futures
following dividends have been
declared by
Stock,
regular quarterly
per share on
Preferred
of $1.0625
$4,25
Cumulative
payable
Oct.
1,
1962,
to
stockholders of record at the close
of business
Common
mon
on
Sept. 14, 1962.
Stock—A
quarterly divi¬
per share on the Com¬
Stock, payable Oct. 1,1962, to
dend of
$0.25
stockholders of record at the close
of business
on
Sept. 14, 1962.
Transfer books will not be closed.
Checks will be mailed.
J. W. Reilly, Vice Pres. Sb Secy.
of
first session
United Shoe
Machinery
Corporation
229lh
Consecutive
declared
y!Vi
cents
Preferred
cents
mon
of
Board
The
has
Quarterly Dividend
per
holders
10,
of
the Com¬
both
payable
on
1962
record
to
stock¬
September
Subsequent lectures will be held
the same time and place on
at
Oct.
11, 18 and 25.
Frederick A. Stevens,
Treasurer
P.
the lectures
Mr.
Martin
known
but
area
on
deliver
commodities which
a
lesser
than stock and bonds,
discuss
afford
can
investment
will
will
points out, is
which
one
esting
Martin
inter¬
opportunities.
the
outlook
for
commodity prices in the coming
months, and will be available for
informal question and answer ses¬
sions following his talks.
Notice
Dividend.
the 5% preferred
serial preferred stock,
Quarterly dividends of $1.25 per share on
stock, $1.13 per share on the 4.52%
$1.54 per share on the 6.16 % serial
per
George
He
24, 1962.
September 12,1962
oipThursday/Oct.
in their Washington,
office,
1060-16th
Street.
p.m.,
C.
D.
of
per share on the
stock
and
62Vi
share
stock,
October
Directors
dividend
a
4, at 8
share
on
preferred stock, $1.41
stock, $1.75 per
the 5.64% serial preferred
7.00% serial preferred stock, $1.50 per share
on the 6.00% serial preferred stock, $1.25 per share on the
5.00% serial preferred stock, $1.35 per share on the 5.40%
serial preferred stock, and 24 cents per share on the common
stock of Pacific Power & Light Company have been de¬
share
on
the
clared for payment
October 10,
record at the close of business
PORTLAND, OREGON
September 11, 1962
szssmasamaatam
in
Children
College?;
stockholders
of record October 1, 1962.
to
role in the world of finance.
is in charge of
Meeds,
on
first
Henry
Gellermann,
director of
advertising for the world-wide
invesimet; firm, will be slanted
Idle
outset, let the Treasury
by
sponsored
1962, to stockholders
of
September 25, 1962.
H. W. Millay, Secretary
Volume 196
Number 6196
.
.
i
The Commercial and Financial Chronicle
(1211)
'
f
t
t
i
4-
Let's look at the
What did you pay
up
for
eggs
and down because of
and needed
omy
price of eggs
this week? Probably
many
profits. It all gets
factors
more
.
.
such
a
little
as
complex when
more or a
little less than last week. Prices of things
supply and demand,
you
wages,
consider taxes and competition,
or compare our econ¬
our
how it enhances individual freedom.
•r
'
•
as
a
stimulating
The American Economy. Conducted by leading educators and economists,
"College of the Air" will describe how
CBS television network
go
materials and shipping costs,
to that of other countries. ► Now millions of people can learn more about economics from
series of television programs on
...
.
s.
economic system works
.
.
.
how it provides stability and growth
Starting in September, The American Economy will
•
•
college classes. ► With the belief that only through broader education
appear on
the
'
five one-half hour programs per week for 32 weeks
...
can we
equal to two semesters of
meet the growing needs of
tomorrow, American business is giving financial support to "College of the Air." The people of
Union Carbide
are
proud to be
among
the donors to such
a
worthwhile project.
A HAND IN THINGS TO COME
COLLEGE CREDIT will be
given by many colleges for The American Economy. For names of
participating colleges and local viewing times, write Union Carbide Corporation, 270 Park Avenue, New York 17, N.Y.
15
The iCommercial and FinancialClwonicle
(1212))
IS:
;
;
Thursday, September 2Q,J962
.
~
"Pali weigh fhe probable advan^'tages with thevpossible. harm, or a
in
bureaucrat
will be
LEFKOE
By M. R.
who
Washington
afraid of making a mis-,
take that he will refuse to
allow'
drug on the market because of,
a
_•
1
—:
oblivious to the
beneficial therapeutic effects,
might enable millions to
its possible harm,
.
.
.
During the 18th century, over .60
million people died as a result of
the
waves
of smallpox
which
so
public
welfare
before
a
drug
its therapeutic
to
that,
require
Consolidations
New
•
Branches
New
•
Officers, etc.
Revised Capitalizations
•
which
can be marketed,
effectiveness must
jive?
;
-
if you
,
,
?
value your life—literally
In recent years,
by this dread in¬
fectious killer have been aimost
swept
Europe.
deaths
caused
ion.
It should be enough if /reT
,new..drug controls And the time tional post of Treasurer .and Ray- dent and Manager Of the Peoples
do .so is now—not when you mond F. Adams has been elected
Office in White Plains to. succeed
for the sponsible and qualified clinicians .
have found, that; the new drug
in a hospital
sharp drop 4n " the death" toll:! a
~
Ralph G.. Holmes on- his retireproduces
the
claimed
alvaccine discovered in 17.96 by Ed¬
:jjecaljse a dr^ which could haVe;
ment Oct, 1..
ward Jenner.
If, however, ;a bill
^ve
.-'you is on ashelf waiting
/ Armani Gureau Assistant Co^
Currently pending in Congress
^^^Xeti^riheli^h fova :bureau^atMi"at
toRer .ihas also been appointed
negligible.
The
reason
^ot''"'Saved
apim0v^;,^g, ;^JBB^M
.
effect- when Jenner
in
been
had
made his lifesaving
it.to
discovery, the
(Federal
he ineffective. f©A
...
IR" •S22S^^,1V0^'1^Cur?H8«c1
.
.
smallpox-Vaccine probably never 'Drug:; Administration); should:Q- AwhflofSirrl
P:wbj> leaves NBW^Oct. .L^to become
would have
been approved for be the arbiter of such conflictihg
' .ttx-"
use
-'i'-'
"-pij
Detroit Bank and
by
the government.
And views which" necessarily -involve
large
elements
of
subjective
opin^-My^I^I Q
' ■ ''
without the vaccine, fens of mil¬
inri
bv rliwirians.
Otherwise we;
■1
*
*
* i"
lions of people alive today never ion by clinicians.
The Comptroller of the Currency
would have had a chance to live. face the serious danger.to medical
.qtearn* W been
sJames. J.; Saxon announced apr
progress inherent in a central au-: J
' Stearns
has .Deeri. apThis week, the House -Interstate
L^ifv
pointed corporation, coupsei jdf
tHority whr.rh
where conflicting
Conflicting viewview- /pwuueq
proval 'Sept.; 10 rot the merger of
and Foreign Commerce Commit¬
Hayden, Stone
The RahwayNtaional Bank, Rahtee is meeting to consider H.R. points in medicine will be indir
wav,
into the National State
11581 and H.R. 11582, the'House •rectly resolved, as they are under; |
25 Bi'oad' St.,
a 'totalitarian .system; and we-run
|
W
Raymond W. Adams SaBk, Elizabeth, N. J. The merger
versions of the Drug Industry Act;
New
-x n p'tv 'Herbert 'W.
VT«; v..
is effective immediately.
the, grave -risk of" recasting otir:
^
already passed by the Senate.
A
City, members Secretary of Ctbemical Bank New
A.
■***
coVo„
system in the sterile S'oyiet mold
provision in one • of the House
016
New
*81*Campanx, New JEMk;
m.d
denying
to
r.
physicahs.
drugs
bilis would require the pharma¬
York Stock it
was
announced Sept.
14 fey';
ceutical ' company which lias; dis¬ which ' they may want to' have Mot;;;
Exdhange,
it OhMrmancHarOW H.iHelm.'Botti
their
patients.%
>
:
?
*■
covered a new drug to
submit
.
_
—->V:^j^OflL
■
■
,
"
-J**
.
'
"substantial
evidence" i that
if
the
,
a
.
new.
drug
.
has
can
Covle
not highly
Presi-
located
*
,
at
the
bank's head-
^
,
,
'
.
-
.
5
consolidate
rnlt
B»n^'
,
*
3Se
surviving; institution.
/
Mr- Nannen began his career
rimt
^
]t
o{
th(,
mpr((„r
;
an<q
5
i«
^
witfe.
the.feaidt^^
Z
in -1927, adrantring „■
v?0 ■ .0*' the^inerger an i
Prior
to,
raok of V.ieeJPresiderff. in
consolidation actions, National
j oinin^ •Hay-1^3®;™
vice-eresittent
in
Bflrik
wiu have tota, assets
1959.
♦
^
•
.
flre
ITf^d I %^erS 31 20 Pine Street, New
•
are
an-
"betf
because"
of:
conflicting r;f
drug is "efficacious" — i.e., will barred
cure patients
of a certain, speci¬ views; honestly held hut ; involv- :|
fied physical or mental illness.
ing subjective judgments on its
effectiveness ~: research is "ser'i4::
:
Specifically, H.R. 11582 states
that the Federal Drug Adminis¬ ously• threatened and indeed 'may'
be r effectively foreclosed in the;
tration should consider
a
drug
unsafe and refuse to allow its re-, case of drugs; for; serious diseases
which
been
-
deri,
John (P;' Stearns
Mr.
prevalent."
of
Stone,
;
Stearns
Mr.
his
began
Adams
.
'$173,900,000.
career
with The New York Triist Ctom- Howard S Bunii has been elected
not generally recognized, among
Hrni of
of ChadAssist- I'S'S
A comment made recently by ated with the law firm
Chad- «a»r-in 1®25, adyanced
auvtuitcu to
w iisoar
"a Director ?*^S.r.
of The National State
experts
qualified
by
scientific another drug authority, Francis bourne, Pafke;~ Whiteside &; Wolff. unt Vice-President an 1954
®»nk ««f Newark N. J.
training and experience to eval¬ U. Brown; President of Schering fVom 1959 ?to 1961, he was Secre- treasurer m 1955. He .continued
■
»
' *
uate the safety and efficacy of
Drug Corporation, points out the -tary of-New York Stock Exchange, ras / Treasurer , ^^en. ^Naw^^Yprk
xr
f; "
,
«
•, ■
devices [drugs}, as -saferond effi¬
problem inherent' in the.use of
^^Trust was merged into.^emical
National Bank,
cacious for use
."
#
——-feank
New Yhrk..Trust C^pany.
medical experts to determine
made Fred-.
a
> As Secretary 'Mr'. Adams succeeds ericic P IHeldring,
a
Vice-Presidrug's "efficacy."
He stated: "It
TUT Q
;;
! ' j /
CJ-f-AplrA Look at the Past
;
the "late W. Donald Jordan.
cient, head of the foreign departis exceedingly dangerous to med- ^
ment,
effective
Dec.
31.
He will
progreess to
bring it [the
In essence, this section of the ical
A-^
,
.determining jyl JjOiQ DV
Willard H. Beeson has been ap- s"eceed James B. Hustcd, who is
bill places the burden of proof on responsibility« for
lease to the public if the drug
"is
w
h
s
assdei^
,
..
o
„
„
-
-
.
,.
^
^
s
,
.
the drug manufacturer
and re¬ whether a drug should be allowed
quires him to present, evidence on the market] into the area of
that most of the experts believe centralized political decision, even
that the new drug will cure a though experts are used; Experts
specified illness. While; this does
tCfon nf
not sound unreasonable at first tion of particular experts, any clebe
predetermined."
glance,
consider the following cision can
.
historical background offered by (Italics mine.)
ev^gnm?rir
the C h a s ^ Manhattan ^urmg.
representative in Mexico ^
.City. He. was formerly -Assistant.
to ,the representative) ),.,
1
"
*
pointed
Bank's
w
as
0n
,Sole
Cinder & Hoffman, Inc.,
underwriters, announced
-Sept. 18, 1962 that the initial
nublic
^
flffeiiri^
.
M,c
iCui«,cu«.»vi,
.
i^joined the^dnk'S^^ Special"
Dpwinnmpnt Proeram in
1957 and
-
-
-
S?
-
H.
^
M
•
v
-
id
!ls
e
iit
j -
v -
;
Tradesmen'*
5hi£ ;
Trust -Company, Philaf position ot
.
vice
Chairman of r the Board and
r^Tvf s ^tUcS the^following year was assigned Chairman; of'-the Executive. Com-
bv
^
Py
btores,,
the account^^relations division/■ mittee' and William G Foiilkp to
The recent scare over thalido- Inc;-.«t
Klumpp, a noted
140,000^ shares, of its com- of the international department.'^ President ■
president of mide has validly caused many mon ?stock at $4.00 per share was prom 1959 tto 1961 -he was assigned
Winthrop Laboratories," a leading peoplerto be concerned about' the oversubscribed for and the books' +n hmtmhPQ in Panama and in
Mr* Sawin joined the Provident
drug company;
^ possible harmful effects' of the closed. '
■ ' - '
•
^
to
m J^anama,
ann -t.n
jn Trust Company
CoihDanv in
as ViceVke1 flfilWancnes
hp ivas annninted
Awktant
in 1944 as
Dr.
Francis
medical
G.
G. Foulke to
expert and
...
"History teaches that authoritar¬
u.M.w, S'lUKJSb, INC., with ex- the
Representative in
Mexico
bemg introduced m ever mcreas- «Cutive offices at 19 West 34th
City '
mg numbers. Moreover, the rash street, New York
City, through
i" Bedsoii fenlaces Robert M
of,
deformed
ian bodies have often been guar¬
dians of orthodoxy rather than
babies
champions of progress.;
Medical
experts rejected Jenner's small¬
pox
vaccine,
Pasteur's
anthrax
vaccine, Lister's theory of anti¬
sepsis and Semmelweis' discovery
of
the
of
cause
liver
Cod
childbed
allegedly
ered
by some
the drug
has lf to I
cry-from
quarters for an- centers
creased
government
^ controls;
prevent similar disasters.'
:
to
^
What most -people have
ownad
under
«nh«rtiarW
merchandise
and
at
'variety
discount
-store
prices.
Two stores are located 4n Pennsyleven if the gov- variia and one each in
"Maryland"
(iernment -were tobegranted -every'aifd-^ou^i ^Carolina. ;
r
conceivable power, it would still.
The net .proceeds from the sale
find rt impossible fo- always (preof The common stock will be used
-
failed
mu
A
„
r
*
-
I
t
Fuchs
The new Vice Chairman began
i appointed^ Arthur H..
Deputy Conmoiier^ . Mr.
was promoted from Prmci.
,
.
,
•
,
.,
•
certam that
dismissed
no one is ever
harmed jw^tesvillevN
C and Bavannah
.
>
down
the
;a
sink."
r
Dangerous
"Dr.
Consequences'
Klumpp's
reminder
,
'\t:
brief ''historical
indicates that
not
only
smallpox vaccine, but also peni¬
cillin and many ether, livesaving
drugs have been-rejected by a
majority of the medical profession
upon
first
being
time.
disastrous
introduced
His
for
the
warning of
consequences
the
which
would result from giving the gov¬
ernment the right to keep a drug
off the market
without
a
major¬
ity concurrence of its "efficacy"
should be considered carefully.
advance,
drug may be;known
„
.
^ew,^®pk1' Btate Bv^^Z
the
_
^Plains,
ttdtecau^of Wax Syndicate Mgr.
whothwouinavrdied ffi For Meade & Company
person
who
^ank since I960. He joined the
.James M. Large, Charman of
-^e^parej »e. SfeMow
-
•
resigned this post to become VicePresident ; of the National ; City
JS^nk of Cleveland from 1937 to
1942.
<
iWilliam .G. Foulke has. been Ex-'
-ecutive: Vice 1 President of the
Bank and Trust Company in 1957.
-
•
.but
the attending W1tr\ netvearnings of $48,505 -and Bank, West Hempstead, N.
i.,
^physician,: may decide that the sales of $1,514,022 for the com- opened a permanent Levittown
probable good far? oirtwBghs fhe ^0hie; peripd of the previous office on Bept 15 at 3161 Hemppossible harm
year.
stead Turnpike.
">
•
*
•
'
Of <the 835^000 shares outstand-"
i
*
"
Every
drug, -no. matter how ii^ .upon oompietion of this of ferrrua
^
beneficial to, human
life,
can ing the officers and directors as
create
adverse
side
effects, in^ &
groups^ will retain 53.43%, or
^
Banks approved
some
people, and ^eyen serious 180,000 shares:
planned^
merger of The County
Trust
injury
or
death.
For example,
Company,
White
N. Y. and The Gramatan National
penicillin has been known to have
m-
>
pany of Rochester, N.. Y. and was
made a Vice-President in 1934. He
Division of Provident Tradesmen
]
S2^f
j^ig banking career with the State
®ank
TtUst .Company of Illinois. From 1929 to 1937 he was on
staff of the Union Trust Com-
Provident Trust Company in 1940,
A fifth office of The Bank for was Vice-President from 1950 to
' tSavmgs, • New Ifwk;; will *be 1957 and was elected Senior Vicenp'ened on ©roadway .at 50th President in charge of the Trust
early English reports
by a i?ug, it would >be-neeessaiy
Georgia.
•
penicillin as incredible and re¬
destroy- the science of ,phar?
m<si crrnfRirc man
fused to employ for clinical test¬
macolo'gy - and - remove
ing a culture of penicillin that
,6?e»y/-Street, on Sept. 25.
smgle drug, from-the market, tfit
'
•'
•>,
■* '
*
had been brought to hipi by one
other instances, the possible toxic
of his associates.
He ^poured it
^1^88 011
^
n.. jfeaariw
Br»«k
effeote of
on
1951 and made President
-
'
E^cuUvg Assistant. .
,
r f
*•
*
*
•
r
^€amefltl's Bailk 4or Savings,
vent-anyone from^ being Jiarmed principally1" -to - expand tbe eomYork, opened new quarters,
r'by. a drug's adverse side effects, zany's
operations
through
^e of the fowling Creen Office in
tIn.-some eases, fhe adverse effects,
opening ef new discount;centers
^"
Tl. C, A.. Building, set
infectious diseases and Chairman
6i h drug m^y not
hebbservnble,^ne of which is4o^ located in.-Beaver.add New.Streets, bn,.Sept.
of the U. S. Army's Commission
until it has been used for
Wifliamsport, Pa., and the others
;
'
on
Infectious
Diseases: In * the
-years.
In'ortfer tobe completely jboiiig
tentatively
planned
for
*
*
*
. :
- %
early 1930s, the same authority
.
tin
in 19« has been President
Uoard- of, Trustees oL The
®<wYer?I ^»vmgs ®a^k, -New Ypm,
to realize is that
.
^.^^^ecutivo Vxce-Presi-
^eson, replaces Kooert ivi. dent
«
the^
the public a. broad line of
to
department
Impossible Task
rejected as
worthless by the Council on Phar¬
macy
and
Chemistry
of
the
American
Medical
Association.
When Prontosil, the first sulfa
drug,
was
introduced
in
the
United States, it was greeted as
another quack remedy by the out¬
standing American authority on
was
-
state Discount Center", which offer
fever.
Tocir
oil
whrillv
in charge of the Commercial Banking Department. He
Bank
and
still
is
Trust
Company
o
proposal
subject to approval by the
Bronxville,
N.
Y.
The
of
the
Fed-
^ Bogrd
t0
serve
sJnce lg57 wiu continue
in that nosition
vo serve in tnax position.
.
*
* „*
_
'
Stanley F. Drutis, Vice-President,
was
promoted
to
Senior
Vice-
president of the Western Pennsylvania National Bank, Pittsburgh,
pa> jje continues as manager of
WPNB»S Waghington Trust Office.
Jameg s Clancy> Vice-President
was. appointed Head
newly-formed Community Banking Department. He
is succeded by j0hn A. McMullen
wbo was promoted to Vice-Pres¬
ident—personnel.
—personnel,
0f
WPNB's
Walter. Wax has been appointed era^ Reserve System
*
*
*
Albert Fiddler was promoted
syndicate, manager of Meade &
"It would be perilous to ra¬ used—a
physician who is familier-Company,.27 William Street, New Arthur P. Higgs, Assistant Vice- from Assistant Vice-President and
tional medical practice mad the with -each
.patient's-case-and -who Yock City*
President, sf -National JBarik M. Assistant .Manager of .the..Belle
Who should make the final decision whether a drug should be
Number 6196
Volume 196
Vernon
and
office
!of-. t h e:
:
(1213)
July
Vice-President
to
Manager
The Commercial and Financial Chronicle
.
.
.
Karl W.
*
Corby, has been elected
This Week
a
Baltimore, Md.
SEMI-ANNUAL FIRE & CASUALTY INSURANCE CO. RESULTS
:
Mercantile-Safe
Deposit & Trust
Co., Baltimore, Md., elected Fran-;
v/-'
Union
*
Trust
Baltimore,
Baker, Jr.,
Three
Co.
Md.,
'
d
officers—the
three
u
r" ''
•/
Director
v.
two
and
Assistant
been
Vice-Presidents
at
while
Vice-Presi¬
promoted
to
The
of
Bank
L.
They
to be
of
,
Bank
of
officer
-
promoted to the of¬
Vice-President
charge
the
of
vr
office.
,v:"
*
*
•*.
First & Merchants National Bank,
Richmond, Va. elected—Robert T.
Marsh,
Jr.,
Chief
and
President,
Executive
*
Chairman
Officer.
J.
Phillips Coleman, Executive VicePresident, was elected Chief Ad¬
ministrative Officer and will
Mr.
ceed
Robert L.
dent
and
ceed
Mr.
Marsh
Vice-President.
♦
"f. * ''
,
'
and
in
resulted
;
:
99.7%
decline
a
in
total
SIX MONTHS
For
assets
of
8%
and
recent
Don't miss
has
years
!9<»1
1!)<»2
Casualty.
$217.6
Aetna
Insurance---
•,
Allstate Insurance.
_
__
ri
$239.4
86.0
97.2
298.8
city.
I
zone
0.8%
1.3
6.0
6.6
228.1
-10.8 i
131.6
154.0
•
42.1
•
34.4
;
'Glens Falls
Employees-
2.4
■
37.6-
50.0
T
49.3
33.9
;
41.9
|
i
state.
'
5.4.
-
0.5
2.7
6.4
10.5
1.3
-
3.7;
issues
4.7
-3.9
|
■
1.2
-
5.6
-
9.5
year's subscription to the exchange
1.1
-
3.4
•
j
address.
|
0.7%
0.4
a
"j
I
\ name
I
1.5
General Re-Insurance. 1-.
♦Government
■
Please enter
1902
102.9
Virginia, Charlottesville, Virginia,
'
I
tb-27
Magazine, Dept. 7
Enclosed is $1.50 (check, cash, money order).
1!)(»1
214.5
43.6
Fireman's Fund
•
97.9
235.5
11 Wall Street, New York 5, N.Y.
|
208.3
40.9
Employers' Group.
|
Profit Margin '
277.4
i;
the exchange
■
Underwriting
(000,000 Omitted)
FederalInsurance...-..-.
v
science series!
|
|
*
Aetna
Continental Casualty^-—.
Continental Insurance._l.
by ;
new
r"""""""""
UNDERWRITING RESULTS
Virginia, ( into
the
$109,000,000
Peoples National Bank of Central,:
/
r
for the
seasonality to fire and casualty underwriting
results on a semi-annual basis.
Underwriting profit margins for
the first six months have consistently surpassed those of the latter
half of the year.
Thus far in September the industry has for¬
tunately escaped damage from hurricanes, lending hope that 1962
will be free of major weather catastrophes.
If this hope becomes
a reality, 1962 could yet be an excellent
underwriting year for the
industry. The next few weeks will be highly significant to the fire
and casualty industry's profitability for the entire year,
: *
42.2
September TO
Comptroller of the Currency.
$6.2
This reduced the
from 100.2%
1.
approved
at
definite
-Ariiericari Insiifance.
The merger of the $3,00(1,000
Ffyrst
National
Bank: of
Shenandoah,1
was
-
in policyholders' surplus.
v
'V* ''1 H
■
ratio to
Net Premiums Written
'
'
estimated
point to 34.9%
a
importance of the hurricane losses in
a
;
executive
as
half
by
in the first half of 1962.
expense
suc¬
Gordon', Jr., Vice-Presi¬
Trust Officer, will sueColeman
and
lowered
was
;
President,
as
loss
of 1961
created
;
News
office,
and
O.
Gills, of the bank's Roanoke
v.-:'.';;
tion
The
bank's
Newport
Watts
are
1961.
the group premiums written rose 5% and investment income
8%,
while the drop in the stock market wiped out the record apprecia¬
Virginia; C. E. Bensten,
in
ratio
expense
reduction of 20%
The
at
the
group of companies in the January-June period in 1961.
same
;.
Dailey,.who becomes the first
woman
fice
up
strong sales pattern of individual life insurance policies
stock market and sluggish con¬
dition, of the national economy reflects the basic strength and
stability of the life insurance industry under all types of business
conditions.
rl':.
composite study of the results of 150 companies indicates
64.8% for the six month period,
combined
Miss Daphne
are
SALES
July
in the face of the decline in the
the
compared with 35.4%
Virginia, Richmond, Va., effective
Sept. *15.
from July,
in
that the loss ratio remained at
Advertising and Public Relations
dents—have
over
A
„
0.6%
INSURANCE
insurance
The
were
'
•'
of
major companies.
of
life
of
For the seven months to date
total life insurance sales have reached $44.8 billion, slightly less
than the $45.4 billion total for the January-July period of 1961.
The decline is due to a drop in new group life insurance policies
as ordinary life sales have continued to rise on a
monthly basis
throughout the year.
significantly improved over those of the first
year, however they showed little improve¬
the second quarter of 1961.*
/ ;
: '
months
ment
'
billion
In general, it may be said that underwriting results were bet¬
ter than those of a year ago, but were still somewhat disappoint¬
ing. The majority of companies were able to report underwriting
profits for the period, but many were still in the red.
Second
quarter results
Frank
e
t * '
*
'■
Maryland,
m a
•
for each of the
v
''
'
of
Director.
a
■*"•/■.
;
*
Purchases
it is an appropriate time to review the underwriting re¬
sults of the first six months of the year which are now available
:-r'•'
•'*"
••
LIFE
casualty insurance industry enters the hurricane
season,
cis X. Gallagher, a Director. Wade
H. Creswell and Eugene W. May-?
home
were
elected
Vice-Presi¬
*
Stocks
an
As the fire and
'••• ">
Insurance
—
■
Julian S. Neal, was elected
Advisory Director;
\
dents.
estimate of the National Board of Fire
ijs 1.2% less than the estimated loss
an
month, but is 1.8% greater than the losses totaling
$93.1 million incurred in July, 1961, For the first seven months
of 1962 fire losses are estimated at $775.2 million, 6.5%
greater
than the total for the comparable period of last year.
The present
year's final total will certainly reach another new all-time high.
:
*
Director of the Maryland National
Bank
to
This amount
for the previous
William Penn Office.
*
according
Underwriters.
WPNB
17
:
6.7
-
'
"v
The
Hillsboro
Company,
sorbed
Bank
and
Hanover Insurance
Savings
Hillsboro,
Ohio
Citizens
Bank
The
Great American....—.
\
~
ab-
Hartford Fire
and
Home
* i
:;
The
$
State Bank
Hs
"
'
Salem,
r
Hardinsburg, Hardinsburg, In¬
diana, effective September 1. J,;
*
American
$
"
v,';
National
Bank
Jr.,
elected
was
Viee-President.
F.
were
R.
Senior
Mr.
Commercial
dent
in
"
•
*
Calif.,-
Mead
•/
•
<
*
•'
'*••
Travelers
Indemnity.
I
__
*
88.2
0.5
0.6
1.6
3.0
6.8
82.1v
-0.9
93.0
-2.3
52.4
47.8
192.0
232.7
6.5
156.0
164.4
2.4
1.2
-
4.4
-
1.6
-
0.9
-
:
0.2
an
0.6
-
2.1
2.6
no
bill
the tax
month.
It
is
therefore
dent
amazing complexities of our current scien¬
tific achievements...new
expected that
technologies, new
vocabularies, how industry
The
made
Los An¬
Thomas
(
E.
^
tax
will
place all of the income tax basis, except
for a tax-free loss protective account consisting of 1 % of insurance
losses incurred during the year and 25% of ordinary underwrit¬
ing income. The Treasury predicts that this measure will produce
;
new
''
■.
Mr. Ward
programs.
.,
MONTHLY
formerly
FIRE
,
:
Later: laser-maser,
;
oceanography, ultra¬
LOSSES
sonics, cryogenics, exotic fuels. Don't miss
Property losses due to fire amounted to $94.8 million during
Executive Vice-President and
September issue...
$25 million.
Director of Golden Gate National
Bank, San Francisco, Calif. '
1
(.
•
fc,f
Theo N.
J.
Ford
'
»'
'
1
*
*
•
."V'
National and Grindlays
^
^
♦.
u
"r
Bank Limited
Carlson, Main Office, and
Smith, manager of the
Pasco Branch, were elected VicePresident ; and
other
official
changes
have
directors of
tional
been
the
Bank,
approved
by
ger of the Yakima
Wash.
'
Telegraphic Address
MINERVA
Vice-
James W. Culverwell, Assistant
Manager, was elected to succeed
Manager Cyrille A. LaVigne upon
retirement
at
month.
>
Laird, Bissell & Meeds
Bankers
ADEN
•
to
KENYA
the Government in
•
UGANDA
•
ZANZIBAR
the
end
;
of
this
Members
Members
New
•
York
American
Stock
Stock
ISO BROADWAY, NEW
,
.
Stock Exchange...available
LONDON
Telex Nos. 22368-9
Valley Branch,
Assistant
to
Bought—Sold—Quoted
,
President and assigned to the Ev¬
erett Branch.
;
-
BANK STOCKS
BISHOPSGATE, LONDON, E.C.2
Seattle-First Na¬
Seattle
promoted
N. Y. CITY
Head Office
U
Gerald Wendt, Assistant Mana¬
was
apply the
"Fuel Cells - Packaged Power"
starts the series in the
$35 million in additional annual tax revenue, while the Internal
Revenue Service believes the amount will be closer to
*
and Director.
.(
may
findings of multi-million-dollar research
closely to Presi¬
Kennedy's recommendations.
Sacramento, Sacramento,
Calif., made L. F. Ward, President
,
through the
4
significant changes in the earlier House
this
earlier
important new series
the investor find his way
0.8
-
J,;;-TAX LEGISLATION ;""f.V ;H;-/ :■?'
Bank of
was
58.6
-
bill passed by the House in March that conforms
a
-
;
Vice-President.
a
■•
43.7
53.0
-
-
0.2 V
2.5
-
the provision will easily pass the Senate-House conference, which
will resolve the differences between the Senate measure and a
*
California Bank,
geles,
made
was
42.4
2.8
0.3
5.1
-
DivisionT Vice-Presi¬
1941.
United
and
76.0
:
U. S. F. & G.~
on
Gignilliat joined American
1939
224.9
73.5
-0.1
2.2
-
Proposal to tax mutual fire and casualty insurance companies for
the first time on their underwriting income after lengthy debate
appointed
Nixon, assis¬
Vice-President, and Ronald
Grayheck, assistant cashier., :
National in
208.5
84.8
The Senate made
tant
J.
152.1
'Security Insurance
•■'
Also
Carver
; 289.2
136.0
7.7-
-
and
Trust Company of Chicago, Illin¬
ois announced that Leigh R. Gig-
nilliat,
273.4
Insurance.---...
St. Paul F. & M
of
-
42,2
Reliance Insurance
Indiana, absorbed the State Bank
'•
_^.
_
Insurance^
Phoenix
of Salem,
92.2
43.6
•
...
Insurance Company of N. A.
Maryland Casualty
Ohio Casualty
Savings Company, Leesburg, Ohio,
effective August 1.
81.8
Branches in
INDIA
•
PAKISTAN
ADEN
.
•
*
CEYLON
SOMALIA
*
Telephone:
*
BURMA
EAST AFRICA
Bell
BArclay
Teletype 212
by subscription only... 12
Exchange
Exchange
YORK 5, N. Y.
issues
7-3500
571-1170
Specialists in Bank Stocks
AND THE RHODESIAS
f,.r.
*
.
18
The ChrninerciaJiandFina/ncial Chronicle
i(1214)
The Market.
STREETS
BV WALLACE
-
.
'
[The views expressed in this article
■
do.
not
necessarily, of
tide+iwith^those
and
more
stock
'
,
,
<
■■
'
-
•
produc-
Despite
.
.
problems,
its
the in—
those 0/ ^ tlort, and; profits, this, year are dustry is still in an enviable" posirunning well ahead of 1961, re- tion, the report emphasizes. Profit
ports, the current issue ot Chemi* margins, before taxes^ are still
as-
shipments may author only.]
market morepected, ototal steel
reselmbles a tightrope show no rise.
t
current
Thursday, September: 20, 19621
.
Hl^h Profits for Chemical Industry
-
time.com-
any
iof^the "Chronicle.",; Chemical industry sales,
They-axn presented
-
The
.
I962 Produced Record
And
.
.
,.y.;
.
.
,
.
path swings a few
The key in steel appears to be
. '
...
:
••• • eaVimdMngineieringi News.
higher than those of other manupoints each side of the magical 60D ; inventories. The 'autso producers \TirknAn ;
^
TaI - TIm-- profit outlook has been facturing industries
13^6 % as
mark
of the Dow-Jones indus- have continued, to cut tjaeir-metal ;X> ip|Jv±f
%x< '-I- Vl1* cloudedj liowever, by recent de- against 7.7.% . In return to stocktrials but fails to develop a defi- stocks in most cases.;, Some ob^;_.
,
I' clim^- ioa, ^tiemical prices^ 'sayalast year, the chemical
nite trend.
servers
believe: the
inventory- TlrvlloT* T3rynHQ SAld 1 tlie American Chemical Society industry
ranked third,
being
The
walker.
.
,
,
.
.
continue through
,WVAV*; : weekly in-its annual survey of topped only by the tobacco and
of the attitude of .many investors November when the new car mar- 1 •
> ,"I; c,..;./..
; v\ ^"^aets and Figures of the Chemr- automobile industries,
today.
Volume has shown little ket rush ordinarily slows. . ...;. 0 , ;Dillon, Jlead & Co^Inc.j.The.First cal industry.'1
>
^
inclination on the Big Board.to,
rBn
.
.
Boston. Corp. and Smith, Barney &. Chemical st oC k s, like most
'
burst out of its three million share
- in ine oame ««aii r
Co. Inc.,.Newl¥ork City* head-an others,-suffered-a sharp drop dur- 'Paa>j| 17vnl>Qn rm
cell.
Steel, like other metals, laces underwritingV^roup .which-ist of- ing the- past year, but so far this vUaot XJAbUdilgv
The
steadv flow
of .economici^W guying patterns ^ possible 'feringipublicly an ,issue;pf. $18,- -hashad little impact on- the fiand other news of -the "past
These' :500,000 of 6% fcppbn.T^legc>aph.& mancial well-being or operations
ddVi has had aii-tac
little direct _Vitvvv(
effect developments
are a)ltoo.apparent
^Telephone/^
companies, according
ueays
rvmkpl
?md
lnrrnrnirn.
typical trimming may
The cautious changes are
.
,
'
m
r»nnnpr
a
«
u
The Pacific Coast Stock Exchange
ha* initiated! a prosftam i» take a
and should top last year's $36 group
Members <>o_a tour of
buiion by at least tft%, the report Eiwopeam cities with tdJ» purpose
s'
14%
rti.
e
vSSl
uuoa
arid Kennecotf are close to mak
ing newlows for the year. Pro-
w
Re^fn
MnH
rnha
over
ana
nexun.
.
.
OOT
TOe. bonds,:priced at 96%, will,
it.-b®.:
nrror
to Sent:
not
be
we redeemable
reaeemaoie prior
poor ^ to
to Sept
oepi.
sales
this, yeas
ahead
of
1961
—•
;^«y.
of
continues
Production is up 11% 01 exehuuguag
©xcnanging ideas:
laeas with
wxrn . their
cneur
other groups have have little apparent > affect thus 15, 1-972, except for semi-annual. CVer J961 with the year's output counterparts in various cities on
failed to join these advances; Tne far in the surplus-pxaguea^copper
nplus-plagued^copper sxnKxng
sinking ^uno?
fund payments
payments or
of ^wiu,uuu
$310,006 certaih
to'
hit
a
new
high.
nrobthe-.C©»tineat;
'.'It.
i»believed!
thai
certain to
a new high, prob
result has been a* stand-off." Even industry.
;
?
- • ,»,'
> ,-/ :<.-r
from March 15, 1964 to and in-. ^^iy, topping- the 1961 mark by suc^ an exchange of viewpoints
good news lacks the power-to
• R^ils
ai-6
also finding heavy eluding-Sepi^^-15,^947;i4mdv'$^r,''igbbrtt'rl&%\ v->
'
will be of lasting service in ek-
But
duction
e
.
s
cuts
and
ana
strikes
sxrixes
few
lew
a
t-.—
.
many
.
spark
considjered noraial a going, in.today's
rises
few months ago.
rioccii
_
.
,,
which
of
.
„
vestors
.
,
ruarkei.
plans
merger
are»
industry
ggted
continue
from
a
ln-
be ^disinter-
to
short-termJ view
as
evidenced by the laggard volume,
history.
General Earnings among the western roads
Motors, Ford nnd Chrysler are have held quite well, but uncerconsistently among the top., voir, tainty, over; the '-eventual: line-up
ume
issues, but hold to., narrow. ,0f. «j6 'combined lines has :'damobest
years
Mmiu
jimns.
'■
<
-
-
new
ine .cpmoiiied unes nas ciamp
ened
-
sales
car
of-Seetember
third
first
0
'
-
^
the
•
in.
General Motors'
for
000 thereafter;.to andi; inciudhig.
profits show a gain of about tending the vtnderatanding beMarch 15y.1677,.calculated to retire 15 % in the first six months of 1962 tween people of different court^^ of the issue jpnor to ma- over the same period in: 1961, tries, a
:rJ
tprity- The sinkrng^fund redemp- jQ^^i^g the first half of thiS3rear - Members of the Exchange Deletion price is 100,% plus accruedtin-r fjje , iTlost
profitable
ever
for gation are:
terest. AftenSept. 16,1972, the.6%is-chemical producers.:
*«
"
bonds due 1977 willxbe Redeemable.;^'fjriless • business- drags. down- RQSTER. OF OEliiGATION
at the option of the company at , ward this * winter, the industry mr. & mrs, wiobur v. adamS ' •
the principal amount thereof;
should turn in at least 1.0% higher
a<jams-pastnow co., nos a»geiqs..
Rumors
rampant -
but seem- far from fruifion.
r
.
more
enjoying, one of its
now
is
-
rvamniA
,
automobile
the
Take
*
.
-Jni0n
scanniifg tte1Big°Board score-
^
-
.
2\ TlesJL
,
to
pears
thusiasm;
o^f us'c(^^tuation!11"Phone
than in
iQfii
mr.; & MRS. townlby .w.. bales
with
Deair witter ^ Co., Seattle;
mr.- & mrs. prank a. ballman
BWiman & eo.; Los Angeles.
v
r
mr. &. mrs- jack barbqur
_.„n
;
:
.I&dcL co^inu^pward, the:
initio, ^he corporatL
Pt.ce, Bwr & snuta,
report notes.. Cash Payments..to
forecast
Railway's
MOtbrs^fdt^pNvh
American
list of big-volume car
War
nrofitq thi«?
,
-
have^hotW ated:o£. . 7^ ^
tors
-4
.
sale of the proxus trua year man m lap1, witn
jnr)tort„h in+n
the year's total rising 'to some4 ;
^
-lr
5" where-between $2.2 and $2.3 bilia+,!0 and■■WiUbe-UWd-pnmarily'fQr ad-'•«
uu
--prgceeds-^ from
lot of investor enthusiasm.
Pacific's latest bid
to
a
Union
-
-
.
' ' •
the
*
•
the $21.8
makb^s,
million
months
ap-
generate ' as much en- year
ago
Even Chrysler, admits effect on
,
„
tedly a weak sister; ot the Detroit.
Megmwhite,- business news con-., ices!^"Nippon^^Telegwh7--^;TSh*. "^ustry; executives are .concerned
grdup, retains much- popularity. tihuos.-to. be very -mixed in its ;phone's current^budget caUSv fori>
he indiistry^s profit^ mt~
as
"an
interesting
speculation" portent of the future. How much construction- expenditures of' ap- looky the report says. Net income
among
"
' ' '
"
TJ
"
- .
' 1
~ J
1
-
.™«
...w.
«,
.r,...T
{mrJ&* mrs.vh^oori^tirbleckner
'
h' *&£}?$£* Co" hos An«eles-
„
-ya<UM>
WWUii5
retains
fall
or
_
out
„
upsetting the board rooms.
ha-?
'
In the Doldrums
t\
1 l • i
v
«7um
while,Detroit
is
looking to
...
^
..
Aithoiiwh
diod
iccii«
fh»
of
temnorariiv
hied
temporarily,
selling appears
•
tav
o
tav
in?<;
tax-loss
The
-
corporation
a
npw
•
has ' recently
frve-vfar
of'
PYnan-
>sale<?
with
"
Bqveriy wiJs.
^ m®s. F;- rqy. ghiltqn.
Hayden, Stone & Co., Palos Vcrdes.
mis^ aslrjiey! gqlborbp r
orofit
a.Bveioped a new,nv^.ycar expan (mi,;^saies^ ,wuim_ .proiit .margins
factor
as a growing
Profits have increased at.a rate
only a little more than half that
r
enfs
cantfoS^ Waif qtvppf-sronvP.rogram .forthe perjtod>comri; amoiiptmg^ to 8,3% f of sales in r- Daniel Reeves & Co.,rLoa Angeles;
manv df thic
-April'19.63 vand>ending ^,1955,. and slumping to>. 7.4% last
cotton
steel;ltoeshdw
,thev doh't
d^,,t lik^^JV[arch:3l,^8,,whichca^s^for
in^; yeare according to ;the report,;mr.01& mrs.'qarxStqn"coven,y
i^<ye wotip show 'thev
like jviarcn ^i, ;jL«o0,, wiucn j
the do,l-■'.>!■,*?* f^m^ir otd favrk'ftA« nditw c^sed exp.endifuresiin each vof ffwhich continues: ■
"
;
John Biair & co.,-lo» Angeles,
a
blg
mora
car-year upon- imminent Introduction of its 3963 models^.the
vine
sieei
industry continues in
Although producttofl
dfums
rOse^they
?^5Jant.,%% last .woek to nearly
.
And while
ci:elltel&:
rushing
'
.entries..
'
.
to'
buy
ito
new
'
.aggregating, :>AMwiugli. profit margins may
-approximately $5. biiUon .oyer .the , rise slightly this year, they hardly'm:
fi,,o
voo^nor^/l
TR,V
no,«
avnen.
a_
.r_
j.
^
-
& iw.
mw'toTSm
CO;r
W-Angeles.
•
'
HODGE DAVIDSON
San Frqncisco..
rr-t.
that investors^^^might be' liired^^"back
by the ingot industry's best showins since- mid-Mav
:.i
•
-
.
DONANT
,
but the steel
reciifjnpfi In
rp<non«v
-»r*»
««««,«,
are
Paine.'
a^addMo.ilf
k
ins qccordiiislv
are
and
Bis'Steel
most
ft
the
remain popular'among the
Beth^
'oth<*s
hovering around!their lows for
W|hile threats of divi¬
-
have
cuts
abated
for
paul
v.vrv*«cAi
;
egeler
fSoSl t"v
Pacific Coast Stock Exchange
mrs. june fox
Pressure
ing 6f
~
j
-goleman o. gershuny
neffl-ly"a% in a- Ihtle more jm,, i d« Pont sc.ta Angeles.
pUbI^ tele^he.tfelegrgph ; -11^ a year; Not since 1952 have mi^
Dean
.marjorie
a. gleasqn
Wittef
Co.,.
Los Angeles*
-
MR, &. MRS.
Chemicals, while recommended and -related communication serv- .
l-dmbled so-sharply.
and there: as special!. situa- ices in Japan-and is the only com--r r F¥ices havo been weakest in '-riSS®u*',
ttcns» reflect a more competitive,;Pany ^furhishihg guOfi services in ^r^anic chemieals (down 8'%" in
unv«
.
cause
Curtis,
««•■^ « jvuxo. rauk uiuisniBw
profits,' thd mcticle points out. But
-
,
&
1:
the
being* investors could have
to, worry < about long-term
irritations emanating from Washington.
T
"
k>
.
Ja«kson
ttwas formed, in :1952; to}take. ;bvqr;
ChemicalllMlustry Under .:
from: theGoVernmenl thefurnsh- h«wB
,
dend
dils,
Jt-.-'?-r-
the year.
time
1,520, telephone
w.ehbert
Lo^AngYies?^
mr.- & mrs. pai
^^ laSt"
.
Iehem,
.
,
J Issues,
<„M10c
o*nu\'x Vv.Au
13,54.6,000- mde^ of -.telephbn'e toR • as av Whcile:^dropped to 1.1.6%v last.
resigned to consumer
the stable.inter-no
major upturn
md
the "well-enfor the. '.hear.;■ natiohkL oils,., and;
-well^en-'a^^rs.0:.
'!!??> yeaf^ l1r w^s-rr:-—
13ft; m tmj'
hhe
»hrtriAC,Q« «rAii a.o.fh» ^n^riipfinri"
~ - future.
trenched electric utilities. Royal
of
1 520 teleOhone
^'"g, costs,
costs of operations refactpr..in
tile squeeze^on
The stock meanwhile is behav- A>utch, Jersey Standard, and
squeeze^t/ii
main a fectpr
m the
people t.hpm«oivA«
themselves
rvponla
•••••'
1
'occurtenceV'but^"eMeits?'litfcle!■*fSSi' wS3n-t worth? also hf' m?& »
ddS8^'
response these
days. ; Mosti?aTSgI ^
H k Calvin e. Duncan D6V, sari Francisco,
ront
iV dlr^nw fnwa'rd tlonal h,0.00^006 subsenber
age of net worth for the industry mrs> june b durst
daily
THOMAS
GRANING
Co
'
Los, Angeles.
-
mnitoco.'
squeeze on,profits.
<• Japan. It ie wholly owned by the the.past, twe years), in plasties.-miss ann w. henderson
The latest .sigp of 1 the acute Government, and control of its materials (down 5% in the past MRr
,.Biy& MRS. CLIFFORD
,L. HEY
Investors Apathetic
struggle for markets is a cancelia--business and financial activities is two - years an<l 10% In the past
Paine, Webber, Jackson Ac Curtis,
.Ventura.
Although the steal makers have tiohxof a half-cent a pound: price • exercised.-by;; v. a rip .us Govern- five)|. ,in .synthetic fibers., (down
MR,. Ac MRS. * WALTER. A HUBNER
hnl their troubles* with CapitolI hike^ohperchlorethyleneJtused; in fnentaT b p dios, •with''
principal1',i;n
three+ Avtnln
years),(rland pharma'
Amillnnl
*11 O/.
Quincy Gass Associates, Pasadena:
Hill in other years (Harry Tru-.dry-cleaning).^::that wag
siate,d to supervision^^ -by .the Minister "of-.ceuticaUm
H.%. 'in, m^^iiiS'huqbTotwSgs;
man
was
not popular in Pitts- go
into* effect Oct: l. r Another;. Post and TelecomihumcatiQns.?
AtAh,Pa3titvY0 years).
Paine, webbei1, jackson & Curtis,
burgh hoard rcoms) the industry coldJENKS
.
,
•
-
•
.
„
Jvivt
had
"
i,L -."i.
1
_
i
.
i
a
^
*
•
i
j.i.
A
tt /r
•
a
J
'
a
Axirvi,
wnn
rn
always held
ing
a strong -follow-' sure
investors. :But
the "in the
among
market's
refusal
to-
gamble
on
Many- companies such .as
du Pont, that find /coolants :strqng
-
steel has aroused some concern.-
More popular on the street have
been
the
issues such
higher-priced
glamour
Polaroid and Xerox.
continue" to
show- strong
Beth
ns
day-to-day vitality- and both
re-
8t
money-makers. are having rough
going*. Prices^ this -fall are ex-:
1° reflect, price cuts-of last
•wmter,and*may^,.go. lQwer.- .ii '
.
Dow Chemical has already given
^
T.
InstallsWireto-
ihi<? vear "
muuon.in-sales inis >ear,
;
*\r-]©prtt r.psserjts.,.'
tho
me re
^
.
nrio
m.„.
,
,
A
"
.y
■
--
f,
higher- than"-it''actually
Idiis year;" ^ '
J
;
"
■:
$
>
a"
-
«Vi*v
•
;
Another _factor
t-'
v.
will
be-
t*
which, has
lSs.eGK)RGE ^H.S KL&1X
Sbearson, Hamntill & Co., San Francisco,
oir. Joseph g. lepuma
,
an
.
110 South;Sixth Street, members
of- trouble-in the >of H the Newv York^ and Midwest
-
-
Currier & Carlsen, In.c., Los Angeles.
mr. & jars, john e. lee
Shearson, Hammill & Co.,
Ivfr
SSli 5
i
industry s . panto s>prediction of record sales wire to the Chicago and- New York year or two (although.at the same
li.
I119#'
f W L'^
forthethird quarter;but nomoreofficesof^Tloyie^*" O'Connor & time increasing cash flow by an
irs^ai
at
a
taster
u
i
pace-
than., ex-.,than^.slight xise in- profits.- .-Its •Company,~-Inc.-1-"4*"
Hill,
Santa
MRS.
Fe,
-
DAVID
Richards
&
-
-
M,
Co.,
LEVY
Los
Angeles.;
partment, the .article adds. The mr. & mrs. a. s. mcomber
change could take about $100 mil- ^r«bJ°*£B
Septembers. - Another sign
? who,, chemical area .comes-from Mon- StQck^Exchangesr opened a^direct lion off annual profits in the next
£?.!
Angeles.
KEYSTON
& mrs . oodprby king
MR* &
.
N,
^
Rancho
,
.
Keyston & Co., Burlingame.
ro--
ifad -prices held
National Havel Service, Los Angeles.
steady,% tb^e- industry's net income mr: ap mrs. Nicholas p. kirwan
"
\
■
Doyle, O'Connor"-
million in
Los
Co.;
GEORGE
J; M< Dain
-equivalent amount)..
HeifdeSS' & c^ s£i f5Scq
mr: & mrs. robbrt- p. mann
Davis, Skaggs <te Co., San Francisco,
Continued
on page
19
TOftunie'. ISMCr-.- Number?
•
Continued from :pay» 18"
MR.' &
&
MRS,
First
Bank,
GRACE
Los
:
'
1
,
MRS-. ; MARY
ARNOLD
Kerr as
MISS RUBY
'
:
r?
,
M
Los Angeles.
.
Paine, Webber,
Jackson as Curtis,
'Los-Angeles.
;•
MR*, as, MRS', RICHARD R.
the
-1
as
O'NEIL
.
Retiring
Central,:
West
■
oF
the
Albert
College of Medicine
created
.
.
visions
Utilities
They: fill' vacancies
Einstein
Sept, 20,
on
at the Park Lane Hotel,
uSi™
.
Rutgers University and Associate
-
>
?
manage-
.1 ^" adopted-amentoent would the proposal to impose a withhold-'
disallow as- a
d^nctibiei business ing tax on' dividends and* interest..
^xpenses- for ta» p wposeis; th^1 cost The - White Housd and^it^ cohorts
of informing
stoe^holders>on::4eg- ^ Congress pre still smarting
:
islatave matters
affecting:the!mat setback. ' - - ^ - ■- v ^otlr)on: -Otter's
vestments.
The vote
•
j
He is being honored by>. the
College for 45 years- of "service in
;
the
:
many
,
Beverly Hills.
MR. & MRS FRAN2SS OSTHAUS
:
V
Bateman, Eicbler & Co., Los-- Angeles.
Professor 1 at. the Graduate School
of: Business, at Columbia Univer-
^ sity.
"
■■
Osborne* asWard,
was-,49 to 29
/
-
^
:
Unless, the; . f ight ;agaihst
.the amendment introduced by
" on
v
^
:
and for
contributions to
.
Chairman of the Factors and Fi-
Guidebook
a
coupon vutier s, ^uiaeuuuK,
.
banking.,, industry
creative
education."
i
.
.
,
ERNIE; PARSONS
TWA? Lo» Angeles, Represental)ive." ? %
THOMAS F:. PHELAN
Price,
Krafti Poods^Division; of
1
JAMES' OSBORNE
-
a
Divisions
nance
is
William
.
T.
Blumberg of General: Commercial
the new technical manual,, has been
f
CoasLStocJc. Exchange;
Pacific
&
F.
hattan Bank, will be honored at a
Dairy Products Gorp., luncheon sponsored by the Factors
I*. Thoreri, President of and Finance and- Accountants- Di¬
the
'•';:i,,;.,]naentl'''ti>-.£®pris.e^::atocfehoiliier9 .of,
i'V;C
-;
-
Los^ Angeles.wmummM mw&> :-/■ ■.
Hayden, stone as Co., Beverly Hills,
Goi,
a® MRS
This? blb-w; sfeihs 3 from*
amendment to," titer
Cooper
sInfteS taX biU as passed ^ th<:' earSpiOgl/.of; cerate -
,
FairrasMi-
G.
Vice-President of the Chase Man¬
National
and
its hand.
'
V
.1
NOEL
William,
Gordon* Ecb-
Vice-President -
-
'''
■
Executive
;
than: 3»000,C(K> owners 1 of ;Ieg;islatorS afiaid tiiafc they dp not
f
of Aiidrewr H., Phelps
Mr. Price is. a member of the
mutual funds, now ife about to give1 wanf inforniatiDn about their acts > resignation of Edward A. Ravens-,
them and; indeed, all; sfock-owii- -—or their v6te3---disseminatfed?-" " croft.
faculty of; the. American Banlcers
J ^
/ ing mem and womerr the back!: ©fv 'L
1
■ "
,
/ v . ^
: i Graduate School;. of« Banking; * at
NE.WBY
Hi
Co.,
&
Fund, too.
? more
MUELLER
Bell, Los Angeles,
JOHN
Taylor
poses
They >are
>
wards,
jBis$eryice;to.^^^; ;vr "l"ahj#
Washington, which is capable of y The ; Investors* ; League
a-great show ot affectiolirfor.fiie this quesUoni ^Of:what a^
Shearson, Hammill St.-Co., Los Angeles.
MR. AS MRS. A. MICHAEL MURRAY
V
MRS
A
,
?
MORGAN
Morgan & Co., Los. Angeles..
MR. & MRS* W&Wt&B Li MORRIS
•
Ilrving Eundtoorgf 8& Co.* San Francisco.
MR.
Honored by
^
election of two new diK
rectors*
of
Beverly. Hills.
"
MOORE
M.
Angeles.
B.
announces
>
Webber, Jackson & Curtis#
EMERSON
POTTER
Los. Angeles.
Witte© <56 Co.,
Dean
BY JOSEPH C.
MQNAHAN.
MISS ELAYNE
Paine,
.
Angeles.
Los
MBYBI8RG-
Union
MISS
MR,
^
Television-Electronics
; '
MARIN
HENRY
California Co.,
EDWIN J5
E.
dient
by
-
identified.
AH^PIAC
T.ac
MR.
taken
<"
*.
19
-
Webber, Jacfcson St- Ctirtis,
Paine,
i'
/(1215)
Tfie- €&mm&rei0& fcnd FtnamiaK
,
MANNING
STEVBNS
MRS.
••,
PROEFR0CKT
HOWARD
MRS:
•
r
/ Yorkt as- Go.-, Saw Francisco, v
:: ■
QDENN-'
••'
■ --.r
'
: "!'ri
Stone & YOungberg, .San Erandscri.
—;
.
'JOHN. J*
.
„.,
MR:
®
MRS;
W.
P:
Hutton as
ROWLAND#, JR, -,Walston &, Co:, Tiitr., Fresno.
,
MR* a* MRS* JAMS'®- B. RYAN
4 5
as
MRS*- WALTERSF. SGHAG,
Sfcaggsp at Co.,
CHARLESW.
Merrill
SHEETON-
V
Ly#neh,-Pie<rce,
MR-as
MRS.
dit,Pont:/&
•
amOndtoent, they no healthy business climate; But
lohger will, be ablh- to Make.
expenses tax-dedUeitbie."
" " "" ^pcafettce'-.'IpuJBte.#'
*
V.
f
SILL
.
/
,
Merrill' Lynchy Pierce,-
■•'
'.San'- FrancisGO.,"•'
MRS.
collection^ departments-.
'•
■
developed by ; Harris ^
dnMHrsp::td7flem? ■ them- vsystems: and- pro'cedures -depart- ]
multiplication and yer-f
arly -book .was
1';v' '4
LENQRE .F.
-■
■
THORP
f'--':
'
-"■
•
^"7.
,
'
o| pond coupon, amounts.;
.
Davis, SkaggS' at Co., San Francisco.
MR-. as. MRS. GEORGE E,* V ANDENHOFF'
Dean
Witter
MRS:
as
&
Co.,
Beverly
E.
JOHN
:
Hills.-
AAv^wnW-in \
.r
:•••//-
VANDERBUR
-|bat; other 'financial\
'iiifiiutionaKpoul:d"-behefft'■ ihroh-^h:'
use of the guidebook, Harris bank
,
.
MR.
tlae>»ew^:
Salt; |ng&- Bank,Chicago.: The ,guide-
Fenner&Smith/
^
;
Wilson, .Johnson & Higgins,
-
eor-
•
Co., Los Angelas.
; •///- ;:••• ■/. :/
v
San, Francisco.
st'ine
u
vi
WILBUR F,-SMITH;
john.m*.
^
j
'
Fanner &• Smith,
CHARLES. F.
Francis T.
^
..y Co o-prG E
San Francisco;
:
-
^
.;
•
RICHARD' FT
^
u
i
.
SCHEBBBE
*
.
Agents?. Apceptaaioo Ccrrpt; ' of* America,
Angeles.?'-/
Los
vfti" -
mat^ra:on thAdetermining : the
#
;
-
Francisco, :
8&n
iUSnS
vital -baiiika witSi: a? simple,, easy-to use
The distingui shed: neurosurgeon,
Dr; Leo: M; DavMoff, - Associate
Tthaf 'the expense, would: be oner-: seihi-annual amount of interest ' Dean of the: College of Mfedicine
OUS; ;
;v
! ?
v,
V
• due-on-bond eoupOns. IFse of the ^ and? Chairman, of 4ts Department
" "r«u
a
"; V
^
new manual' can- result in signifi-, - of NeurolOgicah Surgery, will be
St^e;i
time savings, especially .in the guest speaker.
e
u
^
- hanksbanks- with
w-i-th largervbend,
larger bond, tru^1 or
sw#*iK.nwiiui«yi ss
c.
^f^W^rlegisiatlvei
;
-Shearson, Hammill: & Go.," Menlo Parle.
Davis,
utA Vvvfrvi
"i&rSJ?
CO,/ San Diego. ;
RALPH. H.
MR.
tho
D/ ROBERTS
/?' cifirvn
: V-Jij
to
GEORGE-
partisan
.
organization Iwh^h ; has
na^ ^arll' fori
meir
failure
to'
.
Evansf McCormack as CO;y Trrclr- ArcAdia.
MR,
as
MRS. .HARRY: W.
WAYNE '
ProSbecVs from- you* dealer-or
-
M
Iyi S'
? Senators voted to drop
-
Hayden, Stone & Ca'.i Trie., Beverly- Hills.
MR., as. MRS.
-
WHiLARD S;
WEBBER
.
Leppo, :Dorking &; Sherman,
t
as
Co.,
MRS.
Los^ Angeles,
EDWARD
A-.
-
-
WHITE
-"
>
..
a
rights
Cur-
^^| ;
tain of Ignorance over stoekholdr
and investors. ■' And the. In¬
*
;
and
;
to.'NABAC
^o.^aiied
-
servantS
in
the
tire
"The Securities and Exchange
Commission was created by Coh«
Francis I. du Pont' as' Co., Sari Francisco.
at MRSfc FARAN: WHITEHORN 1 •
r;
.
MRi
Ftancis L
MR.
C.
MR.
at
du Pont as Co., San Francisco.
MRS, CARL WILSON*
Vt-J'f. \
Wilson
as
Eastman
MR.
as
HENRY' G.
MR. .as
Birr
MR.
as
Co.-,
Los
MRS,'. CHESTER
as
Co.,
Reno.
LLOYD
MRS1.
;
YOUNG.
•
:
-
\
^
;
;
;
Composite Bond and Stock Fund
full
v^
•
'
the
"But
the
Senate
-full disclosureV
vote
v
v
;
:
-
...
;
;
:;t The:; new manual is S V2 x 11
inches' in size and: is attractively:
pfintedfh two colors for ease ofuse. It is indexed by interest rate,
beginning-with
:a
and graduat-
.;^^ v(^;AineiMVPhillips Petwj-^'tides
a
handy^ t^
FUNDAMENTAL
tenth rateT"
loum ;and Texaco.
At the same.5 from 0.60%', to 5.S0%.
principle'thaf f;has inereas#.:holdIngs ^
:-f "Coupon^ Gutteris Guidebook" is right -to Bayuk; Cigars Irving Tri^f 'Mar^
INVESTORS, m,':
reverses,
Investing in
"
YOUNG *
Inc.,. Los- Angeles.
common
stocks ■
selected, for possibilities of growth
in income and capital
.
M.«»;Mi«uo6Vuiviiv xwij
li gallon' to
inform
/affectirig- mi,
r
RWVU=-»
them-, of
xi
xiaTs- erjiifiJj
over
acts; Conda, A'te^rion, fope]
number of bond coupons
proiStafellity'^of^flieirj-BbochL^u^
investments."-
/Heinz and UhionvPacific; v/ r
Imagine, John
partners in; the,
1
and.
J|
the yearSi
by the.
.applicable5 interest rate; Using, the:,
' guidebook, .one merely refer® to
>
the indexed page bearing the cor¬
as
v.
•
dru^toret Keystone Cnstodlari Fimds, Ihc:, rect; interest rate and/locates the
on Main Street. George takes his- which
offers" fUnd * service® and number of.,coupons, ihvolvedi .by >
vacation in winter, goes fO
Flor-;, lif^ insurance sendees ^to inde- ; reading down a column of colored;
ida. John, of course^ 'kbepis^his
%eri3ent: dealefsd^d^re/HcOnsed^^U^UFS ^Qhi;l;/tO\100. -Immedi^
partner posted and#, in-vaddition'^ eell'.bpthv- will^evaBable-^uW hPP^ri^
iau
to writing to George, calls: him ort"four basic' types' "of policy.
The other color#, appears, both; the high;
.
Uommoh: Offered
J
Sf.A Chicago 3, III.
.
*
its
...
-
C."
Hayden,. Stone & Co.,
.
WOOD
Angeles,
W.
135 S. LaSolle
disclosure;rebof^^th^ /during:<the current .ing In eighths, to? b%;< A special'
^o^holders
/as:fl^^owne^^0f-a2i^j.^1.: ^wi vpurclxasesi fnclude. fiye-page-section at the rear, pro- :
business.
'
MRS."ASHFORD k.
Adams-Fa-stnow
-
,
A.
of
primary
of compelling corpoone
rataons -to* give
WINANS
Dillbn, Union Securities ■& Cp.,
Riverside.
.
duties1 that
Co.,C Los Angeles.
a»
MR®;
witri:
gress
,
so
banking industry might bene-,
fit.
vestors League makes this point:-1
,
'
Selected Investment* Co.'
that through
the assoeiation'k facilities the en¬
fair treatment from
+
Congress.
ers
WHEELER'"':-.,
E.
Wheeler " as
MR.
; ?
±
/
-
*.
'-.v'-
San"Francisco.
JOHN
:
^
George
corner,
j Ant issue of ^ 676 220 i common
i shares of Arizona Public Service. the telephone whenever a
mpj on foun general pategoi^s-are;
Wid- low amount*,; Anyone ^ wno
;
Co. is being sold- publicly at $28.tl5 problem arisesi If the matter,
jn-vmanent whole- life^:l^et and de-: has - been, doirig this type of work,
per. share by; a group .headed by:
•'yoivedasv fpr/exampie# a diVg^^erej^ng^iei"ntr^^ ^aranfe^ retii^^
First Boston Gorpi and Blyth? &, that
could have an impact oh
income^^an<L a IneW/policy^:^haatti^ of minutes1 ? - > -'t: : v
Co., Ine.? New ^York City.
/j-/ business# then .-the
:-ekPbuse^. ;of .called ."Permaterm," • a; combina-;
Copiea ' of, //'Coupon- Gutter's-'
>ac.
•",
>
A balanced investment
in bonds#
preferred stocks and
-
..
common
stocks.
•
,
.
;
.
Net
proceeds will be
of
payment
.
:
-
•
•.
loans
used- for
incurred
commu^catmg^
Ih^irdarmati^
woirl<±
fce^ dax-<ie^iietifefe^:
for,
b^tManent^whoIe^^ife and- GuLdebobk^
are
' >9V' /d-eGSre^sriag /.teimi -msu^-- ^
available to ,non^V;/'
Well as NA-BAC-;
'^
as
der the Cooper
r-^' r Members;/ The member' price for"
construction-purposes estim ated. at
$89,000,000? im 1962^, $5T,COO;O0O in
Oklahoma^s Senator Ker^floor
^ - v /^^^
/X
f ' ^
)
/additional /copies /is> $1.25;/ the
1963, and $24',000,000 In 1964.
-; leader on the tax bill and- oppo- Oppenheimer -Fuhd- 'repbrts t re- ; hon-rmemLber ipriee] is $2.50, and
nent of the
Cooper amehdhifent iceipt of an or.der for; contractual/. quantity discounts* are available.^
Arizona Pufoiie Service# head¬
quartered at Phoenix, generates, wisely: poses the issue ?this^y/ay^^.;>plnnsjiny6lyh^-f0tali: l^mt^s/pf/ Th^^idebook ^may^ foev ordered;
purchases and sells electricity and
natural gas in 10 of Arizona's 14
<inna
One
■
Counties.
'
■
of,
the
responsjbditaes-Gf:
t
is
management is to; operate itk bust—
ness- in such a way •• as: to pay a i
.^
up
-lO^year . spa'n: -It"/from NABAC. Headquarters,* P. O:
^.t^o^eoo.eeO pIahs. Box.SOO-. Park Ridge,!!!.
:
Association
Certainly, *. manage^ - •
responsibility ofV.
keeping the stoekholders -and em
ployees informed as to legislation
ment.
which
PHILADELPHIA, Pa.
-
:
-
,
has
the
affects
Paul R. Otherwise
...
theiri
economic
Barney
Pearson
J;
&
Co.,
is
in
arrangements.
development
bus-imes s#
they would be dere/
A Common Stock
Kaiser, Chairman of the Board of lict in their duty."
Tasty Bakings Co., will be guest
There are over 17 million stoek- :
speaker at a luncheon meeting of holders in this
country. They aro*the. Philadelphia Securities. Asso¬
the
fastest-growing - element in
ciation to be held on Wednesday,
Our
society,
outnumbering the;
Sept.. 20,. at the- Barclay Hotel, members of the
two big labor or¬
Philadelphia.
gan izat ions or the number of pro¬
Edwin
;
—
possibilities in securities: of companies]
in many fields of scientific and -
investment.
;
simfimm
investing fop long term growth -
return to the stockholders ,orr their
Philad)elphiaSectirities
BIVERSiFlfD GROWTH
.
Smith# duction workers. But, aside from"
charge of Investors League, how: many
ganized groups speak lip for them?
An
investment
for
its
Investment-Fund*
seeking
possihilfties
company
shareholders
lohg-term growth of capital
and a reasonable current income*
of
.
Prospectus
upon
request
HughW. Longaitd Company
XORD. AbBETT & Co.
of
-New York-,
r-
-AUahtaK.-^-.'
ChkagnLos Angeies-
'
IncorpontM
San Francisco,
Wtstmiftstor st Psrkw:
•
Eliutatk, Nw*ien*r?
The Commercial and Financial Chronicle
level by the Chairman of the Mu¬
nicipal Securities Committee and
the Chairman of the Special Com¬
mittee of the I. B. A. for Public
Our Reporter on
Securi¬
the Ed¬
on
SECURITIES
at one of the
meetings of the Annual Con¬
All entries should be
so
power
fillip this way which is
what a reduction in income taxes
is
expected to do.
Where the
limit is to this kind of a buildup in
given
the forefront
market for the bal¬
In spite of the
new money that is being obtained
from the weekly sale of additional
of the money
of the year.
a
will
evident that the
needed funds. An announce¬
as to how this will be done
the
the
of
Long Treasury
The announcement by
that
week
last
of competitive
very
successfully in
utility
the sale of
tax exempt
and
in the near
bonds would be used
Government bonds
sell
to
future
are
bidding used
form
public
are
modified
have
Emphasis
■
■
and
effect
and the
is expected to stay
raising
money
new
It appears to be the
most money market
specialists that for the balance of
the year the Government will not
be going too far outside of the
established pattern
in its quest
operations.
opinion of
for
proposed for
admission on Oct. 1, as partners
in the New York Stock Exchange
ing
maturities
of
new
as
It is evident that the market
due.
income
for fixed
tions
favorable
there
able
is
to
obliga¬
enjoy a
atmosphere as
going to be
not
pick-up
either
bearing
continue
will
as
siz¬
of
offering
the
in
Government
long
any
or
been
have
an
bution.
15, 1961
18%.
Tax
— a refund
adjustments
million. Share earnings
adjusted for past years
(1956-61 inclusive) for the amount
of the refund; the reduction for
1961 has apparently not been pub¬
$17.5
have been
lished, but for the preceding five
years it averaged about 23 cents
a share.
However, there may be a
further retroactive adjustment re¬
instruments lating to income taxes.
for the oil and gas industry, as
Subject to prior action by the
well as data
processing devices. FPC,
a
new
rate
increase
of
Other important interests are a
$5,606,287 will become effective
half
ownership
in
Escambia subject to refund on January 1,
Chemical
(jointly
owned
with 1963; increased gas purchase costs
Electric Bond & Share), a petro¬
and higher taxes are the basis for
chemical company; a 75% interest the
requested rate boost. The FPC
in Duval Sulphur & Potash which
may dispose of this
case before
produces sulphur, potash, copper January 1; audited figures have
and molybdenum; and a 32.5% in¬
been furnished and a conference
manufactures
in
terest
special
Atlas
Processing
which upgrades raw gasoline
various products.
weather
to such
Natural
might be indicated
about
action of
the current market
to June
nearly
reduced the cost of the settlement
division
instrument
An
of
C.
Royal G. Whiting'/.
Barker
Austin
gas
85%
balance
of
consisting
is scheduled for October 22.
the last
of the pipeline cases, Union Producing's rates (involving about $4
million) are also being investi¬
gated; the Examiner has held that
Union's rates were excessive, but
provided
the
sales
of
sales
1961
Co.,
into
revenues,
of
crude
ever,
this will
while
How¬
be
oil, sulphur, potash and
Even though it appears fairly
copper, gasoline, etc.
Of the nat¬ the commission is now reviewing
75-year-old
brokerage
and
invest¬
certain
that
the • Treasury
will
his opinion, which the company
ural gas revenues, sales to indus¬
continue to raise its funds mainly ment banking firm, it has been tries
including fuel to run utility holds disregards the area ceiling
announced.
They are located in
from the usual sources, it is not
generating plants i accountedi >for price concept and the cost of serv¬
the
New
York office,
1 Chase
beyond the realm of possibility
44%;
other
wholesale sales to ice principle.
Manhattan Plaza,
that there could be some longutilities, etc., 41%; direct residen¬
Mr. Whiting, whq joined Horn¬
term financing by the Government
tial sales 10%, commercial 3% and V'In -the,first half of 1962 United
Gas earned $1.34 compared with
before the year is over.
Even a blower & Weeks in 1951, will be miscellaneous 2%.
$1.19 in the same period of 1961,
responsible for operation of the
token amount of money obtained
The System produces about onemost of the improvement coming
firm's
three offices
in midtown
for
either
refunding
or
new
seventh of its own natural gas re- - from natural
New
York.
Prior
to
becoming
as¬
gas operations.
Oil
money purposes would not be an
w i t h
Hornblower
& quirements. It owns in fee some revenues continued at about the
unfavorable
development. There sociated
2,868,000 acres
(including acres same level and gasoline revenues
might be a reopening of the 414s Weeks, he worked for Firestone
covered
by
purchase contract); were down, but income from cop¬
of 1987-92 at some time in the Tire & Rubber Company, and for
Distisales, a market research com¬ 1,407 gas wells and 893 oil wells per and sulphur showed substan¬
future.
are
wholly or partially owned. tial increases. President Ed Parkes
pany.
From 1948 to 1950, he was
for the meet¬
they come
purposes or
money
be for
whether it
funds
Austin
Whiting and C.
G.
Barker
these securities.
pretty much to the near-term and
intermediate-term areas in its re¬
funding
though the
conducive
as
is
1956
being United Gas Pipe Line which
operates 9,182 miles of line, and
Union Producing Company which
produces gas and oil. United Gas
Corp. itself handles retail distri¬
forty
cus¬
the
contingent
revenues
of $167 million which
it" had
collected ' from 'April
1,
Partners
while since it does
a
clear sailing as
Short-Term Issues
on
The Treasury
seem
ahead
important
an
bond market
as a whole.
-
the
Economy
upon
not
by
developments. If this method can
be used to sell more than token
amounts of Government bonds, it
will
lcok-see for
expansion
industry. It was
non-affiliated
to
out
tomers,
to
ing.
approaching levels where it
might not be adverse to take a
about some interesting
could bring
of the natural gas
obtainable in most bonds
now
ELY
OWEN
(including interest of $5.7
million
associated
companies.
The company now has some 43
subsidiaries/ the
principal ones
Royal
Market Acting
Well
the Treas¬
a
largest handler of natural gas in
the world and its growth has par¬
million
Weeks to Admit
The
long-term
sector of the
though the near-term
Government
bond
market,
due
and middle maturities will con¬
tinue to be used for this operation. mainly to the favorable reception
which was given to the 414s of
The refundings which will have
1987/92 after they were issued by
to be undertaken during the bal¬
the Treasury, continues to attract
ance of the year will come mainly
investors that are interested in the
from the November and December
maturities, with a small one, the highest quality available in a fixed
income bearing issue. However, it
1V2%
notes, falling due in Oc¬
seems as though the yields which
tober.
' x'f:Kv
• '..:
■:-Vv.
ury
Gas, serving a major part
Gulf
Coast area,
is the
of
as
appears
the
incorporated in 1930 as a combi¬
nation of five major groups includ¬
it
(more below)
refunding
vance
along soon.
successful ad¬
coming
be
Because
:
....
economy.
ment
should
a.
.
of
Hornblower, "X
power
be deter¬
have to
doubt
no
United
alleled the growth and
bills, it is
mined by the monetary authorities
Government will
because it cannot be allowed to
have to make more sizable offer¬
get out of hand and bring about
ings of securities in order to get
unfavorable developments in the
Treasury
of
amounts
'
d. c.
purchasing
and
deposits
BY
United Gas Corporation
submitted,
by Sept. 30, 1962, directly to John
M.
Nash, I. B. A., Washington,
business pattern will be
the
that
purchasing
and
posits
raising and refundgoing to keep the Treas¬
money
pretty much in
ury
Thursday, September 20, 1962
PUBLIC UTILITY
vention of the I. B. A.
ance
.
presented
awards
open
ings are
.
announced and
Winners will be
CHIPPENDALE, JR.
T.
BY JOHN
Municipal
ties, and the Chairman of
ucation Committee.
Education
GOVERNMENTS
New
.
(1216)
20
corporate
bonds.
Weeks,
&
Hornblower
of
firm
.
Results of R°cent Exchange
recently estimated that calendar
Production interests
are
princi¬
year 1962 earnings would be be¬
pally in Texas, Louisiana and Mis-' tween
$2.15 and $2.25 per share,
The report by the Treasury that the Economic Cooperation Admin¬
sissippi, including off-shore de¬
istration and the Council of Minis¬
although Standard & Poor's had
$5,240,000,000 of the 334s of 1967
velopments. The size of the vari¬
ters.
From
earlier
estimated about $2.30. /
1946-48, he was assist¬
:
and $2,249,000,000 of the 4s due
ous divisions of the System are in¬
ant to the president of Haristone:
1972 were exchanged by public in¬
dicated by net plant account (in
In a talk before the New York
Realties
Inc., a holding company.
vestors for the February and May
Society of Security Analysts, Pres¬
millions) as follows:
Mr. Barker, who joined Horn¬
1963 maturities and that govern¬
ident Parkes stated that Duval's
blower
&
Weeks
in
1959,
is
econo¬
ment
trust
accounts
turned
in
Natural Gas & Oil Porduction (Union
earnings should be better next
mist in charge of rssearch for the
Producing Co.)
$165
$341,000,000 indicates this advance
year,
and
that
that
company
Natural Gas Transmission & Gasoline:firm.
He
began
his
business
refunding operation was the most
"shows promise of much growth"
(United Gas Pice Line Co.)_
372
career in 1936 with Public Service
successful one so far.
it is
Natural Gas Distribution (United Gas
conducting a pilot test of
Electric & Gas Co. of New Jersey
Corp.)
88 solution mining on its extensive
and
in
1944
joined
Cleveland
Sulphur, Potash, Copper etc. (Duval)_
26 potash deposits at Saskatchewan,
Electric
Illuminating, where he
where he took a degree
and worked for
in Paris,
Offering
at
Sorbonne
the
,
Deficit Financing
However, it
bond
and Inflation
seems as
market
will
not
the clear until there is
as
to
whether
be
a
reduction
or
not
in
though the
decision
a
there
taxes,
will
because
this will determine the size of the
deficit
that
nanced
as
have
will
the
fiscal
to
IBA Mun. Bond
served
in
out
be
fi¬
be
Adv. Contest
The Special Committee of the In¬
vestment
America
Bankers
Public
for
Association
of
Education
on
Municipal Securities is again this
year sponsoring
an Annual Ad¬
the
and
Sales
Promotion
more likely it is that pressure will vertising
Contest on Municipal
Securities.
be exerted to finance at least a
along.
larger
It is expected that
the
Federal
deficit,
the
part of it through the sale of is¬
sues to the ultimate
investor.
The
purpose
of
the contest
is
to
provide
recognition to
member
firms
for
outstanding
work
in
though
the bulk of the predicted deficit, broadening the market for mu¬
with a cut in income taxes, will nicipal securities through the use
of advertising and sales promotion
still have
to
be
taken care of
The
contest
covers
through the sale of short-term is¬ techniques.
the period Get.
1, 1961 through
sues, many of which will be sold
Nevertheless, it
to
the
would
result
and,
when
banks.
the
in
are
to
This
creation
purchasing
added
the
of
power
already
ample supply of money and credit,
could be the
kindle the
have
spark that might
As
re¬
inflationary fires which
troubled
in
us
long as there is excess pro¬
capacity in the country, as
as
unemployment, however,
quite likely to remain
prices
are
stable,
so
flation
should
that
the
forces
continue
of
to
be
in¬
on
the dormant side.
On
that
the
other
hand, it
may
be
the economy will be able to
a bit of an increase in de¬
stand
Sept. 30,
1949-59.
His finan¬
analyses have appeared in
publications
as
Harvard
Business
Review,
The
Analysts
such
Journal and Barron's.
In
has
as
addition, Ralph L. Pope, Jr.
been
a
proposed for admission
in Hornblower &
partner
Weeks' Boston officer He will
sist
of
in
the
administrative
the
firm's
nine
New
as¬
affairs
England
offices.
Awards will be made in the fol¬
Bache Course for
CHICAGO, 111.
Exchange,
pers or
magazines excluding orig¬
(b) Brochures, mailing pieces,
pamphlets, or other printed lit¬
erature
(c)
on
municipal bonds.
New Sales promotion ideas
established
or
outstanding innova¬
tion
of
new-issue
advertising
format published during the con¬
test
year.
All
entries
in
this
year's
con¬
test will be judged at the national
the
1961
System
received
which
$327
million reflected
sales of
natural gas and $59 million sales
of minerals,
crude oil, gasoline,
of $386 million of
purchase of natural gas
with
royalties)
cost
The
etc.
(together
$208 million, operating and main-;
,tenance expense amounted to
/;
.
cently around 38 and pays $1.60
yield 4.2%.
Dividends have
paid since 1944 but the in¬
to
been
this
crease
the
since
at
about
rate
was
first
estab¬
The stock is selling
times
17
the
was
year
$1.50
lished in 1955.
estimated
1962
earnings.
$69
million, dry holes and abandoned
leases were charged off at $7 mil¬
terest, etc.
week
of
will
course
mentals of
—
the
&
B&che
New York
conduct
on
."The
-
Construction
Chicago Investors
which in the opinion of the judges
best create new investor interest:
in newspa¬
In
revenues
depreciation and depletion
$28 million, and about $28
million remained after taxes, in¬
members
Advertisements
.
United Gas has been selling re¬
lion,
lowing categories for those entries
(a)
.v
.
$651
Total
Crews With
were
1962.
inal new-issue advertising.
the past.
duction
well
research from
Canada.
in
general
and
seems as
commercial
deposits that
economist
financial
cial
goes
year
.
senior
as
of
charge
a
Co.,
Stock
four-
Funda¬
Investing" at the firm's
expenditures
ap¬
proximated $75 million in 1961 and
are
estimated at $44 million for
1962, principally for new pioelines
the development of oil and
and
gas
production.
been
financed
Construction has
by internal cash,
bank loans and bonds in 1961-2;
140 South Dear¬
the last equity financing was nine
born Street, on four consecutive
Currently the equity
Wednesday
evenings,
beginning years ago.
ratio is around 39%, following the
Sept.
26,
and four/consecutive
sale of $49 million bonds in June.
Thursdays beginning Oct. 4, all at
6:30 p.m.
The courses, covering
Like other big pipeline systems,
a
variety of timely investment United Gas earlier had a backlog
main board room,
topics,
are
terested
offered free to all in¬
investors.
The
Wednesday sessions will be
conducted
by Norman R. Wolff,
of
seven
rate increase
while Donald R. Rose will conduct
these
the Thursday lectures.
oanv
a
cases.
settlement
As
refunded
a
a
DALLAS,
has
Crews
Texas
been
Financing
Guerin
Union
&
—
James
named
of
member
Staff
the
,
a
R.
Senior
Corporate
Department of Eppler,
Turner, Inc., Fidelity
members of the
Tower,
New York Stock
Exchange.
Mr. Crews will fill a
newly cre¬
position which is designed to
amplify
the
corporate
finance
services offered by Eppler, Guerin
& Turner.
He will work directly
ated
with Dean P.
Guerin, Vice-Presi¬
dent.
applications
pending before the SEC.
How¬
ever, in March this year the FPC
approved
Eppler, Guerin
of six of
result the comtotal
of
$35.5
Mr. Crews, for seven years was
Senior
New
Investment
York
Life
Analyst with
Co. in
Insurance
Dallas, where he specialized
corporate financing.
in
Volume
Number 6196
196
.
As We See It
ever
is,
a
that any
.
.
.
Continued from page 1
strong be, the future alone
discontent so
sort of change seems but there
desirable
whether
not
it
(1217)
The Commercial and Financial Chronicle
is
thought has been in the direc¬
change merely for the
sake of change. Neither World
tell, War did anything to put a
tion of
can
reason
no
to
halt to the rise of such
,
—
continued
moderated
President
It
was
modified
further
and toned down
the
Deal under
Truman.
somewhat
hower
in
intensity
of the Fair
form
somewhat
with
into
the
mental
but
of
morass
victims
under
scotched, not killed, however, have
Gregory Dir. of
—
of
a
had
we
the
ever
—
two
owes
existence
its
to
spirit and this readiness
to leap without looking. It is
now
almost a
sacrilege to
question the merits of the socalled social security system,
but it has grown and spread
its
operations in so many
farmers
should
III,
got ourselves quite
of the
land
that
have in recent years.
A
S
H.
Gregory,
the Board of Directors of
to
e
William
of
m
e
n
a
iU \
G
Certainly, the "revolution¬
ary spirit" had much to do
with the current tax system
which lays so heavy a hand
directions that we fail to take
upon
all sorts of business
note at our own very serious
enterprise.
There was and
risk. There was and is reason
there is, for that matter, a:;
enough to question its validity tendency in some quarters to
and acceptability in its orig¬
feel elated at the idea of mak¬
inal form;
there are many
ing the successful man pay
reasons to wonder what this
through the nose for this suc¬
ever
growing system will ulti¬ cess. There is, of course (ac¬
mately lead to. Unfortu¬
cording to all ideas of justice
nately, the system was set up except that of the "revolu¬
in such a way that the un¬
tionary spirit") a failure to
wary or the unsophisticated deal
fairly with men who in
easily become victims of the past years have earned and
notion that some sort of "re¬
managed to keep large sums
serve fund"
will provide all
of money. The feeling is akin
the money that is needed in
to that of the revolutionary
the future. Of course, the re¬
who would dethrone and
serve
fund has
no
assets
per¬
ex¬
haps behead the monarch
un¬
cept IOU's of the Treasury it¬ der which he has been
living.
self
and
hence
can
make
no
payments except out of what
it takes currently from the
people either as taxes or as
receipts of sale of obligations.!
And the Stock Market!
The abuses and the follies
of
investors
The system
is, however, most
damaging to us all when it
applies to the individual who
is in the process of getting
rich, or would be but for a
tax system which makes that
virtually impossible. It would
not be surprising if this gen¬
eral policy of taxation — the
excessively progressive type
the
'Twenties made it easy to sell
the public the
idea of ex¬ —has cost us more than al¬
tended governmental control most
any other part of the
and supervision of the securi¬
revolutionary events of recent
ties
markets of
during
the
nation—
is, made it easy to do so
early 'Thirties. Today Counter-Revolutionary Spirit
Needed Now
there must be a good many
who have begun to wonder,
Just how much this "revo¬
but the fact is that the "revo¬ lutionary spirit" is in fact the
lutionary spirit" behind this cause of the rise of Bolshev¬
the
legislation, is still too strong ism and how greatly the rise
to permit any progress in the of the Soviets has nourished
direction of freeing these very it, no one can say with au¬
essential markets
from
the thority. The fact is that for a
dead
hand
of
government. very considerable span of
What the end of all this will years the trend of popular
Feci-to Survey
Far
East
the
very
of bank
loans collateralized by stocks and
comprehensive
will
bonds
undertaken
be
in
gap
related
by the
System to fill
Federal Reserve
important
survey
an
banking infor¬
security credit
and to facilitate the Special Study
of I Securities Markets now being
mation
to
by the Securities
change Commission.
made
and
Ex¬
the
and
will
Board,
Federal
possible
it
make
Reserve
to
estimate the total amount of bank
credit secured by stocks and
—including
other than
loans
for purposes
purchasing and carry¬
securities,
ing
data
are
from
banks
an
and
which
for
data are
collected
available.
supply information on
the types of securities serving as
collateral for these bank loans,
also
the purposes for
have been
which such loans
made, and their terms
duration.
and
Detailed
sent to
a
questionnaires will be
broad sampling of banks
belonging to the-Federal Reserve
including all those with
total loans of $200 million or more
at the end of 1961, and covering
a sample of each bank's loans out¬
standing on Sept. 26, 1962.
All
information reported by the banks
concerning individual loans will
System,
be confidential and survey
will
for
be
results
published only in totals
of banks, loans, and
groups
types of collateral.
area
of
developed
by
Latin
America,
natural
will
also
be-, helpful
ing
administration
tion
U
tended
—
by
collateral.
relating
banks
of
to
but
resources
Regula¬
the
-
!
us.
continued
rate—is
rise
in
at
a
great
ings this year/ We'll have to pay
these taxes, of course, but at least
it will be over a longer period.
Another
for the first time when
they receive those two basic in¬
gredients for industrial success:
Market
business
stock
countries
.
.
the growing economic strength
the potential of
.
.
constant
They
.
.
but
thing to bus¬
one
like
inessmen
a
us:
the
tremendous
struggle for world markets as all
these
forces
compete with the
United
States.
You
businessman
me,
who
situation to
with
concerned
this
year,
perfect
a
since
1929.
bear
in
much competition on a local scale?
Despite the negative indicators
both at home and abroad, I must
say there are a number of factors
that should give a spirit of con¬
fidence to the American business¬
man.
the
up
market
stock
than
so
year
any
Something we should
mind, however, is the
basic strength of the market com¬
pared
with 33 years ago.
Al¬
though fluctuations in 1962 have
been severe, we should remember
there are striking differences be¬
Since the
in seven
many shares as it did in
1929, paper losses should not be
righL
Big Board
bleak, times as
the independent
already has so
one-
a
degree
a
the
more
tween the two
have
now
allowing
This helped to firm
Everyone in business has been
of
Russia?
from
pressure
mean
70%.
market
strongin Latin
with
combined
.
margins,
half payment on shares instead of
.
a
chain of industrial powers
America
positive indication of
government's
concern
with
was the 20% reduction in
the
and technical aid.
.
a
and tremendous
be tapped
in
periods.
deals
today
in
calculated
relation
the
absolute
to
the
Our
stock.
but
terms
total
of
value
economic
whole
is
structure
different,
purchasing
too;
con¬
power has
tremendously, our banking
system has been greatly strength¬
ened, and there are a host of
sumer
grown
built-in stabilizers.
Administration Not Anti-Business
First of all, I'm going to
of
many
surprise
saying I don't
by
you
These, then, have been positive
items
year
anti-business.
His father
may have called us SOB's—(after
all, he is one himself, a business¬
man, that is)—but I sincerely be¬
lieve the present Administration,
cut
Roosevelt Administra¬
for
ously
unlike the
tion, does not want to "take on"
Wall Street and the world of, com¬
merce.
I should preface my re¬
marks by stating I have always
been
and
am
now
a
staunch
Re¬
I do believe President Kennedy
is committed to
a
of action
course
that will stimulate and enlarge
the
in business fail,
labor fails.
We provide the jobs
that in turn provide the structure
If
economy.
whole
the
of
we,
President
don't make
labor
movement.
knows that.
If
we
profit, we must cut
Thats
logic,
pure
and
back.
a
simple. No cash in the kitty means
production of goods.
no
duction
of goods
No
means
jobs
recession
viewpoint,
harmful
no
jobs.
or worse.
purely politi¬
nothing could be
than this to the
Looking at it from
cal
No pro¬
means
a
President.
I
believe the President's skirm¬
ish with
Big Steel was an unfor¬
from
all view¬
tunate
incident
security
points.
There's
every
reason
the world to believe the
in
situation
.
.
...
sonal
to
scene
boost
our
automotive
the possibility of a tax
.
good
a
the continued rise in per¬
income
.
.
.
the
generally
strong state of retail sales
stabilization
of
.
.
.
the
unemployment
the depreciation allowances
plant and equipment
the
basic strength of Wall Street.
.
.
.
.
.
.
Nothing Like the Space Age
Nothing
can
during 1962, however,
with what has be¬
most
splendid single
compare
come
publican.
the
on
confidence:
believe President Kennedy is seri¬
credit ex¬
on
of
income—although
populations of their neighbors will
securities-market* credit. .more
to the
Board of Governors in its continu¬
It
Indications
tax cut for individuals
a
personal
reduced
positive sign,
Retail
whose economic potential will be sales are continuing at a healthy
tested once the Alliance-for-Prog-v p>ace.
The unemployment situa¬
ress program gets strongly under¬
tion is not critical.The increase
way.
For all practical purposes,! in
depreciation
allowances
for
Brazil and Argentina are the only
plant and equipment, is, of course,
highly-industrialized
nations
in one of the more positive happen¬
The
this
survey will be used by the SEC,
along with the results of several
other studies being conducted by
the
Commission,
in connection
with its Special Study of Securi¬
ties Markets, to formulate recom¬
mendations- for legislation in the
Information
Many businesses rise
depending upon Detroit.
corporations will, when and if
into effect, pump more
money into the economy
ease the burden a bit for
The
no
It
still
goes
all
in which
area
regularly
not
benchmark
will
bonds
:
to 7 mil¬
spending
and help
course, we
the vast expanse
especially for
mission
and
it
is
estimate
Encouraging
I think
have
of Latin America
of
to ask—is the whole picture
The study, announced jointly by
the Securities and Exchange Com¬
cars.
recede
or
our very
South of us,
Japan
A
lion
near
Common
Bank Stock Loans
confident.
good year, and
a
automotive
that
factors
feel
us
somewhere between 6V2
shores. In the
future certain of our
states, anxious for industrial de¬
velopment, will very likely be
welcoming Japanese investment in
their backyards, as it were.
to
money
make
Detroit has had
have
we
other
are
should
What do all these things mean:
the
emergence
of the European
years.
that
in
There
steps;
aggressive economic expansion
of Japan which is not only ship¬
ping its products around the world
and
competing with us both at
home
and
abroad, but is now
ready to ship its know-how and
money
we
Crushing Tax System
get
the
Election
now
this
and business should
along reasonably well. They
must!
They need each other!
government
countries
That's
great chunk of the world.
in the
won.
ington has been—how shall I ex¬
press it—careful in its relationship
with business.
From here on in,
Now the rest
similar
taking
duplicate itself. It was
struggle of wills, md
Since the steel donnybrook and
the stock market collapse, Wash¬
decided
—
a
the President
na¬
what has become
economic bloc.
Then
head all
or
these
helped
on
called "Inner Six"
-
one
Seeinan Bros.
point of
everything
we
so
back
never
basically
their feet after
World War II. Instead of going
their
independent way, France,
West
Germany,
Italy,
Holland,
Belgium and Luxembourg — the
tions get
are
not been
radical
sun
Plan
Marshall
will
Our
of the Western European
showing its ugly so deeply into this mess. As it Brothers,
Inc.,
was
through the current is, whatever spirit led us into announced
by
it is still strong enough in in¬
regime in Washington. It is
John
B.
less a reasoned stand on cur¬ fluential quarters to make it Fowler,
Jr.,
rent questions than an emo¬ virtually
impossible to get Chairman. Mr.
Gregory is a
tional reaction against any¬ ourselves on dry land again.
general
thing that is (or was before Of course, the notion that partner of
the revolution started) and an agriculture was and is some¬ Gregory &
almost blind assumption that how sui generis is very old, Sons, 72 Wall
Street, New
various measures, none of and has been rather popular
York City,
in
this
which will stand the test of
country in one form or members of
careful
study and most of another for a long time. It the New
Wm. H. Gregory III
which have been tried and may,
however, be well York Stock
Exchange
failed at various times in his¬ doubted whether this leaning
and
other
leading
exchanges.
toward the physiocratic phi¬ Seeman Brothers are manufac¬
tory, will work miracles.
losophy would ever of itself turers of food products, canned
Most of the so-called social
been strong enough to lead us goods, cereals and frozen foods.
legislation of the past decade to hand out the billions to the
is
and
Space Program
1
countries.
Market
Common
one
subsidy of agriculture,
may
well doubt
whether
Continued from page
to combine into
govern¬
one
by the Eisen¬ view about almost
regime. The snake was
From Our
"rev¬
a
—
It
Tangible Economic Benefits
doubt that it has
already cost olutionary spirit." The great
holds any reasonable promise a great deal. Of course, inves¬ depression, at least in this
of anything better or even as tors, or many of them, have country, gave it great impe¬
to
good as what is being dis¬ not found it difficult to seek tus. What we need now
carded.
In
this
country it out ways to be foolish not¬ borrow the jargon of revolu¬
is a strong counter¬
burst forth in full force under withstanding all the controls. tion
the inspiration
Perhaps it was not a "revo¬ revolutionary spirit.
of Franklin
Roosevelt and the New Deal. lutionary spirit" which led us
or
21
the
of
business:
the widening vistas into
the Space
stroke
for
all
kinds
Age.
Not
there
the
since
America
some
500
such
been
of
has
comparable
discovery
years
a
ago
concept striking the mind of man.
The
whole
complexion
of the
world
changed with Columbus's
journey. The land he reached has
become
the
richest
and
most
powerful on earth. It is no exag¬
geration
to
say
that
today
America, in a material sense, is
the axle upon which the world
turns.
The
stalwart
American
named
with the other As¬
tronauts and the Russian Cosmo¬
John
nauts,
Glenn,
are
the
pioneers
of
century,
braving
both the
waves rising miles above us
Continued
on
this
air
and
page
22
The Commercial and Financial Chronicle
:
.
,
(1218)
22
globe,
.
20%
compared to- our present
Transit will allow
Thursday,1 September~20,;1962
SECURITY SALESMAN'S
coverage.
't ships of all nations to navigate by
tuning in on a satellite 400 miles
TTTIT^
From Our Spuco Fro^runi'v^'^t
«>««, wuibe worw.,- .oOltMJcilv'.-by
and
will be able to teleV V/IJ-
I v/111
X
from
21 ■
ntiac
Ztii™£.
ST
:
^
o
Wide,
we
,
used phone anywhere on earth, very
propellent, is currently being
:
»"a «"*" "of"" W
Ian:th. i» ,t~'
tarsTti
,
•
-i
inn
in.
ii
'•Sangfng
with their journeys. It for examination of POLARIS
TV
Vice-President and' Trust Of- bonds that are too.long-too low
is no exaggeration to say that if rocket • motors
t L>a
iivw room
the frozen
ficer of one of ttie New England rateu— or revenues when he has
we
attain and hold the lead in.
tors^ to take *~^yQPb L
y fOQd in a freezer And! all o£ them bank^ made the following state- told that salesman he is only in•V
space
exploration, America will l/30th the previous radiation ex- food in a geezer-And all of them ment afr the Fir3t Municipal Con- terested in G. O's. Remember that
continue
to be
the axle upon posure.
■>/.;v.?'1.--v
^eJrh Lrt evnLpfinnP
ference in : Chicago, last' week: /this man is busy. He hasn't time
a.which the world turns.
(3) Painless, ultra-fast dental researcn a a e p _
.
"We've
been
disappointed
in for idle conversation about bonds
Like
everything
in
life, it's drills and tiny electronic devices
No concept since the dawn ot salesmen who seem to forget what that he can't use. He may be in
A going to cost money. Columbus to restore hearing have been de- history vwill :change, color and-we'Ve told them in the past about the middle of an important conturned to Queen Isabella.We, of veloped from miniaturization, the stimulate ;the, economy nf. -this types of. bonds.-that are appro- ference and when that telephone
course
will have to dig into our process perfected-for space and country—and all the, nations of. priate for us., I'd like to suggest , rings, he answers; What do you
own
p'ocketbooks.
*
'
defense' programs.
^
the world—as will space.-I sus- that "when-;you> send -salesmen think his reaction will be to \h:e
rp_
lo„x
nn
the
moon
" "(4) A rythm-control
device*
has pect
that withinten-years -the as- -calling" on; us for 'the first time,-salesman
whoydidn't have sense
10
ian.1
d
ii-dii
uii
biic
,irnon
fonl+ir
tronmltipo.-indiiistrv will hp>: larger
^^a
xx.--_ci„
^eXne^nT'bed'tte
•
,
r
-
-
.
-
w,™
j
—.
known
T
fU»
linnx
Will
nrnWf
•
Ln
E J.
fhl-_
IpS
%naro
each
npnf
much money?
too
Vice-President
vpar
reminded
Tnhn^on
tntni
that
us"
activities
our
costing
are
than the $5
vear
billion
I won't at this
rosmetics
on
this
into
noured
hp
bil-
about $6
vears
this
Te
'
Over
Apollo.
Project
as
avt
developed for our Astronauts are
now
being used by victims of
strokes to enable them to walk,
Yet °nIy Fouc Years owf:;
banker's complaint about sales- portant
i_
i.
enough
_
checkhis
to
who call upon him may be,. notes that he should have made
> There are.now 5,000 companies but obviously he-has ; been am-, after that first • interview? > ;or research organizations in-this noyed .consistently by salesmen
^
.'v. w
country devoted to the space or1 who 'offer him ' securities in What ¥ou Should* Know missile industries.• Our space re- which h£ has no interest; If this' ' All life insurance companiesy as
quirements thus far have produced condition : exists among institu- well-.as other substantial instiover 3,000 • space-oriented: prod- tional salesmen; today, what an tutiomal companies; publish a list
ucts. The number of people em- opportunity there is for the...in- of their investments. Before you
and in some cases, work.
(6) Pyroceram, developed for
missile radomes, is now being put
to commercial use in the manufacture of pots and pans for the home,
(7) Research on space food has
v men
,
^
resulted in a process for making ployed in the various facets of the formed and tactful salesman who call on the investment officer of
highly-nutritive flour as well as-aerospace ^industry has- climbed' wishes to cultivate- this business, an institution, study- their investJr.
' '
a filter for improved coffee, and tremendously,
while /, those, emv-: .< . >
.
ment portfolios If you;would like
Now this $30 billion or so tor
infmred jood bianching for pre- ployed;, in the aircraft1 industry" . ;
^ k ^°ur ^ustomer .to make ^ call to. see an investlandmg on the moon is out »
par|ng f 0 o d s f o r canning and have fallen1 off. And', I repeat, this , If :you wish, to sell bonds /to - ment officer of
an institution,
of the whole space bm. uur uovfreezjng
era officially opened only four a bank for portfolio investment, write htm a letter and ask hifn
ernment has
c0™ltteJ.n
°
(8) A portable radio powered .years: ago—in October of 1958.
you
are in - competition, - with to send, you-a copy of the investspending from $40 to $7U Diinon
soiar cells is now being manuNone of this might have hap--'some of the most well informed ment- list so'you can study; it bethe
mention
noint
a
.
„
on
to-
alcohol
and
hacro
for
tab
and
^military
_
^
civilian
sPa^e
projects alone. Some estimate tne
job cannot be done lor less tnan
pened, of course, without Sputnik, bond men in the country. Sales- fore you make the call.. Tell him
If we were living under normal men representing some . of the you want to do this and that ybu
conditions, the Space Age might -large bond houses who specialize - expect- to call to eee him; but be-
factured for civilian use.
.
^
seien0i$ valve, used to
.
e^mjnate vibration in missiles; is
$100 to $150 billion.
* ^
—
-
.....
-
-
11
J!—
-
Now we'
that defy t
the computer.
as
on
bank
a
BUt "these are niost to oner, iney ?aeai in-; money, officer, ask him questions.' How
Why Keacn tne Moon. originally designed to produce en- extraordinary
times!
Can you credit
government obligations,. much are his deposits? Do they
There are those who say: why ergy sources for space vehicles;-imagine- what-space will do lor Ihey talk^shop, they KNOW vthe -fluctuate much? In other words,
reach the moon?
Why; don't we are now being adapted for com- the economy during the next ten bank s onicers personally,
they;are there periods in the year
stay right here on earth and at- mercial heating and cooling appli- .20 ... 30 ... years? Our expan- - .suppiy them.jwith quotes on port- when deposits shrink rapidly and
tempt to solve a few of our earth- cations.
sion into this new realm will di- folio ^bonds,, daily markets,. and then build up again? What does
bound problems—illiteracy, crime,
I mention only a few immediate rectly affect every major segment they render a service. They keep he
think - his primary reserve
juvenile delinquency, integration, areas of benefit from the Space of the economy and indirectly -their buyers informed.^ v
; should
be in percent •'of-total
unemployment, poverty, disease? Age. And all of1 them are cur- affect thousands of businesses.
Contrast this type of relation- portfolio investments? How much
Why is so much brain-power and rtncly in the works, not* just < - Tne question that might be next ship
with
the
salesman- -who- his - secondary
reserves?
How
cold hard cash being poured into dreams-or possibilities.
I would considered is: how DOES the fu- makes a telephone call once in large are his time deposits? Does
a world so far beyond our terresneed many more pages to describe ture of the independent business- a while when he needs, ail order; he buy tax-exempts? What matrial confines?
;
" '
some of the products, techniques,
man look?
'
or thinks he can sell some bonds- turities^ does- he prefer?
In what
I'd like to tell some of the reaprocesses and concepts that have
that look particularly attractive, years (if any) is the bank heavy?
sons why I believe we must probe: grown
from space research and •
Good News for Independent
- Then
add insult to injury and What, years light? What ratings
the galaxies and
plant our flag exploration and will one day be..
Businessmen
..- imagine- what
is going through . does he prefer? Dees-he buy arty
firmly on the moon. My views are come common place in our every- ' Since our Government, and par- that: banker's- mind when- he is- income
bonds or "only - G. O-'s.
not those of a layman.
Our com- day lives,
i *
' "
ticularly the Kennedy Adminis- called to the telephone during; Gould you have a list of his bond
pany,
as
most of you know, is
Synthetic fabrics developed for tration, is committed to aid the a busy day and some salesman portfolio?„ . .. -,
already a 20-year-old veteran in space exploration that will revo- independent businessman," this he- hardly remembers' offers him.'
possibly
you
could. suggest
this area.
lutionize
the
garment
industry whole space, age movement is a - - •
; -;
some
ideas to him from time to
First, .in both a military and po- here on earth
home appliances, good thing for all. who. run their
time.' Would Tie- like valuations
\iou
nary times.
devices,
Thermo-electric
(11)
rt^nu
i
„
T
,
,
.
.
-
.
.
.
litical
survival.
our
the
to
it
sense,
is
If
punch,
necessary
for
beats
Russia
us
shall have only
we
ourselves to blame when the Ham-
.
.
business.
,
- • '
" 0n any bonds he owns how? Does
will
be
virtuallyk'-'indestructiblePresident Kennedy said recently:"4j,ave any- preference as to
and
completely
independent of
•
.
the existence of capable, cido.; space • research and^ cxplora- industry when considering cor■hatr inventive and flexible small busi--Both areas.of Americartrbusir-f piratesif he buys them? Is there
power supply lines
; .-glass that
like toasters and refrigerators that
.
•
and Sickle tear the Stars and
mer
Stripes to shreds.
Secondly, if we back away from
the Space Age, we shall-be denying one of the greatest gifts and
responsibilities man has: the right
to
grow
and progress.
Arthur
Clarke, the space expert and authou, said it so effectively in an
address to the British Interplane-
tary
Society:
race
will
he
wonder
of
the universe."-
Third™and
so important —
that
space
will
benefits
txru
-
.
What
-"Be
are
these
-specific!
•'
benefits,
I think you
ask.
will be
you
amazed—as I was—to learn what
already
thus
have
we
remain
i,
plants
power
bigger
no
.
.
.
.
.
will automatically slowwhen needed or" evenavoid danger
phototubes
...
will spot flames
J
as
part of
—
•
i_
_
/v.
in
reaped
.
Q"hH
,
.
»•
raust; play-its significant?;part-yiferripts'
we are to be the first to put a man
anH
nn thA-mnnn
<*\nro
ts the ^
.
,
^ve.,
.
v
J-:?r--Xti-
utilities?
whpn
hav^
vnn
ih
thic
u.us> f...
wuc.u
1IIIie.
VIJIJ
.
m^kp^ nersonal call You
nim or make a personal caib.You
Acuities and challenges will only- £im
position in the national-economy."
or
or
q
signs that will change automati-;one in the American scheme ~of:
cally as the weather changes
a
things. Truth to tell, our economychemical, process" ~that wHT' -make;-cannot remaih truly^ competitive
.
cial rubbers developed for rockets
The opportunities-in this coun-' firmly, convinced of the truth of
try for one man to start with an it:* the future1-of this nation', its
that; will now replace metals A
idea, andr develop
change
mail
sea
water to fresh/.. spe-
that will
be
delivered
where in the world in
minutes;
m
our
1
And remember,
a
anymatter of
;
'
«»■--
;
■"
:
*
0r
a
trust officer, and don't waste
You will find
you
better
no
a business of his- people and; the kind^nf "lives we"methdd of gaining the good-will
own is easily one ©irthexn©st dev-' - shall- live are hitched to ■ a^ wagnrr "dnd the respeet" of these busy,
astating-arguments capitalism-has headed-directly for the stars.;--;To;'.iufDrw^ed';:.$*■ eii* thari ;;..to? know
against-communism. T know many* labor, it means a multiplicity -of ; WHAT* THEY-"WANT-—then try
,
.....
.
-
_
^
...
who
are
fu
that
a
a*
'
Age, but here
r
r
h
i
are
•
derivative
of hydrazine
developed as a
was
liquid
if
;
you
you
Olympics from Japan, or
prefer, opera from La Scala
the
Bergere from Paris.
so
far in the Space
S°m"
l
which
physically thousands of
p®?slbly mention bere miles apart.
«
;
ln^ediate,
concrete bene- theTelstar
will probably bring
have been harvested
1964
<-uan"°
^
^
^
the cur- Paris, 60 minutes
a push-butofficially rang up on this new ton will, via closed-circuit TV,
in
history only four short bring business associates together
years ago.
m
r*s*y*y\nrr%11 r\Y\.
.
7
t'l
tits,
lot*rfo
.
—--a
•
"
— - •
..
-
far
planet.
era
fKn
nocc
j
home and abroad. Because of the
vital role of small, business both
®i
worlds
tain
ii
in all parts of the country ness^—the large corporation •. and any section* of the country where
is reassuring to a nation^"which 'the'-;independent--firmr-r->are 'de- ^
.»n0.f buying
when it infacesso many challenging tasks at Pendent upon - each other.;-; Each^voives '..commitments iir tax-exnesses
.
home
a
n
x
«
_
sterile,
than a
transistor radio
.house paint
that will never-" need: retouching
tiny electronic controls that
permanently
F°wthr ^tampered freedom, and ^^"ua^taTaf DoVPwaste^an
increasing know-how of ,all of us,-i^yeSto'rr's time 'don't waste the
engaged-in the world af business; ^irn^
an
investment officer of
the all kinds of water reusable and without independent businessmen.;I repeat it only because I am so a bank or an■. insurance company,
bring,
already brought, to man-
and has
will
"The story
coming to a
said, "if men cease to dream,
they turn their backs upon the
if
^
be
own
uros will eventually spell out the-
weather situation throughout the
^
^
^
_
hap- a new, dimension to history and- -"Y.--j
pened to hang up their own shin- the men who make it. To scienee,* 7\ "H
gle.- The economic uncertainties it means; the tapping of nature's
endeavor
about
how
the-shoestring
they
years
.
the gradual growth
.
and then,. greater awareness of the power-of
God.
success.
No matter how you look at it, '
we are
\
■
Nat£" ,ad^ess
all involved in the gian^
task and opportunity of this-dec
r;
-A1-
i;..
-V
-
1
—
|p;
y»
Air
*
,
secrets-to understand-more fully
the
first sense of relaxation when jmur what makes the world tick; And
business began to take root '< . . to theology, it certainly means a
finally, the sweet odor of
'r-';-.
•
ixlCLCl©^ JT'63iDO€ky
' •
.
i ' *
"V.
»~ ; . f
Robert W. Anderson has become
associated
with
Kidder
Peabody
& Co., Incorporated, 20 Exchange
°jNep .at .the Place, New York City, as VicePresident.
;
\
,r
..
Volume 196;
Number 6196
*
.
The Commercial and Financial Chronicle
.
Current
The
(1219)
following statistical tabulations
latest week
week
Latest
AMERICAN
Steel
IRON
ingots
Index
weekly
1957-1959—
Unofficial
-
—Sep. 15
steel
operations
(per
—Sep. 15
90.3
Crude
42
>
PETROLEUM
oil
and
gallons
Gasoline
57.2
(bbls.
conuensate output—daily average
-Sep.
output
7,320,860
v
'
178,749,000
Sep.-
7
:•
ASSOCIATION
Revenue
OF
(bbls.)
at.^——Sep.
;7
'(bbls.), at——
___________———Sep,
AMERICAN RAILROADS:
freight loaueu
*
'
*
'
ENGINEERING
8
8
V/.X/. XX-
NEWS-RECORD:'
Total U.
.
S.
*.
State
\7..;
(U.
S.
BUREAU
MINES):
OF
..*
-
179,849,000
35,479,000
32,917,000
159,266,000
141,635,000
52,738,000
48,943,000
:
:
•
4p0^61.
•:
.581,420
; 492,382
>
$271,200,000
193,700,000
/105,800,000
,
191,600,000
.-
COTTON
35,520^000
157,562,000
-
/
PRODUCTION
MERCE)
,
49,6p2,0Q0
.
^
565,881;
478,334
/
CROP
"514,220
'
»
.28,30.0,000
.
$538,400,000 i
165,400,000
315,800,000
269,100,000
134,300,000
282,100,000
240,700,000
31,100,000
*
>
Year
Month
Ago
6,179,000
6,691,785
8,091,958
4,504,907
5,359,570
5,120,808
of
39,015,000
1,325,000
22,710,000
37,847,000
904,000
1,533,000
July:
3,593,385
3,841,655
73,551,676
3,788,381
41,709
53,274
3,975,844
3,832,074
and
coal
V Pennsylvania anthracite
DEPARTMENT STORE
Sep.
8
(tons)
—y
Sep.
8
SALES
(50Q-lb. .gross bales)
33,700,000
,28,400,000
8,260,000
7,239,000
315,000
294,000
OF
of Sept.
as
CROP
S. DEPT.
U.
EDISON ELECTRIC
.-Electric
output (in 000 kwh.)
FAILURES
'■
INSTITUTE:
(COMMERCIAL
AND
BRADSTREET, INC
•
6,585,000
*8,755,000
271,000
;v"/ 280,000
I;
'
14,687,000
1
—Sep.
8
i.
// r
:r
————_Sep. 15
105
for
(In thousands):
(bushels)—
grain
3,485,030
1,096,476
815,028
281,448
(bushels)_———_—_i'—
spring (bushels)——4__——
./. ;/ s Durum (bushels) ——
Other spring
(bushels)
: Oats
(bushels)-——4_v_—
Barley (bushels)
—Iv—
Rye - (bushels)
__
steel
INDUSTRIAL)
—_
'
DUN
—
(E.
Domestic
15,999,000
270
3/'/ /;"
—Sep. 10 /
—
refinery
U. S.
t
at
/
PRICES
DAILY
Bonus
—
Aa
28.650c
—
.'
Group—»————~—
BOND YIELD DAILY AVERAGES:
18,955
1,030,308
1,012,855
430,794
418,577
393,384
Average
corporate
'
n
-
Industrials
-
Group—-——
received
Orders
4;
Production
ASSOCIATION:
/
MXi*
^
8&.651
87.32
V
87.18
•
86.91-
,
91.34
89.37
»89.23
87.18
//'
87.05
86.15
81.90
?'•/•' 81.78
81.54
83.66
83.40
-
88.81.
.
.
4
'
"
■
,
!
;
88.67
3.86.
3.87
/
3.90
Pears
v
'
/
4 :
4.47
! .4.48
Z. V 4.50
•'/ ;V. 4.63
./ / 5.04
4.66
4.81
i?:?j 4.88
v
5.06,
,
■/'// 4.45
4.46
368.8
•'•/^;7'>v4.50'.-."
•
4.51 :V
..
'
/
8
•
Sep; 1 8
of activity—^-——-——_—
.Unfilled orders (tons) at,end of period—
Sep.
301,263
358,991
257,064 :
359,995
72
97
514,740
475,662
■
8»
346,263;
AVERAGE— 100—
!—-
•
:
Railroads.
r
—
vS
Total
i-
■a;
//'
purchases—
——————
Short sales—————!
//:•?;/ other sales
2,608,230
632,710
595,610
541,800
;: 415,140
...
——Aug, 24
Total sales—
——
/./Other transactions initiated off the floor—
v
?
1,961,560
2,173,370
2,055,610s
1,285,360
2,117,05,:
2,808,080
2,651,220'
1,827,160
2,532,19G
Banks
309,820
537,280
^
•
V
97,100
7 7 495,090
Au|- 24
7
586,090
•
;>"90,000
101,000
■
592,190
7
384,710
7
485,710
'/
;
206,550
44,936
45,300
35,454
122,635
126,710
75,000
.77,895
■
28,473
.
28,412
'-•'.
3,092
290
v
Total
//?
'•//■M:/
THE
FEDERAL
163
.
/
Other
Total
Total
v
sales———-—— /-—————Aug.
sales
for account of members—
transactions
Average
•
90,600.'
246,750
=
100
of
Month
—
.
AVERAGE
STOCKS—Month of August:.
(15)
Tel.
& Tel. h (24)__
l-i—
.
ISSUES
BANK
IN
REAL
GREAT
LTD.—Month
ESTATE
SAVINGS
111
3.53
3.58
5.65
5.75
3.23
3.27
2:99
3.45
3.03
2.63
2.68
2.19
3.50
3.55
3.00
£49,642,000
August
AND
LOAN
£62,080,000
£36,032,000,
INSUR7
7,396
7,214
6,576
ASSOCIATION
.
•
.
(Number of)—
10,635,681
_:
Tires (Number of)—.-
*10,536,840
*10,592,892
6,495,992
9,233,310
22,309,811
*23,784,574
20,525,421
Shipments
7
303,372
—/•—
7,835,558
•
—_;
*341,017
261,056
277,474
*373,833
240,948
/ 973,029
♦988,857
909,260
v-
4,678,615
7 3,624,091
,—Aug. 24
4:578,920
7
—.
sales
—
-—
/
Inner Tubes
-•
603,676
779,032
699,816 »;•
863,432
Shipments
K/,.
954,829
-
77 2,885,661
■i4,174,256
7:
861,110
:7,
727,940
,
'
(customers'; purchases)—T
.....
3,276,303
'
V
7
4,137,413
i" 3,376,88
2,095,586
s-
:
:
2,823,526
;
•
Production
.4
<:
3,931,982
;
,
V
■
,
;
/
Inventory
(pounds)—,u—
(pounds)^—
Truck and Bus Tires
(Number of)—
.7
Shipments
Production
>
;
Aug. 24
$79,561,191
1,600,511
j
/
1,362,876
$64,580,020
1,189,302
1,707,933
,
$55,565,900
TRE/»KT,WY
RECT
$93,434,082
__——_
MARKET
AND
TRANSACTIONS. »N
GUARANTEED
3,279,706
3,393,310
3,045,758
3,116,467
3,277,054
2,732,551
8,906,689
9,066,226
8,640,666
39,240,000
♦40,079,000
38,395,000
38,579,000
♦4L388.000
40,511,000
16,326,000
*17,468,000
17,899,000
1,305,454
1,177,376
*1,336,215
*l;366,317
1,101,793
3,721,031
*3,842,537
3,573,008
>
'
:.;v,/;"S///
Aug. 24
Dollar value-——__———;
,
(pounds)——/——i———
Shipments
555.10C
ODD-LOT ACCOUNT OF ODDLOT
DEALERS
AND
SPECIALISTS ON N. Y. STOCK
EXCHANGE— SECURITIES
EXCHANGE COMMISSION
Odd-lot;sales by dealers
Number of shares-.
——
Tread Rubber (Camelback)—
4,098,781
V
STOCK TRANSACTIONS FOR
f
(Number of)—-.
Production—
/.
purchases—-———
_____—--Aug. 24
v"
//
Short sales
—-——
—
Aug. 24
,Other sales
—_____————_Aug. 24
Total
1,000,483
Passenger, Motorcycle, Truck and Bus
'
835,983
:
<
84.40C
Inventory
Total
,•
"
1,180,650
953,271
96,140
4.87
FORECLOSURES-
Inventory
Production---
2.95
•
BRITAIN
of,
Production
Tractor Implement
113
113;
3.43
—_—:—'.
(10) _i—
CAPITAL
119
117
.
■
(not incl.. Amer.
119
YIELD—100
(125)
Passenger & Motorcycle Tires
Shipments'—
536,36(
614,281
/./
164,500
955,631
24
—-———Aug 24
—a—.—^
round-lot
970,626
225,019
r191
1,236
RESERVE
.; > Inventory,
/ 1,067,985 7/
purchases----——————^
——Aug. 24
sales———"—Aug. 24
Short
267
■
1
initiated on the floor—
Other transactions
27,080
3,174
158
ANCE CORPORATION—Month of June
480,80C
V
'
9,860
120,195
290
INC.—Month of July:
';7,//7 55,560,
/-7/ 296,550
7.v-:.?"". 25''
.
15,083
2,058y302
1,394
RUBBER MANUFACTURING
/,.
686,730
V
,-:
17,664
24
3,094
Average - (200
NEW
>
Aug. 24
-Aug- 24
—
18,333
,
(25)
Insurance
;;'
549,084
2,617,540
18,445
;_——_4_—__;
'
COMMON
376.(
2,923,900
11,511
4.——
4.67
/
/
16,5972,134,995
adjusted—
FEDERAL
'
15,724
36,106
204,632,
293,594
2,154,588
75,429
MOODY'S; WEIGHTED
FOR
TRANSACTIONS
187,587
263,197
..."
/ Unadjusted _—-__/4—___——__
NONFARM
ACCOUNT-- OP MEMBERS, EXCEPT ODD-LOT DEnnERS AND SPECIALISTS
Transactions of specialists in stocks in which registered-—
Total purchases
———
.——— Aug. 24
Short
sales__—.:——__—i——-——
———Aug. 24
.'Other sales———-—__—Au8- 24
ROUND-LOT
34,643
191,383
15,496
•
/. 10,641
._/
/ / / 114.04
113.26
4,640-
..
4.95
-
524,70.4.7
112.98
4,967
2.7,753,
266,870
——__
—-
•
3,443
20,652
00
;
Seasonally
MIDLAND
*113.62 V
^-Sep. 14
——:
693,023
1,742,960
12,477
81,000
OF
August:
.
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
3,498
-
PRODUCTION—BOARD OF GOV-
SYSTEM—1957
;■
'
r <
286,818
.5
7" : 261,790
362,201
•/•.'.••'• 987i; 'JWX.K! 76
/
•
34,460
(pounds)
Utilities
—2-- Sep
20,-006
/:■
•'4,395
«
3,443
■;
(barrels)
Industrials
i'vfV
1,679,085
;
(cwt.)
(tons)__:.
ERNORS
4.61
.
7/ ; 7 369.5
702,594
1,690,475
3,805
'
'
5.12
•/;,
4.9i " :
•7V 4.50
-
//'■: 365.4
;
/
4.89
'•
4.50
4.35
; .vf
23,810.
3,055
;
:
^___
(tons)—.
( tons)—___—.
INDUSTRIAL
4.45
4.32
4.46
66,961
4,461
(bushels)——
Cranberries
-
69,152
20,795
18,805
(tons)
87.32
/ 4.62
/rvC
18
(cwt.)_/—_____
(pounds
Apricots
4.74
8,371
68,502
21,156
2,932
.
(cwt.) i———4Z_i—xX.
86.51;
3.95
/;.;/•/4.64 /
4.62
116,632
10,354
4,954
7 669,011
—
'
'/'•%. 4.61 ■"
——.Sep.; 8
(tons)-—1—.————
(tons)
summer
(cwt.)
Grapes
14,318
115,963
19,252
(cwt.)
Hops (pounds)
Apples,-commercial crop (bushels)
Peaches (bushels)——
;-r
-..•
Late
Fall
Cherries
485,170
15,102
•
4,395
85.59.
•
53,636
482,315
20,652
12,537
Broomcorn
84.68
/
;
;
87.15
80.81
88.81
•
——
Sugarcane for sugar and seed (tons)—:
Sugar beets (tons)-—Z—__—_
82,90
.
62,158
' ■•//
summer
Tobacco
87.59
i
_i—_—i
(cwt.)——_
Sweetpotatoes
89.51
.
„^89.V9,ct
89.37:
>
,
r/;t *90,91
88.81
89.51
•
.
■,11.500c
120.750c
21,852
62,652
'
(cwt.:)_—
Total
':26.000c
:
88.40
r/.;9i.48
83.79
^-Sep. 18
Percentage
.
Early
27,262
27,853
14,687
spring (cwt.).
Pecans
INDEX——————
PAPERBOARD
NATIONAL
12.000c
24.000c
-
——:———Sep. 18,
Group——
10.800c
12.000c
11.500c
108,375c
/•' 5.03
MOtOBY'S COMMODITY
9.300c
12.000c
24.000c
"
:
—-Sep. 18
-SeP- }8. i
Group—
Utilities
28.275c
11.500c
108.500c
,
Public
11.000c
'
H
—fl—.——.——lep
Railroad
9.500c
24.000c
.
;
'
4.31
Aaa
28.650c
38,926
10,737
(pounds)——
Early spring
Late
38,926
29,475
115t927
Potatoes—
;
"
486,722
——„—
dry pdjble
Peanuts
,
30.625c
9.500c
108.375c
*
—.——Sep. 18
X-
—
;
/'
i
(cleaned) (100-lb. bag)
(cleaned) (100-lb. bag)—.
Soybeans for beans (bushels)—
$66.44
-
;
158,431
139,476
-
Peas, dry field
$39.50
30.600c
9.300c
12.000c
Bonds———.—.———Sep. 18;
U/. S, 'Government
Hay,
,
Industrials,, Group-__-__j^_A^^_^_^-r-—*--'Sepr 18
MOODY'S
/
J-: $27.50
v
28.675c
i
,
11.500c
-Sep. 18
——Sep. 18
—
■
9.300c
; :
;
'xbktixblX
---Sep. 18
Group
Utilities
292
6.196c
*
30.600c
/9.500c
/
Public
/$66.44
$66.44
/
-
'■/'
1,027,959
—
1,076,274
247,989 *
.
190,8TO
clover and timothy (ton
lespedeza (ton)
Winter
_IIZIII-IIIIII-IIIII———-I—-I—»-«Z^__-_|ep. 18
Railroad
'b
306
6.196c
;
;
1,234,706
815,028
214,371
all '(ton)____—
Hay, wild (ton)—
Hay, alfalfa (ton)
15,869,000
;
AVERAGES:
"X
..———-Sep! 18
Average corporate•
'/
$26.83
30.600c
—--—:
(primary pig, 99.5%) at——
——iSep. 12
(New York) •at———~XXX1-~X~——__—__Sep. 12
Government
/'V
•;/"'•■
$66.44
——Sep. 12/
at—.2———_l__;——Sep. 12
BOND
MOODY'S
204
6.196c
$26.50
>
:
•
tin
17,159,000
'
6.196c
;•
Lead (St. Louis) -at—————2
11-.——:—i—- Sep. 12.
tZinc (delivered) at___-___W—~i
Sep. 12
"Zinc (East St. Louis) at—_'—-1—______i__—;——Sep. 12
Aluminum
Hay,
Beans,
.
,/v Export refinery
/'.Lead (New York) at——--—Sep. 12
Straits
Cotton, (bale)
"_ 93
;
r
M. J. QUOTATIONS):
•/ >
-./..//'ZX;•/////7,;;/:■/1;?.7vV
&
Electrolytic copper---
■
'
-i
3,624,313
1,063,017
57,119
(bushels)
Rice (100-lb. bag)
Sorghum grain (bushels)—'
;
Hay,
__Sep,, 13.
—
—
16,837,000
/Pig iron (per gross ton)—
l_—.
—Sep. 10 5
.Scrap steel (per gross tonK^_^—1:——.——I——:—'Jt.——Sep. 10
METAL PRICES
Flaxseed
^
&
;
(
id.)—_—
(per
100
•/
14,317,954
3,549.633
'
67,077
—_
'
*116
XX-X
"
Finished
v
15,102,000 ,'
REPORTING
All
«
IRON AGE COMPOSITE PRICES:
-
•/
72.300
-
4,353,533
AGRICULTURE—
Wheat, all (bushels)
/,/:
INDEX—FEDERAL RESERVE
SYSTEM—1957-51) AVERAGE=100—
;
.
——
ugn-ite '4tons)__-_i.__v_,__.
4,320,200
COM-
OF
__
Bituminous
4,392,500
•'
Crop as of Sept. 1
$523,300,000
254,200,000
(DEPT.
PRODUCTION
Corn
468,970
222,600,000
'
;
Previous
Month
178,478,000
"
219,900,000
tons)———,;
Oven coke (net tons)—_—
Beehive coke- (tiet tons-)—__s.—i_.
Oven coke stocks at end of month (»et tons),
Winter
$413,600,000
(net tons)——.
(net
;
'
■
X.•. /: ?
———Sep. 13
OUTPUT
2,965,000
5,796,000
.'
i."
municipal——i.— Sep. 13
Federal
COAL
'
495,286
•
Construction—/—_—__/./U_-_;-—~^^—-t^-.r--Sep. 13
and
175,059,000
Latest
(BUREAU OF MINES)—Month
(BUREAU OF MINES)—Month
Production (net tons)—
13,654,000
/, 5,176,000-
of that date:
INSTITUTE—
COKE
*
13,888,000
•5; 194,000
:
30,272,000
3,024,000
>13,'780,000
.
36,429,000
V
Private. construction--^—————.
—_
—.Sep.4,3
Public construction—.
——____—Sep. 13
:
8,546,000
;
■r-.V ;X
/„ /
30,535,000
for
.Pennsylvania anthracite
BOARD
cats)——-————Sep.
at
30,404,000
steel
and
of August:/.
Bitupiinous coal and lignite
/ 7,085,010
" 8,472,000.
'
.<
STEEL
either for the
are
are as
69.5
"
,
"
fronv connections 'no, of cara)—Sep.
CONSTRUCTION—ENGINEERING '
?
uiuUibeif
7,260,710
2,787,000
164,161,000
53,486,000
7
Revenue freight received
.
CIVIL
•
jV 5,531,0007
7,266,010
8,413,000
.
3,204,000
13,106,000
Residual fuel oil output. cbbls.)—_
j._—Sep.
Stocks at refineries, bulk terminals, in transit, in pipe lines
^•••
Finished gasoline (bbl.) at___Lii
TL—i
-———Sep.
X-Kerosene =(bbls.). at——
I'
8,581,000:.
31,327,000
.
Distillate fuel oil
55.5
Ingots
AND
*
of
each
Residual fuel oil
56.0
.
IRON
COAL OUTPUT
(bbls.)
Sep.
Kerosene output (bbls.)——
——Sep.
Distillate fuel oil output (bbls.)_—.;^..-.__a—Sep.
v-
109.1
86.7
'
INSTITUTE:
Crude: runs to stills-^dajly,average (bbls.)_i_-—_:-—.,-;___Sep.
/
(88.1
of quotations,
cases
castings produced
(net tons)—Month of July—.
;
Shipments of steel products (net tons)—
Month
of
July__
■
.
AMERICAN
AMERICAN
2,032,000
•
The American Iron & Steel Institute discontinued issuing
v.'
this data late in I960—
Sep. 15
in
or,
Ago
1,616,000
Steel
capacity).
cent
that date,
on
production and other figures for the
cover
Dates shown in first column
Year
/Ago
1,641,000
production
;____
indicated
Month
Week
1,682,000
month ended
or
Previous
Week
INSTITUTE:
castings (net tons)
production based on average
of
for
STEEL
&
and
month available.
or
23
DT-
,
.
1,045,397
.
SECURITIES
"
•
dealers (customers' sales)—
Number of orders^—customers' total sales—
Customers' short sales—
Odd-lot
_
/
;
purchases
'' Customers'
v'-
other
1,578,678
1,452,879
,/ 1,117,814
1,879,502
Net
sales
Aug. 24
29,913
27,722
40,160
11,279
Net
purchases
—Aug. 24
1,548,765
$79,971,767
1,425,157
1,077,654
1,868,223
sales
Aug. 24
Round-lot sales by dealers—
;
Number
of
shares—Total
Short sales—
Other
^
.;/.
ACCOUNT
OF
ON
SALES
ROUND-LOT
MEMBERS
THE
STOCK
N.
!/
7.
.
498/520
513,100
.
4T0/340
,7"
7
;
408,040
:
.7
Vug. 24
1,395,770
DEPT.
1,247,570
18,082,630
19,330,200
19,773,040
-
21,168,810
__4ug. 24
Farm
Processed foods
101.2
Sep. 11
•:
739,380
13,304,380
17,479,470
14,428,620
18,218,850
100.8
eold
on
delivered basis
100.6
$61,901,000
-
$17,319,500
LIMITATION
that
may
be outstanding
public
debt—
$308,000,000
$308,000,000
$298,000,000
301,841,941
297,876,050
not
owned
by
293,714,454
469,830
447,528
$302,311,771
$298,323,578
the
public debt
obligations—;-—
-.-'7.
100.4
98.4
97.9
v
gross
*
249,228
Deduct—Other
guaranteed
&
/
outstanding public debt obli—
./ gations not subject to debt limitation——
total
outstanding
face amount of obligations
above authority
373,961 ;
$293,963,683
432,60?
442,443
$301,937,810
$297,890,976
$293,521,239
6,062,189
10,109,023
4,478,760
$302,311,771
$298,323,578
$293,963,683
8,530,305
yJj,379,565
6,020,320
$293,781,466
$291,944,013
3.247%
$287,943,363
issuable
—
a
■
.
UNITED
a
STATES
GROSS
DEBT
DIRECT
AND
'
103.3
Sep. 11
—
102.2
*
figure.
;
$304,377,300
(000's omitted):
obligations
Treasury-——
Grand,
Sep. 11
commodities other than farm and foods
"Revised
.
OF
105.5
All
-
under
;
products.
;
time
gross
Balance
commodities—
3,1
face amount
./ Total
-n''1,124,240
Commodity Group—
All
of Aug.
Total
453,010
•
Aug. 24
U. S.
,
—
STATUTORY DEBT
Guaranteed
i
—
.
,
;
PRICES, NEW SERIES
LABOR —(1947-49=100):
,
.
Outstanding—
/ '■
..;/,
Short sales——
WHOLESALE
660/350
331/900
433,930
.
August:
„1_
__—
GOVT.
Total
660,350
331,900
STOCK
Y.
-
1'.
U. S.
As
498,520/ :7/'470,340
TRANSACTIONS
(SHARES):
sales—
$95,671,971
at, any
Aug. 24
sales—
sales—
V
$52,962,030 /
-
.■
Other
,
v '
v;
Aug. 24/
$68,372,694
—Aug. 24
dealers—Number of shares
STOCK
AND
round-lot
Total
r
Z: /
Aug. 24
ROUND-LOT
FOR
„-Total
■
.
sales—i
EXCHANGE
/
,
,
sales
:
Round-lot purchases by
TOTAL
;
-Aug. 24
/? Dollar value_-__—__—l:.
.
.
OF U. S. A.—Month of
by
Sep. 11./
....
100.9
tNumber of orders not reported since int-oduction of Monthly
at centers where
freight from East St.
101.4
.„
:
.
*
Invp^tmert)-
Louis exceeds one-half cent
a
,
101.6
,
.
:v
a
GUARANTEED—(000's omitted):
a
As
a
of
Aug.
General
100.8
"'""tern
Pfan
pound,
,
99.7
.7100.8/.
Not available.
-
Zlm
- ■
»;
Net
31
funds
——
debt
Computed
—
—
balance—________——
;
annual
average—-—
—
3.263%
3.082%
24
The Commercial and Financial Chronicle
(1220)
'S>,
.
Thursday, September 20, 1962
.
.
* INDICATES
Securities
NOTE
in
Registration statements filed with
the "Chron¬
—
ceramic
now
are
Registrations"
carried separately at
new
Aiken Savings Trust
/ ;
^
Aug. 22, 1962 filed 100,000 shares of beneficial interest.
which plans to invest in first mortgages. Proceeds—For
investment. Office—305 S. County Rd., Palm
Beach, Fla.
Air
Business—Company plans to
Master
qualify
as
,
a
Proceeds—For investment.
trust.
Business
(10/1-5)
Forms, Inc.
July 27, 1962 ("Reg. A") 51,500 common. Price—$3.50.
Business—Manufacture, design and development of busi¬
forms.
Proceeds—For debt repayment and work¬
ness
Office—3500 N. W. 71st St., Miami, Under¬
writer—Givens & Co., Inc., Miami.
ing capital.
A.
L.
Steel Corp.
S.
doors, and other aluminum products.
29, 1962 filed 100,000 common. Price—$4.50. Busi¬
ness—Sale of processed flat rolled strip steel. Proceeds
—For debt repayment, equipment, and working capital.
Office—126—02
Northern
L.
—
Abbott
June
Realty Fund, Inc.
29, 1962 filed 380,000 class A common. Price—$10.
ownership and management. Pro¬
Business—Real estate
ceeds—For
debt
Parts
and
(max.
drive
selling
stockholders.
Ind.
devices for
automobiles.
Office—1313
Underwriters—McDonnell
&
Proceeds
Jay St., Kokomo,
N. Y. and Raf-
S.
Mortgage Corp.
April 27, 1962 filed 200,000 common. Price—By amend¬
ment. Business—The making and servicing of real estate
first mortgage loans,
Proceeds—For - debt repayment.
Office—First National Bank
—Shields &
'
'
Bldg., Detroit. Underwriter
Co., N. Y.
"■
.
'
-
,
"
i
j,
.
•
*'
►
*
'
'
.
-v J -!S
Aerial Control Geotronics
For
—
*
ment
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¬
tional equipment, research and development, plant fa¬
cilities and other corporate purposes.- Office—Route 15,
Sparta, N. J. Underwriter—Chase Securities Corp., N. Y.
storm-screen
windows
Fifth
Ave.,
Y.
N.
Underwriter—
Offering—Indefinitely postponed.
All-State
Properties, Inc.
April 24, 1962 filed $5,000,000 of conv. subord. deben¬
tures due 1977. Price—At par. Business—Company and
emphasis
on
land
general real estate business with
a
development and home
in
Fla., Md., N. Y.,
of
debt.
To
be named,
construction
and Ky. Proceeds—For repayment
Office—230
Park
Ave., N. Y.
Underwriters—
I
rtr*
Co., Inc., Philadelphia.
Amerel Mining Co. Ltd.
American Bolt &
Screw
debentures
and
90,000
in units consisting of one $100
convertible subordi¬
to
common,
be
offered
debenture and 10 shares.
debt
Y.
investment.
D*.
Fuller
&
Co., N. Y. Offering
October.
Fidelity
Corp.
•
Office—423
E.
Market
St.,
Indianapolis.
American
Flag & Banner Co. of New Jersey
(10/8-11)
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
Direct W ire
TWX: 212-571-0320
Ave.,
Clifton,
N.
J.
Underwriter—
•
American Gas Co.
N.
Y.
Underwriter—Bear,
Stearns
&
•
Proceeds—For
expansion, debt repayment and working
Address—Mohnton, Pa. Underwriter—Reuben
Co., Inc., N. Y.
American
Southwest Realty Trust
12, 1962 filed 1,000,000 common. Price—$11. Busi¬
ness—A real estate investment company. Proceeds—For
Feb.
investment. Office—800 Hartford Bldg., Dallas. Under¬
writers—Kidder, Peabody & Co., N. Y. and Rauscher,
Pierce & Co., Inc., Dallas. Offering—Temporarily post¬
poned.
•
\
■
American
Ames Department Stores,
Inc.
expansion and working
capital. Office—Mill St., Southbridge, Mass. Underwrit¬
ers—Meller & Co., and Kahn & Peck, Cohn & Co., N. Y.
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 common.
Price—$2.50.
hardware, and the assembly
of products for the electronics industry.
Proceeds—For
debt
repayment, equipment, inventory, and working
capital.
Office—107 Trumbull St., Elizabeth, N. J. Un¬
derwriter—Edward H. Stern & Co., N. Y.
Business—Manufacture
Price
—
For
American Kosher Provisions, Inc.
Arde Inc.*''
March
of
(10/17)
June 25, 1962 filed 130,000 common. Price—$5. Business
—Manufacture and sale of a variety of kosher and non-
■
1962 filed 100,000 common, of which 80,000
are to be sold by the company and 20,000 by stockhold¬
ers.
Price—By amendment (max. $8.50). Business—Re¬
search, development and engineering under defense con¬
tracts. Proceeds—Repayment of bank loans, equipment,
plant expansion-and working capital. Office—Pa ram us,
N. J, Underwriter—McDonnell & Co., N. Y. Note—This
30,
registration
Arden
May
23,
withdrawn.
was
Farms
Co.
:
*
v.
*
$6,000,000 of 6%
1962 filed
conv.
bentures due 1990 to be offered in $100
of
common
275,000
debentures, at par; for stock, by
amendment. Business—Transportation, distribution and
sale of natural gas., Proceeds—For debt
repayment and
expansion. Office — 546 S. 24th Ave., Omaha. Under¬
•
Angeles
Bldg., Westbury,
Co., N. Y.
shares
(10/1-5)
March 26, 1962 filed $1,685,000 of 62/2% convertible sub¬
ordinated debentures due Sept. 1, 1977; also
writer—Cruttenden, Podesta & Miller, Chicago.
to
R. J. HENDERSON & CO.,
INC., Los
Main
K-P^c Securities Corp., N. Y.
common.
DIgby 4-2370
$2,480,000 of convertible deben¬
248,000 common shares (of which
sold for the company and 30,000 for
218,000 will be
stockholders). The securities will be offered in units of
one $10 debenture and one share. Price—By amendment
(max. $22.50 per unit). Business—Production and serv¬
icing of physical damage insurance on automobiles,
trucks and mobile homes. Proceeds—Tp purchase Ameri¬
can Fidelity Fire Insurance Co.
Office—American Plan
•
Underwriters—Reynolds & Co., Inc., N. Y., and Cruttenden, Podesta & Miller, Chicago.
Broadway, New York 6, N. Y.
(10/8-11)
filed
and
.
Underwriter—S.
American
39
1962
1982
—
Mfg. Corp.
15, 1961 filed $900,000 of 6%
nated
Under¬
June 4, 1962 filed 500,000 common.
Price—$11. Business
—A small business investment
company. Proceeds—For
Members of New York
Security Dealers Association
30,
due
Proceeds—For debt repayment,
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¬
—Expected in early
'e:%'o.,Jnc.
tures
April 27, 1962 filed 100,000 common. Price—$3. Business
■—Operation of self-service discount department stores.
Elprtrnnirc
28, 1962 ("Reg. A'") 100,000 class A common.
Price— $3. Business — Wholesaling and distributing of
electronic parts, kits, components, etc. Proceeds — For
inventory and working capital. Office—2520 N. Broad St.,
Philadelphia. Underwriters—Albert Teller & Co., rInc.,
N.
—— ~
American Plan Corp.
and H. A. Riecke &
A Icrn
repayment, equipment and other cor¬
porate purposes. Office—Lawson Blvd., Oceanside, L. I.
%lnef si, SIEGEL,
•
March
Price—$10.
corporate
Underwriter—
March
ceeds—For
QUOTED
shares.
Strategic Minerals Corp.
July 9, 1962 filed 400,000 common. Price—By amend¬
ment (max. $3). Business—Company plans to explore
for strategic minerals. Proceeds—For debt repayment,
exploration and working capital. Office — 527 Failing
Bldg., Portland, Ore. Underwriter—To be named.
i
per unit. Business—Manufacture of standard
and special industrial aircraft and missile fasteners. Pro¬
-
A
Proceeds—For
Office—320 Park Ave., N. Y.
Interamerica Securities Corp., N. Y.
purposes.
Rose &
Office—551
Price—$100
SOLD
(same address).
American Phoenix Corp.
Jan. 24, 1962 filed 315,000 class
capital.
Bache & Co., N. Y.
Dec.
-
.
Office—1523 Kalakaua Ave.,
Pacific Management
capital.
•
BOUGHT
Corp.
investment.
Underwriter—American
tors' books. Proceeds—For debt repayment and working
Office — 80 Richmond St., W., Toronto.
writer—E. A. Manning, Ltd.; Toronto.
for Banks, Brokers, Institutions
Honolulu.
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 usee), in the sewing industry.
and
penses.
YOUR PRIME SOURCE FOR
and;
an
sold for the company
subsidiaries conduct
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¬
Fund, Inc.
of which 60,000 will
120,00Q„fQ?i:a stockrider.
Price—By amendment. Business—Publication of mass
circulation catalogues (for
department stores $nd mail
order firms), a semi-annuaf magazine and stamp collec¬
be
Co.,
fensperger, Hughes & Co., Indianapolis.
Advance
combination
Proceeds
-•
Business—General real estate.
Corp.
Allied Graphic Arts, Inc.
Mar. 27, 1962 filed 180,000 common,
For
—
.a
acquisition, debt repayment
and general corporate purposes. Office—5007 Lytle St.,
Pittsburgh, Pa. Underwriter—First Madison Corp., N. Y.
filed 100,000 common. Price — By amend¬
$13). Business — Rebuilding and sale of
starter
Chemical
aluminum
doors.
Inc.
March 30,1962
ment
'■
Pacific
Proceeds—For
common.
■
Alcolac
•
July 9, 1962 filed 94,500 common. Price—Net asset value.
Business—An open-end management company special¬
izing in life, health, casualty and accident insurance.
company.
Allegheny Aluminum Industries, Inc.
Price—$4.25. Busi¬
ness—Manufacture of aluminum and fiberglass awnings,
Morris Cohon & Co. and Street &
Accurate
lumber
Dec. 21, 1961 filed 100,000 common.
repayment and general corporate pur¬
Office—292 Madison Ave., N. Y. Underwriters—
Co., Inc., N. Y. -
poses.
filed
1961
(10/22)
March 23, 1962 filed 50,000 common. Price—By amend¬
ment
(max. $6).
Business—Manufacture of specialty
chemical products. Proceeds—For general corporate pur¬
poses.
Office—3440 Fairfield Rd., Baltimore.
Under¬
writer—Robert Garrett & Sons, Baltimore.
Under¬
Blvd., Corona, N. Y.
Madoff, N. Y.
250,000
Price — $5.75.
Proceeds—For construc¬
tion and working capital. Office—614 Equitable Bldg.,
Portland, Ore. Underwriter—Dempsey-Tegeler & Co.,
Inc., St. Louis. Note — This registration will be with^
17,
Business—A
•
American
Corp.,
Alaska Pacific Lumber Co.
drawn.
March
writer—Bernard
•
•
Options Corp.
April 11, 1962 ("Reg. A") 60,000 common. Price—$5.
Business—Company plans to sell "puts and calls" and
may act as a broker-dealer. Proceeds—For general cor¬
porate purposes.
Office—120 Broadway, N. Y.; Under¬
writer—Provost Securities, Inc., N. Y.
capital, and other corporate pur¬
Office—20th Street and Allegheny Avenue, Phila¬
delphia, Pa. Underwriter — Clayton Securities
Boston. Note—This offering has been postponed.
Nov.
formerly named American First Mortgage
American
Corp.
storm windows and
Underwriter—Hayden, Stone & Co., N., Y. Note—This
company was
Investors.
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
poses.
ABC
products.
and
American
Proceeds—For working
•
meat
expansion
Feb.
Address—Florence, S. C. Underwriter—None.
licly.
and
Proceeds — For debt
working capital. Office—
Ave., Brooklyn, N. Y. Underwriter—Willard
Securities, Inc., N. Y.
repayment,
Mortgage Investors*
8, 1962 filed 1,300,000 shares of beneficial interest.
Price—$15. Business *— A newly-formed business trust
Price—$10.
those issues which became
and were offered pub¬
are
repayment,
meat
ISSUE
REVISED
Inc., Clifton, N. J., and Price Investing Co., N. Y.
real estate investment
week
this
effective
debt
Proceeds—For
tiles.
kosher
ITEMS
39 Norman
products, sales promotion and working capital.
Office—
256 Fifth Ave., N. Y. Underwriters—Leib, Skoot & Co.,
the end
of this section "Securities Now in Registra¬
tion." Dates shown in parenthesis alongside
the company's name, and in the index, re¬
flect the expectations of the underwriter but
are not, in general, firm offering dates.
Also shown under the caption "Effective
icle"
•
Agency Tile Industries, Inc.
July 27, 1962 ("Reg. A") 110,000 common. Price—$2.50.
Business—Importing,
marketing
and
distribution
of
SEC since the last issue of
the
ADDITIONS
SINCE PREVIOUS
holders
$3
cumulative
shares to
of
the
for
share
par;
for stock, by
preferred stock and 205,105
subscription by stock¬
be offered for
respective
new
subord. de¬
units; also 49,993
each
10
on the basis of one
Price—For debentures, at
classes
held.
amendment.
Business—Manufacture,
products.
purchase and sale of ice cream and other dairy
Proceeds—For
son
debt
repayment. Office—1900 W. SlauUnderwriter—None.
Ave., Los Angeles.
Argus Financial Fund,
a
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
shares).
Volume
Number -6196:.
196
.
.
The Commercial and Financial Chronicle
fSusiness—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.. Officer-rlllO Torrey
nesses.
;
t
.
.
Artlin
Mills, Inc.
Sept. 28, 1961 iiiea 135,000 class A common shares. Price
-—$5.
Business—The purchase, conversion, ; decoration,
gift packaging and distribution of terry cloth towels and
cotton pillow cases. Proceeds—For inventory, repayment
loans
and
working capitaL , Off ice—^1030; Pearl St.,
Long Branch, N. J. Underwriter—Mortimer B, Burnside & Co., Inc., N. Y.
-.S.''""*"
■Vv.Ti'r'1 \
1
Ascot
Jan.
1962
a
fiers.
and
'Z'%Z VZ'ZZZz.
Z
common.
sale
Price—$1.50.
.
Proceeds—For
equipment, inventories and work¬
ing capital. Office—668 Jenks Ave., St. Paul, Minn.
Underwriter—Pewters, Donnelly & Jansen, Inc., •, St;
Paul, Minn.-
holders;/ Price—By amendment
(max. $7)." Business—
Design, manufacture and sale of kitchen range hoods,
For
'Controls,
—Design,
manufacture
ZZZ:ZZ;Z
Price—$4. Business
installation of electrical,
corporate
N. Y.
Underwriter—S.
Schramm
&
Co., Inc., N. Y.
to
offered
be
by
and 100,000 by
company
120,000
common.
tories
capital.
-
and
working
©ffice—11-17
ClintbnviRe
/
Central Mutual Fund, Inc.
Aug. 20,
asset
1962
value
stocks.
filed
100,000 capital shares.
Price—Net
$14) plus a 2% sales commission.
(max.
Business—A
mutual
fund
Proceeds—For
East
St.,
Inc.,
same
Jacksonville,
address.
specializing in life insurance
investment.
111.
Office—110
Underwriter—CN
North
Agency,
'/
Certified
Capital Corp.
:
Aug. 2, 1962 filed $200,000 of 8% registered subord. de¬
Carriers, Inc.
22, 1962 filed 1,015,564 capital shares to be offered
subscription by stockholders on the basis of four new
each share held on Feb. 14, 1962. Price—25
bentures
due
1965
and'$400,000 of
8%
debentures
due
1967
cents. Business—Manufacture and sale of overhead trol¬
(with attached warrants). Price—At par. Business
—Commercial and industrial financing.
Proceeds—For
ley
general corporate purposes.
vertical tray lift systems, floor and over¬
systems, etc. Proceeds—For working capital.
conveyers,
head
tow
—
Kirk
•
Blvd., Greenville, S. C. Underwriter—
.
Chemical Coating Corp.
June 29,
,
California
stockholders/'! Aqg.
Office—165 Broadway, N-. Y.»
Underwriter—None.
1962 filed 70,000 common. Price—$5. Business
—Company plans to operate a painting contracting busi¬
Publishing Corp.
'
June 13, 1962 filed 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.
/
Automatic
Merchandising, Inc.; ; /■ ■Z:Z^'Z:Z
May.24, 1962 filed 225,000 common, of which 125,000 are
'
April 30, 1962 filed
/
/ Caldwell
— For general
Merrick Rd., Seaford,
Office—3601
a
3, ©ox 28,
1962 filed $400,000 of convertible debentures
Center Star ®k>W Mines, Inc.
?
/
*
28,000 common shares to be offered in units, each
April 10, 1962 ("Reg.« A") 1,200,000 common.. Price—25<S.
consisting of a $500 debenture and 35 shares. Price—
Business—For
exploration, development and production
$675 per unit. Business—Operation of self-service
dis/,
count department stores. Proceeds—To retire outstand-' • of mineral deposits. /Proceeds' — For mining Expenses;
Address—Box
469, Wallace, Idaho. Underwriters—Pening debentures, and for working-capital. Office—1101
naluna & Co. and Standard
Securities, Inc., Spokane,
Albany Ave., Hartford, Conn. Underwriter—Gianis &
Wash. '
■*.- v
Co., Inc., New York. Offering—Imminent,
v v
/.
None.
Proceeds
and processes.
purposes. -
construct
N.
and
Office
control and,automatically operate indus¬
trial machinery
:
Distributors, Inc.
To
—
St., Whitestone, N. Y.- Underwriter—Arnold Malkan &
Co., Inc., New York.
Z
;
S
shares for
pneumatic,- hydraulic and mechanical systems, controls
and devices to
/
March 29,
for
common.
and
(Michael)
Co., N. Y.
June
expansion, * equipment, debt, repayment and
capital.- Office—South Main St., Union, 111.
Underwriters—Pierce, Carrison, -Wulbern; Inc., Jackson¬
ville, Fla. and A. M. Kidder & Co., Inc., N. Y. ,
/
1961 filed 50,000
Bruce
&
Lake, Ind. Proceeds
Price—$5. Busi¬
ness—Manufacture of plastic and rubber film
laminates,
a line of
casting, laminating and embossing machinery.
Proceeds—For new products, debt
repayment, inven¬
:
plant
Automatic
•
•;</-. Cable
Proceeds—
working
Dec. 28,
Underwriter—D. B. Marron
Cedar
Centco industries Corp.
*
.
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. Y.
^
Offering—Temporarily postponed.
/- Z / :
Aubrey Manufacturing, Inc.,, (9/24-2®);' "•
March 28, 1962 filed 140,004 common, of which 100,000
shares are to be offered by company and 40,004 by stock¬
exhaust fans and kitchen cabinet hardware.
around
sewage disposal system. Address — R.R.
Cedar Lake, Ind. Underwriter—None.
-
humidi-
Misti-Cone
of
—
by stockholders. Price — By amendment (max.
Business —Importing and distribution of scien¬
tific instruments. Proceeds—For research and develop¬
ment, equipment, debt repayment and other corporate
purposes. Office—115 Cutter Mill Rd., Great Neck, N. Y.
,
Business—Manufacture
purposes.
Office—135 W.. Wells St.,1
Underwriter—Divine & Fishman, Chicago.
Cedar Lake Public Service Carp.
March 20,1962 filed 9,964 common.
Price—$100. Business
Company plans to qualify as a public utility and
furnish water and
sewage
disposal services in and
shares
$7;75)
*
("Reg. A")
n~ Atmosphere
Control,/;Inc.
JVTay 28, 1962 ("Reg. A"),200,000
-
25
general corporate
Milwaukee.
Instruments, Inc.
March 26,v 1962 filed 100,000 common/' Of which 7?,420
shares are to be offered by the company and 22,580
103,000 common.
Price—$2.
bowling magazine. Proceeds
—For, general corporate purposes.. Office—14 W. 55th
St., N. Y. iUnderwriters-Dana; Securities. Co.,. Inc., 80
Waif St., N. Y. Note—This offering has been temporarily
postponed.
'/ ,<
\ZZ* Z).Z'Z:-\ZiZ.:Z} ;.••/*.:■'
,
,
Brinkmann
1nc.;-?;Vi:^--f ^
-Publishing Cb^
29,
Business—Publishing of
ofOhio,lnc.( 11/7-9 )< ,.
Y~
16, 1962 filed 100,000 common. ! Price—$4. Busi¬
of liquid starch, a rinse, and spray
starch for household use.
Proceeds—For equipment,
plant expansion and working capital. Office—901 Flor¬
ence
Ave,, Lima, Ohio. Underwriter—Hallowell, Sulz¬
berger, Jenks, Kirkland & Co., Philadelphia.
ness—Manufacture
Road, La Jolla, Calif. Dealer-Manager—Argus Fi¬
nancial Sales Corp. (same address). . -*■'
;
of
Blue MagicCo.
July
Pines
-
•
(1221)
and manufacture
ness
porate purposes.
paints. Proceeds—For general
cor¬
Office—Santurce, P. R. Underwriter-
Arnold Malkan Investment Growth of Puerto
Rico, Inc.,
Santurce, P. R.
Chestnut Hill
tif£J insurance Co.
16, 1962 filed 350,Q00 common.
Industries, Inc. (10/15-19)
29, 1961 filed 300,000 class A common, of which
225,000 are to be offered by the company and 75,000 by
stockholders. Price—$7.50. Business—Design and manu¬
facture of women's, misses' and
junior sportswear, co¬
Nov.
Price—By amend¬
of life, accident and
Price—/By amehdment ; (max//$6|/^
ment
operates, owns, seryices and leases coin-operated auto- "
vending :, machines.; Proceeds—For debt repay¬
health insurance.
ment, inventories, equipment and working capital.
ordinates, and dresses. Proceeds—For debt repayment,
writer—Stewart,: Eubanks, Meyerson & Co., San Franciscd;..'Z
:rZ--"!Z': equipment and working capital. Office—2025 McKinley
matic
fice—217
N.
Willow
Of¬
Underwriter—A. C.
Ave., Tampa.
Allyn & Co., Chicago." 4
1
^
/■
•
.
Badger .Northland, Inc.
/ . .
r
.
Sept. 7,, 1962 filed $800,000 of. subord, cony. debentures
.
farm
of
;
Oct, 1,/1982: Price—At, par. 'Business/^Manpfa
"due
equipment.' Proceeds—For
plant, an ac¬
quisition, debt repayment and working, capital. Address
*—Kaukauna,; Wis.
Underwriter—Loewi & Co. / Inc.,
Haam
St.,
Tel-Aviv,
Le-Israel
M.
B.
Business—A general banking business. Proceeds—
general corporate purposes.,, Office — Tel-Aviv,
Israel.
Underwriter—None. Note—This company for¬
75c).
For
carried under the nancie National Bank
Israel Ltd.
*
•
-
i
Barker Bros. Corp.
of
;
/ ."•/.YY:-
common. Price—By amend¬
Business—Merchandising of .home,
commercial and institutional furnishings. Proceeds—For
expansion and debt repayment. Office—'818 W. Seventh
St., Los Angeles. Underwriter—William R. Staats & Co.,
$12).
(approx.
>
Los Angeles.
Offering—Postponed.'ZrZZ':"ZlZZ;ZZzZ^Z
Properties, Inc.
'YY/.;vi''Yv
June 29, 1962 filed 400,000 class A common. Price—By
amendment (max.\ ;$12). Business—.Real estate invest¬
ment. Proceeds—For debt repayment, acquisition of a
building and other corporate purposes. Office—521 Fifth
Ave., N. Y. Underwriter—Hornblower & Weeks, N. Y.
Basic
Bene
Cosmetics, Inc.
("Reg. A") 100,000 common. Price — .$3.
Business—Importation, sale and distribution of Italian
cosmetics. Proceeds — For advertising, inventory and
.
March 2, 1962
working capital. Office—114 W. 18th St., N. Y. Under¬
writer—Granite Securities, Inc., No Y;
.
Inc. Y
Blankenship, Ostberg,
,
.
.
.
.
:,
29, 1962 ("Reg. A") ,100,000 common. Price—$3.
Business—Furnishing of market research and consulting
services.
Proceeds—For . working capital and general
May
corporate purposes.
Office—95 Madison Ave., N. Y, Un¬
derwriters—Kenneth Kass and J. J. Krieger & Co., Inc.,
New York.
•
'
,
-
•
"
Bloomfceld Building Industries, Inc.
Mar.
26,
due
tures
company
v
1962 filed $2,000,000 of conv. subord.»deben¬
1977. Price —At par. Business —A holding
for 16 subsidiaries in the real estate and gen¬
contracting
& Co.
Inc.
>
'
•
:
•
Proceeds—For
and
debt
repayment, working capital
general corporate purposes. Office—725 Broadway.
wear.
N. Y.
Underwriter—Alskor
Securities
Co., N. Y.
Inc., New York.
•
Cameo Lingerie, Inc. (10/15-19) /
/
/
Feb. 12, 1962 filed 200,000 common, of which 120,000 are
to be offered by the company and 80,000 by stockhold¬
Offering—Imminent.
Price—$5. Business—Manufactuer of women's and
Children's
tailored panties.
Proceeds—For debt repay¬
ment, inventory and working capital. tWfice—Fajardo,
Puerto Rico. Underwriter
Schweickart & Co., N. Y.
—
'Canaveral HHIs 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,
erect homes, apartment houses, motels, etc. Proceeds—
For debt repayment and expansion. -Office—309 Ainsley
Bldg., Miami, Fla. Underwriter—Willis E. Burnside &
Co., Inc., N. Y.
/. ' /,//',V
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 each two shares held. Price—By amendment (max.
$10).
Business—A small business
investment
company.
Proceeds—For debt repayment and investment. Office—
743 N. Fourth St., Milwaukee. Underwriters—Marshall
Co., ,-and Loewi & Co;, Inc., Milwaukee. Offering—Tem¬
porarily postponed.
"
/
Capital Management Corp.
27, 1961 ("Reg. A") 60,000 common. Price—$5. Busi¬
ness— An
investment company which will hold mort¬
gages, land contracts, etc. Proceeds — For investment.
Dec.
Office—44 E. Indian School Rd., Scottsdale,
.
business^ Proceeds—For general cor¬
porate purposes. Office—2600 Popular Ave., Memphis.
Tenn. Underwrite!*!—Lieberbaum & Co., and Nathanson
eral
California,
Cambridge Mills Inc.
'j-yZZZ
July 27, 1962 filed 110,000 common. Price—$3.50. Busi¬
ness—Design and manufacture of infants' nylon "stretch"
ers.
i962 filed 200,000
March 15,
v
purposes.
-
•
merly: was
ment
corporate
Long Beach, Calif. Underwriter—To be named.
Conine.'/// ."./ Y
ZZZZ:<:^':[;ZJ::ZZs>(y-:Z:CZ
June 22,' 1962 filed 1,050,000 ordinary shares and 3,190,"A" ordinary shares.- Price—By amendment (max;
other
and
ment. Business—General real estate. Proceeds—Debt re¬
Israel. Underwriter—
000
-
payment and working capital. 'Office—324 E. Bixby Rd.,
.
Leumi
capital
Proceeds—Inven¬
tubes.
Sept. '28, 1961 filed 280,000 common. Price—By amend¬
Adanim American Israel Investment
Bank
electronic
ii Cambridge fund o1
participating
Achad
working
of
Office—220
E.
23rd
St., N. Y. Underwriter—Philips,
Appel & Walden, 115 Broadway, N. Y. Note—This regis-;
tration was withdrawn.
■ZZ.
dollar-linked shares. Price—By
amendment.
Business — A mortgage lending company.
Proceeds—For general
corporate 'purposes.
Address—
108
lyti2
distribution
tory,
Bank "Adanim".Mortgages & .Loan Ltd..
Dec. 29, 1961 filed $556,000 of 6% cumulative preference
dividend
are
30,
.
;
writer,— Pacific
Note—The
SEC
Underwriters,
has
issued
an
Ariz. Under¬
Scottsdale, Ariz.
order temporarily sus¬
Inc.,
pending this issue.
:
Career Academy, Inc.
June 29, 1962 filed 100,000 common.
ment
Price—By amend¬
Operation of technical
Proceeds—-For debt repayment, expansion end
(max. $3,25). Business
schools.
St., Hollywood, Fla.
Corp., Boston, Mass.
Electronics, Inc.
filed < 80,0W0 common, of which 40,000
to be offered by company and 40,000 by stockhold¬
Price—By amendment (max. $5). - Business—Sale
and
Y ' ;/
Y;/ZY'Y
1
Calvert
ers.
new
Milwaukee.^ ZyZ ZZ'ZZ [
Proceed^—For general corporate pur¬
Office—4400 MacArthur Blvd., Oakland. Under¬
March
.
.
(maxff$6).
poses.
Underwriter
Clayton Securities
—
■
"
Child Cuidance Toys,
May *23,
are
1962
filed
Inc.
100,000
of
common,
which
70,000
to be offered
by company and 30,000 by stockholders.
Price—By amendment (max. $12.50). Business—Design,,
manufacture
ceeds—For
Bronx,
New
sale
of plastic educational toys.
Procapital.
Office—1125 Close Ave.,
Underwriter—J. R. Williston & Beane,
and
working
N.
Y.
York.
%
.
Church
Builders, Inc.
Feb. 6, 1961 filed 50,000 shares of common stock, series 2.
Price—$5.50 per share. Business—A closed-end diver¬
sified management
investment.
investment company.
Proceeds—For
Office—501
Bailey Ave., Fort Worth, Texas.
Distributor—Associates Management, Inc., Fort Worth.
.
Clark
Semiconductor
Aug. 22,
due
filed
1962
1967
Corp.
$153,045
of
5%
subord.
debentures
and
166,500 common shares to be offered in
units of $170.05 of debentures and 185 shares. Price—
$220 per unit Business—Production of very high fre¬
quency
ment
transistors.
power
and
Proceeds—For
debt
other
corporate purposes. Office
Ave., Clark, N. J. Underwriter—None.
—
repay¬
Walnut
Coburn Credit Co., 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— 53
N.
Park
Ave., Rockville Centre, N. Y.
None.
\
-
:'v
Underwriter—
•;
•
College Publishing Corp. (lO/8-ll)
1962 ("Reg. A") 155,000 common. Price—$1,
Business—Composition, publication and distribution of
study manuals for examination preparation. Proceeds—
For equipment, expansion and other corporate purposes.
Office—142 Livingston St., Brooklyn, N. Y. Underwriter
—James & Co., New York.
March 16,
Colonial
Board
Co.
March 28, 1962 filed 164,000 common, of which 115,000
are to be offered by the
company and 49,000 by stock¬
holders. Price—By amendment (max. $15).
Business—
Manufacture of shoeboard and boxboard.
Proceeds—For
expansion, equipment and debt repayment.
Parker
Office—615
St., Manchester, Conn. Underwriter—Putnam &
Co., Hartford, Conn.
Columbia Bancorporation
Feb. 23,1962 filed $30,000,000 of convertible subordinated
debentures due 1987 and 1,500,000 common to be offered
in units of
$20 debenture and
one
one
share. Price—By
amendment. Business—A bank holding company recently
formed
to
acquire stock of First Western Bank &
Trust
Co.,
Los
Angeles.
Proceeds—For acquisition of
working capital. Office—1000
Washington, D. C. Underwriters—
Bear, Stearns & Co., and Allen & Co., N. Y.
First
Western
stock,
and
Vermont Ave., N. W.,
—
Continued
on
page
26
;
26
The Commercial and Financial Chronicle
(1222)
Continued from page
—For
selling stockholders. Office — 1136 Washington
Ave., St. Louis. Underwriter—Goodbody & Co., N. Y.
Offering—Temporarily postponed.
25
Columbia Realty Trust
1962 filed 420,000 class A shares of beneficial
Business—A real estate investment
company. Proceeds—For debt repayment and investment.
Office—1415 K St., N. W., Washington, D. C.
Under¬
writer
—
Norman Bernstein Securities, Inc.,
(same
address).
June
Trust Co.
Cousins
Properties Inc. (9/24-28)
29, 1962 filed 70,000 common. Price—By amend¬
ment. Business—Engaged in residential real estate de¬
velopment. Proceeds — For debt repayment and other
March
corporate purposes. Office—905 Fifteen Peachtree Bldg.,
Atlanta, Ga. Underwriters—McDonnell & Co., Inc., N. Y.,
and Wyatt, Neal & Waggoner, Atlanta.
'
-
,
May 16, 1962 filed 150,000 common. Price — By amend¬
(max. $13). Business—Acquisition or administra¬
tion of mortgage loans for institutional investors. Com¬
Creative
also is engaged in the consumer loan business and
insurance agent or broker in connection there¬
with. Proceeds—For debt repayment. Office—66 Pryor
pany
acts
as an
& Co.,
St., N. E., Atlanta. Underwriters—F. S. Moseley
Boston and Courts & Co., Atlanta.
;:-"V V;
•
Computer Concepts Inc.
••
(10/8-11).
New
r
1961 filed 100,U00 class A common. Price — $5.
Business—Development and sale of advanced program¬
ming systems, for solution of business
use of digital computers. Proceeds —
porate purposes. Office—1012 14th St.,
ton, D. C. Underwriter—Doft & Co., N.
Products, Inc.
Nov. 28, 1961 filed 120,000 common (with attached 3year warrants to purchase an additional 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¬
facture of cosmetics, toiletries, cleaning chemicals, jewelery, etc. Proceeds — For general corporate purposes.
525-535
—
E.
137th
St., New York City.
Under¬
writer—M. G. Davis, 150 Broadway, N. Y.
Concrete
Structures, Inc.
July 27, 1962 filed 100,000
ness—Production
of
Price—$4.50.
common.
and
precast
prestressed
items for the construction industry.
repayment.
Office—12825
North
Proceeds—For debt
East
Miami, Fla.
Underwriter—Bernard
Inc., New York.
•
Consolidated
Busi¬
concrete
14th
M.
Ave., North
Kahn &
Co.,
tures
1962
due
filed
$1,000,000 of 6V2%
subord.
1977
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
—Operation of vending machines. Proceeds—For debt
repayment working capital and other corporate purposes.
Office—129 S. State
St., Dover, Del. Underwriter—Dana
Securities Co., Inc., N. Y.
Consumers Mart of America,
Inc.
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 & Co., N. Y. and' Midland Securities
Co., Inc.,
Kansas City, Mo.
Jan.
and
crownco
—
Bernard
M.
Kahn
y.;: :r' yy'
&
Co., Inc.,
N. Y.
yyy*:v vyy yy yy y;v.
Mar. 26,
1962 filed 115,000 common. Price—$4 Business
—Design, sale, fabrication and installation of acoustical
ceilings. Proceeds—For debt r^ayment and expansion.
Office—1925
Euclid
J. Henderson
&
Ave., San Diego.
Co., Los Angeles.
Underwriter
—
C-Thru
Products, Inc.
June 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
promotion, equipment, research and development, and
working capital. Office — 2401 Pacific St., Brooklyn,
N.Y. Underwriter—Broadwall Securities,
Brooklyn, N.Y.
D. C. Transit Systems, Inc.
April 30, 1962 filed $6,250,000 of 6VZ% conv. subord. de¬
bentures due 1977 and five-year warrants to purchase
aggregate of 187,500 class A shares, to be offered for
subscription by holders of class A and class B stock in
an
8, 1962 filed 72,000
common.
consisting of $100 of debentures and three war¬
Price—$100 per unit. Business—Operation of a
public transit system in Washington, D. C.; a new sub¬
sidiary to construct housing projects in Washington,
rants.
C,
Proceeds—For construction and general corporate
Office—3600 M St.,N. W., Washington, D. C.
Underwriter—None.
for electronic
opment,
new
Office—342
computers. Proceeds—For product devel¬
plant and equipment and working capital.
Western
Ave.,
Boston.
Underwriter-
Schmidt, Sharp, McCabe & Co., Inc., Denver,
y
v
Decorei corp.
-'y^yv^yy yy
yyyy yy' y:
Dec. 29, 1961 filed 120,000
common, of which 90,000
are to be offered
by the public and 30,000 by a stock¬
holder. Price—By amendment. Business—Production and
sale of wood and metal framed
pictures, wood utility
frames, etc. Proceeds—For
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
•.
V
common
with attached
war¬
additional
A
stock
held.
held
and
Price—$20
one
per
unit
unit.
for
each
10
class B
shares
Business—Company plans to
March 30, 1962 filed 475,000 common.
ment
Underwriter—None.
pany.
Price—By amend¬
(max. $15). Business—A telephone holding com¬
Proceeds—For debt repayment.
Office—111 S.
Bemiston St., St. Louis. Underwriters—Allen & Co. and
E. F. Hutton & Co., N. Y.
V
an
manufacture and utilize all kinds of chemical materials.
Proceeds—For start-up expenses, for a
laboratory and
small plant.
Office—360 Lexington Ave., New York.
Continental Telephone Co.
■
ControlDyne,
Inc. .
1961 filed 150,000
Oct. 24,
Price—$1.15. Busi¬
common.
ness—Development and production of electronic testing
and training devices. Proceeds
For expansion and
working capital. Office—9340 James Ave., S., Minne¬
—
apolis.
Underwriter—To
formerly
was
named
be
named.
Control
Note—This
—Indefinitely postponed.
4
;.
Corporate Funding Corp.
April 26, 1962 ("Reg. A") 75,000 class A
$4.
Business
company.
Office—39
firm
Dynamics, Inc. Offering
common.
Price
A financial investment and
holding
Proceeds—For expansion and
working capital.
—
Broadway. N. Y.
Co., Inc., N. Y. Offering—Indefinitely
postponed.
• Cosnat
Corp. (10/22-26)
May 26, 1962 filed 190,000 common, of which
178,000
are
to be offered for public sale
by the company and 12,000
outstanding by the present holders thereof. Price—To be
supplied
by amendment. Business
—
and
The
manufacture
distribution of phonograph records.
Proceeds—For
the repayment of
debt, and working capital. Office—315
W. 47th St., N. Y. Underwriter—Van
Co., N. Y. Note—This firm
Cosnat Record
Alstyne, Noel &
was
known formerly as the
Distributing Corp.
Country Set Inc.
Mar. 2,
1962 filed
ment
150,000
Co., Inc.
Price—$3. Business
powder and compound.
Proceeds—For
debt
repayment, additional personnel,
advertising and working caiptal.
Office—77 Searing
Ave., Mineola, N. Y. Underwriter—Magnus & Co., N. Y.
Offering—Indefinitely postponed.
Diamond Mills Corp.
Jan. 23, 1962 filed 200,000
common, of which 120,000 are
by the company and 80,000 by stockhold¬
ers.
Price—By amendment. Business—Manufacture of
women's nylon
hosiery. Proceeds—For debt repayment
and working capital.
Office—417 Fifth Ave., N. Y.
Un¬
to be offered
derwriter—Drexel
&
Co.,
Philadelphia.
Offering—In¬
definitely postponed.
Diversified Collateral
Corp.
13, 1962 filed 77,050 common.
June
ment
Price—By amend¬
(max. $11.75). Business—A real estate investment
Proceeds—For investment. Offioe^8397 N. E.
company.
Second
Price—By amend¬
construc¬
experimental
helicopters. Proceeds—To obtain
certification of models, train service
personnel, repay
debt, etc. Address—Municipal Airport, Danbury, Conn.
Underwriter—None.
Donmoor-lsaacson, Inc.
Feb. 26, 1962 filed 150,000
common, of which 50,000 are
to be offered by the
company and 100,000
by stock¬
Price—By amendment (max. $12). Business—
Design and manufacture of boys knit shirts, sweaters,
and pajamas. Proceeds—For
working capital. Office—
holders.
1115
N.
Y.
Broadway, N. Y. Underwriter—Goodbody & Co.,
Note—This offering has been temporarily post¬
poned.
'.V-'-"- ?'*■. *:■
7* v..> V,• / •'> ";,•// v V
Dudley Sports Co.,. Inc. (8/26)
} 1 V
;
/ i /
July 20, 1962 ("Reg. A") 37,500 common. Price—$4.50.
Business—Distribution and sale of sports equipment and
accessories.
Proceeds—For debt repayment, sales pro¬
motion and working capital.
Office—633 Second Ave.,
•
•
-.
N. Y. Underwriters—Crerie & Co.,
Inc., and W. R. Reisch
&
Co., Inc., New York.
"
•
Dyna Mfg. Co. -v.
r .vv-V,..V.'i"/.-r'- '-'fr -frr.
April 2, 1962 ("Reg. A") 60,000 common of which 40,000
will be sold by company and 20,000
by stockholders.
Price—$5. Business—Manufacture, installation and sale
of kitchen
ventilating hoods and exhaust fans. Proceeds
—Expansion, new products and working capital. Office—
4865
Exposition
Blvd.* Los Angeles.
Underwriter—.
Jay, Winston & Co., Inc., Beverly Hills, Calif.
Thomas
Offering—In November.
•
Dyna-Mod
Jan.
22,
V:
.»•.
Electronics
1962
("Reg.
e s
electronic
i g n,
yfr':
<•
Corp. ;
A") 143,000
development
Business—D
"packaged"
circuits
Price—$2.
production of
sub-systems.
Pro¬
common.
and
and
ceeds—For
new products and
working capital.
Office—
St., East Rochester, N. Y. Underwriters—Gen¬
esee
Valley Securities Co., Inc., Rochester, and H. B.
Vesey & Co., Inc., Glens Falls, N. Y. Offering—Expected
317 Main
in
mid-October.
Dynamic
June 21,
'
v
L.
P.
-'i'""'"V:'7'.
Industries,
1962 filed 75,000
Inc.
Price—$4. Business
common/
—manufacturing, labeling and packaging of long playing
stereophonic and monaural phonograph records for label
record
companies. Proceeds—For equipment and work¬
ing capital. Office — 900 Passaic Ave.,.East Newark,
J.
Underwriter—Mortimer B.
Burnside
New York.
&
Co., Inc..
1
Eastern Camera & Photo
Corp.
^
March 28 1962 filed $500,000 of 6% conv. subord. deben¬
tures due 1972 and 50,000 common shares
(of which
000
will be
25,by the company and 25,000 by stock--
sold
holders). The securities
are
$100
shares.
debenture
and
10
to be offered in units of one
Price—By amendment.
Business—Operation of retail camera stores and depart¬
ment store concessions.
Company also processes black
and
white
film
and
repairs
photographic
equipment.
Proceeds—For debt repayment and
working capital. Of¬
fice—68 W. Columbia
St., Hempstead, N. Y. Underwrit¬
ers—Edwards & Hanley, Hempstead, L. I.,' and Street &
Co., Inc., N. Y. Offering—Indefinitely postponed.
Eastern Pennsylvania Investment Co.
Price—By amend¬
(max. $16). Business—A small business investment
company.
Office —
Ave., Miami, Fla. Underwriter—Karen Securities
Corp., N. Y.
•
Diversified Real Estate Trust
March 8, 1962 filed
1,000,000 shares of beneficial inter¬
est.
Price—$10.
Business—A real estate investment
trust. Proceeds—For investment.
Office—500 Fifth Ave.,
N. Y,
Underwriter—Bacon, Johnson
Realty Management
Co., Inc., (same address). Offering—Expected in Nov.
June 28, 1962 filed
1,900,000 certificates of interest. Price
—$1 per interest. Business—A real estate investment
trust.
Proceeds—For investment.
Office—19 E. First
Proceeds—For
3
Penn
writers—Drexel
<
general
corporate
Econo-Car
purposes.
Center
&
Plaza, Philadelhia. <; Under¬
Co., Philadelphia and Kidder. Pea-
body & Co., N. Y./■/*/;
-*■ V
International, Inc.
July 27, 1962 filed 100,000 class A
Business—Rental
Price—$4.
common.
of
automobiles, station wagons, and
equipment, new franchises, and
working capital. Office—520 Westfield Ave., Elizabeth,
N. J. Underwriter—Crosse & Co.
Inc., N. Y.
Econ-O-Pay, Inc.
trucks.
Proceeds—For
Oct. 26,
1961 filed 1,000,000
Price—$3.
common.
ness—A dealer recourse finance business.
Busi¬
Proceeds
General
corporate purposes.
Office—164 E. Main St.,
Valley City, N. D. 'Underwriter—Reserve Funds, Inc.,
Valley City. N. D.
•
Electromagnetic Industries, Inc.
(10/1-5)
March 30, 1962 filed $250,000 of 6y2% conv.
subord. de¬
bentures due 1987, also 70,000 common
shares, of which
45,000 are to be offered by company and 25,000 by
stockholders. Price—By amendment (max. $1
per
mon
share). Business
distribution
and
com¬
Design, production, assembly,
of transformers, magnetic com¬
—
sale
ponents and electronic instrumentation
vices. Proceeds—For equipment, debt
and
control
de¬
repayment, a new
working capital. Office—Sayville Industrial
Park, Greeley Ave., Sayville, L. I., N. Y. Underwriter—
Pierce, Garrison, Wulbern, Inc., Jacksonville, Fla.
plant
Diversified Realty Investors
common.
(max. $8). Business—Design and manufacture of
sports and casual wear for girls and women. Proceeds
Diamond Dust
Feb. 27, 1962 filed 102,000 common.
—Production of graded diamond
Underwriter—R. F. Dowd
&
of
ment
—For
working capital. Office—Scottsdale Savings Bldg.,
Scottsdale, Ariz.
Underwriter—Continental
Securities
Corp., Scottsdale, Ariz.
tion
Price—By amendment (max.
Business—Research, development and
March 16, 1962 filed 450,000 common.
•
offered for
1
$1.25).
N.
Data Systems Devices of
Boston, Inc.
April 26, 1962 filed 200,000 common. Price—$5. Business
—Company plans to design, develop and produce elec¬
tronic and electro-mechanical devices,
including printers
May 9, 1962 ("Reg. A") 200,000 common. Price—$1.50.
Business—Investment in real estate mortgages. Proceeds
Investment Corp.
shares for each three held.
~
140,000 shares to be
subscription by stockholders in units (of one
share and one warrant) on the basis of 3 units for each
5% preferred share held, 2 units for each 5% preferred
Continental
Doman Helicopters, Inc.
April 19, 1962 filed 418,680 common to be offered for
subscription by stockholders on the basis of two new
units
deben¬
(with warrants), and 99,000 common.
debentures, at par; for stock, by amendment
(max. $9). Business—Renting of cars, trucks and equip¬
ment.
Proceeds—For
debt repayment,
an
acquisition
other
1974
purposes.
Price—For
and
due
Underwriter
u
D.
Leasing Corp. of America
fry,
Business—A consumer sales finance company. Proceeds
—For debt repayment.
Office—1775 Broadway, N. Y.
(10/1-5),
Anril 27,
Corp.,
> \V.' /•;/'V/:V ■ fry
7% conv. subord. de¬
54,560 common shares to be
offered in 2,728 units, each consisting of $440 of deben-.
tures
and: 20
common
shares.
Price—$550 per unit.
R.
Concord
Third
Investing
York.^:;/- ;-.^
bentures
N. W., Washing¬
Y.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Office—733
Underwriter—Hampstead
Credit Department, Inc. V.:
Jan. 26, 1962 filed $1,200,320 of
For general cor¬
Indefinitely postponed.
Proceeds—For investment.
Y.
>/.
problems by the
Computer Control Co., Inc. •:
Jan. 24, 1962 filed 157,500 common, of which 62,500 are
to 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¬
payment. Office—983 Concord St., Framingham. Mass.
Office
derwriter.
Ave., N.
Dec. 29,
Ventures
Corp.
May 28, 1962 filed 150,000 common and warrants to pur¬
chase 30,000 additional shares, to be offered in units of
one share and one warrant. Price—$2.25 per unit. Busi¬
ness—A corporate guidance and interim financing con¬
cern. Company may also act as a broker-dealer and un-.
ment
.*•;
South, Salt Lake City. Underwriter—Realty Securities,
Inc., Salt Lake City.
.
18,
interest. Price—$10.
Commercial
Thursday, September 20, 1962
,.
and
Electronic
March
Transmission
22, 1962 filed 125,000
ness—Manufacture
and
Corp.
(9/24-26)
Price—$3. Busi¬
common.
distribution
of
components
for
background music; design, construction and installation
of specialized closed circut TV
system. Proceeds—For
debt repayment,
expansion, sales promotion and work¬
ing capital. Office — 103 E. Hawthorne Ave., Valley
Stream, N. Y. Underwriters—V. S. Wickett & Co., Inc.,
Thomas. Williams & Lee, Inc., and Crosse &
Co., Inc..
New York.
•
Emcee
Electroncs, Inc.
(10/1-5)
June 4, 1962 filed $200,000 of 6%%
1974, and 50,000 common, to be
$200 of debentures and 50 shares.
conv.
debentures due
offered
in
Price—$400
units
per
of
unit.
Volume
196
Number 6196
Business—Manufacture
electronic
devices
for
of
The Commercial and Financial Chronicle
/.
.
precision
and
instruments,
Pro¬
control.
and
measurement
ceeds—For plant expansion, inventory, and equipment.
Office—1202 Arnold Ave., New Castle, Del.
Under¬
writer—Weil & Co., Inc., Washington, D. C.
dress—Stillwater, Minn.
Underwriter—Pewters,
nelly & Jansen, Inc., St. Paul.
•
Fairlane Finance Co., Inc.
Aug.
pany.
sion trust and group variable annuity contracts. Proceeds
•—For expansion and capital funds. Office — 2480 16th
S. C.
St., N. W., Washington, D. C. Underwriter—None.
June
waukee.
•
-/V'
■
<:/■'•<'
Ernst, Inc.
(10 15-19)
Aug. 21, 1962 ("Reg. A")' 60,000
Business—Manufacturing of men's
Price—$5.
common.
ties.
Proceeds—For
debt repayment,
new products, equipment and working
Office—712 Sansome St., San Francisco. Under¬
writer—Burr, Wilson & Co., Inc., San Francisco.
capital.
Everbest Engineering
Corp.
automobile
finance
consumer
G.
Furman
Co., Inc.,
Greenville,
Falcon National Life Insurance Co.
25, .1962 filed 300,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three shares held. Price—$1.20. Business
—Life insurance. Proceeds
1330 Leyden
For investments.
—
Fidelity Mining Investments Ltd.
30, 1961 filed 800,000 common. Price—By amend¬
ment. Business—Exploration and testing of mining prop¬
Nov.
Business—Manufacture
& Associates,
sale
of
electric
lamps. Proceeds—New product development, inventories
and working capital. Office—41 E. Twelfth St., N. Y.
Underwriter—Planned Investing Corp., N. Y.
Fabco, Inc.
July 20, 1962 ("Reg. A")
Business—Manufacture
200,000
of
long-lived
Price—$1.50.
closet tanks,
common.
insulated
water
fiberglass gravel stop and laundry tubs. Proceeds—For
debt repayment, equipment, and working capital.
Ad¬
Mills,
Inc..—.
(Thursday)
(Blyth
(Bids
12
CDST)
noon
Orbit
300,000 shares
&
Co.,
Inc.)
Plantation
Common
stockholders—underwritten
to
500,000
by
Aubrey
(Pierce,
(S.
R. E. D.
(Monday) ;S
W'ulbern,
Inc.
A.
M.
Kidder &
Co.,
Co.,
Inc.
Electronic
(V.
S.
Transmission
Wicketfc
Inc.;
Lyntex
&
Co.,
Corp
(P.
Wyatt,
shares
Neal &
(Eastman
Dillon,
Inc.)
Co.,
Union
Inc.)
(Reuben, Rose & Co.,
Rimak
$375,000
Inc.
and M.
(Thomas
Jay,
&
&
Co.)
(Lloyd
Co.)
Walston
Service
&
Hill &
Co.)
Co.,
Inc.)
$200,000
(D.
A.
Smith-Corona
(Offering
Jones
&
Inc.)
Bruce
October
Inc.)
Co.,
ment
company.
St., Bridgeport, Conn.
& Co., N. Y.
First
Nov.
Income
&
50,000
Co.)
EDSTl
a.m.
Furman
G.
shares
Business—A real estate investment trust.
investment.
D.
C.
Office—1613
Underwriter—Sidnev
27,
filed
1961
Business—A
investment.
ceeds—For
Manhasset, N. Y.
8
American Plan
College
Corp.)
>'
..Common
Publishing
Food
(James
Iowa
Southern
Utilities
(Bids
11
Bonds
W.
Baird
Delaware
&
Inc.)
103,638
September 26
&
Tabach
.Units
Inc.)
$1,500,000
;(Crerie
,
-
Co.,
&
r!
W.
and
Reisch
.
&
Co.)
.
.
.
\
(Bosworth,
'
Zayre
f
-
.
Sullivan
-v
-
V
/
,,
Co.," Inc.)
37,000
.Common
'
V
(Lehman
Brothers)
u
Baltimore
;
•
\
*
"
>
v:.
1
•.
•-""
shares
•*
•
.
Inc
Co.,
&
—
.
'
-
Y
-
Class
Rotan,
;
/••
Gas
American
:
;
Mosle
(General
'
October
Gas
Co
$180,250
&
Miller)
275,000
&
Co.)
&
Miller)
$1,685,000
99,000
shares
Consolidated Leasing Corp. of America-Debentures
(Blair
&
Co.)
Carrison.
Wulburn,
Inc
Common
.
Inc.)
70,000
Electromagnetic Industries, Inc
(Pierce,
Emcee
Carrison.
Wulbern,
Inc.)
&
Co.,
shares
Debentures
Units
Inc.)
125,000
shares
Debentures
Siegel,
&
Inc.)
Pipe Line
$1,500,000
Debentures
Co
Fenner & Smith Inc. and Kidder,
& Co.) $60,000,000
Preferred
Pipe Line Co
Kidder
$20,000,000
(Monday)
Ben. Int.
Brooks
W.
&
Co.)
200.000
shares
Inc.
and
$425,000
Co.,
S.
Common.
Kasdan
&
Co.,
Inc.)
Common
30
Russctto
$250,000
Co.)
&
(Tuesday)
PST)
$50,000,000
Gas
(Thursday)
System,
Debentures
Inc
253,875
Co.,
7
November
(Wednesday)
Common
Magic Co. of Ohio, Inc
(Hallowell,, Sulzberger, Jenks,
Kirkland & Co.)
$400,000
shares
Georgia Power Co
Common
(Bids
..
to
and
Bonds
,
received). $23,000,000
be
Georgia Power Co
(Bids to be received)
Common
Kaiser-Nelson
...Preferred
;■
Common
„■
$7,000,000
Corp
——-
(Robert L. Ferman
shares
Inc.)
$375,000
November
& Co.,
Inc.)
140,000 shares
EDST)
$400,000
&
November
Common
Co.)
Optech,
(Stone,
$1,000,000
Inc.
to
to
19
Light
&
received)
be
Nashville
(Bids
(Monday)
&
Louisville
$6,000,000
(Wednesday)
Power
(Bids
Equip. Trust Ctfs.
noon
14
Central
(Wednesday)
12
Bonds
Bends
RR
received)
be
Co
$11,000,000
$25,000,000
(Monday)
Common
—
Ackerman & Co.,
Inc.
and Heritage Equity Corp.)
$480,000
...Common
Industries, Inc....
Securities
Corp.)
$2,250,000
Wison
&
Co.,
Inc.)
November
....Common
...
(Burr,
$300,COO
26
(Monday)
Bonds
Pacific Power & Light Co
(Bids
to
be
received)
$32,000,000
Jackson's/Byroris Enterprises, Inc.—:-.—Class A
(Clayton
Securities-Corp.)
120:000
shares-
« v
*
Jackson's/Byrons Enterprises,* Inc.._.i.Debentures
\
i
»■
(Clayton
October
17
Securities
Corp.)
Securities,
Inc.)
November 27
Metropolitan
$750,000
....Common
$650,000
Southern
(Tuesday)
Edison
(Bids
to
be
Bonds
Co.——
received)
$15,000,000
28
(Wednesday)
Electric
Generating Co
November
(Wednesday)
American Kosher Provisions, Inc
(Willard
,(
$280,000
)
155,000
Co.)
1
a.m.
Bonds
Co
Edison
8:30
(Bids to be received) $20,000,000
Capital
(Clayton
,
$250,000
Electronics, Inc..
(Weil
Common
Inc
Inc.)
(Wednesday)
Grumet
November
$1,000,000
Industries,
Centers,
Securities,
Co...Debentures
$250,000,000
received)
California
Columbia
Common
Ernst, Inc.
•
(Pierce,
Hill
Debentures
.___
Podesta
(Blair
•
&
Cameo Lingeries, Inc
'(Schweickart
Chestnut
shares
Consolidated Leasing Corp,, of America__Common
Electromagnetic
Corp
Co.)
&
Securities
10
October 15
Common
Inc.)
Common
Podesta
(Cruttenden,
Securities
Southern Pacific Co
Co.__
(Cruttenden,
be
$450,000)
Servotronics, Inc.
A
■
American
>
shares
"i
Jersey
Inc
Forms,
(Givens
to
Eastern
Units
Ridgway (L. L.) Enterprises, Inc
>:, ;;
;./>':(Underwood, Neuhaus & Co., Inc.,
(Monday)
Business
shares
—.Common
(Bids
October
90,000
Inc.)
Co
Management Co., Inc.
■?,y
/Blackford & Co.) $300,000
ABC
Class A
150,000
Co.)
(Tuesday)
(Bids
(Thursday)
Foods,
&
Common
475,000
.v" *
.
shares " :*
$4,000,000
Co.)
&
Industries, Inc
Southern
Common
Inc
Wulbern,
Sand
;'(Paine, Webber, Jackson & Curtis and Kidder, Peabody
v
& Co., Inc.)
150,000 shares...
'
Common
_____
September 27
Lady
&
Corp.
-
&
(Bear, Stearns
$158,750
/.First Colorado Bankshares Inc.
Pont
du
I.
Securities
$500,000
(John W.) Corp
-
...
(;Dudley Sports Co., Inc.
Noel
Industries, Inc
(Costello,
Blue
McGrath
Putnam
(Wednesday)
Debentures
Corp
October
Common
Co.)
Utilities,
Carrison,
Rock
(Fabricant
Units
Co.,
Alstyne,
Co.) $155,000
&
Laminetics Inc.
shares
Corp..!..
Neuwirth
(H.
Co.,
shares
Common
(General
..Common
(Mutch, Khanbegian, Flynn & Green, Inc.)
Common
(Robert
(Pierce,
Hallandale
$4,900,000
Larsen Co.
Riker
Atlantic
-
v.
shares
Co
CDST)
a.m.
Gulf
Common
....
150,000
190,000
(Paine,
Webber, Jackson &
Curtis) 2,750,000 shares
First Connecticut Small Business Investment
units
Corp
(Doft
(Tuesday)
Weeks)
Co.)
&
Foods, Inc..
Discount
•
&
Noel
Alsiyne,
Interworld Film Distributors, Inc
Computer Concepts Inc
(Hornblower
28
Common
Corp.
(Tillie)
$325,000
248,000
page
Common
Co.
(Bear, Stearns & Co.)
on
50,000 shares
& Sons)
First American Israel Mutual Fund
,,
...
Pro¬
Blvd.,
'
Debentures
Vision, Inc
Northern
Corp..
Peabody & Co.)
''-or,'
Corp
Price—$1.
company.
(Merrill Lynch, Pierce, Fenner & Smith Inc. and
$2,500,000
of
shares.
investment
(Monday)
Chemical
Panhandle Eastern
..Preferred
Corp.)
was
Underwriter—None.
October 29
Securities
Co..
Inc.
Office—1295
(Merrill Lynch, Pierce,
Peabody
Bonds
(Monday)
(K-Pac
Washington,
Securities
Continued
Panhandle
Boston
Mensh
capital
business
small
(Brand,
$300,000
shares
Proceeds--For
W.,
N.
This Company formerly
—
2,770,000
(Willard
(Friday)
241,000
Z.
First New York Capital Fund,
Oct.
Heck's
____Debentures
Inc.)
St.,
Perpetual Investment Trust.
as
(Bids
$75,000,000
Co.,
Eye
American Telephone & Telegraph
shares
Marchant, Inc
(Kidder, Peabody & Co. and Mitchum, Jones & Templeton, Inc.)
House
Realty Trust
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.
Common
_.
Underwriter—P. W. Brooks
9,
Met
New Jersey....
$305,000
Laboratories
September 25
'r.v,:T
Price—By amend¬
Business—A small business invest¬
Proceeds—For investment. Office—955
$15).
Main
$300,000
Flag & Banner Co. of
$562,500
Co.)
(max.
(P.
Common
&
ment
October 23
Units
stockholders—underwritten by First
to
American
shares
Common
Co.,
11
:' ;•
Preferred
•
30,000
Broadway, Englewood, Colo. Under¬
March 9, 1962 filed 200,000 common.
(Francis
..Common
&
(9/26)
'
$1,000,000
Corp.)
Inc.
First Connecticut Small Business Investment Co.
(Van
1
$325,000
Co
Co.)
Worth Financial Corp.—
Wyle
October 5
$300,000
Aviation, Inc
(White
D.
(Alester
Common
(Putnam
Securities
Fairlane Finance Co., Inc
$5,000,000
-Units
_
G.
Securities,' Inc.)
Water
200,000
:
Transport Co., Inc
Debentures
&
ital. Office—3311 S.
Pak-Well Paper
(Tuesday)
(Bids
shares
250,000
Cycle Corp
Suburban
:
Consolidated Edison Co. of New York, Inc.
units
1,200
Notes
Winston
Inc.)
Curtis, Boston.
writer—Bosworth, Sullivan & Co., Inc., Denver.
(Van
...Common
^Warwick,
Anderson
(Edward
Electronics, Inc.__
Stelber
Be-Mac
Common
Securities
shares
Corp
in¬
Underwriter—
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¬
Lewis
$300,000
125,000
Inc.)
Units
&
Maust Coal & Coke Corp.
(Eastman Dillon, Union Securities
Northeastern Plastics, Inc.___
^
Co.,
Boston.
Bankshares
October 24
Lee,
&
Maust Coal & Coke Corp.__
,
D.
October 2
Common
Williams
.
Brooks
W.
&
St.,
&
June
Common
Inc.)
Co.,
Producing Co
(Don
Colorado
Cosnat
,;
Thomas,
Co..
&
&
companies. Proceeds—For
Milk
Jackson
(Robert Garrett
100,000 shares
Mountain, Inc
Waggoner)
Corp
Inc.;
Crosse
and
Zero
.-Units
and
70,000
.
First
Alcolac
Common
(Equitable
Cousins Properties, Inc
(McDonnell &
Gas
..
.
shares
160,000
Co
Schramm
Aluminum
140.004 shares
:
;
Texas
Inc.)
•
..—.Common
(Vickers,-MacPherson
—Common
and
"
~
M. Corp
Security
Manufacturing, Inc
Carrison,
Inc.)
Inc
(Meade
September 24
Co.,
Chocolate
Blyth
shares
Paine, Webber,
-Common
(Norton, Pox & Co., Inc.)
$4,140,000
San Diego Gas & Electric Co
(Offering
Stores,
&
of Israeli
Office—141
October 22
Capital
...
(Blyth & Co., Inc.)
Gulf, Mobile & Ohio RR.—..Equip. Trust Ctfs.
type securities
vestment.
known
Mills, Inc. (10/1-5)
Aug. 31, 1962 filed 300,000 capital shares, of which 200,000 are to be offered by company and 100,000 by stock¬
holders. Price—By amendment
(max. $15). Business—
Design, manufacture 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.
Fieldcrest
(10/29-31)
2,750,000
Washington, D. C. Note
Ltd., Toronto.
National Blank Book Co
September 20
Office
Kirby
Fieldcrest
NEW ISSUE CALENDAR
filed
(10/29-31)
Fastpak, Inc.
Nov. 30, 1961 filed 125,000 common. Price—$5. Business
—The distribution of nuts, bolts and other fastening
devices manufactured by
others. Proceeds—For debt;
repayment and general corporate purposes. Office—8
Benson Place, Freeport, .N. Y. Underwriter — Arnold
Malkan & Co., Inc., N. Y.
April 2, 1962 filed 100,000 class A shares. Price—$2.40.
and
1962
shares of beneficial in¬
Price—By amendment (max. $10). Business—A mutual fund which plans to invest
primarily in equity
Office—
St., Denver. Underwriter—None.
erties. Proceeds—For general corporate purposes.
—62 Richmond St., Toronto. Underwriter—G. V.
vv
.
com¬
Proceeds—For debt repayment, working capital
and expansion. Office — Greenville, Rd., Easley, S. C.
Underwriter—Alester
15,
27
terest.
(10/2-5)
and
First American Israel Mutual Fund
Aug.
13, 1962 ("Reg. A") $300,000 of 6Yz% sinking fund
junior subordinated debentures due 1977. Price—At par.
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¬
Equity Funding Corp. of America
March 29, 1962 filed 240,000 common. Price—By amend¬
ment
(max.;$6.50)., Business-r-A holding company for,
firms selling life insurance and mutual funds. Proceeds
—For new sales offices, advances to subsidiaries and
working capital. Office—5150 Wilshire Blvd., Los An¬
geles.
Underwriter—Wisconsin-Continental, Inc., Mil¬
Don¬
June
Business—An
Equity Annuity Life Insurance Co.
(1223)
(Bids
to
be
received)
$6,500,000
Bonds
28
The Commercial and Financial Chronicle :•.
(1224)
.*
Thursday, September* 20, 1962
'
Continued from page 27
*"
.
Inc.
Florida Bancgrowth,
•
r;
j
.
Price—By amend¬
ment
(max. $15).
Business—An investment company,
specializing in bank stocks. Proceeds—For investment.
lytjz iued 2riu,uOU common.
Marcn lo,
Office—3356 Atlantic Blvd., Pompano Beach, Fla., Unr
derwriter—Dempsey-Tegeler & Co., Inc., St. Louis. Note
This offering was postponed.
Jai
Florida
Alai,
Inc.
400,000 common. 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.
; «
June
28, 1962 filed
General Vitamin & Drug Corp.
April 3, 1962 ("Reg. A") * 78,000 common; Price-$2.75/
Business—Sale of vitamins through, department stores>
,
and mail order.
10, 1962 filed 169,420 common to be offered for
subscription by stockholders.
Price—By. amendment
May
((max.*$2). Business—Company owns and licenses carton
pouring spout patents and die patents. Proceeds—For
debt repayment and other corporate purposes. Office—
100 W. 10th St., Wilmington, Del.
Underwriter—None.
Drug Research Laboratories, Inc.
1962 filed 107,500 common, of which 100,000
Food Si
May
24,
to be offered
by company and 7,500 by stockhold¬
Business—Chem¬
ical and biological research and testing for the food, drug,
cosmetics, chemical and related industries. Proceeds—
For expansion, equipment and debt repayment.
Ad¬
dress—Maurice Ave. at 58th St., Maspeth, N. Y. Under- \
writers—Maltz, Greenwald & Co. and Rittmaster, Voisin
& Co., N. Y.
are
Price—By amendment (max. $5).
ers.
Forst
(Alex)
& Sons, Inc.
toys and games. Proceeds—For selling stockholders. Of¬
fice—2885 Jerome Ave., Bronx, N. Y. Underwriter—Mc¬
Donnell &
;
Co., N. Y. Offering—Temporarily postponed.
Four Star Sportswear, Inc.
v
March: 27, 1962 filed 103,000 common. Prices—$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, N. Y.
Underwriter—Magnus & Co.,
Inc., New; York..
Gilfillan Corp.
Business—Operation of a mail order
of women's apparel stores., Pro¬
ceeds—For
expansion and other corporate purposes.
Office—6608 Hollywood Blvd., Los Angeles. Underwriter
chain
a
—To be named.
;
%
•"/ \
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 St., Charlotte, N. C. Underwriter—None.
.
Gabriel Industries, Inc.
March 30,
1962 filed 100,000 class A common shares.
Price—By amendment (max, $11). Business—Design,
manufacture and distribution of toys and sporting goods.
Proceeds—For debt repayment Office—184 Fifth Ave.,
N. Y. Underwriter—Hemphill, Noyes & Co., N. Y.
•
Gamma
Inc.
share.
Price-*—$5.05
clsas A and one com¬
one
per
■
.
.
'
Halo Lighting, Inc.
Mar. 27, 1962 filed 300,000
plans to develop and operate a ski and recreational re¬
sort at Fayston, Vt. Proceeds—For construction. Address
—Box 111, Waitsfield, Vt. Underwriter—None.
.
;
23, 1962 filed 150,000 common, of which 60,000
,
pany's parent, Glen Modesr Inc. Price—By amendment
(max. $7). Business—Design, production and sale of
women's fashion accessories, and sportswear. Proceeds
—For general
corporate purposes;
Office—417 Fifth
Ave.,; N* Y. Underwriter^-Sprayregan? Haft & Co., Ni Y,_
Offering—Indefinitely postponed. "
- ~v
V
Co., Inc.
1962 filed 80,000 common.
and'S^^f^Mfiftaceu-
and working
River, Mass.
plant, sales promotion
Plymouth Ave., Fall
Underwriter—Hampstead Investing Corp.,
capital.- Office—288
New York.
,
/
■
Garden State Small Business Investment Co^
rPrice^—$3.^ Business
—A small business investment
'company. Proceeds*—For
investment. Office—1180 Raymond Blvd., Newark, N. J.
Underwriter—Godfrey, Hamilton* Taylor & Co;; N> Y.
Offering—Temporarily postpohed. ;;
•;
Garsite Products/ine;
;
July 13, 1962 ("Reg/A") 15,000
;
,
"
•
W.
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
Seaford, L. I., N. Y.
Co., Inc., N. Y.
Rd.,
Underwriter—Theodore Arrin &
Gaslight Club, Inc.
Feb. 28, 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.
•
'Gateway Sporting Goods Co.
Aug. 20, 1962 filed $2,000,000 of conv. subord. debentures
due
1977.
Price—At par.
Business—Operation of retail
stores, licensed departments in department stores, a dis¬
count department
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
City, Mo. Offering—Imminent.
General
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.
Inc.
Stores;*.Inc.
derwriter—Van Alstyne,
Indefinite. V
j.-
-
v,-v
•.
operates 'an advertising
spot time. Proceeds—
Varick St., N. Y. Un¬
Noel & Co., N. Y. Offering-
Hawaii
Real Estate Investment Trust
/
-
May 18, 1962 filed 1,000,000 shares of beneficial interest
and eight-year stock purchase warrants to be offered* in
units consisting of one share and one warrant. Price—
$10 per unit. Business—A real estate investment trust.
St., N. Y. Underwriter-^-Federman,
Offering—Expected in early Oct.
Stonehill & Co., N. Y.
working
capital.
Address—Honolulu,
Underwriter—White. Weld & Co.. Inc.. N. Y.
Proceeds—For
Good-Era Realty & Construction Corp.
Hawaii.
1962 filed 550,000 class A shares. Price—$10.
Hawaiian Electric Co.,
Gotham
-
-
:
and
investment
other
Office—1707
H
'
WWashington;- D. C: Underwriter—Rouse, Brewer,
Becker & Bryant, Inc. - Washington, D. C.
/
;;
Gourmet Food
Products, Inc.
May. 25,: 1962, filed 28,113 co mirrori; Price—$3.50. Busi¬
ness" -^-Growing,
purchasing; distributing/and; selling
whole, potatoes and processing: and- selling of prepared
potato products: Proceeds—For« the - selling stockholders;
Office—915 Southeast 10th Ave., Portland, Ore/Under*
writer—To be* named:
Grand
-
:
.
v
•;
*.•
;
:
;
Development Co.^ Ltd.
:
Jan. 23, 1962 filed 250,000 common. Price — By amend¬
Heck's
"
.
.
Great Continental Real
Estate
Hek
Great Eastern
ment
Baltimore. Underwriter
,
.
selling
the
stockholders.
Bellflower,
New York.
Calif.
Los
Angeles
San
„
Herlin
& Co.,
Underwriter—None.
'
Inc.
n
'
nAA-
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
wtist watches to holders of food chain, cash register
working.capital. Office—2046 JBell
Underwriter—Newhard, Cook & .Co.,
tapes.. Proceeds—For
area.
Office—17602
Palou,
Wright Co., Inc., N. Y.
Helix Land Co.,
Summit Dr., La Mesa* Calif.
-
June 28 1962 filed 219,150 class A common.
Price—By
amendment
(max. $14).
Business—Operation of
16
in
Office—2176
Underwriter—L. H.
amendment
McCoy's Markets, Inc.
supermarkets
.
tnc:
"
1962 filed 586,000 capital shares.* Price—By
(max. $5)., Business—General real* estate.
Proceeds—For general corporate purposes. Off ice—4265
\
Underwriters—Emanuel, Deetjen & Co., and Zuckerman,
Greater
com-
April 27,
as
Office—116 John St., N. Y.
Smith & Co., N. Y.
69,000
advetrising, research arid develop¬
working, capital.
arid
Francisco.
Insurance Co.
purposes.
Inc.
Manufacturing Co.,
For debt repayment,,
April 13, 1962 filed 381,600 common. Prices—By amend¬
ment (max. $5).
Business—Company plans to write cer¬
tain types of fire and
casualty insurance. Proceeds—For
general corporate
-
and 6,000 shares for the underwriter.
Price—$2.
Business—Manufacture of dental equipment. Proceeds—
Investment Trust
formerly was known
Continental Real Estate Investment Trust.
((10/23)
,;pany
Aug. 3, 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest¬
ment. Office—530 St. Paul
Place,
—To be named. Note—This firm
Discount Centers? Inc/
7, 1962 1lied '125,000: common; > Price—By ameridment(maxv $5>. (Business—Opera tionof'-discQuntstores.
Proceeds—For inventory;; expansion, debt repayment and
working capital.' Office—6400 MacCorkle Ave., S. W.,
St. Albans, W. Va.; r Underwriter—Willard Securities,
inc., N.; Y...^
Aug. 7, 1962 ("Reg. A") 75,000 common, of which
shares are to be offered for the account of tbe
ment. Business—Sale and development of land on Grand
Bahama Island for residential and resort purposfes. Pro¬
ceeds—For general corporate purposes. Office—250 Park
Ave., N. Y. Underwriter—Allen & Co., N. Y.
28,
J urie
^
Bahama
12, 1962.
Development Corp.
7."
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-.
mbn held. Price—$12. * Business^—Real estate. Proceeds
—For general corporate purposes and; debt-repayment.
Office—40 Beaver St., Albany, N. Y. Underwriter—None.
St.,
Nv
•
*:
Heartland
March
Proceeds—For working capi¬
corporate purposes.
i.''
Prifee—By amendment. Proceeds—For expansion. Office
—900 Richards St., Honolulu. Underwriter—None.
(
Corp.
Nov. 21, 1961 filed 100,000 common. Price—$6. Business
tal
:
share for. ea&i ten shares: held of record Sept.
-
.
Ltd!
Aug. 23, 1962 filed 315,730 common to be offered for
Subscription by stockholders on the basisv of one new
derwriters—Leiberbaum & Co. and Morris Cohon & Co.,
—Real estate investment.
Oct.'27,^1961-filed^-330;000 eommon;
(Paul)- Stores,
pedic works for children and
Price—By amendment (max; $8). Business—Retail sale
of stationery office supplies and department store mer¬
chandise. Proceeds—-For expansion and working capital.
New York.
new
.
agency for sale of. TV and radio
For working capital. Office—170
June 29, 1962 filed 125,000 common, of Which 62,500 are
to be offered by company and 62,500 by stockholders.
lated items. Proceeds—For
a
For a new building and^
—
Harwyin Publishing Cor|i.
'
Jan. 29, 1962 filed 300,000 class A ComMbri; - Price — By
amendment. Business — Publishes illustrated encyclo¬
advertis¬
Business—Company plans, to. develop, operate, construct
and manage reaT estate. Proceeds—For general corporate:
purposes. Office—151 N. Dean St., Englewood, N. J. Un¬
common
By,
—
^
Bros.
Nassau
—
"Harris
debt repayment and working capital.
St., New ROchelle, N. Y. Underwriter
—Droulia & Co., N. Y: /"•
--v
\
/
'/■'>/■"
Office—77
-
She Phul,: Harris
research,
Goldsmith
v
,
Busi¬
ness—Design,. production and distribution of belts qnd
related^ products. Proceeds—For shies promotion, expan¬
sion, inventory, and debt repayment. Office—476 Broad¬
way, N. Y. Underwriter—To be named.
;
i t :
Price—$4, Busi¬
tical arid veterinarian products: froceeds—For
ing,
.
Harley - Products,-(.Inc.>;t;.. x, fy'-.x ■ irk '1
March 28, 1962 filed 75,000, common. Price—$4.
f'.,CK* *
'
'
.
geles. Underwriter—Carl M. Loeb, Rhoades & Co., Inc.,
N. Y..
Proceeds—For debt repay-
ness—Manufacture, development
April 2,
Leather Goods Corp;
1962 filed 75,000
and commercials^ Proceeds
expansion, researcn, and inventory. Office—545
Cedar- Lane, Teaneck, N. J.
Underwriters^—Winslow,
Cohu & Stetson and Laird, Bissell & Meeds, N. Y.
13,
Productions, Inc.
1961 filed 200,000 capital: shares. Price
29,
working capital: Office—3501 Cahuega Blvd*, Los An-/
.
Gold Leaf Pharmacal
of which 100,000
amendment. Business—Production of television cartoons
Devicesy Inc.: :
V
r
:
June 29, 1962 filed 100,000 common. Price—$10; Busi¬
ness—Manufacture, sale and lease of steel supports and
March
common,
sold by
Hanna-Barbara
Dec.
Global Construction
beams used in construction.
be
the company and .200,000 by a stock- ,
.Price—rBy 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;.
' v
•'
J
will
holder.
Glensder Corp.
to be offered by the company and 90,000 by the com-
(10/8-11)
Sand Co.
processing and sale of rock and sand. Proceeds—For a>
new plant and other corporate purposes. Addressr-Hal->
landale, Fla. Underwriter—Mutch, Kharibegian, Flynn &/
Green; Inc.. 115 Broadway, N. Y.
Glen/ Ellen Corp.
•
' >?/."
■<
Sept. 6, 1962 filed $600,000 of 6% subord. income de¬
bentures due Jan. 1, 1983 and 24,000 common shares to
be offered in units of one $1,000 debenture and 40 com¬
mon shares.
Price—$1,50Q per unit. Business—Company
■.
are
Rock- &
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 $i:per share to be offered in>
uriits consisting of a $10 debenture, 8 common shares and .
one warrant. Price—$18 per unit. Business—Extraction,;
capital. Off ice
Underwriter—!
Burr, Wilson & Co., Inc., San Francisco. "
March
Hallandale
March
—For equipment, inventory and working
—1299 N. First Street, San Jose, Calif.
and 75,000 five-year
warrants to be offered in units consisting of one share
and one warrant. Price— $4.75 per unit. Business—De¬
sign, manufacture and sale of- ladies' handbags and (re¬
June 29,
•
unit/ Business-^-Cpmpahyf
plans to manufacture flat glass mirrors and Sliding
wardrobe mirror doors and related products;
Proceeds
mon
Office—36 Lawton
Fund Investments, Inc.
June
Glasco1'Pacific
shares to be offered in units of
(10/8-11)
Inc;
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
sewage collections systems. Proceeds—For debt repay- '
ment, expansion .and working capital. Office—2738 Mar
linda Blvd., Jacksonville, Fla. Underwriter—Pierce, Car-;
rison, Wulbern, Inc., Jacksonville. <
July 12, 1962 filed 250,000 class A arid 250,000 common
Price—$5:
business and
.
Gulf Atlantic Utilities^
ment,
Frederick's of Hollywood, Inc.March 26, 1962 filed 150,000 capital shares, of which 70,000-are to be offered by company and 80,000 by a stock¬
holder.
—
April 4, 1962! filed 254,000 common. Price—By amend¬
ment (max. $18). Business—Development and produc¬
tion of radar and other specialized electronic systems.
Proceeds—For selling stockholders. Off ice—1815 Venice'
Blvd., Los Angeles. Underwriter—Blyth & Co., Inc.; Los
Angeles.
-/'••/.
.
March 23, 1962 filed 100,000 common. Price—By amend¬
ment (max. $15).
Business—Wholesale distribution of
Proceeds
For debt repayment, new
products, sales promotion and working, capital. Office—
88 Cutter Mill Rd., Great Neck, L. I., N. Y. Underwriter:
—S. C. Burns & Co., Inc., New York.
-
■
Floseal Corp.
1
Greenman Bros., Inc.
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, hobby lines and sporting equipment; Proceeds'
—For debt repayment, inventory and working capital.
Office—35 Engel St., Hicksville, N. Y. Underwriter—J..
R. Williston & Beane. N. Y.
Proceeds—For
Bellflower
Underwriter—Morris
Cohon
Blvd.,
Co.,
&
Ave.,
■■
St. Louis.
St: Louis.
,
■
;
."...
■
"
Hickory Industries, Inc.
Aug. 31, 1961
("Reg. A") 40,000 common. Price—$5.
Business—The manufacture of barbecue-machines-and
allied equipment.
Proceeds-"—For equipment/ inventory,
Volume
saies
196
Number 6196
,.
The Commercial and Financial Chronicle
.
Instrument
promotion, expansion and working capital. Office
Rd., Long Island City, N. Y. Underwriter—
Associates, Inc., N. Y. Offering—Indefinite.
—1U-20 47th
June
J. B. Coburn
Business
16,
ment,
filed
1961
2,265,138 common to be offered for
subscription by stockholders of Union Bank of Califor¬
nia
on
share-for-share
a
investment
management
Manufacture
—
Hoffman House
Sauce Co.,
shares to
be
Under¬
-
Inc.
offered in
units
Price—$1,000
other
Ave.,
corporate purposes.
Newark, N. J. Under¬
utility. Proceeds—For acquisition of additional stock in
subsidiary. Office—507 Place D'Armes, Montreal, Canada.
Underwriters
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.
—Walnut Securities
International
consisting of one
shares.
common
and
Pleasant
Intercontinental
Feb. 28, 1962 filed $250,000 of
0V2% subordinated sink¬
ing fund convertible debentures due 1977 and 25,650
$500 debenture and 50
promotion
Mt.
and expansion. Office—109 S. Webster St.,
Madison, Wis. Underwriter—Milwaukee Co., Milwaukee;
Wis. Offering—Indefinitely postponed.
'./•..//////J.'•/"•...-■■
"•
Feb.
Corp., Philadelphia.
.
76,500 common. Price—$3.75
cultured
pearls in Japan and
Business—Purchase: of
their
distribution
in
the
U.
S.- Proceeds—For
general
(9/25)
Inc.
•
..
,.
House/ of Vision,
corporate pur-
ment (max. $17).
?•
Corp., Clifton, N. J.
/;/•;/,:
Inc.,
Broadway,
N.
Y.
Jetronic
Industries,
Inc.
$375,000 of 6J/2%
1962 filed
due
1972.
Price—At
•
./
29,
to be
are
(11/7)
filed 140,OUU common, of which 70,000
by company and 70,000 by stockhold¬
1962
Price—By
amendment
(max.
$10).
Business—
Reclamation of metallics from steel slag; mining of sand
and gravel; and dismantling and salvage of industrial
ers.
buildings. Proceeds—For new plants, debt repayment
and working capital.
Office—6272 Canal Rd.,. Cleve¬
land.
Underwriter—Robert L.
Ferman
&
Co.,> Inc.,-
Miami, Fla.
///
•
Maich
March
30,
1962
/.
:
filed
97,000 common, of which 80,000
and 17,000 by certain stock¬
holders. Price—$5. Business—Manufacture,
assembly and
will
be
sold
by
company
.
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.
I. P. D. Financial Corp.
Aug. 23,v 1962 filed 300,000 common. Price—$4. /Busi¬
ness—Company plans to furnish equity capital to busi¬
ness
concerns,
,
loans
make
and
asstst
im
.
.C
m
Kaltman
(D.)
& Co.,
W.'57th St., N. Y. Underwriters—J. J. LeCort
Inc.
and
Harris,
Clare
&
Co.,
Inc., N. Y.
Associates,
Film
>
/
the
on
held
basis
of
$100
of
Inc. (10/29)
Sept. 29, 1961 filed 106,250 common. Price—$4. Business
—Theatrical distribution and co-production of foreign
and domestic feature films.
Proceeds—For acquisition,
co-production, dubbing, adaptation and distribution of
films, and working capital. Office—1776 B'way, N. Y.
Underwriters—General Securities Co., Inc., and S. Kasaan & Co., Inc., N. Y.
/
//
//>/;//'//A'/.:/;;•///'/•;
Kaufman
March 29,
investors Realty Trust /
May 31, 1962 filed 200,000 shares. Price — $10. Business
by stockholders. Price
/—A real estate investment trust. Proceeds — For con¬
—By amendment (max. $20). Business—Manufacture of
struction and investment. Office
3315 Connecticut
toys arid related products. Proceeds -r- For debt repay?
Ave., N. W., Washington, D. C. Underwriter—None.
ment; and general corporate purposes. Office — 184-10
• lona Manufacturing Co.
Jamaica Ave., Hollis. Long' Island N /Y: Underwriter;
White, Weld & Co., Inc., N. Y. Offering — Indefinitely /•Jan. 26, 1962 filed 140,000 common, of which 125,000 are
/to be offered by the company and 15,000 shares by a
postponed.//.//•'•■ /'//://(/
'V;;/-/./ /a///'/ //Z^/; ^'
stockholder/ Price—By amendment. Business—Manufac¬
..-Indian Trail Ranch, Inc.
ture of household electric appliances and electric motors.
Aug. 31, 1962 filed 54,238 common to be offered for sub¬
Proceeds—For new products and working capital. Office
scription by stockholders on the basis of one new share
—Regent St., Manchester, Conn. Underwriter — S. D.
for
each ' four
shares
held;
Price—$15/ BusinessFuller & Co., N. Y. Offering—Expected in mid-October.
Ownership of real estate," leases principally for farming
./
Iowa Southern Utilities Co. (9/25)
and grazing./ Proceeds—For debt
repayment, working
and rugs.
Carpet Co., Inc.
common.
Price—$5. Busi¬
chain of retail stores selling carpets
a
Proceeds—For expansion, inventory, debt re¬
payment and working capital. Office—1800 Boston Rd.,
Bronx, N. Y. Underwriter—Michael G. Kletz & Co., N.'Y.
Kavanau Corp.
March
29, 1962 filed 50,000 shares 6% cum. preferred
and. four-year common stock purchase warrants to be
offered in units consisting of one preferred and
one
warrant,
Price—By amendment
Business—Real
estate
(max; $101 per unit).
investment.a Proceeds—For debt
repayment and working capital.
N.
/
Y.
Kay Foods Corp.
29, 1961 filed 88,000
■
by stockholders.
Price—$7.
..
Aug.
capital and other corporate purposes; Office—Southern
Blvd., West Palm Beach, Fla. Underwriter—None. !
due
i
22,
1962
1992.
filed
$4,900,000
Proceeds—To
of first
redeem
a
like
mortgage bonds
amount
of
out-
standing 53A%
first mortgage bonds due 1987. Office—
Industry Capital Corp. v
Jr.-/ /
300 Sheridan Ave., Centerville, Iowa.
Underwriters—
Dec. 26, 1.961 filed 500,000 common.
Price—$15. Busi¬ '■"r (Competitive). Probable bidders: White, Weld &
Co.;
ness—A small business investment
company. Proceeds—
Halsey, Stuart & Co. Inc:; Shields & Co. Bids—Expected
For general corporate purposes. Office—208" S. La Salle;
Sept. 25 (11 a.m. CDST) at Northern Trust Co., 50 So.
St., Chicago. Underwriter—A. C. Allvn & Co., Chicago.
LaSalle St., Chicago.
/ ;
/
//
/
Note—This registration will be withdrawn.
/
'
class
A
common
shares,
of
which 44,0uU are to be offered by the
company and 44,000
,
.
Office—30 E. 42nd St.,
Underwriter—Hayden, Stone & Co., N. Y.
Dec.
—
i
shares
1962 filed 250,000
ness—Operation of
••■//," ///,"
be offered by company and 240,000
100
Sept.
writer—None.
—Manager and distributor for Western Industrial Shares,
inc., a mutual fund. Proceeds—For debt repayment and
general corporate purposes. Office—818 17th St., Denver.
% Underwriter—None.
record
subord. debens.
by stockholders
for each
—
Investment Management Corp.
May 10, 1962 filed 100,000 common to be offered for sub¬
scription by stockholders on a 2-for-l share basis.
Toy Corp. /////*••,//// •/•," / '/v.;,' >;/:-;C//-^
May 1, 1962 filed 490,000 common, of which 250,000 will
of
debentures
18, with rights to expire Oct. 15,
1962.
Price
At par.
Business—Operation of a whole¬
sale drug business. - Proceeds—For debt
repayment and
working capital. Office—425 Park Ave., N. Y. Under¬
Distributors,
Ideal
Inc.
June 28, 1962 filed $1,650,000 6% conv.
due 1977 being offered for subscription
Unsubscribed shares will be offered to the public. Price
—To stockholders, $2.50; to the public, $3.50.
Business
arranging,
and corporate financing. Proceeds—For work¬
capital and other corporate purposes.' Office—200
mergers
ing
Interworld
de¬
offered
.
///■•/
conv.
par.
Kaiser-Nelson Corp.
March
30, 1962 filed 1,605,100 shares of beneficial interest.
—For debt repayment and
.Price—(max.. $10). Business—A real estate investment
other- corporate purposes.
Office—15855 Edna PI., Irwindale, Calif. Underwriter— / company. Proceeds—For investment. Office—450 Seventh
Ave.. N. Y. Underwriter—Van Alstyne, Noel & Co., N. Y.
Bateman, Eichler & Co., Los Angeles.
; //N/* /
:
subord.
Business—Design,
development and manufacture of electronic equipment.
Proceeds—For debt repayment and
working capital. Of¬
fice—Main & Cotton Sts., Philadelphia.
Underwriter—•
Weil & Co., Washington, D. C.
...
Hydro-Swarf, Inc.
Offering—Indefinitely post¬
,;. / /
'"'' // '-/■'
z
/ //
.
.
bentures
,
^
26
Sept. 7,
International
'/// lnter$t^t< Equity// '
purposes.
poned.
Vending Corp.
/
:/'////*/;
June 27, 1962 ("Reg. A") .60,000 class A common. Price—
ceeds—For selling stockholders./Office—137 N. Wabash'.
$5.
Business—Installation
and
servicing of coin-operated
Ave., Chicago.
Underwriter—Hornblower
Weeks,
-vending machines. Proceeds—For debt repayment, con¬
Chicago..
v
«»>;
.
'
- ... solidation
of
offices
and
working
capital. Office—1028
Hunsaker Corp.
:/y/-//•/.-'
Commonwealth Ave.* Boston, Mass. Underwriter—Gianis
March 30, 1962 filed $1,600,000 of convertible subordi¬
& Co., Inc., New York. Note — This letter was withnated debentures due 1977 and 250,000 common'shares.
Price
.;// -//'/'/•///'•'■'''/.''///-" // ": / •./■
By amendment (max. $6 per common.share). / drawn.... /■/;./ //;/. / /:
Business—Construction of homes and apartments on land
which company has acquired in Southern Calif. Proceeds
dividers, folding doors,
room
repayment and
equipment, raw materials, debt repay¬
working capital. Office—596-612 Berriman St.,
Brooklyn,. N. Y. ' Underwriter—R. P. Raymond & Co..
International Systems Research Corp.
Mai oh 30,1962 filed 110,000 class A common and 9-month
warrants to purchase 110,000 class A shares at $4 per
shaie, to be offered in units, each consisting of one share
Services
Business—A dispensing optician and a
optical equipment. Pro¬
coverings,
Proceeds—For
debi repayment and working capital. Office—Engineer's
Plainview. L. I., N. Y. Underwriter—International
manufacturer and distributor of
Proceeds—For debt
ment and
f> Hill.
March 29, 1962 filed 150,000 common.. Price—By amend¬
window
as
etc.
Jerlee Products Corp.
May 'l, 1962 filed 75,000 common. Price—$4.25. • Business
—Processing and distribution of vinyl roll plastic fabric
and vinyl tablecloths, and various foam rubber items.
-
fly}*/-J:'■*
•
$3.
Offering—Temporarily postponed.
//; House of Kosfcu, Inci-/-^/*:^^
March 29, 1962 filed 75,000 class A common; Price—$5.
and one warrant. Price—$4 per unit. Business—Design,
Business—Importing of Japanese liquors. Proceeds—For
debt
repayment, advertising,, inventory and" working /development and manufacture of mechanical, electrocapital. Office—129 S. State St., Dover, Del. Underwriter / mecnanical and electronic equipment for government
—To be named.
*
agencies and the military. Proceeds—For equipment,
;4
•
—
general corpo¬
Office—514 W. Olympic Blvd., Los An¬
geles. Underwriter—D. E, Liederman & Co, Inc., N. Y.
.
/V/ "A
Price
—
use
rate
poses.
corporate purposes. Office—42 W. 48th, St., N/ Y. Under*
writer—Sunshine Securities, Inc., Rego Park, N; Y,
common.
class A common. Price—$8.
Business—Manufactures patented traversing screens for
.
and other
46,000
Jaylis Industries, Inc.
18, 1961 filed 150,000
Office—919 N. Michigan Ave.," Chicago. Under¬
writer—Kidder, Peabody & Co., N. Y. Offering—In/ definitely postponed.
:;;/;/■// :/;;///////
•
»
Conditioning Corp.
("Reg. A")
Och
.
("Reg. A")
1962
inventory, equipment and other corporate purposes.
954 Jamaica
Ave., Brooklyn. N
Y / Under¬
writer—Martin-Warren Co., Ltd., N. Y. Offering—Ex¬
pected in mid-October.
."/.■
/'/
Park Ave., N. Y.; Underwriters—Seymour Blauner
Co., and Wm. Stix Wasserman & Co., Inc., N. Y.
•
% debt repayment, construction,
Konora,
29, 1961
Nov.
28,
Office
Realty Corp. /
;
'/,-•// A/
—
$4. " /April 27, 1962 filed $18,000,000 of s. f. debentures due/
Business—Manufacture,/sale and development of solder?-; »1977, ,360,000 common shares and five year warrants to
less terminals and other wire terminating products. Pro¬ ^purchase 540,000 common shares to be offered in
180,000
ceeds—For debt repayment, equipment, advertising and
/ units, each unit consisting of $100 of debentures, two
working capital. Address—P. O. Box 430, Phoenixville,
common
shares and warrants to purchase three addi¬
Pa. Underwriter-^Harrison &
tional shares.
Co., Philadelphia. Offer¬
Price—By amendment (max. $110 per
ing—Temporarily postponed.'
unit). Business—Real estate investment. Proceeds—For
-
and
Offering—Indefinitely
Business—Design, installation and maimenance of heat¬
plumbing and air conditioning systems. Proceeds—
Drug & Surgical Corp.
International
Inc., N. Y,
ing,
For
375
Hollingsworth Solderiess Terminal Co.,v
Feb. 27, 1962 ("Reg. A") 75,000 common. Price
Co.,
Jamoco Air
Underwriter
pharmaceutical and medical instruments. Proceeds—For
working capital" and other corporate purposes. Office—
repayment
&
Postponed.
March 23, 1962 filed 150,000 class A shares./ Price—$4.
/Business—Importing, licensing, and, manufacturing of
Business;— Manufacture of liquid and semi-solid
salad dressings and specialty sauces. Proceeds—For debt
Stone & Webster Securities Corp.
—
Greenshields
;
per
unit.
29
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).
Business—A holding company for a Jamaican Electric
common. Price — $1.
distribution of electro¬
and
writer—Gold-Slovin Co.. Inc.. N.-Y.
Price—$3. Business—A
company.
Proceeds—For in¬
Office—760 S. Hill St., Los Angeles.
writer—None.'/ /■>'/
• '• <<•/•,
sales
Office—312
basis.
vestment.
common
Components, Inc.
11, 1962 ("Reg. A") 135,000
mechanical rotating devices. Proceeds—For debt repay¬
Hill Street Co.
Oct.
(1225)
Business—Packing and sale
of fruit juice products. Proceeds—For general
corporate
purposes. Office—241
N. Franklintown Rd., Baltimore.
Underwriter—Auchincloss. Parker & Redpath,
ington, D. C. Offering—Indefinitely postponed.
Keene
April 2,
Wash¬
Packaging Associates
1962
filed
165,000 common, of which 100,000
by company and 65,000 by stockholders.
?rice—$4. Business—Design and manufacture of semi¬
rigid vinyl plastic cases and containers for packaging.
are
to be offered
-Proceeds
other
—
For
corporate
debt
repayment, working capital and
Office — 947 Newark Ave.,
purposes.
Elizabeth, N. J. Underwriter—Hardy & Co., N. Y.
Kenner Products Co.
-March 30, ,1962 filed
are
ers.
542,000 common, of which 205,000
by company and 317,000. by stockhold¬
Price—By amendment (max. $24). Business—Manu¬
to be offered
.
.
Instromech
March
30,
1962
Industries,-Inc.
("Reg. A")
: /
100,000
////•'■•//
common.
Price—$3.
Business—A contract manufacturer of
precision products..
Proceeds—For acquisition of land and
building, equip¬
ment, inventory
4
Broadway
and
Plaza,
other, corporate purposes. Office—
Station.' N.. Y. Under¬
Huntington
writer—Price Investing Co., N.
in October.
.
Instron
.
..
;r
Offering—Expected
'
//V'-/
/•'•"
Engineering Corp.
common.
Price—By amend¬
ment
(max. $14). Business—Development and produc¬
tion of equipment for use in
testing the physical char¬
acteristics of various materials. /Proceeds—For
selling
stockholders.
Office—2500 Washington St., Canton, Mass.
Underwriter—None.
Jaap Penraat Associates, Inc.
Jan.
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.
V
,
Y.
.
March 26, 1962 filed 120,000
:
Jackson's/Byrons Enterprises Inc. (10/15-19)
March 13, 1962 filed $750,000 convertible subordinated
debentures due 1977; also 120,000 class A common, of
which
66,666 shares are to be offered by the company
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,
and 53,334
Fla.
Underwriter—Clayton Securities Corp., Boston.
facture, design, and distribution of plastic toys. Proceeds
—For general corporate purposes. Office—912 Sycamore
St., Cincinnati, Ohio. Underwriter—Kuhn, Loeb & Co.,
New York.
Keystone Discount Stores, Inc.
May 24, 1962 filed 110,000 common. Price—By amend¬
ment ($5.25).
Business—Operation of three retail dis¬
count stores.
Proceeds—For expansion. Address—R. D.
No.
Under¬
Co., Inc. and Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia.
2, North
Lebanon Township,
Lebanon, Pa.
writers—Suplee, Yeatman, Mosley
Keystone-Universal Industries Inc.
July 24, 1962 filed 100,000 common. Price—$3.50. Busi¬
ness—Retail sale of carpets. Proceeds — For expansion
'
.
Continued
on
page
30
30
(1226)
The Commercial and Financial Chronicle
Continued jrom page
29
Levine's, Inc.
19, 1962 filed 80,000 common. Price—By amend¬
(max. $17.50). Business — Operation of a chain of
clothing and dry goods stores. Proceeds — For selling
stockholders. Office
8908 Ambassador Row, Dallas.
Underwriter—Kidder, Peabody & Co., N. Y. Offering—
Indefinitely postponed.
Mammoth
March
and
working capital. Office—4042-54 Sawmill Run Blvd.,
Pittsburgh. Underwriter — Strathmore Securities, Inc.,
Co., Inc.
Nov. 21, 1961 filed 75,000 common. Price—$5. Business
—Importing and distribution of cameras, binoculars and
photographic equipment. Proceeds—For debt repayment
and working capital. Office—889 Broadway, N. Y.
Un¬
derwriter—Underhill
Securities
•
Underwriters—The
Robinson
of
company
Calif. Underwriter—Van
Lilli
•
-
27,
(Lou), Inc.
("Reg. A") 125,000
1962
Proceeds—For debt repayment, equipment, sales
promotion and working / capital.
Office—910 S. Los
Angeles St., Los Angeles. Underwriter—Costello, Russotto & Co., Beverly Hills, Calif. Offering—Imminent.
(John)' Sesame Corp.
May 24, 1962 filed $225,000 of 6% conv. subord. deben¬
tures, due 1972, and 150,000 common to be offered in
consisting
.Price—$900
bution
of
of a
unit.
per
$300
200
and
Proceeds—For accounts
to
tures due 1982 and 200,000 common shares to be offered
65,000
will
be
sold
for
100,000
of
common
optical items. Proceeds—For expansion, a laboratory
working capital. Office—130 W. 57th St., N. Y. Underwriters—J.
N. Y.
Lady Baltimore Foods, Inc. (9/27-28)
Aug. 23, 1962 ("Reg. A") 75,000 class A common. Price
—$4. Business—Wholesale distribution of groceries and
filming
543
sauce.
debt repayment, new products and ex¬
pansion. Office—35 Southwest Blvd., Kansas City, Kan.
Underwriter—Blackford & Co., Inc., Kansas
City, Mo.
Laminetics Inc. (10/8-12)
W.
27th St., N.
Corp., N. Y.
•
Larsen Co.
Y.
corporate
Underwriter—Fabrikant
20
—
Securities
Lee
Dec.
(9/25)
Business—Importing of low priced ladies'
Mac-Allan
and blouses.
Proceeds—For debt repayment and work¬
Penzell
tion
was
&
Lee-Norse
—751
postponed.
Underwriter—Moore,
Lynch, Pittsburgh. Offering — Temporarily
,
.
Dec. 21,
1961 filed 100,000 common. Price—$3.50. Busi¬
ness—Manufactures steel re-inforced concrete utilities
sanitary structures, fallout shelters and play
sculptures.
Proceeds—For debt
repayment, sales promotion and
working capital. Office—145 W. 11th
St.,
Huntington
Station, L. I., N. Y. Underwriter—Blank, Lieberman
Co., Inc., N. Y.
Lesco
June
28,
Business
Proceeds
purposes.
Automotive
Office
debt repayment and
—
430 Hegeman
general
corporate
Ave., Brooklyn, N.
Meyerson & Co., Inc., New York.
Lesser
(Louis) Enterprises, Inc.
March 30, 1962 filed
1,000,000 class A common.
$10. Business—Real Estate
management
Proceeds—For
purposes.
Calif.
repayment
Office—8737
and
Price—
general
Wilshire
corporate
Blvd., Beverly Hills
Underwriters—Morris Cohon & Co. and Leiber-
baum & Co., New York.
named.
Enter¬
E.
34th
Co.,
St.,
N.
Y.
Under¬
consisting of
'
and
one
E.
class
40th
Offering—Imminent.
various
Manna Real Estate Investment Trust
J
Aug. 30, 1962 filed 460,000 shares of beneficial interest.
Price—$11.
Business—A real estate investment trust.
Proceeds—For
Ave.,
one-
St., N. Y.
Underwriter—To
be
named.
Maremont Corp.
fice—168
product
development and equipment.
Office—179 Westmoreland
Ave., White Plains. N Y. Un¬
derwriter—T. W. Lewis &
Co., Inc., N. Y. Note—This
was
withdrawn.
N.
Loeb
Marin County Financial
Corp.
May 2, 1962 filed 102,050 capital shares, of which 27,790
are 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.
Proceeds—For
Mail
—145 Ave. of the
pui poses.
Office
Americas, N. Y. Underwriter—Globus,
Office—990
Fifth
Underwriter—Dean
Ave.
at
Witter
&
Co., San Francisco. Offering—Indefinitely postponed.
Marshall Press, Inc.
May-ao-, 1962 filed 60,000 common. Price—$3.75. Busi¬
ness—Graphic design and printing. Proceeds—For pub¬
*
lishing ; a sales catalogue, developing a national sales
*
staff and wdrkiftg 'capital.
Office—812 Greenwich St.,
Y.
Underwriter—R.
P.
Raymond
&
Conine.,
26
Masters, Inc.
March 22, 1962 filed $1,500,000 of 6% conv. subord de¬
bentures
due
1972; also 150,000 common shares, of
which 80,000 will be offered by the
company and 70,000
a stockholder. The securities will be offered in units
one
$100 debenture and 10 common shares, except
that up to $700,000 of debentures and
70,000 shares may
be offered separately.
Price—For debentures, at par;
for common, $10.
Business—Operation of discount de¬
partment stores selling a wide variety of merchandise.
Proceeds—For
expansion.
Office—135-21
38th
Ave.,
Flushing, N. Y. Underwriters—Sterling, Grace & Co.,
Norton, Fox & Co., Inc., N. Y. Offering—Indefin¬
itely postponed.
and
& Coke Corp.
(9/24-28)
30, 1962 filed $5,000,000 of s. f. debentures due
1977; also 250,000 common to be sold by a stockholder.
Price—By amendment (max. $14 for stock). BusinessMining and processing of bituminous coal. Proceeds—
For equipment,
construction, debt repayment and other
Aug.
corporate purposes. Office—530 Fifth Ave., N. Y. Un¬
derwriter—Eastman Dillon, Union Securities & Co., N. Y,
•
McGrath
(John W.) Corp.
(10/8-11)
28, 1962 filed 253,875 common. Price—By amend¬
(max. $15). Business—Contract stevedoring and
related
operations.
Office—39
&
Proceeds—For
Broadway, N. Y.
selling
stockholders.
Underwriter—Bear, Stearns
Co., New York.
Mechmetal-Tronics
Inc.
May 28, 1962 filed 150,000 shares of 8% convertible cu¬
mulative preferred stock. Price—$3.
Business—Design
and manufacture of miniature metal bellows and other
miniature products. Proceeds—For debt
repayment, re¬
search and development and working capital. Office—
Rochelle
Ave., Rochelle Park, N. J. Underwriter—
Co., New York.
Charles Plohn &
Medical
Industries
Fund, Inc.
Oct. 23, 1961 llled 23,000 common. Price—$10.
—A
closed-end
investment company which
become
open-end.
Proceeds—For
Business
plans
investment
in
to
the
medical
industry and capital growth situations. Office
Lafayette St., Denver. Underwriter—Medical As¬
—677
dise and collection of the accounts
receivable.
selling stockholder.
Office—1514
Underwriter—None.
Medical Video Corp.
Nov.
13,
filed 250,000
1961
ness—Manufacture
Proceeds—For
Studio
of
general
common.
medical
corporate
Price—$10.
electronic
Busi¬
equipment.
O f f i
purposes.
c e—
City, Calif. Underwriter—Financial Equity Corp.,
Los Angeles.
Majestic Utilities Corp.
July 31, 1962 filed 29,000 common.
Price—By amend¬
ment (max. $4). Business—Door
to door sale of merchan¬
a
investment.
sociates, Inc., Denver.
Assembly Service, Inc.
April 27, 1962 filed 100,000 common.
Price—$2.25. Busi¬
ness—Assembling of packages for shipment to post oftiees.
Proceeds—For general corporate
Denver.
•
Michigan Ave., Chicago.
Underwriters—
& Co., Inc., N.. Y., and Straus, Blosser &
McDowell, Chicago.
;
Kuhn,
12
Business
units.
Company also plans to market transistor logic units and
subsystems for use in computers, business machines and
data handling systems.
Proceeds—Expansion of sales and
new
Massachusetts
to be offered in
share, one class A warrant
warrant). Price—$4 per unit. Business
B
Office—1500
Sept. 10, 1962 filed 120,000 common. Price—By amend¬
ment (Max. $50). Business—Manufacture of automotive
replacement parts. Proceeds—To repay bank loans. Of¬
memory
For
investment.
N.
W., Washington, D. C. Underwriter—Manna
Financial Planning Corp. (same
address).
\
•
;
one
•
Magnetics Research Co. Inc.
April 30, 1962 filed 100.000 common. Price—$3.
—Design and marketing of magnetic
engineering,
Business—Manufacture,
packaging
and
proprietary drug products. Proceeds—
equipment, new products, debt repayment and work¬
ing capital.
Office—156 Tillary St., Brooklyn, N. Y.
Underwriter—Dana Securities Co., Inc., N. Y.
of
For
ment
(with attached
—Production of educational and recreational devices and
games. Proceeds—For general corporate
nurposes. Office
—130
Co., Inc.
Maust Coal
Inc.
chase 60,000 shares at $4.50
per share)
units (each
Underwriter—
by
acquisition of predecessor's business and
Office—40
Atlanta.
of
year class A warrants to purchase 60,000 common shares
at $4 per share and
two-year class B warrants to pur¬
Inc., N. Y.
and construction
debt
be
Lunar
—
registration
Corp.
("Reg. A") 50,000 common.
Price—$6.
Company buys and sells automotive parts.
Underwriter—M. H.
•
&
1962
For
Office—
.
Lembo Corp.
Price—$3.50.
sale
June
Co.
Lincoln Ave., Charleroi, Pa.
Leonard &
Manhattan Drug
Proceeds—For
capital.
Underwriter—To
Magellan Sounds Corp.
Feb. 28, 1962 filed
60,000 common
Co., Miami Beach. Note—This registra¬
May 25, 1962 filed 272,000 common.
Price—By amend¬
ment (max. $20).
Business—Production of a coal mihing machine. Proceeds—For selling stockholders. Office
Y.
films.
working
poned.
withdrawn.
Bldg.,
Busi¬
by stockholders. Price—$5. Business—Sale and distribu¬
jewelry, ladies' handbags, and accesso¬
Proceeds
For working capital. Office — 1650
Broadway, Kansas City, Mo. Underwriter—George K.
Baum & Co., Kansas
City. Offering—Indefinitely post¬
ing capital. Office—2529 Washington Blvd., Baltimore.
Underwriters—Godfrey. Hamilton, Taylor & Co.. N. Y.
and
N.
and
Price—$5.75.
tion of costume
scarfs
Federal
Broadway, N. Y. Offering—Indefinitely postponed.
Feb. 23, 1962 filed 130,260 of class A
common, of which
65,130 are to be offered by the company and 65,130
Price—By amend¬
Fulton
March 29, 1962 filed 72,000 common, of which
58,000 are
be offered by company and 14,000 by stockholder's.
N.
formerly was named
Offering—Postponed.
ries.
common.
&!'Co4 Inc.,
writer—P. W. Brooks &
Co., Inc., N. Y.
common.
Fashions, Inc.
27, lybl tiled 166,667
ment.
Inc.
Ave.,
Proceeds—For
Price—By amend¬
ment (max. $11.50).
Business—Processing and marketing
of canned and frozen
vegetables. Proceeds—For selling
stockholders. Office—520 N.
Broadway, Green Bay, Wis.
Underwriter—Robert W. Baird & Co., Inc., Milwaukee.
•
common.
firm
working capital.
Aug. 27, 1962 filed 103,638
Beane arid Doft
Lyntex Corp. (9/24-28)
June 29, 1962 filed
$600,000 of 6.%-% s. f. debentures due
1977 and 120,000 common to be offered in units
consist¬
ing of $500 of debentures and 100 common.
Price—By
amendment (max. $720 per
unit). Business—Manufaclure
of light
gauge vinyl plastic
film and sheeting.
sales
Office
purposes.
production
Madison
prises,
Busi¬
equipment, moving expenses,
other
and
Note—This
linens, place mats,
•and
&
ness—The production of television
Proceeds—For
promotion
Williston
Lunar Films, Inc.
Aug. 31, 1961 filed 125,000
•
Proceeds—For
R.
Offering—Temporarily postponed.
of
For
capital. Office—106 Main
Underwriter—McDonnell & Co.,
Mass.
Court, San Rafael, Calif.
Corp.
March 30, 1962 filed 63,000 common.
Price—$5. Business
—Company provides optometric services and dispenses
withdrawn.
etc.
repay¬
steel
Lordhill
which
March 22, 1962 filed 80,000 common.
Price—$3.50.
ness—Production and sale of gift sets,
Proceeds—For debt
sale
Smyth, N. Y. Note—This company formerly was named
Logos Financial, Ltd.
and 35,000 for stock¬
holders., Price — $3. Business — Manufacture of certain
patented cooling packages. Proceeds—For debt repay¬
ment and working capital.
Office—Jennings Bldg., P. O.
Box 638, Moberly, Mo. Underwriter—John
W. Flynn
& Co., Santa
Barbara, Calif. Note—This letter will be
dressing and barbecue
$3.50
—
for
end investment company. Proceeds—For investment. Of¬
fice—26 Broadway, N. Y. Underwriter—Filor, Bullard &
company
the manufacture of French
hardware
*
Offering—Indefinitely postponed.
A")
manufacturers.
Price
common.
furniture
amendment
Kwik-Kold, Inc.
("Reg.
85,000
of
Logos Options, Ltd.
April 11, 1962 filed 250,000 capital shares. Price — By
(max. $10). Business—A diversified closed-
consisting of $25 of debentures and one common
Price—By amendment (max. $27).
Business—
Construction and operation of office buildings. Proceeds
—For
debt
repayment.
Office—9350 Wilshire Blvd.,
Beverly Hills. Calif. Underwriter—Lee Higginson Corp.,
share.
1962
("Reg. A")
inventories nad plant expansion.
Office—
3006 Boarman Ave., Baltimore. Underwriter—R & D
Investors Corp., Port
Washington, N. Y.
in units
29,
furniture
ment,
Realty & Construction Corp.
19, 1962 filed $5,000,000 of conv. subord. deben¬
March
11, 1962
Business—Manufacture
—
to
common.
Lockfast Mfg. Co.
Jan.
Brockton,
—130
company
Shearson, Hammill & Co., N. Y.
receiv¬
Kreedman
New York.
holding
subsidiaries. Office—26 Piatt St., N. Y. Underwriter
new
—
able, inventories, plant expansion and working capital.
Office—2301 N. Main St., Paris, Texas. Underwriters—
John A. Dawson & Co., and Leason & Co.,
Inc., Chicago,
April
Price—$10. Business
whose subsidiaries in¬
the lives of all types of animals. Proceeds—To form
sure
shares.
Business—Processing and distri¬
seed.
sesame
debenture
1962 filed 130,000
—An insurance
Business—Operation
None.
Livestock Financial Corp.
Feb. 23,
Kraft
units
Corp.
be used to retire shortSan Francisco. Under¬
writers—Sutro & Co., San Francisco and F. S. Smithers
& Co., New York.
parel.
$15).
fields, and provide advisory and management
counseling services on a fee basis.
Proceeds—For re¬
payment of loans, and general corporate purposes. Office
company, a portion of which may
term loans. Office—2701 16th
St.,
ap¬
(max.
missile
Alstyne, Noel & Co., N. Y.
and distribution of women's high fashion
suits and coats. Proceeds—Net proceeds from the deben¬
ture sale will be added to the general funds of the
Price—$2.
common.
amendment
Management Investment Corp.
Aug. 29, 1962 filed 2,000 common (with attached war¬
rants).
Price—$500. Business—Company plans to fur¬
nish equity capital to firms in the
atomic, space and
1977. Price—At par.
manufacture
Kornhandler
Business—Manufacture and wholesaling of women's
St.,
March 29, 1962 filed $750,000 of conv. subord. debentures
due 1977, also 100,000 common shares to be offered by
stockholders. Price—By amendment. Business—Design,
Humphrey Co., Inc.,
Atlanta, and J. C. Bradford & Co., Nashville. Offering—
Indefinitely postponed.
July
Ann
Mart Inc.
New York
Business
—Processing, canning, bottling and selling of fruits and
vegetables. Proceeds—For debt repayment and working
capital. Office—Fresno Ave. & Charter Way, Stockton,
capital stock of
and 40,000
by stockholders. Price—By amendment (max. $17.50).
Business—Manufacture of prefabricated homes. Proceeds
—For a new plant. Office—1725 S. Gault Ave., Ft. Payne,
Ala.
—By
(Tillie) Foods, Inc. (10/22-26)
1962 filed $4,000,000 of 5^>7c convertible sub¬
ordinated debentures due
Corp., N. Y.
Kingsberry Homes Corp.
April 9, 1962 filed 140,000 shares
which 100,000 will be offered by
Lewis
April 9,
Thursday, September 20, 1962
self-service discount department stores. Proceeds
debt repayment and working
—
Kine Camera
.
.
April 5, 1962 filed 200,000 common, of which 100,000 are
to be sold by company and
100,000 by stockholders. Price
ment
Pittsburgh.
.
Proceeds
Arapahoe
St.,
Memorial
Services, Inc.
April 30, 1962 filed 1,200,000 common. Price—$1. Busi¬
ness—Company plans to acquire and operate funeral
homes. Proceeds—For acquisitions, debt repayment
working
Mnr»+
capital.
Office—315
Underwriter—Memorial
E.
Sixth
Securities.
Ave.,
Tne
.
and
Helena,
Helena.
*, '
«r
Voiume
'
\>
\
■»
.
1
_
Number 6196
196;
'
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.
k
The Commercial and Financial Chronicle
(1227)
31
•
Mercantile Stores
-
Co., Inc.
May 24, 1962 filed 169,302
ment- (max.
department
Pflice—By amend-
commqn.
Business—Operation
$26).
Proceeds—For
of
a
chain of
stockholders.
6ffice—100 W. 10th St., Wilmington, Del.
—Clark, Dodge & Co., Inc., N. Y.
Underwriter
•
Mercury Books, Inc.
1962 filed 55,000 common. Price—$4.50. Busi¬
ness—Publishing of newly written popular biographies.
Proceeds—^For
working capital.
Office—1512 Walnut
St., Philadelphia. Underwriter—To be named. Offering
—Temporarily postponed.
' ■
-
-
ment;
ucts
Business—Distribution of food and
to-
supermarkets
New Y orK
N; Y._
Underwriterr—rBrand, Grumet & Siegel, Inc., N. Y.
Metropolitan Acceptance Corp.
Western
Chevy
Ave.,
.
sometime
•
in
October.
Mid-America
to
the
Inc.
public.
i
Offering—Expected
;
••
Y.
i
($100 par) to be offered initially, to
and- then
conv. preferred
common
Price—At
Production of oil and natural gas.
par.
stockhold¬
Business—
Note—This
registration
100,000
the
be
Proceeds—To redeem
was
•.
,
National
SEC
ment
services. Proceeds—For
equipment, debt repay-' A
ment, expansion and working capital. Address—P. O.
Box 10901, Pittsburgh.
Underwriter—Johnston, Lemon &"
Co., Washington, D. C.
'
"7
has
ques-,
Nuveen
Tax-Exempt Bond Fund, Series 3
17, 1961 filed $15,300,000 of units representing fractional interests in the Fund.
Price
By amendment. '
Oct.
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.
equipment, plant, expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., New
York., and Piper, Jaffray & Hopwood, Minneapolis.
tures due
motion
Business—The Fund will invest in interest
bearing obli-
gations
states, counties ^and municipalities of the
S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro¬
ceeds—For
j
Nuveen
Oct.
Midwestern
23,
Corp.
to be
180,000 common and 15-year war¬
purchase 36,000 common to be offered in units
consisting of one share and one-fifth warrant: Price—
$12 per unit. Business—A holding company for a legal
reserve life insurance concern.
Proceeds—To purchase
shares .of the subsidiary and for working capital.
Office
•'—15 Public Sq., Cleveland.
Underwriters—Westheimer
& Co., Cincinnati, and Hartzmark &
Co., Inc., Cleveland.
rants to
For
National Uni-Pac, Inc.
Monarch
May 28,
Plastics
Corp.;
A") 140,000
1962
~
,
National Union Fire Insurance Co. of
basis
1962.
allied
/
Sauve Co.,
•
.»
N. Y.
Montebello
Houston.
J.
Underwriter—W.
R.
r
Liquors, Inc.
>
St.
&
■i--
New
Sale of artificial flowers and florists' supplies. Proceeds
•
March
Underwriter—Thomas Jav, Winston
1963.
furnishing of consulting services in the radioengineering field. Proceeds—For debt repayment, equip¬
ment, and working capital. Office—2000 P St., N. W.
Washington, D. C. Underwriter — Switzer & Co.. Inc.,
Silver Spring, Md Offering-r-Temporarily postponed. '*■
T
Music Royalty Corp.
July 27, 1962 filed 150,000 common. Price—$1. Business
—Company acts as representative of artists, musicians,
busi¬
repayment, public relations,
acquisition of musical properties, and working capital.
Office—545 Fifth Ave., N. Y. Underwriter—Associated
Securities
debt
Co., 545 Fifth Ave., N. Y.
National
Bank of
Israel, Ltd.
See Bank Leumi Le-Israel B. M.
N, Y.
&.Co„ Inc.,
Oil
& Chemical
Co.,
Orr (J. Herbert)
Enterprises, Inc.
May 1, 1962 filed 285,000 common. Price—$10.50. - Busi¬
ness—Company's subsidiaries manufacture cartridge tape
recorders
dress
Outlet
•
April 27, 1962 filed $5,000,000 of 6% conv. subord de¬
bentures due 1977.
Price—By amendment. BusinessProduction of crude oil and natural gas.
debt
repayment,
purposes.
working
capital
and
Proceeds—For
other
corporate
Office—1900 Life Bldg., Dallas. Underwriter—
Carreau & Co.. N. Y.
-
North Atlantic 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,
1962.
Price—$3.50. Business—Writing of life, accident
capital.
:
Underwriter—Francis L
Inc.
(10/22-26)
du
Pont
&
Co., N. Y.
Pan American Beryllium
Corp.
Feb. 28, 1962 filed 100,000 common.
•'»'
v
*
Price—$5. Business
mine for beryl ore in Argentina.
Proceeds
For debt repayment,
equipment, and other
corporate purposes. Office—39 Broadway, N. Y. Under—Company
plans to
—
J
writer—To be named./
•
'
;
•
••
r*
A
'
Pan Am
Realty & Development Corp.
March 12, 1962 filed 400,000 class A stock.
Price—$10.
Business—A real estate
pany.
holding and development com¬
Proceeds—For general corporate purposes. Office
N.
Main
St., Freeport, L. I., N. Y.
Underwriter—
•
Papert, Koenig, Lois, Inc.
10, 1962 filed 100,000 class A shares. Price—By
amendment (max. $8). Business—An
advertising agency.
Proceeds—For selling stockholders.
Office—9 Rocke-
29,
.
boys'
adver- :
Address—Opelika, Ala<
Pak-Well Paper Industries,
To be named.
.
and
velopes, packaging materials of various kinds, wrapping
paper, stationery, and school supplies.
Proceeds—For
selling stockholders. Office—198 W. Alameda, Denver.
Inc.
,
men's
repayment,
March 30, 1962 filed 150,000 class A common.
Price—By
amendment (max. $13).
Business—Manufacture of en¬
—70
& Gas Corp.
and
debt
Feb. 28, 1962 filed 900,000 common.
Price—$1. Business
—Mining. Proceeds—For equipment and working capi¬
tal.
Address—Creede, Colo; Underwriter—None.
essences, etc., to food
For debt repayment,
Nortex Oil
Proceeds—For
Mining Co., Inc.
pected in late October.
—
therefor
programs
and
working
Underwriter—None.
>
properties.
Proceeds—For drilling expenses and
working capital. Office — 5455 Wilshire Blvd., Los An¬
geles.
Underwriter—Gregory-Massari,
Inc.,
Beverly
Hills, Calif.
i
-
and
trousers.
tising
May
feller
Plaza, N. Y. Underwriters—Andresen & Co. and
Oppenheimer & Co., N. Y. Offering—Imminent.
gas
.
expansion and working capital.
Office—725
T.
Morrissey Blvd.. Boston.
Underwriter-
William
Inc.
Laboratories,
"
Norton, Fox & Co., Inc., N. Y.
Ltd.
1962 filed 375,000 capital shares, of which
100,000 are to be offered by company and 275,000 by
stockholders.
Price—By amendment (max. $6). Busi¬
ness—Acquisition and development of oil and natural
-
.
ventory,
cor¬
Nordon Corp.,
—
plans to engage in the music publishing
general
and drug industries.
working capital and
Office—601 W. 2fith St.. N Y
Underwriter—S. D. Fuller & Co.,, N. Y. Offering—Ex¬
March
Municipal Investment Trust Fund, Series B
•
t
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,
Proceeds—For
Essential
Norda
Proceeds
the
and
Proceeds—For
other corporate purposes.
Business—Production of electronic parts and components
ness.
York Testing
oils, flavor*
Multronics, Inc.
Jan. 5, 1962 ("Reg. A") 100,000 capital shares. Price—$3.
etc.
the
20, 1962 filed 200,000 class A shares. Price—By
amendment (max. $15). Business—Manufacture, process¬
ing and distribution of natural and synthetic essential
St.,
Co., Inc., Beverly Hills, Calif. Offering—Expected in
'
on
record Oct. 8,
writes life and
mining. Proceeds—General corporate purposes.
Underwriter—
writer—Robbins, Clark
—For payment of income taxes.. Office—738 S. Wall
New York."
of
1962 filed 50,000 common. Price—$5. BusinessAnalyzing and testing of electronic, chemical and other
materials.; Proceeds—For
plant relocation, equipment,
and working capital. Office—47 West St., N. Y. Under¬
MoskatePs, Inc.
~
May 28, 1962 filed 104,000 capital shares, of which 20,000
are to be offered by the company and 84,000 by stock¬
holders. Price—By amendment (max. $8.50). Business-
and
Pittsburgh,
Jan. 29,
•
January
insurance.
held
Office—90 Industry St., Toronto, Canada.
A. C. MacPherson & Co., Toronto.
Central Ave.,
Baltimore. Underwriters—
and Morris Cohon & Co., N,. Y. Offering—
Temporarily postponed.
'
V
>
&
8
Company
—
Campbell Island Mines Ltd.
ment and
Street & Co.,
Los Angeles, Calif.
each
which 400,000 are
to be offered by the company and 75,000 by a stock*,
holder.
Price—50c,.
Business—Exploration,- develop^
April 5, 1962 filed 160,000 common. Price—By amende
(max. $5). Business—Blending, bottling and mar¬
keting of alcoholic beverages. Proceeds—For equipment,
inventories, advertising and working capital. Office—
Bank
of
Proceeds—
Office—Chicago, 111.
Sponsor—John
St., Chicago.
•
Oct. 13, 1961 filed 475,000 common, of
o
ment
"
classes
New
-
W:''.:';, ■/
for
exempted from Federal Income taxes.
investment.
Orbit Stores, Inc.
(10/1-5)
May 28, 1962 filed 100,Ouu common. Price—By amend¬
ment (max. $6).
Business—Operation of two discount
type department stores. Proceeds—For equipment, in¬
Producing Co.
•/:< <
v
Sept. 7, 1962 filed 180,000 class A common.
Price—$5.
Business—Production of natural gas and oil.
Proceeds
—For drilling expenses, working capital and other cor¬
porate purposes. Office—Tekoil Bldg., Oklahoma City,
Underwriter—Peter Morgan & Co., N. Y.
("Reg.
common. -Price—$2.
and sale of plastic letters, em¬
faces, quantity signs and boat windshields.
Proceeds—For purchase of land and
building, moving
expenses, equipment and working capital.
Office—5606
Rd.,
share
interest-bearing obli¬
Optec, Inc. (11/19-23)
26, 1961 filed 160,000 common. Price—$3. Business
—Research, development and fabrication of materials1
used in optical electronics.
Proceeds—For'equrpmeht i;
and working capital;
Office—246 Main St., Chatham,
N. J.
Underwriters—Stone, Ackerman & Co., Inc., and !
Heritage Equity Corp., N. Y.
Natural Gas & Oil
bossed sign
Airline
one
of units representing
Price—By amendment.
Dec.
porate purposes. Office — 139 University Place, Pitts¬
burgh. Underwriter—None.
Business—Manufacture
Stuebner
of
Price—$15. Business
$15,000,000
Nuveen & Co., 135 So. La Salle
-National Union Life Insurance Co. of Pittsburgh
Sept. 10, 1962 filed 100,000 capital shares, to be offered
for subscription by stockholders of the company's parent,
1962 filed
filed
gations of states, counties, and municipalities of the U. S.,
and political subdivisions thereof which are believed
—
•
Tax-Exempt Bond Fund, Series 4
1961
17,
Office—Chicago, 111. Sponsor—
Co., 135 So. La Salle St., Chicago.
Business—The Fund will invest in
subord. deben¬
Business—Production of
pictures.
subscription by. stockholders on the basis of one share
July 31, 1962 filed 85,000 common. Price—By amend¬
for each two shares held. Price—By amendment
Xma*wt ment
(max. $4). Business—Company plans to sell or
$7). Business — A closed-end management investment >}
lease coin operated -vending machines.
Proceeds—For
company. Proceeds — For .general corporate .purposes.^
debt repayment,,/^giuippfiept^and working capital. Office
Office
2615 First National Bank Bldg.* Minneapolis;
—15 Peachtree" St., Atlanta. Underwriter—Drourr, LamUnderwriter—None.
pert & Co,, Inc., N. Y.
Aug.
■
investment.
John Nuveen &
Proceeds—For production and distri¬
bution
expenses
and
working capital.
Office—1270
Ave. of the Americas, N. Y. Underwriter—None.
for
'
of
U.
fractional interests in the Fund.
conv.
1
—
.''J.
Price—At par.
1972.
Engineering Corp./ :
development' ;
contracts using radioactive tracers; precision radio- :
activity measurement; production of radioactive isotopes <
and the furnishing of consulting and radiation measure- 7
:
..
Science &
March 29, 1962 filed TOO,000 common.
Price—-By amend¬
ment ;(max. $15) .Business—^Research and
on
and adequacy of this registration
July 30, 1962 filed $150,000 of 6^%
withdrawn.
Midwest Technical Development Corp.
Feb. 26, 1962 filed 561,500 common to be offered
V Nuclear
5
7-.
common,
Note—The
named.
accuracy
National Telepix, Inc.
outstanding 7% preferred, tand for- working capital. Of-,
fice—14 North Robinson, Olkahoma City. Underwriter
—None.
filed
Underwriter—To
Underwriter—Eisele &
,
Minerals,
1962
.
Sept. 5? 1962 filed 15,000 shares of 6%.
ers
23,
statement.
•
St., N. W., Washington. D. C.
King, Libaire, Stout & Co., N.
\. .v *
;
.
—
Dec. 20, 1961 filed 1,OOU,COO shares of beneficial interest.
Price—$6.50. Business—A real estate investment trust.
Proceeds—For general corporate purposes. Office—1700
K
Office—922 You St.," N. W.', Washington, D. C.
Underwriter-nClarence E. Shaw & Co;, Washington, D.C.->.
stores. :
tioned
Metropolitan Realty Trust
i
of which 80,000
are
to be offered by company and
20,000 by stock¬
holders. Price—$17.50. Business—A life, accident and
health insurance company. Proceeds—For investment.
Office
130
Alvarado, N. E. Albuquerque. N. j M.
v
Co., N. Y.
purposes.
>
.
National Security Life Insurance Co.
working capital. Office—5422
Chase, Ma.' Underwriter—To be"
named.
G. Hill &
ated
March
Proceeds—For
Office—98 Front St.,
Brooklyn,
& Co., Inc., and M.
Underwriters—Reuben, Rose
National Equipment & Plastics Corp.
/
•
T. ^ : t.Sept. 28, 1961 Hied 105,000 common. Price—$5. .Business ;
—Operation of a cleaning and pressing plant and. affili-"
>
in units consisting of $100 of debentures and 20 common
Shares. Price—$150 per unit. Business—Financing of re¬
sales.
N. Y.
Northwest Securities Investors, Inc.
,
> V /r v
June 25,, 1962 ("Reg., A") 80,000
common,v Price—$3.75/1
Business—Acquisition''.Of second-trust notes secured byT'
real estate property. \ Proceeds—For
'general corporate,
—Indefinitely postponed... •*:'/.•
Occ. 2, 1961 filed $300,000 of 6% subordinated convert¬
ibles due 1967 and 60,000 common shares to be offered
tail
other corporate purposes.
Proceeds—For' debt
repayment,; store ex-,
pansion and working capital. Address— Portage. Pa.
Underwriter—Cortlandt Investing Corp.; N. Y. Offering
-
•
debentures
"
related prod¬
and
other ;retail * stores, in
Metropolitan area. Proceeds—For general
corporate purposes!. Office—345 Underbill Blvd., Syosset,
the
letter will be withdrawn.
Under-
Plastics, Inc. (9/24)
July 26, 1962 ("Reg. A") $100,000 of 6V2% conv. subord.
due 1972 and 25,000 common shares to be 1
offered in units of $100 of debentures
and 25 shares.'!
Price—$200 per unit. Business—Manufacture of com^
pression plastics.
Proceeds—For moving expenses and ••
.
National
New York/Note—This
Blvd., Mineola, L. I., N. Y.
Northeastern
Directories, Inc.
luu,000 common. Price—$2.75.
Business—Compilation and publication of regional classi¬
fied telephone directories/ Proceeds—For general cor¬
porate purposes. Office—3306 Lancaster Ave., Philadel¬
phia. Underwriter—Crichton, Cherashore, Cundy, Inc.,
Corp. (10/24-28)
March 30, 1962 filed $1,500,000 of convertible, subordi-hated debentures due Sept. -1,T977; - Price—By amend-,;
Mineola
Proceeds—For capital funds. Of-
writer—None.
March 29, 1962 ("Keg. A")
Food
health insurance.
fice—163
Business—Production of blank books, loose leaf
devices, forms etc. Proceeds—For selling stockholders.
Office—Water St., Holyoke, Mass. Underwriter—Blyth.
& Co., Inc., N. Y.
,
Feb. 14,
Met
and
ment.
selling
stores.
?
-National Blank Book Co. (10/1)
Aug. 29, 1962. filed-160,000 common. Price—By amend¬
.
'
Parkway Laboratories, Inc.
6, 1961 filed 160,000 common. Price—$5. Business
—Manufacture of drugs and pharmaceuticals.
Proceeds
—For an acquisition, research and other corporate
pur¬
poses., Office — 2301 Pennsylvania Ave., Philadelphia.
Dec.
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.
Continued
on
page
32
'
32
The Commercial and Financial Chronicle
(1228)
Continued from page
working capital,
31
March 22,
are
to be
holders. Price
—
$4. Business
—
Distribution of electric
industrial customers. Proceeds
repayment, inventory and working capital.
parts and components to
debt
—For
Lynbrook, N. Y. Underwriter—
Co., Inc., N. Y.
Wilbur
Office—19
Kordan
>
&
St.,
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
Offering—Temporarily postponed.
Co., Inc., N. Y.
'
adviser
''
'
.
E. D. M.
Corp.
(10/1-5)
Permeator
18,
Corp.
filed
1962
.
300,000
common
be
to
offered
for
subscription by stockholders of National
Petroleum
Corp. Ltd., parent, on the basis of one share for each
15
National shares held.
ture,
and sale of
use
Price—$5. Business—Manufac¬
patented tool, "Permeator," used
a
in completion of oil and gas wells.
eral
corporate
Proceeds—For gen¬
Park Ave., N. Y.
Office—445
purposes.
Underwriters—Irving Weis & Co., and Godfrey, Hamil¬
ton, Taylor & Co., Inc., N. Y.
Petro-Capital Corp.
March
28,
1962
filed
mechanical
pencils
and
desk
Business—A
small
ceeds—For
Sherry
business
general
Lane,
Price—$11.
common.
investment
corporate
company.
Pro¬
Office—6130
Underwriter—McDonnell & Co.,
film.
Interonics, Inc.
,vV:y
30, 1961 filed 40,000 common. Price—$5. Business
of radio 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 & CoService
Dallas.
Pioneer
Co.
New
of
Jersey,
21, 1961 filed 125,000 common, of which 75,000 are
to be offered by the
company and 50,000 by a selling
stockholder.
Price—By amendment. Business—Opera¬
tion
of
six
restaurants
in
Sacramento.
•
Plantation
Chocolate
Co.
(10/1-5)
75,000 common.
July
20, 1962
("Reg. A")
Business—Manufacture
of
Inc.
confections.
Proceeds—For
repayment. Office—3150 Janney St., Philadelphia.
Underwriter—S. Schramm & Co., Inc., N. Y.
- 6
debt
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 Sx
Fishman, Inc., Chicago.
"
Polequity Corp.
Aug. 29, 1962 ("Reg.
of mutual funds.
Proceeds—For expansion,
advertising,
and working capital. Office—150
Broadway, N. Y. Un¬
derwriter—J. B. Coburn
Associates, Inc., N. Y.
Potomac Real Estate Investment Trust
July 6, 1962 filed 1,000,000 shares of beneficial interest.
Price—By amendment (max. $5). Business—A real estate
investment trust.
Proceeds—For investment. Office—880
Bonifant St., Silver Spring, Md. Underwriter—None.
Poulsen
Insurance
Co.
Aug. 27, 1962 filed 100,000
common.
ment
Price—By amend¬
(max. $10). Business—Writing of
group and fran¬
forms of accident, sickness and life
insurance in
the Midwest. Proceeds—For debt
repayment and expan¬
sion.
Office—Executive
chise
Plaza, Park Ridge, 111. Under¬
writer—A. C. Allyn & Co.,
Chicago. Offering—Expected
in October. Note—This stock
will not be offered for
sale
in
New York
State.
Prescott-Lancaster 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¬
ment (max. $5.50).
Business—Operation of a chain of
dry-cleaning and laundry stores. Proceeds—For
selling
stockholders. Office
48-12 25th St.,
Astoria, N. Y.
Underwriter—Edwards & Hanly,
Hempstead, L. I., N. Y.
Offering—Indefinitely postponed.
—
—
Publishers Co., Inc.
Aug. 29, 1962 filed $3,500,000 of 6% subord
tures due
1977
outstanding
Price—For
(max.
to be offered
common
by the company and 25,000
shares to be sold by stockholders.
debentures,
$10).
deben¬
par;
for
Business—Book
Company will
printing firms;
use
to
stock—by
publishing.
amendment
Proceeds-
its proceeds for the purchase of two
redeem
outstanding
6%
notes;
for
and
Underwriter
—
Inc.
2,400,000 common. Price—12%
Business—Exploration and development of mineral
deposits. Proceeds—For debt repayment and general
ceeds—For debt
corporate purposes. Address—Box 1088, Wallace, Idaho.
Underwriter—Pennaluna & Co., Spokane, Wash.
repayment, expansion, moving expenses
working capital. Office—513-15 Cooper St.. Camden,
N. J. Underwriter
Lee-Mosson & Co., Inc., New York.
and
Sampson Enterprises,
—
Note—This letter
withdrawn.
was
;>V-
:
Real
Properties Corp. of America
1962 filed 300,000 class A shares.
amendment (max. $16). Business—Company
-
April
tain
27,
real
estate, general insurance
servicing
Office
Heller &
St., Milwaukee.
Straus, Blosser & McDowell, Chicago
Dempsey-Tegeler & Co., Inc., St. Louis. Offering
—Temporarily postponed.
Underwriters
to
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
Corp.
commercial
and
additional
Office—577
Price—$3.25.
supplies and equip¬
common.
industrial
inventories
and
share for
Proceeds—
users.
accounts
*
receiv¬
*
$
and
ness—A
—For
Specialty Co., parent. Price—$5. Business—Design and
of regulating and control devices used in
electronic
fields.
Proceeds—For
«
ness
—
search,
ment
Business —A
Inc.
A") 60,000
("Reg.
securities
Proceeds
—
Schaevitz
craft
Business
Realty Corp.
class A shares. Price—$10.
—
Real
Estate
investment. Proceeds
—
For
ac¬
Underwriters—To be named.
Equipment Manufacturing Corp.
Price—$6.
Busi¬
of
sterilizers, multi-dose jet vac¬
cine
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
April 30,
1962 filed 83,500 common:
ness—Manufacture
0
Ridgerock of America, Inc.
Dec. 29, 1961 ("Reg. A")
100,000
withdrawn.
(Sidney)
1962 filed 500,000
Scientific
Silver Spring, Md. Offering—Indefinite. Note—
has challenged the
accuracy and adequacy
of this registration statement.
was
—
quisitions and working capital. Office—560 Fifth Ave.,
SEC
letter
13,
N. Y.
Co.,
Note—This
systems. Proceeds
For expansion.
U. S. Route 130, Pennsauken, N. J. Under¬
—
Schwartz
repayment and general corporate purposes. Office—220
K St., N. W., Washington, D. C. Underwriter—Hirschel
named.
100,000
by a selling
(max. $10). Business
writer—Bear, Stearns & Co., N. Y.
June
be
capital.
Under¬
Engineering
missile
and
Address
Richmond Corp.
Dec. 21, 1961 filed 142,858 common.
Price—$7. Business
—A real estate investment
company. Proceeds—For debt
Address—Sebring, O. Underwriter—To
Rd., Yonkers, N. Y.
and manufacture
of
measuring, indicating,
recording, testing and controlling devices used in air¬
working capital and other corporate purposes. Office—
W. 51st St., N. Y. Underwriter—Richard
Gray Co.,
ooses.
San
—Design
For
common.
Price—$2.50
Business—Production of stone facing for buildings. Proceeds—For debt reduction and general
corporate pur-
St.,
Proceeds—For working
stockholder. Price—By amendment
New York.
&
use.
are
237
The
Montgomery
March 13, 1962 filed 150,000
common, of which
to be offered by company and
50,000
repay¬
Price—$5.
common.
broker-dealer.
Office—400
Busi¬
Proceeds
company.
writer—Arnold Malkan & Co., Inc., N. Y.
working capital. Office—396-406 Adams St.,
Newark, N. J. Underwriter—Keene & Co., Inc., N. Y.
1962
investment
Office—1051 Saw Mill River
facilities, debt
"
Price—$12.50.
common.
Underwriter—Cantor, Fitzgerald & Co., Inc.,
products for home
1962 filed 105,000 common. Price—$3.50. Busi¬
Operation of a laboratory for contractual re¬
development and engineering in the chemical
21,
investment.
^
Industries, Inc.
1962 filed 100,000 common. Price—$5. Busi¬
ness—Design, development and manufacture of steel
and
June
business
Corp.
Saw Mill River
Laboratories, Inc.
field. Proceeds—For expansion of
Price—By
March 29,
''
:.
,
Sept. 20.
Beverly Hills, Calif.
debt
working capital. Office—455 W. Main
St., Wyckoff. N. J. Underwriter—Myron A. Lomasney &
Co., N. Y. Note—This registration will be withdrawn
then refiled.
small
Francisco/
and
Resin Research
record
repayment of bank loans,'
Office—861 Sixth Ave., San Diego.
construction.
April 23, 1962 filed 60,000
manufacture
and
of
San Francisco Capital
Regulators, Inc.
electric
held
Proceeds—For
Underwriter—Blyth & Co., Inc., N. Y.
>
Jan. 29, 1962 filed 75,000
common, of which 50,000 are
to be offered by the
company and 25,000 by Electronic
repayment
each nine
amendment.
Courtland Ave., N. Y. Underwriter—
Crosse & Co., Inc., N. Y.
Feb. 27,
—
and
.
finance
and
estate concern, motor inn,
shopping centers, bowl¬
establishments, etc. Proceeds—For debt repayment
and working capital. Office—222 E. Erie
Proceeds—For debt repayment.
Ave., N. Y. Underwriter — Stanley
Aug. 27, 1962 filed 100,000 class A
ables.
cer¬
mort¬
a
Co., N. Y. Offering—Temporarily postponed.
Red-O-Lier
To
owns
ing
company.
Fifth
745
—
real
Price—By
and
agency
Inc.
Feb. 28, 1962 filed 450,000 common. Price — By amend¬
ment
(max. $8). Business—A holding company for a
.-...'o.;';
-
Ernest M. Fuller
&
i
.
Co.,7 N. Y.
j
•
'
*
•
•
'
.....
Scripps-Howard Broadcasting Co.
March 20, 1962 filed 375,000 common.
Price—By amend¬
Ridgway (L. L.) Enterprises, Inc. (10/8-12)
June 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¬
ment
engineering
and commercial reproduction
equipment and supplies.
Proceeds—For plant expansion,
equipment and working
capital.
Office—5711 Hillcroft Ave.. Houston.
Under¬
July 25, 1962 filed 200,000 class A common. Price—By
amendment (max. $2.50).
Business—Ownership and de¬
Office—912
writers—Underwood,
writer— North
factures sensitized papers, cloths and films for
blueprint¬
ing and printing, and sells architectural,
Mosle &
•
Neuhaus
&
Co.,
Inc.
and
Rotan,
Co., Houston.
Riker Delaware
Corp.
Electronics,
1962
vertible notes.
owns
and
oper¬
Seaboard Land Co.
velopment of real estate.
Thayer
Proceeds—For working capital.
Ave.,
American
Silver
Spring,
Seaboard
Md.
Under¬
Securities
Corp.,
Inc. (9/24-28)
("Reg. A") $300,000 of 6%
Price—$5,000
per note. Business—A
Insurance Co.
of America
29, 1962 filed 256,097 common to be offered for
subscription by stockholders on l-for-5 basis. PriceBy amendment. Business—Writing of life, accident and
health insurance.
Proceeds—For purchase of
a
building,
debt repayment, reserves and other corporate purposes.
Office—1451 N. Bayshore Dr., Miami. Underwriter—None.
Security Aluminum Corp.
Jan.
subord.
Life
June
•
15,
Business—Company
Offering—Indefinitely postponed.
Seaboard
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.
Aug.
$20).
TV, radio and FM broadcasting stations. Proceeds
—For selling stockholders. Office—1121 Union Central
Bldg., Cincinnati. Underwriter—First Boston Corp., N. Y.
(9/25-26)
March 29, 1962 filed 200,000 class A common
and 50,000
warrants to be offered in units of four shares
and one
Rimak
(max.
ates
(same address).
warrant.
conv.
Y.
Ruby Silver Mines,
2, 1962 ("Reg. A")
•
of America
N
cents.
Richard Gray & Co.,
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
equipment
working capital.
Federman,
Co., N. Y. Offering—Indefinitely postponed.
7th Ave.,
&
Jan.
Price—$5. Business—Wholesaling of electronic parts,
supplies and equipment and the retailing of high-fidel¬
ity and stereophonic equipment and components. Pro¬
the
Price—$4.
—
For
—
ers.
Proceeds—For
expansion, debt repayment and working capital. Office
—1626 J St., Sacramento.
Underwriter—Stewart, Eubanks, Myerson & Co., San Francisco. Offering—Tem¬
porarily postponed.
>:
Proceeds
—10 Charles St., Floral Park, N. Y. Underwriter—R. P.
Raymond & Co., Inc, 26 Broadway, N. Y. Offering—In¬
definitely postponed.
Jan. 23, 1962 ("Reg. A") 55,000 common, of which 50,000
will be offered by the company and 5,000 by stockhold¬
ment
Dec.
Warwick,
common.
Price—$3.75. Busi¬
ness—Operation of discount stores and wholesale distri¬
bution of general merchandise.
Proceeds—For expan¬
sion, advertising, and other corporate purposes. Office
..
Business—Distribution of electrical
Restaurants, Inc.
and sale of mobile
Proceeds—For
Royalty Stores, Inc.
May 29, 1962 filed 75,000
—Manufacture
Electric
trailers.
—
sets.
Office—245
Radio
office
Royaltone Photo Corp.
29, 1961 filed 300,000 common, ■ of which 100,000
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 i
Stonehill
purposes.
New York.
and
are
Falls, Passaic County, N. J. Underwriter—Meade
Co., Inc., N. Y.
\'.I:,* ;
V
•
Vanowen
Price—By amend¬
common.
Business—Design, manufacture
&
;
missile
repayment
Office—10929
purposes.
26, 1961 filed 400,000
Little
■
guided
debt
Nov.
gaged in manufacturing, engineering and research under
Defense Department contracts; also manufactures ball
gage
556,700
corporate
electronics,
Proceeds—For
—
holders. Price—By amendment (max. $6). Business—En¬
.
the
Inc., New York. Offering—Temporarily postponed.
June 29, 1962 filed 125,000 common, of which 50,000 will
be offered for the company and 75,000 for certain stock¬
N. Y.
for
industries.
general cor¬
porate purposes. Office—139 W. Walnut Ave., Gardena,
Calif. Underwriter
Vickers, MacPherson &
.
May
other
homes
Oct.
Perma-Bilt
and
ment.
RF
]/
aircraft
Dec.
equipment and working capital. Office—
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¬
opment of land, and other corporate purposes. Office—
319 MacArthur Blvd., San Leandro, Calif. Underwriter—
Robert A. Martin Associates, Inc., N. Y. Offering—Ex¬
pected in late Fall.
,r
'
R.
manufacturer
and
Roadcraft Corp.
of mutual funds. Proceeds—For
selling stockholders. Office—60 Congress St., Boston.
Underwriters—Paine, Webber, Jackson & Curtis, Bos¬
ton, and Kidder, Peabody & Co., Inc., N. Y.
pens, points,
Proceeds—For
Pennsylvania Mutual Fund, Inc.
March 21, 1962 filed 1,000,000 capital shares. Price—By
amendment (max. $10.29). Business — A mutual fund.
Proceeds—For investment. Office—60 Wall St., N. Y.
Underwriter—Sackville-Pickard & Co.,'Inc. (same ad¬
dress).
distributor
and
Thursday, September 20, 1962
.
.
St., North Hollywood, Calif. Underwriter—Thomas Jay,
Winston & Co., Inc., Beverly Hills, Calif.
Management Co., Inc. (10/8-12)
Aug. 22, 1962 filed 150,000 common (non-voting). Price
—By amendment (max. $14), Business—An investment
point
T
tract
Putnam
Pellegrino
&
&
writer—Roth
1962 filed 120,000 common, of which 100,000
offered by the company and 20,000 by stock¬
and other corporate purposes. Office
Ave., Washington, D. C.
Under¬
Co., Inc., Philadelphia.
Connecticut
—1106
Peerless Radio Corp.
.
26, 1962 filed 200,000
(10/1-5)
Price—By amend¬
sliding win¬
equipment, moving ex-
common.
con¬
ment. Business—Manufacture of alumnium
con¬
dows and
doors.
Proceeds—For
Volume 196
Number 6196
,4
,
The Commercial and Financial Chronicle
and working capital. Office—503 E. Pine Ave.,
Compton, Calif. Underwriter—Vickers, MacPherson &
Warwick, Inc., N. Y.
penses
Security International Corp.
July 27, 1962 filed 548,000 common. Price—$2.50. Busi¬
ness—Company plans to become a holding company for
a life insurance concern.
Proceeds—For capitalization of
subsidiary. Office—127 W. Main Ave., West Fargo, N. D.
Underwriter—Investment Brokerage Corp., Fargo, N. D.
Selective Financial
Feb.
Corp.
1962 filed 500,000 common, of which 405,000
are to be offered for subscription
by holders of the A,
B and C stock of Selective Life Insurance
Co., an affili¬
ate, on the basis, of 4 company shares for each class A or
28,
B share and two-thirds share for each class C share of
Selective Life held. Remaining 94,822 and any unsub¬
and food 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 &
—
nix.
Underwriter—None.
ers, MacPherson & Warwick,
istration was withdrawn.
Stainless
Steel
Products, Inc.
,
Philips, Appel & Walden, 115 Broadway, N. Y.
Industry Development Corp. Ltd.
1962 filed $5,000,000 of 7% senior debenture
stock due 1962. Price—At par. Business—Company was
organized by the State of Israel to furnish financing to
tourist
enterprises.
Proceeds—For
general
corporae
purposes.
Address—Jerusalem, Israel/ Underwriter—
American-Israel Basic Economy Corp., N. Y.
Towers Marts International* Inc.
Feb. 1, 1962 filed 550,000 capital shares. Price — By
amendment. Business
Company builds and operates
■retail discount department stores. Proceeds—For expan¬
sion. Office—41 E. 42nd St., N. Y. Underwriter—W. C.
Langley & Co., N. Y.
Tourist
Aug.
Security Life
Insurance Co. of
New York
June 29,
1962 filed 230,000 common. Price—By amend¬
(max. $12). Business—Writing of life, accident and
ment
health
insurance.
Proceeds—For
investment and
other
3,
—
corporate purposes. Office—111 Fifth Ave., N. Y. Under¬
writer—Ira Haupt & Co., N. Y.
State Life Insurance Co. of Colorado
Calif. Underwriter—None.
March
accident insurance.
and
Traileurop, Inc.
Aug. 30, 1962 filed 150,000 common. Price—$5. Business
—A holding company for European firms engaged in
leasing semi-trailers.
Proceeds—For equipment, debt
repayment and working capital.
Office—99 Wall St.,
1962
filed
300,000
common.
Price—By
(max. $5). Business—Writing of life, health
27,
amendment
Proceeds—For investment and
working capital. Office—1760 High St., Denver. Under¬
writer—None.
Underwriter—Kordan & Co., Inc., N, Y.
N. Y.
Sentinel Properties Corp.
•
May 1, 1962 filed 200,000 class A
Business—Real
struction
of
a
estate
investment.
building.
common.
Price—$10.
Proceeds—For
con¬
Office—565 Fifth Ave., N. Y.
Underwriter—None.
V
Servotronics, Inc.- (10/8)
March 30, 1962 filed 125,000 capital shares. Price — $3.
Business—Design, development and manufacture of pre¬
cision control components and associated products. Pro¬
ceeds — For debt repayment, equipment and working
capital. Office — 190 Gruner Rd., Cheektowaga, N. Y.
Underwriter—General Securities Co., Inc., N. Y.
Shainberg
(Sam)
Co.
(max. $13). Business — Operation of. a chain of
junior department stores and self-service discount stores
Proceeds—For selling stockholders/ Office—1325 Warford St., Memphis. Underwriter—New York Securities
Co
52 Wall St., N. Y.
.
Signalite
/
>
Inc.
for
use
For
as
I indicators and circuit components. Proceeds—
debt
repayment, equipment and working capital.
Office—1933 Heck Ave., Neptune, N. J. Underwriter—
Milton D. Blauner & Co., N. Y. Offering—Postponed.
Feb. 27, 1962 filed 135,000 common. Price
— By amend¬
(max. ..$4). Business—^Construction of homes. Pro¬
ceeds — For debt repayment, acquisition of land and
working capital. Office —- 1093 Frank Rd., Columbus,
Ohio. Underwriter—H. P. Black & Co., Inc., Washington,
D. C. Offering—Expected in early Fall
ment
Skiers Service Corp.
Oct. 30, 1961 filed 550,000
vending machines to
Proceeds—For
tal.
common. Price—By amend¬
of coin-operated insur¬
Business—Distribution
ment.
ance
brokers at sporting centers
inventory, advertising and working capi¬
Lexington Ave., N. Y. Underwriter-
Office—420
Pacific Coast Securities Co., San Francisco. Note — This
firm formerly was named National Vending Ski Insur¬
ance
Corp.
• Smith-Corona
Merchant, Inc. (10/5)
Aug. 31, 1962 filed 240,219 convertible preferred shares
(par $50) to be offered for subscription by common
stockholders on the basis of one preferred share for each
8
shares
held
of
record
Oct.
5, with rights to
expire Oct. 22. Price—By amendment. Business—Manu¬
facture and distribution of office equipment. Proceeds
common
—For
debt 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.
Southeastern Real Estate Trust
1962 filed 700,000 common. Price—By amend¬
ment (max. $13.80). Business—A real estate investment
Proceeds—For
investment.
Office—600
E.
Wash¬
ington St., Orlando, Fla. Underwriter—None.
Southeastern Towing & Transportation Co.,
Inc.
100,000 common. Price—$3.
Business—Construction and 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
William St., N. Y.
Nov.
29,
1961
("Reg. A")
Spee Dee Service Systems, Inc.
June 29, 1962 ("Reg. A") 100,000 common. Price — $3.
Business—A messenger and parcel delivery service. Pro¬
ceeds — For general corporate purposes. Office
309
Fourth
Ave.,
Pittsburgh. Underwriter—Franke, Joseph
& Co., Inc., N. Y.
Spencer Chemical Co.
July 27, 1962 filed 37,777 common shares. Price—By
amendment (max. $35). Business—Production of poly¬
ethylene, and the mining of bituminous coal. Proceeds
—For selling stockholders.
Office—610 Dwight Bldg.,
Kansas City, Mo. Underwriter—Morgan Stanley & Co.,
New York.
Sperti Products, Inc.
Nov. 29, 1961 filed 230,000 common of which 200,000 arc
to be offered by, the company and 30 000 by stockholders.
1962 filed
100,000
April 2, 1962 filed 100,000 common, of which 20,000 are
be offered by company and 80,000 by stockholders.
Price—By amendment (max, $10). Business—Operation
of dry cleaning and laundry plants. Proceeds—For debt
repayment. Office—1167-65th St., Oakland, Calif. Under¬
writer— Granbery. Marache & Co., N. Y,
to
Transarizona Resources* Inc.
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.
Proceeds—For equipment, exploration and working cap¬
ital. Office—201 E. 4th St., Casa Grande, Ariz. Under¬
Stratford Financial Corp.
March
29,
218,000
are
the
writer—None.
1962 filed 315,000 class A shares of which
to be offered by the company and 97,000 by
Tremco
Manufacturing Co.
26, 1962 filed 150,000 class A common. Price—By
amendment (max. $15). Business—Producer of protective
coatings, sealants, mastics, paints, etc. Proceeds — For
selling stockholders. Office—10701 Shaker Blvd., Cleve¬
land. Underwriter—McDonald & Co., Cleveland. Offering—Temporarily postponed. "
N
Feb.
stockholders.
Price—$6. Business—Commercial fi¬
nance company.
Proceeds—For debt repayment. Office
—95 Madison Ave., N. Y. Underwriter—Mortimer B.
Burnside & Co., Inc., N. Y.
Stratton
Realty & Construction Fund, Inc.
March 20, 1962 filed 500,000 common. Price—$20. Busi¬
ness—A real estate investment company. Proceeds—For
Tujax Industries* Inc.
Mar. 23, 1962 filed 150,000 class A shares, of which 100,000 are to be offered by company and 50,000 by stock¬
investment. Office—50 E. 40th St., N. Y. Underwriter—
To be named.
holders.
Price—$8. Business—Through its subsidiaries
is engaged in the wholesale distribution
of electrical supplies and equipment. Proceeds — For
debt repayment and working capital. Office—514 E. 73rd
St., N. Y. Underwriters—Richard Bruce & Co., Inc., and
Reuben Rose & Co., Inc., N. Y.
Water Service Co.
(9/24-28)
1962 filed 30,000 preferred or 30,000 commegi
shares. Price—By amendment (max. $17). Business—A
holding company for water supply firms. Proceeds—For
advances to subsidiaries. Office—Clinton, Conn. Under¬
writer—Putnam & Co., Hartford. Note—This registra¬
Suburban
the
29,
May
Tabach Industries,
Inc. (10/29-31)
March 29, 1962 ("Reg. A") 125,000 common.
Business—Manufacture and sale of women's
company
Tull
tion has become effective.
17,
(J. M.) Metal & Supply Co.* Inc.
1962 ("Reg. A") 25,000 common.
Business—Wholesale
Price—$2.
Pro¬
wear.
metals
and
distribution
of
Price—$12.
ferrous
and
non-
industrial
supplies. Proceeds—For
working capital. Office—285 Marietta St., N. W., At¬
lanta.
Underwriters—Wyatt, Neal & Waggoner, and
Robinson-Humphrey Co., Inc., Atlanta.
ferrous
ceeds—For debt repayment,
leasehold improvements and
expansion. Office—217 E. Eight St., Los Angeles, Calif.
Underwriter
Costello. Russotto & Co., 9301 Wilshire
Blvd., Beverly Hills, Calif.
—
•Turbodyne Corp.
March 2, 1962 filed 127,500 common. Price—$5. Business
Tactair Fluid
Controls, Corp.
March 29, 1962 filed 90,000 common. Price—By amend¬
ment (max. $7.50). Business—Manufacture of fluid con¬
trol equipment used in missiles, helicopters and aircraft.
Proceeds—For
selling stockholders
Address—Bridge¬
port, Conn. Underwriters—Stroud & Co., Inc. and Penington, Colket & Co., Philadelphia.
—Research/ development and production and overhaul¬
ing of gas turbine engines. Proceeds—For debt 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.,
N. Y.
•
•
Taylor Publishing Co.
Dec. 21, 1961 filed J 52,000 common. Price—By amend¬
ment. Business
—
year-books and commercial printing. Proceeds—For
ing stockholders. Office—6320 Denton Dr., Dallas.
Lynch, Pierce, Fenner & Smith
N. Y., and Dallas Rupe & Son, Inc., Dallas, Tex.
—This registration was withdrawn.
derwriters—Merrill
TAarhinor
June
Cvctomc
I
sell¬
Un¬
Inc.,
Note
•
of
common
of
one
one
Markets
Price—$4.
Inc.
and
$200 debenture
United
conv.
National
Insurance
Co.
Price—$15.
Business
—Sale of automobile insurance, and the writing of fire
and warrants to
and
extended
coverage
insurance.
Proceeds—For
ex¬
pansion. Office—225 S. 15th St., Philadelphia. Under¬
writer—Suplee, Yeatman, Mosley Co., Inc.. Philadelphia.
$100 debenture and three warrants. Price—$100
unit. Business—Production of crude oil and natural
Proceeds — For debt repayment, expansion and
working capital. Office—721 Meadows Bldg., Dallas.
Underwriter
Equitable Securities Corp., Nashville,
United-Overton Corp.
gas.
Mar, 26, 1962 filed 450,000 common,
of which 90,897 are
and 359,103 by stock¬
holders. Price—By amendment (max. $18). BusinessOperates hard goods' departments in discount depart¬
ment stores. Proceeds—For debt repayment. Office—19
to
—
Tenn.
Texas Plastics^ lnc
July 27, 1962 filed 313,108 common. Price—$3.50. Busi¬
ness—Operation of. a plant producing plastic film and
packaging products; - Preeeeds^For : working capital.
Address—Elsa, Texas. Underwriter—Crow, Brourman &
Chatkin, Inc., N. Y.
•
United
May 29, 1962 filed 77,000 common.
per
be
offered
Needham
by the
company
St., Nugent Highlands, Mass. UnderwritersCo., N. Y.
McDonnell & Co., Inc., and Oppenheimer &
•
United Packaging
Co.* Inc.
filed 102,000 common. Price—$3. Business
general packaging business. Proceeds — For neyv
machinery, debt repayment and working capital. Office
—4511 Wayne Ave., Philadelphia.
Underwriteiv-Godfrey, Hamilton, Taylor & Co., Inc., N. Y. Note—This
registration was withdrawn.
v
;
Continued on page 34
Nov. 29, 1961
—A
Thunderbird International Hotel Corp.;
Jan.
common.
10 shares. Price—$250 per
supermarkets.
Proceed®—For general corporate purposes. Office—531
Ferry St., Newark, N. J. Underwriter — Moran & Co.*
Newark, N. ."J,.Offering—Expected in late October.
purchase 30,000
shares to be offered for sale in units consisting
1874
50,000
unit. Business—Operation of "Foodtown"
Texas Gas
due
A")
March 15, 1962 filed $400,000 of 8% conv. subord. deben¬
tures due 1972 and 20,000 common to be offered in units
teaching aids. Proceeds—For equipment, promotion and
advertising and working capital. Office—1650 Broad¬
way, N. Y.
Underwriter—Creative Ventures Corp., 733
Third Ave., N. Y.
28,
("Reg.
will be withdrawn.
1, 1962 ("Reg. A") 50,000 common. Price—$2. Busi¬
and sale of educational audio-visual
debentures
1962
and general merchan¬
dise. Proceeds—For expansion, inventories and working
capital.
Office—4609 Bee Ridge Rd., Sarasota, Fla. Un¬
derwriter—Givens & Co., Inc., Miami. Note—This letter
ness—Production
Aug.
13,
Business—Sale of groceries, drugs
no
Producing Co. (10/1-5)
1962 filed $1,000,000 of 53A% subord.
U-Tote'm of West Florida* Inc.
Aug.
Production and distribution of school
1962 filed 175,000 common. Price—By amend¬
($10 max.). Business—Hotel ownership and man¬
agement. Proceeds — For construction; Office — 525 N.
2,
ment
Pricer^-By amendment. -Business—Manufacture of .drug. MSapUlveda31vd.,iELSegundo, Calif. Underwriter—.Vick¬
Trans-Western Service Industries
common.
Sterling Copper Corp.
Aug. 2, 1962 filed 850,000 common. Price—$1. Business
—Company plans to operate a non-ferrous rod and tube
mill. Proceeds—For plant and equipment, working capi¬
tal and other corporate purposes. Office—300 Horn Rd.,
Pinconning, Mich. Underwriter—None.
April 2,
trust.
5,
June
Site-Fab, Inc.
(9/24)
Price—$3.25. Busi¬
ness—Manufacture of bicycles, tricycles and toy auto¬
mobiles. Proceeds—Repayment of loans, plant expan¬
sion and new product development. Office—744 Berriman St., Brooklyn, N. Y. Underwriter—Lloyd Securities,
Inc., New York.
Jan. 29,
1962 filed 126,000 common. Price—$4.50, Busi¬
ness—Manufacture, sile and development of glow lamps
Stelber Cycle Corp.
Jan.
March 30, 1962 filed 236,000 common. Price—By amend¬
ment
Inc.* N. Y. Note—This reg¬
.
Standard
Sentinel Life Insurance Co.
Sept. 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,
33
Top Dollar Stores* Inc.
May 1,11962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price-^$5. Business-pOperation 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-
Co., N. Y. Offering—Postponed.
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,
Calif. Underwriter—First California Co., Inc., San Fran¬
cisco. Offering—Expected sometime in October.
scribed shares will be offered publicly. Price—To public,
$6; to stockholders, $5. Business—Company plans to engage in the consumer finance, mortgage, general fi¬
nance and related businesses. Proceeds
For general
corporate purposes. Office—830 N. Central Ave., Phoe¬
(1229)
.
.
,,
24
The Commercial and
Financial Chronicle ;
(1230)
Continued
eral corporate purposes.
frontpage 33
Telephone Services, Inc.
March 30, 1962 filed 150,000 class A common. Price—By
r*nendment (max. $5). Business—A telephone holding
company. Proceeds—For debt repayment, equipment and
working capital. Office—645 First Ave., N. Y. Under¬
writer—J. R. Williston & Beane, N. Y. Offering—Post¬
poned.
■
'
"
Office—210-07 48th Ave., Bay-
•
*
side, N. Y. Underwriter—First Philadelphia Corp., NT Y.
United
•
Welsh Panel Co.
.»
Zayre Corp. -(9/26')Y
>Vr-
April 20, 1962 filed 475,000 common, of which 175^000
are to be offered by company and .300,000 by stockhold¬
\.,/i..
/
Thursday; September 20, 1062
Price-^By amendment (max. $20). Business-^Op^ration of selfrservice department stores and apparel
specialty stores. -Proceeds—For working capital. Office
ers.
30, 1962 filed 110,000 common. Price—$7. Busi¬
ness—Company processes plywood sheets into factory
finished wall panelling. Proceeds — Equipment, Riven-'
tories and working capital. Address — P.: Q. Box 329
Panel Way, Long view, Wash. Underwriter—Ferman &
March
'
—One Mercer
Rd^ Natick, Massr Underwriter—Lehmah
Brothers, New York.
•
.
v
Co., Miami, Fla. Offering—Imminent.
Variable Annuities
United
Fund, Inc.
*■
April 11, 1961 filed 2,500,000 shares of stock. Price—$10
per share. Business—A new mutual fund. Proceeds—For
investment. Office—20 W. 9th Street, Kansas City, Mo.;
Underwriter—Waddell
Universal
&
Western
Zero
Capital Corp.
(10/.lr5)r
Mountain, Inc.
;
March 30, 1962 ("Reg. A") 11)0,000 commorl.. Price—$3.
Business—Operation of underground cold storage fa cil-
.
,
.
Kansas City, Mo.
Reed, Inc.,
(
Lithographers, Ine*
March 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.:.
'
ities. Proceeds—Expansion, debt repayment and working
capital.- ■ Address-^-Box* 594, Fayette ville," Ark;
Underwriter—Don D. Anderson & Co., Inc., Oklahoma City.
;
'
,
Aug. "28, 1962 filed 1,500,000 common. Price—$1. Busi¬
Western Pioneer Co. /
ness—Company plans to establish or acquire control of
Feb. 19, 1962 filed 371,750 capital shares of which
175,000
other companies, principally those in life insurance field.
are to be offered by the company and
196,750 by stock-.
Proceeds—For general- corporate purposes. Office—318 ^
holders. Price—By amendment (max. $42). Business— •
N. St. Paul St.; Dallas. Underwriter—None.
The making of loans secured by first liens oh real estate.
Proceeds—For debt repayment/ Office — 3243 Wilshire >
Urban America Real Estate Trust
Blvd., Los Angeles. Underwriter — Kidder, Peabody &
Aug. 2, 1962 filed 400,000 shares of beneficial interest.
.
Co., N. Y.
real estate investment trust.
Proceeds—For debt repayment and investment.
Offiee
—510 Fleming Bldg., Des Moines.; Underwriter—Con¬
way Brothers, Inc., Des Moines..
Business—A
Price—$6.
13, 1961 filed 32,000 shares of beneficial interest./
—r $6.25. Business — A
small business investment
company.
Proceeds — For investment.
Office —403
Ursula St., Auroca, Colo.
Aurora, Colo.
-
$5.05; per
Proceeds
First Nebraska Securities
t—
Offering—Temporarily postponed.
-
urethane
:
meat;
working; capital,,
Los
Angeles.
Vendex, Inc.
12, 1962 ("Reg. A")
Jan.
Business—Manufacture
chines. Proceeds—For
porate
;/•
Price
—
30,
$1.
100,000
:;rV''v
common.
'/
Ave., Hackensack, N. J.
Co., Inc., N; Y. v'v\ '
Color Corp.
Proceeds—For
equipment,
—
"
ment
real
Investments, Inc..
filed
400.000
.
the
mortgage
loan
correspondent business.
Proceeds—For selling stockholders..
Office—1111 Hart¬
ford Bldg... Dallas.
Underwriter—Harriman
Ripley
&
Co.. N. Y. Note—This registration is
being withdrawn.*
-
•
Walston Aviation,
Uct.
au,
luni
iiiea
Inc.
(9/24)
which 60,000 are to
by the company and 30,000 by a stockholder.
$6.25. Business—Sells Cessna
Airplanes and
plies;
also
Proceeds
sup¬
repairs
and
services
various
For
type airplanes.
expansion and general corporate pur¬
Office—Civic Memorial Airport, E.
Alton, 111.
Underwriter—White & Co.. Tnc.. St. Louis.
—
*
; if Consolidated -EdisonCo.ofNew. York,lnc.
(10/2)/^/V.'■"/<;y- 7'y
>': r'v
poses.
!
,
ment.
common.
bidders:
irs:.
Welcome
Baby, Inc.
28, .1961 filed
75J)00
Price—$2/ Business
—Company" renders direct mail public relations, sales
promotion and advertising services to mothers on behalf
common.
of retail stores. Proceeds—For debt
repayment and gen¬
Morgan''Stanley & Co,; First' Boston Corp:-
Halsey, Stuart & Co.- Inc. (jointly)/
Bids—Oc't. 2," 1962
^
(11 a.m. EDST) at the company's office.
^ Dei Consolidated Industries, -Inc.-'7;"/'/i
;Aug. 27, 1962
("Reg., A') .70^000 common.\ Price—$2-50.
mining, oil and gas development,
investments.-. Proceeds^For debt repay¬
Business—Real estate,
building and
ment, equipment and working capital. 1 Office—100
10th St., Wilmington, Del.r Underwriter—None. ~ ;V
.
.
;
^
>
.
New
;
Corp.,
•'.
Co., Inc., N. Y.
.
to
be
A
stock
offered
A
Real
estate.
for
the
on
class
shares
debentures
for
each
100
s
'
Lincoln Park. Mich
Underwriter—F
Offerings—Expected
J
sometime
^
'v
•> v;
>.
>•;
if: Nebraska . Consolidated ' Mills Co. • /
*
Sept. 17, 1962 filed $3,000,000 Of 63/4% subord.-s. f. de¬
and
agricultural
ment
and
the'
products.
financing
feed,?^and
-
,uu^ -ouMxirss—
consumer
Proceeds—For debt
of
increased
accounts receivable.; Office—500
Underwriter—First Nebraska
"
repay-
inventories« and
\Kie\yit' Plaza* Omaha.
Securities
Corp.; Lincoln.
if Realty Associated Investors '
>
;
Sept. 10, 1962 ("Reg, A") 28,132 shares of beneficial in¬
terest. - Price—$5.: Business—A real estate investment
Co.,
October.
of
bentures, series A, due 1977. /Price—$1,000. -Business—
-rr-
WinrWtpr fk
in
>■
;!'*''
110,000 - common;;* Price—$1.
wigs-,; hair, -pieces and- cos¬
.7 Dentures, seiies- ^,
i
Manufacture ofTlour, animal
By amend¬
ment' (max. $6.50).
Business—Processing and manufac¬
turing of aluminum building products. Proceeds—For a
new building and
equipment.. Office—1650 Howard St.,
Detroit.
••
-
writer—None:
e
•
Wolverine Aluminum Corp.. *
March .5, 1962 filed 100,000 common. Price
^
.:
if Gold Eagle Mines, Inc. ;
- • \
7
>
1962 • ("Reg. A") - 300,000' common:, Price—$1.
Business—Mining. Proceeds—For operational expenses.
Office—225 Harmoney Dr., Longview,; Wash, iUnder¬
.
'
-
Aug; 27,
•
held.
E/ Securities, Inc., 10 East 40th
Street,. New York.
hp withdrawn
Note—This reeistrntinn
•
registration rwOJ
will be
withdrawn.
.
equipment, inventory and work¬
ing capital; Office—8817 La Mesa Blvd*, La Mesa,. Calif.
Underwriter—None.
\ r'.-
subscription by stockholders of class
of $500
r..
Business—Manufacture
„i>;
basis
,
metics. >Proceeds-^-For
r
,
,
York.
if Gendamo, Inc.
Aug. .28,- 1962 ("Reg. A")
^
electronic measuring devices and test equipment. Pro¬
ceeds—For, debt repayment and other corporate pur-"
poses. Office—1005 First Ave., Asbury .Park, N. J. Under-'
-
trust. Proceeds—For general corporate purposes. Office
—445 E. Fourth St., Salt Lake "City. Underwriter—None.
26, 1962 filed 130,000 common. Price^By amend¬
ment (max. $27). Business
if Silica Inc.
Manufacture and sale of
work clothing.
Company is also engaged in industrial ' Sept. 7, 1962: ("Reg. A") 300,000 common. Price—$1.
laundering and garment rental. Proceeds—For debt re-■ /Business—(Company plans^ to acquire and develop^the
Jean Silica Sand. Deposit hear Las Vegas.
Proceeds—
payment, acquisitions and working capital. Office 176R E. 25+h St..
For equipment and development.; Office—-244 Earl St.,
Cleveland. "UTiderwriter—Hr>rnhlow<»T
& Weeks, N. Y. Note—This
.registration is being with-' •Las Vegas, Nev. Underwriter—None. 1 / "
; :
I
•
Work Wear Corp,
Mar.
,
drawn.
1
1
Financial Corp.
if T-A Development Co.
j
!
Sept. .12, 1962 filed 2,000 common.Price—By. amend.
(9/24-28)
Mar.
Price—By amend¬
Business—The
carrying of liner-type cargoes.
Proceeds—For the purchase of vessels, and
working cap¬
ital.
Office—71 Saint Joseph
St., Mobile, Ala. Under¬
writer—Shields & Co., Inc., N. Y.
(mgr.).
Offering—
Temporarily postponed.
Pec.
1
Co.
Winslow
Worth
Steamship Corp.
Aug. 29, 1961 filed 1,743,000
mortgage bonds-due Dec. ;).., * 1,989, y Oj:fic,e-^4 Irying
'Place, N. Y. ; Underwriters— (CompetitiveProbable
-
-
Waterman
Sept. 7;; 1962 filed $75,000,000 of first and refunding
mortgage bonds, series Wr due Oct.'I;, 1962. ProceedsTo refund a like amount of 5%% first and refunding
v
—
uu.uou conaaou, of
be offered
Price
common,
—S.
:
Price-—By amend¬
(max. $22), Business—Company makes short-term
loans, acquires, develops and sells land, and
in
■*>; v
Prrce-1-$500 per unit.. Business—»
Proceeds—For debt repayment and realty I
acquisitions. Office—10 E. 40th Si; N ' Y ITuderwrt+»»
estate
engages
i1 w.":
; "
1962 filed $4,500,000 of 6.5% convertible sub-7
ordinated debentures due 1977 (with attached warrants).
**'■
common.
W.'
,Jan. 26,
,
duction, engineering, inventory and sales promotion of
its products and for
working capital.
Office — 1230 E;>
Mermaid Lane, Wyndmoor, Pa.-Underwriters —
John
Joshua & Co., Inc., and
Reuben, Rose & Co., Inc., N. Y.
1962
'
Wolf
equipment,v
Wallace
7 7
(Edwin L.)
writer—Amos Treat &
$3.
the sale, installation and
servicing of industrial and
commercial communications equipment and the furnishzng of background music. Proceeds—For
tooling, pro¬
Feb. 12,
Office—142
Electronics, Inc. * - - /
;
*
28, 1961 filed 125,000 common. Price—$4. Business
—Design and manufacture of precision electrical and
inventories ••' and
Voron Electronics Corp.
1. July 28, 1961 filed 100,000 class A
shares. Price
Business—The manufacture of electronic test
*r
capital.
Dec.
working capital. Office—729 Centinela Blvd.^ Inglewood,
Calif. Underwriter—Naftalin &
Co., Inc., Minneapolis.
.
Wiegand
•,
"
April 6, 1962 filed 1,000,000 common. Price—$1.15. Busi¬
ness—Development, manufacture and distribution of pic¬
ture; tubes.
and .working
—
.
Under¬
.V/Y''v;V."'*•/•'
°
,
-
it Fabco Enterprises, Inc.,
1
April 2, 1962 filed 80,000 common* Price — By amend—• Sept.
.17, 1962 filed 83,500 common.
Sept/.17,
common. .Price—$4.50.
Price—$4.50.- Bustment (max. $11), Business—Operation of a chain of shoe
ness—Operation of self-s'eryice retail shoe department in
stores. Proceeds—For debt repayment, expansion and : discount department-stores and one-retail store.*
Proworking capital. Office — 808 Dakin St., New Orleans,
ceeds—For inventory, expansion,--debt repayment, and
Underwriter
Howard, Weil, Labouisse. Friedrichs &
working capital. Office—4906-08 Ave. D, Brooklyn,. N, Y.
Co., New Orleans.
V \
Underwriter—Dynamic Planning Corp., 51 Broadway,
/
Price—$4. Busi¬
Railroad
writer—Keene &
Video
equipment
Wiener Shoes Inc.
ness — Manufacture, design
and sale of metal valves,
mixtrs, taps, etc., for vending machines. Proceeds—For
expansion, new products and other corporate purposes.
Office—204
r
.
Underwriter—Pacific Coast Securities Co.,
1962 filed
Development, -construction and -management of
Offset, Inc.' *
heating ele¬
ments for industrial, commercial and household
applica¬
tions. Proceeds—For selling stockholders/ Office—7500
Thomas Blvd., Pittsburgh. Underwriters—Eastman Dil¬
lon, Union Securities & Co., N. Y., Moore,. Leonard &
Lynch, Pittsburgh and Reinholdt & Gardner, St. Louis.
Offering—Temporarily postponed, '
?
;
coin
Vending Components, Inc. \
—
Cameron Iron Works; Inc.^'
•
" . '^
" /
Sept. 14,11962 filed 280,000 common.i; Price—By amend¬
ment (max.; $21i50)v**"Business-r-Manufacture+of
yequip-
March 30, 1962 filed 606,450 common.
Price—By amend¬
ment Business—Manufacture of electrical
Francisco.
March
7
•
named.
common.
Underwriter
be
*
operated vending ma¬
an
acquisition and general cor¬
Office—1290 Bayshore Blvd., Burlin-
purposes.
game," Calif.
San
300,000
of
*
Price—$2.50. fBust-
industrial, commercial and residential properties; Pro¬
ceeds—For. construction,: surveys, working capital-, .and
Underwriter—Godfrey, Hamilton, Taylor & Co., N. Y.
Office—2925 S. San Pedro
be
ness
t
of which 102,000 are
offered: by the company and 60,000 by stockholders, Price—$3. Business—Operates a chain of retail
drug stores. Proceeds—Expansion, equipment and working capital. Office—738 Bellefonte Ave., Lock Haven, Pa.
-
Underwriter—To
Photo
Widman. (L. F.), Inc.
Oct. 27, 1961 filed 162,000
—
St.,
**
¬
Corp., Lincoln, Neb.
.
repayment.
»
26th St., N. t¥.. Underwriter v- K-Pac Securities
Corp.,
New York.- Offering—Expected sometime in November.
4
Valu-Rack, Inc.
>
May 4, 1962 filed 200,000 common, of which 100,000 are
to be offered by company and 100,000 by stockholders.
Price
$5. Business — Wholesale distribution and retail
merchandising of health and beauty aids, housewares,
kitchenwares, wearing .apparel and other goods.
Pro*
debt
;
?•
•ment used in the. petroleum and. processing industries.:
July 13, 1962 filed 100,000 common; Price—$3.50. Bust-;/; /Company .also/makes forged metal products used In the
ness—Photo-offset printing. Proceeds — Fdrdeht repay-1 aviation; missile and atomic .industries;' Proceeds—For
to
ceeds—For
1
Office—Thompson
White
leasehold expenses and other corporate purposes. Office
—2300 Republic National Bank Bldg., Dallas.
Under
writer
/
^
Bldg., Tulsa;
Edwards, Inc., Oklahoma City..
—R. J.
equipment;
v
Underwriter—Westco Corp.,
»
;•
East Inc.
Sept. 18, 1962 filed 400,000 common.
For repayment of debt and other
corporate 6
—
purposes.
'
Business—Manufacturer of
Americana
'
Inc.
v/V-tH1 W7
/f.'Vv*- other corporate purposes. Office—173 First St.', Macoh,
Ga.
Underwriter—Nusouth Growth Stock" Sales Corp,,
July 30; 1962 filed 80,000 common. Price—$12.50. Busi¬
ness—Acquisition of leases and production of oil and gas; ■, ^101 Steam Mill Rd^ .Columbus,-Ga;,rr,
\ \
Texas, Inc. "'
unit.
f
Wheeler & Ryan,
Feb. 14,1962 filed 250,000 class A and 250,000 common to f
be offered in units of one share of each class* Price—
foams. ./Proceeds—For*
This Week
^
Price
Redevelopment Corp.
March 29, 1962 filed 100,000 common. Price—By amendment.
Business—Company operates the "Kellogg Plan'*
which provides 100% financing and construction through
a single source for renewing older residential properties.
Proceeds—For
debt
repayment, sales financing and
working capital. Office— 1959 S. LaCienega Blvd., Los
Angeles;.. Underwriter—R. J. Henderson & Co., Los An¬
Urethane of
'J;.'.
Western States Real Investment Trust•
Urban
v.f[. v."'.'
—
Nov.
.
geles.
\
Issues Filed With SEC
22, 1962 filed 61,000 common. Price—$5. Business
—Financing of commercial accounts receivable. Pro
1
a
'
___
_•
1.
-
ceeds—For
40th
general
corporate
St., N. Y. Underwriter
—
purposes. -Office—114
D. A. Bruce &
E
Co., N. Y.
Wyle Laboratories (9/24-28)
Aug. 27, 1962 filed $2,500,000 of conv. subord, debentures
due 1977.
Price—By amendment; Business—Company
<
'ment
nniva
(max, $1,000).
/immlnn
anrl
-
Business—Company: plans to
imnrnup
iriHiicfria 1
ac-
rpal
improve industrial real nrnn<airtiQc
properties,
primarily in Lbs Angeles County. Proceed?—For gen¬
eral corporate purposes.
Office—9601 Wilshire Blvd.,
Beverly Hills, Calif.. Underwriter—None.
; '»
auire, develop,
and
,
if U. 8. Cold Storage of Hawaii, Inc.
"Sept: 14,-1962 filed -30,000 capital shares, of which 20,-
provides various services and products to the
aerospace ^ 000 are to be offered by company and 10,000 by present
industry.-*. Proceeds^For debt repayment and general
stockholders. -Pric«^-$10. Business—Company plans to
corporate purposes.
Office—128 Maryland St., El Se' construct and operate cold storage facilities in Hawaii,
gundo, Calif.
Underwriters—Kidder, Peabody & Co.,
Proceeds—For construction, and working caoital. Offiee
N. Y. & Mitchum, Jones &
Templeton, Inc., Los Angeles.—3140 Ualena St., Honolulu. 'Underwriter—None.
.. /
Volume 196
Number .6196
*
.
(1231)
The Commercial and Financial Chronicle
„
For selling stockholders. Office—7400
St. Louis.* Underwriter — Edward D.
Louis.
Effective Registrations
:
raise
carried in the
Monday issue of the "Chronicle."
shares offered at $28.75 per share by
First Boston Corp., - and-Blyth & Co., Inc.,-New York.
676,220
§
'
plans to
Oct. 5..
additional $LOQO,QO0 by
an
Biologies International Inc.;
15, 1962 it was reported that this company
file a registration statement covering 125,000
Aug.
Service Co.
Public
Arizona
h
Instrument Corp.
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.
registration statements were de¬
effective this week by the SEC. Offering
details, where available, will be
•
to
1
common
(9/20)
Sept. 11, 1962 it was reported that this road plans to
sell $4,140,000 of one-half ta 15-year equipment trust
>•
Office—104 St. Francis St., Mobile, Ala.
Underwriters—(Competitive). Probable bidders: Halsey,
Stuart & Co., Inc.; Salomon Brothers & Hutzler. BidsExpected Sept. 20 (12 noon CDST) at 140 So. Dearborn
St., Chicago.
certificates.
plans
com¬
Building Associates:,,.,i. \(.
/r
Illinois
Public
-
common shares of which -714,086 shares are out¬
standing. Business—Manufacture of truck trailers, cargo
par
,7v.
Service Co.
containers, telephone and power line construction equip¬
ment, etc. Proceeds—:To help form a new finance com¬
;
pany
was
underwritten by* Allen &
Alstyne, Noel & Co., New York City.
1962 it was reported that this utility expects to
$25,000,000 of debt securities in late 1962 ©r early
1963. Office—500 South 27th St, Decatur, III. Under¬
writers—To be named. The last sale of bonds
1958
$1,650,000
of
■
yV/.', '*7-
art & Co. Inc.
1977 being offered
McDonnell
for subscription by stockholders
& Co., New York..
7
V,
Interstate
sell
Securities
Probable bidders: Merrill Lynch, Pierce,
& Co. (jointly);
Halsey, Stuart & Co. Inc.; Salomon Brothers & Hutzler;
(Competitive).
;;r:
stiTbuis.
:
Ty. l\
7y:.y"-V7, 7";-' 7*7:
'*,"■■■ '4-L.
'
.%
>'77 ''4.'v.-V
yy/., 7'7 -"7%
150,000 shares of 6% • convertible preferred stock offered
at $10 per share by Bear, Stearns & Co., New York., .-
Saxon Paper
f
"Vy;
Corp.
Shin Mitsubishi
y y
Heavy Industries
;>
■'••7,7'"./
y
to
<
Florida
Pierce, Fenner & Smith Inc.
Supply Co.
20, 1962 it was
sell
Co., Inc.
Japan Development Bank
July 3, 1962 it was 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
portion of this financing will be completed by
March 31, 1963. Business—The bank was incorporated to
1951 as a Japanese Government financial institution to
.418,536. shares; Proceeds—For construction. Office—600
Market St., Wilmington, Del, Underwriters—(Competi¬
>t tive); Probable bidders: Carl M. Loeb, Rhoades & Co.;
"J W.. C.f Langley &• Co.-Union Securities Co. (jointly);
Lehman Brothers; First Boston Corp.; White, Weld &
; Co.-Shields & Co. (jointly); Kidder, Peabody & Co.-
Co.
reported that this utility plans
$3,000,000 of mortgage bonds and $2,000,000 of
preferred and common stocks; Proceeds—For debt re¬
payment, and construction. Office — 161-20 89th Ave.,
Jamaica, N. Y. Underwriters—To be named. The last
sale of bonds on May 3, 19p6 was made by Blyth & Co.
Other bidders were: Halsey, Stuart & Co; Inc.; Kidder,
Peabody & Co.; White, Weld & Co.
The last several
issues of preferred were sold' privately. The1 last sale
of common on May 9, 1956 was made through Blyth &
March
'
Merrill Lynch,
Smith Inc,-Kidder, Peabody
Jamaica Water
March 9, 1962 it was
$10,000,000 of 61/|%" convertible debentures due Sept.
-30, 1977; offered at par by First Boston Corp.> and No- s
mura Securities Co., Ltd.; New York." ;y:'-7y;'
; -7 y
&
White. Weld &
reported that the company has post¬
poned until early Spring of 1963 its plan to issue addi¬
$1,250,000 of 6% convertible subordinated, debentures
tional common stock.
The offering would be made to
dye Sept. 15,197.7, and 100,000 capital shares offered at
common stockholders first on the basis Of one share for
100% and $6.25 per-share-, respectively, by Straus, Bios-«, each 10 shares held. Based on the number of shares out¬
ser & McDowell, Chicago; and Dempsey-Tegeler & Co.ry
standing on Dee. 31, 1961, the sale would involve about
77
$6,000,000 of bonds in the second quarter of 1963.
Main St., Dubuque, Iowa. Underwriters—
Fenner
ported that it expected to sell about $40,000,000 of secu¬
rities,, probably bonds, in the fourth quarter.
Office—
212 West Michigan Ave., Jackson, Mich. Underwriters—
C$rpl, New York; '''.4 7rr'^y-77
Power Co.
Office—1000
.
ard
Halsey,
Aug. 1, 1962 it was reported that the company plans to
Bids—Expected Nov. 1.
Nippon Telegraph & Telephone Public Corpi^r;v>
$18,500,000 of 6% guaranteed dollar bonds due Sept.. 15,':
Probable bidders: Halsey, Stuart & Co.
1977 offered at 96% by .Dillon,5 Read & Co.,-Inc.; First ». (Competitive).
Boston Corp., and Smith, Barney & Co.,-Inc., New York. - Inc.; White, Weld & Co.-Shields & Co. (jointly); Harriman
Ripley & Co. Inc.-First Boston Corp. (jointly);
Oceana International, Inc.
1; 7.7 ;7
Morgan Stanley & Co.
•
'
•
150,000 common shares offered at $5 per share by Stand¬
Delaware Power & Light Co.
\
Sawyer's Inc.
May 21,
Pierce, Fenner & Smith, Inc. (jointly);
Securities & Co.; Harriman Rip¬
ley & Co., Inc.-Glore, Forgan & Co. (jointly).
Consumers Power Co.
-v
-
on
through First Boston Corp. Other bidders
Stuart & Co. Inc.; White, Weld &. Co.-
Eastman Dillon,. Union
7
Sept. 4, 1962, Robert P. Briggs, Executive Vice-Presi¬
at par on the basis of $100 of debentures for each 100
shares held of record Sept. 18, with" rights to expire Oct. 7 dent, announced that the company had postponed until
mid-1963 its plan to sell additional securities because of
15, 1962. No underwriting is involved.:
*7;
''larger than anticipated internal generation of cash, sub¬
Miracle Mart, Inc.
stantial refunds from natural gas suppliers and the
180,000, common, shares offered at. $10 per share by
increased use of bank credit." Earlier, the company re¬
due
made
Merrill Lynch,
Underwriters—(Competi¬
Probable bidders: Merrill Lynch, Pierce, Fenner
&
Smith Inc.-White,
Weld
&
Co. (jointly); Morgan
v:
Stanley & Co.-First Boston Corp. (jointly); Halsey, Stu¬
subordinated debentures
convertible
6%
/
f-
was
were:
Office—120 E. 41st St., N. Y.
y7; •'
1
Feb. 28,
of $250 of-debentures, and ,j
by Richard Bruce & Co., ', tive).
& Co., Inc.,
(D.)
Van
and
sell
,
Kaltman
Co.,
Power Co.
Illinois
■
Inc., New;- York.
Park Ave., N. Y. Under¬
writers—To be named.- The last financing by the com¬
v
mon shares offered in .units
5Q shares at $500 per unit
subsidiary. Office—250
pany
•Ski Springfield, 111. Underwriters—(Competitive). Prob-r
Duro Pen Co.,•• r. 7,77'~ V;- ./; K
able bidders: Eastman Dillon, Union Securities & Co.90-,000 common shares offered at $3 per share by Frank »
Equitable Securities Corp. (jointly); Blyth & Co.-KidKarasik & Co., Inc., New York.
r • ':
der, Peabody & Co.-Merrill Lynch, Pierce, Fenner &
Electronic Wholesalers, Inc..7
;.:-r'
;-;i ;
r* Smith Inc. (jointly); Halsey, Stuart & Co. Inc.; Salomon*
100,000 common shares offered- at - $12.50 per -share by -t Brothers & Hutzler; First Boston Corp.; Lehman Broth¬
Bear, Stearns & Co.r New York.
•
V*. - - : •; / •, ) y , :- ers-Bear, Stearns & Co. (jointly).,,;
Columbia Gas System, Inc.
(11/1)
Gemco-Ware Corp.
'7—7/7^7 *'7 7VV *44'r'.
Aug. 1, 1962 it was reported that the company plans
$500,000 of 7% convertible, subordinated debentures due
to sell $20,000,000 of debentures or bonds in November.
Npv. 15,-1972 (with attached warrants)-and 100,000 com- v
,
Inc.
Sept., 10, 1962 it was reported that this company plans
raise some $2,500,000' by a rights offering to stock¬
holders. Authorized stock now consists of 2,000,000 $1.25
to
;
July 10, 1962 it was reported that; this company plans
to issue about7$10,000,000, of, first mortgage bonds in
1963. Proceeds—For-construction. Office—607 E. Adams
limited-partnership . interests of- >
Fifth Avenue Associates Ltd.,
York..•*'>;'«. >■
-4'4
«
$1,275,000 'additional
;feTed at $5,000 per unit by
New
Central
Industries,
Highway Trailer
Price—$3.
t
Cincinnati Enquirer
•
,
Gulf, Mobile & Ohio RR.
Business—Company plans to
breed and supply animals for biological research pur¬
Century Real Estate Investment Trust
J' ;
>7-77-7 poses. Proceeds—For general corporate purposes. Office
2Cf0,Q00; shares of" beneficial interest offered at $10 per .7 —7520 Bergenline Ave., 'North Bergen, N. J. Under¬
share by DeWitt, Herndori & Co., Tulsa. "
writer—To be named,
V
v
•
...
-r
7
shares.
mon
lanta, Ga. Underwriters—(Competitive). Probable bid¬
ders: Blyth & Co., Inc.; First Boston Corp.; Morgan
Stanley & Co.; Eastman Dillon, Union Securities & Co.Equitable Securities Corp. (jointly); Lehman Brother^:
Bids—Expected Nov. 7.
Registration—Scheduled for
.
Jones & Co., St.
Sept. 4, 1962 it was reported that the company
The following
clared
,c
Belock
North Broadway,
35
major
long-term funds to Japanese industry for the
promotion of economic reconstruction and industrial de¬
velopment. Office—Tokyo, Japan. Underwriters — First
Boston Corp.; Dillon, Read & Co. Inc.; Smith, Barney &
Co., Inc., N. Y.
supply
(jointly).
Power Co,5
,
March 19, 1962 it was reported that this company.plans
Washington Trotting Association, Inc. .• .
•*; • Jersey Central Power & Light Co. (11/14)
$2,300,000 of. 6 V2% subordinated' sinking -fund deben-7 to offer stockholders «The right to subscribe for about
June 6, 1962 it was reported that this company plans to
tures due 1977 and 276,000 common shares at $175 per
>457,265-additional common shares on a l-for-20 basis.
sell $11,000,000 of first mortgage bonds due 1992 in the
units of one $100 debenture and. 12 shares at $175 per 7 Office—101 Fifth St.;; South, St. Petersburg, Fla. Under¬
fourth quarter. Address—Madison Ave., at Punch Bowl
writers—To be named. The last rights offering of com¬
unit by Moore, Leonard & Lynch,. Pittsburgh, and Stroud
Rd., Morristowp, N. J. Underwriters — (Competitive).
mon on May 4, 1959 was underwritten by Kidder, Pea¬
& Co.--Inc., Philadelphia. /
'v •
7'7f 77
Probable, bidders; First Boston Corp.; Halsey, Stuart &
body & Co., and,Merrill Lynch, Pierce, Fenner & Smith
Co. Inc.; Eastman Dillon, Union Securities & Co.-SaloInc., N. Y. Offering—Expected in October, 1962., . , 1
\v
mon
Brothers & Hutzler-Merrill Lynch, Pierce, Fenner'
: Food Fair Properties, Inc.
& Smith Inc. (jointly); Kidder, Peabody & Co.: White,
May 1L 1962 stockholders authorized the company to
ATTENTION UNDERWRITERS!
;
Weld & Co. Bids—Expected Nov. 14^ 1P62 at 80 Pine St.,
issue 756,000 shares of a new convertible preferred stock
N. Y, Information Meeting—Nov. 9, 1962 at same address.
Do you have an issue you're planning to register? *
which will be offered to stockholders through subscrip¬
Kentucky Utilities Co.
•Our Corporation News Department
would, like
tion rights on a l-for-10 basis. Price—By amendment.
to know, about it so that we can prepare an item
Aug. 1, 1962 it was reported that this utility plans to
Business—Development and operation of shopping cen¬
sell approximately $15,000,000 of 30-year first mortgage
similar to those you'll find hereunder.
ters. Proceeds—To retire outstanding 6% preferred stock
bonds, in the first quarter of 1963. Office—120 So. Lime¬
and purchase up to $6,000,000 convertible debentures of
Would you -telephone us at REctor 2-9570. or
stone St., Lexington, Ky. Underwriters—(Competitive).
write us at 25 Park Place, New York 7, N, Y.Major Realty Corp., an affiliate. Office—223 East Alleg¬
Probable bidders: Blyth & Co., Inc.; Halsey, Stuart &
hany Ave., Philadelphia. ■' Underwriter—To be named.
.
„
-
,
.
,
.
rights offering in December 1957 was
Eastman Dillon, v Union' Securities
New York.;., * ;
7 ^;' •: •"y'
71.
The last
written
r
7
Prospective ^Offerings®
t
sell
to
banks
(min.' $10)7 Business—A motor vehicle;
common carrier operating in 18 eastern states. Proceedsi"
—For working capital. Office—New Haven, Conn.'TJnderwriterEastman Dillon,^ Union Securities & Co.,
New York.'.-51- 7
y'l"7;
% v.V.l'- 4"''4-' '"'VvvV-';3
By amendment
>
.
.
*
Sept. 19, 1962 it was reported that-directors had author¬
ized the sale of $250,000,000 qd debentures, due Oct.-1,7
1996. Proceeds—For improvement and expansion of tele- •
phone services. [Office—1957 Broadway,- New York. Un¬
derwriters
(Competitive).4 Probable bidders:-.Morgan, r
Stanley & Co.; First Boston Carp.-Halsey,,-Stuart & Co. 7
Inc. '(jointly); Bids—Expected- Oct. 23.r 1
7; "y
4
publicly $15,000,000 of preferred: stock. Since
exempted from, registration, the offering will
to be filed with the SEC. Office—199 Second
Mineola,
N.vY; Underwriter
& Co., N. Y.
'
—-
Eastman
H
Hutzler
Dillon,
Stuart
Metropolitan Edison Co.
& Co. Inc.; Morgan
14..
(11/27)
30-year first mortgage bonds, in the fourth quarter of
1962.
Office—2800 Pottsville Pike, Muhlenburg Town¬
ship,
Berks
County,
;
Pa.
Underwriters—(Competitive).
First Boston Corp.; Halsey,
Probable bidders:
*
Co.-Shields & Co.- (jointly);
.
Halsey,
(jointly);
Aug. 1, 1962 it was reported that this subsidiary of Gen¬
eral Public Utilities Corp., plans to sell $15>000,000 of
bonds in. November.; Office—270 Peachtree
Bldg., Atlanta, Ga, Underwriters—(Competitive). Prob¬
able bidders: Halsey; Stuart & Co., Inc.; Harriman Rip¬
ley & Co.. Inc.i Blyth & Co., Inc.; Kidder, Peabody &
lnc.
New York. Underwriters—(Competitive). Prob¬
White, Weld & Co.-Salomon Brothers &
Stanley & Co. Bids—Expected Nov.
mortgage
Bids—Expected - Nov. 7.
Registration—Scheduled for
(10 2) -7.*
v7v':"
«
Oct. 5.
Sept.; 17, 1962 it was jreported that, the ICC had author¬
Georgia. Power Co. (11/7)
ized the sale,of 50,000 outstanding $1 par common shares.
On Jan. 12, 1962 it was reported that this subsidiary of
Price—-By amendment. Business
A motor carrier of
the Southern Co.; plans to offer $7,000,000 of preferred
general commodities providing direct service to over
Office—270 Peachtree Bldg., At600 municipalities in six mid-western states.-Proceeds-— / stock in November.
it Be-Mac Transport Co.f
& Nashville
bidders:
able
.
Equitable Securities Corp.Eastman Dillon, Union Securities & Co. (jointly); First
Boston Corp.; Lehman Brothers; Morgan Stanley & Co,
Louisville
42nd St.,
(11/7)
reported that this subsidiary of
to offer $23,000^000 30-year first
Georgia Power Co.
On Jan. 12, 1962 it was
; the Southern Co. plans
& Co.
RR. (11/14) .
reported that this road is consider¬
ing the issuance of $25,000,000 of collateral trust bonds
due
1987, subject to ICC approval.
Office — 220 E.
•
are
Union Securities
& Co.-White, Weld
Aug. 28, 1962 it was
-
not huve
St.,
.
Peabody
Inc.;; Kidder,
(jointly); Eastman Dillon, Union Securities & Co.-Mer¬
rill. Lynch, Pierce, Fenner & Smith Inc. (jointly).
7
Sept. 11, 1962 it was reported that this bank had applied
to the U. S. Comptroller of the Currency for permission
Adley Corp. /V
:' V-'7'7; May 17, 1962 the company applied to the ICC. for au¬
thority -to issue 105,000 $2 par common shares.1 Price-
>
Co.
under¬
& Co.,
7; ;• FrankiliivNational Bank of Long Island
'
★ American Telephone & Telegraph Co.. (10/23).
by
Stuart &
Inc.; White, Weld & Co.; Kidder, Peabody & Co.Drexel & Co. (jointly); Blyth & Co.,' Inc.. Bids—ExCo.
pected
for
Nov. 27,
Nov.
21.
1962. Information
V-"
-•
Montana-Dakota
.
^
*»v
Utilities Co.
Aug. 28, 1962 it was reported that
to sell $12,000,000 of 25-year first
.
Meeting—Scheduled
-
this company plans
mortgage bonds in?
Continued
on
page
36
36
The Commercial and Financial Chronicle
(1232)
Continued from page
of 1963. Office—321 No. Harvey St.,
Underwriters—(Competitive). Probable
bidders: Merrill Lynch, Pierce, Fenner & Smith Inc.White, Weld & Co. (jointly); Halsey, Stuart & Co. Inc.;
Lehman Brothers-Blyth & Co. Inc. (jointly); First Bos¬
ton Corp.; Harriman Ripley & Co., Inc.-Eastman Dillon,
Union Securities & Co. (jointly); Equitable Securities
second
35
.
,
.
quarter
Oklahoma City.
early 1963. Proceeds—For construction. Of¬
fice—831 Second Ave., S., Minneapolis. Underwriters—
To be named. The last bond issue was won at competi¬
late 1962
or
tive bidding on Dec. 3,
1958 by Eastman Dillon, Union
Blyth & Co., Inc.-
Securities & Co. Other bidders were:
Lynch, Pierce, Fenner & Smith Inc. (jointly);
Halsey, Stuart & Co. Inc.; Equitable Securities Corp.
Merrill
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
which the two carriers agreed to a share-for-share ex¬
change of 400,000 shares and the lease of each others jet
planes during their respective busiest seasons. The CAB
later disapproved this plan and ordered the airlines to
divest themselves of the stock. Price — About $20 pet
share. Proceeds—To repay a $4,500,000 demand loan, and
other corporate purposes. Office—Miami International
Airport, Miami 59, Fla. Underwriter—-Merrill Lynch,
Pierce, Fenner & Smith Inc., New York.
Pipeline Co. of America '
June 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.
Natural Gas
Nevada
Feb.
28,
Northern Gas Co.
it
1962
reported that this subsidiary of
sell $2,000,000 of common
Blvd., South, Las Vegas,
was
Southwest Gas Corp., plans to
stock. Office—2011 Las Vegas
Nev.
Underwriter—Eastman
Co., N. Y.
Corp.
•
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¬
tion.
Office—441
Stuart St., Boston.
Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Kidder, Peabody & Co.-White, Weld & Co. (jointly);
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.Lehman Brothers-Equitable Securities Corp. (jointly);
First Boston Corp.; Kuhn, Loeb & Co.
Northern Illinois Gas Co.
Feb.
28, 1962 it was reported that the company expects
$125,000,000 to finance its 1962-66 construction
$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
( named. The last,-sale of bonds on July 14, 1960, was
! handled by First Boston Corp.
Other bidders > were:
r Halsey, Stuart & Co., Inc.; Blyth & Co., Inc-Equitable
to raise
program. About
(11/26)
standing 5%% bonds due Sept. 1, 1987. Office—920
W, Sixth Ave., Portland, Ore. Underwriters—(Com¬
S.
Probable bidders: Halsey, Stuart & Co. Inc.;
Dillon, Union Securities & Co.-Kidqer, Pea*
body & Co. (jointly); Lehman Brothers-Bear Stearns
& Co.-Salomon Brothers & Hutzler (jointly); Blyth &
Co.-White, Weld & Co. (jointly). Bids — Expected
Nov. 26. Information Meeting—Nov. 21 (2:30 p.m. EST)
at 2 Rector St., New York.
petitive).
Eastman
Pan 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
National Airlines, Inc.
However, it said Pan Am must
start 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
carriers agreed to a share-for-share exchange of 400,000
shares and lease of each other's jet planes during their
respective busiest seasons. The CAB later disapproved
this plan and ordered the airlines to divest themselves
of
the
stock.
Office—135
writer—Merrill Lynch,
Panhandle
Dillon, Union Securities &
-
Pacific Power & Light Co.
Sept. 10, 1962 it was reported that this company plans
to sell $32,000,000 of first and refunding mortgage bonds
due 1992. Proceeds—To refund $12,000,000 outstanding
5%% bonds due Jan. 1, 1987 and $20,000,000 of out¬
East
42nd
St., N. Y. Under¬
Pierce, Fenner & Smith Inc.
Eastern
Pipe Line Co.
(10/24)
Aug. 15, 1962 it was reported that this company ex¬
pects to 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.
Pennsylvania Power & Light Co.
Jack K. Busby, President and C, E. Oakes,
Chairman, stated that the company will require about
$93,000,000 in debt financing in the period 1962 to 1970.
Proceeds—For construction and the retirement of $17,000,000 of maturing bonds.
Office—9th and Hamilton
Sts., Allentown, Pa. 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,
Peabody
&Co.
Other bidders were Halsey, Stuart &
Co. Inc.; First Boston Corp.-Drexel & Co. (jointly). •:
Feb. 20, 1962.
i.
['Securities Corp. (jointly); Glore, Forgan & Co.
Northern Natural Gas Co.
Feb. 28, 1962 it was reported
that the company's 1962
expansion program will require about $40,000,000 of
financing to be obtained entirely from long
or short term borrowing. Office—2223 Dodge St., Omaha,
external
,
Neb.
Underwriter—To
bentures
be
named.
The
last
sale
of de¬
Nov. 16,
1960 was handled on a negotiated
basis by Blyth & Co., Inc., N. Y.
,
on
Oklahoma
Gas &
Electric Co.
reported that this company plans to
sell $12,000,000 of 30-year first mortgage bonds, in the
Aug. 1, 1962 it
was
Russ
Togs, Inc.
Sept. 5,
1962 it Was reported that a registration state¬
ment will be filed
shortly covering a secondary offering
shares. Business—Company
manufactures
misses/ junior and children's popular
priced sportswear. Office — 1372 Broadway, N. Y. Un¬
derwriter— Shearson, Hammill & Co., N. Y.
of
about
150,000
common
South Carolina Electric & Gas Co,
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¬
ing in February, 1958, was underwritten by Kidder,
Peabody & Co., N, Y. Offering—Expected in the first
quarter of 1963.
,
Durable
Outlays to Exceed
Nondurable®'
through the end of the year, ac¬
cording to the latest survey con¬
ducted in August by the Office
of Business Economics, U. S, De¬
partment of Commerce and the
Securities and Exchange Commis¬
sion. With actual outlays at a
seasonally adjusted annual rate of
$37 billion in the second quarter,
expenditures are planned at $37%
billion
and
a
for
the
record
current
$38 billion
quarter,
in the
fourth quarter.
Figure Is Unchanged
The latest survey indicates that
capital spending for the year 1962
by business will total $37.2 bil¬
lion, unchanged from the figure,
based
on
the May survey, that was
reported three months ago.
Both the actual second quarter
expenditures of all industries in
Southern California
Edison Co.
(10/30)
July 3, 1962 it was reported that this company plana
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 &
Co. (jointly); Halsey, Stuart & Co. Inc.; Kuhn, Loeb &
Co.-Equitable Securities
Corp.
(jointly).
Bids—Ex¬
pected Oct. 30 (8:30 a.m. PST) at company's office.
Southern
Electric
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
bonds due June 1, 1992. Office — 600 N." 18th Stre ft,
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 & Smiths Inc.-Blyth &
Co., Inc. (jointly); Eastman Dillon, Union Securities.&
Co.-Equitable Securities Corp.-Drexel & Co. (jointly);
Morgan Stanley & Co. Bids—Expected Nov. 28. Regis¬
tration—Scheduled for Noy, 1.
/
'
(Southern Pacific C04 (10/10)
^ r
^
w
-
•
Sept. 5, 1962 it was reported that the company plans to
sell
$6,000,000 of 1-15 year equipment trust certificates.
Office—165 Broadway, N. Y, Underwriters—Competi¬
tive)
Probable bidders; Salomon Brothers & Hutzler;
Halsey, Stuart & Co. Inc. Bids-r-Expected Oct. 10 (12
.
noon
EDST) at company's office.
Southern Union Gas Co.
Aug. 15, 1962 it was reported that this utility plans a
rights offering of $10,000,000 of convertible preferred
stock 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
Co., Inc., N. Y., and A. C.
Allyn & Co., Chicago.
:
handled by Snow, Sweeny &
Southwest Gas Corp.:
;
Sept. 11, 1962 it Was reported that this company plans
to offer stockholders the right to subscribe :;or about
205,000 common shares of Nevada Northern Gas Co., a
subsidiary, on the basis of two Nevada shares for each
nine Southwest Gas shares held. Holders of Southwest
Gas convertible securities will receive 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.
r* o i ? e •« rj
hPOJi
Ht 'r
.
Washington Gas Light Co.
:.t
.
,
(
'•
Aug. 1, 1962 it was reported that this company plans to
sell $12,000,000 of 25-year bonds, in the second quarter
of 1963.
Office—1100 H. St,, N. W., Washington, D. C.
Underwriters—(Competitive): Probable bidders: East¬
man Dillon, Union Securities & Co.; Equitable Securities
Corp.; Kidder, Peabody & Co.; First Boston Corp.; Hal¬
sey, Stuart & Co. Inc.
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
of 1963.
Office—2015 Forest Ave., Great Bend, Kan.
Underwriter—To be named. The last rights offering in
January, 1957, was underwritten by Dean Witter & Co*
San Francisco.
ter of 1962. Commercial and com¬
increasing their 1962 outlays
higher rate than nondurable
goods firms. Projections for the
durable goods industries indicate,
SEC-Dept. of Commerce survey of plant-equipment expenditure plans
on the basis of seasonally adjusted
finds that its estimated figure of $37.2 billion for 1962, compared
figures, a steady increase through¬
to actual $34.4 billion in 1961, remains unchanged from an earlier
put the year with fourth quarter
survey of three months ago. An encouraging note is found in plans
outlays estimated to be 13 % above
the corresponding quarter of last
of manufacturers of durable goods to increase their 1962
outlays at
year. Nondurable goods industries
a higher rate than nondurable goods firms.
as a group indicate some leveling
Capital outlays by business are" the aggregate, and the anticipated off, in, 1962, with little change
from the fourth quarter qf last
expected
to
continue
rising expenditures for the third quarter,
Unchanged
Thursday, September 20, 1962
.
Sawyer's Inc.
ter compared
are
at
,
industry groups reported higher
expenditures in the second quar¬
with the first quar¬
,
.
Manufacturers of durable goods
Remain
■
.
munications
firms
and,
to
a
extent,
electric and gas
companies — expect that outlays
will rise further in the second
a
—
Securities Sold
lesser
half of the year. Railroads, how¬
Straus, Blosser. & McDowell, Chi¬
cago, and Dempsey-Tegeler & Co.,
Inc., St. Louis, jointly head an
underwriting group which is of¬
fering for public sale $1,250,000
Sawyer's Inc. 6% convertible sub¬
Among the nonmanufacturing ordinated debentures, due Sept.
industries, upward revisions of 15, 1977 and 100,000 shares of cap¬
annual programs were reported by ital stock.
all. groups- except public utilities
The debentures, priced at par
and railroads.
Both electric and
and
accrued interest, are being
gas companies now plan slightly
no
showed
change from the year.
sold for the account of the com¬
lower outlays in the second half
earlier survey. However, within
Within manufacturing, moderate
of 1962 than were reported three pany and proceeds will be used to
industry groups there have been downward
revisions
in
capital
months ago. In the nonrail trans¬ repay bank loans incurred to fi¬
revision of annual totals and the
spending programs for 1962 were
nance expansion and to augment
timing of expenditures over the reported by chemical and iron portation category, the airlines,
which had heavy expenditures in working capital.
year.
and steel companies. Nonelectri¬
1
the second quarter plan sharp re¬
The capital stock offered, priced
Manufacturers and public utili¬ cal machinery, textile, and motor
ductions for the third and fourth at
$6.25 per share, is being sold
vehicle companies reported slight
ties have revised their 1962
capi¬
quarters, but this is partially off¬ for the account of certain selling
tal spending plans slightly down¬ upward revisions since the May
set by new pipeline construction stockholders who will receive all
ward; other major industry groups survey.
being undertaken in the last half of the proceeds of the sale.
are projecting outlays at the same
Most of the nonmanufacturing of the year.
or higher
levels than previously
Redemption prices of the de¬
reported. In the nonrail transpor¬
bentures scale down from 106% to
Actual
Anticipated
tation
ditures
category, proposed
for
pipeline
ever,
anticipate
a
decline
spending in the last quarter.
1961
expen¬
construction
significantly higher than had
been reported in earlier
surveys.
are
Yeajr to Year Comparison
A comparison of
outlays cur¬
rently anticipated for 1962. with
actual investment in 1961 is shown
in the accompanying table.
1963
in
% Change
100%.
r-( Billions of dollars )->
All industries.
Sawyer's manufactures and dis¬
tributes stereo photographic prod¬
$34.37
$37.16
8
13.68
14.57.
7
6.27
6.98
11
7.40
7.59
3
Mining
.98
1.10
12
as
Railroad
.67'
.83
24
Vue"
11
General offices
Manufacturing
Durable goods industries
.
.
Nondurable goods industries-
.Transportation other than railPublic utilities
Commercial and
other.
1.85
2.06
5,52
5.43
11.68
13.16
—
2
13
ucts
under
Master"
slide
the
names
and
"Tru-Vue,"
projectors and
slides
and
slide
arid
"Viewwell
"Pana-
as
viewers.
manufactur¬
ing facilities are at Progress, Ore.,
noar
Portland
.
6196
196- Number
Volume
,
.
(1233)
The Commercial and Financial Chronicle
.
branch
BRANCH OFFICES
Current News in the Field
name of
Corpora¬
Securities
Street
State
Y.—The
N.
ALBANY,
tion, a wholly-owned corporate
subsidiary of William S. Morris &
supplemental to similar notices appearing elsewhere in this issue
These items are
A_,T
a
ivrrn a
i
t
/-.
Ga.—Investors Plan-
ATLANTA,
Atlanta is
engaging in a securities business
from offices at 614 Pauley Place,
Corporation, of
nmg
N. E. Officers
S.
Berry,
Oppen-
M.
Vice-President'
vice rresiaeni,
heimer
neimer
bara
Milton O. Berry,
are
Howard
President;
and
ana
Baroar
Secretary
and
to the investment state Street, Albany, have been
successor
as
business of B. J. Gomberg & Co.,
moved
to
inc.
Plaza,
New
,
l.jacK risner
Associates, Inc. has been formed are
with offices at 70. Park Terrace
Parkwav
Y.
Verdi
P
is
a
Srrvfprincipal
ot
firm.
the
-
VOPTT
Maniiro
PTTV
Vine
1VT«_
NEW Y0RK CITY—Manjira Mu-
In-
fnrmpd
hppn
of the firm>
Officers are Dean
L.
w p n
Vice-Presi-
Executive
p r
v
dent?
John
President;
Griffith,
Herbert
and
Corporation
x?
been
has
4101
to
Itoad
Mill
Steam
pelle
engage
the
to
in
engage
securities
a„,
Colo
opened
Co.,
&
the
MIAMI,
in
engaging
is
Inc.
has
opened
a
NEW
manage¬
&
Faine.
Colo. Boettcher and
"
at- 1390
change Building, under the man¬
agement of Caswell P. Ellis, Jr.
Murray
branch office
&
Inc. has
at 934 East
C, Nongard.
du
Pont
&
has
Co.
BEACH, Calif.—Crut-
tenden
formerly head of Carl D. Mc¬
Kinley & Co. in Greeley.
under the management of L.
HART F O R D,
PITTSBURGH, Pa.—Arnold, Wil-
Co., Inc. has opened a
office at 4200 Acacia St.
&
branch
ford
Del-
Fedderman.
Conn.
opened
Keefe,
—
Biruyette & Woods, Inc. has opened
a
branch office at 111 Pearl St.
kens
branch
office
under the management of Gene
Avenue.
John J. Bruno, formerly
F.
&
Co.,
Co.,
&
President
i
branch office of Frank
76th Street> under the firm name CINCINNATI, Ohio - Francis I.
of Services Planning Co.
NEWPORT
Inc.
at
J.
J.
of
&
has
opened
713
Bruno
&
Co.,
135
Bridgeboro
Street,
Continued
on
under
page
POMPANO BEACH, Fla.—James
1?erry A.Tuten, "Executive.vice- "P." TDenvir,* Jr.V Ts" engaging~frf" a"
President, Secretary and Treas.
securities business from offices at
Myer Sherman, President; and
are
nATmn:'^,
.
Del.
DOVER,
Heather Agency,
-
securities
business
from
offices * at
552
Greenhill
Road.
Grafton
H.
Inc.
conducting
is
Heather
is
2641 East Atlantic Boulevard, unfirm
^be
der
■
James
P.
In Your Business You Need
-
PETERSBURG, Fla.—Robert
ST.
Grafton R., A. James
President;
of
name
Denvir and Associates,
Uu
Investments, Inc. is con-
•wx.
C
Vice-President; 'and '€:* ddcting srsekirities business from
Secretary and Treas^ offices
at ^ 327
Third Avenue,
Heather,
H.
a
Heather
Officers
North.
urer.
HOW TO SELL SECURITIES
A.
Robert
are
President, and Leonard
Scharf, Secretary and Treasurer.
Both
were
formerly officers of
James,
.DAYTON, Ohio
Inc.
has
the
investment
Lenz, Conover,
—
to continue
been formed
business
Fred
of
Inc., Gas & Electric
Building. Harry E. Lenz, Jr. is a
C.
jobin
principal of the
new
firm.
.
business
from
West Market
904
at
offices
Street.
dale,
to
Building under the firm name of
poration.
Marcus H. Wilder & Co.
President;
JAMAICA,
has
America
of
office at 90-79 Sutphin Boulevard, under the man¬
agement of Melvin F. Gross.
opened
LA
business
doing
now
an
JOLLA, Calif.—La Jolla Man¬
agement Co. is engaging in a se¬
curities business from offices at
Donald
—
as
a
La.—Towner
J.
Pringle is conducting a securities
business from offices in the Sklar
Saul
—
Lerner California Co., Inc. is con¬
ducting
at
Officers
South
608
are
Saul
Hill
Vice-Presidents;
own
business
investment
Saul
New York
LOS
of
Co.,
621
bers
of
and
Lerner
offices
Avenue.
various
how to
are
He
was
formerly
told
you
can
to analyze
use
j
■
with
In 1001 ways
to the
Max
—
of
attractiveness
on
your
various
securities and their vital balance sheet items
-
UNIONDALE, N. Y. — Suburban
Investors Corporation, 560 Jeru¬
named
and their
develop each of them to their maximum
Techniques
in
more
has
—
and you're
potential
*
J. A. Winston & Co.
Avenue,
defined
'
'
Walker
1565
at
selling
approach
categories of investors
These
this booklet
can
help
be
you
a
-
better salesman and run a
profitable selling operation. And it's yoUrs FREE if you subscribe
Thursday
NOW at the
news
edition of The Commercial and Financial
Chronicle
$20 rate.
B^iestein director of mutual fund
sales.
Herbert
All are offi¬
Co.,
Inc.
of
City.
Holton,
has
YORK
&
Co.
has
—
Sennett
been
formed
with offices at 1029 Vermont Ave.,
N.
W., to
engage
in
a
securities
Harry
Sennett and C. B. Sennett.
business.
Partners
are
I
ENTER
YOUR
Henderson
&
been
change^/ to
Co.
CITY
Co.,
Inc.
«
Dresner,
has
been
of
Connecticut
Investment
Company.
Enclosed is
SUBSCRIPTION
(52 issues)
0
Plus
from offices at 32
Longdale Avenue.
check for $20, please send me 12 months
FREE copy
saving of $6
over
WE WILL RUSH
the single copy price.
YOU YOUR FREE
Address,
|
City.
Chronicle
of "How to Sell Securities"—a big
Name.
AND
WHITE
rities business
a
my
of The Commercial and Financial
TODAY
COPY OF "HOW TO SELL SECURITIES."
PLAINS, N. Y.—William
H. Sudderth is conducting a secu-
PLACE, NEW YORK 7, N. Yi
Gentlemen:
A.
HARTFORD, Conn.—Armand P. Falcetti is engaging in a
securities business from offices at
33 Baldwin Street under the firm
name
& FINANCIAL CHRONICLE
COMMERCIAL
25 PARK
WEST
R. J. Henderson &
Gomberg
The
'
Securities
South Spring St., mem¬
the Pacific Coast Stock
Exchange,
NEW
*
sales
own—-the relative
Presi¬
ANGELES, Calif.—The firm
name
The final sale
Shreveport.
from
investment
client list
a
initial
accounts.
his
conducted
thereto
WASHINGTON, D. C.
Lerner,
Freiman, Treasurer.
of
*
He
was
formerly
local
for Howard, Weil, La¬
bouisse, Friedrichs anc( Company
Street.
dent; Richard Donsky, Herbert B.
Jacobson and Homer
E. Miller,
cers
The
manager
prior
is designed to
securities business from
a
offices
Obtaining
*
pany.
salem
Calif.
*
Building under the firm name of
T.
J. Pringle
Investment Com¬
and
—
proven
Financial Chronicle. You'll
columns in The Commercial and
President.
engaging in a securities business
ANGELES,
available exclusively from us
learn about
Elzey
S. Brazier is
Donald
H.
Brazier,
Secretary
and Treasurer;
and
Donald
H.
Brazier,
Jr.,
Vice-
UNION, N. J.—Ben Scheingold is
LOS
—
increase your business through modern,
promotional ideas. John Dutton drew it from the best of his popular
weekly
cor¬
Officers
Avenue.
Hugh
60-page booklet
you
and
H.
C. Watson, President;
Charles A.
Watson, Vice-Presi¬
dent; R. James Watson, Treasurer,
and George R. Palmer, Secretary.
Hugh C. Watson and Charles A.
Watson were formerly partners in
Hugh C. Watson Co.
Ivanhoe
7820
are
This
help
selling techniques. Its 25 chapters are full of practical and proven
Co., 550 Mercer Street,
SHREVEPORT,
'
Plan¬
Y.—Island
N.
Corp.
ning
Building.
Wash.
SEATTLE,
is
Bank
securities
a
Haskins,
Arnett, Secretary and Treasurer.
business from offices in the Metz
National
_
,
Officers are Gilbert R.
President, and Marvin
Brazier &
HOUSTON, Texas —Myron O.
Bickel is conducting a securities
business from offices in the Cen¬
in
engage
business.
HARLINGEN, Texas—Marcus H.
Wilder is conducting a securities
tral
..
„
SCOTTSDALE, Ariz.—Continental
with offices at 4611 North Scotts-
GREENSBORO, N. C.—George H.
Beall, Jr. is conducting a securities
.
.
^
By JOHN DUTTON
Investments.
James
&
Yager,
a
Liberty
Co. has opened a branch office
at
Side
Square.
a
at
RIVERSIDE, N. J.—Allen, Rogers
Chappelle
West
213
Inc.
Inc., is resident manager.
HUNTSVILLE, Ala. —Barry
Chandler, Jr. has been named
resident
manager
of the new
NEW YORK CITY—Leonard Le- Levee Street under the direction
of R.
D. Mc-
Robert W. Willard
is
Assistant Manager. Mr. McKinley
Bruyette.
BROWNSVILLH, Tex-Nongard
Showers
opened a
management of Carl
ORLEANS, La. —H. Hentz
Co. has opened a branch office
the New Orleans Cotton Ex¬
has
securities
a
of
name
Co., Inc„ Ainsley Build¬
Marx & Co., Inc.
was
West U. S. Highway 287 under
NEW YORK CITY—Lloyd Prob- the direction of John R. Shaw. -t
ber
Fla.—The firm
Givens &
Kinley.
Shaw
office
branch
firm.
Mail address is P.O. Box 64.
Glass.
Frank Chap-
—
of Syril E.
ment
W.
o « a, w,
and
a
the
of
LINDEN, Ala.—Frank Chappelle
& Co., Inc. has opened a branch
manage¬
branch office under the
GREELEY,
BROOMFIELD
^
NuSouth
Ga
COLUMBUS
under
Street
FLORALA, Ala.
business.
Avenue.
.
tative
South
210
at
office
in
.A
n
..
Com¬
office under the direction of W. A.
under the direction of John O.
^lm-
.
business from offices at 666 Fifth
GporPtarv and
and Treasurer
Secretary
ireasurer.
branch
CLIFTON, N. J.—Moran & Co.
has opened a branch office at 18
Main Street, under the direction
of Manuel A. George.
Vittek.
YORK CITY—Conservative
investing
way,
rities business.
First
—
office; at io
1
Avenue to engage in a secu-
Ohio
ment of C. David Fullen.
Al«a
UCCXI
XUXUX.U
Funds, Inc. has
been
formed
with
and
an
ing has been, changed to .Givens,
Albert
of
management
Bauer
gan
CIRCLEVILLE,
has opened
pany
Columbus Corporation has opened
Md —Baumeartner
to engage in a securities AJNJNAPUL.lb, Ma. Baumgariner,
T
Tark Fisher is PresiDowning & Co. has opened a
business. I. Jack Wisher is Presi
branch office at Carvel Hall under
NEW
Trip.
municipal bond dealers.
East»
,
,
CHICAGO, 111.—Combination
vfMst.mpnts.
dealers
Howard, Weil,
office at 518
charge of Rob¬
ert P. Kelso, registered rqi&esen-
East 46th Street, BATAVIA,. 111. - Pini - Dietz &
to engage in a securities business. Company hasJ opened a branch
nrincinaTof Arnold Klugerman is a principal office at 10 West Wilson Street
nffipps
Tosenh
bond
himinecc
tual
PIannin^^orporation^is^engagmg
nfC22fi^eSixtvSfifthS Street*
location
City,
York
mifnirinal
ANNApOLIo
the
N.
Manhattan
Chase
1
the parent company. Both firms
Jack Fisher
YORK CITY—I
JNJ1aW.yukis. uiiy
TVTTPW
BROOKLYN,
284
—
Friedrichs
Central Avenue in
Court
at
formerly
LAUREL, Miss.
Labouisse,
S. Morris &
Co., Inc.
Ter¬
Building, under the man¬
agement of Edwin C. Tessel.
a
Headquarters,
Dixie
the
in
minal
Co;, has been changed to William
formed with offices at 37 Wall St.,
NEW FIRMS
office
37
Zone.
State.
38
38
The Commercial and Financial Chronicle
(1234)
Thursday-September 20, 1962
•. \
.
64,164 units turned out in the the prior week,., according to re¬
corresponding 1961 week.
:
•/ ports from regional associations.
Ward's has estimated that out¬ A year ago the figure was 194,put for
entire
September
will 810,000 board feet.
/
:
reach 482,500 units, 36% above the '"
Compared with 1961 levels, out¬
354,712 cars made in the strikeput declined 6.1%, shipments 8:7%
hit month of a year ago.
This
and new orders 5.6%» /
higher September program will
more than- offset the earlier pro¬
Following are • the figures in
duction start on 1962 models last thousands of board feet for the
and
Current News
.
,
In the Field
37
Continued from page
the
management of James B. Gal-
,
braith.
weeks
With the - impairment
of
strikes, '62 model production had
reached-r only
496,200 ■ units - by
The Annual Meeting and Election of Officers of the Investment- •
oct/i. /.//; \
v7.;///•'■/
Traders Association of Philadelphia will be held at 5 p.m. at the,; \
year.
N. Y.—M. Griffith
Inc. has opened a branch office at
700 East Water Street, under the
direction of Margaret Griffith.
SYRACUSE,
Barclay Hotel on Wednesday, September
26, 1962.
Co. Inc. at
From
Level
This
was
Railroads
decrease
a
14.8%
-below
: ■
1962 ~
-
217,913'
Sept. 9,
1961 ■:
-194,810
Shipments
181,440
232, SaO
193,623
New orders
182,087
229,690
188,817
Output Up
6.1 %»Over
v./•/--Last Year "/ /'/;
*>!'
Sept. 8'totaled
cars,* the Association of /
American
Sept. 1,
v-
,
—s' 182,941
;
•
week; ended
495,286
of
1962
i
-
.
■
Sept. 8,
•
Production
Loading of revenue' freight in
the
The amount of electric
energy-,
distributed
byr the' electric • light
power industry for the week
ended Saturday, Sept. lo, was esti¬
announced.
and
qf 86,134 cars
;the
preceding
mated at 16,837,000,000 kwh., ;'ac-'
..week, due to the Labor Day Holi¬
day and a; complete .work estoppage cording to • the Edison' Electric
Institute. Output was- 838,090;000.
on the Chicago and North Western
-kwh. "above., tnat of the
previous
system. 7'!/;. 7 V"Z ■: //"
'
/■•The loadings represented' a de- week's total of 15,999,000,000 kwh;
kwh/;-or* 6.1%"crease-'of 18,934" carg or 3.7%; /be-* and:;v 968,1)00,000
A new branch
office has been opened by Splaine
&
Frederick, Inc. at Seventh &
Cedar. John J. Searle is resident
WEST BEND,
1961
-'
Electric
/
209 Franklin
Drive, under the management
James W. Gaylard, Jr.
.
"
Freight Car Loadings Down 3.7%
TROY, Ala.—A new branch office
has been opened by Frank Chap&
indicated:
PHILADELPHIA
INVESTMENT TRADERS ASSOCIATION OF
«
pelle
...
or
Wis.
/
manager.
WEST
J.—
N.
ENGLEWOOD,
Winslow, Cohu & Stetson Inc. has
opened
branch
a
Palisades Avenue.
office
at
.
corresponding <: week/ in- .abdvej thd.total. output of the'epm' / 1/
■/ *1
1961, but an increase of 15,221 cars parable 1961 week.
or 3.2%
above the corresponding •«
Business
Failures Turn Up From
week in 1960, when loadings were
-• Holiday "Low
affected;:, by7 a
strike-r/on /the .-/ >;
/low: the
.
1377
H. E. Beattie,
W. R. Radetzky
Jack Christian
Paul H. Halla-
Jr.
din is temporary manager.
,
Columbus
a
loaded'with
branch office at 245 South Mul¬
under the
ment of Frank Casey.
berry
Street
manage¬
Turben
Co.,
&
Ohio
I
or
more
or
highway/
—
Stock
Cleveland
and
town securities firm.
for
Robert N. Greene
Harry F. Green, Jr.
Operations of the Merrill, Tur¬
ben Youngstown office have been
of
"
President—Jack Christian, Singer, Beane
1st Vice-President—William R.
and Mackie Inc.
Radetzky, New York Hanseatic
Corporation.
offices, to be op¬
erated under the Merrill, Turben
name, will be
enlarged and re¬
E. Beattie, Jr., H. A.
Co. Inc.'
Treasurer—Robt. N.
1960.
Riecke &
/ •*
/ '• '•
V
Secretary—Harry F. Green, Jr., Hecker & Co. ;
modeled.
as
senior
con¬
;
in
.
lid
Inc., New York
City, heads a group of under¬
writers offering today (Sept. 20)
180,000 common shares of Miracle
Mart, Inc. at $10 per share.
It is the first public
stock
in the
fact
a
13
prices. Price fighting is
on
of life in many areas.
offering of
which
company
operates self-service discount de¬
The company is
selling 120,000 shares and will use
proceeds to repay bank loans, to
.replenish inventories and for prepartment stores.
Steel
Upturn
Trend
Put
Off
No
steel
in
movement
decisive
is
market
indicated
the
before
November, The Iron Age reported
yesterday.
There
are
some
local
and
could
•'/
happen.
steel
buying..; Put
movement
could
a
called
be
False
on
starts
there
broad
a
is.
base
trend.
and
,
spot
no
that
for
expenses
for
seven
new
tend
to
cloud
the
orders
were
61 class
a
U. S.
I
liabilities in
-
ex¬
Above Year Ago
v
/
'
of
259
this
size occurring
last year.
in
the similar week
Tolls turned up in all industry
trade groups, with retailing
and
casualties
mounting to 119 from
98, manufacturing to 48 from 38,
wholesaling to 34 frorau 20, and
,7:/
.,y
week ago but they did not reach
the
systems
construction
'
to
from
45
The
37.
this
is
the
However,
this
could
confirmed
at
realists
the
are
further .cutbacks
ventories
possibly
decline
was
that * found-
in
of the
than
mon
400
of
general
throughout the country. ;
be
company; level,
reconciled
to
.in auto, steel in¬
ties
••;/.
,year ago at 22 localities,
the remaining; 12 points, re¬
level.
60
to
mixed
geographically:—five
ing than in the same week of 1961
and
four
suffered
areas
mortality:
-
:/
.
-
heayier
.
•
Wholesale Commodity Price Index
*/'
Eases Slightly
decreases from the 1961
Four trucking centers
"
After
reaching
seven-month
a
high on Tuesday last week, the
general wholesale commodity
price level edged - down slightly
last
Mondayf reported
Dun- &
.
Bradstreet, Inc.
While "still a-lit¬
for; the
tle above the August level
corresponding date, it was appre¬
ciably lower than a year ago. /The
week was full of contrary trends,
with
about
and
ups
,
an
equal number of
downs registered in the
commodity market.
wholesale
Substantial declines in steel scrap,
„
wheat
and
rye
prices
marked increases in
David J. Greene
silver, hides
.
"
North .Central
East
regions had fewer businesses fail¬
a
-
States climbed
38,
45/Year-to-year trends also
were
flecting
'//•
the
increasedtonnage
showed
with
But
in
from
-
ago
.
in the South At¬
lantic to 33 from 24, in the West
South Central to 21 from 11, and
The terminal survey two weeks
from
from
65
freight
•/.
•;
■-
in the Pacific
to
truck terminals of com¬
carriers
••
•
tic States with 65 as against: 64.
All of the week's upturn was con¬
centrated in four regions; casual¬
holiday.
/
findings are based on the
weekly survey of 34 metropolitan
areas conducted by the ATA De¬
partment of Research and Trans¬
port Economics. The report re¬
flects
tonnage handled at more
through November and
longer.
-
:
•
•
Geographically, there was little
weekr-to-week change in five re¬
gions, including the Middle Atlan¬
These
•
-
and
tion.-
Labor Day
"
not
with
earlier years for the week
a
November.
in
week-to-week
consistent
strictly local
development, it could mean the
company's inventory policies have
changed,
and
that
so - called
normal buying rates would be re¬
sumed
v
ended
.
to-.
came
of $100,000 held steady, num¬
bering >-37 as ^against 34 in/ the
-
Laikind Joins
remained-
cess
an
this
does underscore
the
picture. But as
Houston, Minneapolis - St.
Paul,
stores. The other 60,000 shares are
that
any
change in ; auto¬
it stands this week, October has fact
Los Angeles, and Dallas-Ft. Worth
being sold by two stockholders, little chance of showing a one makers' steel ' inventory policies
—registered gains from the cor¬
Irving Benstein, chairman, and million ton gain in production could change the market over¬
responding week of 1961 of 10%
George Desses, president.
over
September. This has been night. If the automakers have de¬ or more.
considered the rate of improve¬ cided,
for
example, that it is
Miracle Mart operates 19 stores
Compared with the immediately
ment needed to assure a signifi¬ practical or desirable to halt in¬
in
six
states
and
contemplates cant
preceding
week,
only .' Omaha
upward trend in the fourth ventory liquidation at any given
opening seven additional stores
time, the market will immediately terminals registered in c re as e d
quarter.
prior to April 1963. Its head office
tonnage while the remaining 33
But
;' ;
consumption of
steel
is snap out of its lethargy.
is at 370 W. 35th St., New Yoik.
metropolitan areas reported de¬
holding up, and shipments will
creases.
Notably large decreases
Jump in Car Output Well
have to advance substantially as
were
experienced by truck ter¬
inventories are worked off. Just
Under Way
minal? in Oklahoma City, New
when this will occur is the prob¬
Planning to supply
new
car
Orleans, and Portland, Oregon —
lem. The expected September up¬
dealers with upwards of 500,000
all 20% or more. Here again, past
turn did not occur and it will now
new
1963 model cars by the end
indicates that. some
take a late flurry
of orders to of this month, U. S. auto makers experience
show
a
respectable pickup
in last week scheduled an 81.7% rise points are more directly affected
by slack volume during holiday
October.
in output from the previous week
David J. Greene & Co., 72 Wall
weeks than are others.
~; *
As the order rate stands now, according to Ward's Automotive
Street, New York City, members
of the New York Stock Exchange, October may not be much better Reports.
Lumber Output Declines 6.1%
:
■
than September. In short, unless
announce the appointment of Jef¬
Below 1961-Level
The statistical agency said that
fourth 118,083 cars were programmed to
frey Laikind to their research de¬ the. v unexpected • occurs,
,' Lumber p r o d u c t i o n
in the
roll off assembly lines
partment. Mr. Laikind yvas for¬ quarter gains vwill be moderate.
by Sep¬ United States in the week -ended
Is there any change the unex¬ tember 15. This compares' with Sept." 8, totaled
merly assistant treasurer of the
182,941,000 board
Marine Midland Trust Co.
pected will occur? If it does, it 64,995 cars made two weeks ago >feet compared with.217,913,000 in
opening
:
when the' toll
year
Failures with
volume for the previous week of
this year.-The ATA stated that
One large
re¬
developments,
and
off^setting upturns and downturns in
gional
still
•
the' similar- week:
truck,.tonnage in the steepest * upswing,, took; place; in
Sept. 8 was 2.5%. commercial services where •. fail¬
ahead of the corresponding week ures more than doubled, rising to
probably will originate in changes of -1961, the American" Trucking 24 -from. 1L Mortality equalled or
in buying, plans of automakers.
Associations announced. Truck exceeded 1961 levels in all lines
And there is one indication this,;
tonnage
was13.6%
below-: the except retail trade and construc¬
Unless
To November
in
Intercity
.
McDonnell & Co.
cars
I960..,;'. ;
week
automotive plant was
told by its central office that the
(3) Any boosts will be on the plant's November steel buy would
small side—2, 3, or 4%. Many feel be
roughly
90% "higher
than
that the day of the large, across- October. This bulge comes on top
of
an
the-board hike is gone.
inventory
!
already some
10,000 tons above normal.
Common Sold
the
Continued from page,
(2) Many firms are shying away
from price increases because
of
the fear of government retaliation.
Miracle Mart
There
; ;
The State of TRADE and INDUSTRY
a
than
292,/ although, they equalled ;the
pre-war level of 269 in 1939.;
Week's Truck Tonnage Was 2.5%.
still
sultant.
last
originating this
type traffic in this year's week
compared with 58 one year ago
and 55 in the corresponding week
Greene, Stroud & Co., Inc.
David
Casualties
Incr,
-lower
Of
1962
of
weeks
35
464,830
railroad
Merrill,
serve
increase
corresponding period
*
_
2nd Vice-President—Herbert
the consolidated
to
over-all
in¬
preceding week and 33 last year.
crease
of
79,695 cars or 20.-7%; -A
substantial upturn lifted smaller
above the corresponding period of.
'casualties, those involving losses
1961/ and 94,544 cars or 25.5% under
$100,000, to 233 from ; 170
above the
in
New officers will be:
,v\
ling & Co: ih the former Beadling1^
&
Co.
offices,
Union
National
Bank Building. It is planned that
continue
Sept. 13 fmm 204 in- the prior
week, reported Dun & Bradstreet;
(which were
week's
was / an
first
the
totaled
Bead-.?:
Tod,
Manager
of the
Turben office, will re¬
main in that position. Mrs. Doro¬
thy
B.
Gourley,
President
of
Beadling & Co., will be Assistant
Manager, and Colonel Lloyd Booth,
who began Merrill, Turben oper¬
ations in Youngstown in 1947, will
that
1,785 cars or .14.4% above1 the
corresponding week of 1961 and
3,046 cars or 27.5%' above the 1960
week.;
;/v:
Cumulative piggyback loadings
Ex¬
changes, has acquired Beadling &
Company, 18 - year - old Youngs-
consolidated with those
in
total) / This
Cleve¬
land, Ohio, members of the New
York
Sept. 1, 1962
included
Merrill,
/ and Industrial '. failures
climbed to 270 in the week ended
con-,
(piggyback) in the week
tainers1
n c.,
merfcial
revenue
one
highway trailers
ended
YOUNGSTOWN,
"
Pennsylvania Railroad, V/•■< *
* "/Rising considerably 1 from -the
There were 14,141. cars reported holiday "low a week earlier, com- "
Ohio—First
Corporation has opened
WILMINGTON,
and
offset
the
quotations for
butter. :
\
;
The
.
ity
Daily Wholesale Commod¬
Price Index eased to 272.80
(1930-32=100)
on
Monday, Sept.
17 from 273.58 a week earlier but
held
the
a
little
above
preceding
the
month.
272.54
in
Compared
with
the
similar
date of
1961,
.when it stood at 274.97, however,
*
Volume 196
>
Wholesale
i
remained
index
current
the
preciably lower. *
Number 6196
.
.
The Commercial and Financial Chronicle
.
—U.
ap¬
Food
The wholesale food
price index,
,
The:
v
v,
the
sents
Bradstreet,
pound
and
meats
not
a
;
,
total of
r.
Inc..
the, price
-
raw -foodstuffs
31
of
in general use.. It is
cost'-of-livingrIndex;. Its
chief function is to show-the gen-
6f
trend
eral
food
"
prices
at - the
';
IfUi -■
•*.
•
edition
of
Truck
Fourth
Tonnage,
Quarter, 1961—Department of Re¬
search and Transport Economics,
American Trucking Associations,
" Inc., Washington 6, D\ C. (paper),
and ^Figures:(
Aerospace■,-?Facts
price index repre-*
sum1
per
-.:;
,
Chm * &
«wholesale food:
:
•
1961 and. J962_10th
,
.
Intercity
.
,
-
.
r
.
;
f?©m $6 in .the preceding week.) =
Also, it was off slightly from the
£9Tr?~
4
•
18
,
of
Documents,
Printing Office,
Washington 25, D. C. (paper), 45<f.
JU.
by Dun & Bradstreet,
Inc., slipped 0.8% to $5.95 on Sept.
lu60.,
Statistics—
Labor.
U. S. Government
compiled
$5.99reg^ered
. .on
spo.mtag days -of both
39
Labor,
of
Department
of
Superintendent
Index
Price
Dips Fractionally
.
S.
Bureau
Businessman's
-
(1235)
International
statistical, struction
Bank
Reeon-
for
<
Continued from page 3
tion
industry prospered .greatly during
in both arrangement and number-,
the 192(Fs.
ing.
•/
The Tariff Act of 1930
4)
is much
systematic
more
•.
Comparative Tariffs
(Smoot-
Developmental 7th
and
HaWley Act) constituted a. com¬
: It
is difficult to compare our;
andf textual chronicle of the in-< Annual Report, 1961-1962—Inter-, plete tariff -revision. While many tariffs
om chemicals with those: of;
<hisiries efforts in research,*!de- national Bank for Reconstruction rates were changed the1 over-all'
foreign countries. In the case ofvelopment, i text and production-— and; Development,
Washington/ average' did not change materially.
dyes our 40% of American selling
Aerospace Industries. Association d. c.
.; .
v-^v: It is this law under which we have price (if they are
competitive) ap¬
0f - America,Inc.,> 1001 Vermont
been
operating until very reInternational Development Asso¬
pears high vs.:
v
Avenue, N.:'*W.; Washington 8,
ciation—Annual Report, J961-62—
j) ,£•; (paper), v$3! / " V ■■■."* "V'12 -14% in
Germany /
International^ Development Asso¬ ;.
«;:. 'X'. .V;
:
Trade Agreements Act : :
: L...., J/'.*
V *"
15-18% in Italy.
*
Awards of Prime-_MUitary Con- ciation, Washington, D. C. (paper).
In the. belief that lower tariffs
*;
/-25% in France
I,
tracts Br county. State and Met- International Finance Corporation' Would help alleviate the depressed :
-
,
level.-
Wholesale
>
.
•*•-
a-.
Weather Boosts Consumer Buyingr
V
•
.
»
.
.
•
_
'
,
" 1
•
,
of
Area
■
"Stimulated by cool, clear weath-
States .Fiscal Year I960—Walter
0 : Box- 8776,
p*
Philadelphia
Law
of
Bank
Checks—Henry J.
Bailey—Revised and Modernized
Edition—The Banking Law Jour¬
nal, 89 Beach Street, Boston 11,
1,
up
.
.
..
r
trade
week
from
.
;
,
dollar volume
total
The
tail
VJ,
of
City Government Finance in 1961
re-
iii. the week ended
a
4—
Compendium
—
Superintendent
of Documents, U. S. Government
Wednesday,
ranged Printing Office,* Washington
7 to 11% higher than a year D. C. (paper), 550.
;•
-
25,
ago,
Regional estimates
varied Comprehensive Approach to Mofrom comparable
1961 levels bybile Dome Park Financing — Mothe following percentages: .New bile Homes Manufacturers AssoEngXand and East South, Central. Nation; 20 North Wacker Drive,
0
to
+4; Moitfitam
Chicago 6, 111.,' $1.50.
Pacific
+3 to +7h' West North Consumers Cocktail—The
ExplodCentral +
;t
ago.
*
"
.
.
^
tic
.
-it,Mewth*
-f.12 to.4-16.;..
»
v.
,
.-.4
.
>
'
13% Above 1961 Week
Department store sales on a
country-wide basis as taken from
the Federal Reserve Board's in-
«n«' Mlchr
Decay
-
of Money
..
.
•
A
—
Currencies,
■
!
'
.
,
Survey of
reported
1912-1962—
Monetary Research InclOlO
Vermont Avenue, N. W Washlrl^
5, D. C. (paper), $1.
a
the. week
ended*
sales,
5%
.
jose
the ^corre-
from
Control
Drug
'Bills; and
in
week
New
ended
•
York
City for the
Sept.- 8>
>9%
in 1961.
were :
above the same period
Washington
•
Federal Home Loan Bank System:
61/2%„. Combined
The company, headquartered in
the Washington
Trust Building,
license to conduct in
obtained
a
Washington
Financial
Statements,
^^'"*1—AsaetT"and £17^01^—
Federal Home
—
-
•
-
—
Loan Bank
—
Washington 25, D. C.
a
B.
Thurston—Study - of methods
bringing prosperity to young and
growing businesses," and covering
areas
that
directly affect profit
potential
and
growth
opportu¬
nities such
as
financial marketing,
Book, 1962: Northern Area—Busi¬
ness
and
ment of
Manufacturing—Depart¬
Commerce, 112 State St.,
from
This
Agreements
for¬
the
was
Act
of
the
other.
hand,
organic
fluorine compounds have
tariff
a
of 10V2% in this
country, 12.7% in
Germany; 18% in Italy; 20% in
France and 33%% in England.
In
1934.
addition,
many
foreign
coun¬
This Act has been extended eleven
tries have import restrictions such
times and additional tariff reduc¬
as
ing authority amounting to cuts to
approximately 80% of 1934 rates
operate
has
taxes, quotas, import license
requirements, etc., some of which
as
embargo.
an
been granted.
Trade Expansion Act of
During this period the
cuts
on
average
all chemicals has averaged
about 50%."
According
to
Constitution
our
foreign trade matters are the re¬
sponsibility of Congress. Note that
since 1934 much of that authority
has been delegated to the Execu¬
tive
Branch.
carried
out
Agreement
Tariffs and Trade
In this
organization,
on
GATT.
or
Negotiations
are
through the General
•
which
came into being in 1947, we
negotiating with some 40 other
are
tariff reductions of
started
were
further 20%
July 1 of this
A number of specific chemi¬
year.
cals
a
on
In
previous
acts extending
1962
cies
of
Roosevelt, Truman
Eisenhower, certain policies
vailed.
*
trade agreements
over the presiden¬
These
and
pre¬
were:
(1) Selective use of trade
ment authority;
(2) Item-by-item
agree¬
negotiation;
(3) Avoidance of injury to domes¬
tic industry.
25,
Alyce
Moran
Affairs
M.
Peery and
Goldsmith—Public
Pamphlets, 22 East 38th
New
York
16,
N.
Y.
Street,"
(paper), 25c.
International
Proposed
finished products'which
Coffee
Agreement—American Enterprise
made from them.
that the
a
are
It-is easy to see
killing of
one
branch of
chemical tree not only kills the
twigs
numerous
States
Market
trade.
Board,
.
(paper).
—A
Symposium Volume—Tax In¬
stitute
Incorporated,
Princeton,
N. J. (cloth), $6.
Saving,
Credit
and Insurance
Brazil:
Their
Contribution
Economic
Development—R
Gersdorff—Barbados
von
ernment
Printing
Tax
branch
that
on
kill the basic
which supplies it.
;
trunk
may
It
is
tariff a
that
apparent
well—The
Texas (paper).
Puerto
Rico
—
Pprt to Investors
Development
Rico,
San
(paper).
Bank
Juan,
Bank
Quarterly Re—
Government
for
Puerto
Puerto
h
Gov¬
-
Office, Barba¬
(paper),
$5.
Rico
&
intergovernmental
Relations—James
A.
Max¬
do
not, bar
chemical
bill
certain
—Review
of
Operations, Jan. 130, 1962—Superintendent of
June
Documents,
U.
Printing Office,
S.
Government
Washington
25,
D. C.-
Highway Statistical and Financial
Upon completion of the sale, it
will have outstanding long-term
debt of $2,616,165, as well as 276,009non-voting and 200,000 classB»
voting common shares. '
Data—American Petroleum In- Valuation of Securities Holdings
stitute, 1271 Avenue of the Amer- of Life Insurance Companies —
icas, New York 20, N., Y. (paper). Harold G. Fraine
Richard
D.
Value
of
Prime
Contracts
landed
which sell not only below
selling prices but fre¬
quently below domestic costs.
domestic
It is true
our
cals exceed
our
eral, exports
labor
low
exports of chemi¬
imports. In gen¬
are
high production,
contentT chemicals'
.
sophisticated products of
high labor content of which dyes
are an example.
more
advice, to companies
Ware
Laundries
and
Survey! Po
wer
Cleaning Services
I
r w
i n,
Inc.,
(cloth), $5.75.
.
Homewood,
111.
injury
ta
Instead
of
injured.
so
*
This bill has passed the House
and is now before the Senate.
.
A study made for the Synthetic
Organic, Chemical Manufacturers
Arthur
by
shows that:
In 1954
Tariff
Congress authorized the
Commission
to
make
items.
This
not
to
change
rates but merely to classify prod¬
ucts
moresystematically.
The
chemical industry spent a great
was
of time and effort
deal
From
1963.
they
our
made
our
cost
products
abroad
compete
are
Raw
at
materials
where
lower
not
available to them and
prices.
otherwise
specialties
developed by them would
represent
essentially
markets abroad.
Since their research
only
our
can
ried out at about half of
be
car¬
our
costs,
it will be difficult if not impossi¬
ble
for
us
to
develop unusual
products for export in any volumes
If
this
bill
passes
and
if
the
President elects to put our prod¬
ucts on the trading list, it is obvi¬
ous
that
and
exports will decrease
our
imports increase thus
jeopardizing an industry essential
and signed by the President
The chemical section
organic
of
it
On the other hand
the
.*
Public Law S7556.
make
tariffs
cannot
to
our
the defense and well being of
country.
*An
address
meeting
It will go into official use Jan.
export.
the domestic market.
was
as
this
without
fication proposal was issued.
gress
to supply their
is apparent that
imports into this
country would increase alarm¬
ingly. A. D, Little estimates im¬
ports would take over 10-20% of
>
in assist¬
This
adopted by action of the Con¬
Little
Japan hAve the
80-85%
a
study for reclassification of tariff
D.
-
due primarily to lower wage rates.
not yet
Tariff Reclassification
—
Industry
be
offering relief through tariff ad¬
justment, it calls for increased
unemployment
compensation
to»
workers unemployed because ; of
imports and loans and "technical
or
materials. Imports are largely
raw
ing Concentration and Control in Awarded By Federal Agencies in ing the Tariff Commission. Many
the United States — W. Ralph Areas of Substantial Unemploy¬ items now common in commerce
Lamb—Rutgers University Press, ment—October-December, 1961— were not even known when the
30 College Avenue, New Bruns- U. S. Department of Commerce, 1930 Act was written. In Novem¬
wick, N.„ J. (cloth), $7.50.
Washington 25, D. C.
(paper), ber, 1960, a ten volume reclassi¬
250.
world
would
assumes
industries.
im-;
paid,
Brookings Institution,
1775 Massachusetts Avenue, N. W.,
Washington 6, D. C. (cloth), $3.75.
United States Information Agency
Com*
of
chemicals
Association
present
instances of chemical prod¬
in this country, duty
many
ucts
the
Credits
Fiscal
Development
p
the
80%
.
but
to
1
'
Fumaric Acid and Its Practical
Government
Indies
West
(U. S.).
dos,
a
in
and
have
Most
The
Astute foreign producers, whose
the
Future—Thomas
the United
mon
included in the latter category.
involved.
were
sought by their govern¬
lotte, N. C.—U. S. Department of
Labor, Bureau of Labor Statistics ments, have obtained concessions
on
key
intermediate
products
—Superintendent of Documents,
which
affect
the
crudes
from
U. S. Government Printing Office,
which they are made as well as
Washington
D. C. (paper), 250.
facilities.
concessions
advice is
Group Banking: A form of Bank-
.
for
countries."
Trade
Occupational Wage Survey: Char¬
County, Pa., harness horse racing
parimutuel betting. It has
obtained the land, and will use
the proceeds from this offering to
construct a five-eighths mile track,
clubhouse, grandstand and related
with
eign
On
33% in England:
*
—
Applications—Petro-Tex Chem^al Corporation, Houston 17,
for
shares.
has
Stevenson
Hastings—Univer¬
sity of Minnesota, Minneapolis,
Minn, (paper). •
due. 1977 and .276,000inonvoting common shares of Washington Trotting Association, Inc.,
is being made by Moore, Leonard
& Lynch, Pittsburgh, and Stroud
.&
Co.. Inc.,
Philadelphia. Each
unit, priced at $175, consists of one
$100 debenture and 12 common
Pa.,
W.
and Delbert C.
tures
Washington,
S.
Manufacturing Firms in
Minnesota—Haro|n
subardinated sinking fund debenr,
early- 80^ Con¬
instead of revising the tariff
1930, authorized the Presi¬
dent to change duties by 50% in
gress
return
/ -v ;"
(1) Europe and
Arms, Control iSd Disarmament institute, 1012 Fourteenth Street, ports.
Since foreign
producers
Agency—Superintendent of Doc¬ N.
capacity not only
W.,
Washington
5,
D.
C. started recovering from the war,
own
needs but to
uments, U. S. Government Prints
(paper), $1.
imports of chemicals into the U. S.
ing Office, Washington 25, D. C.
have
risen steadily.
(2)
They can
There are
Reappraisal
of
Business
Taxation
(paper), 35^.
:
chemicals at
for Small
Public offering of $2,300,000
Disarmament—U.
of
quences
Equity and Long-Term Financing
Trotting Assn.
of
Other Pathology Tests Look Into Your
spending 1961. week. In the four proposals to Amend the Food,
week period ended Sept. 8, 1962, Drug and Cosmetic Act—American
sales advanced- 4 % over the corf Enterprise Institute,
1012 Fourresponding period in 1961.teenth Street, N/W., Washington
According to the Federal Re- 5, D. C. (paper), $1.
.
^ >
<
serve
System department store Economic and -Social
Consesales
President
the
Company—David
Elgin Groseclose— Institute for Albany
7, N. Y. (paper).
13% advance for Deviation of Rea—Edwin Vennard
Sept. 8, 1962, —Edison Electric Institute, 750
compared with the like period iii Third Avenue, New York 17, N. Y.
1961.. For the, week ended Sept.. 1, (paper).
*"
^
\
"
dex
for
Growing
the
of
The Trade Expansion Act of
facilities, organization, operation, countries.
Since
Congress
has J$@2,1#$Q >v would change
the President's job and other ex¬ never
approved our membership, (this. It would give tfte President
ecutive
matters
Prentice-Hall, we are not officially members but .authority ,to negotiate.^tariff cuts
iri& Discount House—Edward M. Inc.,
Englewood
Cliffs,
N.
J. all agreements have been carried ,of 50% -on- all ,products -and to
Barttet—"Business Topics," Michtariffs
(cloth), $20.
out regardless of this.
completely or*
The last eliminate
University, East Lancategories of products on which
New
York
State Business Fact negotiations were held in 1961 and
Western
Nationwide Department Store
Sales Rose
Manual
business
Act of
tion, Washington, D. C. (paper).
of
.
*
—Sixth Annual Report, 1961-1962
'•—International Finance Corpora¬
the nation, pa/. (paper), $2.-(quantity prices
their pur- on reqUest).
chases in the week ending Sept.
...
•
14' With this heightened pace -of Bridging the Channel:
The Busi- Mass., $22.50.
ail buying, total retail; trade: nessman and Europe — Midland
Management Investment Compa¬
surged well ahead of comparable. Bank, Ltd., Poultry, London E. C.,
nies:
Open-end and closed-end
year-ago
levels. Along with ' a 2; England (paper). - investment
companies
look
at
final burst of activity in back-to—Business Credit Demands—Probtheir position and purpose in the
schcol -clothing,--solid:, increases iems; of
Interpretation—In
the
American economy—A monograph
were
made in women's apparel, July-August " issue
of
"Monthly
mew's
furnishings,
and / home Review"—Federal Reserve Bank prepared for the Commission on
goods. Hardware, building ma-f 0f Kansas City, Kansas City; Mo. Money and Credit—Prentice-Hall,
Inc.,
Englewood
Cliffs,
N.
J.
terials
and - autoscontinued
to (paper).
/ .7
;
"
*
(cloth).
move well.
.
er
through most
shoppers'stepped
.
United
the
Isard and James Ganschow—Re" gional Science Research Institute,
Fall»
For
.
ropohtan
by Mr. Black before
the
American
s
1,
(Sec¬ Sept. 10,
.
of
ths
Chemical
Division of Chemical Marketing
r-nomiCSi
Atlantic
City,
N.
Society
.
40
The Commercial and Financial Chronicle
(1236)
,
,.
Thursday, September 20, 1962
Oct.
WASHINGTON AND YOU
^
9-10,
f¥&»
(Minneapolis,
1962
Minn.)
Minnesota
*
Investment
Group
Bankers Association Meeting.
behind-the-scenes interpretations
Oct.
11-12,
1962
Association
from the nation's capital
Firms Board
Angeles)
(Los
Stock
of'
Exchange
Governors meet¬
of
ing at the Ambassador Hotel.
Oct. 13, 1962
this
in
persons
graph business has been brisk re¬
cently. On one day alone (Sept.
14) a member of the Senate and
a ..member
of
the
House
each
vowed he had received approxi¬
have started their own
mately 4,000 telegrams.
is
conferee
a
im-;
Prob¬
on
an
portant tax revision bill.
ably all the other House and Sen¬
ate conferees received as many or
tion.
The
several
passed
bill
a
lawyers,
etc.,
to
House
would allow
persons
like doc¬
that
self-employed
tors,
the
years
is
retirement
to
income tax incentives.
other
The
first
the Senate
around to
day
time
got
for
ap¬
proving HR. 10 in principle and,
in doing so, tacked' on a series of
far-reaching amendments that has
stirred up a hornet's nest.
There
approximately 60,000 profit sharing pension plans
operating in various forms. The
plans were set up with the ap¬
proval
Congress.
are
of the Department of
proposal
a
Senator
by
only place
Albert
the
much higher tax
a
almost
alone
has
other
people
a
pension plans, but
limit the amount the com¬
panies could contribute.
As
a re¬
sult, not only are the many com¬
panies protesting vigorously, but
many
rank and file employees
are bitterly protesting.
The Senate and House conferees
will
start
Byrd
of
huddles
their
With
away.
Senator
of Virginia
Senate
F.
leading the list
conferees,
sentative
right
Harry
Wilbur
and
Repre¬
Mills
D.
of
Arkansas, heading the House
con¬
ferees, it appears
con¬
clusion
the
foregone
a
Gore
amendment
is
going to be knocked in the head.
thoroughly
Representative Mills, like Sen¬
Byrd, is a conservative. It
would be
marked surprise if the
a
majority
of
confrees
let
'the
amendment stand.
colleagues
White
and
from
that it is
to
not
than
more
yearly
income
fund.
Taxes
to
the
fund
would
be
to 10%, but
$2,500
in
their
of
retirement
a
the
on
incentive
deferred until the
taxpayer retires and starts to get
his annuity.
Of course, when he
retired
his
it
is
to
income
be
will
expected
be
each of his
great
as
earning
as
power
that
now
when
his
is greater.
and
years
uals
and
worked
Appropriations.
man
the
instance,
an
are
incentive
by
ver¬
years
became
plan.
under
Social
operative
Jan.
se¬
1,
1936.
If the
Chair¬
that he
do
to
cutting of the
some
appropriations
for
following
"The
wealth
America,"
said
he, "is streaming out at the
rate
of
of
billion annually
$10
continue to do so, until
themselves
men
must
their
warn
forcibly
bring
program
this
under
EVENTS
wild
that
self-employed retirement
proposal becomes law, it will have
the
of
eve
battle
new
floor
the
on
or
of
this
He
said
unexpended
billion.
No
the
on
that
funds
on
June
totaled
30
$6.7
Sept. 19-21, 1962
Calif.)
Investment
(Santa Barbara,
Bankers
Association
Board of Governors Fall
Sept. 20-21,
1962
Meeting.
(Cincinnati,
Ohio)
"The
no
as
torial
onetime
tenant farm
longer have
such
an
ing to
It
a
wealth of
has
but
our
spending
orgy
coverage
giving
?.
to the pro¬
Nov.
29,
(Chicago, 111.) V
Analysts Society xof
luncheon
meeting.
Herbert R. Silverman,
1962
President, James Talcott & Co£\
April 3-4-5, 1963
Texas
(Dallas, Tex.)
Group Investment Bankers
Association
Convention
Savings Banks 43rd annual
ference at the Hotel Statler.
Losantville
Country Club.
Sept. 23-26, 1962 (Atlantic City,>
N. J.)
country's foreign assist¬
"including the interest on American Bankers Association an¬
the borrowed money for the aid," nual
convention.
has cost the United States Gov¬
Sept.
26, 1962 (Philadelphia, Pa.)
ernment $126 billion,-
the
at
Statler Hilton Hotel.
27-May
Mass.)
National
1,
1963
Association
(Boston,
Mutual
of
con¬
May 12-15, 1963 (Chicago, 111.)
Financial Analysts Federation an-;
nual
convention at the Palmer
House.
,
Investment Traders Association of
[This column is intended
reflect Philadelphia annual meeting and
to
the "behind the scene" interpretation
election at the Barclay Hotel.
from the nation's Capital and may or Sept. 28, 1962 (Philadelphia, Pa.)
may not coincide with the "Chronicle's" Bond Club
of Philadelphia 37th
own views.]
annual outing and field day at
* 1i
. ..
. . •
the Huntingdon Valley Country
Club, Huntingdon Valley, Pa.
Attention Brokers and Dealers
TRADING MARKETS
American Cement
■
Botany Industries
w
Chicago Analysts
•
■.;
r-?
Oct. 3, 1962
New
Luncheon Meeting
Oct.
boy
4-5, 1962
Group
(Cleveland, Ohio)
CHICAGO, 111. —The Investment
Northern Ohio Group Investment
Analysts Society of Chicago will
Bankers Association Meeting.
hold a luncheon meeting Sept. 20
Oct. 8, 1962 (Detroit, Mich.)
in .the
Century Room
of
the
La Salle Hotel.
Group
Investment
Guest speakers Michigan
will be Maurice Saltzman, Presi¬ Bankers Association Meeting.
President,
Finance,
of
Brooks, Incorporated.
Official Films
(New York City)
York
Investment
Bankers Association Meeting.
•
Maxson Electronics
Bobbie Firms Fall Meeting at the Mark
Hopkins Hotel.
Waste
•*
,
f
King
^
+
Our New
York
CAnal
~
telephone number is
6-4592
LERNER & CO., Inc.
Investment Securities
10 Post Office Square, Boston 9, Mass.
Telephone
HUbbard
Teletype
617
2t1990
451-3438
sev¬
'We
we
Cove Vitamin& Pharmaceutical
have noth¬
dollars
and
the
Common
and
Warrants
country.
that
uncontrolled
Supplement
complete
pub¬
the
Versapak Film & Packaging
'Unfortunately
it
is
my
responsibiilty to Chairman the Sub¬
committee
will
special pic¬
a
foreign policy
degenerated to
extent that
offer
20
April
dent, Burton L. Kamberb, Vice- Oct. 8-9, 1962 (San Francisco)
of
Stock
President, and Jack Landis, Vice- Association
Exchange
Louisiana, who has become
such.
(Hollywood, Fla.)
Municipal Bond Dealers Group of
Cincinnati, annual fall party, with
a field day to be held Sept.
21, at
*
Foreign Policy
from
Dec.
on
Chicago
Speaker:
ance
insisted that there is
already sufficient unexpended
funds from past appropriations to
keep the foreign assistance pro¬
gram
going for the next two
years.
University Club.
Investment
handles the most
and
uncontrollable
ever
conceived by
Common
Thus far the Southern
congress^
said a total of 101 countries
FOREIGN
SECURITIES
TEL: HANOVER 2-0050
man
degree on the have received or are scheduled to
Treasury Department. There are get
some
assistance
from
the
many thousands of self-employed United States
since inauguration
and Warrants
-
Carl Marks & Co. Inc.
small
INVESTMENT FIELD
IN
give¬
control,
mem¬
meeting
ceedings at the Convention.
Congress¬
i
Representative Passman
House
organizational
CHRONICLE
lish
20 BROAD STREET
a
the
The
and will
the people
and effectively
■
the mind of man.'"
its effect to
and
Exchange
Meeting of
r
foreign aid.
have
companies,
covered
social security act.
curity
For
associations
employed
is
as
able
is
It
of this subcommittee
national figure at least for
eral weeks each
year, said:
self-employed individ¬
for
Persons
for
conjecture.
their
wrote
a
Just what will be the final
of
He
considerably
sion of the self-employed pension
plan provision by Congress, is a
matter
colleagues.
Chairman of the House Forr
as
eign Operations Subcommittee oh
less, and thus his taxes would' not
be
Plan
segments
in Congress wrote a letter to
Stock
Annual
Investment Bankers
Association
Annual Convention at Hollywood
Beach Hotel.
else they will be replaced.
who is one of the best dressed
bers
^
amendment
aside up
set
Marshall
the
they
Several days ago the Louisiani-
giving
to the pro¬
of the Board of Governors. Dinner
World War II.
"There are too many members
seriously and calmly," he
declared, "that this foreign aid of Congress looking to the Ad¬
ministration
for
courtesies
and
giveaway program is fast wreck¬
ing the economy of our country, prestige, who are overwhelmed
reducing the purchasing power of by this new experience and are
the
dollar, destroying our for¬ greatly inclined to think of the
eign markets, pricing ourselves next election rather than the wel¬
out of the world trade arena, and fare of the next generation."
building up a public debt that
A World War II Navy Lieuten¬
will have to be repudiated and
ant
Commander,
Mr,
Passman
paid by generations unborn."
said that since 1945 all
recommended
House-passed
bill
for
self-em¬
ployed
persons
would
permit
them
/
;
pub¬
(New York City)
of
Nov. 25-30,1962
"I say
the
Senate
inflated
so
Firms
at
of
"Wrecking the Economy"
men
the
blink and I had to THINK!"
.
away
an,
on
4*
disgrace."
a
The calculator went
tough day!
a
the
itself.
House
he maintains that "it is
Provisions of the Bill
The
What
Rperesentative Passman,
politically speaking. He is per¬
sona non
grata with some of his
it
ator
"Boy!
dislike
own
will
coverage
Nov. 14, 1962
of
Boca
special pic¬
a
Supplement
Association
lot
the
ceedings at the Convention.
again.
State and
at
Club.
Nov. 22
on
complete
years.
The Department of
(Boca Raton, Fla.)
Traders Asso¬
CHRONICLE
lish
in the
Before the bill
to the Senate it will be cut
goes
.
Security
Convention
torial
than $5.4 billion
more
on
company
would
ciation
Raton Hotel &
the
Gore of Tennessee that would not
4-9, 1962
National
Ernest
Otto
Nevertheless,
he
has
many
Treasury.
people that feel like he does
about our foreign assistance pro¬
Gore Amendment Dead
gram.
Representative Passman is
not seeking to
kill the foreign
One of the amendments adopted
assistance program outright, but
is
Nov.
He
The
by
Investment
Bankers Association Meeting.
Monroe, La.
Passman
past seven
the
for
run
Representative
Mr.
Group
Oct. 26-28,1962 (Hot Springs, Va.)
Southeastern
Group Investment
through reduced foreign aid appropriations
plan
Valley
Bankers Association Meeting.
leading the fight is a
Passman of
engineers, dentists,
their own vol¬
24, 1962 (Cincinnati, Ohio)
:
man
cided
establish
untary
Oct.
Ohio
conservative busi¬
who made a fortune of
than $500,000 before he de¬
more
I For
vention at the Sheraton Hotel.
up
'
.<
nessman,
;
Dinner
ment Clubs Twelfth Annual Con¬
A fair-sized
in the House
over
the
Kennedy Administra¬
tion's
foreign aid recommenda¬
shaping
scrap was
Keough bill.
,
Annual
Oct. 19*20,1962 (Philadelphia, Pa.)
National
Association
of
Invest¬
Congress is a busy place as the
law-makers drive toward the final
of
some
on
of
Association
8th
Fight Over Foreign Aid
self-educated,
messages
York
Dance at the Americana Hotel.
the
controversial
features
of ; the
measure, (HR. 10), the so-called
more
New
retirement
(New York City)
Traders
plans without a tax incentive.
weeks of the session.
Each
Security
Some
country.
WASHINGTON, D. C.—The tele-;
SgPSI
♦
SPECIALISTS
Bought—Sold—Quoted
NEW YORK 5, N. Y.
TELETYPE 212-571-1685
4ILL, THOMPSON & CO., INC.
f; TO Wall Street, New York 5, N. Y.
Tel. WH 4-4540
Tele. 212 571-1708
@FedFRASER