Full text of Commercial and Financial Chronicle : September 28, 1961, Vol. 194, No. 6094

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The COMMERCIAL and FINANCIAL

ESTABLISHED

1839

Number

194

Volume

is of

basic

New York

6094

AS WE SEE IT

EJIMJ
It

Reg. U. S. Pat. Office

some

nature

7, N. Y., Thursday, September 28, 1961

50

Cents

Copy

a

The Outlook for Business and

importance that all of us understand the
of the issues that are now plaguing the

United Nations.

Price

Rate Levels in 1962

In the final analysis they are not al¬

what they seem or what they are popularly sup¬
posed to be. The same is true of the negotiations which
will presently (so we must all hope) be under way be¬
tween Russia and certain of the Western powers. One
ways

By John J. Balles,* Vice-President and Economist, Mellon

Sector-by-sector analysis of key economic outlook factors

likely to think of them solely as a contest between
Marxist socialism or communism and what is known as

perceives:
to

enterprise. It is a fact that the powers lined up on
for the most part com¬
munist nations on the one hand and non-communist
free

a

to rising capital expenditures, mounting inventories

growing

for

nations

ples,

U. S. Government,

afforded

only

imperfectly

spending beyond those already

announced. Even
Korea-type war could radically change
pace and composition of business activity, as
your recollections of 1950 will remind you. And it
goes without saying that any nuclear war would
make utterly irrelevant any current assessment of
business prospects.
limited

vigorously, and the

ion

that

recession

mild

a

some

of 1961.

show

In broad

John J. Balles

were

much

as

and would

in the 1958 recession

as

recovery

or

in the latter half

outline, this projected pattern of

complete picture of issues

now

Registration"

of

those

assumptions are

The Current Setting

beginning our analysis, let us first examine
some
highlights of the current business climate.
Broadly speaking, recovery from the recession is
now complete, and business activity is moving into
a new high ground.
This is indicated, for example,
by the current levels of Gross National Product,
industrial
production, construction outlays, and
personal income. While some important areas have
not yet recovered to pre-recession peaks, such as
retail sales, a large part of the previous losses
has been regained and further progress in these
areas

is

expected. Taking

REGISTRATION—Underwriters, dealers and investors in corporate
a

both

the pattern of business develop¬

In

accom¬

rates

either

'

this downturn, but pointed
interest

important matter, I

ments would be somewhat altered.

eral credit demands and in in-,

that

If

1962.

mid-year, and that business ac¬
tivity could reach new highs
by the end of 1961.1 also noted
the prospective declines in gen¬

out

still

but

that the current work-stoppage in the

wide of the mark,

downturns, that the decline
would probably be halted by

terest rates that would

serious

less

a

assume

auto industry will be settled quickly and that there
will be no extended steel strike, as in 1959, upon
the termination of the presents contract in mid-

was

underway, that it might be the
least
severe
of
the
postwar

pany

On
also

(Continued

on page

22)

State,

registered with the SEC and poten¬
Section,

starting

on

Municipal

31.

page

and Public

Housing

JAPANESE

STATE

MUNICIPAL

AND

Lester, Ryons & Co.
So.

623

SECURITIES

Agency

Hope Street, Los Angeles 17,

Bonds and

California
Members New York Stock

Founded

Securities Co.,

1824

Chemical Bank
NewYorklrust Company

Exchange
Associate Member American Stock Exchange
Members Pacific Coast Stock Exchange

BONDS

Offices

DIgby

30 Broad Street

Office:

Head

New York 15

•

Affiliate:
SAN

Nikko

•

U

of new york

TOKYO

Kasai

Inquiries Invited

on

CHA

Southern

MANHATTAN

California Securities

Securities

Co.

Bond Dept.

Teletype: NY 1-708

New York

Correspondent

—

Pershing & Co.

BANK

LOS ANGELES

Net

To

T. L.Watson & Co.

Banks

Maintained

and

DIVERSIFIED

Brokers

CANADIAN

LOBLAW, INC.
Block

Members

Commission

Inquiries Invited

CALIFORNIA

Executed

Orders

BONDS & STOCKS

-

All

On

Canadian Exchanges

New York Stock Exchange

Stock

Markets

Active

Dealers,

1832

ESTABLISHED

American

THE

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

the first national city bank

•

FRANCISCO

Claremont, Corona del Mar,

Oceanside, Pasadena, Pomona, Redlands,

Teletype:

NT 1-2759

4-7710

in

Encino, Glendale, Hollywood, Long Beack,

New York 4, N. Y.
v

Notes
Municipal Bond Division

Ltd.

25 BROAD STREET

Telephone:




is

upward revision of economic forecasts made
recently as mid-year. In attempting to assess
future business prospects, therefore, I will assume
that no overt military conflict will develop, and
consequently no further major additions to defense

Municipal

DEPARTMENT

year

ominous

as

expressed the, opin¬

economy, I

The Nikko

BOND

early last October.

questions for the future involve the pace and
of the expansion.
In
last year's forecast, after call¬
ing attention^, to developing
weaknesses in key parts of the

tial undertakings in our "Securities in

Securities

HAnover 2-3700

the

future—which

economic

Housing,

State and

is

in the international situation.

some

duration

SECURITIES NOW IN
are

a

turn for the
Among other
things, rising international tensions have helped
to create unusually low visibility at present as to
ago,

worse

a

outlook stands in sharp con¬

prevailed

unlikely to drop

securities

is

main

struggles for these lands and resources and peo¬
not so much between the
(Continued on page 27)

telephone:

which

that

Economic activity is now rising

power

Public

to

trast

important areas.
The

restraint

Monetary

with labor force growth.

The current business

and more wealth to be found at the far
corners of the globe. Among them, of course, was Russia.
For the most part these imperialists, or as the Soviets
like to call them, colonial powers, in some instances at
least temporarily satisfied their ambitions.c Britain used
to boast that the. sun never set upon her. Empire. At one
time or another in the course of history one country after
another was able to extend their domain over large and
more

re¬

job opportunities are anticipated being able to keep

this

hungry

were

with

the

very

so-called free

borrowing.

consumer

pace

different tactics of the
old, old struggle of imperialists (which Marx and the
others were and are so fond of denouncing) for an ex¬
tension of their power and control over the resources
and peoples of the world. There was a time, of course,
of the

expected to increase gradually in

depicted likely to occur by the end of 1961 or early 1962

Historically

employing

level of around 120. Present modest

a

bank loans is

and

disputes of the day may fully realize
have here a recrudescence in somewhat dif¬

some

10% rise to

a

sponse

if neither side to the

when

level; and (3) industrial production averaging

rise in

would make them sound. The truth of the matter is even

ferent form and

contrast

visible at best. For example, the direct and indirect
effects of the Berlin crisis have already necessitated

when

we

unfortunately,

up¬

than I had anticipated.

sooner

unfavorable

the

out to

It is also true that the communists
think
as being
on the march—a march
that would engulf the remainder of the world: Thus it
is often said that the struggle is for men's minds.
on the other.
of themselves

facts, however, are not nearly so simple as all

(2) the year following offering pros¬

but

to $565 billion

peoples

lit—that

(1) 1961's GNP gaining about 3% over last year

$520 billion level;

litte

a

pects for new highs tentatively estimated at a 9% increase

the two sides of these issues are

The

subsequently developed, although the

began

A second

is

Viewed

events
turn

National Bank and Trust Co., Pittsburgh, Pa.

,

CANADIAN

Exchange

DEPARTMENT

Commercial

Teletype NY 1-2270

Fishing
25 BROAD

STREET

DTOCT WIRES TO MONTREAL AND

Goodbody

1 NEW YORK 4, N. Y.

MEMBERS

BRIDGEPORT

#

PERTH AMBOY

2 BROADWAY
f

NEW YORK'

&

TORONTO

Dominion Securities

Co.

MUNICIPAL BOND DEPARTMENT

Corporation

BANK OF AMERICA

NEW YORK STOCK EXCHANGE

NORTH LA SALLE ST.

1

-

'

1

"•

' CHICAGO

:

40

Exchange Place, New York 5, N. Y.

Teletype NY 1-702-3

WHitehall 4-8161

N.T.&S.A.

t

SAN

FRANCISCO

«

,

..

LOS ANGELES

2

(1330)

The Commercial and Financial
Chronicle

For Banks, Brokers, Dealers

The

only

Cover the Entire Nation

Call "HANSEATIC"
Take

advantage

wide

network

affording
able

of

of

fast

and

participate and give their

and

GEORGE W. WEEDON

reli¬

Next time you have a trading
problem, don't limit yourself to
regional service.; Our large tradv
ing
department and extensive
facilities not only broaden your
potential markets—they also as¬
sure
you of accurate executions.

•

in

120

pany's
tional

Exchange

Broadway, New York 5

WOrth

4-2300

Teletype NY 1-40

$0.71

George

W.

-

Crowell,

Weedon,

Weedon

Partner,

&

Co.,

to

special seasonal advertising
paign last December.

offset

be

in

in

postal

the

Washington and Utah.

same

Members New York stock Exchange
Members American Stock Exchange

.

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

-

HAnover 7-0700

NY 1-1557

New Orleans, La. - Birmingham, Ala.
T Mobile, Ala.:
Direct

of

wires

to

our

branch offices

.

Y A policy of title insurance is

important effect

no

written^ instrument, which

the company's earnings.

Steiner, Rouse & Co!

a

insures

JAPANESE

a
.homeowner, or owner of any
outstanding other class of real estate, against
ability to predict public taste and loss by reason of the condition of

com¬

connected with

increases

with

manner,
on

The .management's

October, and the addi¬

expenses

will

States

future

rates

and larger fa¬

new

Bought—Sold—Quoted

1961.

sible

extraordinary

incurred during the

move

cilities last

Member

Stock

the

over

earnings is particularly signifiY

expenses

1920

Louisiana Securities

'

Sunset

earned in fiscal 1960. The increase

cant in view of the

Corporation

June 30,

Angeles, Calif.

increase

10%

a

New York Hanseatic

Alabama &

and

Selections

Los
Y
/
'
Angeles, Calif. (Page 2)
<House's
catalog
and
Members Pacific Coast Stock Exchange
merchandise is shipped by third, Security Title Insurance
Company
class mail and by parcel post. Dur¬
Sunset House Distributing Corp.
—Louis J. Zitnik, Partner, Mit¬
•
ing the last few years these postal
Sunset House set new records for
chum,-Jones & Templeton, Los
rates have been subject to several
sales and earnings in fiscal year
Angeles, Calif. (Page 2)
increases.
The company' has in
ending June 30,1961. Sales totaled the
past offset these added ex¬
$7.4 million, up 27% from $5.8
penses
by charging mail order
million the previous fiscal year
customers larger postage and han¬
ments
in
10
additional counties
and earnings were $0.78 per share,
dling fees. It is expected that pos¬ in California and in. the
Los

States.

Associate

particular security.

a

for share, on a limited basis.
No
class B had been converted as of

Partner, Crowell, Weedon & Co.,

cover¬

dealers

American

favoring

Thursday, September 28, 1961

.

Sunset House Distributing Corp.—

wires,

blanket

Established

reasons for

.

Week's

Participants

Their

country

reaching banks, brokers and
throughout the United

age,

This

Forum

nation¬

our

private

traders

service

Security I Like Best...

A continuous forum in which* each
week, a different group of experts
in the investment and advisory field from all sections of the

.

to control inventories has been in¬

title

strumental in

a

otherwise

cam¬

The

cess.

the company's suc¬

into

move

to

such' real

than

SECURITIES

estate- being
stated in the

as

,

and ef-;

new

policy. Because of the protection
ficient facilities should also aid afforded
to
buyers, title insur¬
operations, and profit margins are ance companies play a vital role
expected to improve over last in the' transfer of real estate in
year.
With a mailing list of ap¬ California.
Almost
without
ex-;
.

BOSTON

Nationwide

Sunset

CHICAGO

•

PHILADELPHIA

SAN

•

Private

FRANCISCO

Wire

System

mail

House

order

selected

customers

located

States.

established
record

GROSSMAN

to many

equal

issues, and today the

& CO. INC.

mail

Members
N.

Y.

Dealers

Security

Ass'n

on

40

No.

ties.

The

about
approxi¬

than
for

national

Trading Interest In

advertising

the
company's
catalogs.

American Furniture

The

Bassett Furniture Industries

tomers six

or

80

Commonwealth Natural Gas

times

seven

1,500 items carried in stock.

continually

are

added

Sales

LYNCHBURG, YA.
Private Wire to New

to

York

City

money

If

mail

customer

a

order

Los

for

is

reason

out
to

growth
Ca 1 i f

question. Return sales amount

approximately

1%%

of

ness,

the

operates

utive

Officer

Carlson,

who

Leonard

operated

the

P.

com¬

,

HAR

Mr.

IS THE NEW SYMBOL

FOR

HARVEY ALUMINUM
(INCORPORATED)

Milton

NOW

BEING TRADED ON THE

NEW YORK

STUCK EXCHANGE
primary producer of quality aluminum
all

a

in

alloys and sizes: Pig, ingot, billet, rod

and bar,

pipe, tube, hollow sections,

forgings,

press

forging stock, hand forgings,

Eisenberg,

who

is

10%

owns

outstanding.
Mail order
executive

of

total

titled

shares

located

are

shares

of

in

class

The two classes of
every

B

dividends.

is

.and heavy press extrusions, screw machine
and

other

aluminum

products.

common

Related

; last
.

the

of

Y.

.

.

State

the

The

was,

after April

100th

State.

_

and

have

been

except
'

at

LAMB0RN & CO.. Inc.

built
and

99

new

exorbitant




STREET

*

.

SUGAR
Raw

—

Refined

—

Liquid

Exports—Imports—F utures

DIgby 4-2727

•

*

to

>

an

*

Your Red Cross

the

at

average

ON THE JOB

.

l

-

B

service

to

for you

writes

conducts

through

31

title

in

B

lated

areas

southern

man¬

into

State.

15,1961, share

sued

in

the

portions

Title

the

of

policies

are

and

expenses

ings.

For

of¬ should

California,
popu¬

central

ating

any

further

improvement in volume should
\
in¬ result in substantially higher earn¬

escrow

an

operating

counties

29

\

serving most of the heavily

en¬

class

in

fices

:

-

Title

and

commemo¬

and

and

all

range

90

cents

of

1961,

between

80

into 1962.' With

OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX

this

23-Year

strong working

a

agrees

dend

.

policy

a

can

Quarterly dividends
(This is under

no

circumstances

solicitation of

an

offer

to

to

be construed

buy,

any

as

an

offer

security referred

?
to

to

sell,

or

FOLDER

liberal divi¬
be ^pursued.

herein.)

•*

.

paid at

are

...VY

£

the

rate

currently

v

Continued

of: 5a cents

pfer

on page

8

ON

REQUEST

\

.;

National Quotation Bureau
Incorporated

t

i

Performance of

35 Industrial Stocks

Golden capital position and only nominal

through underwriting

B.

cents

share, and

per

N. Q.

earnings

.upward trend is expected to carry

also Is¬ cash requirements,

prpducts in titanium, zirconium, and steel.

a

WALL

NEW YORK 5, N. Y.

„

as

&co

RICHMOND, VIRGINIA*

v
is traded in the Over-the-Counter
five
Market.
Y.

of business1 in

year
•-

Security
surance

respect,

convertible

California

of

its

rate

com¬

not

stock, which is held by the
agement,

ESbSZsEQ

slow first quarter of
porated in .1920, its origins can be
1961, gross volume in the three
traced back through
40 compa¬
months ended June 30 exceeded
nies, .most of which had their
beginnings in the formative days the like 1960 period by 2% whije
of California.
In 1960, the com¬ net income was up 42%.,. This re¬
pany received a medal from the flects a
sharp reduction in oper¬

impact extrusions, electrical bus bar, rigid
conduit, structural, special shapes,, light

call

FW.

While Security Title was incor-- Y After, a

.

equal in
that class

to

CAROLIN

.

•

are

except

CAROLIN,

SOUTH

beginning mf
bi X- price of
$12 per share in I960. .(Bid price
on
Sept.'27, 1961 was 13%.) Stock

Louis J. Zitnik

in- /
in four

years.

Capitalization consists solely of
166,667 shares of common stock

mon

Trust

period of years
be duplicated by a

share

.per

1950

having

creased

plant, warehouse, and

offices

333,333

31

divi¬

been

modern, spacious facilities, owned
by the company, on La Cienega
Boulevard in Los Angeles, Calif.;

and

NORTH

Title capital stock advanced from

a

dends

has

60% and Mr. Eisen¬

owns

VIRGINIA

* not

are

approximately
three
times
the
1950 per share performance. Ad¬
justing for stock splits, Security

-yield

with

inventory control. Mr.

Carlson

and

-

Insurance, the; third largest
title,company in California, which
was
acquired -at year-end 1959.
Nevertheless; 1960 earnings were

stock

modest

systems expert and is largely re¬
sponsible for the company's very
efficient

common.

Harvey Aluminum (Incorporated) is

Treasurer

covered

WEST VIRGINIA

are

the

of

Title

The

provides

been associated with the company
since
1953.
Mr. Eisenberg
is a

berg

A COMMON STOCK

and

premiums

valuation

ary

a.

for

d

capital

as a

Vice-President

the

peak due to recession¬
influences and expenses of
integration and expansion of Land

of
i

orn

1961.

proprietorship until its
incorporation in February, 1957.
pany

BONDS

of

record 1959

higher
earnings
as-

Chief Exec¬

Mr.

'

MUNICIPAL

handled

.

favorable

two

s u r e

is

For the

one-third

nation.

companies

could not

with

The President and

for

over/ a

company
costs. v-

outlook is also

stores.

company

the

insurance
on

these
up

The near term

sales.

In addition to its mail order busi¬

retail

Title

in

In 1960, Security Title had in¬
California,. Security
come from operations of
$15,671,Title
Insurance
capital stock is
000 and a net income of $1,457,000,
my candidate for semi-conserva¬
equal to 66 cents per capital share
tive longon the
2,213,375 shares outstand¬
term.- partici¬
ing. Earnings declined from the
pation in the

pleased with a purchase, the
purchase price is refunded with¬

sAVlti<3&

-

Angeles, Calif.

in

company

not

Wof

J

ZITNIK

The second largest title insurance

be

customers

any

company

Security Title Insurance dominat¬
ing the field. The title records of

Security Title Insurance Company

cash, check, or
order, no COD or credit.

TWX LY 77

accounts

with Title Insurance &

.

LOUIS J.

for

made

are

—5-2527—

-

Partner, Mitchum, Jones & Templeton,

and

which have proven to
less profitable are eliminated.

the

Telephone: BEekman 3-3622-3

the

significant to note that

t i tie. business

regulated

New

items

by

estate in

YORK OFFICE:

_

than

covers

items

STRADER and COMPANY, Inc.

ital gains.

year.

more

pages

all

based

cus¬

a

of

NEW

149 Broadway, New York 6, N. Y.

curacy,

catalog contains from 48 to
and

and

real

by ' law, except that
year with any ac¬
once
fees are posted they must
it does not appear unrea-'
be adhered to; Various title com¬
sonable
to
expect
earnings: of
about $1 per share. .Based on the panies serving a particular county
present market price of about 17, generally charge the same fees.
the stock, traded in the Over-the- Loss ratios for Security Title have
Counter Market, appears reason¬ averaged less than 1% during the
ably priced and I recommend the last five years. ■ Competition in
issue for accounts looking for cap¬ the California industry is limited

to

through
direct mail

prospective

It is

California

economy

recession

require

and title policies
substantially all of

of

served

areas

1960.

fiscal

current

distributed to

are

and

Each

Life Insurance Co. of Va.

catalogs

customers

national

of the

estate

issued in

indeed, While it. isearly to estimate results for the property

and

own

are

•'

bright

pears

reached through

are

the

real

were

the outlook for Sunset House ap¬

mailing.

Customers

field

'

out

on

personal income higher than ever, throughout

suit¬

are

order

coming

be sold for

can

$5 and which

The

With

lo¬

attempts

present

agencies

a

opportu¬ the transfer

many.

household

company

time.

nities in the mail

offering

items which

carry

less

1-2762

able

LD 39

the

states.

of

other' types: of

cover

merchandise than those handled at

has

goods,
gadgets, giftware, toys, stationery
items, auto accessories1 and novel¬

—

NY

all 50

to

lending

DUI
Securities Co., Ltd. Y

title insurance policy as a prior
op¬ condition to the lending of money

will expand its

company

erations

Merchandise is generally in the

WHitehalb 3-7830

Teletype

field,

categories

Exchange Place, New York 5
Phone:

the

established position in the

order

cated in

Odd Lots
★

is not unreasonable to expect that

"glamour"

different items to
mately
2,500,000
customers

(To Brokers and Dealers)
—

proximately 2,500,000 customers, it ception

be¬

has
growth

company

1,500

BONDS
Bids

well

a

modest

company

enviable

an.

to

throughout the

From

ginnings in 1951, the

WEINBERG,

retail

a

distributing

merchandise

general

United

S.

operates

business

46 Front

Street..

-■

New York 4, N, Y.

Volume

194

Number 6094

The Commercial and Financial
Chronicle

...

(1331)

The Buoyant U. S.

Economy

CONTENTS

Firm

statement

of

our

implacable

goal

to

-

maintain

'

•

the

;

Administration insists

our

on

The Outlook for Business
and Interest Rate
Levels in 1962
—John J, Balles

•

balancing 1ha fiscal 1963

national

Monetary

Inter¬

the

year

made

*

Why 'Changes Are

vdistinguished

Per

Jaco.bsson, has again demon-

t

s

t

r a

vital

its

d

e

Last

import¬

tries

growth.
of

Fund

the

role

is

being

enhanced

this

\a

of

t

meeting

where

the

Fund

for

expert

coun¬

and

v

-

'

Stabilization
;' The"

many members

deliberations

worked

Douglas Dillon'

out

have

tries—the

midst

'

our

friends

good

' *•

-

/

met

in
Washington, $2.4 billion has been
a

ago

year

and

into

put

at

times

been

other; member

countries

drawings totalling
There

designed stabilization
to
a

drawing
$1.2 billion.

also 20 stand¬

strengthened

major

past

the

of financial and

tary stabilization.

struc¬

of

balance

objective

v

the

advent

of

developing

in

best

cur¬

using

I

a

of

larger number of the currencies
it holds, thus increasing the per¬
centage of drawings in currencies
United

During the past
currencies

States

year,

were

the

couraging

dollar.

from

This

is

development.

turn

—k-

now

to

the

States

IT-—Cover

in the Investment
Field——

Washington Ahead

Indications

.

.

of

St. Louis

of the

(The)—Wallace Streete—

Mutual

Funds—Joseph C.

—-

strongly.
.

-

DIAMOND
CRYSTAL SALT

FUTTERMAN CORP.

28

—

News About Banks and
Bankers
NSTA Notes

ade¬
nec-^

ex-

help

^Prospectus

Our Reporter

on

Wilfred

May-:.———-—-

J.F.ReilIy&Co.,Inc.

4

Governments
-

Public

Utility

—
—

Securities Now

in

Registration-

the

39

19

Broadway, New York S
DIgby 4-4970

Securities

__

domestic

Prospective

1

Security Offerings-

economy

the

12

31

—

46

of

Security I Like Best (The)

2

status

balance

of

Security

Salesman's, Corner—

Economy
the

of

United

way

and

Continued

on

page

and

Electro

22

———

State of Trade and
Industry (The)

5

------

6

You

Corp.

48

26

Twice

Reg.

25

Spencer Trask & Co.
Members

25 BROAD

New

York

1868

Stock

Park

U.

S.

Copyright

1961

REctor

CLAUDE

-

D.

J.

Reentered

New

2-9570

York
to

7,

N.

Y.

»

9576

SEIBERT, President

SEIBERT,

second-class

matter Febru¬

Subscription

at

New

8, 1879.

Rates

Subscriptions In
United
States, U.
Possessions, Territories and Members

"

Pan-American

Treasurer

MORRISSEY,

as

ary
25,
1942, at the post office
York, N. Y., under the Act of March

Office

COMPANY, Publishers

DANA

GEORGE

Company

CHRONICLE
Patent

ST., NEW YORK 4, N. Y..
TELETYPE NY 1-5

S.
of

Union, $65.00 • per year; in
of
Canada,
$68.00
per
year;
Countries, $72.00 per year.

Dominion

Editor

Other

Albany

Boston

Nashville

Newark

Chicago
Schenectady

Glens Falls

Worcester

Other

Every Thursday (general news and ad¬
vertising issue) and every Monday (com¬
plete
statistical
issue—market
quotation
records,
state

corporation

and

Other

city

news,

Office: ' 135

Chicago 3,

111.

news,

etc .J
South

bank
..

•

La

clearings,
.

-

•

Salle

(Telephone STate

"A"

by William B. Dana

WM V. FRANKEL & CO.
INCORPORATED

Thursday, September 28, 1961

TELEPHONE HAnover 24300




Place,

WILLIAM

Exchange

Weekly

The COMMERCIAL and

FINANCIAL
WILLIAM B. DANA

Founded

..

18

Observations—A.

PREFERRED STOCKS

specialized in

request

—

Class

For many years we

on

20

——

the

-moving^
The low point of eco-

■

& LOAN ASSN.

17

————

Potter

Washington

has

EQUITABLE SAVINGS

39

—

is

under

ANDREW JERGENS*

News—Carlisle Bargeron-— 15

Tax-Exempt Bond Market—Donald D.
Mackey

well

)
ARLAN'S
DEPT. STORES*

48

—

Current Business Activity

and You

.

Published

have

Philadelphia

externals
are

make

and

r

Cleveland

' V

international

recovery

■
.

Los Angeles

26

States'
economy,
following
the
mildest of our postwar recessions

en¬

It

to

own

.

The U. S.
The

the

an

and

their
.

United
our

dollars.

11 different

drawn

(Editorial)———-

payments.

Fund, and two-thirds of the total
drawings were in currencies other
than

'

.

Chicago

21

9

Market

stability

reforms, and

countries

of

use

the

than

to

•

:

———

all the prob¬

cure

assistance

made

other

Direct Wires
■

)•'

<

efforts to increase the flow of

resources,

in

-financial

capital from both

.convertibility in Western
Europe, however, the Fund has
progress

-

inc.

Exchange Place, N. Y*

17

—

8

From

must be .the'
development

of

internal

ternal

all

were

an

This is well recognized
by the Fund, which is, as it should
be, the partner of economic de^
velopment institutions, national
and international, in coordinated

rency

great

40

Teletype NY 1-1825 & 1-4844
-

essary.

V

-

almost

ago,

as

and internal sources—^-all

confident will be of

years

Since

mackie,

HA 2-9000

8

Einzig: "Deplores British Ford's
Wage Rise Agreement"

payments

quate

mone¬

monetary affairs

drawings from the Fund
dollars.

&

'

Dealer-Broker Investment Recommendations

planning,

The Fund has

,

few

of

basic

member countries in the years

A

*

Bank and Insurance Stocks

well-r

a

•

cannot of itself

ever-increasing importance to all
our

*

SIate__—1.——

— ——

Coming Events

lems of economic growth that be¬
set the developing countries. Ef¬
fective
development

to occupy a central position

international

ahead.

*

is

policy.
; Of
course,

yean

helped many of the developing
countries
to
adopt or maintain

am

Earnings

As We See It

as

with social progress,

ture of currency convertibility in
the industrialized
countries and

role I

*

Regular Features

cor-: ;

a

program

,

Fund assistance in the

—a

Singer, Bean
18

San Francisco

ob-j
stacle to economic growth. Finan- '
rial stability can thus assist
eco-.
nomic "growth , which,
together

in effect, With
rights totalling

arrangements

come

*

•;

Advanced Scientific Inst.

14

—

on?

inflation, not only

eliminate
source

of

disequilibrium, but also

made

than $900

more

are

unused

in

13

opera¬

criticized

Jacobsson that the aim

drawn from the Fund." A major
part of that was the recent draw¬
ing by the United Kingdom, but

programs

Amer. Int'l Bowling

SBICs

of the Fund have.

appraisal of the role played
Cyprus, Laos, Liberia, Nepal,
New Zealand, Nigeria, Portugal, by financial stabilization in eco¬
nomic development. I agree with
Senegal, Sierra Leone and Togo. the
opinion
expressed
by •* Mr.
Since

both

Bank-Affiliated

Oxy-Catalyst Inc.

:

Why 1960's Profits Are
75% Higher Than 1950's Identical
.

rect

from

has

of

■;

12

N. Y. State Banks
Association Announces Convention
Details

programs

I do not believe that this is

by

Aztec Oil & Gas
11

Fine---——

IBA Receives 1962

to

million.

10

Loan Insurance

-

the ground that they have
sup¬
posedly imposed, a choice between
stagnation and economic growth-,

21

•

—

,

WALL STREET, NEW YORK
Telephone: WHitehall 4-6551

'

'

Some Pertinent Questions
Regarding Fallout Shelters
—Roger W: Babson——J—

-

ob¬

largest increase in- a
single year's operations since the
Fund's inception.
It is a particu¬
lar pleasure for me to welcome

toe

;

i

tion—usually with Fund advice—

coun¬

our

-

•

}

7

■

—

Profaning Our Monetary System Invites
Disaster
\—Joseph Mosby Hornor

^

,-

Growth

vs.

stabilization

,

.

Growing Development

institutions—they

jective advice.

ilege of wel¬
coming to our
new

member

■

.

*

Knapp--—

we

have the priv¬

10

financial

Eltoood

•.'/—Phil David

have

their

;•

»

broad

have been able to rely on the staff

further

'

become obsolete)

Obsolete Securities
Dept.
99

System
1

.

Government by Blackmail—M^ R.
Lefkoe___.2:1

of

use

a

Reserve

Program—and Credit Policy
—Frances .Wells .Quantius—

advisory

on

C.

Government

sought to deal effec¬
tively with financial instability— 1
by strengthening their fiscal re¬
sources, by controlling money and ;
credit, or by otherwise improving '

economic
The

Fund's

continued

Wherever

scale.

monetary sta¬
bility
a
n.d

the

year

Federal

;

-

activities

world

to

ance

r-

—

.

a

members.

hi

sure to

—s—

4

Savings and Loan Units Must
Diversify Activities

]

of many currencies tor the

Needed

—Marriner S. Eccles__-.__--_

Confusion

Inc.

(They're

3

Zenith Justifies Its Name—Ira U.
Cobleigh

reality of the original con-cept of the Fund as a reserve pool

Fund, under
leadership of

the

Consol.

Cynics,

Buoyant U. S. Economy and Multilateral
Borrowings
—Hon. Douglas

producers to intensify their efforts to expand exports.
Turning to member IMF countries, he asks surplus countries to pur¬
sue libera] trade policies) increase
long-term foreign aid, and share

During the past

*

The

horts American

spending commensurate with their capacities,

COMPANY

TROIKA STOCKS

—C-i——————.—Cover

dollar's

shows that this year's short-term capital outflows reflect,
growing banking-financial trade and not speculative funds; finds the
business outlook "is very promising" for the
coming year; and ex¬

defense

AND

•t.\. j

budget;

common

Page

,

foreign exchange par value accompanies declaration of support for
new
plan of-standby currency loans tov the" Fund. Mr. DiHon*
asseverates

JCHTtnSTflU

B.S.

Articles and News

By Honorable Douglas Dillon,* Secretary of the
Treasury and
United Slates Governor
of the International Monetary Fund
and the International Bank.

3

:*•

St.,

2-06T3)r

Bank

$45.00

and
per

Publications

Quotation

year.

i

39 BROADWAY, NEW YORK 0

Record
Monthly,
(Foreign Postage extra).
—

.

,

Note—Oiv acooufit of the
fluctuations in

the

rate

foreign
must

be

of
exchange, ■ remittances
for
subscriptions and advertisements

made

in

New

York

funds.

'

WHitehall 3-6613

Teletype NY 1-4040 A 1-3540

.

4

The Commercial and Financial Chronicle

:(1332)

presumably 25c, to ,$3.50 a pro¬
gram depending on whether<it's a
ball
game,
a .prize
fight, or a
theater opening night.

Zenith Justifies Its Name
~

'

;

By Dr. Ira U. Cobleigh, Enterprise Economist

with

observations on its products,
profit margins.

some

potentials

and

800,000 sets in the past iVz
Public acceptance was slow
and set prices stayed up.
Zenith-,
a synonym for it is "summit"! Ac¬
cordingly, one might observe that, now thinks the time is ripe for a
real upsurge in color TV. Its sets
rated on its performance over the
last
three * years,
Zenith Radio run in the $350 to $375 price range
Corporation has definitely lived to dealers, and Zenith, according
Chairman
Hugh
Robertson,
up to its billing.
It's at or near to
a
top in total sales and, for the hopes to produce 100,000 color sets
third year in a row, it is leading in 1962. Sale of these may reduce
and
white sales, but the
the industry in production of TV black
sets. Its output accounts for about color models should carry a much
The

"zenith"

word

dic¬

the

in

tionary means "highest point" and

20%

of

the

sold

over

one

million

1959

in

receivers

Zenith

market.

total

This sales leadership in so

high¬
ly competitive a business is a
considerable
tribute
to
highly

not just

management,

competent

40-year period.
For not only does Zenith lead in
sales but its earnings on sales,
over

a

and per dollar of

invested capital,
top its competitors.
Since
it has been converting 6%

also,
1958

Zenith

manufacture

of sales into net after taxes.

Before

TV, Zenith had built a

of

is

all

Zenith

does

the

it?

do

dedication

First

to

qual¬

ity production. For example while
others in the trade have switched
to

printed circuitry

in cost)

(much lower
Zenith has stuck to hand

circuits

wired

Zenith

result

in

its

units

sets.

As

more

are

Commission last

continuous:

quality of

system of stereo-phonic FM ra¬
dio
broadcasting
opened
up
a
broad new market for FM receiv¬
While

makers
have
out with "adapters" which,

ers.

come

for

accent

on

and

benefits of close product and in¬
ventory control. Accordingly, the
market has not been glutted, and

little

as

price stability has re¬
sulted, removing the necessity for
any drastic price cutting.
Not only in quality but in tech¬

has Zenith exerted lead¬
It was early in the pro¬

duction

of

introduced

its

other channels
the

across

whereby the

be tuned and

can

in

Space

remote control device

set

1956 it
Command

portables;

from

switched to

armchair

an

in

and

room;

1960 J it

introduced the "Gold Video Guard

in weak
Zenith's
pace setting in the trade is all the
more

last

line offers

enter

The

Zenith

TV

was

production

the

and

decoders, from
ating companies,

complete FM sets

from

prosper

licensing) of
subsidiary oper¬

stereo

reception, and selling
$40 • a
unit above its

roughly

equivalent models for plain radio.

the past year

SYSTEM,

in

sales
about

this

5%

the

Introduction
models

has

mass

and

division account for

of

of

company

total.

' transistorized

broadened

public

ac¬

ceptance but, even today, it is es¬
timated that only about 20% of
the

potential- market

here

has

been reached.
Zenith has been

with

cerned

tronics.

It

the

has

primarily
consumer

not, like

ration, which permits transmission
by either over-the-air broadcast¬
ing or by wire.
SUBSCRIBERVISION was extensively tested in

con¬

many

of

appliances — washers, refrigera¬
tors, etc. It is, however, placing
increased

stress

on

York

casts

between

icant

research

work

in

such

and

areas

microwave communication, in¬

as

broad¬

of

1958.

It
ap¬

and

1950

plication and electronic billing.
be

can

that

doubt

no

if and when it comes,
big thing. Zenith has a
$10 million investment in its fu¬

Pay-TV,
will be

a

ture.

been

frared, semi-conductors, and para¬
metric amplifiers.
Pay-Television

Zenith has

stockholders

rewarding
investment.
sales have risen from

a

Since

1951

$110 million to $254.1 million for
In the same period net prof¬

-I960.

its have expanded from.

$5.4 mil¬
lion to $15.2 million. For this year
a per share net of between
$5.50
and $6.00 has been projected on
the stock (pre-split) against $5.11
for 1960.
A $2.75 dividend was
paid last
There

future,

of the fea¬
tures lending romance to Zenith
shares is its possible exploration
of
much
publicized and highly
controversial pay television.
Ze¬
nith
has
developed
PHONEone

market.

It

has

set until

a

turned

out

1948.

prob¬

arranges

for

customer

billing

at

1958,

multiplied.

3-for-l split in May 1959,
split in proc¬

a

and another 3-for-l

..'

:.*

ess."

all-time

against

Zenith

viewed

with confidence and

thusiasm.

At

'

have

Investors

common

en¬

reached

shares

The

an

a

around

of

the

172

current

the shares may appear a bit

Fund's

Besides

guilders

ran

"

A.

&

Sons, members

of the New York Stock

Exchange

other leading

an¬

the

in¬

exchanges,
opening of an

stitutional investment department

be

in

located

new

francs; the
lira, the Danish krona and
the Argentine peso appeared

Italian
even

firm's

the

This

"exit"

department

will

be

Broome.
I

from the dollar is con¬
tinuing to accelerate. During the
past

months

12

meeting of
only were
cies

drawn

two-thirds

amount

ings

Gaines & Co. to
Admit Garlick
George F. Garlick, Jr., on Oct. 1,
become a partner in Gaines

•




-

LOS ANGELES

44 Offices

•

NEW YORK

Serving Investors

•

CHICAGO

I

desired,

countries
amounts

the

in

(expressed
equivalent): *
;

for

ex¬

respective
in . dollar

\

-

Mr.

Garlick, a
Exchange, is re¬
tiring from partnership in Bache
& Company.
'
the

_

.

„

.

,'.'.J. j:

"It is

remarkable, and perhaps
flattering for the monetary man¬

...

agers

that the criticism which has

been

uttered

the

in

connection

with1

unsatisfactory state of affairs

has been directed far

more

alleged deficiency of

our

tional

arrangements

possible

lack

to the

institu¬

than

to

a

of

proper manage¬
ment." And further from Mr. Holt-

bearing on the Fund-en¬
largement proposals: "The pro¬
posals do not give an answer to

rop

real

our

problems.
They
the other hand, tend to
the
aggravate
problem
of
the
present oversupply of liquidity."

might,

.

.

.

on

We

must

realize

that

the

pro¬

jected

enlarged Fund subscrip¬
tions, the resulting addition of
outflowing dollars will be build¬
ing up a potential aggravation of
gold

our

via

the

outflow

cash-in

ability.

We must

realize, for the longthe IMF, and any

of

good

run

other

vulnerability
enlarged dollar

world's

international

monetary in¬

stitution be it OECD

or

the Latin

American

IADB, the prime neces¬
of .keeping our own house-

with

In

interview

an

France's

Finance

here

Minister

Wilfrid

Baumgartner,
he
em¬
to this reporter the
necessity
of
a
borrowing, !as
well as a lending country, pre¬
serving soundness in its fiscal and
phasized

7 mills.

Yugoslavia

Chile.-,—

15

Australia

,

/

IBA Bulletin

15

Reports Growing
Training Plans

3

.India

15

—_

United Kingdom
It

.

270

is

important to realize that
the franc's strengthening stemmed
not
from Institutional mecha¬
nisms, but from the basic restora¬
tives

of

The

the

on

the Jacques

trend

Rueffs,

de-concentration

in

demand

dollar

the

for

hailed

rather than

Fund

U.

S.

is

Mr.

Secretary of

as

is
Treasury's posi¬

the

vigorously

tion,

by

Treasury. In fact, it

with

line

-

that the Fund's

enlarged for

affirmed
benefit

as

po¬

a

tential aid recipient. Whether this
is

pushed multilaterally or bi¬
laterally in the coming months,
the "pitch" to the U. S. Congress
will emphasize the dollar's need
for

such

further

stand-by help.

Ascribing this trend to increas¬
ing convertibility among other cur¬
rencies is just the other side of the
Fund

officials here point to their

increased

"persuasion" as a con¬
tributing factor. But this is selfdelusion. Such seeds of persuasion
had

been

zation's

into

sown

whole

the

Organi¬

preceding

life

—

but in the wrong soil.

Sharing
In

the

ante

aid

event,

they have
sharing of
whether through

countries,
greater

on

extension,

It

a

surely would be well to heed
adjuration "we cannot afford

monetary order under which
march

in

Educational; Bulletin

pub¬
by the. Invesment Bankers

Association of America.
letin is published

inflation"

And

the

skepticism

step

into

we

offered

IMF

creeping
here

Governor

by
Karl

following

realistic

concerning

overem¬

phasis and dependence on institu¬

The Bul¬

by the Associa¬

tion's Education Committee under
the
of

&

chairmanship of Robert Mason
Merrill

Lynch, Pierce, Fenner
Incorporated, Chicago.

Smith
There

is

emphasis1

also

securities
the

of

placed

of
the

on

personnel in the

industry who deal with

public.

Stock

.

deal

great

a

being

.<

accreditation

Both.the

New

York

Exchange and the National

Association

of

Securities

Dealers

have developed new examinations
and plan to raise the standards of

accrediting new, personnel enter¬
ing the business... pV|
Establishment off a great variety
training programs in recent
years is undoubtedly a reflection
of

of

the

growth

character

investment

business.

presents

brief

major

a

training

the

of

The

article

review

the

of

and

development
being conducted by the

New York Stock Exchange, the
IBA,. and other organized groups

in

the

securities industry.

Another section of the Bulletin

by the key-currency or in-

loans, gifts, or quasi-gifts.
the

IBA
lished

programs

Aid-ing

whether or not
there will be any raising-of-theany

ness, according to a feature article
in
the
September issue of' the

must be

resources

our

here,

WASHINGTON, D. C.—Increasing
attention., is
being
devoted
to
training and
development
pro¬
grams within the securities busi¬

reviews the
motional

educational and pro¬

activities

IBA Groups

conducted

throughout the

try during the past

by

coun¬

A sepa¬

year.

rate article also describes the 1961

Institute

of

Blessing.

Exchange.

Governor M. W.

Francs taken

Germany's

of

i

sounded

(in dollar equiv.)

all

member

been

monetary policies.

.

.

'

.

Stock

•

draw¬

ample, is the new French franc.
During this latest period it has
been
chosen
by
the
following

Co., 40 Wall Street, New York
City, members of the New York

circuit to Honolulu

SAN FRANCISCO

the

of

has

Holtrop:v./..,

in-order.

Increasingly

will

radiotelegraph

Fund

devices

by Netherlands'

non-dollar curren-* sity

in

were

the

the * purchasers
but
in
total

by

dustralized

-

Members

Private leased

since

September 1960, not
11 different curren¬

("borrowers"),

embarked

New York Stock Exchange • Pacific Coast Stock
Exchange
Midwest Stock Exchange * American Stock Exchange
Honolulu Stock Exchange * Chicago Board of Trade
and other lading commodity exchanges

than

(rather

"flight")

New

under the direction of Richard E.

Dean Witter
£c CO.

drawn.

newcomers

as

York office at 30 East 42nd St.

This

purchases of

tional

French

medal of dollar weakening. Some

Complete Investment Service

to

increased

and

the

Dillon—but, we suggest, speaking
primarily as a proponent of the

A. G. Edwards

nounced

all

of

lofty

years,

Edwards

April

contrastingly, only 36.4% of
drawings were in dollars.

in

and

91.7%

through

drawings
were made in dollars. During the
following financial year 1958-59,

the

G.

operations

1958,

30,

ket, it is probably due to respect
for managerial excellence
going
back to
the days when, for so
many

to¬

V

enthusiastically

compared with the general run of
electronic issues. If Zenith stays

F. McDonald

and

currencies.

level

UNDERWRITERS

BROKERS • DEALERS • DISTRIBUTORS

week-long
although in¬

—

This changed trend began back
in
1958.' From
the start of the

198 %

recently,
low for the year of 97Va.

high

other

ward

2-for-l split in March

Opens New Dept.

•

here

,

strong, even in an uncertain mar¬
For the

the

from

discussions

A major

Turkey
have

shares

was a

Commander Eugene
the show; to the
record of the company for sus¬
Color TV
VISION, a system of broadcasting tained piroduct quality; to the
Zenith
entered color
TV
this TV programs over the air in such fortunate timing of its entry into
year. RCA began color production a way that the subscribers need a
new
markets; and to its steady
back in 1954 and has spent, ac¬ special decoder in order to receive
growth and remarkable moneycording to some estimates, over them. This decoder notes what making propensity.
$125 million in developing this programs the viewer looks at and
did not market

deduction

year.

Zenith

\\-y - *V;

(But Not Fall) OF THE DOLLAR

—

cies.

Rewarding Stock

non-con¬

doing signif¬
development

sophisticated

series

a

advantages of dual

offers the

.

the

market and is

in

New

elec¬

its competitors, sought entry into

sumer

Skiatron

by

patented

Electronics and Television Corpo¬

For its

the
aids,

AUSTRIA

dollar

ing at this fabulous potential ($2
billion a year) Pay TV market.
There is TELEMETER, a wired

Hearing Aids
Zenith pioneered in,
production ' of hearing

VIENNA,

from increased
and through its

en¬

gineered and equipped for faith¬
ful

THE DECLINE

directly deductible rather than
recognized — is the substantial
sale of TV sets
four-year weakening of the dol¬
affiliate Teco, Inc. in establishing
lar.! This is evidenced, as to both
PHONEVISION
in/many cities,/
the fact and its extent, by the
and in agency commissions from
fanning-out of the drawings of
program bookings.
International
Monetary
Fund
Zenith is not the only one look¬
monies from the

There

even

areas.

remarkable since it

to

disdain.

with

Turret Tuner" assuring the finest

picture reception,
signal and fringe

$10, can convert
over to FM recep¬

as

sets

method

relative

nology
ership.

some,

de¬

perform¬
ance has built up a loyal and ef¬
fective dealer organization. Zenith
has
also
given its
dealers
the
product

approving

April

a

a

pendable in operation, and easier
to
fix if anything goes wrong.
Zenith's

Communications

Federal

the

of

existing

How

to

(and

in the Toronto area.
reputation for excellence in (No FCC approval is necessary
radios, and the company is today for
intrastate
closed
circuit
a leading factor in FM radios and
[wire d]
transmission.)
And
transistor portables. The decision
there's the SUBSCRIBER-VISION
solid

tion, Zenith views this makeshift

Quality Products

figures

system, controlled by Paramount,
that has been operation tested for

Radio and FM

in

again

1960, and seems certain to do so
again in 1961.

today, but

ably

television

and

WILFRED MAY

from this end. But

revenue

years.

higher profit margin.

A.

BY

transmission costs and derive most
of the

Thursday, September 28, 1961-

.

in

Hartford, Conn.,
next year. RKO-General will un-'
derwrite
the
programming and

J- ■ A current picture of this outstanding performer in consumer elec¬
tronics,

tryout

.

OBSERVATIONS...

-

PHONEVISION is to get an ac-"
tual

.

a

Investment

development

Banking,

program

for

ex¬

perienced personnel conducted by
the

IBA

Wharton

in

Commerce,
sylvania.

the

cooperation with

School

of

University

' V"

and

Finance

of

^

Penn¬
••

; ;

Volume 194

The Commercial and Financial Chronicle

Number, 6094

-

(1333)

>

>
f

r,'V
,Jt

v-1

«/

*

t

v.

..

t

„

.

-.l.,'1.

f

ElectricjOutput

-

'

.
•

The State of

f

«•

Carldadings

V"

,

Retail

*

*
►

,

*

■

the

general

advances

scure

lengthening of delivery

and

.

.

Many companies, that have' de¬

on

many cided against hedge
buying exthrough many areas of pect. price' action on a selective *
the country. Mills: now look to an
basis during the fall or
winter,
improved October arid orders how but
they do riot think it's wprthclearings for all cities of the" coming in for November are en¬ while to tie up their
money when
United
States
for
which
it
is couraging.
the price increases may be weeks
possible to obtain weekly clear¬
or months
Auto Strikes Push Steel Upturn
away.
ings will be 3.8% above those of
Into October
Deliveries are lengthening for
the corresponding week last year.
Auto industry strikes. are scut¬ some
products
at
Midwestern,Our preliminary .totals stand at
steelmakers'
hopes
that mills.
$31;848,408,693" against
$30,672,- tling
third
A 160 in. plate mill at Pitts-,
quarter ingot
production
496,932 for the same week in 1960.
would
be
substantially
higher burgh is booked into mid-October..
Our comparative summary for the
than that of the second quarter, At
Gary, Ind., deliveries from a
financial money centers for this
Steel, the weekly metalworking comparable mill are being quoted
week follows:
at six,,to eight, weeks,»(vs. three
magazine, - said.
...
<
Week End. '
(000's omitted)—r
Steel mills supplying General to four weeks in
Sept. 23—
1961
1960
%
August).
New York
$17,793,785 $16,812,488 + 5.8
Motors
plants received holdup
Delivery
promises
for
cold
Chicago
1,402,005
1,345,525 + 4.2
orders on shipments. While the
rolled sheets
Philadelphia
1,264,000
1,248,000 + 1.3
§ind coils at one mill
mills managed to keep production
Boston
861,830
884,253 — 2.5
have lengthened a week and those !
up by storing finished steel and for
enameling sheets and coils.
Pressures Against Steel Prices
giving priority to new orders have moved from three to four
Mount
■
from other customers, they haye
to three to five.
Pressure
against steel prices not been able to move ahead.
Steelmaking scrap prices have
mount
on
the
basis
of
White
This week's output will be close
stalled after a three-week up¬
House
and
competitive
moves, to the 2,040,000 ingot tons that
swing. Steel's price composite on
the Iron Age reports.
Steel
estimates
the
industry
No. 1 heavy melting grade held ;
First is the personal approach- p o-ur e d "in
the- week, endedat $39.83 a gross ton last week.
*
by President John F. Kennedy. He* Sept. 23.

.
,

.

products

,

•

Trade

INDUSTRY/.=£=;

TRADE and

compiled- by the Chronicle
upon telegraphic
advicesfrom
the
chief cities .; of the;
country,
indicate that; for ; the
week ended Saturday, Sept. 23,
ures

based

,

.

1 Food ;Price Index

;

....

V

Steel Production

.

5

„,

.

.

,

In its

income. This, it is worth noting
again, is not unusual in the early
phase of recovery when memory

September issue the Morgan

Guaranty Survey, published by
the Morgan Guaranty Trust > Co.
of

New

If

serious

.

the

advance

this

incomes

autumn. Auto manufacturers have
a

number of

assemblies for coming

sharp

rise

in

the

they

and

the

that

are

market

Activity

the

in

;

the

late

,

policy

Monetary

continues

invited

demand

ingot produc¬
vacation-period let¬

tion after the
down

was

first

hesitant

somewhat

restrictive

character

has

as

to

t

;

of

•rated

^ Hitting

.

capacity
' - "

,*

quarter.

on

,

All 16

A diffusion of

strength has been
the key feature of the general recovery movement to date. In July,

that is

■.

week

when the Federal Reserve Board's

with

.of

industrial

a

production
all-time record,
industry groupings

<

average
above 40

single industry or small
of industries dominant. A

under

v

favorable;

has-

r e m a

i

n e

or

"

.

:

more.

re¬

work

Orders for October

in production this
yet been matched

In

their

by

commen¬

man^ Consumers

continue

to

Bank

.

mills

5V

replies,,

in relation to the rise in

in

itself

is

none

with

personal

a

last

increase

an

year ago.

,

;

'
•

**

-

"*■*

,

*

We

'

4

Gre

s

.

,

■

pleased td

•.»'

**

*

^

»

*

announce

'

V

-*

•

off

week

dompared

balance.

Steehnen.

,

EDWARD

K.

.

•

of

our

firm

,

.

•

52'Wail Street




New York 5f N.

Y.

of the U. S
through, .Augustof >
this year, but walkouts in the past t
two weeks have, reduced the giant1
corporation's share of September i
output, to a .26% of, the.; industfy.^
total through Sept 22; Further proexactly half
auto, output

;

(50%)

.

duction; losses

for

the

company

anticipated next iweek in con- ;
tinuing local;disputes.-and prob¬
arising in parts shortages., • '
Oidsmobile division, at its main:
are

lems

Lansing (Mich.) plant did jesume

r

Continued

on

of Directors o}

Incorporated'"

\

1 ''■ ' "

*.

name to

Incoijporated

'

L;

101 Park Avenue, New
•;;

;>

*•

,

York 17

Telephone: MU 6-1540

.

..

5

.

be; ■ ^
is based- onr;«
.

FREDERICK S. MAGNUS

r

...

takes

pleasure in announcing

"

the

_

±

'*

formation of

Magnus;&Go.^^

'

•

•"

*•

incorporated

»

V

.

possibility of labor shutdowns unless
many local problems are ironed
out. This only adds to the un¬
Cver; Ford now" faces the

certainty.
The auto situation tends to; ob¬

.

20

Exchange Place, New1 York 5
,

to
.

;

Telephone:
\

,

assembly operations Tuesday, but
six other plants producing its cars:

Godfrey .Hamilton, Taylor & Co.

-

'

labor problems, has been scrambling for steel in a real rush.. How-,.

G. A. Saxton * Co., Ing

during;

Automotive'

!

e^peei^October- to

,

;

pas-,

.

announce a

.

f

itself

:

worth mention- a' ing: Automakers have not come
in with expected orders for galvanized,. steel. -Nevertheless* galr. ^ .;
vahizihg facilities aFk going at full v j
capacity.- When automakers eome<
in r at full strength; a galvanized
short&ge- may well develop over,
night; /
•
Ford; in an effort to rush, pro-- +
duction while GM wrestled with
••

^

for

set

'

con-

hopes of auto labor peace, rather
than tonnage now on the books;

haye been-elected Vice-Presidents
.

:

....

Some sidelights"

HOBBY

whole

For

much .better. But this

that

and

a

September,
Ward's
Reports said.

Godfrey, Hamilton, Magnus & Go.
,

example, Sep- ;
tember is not likely now to ex¬
ceed the June level by much as
auto production will lag possibly
200,000 behind the goal of over
500,000 for the month. September
production of steel has held up,
but at the expense of. building, in-.,;

Preliminary fig-

BARBIER

model

page

SEPTEMBER 26, 1961

Of

fused situation in auto labor continues to throw the steel market

'

LESLIE

for

ago

The Board

,v '

market, the.

ventory* at the: mills-:..;
*

month

1962

cars

,

good Sigh

a

price firmness.

for Week Ended

clearings

a

Added to all this, the steel mar¬
ket, although firming up steadily,
may not be strong enough to sus^tain a price increase across-the-

In

Same Week Last Year

exhibit a cautious approach to '
showed
buying. Their outlays have lagged

books

were,

September

of

reduction will be felt.

Sept. 23 Were 3,8% Above the

;

surate- strengthening of" final de-

Clearings

the

on

running

that

for

last week lagged far,
behind the pace the auto industry ,
senger

as
are

those

Cars Is

Although

In the general

have not« Bank

year

behind

Set

,

Production

aluminum fin¬
ished products were unchanged,
the ingot price has a definite re- lationship to steel prices, and its,

The gains which have occurred
;

little

a

Kennedy

prices.

jobs for ,15 weeks

x."

"

slightly

is.; determined to
through ;and. exert prob+;
ably * even f u r t h e r pressures
received
against steel price increases.
recently specify that
:
Of equal importance is the rut shipment must be made before
Oct. 1, the date when steel labor
in ingot prices by U. S. aluminum
costs go up again.
producers. The competitive situa¬
Some buyers think government
tion between steel and aluminum
will
at
least
force
has never been stronger, and. the opposition
steelmakers
to
delay raising
aluminum
cut
of; ingot
prices
(from 26 cents per lb. to 24 cents) prices until the controversy cools
and the market strengthens.
adds
to
the
pressure
on
steel

the past few months, the number
of new Applications for unem-

d; been looking for

only

25.1 million tons.

probably
occurred in August," judging from : ploytnent
benefits » has dropped board with or without outside *
'generally strong- behavior of i significantly. Ah auspicious de¬ pressures. However, price firming available weekly series for major cline- occurred in August in the at other than the mill level has
industries, and tfrom ^indications number of the relatively, long- been noted, and the elimination- V
that the new-order experience of term unemployed, those Who have- of miieh
price shaving at- the:
manufacturer

-—

higher than the second quarter's

personal

1.

dent

hours,

labor force.

of the

tons

follow

in

7%

at this time.

million

The
effect of -the - President's the recent pickup in shipments to
private- /discussion -5 w i t h
Mr; ( nonautomotive customers will be
Blough • can not be immediately large enough to offset September
assessed. But it shows that Presi¬ shipping losses caused by the GM

mean

new

no

group

-

the

back

now

increases

further rise in the index

.

normal aftermath of
With

he'

Model

.

production
should
stepped-up hiring.. Thus the
autumn and winter periodsr are
all 16 of its
Showed ."better readings' than at ; likely to bring ah appreciable de¬
the
recession, .low" in. February. cline in the seasonally adjusted
Many sectors of the economy I are unemployment rate, which so far
sharing in the rise; in other words, ; this year has been holding at just
index

pushed to
■

a

cession.

There,

it, in opposing steel price in-:

Oct.

trends, should soon begin
to yield. To .a. large extent the
advance in production, since Feb¬
ruary has been made possible by
a lengthening of the work week,
plus some increase in efficiency

'

Thursday.

'62

The statistical agency said that
September. Steelmakers attribute
strikes affecting General Motors
of, the market's lethargy to side ef¬
the
companies promised hot to fects of the auto labor hassle. Corp. have already taken about.
raise prices. Most cpmmented on* Once that's cleared up, they ex¬ a 20% toll of the 505,000 cars
adverse -earnings and other mar¬ pect. buying to step up.
*
: scheduled^ be built tl^is riioni^.
There is little likelihood that General Motors had accounted for
ket factors.
*
j .

yet

covery

in -the

Production of

Far Behind the Schedule Industry

as

touch followed
previous letters in
which he asked 12 major steel
companies not to increase steel
prices after the: wage increase

.

80%

will probably be about the same

25.4

This

,

fourth

Ingot production in September

White

the

the President's

-

terms of producing at. better than

to

August's 8,657,000 tons/Third
quarter production will be about

creases

gradually gained, moat
their disposal/ At the com¬
riientum;
w e e k 1 y
output/has^
climbed back near its early sum¬ parable stage -of the last cyclical
recovery, restrictive measures —
mer, level. It should
soon better
including an increase, in discount
the, earlier
rates
inasmuch
as...
Orders have been flowing to milts rates—already had been initiated.
at a brisk pace from a wide range
Outlook for Unemployment
of
users.
Impressed
by the
-Unemployment;.typically a lag¬
breadth" Of demand,, the steel in¬
dustry? is beginning to think in'; gard in showing response to re¬

:

Chairman

Steel

Blough

outlined his position, and reasons

taken by the monetary au¬
thorities through the,other media

but

S.

last

for

been

at

M.

House

are

from

U.

Roger

being maintained at about
$uto
$500 million, a benchmark of ease,
companies had become much of a
and
no
significant action of a
factor. The rise, in
before

even

,

..

of Federal Reserve member banks

period,

summer

rebound

Continuing
strongly indi¬
plus influences

favor expansion. The free reserves

showed considerable improvement

during

the

to

a

stretched international tensions.

*

industry

steel

is

t

retail

-

by dealers in reducing inventories
during
the < period
of
model
changeover and on the strongly

rising trend of personal income.

all

rise,

start

And

incomes

by

to

4

,

,

appears
to be building inven¬
tories, plant and equipment out¬
lays are
moving higher, home
building is trending up, and gov¬
ernmental spending marches for¬
ward at a pace quickened by re-

on

the good progress made

on

and

at work in the economy. Business

into the winter. Their optimism is

based

in

cated

will

remainder of the autumn and

should

autumn.

this
rise

confident
support
high-level output throughout the
weeks,

continue

demand

scheduled

fresh

still

ming of financial sail. It would
be
most
Unusual, however, for
consumer
expenditures and per¬
sonal income to stay apart over
an
extended period of time. If

work

substantial

further

is

families are still doing some trim¬

stoppages de¬
automobile in¬
prove
short-lived,
eco¬
activity should
show
a

dustry

recession

of

busi¬

financial conditions viz:

veloping * in
nomic

summarizes

York,

ness* and

BA2-16S2

.

engage' in the

business of-

1

underwriting and. distribution
of investment securities,

I.,

;

29

-

W-

^
'

.

.

6

(1334)

The Commercial and
Financial Chronicle

The

TAX-EXEMPT BOND MARKET
BY

DONALD

unsold

balance

D.

totals

MACKEY

Sachs &
Co.

and

headed

the

successful

In

the following tabulations we list the
bond issues of
$1,000,000 or more for which specific sale dates have been set.

group

—

bidding
quiet, orderly manner, state
and
municipal bonds have continued in demand during the past
.week. Although investor demand
a

has

been

direction,

the bond
further improve,

The

Chronicle's

for

moderate amount of retail

a

business

has

the

encourage

dealer

been

sufficient

to

tax-exempt

of
inven-

bond

an

extent

an

that

is

not

However, the Blue List of cur¬
municipal and state bond
offerings totaled only $367,997,000
reported

Although

yesterday

most

dealers

do

not

to

-

recouped
year

at

at

are

present

little

than

more

issues

scheduled.

has

There

negotiated

type

are

thus

was

far

higher than

an

of

extreme

are

mand

the

on

vestment

'

light
of

resources

should

Co.

the

was

this

current

the in¬

attracted

with

being
:

*

only

sale

of

various

general

Non-Bullish

school

obligation

district,

and

water

bonds. The award

revenue

was

split,

with

of

include,

group

Treasury' fi- -'
continuing scarcity

the

corporate bond
built-in easy

financing, the

policies
resistance
of

money

the

stubborn

to

economy

dynamic
heralded.

Although
been

even

the

turity carries

the

buying has

economy

through

the

spring

summer,

it

concern

is

being

ernmental

apparent

heavy

early

about

the

many that even
hand of government

recovery

not

envisioned

in

lag

Halsey, Stuart
Bank

the

varied

by the

gov¬

The

tachment. We believe that
the lag
will
continue and that,
by in-

the

New

Orleans, La
chkago, in.
New York City, N.
Y._-___
:

.

.

awarded

_

Co

"

Oct. 4
Ind

__

Mass

1.8C%

in

to

3.80%

.

in

Oct. 5

was

Oct. 9
Eastern Montana

Eugene,

an

*

—______

widespread.

a.m.

1963-1980

10:30 a.m.
11:00

1983-1981

11:00 a.m.~

1963-2000

4:00 p.m.

1964-2001

9:00

a.m.

1963-2000

10:00

a.m.

a.m.

Knoxville, Tenn.

&

The

10:00

a.m.

1962-1986

9:00

a.m.

'12:30

p.m.

'8:00

a.m.

11:00

a.m.

1,225,000

4,000,000
4,500,000
1,000,000
4,500,000
2,400,000

Universityf_____^

County, Va._—_—
Pcongi Pub. Bldg, Comm., Ill.__—
Port of Tacoma, Wash.:_^____'____
Get. 13

Oct. 16

Dallas, Texas

•

.

Nocn

1963-1981

11:00

•

2:00 p.m.,

"1963-1991;
1964-2001

11:00am.:

1962-1981

J,500,000

,fc

1:45

p.m.:

1262-1990

".

8:00 p.m.

25,000,000

.2,843,030

I

.

_.

,

1963-1985

Noon

\

:
Oct. 24 (Tuesday)
The turnpike issues
h^ve been Eig. Springs, Texas____2_____—_
1,125,000
quite active and have shown price Lafayette, La. •
1 Qfi4_1 QQ1
•>
1,000,000
Millburri Twp. Sch., Dist., N. J.___
improvementduring
the
past:
3,087,000," 1962-1935
week. The Smith,
Barney & Co. Portland, Ore. —_______________
3,500,000
1964-1983
Turnpike bond yield Index aver-:
Oct. 31 (Tuesday)
aged out at a 3.87% yield on Sept.
Ottumwa, Iowa
21. This was up about
1,750,000 -

Trust

Co.

associates

and

scaled

1963

to

to

point

a

from

week.

.

pike, Western 4.85s. Florida Turn¬
pike
3V4S
and
others-.
Indiana
Toll

Road

some

3V2S

selling

seemed

pressure.

Many

becomes

4.50% Tor

maturing in 1986.

Bid

seasonable.

rier

&

Carlsen

Asked

3.75%

3.60%

3.40%
3.45%

3.30%

1978-1979

Smith, Ark

„

,

3.35%

Nov. 16

Nov. 17

Staff

3.30%

3.15%

1977-1980

3.35%

3.20%

SAN

334%

1978-1980

3.80%

3.65%

1980

3.60%

3.50%

3y>%

1980

31/"%

3.45%

3.35%

1979

3.65%

3.55%

J.
Lucas has become associated
with Blyth & Co., Inc., Russ
Bldg.
Mr. Lucas who has been in the
investment
business
for

3.65%

3.50%

years

3.60%

3.55%

Sutro

3.3807%

FRANCISCO, Calif.

a

Co.

recently
In

Park

the

been
past

partner of Davies & Co.

he

with
was

Dist., Calif.

-2,320,000

(Tuesday)

Dist., Calif.

3,781,000

(Wednesday)

Angeles, Calif."—'___—___—
Minneapolis Special S. D. 1, Minn.

Lcs

;

a.m.

11:00

a.m.

1S64-1988

(Friday)

Los

;

10:00

1966-2001

1,750,000

Jan. 10

a.m.

(Tuesday)

Dec. 12

John

—

many

has

&

Los Angeles Co. Hosp.

(Special to The Financial Chronicle)

&

Rec.

Blyth & Co.

11:00

1963-1991-

17,000,000

16,815,000
Nov. 21

Cordova

1978-1979

Of

1963-1986

(Friday)

Dec. 1

Lucas Joins

•

35,000,(KO
1,250,000
1,500,000

(Thursday)*

Randolph County, N. C

3V2%

,•

-

Gmaha Public Power Dist., Neb.__

SecurLies Corporation.

3.05%

1977

Vl,500,000

Wayrie County, Mich

3.25%

1980

20,000,000

(Wednesday)

—__

;

1964-1983

(Tuesday)

Georgia State Highway Auth., Ga.
Lower Penns Twp. S. D.,. N. J.___
Orange County, N.
___r_

Street, members of the Pacific
Exchange. Mr. Price
was
previously with Fleetwood

3y %

=

Fort

Incorporated, 233

3.15%

3^%

Nov. 14

„

3.30%

1978-1980

3%

1,300,000

___—

Nov. 15

(Special to The Financial Chronicle)

DIEGO, Calif. — Henry
Lv
Price has joined the staff of Cur¬

4,100,000
1,500,000

Los Angeles Flood Control D., Cal.

Joins Currier & Carlsen
SAN

(Wednesday)

..____

Coast Stock

1978-1980
1980-1982

~

;

of.

tl;e toll road and other term reve¬
nue issues, should be more
active
as
exchanging for tax purposes

a.m.

8:00 p.m.

Nov. 8 (Wednesday)

Richfield, Minnesota

under

were

yield

NOV. 1

theprevious
Issues showing improve¬ Amarillo, Texas
included, Kentucky Turn-, Kansas City, Kansas

ment

10:00

___.

one-quarter

of

"

a.m.,

(Thursday)

3.20%, Pre-sale in-:
Tcxas (state of)—..............
stitutional interest I as been
good,
UnlverSlty of California..........
At present no balance is avail;
w T,
able.
:
.

r

1962-1981'

,

9,600,000

•

Oct. 19

-

1963-1997

•

(Tuesday)

Oak Park Sch. Dist., Mich.__
-

1963-1987

.2,110,000

_—_______—

-

1962-1991

•

(Monday)

Oct. 17

s.c4?d

11:00 a.nv

(Friday)

———

;

bonds

?atur?^l8^
from 1.40% to

1967-1991

a.m.

1964-1981

Montgomery

infrequent

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

1963-1991

Schuyler CSD, N. Y.
Township, Mich.—_

Grand Blanc

Indiana

10:00

Oct. 11 (Wednesday)

Frankfort

.

1962-1981
1963-1981

35,000,000

Disi., Calif.—

/

,

,

7:30 p.m.

4,500,000
1,000,000

__—

Los Angeles School

1S63-1973

(Tuesday)

Asheville, North Carolina--—__

1947 and interest in this is-"
was

sue

2:00 p.m.

11:00

1962-1991

2,314,000
2,200,000
1,000,000
1,100,000
7,000,000

*

I

_,

Oct. 10

obligation^

•

•

(Monday)

—-

Oregon

awarded yesterday to
dealer group man-' Beaver College, Pa

Illinois,

Noon

1962-1980

2,983,000

College, Mont.__

Edina, Minn.

borrower, had not been to market
since

1963-1987

a.m.

(Saturday)

Applied Science, Okla.__—____

aged by Glore, Forgan & Co: The
of

11:00

1962-1990

1,045,000
7

nationwide

State

1962-1973

Oklahoma State Univ. of Agric. &

well received and

genieral

2:00 p.m.

(Friday)

College, Pa
Oct.

largest issue of the week,
$100,000,000 State of Illinois vari¬
bonds,

a.m.:

1967-1991'

4

The

institution

a.m.

11:00

(Thursday)

Oct. 6
Juniata

1980.'

Week's Major Award

..

11:00

1964-1986

1,485,000
Hempstead Unified S. D., N. Y.___ / 2,709,000
Haven, Conn
10,228,000

.

were

1962-1981

2,500,000
1,900,000
1,140,000

______

^lciaer,

1962

s

.

(Wednesday)

___

:--t-—-

Kidder

1974-1975

_

8:00 p.m.
10:00 am.'*

New

the

to

3%

_

1962-1980

p.m/

.

33

Y~.j

1963-1978

,

Wis

-

Tues¬

on

"

•

Rapids,

■

"

_

September 27, 1961 Index:




in

Maturity

3%%

_______

Los,Angeles, Calif.j
Baltimore, Md
Cincinnati, Ohio

'

Co., Chemical

SERIAL ISSUES

Highway Auth., Gt~d.II 3%

'

were

coupon

3V2%C

Pennsylvania (State)______
Vermont (State)
New
Housing Auth. (N. Y., N.

2:30 p.m.

1,285,000

—_

,

of, the

A

Connecticut (State)
New Jersey

(State)

York

2.00%

1%

REPRESENTATIVE

California (State)____

New York

bonds

from

.

,

Wilmington,

by Halsey, Stuart
and
consisting
of

Inc.

Co.,

&

ligation issues totaling
$11,950,000.

by many
degrees of de¬

1982-1995

-1,400,000
1,200,000
6,000,000
3,000,000
1,286,000

SD, Iowa

&

high bidders for three general ob¬

and

MARKET ON

New

&

Drexel & Co. and

spend¬
incite the economic

ernment economists

others

to

press a combined total of
$3,375,000 bonds remains unsold.

spending. It has been

to

ing could

go

reported that
shown in gov¬

circles

in consumer

and

1% coupon and is

The 1984 and 1985 maturities
car¬
ried
a
1%
coupon
and
were
priced to yield 4.40%. As we

along

now

is

a

priced to yield 4.40%. The 1 brary
bonds were pjiced to
yield from
1.75% in 1962 to 3.70% in 1983.

progressively

consumer

lugging

the

approach

quality

-

prices to yield from 2.00% in 1983
to 3.75% in 1987.
The 1938 ma¬

and

1,640,000

8:00

Noon ".

.

managed
jointly
by
Bankers Trust Co., Smith
Barney
& Co. and Lehman Brothers.
The
school, .bonds
were
offered
at

termina¬

recent *

1962-1981

(Tuesday)

Seattle, Washington

of the

issues

$10,000,000

tax-exempt issues

nancing,

,

Upon offering,
of
the
bonds

_

was

4,690,000

Franklin U. H. S. D. No. 2, Wis.__

.

school district (19631988) bonds and $2,500,000 library
(1962-1985)
bonds-sold
to
the

of

1981.

sold.

The bonds

$2,-'

:

Other factors
tending to enlarge
the demand for
successful

in

1962-1981

'

Decatur, 111—

$3,000,000

bmelcts &

the

Tuesday, Sept. 26, the City
Detroit, Michigan came to mar¬
ket
for $32,250,000
through the

bonds

the

Wisconsin

-

bonds

4:30 p.m.

reof¬

upon

half

&

revenue

3.45%

ous

balance

Ind. Comm.

Newport News, Va.

.sold.

Nuveen

(1962-1986).

On

easily

the

than

more

1989

'

account headed

wide,

of

attractive is¬

absorb this prospective volume in
a
rising market.

tion .-of

and

2:00 p.m.

* 1,500,000
—

Dover-Sherborn Reg'nal SD, Mass.
Guilford County, N. C._

Tuesday's final issue, $5,000,000
Independence, Missouri, Electric
Light
Works
revenue
bonds

a

Even lighter than normal in¬
vestment
demand
could

Trend

1983

were

were

successful

interest

163,000.

sues.

Business

issue

institutional

de¬

banking

continue for

Des Moines

Securi-.
Corp., R. W. Pressprich & Co. only $1,077,000 remain in account.

4.00%,

industry,
competitive bidding

keenly

in

1961-1989

riaay;

County Comm. HSD 231, 111.

Indianapolis,

3.75%

1:30 p.m.
3:30 p.m.

(Monday)

Oct. 3

"•!»

Cook

Le Roy, New York

about

(1962-1982) bonds. A syndi¬

&

\r

„———___

& Co., Kuhn, Loeb &
Co.
Lehman Brothers. The bonds
were
scaled from 2.00% in 1963

to

many

Pierce,-,

Jacksonville,

extremely

-

day,
Sept.
26.
The
issue
was
underwrit¬
priced to yield from 1.60% in 1962

Fenner & Smith Inc., White, Weld
& Co.,; Stone & Webster

being readied for market this fall.
this

Birmingham, Mich
Kenosha> wis..-,-,—.—
Mesquite, Texas

■

Stuart

Electric

and Salomon Brothers &
Hutzler..,
Scaled
to
yield from 1.75% to

With

n

Co., bidding
alone, submitted the high bid for
$9,000,000
Pasadena,
California,

Turnpike

issues

4-u

.

Peabodv
j-eaoody
& Co., R. W. Pressprich & Co.
purchaser ,in very close bidding.
and B. J. Van Ingen &
Other
Co., Inc.
major
members
of
the,
The issue was scaled to yield from
group are Merrill Lynch,

definitely
although as

Expressway

,

1963-1981

3,400,000

Oct. 2

bidding. Also associated as
majors in this group are C.- J.
Devine
&
Co., Drexel & Co
Eastman Dillon, Union Securities
& Co., Equitable Securities
Corp.,
Goldman, Sachs & Co,, Halsey,

John

ties

Florida

oept. AM

Minneapolis, Minnesota

Tuesday, the Georgia
Building Authority

1963-1982

on

close

bonds

market

was

-

$31,452,000 school reve¬
nue
(1963-1983)
bonds. to
the
Blyth & Co. and Robinson-Hum¬
phrey & Co., group after very

fering

mentioned before both the Florida
and

Francis, Wis
Webster, Penfield etc., CSD 1, N.Y.

awarded

3.24%,

was

2,200,000
1,000,000
2,865,000

____—.___

St.

Bidding

rj,

on

School

A

Phelps,.

issues

scheduled at present,

the

Also
State

to

ex¬

Recent Awards

Fenn

large

no

losses

cate headed by Lehman
Brothers,
C. J. Devine & Co. and

inven¬

$240,000,000

been

now

present.

serial

further

new is¬
calendar. For the next month

new

the

interesting
and noteworthy issues offered for
sale.
On
Thursday,
Sept.
21,
Harris
County, Texas sold $9,000,000
Houston
Ship
Channel
Navigation
District
Revenue

tory because of the light

of

Index

that

Indianapolis, Ind.

and

Ac-.

mid-August.

ing viewpoint,
importance with

days.

accumulate

the

This week, from

Financing in Prospect
Dealers

the

ago

-

Very Light Volume of New

encouraged to

of

then about two points

daily offerings and total
inventory. A readjustment might
few

continuum.

since

meaning

between

a

most

perienced

be

apparent for

market

rep-re¬

cording to our yield Index,
tax-exempt bond market has

occurring at present,
bonds taken by dealers for mark¬
up
usually are not shown im¬
mediately and the Blue List may
lag in its normal relationship as

but

market

accurately

Close

im¬

.

.

more

the

sent

morning.

inventory in the
Blue List, this daily offering does
represent a fairly
constant re¬
lationship to inventories. How¬
ever, in a bullish run-up such as

sue

"

general

Sept. 28 (Thursday)

This

about

in¬

market

average

;

therefore

show all of their

be

would

However, the secondary market
offerings better represent the true
supply and demand situation and

rent

not

'

level.

at

present easily measurable.

seems

This

higher

even

bonds.

revenue

highly rated issue was reoffered
to ,yield from 2.50%
in 1962 to

at

"

tories to

as

-

ponents of Index) would indicate

rebuilding

1

Financial

high grade cur¬
rently offered 20-year bonds of
about one-quarter of a
point. The
bidding for new issues (not com¬

issue calendar has been light,

even

an

City
of
System :*

Supply

in 1996. Upon
reoffering
$1^/2
million bonds were
bond, quickly sold.
^
*■

and

exempt
averaged,
out

week.

$7,800,000

(1966-1996)
-

provement' for

particular issues. Because the

new

this

dicate

against indicated investor interest

tax

Index

Water

3.75%

Commercial

yield
3.38%

banks to bid up issues against the
level
of
current
offerings
and

will

Bond Prices Firmer

•

general, the market has

been
stimulated
partly by the
willingness of dealers and dealer

market

for

Detroit,

„

In

Thursday, September 28, 1961

.

Larger Issues Scheduled For Sale

Brothers, Goldman,
Phelps, Fenn &

Co.

.

about

$8,276,000.
Lehman

.

9,000,000
2,000,000

Feb. 6 (Tuesday)

Angeles Sch, Dist.,- Calif._____
March 2

Georgia State Highway Auth., Ga.

v

35,000,000

(Friday)
35,000,000

*

Volume

194

Number 6094

.

.

The Commercial and Financial
Chronicle

.

(1335)
planned, reviewed and related
other

measures

at

the

to

Presiden¬

tial level.

In Federal: Reserve

with

committee's
fractional
the

coordinating council, placing the

a

functions

reserve

in

the

hands

of

the

Board,

capital stock

ownership.

so

there's

He also favors

question

no

Commission

is

inadequate

considered the father of the
Re-

.•

this

to

'

in his first
inaugural ad¬
dress:

"W

shall
nomic

e

have

we

the need of

a

Com-

Commission,

a

Civil

seen

the

as

be

powerful

It is within the

<

as

present

to

historic,

tional goals which the

dations
are:

Marriner S. Eccles

.and

by

step

step

;...

./,

.....

be."

Nearly

tury

after

System
ing

Act

established the Bank¬

1935, ' sponsored

of

Franklin
about

a quarter of a cen¬
the .'Federal Reserve

was

D.

the

by
brought

Roosevelt,
basic

first

the System. In

changes

an

be

.

•

the

isola¬

recom¬

recom¬

.

frame¬

and
Credit
considered. -The
na¬

dealing

with

It also makes

The"

the

some

Presi¬
sugges¬

Commission

has

recom¬

some

programs.

ent

seek

of

adequate rate of economic

in

Commission

national economic

believes

policy is

national economic

that

statutes

in¬

an

tegrated whole and recommenda¬
tions

are

lationship

made

fiscal

and

as

to how the

Employment Act
stability as one

Open Market
The

In

order

the

that

field

most

of the

bring

-

the

sion

recommends

dent

consider

council

under

a

designatedby
work

so

held

of

that

the

up

be

its

that weekly meetings be
related
and
interested

However, the

the

in

mental

general
and

the open

market, the power to fix
discount rates and regulate condi¬
tions of member bank

banks

to

Federal
broad

to

„

credit policy. The open
are

the

rates

present
set

are

whose

Federal

purpose

ernment

must

". /

serve:

purpose

people

the:

cannot

•

time

governmental

discount

serve

its

Federal Re¬
Employment
Identical language

kets

are

regional

differences

rates

the

member

members

of

ineffective. Under these

Credit

mar¬

Board

national in character and

are

in

as

largest

well

of

ctegree

our

must

President

discount

NEW ISSUE

being,

be

and

1,000,000 Shares

eral Reserve System. It canno; be
attained by

that system alone, but

neither ;can it
the

First Mortgage Investors

be; react ed without

functioning of
our
and credit machinery.

proper '

hionetary
That

machinery must be steadily

perfected

and. co-ordinated

other

all

instruments, of

with

govern¬

;

1

•

:

/W

ment to promote the most produc¬
tive utilization of our human and
material

we

enduring prosperity

"

v

•

-/ - >

Only in that
hope to achieve and

an

y *V

resources.

way

*

"

can

maintain!
free

from

booms

disastrous

extremes

'

"I.

■■

of

and

that

and

depressions. Only, in
can our economic sys¬

way

tem

our

institu¬

democratic

tions endure."

Shares of Beneficial Interest

./Id

/../.•"!.

Big Government Held No Menace
:

Twenty-six years have passed,
more than a quarter of a cen-,

-•*'

.

or

tury,

since

Banking

the

Act

-

*

v

•

"...

*;

/

(Without Par Value)

,

-

.

*

*

.
.

i.

Price $15.00 per

of

-

•

.

-

-

•

share

1935. Many revolutionary changes
have taken place in nearly eve y

of.

•aspect
well
.

believe

our-own

throughout

as

economy,

tee

world.

Copies of the Prospectus

as

I

living in the most
revolutionary : period/in history.
•We are experiencing not only a
revolution in science, but a., po¬
litical, social and economic revo¬
lution
to

we-are

as

look

that

well. There is
away

exist

There is

a

who

cans

in

the

.

a

son

.

today.

sizable group of Ameri¬
seem to think that big

is our greatest men¬
They still believe,, as Jeffer¬

did

"that

century and a half ago,
government - is best which
a

governs

In

the

least."-

'

memory

of

any
as

State in which this announcement is circulated
may

lawfully offer these securities in such State.

realities

world

government
ace.

be obtained in

SHEARSON, HAMMIIL g CO.

tendency

the

from

may

from only such of the several underwriters

most




of

us

HORNBLOWERg WEEKS
bache g Co.

PAINE, WEBBER, JACKSON g CURTIS

hayden, Stone g Co.

Shields g company

blair gco.

?

Incorporated

GOODBODY g CO./

.

L. F. ROTHSCHILD g CO.

•

,

Federal

elected

WALSTON g CO., INC.

the

Reserve

appointed by the
confirmed

Continued

September 22, 1961

.

considered
are

banks,. whereas
the

econ^ie

security and stability. To advance
the country toward -this goal is
the primary mission of the Fed¬

be

they

by their Board of Directors, the
majority of which are elected by

by each Federal Re¬

Board.

Bank
These

attainable

economic

of

measure

the

greatest

of

mar¬

vested in the

Reserve

an
offering. No offering is made except by a Prospectus filed with the Department
of Law of the State of New York. Such filing does not constitute approval of the issue or the sale
-'
thereof by the Department of Law or the Attorney General of the State of New York.

(its)

.

is to gain for all

now

is permanent.

term

members

Discount Rate
At

York

the

to

This advertisement is not

plays
in
the
which the gov¬

of

di¬

by tion
Congress. It is recommended that

to-

Reserve

piace

Board, a govern¬
body, the three major
instruments of monetary

Building, he had this

relative

say

func¬

hands

the

dent Roosevelt dedicated the Fed¬

eral Reserve

would

its

committee rotate with the
excep¬
of the president of the New

specified

Reserve

1946,

the

committee

Federal Reserve Board and five of
the
Reserve
Bank
Presidents
whose terms on the
open market

borrowing,

eral

of

This

ket powers

to change reserve
-

Board.

rectly

The

limits

that

market

open

abolished and that
tions be placed in the

major instruments of gen¬
eral monetary
policy are the pow¬
ers to
buy and sell securities in

the

recommended

be

Major Instruments

within

is

present

their chiefs with the President.

member

of open

appropriate.

It

weekly
meetings
should
culminate in periodic
meetings of

of

use

'

These

and the power

normal

market operations in bills to
carry
out technical and seasonal
changes
in bank reserves is

department, and agency deputies,
supported by staff assistants from
the Council of Economic
Advisors.

requirements

will¬

interna¬
conditions warrant, to in¬
fluence directly the
structure as
well as the level of
interest rates
in pursuit of counter
cyclical
monetary policies and should deal
in securities of
varied maturities.

a

to

plan

and

be

and

-

Chairman

him

should

tional

Presi¬

setting

Reserve

ing, when domestic

needed co-ordination to make the
mandates effective the Commis¬

Act

be

monetary policy. Instead of rely¬
ing on a bills only
policy, the
Federal

about

use

I

recommends
of open mar¬

as the normal
and
most useful instrument of
general

Bank every two weeks
by
Board of Directors, subject to
directly review and'approval of the Fed¬

goals in the two

bear

to

Commission

the continued
ket operations

/Co-ordination
*

therefore recommended that

discretionary

Reserve Board for all
Federal Re¬
serve Banks.

include

concern, namely, the
serve
Act
and
the

re¬

might

measures

1937, when Presi¬

the

discount

pres¬

Commission's

on

monetary, credit

among

not

the

the

One of the most important rec¬
ommendations made by the Com¬

low levels of unemploy¬ mission is that Congress modern¬
ment, and reasonable price stabil¬ ize and make consistent the
ity. t ./
.•/
/ ./:,/' '•/.; legislative mandates which set out
The

time

does

At

national

uniform discount
rate be established
by the Federal

administering

these powers be confined
Federal Reserve Board.

Legislative Mandates

recommen¬

Commission

in

important
and
needed changes in the organiza¬
tion and functioning of the Fed¬
eral Reserve System, as well as
in the commercial banking system
through which it operates.

well

as

that, will strengthen
position and enhance its influ¬

mended

Money

of, the

agencies

growth,

shall. make it what it should

we

on

should

a

to write

upon,

of

mean

strengthen the nation's
private financial system and it
recognizes that monetary policy,
to be effective, must be supple¬
mented by fiscal ..and debt man¬
agement programs.
/.

work, that the Report of the Com¬

sheet of

paper

can

Commission

tions" to

survive./

economic

if

had

independence

the

a

dent.

mission, the Securities ' and Ex¬
change
Commission, and many

mission

we

its

ence

Aeronautics Board, a Power Com¬

more

Federal
economic

Re¬

inde¬

other

Reserve, rather, it makes

modified, not
as it might be
clean

of

problems.

munications

and

system

.may

Federal

the

greater measure of co¬
ordination.
The report does not
lessen the power of the Federal

political party, must grow bigger

eco¬

it is and

it

the

as

Reserve

and

mends

of expansion of national
sovereignty. In the world of to¬
day,- government,
regardless vof

deal

our

much

r

tion

dences

say

as

too

other government agencies. These
are some
of the more recent evi¬

System^

had

and

well

as

Federal

.

serve

national

mendations
the

historical background and current
need for change. Woodrow Wil¬
Federal

treatment

economic

pendent agencies., It indicates that

to Federal Reserve Banks'

as

criticized^ for

I should first like to consider

with

changing

retiring member banks'

labor power and balance of payments

son,

government
serve,

requirements. Mr. Eccles endorses proposal to have;
Chairman of the Fed and to make the
with his.

is

a

.

President designate the

term co-terminous

rate of

growth, and reasonable
stability. These same goals
should Ire made
applicable to all

price

tween the executive branch of the

open market

and

unemployment, adquate

a

policy should correspond with
the national
open market
policy.
It

goals and the Federal Re¬
calls for a much greater serve Act
does not contain a pro¬
degree of co-ordination in nation- ' vision
specifically
setting
out
al economic policy
which, in ef¬ these objectives.
fect, means much closer ties be¬

applying the Employment Act of 1946 to the

Fed, establishment of

i-xxcumsiances

rate

mission

rather, strengthens its position in dealing with the President. Other
deal

over-all

policy and it cannot be success¬
fully used separately.
The Com¬

recognition of monetary and credit policy for being (1) an essential
part of over-all economic national policy and (2) inseparable,
far. Eccles asserts the report does not lessen the Fed's
power but,
comments

most

important -aspect of
the report is tnat it
recognizes
that monetary and credit policy is
of necessity an essential
part of

the

incorporated simultan¬
of these statutes to
formulate the goals of a low level
economic

The

Msmber of the C. E. D. Commission on
Money and Credit and former
Federal Reserve Governor and Chairman lauds C. E. D.
Commission's

be

in each

eously

of

System ;Thf

By Marriner S. Eccles,* Chairman of the Board,
First Security
Corp., Salt Lake City, Utah

I

should

7

on

by
page

the
16

The Commercial and Financial Chronicle

Crown Zellerbach

DEALER-BROKER

Fahnestock

INVESTMENT LITERATURE

•

is

a

RECOMMENDATIONS
THAT

UNDERSTOOD

IS

INTERESTED

SEND

TO

—

Co., 65 Broadway,
6, N. Y. Also available

review of Red Owl Stores.

South

Spring St., Los Angeles 14,'

Supermarket Survey

Trade — Review—Bank
O. Box 6002, Mon¬

Canadian

—

Bulletin—
Broad¬

Filor, Bullard & Smyth, 26
way, New York 4, N. Y.

of Montreal, P.

Que., Canada.

Treasury Bond

Economy—Review—The
Fuji Bank,
Ltd., New York
Agency, 42 Broadway, New York

Japanese

Market—Report—

Aubrey G. Lanston & Co., Inc.,
Broad St., New York 5, N. Y.

20

Review — Orvis
Japanese Electronics Industry —
Brothers & Co., 15 Broad St., New
Analysis—Nomura Securities Co., York
5, N. Y. Also available are
Ltd., 61 Broadway, New York 6,
reports on Deltown Foods, Joseph
N. Y.
Home Co., and Rose's 5, 10 & 25
Japanese
Market — Review—Ya- Cents Stores, Inc.
Airkem,

New

New

is

an

New York

6, N. Y.

— Handbook for
containing 20 essen¬
tial points for stock traders and

investment,
investors

lyn Union Gas,

Borg-Warner

Tokyo, Japan — New
Street, New

Ltd.,

4, N. Y.
Review

&

bodv

—

2

Co.,

Study

Good-

—

New

Broadway,

sis—Greenshields

Engineering.
&

Underpriced Bond

Issues—Bulletin—Salomon Broth¬

State

to improve and expand the
services they offer to the

grams

thrift

of
A.

Charles

Co., Inc., 1516 Locust

&

Taggart

—

St., Philadelphia 2, Pa.

Grant

Corp.—Analysis—Hess,

&

Remington Inc., 123 South Broad

."A

St., Philadelphia 9, Pa.

Corporation—Report—But¬

Hertz

Blair

&

20

Inc.,

Co.,

New York

St.,

Broad

5, N. Y. Also available

&

sociation reached new highs in the

delegates,

ex¬

68th

York

New

of

fall

annual

con¬

Folder

—

up-to-date compari¬
son between the listed industrial
stocks
used < in
the
Dow-Jones
Showing

an

,

>

bank industry in

of

total

depositors,

number

rector, announced.

ings deposits and in home financ¬

Among leaders in the fields of
government, economics, public af¬
fairs and banking who will ad¬

ing. '■ '•

dress the convention are:

National

'

•

■

sav¬

Other industry

speakers include
President,
of Mutual

Hawley,
Association

W.

Samuel

Savings Banks and President, Peo¬

Special Speakers

Bank, Bridgeport,
William
Lumsden,
Vice-President, The Bowery Sav¬
ings Bank.
The
savings bankers will be
welcomed
by Quebec Alderman
David
Burns.
During a
closed
Savings

ple's

Lindley, special as¬
sistant to the Secretary of State,
who
will
discuss
"The Current
K.

and

Conn;,

Sen. Kenneth
speaking on "Emer¬
gency Problems on the Domestic
Steel & Wire.
-.J....
Scene"; Maj.-Gen. W. C. West¬ business session on Wednesday
superintendent of the afternoon the savings bankers will
Howell Instruments Inc.—Analy¬ moreland,
U. S. Miltary Academy at West hear
reports from a number of
sis—Funk, Hobbs & Hart, Inc.,
subject
will be Association
National
Bank
of
Commerce Point,; whose
committees
dealing
"Your Army — An Asset on The with such
aspects of the industry
Building, San Antonio 5, Tex.
National
Balance
Sheet."
The as
new
services,
taxation
and
memoranda

are

Steel

McLouth

and

Steel,

Acme

on

...

.

International

Minerals

Chemi¬

&

Report—Schwabacher
& Co., 100 Montgomery St., San
Francisco 4, Calif.
•
Corp.

Keating,

,

.

_

cal

Situation";

World

B.

Northwestern

—

will

bankers

savings

Reid,

R.

Thomas

from

also hear home financing.
civic and that considerable

It is expected
discussion will
the need among New

Electric—Analy¬
Inc., 507 Place

governmental

Ford:

Motor

Co.,
"Living

be

wil

Mun.Bd. Women's.

■

Over-the-counter Index

on

George M. Penney, managing di¬

Ernest

Co.—Analysis—

address

State,

800

127 savings banks will

the

attend

St., New York 4, N. Y.
Johnson

the convention with an
the current problems

will open

vention of the Savings Banks As¬

the state's

ler, Herrick & Marshall, 30 Broad

Howard

The

of

opportunities of the savings
New York State.
He is expected to report on indus¬
try accomplishments in the past
12 months, during which the 127
member savings banks of the As¬

than

More

sociation

Engineering

Aircraft

Grumman

the Association and also

and

people of the state.

Fair Stores.

ecutive officers and trustees from

Analysis

—

Bristow, President of
president
Warwick Savings Bank,

James M.

sav¬

ings banks will meet Oct. 4-5-6 in
Quebec to map plans and pro¬

;

Hutzler, 60 Wall St., New
York 5, N. Y.
;A:A":/
: 7A

•

York

of New

Leaders

affairs
manager, be held on
whose subject York State people for expanded
With
Govern¬ savings bank services and more
Jackson's Minit Markets—Report
d'Armes, Montreal, Que., Canada.
ment."-' A"A 7 ■v A
savings bank
branch offices
—Johnson, Lane, Space and Co.,
Three speakers from the fields
Bunker Hill Co.—Memorandum—
throughout the state especially in
Inc., 16 North Laura St., Jacksonof
economics
and banking-, will its smaller communities.
E. F. Hutton & Company, 1 Chase
ville 2, Fla. Also available are re¬
;
:
7
Manhattan Plaza, New York 5,
give their views. Neil J. McKinports on Lenahan Aluminum
N. Y.-Also available is a memor¬
Window Corp. and Lewis Business non, President, Canadian Imperial
Bank of Commerce, will speak on.
andum on Carter Products Inc.
i Forms.
"r"'.~
•'
A' ■■
"
"The Growth of Financial Irtstitu-;
Canada Dry—Analysis—Hardy &
Jewel Tea Co. — Bulletin -L Hill, > tions in Canada"; Professor Irving
Co., 30 Broad St., New York 4,
Darlington & Grn im, 2 Broadway, Schweiger, Associate Professor of
N. Yr
7 J/Av. aaaa^
New York 4,
' ;Ja'AA
Marketing, University of Chicago
Canadian Industries Ltd.—Analy¬
Graduate; School of Business, will'
'A
fJ
Lamar Life Insurance Co.4-Anal-„
sis—Royal Securities Corporation,
consider -"Evidence of the Contri¬
Ltd., 244 St.
James St., West, ysis—Equitable Securities Corp.; butions of Mutual Savings Banks"; Mrs. James N, Brownell, of Chas.
322 Union St., Nashville 3, Tenn.
>
E. Weigold & Co.; Incorporated,
Montreal
1, Que., Canada. Also
and Dr. Robert A. Kaj/esh, Asso¬
available are analyses of Consoli-. Libby, MeNeill & Libby—Analy¬ ciate Professor of Economics and has been elected President of The
dated Paper Corporation,
Great; sis—W. E. Hutton & Co.; 14 Wall • Finance,> New York | University Municipal Bond Women's Club of
New / York,
.She
succeeds Miss
Lakes Paper Company Ltd., Inter¬
St„ New York 5, N.% Y. V:•/. V Graduate School of Business Ad¬
national Nickel Co. of Canada Ltd.
Dorothy Root, of F.. S. . Smithers
P. R. Mallory—Review—Auchin- ministration, will view "The Busi¬
& Co., who remains a member of
and Texaco Canada Ltd.
ness and Financial Outlook."
rcloss, Parker & Redpath, 2 Broad¬
the Board of Governors.
Central Wisconsin Motor Trans¬
way," New York- 4, NAY.- Also
/
Also
elected
at
the meeting
port Company — Analysis—Loewi available is a chart analysis of
were:
Mrs.
Jeanne
S k i p p o n
& Co. Inc., 225 East Mason St., Technicolor. 1
;
Standard Kollsman —7 Report —
Peters,' of Adams, McEntee & Co.,
Milwaukee 2, Wis. Also available
Mattel Inc.^Analysis — Wode & John H. Lewis & Co., 63 Wall St.,..
Inc., Vice-President; Mrs. Helen
is an analysis of Lake Superior
Co., Inc., 1521 Cleveland PL, Den¬ New York 5, N. J.
Davis Kane, of Model, Roland &■

British Columbia

memorandum

Overpriced

Corporation—Anal¬

Calandra Photo Inc.

N. Y. Also available is a
on
High Voltage

York 4,

Federated Depart¬
Mead Johnson.

ysis—Cruttenden, Podesta & Co.,
209 South La Salle St., Chicago 4,
111. Also available is an analysis of

York office 25 Broad

Market

are

50

Co.,

Corporation

Republic

—

ment Stores, and

The Nikko Securities

—

Review

reviews of
Eaton
Manufacturing,
Lockheed
Aircraft, St. Regis Paper and F.
W. Wool worth and data on Brook¬
available

Also

Stocks

Japanese

—

Paine, Webber, Jackson & Curtis,
25 Broad St., New York 4, N. Y.

Market—Survey—Daiwa

Securities Co., Ltd., 149 Broadway,

York

Rubber

&

corporated and Food

Company

Armstrong

Japanese

ers

—

of American Cryogenics Inc.—Anal¬
York, Inc., Ill Broadway,
ysis—Courts & Co., 11 Marietta
York 6, N. Y. Also available
St., N. W., Atlanta 1, Ga.
analysis of Nippon Brewer¬
Securities

ies Ltd.

Co.,

Inc.

Purcell

—

Broadway, New York 4, N. Y. Also
available are reviews of Time In¬

America

4, N. Y.

Department Stores

Federated
—Review

banks.

Inc.—Report

Optronics

Co., 5455 Wilshire Blvd.,
Angeles 36, Calif.

First

*

*

*

developments ranging from world affairs to contributions made by
mutual savings

Davidson

Special

speakers known for their expertness will address bankers on latest

Calif.

WILL BE PLEASED
PARTIES THE FOLLOWING LITERATURE:
THE FIRMS MENTIONED

Los

maichi

Thursday, September 28, 1961

.

Annual Convention is set for October 4-6 in Quebec, Canada.

Turner-Poindexter

Adams &

treal 3,

.

New York State Savings Banks Assn.
Announces Convention Details

Corp.—Analysis—
&
Co.,
634

Mines

Cyprus

AND

Review

—

&

New York

IT

.

(1336)

8

Averages and the 35 over-thecounter^ industrial stocks used in
.

Club of New York

A

•

-the

National

Quotation; Bureau

both as to yield and
performance over a 23-

Averages,
<

market
year

period—National Quotation
Inc., 46 Front Street,

Bureau,

New York 4, N. Y.

....

*

Paper Stocks
rius

&

—

Co.,

39

Analysis

—

Sarto-

Broadway,

New

York 6, N. Y.

Petroleum Situation
Petroleum

—

Report

—

Chase
Manhattan Bank, 1 Chase Manhat.»

Department,

tan Plaza, New

Savings

&

District Power.

ver

York 15, N. Y.

Loan

Courtaulds Limited—Discussion in

Associations—

October

issue

of

"American

In¬

Analysis with particular emphasis
on Equitable Savings & Loan As¬

American Stock Exchange

sociation—Hooker & Fay,

ing, New York 6, N. Y.—15c per

vestor"

Inc., 221
Montgomery St., San Francisco 4,

copy,

Calif.

issue

Silver—Analysis—Wills, Bickle &
Company Ltd., 44 King St., West,
Toronto 1, Ont., Canada.

American Investor,

—

$1 per

year.

Also in the same
of

discussions

are

Build¬

the

2, Colo.

Milton

Strolee of California

..

Richards

Hill-

Co. —Analysis

Bradley

South

&- Co.-,- Inc.,. 621
St.,.. Los Angeles,

Spring

Calif.

_

-

;

.

Minerals Engineering

randum—Kerr &

Oil

—

.

.

4, Calif.;-

V\"/

Studebaker

,

Co.—Memo¬

Co., 149 Broad¬

New York 6, N. Y.

Inc.—Analy¬

sis—Mitchum, Jones & Templeton,
650 South Spring St., Los Angeles

-

Corp.,

R

a y e

11

e,

Clopay

Friendly Frost.

and

Uhlmann

Trade

Industry. National Union Electric

Also available are data on

Missouri Pacific—Memorandum—
&
Co.
Inc., Board of
Building,, Kansas City 5,

Mo.

Continent

Mid

Corporation

Systron

data

are

on

Trust

Stone, & Webster,
In¬

American

and

vestment Co. of Illinois.

;

turers

letin—De Witt Conklin

King,

Inc.;

Stock

Company—Analytical

brochure—

Labouisse, FriedCo., 211 Carondelet St.,

Weil,

and

Orleans 12, La.
Hannifin

Parker

request

Exploration

Drilling, and

Howard,
richs

on

New

5, N. Y. Also available is a
bulletin on Frontier Refining Co.

New

fProspectus

Broadway,

York

Ocean
Common

120

Organiza¬

-

Donner

General Electric.

Inc;

—

Analysis

—

randum—Norman

S.

Treasury

Diego 1, Calif.

Issues—Tables of

Aubrev G.
& Co., Inc., 20 Broad St.,

comparative yields
Lanston

—

—

Memo¬

Wesco Financial Corp.

—

Analysis

Broadway, New York 5, N. Y.

74

Trinity Place, New York 6, N. Y.

IIAnover 2-2400




;

Teletype NY 1-376; 377; 378

York

St., Chicago 3, 111.

Industries

—

Discussion

—

&

Co., 80 Pine St., New
5, N. Y. Also available are

discussions

of

High

Voltage

En¬

F.

Rothschild

Westinghouse
Chart

&

Electric

Co.,

120

Corp.

analysis—Thomson

—

& Mc-

Kinnon, 2 Broadway, New York 4,
N. Y.
Willcox

and Vitramon.

Schirmer, Atherton & Co., 50 Con¬
St., Boston 3, Mass. Also

G i b b

s

—

Analysis

—

Quaker City Life Insurance—Me-7 gress

^morandum—Woodcock,
Fricke
Broad

&

Moyer/ available is

French, Inc., 123 South

St., Philadelphia 9, Pa.

Corp. and

a

an

discussion of Draper

analysis of Florida

Water & Utilities Co.

The institution has more

5,000 stockholders.
show

Statistics
age

that

;

.

A ' /A

the'- aver¬

California family moves every
and one-half years. In the

three

population

the

decade,

last

by

California, swelled

State

in

for

the

Title
this

of

4,951,000

approximately

and

five

expected to enter the

million are

the

income and

gineering, Peterson Electronic Die

&

1

people

New York 5, N. Y.

Corp.

annum.

A;

2

Continued from page

than

C. Roberts Co.,

625 Broadway, San
U.

I

50

Vagabond Motor Hotels —Memo¬

—L.

Stearns

Troster, Singer & Co.

the Board of Governors.

—

Eisele &

Stout; & Co.,
Broadway, New York 4, N. Y.
Libaire,

randum—Chesley & Co., 105 South
Plant

of

Manufac¬

and

La Salle

Members New York Security Dealers Association

on

ot

continues

Roosevelt & Cross, Inc.,

7

Merchants

United

Morrison-Knudsen Co., Inc.—Bul¬

tion,

Smith,

Ola

Miss

President,

Analysis—Dean Witter & Co., 45
Montgomery St., San Francisco 6,
Calif. Also available is a review of

Girard

Control Data Corporation

dition

Prentzel,

Irene

M.

Co., Governors. In ad¬
to Miss Root, the retiringA
&

ward Iron.

'

Penington, Colket & Co., 70 Pine
St., New York 5, N. Y. Also avail¬
able

Primary Trading Market In:

Drexel

Wood¬

Montana Dakota Utilities—Data—
For Financial Institutions

Miss

and

Packard Corporation

—Report—Harris, Upham & Co.,
120 Broadway, New York 5^ N. Y.
Sunray

Miss Joan
Company,

Co., Secretary; and
of Drake &

Murray,

Oil—Data
—Joseph D. Goodman & Co., 1526
Chestnut St., Philadelphia 2, Pa.

way,

Boondas,

&

v7."

*

Treasurer; Miss Jeannette
of Dempsey-Tegeler

Stone,
F.

Thus,

1960s.

record

earnings seem assured

title

companies.

should increase

expanding

Security

its share of

characteristics

its
desired

market, ~and

capital stock has all of the
of

above ^average

appreciation, modest

income and

prospects for continuing
increases from time

dividend

to time.

7

•

vi

Volume

194-

Number

6094,.

.

The Commercial and Financial Chronicle

r(1337)

try who objects to such bites is

Deplores British Ford's
Wage Rise Agreement

ment's

policy is

labor

is

The

writer

West's foreign aid

favor

in

bias

compares

Communist

first official

existence

strike

garded.

compromise

an

productivity. Bitter experience has
taught employers that such prom¬

be

reached, the dispute has features

ises

has

which

arisen

claim for higher wages

a

hours, in flagrant dis¬
the British
Govern¬

of

regard

ment's official policy for wage re¬
straint.
The
fact
that
the
first

crete

major instance in which the pol¬
icy of wage restraint is disre¬
garded
concerns
an
American-

tion

owned firm is

It

is

likely

do

British held

pointed
that
of

as

out
a

firms

by

doubt

be

or

the

interests,

tary cooperation.
Sees Example Set for Other Firms
the

claims without

attitude,

be

that

attached

to

share

unchanged or declining out¬
gives them more satisfaction

an

put
than

much

a

more

that

would

increase

considerable
be

achieved

through higher productivity alone,
without

increase

an

in

labor's

relative share of the proceeds. The

thought that the prosperity of the
free

world

utterly

depends

devoid

con¬

people

on

elementary
enough to make

despair of the future of

one

kind.

The

trouble

is

that

do

so

of

is

commonsense

Company,

about

they

not

man¬

trade

are

fools

it.

Such

know

1

Chase

Plaza,

New

York

Manhattan

City,

members

F.

&

Co.

Securities

been

formed

Corporation

with

offices

at

Broadway, New York City, to

a

will

new

also

part

would

will

be

formed

■'

gates for unwarranted wage

which

Incor¬

Vice-Presidents; John L. Swasey,
Executive Vice

n v

estment

iate of the

se¬

curities

bro¬

kerage

firm.

He

is

Sylvan C. Coleman

Chairman

United Carbon
tor

of

the Board

of

Company,

of

direc¬
Dynamics Corpo¬
other companies.
He
a

General

ration

and

joined

E.

Hutton

F.

in 1928 and became

-

&
a

Company

partner ten

later.

years

Chicago Analysts to Hear
CHICAGO, 111.—Joseph S. Wright,
President

the

of

Zenith

Radio

Corporation, will be guest speaker
at

President; Ralph
Kennedy, Vice-President and
Treasurer;
Weather
Reinmund,
Vice-President and Secretary; T.
Stanton
Armour, Vice-President
and Assistant
Secretary; George
P.
Denny,
Jr.,
Chauncey
K.
Hutchins, John M. P. Thatcher,
Jr., George A. Easley, Jr., J.
Stewart Buxton, and William E.
Buxton, Vice-Presidents.
L.

banking -affil-

the

luncheon

meeting of the
Analysts Society of
Chicago to be held Sept. 28 at the

Form Passell & Co.
CLEARWATER, Fla.
vestment

business

—

of

Passell, 487 Mandalay, is
being conducted under the
of D. H. Passell &

name

The

to

A.

has
233
en¬

Shields

is

conducting

from

offices

a

at

securities business
195

President;

Howard

firm

Bruce

C.

Vice-President; and
Lederer, Secretary and

of

Earl

Broad Street
Broad

Capital

Capital Corporation
is conducting a securities business
offices

at

67

Broad

Street,

being

now

Plan

announcement

is neither

an

for

pany,

Union Commerce Building,

members

of

the

Stock

New

York

— Plan
Manage¬
Corporation has been formed

and

Exchanges.

engage

in

Officers

a

are

President

securities
Herbert

and

offer to sell, nor a solicitation of offers to buy,
offering is made only by the Prospectus.

All

were

formerly

Investment

officers of
Corporation.

September 28, 1961

250,002

con¬

The Andrew Jergens
Common Shares
(Without Par Value)..,

wages and shorter

hours, the pres¬
ent industrial dispute has arisen
is that the employers have made
their offer

conditional

on

the

ac¬

ceptance by the unions of the ter¬
mination

of

the

Price $23 per

existing

Share

arrangement under which
em¬
ployees are entitled to a ten min¬
utes'

break"

"tea

in

the

after¬

this practice of
interrupting work for ten minutes
Evidently

noons.

Copies of the Prospectus may be obtained in any State in which this an¬
circulatedfrom only such of the underwriters as may legally
offer these securities in compliance with the securities laws of such State,

for

a
cup
of tea must interfere
with
productivity.
considerably
Otherwise the company,
having
swallowed
the
camel
of higher

not

nouncement is

hours, would
gnat of this ten

shorter

and

wages

strain at the

minutes tea break.
What
main

is

interesting is" that the
why the union con¬

reason

cerned resists this condition is the

basic

Hornblower & Weeks

,

demand

that

Blyth & Co., Inc.

characterizes

W. E. Hutton & Co.

since the War—no strings must be

attached
receive.

Merrill Lynch, Pierce, Fenner & Smith

Lazard Freres & Co.

Incorporated

any concessions they
Benefits
from
higher

Paine, vWebber, Jackson & Curtis

shorter hours must be

unconditionally,

not

Smith, Barney & Co.
Incorporated

in

Hemphill, Noyes & Co.

return for concessions making for

higher productivity. It is true oc-.
casionally this principle is disre-~ "




Harriman Ripley & Co.

Goldman, Sachs & Co.

to

wages and

conceded

Glore, Forgan & Co.

Incorporated

the attitude of British trade unions

.

F. S. Moseley & Co.

A. C. Allyn and Company

Bache & Co.

Incorporated

Reynolds & Co., Inc.

Weiss,

Peter
Executive Vice-Presi¬
dent; and John P. Benjak, Clerk.

of these securities.

New Issue

M.

DeRoetth,

Planned

any

St., to

business.

Treasurer;

put

higher

con¬

Management Formed

with offices at 275 Congress

affiliated with McDonald & Com¬

Midwest

City.

is

under the firm name of
Rich Ruth Investment Associates.

ment

McDonald Adds Three
CLEVELAND, Ohio — William J.
McLaren, Richard D. Schulenberg,
and Jay H.
Sload have become

Street

Ave.,

ducted

BOSTON, Mass.

Treasurer.

why, in spite of the
of Ford management
claims

firm

Co., Inc.

Middle Street

name

Bernier,

reason

concede

H.

now

Now Rich Ruth Inv. Assoc.

concerned.

willingness

in¬

business of Jack D. Rich, 332 East

Earl Brand Opens y
PORTLAND, Maine.—Earl Brand

Management Company.

is

The

flationary measures, to the detri¬
ment
of
Ford's
and
everybody

The

David

Investment

Brand

from

turn might
stringent disin¬

„'

i

in

more

of

as

'

porated/the

Markowitz

New York

a

dis¬

Borland,
President; James'C. Hutchins, WilSimkins, W. Edwin Stan¬
ley, and Julian C. Stanley, Senior

the

of the bites.

Not

be

corporation,

lard S.

under

them—before, during and after
feeding;—and to demand feeding
on an increasing
scale regardless

This

Midwest

Officers of the corporation will

gage in a securities business. Bert

de¬
sacred
right to bite the hand that feeds

coun¬

and

Co., 231
members

and

be William H,
Mitchell, Chairman
of the Board; William F.

Hutton

Form Sun Securities
Sun

are

Any advanced

Street,

York

Exchanges,

porated,

no

any

strings attached. They
to uphold their

Salle

New

Octobengja.

was

Cole¬

E.

La

the

Mitchell, Hutchins &^Co., Incor¬

Midland Hotel.

dangerous.

of

announced.
is

Mitchell, Hutchins &

solved

Ex¬

change, it

of

South
Stock

of

the New York

Stock

.CHICAGO, 111., — The partnership

FRESNO, Calif.—The investment

termined

disadvantage
compared with Ford. Quite possi¬
bly, therefore, the decision of the
Ford subsidiary ta disregard the
official policy will open the flood¬

necessitate

of

no

To increase labor's

are

unfair

an

cessions,

hope for raising
the
standard
of
living of their
members unless productivity is in¬
creased.

To Be Corp.

been

are

their

on

to

be

can

they

- increase
and
definitely con¬
ceded, with or without strike, it
will no doubt set an example to
British firms. They may feel that
loyal observance of the wage re¬

them

they

there

has

President of

the

Trade
recognize that

to

Coleman

elected Chairman of the Execu¬
tive Committee of E. F. Hutton &

man

sphere,

productivity.

refuse

C.

'

wage

shorter hours

straint

as

obtain satisfac¬

unions

and

any

no

support of official policies the suc¬
cess
of which depends on volun¬

can

strings
benefits
given, characterizes the post-War
mentality of recipients of benefits.
In the international sphere under¬
developed peoples insist on the
application of the same principle.
They consider it their birthright
to
obtain
expensive
assistance
from
advanced
peoples without

longer rely
the loyalty of such firms in

Once

they

to

men

must

occasions

American

non-British

Government could
upon

noi

future

on

are

of their

This

result of the acquisition

large

other

will

on

mental

Neutrals

by the parent
laist year, to claim that
were right in resisting the
It

paper

concessions,'knowing

that

Sylvan

Mr.

principle of wage concessions with
no strings attached is
highly detri¬

Analogous to Underdeveloped

stocks

transaction.

they

used

company

they

the

domestic

unionists

by those
who
had
been
opposed to the
granting of Treasury permit to
authorize the acquisition of the
be

worth

ceding anything at all.

matter for regret.

a

to

not

are

written. But when
the unions find that the employers
are soft, they do not even bother
to make such promises and cer¬
tainly they do not make any con¬

notwithstanding
the
willingness of the management to
and shorter

cannot

any

which deserve special attention. It

concede

the

overcome their resistance
other way, they are pre¬
pared to make vague promises to
cooperate in an effort to raise

in

elev¬

should

en¬

the

Mitchell, Hutchins

Elects Coleman

even

Dangerous

hope to

in

entitled to remain
between those who help
are

.

on

and

latter

The

E. F. Hutton

Calls Such Labor Leaders

unions

employers

be

loyality to those who

recipients.

who

resistance

tough

of

part

the

When

counter

innumerable

after

unofficial strikes. Even if
enth-hour

the

they

accepting

leaders

union

must

of

that so-called neutrality is biased
in favor of the Communist
group.

productivity concessions are termed dangerous.

LONDON, Eng.—At the time of
writing it looks as if the British
subsidiary
of
Ford
Motor
Co.
would
experience
a
full-scale
its

nations

Trade

bloc.

assistance

ing by India's recent attitude
.

to increase their pro¬

neutral

to

spirit

down the drain without
expecting any gratitude for it in

In

eschew

strike—the

conces¬

without strings attached and pursuing a policy of
the

of

this

the

them and those who try to reduce
them to the status of vassal.
Judg¬

by the auto firm in disregard of the Govern¬

measures

with

ac¬

colonialism.

poured

neutral

repugnant to Dr. Einzig as the fact that British

as

successfully able to resist

ductivity.

occur appears

precedent-making higher wage and shorter hour

sions have been made

times,

feel

making in the American owned Ford affiliate in Britain.

The fact that

imperialist

accordance

the

help

Einzig feared in his column last week would

to be in the

In

of

the form of

By Paul Einzig
What Dr.

cused

9

Shearson, Hammill & Co.

■1

10

The Commercial and Financial Chronicle

(1338)

ment

Savings and Loan Units
Must Diversify Activities

buildings, and

house is

word that is

—a

There

is

Loan

structures

the

With

the

of

abatement

the

housing

specialized

boom,

housing and other construction have grown accompanied by oppor¬
in

tunities

|

lending.

specialized

includes

review

Knapp's

Mr.

the

loans

development

renewal

urban

and

opportune areas for Savings

work

additional

as

starts in

Better Interest Return
There is

I should

locating

single-family

beefing
finds

of this

use

earnings.

up

interest

rates

In the

loans

returning
formed

of

there

obvious that the market for

is

& Loan Association lending.

homes, both new and old, has
changed. Pent-up demand created
and developed during the depression, then the ^var, seems to be

1

are

beginning to look

attractive

the

has

that

families.

will

might find at least some
lending opportunities other
we have traditionally

than

ket brought about by the

pursued.

general

our

those

re¬

If

we

quirements and the stretching of
terms. Yes, I think it is safe to say
that any who have had a real de¬

tion

•

as

lowering

sire to
had

of

own

only

down-payment

a

home and who have

modest

a

accumu¬

sum

lated, together with reasonably
good income and a steady job,
Higher

vacancy

ratios,

the

in¬

"on the

creased number of homes

market," the expansion of classi¬
fied advertising, the extended pe¬
riods of time it takes to "sell," all
are

dramatic

evidences

mand well taken care

look

must

to

formed, by

new

new

of

de¬

a

Qf. Now we

markets

to

be

family formations,
move up slowly

these destined to

from the rather low rate

have

we

experienced in the last few
until

the

reach

we

next

three

four years

or

be

must

years

the

beginning of
"explosion"
hence. And we

population
tuned

in

closely to the

changes in buying habits and liv¬
ing habits of people as they occur.

are

-

to maintain

the

lender in

number

our

posi¬

our

home

one

communities in this

competitive environment, we
must keep abreast of the changes
new

in all facets of real estate and real

estate markets. We must be
of the
out

have been accommodated.
-

fun

aware

changing landscape growing
activities of urban

of the

re¬

newal, the effect of the interstate
highway program, and new ex¬
pressways.
Changes -in the resi¬
dential
picture bring with it
changes in the needs of home
for

schools,
churches,
stores, and shopping centers for
recreational needs such as bowling
•alleys,
theatres,
skating
rinks,
swimming pools,, and clubs. And
the
continuing mobility of the
American people and the changing
highway picture have created a
owners

for

need

new

facilities.
toward
office

motels

There

is

and

also

neighborhood

buildings

and

dining
trend

a

low

-

rise

professional

For

bia,

v

than ten years we
the expansion of subur¬

with its

churches,

new roads,
schools,
shopping centers and

with

of

most

it

involving singlefamily homes. In some areas, it has
reached
what

out

so

far

folks

some

strain." What

once

to

as

call
was

cause

associations

nancing
course,
as

we

want to

realize

our

been

home-fi¬
a n

d,

that

bf

.

continue this

principal activity. But

our

must
of

have

institutions;:

there

are

we

those

population who do not

care

"suburbia

to

own

pleasant

in

apartments, who want5 elevdtor

a

homes, whoLprefer to live

and fast ride from home out in the

service, air conditioning, and upcountry to the office in town now
to-date equipment and service of
is an experience of
fighting con^
gestion most of the way. It is no every kind. Some like the town
wonder

then

that

closer-in

areas

house,

some

the high-rise apart¬

must

we

Need

for

but

a

Specialized

Property Loans

there

field

well

many,

as

valued

a

service to

fered

necessarily fit us to
Especially trained
help, particularly in the appraisal
field, may be needed and a little
special training of personnel in
in

engage

our

.

and

hurt.

But

all

this

of

is

small

a

let

price to pay for keeping abreast
of and being able to participate in

portfolios might be

a

are

stricted to the amount of loans
make

can

on

specialized

ties. Federal associations

tion

have

some

der their laws.

partment tells
for

1960

Our

me

our
was

in

we

have

I

we

quite

research

re¬

fied

we

gov¬

pleted

es¬

type

of

ahead.

years

be

doing

greater

a

development loans.

amendments have

and

they

now

or

asso-

are

also

on

com-,

the

loans.

associations in urban renewal

work. Urban renewal will
a

tremendous

loans

as

of

source

well

loans

full, well that using
figures has its disadvan¬
tages, for some institutions may be

opportunity
render

as




-

home

for

on

business

our

great

to'

public service
the people of America.

to

legal maximum now—par¬
ticularly where they have been

The

a

latest

available

show that there

purchasers of substantial amounts

participations in one- to fourfamily units outside their regular
lending areas. For federal associa¬
tions, the combination of'- loans

United

projects in the

States, of which approxi-.

mately one-half

in the

are

execu-.

tion stage. These programs involve

approximately

falling within, the 20% of assets
limitation and participations in

$2

eral money. This
to

the

tremendous

of

Rhoades
1961-62
P.

Alan Kenneth

Co., President for the
He succeeds Albert.

year.

Gross

of Bear,

Stearns & Co.,

who has been named for.

yeaF term

Gage

on

three-

a

the Executive Com¬

mittee.

>.

-

fed¬

is only basic
amount
of

complete

these
;

-

urban

Mr.

Larkin

is

a

registered

rep¬

resentative and has been with the

and the mutual fund

re¬

department.

Other officers chosen

:

Frank

"

were:

Dunne,

Jr., Vice-Presi¬
ecutives
c a n
m a k e
' a
great; dent; Merrill Lynch, Pierce, Fenner &
Smith, Inc. \
contribution to urban renewal by
David Bell, Secretary, Gruss &
accepting,appointments on urban,
•
•<
: ' ;
renewal commissions, urban de -_ Company. •_.*«
Alan K. Gage, Treasurer, Parvelopment commissions, or what¬
-

Savings and loan association

ex¬

they may be knoWn as in.
community. Savings associa-.
executives

ever

have

the

We

have

a

tremendous

rish

oppor¬

get

to

-

the

h '
•
Executive

.

M.

Schuhmanrt, Bache & Co.

Branch Mgr.. for Sutro

They,
look for housing-accommodations
can

;•

named

duPont & Co.; Leonard Marshall,
Harris, Upham & Co.; .Leslie Phil¬
lips, Josephthal & Co., and Donald

where they v/ill not be lonely and

they

Co.

were:
Leslie Fourton,
Hayden, -Stone & * Co.;
Gordon
Price, Laird & Co.; Albert P.
Gross, Bear, Stearns & Co.; Leon
S. Herbert, Jr.,.Hayclen, Stone &
Co.; ! George
F.
Knakal,
F.
I.

percentage of the population, are
actively seeking places to live,
where

&

Also

Committee

know-

tunity in the field of housing for
the
aging. Elderly people, who
regularly are becoming! a larger

Incorporated

&

firm
25' years.
He is presently
.equity investment and mortgage
of the branch ; Offices
loans required from private indus-.. Manager

newal projects.

having been placed

billion

sum

Bell

David

figures

approximately

are

900 urban renewal

of

to

<

care.

HUNTINGTON,"
Prior, is

tailored to their needs. Many have

September 26, 1961

Jr.

larger'
structures. It also will provide an

realize

Kuhn, Loeb & Co.

Frank Dunne,

provide

Housing for Our Senior Citizens

i«

w

lending,
chang¬
ing housing market should involve
deep consideration of the role of"

Sinking Fund Debentures Series D

•.

\T

our

now

N„. Y.—Mayer M.

associated with the

investment firm

of Sutro Bros. &
backlog of ourchasing power ac¬
cumulated
through savings, an-; Co;y members of the .New York
Stock Exchange and other
prin¬
nuities^ investments,- and sale of.
existing homes. I know that much cipal1 exchanges, as Manager of
the Huntington, L. Ij office located
of what we, read about the elderly
a

V.f J

Larkin

program as a result of the

reach maximum limits.

(Par Value $100 Per Share)

-

Leo J.

Renewal Program
A re-examination of

de¬

that average,
bit of leeway be¬

6Vi% Cumulative Preferred Stock, Series B

V

.

fully developed lots.

50,000 Shares

»*V»I

.

simpli¬

due September 1, 1986

r-

Customers'
Brokers
held
their
annual election Sept 27 and chose
Leo J. Larkin of Carl M.
Loeb,

Opportunities in Urban

on

Company

of

un¬

about 7% of loan

■

this

authorized to make loans

average

up

in

procedures for federal

our

a

f

.

Association

needed.- In any event,
the fact that

should

ciations,

that the overall

business, at

the

growing market estimated

a

We

of limita¬

specialized

Therefore, based
fore

rules

institutions chartered

on

of

overlook

nually in the

by the basic statutory 20%
assets
limitation, and many

of

are

volume of land

erned

states

Members

"

proper¬
are

trained

not

Recent
we

Loani

to range from $8 to $15 billion an-

good thing.

Generally speaking,

and

'

mortgage

our

follows that personnel

us

this is

changing markets. We need to
keep funds invested, and a little
in

Savings

Chicago, 111.

'

'

diversification

it

pecially
lending

lending departments wouldn't

$12,500,000

t

;

might
well
have
arisen
through use of inexperienced personnel. This
type of lending is
different than mortgage lending

it.

how and the experience to see that
the job is done well.

A

our senior citi¬

Elect Officers

their

always felt that,
if others .can succeed, there should
be no reason why we couldn't.
Much of the grief we have suf¬

tion

'

1960's,

Customers Brokers

par¬

your

j

the

► ■

League,

experiences,

been

homes doesn't

•

5%%

newly

that

and

customers. I have

privately through the undersigned.

Puerto Rico Telephone

have

Making loans
on
specialized
properties, of course, has its pit¬
falls; and the experience we have
gained over the years in financing

matter of record only, these' securities

NEW ISSUES

this

in

have had rough

some

try to
as

for

and

In

States

illusioned

ticularly commercial banks, who
have found it quite profitable as

.

This announcement appears

war

was

homes for the retired
or, as some
zens.

managing officers have been dis¬

fi¬

to

prepare

specialized types of
living facilities being demanded.

portfolio

Traditionally, savings and loan

more

seen

it

be

prefer to call them,

vicing may be a little lower. So,
an appeal not to be overlooked is

nance the new

end of

Home Demand Diminishing

have

shelter,

average

buildings.

"Suburbia Strain"

was

and

increased emphasis
homes, apartments and nursing

on

most loans of this type are larger
than home loans, expense of ser¬

ceased to be the exclusive type of

we

of

through the expansion of the mar¬

:

raised

been

of

cutting the grass
faded. All of which suggests

and

rather well satisfied. The same can
said
for J d emand
created

l:

more

particularly

some,

families" have

when

-be

(j.
*

to

little

a

1950's

veterans

•

It

defense

workers.- In the

this type just a little higher than
on
loans on homes. And, since

one-story

will

1940's, the emphasis

housing for

on

lending in
Often one

on

that

units

tirement market."

other point I think

one

make in

That is the

something

in

1961, it is estimated

be purchased in the so-called "re¬

,

suggesting con-'
sideration of this type of lending.

apartment

want

increased 25%.

1,250,000 housing

Finally, in the Housing Act of
profitability of this type of. 1961, Congress gave us new tools
Our business was founded at a
in the
lending, again warranting the ex¬
trade-in, urban renewal,
time when most of the population
tra effort required in getting pre-* housing for the
aging, and busi¬
lived in one-family homes and it
ness development
•.pared for it.
/
•
/\
provisions. •
grew as it financed families into
We have tremendous opportuni¬
♦Alt' address
ownership of "those homes.
But ties in the
by Mr. Knapp at the
property improvement Specialized
Lending Clinic sponsored by
when
one-family
houses
have
-lending field.- I know that some the United

Further, the loan official calls attention to neglected areas of

land

as

over 55 has

the

remindfully refers to the success of commercial banks in this

area.

of

buildings in suburban areas where
vast parkjng facilities for em¬
ployees are available.

growing opportunities in the property improvement lending field

and

people

Of the expected

approximately 200,000

and

industries

pitfalls and experience gained in making loans on specialized proper¬
ties for admittedly a type of lending that beefs up earnings and
requires some extra effort in getting ready for it. Mr. Knapp, also,
sees

People

four-family units' outside
lending areas cannot

exceed 30%.

good-looking to the eye.
Our run-down cities just won't do.
Business, too, is changing and ex¬
panding, and we find brand-new

of

types

well

as

Thursday, September 28, 1961

.

their regular

broadening interest

a

.

becoming better

aesthetics

homes.
new

to

one-

ij

in

& Loan Association, Pittsburgh, Pa.

the row

back. Today

known.

By C. El wood Knapp,* President of United States Savings and
League, Chicago, III., and of the Friendship Federal Savings

even

the way

on

hear the word "condominium"

we

.

,

would lead

one^to believe they are;

entirely dependent on-the govern¬
ment. This just is. not true. During

the past ten years, the number, of

at
.

417 New York

Mr.

Prior

was

Avenue.

formerly

1

*

'

.asso¬

ciated with the firm of Francis I.
duPont & Co., for nine years.

Volume

194

Number

6094

.

.

The Commercial and Financial Chronicle

.

(1339)

Experience

Government Loan Insurance:

case

7

-

,

L

.

'

■

;'

.

'•*

■■

•*

.

The Ohio State University, Columbus, Ohio

v:

*..*•

■"

./

Ohio

••

.

economics

:%..*#

and

ance

as

involving housing,

in turn, a host of

coordination

and

business

cross

them

.

..

with

erans' y
Urban

They

guaranty
have mushroomed more

programs
less

or

now

There

haphazardly.

are

departments
and

agencies
administering
plans under

policy.,

which

that

are

done.

g overnment

stipulations

other

-

Frances W. Quantius

and

various
have

most

government

the

part

programs

uncoordinated.

been

Fre¬

been admin¬
istered in a manner incompatible
with Federal Reserve policy.1 At
quently

they

have

Administration's program was lib¬
to

payments
under

its

permit

down

insured

regular program and to

extend the maximum

these

lower

mortgages

on

mortgages

maturity for
to

30

from

.

Atomic

••

Although

no

one can

be

of

sure

any

Commission

Insurance

of

period on new homes in
$11,000- to $15,000 range. In
schemes

are

under¬

extensive guaran¬
loans and of
business capital loans to modern¬
ize and expand small and medium
sized firms. ' And Export-Import
Bank
officials
promise a more
comprehensive program for guar¬
anteeing both commercial and po¬
for

more

agricultural

risks

credit

litical

for

States exporters.

United

V f

■

"""This proliferation of insurance
and

guaranties makes revalua¬
tion imperative.
Probably there
little discussion of in¬

has been

so

surance

operations

ministration

lowered

their- tive.

the

—

r

credit

and

with

policy.

Federal

This

been

veterans, and has
decorated ^by the Italian

Government.
Giovanni
Gronchi,
President of the Italian Government, recently promoted him to

the rank of Grand Officer of the
practical problems 'associated: Order of Merit pf the Italian Re-

Reservej the

appears

i

membership

of about 4,000

to be: with

the

of

ad¬

because
various

pro¬

has not been concentrated
in any one spot and because the
insurance
plans usually involve
contingent liabilities 2 rather than
additional government appropria¬

schemes

new

banking viewpoint on-current in¬ review
surance

programs:

There

is

underway, constants

of the insurance
programs1

'

tt

xt

***

™euWll*th Co. Opens

an-

r

•

f*

n

and

.

-

.

.

.

#

,

struction

loans

equal

to

75%

of

has

with

offices at

Boulevard, to
rities business.
cent

P.

141

West

engage

in

Partners

McMahon,

JacksonWILMINGTON, Del.—The
a

'secu-i.ment. business

are

Vin-

Jeremiah

of

S.

L.

Co., Hetzler Building, is

J. r ing

conducted

as

a

been

.

tonnage and knot speed.;

gross

Another

significant

is' the

program

business

Small

Administration's

Business

deferred

This is

not an

offer oj these securities for sale. The offer is made only by the Prospectus.

loan

participation

plan to help small
obtain
adequate
capital.

lending bank, at
a

stated

NEW ISSUE

■

.

'

:

'

fixed percentage of the
outstanding loan balance, ordi¬
narily
not
exceeding
90%
or
$350,000. There are arrangements

•.

for

number

325,000 Shares

a

to

concerns

to

"

time during

any

period not to exceed ten

years,

a

'

•

to purchase from the

of

small

obtain

business

pooled loan

a

establish corporations for mis--

cellaneous purposes.
to

set

Other loans
and expand small busi¬

up

nesses

insured

are

erans'

by

Administration.

business

loans

to

be

the

Capital Stock

Vet¬

(Par Value $1 Per Share)

Finally,
employed

abroad are insured by both the
Development Loan Fund and the

Export-Import Bank.
Likewise
sector

in

loans

number

of

ments.

*

the

are

insured

agencies

The

insures

by

•

Price $ 11.25 per share

a

depart¬

and

Farmers'

ministration

:

agricultural

Home

two

Ad¬

general

tions requiring Congressional ap¬
proval.
•
For the most part the guaran¬

loans

ties and insurance affect the

soil and water conservation loans.

announcement is

nomic sectors of housing, business,

Other

the

and

the

.

eco¬

agriculture. One finds several
departments separately insuring
the same or similar types of loans.

most

and' probably

earliest

The

familiar

Housing

types of loans
to

develop

—
farm ownership
purchase, enlarge, and
family type farms and

farm

loans

Veterans'

are

insured

Copies of the Prospectus may be obtained in any State in which this
circulated from only such of the underwriters, including
undersigned, as may lawfully offer these securities in such State.

by

Administration,

Commodity
Credit
Corporation,
and the Departments of Agricul¬
ture and the Interior.

program

Federal

under which not
gage

loans

are

is that of the
Administration
only home mort¬
•

insured but also
property im¬

Diffuses
'

Federal

Actually

the

Reserve

insurance

as a

provement, mortgage loans on co¬
operative housing projects, and

it affects the cost and

mortgage loans on rental housing

tential

ing mobile home courts.
1

Saulnier,

>ral

Lending

tional

1958,
2

The Vet¬

Halcrow, and Jacoby, Fed-.
and Loan Insurance, Na¬
of
Economic
Research,

Chapter

loans to specified
borrowers.

grams result in

government

over

the

Break,

G.

F.,

Association,

The

Economic

196ly*p. 4ii




• *

Impact
Plan¬

*

'

types of

Thus

the

po¬
pro¬

diffusion among
departments of the

cost

so

a

and

availability
in

itself

is

A. C.

Wertheim & Co.

Allyn and Company

F. S. Moseley & Co.

i

.

Bache & Co.

Incorporated

of

are.

William Blair & Company
Estabrook & Co.

not

problem when various

policies

Hemphill, Noyes & Co.

a

Diffusion

much

credit

Chas. W. Scranton & Co.

availability

kind of power held by the Federal
Reserve
central banking power

credit.

V.

serves

selective credit control in that

Bureau

yf Federal Loan Insurance, National

ning

of

Kidder, Peabody & Co.

Power

feature

attached to the above loans

renovation loans for

projects of various types includ¬

now

be-

completed; a mortgage' mand to withdraw funds from' in- Nolan, and John J. Nolan, Gen-"
Stephen L. Sutton, formerly probe insured not
exceeding
eral
Partners,- and
J., prietor, is President, and J. Grier
Joseph
3 Saulnier,
87%% of the actual cost of the
Halcrow, and Jacoby, op.,
Crilly, Limited Partner.
construction
and
Ralston, Jr. is Secretary.
varying • with cit., Ch. V. ' —-

grams

.

invest-

Sutton

corporation.

may

SB A agrees

of

standards.

.

firms

ties

that; the investment firm's representa-He - was
recently elected
However, there - Commander of the American

lenders have

credit

privately

construction

snip

the

way

be said is that it is clear

can

some

and their effects becomes almost H- Neuwirth & Co., Inc. has been
overwhelming conviction that eco¬
•
>
/formed with offices at 70 Pine St.,
nomic instability in certain indus- • a necessity
7
'7 7
New York City, to engage in a
mortgage loans has been author¬ tries, " particularly
housing,
has r«L
ized by 1954
\r o
nyr ll/l L
x>
n
v securities business. Henry M. Neuand 1956 amend-1 been increased by
existing loan- rorm V.r. McMahon <k Co..
wirth is a principal of the firm.
ments
to
the
Merchant
Marine- insurance
plans.
In the case ofAct.
•
•
Under
this
legislation the housing the relative inflexibility CHICAGO, 111.—Vincent P. Mc-'
Maritime Commission insures con¬ of
Mahon & Co. has been formed"
allowable
7\ Now Corporation
maximum
interest-

railroads.

longer

new

by

Italy, after 42 years of
service, is now associated with
W. E. Hutton International, Inc.,
a subsidiary of W. E. Hutton &
Co., 14 Wall Street, N. Y., members of the New York Stock
Exchange, it has been announced,
Widely known in Rome and
throughout Italy,z Mr. Fornacca

de¬ is considerable difference of
opin-' Legion in Italy,, a serviceman's
uri-- ion in banking and government-'group which boasts a

(1958) the. formed Ohio bankers indicates the

programs

guarantees loans to United States

35

Under certain conditions
special insurance was provided
for mortgages maturing in an even
years.

addition

or

of government

rates together with the uncertain¬
present this movement to insure the construction or
reconstruction; ties of increasing yields through
is gaining strength and stands in cost of miscellaneous vessels
doc-.*
the use of discounts have led lend¬
need of rigorous reexamination.
" umented under the laws of
the
ers in periods of great credit de¬
In
When the vessel
July the Federal Housing United States.

eralized

insuring agency

in Rome,

* by

and

and

the

Commerce

financed

the

For

managing
director
of
the
American Express Company S.A.I.

.

V

include

newer

Interstate

private

lenders.

These

of the

by

mmercial

banks

one

handled

...

.

as

-

according to

c o

-

John J. Fornacca, recently retired

the
insurance
programs, public, the highest rank attainable
Commission, Air Force, r the sentiment among bankers who- There is also, of
course, the the-, in that Order,
have had experience with loan! oretical
Army,
Navy,
General
Services:
question of the desirabil-- He
is a charter member of the
Administration,
National
Aero¬ insurance, as well as among other- ity of selective credit control^, i SKAL Club of
Rome, a long time
nautics and Space Administration, r interested economists.
> While this may be
passed over for director of the American Chamber
and the Departments of the In-'
A recent inquiry of mine
among-' the present,.the other issues raised'of Commerce for Italy, and a
terior and Agriculture. Under one a
/representative sample of in¬ here are of grave import. With- Rotarian since 1928.

cus¬

made

either

and

M

i

Energy

tom-tailored

and

number

ments

ments for which the work is to be.' other

loans

sure

synchronized

t

ii

better

•

they
partially or
entirely in¬

tt

XlUltOR 111 161*11 1

circles concerning
adequate credit1
ad¬ standards
for example, as to
sub-contractors under government- ministration of the programs and what, at the start, constitutes a•'
contract to supply goods or serv- - to consider unifying them or atreasonable equity
in buying a4
least making them, when at all: home.-- < •
ices • for
defense
purposes
are
v
\:
v"'guaranteed by the several depart-r possible,- " consistent - with " each:
These points illustrate some of-

20

some

a

re¬
job with the insurance and guarthe. anties than others and that from

in

the. the future for-loan
insurance,
Renewal
Administration
major cutback, even if proven
also guarantee home loans.
"7,- sirable in some cases, is most
In the business sector working ? likely.
Therefore
it
seems
capital loans to contractors and' sensible thing to improve the

ment loan insurance and

do

by only'
depart¬ one
agency. - Respondents
are
agencies constitutes a about evenly divided on the ques-(
major economic problem in our• tion of whether credit
standards
country and tends to weaken the- have been
appreciably lowered as' will make his headquartefs at W.
effectiveness of monetary policy.
a result of
present loan insurance - E. Hutton's office, 7 Via
Lucullo,
programs.
Perhaps the most that - in Rome, where he will serve as
Recommends Reform Measures
a

agriculture and,

Administration

and

Often

agencies

as one illustration that the' a
very few departments.
Many "
division of central banking powers bankers
suggest that all insurance'
between the Federal Reserve arid » of
any one type be offered

•

Over the last two decades govern¬

insurance

Credit.3

( serves

that should be followed

monetary

of loan

bank

cyclically
and
has
contributed
substantially
to
inflation.
This

/•?

.

purposes—particularly with the Federal

consistent

TPriimnnr** Tninn
J? OTOciCCcl J 01I1S

held

following World War II loan' the
functional,
administrative
insurance has performed counter- viewpoint the
programs should be

improve and unify the administration of diverse programs and to
make

strongly

years

government agencies working at times with little
at

Reserve. Dr. Wells recommends general steps
to

and

There

and to tighten credit
conventional loans.
is also a

opinion among bankers that fcome

serve

professor summarizes the haphazardly burgeoning
contingent liabilities in the area of loan insur¬

guaranty programs and the problems they create.

depicted

are

on

government

.

trend of government

.

loans

terms

the

with loan insurance and that

flows

•-

1

7 /

.

sured

however,

gence than concurrence in the net

By Frances Wells Quantius, Associate Professor of Economics,
College of Commerce arid Administration,
''

•

1946,

in fact there has been more diver¬

Program—and Credit Policy
■

since

shows that this has not been

11

coordinated.

September 22,1961.

-

Goodbody & Co.

Francis I. duPont & Co.
Walston & Co., Inc.

12

(1340)

The Commercial and Financial Chronicle

turn

on
net. plant, taken on
original cost basis, the returns
net plant amounting to 8.2%

PUBLIC UTILITY

1960.

SECURITIES

BY

OWEN

The

company is
increase in gas rates.

ELY

seeking

inv
an

"

Writer

i

v

Montana Power, with annual rev¬
enues of nearly $50 million, serves

cost coal reserves which

about

Railway
Company
Montana, in 1959.

60%

of

state

the

Mon¬

of

tana, including 36 counties with a
population of over 500,000. (It also
serves
a
small part
of Idaho.)

Bil¬
Helena,

Leading cities in the area

lings,

Butte,

Bozeman,
Falls

Great

smaller

Missoula.

and

is

area

fastest

about

The service

revenues.

growing

A

with

served

contributes

which

are

gas

31%

area

section

of

is the

the

of

state; the city of Billings with

a

population of nearly 67,000 has
enjoyed a rise in population of
50% in the past decade, and the
company's revenues have about
doubled.

is the Anaconda

Company, which
now provides about 17% of reve¬
nues compared with 30% in 1950.
Anaconda's
operations were af¬
fected in 1959 by a strike and in
most of 1960 by the business re¬
cession but Montana Power made
excellent

showing in 1960 de¬
spite this factor. Since March 1961
an

Anaconda's
an

operations have shown

Principal0activities in Montana
include

Colstrip,

at
<

•

gas

reserves

esti¬

were

mated at 513 billion cf at Dec.

31,
including the amount con¬
tracted for purchase from Mon¬

tana-Dakota Utilities. A relatively
small amount of oil production is

being developed, which could be¬
increasingly important

come
a

over

period of time. There have been
major gas fields

no

developed in

revenues

arp^about. 37 %

residential, 23 % commercial,;
industrial

and

12%

miscellaneous.
*

utility
-

Montana (Power

:

%
and

.

is

primarily a
hydro-electric property with ca¬
pability of about 600,000 kw, in¬
cluding 66,000 kw standby steam
capacity not used in 1960. An
additional

75,000 kw is available
purchased power con¬

under firm

Last year's peak load was
557,000 kw. The company has ap¬
plied to the FPC for a license to
tracts.

build and operate two hydro proj¬
ects
on
the
Flathead
River
in
western Montana with

a

potential

capacity of 240,000 kw.
In

the

case

project

is

will

able

and

be

240,000

kw

hydro

future

meet

construction of

by

the

100,000-kw steam-

to obtain

necessary

growth.

A

construction

sup¬

a

future

gas to meet

substantial

^pipeline
and

program

gas

storage development project are
being carried out to prepare for
the importation late this year of
Canadian gas, which
chased from Alberta
Gas Company.

will be
&

pur¬

Southern

Availability of this

plus new discoveries and pur¬
chases by Canadian-Montana Gas
Company, will provide an addi¬
gas,

will

billion

11

cf

per

but

year

the company's ex¬
purchased gas by ap¬

for

proximately $2,500,000
Montana

about

$13

Power's

year.

a

construction

The

earnings for 1961 have been

affected

by

winter

extremely

an

in

which

warm

temperatures

averaged from 5%

to 36%

above

the corresponding months of 1960.

Weather

adversely

affected

resi¬

dential and commercial gas usage
and also had an effect on electric

substations

are

be

to

been

1965.

Dividend

low side

the

on

historically but has now risen to
75%
of earnings.
The dividend
rate has been increased each year

since

1953.

intervention

rate

annum

per

of

year

growth

since

V

'

At this

will

of

over

The

1955.

of

course

be

•

writing (Sept. 25) Mon¬
a new

price, and based

current dividend rate of

stock

the

$1.12, the

2.7%,

and sells at
27 times estimated 1961 earn¬

over

also being

yields

on

crease

to

grave

Now

water

the

ing his investment business under
firm

Patrick

of

name

Col.

John

Montana Power's properties
on

a

rate-making

Now

are

fair value basis for

purposes

Billings

higher-than-average

has

company

EAST

hence

and

firm

enjoyeda
rate

of

Hartley, Ziobro

RUTHERFORD, N. J.—The
of Mutual Fund

name

Sales

Co., 158 Orchard Street has been
changed to Hartley, Ziobro & Co.

re¬

other

many

economy.

offer of these securities for sale. The offer is made only by the Prospectus.

himself

Mr.

in

Ohio Franklin Fund Inc. is

a

DEPOSIT PERIOD
extended

diversified

capital gains tax at the time of exchange

for Fund shares, investors have the
investment
Ohio

1961

NOVEMBER 1,

participation

in

progress

of

the

Kennedy

places
con-

tradiction since he goes on to say,
"Our

has

economy

freedom; let

us

flourished in
demonstrate

.

now

again that the responsible exercise
of

economic

is

freedom

welfare."

impossible
is

denial
other.

without
his

in

the

freedom

property
contradic-

Kennedy's

on

of

the

serves

Since

advocacy of
hand, and his
rights on the

one

property

In

fact, the President precompletely the fundamental issue, which is: Does our
government, or any government,
have the right to refuse to recogfers to ignore

nize the rights of its citizens in the
name of the "national welfare."

right to acquire, use, and
dispose of property and the values
created

from

the

nronertv

pXertv

of

sence

OHIO

The

value

rights

hal

elsh

Onecan-

exchange is based

Franklin Fund Inc.

FRANKLIN

value

the

(

i. ■[

.

whether

OHIO

described in

a

copy

may

of the Prospectus, in states

for distribution, from The

? i »

'

h »

»'

.i

COMPANY

Member of the Midwest Stock

Exchange

High St.

investments
Columbus 15, Ohio

The

President's

not it

or

can

letter

government is making

our

steel

prices," Mr. Kennedy made
assertions: First, general

several

inflation
result

would

of

prices

and
be

such

be

the

the

being

held

national

he

the

rights

accountable

competitive

American producers

the

possess

self-interest

own

the

rights

of

of

means

without

others)

action, is

a

in

terms; the right
happiness without the
right to possess those things which
pursue

the

are

him

enabling

means

achieve

the

values

happiness, is

in

terms.

to

declare

For

man

to

which bring
contradiction

a

President

that

inalienable

he

rights

Kennedy
upholds man's

to

life, liberty
happiness,
while at the same time denying
the individual the right of propthe

and

pursuit

of

erty, is the contradiction which, if

unchallenged, will undermine
ultimately destroy a
free
•

Charges
In

i.

Brainwashing

of

consequent weakening in our
balance of payments. (A causal
relationship
is
clearly
implied
with a warning that if the steel
a

companies

increase

their

prices

we can expect the same re-

now,

suits.) Third, a rise in steel prices
would "force price increases in
many industries and invite price
increases in others." Fourth, the
consequences of these price increases ^hroughout 'the economy
might- require "the "adoption of
restrictive monetary and fiscal
measures which would retard re¬
hold

covery,

employment

in-

at

and ha™Per
a rather disastrous gov,

growth

,

even

if m-

flation is the symptom .Fifth, the
tion

in its attempt to "maintain

the economic vitali^

pessary to

Tour^rUous Jo'rW "
clos^

Kennedy

and

his

tette? with

the

"that the
iff

sure

managers

Mr

of

our

na-

tion>s major steel companies share
convicti0n that the clear call
0f

national

interest

must

be

heeded."
who Should Be Blamed

country

a

of

its citizens. In the past, governments have often succeeded in

great

a

most

front

many

only

of the problems

them

is

government

way

to cure

which

conmore

over

the

ignoring

the fact that
previous government intervention
economy,

the

lems

cause

in the

ernment
anyone

can

—

enough,

of most of the prob-

first

place. If

blame

loudly

a

gov-

someone—

enough, long
enough evils,

and ;for

failure

.,

to

,

international

survive'

pe£j.lsFinally,

.

_

*•'

"

,

,

order to preclude

in

responsible

detrimental

to

for

the

note that in the

tional

in-

interesting to

name

interest,"

anything

"national

terest." It is further

he

of the "na-

threatens

to

abridge that "economic freedom"
which

he

himself

claims

is

re-

sponsible for American economic
progress.

of their

institute

to

controls

,,

Here we see the government
blammg someone loudly enough,
„eno^ ' ^
^nou-?u
ev' .ar!c* Provl(bng itself with
an shbi should any aspect of g°v~
eminent policy fail to produce
beneficial results. If the steel industry ralsf lts P^ces, w
^
every moral pght to do, it will be
inflation, an unfavorable balance of trade, an increas
ln+th^ Price of any other product;
retarded recovery intolerable leveis of employment, and hampered
&rowth (which admittedly would
be government induced); and a
,.

dustry

so

citizens that the

TT

any unanticipated catastrophe, the
President will hold the steel in-

„

ostensibly devoted to the rights of man, it is
worth considering the question of
how the point has been reached
whereby
our
government
can
threaten, with impunity, the rights

was

position

was

in

one's

left

for

inter-

impaired
during 1957 and 1958 (when steel
prices were last increased) with

of

survival, is a contradicterms; to possess the right
liberty (the freedom to act in

tion

of

to

steel

industry

to

right to life with-

able

in

steel

inflation. Second, the

owners

means

necessary

increase

an

statement that he is

To possess the

of

to nega^e pr0perty rights. In expressing
his «COncern for the stability of

deniedtes ri* withheld 7ShtS
^thh^d from
and

out

use

^his method in its attempt

edses

denied

provides

illuminating illustration of how

an

disposed of, or what price can be
charged for its disposal. If all the

convincing

51 N.

THE

compensa¬

Ohio Company, Dealer Manager of the Fund.

OFFERING PRICE: $20.00 PER SHARE

t"

share of Ohio

dealers and individuals

where authorized

m

on one

Prospectus.

Investment

COMMON STOCK

minimum

for each $20.00 of market

of securities deposited, less

obtain

%-

a

tion to the Dealer Manager, as

FUND INC.

*

with

gard to the steel industry,

Cf combination of all these effects
would be detrimental to the na-

powlr

the

v?n«r'^

usTd

exchange blocks

of $10,000, for Fund shares.

brainwashing is curbeing attempted with re-

ernment prescription

es

sooietv

market

This

The

and

industry.

of acceptable securities,




possible long-

the

Individual investors may

1,000,000 shares

vja

is

growth of capital and income through

American business and

ISSUE

The objective of

management.

Franklin Fund Inc.

term

selective
NEW

oppor¬

tunity for diversification and professional

TO

of

irreconcilable

an

contradiction

investment company. Without incurring fed¬

I'.'

rights.

would

tervention,

to

eral

segments

-

without the
an

a

By threatening government in-

violating
This announcement is not

well set

may

pattern for increased controls

new
in

government

since

here

property owner, property
become meaningless.

Crehan, Inc.

year.

evaluated

conse-

reasoning in order to
that the steel industry is a

agree

be

CITY, Okla. — Col.
Crehan, 3241 North¬
Street, is now conduct¬

west 20th

downstream

economic

President's

Corporation

John Patrick

and

One need not accept the

quences.

someone

OKLAHOMA

the

hear.

in-

stability

price

s

to

shatter

could

prices

country
lead

a*, decision

wnSm

ings.

hydro plants) is being refilled this

with government
because,
being
a

"bellwether," '

freedom

through,

individual

rently

industry

found

flow

warns

"blackmailed"

steel

Mr.

an average com¬

successfully

eventually many of its citizens
will start to^ believe what they

tion

of

more

twelve

rights,

elimination

is

Sept. 6 to the heads
major steel companies,
President Kennedy threatened the
of

share were $1.51
last year compared with 84 cents
in 1954 and $1.01 in 1955. Despite
per

of

pense

.

national

Earnings

last year at a cost of $314,000 and
the big reservoir (used to regulate
for

until

payout has

31. At this

expanded,
and
automation
of
hydro plants is being developed.
Repairs on the Hebgen Storage
Dam which was damaged by the
1959 earthquake were completed

releases

stock will have

common

sold

high of 42, from the year's low of

Montana. Yellow¬

stone Park facilities

longer term a favorable
probability that no

contradiction in terms, Mr. Lefkoe

a

In his letter of

the

is

additional

v

facilities, either directly or
through RE As; the missile projects
will be located throughout a wide
of central

Over the
factor

tana Power has advanced to

missile

area

respect to natural gas rates.

gain this

Minuteman

serve

with

smaller.

years.

to

around $1.55 or better de¬
pending somewhat on the decision

8%

million

five

mated

pounded

annually over
The major
electric construction project this
year is" the building of lines and

the' next

by those customers. Earn¬
for the year 1961 are esti¬

they have shown

estimated at $12 mil¬

the

utilizing the low-

ings for 1960 were reduced from
$1.57 to $1.51, in 1959 from $1.37
to $1.32, etc.

V

the

increase

penses

electric generating stations in the
area,

earn¬

bellwether,

company
its 1964-65

requirements

the

as

bellwether industry,

a

intervention

'

intervention

delayed, the
to

Thus

steel,

into doing what the Administration wants it will signal government
of all forms throughout the economy and at the ex-

:
•

v

if

ings

was

lion for this year and will average

pany's

that

it

expenses are

com¬

Montana

28, 1960, directed the
company to normalize tax savings,
and
earnings figures were ad¬
justed-back through* 1955 on -a
basis.

as an

Describing the letter

Dec.

retroactive

President
Kennedy's
letter
to
larger steel
attempt to brainwash the steel industry into serving
springboard for across-the-board price and wage controls.

usage

small

The

of

a

!

denounces

Montana since the 1930s and hence

farming, livestock raising,
mining and smelting, oil and gas
production and refining, lumber¬
ing, the tourist trade and some

manufacturing^

as

order of the Public Ser-

Commission

c e

dated

1960,

tional

uptrend.

ac¬

The company produced 73% of
its natural gas needs in 1960. Re¬

ply of Canadian

The company's largest customer

were

quired from the Northern Pacific

coverable

through" of tax

savings resulting therefrom. How¬
an

By M. R. Lefkoe, New York City

•

companies

ever,

Thursday, September 28, 1961

.

on

it had used "flow

Company

.

an

Montana Power is using acceler¬
ated depreciation and prior to 1960

Montana Power

.

This
has

process

of

brainwashing

reached the stage that the
Administration thinks it can get
now

with using blackmail and
bribery in its attempt to negate
property rights. In a special memaway

orandum

to. the

steel

Townsend-Greenspan
economic
..

,

,,

companies,
&

Co.,

an

consulting firm, identi,

,

,,

'

•

d the fact that Mr. Kennedy
letter "contains both

a

s
threat and

Volume

194

Number 6094

The Commercial and Financial Chronicle

...

(1341)
bribe. It threatens

a

the steel in¬

dustry with painful
should
ercise
the

the

consequences

industry refuse to

ex¬

'restraint'—meaning: should

and

should

economic

it

consider

interests.

industry

It

its

promotes.

too

u-

slightly

cooperative, the government will
crack down

ments

on steel workers next
when they demand a raise in

year

In

wages.

in

made

that

from

retreat

Sees Real Threat

former

attorney for the

workers

Union

and

Administration
part

of

its

unions,

the

derives

a

large

from

support
bribe is

the

Steel-

current

labor

spurious

to

the least; however, there is no
whatsoever that the threat

say

doubt
is

real..

Several weeks
President Kennedy's

prior

letter,

ator

Gore

the steel

of

Tennessee

to

Sen¬

warned

industry not to raise its

prices and

went

even

far

so

as

to

demand that the
industry be clas¬
sified as a public
utility if all
other means of government inter¬
vention fail to prevent
crease.

:

v

; President

the

price in¬

a

steel

"

Kennedy's

companies

is

to

only

other step in what has been
ries
of
maneuvers

an¬

a

se¬

designed
to
brainwash the public into believ¬

ing that price controls
for

sary

for

the

products
to

the

eral.

"national

tions

and
run

be

If

and

such

acquiesce to

a

the
gen¬

asser¬

govern¬

by blackmail, they will

tfre

(

fact, cannot ;cojpplain
gradual. disintegration

thei£$ghtsf

n.,.

.The

steel industry
wether": Any success
ernment's

part
in
controls over

price

essential

welfare."

swallow

and, in

about

of

to

businessman

public

ment
not

industry—and
industry whose

said

are

American

neces¬

steel

; other

any

are

is

"bell¬

a

and

of

controls.

business
should

and

the

ment's

attempt

price

Moreover,

if
at large

public
of

approve

the

to

govern¬

regulate

the

steel

industry, in any way, it
would be the signal for
additional
government
intervention
of
all
forms

throughout the economy,
entailing a still further infringe¬

ment of individual

rights.

had

in

the

1933

door

a

their

the

Nation's

banks

to

profit slammed in
through enactment of

faces

Glass-Steagall Act.

This leg¬

»?«^L
with total

>

was

in the form of

single
straight

'.

Phil David Fine

conversion

'

'

million
in
22
small
businesses,
later, in $400,000 in straight loans and four
August, 1958, Congress lifted the and three-quarter million dollars
ban against participation in equity
^
equity-type • securities
and
financing for banks, at least indi- another
$500,000 in straight stock
rectly, by permitting limited bank purchases
ownership in a small business inLet's take a hypothetical case of
vestment

Twenty-five

years

licensed

company

by

*
company
„

a

a

'

needed

/ The legislation establishing small
Micinocc
invoctmpnt
hnmnanipc
business, investment companies
brought' varying reactions from

Q

which

long-term

bank.affiUaSed;
DanK ailllldXea

obtained

has

caoital

SBIC
O-DIV^

and
ana,

from

a

having
IldVlllg

Increased

(1)

banks—a
will

private enterprise

A.

—

fear in view of the

Government

its

private

seed

in

$6.00

turn

Quite

be

ready

in

of, 1%

certainly

of

they put

up

Time

First

4.

The meeting

In

who

Halt

They

building,:

in

saw

25

NOT

a

Nelson A. Rockefeller

of Economic

As

Officers

are

President;

with

Mr.

York'

securities

Stephen

Sandra

tary; and Michael
urer.

*

Rifkin

City, to
business.

H.

Rifkin,

Rifkin, Secre¬

I.

Begun, Treas¬

was

previously

Rittmaster, Voisin & Co. and

A. T. Brod & Co.




know

an

whose proposals
already under review.

in¬

Expediting Licensing

i? tahfiWrvi

were fully tabulated, it

JL

.

.

range

be

allowed

to

ni

nlr«v S

program

such

as

this,

essential

the

the

with the nation's banks for
,

a

few

weeks

we

elimi¬

nated 14

ar-

non-contributing steps in
processing
processing of a Proposal.
of a

While this* was an administrative
^wvhlprn -iDHlSiVf IVio A
ttio
prtolem Within the Agency, to the

participation in these borrowings
to make the loans

nf

nnrt

the

Within

I have urged the Administration

SBA

J

in the beginning
became deterrents at this point.

Guarantees

the

mnnv

.+

gressive

steps

Suggests Newer Bank Loan

that

h

h"

cause

loaned out.

stu?y
ob-

was

tba1t. unnecessarysteps were
followed-partly because

bank-

owned
or
not
is
eligible
to
borrow from the SBA up to 50%
of its capital at 5% for re-investment in small business, after
its-h
original
capital is
invested
or

,

a

procedures
for licensing

companies

were

cycle

SBIC

instituted

we

where

could be speeded up

ex¬

and

a

we

see

,

cr onmr

themselves,

the

needed

out of the loans for

move

P°ses of liquidity.
Such

peculiar

want

25

business

a

Well,

share

to

see

~

this.
the
was

saw

A

an

in

Others

started

a

solicitation ol

an

offer to

buy

any

oi

September 22, 1961

per

Share)

r
.

.

.

'

.

a

saw

per

Share

J.

Copies of the Prospectus
-

$10.00

several

Underwriters

as

be obtained in

may

may

any

State only from such of the

lawfully offer* these securities in such State.

the.

program.

could
the

have

A. G. Edwards & Sons

a

growth of

concerns

too,

which

Laird, Bissell & Meeds

Wiiislow, Cohu & Stetson
Incorporated

Boettcher and Company

Singer; Deane & Scribner

*

Stein Bros. & Boyce

as one

I say,

few banks

a

matter

Citizens and

example,

nor a

offering is made only by the Prospectus.

Price

saw

Van
:,<V

Aktyne, Noel & Co.

Hill, Darlington & Grimm

J. R. Williston & Beane
*

Mason-Hagan, Inc.

-

McKelvy & Company

of

fact, one of
first two companies licensed
wholly-owned by a bank^—
a

offer to sell

NEW ISSUE

quan¬

strictly limited deduction.

As

on

:

perhaps having to turn

as

Continued

Common Stock

had been dealing with, or
perhaps making "partnership

to be

be clear when I cite that under
might in- administration of the program

chide the privilege of buying back 1

(Par Value $.10

few
financiers

the

banks

small

They

arrangement

The results of this study should

Pur~

to

Years
were

and

of

to

or

an

the

Universal Moulded Fiber Glass Corp.

/

banker put
it to me, that for the first time
S. H. Rifkin &
Co., Inc. has been in a long while, a loss would be
formed with offices at 175 West' recognized as a loss; and not have

New

to

■

them away.

a

program,

that for the first time

years

loans,"

Form S. H. Rifkin Co.

in

study

275,000 Shares

they

Growth in New York
City."

Street,

pany

almost

invested.

—

immediately

chance

topic

in

banks

almost

potentialities:

Liberty St.

73rd

r

bigger role yet for banks
js in the offing.
' "i*

capital, which

substantial

there

case,

any

far-sighted

*-

in

Cham¬

engage

Shortly after I became Deputy
Administrator in charge of the
Small Business Investment Com¬

re¬

dnesday,

Acceleration

capital

business lending

operating results be¬

fore

be

as

program.

new

their

equity

But

tities of dollars.

will

r

thf? ln SBIC financing

has
immediately

not

who

those

actual

of

Gover-.

same

in every sense, the

tration's regular

The

in the

fraternity, and I can¬
honestly
quarrel
with 'the

on

The

of

again

are

these securities. The

a

Commerce

nor's

loans.

and

This advertisement is neither

few of the bankers took

a

Chamber

ber's

Banks are,

money

generate

can

supply

to

"wait-and-see" atti¬
tude. This failing—if it is a fail¬

some

65

the

at

.

owner¬

illimitable returns to the economy
when properly — and perhaps I

ing—is

York

the

.

cooperating

another false

and this I will

—

Government

views

of

in

full

0f the business and the bank will

my

fute by showing how every dollar

■

Rockefeller

in

on

ship and operation of these com¬
panies;
(3) A vast dollar outlay by the,

meeting of the

the Great

is

*££*£&

remarks;
(2)
Government intrusion into

New

noon,

small

^"nfcmihead of concentrated capic00.perate

time-

turned

or

competition for 'the bank-affiliated SBIC will have
which • I think anticipated the borrowing needs

spector

exorcised later

be

not'

12:00

for

th'e SmTll Buliness Admin£

the banking

will .be held at,

invnlvpd

expanded

available

,

vestment field.

!

Another I could cite had by the
of March invested nearly $6

should say fortunately

:

address

October

the

Steagall Act—at least to the

debt securities

the

with the banking fraternity,

r,

of bank investment,

chases of stock in small firms,

the

privileges and
has invested another $380,000 in
small
businesses
through stock
purchases. 1
;
\ '

;

some

fied.

in

monthly

e

to

loans,

tent

with

place

SBA.

expected

be

or

Thus banks, indirectly released
from the provisions of the Glass-

banking groups, they were justi-. end

he
the

$325,000

balance,
million, is in
debt securities
bearing stock con¬
version rights or in
outright pur¬

more

bankc

of

i_

made

panies,

comgganles-r- time

approximately $16

a

a

on

avenue

SBICs

in

This SBIC had purchased more

had

among

totalling

than. $2 million in

of

practices

taken

funds

would

of

surplus—have

good financg

businesses

of

.

.

what

are

of

a

as

as

Despite this, less than $5 million-Wlt£
the funds ; invested
in
in small
der
businesses by bank-affiliated

of

year

.

time
SBA, the

same

businesses in need of financing.
This is but one example of the
avenues
to
be
explored to aid
small business
investment com¬

"

stockholders and operate for
benefit of their communities.

numerous, and
in the light of

n

first

nothing

say

credit

These

loan, the traditional instrument
through which banks operate to
make profits for themselves, their

to banks were

i

its

of

than $2.5 million and not
one

closing
of the equity
financing door

which

end

to

$20

companies

.

Treasurv and the

banks

more

of these

capital

concentrate
tested

investments

small

reasons

abuses

the

or

holding

Nearly 80%

additional funds.
At

business.

,

believe ..that the plan would

*

and

nearly

stockholders.

public stock issue to obtain

a

actual

forthis

luncheon

W

small

bank

or

publicly owned
company this SBIC had made 11

ital operations.

The

ing

operations

'

from engaging
in equity cap¬

refuge

the

in

55 SBICs have 115

Glass-Steagall Act's complete proscription against
in equity financing.

available investment

Address N.Y.
Chamber
Nelson

the

islation prohibited banks

of

Rockefeller to

Governor

million

less—and
Back

generated

will

improve-

advantages and special

invested

,,

when

liquid posi-

aPPr0/™at^J

across-the-board

wage

recent

have

$73,000,000)

temporary
loans

more

with the provision that _the_1SBA
the banking community. Most ap¬
on the gov¬
natural inclination to talk over his ™PP'y guarantees to the banks
proved it, but some professed to
to in
establishing
financing problems with his orig- that the Agency will absorb these time previously required to license
the steel in¬ see in it
inal
supplier
in all probability loans when the banks want to a company.

dustry could very well serve as a
springboard for the re-establish¬
ment

recounts

the

bank involvement

the

letter

stresses

the shift from

Since the Secretary of Labor is
a

Agency;

appeal of the SBIC program to banks; and proudly calls attention to
lending to equity financing programs. Mr. Fine points
out that the SBA program
marks, for the first time in 25 years, a

plain language, this is

government by blackmail."

;

they

over

a

be effective and at the
advantageous to the

u

a

;

subtle hint that, if the
industry is

Lawyer-banker turned SBA Administrator

^0Tn\
v

i-

cc

affiliat^H^RTP? n? a/e
?
lone "mSniS w°f w^ch have
gone
public
for
total
of

By Phil David Fine,* Deputy Administrator, Small Business
Administration, Washington, D. C.

the

none

the bank is in

Outlines Growth
At

own

offers

bribe—in the

a

or. re-engaging
in
absorption of these

£r°n the f.uture possibilities
ch this service

Bank-Affiliated SBICs

of inflation

cause

S; IrWB? f1 ,need no* dwe11

Growing Development of

industry refuse to pretend that

its 'greed' is the

1«

Stifel, Nicolaus & Company

-

Incorporated

Southern of Atlanta.

began to
one

come

New

company

in.

For

York bank
and within a

short time, was successful

in sell-

Newbtrrger & Company

Strader and Company Inc.

White & Company
Incorporated

page

my

we

21

14

(1342)

The Commercial and Financial Chronicle

city of exchange media. This ob¬
servation leads to considering the
subject of paper exchange media.The. subject cannot be discussed
properly
without
noticing
that
throughout - our
history
lawful

A Texas student of
standard

Mosby Hornor, San Antonio, Texas

our

monetary system for many

I

distills from

years

the record of what unprofaned
money and
consisted of in the warp and woof of events since our first

Haw

There

1792.

in

what

sources

is

banking

-

coinage

uncertainty in Mr. Hornor's mind

no

'

monetary and banking laws should be in the light of the
still unamended pertinent constitutional provisions. He fears lessons
our

learned from

past destructive experience

our

^A'XX*;*

X;

forgotten by those

are

"

profaning our

and credit instruments.

money

Some Good Banks
The

It

is

proposed

to

land

the

remind

of our many violations of
Constitutional provisions as to

reader
our

Law

/

1792

of

The Law of 1792, our first coin¬

law,

age

mint

or

standard

and that of

tional

silver

was

coin

a

weighing 371.25 grains of pure
silver; -the measure of gold was a
coin weighing 24.75 grains of pure
gold. Each was called "one dollar."

II,
attempt to regulate the
market value, or the desirability
in the market, of metallic coin.
futile

The

section

That

said:

•

quantity in weight, of

payments with one pound weight
of'pure gold and so in proportion
as to
any greater or less quanti¬
STATUTES AT LARGE
THE

SECOND

THE

U.

—

[U. S.

ACTS,

CONGRESS

S.,, STATUTE

-

pre

So here

have

we

I., CHAP.
first act of

our

profanity

referred
to
article's title.
.
X

in

this

from

activity

adversity.
of

this

of

It

1812

and

silver to

Banking in the
page 72, said:

are

i

of

Bank-

v." ' '•

named

bank

United

the

coins.- Instead
of

both

should

ing

was

of

the

standard

bad

The

..

adoption in

This announcement is neither
The

we

Congress.

old

in

profanity

our

Federal

of the

some

most

of - the

Eng¬

an

offering

of

the

offer to sell

is

bimetallism.

serious

aforementioned
.

with

consequence

example

the

to

(Par Value SOc

violations

was

a

scar-

loan

a

of-

such

cost

shares

being offered for the
being

swindle, for by such action

ter

in

immediate

cause

of

the

plight
was
an
utter
chaos in banking. Seldom has such
a

financial

motley ever covered
variegated rags the backs of
people.
•
•

with

operat¬

services' to

extensive

a

.

These

,

remarks would have

same

been equally applicable to condi¬
tions beginning in 1837 and last¬

and

.

.

offered

account

offered

be

nor

made

a

solicitation to buy

only

by the

any

Prospectus.

debtors instead of ere'itors.

.

of

his

History of Batiks in <the

States

the. late

great

calling this wrong
sidered

it

swindle;

a

au¬

con¬

per

•

violations

was

be obtained from the
may

denied.

serious

•

Again,
brought
life

troubles", generally,

in
on

7

1857,
speculation
financial crisis. Its

a

shorter

was

than

those

..

Credit

limitations and say nothing
about this last financial crisis pre¬

space

X
.

-

arose.

Congress
worse,

powers

given

was

over

money.

only
two
is: "To

One

•

„

/
-

Ne*v Issue

are

reasonable

Stcckholders.

59,000 Shares

•

.77

to
•

\ y.

United States Notes, the late
Jay Knox described all of
these and added that they were
all speedily funded into 7% bonds.

Undersigned in

any

Olson

Company Of Sarasota, Inc.

with the securities laws of such State.

ment

a

was

St., New York 5, N. Y.

in.

setting
History

States, Vol. 2,

p„

of

237,

In

his

the
we

the

Jefferson
ency

of

close

of

the

suggested

issuing

A

find the

year

the

paper

*

Price

'

$5

per

Share

-

United

late Albert S. Bolles saying:
ward

Common Stock

(Par-Value $1'.00 Per Share)

.

trend of dangerous senti-

Financial

GREENFIELD & CO., INC.

,

•

Notwithstanding the above his-.

tory,

.

,

John

legally offer these shares

;

for

credit.; They
were
in the formcf receipts for
all
dues payable to the United
sums

September 25, 1961

/.

It did

money.

conforming

interest

.

X

"To- '

1814,

money.

JAY

MORTON &

CO., Inc

SARASOTA, FLORIDA

expedi¬
.

.

•

X

Civil War

/ •

,

gitimately borrowed

im¬

mediately preceding, arid, since it
less violent, we will observe

was

.

This, proving to be far

Treasury -began
in- 1837.
Previously, in the years 1812, 1813,
1814, and 1815, the Treasury le-

Ccmpany, and 1,175,G04
Selling

and

notably in the West. X

a

but another, evil

bills of credit by the United States '

Share)

43

This caused a
violent collapse of the speculation

individuals

by

States Bills of

hereby, 557,333 shares

by .the

evil,

undertaking, to require specie

for land purchases.

ceding the Civil War.
".X";
incorporate. The char¬
in 1836, and at J 7 Profanity Coinciding with the

an

organizing state banks./

bearing

cf the

State in uhich the
undersigned

37 Wall

of

participation of the 7 It cannot be too strongly- em¬
Federal Government in the own¬
phasized that Congress has • no
ership, Came in the same unlawful power to emit bills of credit. The
manner as it had in the first
bank, reader is urged to remember that

extremely bad ex¬
ample which prompted numerous
when

was

.tie

may

all

following:, Ey 1815, only
years
later, the circulation

The

"

In

son's

Unconstitutional United

Price $2.25 per Share

Copies of the Prospectus

1837 resulted from President Jack¬

expired

$23,000,000. For an
great contrast, con¬

to expire
Wte be¬ -that time renewal
a

States Government. In his authen-




The

country's

was

allowed to

by -the

this through the issuance of notes

in compliance

of the generally bad conditions:

soon

sider the

institution's

bank, an act which constituted
came

Constitution

INDUSTRIES, INC.

1,732,937

banks

four

Common Stock

are

success

1811, the circulation of

our

Our

Government, hecame

of

owner

reappeared.

The issuance of unconstitutional

shares

Beveridge, in
biography of John
Marshall, referring (Vol. 4, p. 171)
to the period, 1811 to 1819, said

•

ment of the afore-mentioned bank,

1,732,937 Shares

the

being

Bank of the United States

Immediately upon the establish•

similar

Of

10, Article I.,

The late Albert J.

institution

This

were

September 28, 1961

TERRY

into

banks..,Its"

were

actively participated
ownership of state banks.
doing this the states violated

his monumental

individuals and to private institu¬

tions

first

expired,

metal

United

securities.

chance of

the

charter

shall emit bills of Credit."

.individually,

limited degree these

came

any

thority, William Graham Pupnner,
these

very

when

that part of Section

opened, but this concern
proyed to be a great deterrent to

be

unconstitutional

during the

1816 of the gold standard
by

cf

By

States

States

the..United

by

a

1811,
national

the

in

a
'bank'-and by circulation
deposits borrowed $100,000."

To

lasted.

states

many

after the first Bank of the United

so

charter

its

because

granted

States,

Bank's

States,

into

swindles

cit.,

Illegal Banking

7

.

apiece, associated themselves

•-.

Federal charter

After

the

lars

and

op.

:

•

the Constitution, saying: "No State

who

men,

con¬

•'

[Hepburn,

*

125.]

its

could not have borrowed ten dol¬

First

the

was

"Ten.

United

was

7,"

strikingly illustrates / the
yield from all of its stock while

were

Of

;/.'/■

This

bad banks, the late William
Graham Sumner, in his History of

.

next

fictitious.

/

-

.

its investment.

in

'

not the only

the

age

be

...

When
its
charter
expired
in
1836, the United States derived a
profit of more than $6,000,000 on

p.

observed, that as .capital stock, thus violating the
had increased to $110,000,000. [See
early as 1816 England, by making Constitution's
withholding
from
silver coinage subsidiary to gold
%
Congress a delegation of the .pow¬ Hepburn, op; cit., p". 89.]
coinage, assured
herself
of
an
er
to emit Bills of Credit. As if
Specie almost completely dis¬
adequate supply of silver.
It is this
wrong, was .not .enough,-.we appeared; The War of 1812 suf¬
most unfortunate
that we over¬ violated the Common Law
through fered so greatly from bad finan¬
looked this activity so far .as to
paying for our stock by paying cial policies that, in 1816, a second
go unrestrained in practicing our
the
amount
of
the
stock's
cost Bank
of " the United States was

country. The

Conditions

in

ducted.

number
were,

orderly financing

more

many

.

The

guilty
when changing the standard gold
dollar's weight in 1834.

approxi¬

an

was

metal

contracts of which

gold of 15V2 to 1. This "upset' the
apple cart." Gold promptly dis¬
appeared

changed, but its good
has. lasted through¬
its long and useful career. /
next

to

known

been

two

Their
there

But

addition, those whose assets

For

The

•

,

mately equal market value, or de¬
gree of desirability to each other.
However, in 1803 France adopted

French

and was saved; only by a
change to wholly private manage¬
ment such as was had during the
remaining J7 years of its Federal
charter,- throughout which time
rupt

■

the late A. Barton Hepburn wrote
that for about 10 years the silver

value ratio

out
"

existing

repeated our violation of the
Constitutional law pertaining to

.

market

Pennsylvania in the year
some
years its name

charters.

small.

was

We

Chapter V of his A History
of Currency in the United States,

gold pieces bore

2, 1861,
passed 13

•

-

In

-

March

to

-■

OF

XVI.]

War

the

'

fineness

or pure
silver, that is to say, every
fifteen pounds weight of pure sil¬
ver shall be of
equal value in all

ties of the respective metals.

sil¬

value.

on

active participation by our
government,
from
1816
until
1819, in the Bank's management.
By the end of that short period
the institution was nearly bank¬

was

they
'
X--X'
included
handling
remittances
began opera¬
drawn on other banks. Being the
ing for a long time.
tions in 1791, the first year of its
coins, this was .to be> .900.
The
fiscal
agent,
it
reWide
charter, and continued for the 20 Treasury's
agreement prevails that
.standard gold piece was to be 25.8
7 ceived
such
payments to it as our worst business crisis before
years of such charter; Its success
grains, or more correctly stated, was
-were drawn on local banks scat¬
1929 came in 1837. This was in¬
great and, though riot above
would be, because of this
change ■.criticism, its management can be tered throughout the country. If duced by an
enormously undue
of fineness.
.The gross weight of .thought of as remarkably good. r. these " and that smaller number speculation
arising from the ex¬
silver in the standard silver dol¬
which were of the first class .men".Congress
refused -to - renew- its
pansion ' of < the country's many
lar was changed from 416 to 412
i tioned were not
payable promptly irresponsible state banks; as well
charter. The lamented Stephen H.
mnd qne-half grains. The weight
->iri specie,the drafts were rejected as
thq .creatjpn of new ones, upon
/Girard of Philadelphia/ the home
of
pure
silver - remained 371.25 of
this great bank, took over its without delay. This practice kept the transfer to state banks, gen¬
.grains. This has not been changed,
number of erally, in 1836, of the
; assets and, under the name, Gi- to a tow figure the
Treasury's
but on Jan. 31, 1934, with its fine¬
many
of which funds 1 deposited • in the Second
rard's Bank, arid under a Pennsyl¬ ♦private 1 banks,
ness unchanged, the
weight of the vania
X
•
' ♦
.*•
charter, continued its sue-" : were the swindles referred to by Bank.
standard gold dollar was changed
"
■■.
cessful operations. This institution : Sumner.
;' The beginning of the crisis of
to
13
and
five-sevenths grains.
When/the charter of this first
♦has thrived to dateX:
\

to
gold

pure

change

of

Honorable-

granted

management

In 1837 a law was passed chang¬
ing the fineness of both standard

according

one,

has

of

unconstitu¬

to

of

J1781.

\
•

a

legislation
market

settled

the

fifteen ' to

law

existing contracts should

be

shall by law be current as money
within the United States shall be

and

and

proportional value of .basis.
to silver in all coins which

gold

as

abandonment

our

futile

amount

banks, wholly pri¬
vately owned and operated with¬
out State participation were, of
course, .entitled
to
and
were

conti¬

our

on

nent is the Bank of North Ameri-

-

'

"

bank

—'

^

•

But this law contained Section

a

oldest

t

the
great privately owned Bank of
In the year 1834 our
second coin¬
"New York, New York City, arid
age law was passed. Without re¬
"the
Massachusetts
.Bank, since
ferring to the silver coinage law,
•it
changed the weight of the ?1903, called the First National
standard gold dollar from' 24.75 'Bank; Boston. Each of these was
grains of pure gold to 23.29 grains incorporated under its State law
-and in the year ,1784, since when
of pure gold.
Grossly violating
Article I, Section 10, the Consti¬ they have been continuously pritution, the measure neglected to vately owned and privately, as
well as usefully, managed. ;
say that
ver's

gold for coinage. The

of

measure

promote

repeated

of 'silver

measure

silver

Except in the period, 1900 to
1933, the lesson has done nothing
to

regulated
the
the certain speci¬

wisely

value,

fied

subsidiary

a

"

...

coinage at the rate of 16 to 1 were 'ca, wholly privately owned since
decidedly injurious to our plans. a short time after its incorpora¬
,[See Hepburn, op. cit.]
tion.
This was done under the

money—metallic coin.
The

with

Thursday, September 28, 1961

Sta^e Issues of Bills of Credit

.

.

•

who favor

1837

.

.

-

to

as

From

-

the

.

inclusive, fhere were
acts, in. all, causing issues of Fed¬
eral Government promises to pay
.paper promises to pay money, to¬ money. In 1838 the activity en¬
gether with sound coinage, have countered strong opposition from
been required in order to carry the eminent Representative Caleb
on
commerce
and
trade
of
all Cushing, and, in 1844, from the
'kinds with unquestioned media of Committee of Ways and Means.
payment. :
v.;
XX.V:. •*; In .both instances, the opposition
To think fully about paper exr
was
based entirely on the Con¬
^change media we are required to stitution. tSee Knox, op. cit.}
consider some of the history of
Unlawful
Private
and
Unlawful
.banking.:
1 -i-' \'' '*

System Invites Disaster
By Joseph

gradually
to
$200,000,000."

.

9

Volume

6094

Number

194

.

.

The Commercial and

.

borrow

authorization

the

permanent,

money
on
the credit of
United States." The other is:

"To

coin

value

thereof,

com.

.

:

.

Its great cost is

to
is

wejll known

redeemable

be

circulating currency
had from 1862 to 1879; but the
less often noticed, despite its great
importance, National Banking Act

will

equilibrium is

...Ahead of the News

distinguished
journalist
Horace
White,
resulted
in
"monetary
equilibrium".
./'.
/ '■"'

receive

now

*

What

attention.

which

banks,
to

were,

Congress

be

cal

and

subject

drawal

to

demand

by checks,

for

currency

But

mainly

with¬

the

money,

matter

a

ated

transactions.

banks'

purchases

requiring
of

no

Congress
to

no power

has

all

Banks

to

gold

pay

governments.

or

an

the

people

control

the

of exchange,
only just policy.

and
'

their

that
;

'<'

that the National Banking
System

1883,

1893,

and

minor

some

1907,

ones,

to

years

date

been
.

of

in

evils

created

by

the

Act of Dec.

Federal

System

Federal

Re¬

23, 1913; and the

Reserve

Banks

opened
doors for business Nov. 16,
1914.
[The ABC of the Federal
Reserve System, by Edwin Walter

their

Kemmerer

and

Donald

L.

Kem-

merer.]
All

National

quired
and

to

banks

subscribe

thus

to

banks. Bonds
to',secure

were

to

its

become

widely

objective

to

was

This,

currency.

this

as

tion's

stated,

well

as

be

were

as

secured

by

coin-money. Progressive
act

it

was,

unconstitutional
ment's

rendered

was

by

speculation,

the

govern¬

participation in the institu¬

institution's
of

money

nature

of

capital.

Federal

must

the

the

"social

the

States,

experimentation."

LOS

with

the

advice and consent of the Senate,
who ho'd office for 14 years.

carried

on

Administrations —that

value
to

"had no intelli¬
interfered with

and

improve East-West
'

1

re¬

nected

Bolton

and

with Birr &

Red

;

Propaganda material.

A
typical Communist propa¬
ganda booklet has .reached mem¬
bers of Congress.
It is an eightpage blatant appeal for support
of the Russian and, therefore au¬

tomatically, the East German

is

joblessness

bur¬

other nation.
America,- the Foundation said,
now
has nearly $100 billion in
such equipment, "largely because
of our outmoded Federal depre¬
ciation regulations and tax laws."
"For example," the Foundation
explained, "a company needs to
replace a machine to improve ef¬
ficiency of a factory. The machine
was bought 20
years ago for $100,any

.■

old

Customs

equipment

but the

Edward K.

Edward

it

as

wears

the

free

President

engage

business. Officers

primary

objective of
elastic currency

pro¬

viding

an

reached

through limiting to metal¬

lic

coin

the

was

security which could

business

it

program,

Grossbard

F.

W.

Form B. B.
formed

been

destined for school jand

college youth groups. The officials

firms

in

gage

ficers

failed

in

the

tax

and

be used for bank bills

or

demand

a

way,

is

Berkson

securities business. Of¬

business.
a

Jack

Principal

of

Constant

have

Mithun
Bache

J.

is

now

Walston Adds

Form

Staff

to

and

-

:

Lawism

gaging

LOS ANGELES,

He

in

from

reinstated.

was

cit.,

following:

"The

Act

of

Feb.

authorised

p.

113,

In

the
Steagall

Glass

-

27, 1932, temporarily

man).

ly with Paine, Webber, Jackson &

„

,

■

\ ■.

"

September 22, 19G1

•

i

y

■

.

the

use

of

United

States

Government obiigat'ons as
collateral
security
for
Federal

reserve notes."

Bad
sound
*

as

was

to, be

its
was

pass

temporary..- Even




blv

that

it
so,

rewas

offices

has
at

diana Avenue, N. W., to
a

is

this departure from

princiole,
deeming feature

Corporation
with

securities

President

business.
and

:

209

/

,,

,

V

,w„,

,

\

.

t

September 1,1976

\ To bear interest

from September 1,1961

Initially convertible into Common Stock at $6.25 per share.
/

(Subject to adjustment under certain conditions.)

100% and accrued interest

been
In¬

Carl

and

Murray F. Hersh, Vice-President.
Xarl

Hersh

was

formerly

Copies of the Prospectus may be obtained only from such of the
as may lawfully offer these securities in such State.

underwriters

Hersh

Treasurer,

with

the ;Eellamah, Neuhauser*& Barrett.

*

•

6% Convertible Subordinated Debentures

Price

engage in

•

Industrial Electronic Hardware Corp.

r: t"1

is

en¬

business

Broadway,

Fabrikant

Martin

buy any of these securities.

.

Due

State Securities Formed
curities

170

Principal of the firm.

Curtis.

WASHINGTON, D. C.—State Se¬
formed

at

offices

Inc., Tower Building.

Kem-

appears

Corp.

securities

a

New York City (c/o R. J. Meisel-

former¬

was

Capital Consultants
Consultants

*

merer,, op.

Mavroulis.

Capital

(Special to The Financial Chronicle)

i

Co.

C.

with

affiliated

Co., First National Soo
Building. He was previously

Line

the

.

v

,

&

$750,000

•/

President

MINNEAPOLIS,: Minn.—John

firm.

■

become

with McDonnell &

is
,

With Bache & Co.

with York

M.

\\

233

at

(Special to The Financial Chrqniclb)

New York City, to engage in

securities

a

E.

*

deposits. This proved to be temporary
because,
in
1932,
John

offices

with

Treasurer.

J. J. Berkson Co. Opens

con¬

(Special to The Finangial Chronicle)

Ziegler

George Sees.

Securities, Ltd., has

are

Bruce

Com¬

Jack Jay Berkson & Co. has been
formed with offices at 29 Broad¬

Ken¬

DENVER, Colo.—Donald H. Carlsen,
James
C.
.Garland,
and

•

~

it

ffhis announcement, is mcithcr an offer to sell nor a solicitation to

Fifteen Year

Gaylor^S.

Co.

Broadway, New York City (c/o
Rutenberg and Certilman) to en¬

world."

shire Boulevard.

separate pamphlets, and most

Co., Inc., 155

with

formerly

was

.

Schwerin &

B. B. George

mittee.

officials say that 300,-

Three With McDonnell

connected

Jules Gross¬

are

The offering is made only by the Prospectus.

Robert

Beverly

securities

a

bard,
President, and David B.
Grossbard,
Secretary.
J ules

out—

"

The

in

Jules
been

—

has

Inc.

George S. Schwartz,
President,-' and
Robert
Breen,
ostensibly, Secretary'^ and Treasurer.
was intended to help could buy/
Representative ' John; W, Byrnes
Form American Intemat'l
of Wisconsin, ranking member of
LITTLE ROCK, Ark.—American
the House Ways and Means Com¬
International
Investment
Corp.
mittee, termed it a "nightmare of
has been formed with offices at
tax
complications and tax dis¬
University and Markham 'Streets
criminations."
Along
with
the
to engage in a securities business.
rest of the
even

credit

NEW ISSUE

—

Y.

N.

Co.,

po¬

of New Orleans in one recent year.

was

to

Road

Calif.—Frank W.
Biggs has been added to the staff
of Walston & Co., Inc., 731 Wil-

of it

&

formed with offices at 23

Kennedy
originally
Congress an invest¬
proposal which not

to

proposed

NECK,

Grossbard

same

of

have
been
presidents
of
the

Hobby
-

Form Jules Grossbard Co.
GREAT

way

tions

K.

vice

elected

Leslie J. Barbier

Hobby

firm.

regulations provide
to deduct, at the time of
replacement, the increase cost of
a
new
machine.- This fact helps
put the U. S. at the bottom of the
depreciation totem pole among
the eight leading industrial na¬
no

sition in regard to Berlin.

Sansome Street, members of the
Pacific Coast Stock ^Exchange.

/

of

cause

Chronicle)

FRANCISCO, Calif.
B.

real

Administration's

•

Two With Birr & Co.
SAN

*

15

Sellgren, Miller
& Co., 639 South
Spring Street.
He was previously with Wedbush
& Company.

(Special to The Financial

•

*

.

Each such package contained 5 to

Leo L.

—

—

packages of Communist prop¬
aganda material cleared the Port

with

now

and

dened this country with more ob¬
solete plants and equipment than

telligence purposes, but to inter¬
cept
unwanted
and
unsolicited

■'

Sellgren, Miller

ANGELES, Calif.

V
*

000

(Special to The Financial Chronicle)

Kahn is

Barbier

The Tax Foundation claims that

ment

explanation is foolish. The
program was never set up for in¬

•

With

the country.'

you can

will raise

Such

of

wave

neth

Secretary

United

another

McCutchin, Jr., have become

sig¬
of the

Governors consists of seven mem¬
bers. appointed by the President
of

to

Reserve

Treasury. Moreover, the Board of
-

doors

press

program

lations."

clysm. And the repetition of such
a
cataclysm would go far toward
unsettling human reason and open

the

bear

20

only pos¬
huge expansion of

"liberal"

inspection

efforts

bank credit, must
eventually bring
us
to the brink of another cata¬

management.
As
above
all National banks had to

nishing the
Every piece

the

gence

aided and
a

the

during both the Truman' and Ei¬

Another orgy of so-called "pros¬
perity," another wild outburst of

sible through

light of day ,until

howl against its passage.

senhower

/

,.

.

.

through the U. S. mails. But

year-old

the
Creator, by, the late Carl
Cmyder. [McMillan, 1940, p. 13.]

forfeit their independence by fur¬

paper

...

litera¬

The Administration has given as
its
reason
for stopping the
13-

the following retains its
importance. It is from Capitalism

elastic

an

a

Conclusion

proclaimed

secure

to

was

.metallic

capital

member

not to be used

were

exchange
leading and

deposits,

re¬

their circulating media
and
deposits. The

of

.

,

Although given to the world

Reserve

bet

light of current monetary
we face even
greater

ahead.

Communist

the next .session and then

years ago,

The Federal Reserve System

serve

practiced

costly. However, since 1933

the

of

it won't .see the

proposals,

patrons.

Federal

ture

ithe evil has been more extensive
and more harmful than ever.
And,

to extend accommodations to their

was

have

we

•

,

circulation

in
the regulation
of
metallic noin. This misconduct has

ability of members of the system

The

:

shown, from

profanity

well as
the in¬

as

was

been

this

A Republican bill has been in¬
troduced in the House to halt the

the
early days of our present Federal
Government through ;most of the

,was

thd'- crises

has

As

Attention is directed to the fact

in

order.

pur Profanity, More Extensive
And More Harmful

influx' of

the

over

said in June that the Red propa¬
ganda has been "really flooding
the country" since the March 17

is

-

at

propaganda and has dropped its 000.. A new and better model to¬
customary veil of secrecy over the day would cost $250,000.
amount coming into the country. I
"The present depreciation regu¬
However, the Deputy Collector of lations allow the company tax de¬
Customs at ,the Port of New York ductions to recover the cost of the

domestic

media

.

Well ' proven

Customs

a near flood-tide rate.
This mail is being delivered free

raised

holders
of
gold
of contracts to pay gold.
Under an honest redeemability

bonds,- a wrong in
itself,- involved the practice of
John Lawism, a policy
which, in
the 18th century, almost wrecked

strongly opposed by many
bankers. [A Financial
History of
'the United
States, by A. S. Bolles,
Vol.
200.] Ui.i ' '!'•

the

sensitive

Government

France.

on

The Administration has become
to
the
outcry already

our

to

policy

Leslie

fc
| mm
f

was

of the lesser of 40 U. S, ports
which
such
material
enters

that obsolete tax rules have

the plug

charge by the Post Office De¬
partment, adding to an already
enormous
postal deficit and, in
effect, subsidizing Soviet propa¬
ganda efforts aimed at,undermin¬
ing our form of government.

money or

cause

market for

a

screen

of

men¬

$35.00 per ounce, without
protecting or attempting to protect

be
established
a
system
of
banks, partially managed -by the
Treasury. To do this for the clear

providing

under orders
communist propaganda

the

at

repudi¬

we

long afterwards we raised
price for gold from $20.67

to

•purpose of

1933,

promises

our

Central

to issue Bills of Credit,

power

certainly it has

In

Not

the

Government

know,

we

been

pulled

dollar continued for

now.

ounce

as

have

coming into this country and in¬
tercept unwanted and unsolicited
material.. Qn March 17 ,of this
year, the Kennedy Administration

except such: as were owned by or
might
be
acquired /by
foreign

bonds.

If,

one

:to

Well known is the dis¬
honesty of this government which

destroyed it, but it will be

was

bonds,

pointed out that New Orleans

officials

or

years.

tioned

security for money on
to be, mainly, not
but U. S.
Government

deposit

33

nounced 4hat

Since 1948,, U. S. Customs Bureau

in

paper

Science

every

.

hand-to-hand

small

dollar

every

allowing. Red propaganda
That state of absolute confidence dike,
mail to flow into the .United states
as
to

or paper prom¬

BARGERON

monetary

Quarterly, Vol.- XX,
No.
Xy March, 1905, "Monetary
Equilibrium."]
/
\ -, /

ises of these banks to pay on de¬
mand.
These
latter
instruments

constituted

CARLISLE

G.

A. Saxton &
Co., Inc., 52 Wall
Street, New York City, have an¬

state of absolute

a

that

of

partially managed
by the Treasury. The credits of
deposits" were to be in terms of
metallic coin-money. Buch credits
were

by

BY

metal, is the, equivalent in the
hands of the holder of 25.8 grains
of standard gold. [White, Politi¬

members of
chartered by

the

mean

circulation, whether of

purpose was to provide for a sys¬

cf

we

confidence

The National Banking Act was
passed during the Givil War. Its
tem

15

con¬

.asked to recall the high character
Of the Act of March 14^ 19.00,
.which, in the language of the late

..

.

so

omit discussion of the ir¬

we

evil

(1343)

the shameful action
to be noticed. The reader, is

now

*

that

proved

the

Chronicle

nected with

moneyj
regulate
the
and
of
foreign

,4

has1

and

Financial

S. D. FULLER & CO.

;

is

a

16

(1344)

The CoTYimercial and Financial Chronicle

delegated should be subject to

Why Changes Are Needed
In Federal Reserve System

view

appointment.
membership

the Congress.
Reserve Requirements

The

general form of
requirements

present

fractional

against

reserve

deposits

demand

is

ade¬

quate for the purpose of general

policy.

monetary

However,

the

should

It

requirements

demand

on

for

in

enhance

or an

independence.

ment after age 65.

graphical

than

recommends

members

manner

of

reserve

control

the

over

than

now

is

to

continue

gress

that

recommends

mission

supply
Com¬

money

possible. The

the

Federal Reserve Board a range of

8%

from

which

within

18%

to

requirements can be set
for demand deposits. This would

the national

President

bership to

from

the

eral

am

this

sure

the

was

member

all

for

form

banks

and

provide a range of from 3 to 6%.
These rates are significantly dif¬
ferent
from those required of

not

to

mem¬

recommends

appointment. At present the Board
members of 14 year

of

Presidents
times

a

to

as

the Board finds

In establishing

sary.

assist

four

re-

is

appointed

The

increases

ference' of Presidents. ;

by the

administration

greatly

power

maintained.

be

can

effective

an

and

\

,in

the

Chairman

of

the

*

'

whole,' to strengthen

-

"

-

x

recommends:

(1) That all insured commercial
be
required
to
become

members

of

the

System. There

.;/•

;•

'

i

■•••

:«

reserve

:

_

-

•

Federal

■

en¬

is " recommended

It

that

with

the

The

*

v.

Federal

;

"Banks which

Reserve

Chairman should be

chief

are

Board
purpose.

mem¬

(2)

execu¬

ship, membership

jn

the

evidenced

by

tive officer of the Board, empow¬
to handle administrative

should

matters.

The law should be clari¬

earning

fied

authorize

amount, the

ered

be

certificate

of

owner¬

supervisory

System
non-

a

nominal

a

"

of

mem¬

Home

System.

Thatall

■

international

Union

■

,•

labor

this

in

five

to

pay¬

.

benefits

fringe

and

two

from

of

balance

//•

Wages

of

country

times

are

that

of

countries.

industrial

Thus,
organized labor not only draws
from the economy benefits in ex¬
cess
of
increased
productivity,
but
undermines
our
ability
to
compete
in
world
as
well
as
domestic markets.
Until

the

government

recog¬

nizes the seriousness of this situa¬
tion

and

legislation which
as it has
with
business, there is, in my
opinion, little chance of meeting
passes

adequately deals with it,

economic

national

the

goals.

think the

I

report is also weak
in not dealing more realistically
our'international balance

with

of

payments problem in the light of
•the

phenomenal
recovery
and
increase in productivity of
Europe and Japan.-

great

Western
I

be

Loan

do

States

agencies

{move

• • •. / •

Federal'

bank

unified

be

to.

the,- .Federal

the

functions'of

adequate for that {the Controller of
'as well as those

Instead of stock

ports,,, employment, ./ rate
of
growth, and the deficiency in our

United

the

believe

not

continue

can.

the

as

re¬

which

legislation

the
;

capital stock owned by the

Board

not

are

legislation * would

Home Loan Bank

'

Reserve

about 6,600

are

along, with other top presidential, ber banks /be retired out of the
;by. transferring
appointees on ; the co-ordinating surplus
{funds ofv the Reserve Reserve System

v

by

and
requires serve currency country
all insured savings and loaii com¬ ..world- banker in the light of its
panies to
be
members
of
the present price structure. It should
Bank

'
<

V'

and "the

banks

neces¬

Stock of Reserve Banks

,

hances his influence when he sits
as

or

is

banking system. To
accomplishing this, the

in

Commission

market

open

discount rate,

in

There

1958.

2.6%

commercial

with the Board, and

year

oftener

least

at

in

from

both the Federal Reserve

Bank

meet

9.1%

economy as a

Con¬

Reserve

Federal

increased

consistent

committee.
NOTICE

ference

in 1958,
and loan in¬

great need, in the interest of the

The law
a

to

required to consult with this Con¬

the

DIVIDEND

cojnpared with 39.5%

1900

of

1900

of the assets

whereas the savings

recog¬

as

has

In

years.

This

head; of

for

during the last 10

it represented 52.9%

constitute 12 Re¬

presidents

It

other financial institutions during
the past 60 years, and especially

the

source

strengthened.

Bank

serve

modernization.

stitutions

further

of

eco¬

other

of

banks which

that

exercised

power

ments.

bers.

lapping 10 year terms, one expir¬
ing each ' odd - numbered
year,
members to
be eligible for re¬

-*

be

our

steadily lost ground in relation to

has

of

in

is

these

reduced to 5 members with over¬

eligible

and

should formally

acceptable to the Presi¬
order

he

not

membership

system

System

influence

Reserve

requirements, the Board should be

in

dent

fact' that

and

the

Custom

Federal

Banking
and

Board be

liaison

terms

Federal

of the

Bank.

should

advice
nized

important that the

strength

policy,

that the Federal Reserve. Board be

consists of 7

Reserve

Board

as

monopolistic

need

advice

broadening and

An important internal

terms.

It is

port is that it fails to give ade¬
quate consideration and weight to
the
unstabilizing effects of the

closely related
to the strength of the commercial
banking system through which it
functions. This system has great

year.

the

intention

out their terms

Commercial

The

as

The Chair¬
Vice-Chairman, if
re-appointed, could continue

serve

for

Presidents

the

and

delicate matter and

a

Chairman of the Federal Reserve

Organization of Federal Reserve
Commission

man

members.

competing thrift institutions.

The

for the 4 year

serve

Conference of Reserve Bank

co-terminous with the President's.
I

reserve

a

confined

requirements
of Congress when it passed the
against savings and time deposits
be repealed. These are now uni¬ Banking Act of 1935 that provided
statutory

this is

,

to

Advisory Council, one member of
which is appointed by each. Fed¬

terms,

year

misun¬

misinterpreta¬
recognizes

and

of
to
good judgment of the Board.

the

obstacle to this is the present

one

be

by

Board

for 4

serve

council

a

Council to commercial bankers.

designated

and

that the timing and substance
such reports must be left up

nomic

Chairman and Vice-

be

that

The

avoid

to

order

for

reasons

decisions

Commission

The

the

It is recommended that the Fed¬

Chairman

in

derstanding

terms and should meet with

statutory position

at

eral Reserve

secure

to the Board need

in the Government.

cers

develop.

that existing

re¬

members

policy

.

and

as

The5' channels of outside

the highest sal¬
aries available to appointive offi¬
compensated

give to the Board sufficient flex¬
ibility to adjust the level of re¬
serves to meet the needs that may
It is recommended

Board

actions

tion.

twice

objectives.

Reserve

economic

national

growth, low levels of unemploy¬
ment,
and
reasonable
price
stability: ;
'' ;V\
The special weakness of the re¬

major

the Federal Reserve Board at least

It is recommended that the Fed¬
eral

reserve

,

increased

the

achieve

detail, the

its

maike its selectioh,
each district, in such a
'to

doubts

goals which they seek, which are:
an
adequate; 'rate
of
economic

should

reasonable

more

bank.

grave

have

they will prove adequate to

organized labor. It is unrealistic
gloss over the effects of its
Strengthening the Federal Reserve ..actions on
prices,
imports, ex¬

3 year

sponsibilities assumed in achieving

.Con¬

to

grant

mensurate with the

each

that

Council members should

In¬

be

elimination

by

rule that the

general

I

However,

report.

broadly representative of all as¬
pects of the American economy.

the

eliminated.

pre¬

should

from

one

Commission

the

be

nominees

nominees and not

presented
Board

stead, the statute should stipulate
eliminated.
The that members be positively quali¬
central reserve city bank classifi¬ fied
by experience or education,
cation is to be abolished by midcompetence and objectivity, com¬
The

that

the

to

the

be kept informed
with reasonable promptness and in

of them from any single
the economy, should be

one

sector of

<

for

from

-

the

public

by the Board of Directors

least two

the geo¬

and

qualifications

Board

1962.

Board

advisory coun¬
appointed by

of the Federal Reserve Banks. At

I

*

occupational

an

members

12

sented

tion of country banks and reserve

differentials would provide better

of

of

recommendations

follow

replaced by

the

sufficient

a

ineligibility for re-appoint¬

The

Reports

believes

Commission

The

the

considering its size and the com¬

plexity of the objectives.
In general, I subscribe

Federal Reserve

that

and

Banks

branches.

the Federal Reserve Board should

cil

the

like

made the same and the classifica¬

banks

recommended

a

deposits for all member banks be

city

is

Reserve

Thursday, September 28, 1961

.

present Federal Advisory Council

to personally suggest
compulsory retirement of
Board members at the age of 70,

either

Commission recommends that the :
reserve

reduction

The
should

combines

protection

gional

re¬

discretion.

Federal Advisory Council

status of each member and the 10

term

Board's

.

be

Continued from page 7

Senate, and make their reports to

year

the

in

.

the
of

Currency,

the

Federal

rapidly

as

possible

as

to

{transfer this Responsibility to an
monetary organiza¬

.'international
tion

Where

values

currency

can

'be

adjusted ^ Upward of down¬
ward—over-{the longer period as
the basic need is determined., Our

Corporation. {alternatives are! greatly increased
This would greatly simplify and productivity and lower prices or
tariffs, * quotas,,/ embargoes,
ex¬
strengthen the examining, regula¬
tory .and supervisory functions of change controls or the discon¬
tinuance
of
present foreign aid
the three agencies. For a com¬
and defense policies.
;
plete discussion of this subject
Deposit

Insurance

.

-

to

the

Board

to

delegate to the Board committees
or

the

ually,
the

the

Board

or

members

to senior staff officers of

Board,

This

individ¬

administration

in regard to the

of

its

so

Edison

the

its merits

and

are

privately

for

the

owned

benefit

and

of

the

same

time

bank

preserving

reoresentation

on

member

the Board's

re-

cial

banks

tions
for

NOTICE

be

the

other

which

entire

recommended

would

banking

THE FIRST REPUBLIC

Certain
In

improve
system and

authorized

reservations

CORPORATION OF AMERICA

the

made

record

wish

I

which

have

;

DIVIDEND NOTICE

Dividend No. 207
65 cents per share;

PREFERENCE

The Board of Directors has voted to

STOCK,

per

share;

STOCK,

4.56% CONVERTIBLE SERIES
Dividend No.

28V2 cents

Bank of

54

per

able

October

31,

pay¬

1961

Long Island

of

of business, October 30, 1961.
of business, November 30, 1961.

from the Company's office in
„

Angeles, October 30.

September 21, 1961

Ira Sands
Chairman of the Board

hale,

&

York

New

of

Terry Industries, Inc., at $2.25
share. Of the total, 557,333
are being sold for the com¬
pany and 1,175.604 for the account

as

•

*

could be expected

stockholders.

certain

of

will

used

be

NOTICE

Proceeds

by the company for

the repayment of debt and work¬

ing

capital.

The

/<

.

Corp.,/

is

/.

.

formerly

company,

primarily

a

.

-

Sentry

general

heavy construction

Its head office is located
Ave., Long Lsland

projects.
11-11

34th

Form Inv. Associates
(Special to The Financial Chronicle)

FEDERAL PAPER BOARD CO., Inc.
Common & Preferred Dividends:
The

Board

of

Directors

of

Federal

ciates, Inc. has been formed with
at

Paper Board Company, Inc. has this
day declared the following quarterly

Avenue

to

dividends:

business.

share on Common Stock.
2834V per share on the 4.6%
50^

per

Cumulative Preferred Stock.
Common Stock dividends
at

15,

1961

to

are

payable

stockholders of

the close of business October

Asso¬

Colo.—Investors

DENVER,
offices

record

Treasurer

•

City, N. Y.

October
p. C.

Eccles be¬
Committee,

Co., Inc., 37 Wall
City is offering
publicly 1,732,937 common shares
St.,

on

December 20, 1961 to Shareholders of Record at close

ber 5. Checks will be mailed

Greenfield

contractor for

November 20, 1961 to Shareholders
of Record at close

to

stockholders of record Octo¬

Los

job

DIVIDEND

business, September 30, 1961.
are

a

Mr.

Common Offered

at

October 20, 1961 to Shareholders of Record at close

share.

The above dividends

good

r'

by

Economic

Terry Industries

has done

the 4th, 5th, & 6th consecutive
monthly dividends each
to nine cents
(9c) per share on the Class A Stock.
Distributions will be made by the Franklin National

Dividend No. 58

PREFERENCE

and
been

INCREASE

4.48% CONVERTIBLE SERIES
28 cents

as

place

,

I feel the Commission
STOCK

to

part of the Commission's

a

Joint

shares

comments

my

Report.

dends:

statement

a

tne

per

Reservations

conclusion,

in

COMMON

institu¬

providing

which will be discussed by others.

dividends

following quarterly divi¬

thrift

greater tax equality.
are

•From

fore

Washington, D. C.

vVo..

the

and

The Board of Directors has

the

to the

of the Federal

improved ' by

changes

Company

of

refer you

(3) That the competitive re¬
lationship between the commer¬

There

California

the payment

I

1938 annual report

member banks, while at the

DIVIDEND

Southern

meet

Reserve Board.

operated

powers '

Any actions

help

Banks

-

supervision of the

banking structure.

change" will

for each bank.

criticism that the Federal Reserve

of its functions in

any

same

Louisiana

East

4101

in

engage

Officers

a

are

securities
Doyle

H.

Baird,
President;
Robert
O.
Schuelke,
Vice-President; Stan¬
ford
L.
Hyman, Secretary; and
Layne J. Denning, Treasurer.

2, 1961.
Dividends

September 21,1961




A

publicly owned
REAL

ESTATE

Company

on

the

4.6 Co

Cumulative

With Hornblower & Weeks

$25 par value Preferred Stock are pay¬
December 15,
1961 to stock¬

(Special to The Financial Chronicle)

able

holders of record November 29. 1961.

DENVER

Colo.—Robert

L.

Lock-

Robert a. Wallace

Vice President and Secretary

September 20, 1961
Bogota, New Jersey

ard

has

become

Hornblower
Street.

He

&
was

connected

Weeks,

650

previously

with

17th
with

Volume

Number

194

6094

;

.

The CommerciaLand Financial Chronicle

.

(1345)

THE MARKET

.

.

through

AND YOU

.

nicely

market

ditions—the

WALLACE

BY

STREETE

for

sessions.

sideration
linked

several

directly

figure 700
tant

this

was

Soviets

impor¬

more

than

three—standing
the

lot

a

week

the

downtown

the

number

would

like

to

have

running the United Nations.
A

cynical investor has

accustomed

to

grown so

global crisis,

some

had

been

emerging from

the doldrums and Wall Street

growing

metal

men

2

to

move

him,

the

But

Jones

V

700

A.

point

industrial

something he
by

still

with.

can cope

was

Monday's

drop, the most

is

average

week the historic level

violated

the Dow-

on

This

clearly

9.71-point

since April

severe

when the financial community

24

became upset by one of our earlier

crises,

abortive

the

sion.

Cuban

inva-

..

,

is

not

pnost

aluminum

great

portion

conservative
many

critical

of

refused

to

off

Wall

them

the
young
blame the severe

his

on

of

men

harshly
President,

of

sell-

Monday speech before
That would have been

the U. N.

too easy an excuse,
in all honesty.
"Anti-Trust

they admitted

Suit

a

Day"

Unhesitatingly, though, they did
attack
the
alleged anti-business
This

nature of his Administration.

idea of

"anti-trust suit

an

day"

a

(somewhat

exaggerated
but
a
familiar
battle
cry
along
the
Street
these
days) can take as
much blame for the market weak¬

the

ness as

global tensions,

say

the

professionals.
Certainly the powder-keg na¬
ture of world affairs is

lot

more

than

historically,

serious,

a

the

trustbusters' ways, but Wall Street
is
convinced
that
the
lingering

other danger

Berlin situation and

spots have been well discounted
by the market.
The President's attempts to get
producers to hold the line
prices as wages go up shortly

have

certainly
counted say the

not
same

Cuts

been
dis¬
observers.

Aluminum

on

Complicating

the

picture—and

times

competitive with steel, in¬
stead of talking about price hikes
started

on

new

a

to get into the act.
the

on

scarcely

thankful

are

upside,

improves.

volume

Professionals

that

indeclining

sessions the turnover

never

really

becomes oppressive either.

since

producers use a
of their primary

Market

Paradox

market

to

over

semi-finished

and finished mill
a

For

products, where
part of the compa¬
profits are made.

substantial

nies'

might

start

to

turn

Curtis H.

Bingham

David J. Harris

Thomas M. Johnson

up.

thing the number of
hitting new highs for the

one

stocks

has been declining

year

pared to the number at

Earnings Cut Likely
On

the

round

basis

of

of

the

means

ings for
might be

industry

cents

many

trimmed

share

a

on

that

from

as

com¬

how

to

much

This

new

market aluminum

might grab with
its lower price to the user.
This added just one more indus¬
try problem to a basketful the
is

Street

worrying

General
and
to

Motors

about.

walkout

Union, negotiators

Ford

with

evident

behind

their

meanor.

|
stocks

held

t

Auto

de¬

or

The

surpris¬

even

not

suffer

union

rary

from

est

'61

low

points

av¬

averages are

approach

as

could

easily drop to
then, amidst much

and

hullabaloo

about

"bargains,"

the

investor would jump back into the
market with some of that money
he's

strike-

been

putting

Christmas

in

away

do

not

cide

with

They

are

those

at

of the

presented

time

any

as

coin¬

almost

a

year

and

were

with

Mr.

Bingham

Hotel, Santa Barbara, Calif.
nominees for

the following

were

Vice-President:
David J.

Harris, Bache & Co., Chicago.

Thomas M.

Johnson, The Johnson, Lane, Space Cofp., Savannah

William T. Kemble, Estabrook & Co., Boston.
James H. Lemon,
Walter H.

Johnston, Lemon & Co., Washington.

Steel, Drexel & Co., New York.

The Association will act

Fla.

26-Dec.

on

the slate at its Annual

Convention,

1, 1961, at the Hollywood Beach Hotel, Hollywood,

Nomination is tantamount to election.

the Vice-Presidents will be installed

on

The

new

President and

Nov. 30.

.

those

of the
not an offer to sell.or a solicitation
of an offer to buy these securities. No offering
by a Prospectus ffled with the Department of Law of the State of New York.
filing does.not constitute approval of the issue or the sale thereof by the
Department of Law or the Attorney General of the State of New York.

is made except

Such

Magnus & Co.

a

Formed in N. Y. C.

somewhat

Frederick

S.

Magnus, formerly
Godfrey, Hamilton,
Magnus & Co., Incorporated, an¬

encouraged when that other bell¬

industry, railroading,

Named

This advertisement is

Rails Look Better

Technicians

made

author only.]

even as the industry
production at the high¬

in

was

"Chronicle."

came

level

tember 20-22, Santa Barbara Biltmore

Nov.

necessarily

The announcement

following the Fall Meeting of the IBA Board of Governors, Sep¬

a

Club.

[The views expressed in this article

tempo¬
but their

G. H. Walker & Co., St. Louis.

ner,

some

"appealing"
downswing

On this present

Walter H. Steel

than

in the market again

DJI's

James H. Lemon

William T. Kemble

So much for the

only thing the

675-685

half.

wether

Over
were

their so-called records.

indices

the

steel leaders'

some

conclusion:

good for, according to

levels.

big suppliers, the steel companies,
need all the business they can get.
Weakness in

a

critics, is to get people

the

any

shutdowns

off

interested

threatened, have been behaving
rather weakly.
The automakers
will

set

downtown

contrast, the steels, though

strikebound

their

erages and

dictions.

By

fact

them, 646 to be exact,

their highs.

on

ingly well. This time though, the
possibility of a strike at Ford
looked even less
likely than it
had in the case of G.M. But Wlall
Street, once burned, wasn't taking
any chances with optimistic pre¬

not

in

statistical

nearer

now

up

has

round of criticism, of the
pop¬

His

victory

somber

their

are nearer

highs for the year?

question is plaguing Wall
and

half of

ended

of

a

peak

day.

The

moved

flush

a

historic

ular market averages.
One tech¬
nician sat down and checked
every
stock traded a week ago Wednes¬

the

of

its

stocks

more

Street

mathe¬
intan¬

more

of

lows than their

10

annual basis.

an

course, that is strictly
matical
hypothesis.
The

is

when

leaders

lows.

new

this market be within

can

hairbreadth

earn¬

5

Of

gible

How

26-cent-a-

pound price this

announced

certainly hurting this week's mar¬
ket opening—was the aluminum
situation.
This
industry, some¬

was

Even

will

carry

America, announced
George A. Newton, current President of the
Association, and part-

to

They are watching certain weak
spots for clues as to when the

stocks
Price

sorts

output themselves. So far it does
not
that the reductions
appear

steel
on

it looks

as

of

dent of the Investment Bankers Association of

,

week, though, a tottering
list
just saw no reason for
strength. ■
•
'• * ] -■; y
The

serious

so

rally

a

Walter & Hurry, Inc., Los
Angeles, has been nominated for Presi¬

it's

ways seems

the

step Friday in
following Aluminium, Ltd.'s lead
of the day before. Others fell into
line, Analysts noted that the slice

This

Street,

took

that

in¬

as

WASHINGTON, D. C.—Curtis H. Bingham, President, Bingham,

entirely expected.

tougher

pound to 24 cents.

a

Alcoa

stocks

steel-

becoming increasingly
mount a strong, sus¬
tained rally nowadays. Whenever
the list
gives a hint of better
things to come (as. on Tuesday
morning) pessimism somehow al¬

were

quick to point out that price shav¬
ing has been going on since early
last year.
Now the price of the
basic metal (99.5% minimum-pu¬
cents

oversold

was

rity yagot) has been trimmed by

American counter-blasts often fail

have been

Still

market

own

sembly, that Russian threats and

But

so

was

of them

starting right here in his
backyard at the General As¬

and

interested.

Some

"troika"

the

for

It

cuts.

automotive

vestments these

chartwatchers

IBA Receives 1962 Slate

con¬

production conditions.
To

-

con¬

"fundamental"

here—are

to

stock-

Carloading

17

President

came

of

NEW ISSUE

September 26, 1961

Investors Funding Corporation
of

nounced the formation of Magnus
&
Co. Incorporated with offices

New York

at

20 Exchange Place, New York
City, to act as underwriters and

distributors
This announcement is tender no circumstances to be

solicitation of

to sell or a

The offer is

an

offer to buy

any

considered

as an

securities

may

$1,250,000

securities.

offer

7^4%

of these securities.

to

Due June

30, 1976

Purchase 12,500 Shares of Class A Stock

Now

Godfrey,
Hamilton, Taylor

be lawfully sold.

September 21,1961

NEW ISSUE

Registered Subordinated Debentures

with Warrants Attached

made only by the Prospectus which is available only

in such States where these

of

The board

25,000 Shares Class A Stock
(Par Value S5)

of directors

of the

in¬

vestment firm of

Godfrey, Hamil¬
ton, Magnus & Co., Incorporated
has announced a change in the
firm's name to Godfrey, Hamilton,
Taylor & Co. Incorporated. Head¬
quarters of the organization will

100,000 SHARES

SECOND FINANCIAL, INC.

continue
New York

at

101

Park

Offered only in units consisting of (if
10 shares

of Class A Stock and (Hi)

a
a

Debenture in the principal amount of $500, (ii)
Warrant

to

purchase 5 shares of Class A Stock.

Price: $650
per

Avenue,

Unit

City.

COMMON STOCK

Copies of the Prospectus

Nemrava Branch

undersigned

as may

may

be obtained only from such of the

tawfully offer these

securities in this State.

DENVER, Colo.—Nemrava & Co.

(Par Value $.10 Per Share)

has opened a branch office at 215

Denargo Market under the

Eisele &

man¬

King, Libaire, Stout & Co.

agement of Forrest W. Wilcox.
Albert Teller &

PRICE




With Ball, Burge

$3.00 PER SHARE

MANSFIELD,
Rusk has

Ball,

GLOBUS, INC.

Third
local
"

Ohio—W.

become

Burge
Street.

&

He

was

—

-

for
/

formerly

Hayden,
*J

Coburn & Middlebrook
Incorporated

Paul

Eisenberg Co.

with

Kraus/ 40 " West

representative

Miller & Co.

Herbert

associated

H. A. Riecke & Co.
Incorporated

(Special to The Financial Chronicle)
.

Co., Inc.

Bravman &

Company

Incorporated

Edward A. Viner &

Co., Inc.

Joseph M. Batchelder Co., Inc.
Kuhner, Vollebregt & Gerald

A.L.Stamm&Co. Strathmore
Securities, Inc. C. F. Cassell & Co., Inc.

J

18

(1346)

The Commercial and Financial Chronicle

building
cities

Regarding Fallout Shelters
'

■

*

■

*

■

;

•

Babson

Mr.

>

them

the

are

for

Sept.

in

the

makes

regarding

Russia

preferability of building shelters

any

within

"fall¬

out" which need careful checking
and analysis.

At

use.

be

90%

least

this

would

radius

killed

those

five

of

of

miles

under

any

or

ditions—shelters
.

.

What

What President Kennedy did
In

the

President's

letter

We

which

V

.

'

11:00

*

•

what

at

Kennedy wants; but we
heard what the people
of Berlin want, or do not want. Of
course they want food, water, and
heat.
They feel that the West
Germans will see that they get
these. But they certainly do not
want a "shooting war" between
have

government is

moving to
improve the protection afforded
you in your communities through
civil defense. W<e have begun,

and
continuing throughout the
next year and a half, a survey of
all public buildings with fallout
shelter potential, and the mark¬
ing of those with adequate shelter
will be

50

persons

providing
in

and

shelter

We

shelters with

in

Russia

should

President

Magazine

made

between

ence

explosion of
resultant

should

effect

a

If

would

shelter"

be

would

of-

90%

building

Life

in

built

any

to

accomcdate

for

is

answer

all

diffioult,

very

another. It

Bue the fallout which would drift

build

deadly.

commodate

is

neighborhood

from this explosion would also be

make

insured

Even
who

Fallout

*

where

friends

community

which

the

3%

of

might

from other
two

those

die

would

amount

the

or

course

don't

center

of

100
a

mile's

large

from

city

less

than

150

within

five

come.

will be
When I

1

agencies of the

in

the

first

-

the

it

areas

residential

of the United

Trustees

First

....

that

developed

there
an

There

miles, the

bombs
or

of

is

none

launched

must

of

submarines

enough

8:30

invested

the

aim

have

to

an

destroy

from

accurate
a

with

by

other

the

state

.

appears

as

a

matter

of

record

two

and

Silvers
A New Issue

NECK,

or

*

Securities

September 27, 1961

N.

Dancmg.

Presentation of New Officers.

75,000 Shares

firm

5:00 p.m.

Leave

6:21p.m. Leave

New York, Pennsylvania RR."
North Philadelphia, Pennsylvania RR.

FRIDAY, OCTOBER 13—

*/lT:00

a.m.

8:D0 p.m.

~

'

"

•'

PAUL,

,

Chicago, Pennsylvania RR.
'Leave Chicago, Milwaukee Road.
Leave Omaha, Union Pacific RR.
Arrive Salt Lake City, Union Pacific RR.
Leave

7:00

a.m.

,

'

.

~

,

" '

*

Arrive Las Vegas, Union Pacific RR.
(Train parked for occupancy)
,

3:15

a.m.

9:00

a.m.

•11:45

a.m.

'

.

:

"• /

,

a.m.

H.

.

Leave

Las Vegas, Union Pacific RR.
Arrive Riverside, Union Pacific RR.
Arrive Palm Springs, Motor Coach.

'

Opens
I.

9:00

Brooks

a.m.

a

M.

Building,

to

=

Monroe

;

;

,

Z. j
-

.

:

«

Leave Palm Springs,-Motor Coach, .
Arrive Los Angeles, Ambassador Hotel.

v.

•

-

-

Leave

For Yosemite

'

a.m.

Leave

Yosemite

National

I. ;

Brooks,y
Secretary,
and
Shear, Vice-President

>.

V

' '

Park, Awahnee Hotel.

-

National Park.

'

Leave Merced, Calif., Southern Pacific RR.
Arrive Oakland, Southern Pacific RR.

4t30

Arrive San Francisco, Mark Hopkins Hotel;

p.m.

Treasurer.

THURSDAY, OCTOBER 26—
6:00 p.m.

Cocktail Party.

,

,

FRIDAY, OCTOBER 27—
12:15 p.m.

TOPEKA, Kans.—A. G. Edwards

share

under

Crosby Brothers

Building

the- management- of

Bergert.

'

■

..

-

\

5:00 p.m.

Edwards Opens Branch

MEADE & CO.

PONCA

CITY,' Okla.—A.

wards & Sons has

G. Ed-

opened'a branch

office in the First National Bldg.
under the direction of Elwood P._

Russell.
-.C

~

...

...

.

..

.

\, /. ?\

Oakland, Southern Pacific RR.

.

,

SUNDAY, OCTOBER 29— Z
1:00 a.m. Leave Orraha, Milwaukee Road..
9:30 a.m. Arrive Chicago, Milwaukee Road.

John
.

Mark Hopkins Hotel by Coach.

Leave

SATURDAY,OCTOBER 28—
6:50 a.m. Leave Ogden, Union Pacific RR.

& Sons has opened a branch office
the

Leave

1:00 p.m.

A. G. Edwards Branch

in

.

•

and

Stock

Value)

per

-

.

3:45 p.m.

en¬

securities business. Of¬

are

President

,

-

WEDNESDAY, OCTOBER 25—
12:45 p.m>.

and

$12.00

•

.

'TUESDAY, OCTOBER 24—
Z ' v.- "
8:00 a.m. Arrive Fresno, Calif., Southern Pacific RR.

\

r

10:00

Melvin

Price

'

•

?

^

.

—

•

MONDAY, OCTOBER 23—
11:30 p.m. Leave Los Angeles, Southern Pacific RR.

Miss
-

Pioneer

gage in
ficers

MOHAWK INSURANCE COMPANY

Par

.

SUNDAY, OCTOBER 22—
'
:
12:30 p.m. Leave For Disneyland, Motor Coach.
Cocktails and Dinner, Disneyland Hotel.
10:00 p.m. Return to Los Angeles, Motor Coach.

in

($5.00

"

"

-

•

Z

-ZRETURNING

Inc. has been formed with offices
the

'

■

Salt Lake City, Union Pacific RR.

MONDAY, OCTOBER 16—

formerly 'with Nelson

Minn.—M.

.

Arrive

name

Co.

t

ST.

»

GOING

1:00 p.m.

Y.—Ann

M. I. Brooks Inc.




,

national

local

_

Common

Affiliates.

THURSDAY, OCTOBER 12—

2:00 p.m.

in partic--

Inc.

'

,

A

of

,

♦

Class

:

.

Special trains for the convention, and the special tour follow¬
ing, will leave on the following schedule:
(Ail time mentioned is Standard and Not Daylight Saving
Time)

lenders ap¬
agencies and

Securities

was

-

Presidents

Dinner and Dancing.

SUNDAY, OCTOBER 15—

under the

Atlantic

Z

-

and

Cocktails at the Pool.

•SATURDAY, OCTOBER 21—

Drive

race

-

Officers

7:00 p.m.

10:30 p.m.

Silvers is engaging in a securities
business from offices at 10 Ter¬
of

for

Luncheon for Ladies and Gentlemen.
Speaker: Arthur H. (Red) Motley.

11:00

only.

Breakfast

FRIDAY, OCTOBER 20—
Z
10:00 a.m. National,,Committee
Meeting Election of Officers.

the

large

having been sold, this adver¬

and

'

banks.

GREAT

tisement

a.m.

8:00 p.m.

\

Forms Atlantic Sees.
All of these shares

Ladies

-

SATURDAY, OCTOBER 14—

in

interest of

primarily from

proved

;•

1:00 p.m.

first/mortgages

Mortgage Investors,.which

ipation

Only
airplanes

now.

from

'

Bridge and Canasta.

THURSDAY, OCTOBER 19—

lender aoproved by the VA,
acquire its mortgage invest¬

a

will

ments

such

p.m.

has qualified

accurate

Tournament at the Hotel 9-Hole Course.7
Luncheon with Style Show at Fool for
Men.

3:00

may

as

officials

;

b:uu a.m.

guaranteed by

or

amounts
in

is

•'

Day for Sports.: -Men's Golf Tournament at Bermuda
Country Club. Tennis Tournament. Ladies' Golf

mort¬

development

of

The

types

:

Cocktails at the Pool.

as a lender approved
by the FHA and intends to qualify

(be

a.m.

Final Dinner.

shareholders to do So.

for

was-

anti-missile missile.

which

miles

they

to

Berlin,, Poland, and Russia two
ago,
I was told by high

first

price of the shelter increases. No
shelter

change

'

•

.

Entertainment and Dancing.

7:00 p.m.

loans not insured

will

Luau Buffet Dinner.

8:30 p.m.

for

VA.

.

Sport Clothes.

In

capital

VA in diverse

.

Cocktails at the Pcol.

by

States. These will be conventional

heads

."

-

r

either

Berlin

the

:

Housing

projects in accordance with the
requirements of the FHA or the

or

Breakfast.
Committee Meeting.

guaranteed

construction

FHA

Officers'

Administration.

or

years

in

might be bombed. As the distance
becomes

believe

many years

shelter; the minimum cost quoted
is $1,850. This is for a shelter in
basement

bomb

its

loans

gage

be thrown at cities of the U. S; A.\ these
to
cause
their
destruction?
I when

5,000,000 people. Hence, the scope
of the entire project of shelters
is stupendous. I have had a sur¬
vey
made of an average home

a

hydrogen

of

and

question of whether missiles

with

of

about

Federal

^

,

Evening Free.

principal and interest

cases,

half

Nuclear

a

•

;

D. S, Government. First Mortgage
Investors
will
invest
the
other

to
ac¬

All of the above boils down to

shelters

to

Be

/

-•*12:45 p.m.

income, to

,

mortgages

the

protected by

are

a

World War IB?

fright

in the

causes

weeks

in

from

by

Veterans'

both

of

feel rather selfish..

one

Shelters

be

Administration

several

Will There

of

»

t

'

■

.

Dunes

investment

taxable

will

ments

out drifts.
Cost

8:00

a

rate of income. At the outset, ap¬
proximately one-half of its invest¬

hundred; but
to build for just one's own small
family would, I
should
think,

However, if all the na¬
tion's people had proper shelters,
97% of the people not killed by
the blast might survive the fall¬

estate

1960,

*

and Diving Exhibition."

:WEDNESDAY, OCTOBER 18—

will be to invest in first mortgages
an effort to produce a favorable

the

>

things for

one

or

shelter

a

•,

in

two

towns

or

neighbors and

are

one

use.

cities

National

7:45 p.m.

J

small

Past

a.m.

•

primary objective of the
located in Boston, Mass.,

Trust,

living on farms and
having no near neighbors, can
answer this question
quickly; but
in

of .its

The

Berlin)
Another

weeks? Those

the

a.m.

6:45 p.m.

corporate
income tax if it distributes at least

here

families

31,

-

Cocktails at the Pool.

1:00 p.m. Luncheon for Lacies and Gentlemen.
Speaker: Jack D. Wrather, Jr.

Federal

no

shareholders.

differ¬

"fallout
■

real

pays

well-to-do

of

city, the blast
kill 97% of the

probably
people.
No
ordinary

qualified
trust

shelters?
awkward
question:
How
many
people should such a shelter be

H-Bomb

an

Dee.

after

S. A. until it is learned

the

are

H-Bomb and the

an

fallout.

strike

the

clear

the

nor

shelter

a

Berlin both West and East

.

the

beginning

fighting.

to

'

\

Dinner and Dancing.

8:30

legisla¬
taxable years

tion, applicable

r

:

'

•

.

President's Recept.on at the Pool.

10:00

Revenue Code. Under this

Allies,
the worst of

'

'

■

Registration.

TUESDAY, OCTOBER 17—

investment trust under the

that

week's food and

supplies and two week's
water supply for the shelter oc¬
cupants.
."
.

estate

in the U.

medical

Neither

build

one

8:00 p.m.

Mortgage Investors
price of $15 per share.
First Mortgage Investors,, it is

"

Welcome from STANY.

;>clop.m. Swm.mmg

recent amendments to the Internal

practical matter,

as a

6:30 p.m.

•

;

believed, will be the first publicly
held leveraged trust organized to
invest exclusively in first mort¬
gages
and to qualify as a real

Western

getting

Therefore,

Federal
stocking these

are

one

the

and

Berlin

it all in the center of the

are

new

existing

some

buildings.

We

more.

or

fallout

never

with

a.m.

12:15 p.m.

a

President

"The

;

terest of First

what

told

Springs, Calif:

MONDAY, OCTOBER 16—

1,000,000 shares of Beneficial In¬

constantly

are

The National Security Traders Association has
announced the fol¬
lowing program for the annual convention to be held Oct. 16-20
the Riviera Hotel, Palm

at

-

underwriting group headed by
Shearson, Hammill & Co.," New
York
City is offering publicly

Berlin

of

Khrushchev wants; also

Mr.

said:

for

'

NATIONAL SECURITY TRADERS ASSOCIATION

An

Want?

preceded the article, the President

by the U. S. A.

or

Shares Offered

shelters.

no

Inhabitants

do

Not Say

NOTES

now

con¬

'

*•'

is

First Mortgage
Investors ZSZJ'IE

ones.

where the bomb hits would be of

Life Maga¬
1961

15,

statements

some

and

Russia

Discussed

accommodating several hundred to individual family

article

featured

zine

shelters

costs of

in cities

have

we

Such "defense

what

are

NSTA

use

testing and it is silly to talk about
such tests underground either by

magazine for failing

recently addressing themselves to the subject.

storage.

that we
"anti¬

so

a

in

missiles

President and "Life"

possible

as

position to
missiles" when

missile

distinguish between the H-bomb's explosive effect and resultant

fallout in

A

criticizes the

Thursday, September 28, 1961

.

the defenses of these

up

fast

as

will be in

By Roger W. Babson

to

.

city. Such a city must be rela¬
tively near the seacoast. We are

Some Pertinent Questions
..

.

Leave

Chicago, Pennsylvania RR.

4.

MONDAY, OCTOBER 30—
■*. ;
.8:03 a.m.i Arrive North Philadelphia, Pennsylvania RR.
9:30 a.m. Arrive New York, Pennsylvania RR.
.

,

Reservations and additional information'may be obtained from

Joseph C. Cabbie/ Burns Bros. & Denton,
.

•f

'

"

Inc., New York .City;
'>V A

,

Volume

1941

Number 6094

.

.

The Commercial and Financial Chronicle

.

(1347)
Casper A. Rogers, Casper Rogers & Co., New York City; James B.'
McFarland, Stroud & Company Incorporated, Philadelphia, or
Edward H. Welch, Sincere and Company.
SECURITY

TRADERS

ASSOCIATION

OF

NEW

Our Reporter

19

influence
on
the
bond
market
since funds that would
ordinarily
be put to work in
equities would
be invested in bonds. In

on

YORK

addition,

•

Restaurant, at 4:30 p.m., Oct. 4, to receive nominations for the
following officers: President, First Vice-President, Second Vice-'
President, Secretary, Treasurer, Four Directors, Three National
Committeemen, Five National Committeemen Alternates, and Four
Nominating Committeemen.
! " •
~

,

Members of the Nominating Committee are
Barney Nieman,'
Carl Marks & Co., Inc., Chairman;- Walter Filkins,
Troster, Singer7

&

Co.; William McGovern, Blyth & Co., Inc.; John J. Meyers, Jr.,
Meyers & Co.; John Eh Ohlandt, Jr., New York HanseaticCorporation; and E. Michael Growney^ Gregory & Sons, alternate.

John J.

Japanese
Stock Exchange

BY JOHN T.

Tsunao

Okumura, Chairman of.
the Board, Nomura Securities Co.Ltd., Tokyo, in a cable to New
York,
viewed
the
forthcoming
opening of Japan's second major
stock exchange
on
Oct. 2 as a
"seven-league step" in his coun¬
try's economic growth. The Sec-,
ond

Market,
presently

the

exchange
is
called, "will be a
boon
the
to
myriad small and
new
Japanese
companies, their
as

shareholders

and

new

investors."

The

A

headed

group

Co.

favorable forward refunding
venture of the
Treasury

if one is
to hedge
against the
(nearly boom and its inflationary forces.*
$3,700,000,000 of the eligible $7,-Because of this heavy demand
600,000,000 of 2V2S turned in for for equities not
only were bonds the longer
maturing 3y2s along not bought by many institutions
with

the

new

chine

devices,

attachments

horse power
four

items

contribu.te

-

porters

as

in

ardent sup¬

more

the

for

move

a

new

exchange, said smaller companies
have

will

now

faster

and

more

capital is made
able to
The

to

grow

substantially as
freely avail¬

more

listed

a

chance

a

company.

Nomura

official

pointed

out the Japanese Finance
has-

Ministry
painstakingly
to

worked

blue-printr rules

and

regulations

for

The

on

offshoot

Second Market, an

J

of

a

p a

Counter Market.

n's

OVer-the-

Wild price fluc¬

tuation, as a result, will be offset
by the stringent laws the Ministry
has
thus
far mapped
out, Mr.
Okumura

said.

About

listed

365

companies

will

be

the Second Market after

on

sewing

and

electric

ma¬

fractional

motors:

Mr.

Ministry.

Okumura

likened

the

new

exchange to the American Stock

Exchange

where

companies with
capitalizations are

modest

more

listed.
There

Exchange:
Class

I

two

are

transaction

on

for

shares;

Class II shares.
ket

will

methods

the

Tokyo

cash

for cash

and

be

500

the

shares

value is 50

Other
ond

—

Class

II

for

securities,

if

the

lot

stock's

yen.

25%

of

250

membership include:
capitalization, minimum

stockholders;

not less than

company

must

established at least two years;
and for the past three fiscal pe¬
be

riods

(18

months) the company
have paid more than 10%

must

in

dividends.

formed

issues has
burgeoned in Japanese financial
communities.
He explained that
the

and

new

Over-the-Counter

or

Second

Department of Trading in Tokyo,
Osaka and Nagoya totaled 1,111,-

531,000
year,
over

in June of this
increase of about 40%

shares

an
a

comparable period in 1960.
Securities

Nomura
maintains

are

Honolulu

Co.,
Ltd.
headquarters
in

its

Tokyo, Japan.
offices

It has been the sole manufacturer'
of the Model 80 Polaroid camera

120

Over

in

located

and New York
J

branch
Japan,

'

I

V

August, 1961, has been sole
of

the

J-33

new

Polaroid camera, a compact model

using the Polaroid Land
eye."'
The firm plans to
of the proceeds for

ucts

—

and

of

since

the

on

•

$750,000

on

$125,000

electric!

The

of

2y2s

is

of

change
issues

order to

in

prod¬

minaturized
camera

and

machine

at¬

tachments and electric motors. It

$2,200,000 to retire shortterm debt, $250,000 to retire in¬
debtedness of Teleprinter and add
the balance to working capital.
\
use

defensive

into
It

is

cash

the* have

^

on

can

that

"hot

securities
on

cause

mon

to

has

is

*,

the market1 for'all fixed

bearing

obligations

the strong market for

stocks

hedges

was

were

the' forces

taken to

of

there
chase

is
of

making
which

no

hedging in

bonds,/other

have

common

vertible

one

stocks

0£

crease,
on

the

It

has

the

pur¬

than

by

those

fairly limited in spite of the

refunding operation of
Treasury makes them susceptible to easy price movements
both directions

However, the

1

recent

purchases

f*

~ made

I-

ur

by

institutional

investors

°+uJ who beIieve
at all and

that the market action
Treasury obligations will not deteriorate very
much if any because of the yields
0f

a+ C£

+1?"

the most distant

* theW

con-

•

is

demand

likely

economists

ground that
some

the

to

will

there

will

fixed

income

should not

bearing
and

Harry

obligations
might even

and

S.

*T

.

i*

n

First United In v. Branch"

or

are

a

worsen

Louis

contend/
boom

not

be

are

Kalajian,
Treasurer,
and
Siegel, Vice-President
and Secretary. Mr.
Kalajian was
for formerly with Emanuel, Deetjen
de-' & Co.
' '

trying to
materialize, and
lessening of the
inflation
psychology.
Therefore,
they believe that the market for
it

as

Officers

President

EAST
TT

WEYMOUTH, Mass.—First
,

_

bmted

,'

,

Investors

.

has

David Camen is

business

v<

engaging in
from

; {

■

t

under

the

direction

of

Lloyd C.

p)ewar

'

improve with the passage of time,'
the supply of these securi-

"

ft

,

!

v

Costello

Russotto

mow A-OSieuo, IXUSSOUO

since

ties should not increase very much

LOS ANGELES, Calif.—The firm

buys either

aside

from

the

name

bonds

sues.

Also,

it

common

features.

con¬

stock,

not

just straight income bearing issues

in

setback
market

tax

is

believed

the

would

sheltered

that

a

a-

stock

common

have

is-

favorable

of Haas, Lidster &

Wilshire

Boulevard,

changed to

it

has

sold

to

of
through
Kuhn, Loeb & Co. Inc., New York
City, $12,500,000 principal amount
of 53/4% sinking fund
debentures,
series D, due Sept. 1, 1986 and
50,000 shares of 6V4% cumulative
preferred
stock,
series
B,
par
a

group

This

announcement

is not

an

Co.

offer to sell or a solicitation of an offer to buy
offering is made only by the Prospectus.

any

Net

from

proceeds

the sale

to¬

gether with proceeds of approxi¬
mately $8,400,000 from the recent

of these securities.

September 27, 1961

145,000 Shares

Valve

Corporation of America

sale

through a rights offering of
120,000 shares of common stock,

will

be

in

used

connection

lb:

Common Stock

with

the company's expansion and im¬
provement

program

1959, and to

repay

initiated

(Par value $.25

per

Share)

in

debt incurred

equipment. The

program calls for

a se¬

offices

Offering Price: $7.00

expenditures for

telephone plant
equipment of approximately
$100,000,000 during the five years
ending 1963, of which approxi¬
mately $36,800,000 had been ex¬

per

Share

and

Copies of the Prospectus
from such dealers

as

pended through the end of August.

be obtained from the undersigned and
lawfully offer these securities in this State,

may

may

■

i

Form Inv.

Development

SILVER SPRING, Md.—Investors

Development

Co.,

Inc.

has

a

LAIRD, BISSELL

MEEDS

8c

VILAS & HICKEY

securities busi¬

ness.

Officers

man,

President; Melvin H. Man-

are

LOMASNEY, LOVING & CO.

been

formed with offices at 1111 Fidler
Lane to conduct

Carl

M.

Free¬

SCHRIJVER 8c CO.

KAMEN 8c COMPANY

at

ser,

Secretary and Treasurer; and

Virginia

Secretary.

Brandenburg,. Assistant

JONES, KREEGER 8c CO.

.

LEAVITT 8c CO..

EDWARDS 8c HANLEY

WILLIS, KENNY 8c AYRES
Incorporated

been

Costello, Russotto &

The

investors,

Co., 3727

has

sidiary of International Telephone
&
Telegraph
announced
Corp.,
institutional

a

branch office at 901 Broad Street

dell, Vice-President; Julian Was-

Ave., New York City




opened

Puerto Rico Telephone Co.* a sub¬

that

to

comparison

in order . 0£ Government bonds, according
The Jffer° t0 ^vices, appear to have been

un

the

stock

some

superboom

tag

in

conversion

words,
into

that

consistently that

commitments

other

com¬

attractive
in

■

addition,

common
.

«

against

inflation.

been pointed out

be¬

mean

being made

corpo-.

they are,[now, barring unforeseen
developments."" {'!t •

adverse "J"1 In

an

0n

that bond prices as a whole should
remain pretty much in the area

all-time

new

had

the

levels

light, and the Federal
\
i
o
r\
Government, " unless there is a
Analytic oecs. \Jpens
radical change in
plans, will not Analytic Securities, Inc. has been
be using the long-term sector for formed
with
offices at 40
Exeither refunding or new
money, change Place, New York
City, to
purposes. This most likely means
engage
in a securities business,

more

money"

them

investors

seKn^^^though Obligation?
g
S*

it

reached

the

tinue to be

be

The upward surge of the
equity
market which carried
prices of

levels

still

*}eaXy outPut after the.

However,6

that

certain
corporate
and
taxexempt obligations. Also the fact
that the
floating supply Of the
most distant Government
bonds is

'

went

corporate bond offerings will

Trek Toward Common Stocks

these

.

so

t

funds

belief

to

are

moment's

a

a

'

slowed down

continue

these

indicated

i

because

ratefwent"

the

bonds

made

selected

,wl?0'e|.a'e fashmn
Iw
not

being

to

advance

-

.

*

the

of the buying which has
into the most distant maturities of the
Governments is

that

certificates,

or

V

Some

come

LatirilVrrSh/n/OUt o£feri"gs

are

in

going into these issues.

now

In

Private Placement

income

Bullish Thinking on
Long
Treasury Bonds

Treasury

Levels

those buyers,
most liquid

because

so-called

effect

of

bills

as

and'

1970

ventures

a

short-term

the

high

devices, $215,000

sewing

on

issues

Bond Prices to Stay at Present

goodly

a

.

such

sues

'

*

sales of fixed, attributed

were

bearing

existing pattern of things.

$1,000,000 income
development/;

the Polaroid Land

will

there

use

design

communications

City.

David Camen Opens

697 W. End

unless

since its introduction in 1953, and
since

manufacturer

'

curities

amount

Feb. 2, 1961,•
turned
Greist Manufac¬
notice.

to

successor

fixed

for the purchase of materials and

Like the American market, Mr.
Okumura
said, interest in new

companies

-extended

must be in securities which

turing Co. and Teleprinter Corp.

stipulations for The Sec¬

100-million yen;

,

obligations
was

not be adverse

for

value $100 per share.

Market

company

of

only

minimum transaction

the

will

of

Stock

The Second Mar¬

utilize

•

margin—

or

full cash method for its

par

••

•

of the 3^2 %

more

expected to- to be well taken by
sales in fiscal who want only the

Puerto Rico Tel.'

*

was

The

approval by both the Council and
the Finance

has

area

each

are

protection of the listed secu¬
rity, the shareholder and the in¬ engineering
vestor

income

n

Market
exchanges
will 1961.
in Tokyo, Osaka and Nagoya.
MITE
Mr. Okumura, whose firm has'
of the

Treasury, have"

vance-'refunding

Second

one

raising' but also there

money

the

The firm, headquartered in New considered to be the
only way in
Haven, Conn., makes the Polaroid which the Treasury will add to. toterest
Land camera, miniaturized com¬ the supply, of long Governments

open

been

of

offering 325,000 capital, 1971 were turned in for the
long¬ to
shares of MITE Corp. at $11.25;
est Government bonds. These ad¬
per share.
' ' <

munications

market

The

is

.

the

bearing issues.

distant

by Kidder, Pea-;

the boom and bust

or

psychology, should
"to

bonds outstanding, but the overall
maturity of the Government debt

body & Co. and Chas. W. Scranton
&

not inflation

CHIPPENDALE, JR.

been absorbed by the
money and 7 get funds which were
mainly put
capital market pretty much 'as; to work in common
stock. In some
was
expected.
The* near-termr instances this bond
money was insectorjhas been supplied with the" vested
for temporary periods in
needed obligations while the more'
short-term liquid Government is-

MITE Corp.
Stock Sold

equity market that reflects
business
conditions, and

better

operation

New

:

an

The Nominating Committee of the Security Traders Associa¬
tion of New York will hold an open meeting at Oscar's Delmonico

t\

20

The Commercial and Financial Chronicle

(1348)

its intention to

announced Sept. 25

increase the annual
at

At

BANKS AND BANKERS
t

,

,

Consolidations

*

'

.

New Branches

•

1

'

•

^

New Offices, etc.

•

»

.

'

.

'

.

the Directors
split in
Company's stock and voted to
increase its capitalization by 394,two-for-one

a

975

shares.

The

offering of the new shares,

which will be

New

Bank,

City

National

First

York, on Sept. 25 opened its 11th
branch in Puerto Rico in the San
Juan suburb of Rio Piedras.

The

Robert M. Duvall.
■

*

of this

branch.

new
'

•

,

">

sjs

Cross

named Marvin

has

York

R.

The Dime Savings Bank of Brook¬

Sept. 29
branch in Green Acres Shopping

lyn, N. Y., will
a

Center

open

an

Highway near

Sunrise

on

office

bank also will be avail¬

savings

Security
Island,

President, The Peconic Bank, Sag
Harbor, L. I., announced on Sept.
22 that the Boards of Directors of
mously approved the consolidation
of the two banks. The combined
institutions will operate under the

Security

of

charter

and

name

National Bank of Long Island and
the

function

branch of Se¬

a

as

Bank

Peconic

The

of

office

will

Mr.

and

tions

as

merged institu¬
SaundOts will be

the

of

Mr.

Vice-President in
charge of the Sag Harbor office.

designated as

The

in

Bank, Worcester, Mass.,

He

Bank for 41

in

1944

his

started

He

Bank

as

Two

is

subject to

been

$3,500,000.
*

White

Plains,

Y.,

N.

promoted to Assistant VicePresidents by the Board of Direc¬
were

tors

and

of

members

two

the

named Assistant

batik's staff

were

Treasurers,

John A. Kley, Presi¬

dent, announced Sept. 18.
Advanced

Presidents

Assistant

to

were

approxi¬

yield

to

*

banking

clerk in

a

career

Co.

Trust

sistant
1929

the

to

was

1917.

and in
Vice-President.

President,

elected

a

Mr.

1934

First

of

He

gave

Treasurer 22

was

years,later, in 1956.r

Officers of the Monmouth County
National

Bank,

Bank,

Red

•

*

N.

J.

*

*

30. The

share

and

Merchants

of merger.

subject

1232.

page

and

have

,

Kieran J. Duffy,

Jr., William E. Eade, Anthony J.

Board

First

that shareholders,

have
approved
the
increase
of
the
authorized capital of the Company
to

divided

$4,599,195,

839

shares

of

stock

to

into
of

This is subject

Directors

two-for-one split

ing' shares,'
value

from

authorized

have

changing
$10.00

Warrants

share

for

new

their

of

the

Banking

and

Trust Company, Philadelphia, Pa.

par

$5.00, and
shares
(par

to

issuing 69,370 new
value $5.00 each).
scribe to

a

of the outstand¬

the

(par value $5.00 each) will

be issued in the ratio of

for

each

Oct.

on

12

9.

shares

Warrants

one

new

held

will

announcement

is neither

Hardware

Sept.

capital

of

Bank

increased

111.,

$1,500,000 to $2,000,000 by

D. Fuller &
Co.,7 New York
City, and associates are offering
publicly $750,000 Industrial Elec¬
S.

from

stock

stock

a

dividend effective Sept. 13. (Num¬
ber of shares outstanding 20,000

vertible

shares,

due

tronic

value $100.)

par

Hardware

of

the

Valley

Na¬

dividend

stock

to

.

on

...

be

Jan. 15, 1962 to share¬

1961.

.

£

Jj.

*

On

Sept. 4 the Comptroller ap¬
proved the application of National
Bank and Trust Company of KenSquare,

Kennett

Square,

The

National

and

Bank and Trust Company of West

tional

the

consolidate

under

the

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

Bank

of

Osborne

Long

Trust

Hampton,

Island

and

Sept.

Company

L.

I.,

of

have

-

Net

the

of

the

field

The




will be used by
for expansion of its

balance

the

merger

Currency.

detecting dosimeter and the
development of other products in

resulting

The

Bank would be known

The

consolidated

have

total

the Val¬

as

Bank

about

initial

devices.

used

fi¬

to

inventory

and

and

dis¬

of

products

British

of

Brimar,

Ltd.,

a

corporation.

The

1976

debentures

will

ini¬

would be Chairman of the
advisory board of directors of the

tially be convertible into

common

Osborne office.

stock

They
optional

National

Bank

Company, of

at
be

$6.25

106%

and

prices

in 1962

sinking

Chattanooga,

to

fund

price of

par,

from

in

each
the

increased

was

$3,000,000 to $3,500,000 by a
dividend effective Sept. 15.
(Number of shares? outstanding
175,000 shares, par value $20.)
*

Frank B.

*

Located

at

City,
subsidiary

Haughtop, has joined the

from
and for the

"redemption

a

The

stock

common

is

company

York

ranging

plus accrued interest

American Stock

*

at

par,

at

case.

of

Chattanooga, Tenn.,

share.

per

redeemable

redemption

capital stock of the

common

Trust

will

:l!

listed

the

on

Exchange.

109

Prince

the company
manufacture

St., New
and its
basic

staff of Republic National Bank of

component parts, such as sockets,

Dallas,

terminal

oil

Texas

division

landman

as

of

in

Republic's

the

announced

trical

industry

in

products

are

Aston,

President of the Bank.
*

*

The following

;

.

sH

of

executive appoint¬

ments

at The Bank

N. A.,

San Francisco, Calif.,

announced

strips,
connectors
and
assemblies, for the elec¬

wired

Trust

W.

Department,
it was
Sept.
22
by James

of

California,
were

electronic

and

this

used in

finished

and

television

and

wide range

a

products,

commercial
and

equipment
country.
These

including
radio

consumer

equipment, ground

airborne

communications

Sept. 19 by Elliott Mc¬

equipment, computer and dataAllister, Chairman of the Board.. processing systems and electronic
test equipment, among others.
Fulmar J. Keaton, Manager of
Bank's

lingame

Office

Mills

Plaza,

in

Bur-

advanced

was

to

Assistant Vice-President and will
duties

new

assume

as

officer

the

in charge of the Insurance Depart¬
ment

the

at

Head

Office.

Charles
Mr.

R.

Keaton

He

ager.

Boyle,

succeeds
Man¬

appointed Assistant

was

Cashier in

Jr.

Mills Office

as

October, 1960, and

was

advanced to Assistant Manager

Office

Mills

in

year.

named

Mateo

Lorimer

L.

Universal Moulded
Fiber Glass

has

Manager of the

office, which is

been
San

new

under

now

construction at 4th & El Camino.

Common OfferedG. Edwards & Sons, St. Louis,
Mo., is manager of an underwrit¬
ing group which is offering 275,000

Walter D.

Harrison, Vice-Presi¬

Richard

on

November 1st.

Waschak

D.

was

ap¬

Cashier of the
Bank's new Menlo Park Office,
opening on October 6th.

pointed

Assistant

share.

initial

offices

Ave.

to

at

ward E.

Van

1683

in

engage

se¬

a

are

Ed¬

Bell, President, and Car¬

Bell Secretary-Treasurer.

men

Universal

The offering marks the
sale of the com¬

public

None
sale

of

of

the

the

to

shares

proceeds from the
stock

common

will

are

and

of

the

Bristol

Cabinet

completion

upon

retain

senting

Corp.

of

which,
offering,

the

133,045 shares,

13.51%

outstanding
The

the

as

already
outstanding
being sold for the account

are

will

company,

of

the

common

company,

Va.,

is

repre¬

company's

stock.

with

offices

in

engaged

in
the

manufacture

SCHENECTADY, N. Y.—Vranken
Corporation has been
with

of

pany's stock.

forced

Investors

formed

shares

common

Moulded Fiber Glass Corp. at $10

accrue

charter

Corp.

A.

per

,,

...

George

of

of that

December

curities business. Officers

,

be

tribution in this country of a line

Com¬

Trust

radiation

will

introduction

exclusive

would

of

resources

of

the

nance

pany

Vranken

Share)

1,

business, for tooling up
production of its new radia¬

and

The

Vranken In v. Corp.

COMMON STOCK

Sept.

tion

100,000 Shares

COSMETIC CHEMICALS CORPORATION

from

proceeds

Bristol,

per

1976,

company

is subject
to the approval of the Controller

of these securities.

NEW ISSUE

(Par Value: $.01

1,

interest

connector

ap¬

dent Berkeley Office, succeeds Mr.
Lorimer as Manager of the Sutter-

any

con¬

1961.

stitutions.

Grove, West Grove, Pennsylvania,
to

6%

debentures,
at 100%, and

.

a

dis¬

Corp.

subordinated

accrued

Stockholders

Corp.

Deben. Offered

Oct. 30.

Directors have also authorized

2%

of

ex¬

.

...

' *

Chicago,

common

Stockton Office

This

business

.

Mid-City. National

its

right to sub-1 the

shares at $32.50 per

holders of record Dec. 5,

of

par

approval by State Super¬
visory Authorities.

the

assets

919,-

the

the

tributed

Directors

Pennsylvania

*

Horan, Jr., Chairman of
Board', of the Broad Street
Trust Company, Philadelphia, Pa.

nett

of

*

.,

.

ap¬

$32,500,000.
The

7

.

*

Pennsylvania
Vice-

given in

of the Chronicle,

to

Bank, will have the title of
Cape May County National

Bank,

The

The

the

.

the

of
.

Ken¬

Hubert J.

U. S. Comptroller of the Currency.
The

New

and

stockholders

of

an

the

of

the Sept. 21 issue

share

have agreed to a plan

proval

(

American

pire

is

close
-

'*

■

National

sington Bank.

Ocean

proposal

the

1

*

record

The

plan calls for

each

The directors of National Bank of

City, N. J.

•

$70,000,000. Nelson C. Osborne Sr.,

the, position of

up,

of

as

29.

President of Osborne

value of $5.00 each.

Mcintosh

named Vice-President and Treas¬
urer.

Ind. Electronic

11

by the Pittsburgh National Bank,
Pittsburgh, Pa., to take effect Sept.

announces

later

years

and

n e

stock

to the Worcester

came

Ken

ley National Bank of Long Island.

*

*

Stockholders

National Bank of Cape May, N. J.

.

Five officers of The County Trust

Company,

expected

are

mately $12,000,G00.

*

he was made
chief clerk, the following year As¬

than

of more

$235,000,000 and The Peconic Bank
has total assets of approximately
*

ing the proposed split—will raise
the total outstanding to 5,134,675,

The proposed plan was

continued

and

North Adams

with the

in 1913 and

Bank

of

Square. The effective date is to be

East

shares, which—includ¬

new

after his retirement.

serve

Thursday, September 28, 1961

.

proved the merger of the two in¬
The

years.

elected to the Board of

was

Directors
to

had

He

1958.

October,

with the

approval' of the Comptroller and the First National Bank, Free¬
Currency, other regulatory hold, N. J. on Sept. 21 announced
authorities, and approval of the plans for consolidation of the in¬
stockholders of both institutions. stitutions. There will be a later
meeting of stockholders to vote
Security National Bank at pres¬ on the
plan.

*

purpose

for

Vice-

as

the

total assets

the

6.

National

.

proved the acquisition of the Bank

18

of the

ent has

Nov.

National

a

consolidation

for

these proposals will

on

on

Bank of New Kensington, Pa. ap¬

retired

Mcintosh

In

continue

will

Maccaro

Bank,

*

*

stockholders

voting

be held

N. Y., and

1961.

be

to

exchange
of 17 shares of Pittsburgh National

curity National Bank.
President

Mer¬

&

Harry R. Mcintosh died Sept.
at the age of 66.

unani¬

have

institutions

both

the

under

Farmers

date

record

a

President of the Worcester County

E. Maccaro, President of
National Bank of Long
and Charles C. Saunders,

George

The

under the title Tioga State

Mr.

*

*

of

chants Bank of Spencer,

able at the Green Acres branch.
*

Farmers, &

York,

New

Spencer,
charter

of

was

The

into

and

*

provided at the
of the 102-year-old

services

main

$50,000,

effective June 30,

Valley Stream, L. I.
All

stock of

mon

Merchants Bank of Spencer, N. Y.,

*

*

*

with com¬
merged

dor, Candor, New York,
with

trustee.

a

Bank of Can¬

First National

The

on

one

shares

12

each

determined, is subject to the ap¬
proval
of
First
Pennsylvania's
stockholders, A special meeting of
the

*

*

'

Savings Bank of

The Union Dime
New

t.,

*

*

and

McCartney

R.

the basis of

on

for

share

new

owned

Treasurers

Assistant

new

Richard

are

charge

Paul K. Hutchinson is in

and

Matranga, John F. Weidner
Frederic L. Vesperman.

of

Company

Chicago,

,

-

title

and

Trust

the
I

,

$2.40.

to

time,

same

approved

Revised Capitalizations

•

the

$2.30

from

year-end

dividend rate

.

glass
have

of fiber glass rein¬
plastic products. Its fiber
reinforced
plastic
shapes

been
used
for; radomes,
antennas, aircraft and mis¬

radar

sile
parts,
truck, trailer
parts,
torpedo body sections, skylights,

seed hoppers and boats.

employs

pany

a

The

number

of

com¬

con¬

ventional production processes in¬

Forms Walter Security

Offering Price: $4.00

per

Share

Buckalter

Walter

Security Co.

at

3530

York

ties
A copy

of the Prospectus

only in

states

may be obtained from the undersigned
in which the undersigned is qualified as a dealer

in securities and in which the

Prospectus

may

formed

has

Lucile

Rochambeau

Co.

offices

with

Ave.,

City, to engage in

a

New

securi¬

business. Miss Buckalter was

formerly with Amber, Burstein &
Co. and Stanley Heller & Co.

cluding "hand layup," "vacuum
bag," "autoclave," 'matched die,"
and "filament

tion,

new

ery,

capable

duction

of

reinforced

are

now

plastic

Lawrence

New York 5, N. Y.

in

a

are

securities business.
Peter

J.

Schuck,

President; Bertha Schuck, Secre¬

tary-Treasurer; and Phyllis
Vice-President.

Graff,

glass

shapes,

have

Haupt Adds

rities, Inc. has been formed with
offices at 1517 First Ave., North,
Officers

pro¬

fiber

(Special to The Financial Chronicle)

FARGO, N. Dak.—Western Secu¬

99 Wall Street'

continuous

certain

BEVERLY

to engage

machin¬

of

by the company and
in operation.

Ira

Western Securities Formed

or/iora/ion

In addi¬

and

been adopted

be legally distributed.

NANCE-KIETH

winding."

processes

H.

HILLS, Calif. —
Hoerres, Bert B.

Kopperl, Maurice A. Levy, Nor¬
man
Mendleson, Arline Nelson
and

Lee.

L.

Wertheimer, have
staff of Ira Haupt &
Co., 242 North Canon Drive. All
were
formerly with Bache & Co.
joined

the

Volume 194

Number 6094

.

.

The Commercial and Financial
Chronicle

.

Why 1960's. Profits

15% Higher

(1349)

The above headline is not
incorrect, according to a study by Key¬
stone Custodian Funds. A
full explanation in their current
Business
and Financial Outlook
makes clear

in

—

ooth

The text of the Keystone Cus¬
todian

Funds'

Understand

study

(<How

on

Earnings

to

1950, the U. S. Depart¬

ment of .Commerce
estimated that
the
nation's
corporations
made

$22.8 billion in profits after taxes.
1960, the Department's annual

In

estimate showed
exactly the same
figure — $22.8 billion
for cor¬
—

porate profits.
ten

In the

intervening

years,
however,
dividends
and American business ex¬

rose

panded tremendously,
these figures be right?

but

are,

they

need

how

so

little

ex¬

two ways to read

are

earnings report. One is
just at the final figure to

an

to

look

see

how

much

Made

Outlays for
development were
tible

current

as

Internal

Deductible

Code

search

and

over

billion

in

1954.

development

re¬

(which

1950

and

these

1960.

fortunes

in

The

reports show
the final profit figures to be iden¬
tical, yet plant and equipment

outlays rose from $16.9 billion to
$31.0 billion and dividends from
$9.2 billion to $14.0 billion. That's
a gross difference of $18.9 billion

for any

holder
like

dividends

the
in

benefits—direct

^

and

benefits

indirect

like

amount

of
money
invested
plant and equipment.

new

Removal of Inventory Profits

a

change

there

has

been

in

the

accounting methods used in the
computations. Three items in par¬
ticular

have

contributed* to

improvement in
ported

the

"duality" of

earnings.

[See

chart

re¬

be¬

low.]
;
(1) Earnings in 1950 included
$5 billion (20%) of paper profits
from marked up
inventory values
occasioned
by sharp post-Korea

commodity price increases. These
were not really profits but in the
long
run
represented
higher
working capital needs when the
company had to replenish its in¬
ventory. Management since has
corrected

follows
"Last

this
the

situation
-more

In-First

inventory

and

Out"

method

accounting.

••

In

years

since 1950, inventory profits

have

been

and

in

held

1960

to

there

a

minimum,

were

none

at

plished—or perhaps I should

a

hodge-podge

upon

scene

regulations

our

say,

of

amendments,

diffused

so

form

tion

it

request,

my

recodified

them

cording to

It is

and

the

more

Part

of

the

capital raised in the securi¬
ties market, but there remains a
net increase of
$14.6 billion in
the amount spent by
corporate
boards of directors. In the light
of the indicated stability of earn¬

ings, such expenditures
character

for

out

seem

normally

con¬

servative directors, but they are
readily justified when the profit
figures for 1950 and 1960 are ex¬
amined

this

in

I'll risk that;

been

not

restricted

by

statements, corporations are more
profitable today than they were
a decade ago. It is not that profits

and

(Indeed

today.

they may still inadequately reflect
the

cost of

that

overstated

ing,

equipment.) It is

they

in

greatly

were

1950.

If

adjust

we

earnings to today's account¬

find in

we

that

75%

a

taken

rying stock conversion privileges

a

round number

has

improvement

place.

;

Change from A Lending to
Equity Program

ar¬

we

with

they

are

will

expect

This emphasis

the

As

our procedures have
speeded
however, so has the interest
across
the, Nation increased in
forming new small business in¬

ratio

of

those

P. W. Brooks &

Co., Incorporated,

120

Broadway,

New

York

ment also realized that with costs

has

announced

that

Edmund

rising, plant and equipment were
badly underdepreciated in 1950,
and
to
this' * extent
corporate
profits were overstated. Aided by

President

revisions of the Internal Revenue

In

Act

elected

of

the

firm,

a

J.

vided

a

and

Santa Monica Boulevard.

as

incentive

customers

to

small

LOS ANGELES, Calif.—Daniel A.
Rosati has been added to the staff

has

of

clearly

possibilities

saw so

inherent

of

clearly
in

differs

or

little

from

in

bank-affiliated

com¬

prove

can

be observed that the banking com¬

munity

across

of

the

the Nation is fully

potentialities

Raymond

South

Moore

Fairfax

this

two

the

Forms White
FOREST
Weiss

respects. First, it can im¬
the general management

in

tone

is

business

the

from

offices

This announcement is neither

name

Weiss

an

offer to sell

nor a

solicitation of

an

was

offer to buy these securities.

September 22, 1961

110,000 Shares

X
,

f

.

,

.

.»

*

■:

;.

--V

„
•

.'a

,

-

>*{...

•

.....

.

p.

;

,f

f

/

'

RESEARCH

ISSUES

COSMO BOOK DISTRIBUTING CO.
Common Stock
DIVIDENDS
(Par Value 10$

DEPRECI¬

$33.1

per

Share)

Price: $3.00 per

Share

ATION

II"!
3,u

INVENTORY

"

PROFITS

DEPRECI¬

RESEARCH
ATION
DIVIDENDS
NEW PLANTS

AND
PROFITS

PROFITS

AFTER

NEW

TAXES

^

EQUIPMENT

i

Copies of the Prospectus
•-

State in which the

may

be obtained from the Undersigned in

Undersigned

TAXES

AND

m

'•

?

;

V"

r

(

Wi

*

' '

Frank

Karasik
& Co.
J"S

IN

~

CASH

CASH

CASH

OUT

IN

OUT




legally offer these shares~

AFTER

PLANTS

EQUIPMENT

CASH

may

Incorporated1

108-18

formerly with Amber,

offering is made only by the Prospectus.

NEW ISSUE

at

under

Burstein & Co.

1960

■

was

the firm
of White Security Co. Miss
Dr.

Vice-President.

*53ttS2.0

He

Security Co,

W.

mmg

Co., I 501

HILLS, N. Y. —Sally
conducting a securities

Sixty-third

field, and second, it
may increase public confidence in
the integrity of the companies and
the program. We must face the

The

NEW

&

Avenue.

formerly with Adams & Co. and
Hayden, Stone & Co.

program pays additional dividends

of

was

(Special to The Financial Chronicle)

pro¬

awaiting licensing and those
review

He

program.

bank-affiliated

companies

'<-■ 'i

formerly with Sutro & Co.

the banks,
demonstrated
sagacity of those in the bank¬
it

Chronicle)

Raymond Moore Adds
new

business
the

flie' Financial

BEVERLY

Vice-

John

Hurley has joined the underwrit¬

a

well

an

Let me add, too, that the par¬
ticipation of the banks in the SBIC

ratio

aware

as

turn, this emphasis, has

ing community who

ing department and has also been

Blake, Jr. has been elected

City,

is

among

under

the

It

Hemphill, Noyes

(Special" to

program.

the

The

involved.

equity
program, not just another lending

'

bank-owned

Joins

HILLS, Calif.—Leo M.
Katz has become,, affiliated with
Hemphill,
Noyes
&
Co.,, 9478

on

banking fraternity

others

companies, with the re¬
sult that on Sept. 6 we had under
initial review, in Washington, 106
more
proposals to -form SBICs.
They flow in at the rate of 15 each
week.

or.

stock
conversion
direct equity invest¬

ment

up,

1961.

carrying

equities dem¬
onstrates to me that the true aim
complianceof this program is now evident to
'

them.

a

appeals to the
instincts of those who

Meeting of
New
York
State
Association, New York City, Sep¬

tember 22,

constituting (85% of SBIC fi¬
worked out. nancing against 35% in loans.

.are

than this. It is

•An address by Mr. Fine at Investment

Advisory
Bankers

"public", this ratio is almost

gone

rules will be announced

they

more

which

for you.

spurred principally by
bank-affiliated SBICs which have

Potentiality Seen by Banks

Names Two V.-Ps.

an

Today,

They will be simple and clear

•

P. W. Brooks & Co.

65 to 35.

was

a

vestment

rather

1950

new

made

operating and where to find them., privileges
as

Yet it is

by independent yeomen.
Here, in short, may be a chance to
have a part in energizing Ameri¬
can small business
and, as stated
so inspiringly by
President Ken¬
nedy in his great Inaugural ad¬
dress, to do something more for
your
Country, rather than just
asking what your Country can do

exactly reversed with debt securi¬

,

that builds buildings,
mountains, and provides a
better living for our people, so
long as it is not allpwed to go
wildly out of control.

man

the ratio of straight
by SBICs to investments
through debt securities car¬

ties

new

the motive

moves

recognize that the small business¬

A year ago,

the rules

publicly

understated

as

are so

under which

I want to urge the banking com¬
munity to consider the program
carefully. It is a program based
firmly and squarely on the profit
motive. It recognizes that this is

program

con¬

ranged that any proponents or ex¬
isting licensees know exactly what
are

^

Urges Bank Participation

peopled

*

Today the regulations

Irrespective of those unrevealing figures at the end of earnings

are

'

.

ing the small businessman rather
than aiding him,r-- n<. <

have

function,

well

as

have sneaked into this pro¬
the intention of fleec¬

gram with

today is the lineal descendant
of Jefferson's dream of a country

banker, I may be accused by my
legal friends of making things too
easy for the lay businessmen,

All

perspective.

new

lawyer,

a

don't

I

those who

business by bank-affiliated SBICs

These will be simplified further
time progresses. As

mean

ac¬

as

items.

changers

money

bankers. I

patriotic

term

two

to

may

small

to their credit when I

loans

those

listened to the radio in¬

watching television, we
want to keep the money changers
out of the temple. And when I re¬

-

to

instrument

censees.

in

of

note that the investments in small

completely

purpose

service

through

we

stead

staff

legal

our

where they could per¬

needed

of the SBIC.

applied to what.

At

is to the credit of
they have had the fore¬

see

a

business

difficult to find which regula¬

was

it

difference is accounted for by the
increase of $4.3 billion of long-,

situation

1954, depreciation charges

sight to

were

amendments

panies already licensed. So it

of

Indeed,
banks that

vention-bound thinking.

all.

(2) Alerted by the paper profits
in inventory, manage¬

funds on straight loan basis
through your institutions.

with> re-titling for easier
reference; by proponents and li¬

of

the

term

half-accomplished. When I arrived

now

appropriate

thereby making them eli¬
gible—and better risks—for short-

nesses,

accom¬

former great President—back

a

when

mean

through which banks can broaden
the financial base of small busi¬

some

the

fer

Far from competing

along

of

The final profit figures for 1950
and\1960 are the same but what

com¬

Regulations Simplified

the

the

of

badly in need

supplying long-term
funds to small business, the Small
Business Investment Company is
a
new—and I might add, paren¬
thetically — relatively untapped
well of private and public funds

a

on

businesses

are so

of long-term money.
All of this means but one
thing,

in my mind.

licensed

investment

small

source

a

with banks in

fore they will be licensed.

$2

would
find
inconsistencies in

corporate

of

of

as

the

Nation which

notice to proceed and we
only their completion of
organizational requirements
be¬

are

you

apparent

comparing

360

were

One other step has been

knowledge of

a

points,

—to

await

1950.

Without
three

there-

business

that

you.

ceived

of

really
an
investment)
$8 billion compared to

are

6

small

to

report

deduc¬

and

profit is being listed. The
other is to go
considerably deeper
into the report,
revising the data

changes made in the way
profits are figured and checking
the
findings against the stock¬

can

by the

made

expenses

Revenue

177

panies. In back of them were 161
potential licensees which have re¬

research

Today, corporation outlays for

some

Right they

a

Costs

(3)

can

plaining.
There

I

of

to

supply equity
financing—even though indirectly

Small Business Investment Act of
1958.

Sept.
Research

in

realistic

nearer

licensed

offers

program

companies by
Aug. 28, a number equal to those
licensed in the previous two-anda-half years since
signing of the

Reports"

follows:
Back

had

year*.

in

matter how

no

we' screen,

Bank-Affiliated SBICs
Continued from page 13

why 1960 earnings are really
though they were $22.8 billion

have been raised
levels.

carefully 1
"sharpshooters"
lending field are going to
find their way into the program.
To paraphrase a famous remark

Growing Development of

Than 1950's Identical
Earnings

75% better than those in 1950

fact that

21

any
-#•

22

(1350)

The Commercial and Financial Chronicle

SECURITY SALESMAN'S

They

think

Thursday, September 28, 1961

.

it will be offered at five..

say

If you want me to speak with him
I

.

.

I

can
get some for you."
it,. Al said O.K. and the
was placed.
(My mistake, I

»

Outlook for Business and

That did

CORNER

order

BY JOHN DUTTON

should call it the "indication"

-

'./I ;

',

■

Now Enters the Villain

"Monkey See
One

of
is

imitate

the

desire

others.

But

strongest in¬
of people to

As

children

to

come

But

we

him. After

see

they not

all,

somewhere,

about

and

salesman who worked for

imitating the actions

of

us. This compulsion
is expressed in every phase of our
experiences from politics to other
forms of madness wherein mil¬

lions

of

half

a

ago,

,

year

a

ence

those around

were

good friends?

very

learn the first rudiments of exist¬

by

Al

was

timid

a.

soul.

security
a small

some

house that

was doing quite a
bit
expansion into what is now
known
as
public financing, got

of

„

of

hold

Joe.

He

him

started

off

people

buck"

enough

he

but

"gin,"

had

upended him eventually. He

he

or

thinking of his

do

can

little

a

have, their

weekly "gin" game.
•Al, who had been sitting on the
sidelines, couldn't stand the strain
any longer and he finally capitu¬

upon the circumstances and some¬

times the people he knows.
Joe

and

There

A1

was

Were

Pals

triumvirate

a

lated.
com¬

each

other

for a long while. One
security salesman. The three

would
and

The

see

they

another

one

regularly

discussed

never

salesman

thought

stocks.

that

Joe teurned to Al

Almost every one of these 'new is¬

his

sues'

right to

go

friends, Joe and Al, had their life¬

made

time savings well invested in real

1

$75,000 in profits and

over

estate and other business interests.

one

one

buy

and I think I

securities,

they

premium. I've

a

in solid with him. On every

am

He also (and
erroneously) thought
that if either of them wanted to
any

he tri¬

as

umphantly called out "gin" and
he said, "Al, I've got nearly $100,000 of my money in the stuff this
broker has been selling me and he
has been right nearly every time.

posed of three fellows who knew
was a

bit to Al when they would

crow a

It all depends

own.

A-

of his

deals, he allots

1,000 shares. There is

would

coming along in

500 to

me

few weeks

HELD
TRADE BANK

PROPERTY

BY

AND

home town.

his

do? You

visit

a

his

fered him

deals,

or

does

he

MEMBER FEDERAL DEPOSIT

The

to

whose

persons

from

appear

the

unclaimed

the

of

in

property

and

names

records

amounts

of

AMOUNTS

American

Steamship Agents

last

,

■

friend

510

Belmont Sportswear

Corp.,

&

•

Cohan,

so

St.,

5

York,

New

Inc.

7

East

52

H.

'

•

Street,

D.

c/o

Virginia

-146

H.

Y.

William

Street,
\

:.....

Goldner—27

William

Street,

N. Y. C.

Filippi, Mrs.
Eckler, Sadie

34

'

of .Brings,. Emil,,
Brings,
Estelle, Admin. /
;
'

Francis,

Di\

Rocco

....

,

Leslie
'

1833

Loring Place, New York, N. Y.1833 Loring Place, New York, N. Y.
15 East 1 Street, New York, N. Y.

Harrison,. Edith S.
Poorn Bing

Horowitz, Caroline
Horowitz, Mrs. Grace I/T/F Horowitz,
"

*

Levine,

Miller,
Rose,

Ike

I/T/F

Seligson,

240

Joseph

Harold

345

J.

244

Inc.

356

HELD

NEGOTIABLE

Chatham

OR

OWING

Side

Internal

Chateau, Inc.

118

report
to
the

Such

'

shall

.

his

to

of

I

I'd

said, "Sell the
going into real

were

build

houses

some

on

building

that is

houses* in

over-built

so

somebody

of

an

a

301

property

of

the

is

on

located

at

is

/

him

what
N. Y.

Y.

if this

but

is

padded cell

two

he

its

out

anytime
about

the

of

tone

of

pace

of

'

they

triumvirate—the

the

will

to




be
be

be

satisfaction

only
the
all

security

general

made

the

to

State
list

A

to public inspection

Avenue,

New

York

at

18

paid

and

to

liable

on

on

or

Arthur

therefor

before

or

right

to

before

Levitt

the

the

October

receive
tenth

State

the

the
N

'

their

Comptroller

of

the

day

names

principal
Y

'

and

or

so—so

some

one

At

last

he

"do."

-

•

•

31st

next

to

same

thereof

Comptroller

such

and

it

for

inventories

and

of total

G. W. R. Andrade

Opens

MONTAUK, N. Y.—George W. R.
Andrade is engaging in a securi¬
ties

business

from

Security Building.

offices

in

the

YORK,

whether

business

is

tone

strong

the

Y.

of

organization

the

to

entitled

be

last known
from

appear

banking

unclaimed

to

dollars.,

of twenty-five

more.

or

....

AMOUNTS

DEPOSITS

ON

DUE

Import Company, c/o

General,

'

Andr6

Per-

roni, 5, rue de l'Echelle, Paris lev, France
Agnes Grue.ibaum,
Berthe

George
D.

J.

Y.

N.

Klrgsley,
Munoz

300 W.

Central

R.

West,

Park

.V

-'

England

London,

Hotel

Laborda,

72nd St.

Francesco

Address unknown

230

Hanser,

New York,

,

McAlpin,

Apt. 6B, New York. N. Y.
Notarbartolo, and/or

Angelotti

Enrique

O.

i Misiones

Angelis,^

de

1481

Piso

-

c/o
Sandor,
13, Monte¬

2, 'Escr.

video, Uruguay.

of

Maurice

Vertekc,
Izmir, Turkey

or

de

Consulat

Belgique,
,/

New

Wang,

York,

Y.

N.

.

A

report ,of unclaimed property has been
made to the State' Comptroller pursuant to

sales were
being made "off the shelf," and
consequently production was even

Section
Law.

such

301

of

list,

A

notice

inspection

bank,

located
of

Such

the

the
at

on

15

to

receive
In

the

befor'e

business sales.

claimed

Inventory liquida¬
to an end in the. spring,

second

the

its

public
office, of the

Street,

Y.,

the

in

such

where

31st

will

next

satisfaction

he

to

paid

rersons

right

their

same.

succeeding

the

in

to

payable.

property

October

to

N.

is

Property

contained

open,

Nassau

York,

abandoned

before*

or

and

principal

property

establishing

name's

file

on

New

Abandoned

the

of

is

at

abandoned

lower than the reduced volume of

the

;•

below

above-named

property in amounts

Inventories

during

•

forth

•

and

\

•,

set

are

records

.

came

PERSONS

OF

certain unclaimed

of

owners

persons whose names and

Mathew

however,

the

accumulation

NAME'S

OF
as

N.

The

typically

the

thi§ year inventories were being
liquidated at a yearly rate of $4

tion

in

increase

inventory

addresses

economic

billion—that is to sav,

where

*'

of

appearing

liquidation of business in¬
was by far the most im¬
portant factor in the recent re¬
cession."
In the first quarter of

discovered

•

property held by SWISS BANK CORPO-RATION,
NEW
YORK
AGENCY,
NEW

ventories

Monkey who "saw" and didn't

accumulation
easily in the

quite

further

Some

NOTICE

These key-

trends in business

A

for only a year

he isn't

worried, but af¬
this experience, he is somewhat

surprised.

activity.

Business

the four

of

any

a

to

key. from that prevailing in the second
quarter of this year would be a
largely determine normal development at this stage

weak.

He's got cus¬

prices

for

inventory

appear

rate

the volatile parts of
that produce nearly
cyclical fluctuations in

determines

in¬
delivery

for

outlook—

behavior of these factors

of

member

busi¬

an

to" the

The key to the
outlook, therefore, depends on the
prospects in these areas.
The

"gin"
play. And

short,

months ahead.

business activity.

can

times

tendency

of

"rate

are

the

lead

In

could

economy

of

As

progresses,

~r

\

business

one-third

rapidly.

factors that might trigger a larger

facilities, in consumer spend¬
ing for aut'os, housing, arid house¬
hold equipment, and in Federal
Government
outlays.
The seg¬
ments of. the economy just men¬
tioned, while accounting for about

I

in

rise.

recent

the Outlook

next

change

possible

spending;

"

in

six

next

might be expected, along with

or¬

new

the

over

This situation, however,

recovery

crease

new

he's had for twenty years

more

ter

Property Law.

paid

tomers
or

....

could
ness

general business and
any future advances

expenditures

they have

he

the

factors are the

three

third

with either of them?

Broadway, New York, N. Y.

been

file and open
515 Seventh

November,

will

has

Abandoned

in

in- economic

out what

knows

turn

the

is

and

crazy,

*

»■«

factors

the

salesman who doesn't do business

Street, New York, N. Y.

payable.

property

succeeding
cease

34

on

inventories

months.

up,

figures

those that will

for me."

because

beat

N.

- '•

factors

area

was sold at 5V2—it is
1%. Joe says, "You. can't win

ging

Street, New York.

gone

not yet reflect the

us

that you

now

for all I know

games

'

to

With

in the manufacturing line.

activity,

CHECKS

In general, it was reported that
slightly less than half of the pur¬
chasing executives planned to add

.

nothing down and forty
years
to pay. Let Joe buy this
kind of stuff. It may go up to, fif¬

now

OF

tives
indicated
they would not
change their inventory policies.

a

early

industries.

also

available

Key

at

even

.

Unknown

property

property

West

1385

notice

bank,

thereupon

CERTIFIED

a

V,'.

'em all." Al doesn't mind his brag¬

PAYMENT

since

upward trend already under way.

can't find people to put into them,

._

York, N. Y.

Unknown

unclaimed

abandoned

the

THE

16%

step-up .in., defense

If

Next

reasons.-

in

indicat¬
solid base for continued ad¬

ders do

old

(The stock

Y.

Unknown

establishing to

unclaimed

New

Eldridge St., New York,
Bowery, New York, N. Y.

225

such

abandoned

Avenue,

N.

ing

,

Section

in

St.. New Yqrk.

sales, showing

about

has

vances

pon¬

The

turned

appeared that
stoppages as

.

which will tend to strengthen the

kind

Unknown

Top Hlat; Fashions, Inc.
Yankee Ticket
Manager

contained

3rd

OR

333

Commission

pursuant

4th

105 East Houston

Secretary of State

In

were;

they

It

work

of

either of those two

among

friend Mr. C and he

reserved

Unknown

Littmrn, Marcel
Sheldon, Ben

persons

Al

There

that

couple of years to find

...

Unknown

Revenue

Feinmore Fabrics Corp.
Kaplan and Shootin

Tax

-

FOR

INSTRUMENTS

Jewelers, Inc.
of

of

this?"

do

orders

enough

don't think I want to wait another

Skillman, New Jersey

AMOUNTS

office

make

and

questions
together.

then

86

Street, New York, N. Y.
Kings Highway, Brooklyn, N. Y.

99. East

orders

threat

would add to their inventories for

orders
having risen faster
sales, the backlog of unfilled

new

Unknown
,

t

Warner, George
Woloch,. William

new

electronic

than

sell

and

the kind of securities he has been

3C7 West 36
297

to

.

build

and

buying and making all that profit,

Unknown

Waller, Matis

such

East

profit

teen

..

Street, New York, N. Y.
333 West 39 .Street, New York, N. Y.
1650 Broadway, New York, N. Y.
<

Unknown

A

Street,. New York, N. Y.

Street, Brooklyn, N. Y.

Unknown

Select Art Novelties

Sheer, (George
Sheila Casuals,
Sokolsky, Leah

3rd

-

Unknown

.

Rudich, G. I/T/F Rudich, Helen Sue

State

Street, New York, N. Y.
Avenue, New York, N. Y.

East 9

2nd

and

faster than

fellows my money to horse around

Unknown

Rosenberg, Jack
Rosenfeld, Nat
Rosenthal, Helene

East

99

-

they

houses

with,

Ill

Marie

Collector

East

those

estate

Unknown
24

taxes? ' Can

might

might trigger

as
the possibility of longer
delivery times are the two strong¬
est
factors affecting inventories.
Nearly three-fourths of the reporting firms indicated they

coming events is the volume

sales

that vacant land I've got south of
town. I don't need to give these

'

"34 Joseph Street, New Hyde Park, N. Y.
2535 E. 24th St., Brooklyn, N. Y.
Unknown

Pauline

to

thing.

Unknown

Katz, Hyman
Kiss, Emil, Treasurer
Kittner, Kitty
Knishneck. Jennie

the

they

Finally
j-,

..

West 94 Street, New York. N. Y.
West 67 Street, New York, N. Y.
1240 Park Avenue, New York, N. Y. 437 Tenth Avenue, New York, N. Y.

.

interwoven

into

dered

.

1'

.

picture

As of July, new orders were

Brooklyn, N. Y.
.

general

upward movement.

even

is

How many houses are

forces

well

The

1961.

that

of

Pur¬

inventories

of

occur—what

at; their highest level in two years,
partly reflecting increases, in de¬
fense contracts
for ..the aircraft

other

Y.

N.

•1

Harrison, David

Richard Andrew

York,

New

159

.

Isaacs,

St.,

Unknown

Gerber, Lillian
Gordon, Ellen I/T/F Gordon,
; Graves, Eugene

Hong,

Street,

Wilson

.110

Oscar

4

Attorney St., New York, N. Y.

Estate

frlanderka,

East

before

Agoing to have to construct to earn
•twenty-five cents a share : after

>

Street, New York, N. Y.

C.

H.

real

<

.

N.

months

of

company

of

importance
was
anticipated
the heavy industry part of our price increases, with over 60% of
the firms indicating this would be
economy. . Shipments
by
such
a
cause
of inventory accumula¬
manufacturers
have
been
in
a
Significantly,, when ^ques¬
sharply rising trend since the tion.
January low point, having gained tioned about the worsening inter¬
about 12% by July.,
Even more national situation, slightly more
important, new orders have risen than half of the purchasing execu¬

think of this
the people run¬

promoters

six

gain

-somehow

'*«

•

York,

New

Goldner—27

H.

N. Y.

the

cost

Association

accumulation.

of

ning this company? What did the
stock

National

survey

chasing

manufacturers of durable goods—

you

are

last

engineering
Y.

Unknown

t/o

De

uoutfit?.. Who

the

actual

an

A recent

the

as

ques¬

about

know

potential rather than

a

development.

(One particularly important clue

said

"you

international tensions still remains

movement

the

over

of their property? How about, that

/

Y.

N.

specifically, whether any wave of
precautionary buying is likely to
occur.
For the most part, a build¬
up of inventories in response to

Agents delved into the
question of when the next strong

ous

old, slow and
Conservative
security

Mr.

months

including
the
of our defense

pace

turing.

they gave the public their big op¬
portunity at five bucks?
How

Street, New York, N.
•

East

16

Co.

"Al,"

busi¬

for

the

program, will have a major effect
on
business inventory policies—

shown by recent trends in indus¬
trial production is one of a vigor¬

They looked the prospectus over
and how do you think
few

tension,

stepped-up

durable and nondurable manufac¬

much is land worth in the location

36

40

Henry

Madeline

more.

national

nearly every industry line, in both

together

salesman,

I

been

of-', has been
broadly-based, affecting

before/lie gets his

a

in

ahead?
A key • question at this
point is whether increased inter¬

reces¬

has

outlook

the

duction

se¬

Right
you
are,
he
makes his visit after he's got-it.
*

deal?

Y.

Davis, Douglas

Davis,

or

Men's

of Lower N.

Cohen, David M. Fur

below

Broadway, New York, N. Y.
East

237

Unknown

Professional

Association

•

forth

>

East

1370

Bensioek, Lilly
Black, Ray

'

set

are

organization to be entitled

dollars

the

never

other security, And

any

do

estate, what do

DEPOSITS

-Unknown

.

_

ON

COMPANY

addresses

twenty-five

DUE

Bauer, Kate M.

Business

INSURANCE

known

above-named' banking

index

is

inventories

opment, but even more signifi¬
cantly the rise in industrial pro¬

of these\"fast buck"

one

■

PRINCIPAL OFFICE: 515/SEVENTH
AVENUE, NEW YORK 18, N. Y.

this

recovered, and the total output of
mines, and utilities' is
now at a new high level.•

yvhat does Al

old

allotment?

easy

^'

COMPANY

What

factories,

right—how he makes

are

to

So

curity salesman who fiad

"

'

TRUST

Therefore, the

in

especially a rising
automobile stocks.

of

ness

re¬

■

tions.

.

THE

somewhat

a

ievel,

volume

continued

sion

loss

retail

improvement since the re¬
more he read, the more he became
cession low point has been par¬
suspicious.
■•••
v•
ticularly marked in the heavyIt happened that Al knew his
industry sector of the economy,
real estate and the company that
where the biggest losses had pre¬
-was
going public onto which he
viously occurred.
Recovery- in
had latched his indication, was a
steel
and
auto
production was
real estate development outfit in
especially important in this devel¬

They asked each other
NOTICE OF NAMES OF PERSONS
APPEARING AS OWNERS OF CERTAIN UNCLAIMED

crease

reached in July,
into Au¬

was

gain

duced pace.

get some for you. -they reasoned it .out? Very simply.

can

the

and

recov¬

the recession. "A good
of the second quarter in¬
in inventories was at the

part

The

real 'hot'

a

a

high

new

the

was

from

ery

downturn—in¬

production bottomed- out

gust, although at

and the

on

1957-58

inventories

business

major factor in the initial

early months of 1961.!. Over
the past six months industrial pro¬
duction has risen by a sharp 10%.

also

something
about
a
prospectus and he asked his friend

he had 'er "indicated"

nearly half of the marked increase
in total output of goods and serv¬
ices.
Thus, the turn-around in

in the

play "follow the with a couple of hot numbers that ;Jde if he could get one for him,
leader," knowing less and asking doubled
almost
overnight.
Joe Joe laughed and told him not to
nothing. The investment business thought this was just .fine. He be so
particular. But Al was not
is not sacrosanct. A salesman to¬ didn't tell his friend the
security satisfied. He got hold of a "red
day can go along with the crowd. salesman about his three buck
herring" and he began to read
He can follow the line of least
speculations but he did start to about that "five dollar" number
resistance

the

dustrial

heard

had

in

as.

the

build-up of

a

of the key indicators

one

produc¬
tion, covering the output- of facto¬
ries, mines, and utilities.
After
declining about 7%—half as much

horses and the ball-games to know
that what came too easy always

shift to

a

t

business inventories accounted for

some

is the index: of industrial

played

pokeiy bet on

quarter

1

recent devel¬

closer look at

opments,

Be¬

for his money and he knew he had
another weakness. He liked the

"easy

Continued from page
a

sides, he had worked pretty hard

mankind's

stincts

Monkey Do"

—

Interest Rates in 1962

was

placed.)

tenth

November,

day;'thereof,

and

on

such

or

un¬

property, will be paid,-to Arthur
Leyitt, the State Comptroller and if shall
thereupon cease to be li ble therefor.-'.

Volume

194

Number

6094

.

.

The

.

Commercial and Financial Chronicle

(1351)
of

the

business

probably

and

quarters

of

1962.

-

cycle,

perhaps

Barring

terioration
situation

in

or

into

threat

of

de¬

used

work

stoppage in a key industry,
however, it is unlikely that inven¬
tory

accumulation

will

year

reach

the

experienced in the
of

1959-

1960.

the

or

the

over

next

extreme

rate

first

up¬

tion

in

business activity
by inventory accumula¬

recent

months

cannot

of recent trends

helpful. Based
covery of

in personal

sales would

of

stimulus

for

reason

consumer

of

income

rising

and

employment,

along

with

a

re-

buying

?Qfi9mUe- m°
Despite
straint

shift from

a

toward

credit

re-

that

ease

the

on

strong

income

of

covery

base

for

consumer

Personal

income

much

retail' sales

as

not

fall

does

not

subsequent
the

late

conditions, stemming from the time required for
general monetary ease to affect

and

the

cover

to

July,

the cost and

President delivered his

the

on

Berlin

the

of

gage

crisis.

availability of mortthe

and

money,

time

re-

quired for builders and buyers to
adjust to" more attractive credit
terms. Earlier

the

on

to

ments.

Sales

will

on

throw

consumer

light

more

possible reactions of

sumers

international

We

in

do

know

develop¬

that

two

to. be

surge in consumer

as

goo

the

for

s

remains

recession, and is now well above
its previous peak —
nearly 4%
higher.
With
personal
income

actual

the

reasons

potential rather than

a

development.

,

is

an

high levels and con¬
tinuing to rise, what has been the
response in the way of consumer
outlays?

of

area

oCntracts
of

particularly

overall

in

apartment
for

future

apartments

were

strong

during
the
year. The in-

this

apartment

contracts

pe-

sec-

tions of the country despite the
wlctesPread rise in rental vacancy

ra*e?' Jhe nature of the housing

market has obviously changed
substantially. The cnanging age
s*™ctu™ of the Population has
?.
do Wltb Jbls> es~
Pecially the increase in the proP°^ian of young families whose
}mt}al needs are more likely to
.

berrfor apartments than for houses;

^wo of the important sources
°f housing demand this year have
heen families attempting to

up-

frade th«ir housing accommodaJ10ns> along with families re¬
locatJng in new^ areas . of the

money.

a

military preparedness.

Thus

far

given

the

the

greatly

proposals

Administration

tangible

no

had

two-thirds

that

spending

domestic

which

programs,
for about

signs

enlarged

for

civilian

-

accounted

of

the

pro¬

posed spending increases by mid¬
year, will be scaled down in light
of
larger military requirements.
Thus, not only is Federal spend¬
ing rising rapidly, and with a

definite

higher

possibility of going
as

result

a

of

even
somber

the

international

situation, but this
greatly enlarged volume of out¬
lays will have to be financed with
substantial

a

size

of

the

cash

cash

deficit.

deficit

The

in

the

fiscal

year 1962 is now officially
estimated at about $6 billion. Un¬
official
estimates
place it even

higher — perhaps
$10 billion deficit.

large

as

as

a

The accelerated pace of Federal

spending, both for welfare and
military purposes, is going to be
superimposed on a business re¬
which

covery

was

already rather

move

The

much

long nostwar housing shortage
"over and that it is no
increase

simply

Furnishings

cone

Over the next several

is in the

construction

for

has

building market, how-

buildings.

^

by

in

home

creating

it'ons,'•

"

large-

a

building

easy

money

^

t

Let

us

.

j-

o

consider next

biggest

imponderables
outlook

volume

—

of

of the

one

business
future

.

^

Iedcral Government Spend,ng

now

scale
Outlook for Autos and Household

new

following

easier

longer possible to induce

" '

'

quarters

toward

buying of hard

precautionary

year.

further worsening of the interna¬
tional
situation could
obviously '
trigger off even larger increases

country. The next important up- vigorous. The increased demand
surge in.housing construction may for goods and services by the
longer time required recently, in *ot 0.cc«r untl1 about 1965 under Federal
Government, financed in
which housing starts did not begin
be infhjence of a considerable large part by deficits, will un¬
to rise until
early 1961, is a part F.lse in the rate of famlly forma- doubtedly
give some short-run
of
the evidence suggesting that
n'
stimulus to business activity. This
•;

retail

continued

August

in the postwar

riod, an upward movement of
housing
starts
occurred •' within

con¬

relatively sluggish. In the absence
of specific information to the con¬
trary,
therefore,
any
possible

re¬

during

attitudes

consumer

end

usually a delayed
housing construction

attitudes that will be available in

spending.

did

credit

easier

the

is

November

re¬

a

to

through

There

next

strong part of the

residential
ever,

any

have occurred in nearly all

,

credit

in

on

Qne

creases

Residential Housing

.

the

over

y upward in first half of

3

<

response

Further information

February, having risen
Moreover, about sevenof the
gain has been in
and salaries, thus providing

at

the

year.

message

be

last

thus

Under

likely to

buying plans

production, personal in¬

broad

a

1959.

or

tivity

decline

when

about 5%.
tenths

however.

shown

small

a

the

began late in the first quarter of
1960, housing starts continued to

period

come. 'has
shown
considerable
improvement since its low point

wages

Increase,

buying plans for houses

not

quar-

below

The second

tion

presently.

income and retail

of

8%

was

consumer

have

particular
strength, all suggest that residential
housing
will
not
provide
much ..stimulus to business ac-

quarter

ter of this year witnessed

consumer

examining the prospects
consumer
spending, especially
"big-ticket" items, a brief re¬

view

six

first

^

1960

some

the

by

allow-

confidence.
; •
:
It
should
be
noted
however,
that the latest available informa¬

of stronger trends
key factors to be dis¬

Before

on

is

year

this

consecutive

seasonal

have shown the greatest
improve¬
ment as a result of the
pick-up in

Personal Income and Retail Sales
for

of

earlier
levels, in intentions to
purchase houses and household
appliances. Vacation plans seem to

emergence

in the other

cussed

of

and

previous peak,

intentions had not yet shown
any
pick-up, as compared to year-

be

expected to continue indefinitely.
A further upward movement of
business will have to depend on
the

month

"readings"

thrust Ao

provided

ances),

little larger than in

a

there

next

five

(after

thinking that sales of automobiles * covery in
housing
starts,
the
will continue to
iinprove. On the trend of consumer spending on
other
hand, however, the July household equipment, is

of

quarter

was

same

Thus

second quarter

Generally speaking, the

ward

months

the

within I the

cars

for

quarters

July, the percentage of consumers
reporting plans to buy new or

major

a

declined

about
local
business
and employment conditions. As of

international

'

consumer ex¬

pectations

part

further

a

the

a

tial improvement in

and will
least several

occur for at

23

development
serious
there

is

the

volved

the

in

namely,

Federal

Federal

spendmilitary pur-

rate

poses

number

a

of

questions, however. First,
the unhealthy trend in¬
in

continuous

Government

faster

than

growth

of

outlays at

the

economy

a
as

a whole is
inS> especially for
growing, and secondly,
potential for the consumer dur¬ fcousing
starts
totaled
1,230,000 poses. Even prior to the Berlin, there is a possibility that the large
able goods markets should
down
swing units,
sharply
from
the crisis,
the various increases in deficit being incurred to finance
Except for a considerable im¬ to the favorable side. The rate cf level of
nearly 1.5 million units spending authority requested by Federal spending may generate
provement in auto sales during household
formation, which in 1959. The year-end rate of"*he new Administration for the widespread inflationary expecta¬
the spring, the rise in income in
slowed down in the late
1950'Sj housing starts in 1980, however, current fiscal year would have tions and preate an unsustainable
recent months has

not

erated

yet

broadly-based

a

,

only 2% from the January low
point and were still 4% below the

has

household

up

reached

in

Sales

nondurable

stores

of

the

spring

of

rise

appliances haven't yet
returned to previous levels. Thus
have

income
but

the

sales

vious

contrast

being at
still

The

rate

income

used

to

make

ductions in

outstanding

installment

credit.

months

seven

of

the
year

to

first
as

a

after

about

a

turning
points
in
the
it would appear,that re¬
,

level

of

consumer

the

line

likely

earlier

spending

business.

with

income trends,
optimism,
and
long-run' trend
for

in

ices,

opposed to gco

as

s.

A

To

observers

.many

that

in

view

of

t'-e

it«appears

of

recent

h'gh
savings rate, including the reduc¬
that has taken place in con¬
sumer
debt, and in ."view of "the
that

rise

in ..personal income,
been

set

for

consumer
,

an

with

occurred

Some

clues

as

ments

can

be

goods,

en

increase

the

in

supsurge

gains

that

of

veys

sales for 1961

Ton,■

pace

ing

.

19S2

troduced,
minor

and

no

units.

con¬

1962, there is

sur¬

the

By July,
about
over

consumer

income

and

expectations

.job

prospects

the balance qf the year were

more

As

1960

domestic

a

a

sales

of

exceeded,

reaching

7.4

key

7%

business

from

peak

capital

announcement

is neither

to

ter

of

and

the

ovor'into

rise

this

year

again. The

are

estimate

of

U.

6.2

was

but

S.

cars

the

little

spending plans, which
in late July and
indicates
that
fourth

August,

quarter outlays will be up about
7% from the low point reached
in the second quarter. The

quarter

rate

offer

to

sell

solicitation of an offer
only by the Prospectus.

nor a

The off er is made

per

Pr.ce $1.50
p er

anticipated
at
$35.9 bililon, about 1% lower than
the prerecession peak. Up to this
point, therefore, there has been
Continued

to

buy

any

1955

share)

Share

for

record

of

The volume of consumer spend¬
ing on household appliances and
furnishings is now on t;.e rise

\

quarter

of

a

sustained

peak

1959,

in

decline.

the

such

fourth

spending

on

of these securities.

Copies of the Prospectus may be obtained from only such of the underwriters,
including the undersigned, as may lawfully offer these securities in this State.
•

Joseph Nadler & Co., Inc.

will

Alessandrini &

Co., Inc.

Preiss, Cinder & Hoffman, Inc.

Hardy & Hardy

v

fourth

is

a

prospect

on

survey

conducted

Common Stock

million

new

latest

of business

y

(Par Value SI.00

in¬

be

than

more

troug.i,

expenditures

the second quar¬

September 27, 1961

.

the

dropping

to

bottomed out in

iq«q

an

in

area

economic outlook. After
about

million units.

spring there has been




about

good prospect that

volume

again, after
Following a

substan¬

12

ment
outlays
stitutes another

American Packing Co.

under 3.6 mil-

tentative

optimistic than in either of
the preceding two summers. Since
a

in-

the

Expenditures

plant and equip¬
by business con¬

in

year

may

be

Buying Plans

^ofhfwill snfn

this

in

the

The volume of

work

of

Consumer

of

spent

NEW I^UE

stoppage in the in¬
dustry, domestic sales for 1961
total close to 5.5 million

have

and

were

models

by

attitudes

Part

will be

1960.

good public reception of the

a

new

develop¬

consumer

approved.

crease

gain

of

or
about 14% behind the
of the previous yea". Assum-

or

purchasing intentions.

2%

level

'

future

sidering the results of recent

about

1,-

nearly
6.2
million
units..
Through August of this year, unit

'

income.

obtained

not

above

,

In

personal
to

or

nrivate

starts'are

much

reduced

This

by a relapse
1980, domestic sales
U. S.-produced cars amounted

in

commen¬

whole

Capital

which

to

occurring

the stage has

another

spending

at least for
surate

is

total

Business

from

followed

was

this year.

tion

substantial

housing

units,

the

a

condition

150,000 Shares

relatively good auto

1960

does not explain the whole thing.

the budget for fiscal 1962, as subfitted by President Eisenhower

and
^

place during 1962.

But this

economy will later suffer.

This rate

.

for goods has been relatively low first
in relation to. income. A part of.
grcwt.i trend in consumer spend¬
this can be explained by the hrgh
ing on durables might well take

proportion of consumer spending
going for various intangible serv¬

boom

in

:

inventory levels. The
beginnings of this renewed
„

1861, showing
1,300,000 units

$9

Following a
slight year-long
For 1962 as a whole, the percent-'
decline,
defense
spending
had
age
gain in new housing starts already started to rise by the
will probably not be much larger
closing months of last year and
than
that
of
1961.
The
ample by the second quarter of 1961 was
supply
of new
and
existing running at a rate over $3 billion
houses for sale in almost all areas higher than the
year-ago level,
of
the>'country, along with the Enlarged defense spending as a
rather high vacancy rate among result of Berlin will be
piled on
rental
units, and the fact that top of this increased amount. Any

consumer

crease

to

250,000

spending
housing that

and

the

in
of

era.

1961

nonfarm

which

spending on durables could be
very
important in generat.ng 'a
snong surge o"f business capital
spending, along with some in¬

economy,
cent

in

For

consumer

goods

with

W^hile retail sales typically lag
'

with

general

with

$600 million.

behind

in

was

allowances,
yearly rate of

of

upturn in
hard

!»on

seasonal

has amounted to

pace'

far

rate

summer months.

postwar

over

the

An

whole,, the decline in installment
credit,

demand.

a
strong upsurge in
spending for hard goods
in fact develops in 1962 will be
one
of the most important keys

re¬

thus

annual

by the

consumer

consumer

For

this

net

five

Whether

savings has been unusually
high recently, including a portion

sumer

of

favorably

compares

an

years.

con¬

dipped to under 1 million
Federal spending about
A'sustained1!riis'S"''has"bc°-" billion higher than estimated

curred

together, add

potential growth
goods
market

a

durable

prep

of

to

up

personal
high levels

lagging below

volume;

replacement

These factors, taken

of

new

durables

in

last

nonfarm

last January. Following the Presiexisting hold¬ Of; recovery,
while
substantial, dent's
message
on
the Berlin
need
to 1 be has been much less vigorous than
crisis on July 25, emergency inthe same time that of • comparable
periods
of creases in
defense spending of
a
continued easy
money
conditions
in
the about $3.5 billion were requested

modernized, and at
we
can
anticipate

have

of autos and

we

of

the

Thus

years.

ings

goods

for

private

year,,

units.
1

appliances, and homes

increased
six

or

fully recovered from
recession losses, but the sales

the

had

by next
In addition the average age
consumer
holdings of autos,

year.

of

1960.

Last

:

will probably start rising

gen¬

increase

in demand for consumer products.
As of August, retail sales were

level

years, the

A. T. Brod & Co.

N. A. Hart & Co.

Christopher & Co., Inc.

page

24

24

(1352)

The Commercial and Financial Chronicle

continued
upward
trends
are
clearly in prospect for those types
of expenditures which show little

Outlook for Business and
gain

curred

shift
in

*

respect

has

apparently

recent

months

To

to

business anticipations.
outlays
in
the
fourth
quarter will be a little higher than
anticipated three months ago, but

by
manufacturing
and
mining firms are apparently going
to be slightly lower in the months

there

is

ex¬

unlikely

to be a
in capital

really

the

of

factors

started

the

they

a

The

sub¬

ture

rise

for

has

monetary

Federal

business,
The

termination

that

authorities

the

will

situation, to
vigorous

movement could turn

re¬

into

Moreover,

ahead to avoid

in

action

any

adversely affect

our

to

gradual

a

montary
Treasury

of. actions

retreat

ease,

from

away

the

major
operations

once

financing
underway are completed in

now
though declining margin
strong, even during the recession.
mate in which business would be October.. /
of unused capacity among pro¬
Over the last four
years the aver¬
On the other hand, there is still
ducers of major industrial mate¬
encouraged rather than harassed,
age
yearly growth in. consumer
and
the
rials.
Among
firms * producing
undertaking of badly- the difficult problem of unem¬
outlays for services has been over
needed Ta^t reform stand out as ployment.
While total employ¬
metals, textiles, petroleum prod¬ $8
billion, ranging between 7%
ucts,
especially important among the ment has increased slightly since
coke,
various
industrial and 8%
per year.
In fact, the ris¬
various approaches which could year-end, the labor force has risen
chemicals, ; cement, _wood
pulp, ing proportion of total consumer
even faster. Hence there has been
paper and paperboard, the averprolong prosperity.
spending going into the services
/• Over a span, of many decades, no real improvement in the un¬
; age operating rate had dropped area
probably/accounts for some
to about 68% at the end of last
the median length of periods of employment situation.- The unem¬
of the recent softness
in
retail
year. The strong recovery in in¬
business expansion in the United ployment rate, after allowing for
sales of goods.
The amount of
seasonal factors, has hovered close
dustrial production since that time
spending by consumers for non¬ States has been about two years to
the 7% level all of this year to
resulted in the average
operating durable goods does no worse than ^which was also the length of
date.
Given the announced goal
rate in the industries just men¬
the most recent business
slow down a bit in the
upswing,
early stages
of the present Administration of ;
tioned reaching to about 80% as
1958-60.- But there are numerous
of a recession and then continues
of July.
bringing the unemployment rate
to grow slowly even while busi¬ precedents for expansion periods
down to 4%, the question there¬
While
even
further
improve¬ ness is slack.
lasting three years or longer, -inIn
annual
totals,
fore arises as to what pressures
ment is in prospect, current
oper¬
two
postwar
episodes,
however, there have been no de¬ eluding
there may be to maintain rela¬
ating rates still show some margin clines in
based on the range of historical
consumer
spending for
of excess capacity in
tively easy money conditions un¬
key indus¬ nondurable
experience, a minimum of two
goods
evenduring
til the unemployment rate reaches
tries, and for this reason there is recession
years of business upswing, dating
years.
this
predetermined
level.
The
unlikely to be a really strong up¬
the
cyclical low point in
The outlook for the so-called from
most
probable outcome is that,
surge in business expenditures for
growth sectors of the economy is February of this year, seems to be
until the number of job opportu¬
plant and equipment until oper¬ a
a reasonable
expectation. Wheth¬
continued gain in 1962
probably
nities begins to keep pace with
ating rates reach close to 90%.
er
or
not
the
exoansion
phase
amounting to about $18-19 billion.
the relatively more rapid rise now
This suggests that even if a
lasts longer than that depends in
cap¬ This
prospective trend will rein¬
occurring in the labor force, vigor¬
ital-spending boom is shaping up, force the
upward movement ex¬ large part on the appropriateness
.

it will

be

a

months

For 1962

way.

not

considerable number

before

looking for

it

as

gets

under

whole, I

a

am

pected in the key
tors

volume

total.

the

more

9.5%

of

upsurge

of 1956. Within

1962, however, the
of increase in
capital expen¬

ditures

will

likelv

be

higher in

the latter half of the
year than in
the earlier part.
The

rise

in

construction

of

in¬

dustrial
plants
next
year
will
probably, be concentrated in the
chemical
Utilities

and
public
but at
the
expansion is antici¬

time,
pated in steel, food
aircraft,
electronics,

the

impetus

of

expanding

outlays. Until

gins in the economy,
see

we

are

un¬

the return of "boom"

conditions. For at least six months

the

appearance

trend in capital
appear to be

such

a

spending does not

likely.

outlays will be

of

up,

While capital

available evi¬

dence at present suggests that
the




to

promote

future

of

sustainable

without

growth

infla-

and

services

Gross
risen

ter, to
tional

Product

3%

from

of

the

reces¬

as

first

whole,

a

Product

will

quar¬

Gross

show

Looking

-

Na¬

gain

a

to

The

to

a

1962,

the

headed
for
forces now at

probably generate suf¬
rise

in

ity throughout the

to

produce

business
year.

a

activ¬

If I

ram

expectations
key factors
in

con¬

outlook, Federal Government

out-

cerning

my

the

lavs will show

a
strong rise,
spending
on
autos
household equipment will

sumer

the

con¬

and
con¬

tinue to gain in
strength, residen¬
tial construction will
show only
minor gains, the
present modest
increases in business

capital

ex¬

penditures will
gradually acceler¬
ate, and the rate of inventory ac¬
cumulation
in

will

continue

to

and

Rates

bank

important im¬
prospective trends

for

credit

the

and

end

of

interest rates.

last

bank

year,

loans have shown only a moderate
net

gain, 'after

run-off

of

allowing

loans

in

for

the

the

early

months of the year/ As of
August,
loans' at
all; commercial
banks

rise

the early part of the
year be¬
fore levelling off.
In
addition,

by only about $500 mil¬

up

lion from the end of 1960.

On <the

other

hand, holdings of securities
were up by 10 times as
much, par¬
ticularly U. S. Government secu¬
rities.

*An

address

by Mr. Balles before the
Correspondent Bank Meeting

National

Mellon

"

i

-

In terms of business loans at
larger banks, no marked response

months

fects

of

deficit

business recovery has yet been

observed,
the

principally

record

volume

because

of

financing in the spring, which
abled
debt
of

many

at

firms

to

of

corporate

fund

en¬

their

relatively favorable rates

interest.

As business recovery

progresses, particularly under the
stimulus of rising capital expen¬

ditures and mounting
a

inventories,

gradual pick-up in demand for

business

loans

to

and

occur

derway.

seems

may

most

likely

already be

un¬

In addition, the stage has

ahead,

the

begin
to

be

to

markets, and
begins
spend

the full ef¬

as

Federal

enormous

felt

in

as

and

Trust

Co.,

1961.

Cosmetic Chem.
Common Offered
Nance-Kieth

Corp.
is
offering
publicly 100,000 common shares of
Cosmetic Chemicals Corp. at $4.00

share. Proceeds will be used

per

by

the company for advertising,
sales expenses, inventory, research
and working

The
New

capital.

company

York

under

the

6f 5

City,
laws

E.

52nd

St.,

was
organized
of Delaware on

March 20, 1961, for the purpose of

distributing its

perfumes and

own

toilet water under the brand name
"Ai" (pronounced "I") and other
cosmetic
items
such
as
soap,

powder, lipstick, etc., all contain¬
ing the basic fragrance of Ai. The
formula

for

after more

search

by

March

on

Ai

developed

was

than two years of re¬

Albin

O.

Holder

29/ 1961,

who

assigned

the

formula to the company.

Second Financial
Common Offered
Public

offering of 100,000 common
of Second Financial, Inc.,
per share is being made by
Globus, Inc., New York City. Net
proceeds, estimated at $250,500,
shares

at

$3

will be used by the company for
general commercial financing in¬
cluding the purchase of notes,

mortgages and contracts received
by "shell" home builders from
their customers.
The

company

of

2740

Apple

Valley Road, N. E., Atlanta, Ga.,
plans

to

engage

in

the

activities

of "shell" home

financing. Author¬
of 750,000 100
par
common
shares,
of
which
300,000 will be outstanding upon
ized

stock

consists

completion of this sale.

credit

With Fin.

the savings rate

as

diminish

Bank

Pittsburgh, Pa., Sept. 20,

be

activity generates a further
rise in private credit demands in

consumers

larger proportion of their
income, it seems probable that
a

Security Corp.

(Special to The Financial Chronicle)

BEVERLY HILLS, Calif.—George
B.
Peck
has
become; associated
•

total credit demands will

begin to
the available supply of
Unless the Federal Re¬

outstrip
savings.

Svstem

is willing to permit
fulfillment of all credit de¬

serve

the

mands

through

in the money

with it

substantial

a

taken

at

too

rapid

a

then

pace,

Specificallv, the time

be

far

&

off

when

the

loan

meet

most
1962

certain

has

come

to

This

to

an

VALLEJO, Calif.
Home

is

al¬

before

end.

in

a

reserves

reduced
for

He

Join

a

Robert M.

securities

formerly with
Associates, Inc.

was

Warner, Jennings

(Special to The Financial Chronicle)

BOSTON, Mass.—John H. Buck,
III, Charles B. Rowley, Jr. and
Burton

S..Singer have joined the
Warner, Jennings, Mandel
Longstreth, 50 Franklin Street.

side &

,

—

staff of

monetary restraint will most
appear

/

Opens

conducting

Mutual Fund

ward

free

is

Street.

&

of

/

(Special to The Financial Chronicle)

The first overt signs of a tran¬
sition
from
monetary
ease
to¬

likely

was

business from offices at 937 Marin

banking

happen

Peck

mav

holdings in order to

demands.

Mr.

Co. in Bakersfield.

.

system will find itself in the posi¬
tion of having to liquidate some
of its security

Security Corp., 321

Robertson.

R. M. Home

a

demand would tend to bring about
additional
increases
in
interest
not

South

formerly with Francis I. du Pont

supply, which would

upward pressure of supply against

rates.

with Financial

ri*e

potential build-up
of inflationary pressures if under¬
carry

/

to

not

ness

the

just

as

some

.

clearly

momentum

in

plications

were

forward

is
highs.

economy

correct

described has
in

will

As the prospective rise in busi¬

Credit

The outlook for business

Since

of about 3% over last
year,
level of around $520 billion,

new

had

—

the

by

$516 billion yearly rate.

a

1961

Bank

this

goods

measured

as

National
point

for

Interest
of

of

restraint

appear.
I

Implication

quarter

output

—

about

sion-low
For

total

credit

ous

applied, except in so far as strong
inflationary developments might

on

Outlook

second

continued

or unless a
strong capital spending trend be¬

ahead,

the

work will

stimulus given to business
advance by inventory accumula¬
tion can last only so
long—even

likely to

the

ficient

The

defense

By
year,

processing,

defense related industries.

with

Business

and

other

policies

complex

tion.

processing

industries,

same

whole

economic

Summary and Conclusions

likely to

increase

1960, rather than the 22%
rate

discussed

economy

any

of

The gain is

resemble

the

the

sec¬

earlier.

major gain in
plant and equip¬
ment expenditures over the 1961
the

of

of

volatile

or

in¬

of

that lies

year

Tri-State

,

of

then level
the

of

in¬

payments
position.
considerations might lead

These

in

in

ahead.

ternational

tending to .produce cost-push in¬
flation, the development of a cli¬

very

of

rise

rates

time.

increas¬

an

unsustainable boom.

the year

in

terest

policy

economic

a strong resurgence
of loan demand at banks and for a

further

no

be

w^lil be

overall

therefore for

credit

it will be especially important

policy-makers
labor, and govern¬

end

activity
trend, which
surely generate rising de¬
mands for credit, both private and
governmental,
the
outlook
is

reserves

this

to

appear

Reserve

signs

covery

by

the

marked upward

a

been

has
a

to

up

of

free

volatile international

deter¬

before

even

If not, then it would be

will

one

moving
phase of the business cycle

that will

and

ease

now

of

there

from

With

the

As

probably be giving increasing at¬
tention to evidence of any build¬
up
of
inflationary expectations,
and particularly in view of the

an

re¬

increase

an

early part of 1962.

mem¬

ing danger of'"over-staying" the
policy
of
ease.
The
monetary

any

occur

1961.

in

pro¬

in

range.

degree

level
that

away

swing can be greatly influenced
by decisions yet to be made by

expendi¬

been

will

remained

the

in which there

foreordained

that

this

move

a

toward

ease

be

likely that these specific
signals of monetary restraint will
begin to appear some time in the

is

and the

position of all
has

of

measure

ease,

would

in
the Federal Reserve discount rate.
The first of these developments

Reserve

reserves,

$500-$600 million

mine the length of the present up¬

ment.

services

stantial

nothing

conditions

consumers

new

banks

into

to the probable duration of the

The

programs

vided with

We

cycles
clearly shows that
each cycle is largely a unique
one,
and
that
periods of expansion
and contraction can vary consid¬
erably in length.

recession-in¬

consumer

is

therefore,

Federal

ing system has been liberally

indicates

spend¬

ness

highs.
activity will carry

in

defense

period of business expansion now
The history of busi¬

into 1962.

over

to

underway.

this

this

additions

There
as

the

of

1962,

100).

year begin to
volume of state and local
construction outlays to new

lift

in

trial production for the year -as a
whole of about 10%, to a level
of around 120
(based on 1957 =

slowed

works

earlier

Product

monetary

straint

policy of monetary
Up to this point the bank¬

ease.

ber

$565 billion—
"shooting war," fur¬

no

the

free reserve

National

from

moderate

a

number of months

a

question,

long

earlier

might pro¬
increase in the

in

now

borrowed

most

key

9%

a

instal¬

likely to rise in
Furthermore, with

may pursue a

increase in the index of indus¬

an

recently, it won't

long until
spired
public

Much

a

spending for

spending

rising

level of around

a

ther

about

little bit

a

a

for

net

a

seem

followed

could

A

than/
As

consumer

demands

later

a

point, this would
by the emergence of
reserve
position
for the banking system.
A con¬
firming signal of a move away
be

re¬

of

how

more

ing, or major work stoppages in
key industries. This would imply

relatively steady ad¬

to

is

the

continue for

gain

rather

banks. At

consum¬

ahead.

As to"

the

1962

within

noted

assuming

con¬

nondurable

In recent years

be

expen¬

ditures is the existence of

spending,
for

consumer

shown

down

quar¬

inhibiting

capital

and

services. In total, the three
growth
sectors
account
for
about
two.hirds of our total output of

government

manufacturing

firms, especially autos.
But in
total, the capital appropriations
backlogs of manufacturing firms

One

goods, and

state

in

occur

fall

about

Gross
to

$16
billion.
While the pace of state and local

levels,
though there was some re¬
vival in the capital appropriations

magnitude,

to

trends
duce

so-called

include

spending

amounted

this year from first quarter

to

outside of the above range.
tentative
estimate,
the

for example, the average
gain in yearly outlays of these
diree types of expenditures
has

even

near-term boom in

the

years,

slightly in the second quarter of

had been declining by five
ters as of mid-year.

These

government

sumer

nave

Capital appropriations of man¬
ufacturing
firms
were
down

goods

of

vances, even in the face of cycli¬
cal downturns.
Over the last four

recent levels.

-

sectors

and services.

industries rise substantially above

durable

order

of

Thursday, September 28, 1961

rising trend, the demand for resi¬
dential mortgage loans is picking
up, and this may be expected to

year

for 1959 and 10.3% for 1950.

goods

strong upsurge
outlays of the capacity-building
type until operating rates in key

of

local

and

penditures' continue in large vol¬
ume,

growth

anticipated three
Among manufactur¬

calendar

the trough of the first
postwar recessions, the in¬
in total
output of goods
and services ranged between
8.6%r

which will

growth

downturns.

full

crease

likely

ness

was

ago.

first

Thus

loans

the year ahead.

three

coming
from
various
types of expenditures which typi¬
cally grow year after year, show¬
ing little if any sensitivity to busi¬

ditures

months

the

ment

following

economy

transportation firms
and by commercial firms. Expen¬

ing firms, while modernization
cost-cutting types of capital

In

forcer the

non-rail

liquidation

housing starts

to

degrees,

natural

net

credit.

all show uptrends in
prospect for
the year ahead. This will rein-

this stems entirely from increases

ahead than

prior

the key
sectors in the
economy that large¬
ly determine the pace of business

Capital

by

varying

following

local government outlays.

moderate

The Growth Sectors

oc¬

with

•

be

revival of

cent

sumer

about the middle of next
year.

only a modest increase in business
capital spending.
Little

will

a

borrowing,

cyclical fluctuation—namely, con¬
spending for nondurable
goods and services, and state and

Interest Rates in 1962
Continued from page 23

been set for
er

,

.

.

level

member

Mr. Buck

and

was with Chace, White¬
Winslow, Inc. Mr. Rowley

Mr.
Singer
were
Schirmer, Atherton & Co.

with

Volume

194

.Number. 6094'

.

.

.

.

The Commercial and Financial Chronicle

'

i

(1353)

'

I

*

-

'

,

1

-

.

'

•

_

Standard Oil

25

Company

(Indiana):

a six
Crude production, product sales rise; earnings up 14%; American Oil effects
What has
and a
their

happened to Standard Oil Company (Indiana)

major subsidiary, American Oil Company, since

reorganization at:the end of last year? President John

E.

Swearingen provided the

answers

to

shareholders and in the

summer

quarterly»magazine for share
Indiana and

in

a recent report

issue of SPAN,

a

of Standard of
of companies.
•

owners

employees of its group

Swearingen enumerated first-half accomplishments

Mr.

after

it

became

national marketer. New Torch

a

signs

were

and

installed at service stations

throughout the East, South and Far West. All stations

uniform red, white and blue color scheme.
more than 29,000 outlets now feature

now

display

The

Company's

the

a

popular Atlas® brand of tires, batteries and acces¬
that

were

and Far Western

formerly offered only at Midwestern
stations. Local and national advertising,

campaign in the Company's history, has
provided quick consumer recognition of the strides taken

the

ing

greatest

during April, May and June had adverse effects

natural gas
the

"As You
to be

effective sales generator, was

an

lets in all

areas

American's
was
was

move

of operations.

extended to out¬

In the East and South,

unique unleaded premium gasoline, Amoco®,

office
opened in Los Angeles to undertake development
Pacific Coast states

distribution.
The amazing growth of the credit card, and its impor¬
tance in American Oil Company operations, was empha¬
sized in the summer, issue of SPAN. In the Midwest
alone, between 1950 and 1960, the number of credit
card "customers. of Standard Oil Company (Indiana)
grew from 250,000 to 1.5 million. Since January 1 of
this year, the addition of accounts from the East, South
arid West has swelled this total to 2.5 million. Dollar
volume through the newly centralized credit card oper¬
ation in Chicago ofteri approaches $2 million daily.
where the

Company has had limited

that consolidated net
earnings for second quaver 1961 welre $30,357,000, or
84 cents a,share. This compares with $33,198,000, or
92 cents a share in the same period of 1960. However,
Mr. Swearingen reported a 14% improvement in firstSwearingen told shareholders

half; earnings

($74,177,000, as compared

000 in first half
as

a

1960), and forecast earnings

whole will show* an




with $64,887,for 1961

improvement over 1960.

the oxo-alcohol plant that the
Haverhill, Ohio, in joint

near

ownership with Pittsburgh Coke & Chemical Company*

reductions.

••

Directors of Standard Oil
a

Company (Indiana) declared

regular quarterly cash dividend of 35 cents

share

a

payable September 14, 1961, to the Company's nearly
157,000 shareholders of record
ness

August 25,

on

as

of the close of busi¬

1961. It is the Company's 262nd

dividend.

Crude production, product
Net

The

up

production of crude oil and natural

the first six months

11%

over

primarily

the

in

a

the Lake

block is

barrels

a

affected

runs

day,

liquids in
a

day,

up

production averaged
day) and Canada (17,000 barrels a day).

became productive
in this

averaged 350,000 barrels

Argentina

addition,

gas

1960 period. The increase was achieved

36,000 barrels
In

sales

up

4%

over a year ago

a

day.

Directory of Standard Oil Company (Indiana)
Major Subsidiaries

reduced substantially in

were

1961 in line with market needs.

products averaged 684,000 barrels

period, 1.5% increase

a

day

over a yearago.

AMERICAN

Oil

United States.

facture of

a

DMT

process.

U. S.
In

an

agreement with Algemanu¬

dimethyl terephthalate (DMT) in the Nether¬

lands. Work will start
on

manu¬

pounds of these versatile plastics annually.

Company also reached

soon

by

plant that will

a

jointly owned subsidiary

use

DMT is the chemical
yarns are

our

raw

unique oxidation

material from which

made.

another Standard

the

one

factures

and

markets

CORPORATION, Chicago,

chemicals

from

manu¬

petroleum here and

abroad.

AMOCO

TRADING

CORPORATION, New York City,

buys, sells, and trades crude oil and products abroad.
INDIANA OIL PURCHASING COMPANY, Tulsa, buys,
sells

and

United

trades

crude

oil

and

natural

States.

gas

liquids in the
'

PAN AMERICAN PETROLEUM CORPORATION, Tulsa,
finds and produces crude oil and natural gas in the United
and

Oil Corporation, New York City, engages in oil ex¬

Canada.

Its

subsidiary, Pan American Interna¬

ploration and development outside of North America.

Oil Company (Indiana)

in* General -Gas Corporation of Baton

La. Tuloma is

through its Standard Oil division

tional

subsidiary, Tuloma Gas Products .Company, acquired
interest

It markets

Midwest states.

States

expansion-briefs

August,

15

AMOCO CHEMICALS

Company (Indiana). Furukawa produces

Kunstzijde Unie N. V. (AKU) for the joint

COMPANY, headquarters in Chicago,

expan¬

polyethylene and copolymers under license from

Standard

The

Company, Tokyo. Furukawa

OIL

manufactures, transports, and sells petroleum products in the

;

taken with the acquisition of a 35% interest in

20 million

mene

/

in the Company's petrochemical

Furukawa Chemical

factures

its divi¬

change from the previous
permit receipt of any such dividend by

when refinery strikes

International developments
was

pay

December 27

shareholders before the close of the calendar year.

in

sion

on

instead of December 30. The
schedule would

during the first half averaged 650,000

operations. Runs

A further step

quarter of 1961

Maracaibo block in Venezuela

averaging around 3,000 barrels

for the six-month

fourth

in May. The Company's part interest

the second quarter of
Sales of refined

(where

Company also announced plans to

for the

dend

polyester fibers and

Earnings position improved

on

Quarterly dividend

liquids and in volume of product sales, and
on cost

progressing

Company is constructing

on

V... .:

significantly improved in octane rating. An

of markets in the Southwestern and

Mr.

v'

\

Company's continuing emphasis

Refinery

by this subsidiary, the famous
Travel-Ask Us" service, which has continued
major

A;!.,""v

Primarily responsible for the first-half earnings im¬

by American Oil Company.
In another

partly due to higher wage costs, also in¬
Severe gasoline price cutting over wide areas

profits...;

Work is

product sales increased in

compared with 1960, but operat¬

expenses,

creased.

Company's subsidiary, American Oil Company,

Oval identification

sories

Crude oil production and

*

the second quarter as

provement were better prices for refined products early
in the year, increases in net production of crude oil and

Marketing subsidiary in smooth changeover
of the

,v

changeover to national marketer

an

Rouge,

SERVICE PIPE LINE COMPANY, Tulsa, transports crude
oil for

our

refineries and for others.

of the nation's leading marketers in

rapidly growing LP-gas field. General Gas's sales

approximate 130 million gallons

a year.

TULOMA GAS PRODUCTS COMPANY, Tulsa, markets

liquefied petroleum

gas,

natural gasoline, and related products*

Standard Oil Company <indiana> 9io s. Michigan, Chicago so, Illinois

26

(1351)

The Commercial and Financial Chronicle

.

.

Thursday, September 28, 1961

.

if

and

some

the

BANK AND INSURANCE

faster

will

take

the

growing

form

position to increase

of

small

whose

banks

dividends

as

stock

payouts

long

as

dividends,

many of
low appear in a
their capital funds are
are

sufficient.

STOCKS

*

importance to the whole discussion of bank shares is
the increasing interest in the United Kingdom in United States
Certain foreign

investment trusts enjoy the advantage of
credits; therefore, present return may be greater than
the actual yield. In addition, the fact that Great Britain does not
dividend

%

This Week

Bank Stocks

—

treat capital gain in the same way as the United States has
given
impetus to the interest in U. S. bank shares. Banks are one im¬

RETURN ON BANK STOCKS—
There

has

riodicals

been

recent

concerning

discussion

the

levels

and

of

publicity in financial

bank

stock

portant segment of the United States economy that has not suf¬
to any great extent within the
past year earnings-wise.
Great Britain and other Western European countries are
aware of

pe¬

fered

prices.

In this
endeavor to

column, within the past month, there has been some
point to the level of bank stock prices and equate their earnings
multiples of those of other media of equity investment.
His¬
torically bank shares are not selling at unusually high price/earn¬
ings ratios. It was also pointed out that the rise in the price/earn¬
ings ratios paid for bank stocks has not equalled the rise of
price/earnings ratios of the Dow-Jones industrials or other groups
—such

utility shares which

as

considered "defensive"

are

bank stocks.
Bank

as

capital gain and view many U. S. banks as investment opportuni¬
ties for this purpose as well as a media which will
enjoy growth
in dividends.
*

have

also

been

vehicle, in the

a

equity

vicinity of 4%.

The

average

The

Buoyant U. S. Economy
And Multilateral Borrowings

field,

yield

Continued from page 3

Gross

fresh peaks in the April-June pe¬
riod.
Total industrial production

again

The

.

v»e*

v

has been particularly
couraging since prices have

mained

Bankers Trust Co
Chase Manhattan Bank

Yield

not

19(»0 Earnings

$1.97 ' 2.86%

49.1%

2.50

3.05

47.0

2.60

3.09

102

3.00

2.94

50.4

economic

activity

been

accompanied
by
buying or abnormal

During the past
tary

and

fiscal

mone¬

of ,the

Bank___i__^__
Detroit

Seattle First National Bank______.._

55.0
*

•

Prompt recognition by our
monetary authorities of the im¬

pending

"

downturn

As early

ease.

as

1.40

2.29

39.8

June

1.68

2.02

56.0

Reserve

78

1.70

2.18

44.0

tions

Security First National (L. A.)
Valley National (Phoenix)

86

1.69

1.86

39.4

reducing discount rates
and lowering the reserve require¬

64

1.00

1.57

40.0

ments

Wachovia Bank & Trust Co

37

.50

1.37

31.9

Wells Fargo-American Trust Co

80

1.60

2.00

39.7

2.54%

41.6%

61
"

& Payout

1958

1959

1960

3.33%

4.00%

3.07

3.46

3.01

Utiliiy Bonds (Ha. Moodys)

4.40

5.21

4.59

4.63

1960

Jun. 30/61

59.7%

City Bank

53.0%

49.5%

60.5

65.1

71.6

City

Bank

Stock

with

1961

payout

based

for

higher bank

stock

on

earnings

it

possible that there will be dividend increases among this
may have small increases,

NATIONAL AND GRINDLAYS

-

BISHOPSGATE, LONDON,

E.C.8.
t

and

INSURANCE

:

PARLIAMENT STREET, S.W.I.

STOCKS

Largelv

Branches In:

INDIA, PAKISTAN. CEYLON, BURMA

TANGANYIKA, ZANZIBAR.

UGANDA. ADEN, SOMALI REPUBLIC.

NORTHERN AND SOUTHERN




the

strains

stimulated

re¬

operated
to

supporting

as a

in

as

pre¬

provide
an
influence.

result of these "built-

and

of

$10

a

In

contrast

rates

have

billion
to

rise

1958-59,

remained

re¬

markably
constant
during
initial recovery period.

the

anticipate further vigorous

growth.

Laird, Bissell & Meeds
Members Ne# York Stock
Members American
180

Stock

Exchange
Exchange

BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay 7-3500
Bell

Teletype NY 1-1248-49

Specialists in Bank Stocks

achieved

without any increase in
However, should additional
defense expenditures become nec¬
essary,
the President has stated
clearly and unequivocally that he

is

prepared

to

taxes should
balance

additional

request

they be required
budget.

the

to

Balanced

would

The

substantial

in

room

economy for further expan¬
sion should avert any
inflationary

that

might otherwise
have no shortage

develop. For we
productive resources,

assist

problem

of

services

economic

produced

Federal
remain

record

noted

earlier,

encouraged
and
new

been

stability.

our

levels

are

es¬

our

we

that

re¬

attainment
of

of

production

accompanied

.Our

index

by price

of

whole¬

sale prices has remained for three

at virtually the same level.

Retail

prices

have

of"

consumer

prices

has

in¬

emphasize the

decision

it

in

been

not

bal¬

to

fiscal

which

1963.

for

international

in

increase

the

tensions

forced

to

us

defense expenditures

our

substantially
above
previously
planned,
looked

in

levels

the

could
confidently
we

forward

determination

our

both

sound

a

and

maintain

to

expanding
that the United States

economy so

an

play its full part in the de¬

may

fense and the development of the
free world and, at the same time,
meet

the

requirements

of

in¬

an

creasing population at home.
I am glad to be able to report
that

the

United States

payments
much

year

marked

chandise

of

developed
in
a
satisfactory manner
than
in
I960,-; The

improvement in our
account
during

continued into

speculative
term

balance

has

more

this

1961 and the

outflows

of

mer¬

1960
large
short-

capital,

which swelled the
volume of our outpayments in the
second half of 1960, have ceased.
Our merchandise trade surplus in
I960
amounted
to'- $4.7
billion,
whereas

in

than

billion.

cf 1961

it

1S59

has

.been

less

first

half

1962

are

than

the

together
deficits

comparable
into

our

capacity.

much

smaller

during

recession

account

all

flected

developments
both

the

last

and

re¬

presently sched¬

uled

in

our

exclusive

posi¬

recorded

of

United

short-term

private

capital

in

and

re¬

are

"basic"

our

comprising all of

transactions

States

an¬

a

These

ments

1958-1959. After taking

in

covery

seasonally adjusted
rate of $6 billion.

nual

tion

In the

trade surplus was run¬

our

ning at

outflow

un¬

expenditures

within

$1

persisting

In fact, the deficit for fiscal year
1961 and the projected deficit for

overall

pay¬

1960 the

basic

our

position. In

deficit amounted to $1.9 billion,
compared with $4.3 billion in 1959
and $3.6 billion in 1958.
In the
first

half

of

1981

the

basic

posi¬

tion continued the substantial im¬

shown in
I960
and,
counting special prepay¬
$650 million on United

provement
without

of

ments

states Government loans, was al¬
most exactly in balance.

all

Our

over¬

deficit, which- is measured by

decreases

in

United

hold¬

States

ings of gold and convertible

cur¬

expenditures, including the
substantially increased outlays for

rencies

defense

dollars—which together amounted
to about $4 billion id both 1959

requested

Kennedy
point to

in

by
our

July,

President

estimates

liquid

deficit this year (fiscal
1962) that will amount to about
half the
deficit for fiscal
1959.

and

the

a

addition, our gross national
product will run some 17% higher
than in fiscal year 1959, and our
tax

will

revenues

be

about

21%

greater. Hence, the economic im¬
pact of the current deficit will
be considerably less than half that
of the 1959 deficit.
/ 1
.

The
1962
of

deficits

are

the

in

fiscal

essentially

short-fall

of

1961

j

.

.

and

reflection

a

revenues

re¬

a

characteristic of

because

pendent

1960—was

and

as

same

sharp

pect

reason

economy
year

being
ness,

a

grows./.. The
every

may

ex¬

revenues

and,

the

calendar

promise of

good year for busi¬
since our revenues are
earnings of the pre¬

upon

vious
look

in

very

and

based

we

improves

1962 gives

year,

we

forward

in

fiscal

year

to

can
a

confidently

substantial

income

under

half

first

of

rate

billion

$1.7
1961.

sea¬

in

The figure

of $1.7 hi1 lion also does not count
a

as

receipt the special debt

payments

of $650

million.

pre¬

While

this indicates continuation of sub¬
stantial

short-term

capital

out¬

flows, these movements have rep¬
resented,; for- the most > part, a
substantial enlargement of the fi¬

nancing of world trade by United
States

banking institutions and
speculative in char¬

not been

acter.

heavily

de¬
taxation of
business - income.

increases

business

tax

running at a
adjusted
annual

somewhat

No

direct

upon

personal

it* is

our

plus increases in foreign
holdings of United States.,

sonally

sulting from the recent recession.

crease

commodity

been stable while the over-all in¬
dex

budget

well

For the

I

pecially

had

Berlin,

over

nigh

relatively

employment. Nevertheless, we are
developing worker retraining pro¬
grams
designed
to
attack
this
problem directly.

system

years

in solving the

us

fell appreciably below the
corresponding
quarter
of
the
previous year.

have

Indeed,

to

our

budget

our

increase

of

This is

As

ance

like

of

for

Budget

1963

our

downturn

the

ADEN.

KENYA, UGANDA. ZANZIBAR

RHODESIA

have

stabilizers," the total value of

covery

SQUARE, S.WJ.

*

banks

never

BANK

Bought—Sold—Quoted

/

and

recessions

automatic

during

Head Office:

KENYA,

expansion.

softened

recession

all.goods

BANK LIMITED

is determined to
January
can
be

next

taxes.

In

which

vious
-

in

*

finance

commercial

tions—have

Although New York City banks

ST. JAMES'S

and

government
outlays
associated
with the recession—in conjunction
with reduced income tax collec¬

,

outlook

Fed¬

On
the
fiscal
side, increased
unemployment benefits and other

Stock.

1960.

banks.

covery.

50.4%

71.5

Dow-Jones (Ind. Index—30 Stocks)

13

1960.

interest

restric¬

by 7%, or $14 billion,
during the past 12 months. This
large increase provided a major
of

1959

Federal

expanded

Percent of Earnings

♦♦Banks Stocks

Bankers to the Government In:

of

force
1958

National

of commercial

ments

2.94%

3.49

as

.

credit

by

recession

Sept. 1901

4.16%

Dividends

the

year,

relaxed

Reflecting this Federal Reserve
policy,
total
loans and
invest¬

Dow-Jones (Ind. Index—30 Stocks)

4-

last

of

eral
Reserve purchases
of gov¬
ernment securities provided addi¬
tional
bank
reserves
to
combat

Year-End Average Yield of Various Investment Media

London Branches

top

tary restraint to

-

83

54

in

on

39.6

•

95

National City Bank of Cleveland-,..
Republic National

86,

1961

43.1

Mellon National

group.

savings of individuals rose
by $7.7 billion in the first half of

2.71

101

appears

cial

2.37

First National (Boston)
First National (Chicago)

the

finan¬

2.00

4.00

of

Net

4.00

158

view

trade.

74

Continental Illinois National Bank__

In

retail

brought
a
quick shift of policy from mone¬

2.22

First

for

33.0

3.08

1.60

on

look

1.68

2.00

72

♦♦Payout
earnings for

ings, thus strengthening the out¬

1.60

65

Citizen's & Southern National Bank

National

reduced
their debt and built up their sav¬

47.5

Bank of America

First

have

2.97

63.5

on

prospective

or

3.00

54.0

;

♦Yield

present

covery.

'

3.41

*'

the

39.3

3.40

♦Bank Stocks

for

*2.53

2.00

4.40

Current Average Yield

outlook

45.6

59

submit

further

for

outlays, the
which Presi¬

to
a
substantial
budgetary sur¬
plus in fiscal 1963. We are resolute

S.

U.

during the coming
promising. Excessive

Consumers

pressures

policies

in

sales, inventories have once more
begun to increase moderately but
they are not high in relation to

.

the

year

Growth

nearly
United States have been directed all of our industries are operat¬
at limiting the extent of the de¬ ing well below capacity and the
cline in economic activity and at, labor supply is ample. Continued
strengthening the forces of re¬ rises in output should materially

129

defense

Kennedy

have

169

Manufacturers-Hanover Trust Co.__

Morgan-Guaranty Trust Co

National Bank of

re¬

national

gross

speculative
build-up of inventories.

54.0

V

en¬

since

stocks have been liquidated. As a
result of
rising production and

product has been real. Moreover, *
I We
increased

on

re¬

Hence, almost the
our

our

82

City Bank

in

has

84

iLl'

Chemical Bank N. Y. Trust Co

stable.

rise

Based

Dividend

69

V;

..

economic

our

covery

% Payout

'

vw

Price

r

of

coutse

entire

Current

First National

approximately
$540
during the fourth quarter.

1%

States

either

reach

than

business

needs.

will

less

is very

year

Product—

of

billion

growth banks.

■->'

National

The
United

jumped from an annual
just over $500 billion at
the beginning of the year to $516
billion in the second quarter—
rate

deposits) and payout has, at the same time, declined. As indicated,
level of bank stock prices has been compared with
utility
stocks in the past. Although there are no specific
figures; shown,
utility companies usually pay out in the vicinity of 60% of earn¬
ings—a considerably higher rate than either $ew York City

••

Gross

which

the

SELECTED BANKS: PRICES, YIELDS AND PAYOUT

high in July and
August.
We estimate
new

a

in

that

better

or

and personal consump¬
expenditures
all
reached

recorded

More

highs.

new

Product, personal

by

October.

economic

income,

due to the

banks

major

recorded

National

tion

Also, banks are now
position to pay out a higher percentage of earnings
general improvement of the capital position.
For example, First National City Bank had
capital funds
equivalent to 9.2% of deposits in 1955. For the past three years
capital funds have remained at a constant percentage (10% of
a

quarter,

indicators

the

the Dow-Jones stocks remains at 1958 level.
in

last

second

early 1950's, however, the return
on
the Dow-Jones Index approached 6%
while the return on
First National City Bank in this period seldom exceeded 5%.
Also of importance is the dividend payout. Using First National
City as representative of bank stocks, this percentage payout has
fallen appreciably in the period shown;
whereas, the payout on

"

creased

nomic activity was reached in the
first quarter of this year.
In the

period shown below—from 1958 to the present—First
City Bank has been used as the typical bank stock
because it is fairly representative of the bank stock field.
Looking
to

budget

I

In the

further

balanced
dent

firmness

are

National

somewhat

arises

in

Fi:cal

on
those major commercial banks listed below is now 2.54%,
whereas the yield on the Dow-Jones Index of 30 industrial shares
is 3.01%. At the same time the return on bonds has risen.

back

need

a

increases

Anticipates

whicn offers the advantage of yield. Within the past three years
this characteristic of bank stocks has disappeared and snares no

longer sell to return in the

1960, when Fed¬
jumped $10 billion
preceding year. Hence,

the

.

;

shares

fiscal

to

revenues

over

unless

Also of

banks.

cycle
eral

in¬

These

Time

to

"Relax"

encouraging develop¬
ments but they do not mean that
the

United

efforts
and

are

to

States

achieve

durcb'e

balance

can
a

relax

its

satisfactory

equilibrium

in

its

off

payments.
We must
large and growing export
surplus of gooes and services to
have

pay

a

for

military

abroad,

which

defense

,of. the

we

expenditures
incur for the

free, world.

We

during the must have it as well for both that
which begins -portion of our -foreign aid pro¬
next
July. Fiscal 1963 will be gram that is not covered by pro¬
closely comparable in the business curement in the United States and
our

1963,

.

Volume 194

Number 6094

,

.

The Commercial and Financial Chronicle

.

(1355)
for

our
continuing large outflow
long-term private development

of

demand and, in this way, would
help to avoid undue drains on its
gold reserve.

capital.
The

improvement in

trade

our

.

surplus so far this year cannot be
expected, to continue in the months
ahead, since, it was accomplished

States'

economy

reasonably

ing arrangement.

Iam confident
the basis of the
encouraging
views I have heard
expressed dur-

—on

toward

moves

full

employment

resources, we must look to

to

responding expansion of our im¬
ports. Indeed, they have already

the

which

agreement

in

,

principle

so

evidently exists. There
four important aspects which

are

started to grow. While this tends
to sharpen our
payments

do

wish.to emphasize:

Accordingly,
to;

make

pand

efforts

to

forward

committing to the
project should be large enough to

our

producers
markets

requires that

to

is

compete

.based,

It

v

w

J,?, ;!

! ^

k

-i-ij cond, to be effective, the ad-

■ditional-re-sourc.es must be
promptly available in case of need.

Third, safeguards will be required to ensure that there will

in

also

be

prevent increases

we

it's e^enSrdroleCa"

pacitv

exports. This means for
us, as it does for any nation, that
we
must constantly
improve the
productivity on which the ability
of

effective consultation

between

in money costs from
canceling out
improvements in productivity. At

the

the

borrow under the commitment

time,

same

out

search

with energy and

market

States

a

is

of

the

United

very

Fourth

We believe
and must be

this

orientation

be

can

son's

can

shifted, for there

surely thousands of

be

are

government

considerable
market

effort

is

opportunities

the attention of

our

munity.

abroad

r, i

J

of

reserve
our

aware

the

dollar

in

success

sonable equilibrium
in

our

we

are

rea¬

tion

of

the

existing

members

in the

rights and

of

the

Fund,

mrgenC project.

The

obtain

may

authority

^ne

this

the

necessary

from

their

of the free world will be substan-

tially strengthened, for the Fund

itures for the common defense in
^accordance with their capabilities.

world of convertible

new

Enlarging Fund Operations

During

the

past

year,

Jacobsson has reminded

as

Mr.

there

us,

has been active discussion and

.

.

Speaking

among

economists, and in the fi¬

nancial press,

of the adequacy of
-international
monetary

existing

arrangements. * These discussions
have been very helpful. Mr. Ja¬
cobsson
each

has

of

proposed

now

the

principal

that

industrial

countries commit itself to lend its
currency
to the Fund up to a
stated amount.
I strongly agree
that an arrangement of this sort

should

be

worked

to

out

for
my
country,
I
that the United States

want to say

regards the work in which

engaged here in Vienna
direct

a

as

and

important
future course

the

we

are

having
bearing
of

free

world growth and progress. I have
confidence in the ultimate
outof

come

devices

thus

—

States

are

iutn

our

deliberations because

have

confidence

in

the

vitality

of the free economies upon which
the work of the Fund is founded.

Our mutual goal is

a

world of

'

AlldreW JerffeilS

0

what

w

opportunities for every
human being to pursue his
legiti-.
mate
aspirations in peace and
frppdom
The International Mane
freedom. The International Mane-

toportani

tary Fund is playing an importa
role in helping us to achieve it.

,

is now known
inc?
al Is n°W knowm as mg of thp pnmmnnicf puppets Hornblower & Weeks and asso—
of the communist niirmofc
cjates are offering publicly 250,the
commonwealth
of
Na- in
surrounding territories.
002 common shares of The An^
tions, a loose sort of federaBut whatever
may be the drew Jergens Co. at $23 per share.
tion based on
voluntary rationalization of the present These shares, which are being
agreements
Some
of
thp onnHnpf nf tho Kremlin
fiold by certain shareholders, repJwTZLj?
®. ?; +
c°ncUict ol the Kremlin, ana resent the first public offering of
formerly imperialist na- whatever may be the specific the company's stock.
tions have not been quite so motive in
any particular camThe company with offices in
far-sighted — such for ex- paign of aggression what wc Cincinnati, O., manufactures and'
ample as Franc* and Belcyuim havp hpfnrp nc i*
rpupwal
distributes a general
as» r idnu ana oeiguim nave Deiore US is a renewal ries> cosmetics and line of toilettoilet soaps,t
anc*are now having dilticul- of the old, old power struggle most of which are sold under the
*ies of their own as a result, which more or less inciden- trade names "Jergens" and "WoodBy and large, however, the tally involves the spread of bury." Its products also include
ann

.

»

.

colonial powers have communism. Mr. Khrushchev
be colonial powers the other day said in effect

ceased
and

content

are

let

to

the

that the

of future his-

course

soaps,
face
powders,
make-up,
fragrance products, shampoos and

matter rest there. Contrary to tory would determine wheth- deodorants,
their positions,
throughout er or not communism or
,

T

they private enterprise would
ai^hQW chiefly interested in triumph m the end and

Mohawk IllSUr.

maintaining the status
throughout the world.

O LUCIA, rxll

quo

that

The

rest

determination

would

the relative merits

upon

All

MpaHp

*r

rh

Q/^lrJ

OU1U.

Npw

vnrir

STbSSS

ensure

ritv

United States, of

course, has of the two systems as applied reports that its recent offering of
hever been a truly colonial to the welfare of mankind.in 75,000 class A common shares of
power, and such excursions as
general, or wbrds to that ef- Mohawk Insurance Co., at $12 per

it'took

into

that

field

have

One

of

feet.

He

right

3g° been abandoned"

on

is, of

afr,WAdin'

quite

course,

that point-although

these

dudn^securmes Ind wTenabte

imperialist he is also quite evidently not the company to conduct a subwilling to leave the matter stantial volume of business,
formerly interested wholly to the forces of nature N™6 y^p^s to write^ali

countries
was

over

Russia, which

was

spreading its
close

areas

power
hand or

at

but rather insists, whenever

forms of fire and casualty insur-

the

opportunity presents it- ance for which it may be licensed
even
contiguous to its own self, upon trying to hasten the by ^
territories
its aim or ambi- conversion to his
system SSdSrf
class A and
tion for the most part was to which he professes to believe class B shares, all of which are
obtain
one
or
more
warm
will in the end prevail any- now outstanding.
water sea ports. World War I how.
tt
1
"
r\'"
!
sliced off a very substantial
Patriotism Above AH
V<llV6 COfD.
part of tin
booty accumu—'
i
The old, old
j

lated

World

i

War

years.

II, however,

re-

stored all this and more.-For
a

time

after World
.

War I it

.

appeared
were

\x/baf

-that

,the

Soviets

relatively content with
wa?

lpft tn tkpm

-n

-wiiipli

of the
matter

of

some
*

the
^

n

other

+„

i

—^

their
•

—v

welfare

own

xi

Qfnf>lr CLrtp

of the, earth—to leave

any one's hands anything
that has a vital bearing upon

ls

•

Soviets—and for that

powers

jn

fooo

unwillingness A-P A
Vl /AlIlfcUiLd

,

^hrough the

-i

•

or
ii

0

future
•

^be basic difficulty

Lomasney, Loving &
......

is

of-

share.
•pjjg company with headquarters

per

.-i

the

in

Co.,

w

fering 145,000 common shares of
Valve CorP- °f America at $7.00

in aiA conscience was quite^ United Nations—as it was in in Bridgeport, Conn., is engaged
enough — but time has 4-^g League of Nations and as h* the manufacture and sale of
brought basic changes in this win inevitablv be in anv valves and accessories for aerosol
W111
1«*=VltdUiy

was

much

situation

Annual

:

,

ex-

panding

with

content

as

the

oVher "sort" oT
the

it

nati0ns

ue

ill

any

organization of

of

the

earth

SO

^Itwas thl'third Sgertselter
in

the

aerosol

valve

industry

in

existed—only inno.
h11TYian hpingq blare 1960, accounting for approximateof Gov!' Russia was not strong enough
patriotism above all else. The kji upon trade as^ocirtfon'figeither, economically or millfeader of the Kremlin some
upon trade
fig
n<2

_tarily to do much about it and

time
said quite bluntiy
.
biding its time with on- that even if the entire World Form First Western T
Trust
should balance of payments pres¬
And Co., Formed ental patience. In any event, 0utside his own orbit
.objected ENGLK WOOD, Colo. — The First
sures
involving these countries
LAS VEGAS, Nev.
Brown, de there has now emerged a nil- to some
licies of his, he Western Trust Company has been
ever
impair or threaten to
^mpair Milie & Co. has been formed with mg clique which has unpenthe
would persist in them if he
smooth
functioning of the offices at 1705 South
S^annock St to engage in
Eighth St., alistic ambitions far exceedworld payments system.
thought the interests and a securities business. Officers are
to engage in a securities business.
At the same
time, for its regu¬ Partners are Dewaine M.
Brown, j^g anythmg that the °lder security &f his country were Charles A. Fritsinger, President;
lar
Russian rulers ever dramed of.
requirements, the Fund can, and Richard de Mille.
at stake. He was quite frank Gale A.
Both were
Warner, Vice-President;
and should be
expected to borrow
Marxist Dogma Convenient
from one or another of the
formerly with George R. Wright
nnd even blunt about it, but Benjamin F. Hitchins, Treasurer,'
par¬
the

Fund

access

amounts

that

to the

would

additional

be

needed

j

Brawn,

.

de

Mille

,

.

,

^

was

t

-

^

ticipating countries
VII

whenever

of these
comes

low.

bility that
the

under Article

supply

of

&

It
to

would

such

,

loans

as

the

appear

possi¬

be credited

commitment

any

lending country

dertaken

also

consider

may

which

have

,n

q

cAnnn

Co.

The Marxian "dialectic"

any

A. J. Davis Co.

particular currencies be¬

reasonable

against

its

oncrctxa

un¬

its part of the multi¬

PITTSBURGH,
Co.
at

has

520

in,a
Davis

been

Pa.

formed

St. James

securities

is

Opens

A.

J.

with

Place

to

business.

President,

and

Davis
offices
engage

Alan

J.

Bespalko,

Vice

replenish

Davis

previously with Blair

particular

the

Fund's

currencies




supply of
in
strong

F.

was

-

President.

Claybaugh & Co.

it is called

was

and still is

cellently suited

as

a

his position in that respect is
nfot very dprent from that
of of many other nations in the
of co^rs?
It is now the communist

as

sort

rationalization of this type

-

aggression. It may well be, of

that^

men

*

like

Mr.

and J.A.F.Wendt, Jr., Secretary.

ex-

Mr.

Khrushchev have become

so

saturated with the communist

F. M.

are

on

the make

as

it

Foley is

—

and

the

state

of
Foley

dogma that they

can see

ing unnatural in

a

noth- science

world

re-

scale

is

war

such
can

no

that

large

longer' be

Va.

from

Frank

—

engaging in

a

offices

M.

securities

at

2001

Nortb
name

were

Foley Opens

ARLINGTON,

nations—Russia and China— business
which

Michael

lateral arrangement. These
special
bilateral borrowings would thus

"

with private enterprise.

planning the over- n
A.®
,
some of her possessions throw of the Soviet Govern- COmmOn Ottered
altogether but welding others ment in Russia—to say noth- •
•

_

I

ex¬

amination in governmental circles,

curren-

cies.

upon

On

non-commu-

will, we are quite confident*
be wholly unable to compete

tood

imbalances-can, of

creasing long-term development
assistance, and in sharing expend¬

fond of

largely Germany and the United

possessions

own

monetary3 system chiefly in

the

payments

course, be
greatly facilitated by the coopera¬
tion of surplus countries in
pursu¬
ing liberal trade policies, in in¬

to their

?L peroTec?tVceompire- l0ng

legislative

gold and dollars

current

and other

that the participating coun-

so

tries

by other countries taken together
will necessarily be slowed.
The
elimination

policies

prospective lending countries

succeed, the upward trend in the
of

the

must

drawers of currencies and

as

may carry

balance of payments. This
determined to do. As we

accumulation

withdraw, saying) that the

be-

even

so

ljr

the

the years

over

are

history

upon

maintaining a

there

Fund should push ahead
promptly
in its current consultations with

strong

a

depends

currency

weakening of

aSTPhSVisean

com¬

that the po¬
as

no

Jacobs-

to

Li

We-are well

judgement that

both

•

business

I concur in Mr

any way
duties of

devoting
bringing

to

ar-

after

Z

export field than they have been
It is for this reason

in the past.
that our

lenders, and
will only actually

that have guided the Fund

producers

our

successful in the

more

they

MCM:0bteInr?Payment former

seas.;-,'

sition

Fund

the

taking full account of the current reserve
position of the lending
country.
In
addition, each country which actually lends to the Fund should,
in case the need
develops, be able

large one and
many of our producers have tra¬
ditionally thought almost exclu¬
sively in terms of that market,
rather than of opportunities over¬

who

the

and

rangements

opportunities

imagination. The

domestic

Fund

that

producers must

our

export

perialistic ties that then ex- ing force.
They may
isted. She, accordingly, began lieve (as

..

ex¬

our

world

a

The

end burning desire for power and great to contemplate. Left to
would not. condone the im- more power that is their driv- natural forces, communism

participatingcountries should look leaJinS the former colonies nist world—in particular West
to

our

must continue

we

intensive

it is

sense

situation.

among

systematically "to

,

problem,

it also leads to larger world trade
and
greater

prosperity for
trading partners.
V. r

world

new

mfans canTe fou^to giv^elfect sense that history in the

of

cor¬

a

page 1

conquered volving about the Kremlin. It question now is whether
the would-be con- can hardly be need of addi- somehow mankind can recon(luerors were at the bottom of tional living space or of nat- cile nationalism, which is still
m°st if not all major conflicts. ural resources which drives vigorous to say the least, with
The British, always the prag- the present Russian
imperial- avoidance of large scale war.
matists, long ago seemed to ists on. It is apparently a The penalty of failure is too
as

detai£Vo$ them^tiSterSlboCTow-

through a decrease in im¬
ports than through an increase in
exports and now as the United

tolerated. In this

Continued from

conquerors and the

.

Borrowing Requirements

more

AS WE SEE IT

27

of

Foley and Company.. Mr.

was

formerly

McFarland &

Co.

Investments Co.,

and

Inc.

with
East

Allen
Coast

i

28

(1356)

The Commercial and Financial Chronicle

Federated

Growth

Fund
reports
the, latest quarter it
has made these new acquisitions:

FUNDS

MUTUAL

that

during

Allied Maintenance

C. POTTER

JOSEPH

BY

Corp., Ameri¬
can
Greetings Corp., BroadwayHale
Stores,
Glen
Gery Shale
Brick Corp., Mead Johnson and
Western Union.

Additional shares

Aside from

extremely brief flurof investment

ries, the

managers
have shown

funds
in

the Railroads

on

To
be
sure,
many
analysts
thought it would take
governmental action to get the railroads

interest

scant

were

acquired

Co.,

Somebody's Working

Radiation

Brewing

Dynamics
and
Corp.
It elimi¬
Air Control Products, Chas.

Ward

Industries

nated

Winn-Dixie Stores.

Pfizer and

*

the

Pabst

of

i!s

S:

highballing again. Action already
has begun at the municipal and

Fidelity Capital Fund,

in

state levels because

Fidelity

sensitive

Mutual

funds.

ing commuters.
The big help, of
course, must come from Washing¬

problem-ridden railroad
Not even fat yields (7%

equities.

mighty Chesapeake & Ohio
Railway) have bestirred the stew¬
ards of $21 billion of investment
A review of the record—both of

the
no

rails

and

the

who

have

carriers

lems

have

while

piled

other

industries

were

There

was the day several years
when railway supplier King

McCord

of

Brake

came

dress

Wall Street to ad¬

security analysts. He
started
out
by asking the audience that jammed the room how
many
among
them
considered
themselves

railroad

hands

went

that

decided

railroads, we were led to wonder

and McCord
talk

as

a

graduate

A

better

had acquired.

Arthur

earth-

and

moving subsidiaries that his

Harvard

of

School and Harvard
*

Business

University.

*

■:

'

❖

the

com¬

Wiesenberger
Said

carriers.

He couldn't

this

& Co.
report:

on

Wilson,

representative

for

organization for
one

i

;

Associates

a

registered

a

1961

total

a

business

$150,828 thus far this
*

Group

*

Securities

high-quality

of

*

that

announced

Common

Stock

may

the most attractive investment op¬

portunities

30,

who'd buy a railroad
ought to have his head ex¬

amined."

■

•

perhaps because this bull

.

is

market

-

old, many investors
have forgotten that some of
so

presented by secu¬
of current favor

are

this month we spent a
week in Chicago looking at the
annual exhibit of the railway sup¬
pliers. Here were some 150 com¬

rities

panies,

The/well-organized study went
on
to :'state the case: for railroad

Early

for

which

research

had

quite

with

and

stocks

ices

their

their

railroad

customers.

We don't know how much in the

sales

of

way

these people

!?.oL „?♦

regis-

ary

and even
the revolution¬

in the

• impression
of
suppliers and mar¬

have

to
the

were

would

permit

roads,

with

obstructions
the

revival.

a

low-level

the

their

for

railroad

a

that

closed-end

it

textile

file

flat

T

that

hauled

of the
to

from

$120-million-a-year damage
freight, the box car

door

pick

an

up

and haul

lading. There

garage-type
over 50 feet to
away

wonted

were

net

out

pay

j_

dozens of

distribution of;32 cent? per share
from
realized
securities
profits,

a

will

security
of

4

Jack

profits

cents

made

from

Oct.

*

'

t

ity

and

a

invest¬

27

to

*

a

mutual

fund

share¬

Bullock group, has declared
capital gains distribution of 11
share

a

end

from

of 2*4

net

fiscal

cents

investment

year

payment

from

fiscal

NATIONAL SECURITIES &

Established 1930

Broadway, New York 5, N. Y.

total

a

this

of

year

dividend

during

source

9

cents.

are

payable on Oct. 25
holders of record Oct.

to

62nd

for

the

Nienaber, of Edina, has
appointed director of the in¬

been

ices,

Investors

Inc.

The

Minneapolis-

Diversified

Serv¬

announcement

capital

I960

was

vidend
came

made

by Donald E. Meads, vicepresident-finance. For the past 5
Nienaber

Mr.

years,

successively
manager
of

net

a

share

assets

also

-

Dividend

1961,

were

compared with $265,ago.
Assets value

year
on

Sept.

compared

31, I960.

of

v

15,

1961,

with $3
•

~

served

port¬
folios in the company's investment
department.
Keystone

Fund,

*

*

on

Medium

Series

B-2

Grade

-

has

Fund,

income

of

Growth

Series

net

54

has

vestment

income

profits

12

of

and

from

net

*

*

'r

Fund, Inc., reports that at
Aug. 31 net assets totaled $44,390,-

545, equal to $11.73
and

with assets

$9.74

of

$36,637,-

share

per

This

share.

a

year

a

earlier.
The

company,

report for the

_

in

the annual
which ended

year

and

in¬

realized

46

These

termed

were

"whose

earnings are ex¬
pected to be only moderately af¬
fected by swings in the business
cycle."

Eisele

&

King,

Libaire, Stout &
Co. is manager of an underwriting
group which is offering in units
$1,250,000 of 7V2% registered sub¬
(with

purchase

attached

31

Investors

Growth

net

assets

at

amounted

to

$18.26 a share,
against $378,022,347 and $14.80 per
share

a

year

or

earlier.
*

:[!

*

Massachusetts Investors Trust de¬
clared the 148th consecutive quar¬

terly

dividend

from

net

invest¬

ment income at the rate of 9 cents

share,

per

Oct.

payable

30

to

shareholders of record Sept. 29.
•!'

$

'I'

Nation

-

Wide
fund

in

the

Co.,

the

or :

$23.17 per share. This com>
with assets of $35,570 955

pares'

$20.39

share

a

a

year

earlier.

The company also announced that

during the latest three-month pe¬
riod it had bought shares of Fofcd

mon

stock of Pacific Gas & Elec¬

tric Co.

"

eleventh

the

in

company

output

1960

the 82 concerns known to

among

be

that

indicate

tion

was

engaged in the salmon industry.

Jay Morton & Co., Sarasota, Fla.,
is making a public
offering of
59,000: common-shares of -Olson
Company of Sarasota, Inc., at $5
per

share. Proceeds will be used

debt, purchase of additional equip¬
and

ment

inventory,, develop¬
products and work¬

ing capital.

stock, $5

value, of Investors
Funding Corp. of New York. Each
unit, consisting of a $500 principal
amount
debenture; 10 shares of
class A stock, and a warrant to
purchase five shares of class A
stock, is offered at $650.
par

The company of 630 Fifth Ave.,
New York, was formed in 1946 for
the

primary

purpose

in New York

largest
of

City real estate. The
of the corporation's

part

business is

struction
the New

in the

now

estate

real

of

of investing

suitable

for

is

of

the

in

apartment houses

York

policy, a larger part
of the company's future
income
will come from ground rent. The
new

has

now

acquired

26

parcels of land in the metropoli¬
tan

distributes

and
of

starter

Co.

at

$3

electric

ropes,

testing equipment.

Butler, Herrick to
'

Lecture

Give

Herrick

Butler,

Series

Marshall

&

an¬

nounces

that two separate lecture

courses

for

investors

will

begin

in the firm's West

Babylon, Long
Oct. 3 and Oct. 4.

Island, office on
These lectures
and

are

free

are

offered

service.

as

a

of

Tuesday,

*

lectures

of

Oct.

investment

charge

community

-

series

which starts

3,

.

begin

1961,

new

and

•

to

is

investors
success¬

series

the

Wednesday, Oct. 4,
1961, will be for more experienced
investors
and
will
emphasize
certain special techniques regard¬

Stock Sale
of

in¬
pines,
cable and

clude outboard motor shear

with the fundamentals of

Distributing
110,000

Cosmo

line

of pleasure boats. Its products

ful

of

diversified

a

designed to acquaint

Cosmo Book

offering

<

proprietary items, chiefly me¬

on

shares

vf>

;.;

chanical and electrical accessories

The

area.

mon

•.

whose ,address ' is" Box
2430, Sarasota, Fla., manufactures

con¬

metropolitan area.
anticipated that as a result

It

new

Olson,

acquisition

com¬

Dis¬

Book

share

per

is

ing
will

on

security- trading. Both series
begin at 8:00 p.m. and will

last until
tion

the

Co.

and

9:30 p.m.,
answer

with

ques¬

a

period following

discussion.

Inc., New York City. The of¬
These lectures will run for eight
marks the initial public
sale of the company's stock.
(8) consecutive weeks, with the
Net proceeds from the financing last lecture scheduled for Nov. 22.
will be used by the company to
The course
on
Wednesday eve¬
repay a bank loan, finance addi¬
nings will be conducted by Ken¬
tional
inventory
Donovan,
Co-Manager
of
requirements, neth
and increase working capital.
Butler, Herrick & Marshall's office
The company with headquarters in West Babylon, and the Tuesday
night
series
will
have as V its
in Elizabeth, N. J., is engaged in
moderator
William
Favuzza,
a
the
wholesale
distribution
of
Registered Representative in the
fiction and non-fiction, technical West Babylon officefering

(as

major

well

as

printed by all
most

of

the

Calvin Bul¬

lock group, reports that total net
assets at Aug. 31 were $44,258,155

is engaged in
processing
and
selling
canned
salmon, which is packed in its
two plants located at Anac-ortes,
Wash., on Puget Sound, and at
Naknek, Alaska, on Bristol Bay.
Wash.,

Seattle,

A

and academic books

Securities

with headquarters

The company

in

to

warrants

being made by Frank Karasik &
Inc., reports that

of business.

by the company for repayment of

12,500 shares of class A

tributing

Fund,

partial financing of the marketing
of its salmon pack, and for addi¬
tional
capital
requirements
to
handle a possible further volume

ment of

ord

Massachusetts

working capital and used for gen¬
eral corporate purposes, including

30,

cents

*

proceeds from the financing
added to the company's

be

will

stock), and 25,000 shares of class

Public

sj:

Co., Inc. and associates.
Net

Olson Company
Investors Funding
Common Offered
Securities Sold

respectively. All distributions are
payable Oct. 15 to holders of rec¬

Sept. 30.

price of

Aug. 31, stated that "it followed a
American Packing produced about
more aggressive policy in the lat¬
3% of the 1960 domestic salmon
ter part of the fiscal year" while
pack, and trade statistics furnished
maintaining emphasis on issues
with "defensive growth" charac¬ by the National Canners Associa¬

a

special

a

net

cents

Stock

was
.

*

Texas

in¬

declared

regular distribution from

a

cents.

Common

S-3

distribution

Bond

declared

Motor Co. while eliminating com¬

Dec.

by profes¬

managed

investment counsel."

company

regular distribution from

and

Sept.. 15,

on

$325,407,026,

$3.54.

1960

9 cents.

Shares

per

distribution

in

has

financial analyst,
investment research

as

and general manager of fund

balanced

9 cents per share. Di¬

payments

to

635,459

gains

was

Both

share¬

3, 1961.

The
in

Total

RESEARCH CORPORATION

income

share for the final

a

quarter, making

capital. Send today "for
Free Prospectus and de¬
scriptive literature.




the

ended Oct. 31, 1961.
At the same
time, the board declared a divid¬

securities selected for pos¬
sible long-term growth of

120

for

and

investment when

*

vestment division of

Stock

vin

cents

with

*

*

common stock fund in the Cal¬

the

is

the

distribution

Dividends Shares, Inc., the qual¬ $546,388,784,

a

SERIES...

is

L.

Aug.

STOCKS

This

*

Keystone

all, the fund will
than $5 million from

more

be

.

GROWTH

2.

fund.

year-end

share, in-

holders of record Sept. 29.

1

Oct.

record

consecutive

investment income. The payment

un-

enthusiasm.

NATIONAL

has

share from investment income and

vestment

a

a

sional

1976

Fund

dividend of 4 cents per

a

Houghton

-

security profits realized on a tax
basis and more than $750,000 from

the bulk-

other innovations that stirred

*

Growth

#

ment income. In

overhead

opening of

a

distribution of 27 cents

a

dividend

railroad

with

iest

eluding

to

K6P0TL
A

15

devices that promised elimination

had

TV

T UllUS

traffic, the three-

cars

pause

has

fund.

Shareholders of Axe
automobiles (the old box car car- "Fund B will receive
ried
four), the shock-absorbing payment of 31 cents

«level

it's

And

you

long

tV*

f-p-i

for

fund?

if

amazing

so

consider

rail-

in heavily
will one day

gone

specialization,

not

that

more

the

spawn

low-overhead
once

Who knows,
investment company

field, which has

There

cars

Eastern

to vie

automobile

flat

Institutional

based

marketplace.

maybe

ket analysts was that the business
of steel wheels on steel rails was

going

piggy-

So it may yet come to pass that
the railroads will have a new day

overriding
men,

*

-

Central tracks.

The

of

such

bright prospects for Federal aid.

heat, rain

rolling stock along the Illinois

railroad

growth

on

mean
increased haulage of iron ore and
coal, lower local taxes and the

...^1' *

see

based

is

the

as

the last fiscal

to

payable Nov. 1, to shareowners of

argument

steel production that should

potential customers, who crowded
into the Sherman Hotel
braved

recommend

back, mergers, costTCutting, higher

their way

gale winds to

"We

add:

selected

for

ordinated debentures due June

declared

>

and

factors

Pae?U®

/hnJ»r,C,e.,A'nnm
and

public and
nearly hopeless

a

purchase."

Its

close
*

outlook."

spent heavily

1960,

year.

investment

the

deemed to have

development :6f
spanking-new products and serv¬
for

out

field

Fund had total assets of

"Anyone

.

mumbled:

fertile

teristics.

volume

with the offer¬

Co. is being made

ing of 150,000 shares at a
&

stocks

year.

public sale of the com¬
of American Packing

stock

mon

William G. Damorth, vice-presi¬
dent, attributed the gains to a
"growing public awareness that
companies in the vanguard
of
technological
advances
offer
a

than
Club.

Common Offered
The initial

$4.50 per share by Joseph Nadler

sales

President's

Amer. Packing

last year.

more

little

stock

hear the fundman who

to Aug. 31.
Sales of shares and
plans amounted to $4,923,000 for
the
quarter and $17,393,000 for
the nine months, up 89% and 66%,
respectively, over the like period

fund

the

He received the honor by produc¬

its

Elec¬

record

644

•

$149,166,000, equal to $14.54 per share, at
Aug. 31. This compares with $114,338,000 and $11.71 a share at Nov.

pany

&

tronics Shares, Inc. reports

compares

has been elected to FIF

year,

ing

Chemistry

Thursday, September 28, 1961

.

sales for the third quarter and the
first nine months of its fiscal year

assistant vice-president. Mr.

an

Lawson, formerly manager of re¬
search for F. S. Moseley & Co., is

to come across a special report by

had

electronics

the

about

he

about the difficulties of the

cago

whether these problems would not
create opportunities — investment
opportunities. Therefore we were
agreeably surprised on returning

analysts.

up

of

Funds, announces the ap¬
pointment of Robert F. A. Lawson

nounced. Mr.

Listening and thinking in Chi¬

300

few

steel industries.

oil and

Air

Westinghouse
to

as

the

A
Montana
man,
Lawrence F.
to be decided. Some will call this Wilson, of Gallatin Gateway, has
subsidy, while others will reason been honored by his firm, FIF
that this is equality.
After all, Associates, Inc., for his outstand¬
public money to build a great net¬ ing sales achievement, J. William
work of highways fostered such
Tempest, President of the mutual
giants as the automotive, rubber, fund distributing organization, an¬

registering
advances,
sometimes
on the phenomenal scale.

ago

freight-

Whether the

government is to step in,

prob-

up

the

to¬

it did
in World War I, to finance the
purchase of freight cars remains

entrusted

their nest eggs to these stewards.
In the years since World War II
the

of

handling problems.

regrets among the millions of

investors

directed

be

must

solution

the

ward

stir

funds—will

it

and

ton

politicians are
problems of vot¬

the

to

of

Group

one

Management

Nucleonics,

.

.

smaller)

publishers in this

retail,

try,, to

'

chain

stores,1 ■

v

schools and

pany

up

acts

the ;

many

chain

coun¬

department

public

other
In

stitutions.

>

libraries,

the

com¬

sets

book v departments

"for

of its department store and
store

controlled

customers

through

inventory system.

office,

these
or

by

lectures
calling

JU 7-1100.

educational in¬

addition,

for

be made in person at the West

Babylon

and

consultant and

as

Registration
can

a

"Form Capra Securities4 J
Capra Securities Inc.. is conduct¬

ing

a

fices

securities business from of¬
at

11

Broadway, Newv York

City. Officers are Remo J. Capra,
President, and Jean Capra, Sec*-

attributed the
retary-Treasurer. V■

detn,

gains
.

to

a

Volume 194

Number 6094

.

.

The

.

Commercial and Financial Chronicle

(1357)

STATE'DF TRADE AND INDUSTRY
Continued from page 5

r

enterprises

s

,

still settling new labor contract issues. Plants reaching ac-

were

after

cord

into

.

Tuesday

did

not

get

production,

full-scale,

thir

contractors
'

Cadillac

and

main

plants,

at

Pontiac

work

at

"

PJlce ™ex came to 275.36 (193032—100) on Monday, Sept. 25,

*kan^l%—M)r °-3% ahead of the
X1

6%

v

lower

than

year

ago

ac-

up

to

274-97 on the ^corresponding comparable
~
J

""

a

spot
estimates ' collected by Dun & Bradstreet Inc.
Regional estimates varied from

cording

1960

levels

by

the

official] v

however, ran heavier than last
operational problems year.
resuming normal output..
Geographic trends were mixed

before

Intercity truck tonnage in the
week ended Sept. 16, was less
""

Wednesday,

faced

but

lard and coffee.
The daily wholesale commodity

divisions

were

after

a

ZS

1% of the Corresponding
Week in 1969

irom

than

succumbed

week.

back

mildly to 33

rose

25. In contrast to the general upturrb construction failures fell to
41 fr0™ 54. Fewer construction

29

The three divisions unveiled their

during

the

week

with

fiv^

re-

Sept. 22 However truck tonnage
during the post-holiday week was

I

Wh

°

.

_

5nS'a"d —1 to

_

vir

a
°*Previ°us week
S year" Tke +w?eit~ ?"cWee^

s

,

Affor

-j-..

wJnf f

th

£entral —2 to —6; South AtlanJlc and West South Central —3
Ve^ks'
o~Ii-East North Central —4 to

f

a™
.

I°r

ssasrsm « » —'c»r/sr.as -* """"= -■* -»jSg».6S5Sgi.s. as sfaasrisa ass*.- - - *—» feassauswta Nationwide Department
Unchanged
previous Zeet^ort Ch^r,
74' in'tht stuto Thesa findinSa are based on the "lable period last year On
-Tsjssssfts safe...

10,

Store

Sales

Were

Motors

baker-Packard
out

passenger

and-; Stude-

Corp. this
—""t3

—

turned

week
"v^

estimated

an

62,480

compared

cars
ar*,

with

61,453 last week.
Ford

Co.

Motor

scheduled

___

^

^

*

day in assembly of its
3

~

~

/T

1

^

cars
•

*

to

48

from

in

38,

the

West North Central to 21'from 10,
west i\orm uenirai to zi irom iu.
and in the Mountain to 22 from

2.

Qn

the

North

Saturday overtime work at 10
plant locations, an increase from
eight Mast
week.
StudebakerPackard Corp., for the first time
in almost two years, scheduled an
extra

Atlantic

other

Central

£rom
54
irom
from 86.

hand,

toll

and
ana

the

East
to

off

was

the
ine

ail„

Pacific
x^acmc

Higher

business

vailed

to
10

71
/1

mortality

than
lower

areas

pre-

in

four

last
in

change
6

in

year

four

New

one '

and

no

England
&

*

South

at

Bend, (Ind.). American
Motors, operating on two shifts,
worked
a
five-day
week
and
Chrysler Corp. had its entire carmaking complex in production for
the period ending Sept. 22.
M ;
the

Of
-

Motor

week's

accounted

Co.

Chrysler

for

54.6%;
American

21.7%;

Corp.

Ford

output,

Electric

Output

Than

3.2%

in 1960

The

Steel Production

Week Ended Sept. 23

electric

the American

Iron

and

Steel

In-

stitute, production for week ended

nnwpr

anded Satiirday
™

Sept.

Production

; »

this

v'

-

.

through

year

was

a^ mOOOOO k^h

Output

below

844%0 000

was

that

the

of

previous

15,869,000,000 kwh.
469,000,000 kwh.,
or
3.2%
,

aboYe that of the comparable 1960

week.
7

Shipments

Ahead

of

Were

23.8%
/v
Volume

1960

production

in
m

.

The

trom
from

Index

of

'

United States in the week ended
Sept. 16, totaled 228,684,000 board

•

concludes

Ingot

with

Production

for -week
23, 1961, as follows:
Districts,

by
Sept,

ended
V

;

.

^3.8%

terminals

greater

creases

99

Following
of

215,964

" 188,817

Car
Sept.

Loading

124.;,,
!■ 89, ,?•

the

This

unusual

tee
over

at

last

centers

of 10%

Compared

.

average

1957-59.

Failures at

in

weeks

four

above the 321

the 282

and

more

similar
when

in

of

at

1939

239.

among

under

liabilities

th

m

pre-war

week's

the

concentrated
with

failed than

toll stood

of

/

0

last
y^ar
1959. Considerably

week

the

Most

an(Ts

occurring

concerns

was

casualties
$100,000.

up

in the

of

$100,000,

from

33

mained

a

below

last year;

to

edged

which

34

earlier and rethe 49 of this size

week

.

7V.

.

.

'

-

•

y

casualties climbed to
162 from 146, wholesaling to 54
from 32 manufacturing to 47 from
Retailing

35, while the toll -among




in

Week

freight in
Sept. 16, totaled
the Association of

Railroads

15.9%

or

announced.

increase
above

of

the

81,612
preced¬

which included
Labor Day holiday.
crease

the

loadings represented a de¬
of
4,403 cars or seven-

tenths

of

increase

1%

below

in

week
of

the

1960,

16,881

year,

According

Inc.

and

meats

in

general

not
_1_

•

cost-of-living

a
J>

raw

j*

1

It

index.

By

the

Consumer

£ Ynrf ruf L
endedMn? 16 V
than

all 01 i^uiuiis
34 reporting
an

9
<7,

siales

adica

were

same

DedSd "last veaV

For the

tonnage

from
from

Leks

W
5%

cars

but

an

2.9%

or

corresponding week in
(during the steel strike),

1959

There

9 801

were

ioaded: wjth

one

highway trailers
Gainers

carg

four

was'^po'rTed

jan. j to Sept. 16, a
over
sales
in
the

Weather

Peri°d of I960

by., turns

to

Staff

(Special to The Financial Chronicle)

nrepre-

Aiuiuugii xewu dmyw
wy
Aiumusu
wwyw pjmasqJW. RnQTn1,T ..
on the weekend with the lm- BOSTON, Mass.—Durno Chambers
P™ved weather, there was.,,an- Jr. has been added to the staff of

Wholesale Commodity Price Index

Other dip, early this week^acx
yth .&_Co., Inc., 75 Federal St.
casioned by the religious ho idays He was formerly with Townsend,

the

.

'
Up From Prior Week

StJS JBWJSSSR
fenasaaf.-ans w». •sm »ss
fQr the
Qf 2?5 g4 lagt Thurg_
*» -

.

Fractional
in

increases

in

10

some

price

home

commodities,

the lowest level

with the most substantial rises in
:

'•

■■'

-

sales

The

^

■

-

•

falling to
far this year.

so

■

L.

are

dollar

total

■

volume
■

of

James E

Day, 74 State

Street.

&

Co., Inc.

•

(piggyback)

ended Sept. 9, 1961
inciuded

g45

in

that

This

total).

was

carg

increase

Qr

of

(which

week's
above

of

2,488

Cumulative
the

totaled

the

first

36

cars

or

1960

cars

of

and

were

road

systems

58

weeks
an

4.1%

of

- —

-

edition

Fall

world's

★ A

of

_

OVER-THE-COUNTER

our

up-to-date

largest market.

list

of

resume

MARKET

of the securities traded in the

4

OVER-THE-COUNTER

MARKET

dividends
includes

have

been

paid uninterruptedly for

stocks

5

which

on

years

corporations and banks which have paid

consecutive

cash

up

or

cash

longer.

177

It

years

of

Corporation

or

to

dividends.

class

miss
this

before

in

the

opportunity to advertise

important issue.

Please

your

reserve

Firm,

your

space

requirements

closing date of October 2nd.

Regular advertising rates will prevail
for space in this

important issue.

increase of
above

I

★ Don't
Bank

1961

the

U.

S.

originating

THE COMMERCIAL & FINANCIAL CHRONICLE
25

PARK

PLACE, NEW YORK 7, N. Y.

rail-

this

type traffic in the current week
compared with 55 one year ago
and 50 in the corresponding week

service in 1959.

1961

an

34.0%

or

corresponding period of 1960 and
113,129 cars or 40.1% above the
corresponding
period
in
1959.
There

★ The

cor-

piggyback loadings

394,936 for

15 594

Will Be Published October 5, 1961

were

over-all

increase

an

94%

con-

in the week

above the 1959 week,

for

THE OVER-THE-COUNTER MARKET ISSUE

ISSUE will present an

RECTOR 2-9570

Hoy is

He

R.

was

previously with B. J. Van Ingen

re-

--

Mass.

now with Tucker, Anthony &

furnishings, and hardware.

Automobile

oe-

(Special to The Financial Chronicle)

BOSTON

revenue

highway

or

increase

comparable

was recorded.

BIyth Adds

,

1%

reported

more

or

lower

endine Sent'
1% decroase3
below the 1960 period, while from

metropolitan areas registered in- week enclea W(=a esaay sept 4U.
creased
creased

6%
w

period last

2™

the

16,'a

buying,

were

narinH

?amp

sept

wilted by heat and buffeted by
stor™s>
pnded Wednp^dav
Sent
20

immediately

thp

than'

Its

.

de-

or more.

to

Re-

in

S

is

Retail Purchases Again Downed

terminals

Federal

i0Wer

chief function is to show the general trend of food
ice
t the

44.8%

the

Hpnairnrcwl

week

sales

foodstuffs
use

to

Sv^Pm

serve

corre¬

ab0ve the

responding week

rise

to 303 from 259
prior week and 272 a year
ago. There was
little change in
failures involving losses in excess
They turned

31

one

reflected

revenue

an

sponding

Sept.

214,363
'

• 1 •

.

week,

The

Four-Week

21 from 292 in the
preceding week, reported Dun &
Bradstreet,
Inc.
1 c
ase
lifted
casualties
to the highest
level

of

Truck

year.

four

creases

tecrease

16, a 15.9% Increase
Preceding Week

cars,

was

ing

113.5
on

■

Loadings

of

American

rebounded to 337 in the week

ended

of

over

ended

week

594,338

\

114

Commercial and industrial fail-

ures

pound

Vir-

with

for

wholesale food price index represents the sum total of the price
per

vear
vccli.
year.

Sept. 9, sales

last year. The
four-week period ended Sept 16
1961, sales advanced 2% over'last

eggs,

Bradstreet,

compared
last
last

i0ofc

1960

Above

High
7 f

&

A_

182,250

cars

..

Dun

period

234,178

_

101

Business

sugar,

down 1 %

were

increases in

wholesale

rye,

unchanged

like

_

Sept. 17

198,623

116

based

Sept. 9>

225,610

Chicago

production

the

1961

148

Total

for

in

194,810

Detroit

Western

feet

1961

Ended

St. Louis

figures

228,684

Freight

Southern

board

Sept. 16

100

for

at

the

For the week ended

terminal reporting the^'best week wholesale levei.

curred

the

are

Production

142

of

The

j

weeks indicated:

Cleveland

Cincinnati

seven-

tentns 01 1%.

/"

i._ 106

Pittsburgh
Youngstown

gained

Orders

118

Buffalo

production

corn,

t

^

and hogs,

cocoa,

were

w;th

price

_

prunes, steers and milk.

level, however,

Shipments

Sept. 23, 19G1

North East Coast-_

*Index

orders

Week Ending

<

-

weekly

in

i^v.^1

in-

10%.

movements,

paid

wheat,

all terminals in the Omaha
irmroococ
in
experienced
increases
in

tonnage

lower

Kniiine

prices

Pvnprionnorl

ovoa

area

1961,

quoted

These declines offset

level.

showed

than

$6 04

cottonseed oil,

1960

Buffalo

Department

Week

down

wac

freight were oats, bellies, lard, butter,

Omaha, New
Lake City, Char-

Salt

and

anH

ve^r fee
year ago.

note

nmva

1960

wTf™ country-wide basis as taken from
"-uumi.y-wiut; oasis
in thT simUar the Federal Reserve Board's te¬
" ' '
?ex for the week ended Sept. 16,

week

from

Foods

,

at

a

and

thousands

;

v

*indeit of ingot
Production for.
_

the

Drior

productiop^or asspewuons. a year ago xne ngure
year
bi>.ght spo^ the Wegt Coagt AU
i960, wa^
'
'
oar
ee '
day but eased off slightly this lines of retailing felt the decline
'
"S °r putdropped 23% shipments rose MondaY; K remained considerably —both women's and men's wear,
ooo2
5
' smpments rose above its year ago

;

Institute

f

iwacrVif

The terminal survey for last
week showed increased tonnage
fr9m a year a2o at 19 localities,
Fifteen points reflected tonnage

the

through —Sept.

*?i(W7kS' W3S 7
*110.5%.
:

1 5%

com.

the

week a
week a

vious week
Lumber
l u m n e r

rSii'HiSis

The year to date

in

more

„

onnnroi

Jhmd
throughout the country.

KttrsiAStSZ !«—.
1960

,

nf

porrinrc

preceding week,
cume
wcca,

Lumber

1*109.1 %)■ in the

ended'Sent

week

23,

at

.

^,0,,

~

MAT

handled

than 400 *ruck terminals of

distributed by the electric light tually

and

Sept. 23, 1961 was 2,114,000 tons
(*113.5%), equal to the output
of 2 032 000 tons

energy

indllST.rv for
and power industry for t.np Wppk
the week

and

.,

According to data compiled by

tonnage

lotte,

,

,

week's total of

Data for the

*~T>~~"niZ~~ "j~m~

l"L°nf ?ecSe
fleets

Orleans,

Week

,

of

amount

kv/h.

•-

.

r

Truck

Higher

-

'
.

«*•«
~v~
„

decreases

Institute
'

weekly survey of 34 metropolitan Sept 2<i t;h<ennd,ex was off frac-

50

Year-to-year trends also
considerably by regions.

varied

Over

The

from

American

30

(1358)

The Commercial and Financial Chronicle

Indications of Current
Business

Activity

The following statistical tabulations cover production and other
figures for the
latest week or month available. Dates shown in first column are either for the
week or month ended on that date, or, in cases of

quotations,

Latest

AMERICAN

IRON

Inmcaied

operations

Crude
42

and

(net

condensate

to

runs

stills—daily

Gasoline

output

Kerosene

output (bbls.)
fuel oil output

Distillate
Residual

.Sept. 29

tons)

(bbls.)

fuel

Residual

oil

fuel

ASSOCIATION OF
Revenue

(bbls.)

(bbls.)

oil

7,110,660

7,050,910

7,073,060

15
15

7,241,000

8,437,000

--8,339,000

8,083,000

26,218,000

30,272,000

30,026,000

29,365,000

2,188,000

2,965,000

2,583,000

2,567,000

11,931,000

13,654,000

14,212,000

13,181,000

15
15
15

5,651,000

5,796,000

5,642,000

191,207,000

193,621,000

35,300,000

35,529,000

32,801,000

34,704,000

.Sept. 15

at

160,855,000

157,562,000

141,635,000

162,773,000

Sept. 15

49,430,000

49,632,000

48,943,000

47,633,000

at

.

594,338

512,726

595,154

488,124

465,522

Jr:: 495,378

U.

$523,300,000

$323,500,000
150,300,000

194,700,000

173,700,000

Sept. 21

269,100,000
240,700,000

173,200,000

149,000,000

152,200,000

140,200,000

31,500,000

28,400,000

21,000,000

Sept. 16
Sept. 16

8,770,000

*7,205,000

8,250,000

300,000

343,000

4

Private

construction

Public

construction

State

and

municipal

Federal

COAL

OUTPUT

Bituminous

(U.

coal

S. BUREAU

SYSTEM—1947-49

FAILURES

(in

33,500,000

•

COTTON

368,000

IRON

AGE

(per

(per

gross

steel

Scrap
METAL

(per

tZinc

DUN

Louis)

MOODY'S BOND

6.196c
$66.41

$39.50

$39.50

$37.83

$31.83

30.600c

30.600c

at

Sept. 20

27.725c

28.300c

28.025c

Sept. 20

11.000c

11.000c

11.000c

10.800c

Sept. 20

at—

10.800C

12.000c

12.000c

12.000c

as

for

11.500c
26.000c

120.500c

121.500c

119.625c

87.08

86.96

85.59

85.59

Sept. 26

Sept. 26

Sept. 26
Sept. 26

Group

Group

89.51

Average

■4

Aaa

Soybeans
Peanuts

3.96

3.97

3.63

Sept. 26
Sept. 26

4.59

4.59

4.58

4.81

4.81

4.81

5.12

Sept. 26

4.61

„

.

Railroad
Public

Group

Utilities

Industrials

MOODY'S

.

Group.

.

Group

.

COMMODITY

INDEX

.Sept. 26

■■i

4.44

for

4.95

4.95

4.93

4.77

Sweet

4.67

4.67

4.68

4.51

Tobacco

4.61

4.61

4.47

377.7

377.5

Orders

PAPERBOARD

received

377.0

of

Unfilled

(tons)

OIL, PAINT AND

DRUG

of

period

REPORTER

ROUND-LOT

286,818

326,330

312,608

347,649

261,790

327,549

320,971

Sept. 16
Sept. 16

:

end

at

358,696
98

76

94

93

563,859

549,084

515,626

412,424

OF

114.04

114.59

Total

sales—

Total

initiated

off

the

Other

569,140

350,500

2,117,050

2,403,210

1,736,420

1

2,137,410

2,532,190

2,972,350

537,280

389,990

55,560

17,200

initiated

the

on

318,290

480,800

303,300

536,360

320,500

953,271

1,022,630

772,060

Other

sales

.Sept.

678,300

779,032

924,093

735,820

863,432

1,083,143

Total

Other

.Sept.

sales
sales

Total

57,520

84,400

159,050

3,364,920

DEALERS

EXCHANGE
Odd-lot

sales

Number

Dollar

AND

SECURITIES

—

by

SPECIALISTS

4,098,781

4,477,490

3,191,950

403,580
2,805,640

3,376,882

3,630,603

dealers

N.

Y.

3,209,220

3,931,982

4,375,993

3,457,038

555,100

745,390

608,440

14.

1,707,933

1,946,045

1,502,107

Sept.

$87,722,088

$93,434,082

$100,784,597

$67,875,611

Sept.

1,633,482

1,879,502

Customers'

1,866,564

short

sales

9,225

11,279

10,542

sales

1,624,257

1,868,223

1,856,022
$94,033,954

1,473,896
$67,255,176

.Sept.

Short

sales

Other

.Sept.

sales

FOR

Total

ACCOUNT

Short

dealers—Number of shares.

660,350

-

*

Revised figure.

on

113

112

108

106

107

$32,400,000

$32,000,000

$419.3

*$421.2

282.8

*282.3

113.1

!_

111

$32,500,000

,

omitted)
UNITED

*113.2

STATES

OF COMMERCE)—Month
(in billions):

income-

total

industries

89.2

;

*89.3
*74.0

*43.3

52.0

*51.8

industries

Other

labor

660~350

54M70

499~730

Business

453,0IQ"

653,560

477,210

income

Farm

and

11.1

—

interest

1

518,480

1

15,282,710

17,479,470

18,608,470

1

15,801,190

18,218,850

19,480,400

739,380

871,930

Less

932,440
14,358,670

income

TREASURY
RECT
OF

118.6

118.7

118.9

contribution

for

MARKET

S.

27.2

32.4

*35.2

social
9.8

TRANSACTIONS

9.3

*404.0

388.7

$17,319,500

IN

9.8

402.0

GUARANTEED

AND

U.

14.3

27.4

:

nonagricultural income

15,291,110

$25,585,900

$44,398,900

$1,637,000

$1,698,900

1,207,800

$1,698,800

1,220,200

1,140,700

DI¬

SECURITIES

A.—Month of August:

119.4

Sept. 19

87.8

*87.6

88.2

87,5

107.6

*108.0

108.0

108.3

Sept. 19
other than farm and foods

employees'

12.9

11.5

14.3

insurance
Total

36.6

12.9
11.5

;_

Personal

11.1

36.6

professional

Rental income of persons
Dividends

Sept. 19

93.6

95.1

94.8

Sept. 19

127.2

127.3

tNumber of orders net reported since in (reduction of
Monthly Investment Plan
freight from East «t. Louis exceeds one-half cent a
pound.

delivered basis at centers where




7,090,000

43.6

127.4

96.1
128.2

;

Net

purchases ——_J.__—;——

UNITED

IPrime Western Zinc

STATES

BUREAU

(000's
-

■sold

9,296,000

*6,811,000

74.2

494,080

Sept. 19

foods

commodities

16,386,000

*9,121,000

RESERVE

_

(000's

personal

611100

U. S. DEFT. OF

Meats
All

August

Sept.

.

Sept.
Sept.

products

Processed

FEDERAL

Government

Sept.

commodities

Farm

THE

!

31

499,730

Commodity Group—
All

.

Transfer payments

sales

PRICES, NEW SERIES
—
(1947-49=100):

*15,932,000

in manufac¬

adjusted—!

548,070

sales—

sales

LABOR

517,100

SALES ON THE N. Y. STOCK
ROUND-LOT STOCK TRANSACTIONS
OF MEMBERS (SHARES):

WHOLESALE

J
100)—

Distributing industries

STOCK

sales

Other

Total

169.2

100)—

__;

Commodity producing
Manufacturing only

AND

round-lot

99.2

*169.4

7,040,000

avge. =

=

goods

OF

July

.Sept.

ROUND-LOT

5,432,000

*95.4

9,154,000

(1947-49 avge.

Wage and salary receipts,

.Sept.

_

Round-lot purchases by

EXCHANGE

$95,671,971

6,833,000

*5,153,000

Service

sales

by dealers—
Number of shares—Total sales

TOTAL

$81,378,616

12,265,000

*6,651,000

97.5

——_•

(DEPARTMENT

11,813

.Sept.

Round-lot

of

of

1,485,709

.Sept.

other

value

*11,804,000

5,375,000

;

IN CIRCULATION—TREASURY DEPT.

Total

Customers'

Dollar

12,057,000

of

SYSTEM—1947-49=100—Month of August:

As

1,576,399

.

187,500

,

DEPT.

SERIES—Month

PERSONAL INCOME IN THE

.Sept.

value

224,200

172.8

S.

goods

Nondurable

MONEY

purchases)—t

Odd-lot purchases by dealers (customers' sales)—
Number of orders—customers total sales

187

243

1,341

16,194,000

REVISED

Unadjusted

EXCHANGE COMMISSION

(customers'

193

6,682,000

PAYROLLS—U.

manufacturing

Seasonally

STOCK

shares

of

229,500

—__,—

goods

ERNORS

2,848,598

.Sept.

ON

236

1,198

manufacturing
Durable
goods

*

-

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT

2,937

191

INDUSTRIAL PRODUCTION—BOARD OF GOV¬

.Sept.
_

74,315
25,621

3,123
i

turing industries—

128,890

.Sept.

sales

74,989
26,455

236

_!__

;

4

All

of members—

purchases

Short

108,515

3,230

Estimated number of employees

885,018

account

45,976

125,115

77,262

:

AND

20

36,675

125,155

manufacturing (production workers)

All

756,128

.Sept.

sales
for

16,421

23

26,225

All
manufacturing
Payroll indexes (1947-49

735,800

.Sept.
.Sept.

transactions

18,745

JJ

Employment indexes

floor—

purchases

round-lot

7,721

18,690

:

Nondurable

485,100

sales

Total

9,302

^___

(barrels)

Durable

356,050

337,990

Short
Total

15,636

1,943,487

August:

129,050

Sept.

257,435

14,687

35,942

—

All

413,400

19,700

14,637
34,552
175,042

1,986,925

(bushels)
_j

(ton)

LABOR

'26,451

9,302

___

:

(lb.)

-

24

(ton)

2,086,920

.Sept.

transactions

275,729

V

•

1,997,200

„

_\_

_.

2,042,750

415,140

1,811,050

2,238,810

354,050

.

sales

Total

3,064,870

326,360

1

.Sept.

sales

Total

2,608,230

1

.Sept.

sales

Other

35,151r
189,555

278,439

(ton)

floor—

purchases

Short

15,050

35,247

i

(bushels)

OF

1

Sept.

i

transactions

26,983

192,199
15,151

3,264
3,489

4,636
"

15,020

.__

(cwt)

(lb.)

Pecans

Sept.
Sept.

sales

Other

4,354

4,636

.___

EMPLOYMENT

Sept.

sales

4,354

26,983

,

(ton)

Cranberries

3,241

558,771

1,784,116

(cwt)—.

Apricots
109.53

MEM¬

purchases

Other

17,912

3,186

'

113.74

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
of specialists in stocks in which registered—
Short

3,790

17,858

'

'.

—

Transactions
Total

.

commercial crop
Peaches (bushels)

INDEX—

PRICE

ACCOUNT

FOR

67,137

W 123,943

683,132

'

Cherries

Sept. 22

TRANSACTIONS

62,642

22,282
-..>,3,564

1,688,800

:

(lb.)

Grapes

10,481

720,356

••

.

Apples,

Pears

118,091

3,449

_-

(cwt)

Broomcorn

r

3,615
18,556

(cwt)

potatoes

Hops

AVERAGE=100

1949

365.7

Sept. 16
Sept. 16

activity

orders

:/

14,272
M

22,741

(bushels)—

Sugarcane for sugar and seed (ton)
Sugar beets (ton)

ASSOCIATION:

(tons)

Percentage

7.

8,614

30,409

1,768,125

"....

Total

109,800

8,627

'

(tons)

Production

*

.

5.02

•13,918

110,950

(cwt)

5.12

608,235

63,141

beans

summer

Fall

5.12

.

NATIONAL

Late
-

54,612

454,564

:

'

4.40

56,148

(ton)

Early spring (cwt)
Late spring
(cwt).
Early summer (cwt)

4.63
•••"'

32,491

19,354

14,262

(lb.)

Winter

427,018

25,867

20,905
480,109

85.20

89.23

368,142

25,867
56,632

82.03

88.67

1,150,774

bag)!

83.15
86.38

981,976

._

80.81

87.32

34,105

212,339

;

_■

82.90
86.51

246,444

17,906

128,650

380,416

;

;

80.81

87.32

"

993,512

82.90
86.51

146,556

18,547

Hay,

4.27

1,103,895

152,937
134,390

Hay, clover and timothy (ton)
j
Hay, lespedeza (ton)_.
Beans, dry edible (cleaned) (100 lb. bag)
Peas, dry field (cleaned) (100 lb. bag)_

•

1,350,339

1,057,540

.

87.05

4.45

3,891,212

1,204,096

J

—

(bushels)

90.20

4.45

3,352,037

;

92.06

4.58

3,519,500

!

87.72

4.74

464,944
17,529,000

REPORTING

89.64

87.32

78,561

*517,012
17,297,000

,_i

(bushels )_^

alfalfa

*132,939

470,520

AGRICULTURE—

(bushels)

(bushels)

(100 lb.

562,020

thousands):

/84.68

4.74

5,937,537

1,210,477

OF

(in

87.59

4.74

1,407,669

5,459,677

1,057,540

CROP

—

1

84.68

3.90

824,144
-1,962,119

17,279,000

:

84.68"

'

539,575

1,903,240
4,770,282
77,328

July

July 29

80.81

^

>

.

87.59
*>

.Sept. 26
Sept. 26
Sept. 26

corporate

of

of

as

DEPT.

spring

Potatoes:

..Sept. 26
Sept. 26
Sept. 26

.

29_

Sorghum grain (bushels)
Cotton (bale)
:
Hay, all (ton)
Hay, wild (ton)———.

AVERAGES:

DAILY

Bonds

$371,500

(bushels)

Rice

87.72

89.51

July

Barley (bushels)___.
Rye (bushels)

89.09

85.59

feP^ 26

YIELD

$935,700

_

OF

v

spring (bushels)—

Flaxseed

102.000c

87.65

Group

Government

S.

15,028

(bushels),

Other

26.000c

Sept. 26

Baa"

U.

*14,483

THE

DEPARTMENT

(bushels)—

Durum

13.000c

26.000c

S.

grain

all

Winter

Oats

13.500c

11.500c

Sept. 26

MOODY'S BOND

15,079

IN

7

BRADSTREET,

—_•

of Sept.

All

11.800c

26.000c

Sept. 26

Utilities

10.800c

-Sept. 26

Bonds

.—i-

Public

5,940,000

$97,594,000

29

U.

Corn

AVERAGES:

A

Industrials

3,946,000

$69,168,000

—

—

of

as

PRODUCTION

12.000c

11.500c

Sept. 20

DAILY

storage

Crop

28.775c
*

Sept. 20

PRICES

(NEW)

&

6,358,000

$102,693,000

$372,900_

LINTERS

BOARD

32.600c

Sept. 20

corporate

Railroad

30.600c

Sept. 20

at

Government

S.

6.196c

$66.44

Sept. 20

at

York)

8,127,000

;

August

spindles active

Wheat,

at-

U.

6.196c

$66.44

at

(New

of

Linters—Consumed, month
Cotton

QUOTATIONS):

Straits

Average

6.196c

$66.44

Sept. 21

ton)—

AND

public

CROP

99.5% )

27,874,000

'____L_

STATES—DUN

Stocks—July

Sept. 21

at

(delivered)

tin

321

Sept. 21

Zinc (East St. Louis) at
/Aluminum (primary pig,

22,556,000

13,786.000

,

&

-

M. J.

refinery

refinery
York)

(St,

14,556,000

352

150

PRICES:

ton)

&

(New

Lead

15,491,000

292

142

copper—

Domestic

Export

15,869,000

337

129

.

Eiectroiyuc

Lead

—

lb.)

gross

(E.

PRICES

150

15,025,000

Sept. 21

COMPOSITE
steel

Pig iron

liabilities

9,251,000
27,304,000

27,716,000

..

Sept. 23
INDUSTRIAL)

INC

Finished

$33,097,000

13,060,000
29,384,000

COMMERCE—RUNNING BALES:
Consumed, month of July
J
In consuming establishments as of
July 29—
In

AND

$14,881,000

j

—

omitted)

8,328,000

■

Sept. 16

kwh.)

000

$26,175,000

J
—_

INCORPORATIONS

(000's

AVERAGE=100

(COMMERCIAL

BRADSTREET,

128

1,315

DIVIDENDS—PUBLICLY REPORTED BY
U.
S. CORPORATIONS—U. S. DEPT.
OF
COMMERCE—Month of August:

•

INSTITUTE:

ELECTRIC

Electric output

111

1,275

>

CASH

DEPARTMENT STORE SALES INDEX—FEDERAL RESERVE

EDISON

217

•

and

lignite (tons)
anthracite (tons)

Pennsylvania

196

1,604

-

liabilities,

INC.—Month

MINES):

OF

121

621

262

.

service

UNITED

228

633

129

!

!,

liabilities

BUSINESS

■

223
■112

•

liabilities _—!

Total

$241,771,000

260

_J.__J.__

Wholesale liabilities—

$368,400,000

254,200,000

Sept. 21 $399,500,000
219,000,000
Sept. 21
180,500,000
Sept. 21

1

!

Manufacturing liabilities
Retail

$247,657,000

789

Total number

503,123

construction

S.

$255,536,000

August:

number

598,716

Sept. 16

—

of

•

BRADSTREET

&

number

Commercial

(no. of cars)

from connections

Ago

SYSTEM—Month

(000's omitted)-

Construction

.Sept. 16

(number of cars).

Year

Month

OF

Commercial service number

189,448,000

CONSTRUCTION—-ENGINEERING

ENGINEERING

GOVERNORS

FAILURES—DUN

Construction

NEWS-RECORD:
Total

OF

Manufacturing number____
Wholesale number
Retail

5,711,000

187,719,000

Sept. 21

freight loaded

August

6,847,860

15

AMERICAN RAILROADS:

Revenue freight received

CIVIL

of

1,558,000

pipe lines—

at

(bbls.)

Distillate

2,030,000

2,032,000

Sept. 15
Sept. 15

<bbls.)

output

DEBITS—BOARD

INC.—Month

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

■-

Stocks at refineries, bulk terminals, in transit. In
Finished and unfinished gasoline (bbls.) at
Kerosene

2,114,000

Previous

Month
BANK

54.7

BUSINESS

(bbls.)

average

(bbls.)

oil

fuel

Ago

69.4

of

output—daily average <bbls.

each)

gallons

Crude

Ago

69.5

of that date:

are as

Latest

INSTITUTE:

PETROLEUM

oil

Week

72.5

Sept. 29

Year

THE FEDERAL RESERVE

Equivalent to—
Steel ingots and castings
AMERICAN

capacity)

cent

(per

Month

Previous

Week

INSTITUTE:

STEEL

AND

steel

Thursday, September 28, 1961

..

Exports

Imports

OF

—

EXPORTS

AND

CENSUS

Month

—

IMPORTS
of

July

omitted):
—

—

:

'.

Volume

194

Number 6094

.

.

.

The

Commercial and Financial Chronicle

(1359)

Securities

Now
•

NOTE

the

index

and

in

the

accompanying

Registration

Fidelity Acceptance Corp.;.(10/16-20)

11,

five

awaiting processing by the SEC, it is
becoming
increasingly difficult to predict offering dates
with a high
degree of accuracy. The dates shown
in

Aero

July

Because of the
large number of issues

—

* INDICATES

in

cents).

1961

("Reg. A") 100,000 common shares (par
Price—$3.
Proceeds—For repayment of

loans, purchase of notes

and

equipment.

Office —185

Walton

Ave., N. W., Atlanta, Ga. Underwriters
T.
Michael McDarby & Co., Inc., and J. Morris
Anderson &
Associates, Inc., both of Washington, D. C.
—

detailed

items reflect the
expectations of the underwriter
are
not,, in general, to be considered as
firm

but

•

Aero Space

Electronics,. Inc. (10/16-20)
July 17, 1961 ("Reg. A") 80,000 capital shares.
Price—$3.

offering dates.

Proceeds—For repayment of debt and
working capital.
Office
2036 Broadway, Santa
Monica, Calif. Under¬
writer—Hamilton Waters & Co.,
Inc.,
—-

A. & E.

Plastik Pak Co.,

Hempstead, N. Y.

Inc.

Aerological Research, Inc. ;
Aug. 29, 1961 filed 100,000 common. Price—$3.50 Busi¬

Aug. 1, 1961 ("Reg. A") 40,000 common shares
(no par).
Price—-$7.50. Proceeds
For equipment and
working
capital. Office—652 Mateo
Street, Los Angeles. Under¬
writers—Blalack & Go., Inc., San
Marino, Calif.; Harbi¬
—

ness

Henderson, Los Angeles; May & Co.,
Portland,
& CrUttenden,
Inc., Los Angeles.
• AMT
Corp. (10/23-27)
Sept. 11, 1961 filed 230,000 common, of which

Ore., and Wheeler

to be offered

are

holder.
turer

Price—By amendment. Business—The

of

scale model

kit form.

it Aetna

160,000

by the company and 70,000 by
plastic automobiles

a

manufac¬

Price—By amendment.

in

working capital. Office—1225
Mich. Underwriter—A. G. Becker &

E.

Maple Rd., Troy,
Co., Chicago (mgr.).
•

,

holders.

Price:—By

amendment.

Business—Rental

and

party, sickroom and hospital equipment. Proceeds
—Expansion, inventory and working capital. Under¬
writer—William R. Staats &
Co., Los Angeles.
Abby Vending Manufacturing Corp.
July 26, 1961 ("Reg. A") 100,000 common shares
(par 10
cents). Price—$3. Business—The manufacture of coin

sale by the company and
150,000 outstanding shares
the present holders thereof.
Price—To be supplied

amendment.

.

aluminum

—

filed

design,

200,000

common.

manufacture

Price—$1.

and

sale

of

Acratex

Busi¬

ceeds

June

89,000

Coatings,

Inc.

Price—$3. Busi¬
wallcovering product. Pro¬

a

common.

Fort

purposes.

Inc.

and

electrical

equipment.

Proceeds—For

merchandising, repayment of debt
Office—369

purposes.

Auto

19, 1961
which 75,000

Leasing

filed

100,000

and

other

Shurs

System,
shares

by

Florida
shares

the

of

which

company

and

stockholders.

Inc.

of

•

class

—To establish

Fla.

Baltimore

&

Underwriters

Vickers,

—

Stein

MacPherson

&

Bros.

&

Warwick.

(mgr.). Offering—Expected in late October.
(L. J.)

& Co., Inc.
("Reg. A") 80,000 common shares (par 10

Price—$3.

Business—A mechanical contractor in

Alaska Honolulu Co.

A

July 24, 1961 filed 1,600,000
on

400,000
ing of 640

a

new

Office—Adrian,

&

Fru-

..

each

10 shares held of record
Sept. 22 with rights
expire Oct. 9. Price—102%. Business—The
operation
of department stores.
Proceeds—For general corporate

to

Office—401 Fifth Ave., N. Y. Underwriter—
Brothers, N. Y. (mgr.).

purposes.

Lehman

Alpine Geophysical Associates, Inc. (10/23-27)
July 28, 1961 filed 150,000 common shares. Price
By
—

amendment Business — The
conducting of marine and
land geophysical surveys for
petroleum and mining ex¬
ploration and engineering projects, and the manufacture
of

oceanographic and geophysical apparatus. Proceeds—
For repayment of debt and general
corporate purposes.
Office—55 Oak St., Norwood, N. J. Underwriter—S.
D.
Fuller & Co., New York
(managing).

Alson

-

Mfg. Co.

Aug. 28, 1961 ("Reg. A") 75,000

Price—$4. Pro¬

common.

ceeds—For equipment, repayment of loans and
working
capital. Office—2690 N. E. 191st St., Miami, Fla. Under¬

writer—Albion Securities Co., Inc., N. Y.
Amcrete Corp.

May

4,

common

ness

1961
stock

(letter of notification) 75,000 shares of
(par 10 cents). Price—$4 per share. Busi¬

The sale

of pre-cast and pre-stressed concrete
panels for swimming pools and pumps, filters, ladders,
etc. Proceeds—For building test
pools; advertising, in¬
ventory and working capital. Office—102 Mamaroneck
—

Ave., Mamaroneck, N. Y. Underwriter—Vincent
ciates, Ltd., 217 Broadway, N. Y.

Asso¬

Amerel Mining Co. Ltd.

July 31,

1961

filed

400,000

common

shares.

Price—50

cents. Business—The company is
engaged

in exploration,
development and mining. Proceeds—For diamond drill¬
ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.

Amerford International Corp.
28, 1961 ("Reg. A") 75,000 common

June

shares
air

York. Underwriters

common

shares.

—

For

common.

—

V.

S.

Wickett

&

Co., Inc., and

American Automatic

Vending Carp.

1961 filed 270,000

common shares.
Price—By
Business—The sale of merchandise through
vending machines. Proceeds—For the repayment of debt

Continued

on

page

and manufacture of

a

new

vari¬

ety of building products. Proceeds—For construction of
new
plant. Office—4800 Baltimore Ave., Hyattsville,
Md. Underwriter—Whitehall Securities

Corp., Pittsburgh.

A* All Service Life Insurance Co.
Sept. 18, 1961

("Reg. A") 239,200

common.

BOUGHT

•

All

Star World

July 7,

1961 filed

Wide, Inc. (10/23-27)
$250,000 of 5% convertible subordi¬
due 1971 and 150,000 common shares.

Price—For debentures, at par; for
stock, $5. Business—
Joint venture with Brunswick Corp. to establish and
operate bowling centers in Europe. Proceeds—For ex¬
pansion and general corporate purposes. Office—100 W,
Tenth St., Wilmington, Del.

Italian

SOLD

-

QUOTED

for Banks. Brokers, Institutions

insurance. Office—1729 N. Weber St., Colorado
Springs,
Colo. Underwriter—Copley & Co., Colorado
Springs, Colo.

of

purchase
and equip¬

-

Price—$1.25.

Business—Writing of life, accident, sickness and health

nated

the

YOUR PRIME

Price—$3.

Price—$5.

distribution

Proceeds

and

Thomas, Williams & Lee, Inc., New York.

Price—$4.
inventory, ad¬
vertising and working capital. Office—2 Main St., Ridgefield, Conn. Underwriter—Edward Lewis Co., Inc., N. Y.

;

(par

freight forwarding. Proceeds—For expansion, ad¬
vertising and working capital. Office—80 Wall St., New

All-American Airways, Inc. (10/2-6)
Aug. 24, 1961 ("Reg. A") 75,000 common.
Proceeds—For the purchase of aircraft,

equipment,

moulds, machinery
ment, research and general corporate purposes. Office^250 Goffle Road, Hawthorne, N. J. - Underwriters—Cam¬
bridge Securities, Inc. and Edward Lewis Co., Inc;; N. Y.




for

amendment.

Business—Development

Underwriters, Inc., 1321 Lincoln Ave., Little Rock.

new

•

Allied Stores Corp.
Aug. 4, 1961 filed $27,006,200 of convertible subordinated
debentures due Oct. 1, 1981 being offered for
subscrip¬
tion by stockholders on the basis of
$100 of debentures

a

and working capital.
Office — No. 15 Village
Shopping Center, Little Rock, Ark. Underwriter—Affili¬

of

capital.

Underwriter—Smith, Bar¬

& Co. Inc., N. Y.

ney

Aug. 15,

^ Al-Crete Corp.
Sept. 20, 1961 filed 127,000 class A

reserves

installation

ceeds—For the repayment of debt and
working
Office—43 Leon St., Boston.

loans, work¬

development,

and

to be offered in 625 units each consist¬

acres and

a leasehold improvement and moving ex¬
Office—14-20 Dunham PL,
Brooklyn, N. Y. Un¬
derwriter—David Barnes & Co., Inc., N. Y. C. *

Advanced Investment Management
Corp.
July 11, 1961 ("Reg. A") 100,000 common shares (par 25,
cents). Price—$3. Proceeds—For purchase of furniture,

tiles.

a loan, redemption of
outstand¬
ing preferred, working capital and expansion.
Address—
Macungie, Pa. Underwriters—Drexel & Co., Philadel¬
phia, and Warren W. York & Co., Allentown, Pa.
(mgrs.)
Allied Research
Associates, Inc.
Sept. 8, 1961 filed $812,500 of 5% subordinated notes
due
1966 and 487,500 common to be offered for
public sale
in units, each
consisting of a $25 note and 15 shares.
Price—$40 per unit. Business—Research,
development
and instrumentation in a
variety of scientific fields. Pro¬

ing capital,

Hindley & Co., and Hardy & Hardy, N. Y. C.

importation

Pro¬

organs.

ceeds—For repayment of

penses.

repayment of loajqs and working capital. Office—2 Com¬
mercial St., Hicksville, N. Y.
Underwriter — Edward

mosaic

shares and oil leases

Albert Voigt Industries, Inc.
1961 filed 80,000 common. Price—$4. Business—
The manufacture of metal store
fixtures, show cases and
related items. Proceeds—For repayment of

,

The

common

^

•

Aero-Dynamics Corp.
Aug. 7, 1961 filed 100,000

Allen Organ Co.
Aug. 30, 1961 filed 140,000 class B
(non-voting) common,
of which
37,600 shares are to be offered by the
company
and 103,000 by the
stockholders. Price—By amendment.
Business—The manufacture of electronic

Aug. 29,

Proceeds

Advanced Electronics Corp.
May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—Designs and manufactures
radio telemetry
systems, frequency filters and power
supplies, for the missile, rocket and space programs.
and

metals. Office—3250
Broadway S.E., Albuquerque, New
Mex. Underwriter—None.

Underwriter—None.

Price—$2.50.

common.

warehousing.

Underwriter—Morrison

research

★ Allied Metals Co.
Sept. 11, 1961 ("Reg. A") 100,000 class A
common. Price
—$1. Business—Research and
development on powdered

porate purposes. Office—120 S. Third St., Las Vegas, Nev.

min, Inc., Detroit.

Proceeds—For

ISSUE

REVISED

ocean

2,560 shares. Price—$2,560 per unit.
Business—The exploration and development of oil and
gas properties in Alaska./ Proceeds—For general cor¬

industrial air conditioner division.

Mich.

acres

ITEMS

10 cents).. Price—$3,50. Business—International

,

Sept. 11, 1961 ("Reg. A") 100,000
Business—Steel fabricating and

,

Corp. of
common

offered

and installation of heating, ventilating and air
conditioning systems. Proceeds—For. moving, purchase
machinery and equipment, inventory, repayment of
loans and working capital.
Office—1425 Utica Avenue,
Brooklyn 3, N. Y. Underwriters—Rothenberg, Heller &"
Co., Inc. and Carroll Co., New York. *.
•

Adrian Stee! Co.

—

be

of

garage in New York City and lease additional trucks.
Office—1616 Northern
Boulevard, Manhasset, N. Y. jjjn-,
derwriter—Hill, Darlington & Grimm, N. Y. C. (mgr.)

Business

by

199,000

to

design

stock, of
are to be offered for public sale
by the
company and 25,COO shares, being outstanding
stock, by
the present holders thereof.
Price—$10 per share. Busi¬
ness—The company is engaged in the business of
leasing
automobiles and trucks for periods of over one
year.
Proceeds—To repay loans; open new offices in Philadel¬
phia, Pa., and New Haven, Conn.; lease and equip a large

marble and

filed
are

Lauderdale,

cents).

re¬

Lane, Philadel¬
Co., Inc., Philadelphia.

Underwriter—Roth &

Jan.

and

shares

July 28, 1961

locating to and equipping a new plant, purchase of in-,
ventory, research and development, advertising, promo¬

ated

1961

Aksman

July 17, 1961 filed 100,000 class A common shares. Price
—$4. Business—The manufacture ,of transformers for.

•

International

shares

Boyce,

Aero Electronic Products Co.

-A-Drive

("Reg. A") 60,000 common shares (par
Price — $5. Office — 2046 E. Lehigh Ave.,

electro-mechanical rocket and missile system parts
pansion and working capital. Office—6900 West Road 84,

Ronkonkoma, N. Y. Underwriter—

phia.

Proceeds—For

and

—

and

of

Price—By amendment.,
Business
The manufacture of
electronic, mechanical
and components. Proceeds—For
repayment of loans, ex-

Tyche Securities Inc., N. Y.

tion

by

1961

29,

110,000

Brooklyn, N. Y.

For expansion and
general corporate
Office—Easton St.,

corporate

sale

—

Clhernica?

manufacture of

electronic

17,

Airtronics

—

Aug. 8, 1961 ("Reg. A") 99,900
ness—The

and

Philadelphia. Underwriter—A. Sussel Co., 1033 Chestnut
St., Philadelphia.

cups for sporting events.
Proceeds
For
production expenses, printing,
promotion, inventory and
working capital. Office—1510 Broadway,

Underwriter—Ezra Kureen Co., N. Y.

manufacture

and

AirbaSance, Inc.
July

trophies,

plaques and

windows

products.

five cents).

Ace- Trophies
Corp.

18, '1961

Business —The

storm

by

doors, and other alu¬
working capital, and
other corporate purposes. Office—20th
Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York
City (managing).
minum

operated vending machines. Proceeds—For
moving ex¬
penses, an acquisition and working capital. Office—79
Clifton Place,
Brooklyn, N. Y. Underwriter
L. H.
Wright & Co., Inc., 135 Broadway, N. Y.
Offering—
Imminent.

Sept.

Business—Furnishing of clean¬

Air Master Corp.
(10/23)
May 26, 1961 filed 200,000 shares of class A common
stock, of which 50,000 shares are to be offered for public

sale of

ness—The

(

Francisco.

■

.

.

—

• Abbey Rents
/'
V.
Sept. 25, 1961 filed 200,000 capital
shares, of which 100,000 will be sold by the
company and 100,000 by stock¬
.

Co.

ing and protection services for office buildings,
plants,
and military bases.
Proceeds—To repay loans and in¬
crease
working capital. Office—526 S. San Pedro St.,
Lps Angeles.
Underwriter
Schwabacher & Co., San

Proceeds—For equipment,
repayment of loans,

and

Maintenance

Sept. 25, 1961 filed 154,000 common, of which 128,000 are
to be offered by the
company and 26,000 by stockholders.

stock¬

distributed

manufacture

of instruments for
aerology,
oceanography, geophysics and atmospheric
phenomenon. Proceeds—For working capital. Office—
420 Division St.,
Long Branch, N. J. Underwriter—A. D.
Gilhart & Co., Inc., N. Y.

&

son

The

—

meterology,

ADDITIONS

SINCE PREVIOUS
•

31

&

debentures

Underwriters—Alessandrini
Co;, Inc. and Hardy & Hardy, New York {managing).

SIEGEL
'if'
39

ifilgby 4-2370

JfiC.

Broadway, New York 6, N. Y.
Teletype No.N.Y. 1-5237

32

32

The Commercial and Financial Chronicle

(1360)

;

.

Thursday, September 28, 1961

.

S

Continued
and

other

Office—-7501 Carnegie
Underwriter — McDonald & Co.,

corporate

Cleveland,

Ave.,

American

from page 31
purposes.

O.

Cleveland.
Data

Inc.
Aug. 17, 1961 filed 150,000 common shares. Price—$4.50.
Business—The manufacture of data processing equip¬
ment. Proceeds—For repayment of loans, new products,
Machines,

advertising, engineering, new machine tools, working
capital and general corporate purposes. Office—7 Com¬
mercial

St., Hicksville, N. Y. Underwriters—Amos Treat
Co., Inc. and Golkin Bomback & Co., N. Y. C. (mgr.).

Sept. 14, 1961 filed $9,551,900 of subordinated debentures
due Nov. 1, 1986 (convertible until 1971) to be offered
for subscription by common stockholders on the basis of
$100 of debentures for each 10 shares held. Price—By
amendment.
Business—The distilling and marketing of
alcoholic beverages including bourbon, whiskies, vodkas
and gins. Proceeds — For the prepayment of debt, and
working capital. Office—150 E. 42nd St., N. Y. Under¬
writer—Blyth & Co., Inc., N. Y.
American

May

Electronic

Laboratories,

Inc.

10,632 shares of class A common
stock to be offered for subscription by stockholders at

26,

the rate of

be

—To

one

share for each 10 shares held.

new

supplied by amendment.

electronic communication

equipment.

Proceeds—For

equipment, and other corporate pur¬
poses.
Office—121 North Seventh Street, Philadelphia.
Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa. Offering—Imminent.
construction,

new

—
—

Inc., N. Y. (mgr.).
Jan.

(par

filed

Co., Inc.

to
$200
debenture, 30 common shares and 10 warrants. Price—
$500 per unit. Business—The company and its subsidi¬
aries are primarily engaged in the automobile sale fi¬
and

25,000

purchase

sub¬

stock

common

be offered for public sale in

warrants

units consisting of

one

business. One additional subsidiary is a Maryland

nance

savings

and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬

bentures,
New York

and capital funds. Office — 1472 Broadway,
City. Underwriter—Lomasney, Loving & Co.,

New York City.
American

&

Office

nancing. Proceeds—For general corporate purposes, in¬

$170,000 for construction and $12,000 for debt
Office—Equitable Building, Baltimore, Md.

reduction.

Securities

Underwriter—Karen

Note—This

statement

is

Corp.,

expected

New York City.
be refiled.

to

Amphicar Corp. of America
June

100,000 common shares. Price—$5.
of amphibious automobiles.

1961 filed

15,

manufacture

Business—The

establish

Proceeds—To

a

parts depot in Newark, N. J.,

organizations, and for work¬
ing capital and general corporate purposes. Office—660
Madison Ave., New York. Underwriter—J. J. Krieger &
set

up

sales

service

and

Co., New York.
Anderson

New

England Capital

Corp.

July 21, 1961 filed 400,000 common shares.
Business

amendment.

—

A

Price

business

small

—

By

investment

Proceeds—For investment. Office—150 Cause¬

company.

Street, Boston. Underwriter—Putnam & Co., Hart¬
ford, Conn. (mgr.). Offering—Expected in late Oct.
way

•

Insurance Co. of America

Animal

(10/2-6)

June

Power Co.,

Sept. 18, 1961 filed 240,000
ment.

Proceeds

—

Bond & Share Co.

Inc.

Price—By amend¬
selling stockholder, Electric
Office—100 Church Street, N. Y. Un¬
For

common.

the

derwriters—Lazard Freres & Co., and First Boston
York.
t

Corp.,

Aug.

18,

75,000
65,000

Heritage Publishing Co.,

1961

filed

shares

are

shares

by

140,000
be

to

Inc. (10/17)
shares, of which

common

offered

by

the

company

and

stockholders.

&

Co., Inc., New

Anodyne,

Inc.
June 20, 1961 filed $625,000 of 5% convertible subordi¬
nated debentures, 156,250 common shares reserved for
issuance on conversion of the debentures and 5-year
warrants to purchase 125,000 common shares to be of¬
fered in 6,250 units, each consisting of $100 of deben¬
tures and warrants to purchase 20 shares. The units will
be offered for subscription by common stockholders on
unit for each 100

one

commc:.

shares held.

$100 per unit. Proceeds — For expansion and
working " capital. Office—1270 N. W. 165th St., North
Miami Beach, Fla. Underwriters—Ross, Lyon '& Co., Inc.,
—

,

and
•

(10/23-27)

Realty Corp.

March 31, 1961 filed 1,000 units in the First Apache
Realty Program. Price—$5,000 per unit. Business—The
Program plans to engage in the real estate business, with
empnasis on the acquisition, development and operation
of

Price—By amendment.
Business—Magazine and book publishing. Proceeds—For

erties.

repayment of loans and general corporate purposes. Of¬

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬

fice—551

lis &

Weld &
•

Fifth

Ave., New York. Underwriter—White,
Co., New York (managing).

American Micro

Aug.
Price

2,
—

Devices,

Inc.

Proceeds—The purchase of equipment and

components.

working capital and

expenses,

re-

writer—Naftalin & Co., Inc., Minneapolis. Offering—Ex¬
pected in late November.
•

American Precision

Industries, Inc.

Business—The machining and fabrication of components
and assemblies from
steel, aluminum and certain alloys

plant and equip¬
ment, research and development, repayment of debt and
working capital. Office—3901 Union Rd., Buffalo/ Un¬
derwriter—Eastman Dillon, Union Securities &
Co., New
York

new

a

(managing).

• American Real Estate Investment Fund
Sept. 11, 1961 ("Reg. A") 27,250 shares of Beneficial
Interest. Price—$10. Business
Acquisition of passive
—

real

estate

investments.

Office

404

—

N.

<

Realty Trust

Office—608

Thirteenth

St.,

/

N.

W.,

&

Washington,

D

C.

common

shares, of which 50,-

Underwriter—Scherck

American Sports Plan, Inc.
29, 1961 filed 200,000 common shares.
Price—$6.
Business—The operation of bowling centers.
June

Proceeds

—For

expansion.

Mass.

Underwriter—None.

Office—473

Winter

Street, Waltham

American Technical
Machinery Corp.

Aug. 29, 1961 filed 95,000 common, of which
65,000 are
to be offered by the
company and 30,000 by stockholders.
Price —By amendment. Business
—The manufacture of
machinery for fabrication of twisted wire brushes
<

Proceeds—For equipment, repayment of loans and work¬
ing capital.
Office—29-31 Elm Ave., Mt. Vernon, N. Y

Underwriter—M.




L. Lee & Co.,

Inc., N. Y. C. (mgr.);

523

Mar¬

Simmons, Chicago (managing).

stock, of

—

repayment

loans

and working capital..
Anaheim, Calif.
Under¬
writers—Granbery, Marache & Co., N. Y. C. and William
R. Staats & Co., Los Angeles.
240

E.

of

Palais

Rd.,

Atlantic Capital Corp.
Aug. 29, 1961 filed 500,000 common. Price—$12.50. Busi¬
ness—A small business investment company. Proceeds—
For general corporate purposes. Office—744 Broad St.,
Newark, N. J. Underwriter—Paine, Webber, Jackson &
Curtis, N. Y. C. Offering—Expected in late October.

^-Atlantic City Electric Co. (11/2)
1961 filed 200,000 common. Price—By amend¬
ment. Proceeds—Prepayment of debt and construction.
Office—1600 Pacific Ave., Atlantic City, N. J. Under¬
writers—Eastman Dillon, Union Securities & Co. and
Smith, Barney & Co., N. Y.
Sept. 22,

Atlantic Improvement Corp.
(10/16-20)
Aug. 30, 1961 filed 150,000 common. Price—By.amend¬
ment. Business—The development of residential com¬

munities.

Proceeds—Repayment of a loan and construc¬
tion, general corporate purposes. Office—521 Fifth Ave.,

N. Y. Underwriters—Bear, Stearns & Co., and Finkle &
Co., N. Y. (mgrs.).
•

Atmospheric

Aug. 22,
Proceeds

Controls, Inc.
("Reg. A") 40,000

1961

Price—$3.50.

common.

For

repayment of loans, acquisition and
working capital.- Office—715 N. Fayette St., Alexandria,
—

Va. Underwriter—First Investment

Atmotron, Inc.
July 27, 1961 ("Reg. A") 150,000 common shares (par 10
cents).
Price—$1.15, Proceeds—For general corporate
purposes.

Office—5209 Hanson Court, Minneapolis.

Authenticolor

Inc.

Aug. 29, 1961 filed 148,200 common, of which 136,800 are
to be offered by the company and 11,400 by stockholders.
Price—$3.25. Business—The furnishing of photographic
service for the

professional market. Proceeds—For working capital and repayment of loans. Office—525 Lexing¬

Automata

Aug. 22,

International,

1961

("Reg. A")

General Economics

—

Inc.

300,000 common. Price — $1.
Proceeds—For tooling, equipment and working capital.
Office
241 S. Robertson Blvd., Beverly Hills, Calif.
Underwriter
Pacific Coast Securities Co., San Fran.
(

—

—

Offering—Expected in mid-October.
Automated Building Components, Inc.
(10/2-6)'
July 28, 1961 filed 100,000 common shares.
Price — By

amendment.

Inc.
common.

Un¬

derwriter—J. P. Penn & Co., Inc., Minneapolis.

Business—The manufacture

of metal

con¬

ductor plates used in the

prefabrication of wooden roof
trusses and the manufacture of jigs and presses from
which the plates are made.
Proceeds—For repayment
of loans, expansion and working capital.
Office—7525
N. W. 37th Avenue, Miami.
Underwriters — Winslow,
Cohu & Stetson; Laird, Bissell & Meeds, N. Y. C.

•

Automated Gift Plan,

Inc.

Aqua-Lectric, Inc.
19, 1961 filed 1,000,000 common shares.
Price—
$1.15. Business—The marketing of an electric hot water

Business—Manufacture and sale of

heating system. Proceeds—For inventory, salaries, ad¬
vertising and promotion, and working capital. -Office—
1608 First National Bank Building, Minneapolis. Under¬

signed to provide simplified gift giving for business and
industry. Proceeds — For advertising, sales promotion,
repayment of loans, working capital and the establish¬

writer—M.

H.

ment of national dealerships. Office—80 Park

registration

was

Bishop & Co., Minneapolis. Note
withdrawn.
'

—

This

Architectural

Marble

1

Co.

race,

J. J.

Oakland Park, Ft. Lauderdale, Fla. Underwriter—
Bruno & Co., Inc., Pittsburgh/

Arista

Truck

Renting Corp.

—Repayment of loans, purchase of equipment, working
capital and general corporate purposes. Office — 285
Bond

23,

offered

to

be

the basis of

—22 cents per
and white and

for

for

subscription by

one new

common

stockholders

share for each share held.

Office—2 North 30th Street, Phoenix,

18,

1961
—

("Reg. A")

Manufacture

of

150,000 common.

Price—$2.

chemical products

used for

caulking, etc. Proceeds—Sales
promotion, research and development, inventory expan¬
sion and working capital. Office—1100 N. E. 125th St.,
painting,

Automated

June

28,

waterproofing,

North

Miami, Fla. Underwriter
Corp., Washington, D. C.
Associated Products, Inc.

—

("Reg.

A")

100,000

1961

Sports

Fairfax Investment

(10/23-27)
Aug. 25, 1961 filed 359,000 common, of which 175,000
are to be offered by the company and 184,000 by stock¬
holders. ,Price—$17. Business—The manufacture of dog
and cat food, cosmetics, drug items and toiletries.
Pro¬
ceeds—For repayment of loans and working capital. Of-*

common.

Price—$3.

"Gift Bookards" de¬

Ave., N. Y.

Co., Inc., N. Y.

Centers,

Inc.

filed

1,750 units, each consisting of one
$400 principal amount debenture (with attached war¬
rants) and 120 common. Price—$1,000 per unit. Business

—The

operation of bowling

centers. Proceeds—For

re¬

payment of debt, acquisition of a warehouse and work¬
ing capital. Office — 11459 E. Imperial Hwy., Norfolk,
Calif. Underwriter—Holton, Henderson & Co., Los An¬
geles. jNote—The company formerly was named Union
Leagues, Inc.

y

V

it Autrol Corp.

Price—$2.50.
vending machines
equipment. Office—1649 Vine St., Denver,
Colo. Underwriter—Schmidt, Sharp, McCabe & Co., Inc.,
Denver, Colo.
Sept. 13,
and

("Reg. A") 60,000

1961

common.

automatic

of

related

Avemco Finance

Corp.

filed 300,000 common shares. Price—By
amendment. Business—The retail financing of time sales
Aug.
to

15,

1961

consumers:

and the

financing of dealer sales of aircraft

Proceeds—For the repayment of
Colesville, Rd., Silver Spring, Md.
Underwriters—Sterling, Grace & Co., New York and
Rouse, Brewer, Becker & Bryant, Inc., Washington, D. C.
debt.

if Armoflex Chemical Corp.
Sept.

1961

and related

Underwriter—None.

Business

•

Price

Business—The processing of black
color film. Proceeds—To repay loans and

share.

working capital.

Ariz.

Processing Laboratories, Inc.

1961 filed 2,100,500 shares of common stock

on

12,

Business—Manufacture

St., Brooklyn, N. Y. Underwriter—None.

Arizona Color Film

June

Underwriter—J. Laurence &

,

Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The cutting, designing, polishing and installing of
marble products. Proceeds—For plant expansion, inven¬
tory and working capital. Office—4425 N. E. Sixth Ter¬

March

000 shares are to be offered
by the company and 50,000
shares by stockholders.
Price—By amendment. Business
—The operation of self-service shoe
stores. Proceeds—
For repayment of loans and
expansion.
Office—1908

Washington Avenue, St. Louis.
Richter Co., St. Louis.

—

Price—$2.40. Busi¬
ness—The manufacture of thermoplastic compounds for
resale to other manufacturers. Proceeds—For equipment,
sales and
advertising and working capital.
Office—
395 Smith St., Brooklyn, N. Y. Underwriter—Continental
Bond & Shares Corp., Maplewood, N. J.

Co., Inc., St. Louis.

American Self Service
Stores, Inc.

Aug. 11, 1961 filed 100,000

Office

Aug. 2, 1961 filed 100,000 common. Price—$5. Business—
Renting of trucks in the New York City area. Proceeds

July 25, 1961 filed 500,000 shares of beneficial interests.
Price
$10. Business—A real estate investment company

Underwriter—Stifel, Nicolaus

investment.

Apex Thermoplastics,

Roxbury Dr.,

Beverly Hills, Calif. Underwriter—None.
American

For

June

(10/9-13)

Aug. 18, 1961 filed 158,000 common shares, of which
115,000 shares are to be offered by the company and
38,000 shares by stockholders. Price—By amendment.

and other metals. Proceeds—For

—

Aug. 29, 1961 filed 150,000

1961 filed 1,500,000 class A common shares.
$1.15. Business—The manufacture of electronic

materials, operational

shopping centers, office buildings and industrial prop¬
Proceeds

capital

on the basis of one new share for each Epsco
Price—By amendment. Business—The man¬

ton Ave., N. Y. C. Underwriter
Corp., N. Y. C.

Globus, Inc., New York.

Apache

of

Planning Co., Wash¬
ington, D. C. Offering—Expected in late November.

(managing).

Price

New

American

York

the basis of

Foreign

Underwriters—Allen &

electronic data handling equipment, range
timing devices and standard electronic products. Pro¬

—

convertible

6%

of

$500,000

C.

of

housing cooperative. This is the issuer's first public fi¬

York. Underwriter—Bernard M. Kahn

Finance

1961

ufacture

ceeds—For

stock,

21,

Y.

v
825,000 shares

filed

1961

$1). Price—$3 per share. Business—Land development,
including the building of an air strip, a marina, and a

ordinated debentures due 1971; 75,000 shares of common

American

28,

Inc., parent,

1961 filed 88,739 shares of common stock

17,

Astrodata, Inc.
Aug.

share held.

Amity Corp.

29, 1961 filed 40,000 common shares. Price—$15.50.
Business
The insuring of animals, primarily race
horses, trotters and pacers. Proceeds—For expansion and
general corporate purposes. Office—92 Liberty St., New

April

N.

Ave.,

which 200,000 will be offered for public sale and 625,000
will be oifered for subscription by stockholders of Epsco,

capital. Office
Myers, Fla. Underwriter

Price

Business—The com¬
is engaged in research and development in the field

pany

of

filed

1961

Park

Cleveland at Passaic, Fort
Netherlands Securities Co.,

—

cluding

American Distilling Co.

fice—445

Inc.

Co.j N. Y. C. and A. C. Allyn & Co., Chicago (co-mgrs.).

working

American

&

Variety Stores,

Aug. .30, 1961 filed 100,000 common. Price—$4.50. Busi¬
ness—The operation of retail discount variety
stores.
Proceeds
For repayment of loans, equipment, and

equipment.

Office—8645

BSF Company
June

30,

1961

filed

—To

repay

debt and

5% convertible sub¬
Price—At par. Proceeds

$2,500,000 of

ordinated debentures due
as

a

1966.

reserve

tions. Office—818 Market St.,

for possible acquisi¬

Wilmington, Del.

Under¬

writer—None.
Babcock

Electronics

Corp.

(10/2-6)

Aug. 11, 1961 filed 300,000 capital shares, of which 50,000 shares are to be offered by the company and 250,000
shares by stockholders. Price-—By amendment. Business
—The manufacture of electronic units for remote 6on-»

-

Volume

194

Number

6094

*

.

The Commercial and Financial Chronicle

.

(1361)

33

o

trot

of

aircraft.

Proceeds

—

For

repayment

of

loans,

October 2

All-American

(Monday).

(Edward

Bargain Town, U. S. A.,
July 27, 1961 filed 300,000

Inc.

(10/3)

Lewis

(Bernard

M.

Common

Inc.)

&

Co.,

Fashion
Fashion

$300,000

Inc.)

1 Winslow,

Cohu & Stetson

'

and

100,000

$620,000

Barry-Martin Pharmaceuticals, Inc.
Aug. 25, 1961 ("Reg. A") 150,000 class A common. Price
•—$2. Proceeds—For packaging, advertising, repayment

Charles Jacquin et

&

Co.

and

Caressa, Inc.

Haupt

July

21,

1961

filed

Business—The

supplies.

100,000

common

manufacture

Proceeds—For

Inc.

of

Berkshire

14,

Fairfield

Price—$3.
equipment and

filed

(First

Fotochrome

(Kidder,

Greene

(Hess,

of

Lewis

materials.
fice—380

Higginson

Corp.,
early November.
•

Black

&

Ave.,

N.

Y.

common.

Price—By amend¬

the

N.

(Van

North

&

Co.)

Inc.)

Co.,

Missile-Tronics

Co.)

&

educational

art

selling stockholders. Of¬
C.
Underwriter—Lee

(mgr.).

Offering—Expected

in

Manufacturing Corp.

(10/11)
shares.

common

manufacture

Proceeds—For the selling stockholder.

fice—Towson, Md. Underwriter—Eastman Dillon, Union
Securities & Co., New York (managing).

■;

.

—

Inc.

-

Co.,-

&Motti,- Inc.)

Securities

Co.)

Brothers)

Product Research of R.

;>

$400,000

11

(Bids

30

a.

120,000

Heller

Robins

-

;

&

(No

Thoroughbred

holders.

Office—4000

Industries

BEoomfield

Building Industries, Inc.

(10/16-20)

of

additional

thereon.

land

Office

—

and
3355

subsidiary, purchase
the
construction of buildings
Poplar Ave., Memphis, Tenn.

Underwriter—Lieberbaum

&

a

Co., New York.

K.

October
'

$376,875

common.

Price—$3.

Business—The distribution of electronic products manu¬
factured by others. Proceeds—For inventory, equipment,

11

advertising, promotion, working capital and repayment
of loans. Office—69-18 Roosevelt Ave., Woodside, N. Y.
Underwriter—McLaughlin, Kaufman & Co., N. Y. Of¬
fering—Expected in early November.

;

October

October 4

Price
—$2.30. Business—The company plans to develop elec¬
tronic
calculators
for
the
sports industry to record
changing data. Proceeds — For working capital and ex¬
pansion. Office—1319 F St., N. W., Washington, D. C.
Underwriters—-Fund Securities, Inc., Staten Island. N. Y.

June

30, 1961 filed 200,000 common shares. Price—$5./
Proceeds—For the construction or acquisition of a chain
of

bowling centers principally in Italy, and for expansion
•.

•




.v

'

Continued

FMC

$1,800,000

&

Sons,

page

34

m.)

r

:

&

Common
120,000

Co.)

shares

Co.)

Co.,

&

Inc.)

Co.,

(Merrill

&

Co.)

&

&

150,000

Co.)

Common
$250,000

Co.)

Common

150,000

shares

Common

Dominick)

shares

75,000

a.

Smith,

68,000

$3,000,000

&

Smith,

Inc.)

50,000

Co.)

shares

100,000

Corp

Debentures

underwritten by

J. R.

—

Debentures

,

&

Rogers

Inc.)

Co.,

$1,200,000

.Common

Management

951,799

Corp.)

shares

-Class A
(Bayes,

Rose

&

Co.,

$100,000

Inc.)

D.

& Power

Fuller

&

Co.)

..Common
135,000

shares

Common

Funds

Income

40,000

shares

Common

Marshall Industries

Scheinman.

(Offering

shares

&

to

Co.

stockholders—underwritten

and

Shearson, Hammill

&

William

by

Co. >

-

JLee

&

Mobile

$300,000

Co.)

Higginson

Corp.

(Monday)

Michael

McDarby & Co., Inc.,
&
Associates,
Inc.)

Anderson

Precision
Dillon,

Weber

& J. Morris
$300,000

Industries, Inc

Union

Securities

&

Co.)

Corp.)

$300,000

Movie

Common
&

Hopwood)

Common
Odzer

Co.)

$840,000

shares

Common

■

&

Co.)

155,000

Common

shares

—Class A

Star, Inc

(Milton
.

—Common
158,000

Supply, Inc..:

Securities

Jaffray

Estates, Inc

(Bache

Common

D.

Staats

shares

Mortgage Guaranty Insurance Co.—,

-

,

Fidelity Acceptance Corp...—

Piper,

and

800,000

Common

Corp

R.

131,305 shares

Midwest Technical Development Corp

(Friday)

Williston

$1,890,700

Beane)

Magazines for Industry, Inc
Mairs

shares

.Common
Securities

(None)

L.

$30,000,000

Fund, Inc

(S.

R.

Co.)

&

stockholders

to

$299,950
by

Co.)

Lum's, Inc.

Barney

Common
Inc.)

&

Fenner

Coast

(Casper

$20,000,000

Co.,

Hentz

International

Lincoln

Bonds
Co.;

$180,000

Realty & Construction Corp.—Debs.

(Horizon

&

Inc.)

Properties

Keller Corp.

$20,253,300

CDST)

Co.,

&

Peabody

&

Co...Debentures

m.

..Common

Common

(Offering

shares

shares

Common

$1,500,000

Inc.)

Co.

&

&

Pierce,

Lynch,

Hoffman

Common

Common

Co.)

..Common

&

Debentures

(Pacific

$600,000

Co

200,000

Read

Inc.)

Perin

$240,000

Corp.

Growth

$15,000,000

Service

Dillon,

Co.)

Finkle

and

Morton

(H.

Fram

$400,000

—Common

&

Common
&

Corp.

First National

$2,500,000

Inc.)

Co.,

Inc.)

Insurance

Public

Corp.;

6

(First

Securities

Treat

(Harry

(Eastman

Common

$520,000

Co.)

Waters

Co.

(Kidder,

Common

Debentures

a.

(Burnham

American

&

(Monday) /

&

(Jay

Common

Co.)

Co

Beam-Matic Hospital
on

..Common

Electra-Tronics, Inc

Birr

&

11

Electro-Miniatures

(T.

$6,000,000

$1,000,000

& Associates, Inc

Dunlap

$160,000

Co.)

stockholders—underwritten

October 9

Higgins)

&

Heller & Co.)

Union

(Amos

Common

&

Life

&

Aero

Bowling Internazionale, Ltd.

$4,200,000

Cosnat Record Distributing Corp

and

Burry, de Sibour & Co., Washington, D. C. Note—
This letter will be refiled as a full registration.

shares;1'

200,000

Battery Corp

Common
$8,250,000

Metal Works, Inc

October

Inc.)
EDST)

noon

(Armstrong

(Wednesday)

&

to

*

..Common

Co.———Equip. Trust Ctfs.

(Lieberbaum

Cellomatic

shares

Liverpool Industries, Inc

(Offering

*

(Wednesday)

16

Stearns

(Bear,

Units

Japan Development Bank..

Tri

$250,000

Space Electronics

Common
320.000

Planning

and

Co.

Allyn

C.

(Arden

Bowl-Tronics, Inc.
Aug. 16, 1961 ("Reg. A") 100,000 common shares.

shar«»

.Common

:

Co.)

Bloomfield Building Industries, Inc

Corp

Osborne

Indiana

•

190,000

$187,500

Atlantic Improvement Corp.—

$340,000

Weeks)

&

Hamilton, Magnus

Boston

Inc.)

.Common
Corp.)

Corp

(Hamilton

$750,000

(Offering to stockholders—Bids 11

(First

Smith,

.

Manufacturing Corp

Dillon,

Common

Capital, Inc

Fidelity

Northern

&

-

Aero

Hampton Sales Co., Inc

(A.

Common
shares

Common

Johnson

Black & Decker
.(Eastman

$330,000

Co.!

&

Utilities

(Godfrey,

Rico, Inc._Com.

$1,000,000

World Wide Bowling Enterprises, Inc

(Tuesday)

(Bids

Boro

Electronics, Inc.
Aug. 30, 1961 ("Reg. A") 100,000

3

Byllesby &

Missouri

shares

100,000

Co.)

Fenner

(Stanley

Common

Inc

Co.)

Investment

Growth

States

40,000

Beane)

&

Polonitza,

(Wilson,

Diversified Wire & Steel Corp. of America._ CI. A
Gulf

Co.)

*

$3,650,000

Inc.)

Co.,

(Schweickart

(V.

shares

U. S. Markets, Inc

....Common

&

Fuller

D.

Research

M.

&

&

(Fraser

Bargain Town, U. S. A., Inc

(H.

Capital

100,000

Class A

Inc.

Enterprises,

(First

California

Co.)

•Southwestern Research & Development Co.—Com.

$1,250,000

underwriting)

(Hornblower

June 29, 1961 filed 300,000 class A common shares. Price

—$5. Proceeds—For advances to

&

$30,000,000

Tanny Enterprises, Inc

Water

&

(Carroll

~

$676,500

Water Industries Capital Corp

October

Common

Philadelphia

(Bids—12

.Bonds

Investing Corp.)

(Allen &

common

St., Wheeling, W. Va. Un¬
derwriter—Fulton, Reid & Co., Inc., Cleveland.
•

Pierce,

(Garat

.Common

Universal Publishing & Distributing Corp

Woodard

$300,000

Common

Publication,

(S

shares

Corp.)
_

Weld

Southern Railway

-

.Common

;

Corp.)

Co.)

underwriting)

(Hampstead

Vic

125,200

Shelley Urethane Industries, Inc.——

shares

Spectron, Inc.
Theil

Co.)

Williston

(First

shares

Properties Corp. of America

(No

&

Services

Ryons

-■

*

(Stanley

units

(Tuesday)

R.

Lynch,

■

...

EDST>

m.

6,280

Common

...

Common

Public Service Co. of Colorado
Real

Units

Corp.)

Common

Photo-Animation, Inc.

<• ; —

Common

135,000

Share

&

Higginson

Rossman

(White,

Common

$475,000

I., Inc.—

Bond

(Continental

Lee

Common

shares

Corp

Corp

October 10

(Merrill

.

Co.)

&

100,000

Longs Drug Stores, Inc

.Common^

X

Stone

$1,996,998

Corp.)

Fuller

(Dominick

shares (par $12.50).
Proceeds—For the selling stock¬

Price—By amendment.

L.

(J.

i /

$227,850*"

Inc.)

Playskool Manufacturing Co
(Lehman

$300,000

Interstate Fire & Casualty Co

Securities

_.

&

Electronics, Inc

(Hayden,

$800,000

Inc.)

Commonwealth Theatres of Puerto

shares

Midland

and

Inc.), 125,000 jshares

(Bullock

...

.

Panoramic

shares

Common
Co.,

Utilities

&

and

D.

~

•

Common

200,000

Education, Inc

Bloch Brothers Tobacco Co.

July 3, 1961 ("Reg. A") 4,000

Higginson

(Lester,

Common

Co.,

David

Oo.)

Buffums'

$300,000

Corp.)

New Era Mining Co

of

Of¬

.Tor

Common

1

(William,

Inc.)

Co.,

Common

Co.

&

(F.

Natpac Inc.
,

&

underwriting)

(International

$750,000

400,000

Share

Calamari

&

Debentures

Techno-Vending

$300,000

Corp.

(Hopkins,

Stearns

Realty

(Hirsch

Common

&

&

Benkert

Sterling Electronics, Inc

Common

Fitch,

•

Southern

(S.

Medco, Inc.

(Sandkuhl

Decker

tools.

Noel

Units

W.

Common

Blauner

Bond

$300,000

Raymond Engineering Laboratory, Inc

shares

175,000

Woodhill

Alstyne,

Y.

Aug. 11, 1961 filed 120,000 outstanding
Price—By amendment. Business—The
power

Co.)

A.

Corp.

$300,000

Corp

Co.)

Corp

and

Securities

shares

Inc.)

Shasta Minerals & Chemical Co...

manufacture., of

Proceeds—For

Madison

D.

(Continental

■

Binney & Smith, Inc.
Sept. 8, 1961 filed 171,038
Business—The

175,000

MacLevy Associates, Inc

control:,

•

ment.

Co.)

(Tillie) Foods, Inc

devices for

<

&

H.

(M.

Price—By amend¬

handling bulk granular or pulverized matetrials. Proceeds—For the selling stockholders. Office—
17190 Denver, Detroit.
Underwriter—Smith, Hague &
Co.; Detroit. '
1
/"./

&

&

Co.;
Boenning &
Draper, Sears &

Inc

(No

Common

Remington

Atherton

Co.

&

Inc.;

Co., Inc

shares

Intercontinental Dynamics Corp...!.

...//-; /*; •'
automatic

600.000

Common

.

Bioren

Cleaning Contractors, Inc

Empire,

Plasticon

Common

(Allen

• Best Plastics Corp.
V;
Sept. 26, 1961 filed 125,000 common, of which 100,000.
will be sold by the company and
25,000 by stockholders.
Price—$3.. Business—Manufacture of plastic novelties;

manufacture

Co.)

388,250 shares

(Laird, Bissell & Meeds)

.Common
&

Instrument Systems

of

/•'/ ''V.'

&

Holly Stores, Inc

May & Gannon, Boston.

ment. eBusiness—The

Peabody

Grant

(Milton

common.

Hirsch

$300,000

Inc.)

Winslow,

&

(Lee

(M. J.) Co

(Barret,

Bin-Dicator' Co.

and

Securities

Common

(General

Common

Co.

Dillon,' Union

Common

Corp.)

Osrow Products

Deetjen & Co.)

Globe Rubber Products Corp

Y.

plant and equipment
and
working capital;/ Office—:945 39th St.,,. Brooklyn,
r;N. Y. Underwriter—S, B. Cantor & Co., N. Y. ''

Old

,

Corp.
&

..Debentures

Corp.;

Schirmer,

Debentures
and Emanuel,

shares

$20,000,000

Credit

Deetjen & Co.)

Inc.

.Common

174,500

Co.,

&

;

Common

Inc
&

Co.)

$750,000

Eastman

Co.)

Securities

$150,000

,

&

Stetson)1 $422,000

Co.)

Scheinman

$3,500,000

Glickman

sys¬

party favors. Proceeds—New

Co.)

shares

Miller

....

Atlantic

L.

National

Co.)

Common
and Emanuel,

Co.)

&

and

Whiteside

(Bear,

&

Hayden,

$300,000

Common

(Shearson, Hammill & Co.

Proceeds—For the repayment of
debt, and working cap¬
ital. Office—203 Ann St.,
Hartford, Conn. Underwriter—

Aug. 25, 1961 filed 160,932

Middle

$300,000

—

262,500

which 60,000
will be sold for the company and
40,000 for certain stock¬
holders. Price—By amendment. Business—The operation
of eight discount type department stores in four states.

and

Chace,
Co.;

Controls, Inc

(Shearson, Hammill & Co.

acquisition, expansion and. in¬

common,

Co.;

(R.

Lomasney, Loving &

$244,800

shares

Micro-Precision Corp.

.Common

Lieberbaum

Inc.)

Marina, Inc

Walker

H.

'(Manufacturers

j

Common

and

Co.,

Common

&

&

Weeks

&

(G.

$283,125

Co.)

&

and

Cohu

Companies,

shares

Inc.;

Lyon

Co.

(Apache

Lowe's

Common

Securities

Philadelphia Corp.

(Bache

100,000

Inc.)

$1,000,000

Inc

&

shares

Machines

Coast

Fotochrome Inc.

of

Distributors, Inc.

1961

(Hornblower

...Common

Motti,

Inc.)

Ben. Ints.

&

S. A.,

Lewis & Clark

$375,000

ventory. Office—552 W. 53rd St., New York 19, N.
Underwriter—Netherlands Securities Co., N. Y.

Sept.

shares

195,000

Co.,

Kaufman & Broad Building Co

Hardy).'$625,000

&

&

Keystone Steel & Wire Co

Units

&

(Plomenhaf, Seidler & Co.,

equipment and closed circuit television
an

Business

Ripley

Common

Hardy

$400,000

..Common

(Bache

Dynamic Gear Co., Inc

1961 ("Reg. A") 100,000 common. Price—$3.
Business—The manufacture of television
antenna, music
Proceeds—For

David

Lyon

Ross,

and

(Winslow,

Common

,

140,000

Co.)

Corp.)

Girder Process, Inc..

Co., Inc. and Semple, Jacobs & Co., Inc.)

(10/9-13)

Television, Inc.

sound

&

(Pacific

29,

tems.

and

100,000

Street, Long Island City, N. Y. Underwriter
—First Weber Securities
Corp., New York.

and

Inc.)

&

(Harriman

shares

_

$299,250

Inc

Inc.,

Foamland U.

.Common

150,000

Playthings, Inc

Becker

G.

Crowmell

—25-11 49th

Aug.

Co.)

Industries, Inc.—„

(William,

plant facilities,
purchase of equipment, expansion of sales program, de¬
velopment of new products and working capital. Office

Bell

Co.

i

f

Reproductions, Inc

Creative

shares.

hospital

expansion

&

Homes

(Finkel

$600,000

Inc.)

.Units

Ross,

and

shares

Co., Inc.—

(Westheimer

Underwriter—Arnold Malkan & Co., N. Y.

Hospital Supply,

Co.)

&

Co.,

Color

Beam-Matic

300,000

_L

• Barry (R. G.) Corp.
Sept. 21, 1961 filed 100,000 common. Price—$5. Business
—Manufacture of slippers,
robes, cushions, pillows, autoseat covers, and other
specialty items. Proceeds—To re¬
pay
debt, increase inventory and for other corporate
purposes. Office—78 E. "Chestnut St.,
Columbus, Ohio.

(Alessandrini

(A.

Co.)

Cie, Inc

(Stroud

Cle-Ware

&

Co.,

Common

Securities

1,060,000

—_

Clarise Sportswear

and

:

i

Capital

&

(Shearson, Hammill

working capital. -Office — 4621 Ponce de
Leon Blvd., Coral
Gables, Fla. Underwriter — Edward
Hindley & Co., N. Y. C.

of loans

■

Common
(Ira

Inc.,

(Globus,

Laird, Bissell &' Meeds)

Bchwaoacher

&

Inc

shares

Caldor, Inc.

(Blyth

Peterson

First Union Realty.

Common

Babcock Electronics Corp

debt, and working capital. Office
—Rockaway Turnpike, North Lawrence, L. 1., N. Y. Un¬
derwriter—Schweickart & Co., New York (managing).

Homes

(Globus,

Automated Building Components, Inc

The operation of discount
department stores. Proceeds—•
For the repayment of

•

(Standard

Co.,

Kahn

Common

Anderson,

Industries, Inc

Common

Animal Insurance Co. of America

common shares,
of which
200,000 shares are to be offered by .the company and
100,000 shares by the stockholders. Price—$6. Business—

(McDonald,

Charter

Airways, Inc

,

•

Brinktun, Inc.

NEW ISSUE CALENDAR

working capital and general corporate purposes. Office
—1640 Monrovia
Avenue, Costa Mesa, Calif. Under¬
writers—Blyth & Co., Inc., New York and Schwabacher
& Co., San Francisco
(managing).
,•

Blauner

&

Co.,

Inc.)

200,000

shares

-

National

Bowling Lanes,
(Edward

Lewis

Capital

Inc..

Co.,

Inc.)

$825,000

Continued

on

page

34

34

(1362)

Continued

The Commercial and Financial Chronicle

from

33

page

All Star World
(Alessandrini

National Hospital Supply Co
(Edward

Lewis

Inc.

Co.,

and

...Common

Underhill

Securities

Corp.)

(Lee

Higginson

Capital Stock

Corp.)

75,000

(Bear,

Stearns

Corp. of

Stearns

536,280

L.

Co.)

&

Stearns

(Bear,

I.

du

Common
120,000 shares

(Peter

&

Executive
Common

150,000

&

Securities

Inc.)

Co.,

Inc.

and

Metals,

Gluckin

Treat

&

Co.

&

Fuller

Co.

&

(H.

(Amos

Hannett

Inc.)

Co.

Inc.;

Standard
Inc.)

Securities

90,000

Bond

&

Share

Corp.)

October

Mitchell

Miner

$720,000

17

Co.,

Inc.)

50,000

A

(White,

Weld

Northern Natural

&

Gas

(Eastman

Public

Dillon,

Co., Inc

&

Co.)

11

18

EDST)

a.m.

(Bids

Trans-Lux

EDST)

m.

Georgia Power Co
(Bids

Jayark

Films

$7,000,000

Coast

Securities

'

October

to

19

be

Co.)

72,000

received)

R.

Staats

&

Co.)

AMT

23

Corp.

Air

Master

and

from

working

230,000

&

dn

Pont

&

Co.)

200,000

Inc.

capital.

&

Wall

St., New

Jericho

York.

Co., and Thomas, Wil¬

liam, & Lee, Inc., New York City.
•
Brinktun, Inc. (10/9-13)
July 28,

1961

("Reg. A") 133,000 common shares (par
Price—$2.25. Proceeds—Repayment of loans
and working -capital. Office—710 N.
Fourth Street, Min¬
neapolis.
Underwriter
—McDonald, Anderson, Peterson
& Co., Inc., Minneapolis.
70

cents).

Bronzini, Ltd.
Aug. 23, 1961 filed 125,000
—The manufacture

Price—$6. Business

wear accessories. Proceeds
-—For redemption of the 10%
preferred stock, repayment
of a loan, expansion and

working capital. Office—720

Fifth Ave., N. Y. Underwriter—A.
J. Gabriel &
N. Y.
Offering—Expected late

Co., Inc.,

Buffums'

Aug.
ment.

7,

1961

&

40,000 common. Price—By amend¬
Operation of department stores in

California.

Office—Pine

Proceeds—General corporate pur¬
Broadway, Long Beach, Calif.
Ryons & Co., Los Angeles.

at

Bundy Electronics Corp.
Aug. 22, 1961 filed 100,000 common shares.
Price—$4.
Business—The design, development and
manufacture of
electronic components for
space and earth communica¬
tions.
Proceeds—For moving
expenses, repayment of
and

working

capital.

Office—171

Fabyan Place,
Newark.
Underwriters—Lenchner, Covato & Co. Inc.
Pittsburgh'and Harry Odzer Co., N. Y.
(co-mgr.).'
Burns

-(William

J.)

International

Co.)

Aug. 22, 1961 filed 175,000 class A common shares.
Price
—By amendment. Proceeds—For the
selling stockholders.
Office—101 Park Ave., New York. Underwriter-

Smith, Barney & Co., Inc., New York (managing).
^-Jlurton Mount Corp.
Sept. 22, 1961 filed 100,000 common.
Price—$6. Business
—Importation and distribution of copying machines
and
supplies. Proceeds—Repayment of debt,
inventory, sales




13

Gas

» f

«■*

do.,

&

November

Common

Brooks

to

be

to

be

a.

m.

David

Co.,

(Bids

—Common
$530;000 '

•

K

Garey

other

$300,000

November

11

received)

m.

a.

be

Caldor,

Inc.

1961

Business—The

Inc.)

received)

be

March

Inci)

&

Co.

purposes.

Office—2147

Brooklyn,
N.

be named. Offering-

common

retail

Capital

July 18, 1961 filed 200,000
Business—A

small

shares.

discount

Price—$5.
stores.

Pro¬

v

L

shares. Price—$12.50.

investment

company. Pro¬
ceeds—For investment. Office—111 Sutter
St., San Fran¬

cisco, Calif. Underwriters—H. M. Byllesby & Co., Inc.,
Chicago and Birr & Co., Inc., San Francisco.
California

Real

Estate

Investors

Aug. 17, 1961 filed 1,000,000 shares of beneficial interest.
Price—$10. Business—Real estate investment. Office—
12014

Wilshire

Blvd., Los Angeles. Underwriter—Harnack, Gardner & Co., (same address) (managing).
■

Camp Chemical Co., Inc,
Aug. 25, 1961 filed 110,000 capital shares.-" Price—$3.
Business—Manufacture of sanitation chemicals. Proceeds

Advertising, additional

personnel, inventories and
.accounts receivable. Office—-Second Ave.# and 13th St.,
sales

York, Inc._Bonds

$50,000,000

be

Bond*

receiyed)

$15,000,000

;

■

(Monday)

5,

to

received)

be

1962

Bonds

$20,000,000

(Monday)

Y.

N.

Y.

to

be

Bonds
received)

$25,000,000

Underwriter—Russell

c.

&

Saxe,

Inc.,

:■

.

ic Cap & Gown Co.
21, 1961 filed 192,400 class A common, of which
125,500 are to be offered by the company and 66,000 by
stockholders.
Price—By amendment. Business—Manu¬
facture, rental, and sale of graduation caps, gowns, choir
robes

and

related

apparel.

Proceeds—Plant

repayment of debt and other corporate
—100 N.

expansion,

purposes.

Offiee

Market

St., Champaign, 111. Underwriter—Kid-I
der, Peabody & Co., Inc., N. Y.
Carboline

Co.

Aug. 4, 1961 filed 100,000
shares

are

to

be

common

offered

by

shares, of which 35,000

the

company

and

65,000

shares by stockholders. Price—$5. Business—The manu¬
facture of synthetic linings and coatings for industrial
use.
Proceeds — For repayment of loans, research and

working capital. Office—32 Hanley Industrial Court, St.
Louis, underwriter—Reinholdt & Gardner, St. Louis.
Card Key Systems, Inc.
July 28, 1961 ("Reg. A") 60,000 common shares (no par).
Price —$5.
Proceeds — For research and development,

advertising equipment and working capital. Office—923
S. San Fernando Boulevard, Burbank, Calif.
Under¬
writer
Rutner, Jackson & Gray, Inc.," Los Angeles.
Offering—Expected in mid-October.
—

Inc.' (10/3)

common

business

New

Sept.

Price

began operations

Co., New York (managing).
Growth

of

EDT)

m.

(Tuesday)

11

(Bids

expansion and working capital. Office—69
St., Stamford, Conn. Underwriter—Ira Haupt

California

"

West Penn Power Co

$700,000

ceeds—For

Jefferson

$25,000,000

General Telephone Co. of California

Common

company-owned patents. Pro¬
capital. Office—Kirk Boulevard,

of

Bonds

received)

a.

to

(Bids

on

120,000

$o0,000,000

(Tuesday)

11

5

December

$300,000

company which

operation

$10,000,000

(Thursday)

21

December

...Common

(10/2-6)

filed

Preferred

EST)

$20,000,000

1954, is engaged in the research and development of
special material handling systems for industrial and

•

Bonds

$4,000,000

Light Co

to

Edison

(Bids

in

based

$4,200,000

Co

Virginia Electric & Power Co

•*

Carriers, Inc.

use

Equip. Trust Ctfs.

received)

(Wednesday)

to

(Bids

Common
shares

March 23, 1961 filed 196,109 shares of
capital stock.

-—$1.15. Business—The

Bonds

$15,000,000

$10,000,000

700,000

corporate

be

16

(Bids

Bonds

Co.,

be

to

Carolina Power &

(Thursday)
&

Corp

EST)

-

....Common

Co

Motti,

Common

$2,000,000

Inc.)

Bonds

EDST)

&

-to

(Bids

Consolidated

received)

m.

a.

15

November

Corp.)

received)

units

Pacific Northwest Bell Telephone Co._.Debentures

shares

&

;i__
Securities

50

Dallas Power & Light Co

200,000

Inc.<)

Electric

(Bids

Class A

W.

Co.)

Michigan Power

Common

Inc.)

P.

&

shares

:

and

$300,000

(Monday)

11

(Bids

Wisconsin

★ Business Growth Funding Corp.
Sept. 20, 1961 filed 100,000 common. Price—$4. Business
—Making of loans to small business
concerns, purchase
of machinery for
lease, and the providing of manage¬
ment counseling. Proceeds—For
working capital. Office
—527 Lexington
Ave., N. Y. Underwriter—Morton Klein
& Co., Inc., N. Y.

July 27,

Loeb

(Tuesday)

&

(Bids

$299,000

Co.,

Creesy)

Reiner, Linburn & Co., N. Y.

Detective

Agency, Inc.

K

".

Expected in late October.

—

Kuhn,

Units

Debentures

250,000

filed

Underwriter—Lester,

debt

$585,000

Co.)

&

&

Southern Railway Co.v

(Tuesday)

26

and

commercial

by

shares

(Monday)-

November 14
Rochester

$10,000,000

ceeds—For
working
Greenville, S. C. Underwriter—To

Business

Southern
poses.

Inc.)

Corp.)

(10/10)

October.

•

$7,500,000 )

Turnpike, New Hyde Park, N. Y. Underwriter—

Cable
common.

of men's

1,110,617

(Lieberbaum & Co.)

,285,000 shares

,

11

(Best

promotion

Office—80

Wickett

Inc.)

Middle Atlantic Investment Co

$750,000

-

..Common

Debentures

International, Inc

October

Common
Hardy & Hardy)

33

page

.Underwriters—V. S.

and

?

•

Corp.

(Wednesday)

(William,

shares

Wide, Inc
Co.,

$825,000

Royal Land & Development Corp

$155,000

Co.,

&

Corp.

24

(Bids

Pickwick

shares

Common

I

Star World
(Alessandrini

Continued

Co.)

Corp

(Francis

All

&

6

November

New England Power Co._

Common

Becker

G.

Inc.)

Co.,

(Burnham

shares

„

(A.

Inc.)

stockholders—underwritten

$540,000

Common

,

(Bids

(Monday)

to

..Common

Stearns

October 25

October

Lusk

$650,000

Smith

&

Inc.)

Niagara Mohawk Power

160,000

Co.,

Barney

Common

:

Common

(Mann

$400,000

Investing Corp..

(Bids

Common

.Co. and
shares •

Growth, Inc.

Common

Fenner

Garey

(Standard

(Thursday)

(William

& Co.)

Niagara Mohawk Power Co

Union Rock & Materials
Corp..

&

Smith,

&

200,000

Malkan

&

$1,575,000

(H.) & Sons, Inc..

October

$4,000,000

.Common

Securities

Co.)

Common

Co.)

Co.)

Wonderbowl, Inc

Bonds

$10,000,000

received)

be

Union

November

Surgical Supply Inc

shares

(Offering

$273,000

Inc.)

Co.,

&

&

(D...EnIiiederman

Common

Wisconsin Natural Gas Co
(Bids

Co.)

Texprint, Inc.--i_-.-___

$10,000,000

Bonds
to

Cleaners, Inc...

'•

Common

Higginson

Higginson

Windsor

Bonds

_

EDST)

noon

$375,000

Corp.

i;

Corp

(Pacific

(Lee

200,000 shares

(Thursday)

(Arnold

Common

Inc.)

Displavs, Inc

Warshow

received)

Pittsburgh Steel Co

Corp

(Dempsey-Te'geler

Preferred
a.

$2,400,000

Co

Dillon,

Kent Dry

Common

Bomback

&

(Bear,

$243,000

received)

be

be

..Common

(Lee

..Common

11

shares

........Common

to

&

$700,000

and Oppenheimer

Pierce,

Transcontinental

Tri-State

Power

(Eastman

$300,000

iL.r

(Best

Universal

Corp.)

Common

200,000

Atlantic City Electric Co

shares

Thermo-Chem Corp.

$50,000,000

Georgia Power Co

150,000

&

&

(Globus,

$3,000,000

Dynamic Toy, Inc
Securities

Y.)

(Wednesday)

November 2

Manufacturing Co

Lynch,

Debentures

to

(Bids

Telecredit, Inc.

Common

Idaho

Common

Co.

Seidler

(Lieberbaum

(Wednesday)

(Hancock

(Bids

Corp

(Naftalin

October

N.

Idaho Power Co

Debentures

Common

Inc.)

Co.,

&

Electronics

Debentures
Securities

shares

(Tuesday)

Common

Kahn

(Golkin,

Realtone

Common

Service Electric & Gas Co
(Bids

M.

140,000 shares

Co

Union

Coils

$300,000

31

November 1

$25,000,000

& Son, Inc

Treat

Industries

(Merrill

Cement Co._

450,000

Common

shares

(Offering to stockholders—underwritten by Blyth & Co.)
430,000 shares

Oklahoma

..Common

Corp..—
Co.)

&

Co,,

-

Common

Stouffer Corp.

Co.)

-V;

Industries, Inc

Motor

(Tuesday)

American Heritage Publishing

&

(Bids

McDowell Co.)

;

(Golkin, Bomback & Co.

Class

&

•

$500,000

Simmons)

(Flomenhaft,

Marlene

Corp.

Common

Inc. and Reuben Rose & Co.)

'

—w

underwriting)

(Amos

Common
J.

Auyn

Chicago, Burlington & Quincy—..Equip. Trust Ctfs.

$1,750,000

Inc

(Bernard

Zep Aero
(Francis

&

Corp.

shares

Laboratories, Inc...

& Co.,

shares

302,000

Co.)

Inc.)

Securities

(No

Lido

Electronics Corp
Josnua

&

Ltd

&

Ihnen (Edward H.)

shares

415,576

,

Debentures

Ellis

Happy House,

shares

Common

&

Bruno-Lenchner

(Continental

(John

Co.)

October

Common

—

—*

Sachs

Co.,

(Albion

$230,000

125,000

Corp

United Scientific
Voron

&

shares

147,000

Industries, Inc

Class A

Hentz

Treat
and

(Blunt

.Common

Co.)

C.

Lincoln Liberty Life Insurance Co..

Units

(None)

$1,400,000

Industries, Inc

Supronics

(Wm.)

Common
D.

,(A.

Common
126,832 shares

(Monday)

Financial

(Bache

Handschy Chemical Co

:

(Armstrong

Co.)

Corp

George K. Baum & Co.)

Inc.)

Western

$378,000

Straus, Blosser
units

(Globus,

Semicon, .Inc.
(S.

Co.)

Gro-Rite Shoe, Inc

$300,000

Common

Sav-Mor Oil Corp

Star

Finance

(Goldman,

Inc

(Amos

&

&

and

Family

$600,000

Rodney

First

Units

Inc

Common

Co.,

Common

$6,103,000

200,000

$1,650,000

—

Securities

House,

(Bear, Stearns & Co.

shares

Common
Co.)

October 30

$5,000,000

& Co.)

Auyn

(Friday)

(White, Weld & Co., N. Y.)

shares

.■_■

C.

A.

Becker

G.

Common

Morgan

Inc

(Midland

(A.

200,000 shares

Co.)

ASC, Inc
(Albion

Ko,

Co.)

Simmons)

&

and

Consumers Utilities Corp
:
(Golkin, Bomback & Co.)

•,

-

Common

Microwave Corp

Riverview
Ro

&

Pont

Ellis

Co.

&

27

Citizens Life Insurance Co. of New York__Common

Industries, Inc

(Francis

150,000

Thursday, September 28, 1961

.

Piedmont Natural Gas Co., Inc

Units

(Lieberbaum

$2,067,800

Co.)

Co.)

&

.

October

$250,000

.Common

Churchill Stereo Corp

...

Pioneer Astro

Precision

shares

Inc

Ferman

Hardy)

Products, Inc

(Allen

Debentures

&

Fisheries,

(Robert

Co.)

Pavelle Corp..

,

Associated

Capital

America

(Bear,

Pan-Alaska

&

.....Debentures
Hardy &

and

Corp

(Blunt

shares

Corp. of America

Nuclear

Fuller

Apache Realty

National Semiconductor Corp

Inc.

Co.,

D.

(S.

$300,000

Nuclear

Wide, Inc

&

Alpine Geophysical Associates, Inc

.

Caressa, Inc. (10/2-6) "
Aug. 2, 1961 filed 150,000 common shares, of which 75,000 will be sold by the company and 75,000 by a stock¬
holder. Price—By amendment. Business—The manufac¬
ture of women's shoes. Proceeds—The company will use
its share of the proceeds for expansion, the
repayment
of

debt

and

for

other

corporate

purposes.

N. W. 37th Ave., Miami, Fla. Underwriter
Hammill & Co., New York (managing).
Ca

Office—5300
—

Shearson,

Industries, Inc.
Aug. 21, 1961 filed 275,000 capital shares. Price — By
amendment. Business—The production and importation
of

avan

marble

and

vitreous

mojaic

building construction field.

products

used

in

the

Proceeds —For eou:pment,

inventory, leasehold improvements, construction,

repay-

Volume 194

ment of loans

250

Vreeland

and

Number

6094

.

,

general corporate

The Commercial and Financial Chronicle

,

Office—

purposes.

1303 Elm

Ave., Paterson, N. J. Underwriter—None.

Catamount,

Inc.

Kennedy & Peterson, Inc.,

—

Battery Corp.

(10/16)

• Coleco

20, .1961 ("Reg. A") 1UU,000 common shares (par
10 cents).
Price—^$2.50.. Proceeds — For repayment of
debt, inventory and working capital. Office—300 Dela¬

Avenue, Archbald,
Co., Inc., New York.

ware

<

Cerro

Pa.

Sept.

Underwriter—Armstrong

Business—The

Price—By amend-

common.

mining, refining and smelting of

Park Ave., N. Y, C.
Underwriters—Morgan:
Stanley & Co., and Smith, Barney & Co., Inc., N. Y. C.
Offering—Expected in late October.
;
,

Challenger Products, Inc.
30, 1961 filed 125,000 common shares.

.

Price—$5.

repayment of debt, purchase of

.

new

provements

equipment,- and working capital. Office—2934 Smallman
Sit., Pittsburgh, Pa. Underwriter—Carreau & Co., N. Y.
• Chandler Leasing Corp.
Sept. 26, 1961 filed 143,000 common. Price—By amend¬

Business—Leasing

of

equipment.

Proceeds—For

the purchase of 20 class A common shares from

to

are

be

offered

•

company and 120,000
Price—By amendment. Business
vodka, rum, brandy, etc.
working capital, sales promotion and ad¬

shares by stockholders.

-r-The production
Proceeds—For

~

:

Trenton Ave., Philadelphia.
derwriter—Stpoud & Co., Inc., Philadelphia (mgr.).

for at

least six

Underwriter—Standard
Church

of

tional

Un¬

Lake

or

company

of

electronic equipment, hydraulic products and metal fur¬
niture.
Proceeds—For repayment of loans and expan¬
sion.

Office—216 N. Main St., Freeport, N. Y.
Under¬
writer—Lomasney, Loving & Co., New York (managing).

management

.

type.

Inc., Fort Worth, Texas.
•

Churchill

1961

share and
The

one

warrant.

manufacture

Price—$3.60

of

hi-fidelity, radio
and/or television equipment and the operation of six
retail stores.. Proceeds
For expansion, repayment of
loans, working capital and other corporate purposes,
—

Office—200 E. 98th Street, Brooklyn, N. Y.

Underwriter

Cineque ColorfiEm Laboratories, Inc.
Aug. 29, 1961 ("Reg. A"); 120,000 common. Price—$2.50.Business—The production of slides and color film strips.

v

Proceeds—For equipment, sales promotion and advertis¬
ing. Office—424 E. 89th St., N. Y. Underwriter—Paul

f Citation

Aug.

28,

\

Industries, Inc.

1961

filed

of

.

6J/2%

v,

convertible

Price—$2G0

unit..

per

and

shell

Business—The
homes.

.

,

manufacture

Proceeds—For

of

general

corporate purposes. Office—129 S. Claiborne, New Or¬
Underwriter—None. Note—This registration was
withdrawn.
*••• *
'
'
: '
*'
*
"
*'
.

•

Citizens Life Irs. Co; of New York

Sept. 8, 1961 filed 147,000
be sold by the company

common,

and

(10/23-27)
of which 100,000 will

47,000

by

a

stockholder!

Price—By amendment.
Business—The writing of or¬
dinary life,; group life.and group credit life insurance.
Proceeds—For investment in income producing securi¬
ties. Office—33 Maiden Lane, N. Y. Underwriter—A. G.
Becker & Co., N. Y. (mgr.).
•

Clarise

Sportswear Co., Inc. (10/2-4)
:
July 21, 1961 filed 125,000 common shares, of which 75,000 shares are to be offered by the company and 50,000
shares by stockholders. Price—$5. - Business—The manu¬
facture of women's sportswear. Proceeds—For working
capital.

.Office—141

W. 36th Street, New York.

Under¬
Co., Inc. and Hardy & Hardy,
New York, (co-managing).
.J,
'
..

writers—Alessandrini

>

&

Cle-Ware Industries, inc.

July 25, 1961
160,000 shares

(10/2-6)
filed 195,000 common shares - of > which
are to
be offered by the company and
,

35,000 shares by stockholders. Price—By amendment.
Business—The wholesaling of parts, chemicals and ac¬
cessories

related

to

the

automotive

and

marine

fields.

Proceeds—For repayment of loans, working capital and
other

corporate

Office—10604 St. Clair Ave.,;
Cleveland. Underwriter-r-Westheimer & Co., Cincinnati.
Clute

purposes.

(Francis H.)

&

July 3, 1961 filed 1,000,000
Business

—

The

Son,

Inc.

common

manufacture

of

shares. Price—$1.50.
farm

equipment. Proceeds—For materials and
search

and

development and




Puerto

July 28, 1961 filed 100,000
000 shares

shares

Rico,

Inc.

common shares, of
to be offered by the company

are

by stockholders.

eration of

renovations

and

a

which 50,and 50,000
Business—The op¬

Price—$10.

chain of theatres in

a

—For construction of

Puerto

Rico.

Proceeds

drive-in movie theatre, building

general

corporate purposes. Address—
Underwriter—J. R. Williston &

Beane, New York (managing),

r

.

Community Charge P>an
Sept. 22, 1961 filed $3,600,000 of 6% subordinated.deben¬
tures due
1976
(with attached warrants to purchase
72,000 common shares) and 216,000 common, to be of¬
fered

in

units

consisting

of a $100 debenture (and a
shares) and six common shares.
amendment.' Business—The purchase at a

discount from

and

industrial

inventory,

re¬

working capital. Office—

Continental

merchant-members, their accounts receiv¬

Underwriter—Troster, Singer & Co., N. Y.

Computron Corp.

Sept. 15, 1961 filed 500,000 common. Price—$1.15. Busi¬
ness—Research, development, design and production of
electronic automation devices. Proceeds—For equipment,
research and development and working capital. Office—
James

Ave.,

South,

Minneapolis.

Consolidated Chemical &

Underwriter—

—F. Baruch & Co.,

due

1968

con¬

and

68,750 common to be
consisting of $100 of debentures and 25
Price—$200 per unit. Business—The company

offered in units
common.

manufactures from
basic paint lines.

oil, chemicals and pigments, diverse
Proceeds—For retirement of outstand¬

debentures, repayment of debt and working
capital. Office—456 Driggs Ave., Brooklyn, N. Y. Un¬
derwriters—Armstrong & Co., N. Y., and L. C. Wegard

ing

&
•

6%

Co., Trenton, N. J. Offering—Expected in December.
Consolidated

Production

Corp.

May 26, 1961 filed 125,000 shares of common stock. Price
—$15. Business—Company buys and manages fractional
interests

in

producing oil and gas properties. Proceeds
working capital. Office—14 North

—For investment, and

Robinson, Oklahoma City, Okla. Underwriter—Shearson,
Hammill & Co., New York City (managing).-Note—This
company formerly was named Cador Production Corp.
Offering—Temporarily postponed.
Consolidated Vending Corp.
Aug. 29, 1961 filed $150,000 of 6% debentures due 1971
and 50,000 common to be offered in units each consisting
of $150 of debentures and 50 common. Price—$400 per
unit. Business—The
ceeds

—

For

operation of vending machines. Pro¬
of loans, new equipment and

repayment

Estate Investment Trust

Place, Baltimore. Underwriter
Inc., Washington, D. C. (managing).

Continental Vending Machine Corp.

Aug. 11,

1961 filed $5,052,700 of 6%

convertible subor¬

dinated debentures due 1976, to be offered for subscrip¬
tion by stockholders on the basis of $100 of debentures
for each 80

common

shares held.

Price—By amendment.

Business—The manufacturing of vending machines. Pro¬
ceeds—For repayment of loans and working capital. Of¬
fice— 956 Brush Hollow Road, Westbury, L. I., N. Y.
Underwriter—Hardy & Co., New York (managing).
•

Control

Lease Systems,

Inc.

("Reg. A") 225,000 common. Price—$1.15.
equipment, research and development and
capital expenditures. Office—3386 BroWnlow Ave., St.
Louis Park, Minn. Underwriters—M. H. Bishop & Co.,
and J. P. Penn & Co., Inc., Minneapolis. Offering—Im¬

Proceeds—For

minent.

Cook

(L. L.)

Aug. 4, 1961 filed 49,736 common, of which 9,600 are to
be offered by the company and 40,136 by stockholders.
Price—By amendment. Business—Processing of photo¬
graphic film, wholesaling of photographic supplies and
manufacture of post cards. Proceeds—For general cor¬
porate purposes. Office—1830 N. 16th St., Milwaukee.
Underwriter—Milwaukee Co., Milwaukee.
Cooke Engineering Co.
Sept. 12, 1961 filed 32,000 common. Price—$11. Business
—The manufacture of electronic products and the fur¬
nishing of engineering services. Proceeds—For equip¬
ment, new products, sales promotion and .working cap¬
ital. Office—735 N. St. Asaph St., Alexandria, Va. Un¬
derwriter—Jones, Kreeger & Co., Washington, D. C.

Cosmetically
Aug. 23,

Yours,

manufacture
of

Inc.

1961 filed 42,500 common. Price—$4. Business
of

cosmetics.

Proceeds—For

repay¬

loan, advertising, equipment, inventory, re¬
search and development and working capital. Office—
15 Clinton St., Yonkers, N. Y. Underwriter—P. J. Gruber
& Co., Inc., N. Y.
a

Cosnat Record

Distributing Corp.

(10/16-20)

May 26, 1961 filed 150,000 shares of common stock, of
which 105,556 shares are to be offered for public sale by
the company and 44,444 outstanding shares by the pres¬
ent holders thereof.
Price—To be supplied by amend¬
ment.

.

Paint Corp.

Aug. 29, 1961 filed $275,000 of 6V2% subordinated
vertible debentures

Real

ment. Office—530 St. Paul

ment

Brandtjen & Bayliss, Inc., St. Paul, Minn.

Fund,

Price—$10. Business—Real estate. Proceeds—For invest¬

—The

9330

Growth

for

warrant.

Aug. 3, 1961 filed 300,000 shares of beneficial interest.

able arising from customers who hold credit cards issued

N. J.

one

—

by these members. Proceeds—To repay debt and increase
working capital. Office—10 Banta Place, Hackensack,

leans.

.

of

offered

July 21, 1961

(10/10)

Price—By

de-v

Ventures. due 1969 and 94,000 common to be offered in
Units consisting of one $100 debenture and 20 common.
prefabricated

io<-

America:-

warrant to purchase two

-

$470,000

-iMrri

of

Theatres

Santurce, Puerto Rico.

(managing).

Bisenberg Co., N. Y.,

Commonwealth

one

stereophonic,

—Lieberbaum & Co., New York

•

at- '

unit. Business—

per

,:v

•

...

Co.

.

Stereo

Corp. (10/23-27)
105,000 common shares and 105,000
tached five-year warrants to be offered in units of
17,

•

Insurance

Aug. 25, 1961 filed 300,000 common. Price—By aitfettdment. Proceeds—For the selling stockholders. Business—
The writing of accident and health insurance. Office—
5050
B'way, Chicago. Underwriter—Smith, Barney &
Co., n. y.
; " ,r/.
'
•

Proceeds—For investment, Office—501 Bailey Avenue,
Fort Worth, Texas. Distributor—Associates
Management,

July

'

,

Combined

be

share and

writer
H. B. Crandall Co. and Cambridge Securities,
Inc., N. Y. Offering—Expected late October.

1

i

13, 1961 filed 150,000 common shares. Price—$5
Business—The. manufacture of marine propellers and

Corp., N. Y. (mgr.)

the

"

July

Builders,

investment

'

Continental

to

will

common

Leasing Corp.
19, 1961 ("Reg. A") 100,000 common shares (par
one
cent). Price—$3. Proceeds—For purchase of new
automobiles, advertising and promotion, and working
capital.
Office—527 Broad St., Sewickley, Pa.
Under¬

City, Utah. Underwriter—None.
*

advisor

securities

one

Continental

phonograph records of an educa¬
religious nature. Office—3600 Market St., Salt
'"""""

Inc.

June

of

^

Inc.
Feb. 6, 1961 filed 50,000 shares of common stock, series
2; Price—$5.50 per share. Business—A closed-end diver¬
sified

St., N. Y.

Columbian Bronze Corp.

molded

Securities

44th

Distributors,

public sale in
Price—$1
per unit. Business—The company is the sponsor of Con¬
tinental Growth Fund, Inc. Proceeds—For expansion.
Office—366 Fifth Ave., New York City. Underwriter—
Niagara Investors Corp., N. Y. Offering—Imminent.

months.

ness—Production

Price—$4
plastic products.
production and plant expan¬
Ave., New Brunswick, N. J.

manufacture

E.

Fund

Corp.,

The

units of

ic Columbia Research Group
Sept. 8, 1961 ("Reg. A") 22,500 common to be offered
publicly in units of 75 shares. Price—$1 per unit. Busi¬

.

Industries, Inc. (10/9-13)
June 22, 1961 filed 100*000 common shares.
Proceeds—For starting up
sion. Office—388 Codwise

Inc.

City, Utah. Underwriter—None. Note—On Sept. 27,
company stated that this offering will be postponed

the

Charter

Business—The

agement

Columbia

.

•

Continental

April 13, 1961 filed 296,000 common shares and 296,000
warrants for the purchase of stock of Continental Man¬

color

Office—202

the

("Reg. A") 3,100 common. Price—$32;25.
the
selling- stockholders. Office—Port¬
land, Me. Underwriter—H. M. Payson & Co., Portland.

Lake

of cordials,

vertising. Office—2633

facilities.

of

—

Proceeds—For

Research Group
20, 1961 filed 5,000,000 preferred shares (par one
cent). Price—$1. Business—The production of religious
and educational phonograph records. Proceeds—For
gen¬
eral corporate purposes. Office—3600 Market Street. Salt

the

by

makes

Florida.

Consumers Water Co.

June

direc-

a

company

of

Aug. 29, 1961

Underwriter—William, David & Motti, Inc., N. Y.

tor, and working capital. Office—17 Dunster St., Cam¬
bridge, Mass. Underwriter—G. H. Walker & Co., N. Y.
• Charles
Jacquin et Cie, Inc. (10/2-6)
July 7, 1961 filed 140,000 common shares of which 20,000
shares

Pro¬

For

areas

selling stockholder (Mobilife Corp.)
Office—Sarasota, Fla. Underwriter—Golkin, Bomback &
Co., N. Y. C.

photographs
and reproductions for churches,
institutions, seminaries
and schools. Proceeds—For equipment; sales
promotion;
repayment of loans; construction of buildings and im¬

,.

June

Business—The

shares

sew¬

ceeds

offered in units, each unit consisting of $100 of deben¬
tures and 50 shares of common stock.
Price—$287.50 per

unit.

Mobilife

age-disposal plants in suburban

filed

Color Reproductions, Inc. (10/2-6)
May 10, 1961 (letter of notification; 950 units of $95,000
of 6% subordinated
debentures, due June 30, 1971, and
47,500 shares of common stock (par one cent) to be

•

shares for each 5

Price—By amendment. Business—The acquisition,

construction and operation of water-treatment and

•

Office—300

ment.

basis of 3 Consumers

held.

Industries, Inc.
1961

& Motti, Inc., N. Y. C.

Consumers Utilities Corp.

(16/23-27)
July 27, 1961 filed 302,000 outstanding common shares
to be offered for subscription by stockholders of Mobilife Corp., of Bradenton,
Fla., parent company, on the

expansion and working
capital. Office—75-77 Windsor St., Hartford, Conn. Un¬
derwriter—Cooley & Co., Hartford, Conn.

purposes.

Proceeds—For the

26,

•

35

129 S. State St., Dover, Del.

—

Underwriter—William, David

and games. Proceeds—For plant

nonferrous metals in Peru and the production of
copper
wire, brass and bronze rods, aluminum sheet and coils/
in the U. S. Proceeds—For general
corporate

•

working capital. Office

120,000 common, of which 12,000
shares will be offered by the company and
108,000 by
stockholders. Price—By
amendment. Business—Manu¬
factures plastic toys, play pools, toy boats and
houses,

Corp.

Aug. 24, 1961 filed 350,000
ment.

Stone,

Vending Industries, Inc.
Aiig. 28, 1961 filed 115,000 common. Price—By amend¬
ment. Business—The
manufacture, sale and servicing of
vending machines. Proceeds—For working capital. Office
—560 W. Lake St., Chciago.
Underwriter—Straus, Blosser &
McDowell, Chicago (mgr.).

June

&

—

Cole

mont, Mass. Underwriter
Hartford, Conn.
Celiomatic

St., Rocky Ford, Colo. Underwriter

Altman & Co., Inc., Denver.

Aug. 23, 1961 ("Reg. A") $30,000 of debentures due Sept.
1, 1976, "to be offered in units of $500. Price — At par. '
Proceeds—Fpr operation of a ski resort. Address—Egre-"

/

(1363)

Business—The

manufacture

and

distribution

of

phonograph records. Proceeds—For the repayment of
debt, and working caiptal. Office—315 W. 47th St., N. Y.
Underwriter—Amos Treat

&

Co., N. Y. C.

(mgr.)

Cowles

Magazines & Broadcasting, Inc.
Aug. 30, 1961 filed 350,000 capital shares.
Price—By
amendment. Business—The publication of "Look" mag¬
azine, the sale of subscriptions to other magazines and
the operation of TV and radio stations. Proceeds—For
general corporate purposes. Office—488 Madison Ave.,
N. Y. Underwriter—Goldman, Sachs & Co., N. Y. C.
Offering—Expected in mid-October.
Coyle's Voting Machine Co.
31, 1961 ("Reg. A") 10,000 common. Price—$10.
Business—The sale of punch card type voting machines.
Office—830 High St., Hamilton, O. Underwriter—John
Aug.

A. Kemper &
Cramer

Co., Lima, O.

Electronics, Inc.

July 27, 1961 filed 150,000 common shares, ,of which
107,250 shares are to be offered by the company and
42,750 shares by the stockholders. Price—By amendment.
Business—The distribution of electronic components and
equipment. Proceeds—For repayment of loans, inventory
and working capital.
Office—811 Boylston St., Boston.
Underwriter—Carl M. Loeb, Rhoades & Co., N. Y. (mgr.)
Continued

on

page

36

,

36

(1364)

Continued

from

The Commercial and Financial Chronicle

July 3, 1961 filed 130,000
Business

of loans, and for ex¬
Meadowmere St., Springfield,
Mo. Underwriter—Reinholdt & Gardner, St. Louis (mgr.).

Diversified

for

children.

Proceeds—For

research

Cromwell

Business

Machines, Inc.

and

•

(10/2-6)

Shell

120,000 common. Price—$2.50.

a loan, expan¬
working capital. Office—412 W. Saratoga St.,
Baltimore, Md. Underwriter—T. J. McDonald & Co.,
Washington, D. C. Offering—Imminent.

-

of

new

Inc.

facture

sales

employees.

Proceeds—Expansion and gen¬
Office—1790 B'way, N. Y. Un¬
derwriter—Theodore Arrin & Co., Inc., N. Y.
•

corporate

Data

purposes.

Management,

Inc.

July 17, 1961 ("Reg. A") 260,869 class A common shares

(par 10 cents). Price—$1.15. Proceeds—For purchase of
equipment, investments, and working capital. Office—
1608 First National Bank Building, Minneapolis. Under¬
writer—M. H. Bishop & Co., Minneapolis. Offering—Im¬
minent.

and

July

Industries,
filed

1961

17,

Inc.

112,500

shares.

common

Price—$4.

Business—The manufacture of electrical products such as
transistorized
and
conventional
tube
radios, portable

phonographs and educational kits.
ing capital and other corporate

Proceeds—For work¬

Office—350

purposes.

Scotland

Road, Orange, N. J. Underwriter—Robert L.
Ferman & Co., Miami, Fla. (mgr.). Offering—Expected
early October.
ir Delaware Barrel & Drum Co., Inc.
Sept. 26, 1961 filed 100,000 common. Price—By amend¬
Business—Manufacture of plastic shipping con¬

ment.

tainers and tanks. Proceeds—For research and develop¬
ment

and

other

corporate

Gardens, Wilmington,
& Co., N. Y.

purposes.

Office—Eden Park

Del. Underwriter—G.

H.

Under¬

Electro-Temp Systems, Inc.

30, 1961 ("Reg. A") 75,000 common shares (par
cent). Price $4. Business—The sale of refrigeration
machinery and equipment. Proceeds—For repayment of

(10/2-6)

Inc.

Bayes, Rose & Co., Inc., N. Y. Offering—Imminent.

ic Electronic Communications, Inc.
Sept. 22, 1961 filed 150,000 common. Price—By amend¬
Business—Development and manufacture of elec¬

tronic
St.

Petersburg, Fla.
Wilmington, Del.
Electronic

Sept.

—

ma¬

of a note, inventory, a new plant
general corporate purposes. Office—175 Dixon

Amityville, N. Y.
Underwriters—Flomenhaf,
& Co., Inc. and Lomasney, Loving & Co., New
(mgrs.).

Seidler

Dynamic Toy, Inc.

(10/18)

June 30, 1961

("Reg. A") 81,000 common shares (par 10
cents). Price—$3. Business — The manufacture of toys.
Proceeds—For advertising, development of new products
expansion and working capital. Address—109 Ainslie St.,
Brooklyn, Nv.Y. Underwriters-Hancock Securities Corp.,
New Yorkre
^ "
EMAC Data Processing Corp.
Sept. 8, 1961 filed 100,000 common. Price—$2.50. Busi¬
ness—The company conducts an electronic data process¬
ing service. Proceeds—For the rental of additional data

processing

equipment, sales promotion, salaries, rent,
and working capital. Office—46-36 53rd Ave.,

Maspeth,
N.

Y.

N.

Y.

Underwriter—M.

W.

Janis

Co.,

Inc.,

C.

Eastern Properties Improvement Corp.
Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬

tures, $1,000; for stock, $10. Business—General real es¬
Proceeds—For the acquisition and development of
real properties, repayment of debt and
engineering, etc.
tate.

Office—10 E. 40th St., New York.

1,

Office—-1501 72nd St. N.,
Underwriter—Laird & Co., Corp.,

International, Inc.

130,000
of

manufacture

Underwriter—Wood¬

cock, Moyer, Fricke & French, Inc., Philadelphia (man¬
aging). Offering—Expected in late October.

instruments.

Office—■

15th

St., Paterson, N. J.—Underwriter—1Theodore
Co., Inc., N. Y. ,
Y;
;

Arrin &

Electronics

Discovery

Corp.

150,000 common shares. Price—$1.
Business
The company plans to develop a device to
make non-conductors into electrical conductors by the
July

26,

filed

1961

—

addition

N.

Y.

Proceeds—-For

chemicals.

of

velopment. Office

—

research

and

de¬

1100 Shames Dr.,.Westbury, L .1.,

Underwriter—Globus, Inc., N. Y.

Offering—Ex¬

.•*;

V,
-/'•y.filed 1,250,000 shares of capital stock to be
offered in exchange for blocks of designated securities.
Business—A "centennial-type" fund which plans to offer
-

June 28, 1961

a

tax free

exchange of its shares for blocks of corporate
having a market value of $20,000 or more.

securities
Office—44

A.

G.

School

Becker

&

Underwriter—

Street, Boston, Mass.

Co., Inc., Chicago.

Empire Life Insurance Co. of America

/

March

14, 1961 (letter of notification) 30,000 shares oi
capital stock (no par). Price—$10 per share. Proceeds—
To go to selling stockholders. Office—2801 W. Roosevelt
Road, Little Rock, Ark. Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark*
Empire Precision Components, Inc.

Aug. 29, 1961 ("Reg. A") 65,000 class A. Price—$4. Busi¬
ness—The manufacture of metal component parts for
precision electronic connectors. Proceeds—For moving
expenses, a new plant, equipment,, repayment of loans
and working capital. Office—574 President St., Brook¬

lyn, N. Y.v Underwriter—Ezra Kureen Co., N. Y.
Empire State Bui!ding Associates

^5

;

Aug. 24, 1961 filed $39,000,000 participations of general
partnership interest to be effered in units. Price—$10,000
per unit. Business—General real estate.
Proceeds—To
help finance the purchase of the Empire State Building.
Office—60

E. 42nd

Executive

St., N. Y. Underwriter—None.

Equipment Corp.

Aug. 1, 1961 filed 100,000
Business—The long-term
ceeds
For the purchase
of a trucking division and
ing capital. Office — 790

common

shares. Price

—

$4.

leasing of automobiles. Pro¬
of automobiles, establishment
a sales office, and for work¬
Northern Blvd., Great Neck,
N. Y. Underwriters—Reich & Co., and Jacques Coe &
—

Co., New York.

Eiectra

International, Ltd.
May 5, 1961 filed 70,000 shares of capital stock. Price—

Price—$2.

common.

precision

equipment and working capital.

Proceeds—For
176 E.

A")

("Reg.

1961

Business—The

Avenue,

,

and equipment. Proceeds

communication systems

—General corporate purposes,

""'/"Empire Fund, Inc.
of which 100,-

the company and 25,000
$3. Business — Manu¬
instrument gears. Proceeds—For

precision

loan, inventory, promotion and advertising, and work¬
ing capital. Office—150-49 Hillisde Ave., Jamaica, N. Y.
Underwriters—Planned Investing Corp., New York and
a

pected in late October.

prepayment

for

furniture
Datom

Conn.

York.

to be offered by

are

of

chines,

York

Dale Systems, Inc.
Aug. 9, 1961 filed 100,000 common. Price—$3.50. Business
—A
shopping service which checks the efficiency of

New

purchase and rebuilding of automatic gear-cutting

Proceeds—For repayment of loans, development
products and working capital. Office—209 Wilder

minent.

eral

St., Stamford,

Dominick,

shares by a stockholder. Price

Bldg., Rochester 14, N. Y. Underwriter—McDonald, An¬
derson, Peterson & Co., Inc., Minneapolis. Offering—Im¬

retail

&

Dynamic Gear Co.,

000 shares

29, 1961 ("Reg. A") 160,000 common shares (par
cents). Price—$1.15. Business—The manufacture of

50

•

June 29, 1961 filed 125,000 common shares

June

games.

Atlantic

writer—Dominick

and

Dadan,

of power supplies
and automatic
Proceeds—For repayment of loans,

dispensers.

Office—429

ital.

Proceeds—To erect sample homes, repay
sion

Corp.,

Duniap & Associates, Inc. (10/16)
30, 1961 filed 75,000 common shares, of which 60,000
will be offered by the company and 15,000 by stock¬
holders. Price—By amendment. Business—The company
provides scientific research, engineering consulting and
development services to the Armed Services, U. S. Gov¬
ernment agencies and private industry. Proceeds—For
purchase of building sites, expansion, and working cap¬

Proceeds—

•

June

ment.

June

Inc.

Homes,

("Reg. A")

1961

Electronics

and
working capital. Office—250 N. Vinedo
Street,
Pasadena, Calif. Underwriter—Lester, Ryons & Co., Los
Angeles.
• I//"/'■ ;/'*'■■•
'//; /;,'V//:///

acquisition, expansion and the repayment of debt.
Office—54 Tarry town Rd., White Plains, N. Y.
Under¬
writer—Candee & Co., New York.
8,

America

manufacture

label

For

Custom

of

Hackensack, N. J. Underwriter—Harriman Ripley & Co.,

one

Dressen-Barnes

—The

Crossway Motor Hotels, Inc.
Aug. 4, 1961 filed 70,000 common shares. Price—$5. Busi¬

•

Corp.

Aug. 14, 1961 filed 100,000 capital shares, of which 75,000
shares are to be offered by the company and 25,000
shares by stockholders. Price—By amendment. Business

machinery,
leasehold improvements, advertising and
working capital. Office—7451 Coldwater Canyon Ave¬
nue, North Hollywood, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.

May

Steel

wire, furniture springs and related products. Proceeds—
for repayment of debt, acquisition and improvement of
property, equipment, and working capital. Office—3525
E. 16th St., Los Angeles. Underwriter—V. K. Osborne &
Sons, Inc., Beverly Hills, Calif, (managing).

Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents).
Price—$3.
Proceeds—For repayment of loans,

ness—The operation of a motor hotel chain.

&

July 17, 1961 filed 100,000 class A common shares. Price
—$4. Business—The manufacture of cold drawn steel

development, expansion, repayment of loans and work¬
ing capital. Address—Cranbury, N. J. Underwriter—A.
G. Becker & Co., Inc., Chicago and Semple, Jacobs &
Co., Inc., St. Louis.
•

Wire

(10/3)

• Creative
Playthings, Inc. (10/2-6)
July 28, 1961 filed 100,000 common shares. Price — By
amendment. Business—The manufacture of equipment

material

Inc., N. Y. (mgr.). Offering—Indefinitely postponed.

E.

Offering—Temporarily postponed.

and

relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Rpmanelli Ave., South

St., N. W., Washington, D. C. Underwriter—Auchincloss, Parker & Redpath, Washington, D. C.

repayment

Office—1947

pansion.

Thursday, September 28, 1961

O

shares. Price — By
operation of retail drug

common

The

—

Proceeds—For

stores.

.

sale of drug products to retail stores in
Washington, Maryland and Virginia. Proceeds—For the
repayment of debt, and working capital. Office—52-60

Crank Drug Co.
amendment.

.

Business—The

35

page

,

Executive

Inc.

House,

(10/23-27)/

Aug. 29, 1961 filed $2,000,000 of 6% subordinated sinking
fund debentures due 1971 and 400,000 common to be of¬

Walker

To be supplied by amendment. Business—The manufac¬
ture of products in the automotive ignition field for sale

it DeHles & Sullivan Mining & Milling Co.
Sept. 8, 1961 ("Reg. A") 1,250,000 common. Price—20c.
Business—Mining and milling. Office—Colville, Wash.
Underwriter—None.

research,
development, and working capital. Office—222 Park
Ave., South, New York City. Underwriter—Ezra Kureen
Co., New York City.

(with 2 warrants) and two common. Price—By amend-;
ment. Business—The operation of hotels. Proceeds—For
investment in a subsidiary and realty acquisitions. Office
—71
E.
Wacker
Dr.,
Chicago. Underwriters — Bear,

Electra-Tronics, Inc. (10/16)
Aug. 14, 1961 ("Reg. A") 60,000
Price—$3. Business—The company

Stearns &

Delta

Aug.

9,

Capital Corp.
1961

filed 500,000

amendment.

—

A

Proceeds—For

company.

tional

Business

Bank

shares.'

common

small

business

investment.

Price
*

—

investment

Office—610

of

Commerce Building, New
derwriters—Blair & Co., New York and

By

Orleans.

outside of the United States.

components.

Proceeds—For

plant and equipment; material and inventory; repayment
of a loan and
working capital.
Office —12918 Gerise

Ave., Hawthorne,
Co., Los Angeles.

Calif.

Underwriter—Haas, Lidster &

tached warrants to purchase

amendment.

an

common

(with at¬
additional 50,000 shares).

Business—Manufacture

tom-made printed business forms.

payment

of

of

Aug. 24,

Research

1961

cus¬

Proceeds—Expansion

taxes, and working capital.
Office
Ridge Ave., Philadelphia. Underwriter—Sunlee
man, Mosley Co., Inc., Philadelphia.
Dero

3747
Yeat-

Development Corp.

("Reg.; A")

54,000

common.

Price—$2 40

Deviation

Monitors!

expansion, advertising and
working capital. Office
Broadway and Park Ave
Huntington, N. Y. Underwriter—James Co., N. Y.
''
—

District Wholesale

Drug Corp. of Washington

Sept.. 19, 1961 filed $500,000

of

6%

convertible

subord

sinking fund debentures due 1976, also 100,000 class
common.

Price

the

electronics

field.

Proceeds—For

the

—Jay Morton & Co., Inc., Sarasota.
Electro-Mec

Instrument

tham

Precision

Instrument

Debentures




—

At

par.

Common

A

$4

fered in 200,000

units, each consisting of

a

$10 debenture

Co., N. Y. C. and Straus, Blosser & McDowell

Co., Chicago (mgrs.).

^ "• •".-//

(10/16-20)
? ; ;
Sept. 5, 1961 filed $30,000,000 convertible subordinated
FMC

Corp.

debentures due 1981.

Price—By amendment.

Business—
agricultural chemical

The manufacture of industrial and

Proceeds—For general corporate purposes.
Ave., San Jose, Calif. Underwriter
—Kidder, Peabody & Co., N. Y.
equipment.

Office—1105 Coleman

Corp.

Sept. 15, 1961 filed 176,480 common. Price—$6. Business
—The design, manufacture and sale of potentiometers,
digitometers and goniometers used in airborne comput¬
ing devices. Proceeds—For the selling stockholder, WalCo.,* Inc. Office—47-51 33rd

St., Long Island City, N. Y. Underwriter—--Sterling, Grace
Co., N. Y. (mgr.).

•

-FM-Stfefeo Guideline.-* r"

4, 1961 "Reg. A" 50,000 common shares. Price—
Business—The company plans to publish a national
magazine featuring detailed FM radio program listings,
reviews, interviews, etc. Proceeds—For general corpo¬
rate purposes. Office—1711 Walnut Street, Philadelphia.
Underwriter
Valley Forge Securities Co., Inc., New
Aug.
$6.

Electro-Med, Inc.
July 17, 1961 filed $540,000 of convertible subordinated

York

debentures

time in October.

—The

due

1971.

manufacture

Proceeds

of

Price—By

amendment.

medical-electronic

Business

instruments.

For working capital.
Office — 4748 France
Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
•

&

Business—The manufacture of FM
Proceeds—For development,

.

in

&

it Demarco Business Forms Inc.
Sept. 26, 1961 filed 100,000 class A
Price—By

a

contractor

Sonics, Inc.
3, 1961 ("Reg. A") 100,000 common shares (par
$1). Price—$3. Business—The manufacture of ultrasonic
and

is

repayment of loans, inventory, expansion and working
capital. Office—1242 N. Palm, Sarasota, Fla. Underwriter

Delta

systems

(par 75c).
military sub¬

common

Na¬

Aug.

electronic

For

—

Un¬

Howard, Weil,
Labouisse, Friedrichs & Co., New Orleans (managing).

and

Proceeds

and

—

•

City and Philadelphia. Offering—Expected some¬

Fairfield Controls,

Inc.

(10/2-6)

—

Electro-Miniatures

(10/6)
June 19, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business — The manufacture of elec¬
Corp.

tronic and electro-mechanical devices for the aircraft,
radar, missile and rocket industries. Proceeds—For the*
selling stockholders. Office—600 Huyler St., Hackensack,

N. J. Underwriter—Burnham & Co., New York.

Electro-Tec Corp.
July 28, 1961 filed 91,000 common shares (par 10 cents).
Price—By amendment. Business—The manufacture of
slip rings and brush block assemblies, switching devices,

May 19, 1961 filed 150,000 shares of common stock. Price
—$1 per share. Business—The manufacture of electronic

controls designed by the company's
specifications supplied by customers.
.Proceeds—For equipment, repayment of a loan, inven¬
tory, advertising and working capital. Office—114 Man¬
hattan Street, Stamford, Conn.
Underwriters — First
Philadelphia.Corp., and Lieberbaum & Co., both of N. Y.
solid

state

engineers

power -

from

Family Circle Associates, Inc.
1961 filed 50,000 class A common. Price—$7.
Business—The operation of retail' discount department
stores.
Proceeds—Fotf repayment of loans and working
capital. Office—30 Main St., Keyport, N. J. Underwriter
Aug. 30,

—Russell

&

Saxe, Inc., N.Y;

V,

:

.

,

.>

.

-

Volume

194

Number 6094

......

The Commercial and Financial Chronicle

(1365)

•

Family Finance Corp./(10/23)
19, 1961 filed $25,000,000 principal

Sept.

senior debentures due Oct.

15, 1981.

Business—The operation of a
sales financing business

ment.

and

loan

Office—201

W.

Proceeds—For acquisition of new stores, development of
furniture items, working capital and other corpo¬

of

Price—By amend¬
small loan, discount
and the writing of

rate

Faradyne
1961

30,

6%

ordinated debentures. Price—100%

convertible

sub¬

of principal amount.

Foods Plus, Inc.
Sept. 22, 1961 filed 150,000
ment. Business—A

electronic components, including dielectric and electro¬
lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for working capital.
Cortlandt

Office—471

Street,

Belleville,

Fuller Co. Note—July

D.

tuted "Stop Order" proceedings
and adequacy of this statement.

Homes ,lnc.;

Fashion

Coast Securities Co. and
Sellgren,
Co., San Francisco. Offering—Imminent.

N.

J.

er

each two

by

the

due

1971; 100,000 common shares and 100,000 five-year
warrants (exercisable at from $4 to $8 per share) to be
offered for public sale in units of one $60 debenture,

manufacturer, wholesaler, and retail¬

•

rities Corp. Bids—Oct. 18 (11 a.m. EDST) at offices of
Southern Services, Inc. (Room 1600), 250 Park

common; 70,000 to be offered
and 95,000 by present stockholders.
amendment. Business—Printing and binding

N. Y. Information Meeting—Oct. 9

offices

Inc.

Price—$4.75. Business—Manufacture and sale of women's

apparel. Proceeds—For repayment of debt, purchase of
equipment, taxes, and working capital. Office—Gauthier
St., Tuskegee, Ala. Underwriter—Wright, Redden, Myers

•

held.

two

writer—None.
v

First

/'(

"

.

National

Proceeds—To

Bldg.; Baltimore,

Md.

and

Business

—

N. Y.

?

The construction and manage¬

Proceeds—For repayment of loans

Business

Investment

Company

Gem

(10/30-11/3)
Aug. 23, 1961 filed 450,000 common, of which 100,000
shares are to be offered by the company and 350,000
shares by stockholders. Price—By amendment. Business
—A holding company for a savings and loan associa¬
Corp.

To

a

Securities Corp.

The

Co., N. Y. (mgrs.).
Inc.

(10/9-13)

22, 1961 filed 150,000 common shares, of which
90,000 shares are to be offered by the company and
60,000 shares by the stockholders* Price—$5. Business—
The manufacture and retail sale of household furniture.
June




urethane

of

foam

and

foam

rubber

General

Forms,

Inc.

Glacier

Publishing International, Inc.

General Kinetics Inc.

Aug.

7,

1961 filed 200,000 common shares.

amendment.

activities
..

Business

within

the

—

Price

—

By

The company conducts various
of electronics, mechanical

fields

engineering, instrumentation and mathematics. Proceeds
expansion.
Office — 2611 Shirlington Road, Ar¬

/

*

Sept. 15, 1961 filed 112,500 common. Price—$3. Business
—The publishing of crossword puzzle magazines, pricing
guide directories and certain annual publications. Pro¬
ceeds—For the repayment of debt,

Office—26

and working capital.
B'way, N. Y. Underwriter—Farrell Securities

Co., n. y.

•

■
?

^

Glenmore Distilleries Co.

Aug. 25, 1961 filed $7,500,000 of convertible subordinated
debentures due 1981. Price—By amendment. Business—>
The production of alcoholic beverages. Proceeds—For
repayment of loans. Office—660 Fourth St.; Louisville.
Underwriter—Glore, Forgan & Co., N. Y. C. (mgr.).
,.

•

Glickman

(19/2)

Corp.

,

/ V

•

,

Aug. 3, 1961 filed 600,000 class A common shares. Price
—By amendment. Business—Real estate. Proceeds—For
investment.

Office—501

writers—Bache &

Fifth Ave., New York. Under¬
Co., and Hirsch & Co., N. Y. (mgr.) y

Globe Coliseum, Inc.
July 21, 1961 ("Reg. A") 300,000 common shares. Price
—At par ($1). Proceeds—For construction of a coliseum
building, furnishings and incidental expenses. Address—
c/o Fred W. Layman, 526 S. Center, Casper, Wyo. Under¬
writer—Northwest Investors Service, Inc., Billings, Mont.
Offering—Expected early October.
Globe Rubber Products Corp.
(10/2-6)
Aug. 10, 1961 filed 175,000 common shares, of which 60,000 shares are to be offered by the company and 115,000
shares by stockholders. Price—By amendment. Business
household products.
and general

•

Glucksn

corporate purposes.

(Wm.)

mats, swim gear and

Proceeds—For repayment of loans

Street, Philadelphia.
Co., n. Y. (mgr.).

Office—418 W. Ontario

Underwriter—Kidder, Peabody &

Co. Ltd.

(10/23-27)

Aug. 25,1961 filed 175,000 common. Price—$10. Business
—The manufacture of ladies' underclothing. Proceeds—
For repayment

Aug. 15, 1961 ("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Proceeds—For repayment of loans,
plant improvements, equipment and working capital.
Office—7325 Northwest 43rd St., Miami. Underwriter—
Equity Securities Co., New York.

Co., Inc.,

Floyd Bennett Stores, Inc.
Aug. 30, 1961 filed 100,000 common. Price—By amend¬
ment. Business—The operation of discount department
stores. Proceeds—For repayment of loans and working
capital. Office—300 W. Sunrise Highway, Valley Stream,
N. Y. Underwriters—Goodkind, Neufeld, Jordon Co., Inc.
&

manufacture

of America

with NASD. Proceeds—
capital and for investment. Office—44

Foamland U. S. A.,

common.

writer—Brand, Grumet & Seigel, Inc., New York.

Wall St., N. Y. Underwriter—General Securities
N. Y. Offering—Sometime in October.

•

Distributors,

1961 filed 75,000

Proceeds—For repayment of loans and work¬
ing capital. Office—640 W. 134th St., New York. Under¬

broker-dealer registered

and Richter

Electronic

25,

,

development, sales program, advertising, working capi¬
tal and other corporate purposes., Office—102 Hobart
Street, Hackensack, N. J/ Underwiriter^-Winslow, Cohu
& Stetson, New York (managing).
j

named G-W Ameritronics, Inc.

products.

by stockholders. Price—$10. Business—Distribu¬
Investment Corp., Contractual Plans
net

Process, Inc. (10/9*13)
July 21,1961 filed 80,000 class A common shares. Price—
$5.25. Business—The manufacture of adhesive bonding
films and related products. Proceeds—For acquisition of
a
new
plant, purchase and construction of new ma¬
chinery and equipment, research and laboratory product

—The manufacture of rubber floor

Electronics

increase

was

General Foam Corp/ "
v ' ■; • ^
Aug. 15, 1961 filed $4,000,000 of 6% convertible subordi¬
nated debentures due 1981.
Price—At par. Business—

Aug. 8, 1961 filed 70,000 common shares, of which 56,000
shares are to be offered by the company and 14,000

and

Co., Inc., Philadelphia, Pa. Note—

Supplying of freight cars to railroads and shippers. Pro¬
ceeds—For working capital. Office—135 S. La Salle St.,
Chicago. Underwriter—Kuhn, Loeb & Co., Inc., N. Y.

Realty Fund
April 21, 1961 filed 2,000,000 shares of participation in
the Fund. Price—$10 per share. Business—A new real
estate investment trust.
Proceeds —; For investment.
Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas. Distributor—Flato, Bean & Co., Corpus Christi.

of

&

^ General American Transportation Corp.

Flato

tor

,

Sept. 21, 1961 filed $25,000,000 of equipment trust cer¬
tificates due
1981. Price—By amendment. Business—

insurance agency, real estate and escrow agen¬
cies and an appraisal service. Proceeds—For repayment
of a loan and general corporate purposes. Office—118
Las Vegas Blvd. S., Las Vegas, Nev. Underwriter—A. C.
Allyn & Co., N. Y. (mgr.).
an

shares

advertising and general corporate purposes. Of*
H Street, N. E., Washington. D. C.
Under¬
writer—General Securities Corp., 1012 14th St., N. W.,
Washington, D. C.
/
_.*
fice—1496

Girder

Inc.
Price—By amend¬
ment. Business—The distribution of electronic parts and
equipment, including TV and radio components. Pro¬
ceeds—For repayment of loans and inventory. Office—
34 Hempstead Turnpike, Farmingdale, N. Y. Underwriter
—Carter, Berlind, Potoma & Weill, N. Y. C. (mgr.).
Aug.

Cleveland.
Financial

;—For

Merrill Lynch, Pierce,

Aug. 29, 1961 filed 847,035 common to be offered for
subscription by stockholders on a l-for-10 basis. Price
—By amendment. Business—The operation of uranium
mines and a mill. Proceeds—For repayment of loans, ac¬
quisitions and working capital. Office—224 Ivinson St.,
Laramie, Wyo. Underwriter—None.

Realty (10/9-13)
Aug. 30, 1961 filed 1,060,000 shares of beneficial interests.
Price—By amendment. Business—A real estate invest¬
ment trust. Proceeds—For purchase of an office build¬
ing, repayment of loans and working capital; Office—
Union Commerce Bldg., Cleveland. Underwriters—Harriman Ripley & Co., N.Y., and Hayden, Miller & Co.,

Fleetwood

—

Gas Hills Uranium Co.

First Union

•

filtration

Offering—Imminent.

Oct. 6, 1960 filed 500,000 shares of common stock. Price
•—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.

tion,

air

stock at $2 per

common

Company formerly

Tampa, Inc.

First Western

share of

derwriter—Fraser

"

of

and

—

Office—630 Third Ave¬
Underwriter—H. Hentz & Co., N. Y.. (mgr.)

First Small

oil

purchase
share from March
to August 1961 and at $3 per share from September 1962
to February 1964. Price — $4 per unit. Business — The
company
(formerly
Gar
Wood
Philadelphia
Truck
Equipment, Inc.), distributes, sells, services and installs
Gar Wood truck bodies and equipment in Pennsylvania,
Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes. Office —
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬

general corporate purposes.

nue,

Price—By amendment.

Each warrant will entitle the holder thereof to

Under¬

/

Realty & Construction Corp.

of real estate.

of

shares, to be offered for public sgje in units, each con¬
sisting of one shafe of common stock and' two: warrants.

Aug. 11, 1961 filed $3,000,000 of 6%% subordinated de¬
bentures due 1976 (with warrants attached). Price—By
ment

common.

25, 1961 filed 80,000 shares of common stock and
100,000 warrants to-purchase a .like number of common

19/16-20)',. V:,'' >>.'V;

amendment.'

Price
Business—The manufacture, marketing
and distribution of proprietary drug products. Proceeds

Jan.

increase

York

—$3 per share.

manufacture

Providence, R. I; Underwriter
Fenner & Smith Inc., N. Y.

New

Gibbs (T. R.) Medicine Co., Inc.
May 26, 1961 filed 110,000 shares of class A stock.

equipment for engines. Proceeds—To reimburse Treasury
a recent acquisition. Office—105 Pawtucket Ave., East

one
,

m. EDST)
at offices of Chemical Bank
Trust Co. (10th floor), 30 Broad St., N. Y.

(10/16-20)

The

p.m.

p.

G-W Inc.

Price—$35.

Office—Munsey

capital.

—

Ave.,
EDST) at
Trust Co., (10th

(2:30

York

Inc., Kidder, Peabody & Co., and Shields & Co. (joint¬
ly); First Boston Corp.; Morgan Stanley & Co.; Halsey,
Stuart & Co.; Equitable Securities Corp., Eastman Dillon,
Union Securities & Co. (jointly). Bids—Oct. 18 (12 noon
EDST) at offices of Southern Services, Inc. (Room 1600)
250 Park Ave., N. Y. Information Meeting—Oct. 9, (2:30

company

for

^ First Federated Life Insurance Co*
Sept. 20,,1961 filed 10,000 capital shares to be offered for
^subscription by stockholders at the rate of one new share
each

Corp.

Business

N. Mex. Underwriter—None.

for

Fram

Sept. 1, 1961 filed 50,000

!,

ic First American Indian Land, Inc.
Sept. 6, 1961 ("Reg. A") 35,000 common. Price—$3. Busi¬
ness—Operation of an amusement area which depicts
western "cowboy" town life. Office—Little Beaver Town,

•

by the

wholesaling of photographic supplies and the develop¬
ment and sale of film processing. Proceeds — For con¬
struction of a new plant, purchase of equipment, mov¬
ing expenses and for other corporate purposes. Office—
1874 Washington Ave., New York. Underwriters—Shearson, Hammill & Co., and Emanuel, Deetjen & Co., N. Y.

Sept. 26, 1961 filed 95,600 common, of which 68,000 will
sold by the company and 27,600 by stockholders.

Bessell, Inc., Washington, D. C.

to be offered

New

Bank

payment of loans. Office—270 Peachtree St., Atlanta, Ga.
Underwriters—(Competitive). Probable bidders: Harriman Ripley & Co., Inc.; Lehman
Brothers; Blyth & Co.,

and the stock by stockholders. Price — By amendment.
Business — The processing of photographic films; the

be

&

are

Chemical

Georgia Power Co. (10/18)
Sept. 1, 1961 filed $10,000,000 of first mortgage bonds
due Oct. 1, 1991. Proceeds—For construction and the re¬

(10/2-6)

shares. The debentures

promotion, and other corporate purposes. Office—
1711
N.
Glenstone, Springfield, Mo. Underwriters —
Globus, Inc. and Ross, Lyon & Co., Inc., New York.

Industries,

Inc.

of

floor), 30 Broad St.; N. Y.

Miami

June 29, 1961 filed $3,500,000 of convertible subordinated
debentures due 1981 and 262,500 outstanding common

and

^ Fashion

Fotochrome

Corp.; Lehman Brothers; Morgan Stanley & Co.;
Dillon, Union Securities & Co.; Equitable Secu¬

Eastman

10 common shares and 10 warrants. The

registration also
40,800 common shares. Price—$100 per unit, and
$6 per share. Business—The construction of shell homes.
Proceeds—For redemption of 8% debentures; advances
to company's subsidiary; repayment of loans; advertising

for

St., N. Y. Underwriter—Stone & Webster Securi¬
Corp., N. Y. (mgr.). '

Boston

Circle, N.E., Atlanta, Ga.
Bradford & Co., Nashville, Tenn.
and Courts & Co., Atlanta, Ga.

covers

new

payment of loans. Office—270 Peachtree St., Atlanta, Ga.
Underwriters—(Competitive). Probable bidders—First

W. 45th

capital. - Office—764
Underwriters—J. C.

one

Georgia Power Co. (10/18)
Sept. 1, 1961 filed 70,000 shares of no par cumulative
preferred stock. Proceeds—For construction and the re¬

Price—By amend¬

of .books,
magazines, catalogs, pamphlets, advertising
material, etc. Proceeds—Repayment of debt and working

July 18, 1961 filed $600,000 of subordinated debentures

being offered for

the basis of

held of record

—

ties

company

Price—By

(10/9-13)

common
on

Broad

it Foote & Davies, Inc.
Sept. 22, 1961 filed 165,000

accuracy

&

Sept. 12 with rights to expire
Sept. 27. Price—$6.25. Business—-A closed-end invest¬
ment company. Proceeds—For investment. Office
90

selling stockhold¬
St., N. Y. Underwriter—ShearHammill & Co., N. Y.

Office—62

son,

Under¬

common.

Miller

General Public Service Corp.

July 26, 1961 filed 3,947,795
subscription by stockholders

of vitamin products. Proceeds—For

ers.

11, the SEC insti¬

challenging the

—

Sept. 26,

Business—The company is engaged in the manufacture
and distribution of high reliability materials and basic

writer—S.

purposes.

* Folz Vending Co., Inc.
1961 filed 55,000 common. Price—$6. Business
—The distribution of novelties, candy, etc. through vend¬
ing machines. Proceeds—To repay loans, purchase ma¬
chines, and increase working capital. Office—990 Long
Beach Rd., Oceanside, N. Y. Underwriter—None.

Proceeds—For

14th

Electronics Corp.
filed $2,000,000' of

Office

Cherry Valley Terminal Road,
West Hempstead, N. Y. Underwriter—Finkle &
Co., N.Y.

Street, Wilming¬
ton, Del; Underwriter—Goldman, Sachs & Co., N. Y.

Jan.

—Pacific

new

credit life and other types of insurance.

working capital.

V
amount

37

\

>-

•

Office—Bank

of loans and general corporate purposes.
Bermuda Bldg., Hamilton, Bermuda.

of

Underwriter—Globus, Inc., N. Y. C. (mgr.)
Golf

Courses, Inc.
28, 1961 filed 100,000 capital shares.
Price—$6.
Business—The company plans to operate a public golf
course and a private country club.
Proceeds—For pur¬

Aug.

chase

of

land, construction and general corporate pur¬
Office—1352 Easton Rd.,
Warrington, Bucks
County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
poses.

—For

lington, Va. Underwriters—Balogh & Co., Inc., Wash¬
ington, D. C. and Irving J. Rice & Co., Inc., St. Paul,
Minn.

General
June

Plastics

Corp.

20, 1961 ("Reg. A") 60,000 common shares (par
$1). Price—$5. Proceeds—For repayment of loans, in¬
ventory, equipment and working capital. Office—12414
Exposition Blvd., West Los Angeles,' Calif/Underwriters

Green (Henry J.) Instruments, Inc.
Aug. 24, 1961 filed 140,000 common. Price—$2.25. Busi¬
ness—The manufacture of precision meteorological in¬
struments. Proceeds—For repayment. of loans, equip¬

ment, salaries and general corporate purposes. Office—
2500 Shames Dr., Westbury, N. Y. Underwriter—N. A.
Hart & Co., Inc., Bayside, N. Y. (mgr.).
Continued

on

page

38

38

The Commercial and Financial Chronicle

(1366)

Continued from page 37

•

Harn

Corp.

Greene

(M. J.)

Co.

(10/2)

June

20, 1961 filed 134,148 common being offered for
subscription by stockholders, of record Sept. 21 with

14, 1961 ("Reg. A") 75,000 common shares (par
10 cents).
Price—$4.
Proceeds — For expansion, and
working capital. Office—14 Wood St., Pittsburgh. Under¬

ment of

Cx t*"i©s^'di^oBc Co

'h'

Sept.

11, 1961 filed 100,000 common to be offered for
subscription by stockholders on the basis of one new
share for each three held.

Price—By amendment. Busi¬

ness—A closed-end investment company.

general

corporate

purposes.

Office—314

Proceeds—For
N.

"

Underwriter—Edward

Louis.

St.

D.

Jones

Broadway,
&

Co.,

St.

*

Louis (mgr.).
•

Gro-Rite

!

.

,

Shoe

Co., Inc.

(10/23-27)

July 21, 1961 filed $500,000 of 6% convertible subordi¬
nated debentures due 1970 to be offered for subscription
by stockholders

the basis of

on

each 60 shares held.

ufacture
new

of

$100 debenture for
Business—The man¬

one

Price—At par.

specialized children's shoes.

Proceeds—For

molds, construction and working capital. Address
2, Box 129, Mount Gilead, N. C. Underwriter—

—Route

None.
•
Growth, Inc. (11/6-10)
May 17, 1961 (letter ot notification) 100,000 shares of
common stock
(par $1). Price—$3 per share. Address—
Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.

Growth

Properties

(10/16)

May 9, 1961 filed 100,000 shares of

stock. Price
—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate
business. Proceeds
To reduce indebtedness, construct
apartment units, buy land, and for working capital. Of¬
fice—Suite 418, Albert Bldg., San Rafael, Calif. Under¬
writer—Pacific Coast Securities Co., San Francisco, Calif.

«

common

expire Oct. 9. Price—$10.25. Business—Man¬
of products for baby care such as quilts, pil-

to

ufacture

knitted garments, etc. Proceeds—For the repay¬
loans, purchase of raw materials and equipment,
leasehold improvements, and working capital. Office—
1800 E. 38th St., Cleveland. Underwriter—J. R. Williston
& Beane, New York (managing).

Gulf States Utilities Co.

Hawaiian Telephone Co.
Aug. 15, 1961 filed 711,040 common
for subscription by stockholders on

1961 filed $15,000,000 of debentures due 1981.
Office—285 Liberty Avenue, Beaumont, Texas. Under¬
writers—Competitive. Probable bidders: Salomon Broth¬

Aug. 21,

Hutzler and Eastman Dillon, Union Securities &
(jointly); Lehman Brothers; Halsey, Stuart & Co.
Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc., and
White, Weld & Co. (jointly); Stone & Webster Secu¬
rities Corp. Bids—Oct. 3, 1961 at 11 a.m. (EDST) Information Meeting—Sept. 28 (11a.m. EDST) at 70 Broad¬
way (18th floor) N. Y.
&

ers

Co.

Guy's Foods, Inc.
Aug. 2, 1961 filed 97,000 common shares (par $2). Price
—$10. Business—The processing of foods. Proceeds—For
purchase of buildings, equipment and additional inven¬
tories. Office—2215 Harrison, Kansas City, Mo. Under¬
writer—Allen & Co., N. Y. (mgr.). Offering—Expected
eaifly November.
Halco

Chemical

Co.

Aug. 25, 1961 filed 225,000 common. Price—$2. Business
—/The manufacture of agricultural chemicals and related

For general corporate purposes.
Kenilworth, N. J.
Underwriters—Ross, Lyon & Co., Inc., and Globus, Inc.,
products.

Proceeds

—

Office—N. 14th St., and Lafayette Ave.,

N.

Y.

C.

Honolulu.

Boulevard,

Co.,

Inc.

common

Hamilton Electro Corp.
Aug. 9,1961 filed 135,000 common shares, of which 80,000
shares are to be offered by the company and 55,000
shares by stockholders. Price—$7.50. Business—The distribution of solid state electronic parts and equipment.
Proceeds—For inventory, new product lines, repayment
of loans and working capital. Office—11965 Santa Mo¬
nica Blvd., Los Angeles, Calif. Underwriter — William
Norton Co., New York.
j

'

•

Hampton Sales Co., Inc. (10/3)
July 27, 1961 filed 150,000 common shares. Price—$4.
Business—The operation of real discount stores. Proceeds
—For repayment of bank loans and working capital.
Office—8000 Cooper Ave., Glendale, L. I., N. Y. Under¬
writer—Godfrey, Hamilton, Magnus & Co., Inc., N. Y.
Y • Handschy Chemical Co.
-

(10/23-27)

rr

Aug. 25, 1961 filed 150,000 common, of which 50,000 are
to be offered by the company and 100,000 by stockhold¬
ers.
Price—By amendment. Business—The manufacture
of

specialty printing inks, chemicals and supplies. Pro¬
general corporate purposes. Office—2525 N.

ceeds—For

Elston
mons,
•

Ave., Chicago. Underwriter—Blunt Ellis & Sim¬
Chicago (mgr.)

Hannett

Industries,

Inc. (10/23-27)
Aug. 11, 1961 ("Reg. A") 100,000 common shares
one cent).
Price—$3. Business—The fabrication of

(par
com¬

ponents for missiles, jet engines, aircraft landing gears
and precision machines.
Proceeds—For machinery, re¬

.

search
40

Sea

and

development and working capital. Office—
Avenue, Glen Cove, N. Y. Underwriter—

Cliff

Albion Securities

Co., Inc., New York.

•

Happy House, Inc. (10/23-27)
July 28, 1961 filed 700,000 common shares

.Price—$1.

Business—The marketing of gifts, candies and
greeting
cards through franchised dealers. Proceeds—For equip¬

ment, inventory and working capital. Office—11

Tenth

Ave., S., Hopkins, Minn. Underwriter—None.
^ Harleysville Life Insurance Co.

Sept. 21, 1961 filed 40,000 common. Price—$15. Business
"V^The writing of all types of life insurance and an¬
nuities. Proceeds—Working capital.
Office—Harleysville,

,

A

:

YPa.

Underwriter—None.




& Co., N. Y.

•

Hexagon

Laboratories,

debentures
offered

be

and

50

—The

due

and

1976

shares.

manufacture

"

chemicals.

&

Go."

(Edward H.)

reduce

shares
•

Proceeds—<

1

working

capital.

Illinois Capital Investment
Corp.
Sept. 19, 1961 filed 250,000 common. Price—By amend¬
ment. Business—A

small

business

Office—20 North Wacker
—Blair

Underwriter—Stearns & Co., New York (managing).

Dec.

units

.

-

•

Underwriter—

,

sometime in October.

30,

Corp.
filed $650,000

debentures

of 61/2%

convertible

consisting of

one

.

sub¬

due

1979
and
195,000 common
public sale in 6,500 units, each
$100 debenture and 30 common shares.

f

equipment fields. Proceeds—To organize a
subsidiary, for plant expansion, and for
working capital. Office—70th St., and Essington Ave.,
Philadelphia. Underwriter—Rambo, Close & Kerner, Inc.
Philadelphia. Offering—Imminent. •
•

Hoffman

July

18,

*

loans. Office—1403 E. 180th
derwriter— R. F. Dowd &

ter will

1961

filed

$1,890,700

subor¬

be refiled.

Business—The

common

and

controls

tal.

Underwriters—Milton

M.

L. Lee

&

Price—By amendment. Business
pipe line system of natural gas.

The operation of a
Proceeds—For expan¬

aircraft

and

electronics

D.

Blauner

& 'Co.

&

(managing),

Co., New York.

• Intercontinental
Dynamics Corp. (10/2-6)
July 18, 1961 ("Reg. A") 200,000 common shares. Price
—$1.50.
Business—The manufacture of electronic and

devices

used

to

determine

of aircraft flight instruments.

N. J.

Inc., New York.

Interior

the

Office—170

Underwriter

M.

—

1

~

ac¬

Cool-

H.

.

Communications

Systems, Inc.
("Reg. A") 220,000 common. Price—$1.15
Proceeds—For q^tablishment of a Chicago branch office
Aug. 25,
and

the

Ave.,

1961

purchase

of

inventories.

Office—2430

Nicollet

Minneapolis. Underwriter—McDonald, Anderson,
& Co., Inc., Minneapolis.
Offering—Expected

Peterson

in late October.

International

chase, inventory and general corporate purposes. Office
—115 Fifth Ave., N. Y. Underwriter—Allen & Co., N. Y.

Corp.

the

Co., Inc., Lieberbaum

idge Avenue, Englewood,

•
Holly Stores, Inc. (10/2-6)
July 28, 1961 filed 175,000 common shares, of which
100,000 shares are to be offered by the company and
75,000 shares by the stockholders. Price—By amend¬
ment. Business—The operation of a chain of women's
and children's apparel stores.
Proceeds—For land pur¬

June 9, 1961 filed 583,334 common shares to be offered
for subscription by holders of common and class A stock.

for

Proceeds—For expansion and
working capi¬
Office—129-07 18th Avenue, College Point, N. .Y.

Woodhill

Y

Hollywood Artists Productions Inc.
July 28, 1961 ("Reg. A") 100,000 common shares (par
10 cents).
Price—$3. Business—The production of motion picture and TV feature films. Proceeds—For repay¬
ment of loans, producers' fee, stories and working capi¬
tal. Office—350 Lincoln Rd., Miami Beach, Fla. Under¬
writer—A. M. Shulman & Co., Inc., N.Y. 37 Wall St., N.Y.

(10/2-6)

industries.

curacy

manufacture

Co., Los Angeles (managing).

Houston

Instrument Systems Corp.

electro-mechanical

shares. Price — By
of electrolytic
recording paper and equipment. Proceeds—For repay¬
ment of debt and working capital. Office—635 Green¬
wich St., New York. Underwriter—William R. Staats &
amendment.

ganization and other corporate purposes. Office—20 Vandam St., N. Y.
Underwriter—Jacey Securities Co., N. Y.
(managing).
- '
•
~

struments

subscrip¬
tion by stockholders on the basis of $100 of debentures
for each 25 shares held. Price—At par. Business—The
manufacture of pressing and dry-cleaning equipment.
Proceeds—For repayment of loans and general corporate
purposes. Office—107 Fourth Ave., New York. Under- '
writer—J. R. Williston & Beane, New York.
•
Hogan Faximile Corp.
July 26, 1961 filed 300,000

St., New York 69, N. Y. Un¬
Co., Inc., N. Y. Note—This let¬

Industrionics Controls, Inc. >
July 26, 1961 filed 84,000 common shares. Price — $5.
Business—The manufacture of electronic controls for the
monitoring of machinery. Proceeds—For repayment of a

•

dinated debentures due 1973 to be offered for

House of

Pancakes, Inc.

Aug. 28, 1961 filed $600,000 of 6%
nated

debentures

due

1976

and

convertible subordi¬

81,250

common.

Price

By amendment. Business—The distribution of food items
for
(

restaurants. Proceeds—For

expansion, repayment of
loans and general corporate purposes. Office—6837 Lankershim Blvd., North Hollywood, Calif.
UnderwriterL. F. Rothschild &

Co., N. Y. (mgr.).

International

Housing Corp.
Aug. 16, 1961 filed 440,000 common shaies. Price—$1.15.
Business—For construction and financing of shell
homes!
Proceeds—For working capital and
general corporate
purposes.
Office—2101 N. E. Broadway, Minneapolis.

Underwriter—Bratter & Co., Inc.,

Minneapolis.

—

working capital and general corporate purposes.
Office—First Federal Bldg., St. Petersburg, Fla. Under¬
sion,

writers—Blyth & Co., Inc., Lehman Brothers and Allen
Co., New York.
,
. .
.. ,v

&

28, 1961 ("Reg. A") 75,000 common shares (par 10
cents).
Price — $3.
Business — The sale of industrial
gauges, valves and allied products. Proceeds—For pro¬
duction, inventory, working capital and repayment of

June 28, 1961 filed 150,000 common shares
(par 25 cents).
Price—$5. Business—The manufacture of precision in¬

International Corp.

(10/16-20)
7% convertible

To

.

and kitchen

finance

—

loan, purchase of raw material and equipment, adver¬
tising, establishment of a field engineering service or¬

Price—By amendment. Business—The manufacture of
pre-cut homes and components in the heating, plumbing
new

$40 per unit. Proceeds

—

branch office, development of business and
working capital; Office—3300 W. Hamilton Boule¬

Homes

1961

(par 10 cents) to be offered in
share of preferred and two

one

Price

Industrial Gauge & Instrument Co., Inc.

„

Hilco

common.

June

—10-20 47th Rd., Long

•

of

vard, Allentown, Pa. Underwriter—Espy & Wanderer,
Inc:, Teaneck, N. J. Offering—Expected sometime in Oct.

common.
Price—$5.
barbecue * machines and

Associates, Inc., N. Y. Offering—Expected
Y
Y
Y Y'Y;"

stock

common

consisting

open a new

for

allied equipment. Proceeds—For equipment, inventory,
sales promotion, expansion and working capital. Office
Coburn

Planning Corp.

1960 (letter of notification) 5,000 shares of
preferred stock (no par) and 10,000 shares

shares of

Hickory Industries, Inc.
31, 1961 ("Reg. A") 40,000

Island City, N. Y.

Co. Inc., N. Y.

of class A

construction, repayment of loans and other cor¬
porate purposes.-! Office
2600 W. 247th St., Torrance,
Calif. ^Underwriter—William R. Staats & Co., Los Angeles.

J. B.

29,

investment company.

Dr., Chicago, 111. Underwriter

cumulative

—For

of

&

Income

Hi-Shear Corp.
Aug. 1, 1961 filed 139,500 common shares, of which 105,000 will be sold by the company and 34,500 by stock¬
holders. Price—By amendment. Business—The manufac¬
ture of high strength fastening devices and assembly
systems for the aircraft and missile industries. Proceeds

manufacture

•

(10/23-27)

indebtedness, to buy equipment,
Office—Montvale, N. J. Un¬
derwriter—Amos Treat & Co., Inc., New York City.
and' for

expansion, repayment of loans and work¬
Office—3536 Peartree Avenue, New York

Business—The

'Y'YY:':'' "V*r

>

& Son, Inc.

ing capital.

Aug.

'

.

(jointly); Equitable Securities

For equipment,

•

:

(mgr.).

Y'';',; Y ;Y,;' 1 Y'Y'fY'-

Securities

Proceeds—To

common

Price—By amend¬
paper cartons and

of

May 16, 1961 filed 75,000 shares of common stock. Price
—$5 per share. Business—The construction of public and
private swimming pools and the sale of pool equipment.

Crowell,

$300 of debentures
Price—$500 per unit. Business

of medicinal

Co., Inc., N. Y.

■■■

Sfrnen

convertible subordi¬

90,000

Ave.,
Co., N. Y.

Corp. Bids—Expected Nov; 1..

in units consisting of

common

&

1.

Union

Inc.

July 20, 1961 filed $540,000 of 6%
nated

—

A.

Pro¬

5th

it Idaho Power Co. (11/1)
Sept. 26, 1961 filed $10,000,000 first mortgage bonds due
1991. Office—1220 Idaho St., Boise, Idaho. Underwriters
—(Competitive). Probable bidders: Halsey, Stuart &
Co. Inc.; Blyth & Co., Inc.; Lazard Freres & Co.-First
Boston Corp. (jointly); Merrill Lynch, Pierce, Fenner &
Smith Inc.; Kidder, Peabody & Co.-White, Weld & Co.
(jointly); Salomon Brothers & Hutzler-Eastman Dillon,

shares to be offered for

shares. Price — $3.
Business—An insurance company. Proceeds—For capital
and surplus. Office—636 S. Park St., Madison, Wis. Un¬
derwriters—Braun, Monroe & Co., Milwaukee and Harley, Haydon & Co., Inc., Madison.

v

Nov.

Underwriter

curtains.

Office—261

★ Idaho Power Co. (11/1)
Sept. 26, 1961 filed 200,000 common. Price—By amend¬
ment. Office—1220 Idaho St., Boise, Idaho. Underwriters
—(Competitive). Probable bidders: Blyth & Co., Inc.;
Lazard Freres & Co.; Kidder, Peabody & Co.; Merrill
Lynch, Pierce, Fenner & Smith Inc.
Bids-—Expected

filed

Hawthorne, Calif.
Co., Los Angeles.

Weedon &

ordinated

Insurance

Aug. 3, 1961 filed 225,000

Gruber

Financial

1961

window

Underwriter—Milton D. Blauner &

boxes. Proceeds—For product development, expansion,
repayment of a loan and working capital. Office—92-00
Atlantic Ave., Ozone Park, N. Y. Underwriter—P. J.

Corp.
•
33,117 capital shares.
Price —By
amendment. Business—A holding company for a savings
and loan association and an insurance agency. Proceeds
—For the selling stockholders. Office—305 S. Hawthorne
10,

and

stockholders.

ment. Business—The manufacture

are

Underwriter—Kidder, Peabody

Hawthorne

Aug.

Y.

shower

of

selling

Hygrade Packaging Corp.
Aug. 30, 1961 filed 100,000 class

-

(mgr.).

June

(co-mgrs.).

Hallmark

N.

°

being offered
the basis of one
new
share for each six held of record Sept. 25, 1961.
Rights to expire Oct. 17, 1961. Price—By amendment.
Proceeds—For working capital. Office—1130 Alakea St.,

to

(10/3)

ceeds—For

^ Hartfield Stores, Inc.
Sept. 25, 1961 filed $5,000,000 Of conv. subord. debentures
due 1981. Price—By amendment. Business—Operation of
retail apparel and discount department stores. Proceeds
—Repayment of debt, expansion and working capital.
Office—5330 W. 102nd St., Los Angeles. Underwriters—
Van Alstyne, Noel & Co., N. Y., and Johnston, Lemon &
Co., Wash., D. C.

—

-

Sept. 20, 1961 filed 200,000 common. Price—$5. Business
—Manufacturer

lows,

writer—Hess, Grant & Remington. Inc., Philadelphia.

rights

Thursday, September 28, 1961

.

* Hygiene Industries Inc. '

June
•

...

International

Management Corp.
Aug. 21, 1961 ("Reg. A") 100,000 common (par $1). Price
—$3. Proceeds—For loans to subsidiaries and working
capital. Office—7510 B. Granby St.. Norfolk. Va. Under¬
writer—J. B. McLean & Co.,

Inc., Norfolk,

Va.--"-

Volume

194

Number

6094

The Commercial and Financial Chronicle

(1367)
Interphoto Corp.

•

1

1961 filea 200,000 class A

Sept. .15,

Price—$9.
Business — The wholesale distribution of photographic
and souftd equipment and supplies. Proceeds—For the
selling stockholders. Office — 45-17 Pearson St., Long
Island City, N. Y. Underwriters—C. E. Unterberg, Towbin Co., and Arnhold & S. Bleichroeder, Inc., N. Y.
,

common.

Interstate Bowling Corp.
July 25, 1961 filed 150,000 common shares. Price—$3.50.
Business — The acquisition and operation of bowling
centers in Colorado, California and other states. Proceeds
,

—For

repayment

poses.

Office

of

debts

and

general

corporate

pur¬

10391 Magnolia Ave., Riverside, Calif.

—

.'Underwriter—Currier & Carlsen, Inc., San Diego.
Interstate Fire &

Casualty Co.

;

•

(10/10)

Kendall

equipment and general corporate purposes. Office—5581
Terminal Dr., Fresno, Calif.
Underwriter—Currier
& Carlsen, Inc., Los Angeles (mgr.).
Air

Aug.

25,

1961

corporate purposes. Office — 1745 Clintonville St.,
Whitestone (Queens) N. Y. Underwriter—Arnold Mal-

Price

—Net asset value at the

time of the offering.
Business
non-diversified, open-end investment company,
whose stated objective is capital appreciation. Proceeds
—For investment.
Office
One State Street, Boston,
Underwriter—Ivest, Inc., One State Street, Boston. < V
—

A

—

James

Vending Machine Co.* Inc.
Aug. 11, 1961 ("Reg. A") 100,000 common shares (par
10c). Price—$3. Business—The sale, servicing and opera¬
tion of vending machines. Proceeds — For purchase of
trucks, development and general corporate purposes. Of¬
fice—5523 Illinois Ave., N. W., Washington 11, D. C.
Underwriter—Mitchell, Carroll & Co., Inc., 1101 Con¬
necticut Ave., N. W., Washington, D. C.

.

.•Japan Development Bank (10/4)
Sept. 8, 1961 filed $20,000,000 of guaranteed external loan
bonds to be offered for public sale in four series (5%
to

6%

interest)
due from 1964 to
1976.
Price—By
Business—The bank was organized by the

amendment.

Govt, in 1951 to supply long-term funds to
industry for the promotion of economic re¬

Japanese

•

Japanese

•

construction

industrial- development.

and

Proceeds—

To make loans to private electric power companies for

■

r

expansion

purposes.

ers—First

Boston

Office—Tokyo, Japan. Underwrit¬
Corp., Dillon, Read & Co. Inc., and
Smith, Barney & Co. Inc.
•

-

Co.

17, 1961 filed 60,000 ciass A common shares and
9,000 outstanding voting trust certificates (representing
beneficial interest in 9,000 class B common shares). Price
•—By amendment. Business—The manufacture of optical
instrumentation. Proceeds—For repayment of loans and
-working capital. Office — 7 Farwell St., Newtonville,
Mass. Underwriters—Stearns & Co., New York and Clay¬
Aug.

-

•

<

ton Securities

Corp., Boston. Offering—Expected in early

November.
"

:
•

f
-

,

Jayark Films Corp. (10/18)
Aug. 24, 1961 filed 72,000 common, of whicn 50,000 are
to be offered by the company and 22,000 by stockhold¬
ers.
Price—By amendment. Business—The distribution
of motion picture and television films. Proceeds—For
production of films and working capital. Office—15 E.
48th St., N. Y. Underwriter—Pacific Coast Securities Co.,
San Francisco.
Johnson

;

Sept. '8,

:

125,000

capital

Business—The

design

filed

shares.

Price—By

and

Philadelphia.

'

•

Joyce Teletronccs Corp.31, 1961 ("Reg.- A") 55,000

Aug.

manufacture

Business'—The
•

.

-

used in communication.

of

common.
Price—$5.
electronic instruments

Proceeds—For working capital,

Office—20 Madi¬
son Ave., Hicksville, N. Y. Underwriter—General Securities Co., Inc., N. Y. Offering — Expected sometime in
products and repayment of loans.

new

December.,
'

..

Julyn Sportswear, Inc.
Sept. 7, 1961 filed 125,000 class A. Price—$5. Business—
The manufacture of maternity clothes and sportswear.
Proceeds—For working capital; Office—237 W. 35th St.,
N.Y. Underwriter—Mortimer B. Burnside & Co., Inc.,
Kaiser

Electronics,

N.Y.

Inc.

'

Aug. 22,

1961

Business

—

conversion

("Reg. A")

The

50,000 common. Price—$4.50.

manufacture

equipment.

Proceeds

of
—

electronic

For

power

repayment of

•

loans, new products, equipment, inventory, sales promo¬
tion and working capital. Office—3 Monroe St., Union
,'N. J. Underwriter—Schirmer, Atherton & Co., Boston.
1

•

'

Kaufman & Broad Building Co*

(10/9-13)

Aug. 11, 196i filed 174,500 common snares, of which 124,be offered by the company and 50,000

500 shares are to
'

stockholders. Price—By amendment.

shares by
—The

Business

construction and sale of low-priced homes." Pro¬

repayment of loans and working capital.
Office—18610'W. Eight Mile Road, Southfield, Mich. Underwriter—Bache & Co., New York (managing).
ceeds—For

'

•

>
'

1

Keller Corp.

(10/16)

June 29, 1961 filed $1,200,000 of
ordinated debentures due 1968.

•

6Yz% convertible sub¬
Price—At 100%. Busi-

development of land, construction of homes
related activities in Florida. Proceeds—For repay¬

ness—The
'

and

ment
'•

of

debt,

filed 200,000

porate

purposes.

shares.

common

Price—$5.

Proceeds—For repayment

capital, construction and other
Office—1420 K Street, N.

W.,

cor¬

Wash.,

D.

C. Underwriter—Hodgdon &
Co., Inc.,-Wash., D. C.
Kentucky Central Life & Accident Insurance Co.
Aug. 16, 1961 filed 400,000 class A non-voting common
shares, of which 200,000 shares are to be offered by the

and

company

acquisition of Yetter Homes,

200,000

shares

stockholders.

by

Price—

surplus.
Address—Anchorage, Ky. Underwriter—
Stifel, Nicolaus & Co., St. Louis (managing).

Inc., and

Business

—

common

shares.

The manufacture

siding and doors and accessories.
sitions and repayment of loans.

Price—By

of aluminum

Proceeds—For acqui¬

Office—511 Mellon Bank

Building, Latrobe, Pa. Underwriter—Singer, Deane &
Scribner, Pittsburgh (managing).
•

Keystone Steel & Wire Co.

Aug.

23,

nated

1961

filed

debentures

$20,000,000
due

(19/9-13)
of

1981.

convertible

Price—By

Business—The

production of steel. Proceeds—For the
repayment of debt and working capital. Office—Peoria,

111.

Underwriters—Hornblower &

Dillon,

Union Securities &
Expected in mid-October.

Co.

Weeks

and

(co-mgrs.)

Eastman

Offering—

Kiddie Rides,
Inc.
Sept. 12, 1961 filed $1,000,000 of 7% convertible subordi¬
1971

and

30,000

common

to be of¬

fered in units of $1,000 debentures and 30 of common,
Price—By amendment. Business—The operation of coin
operated children's amusement equipment;; Proceeds—
For repayment of loans, equipment and general corpo¬
rate purposes. Office—2557 W. North Ave., Chicago. Un¬
.

derwriter—Paul C. Kimball & Co.,

Chicago.

King's Office Supplies & Equipment, Inc.
July 5, 1961 ("Reg. A") 65,000 common shares (par $1).
Price—$2. Proceeds—For inventory and working capital.
Office—515-5th St., Santa Rosa, Calif.
Underwriter —
Pacific

Coast

Securities

San Francisco. Offering—

Co.,

Imminent.

Knape & Vogt Manufacturing Co.
Sept. 11, 1961 filed 263,750 common. Price—By amend¬
Business—The manufacture of

ment.

specialty hardware

items.

Proceeds—For the selling stockholders. Office—
Richmond St., N. W. Grand Rapids, Mich.
Under¬

Korfund, Inc.
Sept. 8, 1961 filed $600,000 of 6V2% convertible subord.
debentures due 1971 and 180,000 common to be offered
for public sale in units, each consisting of $100 of deben¬
tures and 30 common. Of the 180,000 shares, 40,000 will
sold

be

by the company and

by Massachusetts
Mohair Plush
Co., Inc., sole stockholder.
Price—By
amendment.
Business—The manufacture of vibration,
shock and noise control products and the distribution of
European made electronic and mechanical instruments.
Proceeds—For
the repayment
of debt, and working
capital.

Office—16

E.

34th

140,000

St.,

N.

Y.

Underwriter-

Street & Co., Inc., N. Y. (mgr.).
Kronfeld
(Phil), Inc.
July 28, 1961 ("Reg. A") 75,000 common shares (par 10
cents). Price—$4. Business—The operation of men's re¬
tail stores.
and

Proceeds—For

Marina, Inc.

(10/9-13)

1961

9,

(letter of notification; ioO,uuo shares of
$1). Price—$2 per share. Address—
Yankton, S. D. Underwriter
The Apache Investment
Planning Division of the Apache Corp.,
common

stock (par

Minneapolis.

Lewis (Tillie)
Foods, Inc. (10/2-6)
July 3, 1961 filed 400,000 common shares
(par $1), of
which 200,000 shares are to be offered
by the company
and 200,000 shares
by stockholders. Price—By amend¬
ment.

Business—The

processing, canning, bottling and
selling of fruits and vegetables. Proceeds—For
repay¬
ment of debt and
working capital. Office—Fresno Avd.
& Charter
Way, Stockton, Calif. Underwriter—Van Alstyne, Noel & Co., New York (managing).

Libby International Corp.
Aug. 3, 1961 ("Reg. A") 100,000 common shares
(par 10
cents). Price—$3. Business—The distribution of tractors
and farm equipment manufactured
by Kramer-Werke, a

German company.
Proceeds — For repayment of loans,
inventory and working capital. Office—325 W. Houston
Street, New York. Underwriter—Tau Inc., New York.
Liberian American-Swedish Minerals Co.

Sept.

14,

1961

filed

$5,871,500 of 4.167%

debentures due

1985

subordinated

International

to

be

offered

for

subscription by
African American Corp,
Latter stockholders will receive Class C
rights to acquire
the debentures and
176,145 of Liberian Iron Ore Ltd.,
parent, in units, each consisting of $100 of debentures
and 3 Liberian Iron Ore.
Price—$104 per unit. Business
—The commercial exploitation of iron ore
deposits in
of

Liberia. Proceeds—For the selling stockholder. Address

—Monrovia, Liberia. Underwriter—None.
Liberian Iron Ore Ltd.

Sept. 14, 1961 filed 436,327 capital shares to be offered
for subscription by stockholders of International
African
American Corp. Latter stockholders will receive
class A
rights to acquire 40,000 capital shares on the basis of
one for each 22
held; class B rights to acquire 220,182
on the basis of one for each four
held; and class C rights
to acquire 176,145 shares and
$5,871,500 of debentures of
Liberian
in

American-Swedish Minerals Co.,
subsidiary,
units, each consisting of $100 of debentures and three

Liberian

Iron

shares.

$15.85; Class C—$104

Price—Class

per

A—$10; Class B—
unit. Proceeds—For the selling
for stock of

stockholder. Business—A holding
company
Liberian American-Swedish Minerals

Co., which is en¬
gaged in the exploitation of iron ore deposits in Liberia.
Address—Prince Edward Island, Canada. Underwriter—■
None.

a

new

store, working capital

Office — 201 W. 49th
Underwriter—Kerns, Bennett & Co., Inc., N. Y.

• Lido
Corp. (10/23-27)
Aug. 29, 1961 ("Reg. A") 84,000

common.

Price—$3.25.

Business—The manufacture of toys, games and novelties.
Proceeds—For
ment

new

equipment, advertising, and repay¬
Rider Ave., Bronx 51, N. Y.

of loans. Office—349

Underwriter—Flomenhaft, Seidler
Lincoln

Fund, Inc.

& Co., Inc., N. Y.

(10/16-20)

March

30, 1961 filed 951,799 shares of common stock.
Net asset value plus a 7% selling commission.
Business
A non-diversified, open-end,
managementPrice

—

—

type investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call
options. Proceeds—
For investment. Office—300 Main St., New
Britain, Conil.

Distributor—Horizon Management Corp., New York.
•

Lincoln Liberty Life Insurance Co.
(10/30-11/3)
Sept. 15, 1961 filed 200,000 common. Price—By amend¬
ment.

Business—The writing of ordinary life insurance.
the selling stockholders.
Office—1518

Proceeds—For
Milam

St, Houston, Texas.

Underwriter—Bache & Co.,

New York.
•
Liverpool Industries,: Inc.
Aug. 1, 1961 "Reg. A" 85,700

(10/4)
common shares
(par 10
cents). Price —$3.50. Business — The manufacture of
precision parts for the aircraft and electronic industries.
Proceeds—For sales promotion and working capital,
fice—162

57th

Street,

Arden Perin & Co.,

Brooklyn,

N.

Y.

Of¬
Underwriter—

Inc., New York.

general corporate purposes.

St., N. Y.

Kulicke &

Soffa

Manufacturing Co.
Aug. 15, 1961 filed 122,980 common shares, of which
100,000 shares are to be offered by the company and
22,980

shares

by

stockholders.

Price—By

amendment.

Business—The manufacture of machinery for production
of transistors and similar devices. Proceeds—For pay¬
ment

of

taxes, new products, down payment on a new
general corporate purposes. Office—401 N.
Broad St., Philadelphia. Underwriter—Marron, Sloss &
Co., Inc.-, New York (managing).
plant

L.

and

L.

Drug Co., Inc.

July 26, 1961 filed 100,000

shares. Prices—$4.50.
pharmaceuticals.
Pro¬
ceeds—For repayment of a loan, purchase of equipment,
research
and
development, advertising and working
capital. Office—] Bala Ave., Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa. Of-,
fering—Expected in late October.
Business

—

Lance,

common

The manufacture

or

Inc.

Aug. 30, 1961. filed 364,000

common.

Price—By amend¬

ment. Business—The manufacture of peanut butter filled

delicacies. Proceeds—For the selling stockholders. Office
S. Blvd., Charlotte, N. C. ; Underwriter—R, ^S.

—1304

Dickson & Co..

Charlotte, N, C. (mgr.).

July 7, 1961
Price—$7.25.




Lewis & Clark

•

Palm

Inc., New York (managing).^

•

May

subordi¬

amendment.

,• Lee Filter Corp.

"

—

Offering—Imminent.

stockholders

Keystone Alloys Co.
Aug. 10, 1961 filed 42,000
amendment.

general corporate purposes.

Office—101 Bradley Place,
Beach, Fla. Underwriter—Casper* Rogers & Co.,

Underwriter

From $13 to $17 per share. Proceeds—To increase
capital
and

writer—Glore, Forgan & Co., N. Y. (mgr.).

production of
special electronic components for the commercial and
military market. Proceeds—For the repayment of debt,
and working capital. Address—Box 7, Casselberry, Fla.
.^Underwriter—Warner, Jennings, Mandel & Longstreth,

«

1961

loans, working

.

"

-

Washington, Inc.

19,

Business—General real estate.

658

•

Electronics, Inc.

1961

amendment.

Inc., N. Y. C.'

nated debentures due

'

Jarrell-Ash

Kent

of
common stock.

filed

eral

July

Inc.
Feb. 20, 1961 filed 150,000 shares of

(11/2)

165,000 common, of which 45,000
by the company and 120,000 by stock¬
holders. Price—$5. Business—The dry
cleaning and stor¬
age of clothes. Proceeds—For working capital and gen¬

—501

Ivest Fund,

Cleaners, Inc.

to be offered

are

kan & Co.,

•

Proceeds—For the selling
Office—191 Talmadge
Road, Edison, N. J.
Omega Securities Corp., N. Y (mgr )

stockholders.

—

Kent Dry

1961 filed 100,000 common. Price—By amend¬
ment. Business—The writing of general insurance. Office

Livingston Bldg., Bloomington, 111. Underwriter—
White, Weld & Co., N. Y. C. (mgr.)

gasoline filters for vehicles.

Sept. 11, 1961 filed 150,000 common, of which 100,000 are
to be offered by the company and 50,000
by a selling
stockholder.
Price—$4. Business—The manufacture of
sliding aluminum windows and doors. Proceeds—For

Aug. 25,

.

Industries, Inc.

39

("Reg. A") 1,334 capital shares (par $1).
Business—The manufacture of air, oil and

Lomart Perfected

Devices, Inc.
Sept. 14, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of pool filters and accessories and
tools, dies, metal stampings, etc. Proceeds—For moving
expenses, purchase of equipment, promotion of a new
product and working capital. Office—199 Bleecker St,
Brooklyn, N. Y. Underwriter—None.
Londontown Manufacturing Co.
Aug. 8, 1961 filed 150,000 common shares. Price

—

By

amendment Business—The manufacture of rainwear and

golf jackets.

Office—3600 Clipper Mill Road, Baltimore.
Underwriter—Alex. Brown & Sons, Baltimore.
•
Long Island Bowling Enterprises, Inc.
May 24, 1961 (letter of notification) 100,000 shares of
common stock
(par 10 cents). Price—$3 per share. Busi¬
ness—The operation of bowling alleys.
Proceeds—For

general corporate purposes..
N. Y. Underwriter

—

Address—Mattituck, L. f.,
Trinity Securities Corp., N. Y. C.

Offering—Imminent.
•
Longs Drug Stores, Inc. (10/10)
Aug. 24, 1961 filed 190,000 outstanding common. Price—
By amendment Business-—The company operates a chain

of drug stores in California and Hawaii. Proceeds—For
the selling stockholders. Offices—5301

Broadway, Oak¬
land, Calif. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith Inc. N. Y. C. (mgr.).
Continued

on

page

40

40

The Commercial and Financial Chronicle

(1368)

^Manson Laboratories,

Continued from page 39

200,000 common shares, of which
150,000 shares are to be offered by the company and
50,000 shares by the stockholders. Price-—$6.50. Business
-—The manufacture of children's sportswear. Proceeds—
lTor repayment of loans; inventories;, new products;
working capital, and general corporate purposes. Office
.—85 Tenth Ave., New York. Underwriter—Reich & Co.,
N. Y. (mgr.). Offering—Expected in mid-October.
Louis Sherry Preserves*

Inc.

Sept. 21, 1961 filed 200,000 common. Price—$4. Business
—Manufacture of fresh fruit preserves and jellies. Pro¬

advertising, repayment of debt,
Office—30-30 Northern Blvd., Long

Imminent.

March

Dynamics Inc.
Aug. 28, 1961 filed 125,000 common. Price—$2.50. Busi¬
chanical

components. Proceeds — For equipment and
working capital. Office—920 S. Oyster Bay Rd., Hicks-

• Micro-Precision
Corp. (10/9-13)
July 28, 1961 ("Reg. A") 100,000 common shares (par 20
cents). Price—$3. Business—The development and mah7
ufacture of I language laboratories for the electronics

educational field and the manufacture of electronic and

ville, N. Y. Underwriter—Paul Eisenberg & Co., N. Y. C.

micro-wave

manufacture

ness—The

Mark Truck Rental

of

mechanical

and

electro-me¬

components. Proceeds—For expansion and
working capital. Office—55 Ninth St., Brooklyn, N. Y.
Underwriters
Manufacturers
Securities
Corp., New
York (managing); Bioren & Co., Boenning & Co., Phila¬
delphia, Chace, Whiteside & Winslow, Inc., Draper, Sears
& Co., and Schirmer, Atherton & Co., Boston.

Corp.

June

and working capital.

cent).

City, N. Y. Underwriter—Stanley Heller & Co.,

Island
Y.

'

•

Lowe's

Enterprises,

Office—
Irwin &

Co., Inc., 50 Broadway, N. Y.
Lundy Electronics & Systems, Inc.
Sept. 19, 1961 filed 175,000 common. Price—$4. Business
—The manufacture of electronic, electro-mechanical and

hydraulic systems for aircraft, missiles and space ve¬
hicles. Proceeds—For research and development, sales
promotion and working capital.
Office—Glen Head,
N. Y. Underwriter—Michael G. Kletz & Co., Inc., N. Y.
Lusk Corp.

(11/6-10)
Aug. 30, 1961 filed $1,250,000 or 6%% convertible sub¬
ordinated debentures due 1971, 200,000 common and 5year warrants to purchase 50,000 common to be offered
in 50 units each consisting of $25 of debentures, 4 com¬
mon and one warrant. Price—By amendment. Business—
Development of residential communities. Proceeds—For
working capital and general corporate purposes. Office

Underwriter—Burnham &

E. Broadway, Tucson.

—6910

Co., N. Y. (mgr.).

• Middle Atlantic Credit
Corp. (10/9-13)
July 27, 1961 filed $120,000 of 6V2% subordinated deben¬
tures due 1971 and 60,000 common shares to be offered
in units consisting of $200 of debentures and 100 shares
of stock. Price—$500 per unit. Business—A commercial
and industrial finance company. Proceeds—For working
capital. Office—1518 Walnut St., Philadelphia.
Under¬
writers—R. L. Scheinmain & Co., and A. W. Benkert &
Co., Inc., New York.

27, 1961 filed 95,000 common shares. Price — By
amendment. Proceeds — For expansion, acquisition of
new facilities and other corporate purposes. Office—15316 Tenth Ave., Whitestone, N. Y. Underwriters—Ross,
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
Inc., N. Y. C.
Industries

(10/23-27)

Corp.

Aug. 29, 1961 filed 225,000 common, of which 150,000 are
to be offered by the company and 75,000 by stockholders.
Price—$7. Business—The manufacture of ladies' wear.
Proceeds—For working capital. Office—141 W. 36th St.,
N.Y.C. Underwriter—Bernard M.Kahn&Co., Inc., N.Y.C.
Marshall

filming and production and working capital.
1501 Broadway, N. Y. Underwriter—Ehrlich,

Offering—Imminent.

June

Inc.

Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For

—

Polarized Corp.

Marlene

NY.
Lunar

Marks

(10/16)

LumTs, Inc.

Sept. 14, 1961 ("Reg. A") 100,000 class A common. Price
f-$l. Proceeds—For expansion. Business—The operation
of a specialty restaurant chain. Office—2302 Collins Ave.,
Miami Beach, Fla. Underwriter—Bayes, Rose & Co., Inc.,
.

28, 1961 ("Reg. A") 50,000 common shares (par one
Price—$1. Proceeds—For working capital. Office
—301 Cliff Ave., Scranton, Pa.
Underwriter—Vickers

Securities Corp., N. Y.

Companies, Inc. (10/9-13)
July 28, 1961 filed 388,250 common shares. Price—By
amendment. Business—-The retail and wholesale distri¬
bution of building supplies, household fixtures and ap¬
pliances, etc. Proceeds — For the selling stockholders.
Address—North Wilkesboro, N. C. Underwriter—G. H.
Walker & Co., Inc., New York (managing).
.
•

Thursday, September 28, 1961

production; repayment of loans; equipment; adver¬
tising; research and development and working capital.
Office—19 Debevoise Avenue, Roosevelt, N. Y. Under¬
writer—Underhill Securities Corp., N. Y.
Offering—

applications. Proceeds — Repayment of
debt, equipment research and development, and work¬
ing capital. Office—375 Fairfield Ave., Stamford, Conn.
Underwriter—Amos Treat & Co., N. Y.

ceeds—Plant expansion,

N.

.

and

industrial

and

.

sign of potentiometers used in computers, ground control
guidance systems and missiles. Proceeds—For tooling

Inc.

Sept. 26, 1961 filed 200,00U common. Price—$5. Business
—Research and manufacture of equipment for military

Lortogs, Inc.
July 26, 1961 filed

.

Industries

Middle
June

(10/16-20)

1961

filed

Investment

70,000

Co.

(10/26)

common

• Midwest Budget & Loan Corp.
Sept. 12, 1961 filed $300,000 of 6% subordinated deben¬
tures due Aug. 1, 1973 to be offered in units of $500
and $1,000. Business — Purchasing of conditional sales
contracts. Office—5806 W. Burleigh St., Milwaukee, Wis.

Aug. 4, 1961 filed 131,305 common shares to be offered
for subscription by stockholders on the basis of one new
share for each four shares held. Price—By amendment.
Business
The manufacture of electronic components
and instruments primarily for space and missile appli¬
cations. Proceeds—For repayment of debt and advances
to subsidiaries. Office—2065 Huntington Dr., San Marino,
Calif. Underwriters—William R. Staats & Co., Los An¬
geles and Shearson, Hammill & Co., N. Y. (mgr.)
—

Mcintosh

Atlantic

shares. Price—$10.
Business—An investment company. Proceeds—For in¬
vestment and working capital. Address—Elkins Park,
Pa. Underwriter—Best & G'arey Co., Inc., Wash., D. C.
22,

Underwriter—The Marshall Co., Milwaukee.
•

Midwest

Technical

Development Corp.

(10/16-20)

July

1961

14,

amendment.

(J. R. C.), Inc.

22, 1961 ("Reg. A") 150,000 common. Price—$2.
of loans, tools and equipment,
promotion and working capital. Office—1 Mcin¬
tosh Lane, El Dorado, Calif. Underwriters—Walter C.
Gorey Co., San Fran., and Beckman & Co., Inc., Lodi,

Aug.

Proceeds—For repayment

filed

800,000

Business

—

A

common

small

shares.

business

Proceeds—For investment.

company.

Price—By
investment

Office—2615 First

National

Bank Bldg., Minneapolis. Underwriters — Lee
Higginson Corp., New York and Piper, Jaffray & Hopwood, Minneapolis.

sales

Midwestern Financial

Calif.

Medco, Inc. (10/2-6)
July 13, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The operation of jewelry
concessions
in
closed-door
membership
department
Proceeds—For

stores.

expansion.

Office—1211

Corp.

Aug. 28, 1961 filed 260,000 common, of which 75,000 are
to be offered by the company and 185,000 by stockhold¬

Price—By amendment. Business—A holding com¬
for savings and loan associations, mortgage com¬
panies, a manufacturing company, a small business
investment company, etc.
Proceeds—For repayment of
ers.

pany

Walnut

Office—2011-13th St., Boulder, Colo. Underwriters
& Co. and Bosworth, Sullivan & Co., Inc.,

debt.

Kansas
City, Mo.
Underwriters—Barret, Fitch,
North & Co., Inc. (managing) and Midland Securities

—Boettcher

April 27, 1961

Co., Inc., Kansas City, Mo.

Denver

stock (par one
ness—The manufacture

•

ir Milgray Electronics, Inc.
Sept. 26, 1961 filed 166,667 common. Price—By amend-

M

Glass

I

P

St.,

Fibers, Inc.

(letter of notification) 150,000 shares of
cent). Price—$2 per share. Busi¬
of a new patented fiber glass
material to be used in rocket motor cases. Proceeds—
For expenses, equipment and working capital. Office—
1025 Shoreham Bldg., Washington, D. C. Underwriter
—Atlantic Equities Co.,' Washington, D. C. Note—This
company formerly was named Industrial Materials, Inc.
.common

MacLevy Associates, Inc. (10/2-6)
July 20,1961 ("Reg. A") 150,000 common shares (par one
cent). Price—$2. Business—The distribution of health,
•exercise and slenderizing equipment. Proceeds—For re¬
•

payment of loans, equipment, new products, sales pro¬
motion and advertising, plant removal and working cap¬
ital. Officer—189 Lexington Ave., N. Y. 16, N. Y. Under¬
writer—Continental Bond & Share Corp., Maplewood, N.J.

(10/16-20)
Price — By
amendment. Business—The publishing of business pe¬
riodicals. Proceeds—For promotion, a new publication
and working capital. Office—660 Madison Ave., New
•

Magazines For Industry, Inc.

Aug. 2, 1961 filed 135,000 common shares.

Fuller & Co., N. Y.

Underwriter—S. D.

York.

(mgr.)

Magna Pipe Line Co., Ltd.
June 1, 1961 filed 750,000 common shares, of which 525,600 will be offered for sale in the U. S., and 225,000 in
Canada.

/Price—By amendment. Business—The company

plans to | build and operate an underwater natural gas

transmission pipeline from British Columbia to Vana

subsidiary will build a pipeline from

.Bremertbn to Port

Angeles, Washington. Proceeds—For

Island and

cover

construction.

Credit

Office—508

Foncier

Bldg.,

Van¬

B. C. Underwriters—(In U. S.) Bear, Stearns &
Co., New York. (In Canada) W. C. Pitfield & Co., Ltd.,
Montreal. Offering—Expected in late October.
couver,

•

Mairs & Power Income

June

7,

1961 filed 40,000

(10/16-20)
shares. Price — By

Fund, Inc.

common

— For
Bldg., St.

.amendment. Business—A mutual fund. Proceeds
Investment. Office—1002 First National Bank

Paul,

Minn. Underwriter—None.

Major Finance Corp.
Aug. 18, 1961 filed $200,000 of 7% senior subordinated
debentures due 1971 (with attached warrants) and
100,common shares to be offered in units
consisting of
.$100 debenture (with a warrant to purchase one conimon
share at $4) and 50 common shares.
Price—$300
per unit.
Business—Consumer finance.
Proceeds—For
working capital. Office—912 Thayer Ave., Silver Spring,Md. Underwriter—Manhattan Eastern Corp., N. Y.
(mgr.)

©00

Malone

Sept.
to

1,

be

offered

common,

of

which

100,000
and 175,000 by the

by the company
/stockholders. Price—By amendment. Business—The
pro¬
curement, warehousing and sale of groceries, meats,
are

produce, etc., to retail grocers. Proceeds—For working
/capital. Office—1700 Dunn Ave., Memphis, Underwriter
Equitable Securities Corp., Nashville (mgr.).




Inc.

Price—$5. Business
printing of advertising material, annual reports,
booklets etc., by offset lithography. Proceeds—For the
purchase of a high-speed press, the repayment of debt,
establishment of a new department, and working capital.
Office—170 Varick St., N. Y.
Underwriters—Harry
Odzer Co., N. Y. and Bruno-Lenchner, Inc., Pittsburgh.
Offering—Expected sometime in December.
Sept. 8, 1961 filed 100,000 common.

—The

ir Mercury Photo Corporation
Sept. 26, 1961 filed 100,000 class A. Price—$5. Business
—Processing and wholesaling of photographic film, etc.*
Proceeds—For expansion, equipment, and working cap¬
ital. Office—275 Clinton Ave., Newark, N. Y. Under¬
writer—General Securities Co., N. Y.
•

Mesur-Matic Electronics

Corp.

Sept. 5, 1961 ("Reg. A") 120,000 common shares. Price—
$2. Business—The manufacture of. electronic measuring
and testing equipment. Address—Bradford, N. H. Under¬
writer—Hopkins, Calamari & Co., Inc., N; Y. Offering—

(co-mgrs.)

-ment. Business—Wholesaler and distributor of electronic

parts. Office—136 Liberty St., N. Y. Underwriter—Marron, Sloss & Co., inc., N. Y.
/

MBIo Components, Inc.
Aug. 15, 1961 ("Reg. A") 170,000 class A shares (par 10
cents). Price—$1. Business—The manufacture of pre¬
cision

components, assemblies for aircraft, armaments,
computers, floor waxers and industrial vacuum cleaners.
Proceeds—For equipment, research and development,
repayment of loans and working capital.
Office — 9
Cleveland Street, Valley Stream, N. Y. Underwriter—
Nelson
•

Securities, Inc., Hempstead, N. Y.

Miner

Industries, Inc.

(10/23-27)

Aug. 10, 1961 filed 120,000 common shares. Price—$4.50.
Business—The manufacturet)f toys. Proceeds—For new

products, advertising and working capital. Office—430
Southern Boulevard, New York. Underwriters—Golkin,
Bomback & Co. and Oppenheimer & Co., New York.

Imminent.
Met Food

Corp.
Aug. 25, 1961 filed 150,000 common. Price—$4.

Business

—The distribution of food to retail stores in New York

City.

Office
Blvd., Syosset, N. Y. UnderwritersBrand, Grumet & Seigel, Inc., N. Y. C. (mgr.)
Proceeds—For general corporate purposes.

—345

Underhill

Metal Bellows Corp.

Sept. 1, 1961 filed 140,000 common, of which 120,000 are
to be offered by the company and 20,000 by a stock¬
holder. Price—By amendment. Business—The manufac¬
ture of welded

ing

diaphragm bellows.

Proceeds—For

mov¬

equipment, research and development,
repayment of debt and working capital. Office—27 Mica
Lane, Wellesley, Mass. Underwriter—Estabrook & Co.,
expenses,

Minuit Investing Corp.
Aug. 4, 1961 ("Reg. A") 28,000 shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business—An investment company.
Proceeds—For ac¬

quisitions, working capital and general corporate
poses. "Office—225 Broadway, New York 7, N. Y.
Pat

Miss

•

Missile-Tronics

May 8,

• Metallurgical

common

N. Y.

Corp. (10/2-6)
(letter of notification) 151,900
stock (par 10 cents). Price—$1.50

1961

Business—The

manufacturers

of

equipment.
machinery and office
equipment; reduction of current liabilities; research and
development and working capital. Office—245 4th St.,
Passaic, N. J. Underwriter — Hopkins, Calamari & Co.,
Inc., 26 Broadway, N. Y.
Missile Systems Corp.

stockholders.

...

cents;.

Price—$4.

common

shares (par 10

Business—The manufacture and de¬

of

share.

technical

manufacture of electro-mechanical

Mflcro-Lectric, Inc.
June 12, 1961 ("Reg., A") 55,000

shares
per

Proceeds -1- For payment of loans;

Metropolitan Tetecommunications Corp.
Sept. 15, 1961 filed 240,000 common, of which 225,000
will be sold for the company and 15,000 for a stockhold¬
er.
Price—By amendment. Business—The manufacture

equipment, transformers, filters, re¬
lays, etc. Proceeds1—For the purchase of Grow Solvent
Co., Inc., and for working capital. Office—Ames Court,
Plainview, N. Y. Underwriters—M. L. Lee
Co., and
Milton Blauner & Co., N. Y.
—

Un¬

Aug. 31, 1961 filed 100,000 outstanding common. Price—
By amendment. Business—The manufacture of women's
apparel. Proceeds—For the selling stockholders. Office—
860 S. Los Angeles St., Los Angeles. Underwriter—Mitchum, Jones & Tempfeton, Los Angeles (mgr.).

Boston.

International, Inc.
Sept. 26, 1961 filed 145,000 class A. Price—$3. Business
—Reprocessing and manufacturing of rare refractory
metals. Proceeds—Repay debt, taxes, purchase equip¬
ment, and working capital. Office—174 Main Ave., Well¬
ington, N. J. Underwriter—Mortimer B. Burn§ide & Co.,

pur¬

derwriter—Pine Tree Securities, Inc., N. Y.

of communications

&

Hyde, Inc.
1961 filed 275,000

Meehan-Tooker Co.,

Sept. 11,
are

to

be

1961

filed 140,000 common, of which 100,000
by the company and 40,000 by the
Price — By amendment.
Business — The

offered

tems for weapons

assemblies

and sys¬

under government contracts; furnish¬

documentation services; the
assemblies,
and the manufacture of commercial lighting equipment.
Proceeds—For working capital.
Office—9025 Wilshire
Blvd;, Beverly Hills, Calif. Underwriter—George, O'Neill
& Co., Inc., N. Y. (mgr:)Z '
~ *
• " "
' " ;
v
ing

data

processing

and

manufacture of multi-color harness and cable

o
Volume

194

Number 6094

The Commercial and Financial
Chronicle

...

(1369)

41

s
•

Missouri

Fidelity Life Insurance

Co. (10/3)
200,000 common shares. Price—Byr
Business—A life insurance
company. Pro¬
ceeds—To be: added to
capital and surplus accounts.
Office—4221
Lindell Blvd., St. Louis. Underwriter—
A. C. Allyn & Co.,
Chicago (managing).

July

#

1961 filed

14,

amendment.

-

*

•

Mobile

fice—9805

27,

1961

•

filed

Sept.
are

•

1,

1961 filed 150,000 common, of which
135,000
be offered by the
company and 15,000 by Cardia
Price—$5. Business—The manufacture of high-tem¬
electronic

Proceeds—For

and

electrical

equipment,

a

new

insulation

product

July

Mori-Dak Feed

17,

1961

150,000

shares.

Price—$3.
by others.

Lewis & Co., Inc. and
Corp., New York (co-managers).

National Bank

equipment.

Proceeds—For

new

•

lumber, building supplies and hardware. Proceeds—
To repay loans and. for.,.working
capital.
Address—
Monticello, N. Y. Underwriter—J. Laurence & Co., Inc.,
New York, N. Y.
/
•

Stuart

office of

Co.

&

Hammond,

(Competitive).

—

Co.

Inc.;

Continental

First

Probable

Boston

bidders:

Corp.;

White,

Illinois National Bank

&

v|.

Trust

(Room 5A), 231 So. La Salle St., Chicago.

Northern

Natural

Gas

Sept. 8, 1961, filed 435,009

scription by stockholders
held

of

record

Co.

(10/17)
be offered for sub-

common to
on

the basis of

one

.

for each 20

Oct.

17, with rights to expire Oct. 31.
Price—By amendment. Proceeds—For the repayment of
debt, and construction.

Office—2(223 Dodge St.; Omaha,
Underwriter—Blyth & Co., Inc., N. Y. (mgr.).

Neb.

Nuclear Corp. of America
(10/16-20)
Aug. 11, 1961 filed 536,280 outstanding shares of capital
publicly and $2,087,800 of 5Ms% con¬

Price—$3.

stock to be offered

Business

—The manufacture of electronic
components.Proceeds—
For repayment of a

vertible subordinated debentures due 1976 to be offered

for subscription, by stockholders on the basis of
$100
Office—52 A of;debentures for each 300 shares held. Price—(Stock)
By amendment. (Debentures) At par.
Underwriter—Frank
Business-'—The

loan, expansion, new(products, work¬

ing capital and general corporate
St. Casimer Ave., Yonkers, N. Y.
Karasik & Co., Inc., N. Y. (mgr.).

non-farm

purposes.

-

,v.:

refining of

-

of

ment

loans and working capital.,: Office—3540 W»
Road, Phoenix.- Underwriter — Bear, Stearns &
Co., NeW York (managing).:;/ '/■/ v. /

homes; Proceeds—For capital* and surplus. Office—606

,

earths and the manufacture of radiation
and vacuum tubes.
Proceeds—For repay¬

rare

instruments

N^tpac Inc.

(10/2-6) / ' '"'T -(/'V
July 28,1961 filed 100,000 common shares. Price—$4.75.
/
West Wisconsin
-Avenue, Milwaukee, Wis. Underwriter r Business—The processing of meat and frozen food
prod¬
>^r-Bache & Co., New York City (managing). Note—This
ucts; the financing, sale and servicing of home food
stock is not qualified for sale in New York
State.//
freezers, and the operation of a supermarket. Proceeds
•• Motor Colls
v—For consumer time payments, expansion, and working
Manufacturing Co. (10/23-27) /
capital. -Office — 93-25 Rockaway Blvd., Ozone Park.
:::r July 27, 1961 filed 100,000 common shares.
Price—$6.50.
N„ Y.
Underwriters—William, David & Motti, Inc., ana
Business—The manufacture of armature, stator and field
Flomenhaft, Seidler & Co., Inc., New York.
coils. Proceeds—For repayment of loans, working capNew England Power Co.
; ital and general corporate purposes; Office—110 Thirty(10/25)
Second St., Pittsburgh^
Sept. 15, 1961 filed $20,000,000 of first mortgage bonds,
Underwriter—Golkin, Bomback
& Co., New York.
series I, due Nov. 1, 1991. Proceeds—For the repayment
'
' : ^
'
;

of

record

-

Mortgage Guaranty Insurance "Co. (10/16-20)
Oct. 17, 1960 filed 155,000 shares of common stock
(par
$1)..,Price—To be.:supplied by amendment; Business—
Insuring lenders against, loss on residential. first mortfamily

at

National Tel-Tronics Corp.

0

orr'-single

basis

of

Bear,
Stearns & Co. (jointly); Dean Witter &
Co., Blyth & Co.,
Inc., and Merrill Lynch, Pierce, Fenner & Smith Inc.
(jointly); Kuhn, Loeb & Co. and American Securities
Corp. (jointly). Bids—Expected Oct. 3 at 11 a.m. (CDST)

National

Sept. 11, 1961 filed 133,000 common.

.

;

Fittman

be named.

Weld & Co.; Equitable Securities
Corp.; Eastman Dillon,
Union Securities & Co., Lehman Brothers and

equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbury, Conn. Underwriters—Lee Higginson Corp., N. Y. C.
and Piper, Jaffray &
Hopwood, Minneapolis (mgr.).

of

held

Underwriter

Halsey,

Chestnut

—

-

gage/-loans,\ principally

Ind.

May 11,

Monticeilo Lumber & Mfg. Co., Inc.
April 11, 1961 letter of notification) 75,000 of common
stock (par 10c). Price—$4 per share. Business—The sale

Grace

—

$100 of debentures for each 44
Sept. 29, with rights to expire
Oct. 18. Price—At par. Proceeds—For
working capital
and construction. Office—5265 Hohman
Ave.,

Semiconductor Corp.
(10/16-20)
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

machinery, repayment of loans and working capital. Of¬
Corliss Ave., Neptune, N. J.
Underwriters—
Cruttenden, Podesta & Co., Chicago and Spear, Leeds &
Kellogg, N. Y. C.'
fice—1802

Office

purposes.

Indiana

the

on

common

Instrument Laboratories, Inc.
Aug. 29, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—The manufacture of precision instruments.
Office—828 Evarts St., N. E.,
Washington 18, D. C. Un¬
derwriter—Troster, Singer & Co., N. Y.

Inc.

Aug. 28, 1961 filed 200,000 common, of which 125,000 are
to be offered by the company and
75,000 by stockhold¬
Price—$6. Business—The manufacture of electronic

A ;;

holders

St., Philadelphia. Under¬
writer—Mayo & Co., Inc., Philadelphia.

ers.

^

Securities

National

Monmouth Electric Co.,

;

Office—1622

corporate

Northern

—

penses.

pre¬

Public Service Co.
(10/3)
Aug. 28, 1961 filed $20,253,300 of convertible debentures
due Oct. 18, 1976 to be offered for
subscription by stock¬

-

Main St., Freehold,
N. J. Underwriter—Meade &
Co., New York.

•'•••

general

Bldg., Fayetteville, N. C. Underwriters—To

National Industries, Inc. V
Aug. 28, 1961 ("Reg. A") 50,000 common. Price—$6. Pro¬
ceeds
For
equipment, inventory and operating ex¬

Bldg.,

of

—

(10/16-20)

Underhill

Business—Manufacture

new

North

inventory, advertising and
promotion, expansion, repayment of loans and working
capital. Office—38 Park Row, New York. Underwriters
—Edward

amendment.

electronic

Carolina Natural Gas
Corp.
Aug. 17, 1961 filed $2,250,000 of convertible second mort¬
gage pipeline bonds due 1981. Price
By amendment.
Proceeds—For repayment of
loans, working capital and

dical supplies. Proceeds—For

Monmouth Capital Corp.
Aug. 1, 1961 filed 200,000 shares of capital stock. Price—
$10. Business — A small business investment company.

^

(10/9-13)

22, 1961 ("Reg. A") 100,000 common shares (par
cents). Price—$3. Business—The distribtuion of me¬

10
common*

Address—Glendive, Mont. Underwriter
—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.

.

Inc.

Inc.

instruments. Proceeds—Repayment of
product development, inventory and
working
capital. Office—Terminal Dr.,
Plainview, N. Y. Under¬
writer—G. A. Saxton & Co.,
Inc., N. Y.

debt,

1961 filed 2,00,000 oustanaing common snares.
By amendment. Business—The maintenance of

National Hospital
Supply Co.,

breeding of livestock owned
drilling of water test wells, purchase of
construction, general administrative costs and

electro-mechanical

cision

buildings. Proceeds—For the selling stock¬
Office—60 Madison Avenue, New York. Under¬
writer—Bear, Stearns & Co., New York (managing).

working capital.

and

Price—By

Co., Inc., New York.

holders.

Proceeds—For

Office—First

—

★ North Atlantic Industries,

Sept. 26, 1961 filed 131,500 common, of which
120,006
will be sold by the
company and 11,500 by a stockholder.

June

Business—The

land,

working capital. Office—66 East South Water
St., Chi¬
cago. Underwriter—Hornblower &
Weeks, N. Y. •
*

(10/16-20)

Cleaning Contractors, Inc.

■*'

Underwood.

—

Acceptance Corp.
common.
Price—$8.50. Busi¬
ness—Automobile retail sales
financing. Proceeds—For

commercial

materials.

and

Lot, Inc.

filed

19,

Price

working
capital. Office—101 Clifton Blvd., Clifton, N. J. Under¬
writers—Street & Co., Inc. and
Irving Weis & Co., N. Y.
July

National

&

Houston, Texas. Underwriter
&
Co., Inc., Houston, Texas.

North American

filed

writer—Edward Lewis

Dielectrics, Inc.

to

perature

Bowling Lanes, inc.

1961

St.,

Sept. 18, 1961 filed 100,000

Ave., Brooklyn/ N. Y. Underwriter—

150,000 capital shares. Price—$5.50.
Business—The operation of
bowling centers. Proceeds—
For expansion,
repayment of loans, and working capi¬
tal.
Office —220 S. 16th
Street, Philadelphia.
Under¬

Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry Odzer Co., New York (managing).

Co.

National

July 21,

o

ing capital.

Molecu!ar

Fourth

11th

Neuhaus

Pearson, Murphy & Co., Ino., N. Y.

Estates, Inc.

(10/16-20)
140,000 common shares. Price—$6.,
Proceeds—To purchase
land, construct and develop about
250 mobile home sites, form sales
agencies and for work¬
June

^ Narrows Premium Corp.
Sept. 25, 1961 filed 100,000 common. Price—$4. Business
—Financing of casualty insurance premiums in New
York State. Proceeds—General
corporate purposes. Of¬

;

.

Osborn

-r

Nutri-Laboratories, Inc.
Sept. 14, 1961 filed 100,000

/

.

'

u

.

/

Price—$5. Business

common.

'

—The manufacture and distribution of animal foods and

>

<

dog

*

products.

Proceeds

For

—

marketing

of

v

"Doctor's

Choice" brand, working capital and operating expenses.
Office—1511 K St., N. W., Washington, D. C. Underwriter <
—Hirschel & Co., Silver Spring, Md.
-

,

Occidental Petroleum Corp.

.

•

v

Aug.

.

of short-term loans and construction.

Movie

Star, Inc. (10/16-20)
1961 filed 200,000 class A

9,

amendment.

Business —The

shares.

Price —By

manufacture

of

women's

*

clothing. Proceeds—For general corporate purposes. Of¬
Avenue, New York. Underwriter—Milton

fice—392 Fifth
D. Blauner &

Co., Inc., New York (managing).

Municipal Investment Trust Fund, First Pa.
Series
"•/"*•'<
•/
•'
April 28, 1961 filed $6,375,000 (6,250 units) of interests.
Price—To be supplied i by amendment.
Business—The

.

,

fund will

.

fch

wea

.

invest in tax-exempt bonds of the

Ill

•

'•

*

v"

;;

ver.

Offering—Expected in

Underwriter

—

Wyo. (mgr.).

common

shares.-Price—50c.

working

capital/ repayment

W. Colfax

Ave., Den¬
Bullock Securities Co.,
Cheyenne,

30, 1961

New Zealand

..

(Government of)

..

? Murray Magnetics
Corp.
Aug. 15, 1961. filed 150,000 common shares.

.

Business—The
v,
-

Price—$6.

financing, exploitation and sale of

line of electric kitchen and household appliances. Proceeds—For ,the purchase .of inventory, sales promotion
and

working capital.

Office—230 Fifth Ave., New York.

Underwriter—Amos Treat & Co., Inc., New York.
-

a new

,'

NAC Charge Plan and Northern Acceptance Corp.
.June 27, 1961 filed 33,334 class A common shares. Price

—By

amendit ent. Proceeds—For working capital. Of¬
fice—16 East Pleasant St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C. (mgr.). Offering—Im¬
minent.

-

Narrow

Fabric

Aug. 18, 1961
75,000 shares
137,000 shares
•Business

—

,

.

*■

to

212,000
be

shares, of which
the company and

common

offered

by stockholders.
manufacture

by

Price—By
of

braided,

and

amendment.
woven

and

production of coated and processed
For repayment of loans, expansion
and working capital/ Office—7th
and Reading Ayes.,
West Reading, Pa. Underwriter—Drexel & Co., Philadelphia. (mgr.). Vs
r
papers.

.

filed
are

The

knitted fabrics

Co.

Proceeds




.

,

amount

of

being offered
on

debentures

the

for

for

basis

each

of

100

subscription by
$100 principal
shares

held

of

record

Sept. 15, with rights to expire Oct. 3. Price—
Business—The acquiring and developing of oil
and gas properties.
Proceeds—For exploration and de- M
velopment of oil leases and working capital. Office—•
At

par.

8255

Beverly Blvd.,

Los Angeles.

Underwriter—None.

Instruments, Inc.
Aug. 24, 1961 filed 140,000 common. Price—$1. Business
;

—The

company plans to manufacture scientific marine:
instruments and provide consultation services. Proceeds

—For

organizational expenses and purchase of equip¬
Bldg., Seattle. Underwriter—
Globus, Inc., N. Y. Offering—Expected in late October.

ment. Office—1515 Norton

~

Corp.
("Reg. A") 200,000 common shares (par
$1). Price—$1.50. Proceeds—For repayment of notes and
; acquisition of real estate interests. Office—3252 Broad¬
way, Kansas City, Mo. //Underwriter — Barret, Fitch,
North & Co., Kansas City, Mo.
'■

fund will invest in tax-exempt bonds of states, counties,

1976

Oceanic

New West Land

June

due

stockholders

common

(10/2)

of debt and reserves. Office—9635

•

municipalities and territories of the U. S. Proceeds—For
,-investment Sponsor—Ira Haupt & Co., Ill Broadway,
New York City,
•., *
/ '/
_*
*

debentures

'

—

,

Mining Co.

1961 filed 800,000
Proceeds—For equipment,

Municipal Investment Trust Fund, Series B
April 28, 1961 filed $12,750,000 (12,500 units) of interests.
Price
To be supplied by amendment. 'Business — The

v

Era

July 5,

Common-

and its political sub-divisions.
investment.
Sponsor—Ira Haupt & Co.,

Broadway, New York City.

mid-October.

June 29, 1961 filed $3,962,500 of subordinated convertible

Stuart

St., Boston. Underwriter—(Competitive). Probable bid¬
ders: Halsey, Stuart & Co. Inc.;
Kuhn, Loeb & Co.;
Equitable Securities Corp.-Blair & Co. (jointly); Mer¬
rill Lynch,
Pierce, Fenner & Smith Inc.-Kidder, Peabody & Co.-White, Weld & Co, (jointly); First Boston
Corp.; Lehman Brothers. Bids—Expected Oct. 25 at 11
a.m. (EDST) at the company"s office. Information Meet¬
ing—Oct. 23 at 2 p.m. (EDST) at the company's office.
New

of ^Pennsylvania

Proceeds—For

Office—441

Sept. 26, 1961 filed $15,000,000 of bonds due 1976. Price
—By amendment.
Proceeds — To enlarge foreign ex¬
change reserves and for a capital works program. Ad¬
dress— c/o New Zealand Embassy,
Washington, D. C.

Underwriter—Kidder, Peabody & Co., N. Y.

•

Oklahoma

Trampoline Co.
"
May 4, 1961 (letter of notification) 9,400 shares of com¬
mon stock
(par $1). Price—At the market. Proceeds—
For the

selling stockholders. Office—930 27th Ave., S.W.,
Rapids, Iowa. Underwriter — Yates, Heitner &
Woods, St. Louis, Mo. Note—This issue has been tem¬
Cedar

(10/17)

Price—By amendment. Business—The
portland cement.
Proceeds—For con-strugction and working capital. Office—First National
.Bank Bldg., Tulsa, Okla. Underwriter—Eastman Dillon,
75,000 common).

-manufacture

of

Union

Securities & Co., N. Y.
pected in mid-November.
•

Old

Empire,

May 1,

Nissen

Cement Co.'

Sept. 7, 1961 filed $3,000,000 of sinking fund debentures
'due 1976 (with attached 10-year warrants to purchase

1961

debentures

Inc.

(mgr.). Offering
'

,

1971.

Ex¬
,/

(10/9-13)

filed $800,000 of convertible

due

—

Price —At par.

subordinated

Businessf—The

manufacture, packaging and distribution of cosmetics,
pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank loans,

property

improvements and working capital/ Office—
Avenue, Newark, N. J. Underwriter-

865 Mt. Prospect

porarily postponed.

Laird, Bissell & Meeds, New York City.

Nitrogen Oil Well Service Co.
May 22, 1961 filed 100,000. shares of common stock.
Prices—$10 per share for 51,000 shares to be offered to
Big Three Welding Company; $10 per share for not
less than 24,500 shares to be« offered to ..holders (other
than Big Three) of the outstanding common on the basis

Olympia Mines, Inc.
Sept. 1, 1961 filed 300,000 capital shares. Price—$1.35.
Business—The exploration and development of mines.
Proceeds—For mining operations.
Office—44 Court St.,

of

one

new

share for each

l1/*,

shares held;- and

$10.60

any . unsubscribed shares. Business—The company
furnishes high pressure nitrogen to the oil and
gas
per

-industry. Proceeds—For general corporate purposes, in¬
cluding $880*000 for the purchase of 20 additional liquid
nitrogen high pressure pumping units. Office—3602 W.

Brooklyn, N. Y. Underwriter
Toronto.

—

Gaumont Corp., Ltd.,

.

Orbit Industries,

Inc.

shares. Price—$4.
engineering
and
manufacturing in the telephone, electronics and related
Aug. 22,

Business

1961 filed 125,000 common
Research,
development,

—

Continued

on

page'42

•

42

Continued
fields.

The Commercial and Financial Chronicle

(1370)

from

41

page

Proceeds—For

Fulton Ave., Mount Vernon, New York. Underwriter—
Hayden, Stone & Co., New York (managing).

of loans, and equip¬
ment.
Office—213 Mill St., N. E., Vienna, Va. Under¬
writer—Hodgdon & Co., Inc., Washington, D. C.
Orbit

repayment

Paradynamics Inc.
Sept. 5, 1961 ("Reg. A") 100,000 common. Prifce—$3.
Business—The company will produce micro-wave test

Instrument

Corp.
Aug. 29,1961 filed 100,000 capital shares. Price—$4. Busi¬
The production of miniature precision electro¬
mechanical components. Proceeds—For new equipment,
ness

Ave., Westbury, N. Y. UnderwriterKaren Securities Corp., N. Y.
,,

products, expansion and repayment of loans. Offiee—131
Elaine Way, Syosset, N. Y. Underwriter—Hardy &
Co.,
(mgr.).
^

...

common.

000

„

Price—$9.25. Busi¬

ing of

—

•

Osrow Products

Co., Inc. (10/9-13)
July 28, 1961 ("Reg. A") 60,000 common shares (par 10
cents).

Price—$5.

Business—The

manufacture

of

&

Publishing Corp.
—

Bell

one

right for each

common

held and

seven

telephone service in Washington, Oregon and
Proceeds—For the selling stockholder—
Telephone & Telegraph Co. Office—1200 Third
Ave., Seattle, Wash. Underwriter—None.
Pacific Nutrient & Chemical Co.

Sept. 15, 1961 filed 120,000

common.

Price—$4. Business

•—The manufacture and sale of chemical
mal

nutrients,:

For

additional

capital. Office
Pacific

fertilizers, ani¬

seeds, insecticides, etc.

crop

Proceeds—

equipment,
—

a
new plant, and working
North Oak and Hazel St., Burlington,

Wash. Underwriter—Joseph

States

Steel

Nadler & Co., N. Y.

Corp.

;fc

;<June 21, 1961 filed 100,000 outstanding shares of capital
stock (par 50 cents) to be sold by stockholders. Price—
$6. Business—The manufacture of steel products. Pro¬
ceeds—For

the

selling stockholder. Office—35124 Alva-

rado-Niles Road, Union City, Calif. Underwriters—First
California Co., Inc.. and Schwabacher & Co., San Fran¬
cisco (mgr.).

Offering—Indefinitely postponed.

Management & Development Co.
Aug. 25, 1961 filed 310,000 common. Price—$11. Business
—The large scale production of
blueberries, cranberries,
etc. Proceeds—For repayment of
loans, property im¬
provements and general corporate purposes. Office—104
Bellevue Ave., Hammonton, N. J. Underwriter—Wood¬

cock, Moyer, Fricke & French, Philadelphia

(mgr.).

^ Pako Corp.
Sept. 25, 1961 filed 150,000 common, of which 100,000
will be sold by the company and
50,000 by stockholders.

Price—By amendment. Business—Manufacture

of equipphotographs. Proceeds—
Working capital. Office—6300 Olson Hwy., Minneapolis.
Underwriter—Paine, Webber, Jackson & Curtis, N. Y.

ment used to

process

and print

Pulp & Paper Corp.
1961 filed 1,000,000 common shares.
Price—
Business—The growth of timber. Proceeds—Fof

28,

$3.45.
working

capital

and

Address—P. O. Box

the

possible purchase of

199, Orangeburg, S. C.

a

mill.

corporate purposes. Office

t Pan-Alaska

Fisheries, Inc.

(10/16-20)

•

July 26, 1961 filed 120,000

common shares. Price
By
—
The processing of Alaska
king
crab. Proceeds—For acquisition of
fishing boats, equip¬
ment and working capital.
Office—Dexter Horton Bldg
Seattle. Underwriter—Robert L. Ferman
& Co., Inc..
N. Y. (mgr.).
'

amendment. Business

-

com¬

loans.

Panoramic Electronics, Inc.
(10/2-6)
17, 1961 filed 120,000 common
shares,
90,000 shares are to be offered by the

■Aug.

Development Co.
Sept. 1, 1961 ("Reg. A") 125,000 class B common to be
offered for subscription by stockholders on the basis of
40 for each common held. Price—$2.40. Business—The
exploitation of a patent covering an automatic braking




new

which

E.

""'77

—

common

Richard

stockholders

Sept.

(10/10)

1

"

common shares. Price—$1.25.
Business—The manufacture of machines, equipment and

tures.

in

the

creation

of

animated

motion

pic¬

Proceeds—For development of new products, re¬
and working capital. Office — 34 S.

payment of loans

West St, Mount Vernon, N. Y. Underwriter—First Phila¬
delphia Corp, New York.

Pickwick

International, Inc. (10/25)
shares.

Price

$3.,
Business—The distribution of phonograph records. Pros-.,
ceeds—For advertising and
promotion, merchandising,
repayment of loans, additidhal personnel, working cap¬
ital and other corporate purposes. Office — 8-16 43rd
Ave, Long Island City, N. Y» Underwriter—William,
David &

common

—

Motti, Inc., New York.

Pickwick Recreation Center, Inc.
stock

(letter of notification) 100,000 shares of
Price—$3 per share. Proceeds

(no par).

50,000

shares

1

•

,./

company

43.750 for stock¬

and

Pictorial Production Inc. 7-7

~

Aug. 29, 1961 filed 149,178 common, of which 25,000 are
to be offered by the company and
124,178 by stockhold¬

for

and

production

aircraft,

missiles,

of

and

certain

oscilloscopes,

•

/

Microwave Corp.;

filed
are

by

165,000

to

(10/16-20)
shares,

common

•

of

which

offered

be

stockholders.

by The company and
Price—$10.
Business—

of

specialized microwave components
radar, missiles and communication systems/ Proceeds
working capital, inventories and equipment. Office
—Main Street, Millis, Mass. Underwriter—Peter Morgan
& Co., New- York.
.vy.
'7
Preco

Aug.

• Inc. -7<7<
\. ;>-t
100,000 common. Price—$4/; Busi¬

Industries,

25,

1961

filed

ness—The sale of custom

built'swimming pools. Proceeds

—-For repayment of loans and
working capital. Office-*203 Bala Ave, Bala
Cynwyd, Pa. Underwriter—Dean

Samitas & Co, N. Y. C.
Premier

July 31,

Albums,

y.7.' '■•.77.7'

(mgr.);

Inc.

\

.

7 7

-

.

1961

filed 120,000 common/ shares.' Price—$5.
manufacture of long-olaying stereophonic
and monaural phonograph records. Proceeds—For acquis
sition of facilities,
marketing of new stereophonic records

Business—The

and working capital. Office—356 W 4f>th St.. New York.
Underwriter—Gianis & Co, N. Y. Offering—Expected in

mid-October.

,

•

President Airlines, Inc. J
;•
/ T /
June 13, 1961 ("Reg. A") 150.000 class A common shares
(par one cent)* Price—$2., Business—Air transportation
.

of passengers and cargo. Proceeds—For
payment of curr
rent liabilities and taxes;
payment ef balance on CAB

certificate

and

working

capital.

Office

—

630

Fifth

Avenue, Rockefeller Center, N.-'Y. Uitderwriter-^-Conti-.
nental Bond & Share
Corp, Maplewood, N. J. Offering

—Imminent.

"7*

.

.

Prevor-Mayr«o*;n Hterralsnal* Inc.
/
''
July 31, 1961 ("Reg. A") 80,000 common shares!(par 10
cents). Price—$3.75. Business—Export, import, broker¬

..

age

and

poultry.
rate

construction, working capital and, general
Office—921-1001 Riverside Drive,
Underwriter—Fairman & Co, Los An¬
geles, Calif. Note—Offering was indefinitely postponed.
purposes.

C:

—For

vances

-

-

Circuits, Inc., below.

manufacture

corporate

-

•

for

—To pay for

Burbank, Calif.

devices

Printed

The

C.

,

used

for the

engineering

Precision

the 'V

on

six held of- record

writer—None.

devices

sold

Aug. -21, 1961
115,000 shares

7"V'"''"77 77"'-j7

Business—Exploration for oil in the
Philippines. Proceeds—Repayment of debt and the drill¬
ing of test wells. Office—Manila/ Philippines. Under¬

Photo-Animation, Inc.
July 26, 1961 filed 150,000

.«

common.

^ Precision Circuits, Inc.
See

Washington

cent.

April 21, 1961
of

Office—345

Underwriter

share for each

Un¬

working capital. Office—7326 Westmore Rd,.* Rockville,
Md. Underwriters—Jones, Kreeger & Co, and Balogh &
Co, Washington, D. C. (managing).
.

★ Philippine Oil Development Co*,. Inc77> :/77'
Sept. 25, 1961 filed 95,270,181 capital shares to be of¬

common

company and
shares by stockholders.
Price—By amendment
Business:—The manufacture of electronic
test measure,
ment and monitoring instruments. Proceeds—For
acqui¬
sition of property and construction of a new
plant, labo¬
ratory, equipment and working capital. Office—520 S.

30,000

electronic

Research &

one

Avenue, Chicago.
Brothers, New York.
r

electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and

Co, Inc., Newport Beach, Calif.

9. Price—One

be

development,

,

.

basis of

to be offered by the company and 75,000

are

Office—3720 North Kedzie

000 will

.

by

J

holders. Price—By amendment. Business—Research

("Reg. A")

subscription

7

.

Research, Inc.
*
•
June 7, 1961 filed 193,750 common shares, of which 150,-

ic Penn Optical, Inc. -•■•.••
©
Sept. 18, 1961 ("Reg. A") 100,000 capital shares. Price—
$3. Business—Development and manufacture of optical
equipment and precision instruments. Office—2930 S.
Bristol St, Costa Mesa, Calif. Underwriter—Francis J.

for

three

Polytronic

75,772 common to be offered
to residents of Florida only. Price—$2. Business—Pro-;
duction of a selected product line of miniaturized elec¬
tronic devices. Office—3510 S. Orange
Ave, Orlando,
Fla. Underwriter—None.
"

fered

each

for

Associates, Ltd, 50 Broadway, N. Y.

^ Peninsular Electronics Corp.

vehicles.

share

Price—$3.
Business—Consumer sales financing. Proceeds—For re^payment of notes and working capital. Office — 2211/,
Church Ave,, Brooklyn, N. Yv Underwriter—M. Posey

of income taxes and loans and
Office—Woodbridge-Carteret Road,
Underwriter—Mortimer B. Burnside
Co, Inc., New York.

motor

Plasticon

one

Plymouth Discount Corp.
Aug. 28, 1961 ("Reg. A") 100,000

Proceeds—For payment

for

Leyghton-Paige Corp, 150,000:
Leyghton-Paige stockholders

,

for working capital.
Port Reading, N. J.

St, North Attleboro, Mass.
Spangler, Inc., Pittsburgh.

of

derwriter—Lehman

Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.

Perma

basis

000 shares

Pro¬
expansion, research and repayment of loans.
Office—Time & Life Bldg, Rockefeller Center, New
York. Underwriter—Bear, Stearns & Co, New York.

Mitchell &

to be offered to

shares by stockholders. Price—By amendment. Business
—The manufacture of toys. Proceeds—For repayment of

ceeds—For

Sept. 14, 1961

to be offered to

Playskool Manufacturing Co. (10/2-6) •.
^
;
Aug. 11, 1961 filed 135,000 common shares, of which 60,-

Price—By

photography and the manufacture of
photographic processing equipment.

color

(10/9-13)

•

Business—Research and development in the

July 27, 1961 filed 100,000

*

.

shares.

Corp.

Minn. Underwriter—None.

Pavelle

Corp.
(10/16-20)
1961 filed 200,000 common

expan¬

665,666 shares of common stock,' of
90,666 shares are to be publicly offered, 25,000;

the

on

be

amendment.

Proceeds—For

Leyghton-Paige shares held, and 400,000 shares are to
be offered to holders of the company's $1,200,000 of 5%
promissory notes. Price — $3 per share, in all cases.
Business—The manufacture of large plastic containers.
Proceeds—To discharge the indebtedness represented by
Plasticon's 5% promissory notes, with the balance for
more
equipment and facilities.
Office — Minneapolis,

stock. Price

common

amendment.

filed

1961

are

Aug. 22,

Underwriter

-—Stone & Co., N. Y.

8,

which

— 608
Fifth Ave, New
Underwriters—Darius, Inc., New York (man¬
aging); N. A. Hart & Co, Bayside, N. Y, and E. J.
Roberts & Co, Inc., Ridgewood, N.J.

Palmetto

P'asticon

are

device

Pakco

•

•

May

supplied by amendment. Business—The com¬
organized in November 1960 to acquire, exploit
develop patents, and to assist inventors in develop¬
ing and marketing their inventions. Proceeds—For gen¬

&

Price—By

Bldg, Pittsburgh 30, Pa. Under¬
writer—Kuhn, Loeb & Co, inc., N. Y.

and

northern Idaho.

20.

sion. Office—1600 Grant

pany was

Pacific

.

Nov.

shares

Patent Resources, Inc.
May 24, 1961 filed 150,000 shares of

furnishes

■

foams.-

New York. Underwriter—The James Co, New York

mercial

for each preferred held.
The record date is
Sept. 20 and the rights expiration date Oct. 20. Price—
Six rights plus $16 per share. Business—The company

June

polyester

.

shares

eral

By:

—

of

and working capital. Office—7401 W. Law-'
Ave, Chicago. Underwriter—Francis I. du Pont,
Co, New York (managing). .,-■•
7'V''7-

specialty and department stores. Proceeds
selling stockholders. Office—500 Fifth Ave¬

field of color

rights

-

of

consultants to

Telephone Co.

the
latter
firm
was
given an assignable
evidencing the right to purchase the* stqck on

the basis of

„

manufacture

(Amos) & Co., Inc.
1961 filed 208,000 outstanding common shares
Price—By amendment. Business—Business advisors and

—To

shares. Price

common

The-manufacture

—

Pittsburgh Steel Co. (11/2)
Sept. 13, 1961 filed 1,110,617 common to be offered for
subscription by stockholders on the basis of 7 for each'
10 held of record about Nov. 2 with rights to expire about

of

warrant

.

&

137,500 common. Price—By amend¬

Parish

nue,

Business

(10/16-20) "

rence

June 23,

the

Industries, Inc.

equipment

equipment, ^debt repayment and
working capital. Office—Mercer and Arnot Sts., Lodi,
N. J. Underwriters — Fialkov & Co., Inc., and Stanley
Heller & Co, N. Y.

—For

<

precision;
machined components and assemblies for missile guid-j
ance
systems. Proceeds — For a new plant, additional-

Additional

—

Astro

amendment.

Co., N. Y. C. (mgr.).

Business—The

Pioneer

July 27, 1961 filed 150,000

Price—By

home

Proceeds

Aug. 25, 1961 filed 17,459,490 outstanding common (par
$11) being offered for subscription by stockholders of
Pacific Telephone & Telegraph Co., parent. Each share¬
holder

debentures.

of loans and

ment.

N. Y. Underwriter—Laren Co., N. Y.
Northwest

$100 of

York City.

Sept. 15, 1961 filed 140,000 common. Price—By amend¬
ment. Business
The design, production and sale of
greeting cards. Proceeds — For the repayment of debt,
installation of additional equipment, modernization of a
department and working capital. Office—156 Fifth Ave.,
Pacific

and

for

10 held.

.

•

10,000 units each consist¬

Paramount Foam Industries

and window washing equipment. Proceeds—For working

Oz

common

Sept. 25, 1961 filed

car

capital, research and development, new products and
general corporate purposes. Office—115 Hazel Street,
Glen Cove, L. I., N. Y.
Underwriter—General Securi¬
ties Co., Inc., New York.

in

offered

be

building materials? Proceeds—For. repay¬
working capital. Office—499 Jericho
Turnpike, Mineola, N. Y. Underwriter—L. F. Rothschild

Electronics

^ Orthodontists' Research & Manufacturing Corp.
1961 ("Reg. A") 200,000 common. Price—$1.25.
Business
Manufacture and distribution of devices,
equipment, and supplies used by dentists. Office—816
Dodworth Ave., Covina, Calif. Underwriter—None.

10

precut

ment

Inc., N. Y. Offering—Expected in mid-November. '

Sept. 9,

$1,000,000 of 15-year sinking fund
(with warrants attached) and 100,-

filed

to

common

for

Price—By amendment." Proceeds—For ex-t
pansion. Office—523 South Tryon St, Charlotte, N. C.>
Underwriter—White, Weld & Co, N. Y. Offering—Ex-'
pected in late October/
'
>
V
'

amendment. Business—The packaging and direct sale of

the selling stockholders. Office—512 Seventh Ave., N. XUnderwriters — Globus,
Inc., and Divine & Fishman,

Corp.
k 7,7Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The manufacture of precision electronic sub-sys¬
tems for the generation, detection and control of fre¬
quencies up through the microwave region. Proceeds—
For expansion, equipment and working capital. Address
-—Tuckahoe, N. Y. Underwriter—A. D. Gilhart & Co.,
Inc., N. Y. C.

1961

25,

debentures due 1976

ness—The manufacture of women's coats. Proceeds—For

Orion

each

Paragon Pre-Cut Homes, Inc.

Aug.

N. Y. C.

Price—$10.
Business—Research, development and
production in the field of lenticular optics. Proceeds—*
For construction and equipment. Office—60 Kingsbridge;
ers.

• Piedmont Natural Gas
Co., Inc. (10/27)
Sept. 14, 1961 filed 126,832 common to be offered
subscription by stockholders > on the basis of one

Office—Urban

tal.

Thursday, September 28, 1961

•;

.

Rd, E. Mt. Vernon, N. Y. Underwriter—C. E. Unterberg,'
Towbin Co, N. Y. C (mgr.).
'
'-7:7
-

equipment and components. Proceeds—For equipment,
advertising, research and development and working capi¬

—

Originala Inc.
V
Aug. 29, 1961 filed 150,000

•

.

wholesale

marketing of fruits, vegetables and

Proceeds—For expansion, sales promotion, ad*-

to

growers*

working capital and general corpo¬

Office

99 Hudson Street, New York.
Underwriter—J. J. Krieger & Co, Inc., New York. purposes.

—

Pride Industries, liter;
/. » \
Aug. 29, 1961 filed 75,000 common. Price—$5. Business
—The sale of pet foods. Proceeds—For inventory, repay¬
ment

of

a

loan, machinery, J

new

products, advertising,

Volume 194

•

Number 6094

.

.

.

The Commercial and Financial
Chronicle

(1371)
sales promotion, and
working capital.

Office—4408 Fair-

Ragen Precision Industries, Inc.
Aug. 31, 1961 filed 100,000 common.
Price—By

mount

Ave., Philadelphia. Underwriter—Steven Invest¬
Corp., Bala Cynwyd, Pa.

ment
•

Printed

amend¬
precision parts,
components, assemblies and subassemblies for the busi¬
ness
machine, electronic and aircraft industries. Proceeds
ment.

Circuits, Inc.

July

20, 1961 ("Reg. A") 260,000 common shares
(par
10 cents). Price—$1.15.
Proceeds—For a new building,
equipment and working capital. Office—2532-25th
Ave.,
S., Minneapolis. Underwriter—Naftalin & Co.,
Inc., Min¬
neapolis. Offering—Expected early October. Note—This

formerly

company
7

was

named

Precision

For

Business

The

—

equipment, repayment

of

loans

of

and

general

rate purposes.

corpo¬

Office—9 Porette Ave., North
Arlington,
Underwriter—Marron, Sloss & Co., Inc., N.Y. (mgr.).

N.J.

Proceeds—For

and related

000 shares are

Nort

Providence, R. I.

6 Share

equipment and

vehicles.

Woonasquatucket Avenue, '
Underwriter—Continental Bond

Corp., Maplewood, N. J. Offering—Expected

late October.

7

:

and

Price—By amendment. Business
timing devices, aceelerometers
equipment for missiles, satellites and space

Proceeds—For repayment of
loans, equipment,

Underwriter

„

Office—Smith Street, Middletown/
Lee Higginson
Corp.,-New York

—

(mgr.).

"

•

Real

Progressitron Corp.
("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—Manufacturers of

July 25,

electro

1451

June 9, 1961

mechanical

and

1961 filed 365,000 class A
Business—A real estate investment

electronic,

mechanical

devices.

Proceeds—

For general corporate
purposes. Office—14-25

&

128th

•

related

ment and other corporate
purposes.. Off ice—63

7

—

due

Main St.,
&

Chace, Whiteside

writers—(Competitive). Probable bidders: Halsey, Stuart

Inc.; Harriman. Ripley & Co., Inc., Eastman
Dillon,
Securities & Co., Merrill
Lynch, Pierce, Fenner
& Smith Inc., and Dean Witter &
Co. (jointly);
Kidder,
Peabody & Co. and White, Weld & Co. (jointly); Blyth
& Co., Inc., and
Smith, Barney & Co. (jointly); Lehman

>

Probable bidders: First Bos¬

Corp.; Halsey, Stuart & Co. Inc.; White, Weld &
Co.,
& Co., Inc.,
Goldman, Sachs & Co. Harriman,
Ripley & Co< (jointly))Bids—Oct. 17 at 11 a.m.
(EDST) -,
Blyth

Publishers Co., Inc.
;
Aug. 29, 1961 filed $1,200,000 of 6%
vertible debentures due
The

"

7

;

'

con¬

1967. Price—At par: Business—

&

Co., Inc., Philadelphia.

V'*

\

Publishers Vending
Services, lnc.7^
:
:
July 3, 1961 filed $600,000 of 5%% convertible

■

Regal Homes, Inc.
Aug. 15, 1961 filed 51,000

7

and

7

••

pected in November.

-

,

,

June 19, 1961 filed 180.000 common shares of
which 80,000 shares are to be offered
by the

and 100,000
amendment.
Busi¬

company

shares

by

stockholders.

ness—The

manufactuer

lighter
loans
veda

fluid

and

Price—By
of

pharmaceuticals,

cosmetics,

'Related items.7 Proceeds—To

and Tor

repay

working capital) -Office—*700 N.»SepulBlvd., El Segundo, Calif.! Underwriter r~ To be
u

named. '

"




Roph Associates, Inc.
Aug. 10, 1961 ("Reg. A") 75,000

surface

and

'71

biochemistry. 7

equipment, research

^

,,

Construction

purposes.

Un¬

Royal Land & Development Corp.
(11/13*17)
Aug. 2, 1961 filed 2,000,000 class A common shares.
Price
—
General real estate and
construction.
Proceeds—For construction and general
corporate pur¬
poses. Office—400 Stanley Ave.,
Brooklyn, N. Y. Underwriter—Lieberbaum & Co., New York
(managing).

Rozilda

Laboratories, Inc.

Sept. 18, 1961 filed 90,000 class A capital shares. Price
Business—The manufacture and sale of
organic
chemicals to industrial and commercial
users.
Proceeds
—For expansion and
working capital. Office—814 Mad¬
ison St., Hoboken, N. J.
Underwriters—State Securities
Corp., Washington, D. C. and Bayes, Rose & Co., N. Y.
—$3.

if Rubber & Fibre Chemical Corp.
Sept. 25, 1961 filed 120,000 common. Price—$5. Business
—Exploitation of a new process Tor reclaiming unvulcanized rubber. Proceeds—Purchase of
equipment and
existing plant building, repayment of debt, and
working
capital. Office—3,00 Butler St., Brooklyn, N. Y. Under¬
writer—Armstrong & Co., Inc., N. Y.
S.

O.

S.

Photo-Cine-Optics, Inc.

June

29, 1961 filed $50,000 oL6% subordinated;deben¬
tures due 1969 and 50,000 common shares to be
offered
in units consisting of $10 of debentures
and 10 common
shares, Price—$40 per unit. Business—The manufactur¬
ing, renting and distributing of motion picture and tele¬
vision production equipment. Proceeds—For.

ment, advertising,
capital and other

research

new
equip¬
development, working

and

corporate

Office—602

purposes.

52nd

W.

St., New York. Underwriter
William, David &
Motti, Inc., New York. Offering—Sometime in October.;
—

Sav-Mor Oil Corp.
(16/1*6)
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of
gasoline and oil to service stations. Proceeds—For ex¬
pansion. Office—151 Birchwood Park Dr.,. Jericho, L.
I.,

N. Y.

Underwrfter-r-Armstrong & Co., Inc., New York.
Club, Inc.

j.

Save-Tax

July 6, 1961 ("Reg. A") 150,000 common shares (par 10
cents). Price—$2. Business—A plan to stimulate retail
merchandising in New York City. Retail establishments
who join the plan will give 3% discounts to
members
of

the

Save-Tax

Club.

Proceeds—For salaries to sales¬

advertising, public relations, additional employees,
working capital. Office—135 W. 52nd St., New York-.

men,

Underwriter—B. G. Harris & Co.,
Inc., N. Y. Offering—•_

Expected early October.
Saxton

7

'

7

Products, lite.

Aug. 28, 1961
Business—The
ceeds—For

("Reg. A")

80,000

"V

7

,

V

manufacture* of

repayment of

Price--$3.75.

common.

wires

7

;

and

cables.

Pro¬

indebtedness, equipment, ad¬

vertising, inventory and general corporate purposes. Of¬
fice—4320-26 Park Ave., Bronx
57, N. Y. Underwriter—■

Stern, Zeiff & Co., Inc., N. Y. "

■»

,

if Science Research Associates, Inc.
Sept. 22, 1961 filed 150,040 common, of
shares

are

to

be

offered

by

the

which

100,000

and 50,040
shares by stockholders. Price—By amendment. Business
—Publication of standardized intelligence,
company

aptitude, and

achievement

.

schools.

tests,

and

instructional

Proceeds—For repayment of

materials

for

debt, redemption of

6% preferred stock and working capital.
Erie

N. Y. and William Blair

highways, buildings and homes. Pro¬
of a loan, purchase of stock in
Aggregates Co., and working capital. Ad¬
dress—San Juan, Puerto Rico. - Underwriters
P. W.
Brooks & Co., Inc., New York and CIA
Financiera de
Inversiones, Inc., San Juan (mgr.). Offering—Expected
ceeds—For

Puerto

repayment

Rico

—

mid-October.
•

Riverview ASC,

Inc. -(10/16-20)
May 18, 1961 ("Reg. A") 100,000 common shares. Price
—$3. Business—Real estate and utility
development in
Florida. Proceeds
For expansion. Office
2823
—

Washington

Ave.,

So..

—

Titusville,; Fia.

Underwriter—Albion

Securities Co., Inc., New York;,
Ro

Ko,

(10/16)
Aug. 7, 1961 filed 120,000 class A
—$5. Business—The manufacture

common

shares. Price

equipment and expansion/Office—3115 E. 12th
St., Kan¬
sas City, Mo. Underwriters—Midland
Securities Co., Inc.,
and George K. Baum & Co., Kansas
City, Mo.

(mgr.)

Robins Industries Corp.

July 27, 1961 filed 100,000

(10/10-13)

common

shares.

Price—$2.50,

Business—The manufacture of products in the
electronic
sound and recording field. Proceeds—For
repayment of a

loan, moving expenses, research and development, tool¬
ing, advertising and working capital.
Office
36-27
—

Prince St.. Flushing, N.Y.
TTnd^rwriter—Carroll

Offering—Expected early October.

Chicago.

Office—259 E.

Underwriters—White, Weld & Co.,
& Co., Chicago.

Seashore Food

Aug. 29, 1961

Products, Inc.
("Reg. A") 75,000 common.

Business—The

manufacturing

food

Fla.

products.

Offiee—13480

(

Price

—

$4.

and processing of assorted
Cairo

Lane,

Opa

Locka,

Underwriter—Ehrlich, Irwin & Co., Inc., N. Y.

if Sea Wide Electronics Inc.
Sept. 26, 1961 filed 200,000 common. Price—$4. Business
—Importing of goods from Japan. Proceeds—For debt
repayment. Office—Stokely St., and Roberts Ave., Phila¬
delphia, Pa. Underwriter—Amos Treat & Co., N. Y.
Securities

Acceptance Corp.
("Reg. A") 10,000 shares of 5% cumula¬
($25). Business—A consumer finance
company. Office—304 S. 18th St., Omaha. Underwriters
—First Trust Co. of Lincoln, Neb., Storz-Wachob-Bender Co., Omaha and
Cruttenden, Podesta & Co., Chicago.
tive. Price—At par

of stuffed toys. Pro¬
ceeds—For down payments on the
purchase of buildings,

•

St.,

Aug. 29, 1961

Inc.

Co., N.Y,

.

—$1. Business

bentures (with warrants) due 1976 and
105,000 outstand¬
common shares. Price—By amendment. Business—

-

,

common shares
(par five
Price—$4. Business—The sale of freezers
and
food plans. Proceeds—For
inventory, a food dept, adver¬
tising and promotion and general corporate

cents).

ing

.

v

77v

Price—$10.

—

The construction of

Address—San Juan, Puerto
Darlington & Grimm, N. Y.

Manufacturing Co., Inc. Office
—600 E. ,Lincoln
Highway, Penndel, Pa. Underwriter—
Arnold Maikan & Co., Inc.,! N. Y.
Rabin-Winters Corp.
7
.7.,
<

*

-

Co., Inc.
July 28, 1961 filed $1,500,000 of 6*&%
sinking fund de¬

general corporate purposes.

of Hamilton

Rexach

r

Puerto Rico Capital
Corp. .77
Sept. 13; iSbl filed <50,000 common. Price—$10. Business
—A small business
investment company.. Proceeds—For

e

"shell"' homes

development, sales promotion and working
capital
Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co. (mgr.). Offering—Ex¬

Drive, Minneapolis.
Underwriter—D. H. Blair & Co., New York.

the purcha

of

Office—545

J magazines,
newspapers
and
paperback
books. Proceeds—For the
repayment of debt, advertis¬
ing, sales promotion, and the manufacture of new ma¬
chines. Office—1201 SouthClover

—-

of

construction,

and

machines " for

★ Pyrometer Co. of America, Inc.
Sept. 26, 1961 filed 300,000 common. Price—By amend¬
ment. Business
Design and manufacture of thermo¬
couples, temperature transducers and electronic indi¬
cating and controlling instruments. Proceeds—To finance

sale

Reher Simmons Research Inc.

<;

processes in the field
Proceeds—For plant

debenture, 20 first warrants and 20 second
warrants. Price—$100
per unit.
Business—The design,
manufacture, sale and leasing of coin-operated vending

Underwriter—Hill,

and

mortgage financing.

of

$100

★ Pulp Processes Corp. :
Sept. 20/1S61 filed 200,000 common.
Price—By amend—Development of pulping and bleaching devices.; Pro¬
ceeds— General
corporate purposes. Office—Hoge Bldg.,
Seattle, Wash. Underwriter—Wilson, Johnson & Higgins,
San Francisco.
)
■'

capital>shares]' Price—$12.

May 8, 1961 filed 15(1,000 shares of capital stock. Price—
$6 per share. Business—The research and
development

share, and 120,000. common shares which underlie
5-year second/warrants, exercisable at
$10 per share.
The securities are to be
offered for public sale in units
per

Rico.-

construction

Inc.
(10/16-20)
30, 1961 filed 140,000 common snares.

For the repayment of debt
and other cor¬
porate purposes. Office—261 Fifth
Ave., New York. Un¬
derwriter—Amos Treat &
Co., Inc., N. Y. (mgr.)

and

Proceeds—For working capital.
Address—Hopkinsville, Ky. Underwriter—J. J. B. Hilljard & Sons, Louisville. ,r :
^
'7. -77.
7 :
<

sub¬
ordinated debentures due
1971; 120,000 common shares
which underlie 2-year first
warrants exercisable at $7.50,

one

the

Broadcasting & Development Corp.
16, 1961 filed $2,500,000 of convertible debentures.

Business—For

:

of

by

Corp.,Wilmington, Del. (mgr.)

Connecticut 'Ave., N.W., Washington, D.C.

Underwriter—Roth

common

offered

Business—The operation of TV stations
and recording studios and the
development of real estate
properties in North Carolina. Proceeds—For
expansion,
the repayment of
loans, for working capital and other
corporate purposes. Office—304 E 44th
St., New York
Underwriter—Laird & Co.,

;

publishing of books. Proceeds—For redemption of
outstanding 12% debentures due 1965 and for expansion.
Office—1106

to.be

are

Price—At par.

<

\

subordinated

Ave., New

Reeves
June

11 at

(34th floor)

7' 7

'

Fifth

shares, of which 35,000 v
company and 35,000
shares by stockholders.
Price—By amendment. Business
—The manufacture of moulds used
by the plastic and
container and packaging
industry. Proceeds—For repay¬
ment of loans,
equipment, working capital and a new
plant. Office—1630 Oakland, Kansas
City, Mo. Under¬
writer—Stern Brothers & Co., Kansas
City, Mo. (mgr.)

ton

77

Price—$4.

Manufacturing & Engineering Co.

Aug. 9, 1961 filed 70,000

Place, Newark, N. J. Un-'

T

shares.

transistorized radios and
equipment. Proceeds—Repayment of loans and

Redman
shares

^Public Service Electric & Gas Co. (10/17)7 •
Sept. 21, 1961 filed $50,000,000 of debenture bonds due
Oct: 1, 1981.
Proceeds:—Repayment of bank loans, and

Manhattan Bank

(16/23-27)

common

Washington St., Brooklyn, N. Y.
& Co., Inc., N. Y.
(mgr.).
Wing Fiberglass Products, Inc.
July 28, 1961 ("Reg. A") 260,000 common shares
(par 25
cents). Price—$1.15. Proceeds—For
repayment of debt,
building improvements, equipment, research and devel¬
opment, and working capital. Office—Industrial
Park,
Red Wing, Minn.
Underwriter—York &
Mavroulis, Minn.

anty Trust Co., 54 Liberty St. (6th fl.), N. Y. Informa¬
Meeting—Sept. 28, 10 a.m. (EDST) at above office4
of Morgan Guaranty Trust Co.
(Mezzanine B).

Plaza, N. Y.

Corp.

100,000

Red

tion

One. Chase Manhattan

filed

The marketing of

—

Webber, Jackson r&p

Curtis and Prescott & Co., N. Y.

Underwriter—rGeorge, O'Neill

Brothers and First Boston
Corp. (jointly). Bids—Oct. 2,
1961, 11:30 a.m. (EDST) at the office of Morgan Guar¬

at the companv's
office; Information Meeting—Oct.
11 a.m. (EDST) at Chase

Electronics

1961

ment of debt. Office—70

& Co.

derwriters—(Competitive).

.■

Red Rope
Stationery Industries, Inc.
Aug. 23, 1961 filed 160,000 common.
Price—$3.50. Busi¬
ness—The manufacture of
stationery supplies. Proceeds
—For working
capital, equipment, expansion and repay¬

Union

Park

(mgr.).

Co., N. Y.

Service Co. of Colorado
(10/2)
25, 1961 filed $30,000,000 of first mortgage bonds
1991.
.Office—900 15th St., Denver, Colo.
Under¬

construction. Office—80

Office—

Recreation Associates, Inc.
Aug. 14, 1961 filed 100,000 class A common.
Price—$3.
Business—The operation of a
bowling center. Proceeds—
For working
capital. Office—8905 Columbia
Pike, Falls
Church, Va. Underwriter—None.

.

Public

Aug.

Price—$10.

company.

general corporate purposes. Office—71
York. Underwriter—Lieberbaum &

offered

Cambridge, Mass. Underwriter
Winslow, Inc., Boston.

16,

Business

of which 13,000
by the company and 47,000 by
a, stockholder;: Price—By amendment. Business—Devel¬
opment and production of plastic-base protective coatings, paints and primers. Proceeds—Purchase of
equip¬
to be

are

Realtone

Aug.

if Prufcoat Laboratories, Inc.
Sept. 25, 1961 filed 60,000 common,

(10/2-6)

shares.

of solid

Office—300 Northern Boulevard, Great
Neck, N. Y.
derwriter—David Barnes & Co., Inc., New
York.

Broadway, New York. Underwriter—Stanley Heller

Co., N. Y. C.

St.,

College Point, N. Y. Underwriter—Netherlands Securi¬
ties Co., New York.

shares

Properties Corp. of America

Price—By amend¬

and manufacture

propellants, rocket motors, rocket catapults and
related
products. Proceeds—To repay debt.
Office—Falcon Jielck
Mesa, Ariz. Underwriters—Paine,

Proceeds

50,to be offered by the
company and 50,000

working capital.

Conn.

in

common.

Business—Development

June

shares by stockholders.
—The manufacture of

—

new

ment.

Rodney Metals,

Raymond Engineering Laboratory, Inc.
(10/9-13)
Aug. 15, 1961 filed 100,000 common
shares, of which

Product Research of Rhode

repayment of debt,
working capital. Office —184

^Rocket Power, Inc.
Sept. 20, 1961 filed 200,000

•

Circuits, Inc.

Island, Inc. (10/2-6)
July 28, 1961 filed 330,000 common shares.
Price—$2.U5.
Business
The manufacture of
vinyl plastic products
used in the
automotive, marine and household fields.

«

manufacture

43

•
Seeburg Corp.
Aug. 18, 1961 filed 303,812 common shares to be offered
for subscription by stockholders on the basis of one new
share for each five shares held. Price—By amendment,
Business
The manufacture of coin-operated phono¬
—

graphs and other vending equipment. Proceeds—For re¬
payment of loans and the financing of receivables and
inventories. Office—1&00 N. Dayton St., Chicago. Under¬
writer—White, Weld & Co., New York (mgr.). Offering
—Imminent.

v

Continued

'

on

page

44

,

44

The Commercial and Financial Chronicle

(1372)

Continued from

jpage

43

•„

'■

-

>

-

Southern

•

.

ceeds—For investment.

Greenville, S. C.

Yi

•

•

Hirsch
York

—Sale

f

estate

investment.

&

Aug. 28, 1961 filed 600,000
A

—

business

common.

investment company.

Price—$10. Business
Proceeds — for in¬

vestments.

„■ Office—1101
N. First St., Phoenix. Under¬
writer—Wilson, Johnson & Higgins, San Francisco (mgr).

1961

Staer Shoe

Price—$3.
high temperature mate¬

ment.

Business—The

shoes.

Proceeds—For

manufacture

For

Price—By amend¬

common.

sale

and

of

capital.

Office—31-26 Greenpoint Avenue, Long Island
City, N. Y. Underwriter—Manufacturers Securities Corp.,

women's

the

selling stockholders. Office—
Canal and Dow St., Manchester, N. H. Underwriter—
Dean Witter & Co., San Francisco.
Shasta Minerals & Chemical Co.

•

w

construction and sale of shell homes.

payment of loans,

search

silver

for

in

Proceeds—For general corporate pur¬
Office—62 Richmond St., West, Toronto, Canada.
Underwriter—None.:,
:
r
\
> v

poses.

Proceeds—For

Proceeds—For general corporate purposes. Office
Montgomery St., San Francisco. Underwriter—C.
E. Unterberg, Towhin Co., N. Y. *.
<
>

pany.

—None.

■

Site-Fab,

>

.

.

;

•

$1.

•'

22,

1961

filed

875,000

common

*

small

shares.

business

small

■:)>

Southern Diversified

Business

•it
°

1

v'l.

-.

*

common

shares.

—

The

repayment-, of

debt,

purchase

operating expenses. Office
Miami, Fla. Underwriter
Inc., New York:;

•*--

of merchandise" and"
3690 Northwest 62nd St

-

—

Netherlands Securities Co-.
A

•

★ Southern Frontier Finance Co- v
Sept 22, 1961 filed* $1,000^000 of sinking fund subordi-*
.

nated
.

debentures

200,000 shares of

due "1976
common

wtih

warrants

20

common

purchase-

stock* to be offered in units?

consisting of $100 of debentures with
chase

to

a

warrant to pur¬

shares.

Price—By amendment; Busi-Y
ness—Repurchase; of mortgage notes,
contracts, leases
etc.

Proceeds—Repayment fo debt, investments

corporate

purposes;.

Office—615

to.C. Underwriter—J. C. Wheat
ft


I


Hillsboro
&

St.,

and other

Raleigh,-

Co., Richmond,

Va!

of

which

Paterson, N. J.

Sterling Seal Co.
Aug. 2, 1961 filed 112,300
to

:

Fuller

by

company

,

Y

.

h

'-7V v

^'

systems.
Proceeds—Fori organizational ex¬
establishment • of service centers and reserves.
Office^—100 Wi 10th Street;. Wilmington^, Del;
Underwriter—Globus, Inc., N. Y. (mgr.).
Y'•?

penses,

and

shares by the stockholders. Price—By amendment.
ness—The design, lithographing and stamping of

•

Fulton, Reid.& Co., Inc., Cleveland and Walston & Co./
Ine;, New York (managing)'
Y
r
: •

common;

Price—By amend¬
processing, dis-;

ing stockholders., Office^445 /Fairfield

Ave., Stamford,;

Underwriter—r-Ladenburg, Thalmann & Co.y N. Y. (mgr.),
Texas

Gas

Producing Co?:

,

1961 filed $315,000 of-5V2% subordinated con¬
vertible debentures due 4973 and 10,500 common to. be
offered in units of $90 of debentures and three common
shares. Price—By amendment. Business^—The production
Sept. 5,

metal

closures for containers. Proceeds^For*working
capital: Office—316 W. 16th St., Erie, Pa. Underwriters-

1961 filed 280,000

1,

ments Businessr—The furnishing of data;

semination and" display services. Proceeds—For the sell¬

92,300
Busi¬

.caps or

,

Teleregister Corp.
Sept.

shares of which 20,000

the

,

processing

&

1

be* offered

„

TeJecredit, Inc.
(10/23-27)
July 24, 1961 filed 155,000 common shares. Price—$1.Business—The development of high-speed electronic data

-

common

.

.

•

Office-—153T W.
Underwriter *— Marron,

Ave., .Linden; N.- J.
Co.* N. Y.
;

are

/

Techno-Vendiiig Corp., (10/9-13)/
> •■,
> '.v
June 9, 1961 ("Reg. A") 100,001)^ class A common shares
(par one cent). Price—$3.Business—The manufacture
of coin-operated Vending machines. Proceeds—For re¬
payment of loans; sales promotion and advertising; ex-,
pansion; purchase of raw materials ^research, and devel¬
opment, and working capital. Office—599 Tenth Avenue,
New York.
Underwriter—International Services Corp.,

Proceed^—For working'capital.

shares

Price—$5.50.

purchase, inventorying and wholesale
distribution , of roofing . materials; sheet- metal products. and heating, and air
conditioning accessories. Proceeds—
For

'f

Industries, Inc.

1961 filed 250,000

/.

Proceeds—For. repayment of loans,
investments and working capital.
Office — 717 Fifth Avenue, New York.
Underwriter —
Stearns & Co., N. Y. (mgr,);
;
;
- ?..

are to

Elizabeth
Sloss &

;

1961 filed

14,

polyurethane foam.
equipment, foreign

of electronic parts and equipment. "Proceeds—For re¬
payment of loans and working capital. Office—1616 Mc-

ment.

Price—By
investment

Corp.

•

>

Proceeds—For investment in and loans * to
business.? 'Office—40 Beaver
St., Albany, N'Y*

Aug. 8,

n)t

'

Sterling Extruder Corp.
Sept. 12, 1961 filed 90,000 common, of which 20,000 are
to be offered by the company and 70,000 by the stock¬
holders. Price—By amendment. Business—The manufacture of. plastic extrusion: machinery=and auxiliary equips

Underwriter—Dillon, Read & Co., Inc., New York.
-

of

110,000 common* shares., Price—$8..
Business—The manufacture of. machinery :for producing*

expansion and the manufacture of scal¬

Houston, Texas. Underwriter—S. D.
Co., New York (managing).
j

company.
-

-

interest bearing obligations

.,

Kinley,

amendment.."' Business—•A

>

.

Sponsor-^John Nuveen & Co., Chicago.

Techrtifoam

Aug.

be offered by the company and 43,200 shares by stockholders.
Business—The distribution

Inc.

Office—901 Market St.,
Wilmington, Del. UnderwriterHi P. Black & Co., Inc.,
Washington, D. C.
Small Business Investment Co. of New
York. Inc.

v.

82,000 shares

..

Aug. 21, 1961 ("Reg. A") 100,000 common (par 10c).
Price—$3. Proceeds—For purchase and improvement of
land, promotion and development and working
capital.

Aug.

>

Tax-Exempt Public Bond Trust Fund, Series 2

•

Corp. and H. Hentz

•
Sterling Electronics, Inc. (10/9-13)
July 24, 1961 filed 125,200 common shares,

Business—Mining of silver, gold, lead and other rninerals. Office—1804 Madison
Rd., Cincinnati. Underwriter-

*.

are

pels. Office—434 Buckelew Ave., Jamesburg, N. J". Un¬
derwriters-Louis R. Dreyling & Co., Inc., New Bruns¬
wick, N. J.

—105

—

working capital. Office—873 Mer¬

Rochester, N. Y. Underwriters—N:. A. Hart &ci
Co., and Darius, Inc. (co-mgrs.); Note—This company,;
was formerly named
Taddeo Bowling & Leasing Corp.-

Street, Chicago.

Products, Inc.
("Reg. A") 120,000 common. Price—$2.50.
Business—The manufacture and sharpening of scalpels.

amendment. Business—A small business investment com-*

Price

Inc.

Sterile Medical

•

common.

construction and

states, counties, municipalities and territories of the.
U. S., and political subdivisions thereof which are be¬
lieved to be exempted from Federal income taxes. Pro-:
ceeds
For investment.
Office —135 South La Salle

Aug. 29, 1961

Sierra Capital Co. Sept. 5, 1961 filed 1,000,000 capital shares. Price—- By/

^ Silver Hat Mining, Inc.
("Reg.; A") 160,000

Industries,

N. Y. Underwriters—Lee Higginson
& Co. (co-mgrs.).

northern Ontario.

Sept. 13, 1961

Leasing Corp. V

320,000 common. Price-^-$5. Busi¬
of bowling .centers. Proceeds—

filed

construction

—The fund will invest in

a

stockhold¬
ers. Price—By amendment. Business—A wholesale
liquor
distributor. Proceeds—For repayment of loans and working capital. Office—31-10 48th Ave., Long Island City,

Price—By amend¬

common.

A

.

Feb. 23, 1961 filed $10,000,000 (100,000 units) ownershipcertificates. Price—To be filed by amendment.? Business

to be offered by the company and 311,682 by

'

exploratory

.

delphia. Underwriter—Drexel & Co., Philadelphia;

re¬

(10/16-200
Aug. 23, 1961 filed 415,576 class A, of which 103,894

to Urethane Industries International Inc.

Business—The

:

—

Star

—

ment.

.

chants Rd.,-

;

ment of branch sales offices and

equipment, repayment of debt, and working capital. Of¬
East Dunham St., City of Commerce, Calif.
Underwriter
Garat & Polonitza, Inc., Los Angeles
(managing). Note—This company plans to change its
Ltd.

advances to

'.v

packaged, bakery products. Proceeds A— For the selling
stockholders.- Office—2801 Hunting Park Ave.,- Phila¬

subsidiary, establish¬
working capital. Office
—336 S. Salisbury Street, Raleigh, N. C. Underwriter—
D. E. Liederman & Co., Inc., New York (managing).

distribution of urethane fdam
Proceeds — For- expan sion, new

&

/

*

...

Tasty Baking Co.
; '*,/•'
? !■"
/.v
Aug. 31, 1961 filed 100,000 class A common (non-voting).
Price—By amendment. Business—The manufacture; of.

.

Proceeds—For

,"!■

'■■■-

Star Homes, Inc.
•/.•" * •28, 1961 filed $500,000 7% subordinated debentures
due 1971 and 200,000 common shares to be offered in
units, each unit consisting of $50 of debentures and 20
common
shares. * Price—$100 ;per unit.
Business—The

fice—4542

Mines

.

*

June

•
Shelley Urethane Industries, Inc. (10/10)
May 24, 1961 filed 200,000 shares of common stock. Price
To be supplied by amendment. Business—The manufac¬

Siconor

For

systems, instruments arid
equipment, including microwave, radar and underwater
communication devices. Proceeds.— For purchase of
equipment, plant expansion, patent development and
general corporate purposes. Office—812 Ainsley Bldg.,
Miami, Fla. Underwriter—Hampstead Investing Corp.,
New York; (managing). v
V V;
/;. ;
:
"

.

"■*

./

Construction

1961

31,

ness—The

and manufacture of electronic

selling stockholders. Address—Coshocton, Ohio. Under¬
writer—Crutterder., Fodesta & Co., Chicago (mgr.).

Sept. 18, 1961 filed 250,000

March

(10/2^6)

Inc.

Homes, Inc.

15,

Taddeo

Ave., N. Y. Offering—Expected late Nov.

Spectron,

Packaging, Inc.

mid-November.

in

June 9, 1961 filed 83,750 class A common shares (par 10
cents). Price—$4.50. Business—The design, development

Shaw-Barton, Inc.
Aug. 15, 1961 filed 100,000 outstanding common, shares.
Price—By amendment.
Business—The manufacture of
calendars and specialty advertising. Proceeds—For- the

name

5th

511

(10/2)

April 24, 1961 filed 500,000 shares of common stock.
Price—$2.50 per share. Business—Acquisition, develop¬
ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office,
1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter—None.

ture, converting and
products to industry.

used in the communications field. Proceeds—
equipment, research and development, and working

ponents

Corp.

18, 1961 filed 225,000

corporate purposes.
Amboy, N. J. Under¬
and Standard Secu¬
York City and Bruno-

1961 filed 240,000 common, of which 80,000
will be sold by the company and 160,000 by stockhold¬
ers. Price—By amendment. Business—The manufacture, ;
sale and financing of factory-built homes. Proceeds—To1
expand credit sales and open new sales offices. Address
—1 Chicago Ave., Elizabeth, Pa. Underwriter—Eastman
Dillon, Union Securities & Co., N. Y. Offering—Expected

Space Age Materials Corp. (SAMCO)
Sept. 19, 1961 ("Reg. A") 100,000 common.
of

com¬

wholesale elec¬
Proceeds — For the re¬

1961 filed 150,000 common.

Swift

Sept.

•

manufacture

Price

A
Price—By amend¬
ment. Business—The manufacture of gift wrap, packag¬
ing materials and greeting cards. Proceeds—For repay¬
ment of loans, expansion, working capital and general
corporate purposes. Office—8107 Chancellor Row, Dallas.
Underwriter—C. E. Unterberg, Towbin Co., N. Y. C.
Crane

Susan

Aug. 28,

Development Co.

vestments, Inc., Minneapolis.

=

rities
Corp., both
of New
Lenchner, Inc., Pittsburgh, Pa.

of

Research

r

Office—224 Washington St., Perth
writers—Amos Treat & Co., Inc.,

rials for the space, nuclear and missile fields, and com¬

•

N. Y.
(mgr.).

of bank loans and other

payment

Proceeds—For

Business—The

Sept.

I;

of New

Bldg., Minneapolis. Underwriter—Midwest Planned In)*,

•:

both

(10/10)

—

>,

and Lee Higginson Corp.,
(managing).

Co.,

Southwestern
*

("Reg. A") 245,000 common. Price—$1.15...
Business
Operation of a management consulting and
engineering services firm. Office—2012 First National

;;

For general

—

is engaged in the distribution of

pany

trical equipment and supplies.

of loans and working capital. Office—2501
Georgia Bldg., Atlanta. Underwriter—Johnson,
Lane, Space Corp., Savannah.
Bank

of automatic film

Sept. 8,

Proceeds

accessories.

Supronics Corp. (10/16-29)
May 29, 1961 filed 90,000 shares of common stock.
—To be supplied by amendment.
Business—The

repayment

Corp.

it Sessions Co.

]

&

Business—Real

ment.

processing machines and other
products. Proceeds—Purchase of equipment
inventory, sales promotion, research and develop¬
ment, and working capital. Office—29503 West Nine Mile
Rd., Farmington, Mich. Underwriter—None.

♦

Business—The develop¬
unimproved land in Florida. Proceeds—For the

City

and

i

of principal amount.

Syndicate, Inc.
Sept. 13, 1961 filed 300,000 common. Price—By amend¬

electronic

5

Price

shares.

Southern

Sept 25, 1961 filed 100,000 common. Price—$5. Business
w

related

Underwriter—Brand, Grumet & Seigel, Inc;, N.Y.

common

repayment of debt, the development of property, work¬
ing capital and other corporate purposes. Office—1674
Meridian Avenue, Miami Beach, Fla.
Underwriters —

Underwriter—S. D. Fuller & Co., New York (managing).
Servotron

tables and

corporate purposes. Office—520 Coster St;, Bronx,

ment of

equipment, plant expansion and new
Address—Sweetwater Avenue, Bedford, Mass.

products.

$

Superior Industries Corp?
Aug. 29, 196f filed 125,000 corrimon. Price—$4. Business
j—The manufacture of folding pool tables, table tennis

Southern

—At 100%

Proceeds—For

use.

>.V

Building, 1

Underwriter—Capital Securities Corp.,

debentures and warrants for five

30, 1961 filed 125,000 class A common shares. Price
—By amendment. Business—The manufacture of semi¬
conductor devices for military, industrial and commercial

v

Thursday, September 28, 1961-

.

shares, to be offered for public sale in units of $500 of

June

■«

Office—Poinsett Hotel

.

• Sule Inc.*
V W v";*.vYv. • "m'n
Sept. 15, 1961 ("Reg. A") 85,500 common; Price—$3.50. '
Business—Marketing of "Belle Teinte," a product con- taining Vitamin A and B and a protein ^element. Office
—512 Logan Bldg., Seattle, Wash. Underwriter—None.

Realty & Utilities Corp. (10/9-13)
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
tures due 1976, with warrants to purchase 31,400 common

(10/16-20)

Inc.

Seirtjcon,

Inc.

Greenville, S. C.

Co., Denver, Colo.

^ Sel-Rex Corp.
Sept. 27, 1961 filed 200,000 common, of which 33,000
will be sold by the company and 167,000 by a stock¬
holder. Price—By amendment. Business—Production of
gold compounds and chemicals for electroplating. Office
—Nutley, N. J. Underwriter—Eastman Dillon, Union Se¬
curities & Co., N. y.

-V

1

Industries,

June 28, 1961 filed 100,000 common shares.
Price—$6.
Business—A small business investment company.
Pro-;

^ S0|f«SGcvice, inc.
Sept. 19, 1961 ("Reg. A") 300,000 common. Price—$1.
Business—Retailing of shoes on a self-service basis. Of¬
fice—504 N. Grand, Pueblo, Colo. Underwriter—Amos C.
Sudler &

Growth

.

natural, gas. jProceeds^For repaypient?
working1 capital? arid general corporate Pur-iY
poses. Office—731 Meadows Bldg., /Dallas. .Underwriter—^
Equitable Securities Corp., Nashville. C
of crude oil and

*

of-' notes,

.

.

.

.

•"*

Stouffter

Corp./ (10/23-27) :
'
Sept. 8, 1961 filed $7,500,000 of convertible subordinated
debentures due Oct. 1, 1981.
Price—By amendment.
Business—The operation of a restaurant chain, the sale
of frozen prepared foods and the furbishing, of manage¬
ment

food

service

large organizations. • Proceeds—
of deb £ expansion, and working
capital. Office—1375 Euclid Ave., Cleveland. Underwrit¬
For

the

to

prepayment

•

Theil

Publication, Inc. (10/2-6)f
July 25, 1961 filed 110,000 common shsfres. Price—$3.
Business—The writing and producing of technieai marterial for industry and Department of Defense; Proceeds
—For repayment of loans, working capital and general
corporate- purposes. Office-r-1200 Hempstead Turnpike,
Franklin

Sq~., L. I., N. Y. Underwriter—None. */

Thermionix

Industries

Y

>

Corp.

and

July 27, 1961 ("Reg. A") ? 150,006 common shares
10 cents).
Price—$2. Business—The manufacture

in early October;

Proceeds—For construction of a
machine, research and development, sales engineering'

ers—Merrill Lynch,. Pierce, Fenner

& Smith Iric., N. Y.,
Fulton, Reid & Co., Inc., Cleveland. Note—The com¬
pany plans to change its name to Stouffer Foods Corp.,
.-• •

•

-

v:..".-

.

*

*

flexible

heating tape.

(par
of

a

;

/

Volume

194

'Numbei\6094

,

,

.

The Commercial and Financial Chronicle

(1373)

ttr

and

working capital.,

Trenton, N. J.

Office — 500 Edgewood Avenue,
Underwriter—D. L. Capas Co., New York.

Offering—Imminent.

>

•

,

—1206

Corp.; (10/23-27)
s
June 14, 1961 filed 130,000 common shares.
Price—$4.50.
Business—The manufacture; of coatings for fabrics. Pro¬
ceeds—To repay a loan, and purchase
equipment, for research and development, administrative expenses and *
working capital. Office — Noeland Ave., Penndel, Pa. 1
Underwriter—Best & Garey Co., Inc.. Washington, D. C.
.

Thermotronics

Corp., Inc.

of electronic and electrical

devices, principally an elec¬
tronic water heater. Proceeds—For raw
materials, plant
and equipment,- advertising research and development
and working capital.

Office—27 Jericho Turnpike, MineUnderwriter—J. B. Coburn Associates,
Inc., N. Y. Offering—Expected early October.

ola, L. I., N. Y.

•

Thoroughbred Enterprises, Inc. (10/2-6)
June 2, 1961 filed 85,000 common shares.
Price—$4.
The

breeding of thoroughbred race horses.
land, build a stable, and buy
additional horses.
Office—8000 Biscayne Blvd., Miami,
Fla. Underwriter—Sandkuhl & Co., Inc.,
Newark, N. J.,
and New York City.
—

Proceeds—To

purchase

Thurow

Electronics, Inc.
July 20, 1961 ("Reg. A") 41,500 class A common shares
(par $2.50) and 83,000 class B common shares (par $1)
to be offered in units consisting of one class A and two
class B common shares. Price—By amendment. Proceeds
—For repayment of loans and inventory. Office — 121
S.

Water St., Tampa. Underwriter
Corp., Atlanta. Ga.
•

Tor

Education, Inc.

July 28, 1961 filed
tional

Miller

Securities

(10/9-13)

100,000

Business—The

amendment.

—

capital shares. Price — By
production of self instruc¬

devices. Proceeds—For purchase of
products and other corporate purposes.
Prospect St., Stamford, Conn. Underwriter
and

courses

equipment,

new

Office—65

—F. L. Rossman &

^

> Transcontinental
Investing Corp. (10/23-27)
Aug. 25; 1961 filed $10,000,000 of 6%% convertible sub¬

debentures

due

1981.

Price—By amendment.
The;-operation of hotels, motels, apartment
and' a small business investment company.
.Office—375 Park Ave., N. Y. C. Underwriter—Lee Higginson Corp., N. Y. C. (mgr.).
Business

.»-

,

,

V

Universal
Electronics, Inc.
July 27, T961 - ("Reg. A") 213,000 common shares
(par
10 cents). Price—$1.15. Office—402
Minnesota Bldg., St.
Paul.
Underwriter—Brandtjen & Bayliss, St. Paul. Of¬

■-

.

*

fering—Indefinitely postponed.
if Universal Lighting Products, Inc.Sept. 21, 1961 filed 175,0.00 common. Price—$1. Business
—Manufacturer of lighting fixtures and
display and
merchandising equipment for use in gasoline service

>

stations.

•

capital.

Ultra Plastics Inc.

Sept. 19, 1961

filed 150,000 class A

Price—$4.

common.

-

Business—The manufacture of outdoor plastic
signs and
urethane foam. Proceeds—For
equipment, repayment of

debt,

inventory,

additional

personnel,

advertising

working capital. Office—875 N.'28th St.,
Underwriter—Amos Treat & Co., N. Y.
Union Rock & Materials
Corp.

Aug. 22, 1961 filed 160,000

and

Universal

•

Philadelphia.;

concrete.

Price—By amend¬

—

For

investment.

Office

—

611

—

buildings

holders of Houston Fearless
Corp., parent company, on
the basis of one share for each 30 shares
held of record
Sept. 1. Business — The sale of medicine, surgical and

laboratory equipment manufactured by others. Proceeds
—For the
repayment of debt. Office — 9107 Wilshire
Blvd., Beverly Hills, Calif.
Underwriter
DempseyTegeler & Co., Inc., St. Louis.
; >
—

if U-Tell Corp.
Sept.

1

Corp. ,.(10/23-27)

&, 1961/filed, 250,000 common, of which 150,< shares *, are
to
be: offered by the company and
;100,0Q0 shares by stockholders. Price—By amendment.

Co., New York (managing). /.M.
United Nuclear Corp.
Aug. 28, 1961 filed 325,000 common, of which 100,000 are
to be offered by the company and 225,000 by stockhold¬
ers..
Price
By amendment. Business
Development

.Business—The

manufacture

of news ticker projection*
equipment.; Proceeds ,— For expansion, repayment of^
loans, new equipment and general corporate purposes.

Office—625

-

Madison

Ave., N. Y. Underwriter
Stearns & Co., N. Y. (mgr.).

—

Bear,

Tri-Chem, Inc.
Aug. 16, 1961 filed $350,000 of sinking fund debentures,
6y2% series due 1976 and 140,000 common shares to be
offered in units consisting of $100 of debentures and •
40 common shares. Price—By amendment. Business—The
manufacture of paints for hobbyists. Proceeds—For re¬
payment of bank loans and working capital. Office—82
Main St., West Orange, N. J. Underwriter—P. W. Brooks
& Co., Inc., N. Y. (mgr.). Offering—Expected late Oct.
•

Tri

Metal

United

Aug.

18,

'

repayment

of debt, increase in sales personnel,
and production and working capital. Office—
35-15 37th Ave., Long Island City, N. Y. Underwriter—
Continental Bond & Share

Corp., Maplewood, N. J.

if United Servomation Corp.
Sept. 22, 1961 filed 355,000. common of which 150,000
shares will be offered by the company and 205,000 shares
by stockholders. Price—By amendment. Business—Sale
of food, tobacco products and beverages through auto¬
matic vending machines. Proceeds—For repayment of
debt. Office—410 Park

Ave., N. Y. Underwriter—Hemp¬

hill, Noyes & Co., N. Y.
United

States

Crown

Corp.

—The manufacture of specialized bottle caps. Proceeds—
For equipment, working capital and general corporate

trucks used in sale of ice cream, etc.

purposes.

Inc.

—

It also engages in

the research,

design and manufacture of vacuum furn¬
aces, ovens and components in the fabrication of metal
equipment for the food, pharmaceutical and chemical
industries. Proceeds—For the selling stockholders. Of¬
fice—Bennard & Warrington Sts., East Riverton, N. J.
Underwriter—R. L. Scheinman & Co., N. Y. C.

Aug. 22, 1961 filed 150,000

Office—437

common.

Boulevard,

Price—$8. Business

East Paterson, N. J.
(mgr.). Offering—

Underwriter—Adams & Peck, N. Y.
Expected in November.
U. S. Dielectric

of

epoxy

The

manufacture

Co., Inc., Jersey City, N. J.

of

re¬

/

Office—583 M & M

•

.

Valley Iron & Metal Co., Inc.
Aug. 28, 1961 ("Reg. A") 60,000 common. Price — $4.
Business—The buying, processing and selling of waste
-metals, papers, rags, etc. Office—11166 Pendleton St.,
Sun Valley, Calif.
Underwriter—Gregory-Massari, Inc.,
Beverly Hills, Calif.
•

Valley Title & Trust Co;

June

13,

1961 filed

120,000

common

shares.

Price—$5.

Business—The writing and selling of title insurance and
the acting as trustee and escrow
agent. Proceeds—For

working capital,

reserves and other corporate purposes.
Office—1001 North Central Ave.,
Phoenix, Ariz. Under¬

writer
New

Louis R. Dreyling & Co., 25 Livingston Ave.,
Brunswick, N. J. Offering—Imminent. /.
—

Val-U

Homes

Corp. of Delaware

Aug. 28, 1961 filed 100,000

common.

Price—$5. Business

resins for potting

St., Paterson, N.J. Underwriter—Stearns & Co., N.Y.C.
(mgr.). Offering—In early November.

er

Van-Pak, Inc.
Sept. 15, 1961 filed 140,000

common. Price—$15. Business
—A nation-wide and overseas
non-regulated freight for¬

warder engaged

Inc.

July 24, 1961 ("Reg. A")99,990 common shares (par 10
cents). Price—$3. Business—The manufacture and dis¬
tribution

—

—The manufacture of prefabricated
buildings and shell
homes. Proceeds—For working capital. Office—765 Riv¬

(10/4)
June 29, 1961 filed 68,000 outstanding common shares to
be offered by the stockholders. Price—At the market.
Business
The designing, converting and equipping
Works,

—By amendment. Business

debt and investment in subsidiaries.

Laboratories, Inc. (10/16-20)
360,000 common shares. Price—$2.

tooling

Price—$5.

Bldg., Houston, Tex. Underwriter—White, Weld & Co.,
N. Y.
•/ •
V. / ,".Vi.
/,
•

Business—The manufacture of high fidelity stereo tuners
and amplifiers and amateur radio transceivers. Proceeds
—For

common.

^ Valley Gas Production, Inc. '
Sept. 22, 1961 filed 194,000 common. Price—By amend¬
ment. Business—Acquisition of natural
gas and oil pro-'
ducing properties. Proceeds—Construction, repayment of

—

filed

31,097

Valley Forge Products, Inc.
Sept. 15, 1961 filed 100,000 class A capital shares. Price

Walker

Scientific

1961

A")

placement ignition and other electrical components for
automobiles. Proceeds—For
working capital, new prod¬
ucts and other corporate
purposes. Office—370 19th St.,
Brooklyn,?N. Y. Underwriter,;— Rodetsky, Kleinzahler,

tate. Proceeds—For general corporate purposes. Office—
25 W. 43rd St., New York. Underwriter—Sutro Bros. &

•

Trans-Lux

("Reg.

—

writer—Continental Securities Corp.,
Milwaukee, Wis.

es¬

000

1$61

Operation of a discount department store.
Office—3629 N. Teutonia
Ave., Milwaukee, Wis. Under¬

18, 1961 filed $2,500,000 of 6% convertible sub¬
ordinated debentures due 1976 to be offered for
subscrip¬
tion by holders of common stock and series A warrants
on
the basis of $100 of debentures for each 70 shares

Aug.

18,

Business

ing capital and general corporate purposes. Office—365
Winchester Ave., New Haven,
Conn.
Underwriter —
Eastman Dillon, Union Securities & Co., N. Y. C. (mgr.).

•

—

Universal Surgical
Supply Inc. (10/23-27)
Aug. 1, 1961 filed 200,000 common shares, of which
100,000 will be offered for
public sale and 100,000 to stock¬

N.

Proceeds—For work¬

Corp.

—

Aug.

—

,

•

Price—By amendment. Business—Supplying of decorat¬
ing, drayage,., cleaning, and related services for trade
shows, conventions, and similar expositions. Proceeds—
For working capital, the
repayment of debt and pur¬
chase of equipment. Offiee — Suite
705, Merchandise
Mart, Chicago, 111. Underwriter—Drexel & Co., Phila¬
delphia.

and research in the nuclear field.

;

("Reg. A") 80,000 common.
Price
$3.
Business—The development of high performance silicon
rectifiers. Office
2055 Pontius, Los Angeles. Under¬
writer—Kerns, Bennett & Co., Inc., N. Y.

• United Exposition Service Co.
Sept. 22r 1961 filed 100,000 common, of which 40,000 will
be offered by the company and
60,000 by stockholders.

Price—By amendment. Business—General real

.

Sept. 5, 1961

Broadway St., Milwaukee. Underwriters—H. M. Byllesby & Co., and Straus, Blosser & McDowell, Chicago.

held.

.,....

Universal Rectifier

Ave., Phoenix, Ariz. Underwriter
Co., Los Angeles (mgr.).

if Union Trust Life Insurance Co.
Sept. 25, 1961 filed 300,000 common. Price—By amend¬
ment. Business—Sale of life, and health and accident in¬
Proceeds

Publishing & Distributing Corp.

expansion, additional personnel, sales promotion,
working capital and other corporate purposes. Office—
117 E. 31st St., N. Y. Underwriter—Allen
& Co., N. Y.

'

surance.

working
N. J.

For

company is engaged in the paving
of sand, crushed rock and transitProceeds—For the selling stockholders.

—William R. Staats &

and

units, each consisting of one preferred share and one
common share. Price—$15
per unit. Business—The pub¬
lishing of magazines and paper bound books. Proceeds—

of roads and the sale

Office—2800 S. Central

Repayment of debt

(10/2-6)

ment. Business—The
mix

—

June 28, 1961 filed
50,000 6% cumulative preferred shares
(par $10) and 50,000 common shares to be offered in

(10/19)

common.

Proceeds

Office—55

Bergenline/Ave., Westwood,
Underwriter—Globus, Inc., N. Y. (mgr.).

United Improvement & Investing
Corp.

Co.

Aug. 24, 1961 filed 125,000 common.' Price—By amend¬
ment. Business—The design, manufacture and erection of
communications towers., Proceeds — For repayment of
debt and working capital. Office — 2700 Hawkeye Dr.,
Sioux City,'Iowa. Underwriter—C. E. Unterberg, Towbin Co., N. Y. C. (mgr.).

ordinated

Dallas.., Underwriter—

To be named.

Co., New York (managing).

Tower Communications

Bldg.,

Turbo dyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Connecticut Ave., N. W., Washington, D. C. Underwriter—

•

July 10, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—Research and development

Business

Petroleum

-

Thermo-Chem

,

Tower

Dallas Rupe & Son, Inc., Dallas
<managing)

45

uses.

Proceeds—

in the forwarding of household goods.

Proceeds—To repay debt, purchase metal
increase working capital. Office — 542

containers, and
Insurance

Ex¬

change Bldg., Des Moines, Iowa. Underwriter—Hodgdon
& Co., Inc.,
Washington, D. C.
/
,

•

Tri-State

(10/23-27)
July 24, 1961 ("Reg. A") 260,000 common shares (par
five cents'). Price—$1.15. Proceeds—For working capital.
Office—1221 Glenwood Ave., Minneapolis. Underwriter
—Naftalin & Co., Minneapolis.
Displays, Inc.

if Triton Electronics, Inc. *
Sept. 26, 1961 filed 108,000 common, of which 76,500 will
be offered by the company and 31,500 by stockholders.
Price—$4.50. Business—Manufacture of magnetic record¬
ing tape and metallic yarns. Proceeds—For research and
development,
-62-05

30th

erlands

advertising,

working capital. Office

and

Ave., Woodside, N. Y. Underwriter—Neth¬
Co., Inc., and Seymour Blauner &

Securities

For

repayment

of

loans, research and development,
Varitron Corp.
working capital. Office — 140
July 25, 1961 filed 100,000 shares of common stock. Price
Adams St., Leominster, Mass. Underwriter — Richard
n—$2. Business — The manufacture of electronic items,
Bruce & Co., Inc., New York.
principally TV and radio parts. Proceeds—For equip¬
• U. S.
Markets, Inc. (10/10-11)
ment, financing of merchandise, imports and accounts
July 31, 1961 filed 200,000 common shares, of which 160,receivable and working capital. Office — 397 Seventh
moving

expenses

000 shares

are

shares by

a

eration of

a

and

to be

offered by the company and 40,000

stockholder.

Price—$5. Business—The op¬
chain of supermarkets and other retail food

stores in the San Francisco
ment

of

purposes.

area.

Proceeds—For repay¬

loans, working

capital and general corporate
Office—60 Fallon Street, Oakland, Calif. Un¬

derwriter—Stanley Heller & Co., N. Y. «

Tropical Gas Co., Inc.
Sept. 8, 1961 filed 135,000 common, to be offered for
subscription by stockholders on the basis of one share

United States Plastics, Inc.
Sept. 7, 1961 filed 190,000 common, of which 150,000 will
be sold by the company and 40,000 by a stockholder.
Price—$3.
Business—The sale of plastic items, power

Price — By amendment.
debt, and working capi¬
Rd., Coral Gables, Fla.

tools, adhesives, hardware, etc. Proceeds—To repay debt.
Office—750 W. 18th St., Hialeah, Fla.
UnderwriterRoman & Johnson, Fort Lauderdale (mgr.).

Co., N. Y.

for

each

six

common

held.

Proceeds—For the repayment of
tal.

Office—2151

Le

Jeune

Underwriter—Glore, Forgan & Co., N. Y. (mgr.).
True Taste Corp.

Aug. 18, 1961 filed 200,000 common shares.
Price—$5.
Business
The installation and operation of plant to
process frozen concentrated juices in bulk. Proceeds
—

For installation of




equipment and working capital. Office

United Variable Annuities

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 & Reed, Inc., Kansas City, Mo.
Offering—Expected in early November.

Ave., Brooklyn, N. Y. Underwriter—Kenneth Kass, N. Y.
Offering—Expected late October.
1
Vending International, Inc.
July 27, 1961 ("Reg. A") 70,588 common shares (par
10 cents). Price—$4.24. Proceeds — For repayment of
debt, expansion and a new building. Office—c/o Brownfield, Rosen & Malone, 1026-16th St., N. W., Washington,
D. C. Underwriter—H. P. Black &

Co., Inc., Wash., D. C.

Vendotronics Corp.

Sept. 1, 1961 ("Reg. A") 150,000 common.
Price—$2.
Business—The manufacture of automatic popcorn vend¬
ing machines.

Proceeds—For repayment of loans, adver¬
tising, inventory, working capital and general corporate
purposes.
Office—572 Merrick Rd., Lynbrook, N. Y.i
Underwriter—B. G. Harris & Co., Inc., N. Y.
Vic

May
stock

Tanny Enterprises, Inc. (10/2-6)
11, 1961 filed 320,000 shares of class A common
(par 10 cents) of which 120,000 shares will be of.

.

Continued

on

page

-46;.

46

(1374)

Continued from

The Commercial and Financial Chronicle

45

page

Wilco

fered for the account of the company and 200,000

shares
by the present holder thereof. Price—To be supplied by
amendment. Business—The operation of a national chain
of gymnasiums and health centers for men and women.
Proceeds—The company will use its part of the proceeds
for the opening of new gymnasiums and the promotion
of home exercise equipment. Office—375 Park Ave., New
York City.
Underwriter—S. D. Fuller & Co., N. Y. C.
Vol-Air, Inc.
July 27, 1961 ("Reg. A") 96,000 common shares (par one
cent).. Price—$2,50.
Business—The manufacture of a
patented heat and mass transfer system. Proceeds—For

equipment, filing of patents, inventory, advertising and
Address—347 Madison Avenue, New York.
Underwriter—Glass & Ross, Inc., N. Y.
,
promotion.

Commercial

—To

Corp.

institutions.

Proceeds—For

Avenue,

New

York.

.

Thursday, September 28, 1961

.

determined

by competitive bidding. Probable

bidders:

July 21, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—The financing of business
Fifth

be

.

Halsey, Stuart & Co. Inc.; First Boston Corp.;
Ripley & Co, Inc.; Kuhn, Loeb & Co. and
Eastman Dillon,, Union Securities & Co.
(jointly).
Harriman

working capital. Office—350
Underwriter—A. J. Gabriel

Arizona

Co., Inc., N. Y. Offering—Imminent.

Public

Sept. 11,1961 it

Service Co,

reported that this company plans to
sell about $35,000,000 of first
Doughnut House, Inc.
mortgage bonds in Novem¬
ber. Office—501 So. Third
Sept. 26, 1961 filed 90,000 common. Price—By amend- '
Ave, Pnoenix, Ariz. Under¬
writers—To be named. The last sale of bonds on March
ment. Business—Selling doughnut mixers to franchised
1959 -was,,-handled
operators of doughnut shops leased from the company, ,'r 26,
privately
through
Blyth ; &
Proceeds—For the selling stockholder. Office—1140 W.
Co, and First Boston Corp.
However, the company
stated that there is a
Main St., Alhambra, Calif. Underwriter—McDonnell &
'
possibility that these bonds will
be sold at competitive
Co, Inc., N. Y.
: ~bidding, in which case the follow¬
ing are expected to bid on them: Halsey, Stuart & Co.
• Windsor
Texprint, Inc. (10/23-27)
Inc.; Kidder, Peabody & Co.; First Boston Corp.; Blyth
Aug. 25, 1961 filed 265,000 common, of Which 250,000 are
& Co.;
to be offered by the company and 15,000
White, Weld & Co, Inc., and Merrill Lynch,
by stockholders.
Pierce, Fenner & Smith Inc.
^
Price—$2. Business—The printing of towels and other
textile products.
Bay State Electronics Corp.
Proceeds—For repayment of loans."
•
> V '
Office—2357 S. Michigan Ave, Chicago. Underwriter—
Aug. 2, 1961 it was reported that this company plans to
file a registration
D. E. Liederman & Co, Inc., N. Y. C.
shortly covering about 270,000 com¬
--

if Winchell

was

_

,

•

Voron

Electronics

Corp. (10/16-20)
July 28, 1961 filed 100,000 class A shares. Price

—

$3.

Business—The manufacture of electronic test equipment,
the sale,
installation and servicing of industrial and

commercial communications equipment and the furnish¬

ing of

background

music.

Proceeds—For

tooling,

pro¬

duction, engineering, inventory and sales promotion of
products and for working capital. Office — 1230 E.
Lane, Wyndmoor, Pa. Underwriters — John
Joshua & Co., Inc., and Reuben Rose & Co., New York.
its

Mermaid

•

Wainrite

Stores,

Inc.

June
10

23, 1961 ("Reg. A") 100,000 common shares (par
cents).
Price—$3.
Business—The operation of dis¬

Wisconsin

Natural

Gas

mon

Co.

(10/18)

shares to raise

some

-

$2,500,000. Business—Research,

development and production of items in the fields of
Sept. 20, 1961 filed $4,000,000 of first mortgage bonds due* '
medical electronics, etc. Proceeds ■— For
expansion and
1986. Proceeds—For expansion, and the repayment
of /
working capital. Office—43 Leon St., Boston, Mass. Un¬
bank loans. Office—100 Third
Ave, Racine, Wis. Under¬
derwriter—S. D. Fuller &
Co, New York (managing)*
writers— (Competitive).
Probable' bidders:
Salomon*
• Broad Street Trust Co.
\
>
Brothers & Hutzler; Halsey, Stuart &
Co.; Kidder, Pea-Sept. 22, .1961 it was reported that stockholders had ap¬
body & Co.-White, Weld & Co. (jointly). Bids—Expected
proved an increase in capital stock and sale of about
Oct. 18.
69,370

additional

of

Wonderbowl, Inc.
(10/23)
6, 1961 (letter of notification)

new

shares.

stockholders

to

basis

the

on

merchandising centers. Proceeds—For repayment
of loans, expansion and working capital. Office—691 E.
Jericho Turnpike, Huntington Station, N. Y. Underwriter
—Omega Securities Corp., New York. Offering—Immi¬

share for each 12 held of record Oct.
9, with
150,000 shares of '• rights to
expire Oct. 30. Price—$32.50. Office—Broad and
common stock.
Price—At par ($2 per share). Proceeds 1
Thompson Sts, Philadelphia. Underwriters—Stroud &
—To discharge a contract
payable, accounts payable, and i' Co, and
Hallowell, Sulzberger, Jenks, Kirkland & Co,
notes payable and the balance for working capital. Office

nent.

—7805

count

Wald

July 26, 1961

filed 65,000 common shares. Price

$5.
Business — The manufacture of ground support equip¬
ment for the aircraft, misisle and related industries. Pro¬
ceeds—For repayment of loans, purchase of equipment
and inventory, working capital and general corporate
purposes. Office—79 Franklin Turnpike, Mahwah, N. J.
Underwriters

Walter

—

Sign Corp.

March 30, 1961

(letter of notification) 100,000 shares of
one cent). Price—$3 per share. Busi¬
and installation of highway
signs. Proceeds—For the reduction of debt, sales promo¬
tion, inventory and reserves. Office—4700 76th St., Elmhurst, L. I., N. Y4 Underwriter—Amber, Burstein & Co.,
40 Exchange Place, New York 5, N. Y.
common

stock

ness

The

—

(par

manufacture

Wards

Co., Inc.
Sept. 15, 1961 filed 110,000

common.

Price—By amend¬

ment.

Business—The retail sale of radios, TV sets, re¬
frigerators, stoves, air conditioners, etc. Proceeds—For
working capital and other corporate purposes. Office—
2049 West Broad St., Richmond, Va. Underwriter—Stein
Bros. & Boyce, Baltimore. \
•

Warshow

Aug. 30,

(H.)

& Sons, Inc.

(10/23-27)

1961 filed 285,000 class A. Price—By amend¬

Calif. UnderwriterCorp, Los Angeles, Calif. /
v ;

Bush Terminal

Wood Manufacturing Co., Inc.

—

Martinelli & Co., New York and E. R.
Davenport & Co., Providence, R. I.

Philadelphia.

Sunset Blvd., Los Angeles,

Standard Securities

Research, Inc.

July 24, 1961 ("Reg. A") 250,000 common shares (par
$1). Price—$1.15. Proceeds—Foor working capital, repayment of loans, purchase of equipment, advertising
and building construction. Office — 1035 Chestnut
St,
Conway, Ark. Underwriter—J. P. Penn & Co,. Minn.;
V
.

•

Woodard

Research

Corp. (10/2-4)
("Reg. A") 40,000 common. Price—$4.
Proceeds—For constructing and equipping a laboratory,
and for working capital. Office—34 Station St, Herndon,'
June

23,

1961

Va. Underwriter—First Investment

Planning Co, Wash¬

;•

filed 300,000 common shares.

1961

amendment.

Business—The

Price—By

publishing of encyclopedias

Corp, New York.
World Wide Bowling Enterprises, Inc.

(10/10)
filed 130,000 common shares. Price—$4.
Business—The operation of bowling centers. Proceeds—

the selling stockholders. Office—
St., N. Y. Underwriters—Lee Higginson Corp.
W. Brooks & Co., Inc., N. Y. (mgrs.).

~

1961

debt, expansion and working capital..
Underwriter ;

Worldwide Fund Ltd.

new

for each 10 held. Business—The operation of

underwriter.

/

Oarbonie

Equipment Corp.
June 28, 1961 it was reported "that a
"Reg. A" will be
filed covering 100,000 common shares. Price
$3. Proceeds
of the business.

Carolina Power & Light Co.
sell

336

Office—2044 Chestnut Street, Philadelphia.
—Fraser & Co.,- Philadelphia.

Proceeds—For

one

to

Standard Securities

,

y

,

warehouses, manufacturing buildings, piers and railroad
facilities. Office—100 Broad
St., N. Y. Underwriter—
The company said it
may make the offering without an

Sept. 27, 1961 it

Proceeds—For repayment of
debt, working capital and general corporate purposes.
Office—290 Broadway, Lynbrook, N. Y. Underwriter—

For repayment of

of

•

and other reference books.

July 20,

r..

Office—97-02 Jamaica

Ave, Woodhaven, N. Y. Underwriter
Co, Inc.•'

World Scope Publishers, Inc.

July 31,

Co.

Sept. 15, 1961 it was reported that registration will be
filed shortly covering about
90,000 common to be offeerd
to stockholders
through subscription rights on the basis

—For expansion

ington, D. C.

ment. Business—The manufacture of fabrics for women's
wear.

one

Feb.

was

$25,000,000

of

—

R.

F. Dowd, &
-■
'
;
■

.

.

(11/16)

'

reported that this company plans
bonds in November. ' Office
—

Fayettesville

St., Raleigh, N. C. Underwriters—
(Competitive), Kidder, Peabody & Co.; Merrill Lynch,
Pierce, Fenner & Smith Inc. (jointly); Halsey, Stuart &
Co. Inc.; Lehman Brothers and
Blyth & Co. Inc. (joint¬
ly); Kuhn, Loeb & Co.-Equitable Securities Corp. (joint¬
ly); W. C. Langley & Co. and First Boston Corp. (jointly).
•
Chicago, Burlington & Quincy RR. (10/31)
!
Sept. 19, 1961 it was reported that this tompany plans
to sell $2,400,000 of
equipment trust certificates in Oc¬

common. Price—$100. Busi-;, tober. Offices—5747 W. JackSon Blvd., Chicago and 39
B'way, N. Y. Underwriters
plans to invest primarily in equity se¬
(Competitive).r Probable
bidders. Salomon Brothers & Hutzler and
foreign issuers. Office—Bank of Bermuda'
Halsey, Stuart

45 W. 36th

Sept. 19, 1961 filed 100,000

and P.

ness—The Fund

•

Water Industries

Capital Corp. (10/2-6)
July 21, 1961 filed 750,000 common. Price—$11. Business
—A small business investment company. Proceeds—For
investment. Office—122 E. 42nd St., N. Y. Underwriter
—Hornblower & Weeks, N. Y. (mgr.).
Waterman Steamship Corp.

Aug. 29, 1961 filed 1,743,000

common. Price—By amend¬
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.).

ment.

Business

—

The

Watson Electronics &

Engineering Co., Inc.
25, 1961 ("Reg. A") 75,000 common shares (par
10 cents). Price — $4. Proceeds—For
manufacturing,
laboratory and office facilities, equipment and working
capital. Office—2603 S. Oxford St., Arlington, Va. Un¬
July

derwriter—Hodgdon & Co., Inc., Washington, D. C.
Weissberg (H. R.) Corp.
Aug. 28, 1961 filed 250,000 class A common. Price—By
amendment. Business—The operation of hotels, and
gen¬
eral real estate.

quisition
Fifth

and

curities

Hamilton, Bermuda. Underwriter
Co, N. Y.
" •
■
/;/ y .y.'
Yank oa

Sept. 8,

common.

Price

—

..

1201

Continental Bank Bldg., Salt Lake
City, Utah. Underwriter—Elmer K. Aagaard, 6 Salt Lake
Stock Exchange Bldg., Salt Lake
City.

if Westland Capital Corp.
Sept. 21, 1961 filed 985,500 common. Price—$11. Business
—A small business investment

company. Proceeds—For
Working capital. Office—9229 Sunset Blvd., Los
Angeles,
Calif. Underwriter—Bear, Stearns &

Co., N. Y.

Aug. 28, 1961 it

$3.

Zep Aero

-

-

—The

of

Proceeds

^

New

York,

Inc.

,

was

Nov. 21,

1961 at 11 a.m. (EST). Information Meeting—
(10 a.m. EST) at the company's office.

Contact Lens

accessories
plant improvement, equipment and working capital. Office—113 Shel¬
don St, El Segundo, Calif. Underwriter—Francis J. Mit¬
chell & Co, Inc., Newport Beach, Calif.
for aircraft.

of

(Competitive). Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—

(10/16)

manufacture

Co.

reported that this company plans
to sell about
$50,000,000 of first mortgage bonds due
Nov. 1, 1991. Office—4
Irving PI, N. Y. Underwriters—

Nov. 15

July 28, 1961 filed 50,000 common shares, of which 30,000 shares are to be offered by the company and 20,000
shares by a stockholder. Price—By amendment. Business'
systems

oxygen

—

and

For inventory,

;

Guild, Inc.
19, 1961 it was reported that this company plans
file a "Reg. A"
shortly covering an undisclosed num¬

June
to

ber

of

shares.

common

Business—The

manufacture

of

contact lenses. Office—353 East Main St.,
Underwriter—To be named.

Rochester, N,Y.
Offering—Expected in Dec*

Dallas Power & Light Co.
(11/15)
Sept. 19, 1961 it was reported that this
company plans
to sell $10,000,000 of
preferred stock in November. Office
—1506 Commerce

St., Dallas, Tex. Underwriters—(Com¬
White, Weld & Co.-EquitCorp. (jointly); Eastman Dillon, Union
Securities & Co.; Lehman
Brothers; Blyth7 & Co, Inc.;
Harriman Ripley & Co,
Inc.-Kidder, Peabody & Co.
(jointly); First Boston Corp. Bids—Expected Nov. 15 at
11 a.m. (EST). Information
Meeting—Nov. 13 (11 aim.
EST) at 2 Rector St, N. Y. (Room 240).
petitive). Probable bidders:
able

ATTENTION UNDERWRITERS!
Our

common

(managing).
Western Factors, Inc.
;
June 29, 1960 filed 700,000 shares of common stock.
Price
—$1.50 per share. Proceeds—To be used principally for
the purchase of additional accounts receivable and also
may be used to liquidate current and long-term liabil¬




100,000

ities, repayment of debt and working capital. Office—
W. 34th St, N. Y. Underwriter—Sunshine Securities
Inc., Rego Park, N. Y.
•

Edison

#

("Reg.' A")"

1961

Inc. Bids—Expected Oct. 31.

(11/21)

|nr

29

Corporation

to know about it

Department

News
so

that

we

can

would

prepare

similar

yo%

an

like
item

to^ those you'll find hereunder.

Would
write

us

telephone

us

at

REctor

2-9570
Y.

Securities

Delaware Power & Light Co.
7, 1961 it was reported that

or

at 25 Park Place, New York 7, N.

Feb.

postponed until early
common
mon

10

Prospective Offerings

Los Angeles

—

PI retire

Co.

Consolidated

Do you have an issue you're planning to register?

stock, of
which 115,000 shares are to be offered for
public sale
by the company and 13,434 outstanding shares by the'
present holders thereof. Price—$9.75 per share. Busi¬
ness—The company plans to acquire and
operate bowling
centers primarily in California.
Proceeds—For general
corporate purposes.
Office—3300 West Olive Avenue,
Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,

Office

&

Business—The manufacture of plastic hangers and forms..
Proceeds—For the acquisition of manufacturing facil¬

Underwriter—Troster, Singer & Co.,

West Coast Bowling Corp.
May 26, 1961 filed 128,434 shares of

ities.

Burnham

—

&

..

Proceeds—For repayment of
loans, ac¬
corporate purposes.
Office—680

Ave., N. Y.
(mgr.).

—

Bldg,

general

N. Y. C.

of

Aluma-Rail,

and

Inc.

Office—44 Passaic Ave, Kearny,
Underwriter—Omega Securities Corp.fN. Y.

Appalachian Power Co.
1, 1961 it was reported

American

Electric

Power

that

this subsidiary

Co, Inc., plans to

The

stockholders first

shares

held.

construction.

plant expansion.

Feb.

:

its

the

company has
issue additional

plan to

offering would be made
on

Based

the basis of

on

the

one

number

to

com¬

share for each
of

shares

out¬

standing on Sept. 30, 1960, the sale would involve about
418,536 shares valued at about $14,600,000.

Aug. 9, 1961 it was reported that a ("Reg. A") will be
filed shortly covering 100,000 common shares.
Price—
$3.
Business —The manufacture of new color anodized
aluminum chain link fencing. Proceeds—For inventory
N. J.

stock.

1962

of

sell $35,-

000,000 to $40,000,000 of bonds late in 1961 or early in
1962. Office—2 Broadway, New York City. Underwriters

Proceeds—For

Office—600

Market

Underwriter—(Competitive)

St., Wilmington

Probable

bidders:

Del.

Carl

M*.

Loeb, Rhoades & Co, N. Y.; W. C. Langley & Co. and
Securities Co. (jointly); Lehman BrothersFirst
Boston Corp.;
White, Weld & Co, and Shields '& Co.
(jointly); Kidder, Peabody & Co, and Merrill
Lynch
Pierce, Fenner & Smith Inc. (jointly).
Delta Air Lines, Inc.
Sept. 19, 1961 it was reported that this
company
Union

to

file

a

registration

plans

shortly

covering an undisclosed
Office—Atlanta Airport At¬
lanta, Ga. Underwriter—Courts & Co, Atlanta.
'
number of

common

shares.

Volume

194

Number 6094

The

Commercial and Financial Chronicle

(1375)
Diversified Vending, Inc.
Sept. 13, 1961 it was reported that a registration state¬
ment. will be filed shortly /covering 100,000 common.
Price—$4. Business—The servicing of vending machines
and coin operated kiddy-rides.
Proceeds—For equip¬
ment, inventory and general corporate purposes. Office

—Philadelphia, Pa. Underwriter—T.
& Co., Inc., Washington, D. C.
Electro

Sbpt.

14,

to file

a

Michael

(jointly). Bids—Expected Oct. 24. Information meeting
(11 a.m. EDST) in Room 232, 120 Broadway,

—Oct. 20
N. Y.

Northern Natural Gas Co.

Sept.

Pacific
Jan.

.

Nov.

6

394,975

new

on

proposed 2-for-l

a

shares

share

for

Underwriters

stockholders

to

each-12

held.

Drexel

&

stock
on

basis

,

of

to

Power

&

.

Light Co.

^

Sept. 18, 1961, it was reported that the company may is¬
sue $25,000,000 of bonds in the second half of
1962.' Office

"

—25 S. E.' 2nd

termined

Ave., Miami, Fla. Underwriter—To be de¬
by competitive bidding. Probable bidders: Mer¬

rill

Lynch, Pierce, Fenner & Smith Inc. and Kidder,
Peabody & Co. (jointly); Halsey, Stuart & Co., Inc.;
White, Weld & Co.; First Boston Corp.; Blyth & Co., Inc.

4*

^ General Telephone
Sept. 27,. 1961 it

t
'

Co. of California

reported that this

was

(jointly);
(jointly);

Northwest

Bell

plans
December.- Office—2020
company

Corp/Bids—Expected

Dec.

11.

Telephone Co. of Florida
Aug. 15, 1961 it was reported that this subsidiary of Gen¬
eral Telephone & Electronics
Corp., expects to offer
i- about
$15,000,000 of bonds in January 1962. Office—610
Morgan St., Tampa, Fla. Underwriters—Stone & Webster
Securities Corp., and Paine, Webber, Jackson &
Curtis,
both of New York City.

8,

—To operate a new type truck and set
up national dis¬

tributorships.

Office—Brooklyn, N. Y.
Co.", New York City.

Laurence &

Underwriter—J.

Rochester Gas & Electric Corp. (11/14)
Aug. 15, 1961 the company stated it plans to issue about
$15,000,000 of 30-year bonds in November* ^Proceeds—

•

Georgia Bonded Fibers, Inc.
For
construction.
•
*
•
'
*
Underwriter — To
be
determined
Sept. 14,. 1960 it was reported that registration of 150,000
by competitive bidding. Probable bidders: Halsey, Stuart
shares of common stock is expected. Offices—Newark,
& Co. Inc.; Kidder, Peabody &
Co., White, Weld & Co.
N. J., and-Buena Vista, Va. Underwriter—Sandkuhl and,. and Shields & Co. (jointly);
Kuhn, Loeb & Co.; Salomon

7,

.

Company, Newark, N. J., and N. Y. C.

Brothers &

Hutzler, Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly); Blyth &
Co., Inc., The First Boston Corp. Bids—Expected Nov.
14 at 11 a.m. (EST).

.

.

Mainco Electronics & Marine Development
Corp.

I July 17, 1961 it

was reported that a "Reg. A" will be
shortly covering $300,000 of common stock. Pro¬
general corporate purposes. Address—Booth
Bay; Harbor, Maine. Underwriter—Nance-Keith Corp.,

Aug. 22, 1961

New York City.

nounced plan to sell about

filed

-

ceeds—For

,

•

;

Master

Jan.

6,

1961

*

Public

.

to

Inc.

it

was

,

.

...

.

i
•

,

•

.

-

Photocolor Laboratories,

used both

to sell

England Power Co.

New World

Laboratories, Inc.

Aug. 22/1961 it was reported that a "Reg. A" will be
filed shortly covering 100,000 common shares. Price—$3.
Business—The manufacture of cosmetics. Proceeds—For

;

;
^

as

test instruments and

company

plans to

,,

*

>:

to

sell

Industries,

1961

about

it

was

Inc.

reported

$750,000 of

re-manufacture
Proceeds—For

that this

common

porate purposes. Office—Washington, D. C. Underwriter
T. Michael McDarby & Co., Inc., Washington, D. C.

Niagara Mohawk Power Co. (10/24)
Sept. 13, 1961 it was reported that this company plans
to sell $40,000,000 of general mortgage bonds and 700,000
common shares in late October. Offices—300 Erie Blvd.,
West, Syracuse, N. Y., and 270 Park Ave., N. Y. C. Un-

derwritersJL-(Competitive).

Probable bidders:, (Bonds)
First Boston Corp.; Morgan Stanley & Co.; Halsey, Stuart
& Co., Inc.
(Common) Merrill Lynch, Pierce, Fenner &
Smith,: Inc.-Kidder, Peabody & Co.-White, Weld & Co.
(jointly). .^Morgan, Stanley &c Co.-First Boston Corp.




company

plans

stock. Business—The

and

distribution of autQmobile parts.
repayment of loans and expansion
O.
Underwriter—Rodetsky, Klein¬

the

Office—Columbus,

to sell about

$1,200,000 of

common stock. Business—The
exclusive franchise from the City of
to build bowling and recreation centers in

has

company

New York

the subways.

an

Proceeds—To build the first three centers.

Office—New York City.

Underwriter—Rodetsky, Klein¬

zahler, Walker & Co., Inc., Jersey City.
Teeco Automated Systems, Inc.

Aug. 9, 1961 it

was reported that a ("Reg. A") will be
shortly covering 100,000 common shares. Price—
$3. Business The custom, design, manufacture and in¬
stallation of automated material
handling systems for
large wholesale and retail establishments and industry.
Proceeds —For expansion.
Office —42-14 Greenpoint
Avenue, Long Island City, N. Y. Underwriter—Omega
Securities Corp., New York.

filed

Valtronic Corp.
Sept. 6, 1961 it was reported that a "Reg. A" will be
filed shortly covering
62,500 common shares. Price—$4.

Business—The design, engineering and manufacture of
medical and dental equipment
Proceeds—For expan¬
sion. Office—375 Walton
Ave., Bronx, N. Y. Underwrit¬
ers—Cacchione

8c

Smith, Inc., and Fred F.

Discount

Virginia Electric A Power Co. (12/5)
23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.
Office
Richmond 9, Va. Underwriters — To be deter¬
mined by competitive
bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Stone 8c Webster Securities
—

Corp.;

Eastman Dillon, Union Securities &
Co.; Salomon Broth¬
ers

&

ceived

Hutzler; Goldman, Sachs 8c Co.
on Dec.
5, 1961.

West Coast

Telephone Co.

*—

Rodetsky,

Sonic Systems,

Inc.
13, 1961 it was reported that a "Reg.; A" will be
filed shortly covering 65,000 common. Price—$2. Busi¬
Sept.

of

ultra-sonic

ment, systems and transducers.
and

cleaning

equip¬

Proceeds—For expansion

working

bury, N. Y.

capital.
Office—1250 Shames Dr., WestUnderwriter—Keene & Co., Inc., N. Y.

Southern Natural Gas Co.

Oct. 28, 1960 it
pany

Bids—To be

re¬

•

April 11/ 1961 it

was stated in the 1960 annual report
the -company plans to spend
$12,000,000 for new
construction in 1961, most of which is expected to be

that

raised by the sale of securities.

Street, Everett, Wash.

Office^-1714 California

Underwriter—To be named.

The
last sale of bonds and preferred stock in
May and July
1960 was done privately. The last sale of common on

16, 1960 was underwritten by Blyth & Co., Inc.,
City.
/
,

West Penn Power Co.

T

.

(3/5)

10, 1961, J. Lee Rice, Jr., President of Allegheny
System, Inc., parent company, stated that West
Penn expects to sell about
$25,000,000 of bonds in 1962.
Office

—

800 Cabin

Hill

Drive, Hempfield

Township,

Westmoreland County, Pa. Underwriters—To be deter¬
mined by competitive bidding. Probable bidders:
Halsey,
Stuart 8c Co.

Inc.; W. C. Langley 8c Co.; Lehman Broth¬
Dillon, Union Securities & Co., and First
(jointly); Harriman Ripley & Co.; Kidder,
Peabody 8c Co. and White, Weld & Co. (jointly). Bids—•
Expected March 5, 1962.
ers; Eastman
Boston Corp.

Western Union Telegraph Co.
Feb. 28, 1961 it was reported that the FCC has approved
the company's plan to transfer its Atlantic cable system
to

a

newly organized company, Western Union Inter¬
The plan provides for the issuance by

national, Inc.

Western Union International of about $4,000,000 of sub¬
ordinated debentures and 400,000 shares of class A stock
to be offered to stockholders of Western Union Tele¬

York

Office
Philadelphia, Pa.
Underwriter
Kleinzahler, Walker & Co., Jersey City.

manufacture

&

March

of stock.

Centers

Sept. 6, 1961 it was reported that company plans to sell
about $1,000,000 of common stock. Business—The opera¬
tion of a chain of hard goods, discount department stores

ness—The

Sessler

Co., N. Y.

graph Co. in units of $100 of debentures and

zahler, Walker & Co., Inc., Jersey City, N. J.
Silo

(11/14)

reported that this company plans

was

Power

Proceeds—For expansion. Office—28-21 Astoria
Boulevard, Long Island City, N. Y. Underwriter-r-Omega
Securities Corp., New York. Shenk

on

loans.

Feb.

San Diego Gas & Electric Co.

Aug 22,

bank

Subway Bowling & Recreation Enterprises, Inc.
Aug. 22, 1961 it was reported that this company
plans

Sept.

not underwritten.

depending

To, retire

—

$4,200,000 of equipment trust certificates in No¬
vember. Office—70 Pine
St., N. Y. Underwriters—(Com¬
petitive). Probable bidders: Salomon Brothers & Hutz¬
ler and Halsey, Stuart & Co. Inc.
Bids—Expected Nov. 14.

New York

ment.

-'

Proceeds

to sell

St.,

as

—

purchase of equipment and inventory and general cor-

.

15th

components in pro¬
microwave systems.
Proceeds—For working
Office—Pickard Drive, Syracuse, N. Y. Under¬
writer—The last public offering of stock in Dec. 31, 1960
was

(10/25)

'

I

Office—900

.

'
,

'

1962.

,

England Electric System plans to sell $20,000,000 of
first mortgage bonds. Office—441 Stuart St., Boston 16,
toss. Underwriters — To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
■ Kuhn, Lo.eb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co., and White, Weld & Co.
r (jointly); First Boston Corp.; Lehman Brothers. Bids—
To be received on Oct. 25, 1961 at 11 a.m. (EDST).

;

through
about June

-

Southern Railway Co.

duction of

,

i

the previously an¬
common stock
subscription rights had been

Inc.
Sept. 12, 1961 it was reported that this company plans
to sell about 500,000 common to stockholders in midAug. 22, 1961 it was reported that this company plans
about $759,000 of eommon stock,- Business^—The
1962 to raise some $17,500,000.
Office—861 Sixth Ave.,
development-of pictures and the sale of photographic " San Diego, Calif. Underwriter—Blyth & Co., Inc., N. Y.
equipment and supplies. Proceeds—For expansion. Of¬
Servonuclear Corp.
fice—29-14 Northern Blvd., Long Island City, N, Y. UnAug 9, 1961 it was reported that a ("Reg. A") will be
derwriter—Rodetsky, Kleinzahler, Walker & Co., Inc.,
filed shortly covering 100,000 common shares. Price—$2.
Jersey City, N. J.
.
>..■
•
Business—Tlie manufacture of medical electronic equip¬
-

New

,

that

$20,000,000 of

•

Sept. 19, 1961 it

capital.

^

Jan. 20, 1961 it was reported that this subsidiary of New

I

reported

was

sell about 15,000 common shares in the fiscal year ending
June 30, 1962;
Business—The company's products are

•

!*«.

Colorado

Radar Design Corp.
Aug. 22, 1961 it was reported that this

■»

Mutual

of

•

v

/

stockholders

Co.

Denver, Colo. Underwriter — To be named. The last
equity financing was handled on a negotiated basis by
First Boston Corp. .
«

V'"; Metropolitan Edison Co. «
'.»•
t
Feb. 1, 1961 it was reported that this
subsidiary of
General Public-Utilities Corp.-, plans to sell about
$10,-

000,000 of first mortgage bonds and $5,000,000 of deben¬
tures this /Fall..Off ice—2800
Pottsville
Pike, MuJhlenberg Township, Berks County, Pa.
Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.
Inc.; White, Weld & Co.; Kidder, Peabody & Co. and
/ Drexel & Co. (jointly); Blyth & Co., Inc.,
:

it

postponed until

reported that this corporation is
contemplating its .first public financing. Business—The
operation of a chain of discount houses. Office—135-21
38th Avenue/Flushing 54, L. I., N. Y.

•

Service

1961, with the precise timing

ing—Expected in October.
1

issues, in the amount of $50,000,000, is
expected to be sold in Nov. Office—1200 Third Ave.,
Seattle, Wash. Underwriters—For the stock, none. For
the debentures, to be determined
by competitive bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Morgan
Stanley & Co.
Bids—Expected Nov. 15.
Information
Meeting—Nov. 9 (2.30 p.m. EST) in Room 1900, 195
Broadway, N. Y.
"\

-

.7'

.

Penn Amusement Corp.
^
Aug. 22, 1961 it was reported that this company plans
to file a
"Reg. A" shortly covering 100,000 common
shares.
Price—$3.
Business—The company furnishes
mobile (truck) amusement rides for children. Proceeds

General

.

conditions.

Office—Watts Building, Birmingham, Ala. Underwriter
—To be determined by
competitive bidding. Probable
bidders: Halsey, Stuart & Co.
Inc.; First Boston Corp.;
Blyth & Co. And Kidder, Peabody & Co. (jointly). Offer¬

Eastern Pipe Line Co.
1961 it was reported that this company ex¬
pects to sell about $72,000,000 of debentures in the late
Fall, subject to FPC approval of its construction program.
Office—120 Broadway, New York City.
Underwriters—
Merrill Lynch, Pierce, Fenner
Smith Inc., and Kidder
Peabody & Co., both of New York City (managing).

(12/11)

in

market

The first of such

Marcn

- Boston:
Corp.-Equitable. Securities
Corp.
White, Weld & Co.-Kidder, Peabody & Co.
Paine, Webber, Jackson & Curtis; Stone &

Webster Securities

-

4

time

Panhandle

1

v

/ Inc.; " First
r

"

.

to sell $20,000,000 of bonds in
Santa Monica Blvd.; Santa Monica, Cal. Underwriters—
(Competitive). Probable bidders: Halsey, Stuart & Co.

-

1961

stock offer¬

Office—Philadelphia, Pa.-" 1964, and several issues of debentures to refund a $200,k 000,000 4V2% demand note issued to Pacific Tel. & Tel.

..

Florida

a common

graph Co., parent, it was announced that Pacific Northwest plans to sell an additional
12,990,510 by June 30,

one

Co., Philadelphia; Merrill
Lynch, Pierce, Fenner & Smith Inc., and Smith, Barney
& Co., N. Y. r
—

financing in

new

Telephone Co. (11/15)
Aug. 25, 1961 in a registration statement filed with the
SEC covering 17,459,490 common to be offered for sub-,
scription by stockholders of Pacific Telephone & Tele-

split and sale

the

$20,000,000 to $40,000,000 of

Pacific

^

Page 16.

on

A. Miller, Treas¬
go to the market

ing. Office—600 California St., San Francisco 8, Calif.

Qfdce—r30Q Gramatan Ave., Mt. Vernon, N. Y. Underwriter—Harry Rovno (same address).
-

of,

was reported by Paul
that the company will probably

and that it probably would not be

ital.

vote

Appear

Lighting Corp.

3, 1961 it

urer

for

photography. Proceeds — For organizational expenses,
building lease, machinery, inventory and working cap¬

are

Dividend Advertising Notices

$25,000,000 of common stock to stockhold¬
through subscription rights in the second quarter of
1962. Office—2223 Dodge St.,
Omaha, Neb. Underwriter
—Blyth & Co., Inc., N. Y. (mgr.).

Business—Research, development, manufacture and mar¬
keting in the fields of optics, electronics, chemistry and

Banking & Trust Co.
1961 it "was reported that stockholders

reported that this company plans

was

about

ers

Spectrum Corp.

if First Pennsylvania

18, 1961 it

to sell

McDarby

1961 it was reported that this company plans
"Reg. A" covering 100,000 common. Price—$3.

Sept. 27;

47

was reported by Mr. Loren Fitch, com¬
comptroller, that the utility is contemplating the

sale of, $35,000,000 of 20-year first mortgage bonds some-

In

10 shares
addition, American Securities Corp., New

City, would purchase from Western Union Inter¬

national about 133,000 additional shares of class A stock

giving American Securities ownership of approximately
25% of the outstanding class A stock of WUI.
Then
Western Union Telegraph would purchase 250,000 shares
of class B stock for $100,000 and WUI would sell $4,500,000 of debentures or bonds.
Office — 60 Hudson
Street, New York City. Underwriter—American Secu¬
rities Corp. (managing).
>

Wisconsin Michigan Power Co. (11/14)
Sept. 12, 1961 it was reported that this company plans
to sell $4,000,000 of first mortgage bonds in Novem¬
ber.

Office—231 W. Michigan Ave.,

Milwaukee. Under¬
(Competitive).
Probable bidders: Salomon
Brothers & Hutzler, Halsey, Stuart & Co., Inc.; Kidder,
Peabody & Co. and White, Weld 8c Co. (jointly). Bid#
—Expected Nov. 14..
writers—

48

Chronicle

The Commercial and Financial

(1376)

Thursday, September 28, 1961

.....

Canadian'

WASHINGTON AND YOU

Bankers
Oct.

Group
of Investment
Association meeting.

Sulphur

(White

1961

13-15,

W. Va.)
Southeastern Group of Investment
Bankers Association meeting.
Springs,

BEHIND-THE-SCENES INTERPRETATIONS
CAPITAL

FROM THE NATION'S

(Montreal, Canada)

13, 1961

Oct.

(San Francisco,

Oct. 15-18, 1961

Calif.)
American Bankers Association an¬

C.—Develop¬
taking place so rapidly
D.

WASHINGTON,
ments

are

is

it

that

Administration

Space

and

Aeronautics

National

the

at

other

The

a

facts

simple

business is growing at such

that it is nothing short of

pace

sensational. A casual study of the

by NASA for
two-month period, recently reawarded

contracts
a

It is strongly

,

apparent that com¬

panies that are jumping into the
-space business are going to grow
and grow. Of course many of them
starting up will fall by the way.side, /just
as
many
automobile
companies of decades ago went out
of business.
Two

Traders

Asso¬

ciation Annual Convention

declared
other nations learmhpwto

at the

Oct.

Bankers Association meeting.

ble for our

medium,

of
Association
meeting at Rolling Rock, Pa.

Among Program's

there

are

'Wis.)
National Association of Investment

there

Paul)

'

.■

irrthe

,

(Minneapolis-St.

1961

24,

Pet.

described as an
scientific

Bush,

statesman

elder

con¬

vention at the Hotel Schroeder.

Some of the critics are
well informed scientists. Dr.

program.
from

national

annual

11th

Clubs

critics of the entire

numerous

(Milwaukee,

October 20-21, 1961
propo¬

many

nents of the lunar program,
are

1961 (Pennsylvania)
Pennsylvania Group

Investment, -Bankers
Critics

While

19,

Western

it.

Bush

Scientist

Oct.

must find out

we

Investment

of

Group

>

Mich.)

(Detroit,

1961

17,

Michigan

Therefore, if it is possi¬
country to utilize this

in danger.

Security

Springs Riviera Hotel.

Palm

operate in space so as
impair
our national
security, we will be

Vannevar

facility site selections

new

Calif.)

National

that if

new

16-20, 1961 (Palm Springs,

Oct.

long."

how to do

.leased, borders on the fantastic.
.

nual convention.

The administrator also

the

that

are

It

reason.

impede progress, but not for very

difficult to keep track of them.

space

we'd find an¬
is possible
to

weren't pushing us

Minnesota

Group

Investment

of

by NASA in connection with our

field, has questioned the project's

Bankers Association annual meet¬

country's decade-long program to
carry a crew of American astro¬
nauts to the moon and back, have
been made recently, and others,

value.

ings

'

lesser

of

Houston

and

will

consequence,

be

New Orleans

in the future.

made

with

(both

ocean¬

"There is nothing a man can do
in

going

minus ice
time, have

and

waterways

and snoW in the winter

chosen.

been

fabrication

the

for

of

vehicle

launch

large

assembly

and

This work will be done

stages.
the big

on

$100,900,000
Government - owned
surplus plant on an 846-acre site.
Houston,

now

the

South's largest

city with a population of 1,000,000,
selected for NASA's new $60,-

was

000,000

manned

oratory

which

rized

this

The

year.

the

be

will

flight lab¬

space

Congress

autho¬

laboratory
center

command

for

the manned lunar landing mission.
A tremendous amount of research

instruments,

support

could

.

is

There

.

to

rushing to hurdle
To

exploration for all purposes, civil¬
ian and military.

the

Sci¬

on

Astronautics, which

and

was

created in 1958 and which is grow¬

and more in importance,
has issued a report for a special

ing

more

explain

reason:

just
are

the

to

taxpayer

why so many of his dollars
going into the effort to explore

and to indicate what he can
expect in return.
space,

will be conducted there.

exploration seemingly
significance for the
security and well being of this
nation. But the experts in Wash¬
ington maintain that there are
many more reasons why the space
exploration should go forward.

recently NASA also an¬
nounced the expansion of the At¬
lantic
missile
range
at
Cape

Canaveral, Fla., as the launch site
for the large space vehicles to be
constructed in the

Everybody
like

if

to

include

a

strengthened na¬

jobs and job
living, etc. Of

tional economy, new

categories,

better

some

of the things we now

we

first

not

can,
we

are

Official Washington now recog¬
nizes

that the

great adventure

is

science fiction fantasy.
The overall goal is not only to ex¬
longer

no

a

plore the moon, estimated at 240,miles

000

from

earth,
planets far beyond.
A

the

but

"The expenditure

are

scientists,

already thousands of

engineers

at work

cians

the

on

techni¬

and

research

in

private industry and the military.
Yet the number of

double

may

in

snace

another

scientists
10

years.

There must be research and

more

research before the team of Amer¬

ican astronauts head for the

Congress has

moon.

appropriated $1.6

billion for the current fiscal year.
It appears likely that next year

is

of

Since

1, 1958, when the United

earnest,

grown

we

activities.

States first began
in

that

deal

great

a

snace

on

October

question

no

spending

the

activities

these

budget

space

to the point where it is one

of the largest single programs be¬

ing

otit

by

the

It

carried

is,

in

Government.

National
fact,

ex¬

ceeded only by a few Federal ac¬

tivities such
the

as

our

of

program

defense effort,

affairs,

veterans'

and social security
or

the big¬

to
small
ones
that
are
accelerating their activities in the
gest

program.

Club

Philadelphia 36th
annual field day at the Philmont
Country Club, Philmont, Pa.

the "behind the scene"

interpretation

from the nation's Capital and may or
may not

coincide with the "Chronicle's"

views.]

own

of

Club

Oct. 4, 1961
New

•

Lochmoor Country,

Mich.

Astoria

din¬

annual

..

He

&

was

Co.

Inc.,

meeting at the Waldorf-

Association

Traders

Commodore.

Oct. 9-10, 1961

Governors

Stock

North

Central

name

Ave.,

of Kirby L.

under the
Vidrine Co.

meeting of Board
at "the

Brown

(Rochester, N. Y.)

Association

National

of

Bank

to

for

N.

C.,

next

forecasts

10

years

that

less

or

within
our

the

country
more in

will spend $35 billion or
advancing science and technology.

There

are

some

estimates

that

than $50 billion will be spent
in man's greatest adventure.

more

Thus it is obvious that the space
industries will continue to grow
at

a

marked pace.

Mr.

Webb,

a

tor the

moon.

in

men

I think

soon as we can,

his

10,

1961

the

Canadian

are

going

with

quarters in New York,
first

its

lished

and

head¬

ha^ estab¬
office

western

in

Francisco, to engage in a gen¬
securities and underwriting

business.
The
office, in the Equitable
Building, is under management of
San

Nair, formerly with the

Francisco

office

of

Blyth

&

Co., Inc. Assistant Manager is Ed¬
ward W. Thomas, formerly with

Lynch, Pierce, Fenner &
Inc.

Group

of

Investment

Attention

■

Brokers and Dealers

fk/r
\^J5

MARKETS

American Cement

Botany

Industries

Maxson Electronics

Official

report
fact

banking

house

TRADING

Federal

obvious

investment

Co.,

(Toronto)

Bankers Association meeting.

Films

WastV King

no

matter where taxpayers live they
want to

know, and

know—what
space

good

are
a

entitled to
of

program

exploration is to them.

•

Everyone will be interested 'in

knowing

that

the

Congressional

3

Carl Marks & Co Inc.
FOREIGN
20 BROAD

SECURITIES
STREET

TEL: HANOVER 2-0050

Our New

TELETYPE NY 1-971

LERNER & CO., Inc.
Investment

convinced that dur¬

ing the present decade

our

govr

WXM-

York' telephone number is

CAnal 6-3840

SPECIALISTS

NEW YORK 5, N. Y.

•

mid-

we wilj go as
and if the Russians




out

entire

Committee

House

pointed

committee is

man

50's, said: "I think

The

the

FRANCISCO, Calif.,—Con¬
an
expansion
prografri
started in 1959, Granbery, Marache

Smith
Oct.

Government 30 years ago."

run

;

tinuing

Merrill

Hotel.

Sheraton

for space exploration than it

cost

.

San Francisco Office

Richard S.

three years we expect to spend

more

Webb, the administrator
NASA, a native of Tally Ho,

of

Palace

Within two

.

Mutual

of

43rd annual con¬

SAN

eral

Exchange

Women Annual Convention at the

firm

-

(Boston,

ference at the Hotel Statler..

San

(Denver, Colo.)

of

Oct. 9-12, 1961

resuming the investment
business
from
offices
at
3300

Banks

brokerage

of

Hotel.

is

Association

Savings

&

(New York City)

7, 1961

Firms, Fall

Ariz.—Kirby L. Vid¬

*7

Granbery, Marache Opens

Stout St.
with McRae

Vidrine in Inv. Business

"r,-.*

•

27 -May /1*; 1963

National

(Rockford, 111.)

Security Dealers Asso¬
ciation annual fling-ding at the
"New Key" Club, Wagon Wheel
Lodge, Rockton, 111.

Association

Securities.

rine

nual convention.

Rockford

Hotel

1717

previously

PHOENIX,

?

Hotel.

Mc-

with Schmidt, Sharp,

r>

Mass.)

Investment

of

Association

and

ner

Group

New York annual dinner dance at

DENVER, Colo.—James W. Bates
Cabe

.N. J.)

American Bankers Association an¬

April

(New York City)

York

Bankers

Oct.

With Schmidt, Sharp

now

Sept. 23-26, 1962 (Atlantic City,

Annual

Detroit

Grosse Pointe Woods,

Security

is

Savings Banks 42nd annual con¬
ference at the Olympic Hotel.,•

(Detroit, Mich.)

3, 1961

Bond

(Seattle, Wash.)
of
Mutual

Association

National

of

Oct. 6, 1961

[This column is intended to reflect

has

the appropriations will be greater.

i.

dreds of companies from

meeting at the St. Anthony

May 6-9, 1962

(Philadelphia, Pa.)

1961

Sept. 29,
Bond

(Special to The Financial Chronicle)

James E.

.

ration companies. There are hun¬

for lack of funds.
"There

explo¬

Bank¬
America, an¬

of

Hotel.

will be many fortunes

made and lost in the space

particularly when so many other
worthwhile
projects
throughout
the land may be slowed or stalled

money

There

that there

of billions of

dollars," the report declared, "on
missiles, rockets, satellites, Venus
probes and other space activities
remains something of a mystery—

recognizes

Association

ers

nual

Fall Outing at

Washington

(San Antonio,

1962

Texas Group of Investment

discoveries of the future/
Official

'

1

meeting.

April 8-10,
Tex.)

IN INVESTMENT FIELD

Oct.

space

I

States and the U. S. S. R."

are

$50 Billion Ticket?

exercise in scien¬

tific muscle flexing by the United

,

tists.

any,

Diplomat

'

15th annual mid¬

Savings Banks

EVENTS

•

probably will be regarded as
insignificant as '■} compared with

population which has little,

what immature

but even if we
going to the
moon probably by the end of this
decade, according to NASA scien¬

moon,
are

S.

the

of

segment

a

we

that

Russia

beat

U.
if

still

the

long and diffi¬

knows

to

is

there

that

out

pointed

report

nortion of the values the
space program hold for the aver¬
age citizen. To these people "the
highly advertised race to the moon
may seem merely to be a some¬

cult goal ahead.

would

The

COMING

The space

These

the

and

y.y-^r

4-5, 1961 (New York City)
National Association
of
Mutual
year

know

Only

Association

Dec.

holds absolute

course

Defense

the

For

/

Bankers

Hotel.

Industry's Stake

Committee

House

The

7'

■

(Hollywood,

Hotel

Beach

gladiator instincts."

ence

• • /

1, 1961

Fla.)
Investment

by

to

appeal

1 ■;

'

26-Dec.

Nov.

Annual Convention at Hollywood

into space.
little more

men

that

stunts

off your
coat I just

mink

a

bought!"

1,000

gained

be

such exploits are

me

than

dear—it's

little scien¬

very

knowledge

losses,

40 years.

research projects for

tific

market

,'Vv

ing.

something that will take your mind

"Here's

stock

the moon. For the same

you

money

".

Eventually thousands of persons
will be employed at New Orleans

on

man

billion to put

it cost $1

Suppose
a

by

cheaply

Ky.)

Group of Investment

Bankers Association annual meet-

done better and

better

cannot be
more

Ohio Valley

"that

Bush,

Dr.

said

space,"

;

(Louisville,

1961

26,

' /.

*' \

'

.

Oct.

10 Post Office
Telephone

ernment

is

going to

spend from

$40 billion to $70 billion

on

space

HUbbard

Securities

Square, Boston 9, Mass.

m&i
.

2-1990.;

Teletype

...

.v>

'

b$

<?9