Full text of Commercial and Financial Chronicle : September 7, 1961, Vol. 194, No. 6088

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The COMMERCIAL and FINANCIAL

ESTABLISHED

Volume

1839

194

Number

York

New

6088

AS WE SEE IT

EMonui
For

Reg. U. S. Pat. Office

Price

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

Key Factors Bound to Influence

good while past it has appeared that leading fig¬
in the Washington Administration thought the best,

ures

the President has

Mutual Funds' Investment Policies

come

to the conclusion that some

is confined to 22 of the biggest funds—12 diversi¬
common stock funds
and 10 balanced funds.

By Andrew P. Ferretti,* Economist, Keystone Custodian

such

fied

Funds, Inc., Boston, Mass.

on his
part is necessary at the present to head
price increases following higher wage payments and
labor costs plus definite improvement in the general
business situation—and, of course, the various plans,
some
of them to head off depression and encourage

tactic

Although

off

growth,

have

that

been hatched

Economist
and

industry

unions,

upon

Analysis

funds.

The two key factors in

acceptable to most funds

for divergent

opinions of investment

in the past 5-6 years.

groups

the

Board's" composition with

"Big

held

investment action

are

the

selection of issues from within the various industry

and the weighting of portfolio holdings by
industry. Because of the massive statistical prob¬

groups

Tabulation shows changes in

fund managements.
industry

net assets.

Com¬

lems involved in

parison of a hypothetical "NYSE Fund" portfolio based on

analyzing the selection factor, our
on
industry balance.

review

concentrates

the end of

the average position

1960, there were marked dif¬
various industry

ferences in representation in the

by mutual funds reveals marked difference in holdings.

Oil representation ranged from 5% to 20%
and utilities from 0% to well over 20%. There is

groups.

The

nation's

companies' substantial position in

investment

our

savings

year's sales of $l1/4
of

billion

$18.8

of the added burdens of the 1959 settlement to be

which

panies,

also

a
broad range in banks,
chemicals, drugs,
office equipment, paper and steel. It is not at all
unusual to find differences on the order of 5 per¬

stream is reflected in last
billion and total asset values
the beginning of this year.

investment

Closed-end

by the various pressures that were brought to bear
the industry last year and this. Now comes time for

some

reasons

attitude toward

scotched, not

was

the

merits by

success

But the snake in the steel

killed

well

of the steel workers in 1959, have
succeeded in fastening higher labor costs on producers
of many sorts. To date, however, price increases have
not been very marked if one may judge from the be¬
havior of the price indexes.
following the

by major mutual

industry weighting

numerically they represent only 7%%
industry, they hold 55% of all mutual fund

of the

depicts factors apt to influence portfolio selection

takes in investment characteristics

in Washington.

out

There have been innumerable instances where the

Copy

perhaps the only feasible, inflation preventive was to
be found in moral suasion, or possibly some other type of
suasion from the powers that be. It is evident now that

Cents

centage points

com¬

try

the

dominated

funds.

made up
37

other

(1)

and

view of the

common

other

reasons

Investment
on

than

objectives

current

differ.

Some

These

income.

funds

would

find

yields in electronics, drugs, chemicals, arid office
equipment too low to attract a major interest.

half

for

concentrate

common

of /43 balanced funds,
specializing in Cana¬
foreign securities, 30

funds

dian

The

arise

half

diversified

are

stock

pattern" for other price increases throughout industry,
replied as follows:
* :
^
"Well, I am hopeful that the steel companies them¬

About

288.

them

They
varying opinion on
capital performance expectations. For instance:

position to the mutual
funds, which now hold 95% of
industry assets. Mutual funds
number

in the relatively smaller indus¬
differences indicate that fund

investment merits in each of these industries.

their

the industry, and there have been reports of
higher steel prices to come. The President, when asked
last week at his meeting with the press what ought to
be done or could be done to prevent such a rise in prices,
which by many are believed almost certain to "set the

even

These

managements do not share

field in earlier years, have lost

laid upon

groups.

(2) Research departments have varying capabili¬
in coverage. Some funds are able to turn up

ties

selves will reach
in wages

can

prices. r'

common

exclusively

conclusion that the October increase

be absorbed without

increase in steel

•

I think, tied

very

funds

investing

certain

our
economy before 1958
closely to the increases in steel

prices. Since 1958 the steel prices have remained rela¬
tively stable. And it is a fact that during the same
period, the cost of living has remained relatively stable.
Now my economic advisers inform
(Continued on page 18)

down

(3) Size of the fund may have a bearing. Very

Andrew P. Ferretti

large funds take positions in large companies, which
are

usually found in the heavily capitalized indus¬

tries.

It is not easy for them to arrange for- a
change in position heavy enough to affect propor¬
tions appreciably.

point of view of asset values they break

this way

(figures in billion of dollars):
$9.8; balanced

(4) Part of the difference is mechanical—indus¬

industry specialized: $1.1; income: $1.1;

try classification concepts are not rigid. One fund
may classify an electrical
(Continued on page 18)

Diversified
funds: $4.5;

within an industry which will
attitude not supported by general indus¬
try economics.

justify

income to maximum capital growth.

from generous
From the

special situations

indus¬

tries, and 27 income and bond
funds. There are many varia¬
tions in the investment objec-.
tives
of
these funds ranging

"The inflation which marked
was,

stock

stock funds:

common

bonds, preferred, foreigns: $0.6. This presentation

——

SECURITIES

afforded

dealers and investors in corporate

NOW IN REGISTRATION—Underwriters,

securities

U. S. Government,

tial

are

complete picture of issues

undertakings in

our

now

registered with the SEC and poten¬

"Securities in Registration"

Section, starting

——

PUBLIC HOUSING AGENCY

28.

on page

Underwriters and distributors of

STATE, MUNICIPAL AND

BONDS AND NOTES

Public

Housing,

State and

Dealers in and Distributors of Securities of
Federal Land Banks

Municipal

JAPANESE

Securities

STATE

AND

MUNICIPAL

Lester, Ryons & Co.
623

SECURITIES
telephone:

HAnover 2-3700
Securities Co.,

Federal National Mortgage

BONDS

Chemical Bank

Offices

Claremont, Corona del Mar,

25 BROAD STREET

NewYorkfrust Company
BOND DEPARTMENT

Encino, Glendale, Hollywood, Long Beach,

New York 4, N. Y.

Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Ana,

Telephone:
DIgby

Teletype:
NY 1-2759

4-7710
Head

30 Broad Street

Office:
•

New York 15
Affiliate:
SAN

•

Nikko

the FIRST NATIONAL CITY BANK
U

Kasai

FRANCISCO

Securities

Co.

Bond Dept.

Teletype: NY 1-708

Net Active Markets

To Dealers,

T. L.Watson & Co.
ESTABLISHED

PBALBR

New

—

Members

Stock

Bank)

Municipal Bond Division

Southern

Pershing A Co.

MANHATTAN
BANK

Maintained

DIVERSIFIED

CANADIAN

LOBLAW, INC.

1832

New York Stock Exchange

American

York Correspondent

an
International Bank for Reconstruction

and Development (World

Banks and Brokers

Commission Orders Executed
Canadian Exchanges

CALIFORNIA

BONDS & STOCKS

Block Inquiries Invited

FIRST

Securities

LOS ANGELES

UNDERWRITBR
DISTRIBUTOR

California

Marine Bonds and

THE

Monica, Whittier

Inquiries Invited

OF NEW YORK

TOKYO
•

•

Santa

Association

United States Government Insured Merchant

Associate Member American Stock Exchange
Members Pacific Coast Exchange

Ltd.

Federal Home Loan Banks

Banks for Cooperatives

17,

Members New York Stock Exchange

The Nikko

On All

CANADIAN DEPARTMENT

Exchange

Teletype NY 1-2270

gouUiwett
25

company

So. Hope Street, Los Angeles
California

Federal Intermediate Credit Banks

BROAD

STREET

MKCT WIRES TO MONTREAL

MUNICIPAL BOND DEPARTMENT

Goodbody ft Co.

NEW YORK 4, N. Y.

(orporatiom

BANK OF AMERICA

MEMBERS NEW YORK STOCK EXCHANGE
I

BRIDGEPORT

•<

PERTH AMBOY

BROADWAY-;"'" v l NORTH LA SALLE St.
y
CHICAGO .;.r\-

NEW YORK

Electronic Industry

Dominion Securities

AND TORONTO

40 Exchange Place,'New York .5^ R

Teletype NY

1-702-3

WHitehaD ,4^161

/v "

N T. & S.A.

SAN FRANCISCO

•

LOSANGEIES

For

The Commercial and Financial Chronicle

(1006)

The

Banks, Brokers, Dealers only

Security I Like Best...

This
Forum

A continuous forum in which, each week, a different group

"Over-the-Ccunter"

DONALD

in the Over-

pound
most

Analyst, Baker, Simonds & Co.,

highly experienced trading
organization and extensive
wire system offers you
facilities.

C. SARIN

Members New York Stock

Exchange

Most

Remember, when its
Over-the-counter,

investors

I expect

Interstate Bakeries Corporation—
Gale P.

Plough, Inc. to continue

its impressive record.

vidual and
from

Call "HANSEATIC"

today,

The House-

institutional, shy

the

fast

away

Some profits from the new
ethical line should be forthcoming.
i-

trading
instead supe-

moving

thev seek
rior long-term
noldings for

market;

their

holdjProducts Division should
£ y 1
?? ? potential in

both ihdi-

many of Plough's proprietary
items are regional. Currently, na-

lios. These sit-

New York Hanseatic

uations
often

Corporation
Stock

BOSTON

PHILADELPHIA

SAN FRANCISCO

•

that

Wire

Private

System

stock. It is

freshing
Plough,

Opportunities Unlimited
for

Donald C. Sarin

company

Inc.- that

the

past

will

even

ten

GALE

■■■■■■

have

Sales

Telephone: BOwling Green 9-2895
This

not

offer

solicitation

for any particular

orders

WALL

company

dividend

cash

the past

tor

nine

All this

STREET

SUGAR
—

Liquid

for

year

other

the

The

regional brand
The products are

United

Household

sion

comer

States

and

year's total sales and

was

comes

company's

Bank & Quotation

May

new

field.

bound

give
on

you

all

well

Over

as
-

publication

the

monthly

listed
those
the

will

"hard

been

prices

securities
to

Counter

The

year.

find"

highly competitive
is aware of

j
rate

top

$50 million this
The three acquisitions men¬

up of the new ethical products has
only slightly diminished Plough's
or

call:

growth rate. Pre-tax profit margins remain at a 12% average. Net
earnings per share have increased

25 Park Place

New York 7, N; Y.

at
'

aggressive,,

money-

operating

income

remarkable 18% annual

General

Baking,

petitors. In
with

the

when

its

'■

com-

no circumstances

solicitation of

offer

Fischer & Porter Inc.
Richardson Co.

Stouffer

strong
of

extraordinary

STATE has returned

tn'.;;:

Established 1914
1529 Walnut Street

amoun.

operating
exceeded

'■?)

BOENNING & CO.

year

spent for expansion, INTER

was

•

com¬

last

Corp.

V Keyes Fibre Co.

since 1950

every year

exception

115

Broadway
6,N.Y.

New York

CO 7-1200

Philadelphia 2, Pa.'
V <
LO 8-0900

ATT Teletype PH 30

income that equalled or
9% of sales—In 1960, this figure

dropped to 7.8%,. but it is ex- ggg
pected that this figure will return
Information

to a higher level in the near-term.
INTERSTATE has also followed a
Gale P. Wait

low

inventory policy, always well
that
of
the
competitors

below

mentioned

above

these

—

com-

maintained

Vanguard Air & Marine
Corporation's

inven-

3 to
5% of annual sales, while INTER-'
STATE has operated at a very ef-

■

these

VTOL

Omniplane

Detailed literature

request

Pearson, Murphy & Co., Inc.
50 Broad St., New. York 4, N. Y.

Telephone BO 9-5190

rare

new

the

attention

company,

others uct

Waip-

incorporated aimed at improving the effective-

bakeries. The expansion has been
realized largely out of internal
financing — INTERSTATE has
spent- over $40,000,000 on fixed
assets, while their long term debt
was increased by only about $3,500,000. The average price of the
common in 1950 was about $6.50

Qualified people to the organization.

;

INTERSTATE'S expanding markets have provided a handsome
return for its stockholders—divi-

dends have been increased seven
times in the past 10 years, and
the present per share rate of $1.60,
per share, although ten years later which is extremely well covered,
it ranged between $28 .and $37, is nearly four times the 1950 paytaking into account stock divi- out of 42 cents. While there has
dends declared in the past decade, been no volatile performance in
Today's price of about $34 is just the common shares, the steady,
ten times the 1960 per share earnr upward growth pattern has been
ings of $3.41, and recent expan- admirable.
Recently,
with
the

sion should produce better earn- heavy emphasis-: that has been
ings in the years just ahead. Last placed on glamour issues, INTERyear the
company established a STATE has been overlooked.
At
new plant in Denver, Colo.,
and today's.price of about $34 where

heavy

to be

buy,

Over-the-Counter

Quotation Services
for 48 Years

expenses

were

incurred in

can

prudent

equity with
(This is under

A Continuing Interest in

the past ten-

over

investor

•

find

•

REctor 2-9570

Telephone: BEekman 3-3622-3

1937, has grown to be the fifth ness of present personnel, and at
largest in sales among commercial the
same
time
attracting
well

development incident with starts

WILLIAM B. DANA CO.

OFFICE;

compound

NEW YORK

i49 Broadway, New York 6,N. Y.

years, - the .company has ^outper¬
formed American, Continental and

and

TION. This

company

12.4%

AIW

the for developing
equipment
and
and methods that provide better prodquality, taste and flavor, as
who look for shorter term profits: well as "keepability." The comThe common shares of INTER- pany also recently started a manSTATE BAKERIES CORPORA- agement
development,
program

tioned above and the research and

quota¬

tions.

Write

produce

STATE'S

regissharp

perhaps

company's sales growth has

should

and

Securities Co.9 Ltd•

one, however, that merits
consideration of the investor,

rev-

profitable share of market.
This

curren.

characteristic costs and problems,
but feels confident it can glean a

$4)

—

The

offices

products and processes.
opportunities? Unfortunately, they The- product researchand engiare all too few in number.;
Here neering department is responsible

nounced will mark Plough's initial

year)

stock, $988,000 of
common stock
(valued at par $i
per
share),
and
$21,843,000 ol
paid-in capital and retained earn¬
ings.
^:

percent of sales

can

development of three
ethical drugs soon to be an-

sojourn into
(Single Copy

Products

$5,990,000

fective '-.'1.9%
average
in recent
favorably priced stock produc- years, a most important factor in
ing a generous yield, well covered perishable finished products
by earnings, will always be , a - Whil^ eivine much attention to
prime .objective in a true inves- rnntinilpri <rrm?7th tntfr^tatf'^

New

branch

Internal

Record
per

April

tered

from

more.

(Only $45

substan-

•_....

ownership of
radio stations in Memphis, Chicago, Boston, Atlanta, and Balti-

our

SECURITIES

tive preferred

cart

Cnrnnratioji

high
priceearnings ratios

industry. In fact, sales of
promotional almanac to druggists were 8.5 million last year.
About 5% of the

industry is extremely keen and
Exchange profit margins low, this climate

apprecia-

which sold

its

enue

panies' have

out the

Stock

tories ranging in value from

The
company's merchandising
ability is well regarded through-

THEM

York

nroS °f "d°-it-y°Umlr h°me t0r'S S6arCh f°r ValUe'
Where
find

FIND

Neiv

anced

common shares at a low ratio 01
price, to earnings becomes all the
more significant. Rapid growth of
capital is always enchanting, but

formed

wires

JAPANESE

liabilities, $8,206,000 of long term
debt, $7,491,000 of 4.80% cumula-

in mind, the old axiom of buying

This

Direct

company is sound. At the close
of last year, cash and governments

new-

products.

QUOTATIONS?

Mobile, Ala.

NY 1-1557

While competition in the baking

tion. From the

recent acquisitions of
Southern Shellac, Webb Products,
and Dix-Armstrong-Pontius. The
latter is a well integrated manu-

Need Hard to Find

•

New Orleans, La. - Birmingham, Ala.

.
making enterprises. Food Fair and
Now that the market is beginning Safewav-Stores rertainlv have thi
to show promise of another up- same
problem in an allied field"
ward move, many investors are and yet their growth records are
looking for growth securities that enviable. In looking at INTER

the

Pennsylvania..

ern

Divi-

Products

fast-developing
the Plough family.

markets in east-

■"

drops in June and July. With this

division accounted for 15% of last

DIgby 4-2727

WILL

Asheville, N. C. '

performance

foreign countries.

Exports—Imports—Futures

YOU

Interstate Bakeries Corporation

tial

years.

favorites.

name

sold

Refined

WAIT

R.k

....

oxier

has increased

every

has been accomplished

numerous

—

Cash divi-

products, Coppertone and Q. T.
Tanning Lotions, Musterole, Mexsana, Paas
Easter Egg Dye, and

NEW YORK 5, N. Y.

Raw

of a number
by an
energetic and crusading of these stocks
management reigned over by Abe during the last
Plough, company founder and two
months,
President.
Plough, Inc. is prima- however,
we
rily a producer and distributor of have seen that
proprietary drug items, such as quite a few of
St. Joseph's Aspirin and related the; issues

securities

LAMB0RN & CO., Inc.
99

tripled,

and cash flow have tripled,

fact, the

its

•

Members

Plough,

years

capital have doubled.
61 Broadway, New York 6,"N.

the

Analyst, McCarley & Co., Inc.,

Shareholders' equity and working
dends

1.3' million

Inc. has compiled a most enviable
Per share earnings have

The Nomura Securities Co, Ltd.

closely

fit * any

record.

quadrupled.

half

Over

our

new

Present plant totaled $5,167,000, not much below
50% increase total current liabilities of $5,;
V 990,000; " the current ratio was

seeking potential capital gains.

find

History

Monthly Stock
Digest, and our other reports
that give you a pretty clear
picture of the Japanese
economy as a whole.

held in continuous
portfolios. At current levels, the
stock attracts long-term investors

■

Write

.
.

assets of the company were $44,518,000 : at 1960 year-end, bal-

are

"growth" stock formula
cursory observation.

IN JAPAN

handle

capitalization

shares.

re¬

HAnover 7-0700

developing

the New York Stock Exchange,

Sole

build¬
up seems to
be a "growth"

Members,Neip Yoxk, stock Exchange
Members American Stock Exchange

slightly better than 2-to-l. Total

iroper

Nationwide

can

Co!

Steiner, Rouse &

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

Plough's common stock is traded

given the

acquisitions.

in sales.

ilmost any is-

CHICAGO

•

facility

nebulous

Teletype NY 1-40

4-2300

Inc., Asheville, North
(Page 2)., - -L-X,

Carolina.

supple- the

can

mechanics

the

stock

future

has become

York 5

120 Broadway, New
WOrth

cash position

strong
ment

"growth"
stock
concept

Exchange

Wait, Analyst, McCarley

Co.,

v.; Even though more than $6,000,tional distribution and advertising 000 was spent for improvements
of these items
is underway.
A in 1960, the financial position of

stocks. But the

Member

Associate
American

are

called

"growth"

1920

>he

S'o,nifirpr>+

portfo¬

Bought—Sold—Quoted

(Page 2)

Established

Louisiana Securities
Donald C.

—

Future

Plough Incorporated

Alabama &

and

Sarin, Analyst, Baker, Simonds
&
Co., ; D e t r o i t,
Michigan.

rate despite the fact that
acquisitions have been for

stock.

Detroit, Mich.

\
:

Thursday, September 7, 1961

Selections

Plough Incorporated

the-Counter field, our large

nationwide

Their

Week's

Participants

advisory field from all sections of the country
participate and give their reasons for favoring a particular security.

Experience Pays...
Our 40 years

of experts

in the investment and

construed

any

as an

offer to sell,

security referred to herein.)

'!* of
1 V

better combination

income,growth, potential, and

.'safetyr. of capital?

iX"'

-V.

National Quotation Bureau
Incorporated'
J

46 Front Street
CHICAGO

Established 1913

■

•;"

New York 4, II. Y.
>' BAN FRANCISCO

Volume
»r,t

Number 6088

194

The Commercial and Financial Chronicle

(1007)

CONTENTS

Oil Is No Tax Loophole

B.S.
COMPANY

AND

By Richard J. Gonzales,* Director, Humble Oil &
Company, New York City
Gonzales'

Mr.

....

and gas explora- '
general run
Other practical considerations reviewed are

non-mining ventures.
income

tax

imposition

■

quences

r—Richard

tion

activities

Adler Electronics

-7

Rockefeller

Cobleigh__£_

Fishbach & Moore

;

Fund

Investment Management via Bank Trust or Mutual

Singer, Bean

—Norman F. Dacey

„

Amer. Int'l Bowling

10 ;

—George L. Bartlett-—L__

changes would result from modi¬
of
the
tax .structure"."

the

differences of opinion exist

Wide

My Coming Role

and

incidence

actual

the

system. At

consumers

entertainment .to

subsequent effect of various taxes.
Despite the obvious
difficulties
inherent in an analysis of taxation,

education

the

prefer

cosmetics to

portance

medical; care,
the
market

Concern

Richard J. Gonzalez

any

The Paperboard

A***

the

taxes would be very low, and

whole and of cur¬
conditions' in the
world.
This
evaluation

structure

•:-v

Regular Features

rent

practical

since

requires
consideration
of
the
practical aspects of the jmpact of
taxation
rather
than
abstract

ceased to bear much resemblance

'■'*

•

• •

•

v:'

economic

of taxation on economic
activity could be ignored for all

•;

h:'-

■'

»:•

;

St. Louis

COTT BOTTLING CO.

\ '1

•

***

•'

'•

;

Legislation to Ease Divestiture Tax Penalties._ 17

Funston Urges

%*+ K

Philadelphia

Angeles

San. Francisco

14 :

:__i
*

from

Los

Industry In an Expanding Economy

—John R. Kennedy___

M-..

«
recent, years. To serve any useful
government. In such a theo-i purpose, this discussion should
retical world, the role of govern¬ f-evaluate
specific taxes ' or; pro-\
visions
in the light of the tax
ment would, be almost negligible,

interference

Cleveland

Chicago

present .system ; on " econorhic
growth has stimulated discussion
of
the
Federal
tax
system
in

choices

Direct Wires to

—Roger W. Babson

possible effect of the

tion and the

(

inc

40 Exchange Place, N. Y.

Teletype NY 1-1825 & M844

about the level of taxa¬

____,

mackie,

HA 2-9000

Supermarkets and Utilities Offer Fine Investment

subject

Head of Canada's Central Bank

Rasminsky

—Louis

sufficient im¬
to /require
attention.

WHitehall 4-6551

;__

fications

allowed to

without

Pricei-L

Impact of Enlarged Defense Costs on Metals Industry

what

STREET, NEW YORK

Transamerica Corporation—Ira U.

plex that no one can be sure what
effect
current taxation now has

are

these

WALL

Telephone:

D. Bowlin______i_i

Construction?—James R.

—David

'r-:

•

those

responds

OBSOLETES

consumers

influence

'«

Liquidity Problem Role of New York Banks

; World

various

Del E. Webb

is so com¬

Our economic system

and

consumption. _;

and

' "

produc¬

how taxes actually affect

determining

goods

FOR

Ratio: A Whimsical Variable

Price-Earnings

Whither

should be, and as to

the economy

supreme

the
output r of
services.. No
value
judgments
other than
' vV":

HINDQUARTERS

___l__^__Cover

i__

L___L__

Gonzales

■—Oswald

have far-reaching adverse conseinvestors and the nation as a whole.

consumers,

reigns

market

free

the

The

existing differential petroleum arguments, he warns, have no practical /

of economic theory,

In the world

oil and gas, and the anticipated

upon

theoretical

upon

Page

Percentage Depletion for Oil Is No Tax Loophole

if accepted would

validity and

changes to

proposed

The

...

Policies—Andrew P. ;Ferretti:_'_

the self-defeating inequity

ignored because of present
excess
capacity, Mr. Gonzales replies to proposals for graduate
percentage depletion and discrimination against foreign production,
and denies increased tax revenues would result — in fact, the con¬
taxation.

growth requirements which should not be

trary—from

*«"•''r

;

which are said to be absent in the

and production

the contributions of oil to national defense,

Key Factors Bound to Influence Mutual Funds' Investment '

pletion is primarily based on the peculiarities of oil
tion

Articles and News

against percentage de¬

made

criticisms

answers

Refining

OF NEW ENGLAND*

KING'S DEPARTMENT

theoretical speculations. The con¬

impact

purposes.

better

For

long

economic
which

classical

the

activities

Even

provided

model.
be

can -

enterprise,

private

♦

our

worse,

has

world

modern

for

modern

drawn

clusions

from

Coming Events in the Investment

assumptions made are closely

the

have increased the role
government to a degree that
neither

ignored

re¬

nor

activities

Government

versed.

inevitably alter the operation of
economy, for otherwise, there

the

would

consumers

the disposition
In the
now

deal with

CROSBY

.* '

"»

** k

J»

•

* * *

• '

•

TELETRONICS

reason

direct

deprive

control over

of all their income.

little

tax

effect

Mutual

relative

total

would

reduced

percentage
collected

News About Banks and

NS.TA Notes

Reporter

May

taxes.

Continued

;(i

—

——

Registration

Security I Like Best

Southern Gulf

'22

'■—

Industry (The)

Market—Donald D. Mackey

_______

_____

Utilities

Washington and You

24
Twice

CHRONICLE

FINANCIAL

25 Park

S. Patent

WILLIAM

GEORGE

Exchange

SEIBERT, Treasurer

MORRISSEY, Editor

the

office at New
of March 8, 1879.

post

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U.
Possessions,
Territories and Members
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September 7, 1961

Thursday,

Subscription Rates

SEIBERT, President

1942,

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CLAUDE D.

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Reentered
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Office

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Reg.

Stock

$72.00

per

S.
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year;

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plete
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WILLIAM B.

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Tax-Exempt Bond

same

PREFERRED STOCKS

Founded

State of Trade and

product

page

Governments-

item

should

„

Request

—

in the

the

national

Security Offerings

Prospective

The

New

Wilfred

Securities Now in

Published

Members

—

Utility Securities—

Public

however, that even ' this
system
would actually produce
different results from those of the

personal

specialized in

Bankers——

private

each

•

DIgfey 4-4970
Our

result' in" the

Prospectus

______

—

Observations—A.

noted,

judgments as to what constitutes
equity, as to what the goals of

have

the

consumption

of taxation,- although the

absence

promote the public wel¬
fare.' These differences are influ¬

For many years we

Streete_i____i

Funds—Joseph C. Potter____

government

goods and services in the
sector that would prevail

order to

would

system

same

particularly

According to this theory, a neutral

wide
divergence
of
opinion develops, however, as to
how revenues should be raised in

enced

V J

and You (The)—Wallace

Market

;

pattern of economic activity in
the private sector that would pre¬
vail in the absence of taxation.

ASSOCIATES

achieve .-thesame

would

system

ACOUSTICA

Activity_ 1 ____ __ _:_J— _ ___ 27

spending .pattern of consumers,
contrary to fact a theoretical tax
system
can
be- visualized
that
would approximate the results of
a completely free market. Such a

possible with' progress and with
the goals of the economy.
Most
economists would agree on this
point.

have

activities

The

interferes

-'l »'<'/'

Views of Taxation

that

Assuming

•

entire
system of taxation must be con¬
sidered carefully in an effort to
that

Indications of Current Business

"Theoretical

affects economic activity to a

degree.

of the News—Carlisle Bargeron_!__T

From Washington Ahead

practical considerations

centage depletion. ■

United States, government

substantial

see

Berlin Crisis"___l—"_ 12

Einzig: "Grave Economic Aspects of the
J.

pertinent to an evaluation of pei>

changes
can

SEALECTRO CORP.

dustrialization, ^ the concentration
of people in urban- centers,1 the
high cost of national defense in an
age of atomic bombs and inter¬
national tensions, and many other
of

_______

models will not be correct;

in keeping with economic reality.
education, the public has
..After a brief- discussion of ,some
chosen
to <
overrule
consumer
theoretical views of taxation, the
choices by means of taxation. In¬
remainder of this discussion. will*

such

Field

Recommendations_______-______£_

Dealer-Broker Investment

;

STORES, INC.*

Stocks___-.___-.™_____

Bank and Insurance

.theoretical
unless

J«_*Cover * '

1—*

(Editorial)

As,We .See..It

...

•

of the fluctuations

subscriptions
made

remittances

exchange,
in

New

and

In
for

advertisements

York

funds.

WHitehall 3-6633
Teletype NY

1-4040 & 1-3540 •

The Commercial and Financial
4

Chronicle

Thursday, September 7, 1961

(1008)
ftff

top-heavy structure
that needs attention and correc¬
tion before it corrects itself by a
have

now

OBSERVATIONS...

natural

A. WILFRED MAY

The Price-Earnings Ratio:
A Whimsical Variable

defla¬

of painful

process

tion.

development

The

was

logical

of events. The post 1929
depression and war market pro¬
duced timidity which kept stocks
at reasonable levels until the post

sequence

NOUVEAU POOR

NOT

there total
ter

some

two and a quar¬

billion.

Hardly was the ink dry on the Al¬
liance" for
Progress
agreement

"Alliance" for Inflation?

signed at Punta del Este, Uruguay,
in late July, with the coupling of

when

years,

the- entire

strong upsurge
with a

current political emergency, the good dose of inflation, sent the
Dillon's prom¬ Alliance for Progress affords lit¬ values upwards giving handsome
ised twenty billions of aid with tle hope for permanent fiscal re¬ profits
to
stockowners
indis¬
criminately.
This
whetted
the
the recipient countries' economic form. This prospect, including the
stabilization,' when
one
of the other Latin American countries as public appetite and provided ex¬
chief signatories, President Fron- well, seemed to have been under¬ cellent talking points for the in¬
vestment
dealers in
their sales
dizi of Argentina, became a kid¬ lined, unwittingly, by Felipe HerThe
stocks
practically
napping victim, and its fellow rera,
President
of
the
Inter- efforts.
signatory Brazil got immersed in American Development Bank, in sold themselves in the prevailing
civil warfare. Already since the addressing
the. Overseas
Press prosperity. '
The favorable atmosphere stim¬
resignation of President Quadros, Club in New York last week. Mr.
termed "Brazil's Puncture" by the Herrera, whose Bank will be ad¬
ulated an expansion of sales ef¬
London "Economist," the Brazilian
ministering about one-sixth of the fort and multiplied sales organi¬
cruzeiro has declined by over 15%, Alliance foreign aid funds, while zations.
The
New
York
Stock

timely and

these

While

disillusionarily
the ab¬

events

tional

dramatize

sensa¬

public

our

surdity of expecting economic or

paying obesiance to the need for
"trade stability," offered no as¬
surance
concerning the curtail¬
ment of inflation. In fact, consist¬
ent with the Growth-Inflationists

the next here, a la Messrs. Heller, Hansen,
decade, this had been apparent et al, he reiterated as a major
to any realistic observer for some "Progress" plank "the need for a
balance

political

over

minimum

time.

before the
exit
of. President
Quadros, the
cruzeiro had
been devalued no
this

Earlier

less

year,

value since 1951. The
value of the dollar as Franz Pick

out

issued

newly

the

tained the highest

point in time, but are less useful over a period of time, and that the
last ten years

The

capital

required
analysis.

has received

deal of attention in the
financial literature in recent years.
great

This
of

will

justifiable since it is one
the impor¬

one

that

the

set

limit
itable

part

Value"

On That "Scarcity

following communica¬

refers, warned that "scarcity"

prospective earnings
into theoretical

Although

enter

firms.

narily requires heavy reliance on

past data.

the

cost

determined

aggressively

sold

larged

in an en¬

capital
of

cost

area.

Phenomenal

Results

results

the

added

were

walks

all

from

holders

life

Where

lists.

Since stock prices are
primarily
by
how

people feel about the future, con¬
siderable instability has resulted

com-

stock-

computed price-earnings ratios.
the
following -table average

financing,

phenomenal

were

—probably ten million new stock¬

(of July 20 last) to

they happen to move in
direction by the same

part

who

course, when any
its elements vary

analyses, any attempt at empirical
measurement
of : earnings
ordi¬

busi¬

ness

same

frequently

the

both

proportionate amount.

prof¬

invest¬

ment

unless

factors

tant

if it is to; be used in
The price-earnings ratio

vary,

One

The

the

cost

of average stock price rise was not accompanied by
a similar earnings-trend.

minority among

FROM OUR MAIL BOX

which

P/E ratios may be useful in comparing stocks at one

Our column

P/E ratios in the 30 year period. The writer con-

eludes that

horde of enthusiastic dilettantes

usually meas¬
ured by relat¬
ing the market
price
of
the

price-earnings ratios, mar¬
and earnings per share
of the 125 corporations included
in Moody's industrial stock aver¬
ages
are
shown for the period
1929 through 1959.
;

annual

ket prices
Oswald D. Bowlin

wealthy common stock to earnings, divi¬
seventh annual edition of his Cur¬
of available stock issues, to which segment of the population owned dends or a combination of the
rency
Yearbook, over the past
the present securities boom, par¬
stocks, suddenly the distribution two.
decade the Black Market price of
PriceInvestors as well as corporation
ticularly in the "hot issues," is reached many people, even those
Earns.
the dollar in Rio and Sao Paulo
Ratio
Year
being
attributed in some
high with
a
few
thousand
dollars, financial managers are interested
has increased ninefold, and gold
places, typifies the rationalization Truly, an era of people's capi¬ in the relation between market
has risen by
I9ggr___ 2&09
521$,.
of past
major
excesses.
These talism has been achieved. <;r- •
prices of common stocks and their
£*>1931-13 35.28
Similarly,
as
the J?ick bible ranged from ^Holland's Tuliporeturn. Assuming that everything
W1932_£_a
Unfortunately, there is dfiother
shows, the Argentine Peso fell by rtcania d in 1694 v ito : under-water
else is the same, an investor will
1933r-,__- .35.98
side to this pleasant pictdre. The
26.47
1934—
80%!
We recall that President Florida real estate in the nineteenprefer
a
security with a high
not too well informed new sales¬
18.35
'
1935
Frondizi when pressed at an in¬ twenties to modern art. We ad¬
yield. However, a common stock
17.03
1936
men
sold stock to even less in¬
terview here shortly after his in¬
with a, low price-earnings ratio
duced data on recent and current
14.70
1937
formed' individuals
at prices
"22.78
1938—
auguration in February, 1958, for new stock offerings showing the
and
a
high yield compared to
tion

only

formerly

small

for

The
and
literally blanketed the country.
The conservative old-line profes¬
sionals became a

ratio

price-earnings

mon

its declining

points

per

times, continuing

three

than

of 2.5%

capita growth rate
year."

per

dominated ratio changes in the 1950's, and that the thirties con-

past decade.
proliferated

the

140%

broker-dealers

analysis

1929-1959. He observes
that changes in earnings dominated P/E in the 1930's whereas prices

•

their

increased

succinct

Moody's stock averages covers the period

member firms
alone
sales
force by

Exchange

Bowliir's

Professor

economy,

Treasury Secretary

to 300 to the dollar..

University, Manhattan, Kansas

Kansas State

war

from Brazil's

Also wholly apart

By Oswald D. Bowlin, Associate Professor of Finance,

! Market

Earnings

Price.

Per Share

4.02

65.45
1

2.23

49.26

29.09'

0.85

•

15.43,!. A'. =.> lb .02
22.31 ,H 0.62,.
trt

;i
,

:•

.?
1

'26.47

1.00

1.64

30.09

date

terminal

country's

his

inflation course, wisely

refused to

further than the "soon as pos¬
sible" promise.

ample supply of available equities
to meet normal demand.

Among the nations whose cur¬
dropped to all time lows

rencies

last

year

were

Brazil, Colombia,

Cuba, El Salvador, Nicaragua, and

three

its of¬
the late

fifties. Since then the cost of liv¬

ing
and

rose

by another 50%

30%

in 1959

Despite the complaints of preDillon "niggardliness," outstand¬
ing credits to Brazil include $530
million from the Export-Import
Bank and

$35 million direct from

the U. S. Treasury; also $200 mil¬
lion each from the World Bank
and

the

Fund.

International

and

should

the

dous

decade a
compaign was waged to sell
past

number

Monetary

private investments

successful.

and

shareholders

The
more

causing scarcities of

popular issues, despite the large
additions
of supply.
The prices

inevitably

rose

and

the

current

problem is not the shortage but
that intensive selling caused over¬
buying,

and

should
the

many

own

holders

"shares

not

of the

owning

equity

competitive free en¬

new

stock¬

that

they

own—certainly not at

prices they paid for them. We

system.
Few of
fluidity of this

terprise

the

realize

at any

one

V 1940

taken

;l_-

;

2.17!"

31.76

2.59

28.70

2.95

25.70

2.36"

34.18

2.40

36.57,

2.73

1945——,'
1946-=.—

1.42

34.12

9.73

43.94

16.15

■

14.12
-

49.84

supported by a very thorough
investigation and analysis.

owned, at least one-half will not
exist
some
years
hence. There
were
200 automobile companies;

ratio as a tool for the
analyst depends upon how it is to
be used.
As indicated above it

that of 1,000 or so of
electronic companies now publicly

there

now

five.

are

There

comprehension of the innate
instability of small companies in

full

fields where temporary con¬

new

ditions such
create

product

new

can

profitable pocket of op¬

which,
however,
is
overrun by competition,

portunity

usefulness

The

;the

price-

6.76

1948—

47.50

-5.32 '

103

57.83

8.45
•; 7.37

70.72

9.60

10.53

75.63.

helpful when used
comparing stocks of different
be

very

companies
time.
ever,

Over

at
a

any

one

point

period of time, how¬

the ratio is a very capricious

variable, and considerable care is

•

7.71

11.43

95.81

'"8.38

"12.43

130.66

10.51

9.86

1954—

'■

1955

,14.44

1957

10.35

149.41

13.99

19ot>—

143.65

10.27

1958

18.03

149.81'

1959

18.91

186.26

shows that the aver¬

stock prices
price-earnings ratios of the
125 corporations declined in the
same year in only five years (1937,
'40, '41, '47, '57) and rose together
in nine
(1943, '45, '51, '52, '54,

age

annual

common

and

'55,

'56,

'58,

thus, in 16 of

'59);

growth of
permanent
or
guaranteed—in fact, as a general
rule, there
is more loss than
profit in new ventures, even in
periods of prosperity.
The

bankruptcy.
profits
is
not

YAMAICHI SECURITIES COMPANY

observations

these

rect,

are

holders will have to learn,

of NEW YORK, INC.

and

facts

values.

the

their

expense
of

Instead

cor¬

Correspondents inprincipal cities

sooner

life

reduction

some

Brokers and Investment Bankers

the

later,

1870

stock¬

the

that

means

with

...

throughout the UnitedStates and Canqda

hopes,

loss

thinking

UNDERWRITERS AND DISTRIBUTORS

scarcities of stocks, we should be
concerned

Affiliate of

the

TOKYO,

oversupply

change

JAPAN

easy

the

education

OF INVESTMENT SECURITIES

public. The scarcity can be¬

come

YAMAICHI SECURITIES CO., LTD.

with

slight

in attitudes^ There is

Dominick

road to riches through stock
-

ownership.
111

BROADWAY, NEW YORK 6

MILAN

COrtlandt 7-5900

Pres., Blue Ridge
•

POPOVIC

Mutual Fund,

Inc., New York City. /

-Members New

Dominick

York, American & Toronto Stock Exchanges

14 WALL STREET

8.31
9.85

Ratios, 1929-59
The table

country and about as many
to exist—some 1,500 of them

Stock Prices and Price-Earnings

cease

Japanese Securities

7.18

76.05

1953——

quickly
or replaced by
a newer develop¬
ment. Every month about 15,000
new
corporations- are formed in
this

•6.60

46.88/

6.84

1951.2—1
•1952
.

^ 1"

7.10
r

earnings

can

"3.53

Nobody ventured to say, for in¬

1950—

stance,

2.72

"-46.10

8.67

1947—-

1949—

opinion should

32.35

10.89

the

least knows that his

2.86

1943— t 14.24
13.40
19441—;

1941-

the stock rela¬

mean

that

12.26

19^2

the. security attractive.
Conversely, a relatively high priceearnings ratio and * low yield is

usually

42.04

not found

market has found

2.49

15.72-

1939—

one

of risks

bilities
for

stocks

thought to indicate possi¬
since the market,
reason or the other, has

time

other

econ¬

panies.

stocks to the public. It was broad,
intensive

involved

risks

not; told

were

those

them tively attractive. The investor may
or
may not accept the market's
omy
and its constant ups and verdict in respect to the company's
downs among industries and com¬
prospects, but if he doesn't he at
tremen¬

mentioned, and the matter
be
appraised from that
view point.
you

than doubled,

1960.

processes

investments. They do not

issues

up on

years

them

that

Bank actually closed down
for

"scarcity

tulips, art and stocks" is

know

in trouble all through

Giving

of the new investors
have accepted father naive ideas
as to what, the stocks
will do for

timely and could be amplified. If
there is a scarcity, it was caused

its usual
mission to bring about some mod¬
icum of fiscal reform, the World
fice

• v

by. psychological

was

the 1950's.

May:

comments

Your

value of

Venezuela.

Brazil

Mr.

values. Many

Dear

in many instances, were
entirely out of line with economic
which,

42.40

r
■

„

NEW YORK

Volume

the

from

that

years

Number

194

6088

be checked

can

1929-59,

the two variables
moved in opposite directions.
It
should
be '■ noted,
however,
the

that
in the

two

variables

moved

direction in only one

same

(1937) in the decade of the
thirties, in five years
(namely
1940, Ml,, '43, .'45, '47)
in the
forties and in eight years (namely
1951, '52, '54, '55, '56, '57, '58, '59)
in. the fifties. This brings out the
point that in the thirties move¬
ments in price-earnings ratios were
dominated by changes in earnings,
whereas by the fifties stock price
movements dominated changes in
the ratio. Investor confidence (as
measured
by ;'stock prices)
was
more stable than earnings during
the early decade, but during the
year

fifties

the

fidence

tion)

of investor

surge

con¬

(or perhaps fear of infla¬

usually- greater

was

than

yV;,'-

changes in earnings.

.The Commercial and Financial Chronicle

the

after

inversely,
the same di¬
rection as prices of the previous
year.
The relationship between
the movements of stock prices and
earnings

The

volatility of earnings dur¬
the; thirties caused Moody's
average
price-earnings ratios of
125 industrial corporations to be
extremely erratic.
Stock prices
were low in this decade, but priceearnings ratios as they were com¬
puted -were the highest of any
during the entire 30-year period.
The price-earnings ratio as it was
Computed certainly could not have
been used as a guide for the cor¬
poration or the investor since it
would have been a good time to
in

invested

have

common

stocks

but

a
very
poor
time to have
sought external equity capital.

Prices

and

Earnings,

1929-59

per

the

closer

two

directions
whereas

they

Forecast of over-all construction for this

four

decade

Each

out above can

1961

follows:

segments doing as

the

trend

months

six

first

the

level

require
dising.

of
of

the

general business was reversed. At

be of considerable use in
comparing what the market thinks

yet brought

the

business

would

may

stocks

one

present writing, however, the

tivity

into

ac¬

even

point in time, it is of much less
use in comparisons oyer time.

earnings

period for 1960,
the following

same

expect

price

Computed

(2)

;

tendency.

James

mercial

c o m

decline.

frice

note

the

the result of various aid programs

background
of 1961,

—will increase approximately

middle

the

Repairs

(5)

sharp decrease in the
statistics
covering

building —as

Institutional

(4)

view

situation

some

ing.

tial fields.

rate-of-climb

will hold

growth.
In
industry
there is presently no background
of unfilled demand which would

maintenance

and

with 1960's last six

(6) Public construction will be
up 7.9%.
:
In

Not¬

require additional capacity.

tional and

gross

approximately equal to the per¬

institu¬
governmental facilities.
professional,

additional

this forecast adds
construction record

summary,

withstanding these facts; there is
evidence that demand is high for

Mayo-Smith V.-P.
Of :G. EL Walker '7

has become

formance

the

last six months of 1960.
struction

pie

industry

The

the

firm

favorably

Partner.

General

Eisenberg With
Sutro Bros. Co.
J.

Eisenberg

has

/•

•

become

associated with Sutro Bros. & Co.,
Pine

Street,

members

New

the

New

Exchange,

City,

York

Stock

York

General Manager of

operations.

A. G. Becker

Names Judy V.-P.
CHICAGO, 111.—A. G. Becker &
Incorporated, 120 South La
Salle Street, member of the New

Co.

and

President.

Stock

Ex¬

Form

Thompson &

Thompson Company
(Special to The Financial Chronicle)

"7,

VISTA,Calif .—Thomp¬

CHULA

son & Thompson Company is en¬

than < i the gaging

total industrial factor of the etori-

Midwest

changes, have announced the elec¬
tion of Paul R. Judy as a Vice-

con¬

"a whole in
has befapypd

postwar vpppod

much

in the

industry

of the Ex¬

member

change and has been admitted to

York

manufacturing

;

even

Co., 120 Broadway,
City, members of the
Stock Exchange, have
that Henry J. Zarlenga

2%.

months.

population

urban

most

demonstrated no
V

hand

other

espe¬

show

six

last

the

undertaken

ects

New York

Albert

building will
unchanged although new proj¬

and residen¬

greatly increased in the last ten
years of the period 1929-59. Move¬
ments in earnings per share on
the

dollar

(3) Industrial building will hold
approximately
level
with
last
year's comparatively poor show¬

space,

years

will

Commercial

(2)

cially in the

prices rose

stock

less

somewhat

in unit

months will

average

down

ther comple¬

number

The

(5)
which

tion of surplus

(4) In the fifties the ratio moved
generally upward due primarily
to
the rapid
advances in stock
V

—

volume.

fur¬

the

seen

forties

earnings about equally.

prices.

starts

ally all cate¬
gories of real
property has

;y;7Y.-- ■
computed
price-earnings ratios fluctuated in
response to changes in prices and
■■■;

the

(3)> In

building

Residential

(1)

continue

virtu¬

tion

erratic in the
thirties primarily because of the
instability of earnings during the
period.

Six

sults:

supply-and-

very

were

the

Last

re¬

with 1960. The

demand situa¬

York

announced

upturn has not

;or

S. M. Peck &

aggressive merchan¬

these observations
Combining
a specific forecast for'the last
six months of 1961 compared with

two

Price
the

Of S. M. Peck

the

Mr.
for

seminar

Zarlenga Partner

Public construc¬
well as last year

except residential building.

Private
residential * construction
the direction of movement of
the- two variables- over the period
jThe appointment of ^Worthington during the .first ?ix months will
1929 to 1959, and (2) the lead-lag
-psyo-Smith as a Vice-President tbq off somewhat more than our
relationship of the two variables
bf- Gr-fe Walker & Co.^Incorpo¬ ^ifih^fBStfttiate^ih^ most urban
overtime. ;i* The
h areas
table indicates
the
size of
the housing
rated, underwriters and distribu¬
that the average market price in¬
tors of investment, securities, 45 surplus at this writing is greater
creased in 19 years and declined
than
it
was
on
Dec. 31, 1960.
Wall Street, N. Y., has been an¬
in 12; this includes an increase of
In
spite
of
the
pressure, of
nounced. Mr. Mayo-Smith will be
.declines

(1)

year's last half envisions

(1) Although the price-earnings
ratio
as
it is usually computed

1961"

New

During

relationship be¬

the stock prices and earn¬
ings per share for the sample of
corporations shown in the table:

better

Summary

summarized

such

tween

takes the honors with all

tion

years

The data brought
be

—

principal component is appraised separately.

the fifties.
7

Outlook

sponsored
the First National Bank of Chicago.

performance approximately equal to last year's comparable period.

in opposite
during

moved

directions

statement

"Business

Months

has

early

the

Corporation, Lafayette, Ind.

Only in 1937 did the
variables move in opposite

Two points are of interest here
in examining the

than

1930s

last half of 1961,

By James R. Price,* Chairman of the Board, National Home

much

was

strong expansion trend in the

any

Whither Construction?

since.

been

ratios

ing

moved

two

moved in

earnings

(1009)

itfi'

securities ,'jDusipess

from offices at 164 Murray

Street.

•

cents

four

and

1943

one
cent, sixteen cents and
eight cents in 1945, 1956 and 1957

From 1929 through
1942 the average stock price de¬
clined eight years, but from 1943
through 1959 there were only three
declines.
Earnings per share de¬

respectively.

five

clined

times' in

the

earlier

sales for the firm's
offices which, in
York City, are
located in Bridgeport, Waterbury
in

York

addition

Conn.;

period (13 years) and seven years
in
the latter period
(17 years) 7
The latter period includes the four
Exchanges and associate members
years mentioned above when earn¬
cf; the American Stock Exchange,
ings changes
were ** very
small; t
Formerly associated with Blair
Nevertheless,, the table indicates
&
Co. * Incorporated, Mr. Mayoupward
that while the number of

movements in average prices from
one

year

the

have

in¬

percept-

creased substantially as a

age of the total during the latter
part of the 30-year period, changes

earnings

of .average

direction

per share did
nounced trend.

not
*

show
-

•

&■-.

Over

the

entire

period

under

study' -prices and
earnings per
share moved in the same direction
in

2T years;

they

increased

is J a

vard

Business

bombardier
World

School, 1951,
Air Force

member

;
of

••

that is, in the following year

new

to competL

construction is,

Commercial
our

opinion,-- enjoying

Exchange.

•

Laird, Bis sell & Meeds
Members New York and American Stock

•

•120

gradually approaching a, satura-;
point in the number of outlets
available to serve the consuming

WILMINGTON, DEL.

public.;*

■*

-and

•

Television and Radar Corporation

one - third
of
all
construction in normal areas.

local,

-field

NEW

YORK--

ATLANTA;

.C " ^
CHICAGO

V -i-

A;}r..:7GREENVIJUIrE

GREENSBORO

RICHMOND

M1AM17

■ V

'li

be more .than offset,,
•by the -forced u increase
in ex- '
penditures tp be made by income
.

The decrease in

spending for upgrading

repairs; will

JACKSONVILLE-;

Effective
>

and

hold-about level:
; consumer

,.7.-

sharp increase.7-^7.

properties whose renting problems

name to

CORPORATION OF AMERICA

expansion in.*

maintenance ex¬
penditures, -which aggregate ap-"
-proximately one-fourth of all con- •
struetion activity, will continue lo

CHARLOTTE

originated by state
governments,, indicate.'

during the last six.,
of the. year.* The whole :
urban renewal-is schedr -

Repairs

Of 01 T I I ,7,77 ,77.,
K .O D A

^ -Members Midwest StockExehvtg*'

.uled for

R. S. DICKSON & COMPANY

changes its

the New Frontier; as

segment

months

those

that there will'be an

•

this

.■'

ZURICH, SWITZERLAND

DALLAS, TEX.

building amounts to ap¬

Activities
well

.777,77

DOVER, DEL.

SALEM, N. J.

SALISBURY, MD.
,

NEW HAVEN, CONN.

PHILADELPHIA, PA.

new

Bell Teletype NY 1-1248-49

Telephone BArclay 7-3500

tion

Inc.

Broadway, New York 5, N. Y.

into a

proximately

; Dynatronics,

Exchanges

surplus of office space and the
retail merchandising industry is

Public

trading market in:

Chicago 4, Illinois

•

what ap¬

Public Construction

We maintain active

Direct Private Wire to

cities have built their way

the

209 South La Salle Street

be a terminal bulge in.
the current cycle.' More and more;
pears

announce

techniques will be

specific markets.

serve

pleased to

STEWART MILLER & CO., INC.

tive pressures for more efficient
production. , Expansion . in
the
major growth areas of the nation
will call for additional capacity to

are

opening of

construction designed to ac-;

somewhat higher due
;

investment Associa¬

Stock

op¬

are

new

commodate

Joins Jaffe, Lewis

Midwest

provide

trial

gether in 14 years and declined
(Special to The Financial Chronicle)
together in seven. In five of the
'nine years in which the two vari-. CLEVELAND, Ohio—Sanford W.
ables moved in opposite directions Greenberger has joined the staff
from
the previous year's
level; of Jaffe, Lewis & Co., 5 Bulkley
market prices had a lead of one Building Arcade, members of the
-year;

taxes

designed
capacity is certain
to be lower than it was in the last
six months of 1960. New indus¬

tion of New York in 1959.

to¬

local

Industrial construction

Club of New York and was pres¬

ident of/ the

reduce potential resi¬
dential income property earnings.

Bond

the

type

erating

-navigator during

War, II.>

1949; the Har¬
and

the

with

served

increasesin

-of' Amherst

graduate

Class

College,

pro¬

Smith

Vacancy in this

accommodations is higher and
rents are weaker. Moreover, sharp

not look for Jr., and Anna H. Thompson. 77

resi-

support

Walker & Co. Incorpo¬
rated is the corporate affiliate of
G. H. Walker & Co., members of
the New York and Midwest Stock
G.

Lewis E. Thompson,

construction at an accel¬

erated rate.

Philadel¬

phia, Pa. and White Plains, N.

will

markets

dential

recession,

are

we do
believe that the nation's hous¬

ing

New

Hartford,

and

not

area

.•a

Partners

stimulation,

government

charge

New

Inasmuch as it did, not have

omy.

date Sept.

19617;

.cable prod-,
broad new ,
areas of thq. economy.
So that our corporate name will.,.
more
adequately reflect this dynamic; diversification * in
interests, we make the above announcement.
As we move into new fields of growth, we will continue ,
to serve major industries such as aircraft, missiles, com.-,
munications,^electronics .and shipbuilding, with which wea,
have long been identified. *.
'. .?
* * *
,
No exchange of certificates is required by stockholders.
PLASTOID CORPORATION of AMERICA *
Steady- expansion ip demand for our wire and
acts has been increasingly felt among many

42-61

24th St.,

Long Island City 1, New

York

ST 6-6200

(1010)

The Commercial and Financial Chronicle

Thursday, September 7, 1961

TAX-EXEMPT BOND MARKET
DONALD

MACKEY

This

Labor Day

market /.decline

usually ushers in the

during the. past,
weekly period (as did other bond'
yield indexes over approximately
the same period), there existed a
market tone undeniably more op-

quietest respite from active busiknown

ness

municipal

bond
people. The holiday aspect of the
period precludes the advent of
important new issue flotation and
the vacation aspect of the period
reduces secondary market activity
to
a
standstill.
Labor
Day, it
might seem to most of us, is the
most over-rated of holidays that
continues

calendar.

our

index

freedom

the

the vacation

rated

issue

was

balance

this

Also

(1962-1990)

writing is
,

bonds

revenue

five-

bids

and

list the bond

7 (Xhursday)

Sept

1,486,000

1964-2001

1,465,000

1963-1991

School

Authority, Pa.
Greenville-Spartanburg Airport
District, S. C
Islip, N. Y;„.
Peoples Community Hospital
Authority, Mich.
South Windsor, Conn
Tampa, Fla
_

at¬
were

or, labor

a.m.

8:00 p.m.

1964-1991

Noon

1,940,000

1962-1981

11:00

•

a.m.

;1,550,000

1963-1990

8:00 p.m.

2,030,000

1962-1981

2:00 p.m.

1,200,000

1963-1987V 11:00

Chvonichieh

general

„

erade

obligation

Y1el^f

20-

second

bidder.-

scaled

bond

A/Ji1,rorJife

from,

The--'.bonds

2.00%

3.95% in 1990.

.
.

Proceeds

ciithf

the

from

«.

Fullerton Union HSD, Calif.-l-___

were

bond

"X-

1,125,000

Mooresville,

>1,862,000
: 1,450,000

C———

and

a.m.

7.30 p.m.

11:00

a.m.

11:00

1963-1971

a.m.

1962-1986

v8:00 p.m.
11:00 a.m.

1963-2000

Noon

1962-1991

U:00

1963-1982
; 1962-1976
1963-1989

Middlesex County, N. J

issue

-1,000,000 ■' 1962-1981

to' Manor Jt. High Sch. Authority, Pa:

1962

will be used for various»public. St. Anthony, Minn.^___;
.1,262,000
flamboyance of ja^eF
^
+S
.3,000,000the Fourth or even the quiet huvariation is hardly worth further improvements including the con- rSpringfield, Mass.
4,500,000
mility of Thanksgiving Day. ,
.comment as it almost certainly struction of a baseball stadium, Suffolk County Water Auth., N. Y.
bridges. The bonds Tacoma, Wash.
J.
—_i__
4,000,000
Let's all face it; it's an inert cLOesirt involve more than price sewers, and
sort of celebration usually bathed
adjustment The trend may be to are payable from local cigarette
Sept. 13 (Wednesday)
in sweat and tears. The only figu- higher yields but present market taxes; franchise taxes paidi by the
California (State of)
100,000,000
rative blood shed, to complete the factors would not indicate any- Florida Power & Light Company
-and the utilities services taxes. Dade Co. Spe. Tax S. D. 1, Fla.___
; 6,010,000
paraphrase^ is inferred by the thing more .than a possible tenHarris Co., Houston Nav. Dist.,Tex.
; 9,000,000
Although initial interest -in the
politico bleeding hearts who an- dency in that direction.
;
.
;
issue
was
slow
in
;3,230,000
generating, Ramapo, Clarkstown CSD 2, N. Y.
nually kid the hard working man
L
sales
from
the
account < have
about the gains of labor without
Prospective Business Light
'
Sept. 14 (Thursday)
and the balance at
being called to accurately account.
The new issue calendar con- picked up
The day is neither holy nor gala tinues to be moderately full but present time was $2,706,000.
:
Bellevue School District, Neb
•
1,000,000
and might well be soft pedalled in
On Wednesday, Sept, 6, El Paso Caddo Parish Waterworks, D., La.
1,402,000
certainly not crowded. For the ;
the interests of national physical
4,149,000
next 30 days, new issues scheduled County, Texas came to market Essex County, N. J.-—
with $1,750,000 limited tax (1962fitness. The payment of time and total
Fresno, Calif.
—
—
2,500,000
about $550,000,000.
Within
a
half or double time might help
this same period there would ap1931) bonds, The syndicate headed X-ockport Water Dist. No. 3, N. -Y._
,1,750,000
in the transition.
by the First National Bank in Tulsa, Oklahoma
■
.3,200,000
pear to be no important negoti¬
Dallas and Merrill Lynch", Pierce,
ated type offerings being readied
it
/FriAovl
A Dull Season
&
Smith
Inc.. was .the ^
for public offering. The volume Fencer
.
bidder for the issue. .Franklin U., U, S. D. No.. 2, Wis.__
.1,100,000
I know that we speak for most of-new issue offerings is likely to i successful
of the people involved in the state continue.; at above; the- l/z billion' >Fupds; febefved Xfrohftlfe ibhhd: * Rollins*
>^1^072,000,
and municipal bond business in dollar -level
for some; time; to I sale will be
this good matured jab at Labor I come.
30,000 seat football stadium 'in.ofie "»epi.f I5 UVlonttay)
• J
'of the county parks. The reoffef- Atlan+a,.;.Ga..
5,300,000
Day. They all, with few excep- ;
with the
scheduling of large
yield's .-from New York University, N. Y._:____- >i3,446,000
tions, hasten back tanned
and new
issues
now
a
matter' of >ing ■ scale" carried
: 1:80%to 3.70%.; No balance iss Richardson,.Texas
haggard,' to conscientiously pre- thoughtful
;i 2,500,000
cooperation •. as "be-available at this writing, X'X
sent themselves at the office early tween
issuers,. and with official
Sent. 19 (Tuesday)
;
Also
on
Wednesday, 'East
oepi. xn
uesaay;
Tuesday morning perennially monetary - policy
sensitive
and
1,000,000
"Haven, Connecticut: sought bids *Dearborn,-Mich/f^_ri--__-_i___Ii
finding that nobody really cares,

enthusiasm

11:00

2,340,000

——

____

awarded to the account headed by

issues

for which soecific sale dates have been set.

or more

. .

Gettysburg

tracted

Florida State University___^______

Aug. 31, $5,000,000 Fort
Lauderdale, Florida Excise Tax

convincingly explained
by the fact that certain

;

re--

unsold

$1,000,000

yield from 1.50% to
a
2%% coupon. The

for

In the following tabulations

periods for those who
and usually overana
play within a brief fortnight. And
generally, although it marks the
end of the summer era, the day
portends none of the hope inherent in New Year's Day nor the
sublimity of Eastertide nor the
work

Larger Issues Scheduled For; Sale
T

Halsey,- Stuart'; <Sf Co.; Inc. and
."-'v.offerings,- components of Shields
Sept. 11 (Monday)
&
Co.- and - including J. ' •!
our ; weekly
Index,
had
been Harriman Ripley &
7:30 p.m.
Co., Eastman- Fort Myers, Fla..
; 1,000,000
1962-1981
coincidentally offered/down, in-.
Dillon, Union Securities & Co", Parma City Sch. Dist., Ohio____l_>
1:00 p.m.
'1,200,000
1963-1982
order to
effect
more'expedient Ira ' HaUpt ■ &
Co.,
Francis
I.
>saie/ This sort of thing occasion-v-.r; v:
Sept. 12 (Tuesday) -'
.duPont & Co., Pierce, Garrison,'
any happens and .is alluded to as Wulbern,
Inc./ and others.' This JUlentowp Auth'.,.
•1,000,000*^1966-1991' 11:00 a.m.
price index lag..' It 'is normally -accounty M4
10,000,000 -1963-1991 ' 11:00 a.m.
Van/iirterest;^coH-^bf^Cheyiehhe/ Wyo:
washed out one way"or'another
3.876% ,which -was 'about.- eight Commonwealth of. Massachusetts-^ ," 47,000,000
1962-2009
Noon i /X
within a weekly period.
basis - points
.higher-.than "the Dothan, Alabama ___'
11:00 a.m'.
2,300,000

Ac-

most of

for

Chemical

actual

it terminates most of

youngsters;

the

Trust

$2,525,000 bonds. '

yield

average

and

2.90%,

away

tually it brings no profound joy
to anyone;
it marks the end of
summer

increased

"Aaa"

offered

timistic than has persisted during
the late August period. Today's

slightly

York

New -York

Company
and including C. J. Devine &
Co.,
The Philadelphia National
Bank,
Wertheim & Co., Tucker, Anthony
& R. L._ Day, and several others.

;

New

Bank

2:00 p.m.

1963-1987

10:00

a.m.

1965-1975

10:00

a.m.

1962-1992

11:00

a.m.

1963-1991

11:00

a.m.

--K'Xr::

1962-1986

8:00 p.m.

1964-1991

10:00

a.m.

1962-1976

11:15

a.m.

1962-1.991

10:00

a.m.

1962-1991j

3:00 p.m.

1963-1986

10:00

a.m.

ri10;.00

a.m.

1964-2001;

:'r;r

flexible to the needs of the

Frequently ^introductions are in
order. In the course of the day,

market,

Labor

Day

important

that,

generated

never

business

seem

historically minded.associate
vocally recalls that the week after

some

period

the

demand

ahead

nothing

•

mei$

habits and-) requirements,
and' there/ has >been; some lack j of
the liaison in this latter respect dur-

activity

middle
of
month
of
September,
although;, ing. 1961 which has been more
.mayhaps seme new tissues had costly to the underwriters than
meanwhile appeared, seldom witreason should support.
nessed the investor in other than
a
rasciw
or
indifferent
a'titnde '
The inventory situation as pprthe

even

others,

currentoffering
offerings.

•

toward current
toward
The

current,

early

The issue was

agQ,

ex-

from with in Russia. Tuesday was

^writing industry and
Wednesday.

Even

crowd reported

the

' : '
Steady

But

there

was

or^
■

than

the

lots

among

time

bond

loom

yie d

Index

for

bond

Although

£r.ac^e. 20-year
indicated

This

the

Commercial and Financial Chron•

bond
slight

their

bidding

•'"/

week from,

ing

men/

negative

term

viewpoint
quiet due to
several

which

came

was

the

•

to market

commenting

are

dicated

point

(State)_______
Ifew Housing Auth. (N. Y.,
Los Angeles, Calif

I The

Baltimore, Md. _;
Cincinnati, Ohio

New

the

ment

Asked

3.15%

sy8%

1978-1979

3.35%

3.20%

3V2%
33/4%
—sy4%

1977-1980

3.40%

3.25%

;

1978-1980

3.85%

3.70%

1980

3.50%

3.40%

3y4%
-,3y4%
3% '

Orleans, La.,

II"

Chicagp, 111.
New York City, N. Y,__'

Sept. 6,

——-

1961

10:00 a.m

1963-1988
1962-1981

10:00

a.m

3 P62.-3 986

Illinois

100,000,000
(State of):^-_-^--_.^—_
Rochester Comm. Sch., Dist., Mich, ;;:, 1,500,000

11:P0

a.m.

1962-1987

8:00 p.m

and

Sept. 29 (Friday)

Minneapolis, Minnesota

meeting

1:30 p.m

2,200,000

York

1989

4:30 p.m

1967-1991

2:00 p.m

1962-1986

_—3,400,000

9:00

0.ct, 3 (Tuesday)

Group, InvestAssociation
on

3,000,000

Newport News, Va

Wednes-

Chairman,

Lloyd

who

White, Weld & Co.
Eugene
the

World

Oct;

Newton,

;

President

of ; the

IBA

3.55%. ;.Walker, & Co., St, Lauis, Mo?, will

3.60%

3.55%

■

Wayne County, Mich.
/

and' George

President

(Tuesday)

School Dist., Calif

35,O.CO,COO

Oct. 17 (Tuesday)
—t-,-.-

16,815,000

•.

1966-2001

3.35%

and

J. V

iri

3.55%

Lbs Angeles

Hatcher,.

partner

a
.

Black,

Bank,

3.65%
..

1.300.000

Sept. 27 (Wednesday)
-

3.65%

1980

1964-2001

a.m.

Sept. 26 (Tuesday)

re-

1977

Index=3. 4153%

Noon
11:00

1979

1963-2001

; 1,-650,000

showed

3.45%

a.m.

1962-1981

3,080,000

•

oI Kansas

day evening, Oct. 4, 1G61, in the
3.70%
3.35% ; Waldorf-Astoria Hotel, it was an-

3.25%

1980

a.m.

11:00

Sept. 23 (Saturday)

decline of. about

Bankers

3.40%

3y2%

10:00

1932-1967

America, will be held

1974-1975

1902-1971-

^,140,000
42,490,000

1978-1979'

Y.)

•• i

a" Detroit,;; Mich.___.
v
22,250,000.
previous; Detroit City Sch. Dist., Mich._10,000,000
; 9,000,coo
3.86%. This in-, Pasadena, Calif.

dinner

annual

3.35% \ nounced
3.30%

8:00 p.m.

18,000,000

"Indianapolis, Ind,

3.50%

______

Noon

Sept. 21 (Thursday)

;

Annual Meeting

1978-1980

Vermont

1962-2000

The

probably' been

a.m.

'l*

•

1962-2000

a.m.

10:00

1"."'.j'Sept. 28 (Thursday)

3.45%

33/8%

has

1964-1986

8,000,000

T1:C0

1962-1991

„T

quoted

worth

3.85%

was

1962-1976

7,250,000

25,893,000

City, N. Y._
:••

8:00 p.m.
10:30 a.m.

(Wednesday)

Norwalk, Conri. I.._____:

gained since Aug. 31.

1980-1982

Jersey Highway Auth., Gtd.— 3%
New York
(State)
3%
Pennsylvania (State)______

Srnt. 20

M«svir-o Xc.tate..of).-^--.---'--—i

las/averag:

Index

3.88%:

average

1978-1980

New

Bid

Maturity

New

•

.hv

on.

8:00 p.m.

1964-1973.

35,500,000

other term Wayne Co. Metro, Wtr. Dis., Mich.

been

have

bond

33/4%

_______

issues

Turnpike
yield

7:30 p.m.

.1,610,000;

L°s Angeles Dept. of W. & P., Cal.

bonds

ing date, the Smith, Barney & Co.

3y2%

(State)

days. On Aug. 31, the

issues

syndicate managed jointly by the
Morgan Guaranty Trust Company

(State)

Connecticut

Firm

week's yield

Thursday,
Aug. 31, the week's largest issue,
$6,930,000 Rochester, New York
various general obligation (19621973) bonds, were awarded to the

Bate

the

slightly better during the last Jew

exceptionally
holiday, but

smaller

Bonds

turnpike and

The

revenue

in the
XV
■ ;
'

MARKET ON
REPRESENTATIVE SERIAL ISSUES

California

;

underwrit-

: :'

;

Toll

Recent Awards

otherwise, and most

influences.

near

;

r..,Ik seemed more hopeful

tinue

dealers

List

it
had lately been despite
portentous factors that con-

market

improvement over a week
total has varied as be-

The

„

Yield Index

conversation

so was

Blue

quiet day,

$1,100,000
spoken for.

were

presently favorable to the market
and
might
tend
to
encourage

desperately quiet within the bond

priced to yield from

period,

$375,000,000
and
$510,000,000 since early summer. At
this writing, it is reported to .be
$391,686,000.- -.This
total- seems

Monday was quiet excepting for the dull speeches and
the
reported nuclear rumblings

bonds.

-3.70%,; for
a- 3.60%"
itial
After the initial order

coupon.'

tween

ceptional.

the

to;

1.80%

trt«red by the Blue List; shows
SQme

September

period seems not likely to be

awarded

was

(1962-1981)

managed

group

they
be reasonably sensitive to invest-

a.m.

2:00 p.m.-

1962-1991

.1,190,000

Minn.-

bonds; / The Milwaukee, Wis.
jointly byX the.'New Brunswick, N.
Harris Trust & Savings Bank and ' Oklaborr a '(St^te •; of
^
L
Shearson, Hammill & Co. and in- Pennsylvania ;State Sch./.Building
clu ing Blair & Co.,<L H. Walker " "Authority, Pa.
& Co., R. D. White & Co., and Sacramento, Calif. r:___—___^_
ligation

from underwriters than that

any

F-Mley

$2,935,000 various,general ob-

11:00

1962-1999
1962-1993

;

bond

would

;;i962-1981

managing partner of G. H.

;

Nov. 14

:v V

be the speakers. Mr. Hatcher will

.Xv"

Los Angeles Co. Hosp.
■

w-3-

.15,000^000

r-X*•'*-

(Tuesday)

Los Angeles Flood Control D., Cal.

preside.

•.

3,500,000; 1984-1983

Portland, Ore.

'.J

Oct. 24 (Tuesday)

Dec;-12 "(Tuesday) XV..: •;'/ X
Dist., Calif.

V3,781,000

a.m

Volume

194

Number 6088

The Commercial and Financial Chronicle

(1011)

■

there is no simple and mechanical take would be to remove the renancing by the Treasury is an ap¬
that
relationship between the growth quirement
gold
be
held propriate procedure in a recession.
oi trade and reserves.
In large against the note and deposit liaRegulation Q
part because of the massive in- bilities of the. Federal Reserve

World Liquidity Problem

lections

reserves ^ in

liquidity

By David Rockefeller,"' President, The Chase Manhattan Batik,
City

;

Bernstein plan over the

werld canfral bank.

proposal of Professor Triffiii for

the

"The

to be the problem to

appear

world's financial mechanism:
I

to limit my remarks
primarily to the problem of international, liquidity' and .to
the
changes in the international fipropose

nancial

struc¬

ture that "may
be necessary

,to deal-w-itn"
this

problem.

wish

way

minimize t h

pa y m e nts '
problem pun.
•nation faces,;

the

belives

confidence

commercial

that

crisis

requirement at the
convenient moment
so
that all of the U. S. gold stock is
reserve

earliest

Steps

available for international settle¬

the volume

ments."

flows.

second

belive

measure

S, Treasury should con¬
tinue to supply gold to the Lon¬
don
gold
market
through
the
Bank of England to prevent the
price
from
going
more
than
slightly above $35 an ounce. The
speculation in that market last

•a c

"steps - to

H i

e v e

•

viable;
-tional

■.

balance.

payments accounts;* It -was

discussion

forward

dollars, perhaps to the
point' where shifting funds would

the

role

New

Union, the: two largest gold

international liquidity lies in", the
change

the

position

4 of

Domestic Economic Policies

pro-

•

ducers, and to the Western industrial nations which hold gold.

the

United

nomic

domestic

States

United States. In the earlier post-

as^an international reserve

Vvar permd, the dollar was uni- Lesser developed, nations would
Thus^I feel F should conversally regarded . as invulnera- receive mmor benefits since they
-on the problem
of what hie ' The dollar was the leading - Hold little gold. Nations holding
be needed tp be done:, to
dollar'»dp,i reserves in key currencies

beH.wor^1 d-fjaymenfa

mechanism,
since
that
ties
m
closely to the questions posed."

holdlrlgs could eaririinterest and
were convertible
into gold at a

bxed 'brfce.

Thus, foreigii

dollar

-Wfluld'.Jindthese reserves
v/outo-be, worth flqss in terms oft
!to}d- Any hint of a possible gold

price

holdings were built up from $8.6
At
the m.Wt
to
WUiott. to '$21.4' billion between
important thrf we Si^tke 'l85.0 and the end of I860.that ive recognize that
Two Separate Tasks

imnorSnt

.in the international financial

area,

We must first deal with-our bal-

payments problem, for

do not

believe

fective

a'nv

devices

there

ef-

which could long
large continuing defi
the part of the world's big¬

gest trading nation.

However,
our

are

lovcrc

•withstand
"cits

k^hd-uh

nation faces two separate tasks .-

ance

;

success

;

bringing

lem

seek a world financial
which - will withstand
,

against key
currencies and meet the longerterm need for an adequate supply
of assets acceptable
in liriternapressures

tional payments.
The

;

immediatp

shown

funds

■

Problem

improve

the world payments
-mechanism to prevent short-term

•

and

cover
their
short
position
by
borrowing from the IMF or from
foreign central banks. Such operar

tions .have

been

carried

...

eommejjim bank,

States had

raising

•

essary

might be

done

been

position

the

steps which could be taken unila-

demand liabilities at terally, and several others which
v^ould

international

require

co-

supply nec¬
the banking

securities

were

could

holders

dollar

arising from large shifts of shortterm funds. Such cooperative ar¬

cent

record shows that it has been gen¬

erally successful.

the

liance

same

time,

re¬

financed

short-

which would help
interest rates
unusually low

short term
declining to

ltvels.

tive

The

use

that

£«reifn investments are, of course,
-fffiSl'"

This "announcement is neither

offer to sell

Not

H "J

However,
soon

take

believe

such

further

short-term

possible

solicitation of

*
'

place
any
key

can

well

Continued

•

150,000 Shares

•
'■J-,-

'•

I,-,.

Common

Stock, $5 Par Value

faitf term liabilities. Yet they are not
restricts the ability of mone:arv so large in relation to the presauthorities
to
ease
money
and sures that could be p'aced on
credit in a recession s'nee such.ac- them by short-term capital moveterm

interest/

rates.

This

tion could drive down short-term

ments as to leave room for

interest

rates

placency.

outflow

Consequently,

arid encourage an
short-term
capital.
we

will

face

; problem of international liquidity
even
after
our
basic1 payments

position has been righted.
Spread of Convertibility

problem

short-term

liauidity has arisen for two reaFirst, th6 .spread of/conyerr
tibility among, industrial nations
^has made
it
possible to
shift
"sons.

: short-term

funds from

one

mar-

ket to another in response to in-

terest rate differentials, or iii re-

For

that

United States has

Price $165 Per

corn-

reason, the
genuine in-

terest in measures to improve tpe
;Vvprld financial meet.omsm to deal
with the problem of short-term
international liquidity.. .

This

offer to buy these securities.

The offer is mad© only by the Prospectus.

Copies of the Prospectus

ere obtainable in any State from only such of the undersigned
such other dealers as may lawfully offer these securities in such State.

If such a mechanism can be de-

veloped, the longer-term liquidityposition of the world wou'd appear to be satisfactory for at least
the near-term future,- Much\has- '
been made of the fact that oif cial
gold stocks have been growing at
an
average
annual; rate of
-while world-trade has been

Harriman Ripley & Co.

}

Incorporated

September 7, 1961.

ex«-

pending at a 5% rate,However,

v **"•

and

Lazard Freres & Co.

are

New Issue

•

must

steps

funds which

ts canpot be

Thus,; the .United States has
excessive pressure' on
reached a point where it;must be
currency ' where' the country in- concerned about the pace and exvolved is experiencing temporary tent- of the increase in its shortbalance of payments deficits/Such term
foreign liabilities. The
capital movements are also highly nation's reserves are large in relasensitive to differentials-in-nshert- hen toJ our trade and cur shortOapital imovements

;

develop a structure that will with¬
stand the massive movements of

f ^ against the United States.

;

IMF Revision

of short-term fi-

nor a

key

the world financial structure.

1
-

the

being accumulated through co¬
operative efforts could pave the
way for further steps to improve

re¬

deficits

with

approach is a construc¬
one.
The
experience' now

ease

business

resulting

The
be

term securities,

keep

monetary

to- facilitate

covery.

could

greater

seems

fiscal measures could re¬

duce the amount of

•needed

currency

hon of gold, of Which nearly $12
billion was earmarked to back
Federal Reserve, notes and depositsUnited
States . Ipng-term V ■'

balances.

Central banks could agree to hold

pur¬

The Federal Reserve has

following this policy in re¬
months and I believe the

from

which

main

are

what

could

steps

system by open market purchase^ rangements among central banks
of
intermediate term securities, have been used in part to covejr
thus
reducing short-term
rates the shifts in funds following the
less than would be the case if German revaluation.
chased.

C U rr€

strengthen

-United

reserves

short-term

K<?y currency, it is important to

outflows

Such

other

taken by agreement among the six
or eight countries which
are the

currencies to dollar is
withstand
Since the

pressures.
P.O
y

recession.

-rr-

billion. AgamsJ these ha- operation;
bilities the nation held $17,8 bilA first step

tiveJunction in finsncinginternational payments. However^ short-

re¬

International Cooperation
Several;

can

price

policies

Federal Reserve

|He end of last year Amounting to

In normal times, such.
movements perform a construe-

term

cently in German marks.'

disruptive.

reduce

the Volume. U. S. authorities could

influenced by dif¬ other, sji rxgv&ci e s for limited
in,.{^hprt-term interest, periods rather than convert them
rates-as betjye^ the United ^SJstjqsrj into golc|?<This would reduce the
and other industrial nations.
possibility of an.^exehange crisis,

Key Currency Approach

—

consider

mechanism to bolster the ability

sure.

capital movements from becoming

temporary

ferentials

A second approach would in¬
-the
—

clearly by developlOvne

off

.—-

international

short-term

nients of the past two years when
dnllnr
hoe
Kaon
linrinr
dollar has been under pres-

That problem can be defined this

We
structure

•

to. any and all circumstances,

set

In a sense, the^position of our united States -as an international
liquidity. ...nation is somewhat like that»of banker< There are a number of

way:

would

This

hnportantly

The

nmhliriis

payments position into
will not solve the prob-

g^i^j

short-term liabilities, which has *
supplied a massive dose of needed

ble

would

the
most persuasive.

against

United States

international liquidity, now poses
tn
TTniWl
fctn+AO
problems to. the United States.
The doDairis no longer.inyulnera^-

change

•widespread and disruptive spera:lstlve m.ovf- Consequently, the
ease

i V-n
the

basic

balance

risks

the

movements

centrate

■our

worthwhile;

increase

eco¬

center.
may

not

also be adapted
to reduce the pressure of shortterm capital outflows in a period

York

the

suggested, however, that I include
a

capital

short-term

themselves
through purr
phases of dollars in the forward
market.
By
operating
in
this
.market, U. S. authorities could
increase the cost of purchasing

avoid

cover

effec¬

tive

foreign ex¬
change risk, those who shift shortterm
funds
abroad
frequently

the, U.

also be taken to re¬
profitability and hence

can

the

duce

converted into gold.

;

•

iirgen- f

banks

^effectively

■fall, which drove the price above
$40 an ounce temporarily, was A
factor that helped accelerate • the
outflow >of
short
term
capital
However, it does pose thepr.ob- Has significant disadvantages.. It
1cm I mentioned earlier df finding would: stimulate gold production from this country.
The Cost of
:ways to keep such Capital Shifts at a time when it. is doubtful that pegging the London gold price is
within .proper bounds. /V v'
additional .reasources should be low in comparison to the damage
r\
Jdevoted to gold mining. The gains that can be done to public confi¬
ChangeinU. S. Posiiion
} David Rockefeltci :•
from a mark-up in the price of dence through, speculative moves
//
A second reasonfor concern^°*H
would acerue chiefly to in the price.
,in ,our
interna- cwei the' problem of short-term Sqdih
Africa <• and the - Soviet

gravity of the
a lance
.of

cial banks can pay on time de¬
posits, should be revised to enable

in any

not

recom-

....

Commission

threat

gold

to changes in the appraisals«
(1) Increase the price of gold,
which holders of such funds make - (2) Strengthen -the present
of prospects in various money mechanism by internal measures
markets. In many ways, this is a and,,
by
increased
cooperation
healthy, development. < Currency among key currency nations,
convertibility has been one of our
(3) Expand the scope of the
foreign policy goals becausg of
jjjj. by increasing quotas and eritbe benefits it brings liv tl>e form
i?rg}ng ;ts powers to borrow curof more effective competition and
rencie| .in surplus.
enlarged trade. The. greater mo...
bility of short-term capital makes
(41 Convert the IMF into a
it
possible
to
handle
a
much
central bank.
.
larger volume of trade and inWhile an increase in the price
vestments than was the case be- of gold would appear to be a sim;.f ore the spread .of convertibility, pie and direct solution, it actually
sponse

.In doing so, I

Commission's

the,

mendation:

•

play

of strength to the United Sfates and

source

quofe

to
compete
with interest
woud
be, greatly reduced if it fates abroad j and thus be better
were
generally, recognized, both able to retain holdings of foreign
Four Approaches
here, and abroad,j that all of the dollars
in
the
U.
S.
This is
What; then, should be done U. S. gold is available to meet our particularly important in the eas^
about
the ' short-term
liquidity international • obligations.*
Any of large dollar holdings of foreign
problem?
Four approaches have doubts about U. S. policy should central banks and official institu¬
been suggested to improve the be removed by elimination of the tions which might otherwise be

con-

play an important role in the development of a free world.

later,

stitutiTan important

As I shall note

on Money
Regulation "Q", under which
Credit discussed this problem the Federal Reserve sets ceilings
length, and I should' like to On interest" rates Which commer¬

and

world
relation to

years,

focus ori at the moment.

Mr, Rockefeller foresees bn unfavorable impact

resulting from the latter lipon New York banks which he finds

high

not

Naw York banker explains why he favors measures
bolstering the
ability of key currencies ^withstand short-term liquidity pressure's
in preference to other approaches. He, dish, explains his,
preference
for the

recent

Banks. The Commission

into *r foreign

this may be a problem to watch
iri the years .ahead.
But it does

•!h'

world: trade.

''New York

dollars

now

meet

page

The Commercial and Financial Chronicle

(1012)

counter

DEALER-BROKER

the

period

year

Bureau,

AND RECOMMENDATIONS
THAT

UNDERSTOOD

INTERESTED

SEND

FIRMS

THE

PARTIES

MENTIONED

THE

WILL

FOLLOWING

used

Bureau

Inc.,

Portfolio

Street,

the

Aldens, Inc., Babcock
& Wilcox, Great Northern Paper,
are

Aerospace—Discussion

Canadian Business and Finance—

opments with particular reference
to Aerojet General Corp., Avco

Pittston

Bulletin

devel¬

Jersey and H. I. Thompson Fiber

Equitable

—

Securities

Co., Standard Oil of New

CanadaLimited, 60 Yonge St.,
Toronto 1, Out.;'1 Canada. 11
*»'
?

Glass.

Aviation,

Department and Discount Stores—

Investors

Band Corp., and United
Aircraft Corp.—Goodbody & Co.,

Survey—Thomson & McKinnon, 2
Broadway, New York 4, N. Y.
-

rities

Corp., Boeing Co., Lockheed Air¬
craft,

American

North

Sperry

Broadway, New York

4, N. Y.
Also available are reports on Ronson
Corp.,
Texas : Instruments,
Aluminum

Stocks,

Electric

particular reference to Ohio Edi¬
110 East Wisconsin

struments, Commonwealth Edison,
Dow

Chemical,

Panhandle

Power,

Philip

line,

Co.,

Industry

—

Corp.

NY.

Airlines

—

Japanese Stocks

"Investornews"—Francis

issue

I. duPont

investment,

Handbook for

—

containing

20 essen¬
tial points for stock traders and

Co., 1 Wall St., New
York 5, N. Y.
Also in the same
issue is an analysis of Coca Cola
and reports on Metro-Goldwyn-

investors

The Nikko Securities

—

Co.,

Ltd., Tokyo, Japan — New
York office 25 Broad Street, New
York 4, N. Y.

Mayer and Island Creek Coal.
Bank
&

Stocks—Bulletin—Boenning
Co., 1529 Walnut St., Philadel¬

New

Second

phia 2, Pa.
Berlin

New
Market—Review—

The

Stearns

Co., 80 Pine St., New
York 5, N. Y.
Bond

York

Interest

Statistics

Bank

Public

Utility

Co., 39 South La Salle St., Chicago

stocks

Index

—

Stocks—

Comparative figures—G. A. Sax&

ton

Co., Inc.,
5, N. Y.

Wall St., New

Co., 120 Broadway,
5, N. Y. with particular
to
Goodyear Tire
&

New York

reference

Rubber,

Rubber

and

Mo¬

hawk Rubber.

Science

Stocks

Bulletin—Ralph
Co., 2 Broadway,
4, N. Y.

Samuel
York

New

Small

Companies

—

Report

Analysis

—

With

—

particular

Inc., Remco Industries and Tonka

Toys—Reiner, Linburn & Co., 80
Pine St., New York 5, N. Y.

the

Industry

Toy

interest¬

appear

over-the-

and

Refineries

Singer & Co.,
New York 6,

—Report—Troster,
74
Trinity Place,

Also available

Machine

the

Ltd.

reports

are

Tool

Industry,

Kahr Bearing Corporation and Air

Express International Corp.

Colgate

Palmolive

Wedbiish &

Report

—

Co, 157 Santa Barbara

Plaza, Los Angeles 8, Calif.
Collins &

Aikman—Memorandum

Colonial

Sand

Stone

—

Chart

analysis—Auchincloss,' Parker • &
Redpath, 2 Broadway, New York
4, n. y.
Combustion

Engineering—Survey

Dan

River

Mills

are

and

COMPANIES

In order to stimulate the

growth of the nation's

economy

Canada,

Ltd.,

and

private capital, Congress in 1958 passed the
Investment Act. It provides among other things,

ordinary loss deduction rather than

only to

Company,

capital loss de¬

Continental

Analysis

Screw

Halle

Company

—

Stieglitz, 52
Wall St, New York 5, N. Y. Also
available is an analysis of Ron—

Corporation.

con

Corn

Mo'ors

Schwabacher

capital gain and subject

representative S.B.I.C.'s which

Calif.

Also

trade.
Original
Offering
Price

Manhattan

Company—Analy¬
sis—Glore, Forgan & Co, 45 Wall
Electro-Nuclear

—

Co., 100 Mont¬
San
Francisco
4,

available

report

Plough Inc.

Medical

Corp.—

Electronics Companies.

Ford Motor

Company

cussion

Approx.
Current
Price

vestors

—

Reader"—Merrill

current

issue

Dis¬

W/z

ITA—UVi

rated,

11*4

N. Y.

Capital Southwest Corp.

•

Capital for Technical Ind., Inc.

314

124

144-124

154— 54

Capita! Corp.

Electronics

Capital Corp.

First Small Bus. Inv.
Florida

Capital Corp.

Franklin
Greater

Corporation

Washington Ind. Inv. Inc.

Growth

Capital, Inc.

Marine

Corp. of N. J.

Capital Corp.

••/-

Midland

Cap. Corp. V v V-

Company—Analysis—
Co, 45 Montgom¬

St, San Francisco 6, Calif.

ery

General

Motors

parison

and

Corp.' '
\

St. Louis Capital Inc.
Science Capital

1.15

;

Corp.

204—134"'' •'

'•*

"In¬

Lynch,

—114

•*"

—14

analysis

—

Carl

Loeb, Rhoades & Co, 42 Wall St,
New York 5, N. Y. Also available
review

Capital Corp.

Techno Fund, Inc.

'
-

114— 84

•,

-♦Business Funds, Inc.-

124

244-104

104

:•

James

MARKETS ON ALL THE ABOVE

Products

Corp.,

Ideal

Chemical

and

Co.

Falconbridge

Also available

Chemical
-

Beam

Distilling

;

Bendix

Corp.

Analysis — Hornblower & Weeks, 40 Wall St., New
York 5, N. Y.
Also available are
data on Chrysler, Timken Roller

Eaton

Security Dealers Association

Trinity Place, New York 6, N. Y.

Continental,

Insurance,

Paramount

0 n

report

Pictures

Corp. and Railroad Bonds.
Goss

Miehle

Dextef

National

Analysis—

—

Co,' 22 Light St,

3, Md.

Patent

■

Development

—

Kalbr. Voorhis. &

—

Co.r 27 William St, New York 5,

N.'-Y.

Chemical

Northwest Nitro

Report—R.

St.

St,

available

Louis

Chemical

available

22,

300
Y.

data

are

Scott,

Co.

Foods,

Ore-Ida

Corp.—

Co, Inc.,

Ave, New York

Foresman

Corp.

Analysis—Evans &
Also

818
Also

1, Mo.

memorandum

Columbia Pictures

Park

Ltd.—

Co,

Warren

Inc.

Report

—

Fay, Inc., 221 Montgom¬
St, San Francisco 4, Calif.

ery

Francisco

San

Mines

land & Stone,
York

120 Broadway, New
Also available is a

5, N. Y.

memorandum

Fresnillo Co,

Seismographic

Service

Memorandum

Alex.

—

Great Southwest Corporation.

Corp.
Brown

—

Sons, 135 East Baltimore St, Bal¬
timore 2,

Mexico

Model, Ro¬

—

Md.

U.:

Southwest Grease & Oil Company
of

Wichita

Report

—

Milburn,

—

Cochran & Co,

Inc., 110 East First
St, Wichita 2, Kan.
Studebaker-Packard

Corp.

R. Williston

port—J.

—

Re¬

& Beanfe, 2

Analysis —
Taylor, Rogers & Tracy, Inc., 105

Broadway, New York 4, N. Y. Also

South La

available

Salle

—

St, Chicago 3, 111.

Gulf American Land

—

Memoran¬

dum—Hemphill,

Noyes & Co,
Hanover St., New York 5, N. Y.
Harrington
—

Richardson

Inc.

Third

Salle St,

Standard

and

Burlington

Corporation
A.

Locust

1516

—

Taggart

Report

Co,

Philadelphia

St,

—

Inc.,

Pa.

St,
U.

Components, Inc.—Report—

Arden Perin &

Business

Co, Inc., 510 Madi¬
Ave, New York 22, N. Y.

son

Vanguard

Chicago 3, 111.

International

Co.

Charles

Company—Analysis
Allyn & Co., 122 South

reports

Industries.

Tenney
—

Ideal Cement
—A.

are

Steel

Southwestern Securities

Corporation, 120 East
Charlotte 2, N. C.

Pressed

Machines

Memorandum
Stern, Frank,
Meyer & Fox, Union Bank Build¬
ing, Los Angeles 14, Calif.

—

Air

Corp.—

Marine

Information—Pearson, Murphy &
Co, 50 Broad St, New York 4,

International Nickel—Data in the

September

Investment

Letter

—

Hayden, Stone & Co, 25 Broad St.,
York 4, N. Y.
Also in the

New

issue

same

data

are

Cable

and

American

McKesson

Jones

Varco

Laughlin

Steel

Corp..—

available

data

are

Industries,

Inc.—Report—

Westgate California Corporation—

Analysis

—

Parker Ford & Com¬

Inc., Vaughn Building, Dal¬
1, Texas.

pany,

Yardlev

Co., Ltd.

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

N. Y.

—

Memoran-

dum—Winslow,

Also

„

.available

reports

are

;

Cohu & Stetson,
26 Broadway, New York 4,

Inc..

Specialist* in Canadian Securities
/

Teletype NY 1.376; 377; 378

recognized statistical services, company reports or other
sources commonly relied on, or is an expression of our opinion. It presents information be¬
lieved to be of interest to the trade ana does not purport to be complete. This firm has a
long position in these securities and may, from time to time, have a long or short position.

Members: New York Security

of Crane Co.

Finfube

—

•

Dealers Association

HAnover 2-0433-45

Orders Executed at

;

'■

NY 1-4722

regular commission rates

through and confirmed by

Memorandum—

&
I

Members:

Brunswick

Broadway, New York 4, N. Y.

Saunders, Stiver & Co.,1 Termi¬
nal Tower, Cleveland 13, Ohio.Corporation—Bulletin

Hill, Darlington & Grimm,
Broadway, New York. 4, N. Y.

—

Principal fss

Grace Canadian Securities, Inc.
TELEX 015-220

Jfork 5, N. Y. Also available

survey

-Broken, 'Dealers and Financial Institutions

The
'

National

Exchanges of Canada
Association
of
Security .Dealers

Principal

Omega Securities Corporation, 40
Exchange PI, New York 5, N. Y.

las

Y. Also

Porce-Alume.

.General

Champion Papers.

Brown

Sons—Report

Also available is

Tex.

Manufacturing,

New

reports.

—

Members New York

The information herein is based

Eppler, Guerin & Turner, Inc.,
Fidelity Union Tower, Dallas 1,

—

Troster, Singer & Co.
;

—

Inc.—Report—

Co.—

Dempsey-Tegqler
Co., 210 West Seventh St., Los
Angeles 4, Calif.
'
•
A -1

and

;

Bank

H. Hentz & Co, 72 Wall St, New
York 5,'N. Y. /Also available are

Port'and, General Mills, Sunbeam

National

Report—Holton, Henderson & Co,
210 West Seventh St., Los Angeles

■.

Bigelow Sanford, Inc.— Survey—^
Abraham ■ & Co., 120 Broadway,

Company.

Fritz W. Glitsch and

'Prospectus on request.

HAnover 2-2400

Meadowbrook

Corporation—

5, N. Y.

Bearing,
FIRM TRADING

Salle

St,;Chicago 3, 111.

114—104

'11

data

Campbell

on; Monsanto

Co.-

134— 94

124 ~

Mey-

Co, 120 South La

84— 74

124

.
,

data

are

Southeastern

Southern

and

Chain

Viscose

New York

174— 84

Memorandum
-

Air

York
are

Analysis—Eastman, Dillon, Union
Securities & Co.,
15 Broad St.,

234—124

,14
.

American

—20 4

144
y

144
;

Powell

Freehling,

—

Ltd.—Memorandum

Ford—Com¬

Robbins.

134

124

issue

Sunbeam

Monsanto

Dow Jones

26
-

Company,

Cement,

284—114

—

St., New

same

Chemical,

Chemicals,

184

Narragansett Capital Corp.
.

■15

Soup

—21

Pine
the

Nalco

244

;

Capital Corp.

Minnesota Scientific

•

/•-

.•

Mid-States Business

—10

12!4— 9%

Bloedel

River—Report

—

1961
Range

Pierce, Fenner & Smith Incorpo¬
Boston

MacMillan,

Hooker &

Witter &

Dean

News

St,

Crown Cork & Seal

Olin Mathieson

Systems

Analysis—Craig-Hallum, Kinnard,
Inc., 133 South Seventh St, Min¬
neapolis 2, Minn.
Also available
is
an
analysis
of Twin
Cities

Report

Review

—

position and
American

Company

Hutton

St.,

gomery

maximum tax of 25%, after 6 months.

list of

Chase

American

treated

St., Boston 9, Mass.

report

Wall

Also available

Co.

Olive

Products

Godfrey Company

Plaza, New York 5, N. Y.

sale of their stock,

Below is

and

American Machine & Foundry Co.

regardless of the period held.
Stockholders profits are

Corp.

Companies, Inc.—

—Memorandum—E.

duction to investors who sustain losses upon

Life

85 Devonshire

ordinary loss deduction to the S.B.I.C. rather than

Finance

Horsey

Report—J. H. Goddard & Co., Inc.,

capital loss deduction-^in case of losses.
2.

Co., In¬

Company

Shirriff

Syndicate Limited.

American

unprecedented tax advantages, namely:
1.

Traders

Investors

accelerate the flow of
Small Business

Salada

Mines

Geco

Paper

Nickel

ternational
v

Great Lakes

Ltd.,

INVESTMENT

Sons, Inc., 14 Wall

reviews

are

Memorandum

Co.

able

Inc.,

Baltimore

5, N. Y.; Also available

Missouri Portland Cement.

St., New York 5, N. Y. Also avail¬

SMALL BUSINESS

Co,

John C. Legg &

Nickel Mines Ltd., Tractor Supply

York

Algcma Steel Corp.—Data—James

•<

Kidder

New York 5, N. Y.

—Shields & Co, 44 Wall St, New

Richardson

banks, brokers and financial institutions.

Koppers Co., Inc.^—Report—A. M.

Eaton &;Co, 120 14, Calif,
Broadway, New York 5, N. Y. ' Miami
Industries,

is
For

Phelps Dodge Corp. and U. S. Re¬
tailers.

erhoff

—

Dow-Jones

compari¬

listed

Kodiak

St., New York 5, N. Y.

industrial

the

used

Folder

Canadian

surveys

Industry—Review—L.

Rothschild

Co., 44 Wall
St., New York 5, N. Y.

Railroads—Analysis of Outlook—
John H. Lewis & Co., 63 Wall St.,
New York 5, N. Y.

reference to Milton
Bradley, Eldon Industries, Mattel,

up-to-date

Averages

Common

ing—Shearson, Hammill & Co.,
14 Wall St., New York 5, N. Y.

between

3, 111.

companies which

Bissell
Broadway, New

N. Y.

showing

Puerto Rico.

120

Meeds,

son

Secu¬

Banks—Laird,

Over-the-counter

and

Stocks—

Bank

Quarter

York

York 5,

Savings & Loan

Interest—Report—Francoeur

City

Rican

Government Development
for Puerto Rico, San Juan,

Rubber

Analysis in September

Puerto

Mining Corp.—Report-

—Batchker,

Rico—Quarterly report to
in

Thursday, September 7, 1961

—

York

Electronics

Analysis—Nomura Securities Co.,
Ltd., 61 Broadway, New York 6,

Siegler

and

Ave., Milwau¬

Wis.

Japanese

Pipe¬

Eastern

Carey

kee 1,

Mohawk

Niagara

Co—Robert W. Baird

son

In¬

Beckman

Utilities—Bulletin—With

I-.,:..!/."

„

Puerto

Callahan

Theodore Tsolainos &

N.
1960's—Bulletin

& Co., 115 Broadway,
6, N. Y. -Also available

New York
data

Front

N. Y.

for

—Carreau

LITERATURE:

National Quotation

—

New York 4,

PLEASED

stocks

Quotation

Averages, both as to yield and
market performance over a 23-

INVESTMENT LITERATURE

industrial

National

Stock

Broadway, New York 4, N. Y.

•

,.t.

Volume 194

Number 6088

The Commercial and Financial Chronicle

ket

Transamerica

in the areas of credit life
insurance, and automobile insur¬

Corporation

By Dr. Ira U. Cobleigh, Enterprise Economist
swift

new

horizons for

progressive and merger-minded holding

operating life insurance com¬
panies have their shares listed on
the New York Stock Exchange.
Probably the closest approach to
a
"listed" major life company is

gional branch offices are /now
streamlining the efficiency of this

found

subsidiary of Transamerica. It has,

Transamerica

common,

whose

principal asset is its 100%
ownership of Occidental Life In¬
surance Company of California, a
magnificent financial institution,
now
ranking eleventh (on the
basis of insurance in force) among
the 1,400 odd'life companies in
the United States.

Life
most

■

insurance

one

the

dynamically growing indus¬

tries in America, and many repre¬
sentative life shares have recently
been

documenting that by rack¬
ing up new market highs (overthe-counter).
Transamerica
has
been
cited for discussion today

because, viewed as an insurance
equity, it seems quite reasonably
priced in relation to its earnings
and growth rate, and because it
also offers a .broad panorama of
profitability in many other fields

This company is the real estate
30

over

of real

ties

are

been engaged

years,

ownership,

sale

management

estate.

and

Some proper¬

developed for

income

retention

producers;

others are
completion.
Presently
held realty includes a modern 18
story office building, major re¬
gional shopping centers, super¬
sold

summary,

gross

1960, and

investor

the

volume of

new

sales—$1,788,187,554 for 1960.

Oc¬

record

cidental's size is further illustrated

by the fact that it pays out over

$575,000 each working day
to
policy holders and beneficiaries.
Net premium income is now flow¬
ing in at°the rate of $250 million
annually.
Much of this progress is due to
smart merchandising and intro¬
duction of attractive new policies
such as a Father and Son plan
for
educational
insurance;
and
Occidental's
Increasing
Term

after

markets, a hotel and farm land. In
prospect is the development of a
whole new community with an
ultimate

population

75,000

its wholly owned 7,800 acre Dia¬
mond Bar tract near Pomona, Cal.

There

are

two

new

subdivision

Plan, providing for automatic in¬
in face amount with each

crease

the policy remains in force.
Aggressive selling is also result¬
ing in substantial conversions of
term
policies
into
permanent
.whole life and endowment con¬
year

tracts.

companies.
Added to that
diversified interests in surety

Congress is getting tired and this,
casualty insurance, industry,
coupled with the feeling
that
estate, title insurance, con¬
President Kennedy has pushed it
sumer finance plus an investment
too much, was in part
responsible
portfolio worth over $32 million
for the two heavy defeats handed
at the 1960 year-end. Consolidated
the
President on his
education
net earnings last year were $1.47
bills and foreign aid.
per share, ample coverage for the
Federal aid to
education for
present 80c dividend. Transameri¬
ca
common
sells at 40; and the school construction and payment
new
4V2% preferred, convertible of teachers' salaries is dead for
into 2.84 common shares, trades this year. The President will very
at 128.
Both appear interesting, likely recover some of the funds

ments," he said.
told

current en¬
tries into a well managed panoramically proportioned corporation
with vistas of growth in many

cut

directions, brightened
and potential mergers.

won't

and

not

overpriced,

recent

divisions. Foundry and Forge with
two

plants in California and one
Houston, Texas, is a maker of
steel, iron and malleable castings,
and drop and press forgings. Adel
manufactures
hydraulic
control

devices and other missile and air¬
craft components. Enterprise pro¬
duces
high
horsepower
marine
and

stationary diesel engines at
plants in the San Francisco Bay

W. J. Meehan

A
in¬
come is predictable as the bene-"
fits, from the heavy volume of
materialize. (Put¬
ting new business on the books
creates high acquisition costs for
business,

substantial ex¬
pansion of net income later on.)

"the first year, but

Granger & Co.
Names Mun. Mgr.
Arthur Gordon Hagemdn has be¬
come

associated with

Granger &

Company,
111
Broadway, New
York City, member of the New
Stock Exchange, as Man¬
ager of the municipal bond de¬
partment.
York

loss

$705,339 for General
Metals against a $970,900 profit
a year earlier.
A major program,
begun
in
1960,
to
consolidate
plant facilities, expand production
in lines of increasing industrial
demand, and to supplement exist¬
ing product lines, augurs well for
a resurgence in earning power for

Phoenix Title and Trust Company
„

But

This

trust

is i the

company

Transamerica

E. J. McCabe With

Stewart, Miller

there

quality
went

mand

coalition

two

snowball

its

what

the

which

the

could

old

com¬

coalition

marginal ma¬
frayed end of a

session,

strikes

out

but seldom with such

ac-

curate aim and power.
How did it

The

tourist pulled alongside him in an
air-conditioned car and offered
him

lift

"Drop

now

owns

54%

happen twice in two
cloakroom

"Well, I
gotten

agencies
will

last

year

and

12 field

25 new offices
be added. Occidental i$ re¬
This

offices.

garded

year

sion of

1935.
Pacific Finance
The latest and

high as his legislative rating
still is, Mr. Kennedy may have
pushed Congress too long, too
hard, for too much of his program
in one session. Most of the legis¬
lators say that the time has just
about come to go home. A key
strategist, in the forefront of the
battle for
every
New Frontier
measure
recently, put it more
crisply: "We've had it."
before the

limited

not

and is under

offer

buy,

Administration

its

the.

Transamerica

program

The

Fire

and

Casualty Insurance

fire

and

casualty insurance,
at the end of

had

1960, seven subsidiaries, the
est being American Surety

debate

Pacific

the stock¬

Finance

Cor¬

come

bills

before

is convertible into

in turn

2,326,000

of Transamerica

This

be made up of 437 wild and
wooly
characters, ^ representing
evdry phase of the population, at
times with ex-jail birds.

But

this

session

the

keep

check

Mr.

Kennedy.

The Senate has passed every bill
to come before it. This was true

ant

bills

Secretary of

State for Con¬

of his

foreign aid and education
the
Senate
passed

which

without dotting an "i" or crossing
"t". The House checked both

them.
Both Senators and House

year,

but

the

larger staffs and

Senators

than the House members.

offer to sell, or as an offer to buy, or as a solicitation of an
of the securities herein mentioned. The offering is made only by the Prospectus.

September 7.1961

160,000 Shares

Common Stock

$12

per

Copies of the Prospectus may be obtained in any State only from such
dealers participating in this issue, including the undersigned, as may
legally offer these Securities under the securities laws o/ such State.

Hayden, Stone & Co.

have

perquisites

circumstances to be construed as an

Price

mem¬

bers receive the same pay, $22,500

brings into the
picture the fourth

staffed re¬ -by broadening its insurance-mar¬

House

has been the conservative body to

merger

Transamerica

they

to the floor. It is supposed

stock of Pacific Finance. This prefererd

are

committee

rules

screens

poration,

nrdiriutloh "aft d- jointly

rules

those of the

in check with limited

and

which

larg¬ largest independent automobile
Com¬ and sales finance
company
in
pany (acquired by an exchange of
America, with assets of over $525
stock in 1960)
and Pacific Na¬
million.
The
company
engages
tional Fire Insurance Co. Together
primarily in automobile sales fi¬
all these companies grossed $82
nancing, direct lending to con¬
million in 1960, produced a statu¬
sumers on automobiles and other
tory net income of $4,023,477 and
personal property and the writing
paid dividends of $1,148,800.
of
insurance.
Pacific
Finance
These companies are served by
should fit well into Transamerica
more
than 10,000 agents and +do
by bringing the company into
business in
every state of -. the
consumer credit and finance, and
Union and in .Canada.
Closer co"

its

with its members
only two years, has

for

to be held

common.

Transamerica

and

tight

House,

elected

817,800 shares of 4Vz%
Convertible Preferred Stock ($100
par) for all of the outstanding

holders

that

House.

Corporation

offer to exchange with

king-sized bow.

chamber

fight for the Treasury
borrowing method of financing
foreign aid, Brooks Hays, Assist¬
gressional Relations, held a meet¬
ing With his staff.
Legislative
soundings had detected a change

any

few

the

debate

near

largest merger in

alone is worth a figure very
close to the price of $40 a share
at which Transamerica now sells.
But Transamerica has many other
strings to its

last

back home

Congress. It has long been

considered

excellent company strategic acquisition is the recent

pany

stopped "wild" legislation. Elected
for six years, the theory was that

company, which
delivered $609,683 in net earnings
last year, appears capable of sub¬

in and some analysts
have suggested that just this com¬

to own stock

in" the

Union, and this

paid dividends continuously since

largest

"But the weather has

cold

The august, conservative Senate
has lost its reputation at this ses¬

stantial long term growth. It has

the

going to," replied

was

minutes, I think I'll
and kill hogs."

concen¬

CHICAGO, 111.—Edward J. Mc¬
in
"atmospheric
conditions" in
Cabe, Jr. has become associated
with Stewart, Miller & Co., Inc., Congress of foreign aid.
He broke the news gently:—
209
South La
Salle
Street, as
"We are at the stage where leg¬
Manager of institutional sales. Mr.
McCabe was formerly with Harris, islative plans may have to be al¬
tered
in the light of develop¬
Upham & Co.

This is

they rode along, the tourist,
by way of conversation, asked
his pick-up if he planned to visit
the courthouse. ;;
i

its capital stock. Arizona is one of
the fastest growing states in the

life

his benefactor.

leading title... and
in Arizona, and

west of the Mississippi
and is constantly expanding.
It
had
255
branches
and general

Occidental
company

at the county seat,"

the farmer told

not

sus:

Just

walking

was

its members were not exposed to
Congress
often passing popular whims, thus they
an
unreasoning could ride them out. It has un¬

manner,

weeks?

way

farmer

hot country road on his
to town when a wealthy
a

quality

once

the

dirt

emotional

votes

emotional

enabled

jority.
hard

the

which

haymakers.

normally

—

which

two

was

beyond

way

coalition

lost

The recession in 1960 created

him the

handed

along

the farmer.

the old Repub¬

was

Southern

To illustrate, he

of his favorite Arkansas

one

stories:

the full amount of

recover

Basically, it
lican

area.

delivered net earn¬

ings of $13,231,823 in 1960.
steady future rise in this net

by the House Appropriations
Committee from the foreign aid
appropriations; in conference be¬
tween the two houses. But he
nearly $900 million.

Forms Own Co.

1961.

Occidental

new

programs

net

BY CARLISLE BARGE RON

ance
are

in progress involving,
totally, 616 additional acres. Due
to heavy development costs and
high carrying gharges in the early
phases of these community build¬ PHOENIX, Ariz.—W. J. Meehan
Securities Corporation has been
ing programs, net profits of cap¬
as well.
ital
Company were reduced to formed with offices at 222 West
Osborn ROad to engage in a secu¬
$51,489 in 1960, against $516,336 a
Occidental Life Insurance
year earlier.
A very substantial rities business. Officers are Willis
Company
rise
in the profit returns from J. Meehan, President, and E. C.
Occidental Life is a huge and these
sizable
realty projects is Bonasera, Secretary-Treasurer.
growing company with over $840 expected, however, over the next Mr. Meehan was formerly a Part¬
million in assets and around $11 three years.
ner in Cruttenden, Podesta & Co.,
billion of life insurance in force.
and was an officer of Stewart,
General Metals Corporation
Its ordinary life business has been
Miller & Co.
This is an industrial company
growing at an annual rate of 12%
compounded
and
the
company operating
under three separate
showed

...Ahead of the News

real

Capital Company

showed

and

group.

for

FROM WASHINGTON

vehicles financed.

Transamerica today shares first of
all in the earnings of one of the
fastest growing major life insur¬

growth created by the Pacific Finance merger.

motor

Finance

income of $79 million in
net income of $4,982,286.

its principal subsidiary, Occidental Life Insurance Co.; and

company,
the

of this

evaluation

ance

Pacific

(1013)

The Commercial and Financial Chronicle

(1014)

of
Russian production
placed at practically our own

estimates

Impact of Enlarged Defense
Costs on Metals Industry
r

»i

»»

are

level.

New York

However,

organized

constituted.

cognizance, of the existence of
stockpiles and the likelihood that

City

prices will be frozei
Street

partner

the

measures

probable

currently

effect

heightened defense preparatory moves upon metals. Each important

:,y

is analyzed and preferences are expressed for various

;

companies within each one. Discussion takes in not. only the staid,

A; A

unkown, dawning metals.
regard to the latter, Mr. Bartlett recommends confining com-

metal industry

big-scale metals but, also, the relatively

With

companies in the field or about to enter it
enter it,

mitmpnts to the established comnanies in the field or about to
mitmsnts to the established

relations

Deteriorating ,foreign

particularly ,-with
Russia,^ have
peen plaguing the free world since
Pans

the

foundered

conference

„aL'

.........

fr.r

climax

ciallv'

Khrushchev

meeting in Vi-

Overtones

the
of

bullying

new

UHHbj

featuring pre-

abroad.

GeorgeL.Bartlett

little

point

Steel,

copper,.and lead (except that used "
in pigments and gasoline) is re-

industry,

increasing

man-

was

titude is- all that is

it may be assumed t

\e UifdA
it
goes

it.

^vfnT

less

r>ui nei-

cau«ht'^nprepared'agalnst

belli-

less

been much

has

demonstration

cose

Pearl Harbdr too well.

remember
There

mat

orusn sKir-

war.

ed,

thm

saying

witnout

nobody wants even a
misn, mucn

ey w

saber

and

rattling from the Russians than
might have been expected
Morein

diminuendo

should have broad gains.

ural

and

not taking it

are

value.

face

Again,

have

well

also,

remember,

"Lusitania"

the

sinking

at
no

Some

wish to be taken unawares.
of

and

the
in

World War I.
It

thus

unavoidable

seems

during

fhi LS

War 1L
We

vestors.

part Qf

Qur

H^where

Thte

Metals

the

are

conflfct

mode™

the weapons

the

also must be in hie—

bTtnrreaUd

ho^wIR
l

a'inod-

Jorv 1,^

longish
for

list

such

essential

metals,

items

components

Many of these have
stockpiled
as a result

of
a

our

World War II,
It ls not possible,

experience in

few to

within

excess.

the

confines

short

article, to discuss the particular
prospects of the lesser metals, as

above;

some

of them have barely

to public attention.

come

Ste*lL

Conner

A
#1*

Aluminum

conflict,

?ve,
steel

quirement

question

•

and

me_

that

our

little
facilities
for

•

speculative

possibilities
in > these
dawning

' sought

confront: them :and

may

could

the

scarcely

failure

fatal.;,It
'would seem the best course, also,
choosp: adequately ^financed
companies and those which have
'a good history. Too many hurdles
prove

leadmg

these

;

hut When

The

ment dealers m New Jersey has

been announced by

produces

Weller, J. W. Weller & Co., Inc.,

Kennecott

because Ken-

temporary chairman. .
.
A The Association will be knowp.
Investment Dealers and is seeking

steel

blast

runner

iarge factor in South African

'almost 200 members, Mr. Weller
said. The charter members of the
group represent 23 firms from all
areas of the state.

and holds substantial interests

per

the New Jersey Association of

cop-

American Metal Climax is also

J. William

industry

large volume of
But

full

•

t>resent-the more than 400 invest-

Metal Climax is

the

operates

■

BL0OMFIELD, N. J._Formation
of a state-wide association to rep-

jn other metal companies. Ameri-

nnkklv

rtevelnneH

°R,,t

its

consumer in the world.- r or van-• . to serve the public .effectively and
ous ,reasonsv tm has lost much of efficiently, to build an organiza-

rSv

Quickly developed. But its pro-

world«!de imP°rtance but cer- tion- which can speak authorita-

tively for all the members of the

a" with infatulabfe

certaimL

through

the developments out- tics have had

are

Steel.

com-

relatively low-cost pro-

du^brs' b?ve adequate resources

and capable

management. Bethle-

Oopperj ^also^ will play an im»" WA-WS

are

investment industry in New Jerand coordinate the group's
efforts on a national scale. Affiliation, both formal and informal,
with other state dealers associa-

- sey,

relatively

low

rea?

but

are

ex-

keeping the selljng price of the metal at its present 30(5 a ib. level here:
Supply
adequate but would
not be
probably is

some

effect.

now

ver has numerous important commercial uses but its price is Tela-

; tions is already planned. Finally,
the Association will conduct a
full-fledged^ublic education proto- ^

-Se
-

state "

"V,.

Snts

-x".

residents of

^
.

•

In addition to Mr. Weller, other

members of the temporary goVis not wide. My favorite is Rey- tively high and several of its qual- ernmg committee who have been
nolds Metals because I believe it ities can be obtained,: perhaps, rnstrumental m organizing the Asis m0re vigorously, though more with some sacrifice of maximum -soeiatoon are Jack Stephen _ Skahazardously, managed. Aluminum efficiency, through workable sub-'.kandy, First Eastern Investment
Co. of America also will' share stitutes.
Iri y other ' high T cost Corporation, Red Bank; Morton
fuuy in the benefits the years metals, such substitutions may re- Feren Investment Planning Group
ahead hold, and should .[.■we' be main for discovery.
:y
; ' Inc- East Orange; Robert ShafarThe choice

in aluminum stocks

fortified situation in Aluminium, promise of capital gains in the

S. Apfelbaum Co. Formed

,„a,..ips.asaawss■■■ i»N.»vo,ka*
in reviewinS Pfospects.

■

■; ?.

Jrenet^to' Je^eht1Uratioa|nd ^"ley Apfrfbaum has formed S.

That is

much of the domestic sup- ^'f^^^o-we^M ra«o and -Apfelbaum & Company with ofply is o£ten—in faet. ga»«hdly^at 39 Broadway," New York
Produred as byproducts • of the
ruld X'^Orty, to act as underwriters and
mining of other metals. - There bmation of qualities but, after- engage in other related pnases of
are exceptions. The use of zinc,
Himin
'o® ;nv,estPent business. Robert
for military purposes is, mainly learned ^bat l^ ®^epg^bScurlock is associated with the
* the manufacture of brass which
bottom fell out We are stili'
• v

Aluminum because

?ntTnumeious

has endless uses, from buttons to

cartridge s h e 11 s. ' Galvanizing,"
i.e. a coating of zinc for the pro-t;
tection from rust of steel sheets,
for. sach items as protection
agamst weather, water buckets,
sidings and so on, is also in wide
demand. In lead, litharge used as
primary protection against oxi-

capacity ' ttMr- Apfelbaum is a practicing
h w
usefulness is growing attorney and
will '.continue-his
pigment and other applica- Pra?tice of , law pertaining to se^gere strength at high heat eunties matters.
.
J

burdened
th
■

y
j

with

than

consideration

excess

its

resfstafice to corrosion.

Benedick Aids Drive

E should be noted, also, that

•

Walter Benedick, President of Inmetals are recovered as byprod- vestors Planning Corporation of
over
abundant
if
preparedness dation of steel structures of rnany, ucts rather than as primary prod- : America, will serve as Chairman
continues as it now seems it will,
kinds, battery plates, tetraethyl UCJS or
treatment of imported of
the Mutual Funds Division
There has been a substantial rise lead for anti-knock gasoline and
ores\ Beryllium is an example, during the Greater New York
in copper share prices in anticicoverings of various
types of it has been in demand for its light USO's
1961
fund-raising
drive
pation of increased buying. In the cables are among the major out- weight,
strength,
high
melting according to
an
announcement
event of armed trouble on a large'-lets. A new use is currently be- point and its exceptional resist- - made by Major General Melvin L.
the

United' States

many

of these

scale,

both

sales
stocks.

are

established' ■ *' companies: in

iargest producer of molybde-

necott

and

earnings

ing

developed, for

protection

aciual armed should rise which would improve against emanations of nuclear
the major r^- demand for
there

'field or1*'about, to enter it. Such
companies have the resources to
harry through the obstacles that

of strikes here and in Chile which

fuels

naturally

metals, it would be best, perhaps^
to confine", commitments to the

\' molybdenum as a by-product.

Competlt,ve Alununum

pected to move higher as nation.
aUsm grows. There is a possibility

electronic
also been

the

nucleonic

and

metals in the free world

num

somewhat

trolled1 dndustrvTnd^ Dricra'did

and

"exotic

weU

Sftn .trolled industry and prices did tarn qualities are of great impor?
mi}ch'.the e£tlT.e range tance and probably will continue
^ think wfb
m-primary aluminum having been it in demand.
:
;
steel
rtock
T
k°
& b<
Uranium today is the sine *ua
Sjarei and on^earnings If trouble °^nC°P?ur' but steel> zmc- and non of nuclear energy developincrease fn taxes
Ya 10u.s^ als bavenient, but the last word has by no
SbtedW wBl be attemnted in 4.mp+uC +? ?
means been said. The production
order
to
d
too
S of
th,e tinPlate,lndus ry, m con- attained has been largely a matInflation which if unchecked ftructl0?>.in autoi^oblle manufac- ,ter of subsidy whereas utilization

i^sis

Where
are

usurned^7ts
puroofes^

stretches

which

counter,

speculative flavor.

ffithnritiM

^lcfhs_^

u^S^as*a moduwf'ofTopper

these

and; Brush

look necessary at any time ih,;the tended-to force it into a mold that , can Metal Climax would appear
iThe Association's main cbjecfuture. HbjjeVer, ^ince ^-.^perhaps, as..be
interesting speculation. ;tives are to work for the adoption
w^rDiwide extent°it
^grcatly^^Se^^!
^nited^ States produces and enforcement, „of measures
^our tho.f.™ thS steel nne'ra--ea^se shnrtafe^,n„S,
" enable investment dealers

principal metals to consider
has
in regard to military requirements materially dtohhshed
are
steel, copper, aluminum, zinc, havinc
Dlaie fOTmanv
and nickel. Secondary metals reand various round
quired
are
nickel,
manganese,
™TwnM
mercury,
molybdenum, uranium, S
has run
tin,
vanadium,
tungsten,
chro- froubleq not the least of them
mium and numerous other alleybeing tbe rising political ferment
ing metals
We have stockpiles of in Africa
Labor costs in. Africa
Behmd

the

the rapid expansion of its use has

come

the

these.

be™. Steel, also, has possibihties,
sinews ^f b"t is heavy m shipbuilding which,
contoence In vl,eW of les?ened en?Phas,s on

metels

America

Beryllium—both traded over-the-

'N. J. DealeTSt
iffmaVorpr^ducCT Forming ASS II

"
'seem
other
In steel shares. we believe that competition has appeared -in the .time has come. So it is, also, with
to derive bene- metallic industries, though plas- other metals and substances. Sil-

nnrten

demands

the

and

Anaconda

if that should

use

poration

.popper^as well as the: leading

Aluminum is the most rapidly
growing of our major metals, yet

gteel for civilian

?! Si, r Srf £ panies
risen

■

presents another problem.

hesitation

mi«ht wel1 be:U-S'
•apd RePublic SteeL These

ha^

the
government to curtail

expect

Jmfn rihiJwH offend the best
S fits from
!ined

fpmnn

companies in this field, whose
stocks appeal particularly to in-

World

years

our

^Sth^^brfairK^oes 'C0DSeqUeBCeSr

;

and-heavily in South America, which

down

shut

avo

"he uZd sStes,

conclusion

Kennecott Copper, Anaconda :num

decided

propaganda

It does not seem nat-

acts.

overt

been

has

there

over,

indicated,

Copper prices. and share .prices W

unessential building was also halt-

practically

by two companies that have been
long established—Beryllium Cor-

that automobile production

bered

sary,

solidated Mining & Smelting, the

It will be remem-

weapons

dependable

for

developed

recovery

its potentialities can be
realized. This metal is represented

There is thus a stronger ele- . .This group, which contains such in the way can wear down even
ment of speoulation in the copper, highly essential elements as nickel.'.the best equipped_trader.'Success
-shares than in the steels, but the and tin,'manganese and mercury, .in selection could. mean large
markets are not likely to come to molybdenum and magnesium, profits but the risk is commensu-this conclusion in a sudden real'- .|latinum metals and silver, as well .rate.
.
:
.
ization. Moreover, copper _js m
■
••
rising world-wide
demand. Its important strategic position. But
T
T , r\
i
growth factor must still be
potion oT^d' v
garded as good. A more wary ateor"Pames. confined to
.
*
,

respon-

without

and

pI.esent

/outstanding ^nown7American

effectively

and

willingness to use them it nec

power

only labor^but In output In rela- Company and Phelps Dodge Corr. Eusslan 'out
tion to
demand.
This makes it poration
are
the
sive to control.

iopera?

Stock

for

processes

before

is
a
wellmeaning not

moreover,

quickly

there

selling prices.
organized

HHwI

§?reKpeJ?m
Washington

selling

higher

Even now, with
tions
still far below capacity,
there is much talk of marking up

man,

Since

followed

been

dHK '

.brought quick
action here,

and

seized every

has

Rising costs have

"take."

ing its
'

sounded

labor

possible opportunity for increas-

which

enna,

money

analysis. In other words, a lusty latter a Canadian company, both
competitor has come into being— listed on the American Stock Exaiuminum— which has not yet cftartgei; ;,A r.
:;v 'T
^en adequately tested to permit
>V
judgment of its staying qualities. ^^ Miscellaneous Metals - < •

and

steadily pouring
into
modernization
Costs
naturallv
have
been
ristag
espe-

MUDE^-'

The

ables

productionp are^^^te
^
probable needs.Somewhe retou d
$15 bilhon
w^re^pent a:fe ^
War
J? '
more

lasting

prices were seriously depressed gamed as practically indesiruct-but have risen part way in ref\ible. That tends to supply us With
sponse to the .'developing threat large volumes of secondary metal
The obvious effects or inflation, ;thac can be recovered,' The most
^nturaHy, remain to be assessed promising stocks iri these groups
but there are too many imponder- ate New Jersey Zinc ' and Con-

„nr

wMsoonreach

is 1 nearly ' as

Brass

the event

of hostilities, will be good.

supply as at present
Supply wo aid ne^er-

theless be adequate for our needs,

Wall

Thursday, September 7, 1961

importing nation both in zinc
and lead. That.means the heyday
of both metals is undoubtedly
now
past.
Interference, of any
serious nature, would disorder our

Prospects for copper, taking full

Russia has resorted to world supplies on various
occasions in the post-World
War II period.
;
\

By Geoige L. Bartlett, rartner, 1 nomsott & McKinnon,

tion is
own

U. S. produc-

longer adeauate for

requirements.

our

Moreover, the

actors and
wastes.

re-

containers for atomic

/A
The United States has become
v..:

ance

fatigue

corrosion.

and-

Krulewitch, USMCR (ret.), chair-

i Hoyvever, in 1960, the U. S. pro-. man M of
duced

onlv

imported

210

8,800

tons

tons.

ores

^More

must be discovered and

and. Athletic
ore, man

improved

the

New

York

State

Commission and

chair-

the. New

USO's

annual campaign.

York

Volume

194

Number

Investment

6088

The Commercial and Financial Chronicle

Management via

Bank Trust or Mutual Fund
.

Associates.

Financial consultant, while

Inc., Bridgeport,

creasing

use

and

institutions

bank

trust funds, and

common

equal

results

income-wise,
•

Funds

Mr.

're¬

com-

Bull

being made for their services.

portant role in
preserva¬

tion of estates

this

coun¬

try.

Through

most

those

compan

expected to know how to .ap¬
praise the skill of other, profes¬
sionals—and

selves

get the

nor

dominated the

cheaper?'
Norman

vestment

Dacey

main

the

local trust com¬

the

was

hundreds

each :.of

pany-

but

firms

counsel

across the land
responsibility for

cities

towns

and

which

assumed

the

bequeathed estates of genera¬
tions of Americans who sought to
hand down security to their heirs.
The record was not perfect—there
instances

were

of poor judgment,

generally upon the part of small,
ill-equipped trust companies, and
occasional neglect upon the part
of

competent banks which
accounts that they

large,

had

many

watch

couldn't

them

often

all

enough. By and large, though, the
trust companies
did a good job
and earned the respect which they
enjoy,

now

two

■'

•

More and

same

Trust

Review"

Funds

common

ever

Russell

1924,

type of profes¬

new

sional investment management fa¬

cility

into being—the invest¬

came

"mutual fund".
Originally created as a means by

ment

company

small

which

might ob¬

investors

tain the benefits of investment di¬

lection and
mutual

professional se¬

and

versification

supervision, the

funds

have

grown

and

prospered until now they repre¬
sent the investment of more than
22 billion dollars.
As more and
more of the wealth of the country
has gravitated

toward the mutual

Many investors

inexperienced heirs, formerly
everything into a bank-

directed

managed trust

they

mutual

account,

safely

may

fund

built-in

now-feel
bequeath
their

with

Interest¬

management.

increasing number of
is making an ar¬
their local trust

persons

rangement with
company

to receive such shares at

their death and thereafter to dis¬
burse income and

principal

di¬

by the terms of the trust

and

not

made

was

mutual

the services

to pay for

able

been

of—more and more of the top in¬

vestment
This

brains

the

country.

management has
reflected in a generally-sat¬
top-flight

been

record. As
a result, many substantial invest¬
ors,
who were quite capable of
hiring investment counsel and of
obtaining adequate investment di¬
isfactory performance

their

have
elected instead to join the host of
small investors who are partici¬
versification

own,

pating in mutual funds. Recently,
an
experienced investor in New
York liquidated nearly three and
one-half million dollars worth of
securities and placed the proceeds
in

balanced mutual fund.

balance

such

with

"Hard-Boiled"

Investors

greater significance is
the fact that many financial insti¬
Of

even

tutions
tual

now

funds..

elect to go into mu¬

Among

the

partici¬

pants in one large fund are nearly
8,000 bank and individual trustees
and
are

tual

insurance
not

companies.

These

amateurs lured into mu¬

funds

.by

glib

salesman.

one's

into

estate

were

the

all

time

and

trusts

"common

tual funds.
An

ago

instance.
tual

author
been

dividual

trust

successful

thousands

account.

trust

thousands

have

accounts

trust

The

balanced

.portfolio,

4.48%,

many

:(c)

Average

nine

leading

balanced mutual funds, 4.23%.
It should be noted that the bank
trust

account

figures

which

are

givenj about • reflect -the
gross
earnings, of the accounts before
deduction
of' trustees fees; it is

The

10%.

figure reflects the net divid¬

ends-paid

fund

in¬

haps
come

mutual

the

funds

after

of the management fee

deduction

Naturally,

some

;

All

<an

bank

The
"average."

trusts

did

;

With Frank Russell Co.
(Special to The Financial Chronicle)

the

day-to-day

TACOMA,

more,

the

and

country

toward the mutual

Wash.

Long

—

Inc., Rust Bldg.

With Lind, Somers

trust

accounts

PORTLAND,
Ambler

Ore.

Co.,

ordinarily
can

west Sixth Avenue.
'

Contes Sees. Corp.

gravitates

LONG

funds, is it not

possible that trust companies may
de-emphasize ' their.' investment
management facilities and stress
instead their capacity for exercis¬
ing discretion in making funds

performing

similar

services

Street,

Contes is

business.

securities

(Par Value $.10

STOCK
per

Share)

others in the past. The record of
an
isolated unidentified trust ac¬
count is not

satisfactory—accounts

have varying objectives and there
are

bound to be

jectives,
vestment

policy,

Price

few whose ob¬

reflected

$4.00 Per Share

in their in¬

coincide

with

current economic trend and which

therefore look
count would

counts

Such

good.

hardly reflect

section

cross

the

bank's

ac¬

true
ac¬

Copies of the Offering Circular may be obtained from any of the undersigned or other
or brokers only in States in
which sue,^underwriters, dealers or brokers are

dealers

qualified to act,, and. in which the Offering

Circular

may

be legally distributed.

generally.
the

other

hand, the com¬
parative performance of all
mutual funds is meticulously re¬
corded

standard

books and it is

dicative

Naturally,

continuing capability.
in
considering
any

such

performance

must

take

into

Aetna Securities Corporation

reference

simple matter to
establish the
relative^ ability of
any fund management—to the ex¬
tent that past performance is in¬

records,

account

one

that1 the

Roman

Guardian Securities Corporation

Johnson

September 6, 1961

;

.'5

engage
Michael

principal of the firm.

INDUSTRIES, INC.
COMMON

Opens

been formed with offices at 30-46

Forty-Second

SOUTHERN BELLE ELECTRICAL

for

CITY, N] Y.—
Contes Securities Corporation has

50,000 Shares

has demonstrated in

bank

ISLAND

NEW ISSUE

with

South¬

309

one

skill"-which

the

measure

trustee

by which

way

James

—

connected

now

Lind, Somers

of these securities having been sold, this advertisement appears as a matter of record only.

are

(Special to The Financial Chronicle)

Results Un-Measurable
bank

staff

su¬

the

George J.

the

joined

h$s

Frank Russell Co.,

Happy Partnership Ahead?

wealth

appointments will help the
fulfill its widening re¬

nies.

pervision which all large mutual
funds enjoy. It is only to be ex¬
pected that this more watchful
supervision will be reflected in
the performance figures.

the

instances, he reviews the

trasted .with

likely that such fees would reduce
the bahk-income figure by per¬

appointed

Shapiro was
of research.

dori't

r;? "A's" on the,, first of the month,
(b) Bapic-.commom trust funds,V. the "B's"i on the 2nd, and so oh.
4.22%;
That's periodic review, as con¬
;;s ""£lv.
_

Assistant

officers.

;

,In

known

analyst, has

sponsibilities in the fields of un¬
derwriting, investment banking,
and the development of compa¬

all,
with

Each officer is assigned a certain
(a) Bank trusts individually in-, number of accounts to
supervise.

vested

was

company

After

"companies

of trust

financial

appointed

manager

banks

many

widely

Finley,

and

Alvin

beneficiaries,

research

specialist,

Chairman of the Board.

the

interests

O'Neil,

underwriting

Harold

grown

begun

represents

Stock

named Vice-President. '•

As the

than the fact that

trust

Roderick

C.
and

importance. If for

financial

Midwest

The
was

tions.

careful, watchful super¬
vision than is given any one in¬

each

trust

now, are the ac¬
results disclosed by

the survey:

real

common

announced < by
board chairman, Arthur S. Bowes,
who reported three key promo¬

were

have

reason

hundreds

Here,

income

funds

Company, Incor¬
South La Salle St.,

135

members

small,

own.

probably1 receives in

$100,000

assumed

was

other

combined

mu¬

' /'

investment

years

assume

the

trust

fund" under bank administration.

for

estate?

Byllesby &

porated,

hard to

which

their

they

•

(b) Bank trusts pooled with
other

catch-all

trust

size,

bonds and stocks.

seem

accounts

common

with

Exchange,
common

and lasting good

great

man

CHICAGO, 111.—Strengthening of
the management structure of H.

originally established

the

Three Executives

economically impracticable for in¬

follows:

tal available to meet family needs.

Since

have

events

Byllesby Promotes

trust funds,

common

sort

vestment

corporate trustee in making capi¬

private and confidential, there

enter

it particularly qualified—

trust by reference

in one's
will, this is being done. This form
of trust combines the protection
afforded by a life insurance com¬
pany, the investment skill of a
mutual fund management and the
experience and discretion of a

Popularity

Bank

nuisance

results "represent

frequently also made payable to
the same trust and, in those states
which permit the incorporation of

„

sets under the

continuing day-to-¬
day supervision of the mutual
fund.
Life insurance policies are

which

of the

'At

was

and other overhead expense.-

attracted—and

funds* they have

(b)

(a) Bank trusts individually in¬
vested in a balanced portfolio of

fund

concerned about leaving a
portfolio, of. individual securities'

the

after

1 $134,500.

The classifications studied were

investors who hire

undertaken,

bankers

instrument but with the trust, as¬
Advent of the Mutual Fund

Burk--

trust funds and

fundmen.

cents

who,

such

—a'

worth

was

(a) Bank trusts individually in¬
vested ; in
ar' balanced';' portfolio'

made public in a leading
journal. ; ("Performance

ingly,

the
the

funds

after their death.

that

kind

job done

ten

else

continue to
their estates and their heirs

rected

;

study

performance mf

Common

ating

managements

serve

proven

therefore the most extensive of its

management during
their lifetimes seek to have those
same

for

first this may
understand — the

job them¬

happy partnership, each
complementing the other,
each
performing the individual service
a

$100,000 in each

•

decide

mutual funds

into

the nation's trust companies oper-' aged accounts.

significant effect upon the
institution of bank trusteeship.

were

mutual

the

money

$128,400. '
'
'
*
' ;
Asst.; Vice-President, Fi¬
(c)
Average of nine leading
delity-Philadelphia 'Trust' Co.,
balanced mutual funds, $145,200.
Philadelphia—Trusts * and Estates
Magazine, September 1960). Sig-' :■ It is interesting to note that the
nificantly, the : study which re¬ bank common trust funds out¬
flected reports from a full 60% of performed the individually-man-

ployment of mutual funds is hav¬
ing

a larger in¬
with the rising
V

Here's what the

received

account

All of this trend toward the em¬

in-

management.
True, many individuals sought the
services
of
professional -invest¬
ment

judge

of the charges

good

somewhere

many

pretty much
field

able

reasonableness

couldn't

trust

years,

im¬

hard-boiled professional
investors who might reasonably
are

of these banks and in¬
surance companies cheerfully pay
the cost of participating in mutual
funds (and significantly, the great
majority of them choose funds
which make a sales charge rather
than "n'o-load" funds) - must they
not
have
concluded' that
they

has

cost

trust

keep
living.

sub¬

trust company in per¬

sig-. forming this important service.
May not the trust companies and

produce

come

varying needs

There is

inflation¬

the

and

stitute for

appre¬

holder,

years

working to

years:

Year

has flourished
the

management

nationwide

They

of beneficiaries?

banking

appreciation,

years

superior

:was

comparative

bank trusts,
greatest

balance,

that there will be

quarters

these

available to suit the

times when capital must grow

ary

unexpected support when' results

after the Revo¬
first American trust
company was organized in Phila¬
delphia. The institution of bank
t r u s t e eship

Thirty-five
lution, the

nificant factor in

some

capital

* ciation results—an even more

Dacey

Maintains

achieving

Let's look at the

duplicated.

company,

balanced mutual funds shows about

with

Market

1..

type

newer

other professionals.

parative'performance record of individually managed

the

The contention in

Points to their in¬

praises combined functioning by banks and Funds.

played

prices; there can be no assurance
that past performance records will

that mutual fund management, on

paying his respects to tha long racord of

professional management by the mutual funds.

better than others, but this was
equally true of the mutual funds.

Comparative Performance

Conn.

investing achievement under bank trusteeship, hails the

since

years in the recent past have been
ones
of generally rising security

By Norman F. Dacey, President, Norman F. Dacey

(1015)

•

}

The Commercial and Financial Chronicle

(1016)

Thursday, September 7, 1961

tinuous contact between the Bank

My Coming Role

Head

and the Government.

I shall wish

play my full part in achieving
the
close
working
relationship

Of Canada's Central Bank
By Louis Rasminsky, Governor of the Bank of Canada

Minister

the

with

Finance

which is indispensable

if the Bank
is to discharge its responsibilities
in
a
satisfactory way.
I would
hope

to
the

Newly appointed director of Canadian monetary policy, outlining his

with

the

responsibility for monetary policy, it is subject to disapproval and

over

reversal

and sustained economic growth.

been

by the

greatly

encouraged

public expressions of
which have appeared

many

goodwill

since the announcement of my ap¬

pointment

the

ing

welfare

and

financial

nation.

broad

aim

the

that

the

the past years in my

take

com¬

capacity

Bank

Canada.

decided

flexible monetary policy is an es¬
of policies

lic at this time

views

mat¬

certain

with
En

the

Louis

when my

use

Over-Reliance

was

I believe that it is

Too much reliance

being

considered.

essential that

Monetary

that the Bank has the de¬

of independence and respon¬

sibility necessary if it is, in the
language of the Bank of Canada
Act, "to regulate credit and cur¬
rency in the best interests of the
economic life of the nation".
To
discharge this duty the Bank must
sufficiently independent and

responsible in its operations to be
able to withstand day-to-day pres¬

from any source.

sures

But in the

longer run, if there should develop
a
serious and persistent conflict
between the views of the Govern¬
ment and the views of the

with

bank

regard

central

monetary

policy which, after prolonged and
conscientious efforts on both sides,
the Govern¬
ment should be able formally to
instruct the Bank what monetary
be

cannot

resolved,

policy it wishes carried

out and

the Bank should have the duty to

comply

these

instructions.

of this

authority by

with

The exercise

The central bank has

ernment.

important part to play in influenc¬

ing the trend of interest rates in
a

direction appropriate to the eco¬
situation.
But an attempt
its part to

terest

realistic

impose
which

rates

the

level of in¬

appeared
market

un¬

would

the currency and present a

What

serious
flow of

the

obstacle

orderly
the capital market.

said

the

paragraph is not meant to depre¬
cate

contribution

the

that

mone¬

policy
can
make towards
attaining the broad economic ob¬
jectives of high-level employment,
price stability and sustained eco¬
nomic growth. On the contrary, it
is meant to underline the need for
a

careful

consistent meshing

and

together of all the various aspects
financial

policy and general
policy in the effort to
objectives
while
avoiding undue strains in particu¬

economic

lar

particular, since
monetary policy, fiscal policy and
debt management policy are inter¬

which the Governor felt he could

dependent and to

not in

terchangeable, there has to be a
high degree of coordination to en¬

good conscience carry out,

his duty would be to resign and to
make way for someone who took

the

Bank

Canada Act would presumably be

required to deal with these points.
If, however, it were agreed that
the r e s p e c tive responsibilities
should be of the general character

indicated, there should be
difficulty in regard to the

I have

little

precise nature and timing of the
necessary changes.
,
,
I

wish,

record

secondly,

some

place

of my views on the

in which monetary policy fits
in to other public policies affect¬

way

these

sectors.

that

sure

these

different view.
Amendments

cer¬

appear

for

weeks, and possibly for
months, on the brink of a nu¬
clear
war.
There
is
only
one

why I do not expect that

Krushchev is

than

Leonard

associated with the

Internal Auditor.

Mr.

Parker, is

accountant and

has

recently
com¬

and

not

want

West.

the

certified public
previously as¬

the

some

blend

extent in¬

"mix"

policies is purposefully di¬
attaining the over¬

rected towards

all

economic

objectives

the

community.

Coordination

The views

garding
bilities
for
for

the

respective

of Government

re¬

responsi¬
and

Mr.

Leonard,'; s was A associated
with Pratt Mfg.. Corp.; Milwaukee
as
Controller' for the past four
Previously he

years.

ditor
pany,

Au¬

was an

Products

fori Power

Com¬

Grafton.

to the Clark,

comes

Stanley & Co. in which Mr. Ewing
been

partner since 1954.

1940 Mr.

in
I. Case Company,

Ewing joined Morgan
soon thereafter

Stanley & Co. but

left for service' in the U. S. Army
which continued until 1945. He

joined the firm

coordination

re¬

in 1946.

other economic

policies point to the

great importance of close and

con¬

that
accentuate
the
inflationary
undertone
of
Western economies. Unless timely
danger

grave

development will

effective

steps

are

will

world

free

taken

the

itself

find

critical moment

rising trend of prices and an
acceleration
of
the
wage-price

tive

cerned

cuts

tic

public
expenditure.
little time
for

very

ANGELES, Calif.—An Estate
Planning class for mutual fund
industries will

securities

the

be given at the Ambassador Hotel
Oct.

11, 18 and 25 (four con¬
secutive Wednesdays). Rayymond
4,

Lee

Zager,

will

attorney,

lecturer.

The

course

cussion

include

will

the Kintner

Regulations;

Joint

salesman

Estate In¬

Trust

intended

Laws and

Fed¬
pertaining to

S. Bonds; new Real

vestment

dis¬

Tenancy

eral and State Laws

Laws, etc. It is
give the securities
basic knowledge
of

Reservations

1710,

Lee

subjects.

should

made

Angeles. Cost of tuition is $30.

SPRINGFIELD, Ohio

Opens
—

John L.
securi¬

Rosensteel is conducting a

ties .business

from

Hawthorne Road.

offices

call for urgent reequipment and for an increase of
total productive capacity.
curtailment

itself

would

expenditure

become

has

labor

to
to

rearmament.

important

organized

modify

212

attitude.

its

maintain

civilian

urgent the improvements of pub¬
lic services aimed at by such ex¬

the

must

this

goods

eliminated.

freedom

the

now

is at

world

the Western

Attitude

Labor's

indeed

amidst

even

deplorable

dangerous crisis

unions

could only think in
squeezing the maximum
of advantages
out of the com¬
munity in return for the mini¬
mum of service to the community.

trade

terms

Yet this

seems

Britain.

Wjhile

the

of the trade unions

attitude

at any rate in

Russia

or¬

ganized labor has offered to work
longer hours to strengthen the
government's
hand
over
the
crisis, over here the trade
are making preparations to

Berlin

unions

defy the government's attempt to

"unearned"

in¬

wage

It is to be hoped that the

approach of the crisis to a climax
trade union leaders and

will bring

their rank and file to their
The effect
the

were

fought

has

ex¬

foresee.

war

its

would

with con¬
threat

sweeping flight
European
currencies.

the

war,

weapons

would result in
from

foreign

exclusively

ventional

senses.

aggravation of

crisis

Berlin

But

the

possibility of
however remote,

nuclear

makes it
safety

difficult for anyone seeking

suggestion

flagrant

for the purpose of
mitigating business cycles. Und^r
the
influence
of
that
Report,

to give

preference to the

of any

country which is liable to

political and pub¬
opinion has come to favor the
idea of planning public expendi¬
ture five years ahead and, once

circumstances
a

demand

for

the economy.

Needless to say,

policy implies that the priv¬
of the economy would
have to bear the full burden of
this

sector

disinflationary
of

high

instalment

squeeze,

strictions

the
credit
credit
re¬
in

measures

bank
higher

rate,

taxation.

time before ad¬
politicians,
econo¬
mists
and
the
press
come
to
realize
this
obvious
fact,
and
meanwhile public capital expen¬
take

some

ministrators,

will

looked

upon

something sacrosant which must
tampered with for the sake

not be

mitigating inflation.

A-A

—

gold

Remote fears
also

are

effect

the

equities
hedge

all

increase
over

the

anticipation

the

re¬

Stock

industrial

true

good

inflation.

possibility

destruction

the

provide

may

war

counteract

inflation

against

remote

nuclear

likely to

Exchanges.

it out in total
disregard of the ups and downs

seems

world.

lic

carry

there

strong likelihood of

armament

planned, to

currency

be attacked with H bombs. In the

British officials,

now

stake.

would

until the Berlin crisis

ditures

Until

merely to the interest of
raising the standard of living, but

programmes

may

was

de¬

pronounced firmly against
tampering with public investment

ate

output

spite of
re¬
armament, all restrictive practices

which

suf¬

induce

ever

capital

additional

the

caused

pressure

than

offset

ficient

not

certain that

ought to

a
re¬

quirements

is difficult

they

rearmament

when

moment

meas¬

precisely

sector

private

cut

by rearmament
heavily on the

too

bear

would

change

form

Planning Class, Suite
Tower Building, Los

J. L. Rosensteel

necessitated

ures

penditure,

Unless

deferred

disinflationary

the

down,

creases.

There remains expen¬
capital investment by
public sector of the economy.
matter
how
important
and

the

discard

conception.

are

diture

This

LOS

and

sector

prevent

conflict, as far as Britain is con¬
cerned, with the new fashion in
thinking, set by a recent Report
of
Lord
Plowden,'s
Committee,

Coast

lic

dras¬

elaborating substantial adminis¬
trative economies, and this is not
the moment for cutting social ex¬

the

that
to

capital schemes of the pub¬

some

immediate

passed.

Course

hoped

authorities

absurb

this

con¬

make

the

induce

governments

the

for

ferred

Estate Planning

mone¬

tary, fiscal, debt management and

penditure.

He began his business career
1935 with the J.

idea of carrying

in¬

capacity.

There

forces.

armed

William spiral. To avoid this it is impera¬

Dodge organization from Morgan
had

tive

There

Ewing

result

stepped up, which again in¬
creased pressure on our produc¬

the

Mr.

other

become

weakened

as a

tive Sept.

the

will

Moreover, the production of con¬
ventional weapons will have to

and

vice president and
director of the corporation, effec¬

Ewing, Jr.

countries,

counteract the additional pressure

Clark, Dodge & Co.* Incorporated,
61 Wall St., New York City, has
announced the election of

scarce

several

and

scarcer

creases

con¬
means

already

manpower,

this

Ewing V.-P. of
Dodge

with
This

weapons.

Britain

even

Bank

monetary policy and the need

that

all

certain de¬

rearmament

Ross, Bailey & Smart,
specializing in the auditing of fi¬
nancial institutions.
Touche,

countries concerned
gree

order

War.

bound

European

with Estate

expressed above

World

There

sociated with the auditing firm of

each of the main

Importance of Government-Bank

so,

ventional

was

the

gravity of the coming crisis will

for

West

weaken

afraid

the

would

reason

Even

materialize—

threat will

war

destroy

that

tary

policy to be fol¬
lowed.
If this policy, as commu¬
nicated
to
the
Bank, was one
monetary

been

impair confidence in the value of

funds through

has

also

and

Controller;

nomic

place on Gov¬
ernment direct responsibility for

Government would

verging

probability,

third

organization

pany as

policy either as a restraining or a
stimulating factor would,
how¬

attain

the

obscured by

are

the outlook is bound to
appear highly critical and world
economy
will be influenced by
fears of, and preparations for, a

become

monetary

responsibilities in relation to ever, lead to unsatisfactory selfmonetary policy should be clari¬ defeating results. If one were to
fied in the public mind and in the try to control the excesses of a
boom
period through monetary
legislation.
I do not suggest a
policy without adequate support
precise formula but have in mind
from appropriate fiscal, debt man¬
two main principles to be estab¬
lished: (1) in the ordinary course agement and other, economic poli¬
cies '* of Government, one would
of events, the Bank has the re¬
run
the
risk
of
creating
great
sponsibility for monetary policy,
strains in the financial system in
and (2) if the Government dis¬
the form of intolerably high in¬
approves of the monetary policy
terest rates and disorganization in
being carried out by the Bank it
capital markets.
On the other
has the right and the responsi¬
bility to direct the Bank as to the hand, the precise part that mone¬
policy which the Bank is to carry tary policy can appropriately play
in stimulating economic expansion
out.
is necessarily influenced by the
Bank's Independence and
part being played by the concur¬
Responsibilities
rent fiscal, debt management and
The first principle is designed to
other economic policies of Gov¬
gree

next few months

that

Gerald

the

ensure

business

and

China

appointed

Self-Defeating

following form

appointment

of credit.

improves labor's attitude re "unearned" income.

Street, members of the New York
Stock Exchange,
has announced
that Richard A. Parker has joined

dis¬

towards

Rasminsky

tors and to the

Government in the

report, which favored the

England — Financial
prospects for the

LONDON,

reason

Loewi &
225 East Mason

Incorporated

Co.

policy

stretch,

directed

couraging the

Direc¬

the

and that the crisis

the

—

posed

,out public works regardless of the ups and downs of the economy,

Mr.

MILWAUKEE, Wise.

problems

hopes Britain will discard its acceptance of the

Plowden's

their

known

full

should

been

made

is approaching

economy

condition

These views
had

the

and

Appoints Two

On the other hand,

of credit.

use

office.

this

ad-

Finance

Loewi & Co.

unemployment and unused
capacity, monetary policy should
be
directed
to
encouraging the

i stration

directed to these ends.
characterized by

large

ters connected

Governor.

situation

Minister

the

total blend

sential element in the

war.

Lord

recent

economic

grave

consideration should
tainty, of an international politi¬
given to setting up a routine cal crisis of first-rate
gravity. It
procedure for regular meetings at seems
probable that during the
fairly frequent intervals between
autumn the world will

erally

make pub¬

nuclear

the

explains why stocks would be a poor hedge in

accepted objectives: high
level employment, price stability
and sustained economic growth. A

have

crisis, and

unnecessary,

extent possible, certain gen¬

ernor

Gov

Einzig discusses

Berlin

I have had

communication, and even though
such precaution may now seem

munity is to attain, to the maxi¬
mum

a s

economic

Finance

Monetary Fund and In¬
ternational Bank. In addition, in
order to ensure beyond doubt that
continuing high importance is at¬
tached
to
maintaining lines of

Emphasizes importance of concurrent

have

Minister

character

same

national

high level employment, price stability

fiscal, debt management and other economic policies of Government.

Dr.

of Executive Director of the Inter¬

Asserts it should be flexibly fitted to

by the Government.

community's objectives, such

the

By Paul Einzig

contacts

frequent

have

guiding philosophy, asserts while the Central Bank ordinarily has the

Grave Economic Aspects
Of the Berlin Crisis

But

the

wholesale

industries

tends

reduce this attraction. Admittedly
in most countries private interests
were
war

compensated
for

war

through
The

physical

extent

would

be,

might

destruction
so

that

well

last

damage.

war

such

war

the

they suffered

however,

nuclear

tion

after

losses

immense

compensa¬

become

finan¬

cially impossible without bringing
about

this

runaway

realized

Exchange
any

inflation.

consideration
will

boom

comes

check

;

any

Stock

resulting

from

improvement

prospects.«

Once
to

business

Volume

194

Nurpber 6088

The Commercial and Financial

Chronicle

(1017)

Offer Fine Investment
of

financial

writers

explains

his

speculative

preference

for

modern supermarket in

Stock

Exchange

roughly divides into 50 groups the
approximately 1,500 stocks which
listed thereon.

are

the

and

oils

but

the

The electronics

narrow

most

active,

new

stores

have

shown

can

most

retail

steady progress.
This
included the supermarkets,

group

of which there

chains.

Young

about 25

are

large

;

get

successful

A Monopoly

are

get his

can

cooking.

without

along

The father

break¬

own

fast; lunch is a simple meal; and
a
freshly baked already-cooked
complete dinner may be secured
the

supermarket.

re¬

sult, the small houses surrounding

supermarket must

the

large parking space;

supermarket have almost
doubled in price. This increase in
demand
comes
primarily
from
living so near a supermarket/But,
of
course,
the
supermarket
is

(3) it must be financed slowly out

gradually buying houses adjoining

have

three

must

located

center

the

(1)

growing population (2)

have

very

its

that

it must

growth. This means
successful supermarket is

own

less of

more
a

requirements:

monopoly after

sufficient number

of successful

years.

increases it

population

our

secure

sufficiently large and

central location.

locations

these

coming

tions:

much harder

residential

time

one

sec¬

thought

street"

"off

that

and

the

near

Furthermore,
constantly be¬

are

scarcer

find

parking

lots

would

satisfy city shoppers. Un¬
fortunately, however, women with
children
from

travel

"off street" parking lot

woman's

directly
the

where

the

most

there

important of
The

should receive
but his

farmer

than he does,

price is not for him to de¬

termine.

The

for

appreciation—is to

Furthermore, if

supermarket.

Another

commodity

city for business
always

good

reasons,

demand

property. In short, I
borhoods

permarket with which
the

and

preferred

you

stock

which
supplies
electricity
and
bills
you

company

and

these

Merchants

much

than

better

the

are

United

its

newest

re¬

branches

that

have

office

ing to Chester
L

the

amount

and

permarket
cated

which

already

district' and

purchased

amount-of Hand

permit
to

free

parking

come.

that ;will

for

and

re¬

of ease

However, on the other hand,
as
long as there is no inflation
psychology in the economic situa¬
tion money rates and credit condi¬
tions

will

most
likely be
to keep this growth

enough

It appears as

The World War II 2V2's due

1970

and

1972, the

pected to be the

ones

interest

issues ex¬
in the "ad¬

rates

demand

refunding" venture, along
with the longest Government ob¬
ligations have been getting some

ance

the

otherwise inactive

usual

because

loan

what

Current

the

opinion of

Prevail

many

specialists,

the
has

rate

future.

bordering

money

boom

These

many

recent

salesman

our

economy

difficult yet more vital than
before.

study units, each

the

Course

mailed

average

chapters,

Sales

two weeks. Each

two

Training
unit

one

every

study unit closes

with questions on the text and ex¬
ercises based on the salesman's

individual

are

beliefs

Sales

showing mounting sales
stiffening sales compe¬

Made up of 12

far as the capital markets
concerned, aside from a "for¬
ward refunding" operation which
.

study

Brockett stated that

consisting

Lull in Corporate Borrowings
To Continue

interest
been in

Course

and

vidual
more

conditions
on a

tition render the role of the indi¬

ever

those

costs

for funds,

unusual

home

new

studies

thorities.

pattern which
operation in the recent past is not
likely to change very much in the
foreseeable

lead

yet prominent

Bradstreet, in line with its

Mr.

the

not

ready in
mid-September, according to Fred
H. Brockett, president.

which would bring about restric¬
tive action by the monetary au¬

Interest Rates to

market

such

important

will

end the present policy

Training

evidence yet that these
reach proportions that

will

would

interest rates.

there

ing

the

would

of guidance to profitable
business management, is announc¬

the bal¬

seasonal demand

loans

happens to the

will have

curve

bearing

that

there is

closely this fall by
nearly all money market observ¬
very

going

was

As far

since

which

program

ex¬

this year is concerned,

appears

The trend of bank loans will be

ers

which

economy.

due to the

though

indicated,

are

Dun &

took

were

for funds

pansion

attention in

watched

what

pushed
up
fairly rapidly because of the sharp

vance

seems

Sales Course

though there will

repetition

money

Dun & Bradstreet

steady incline.

se¬

new

the horizon.

easy
on

conditions

bring to

and

bust.

mod¬

policy

boom

pre¬

boom

current

are

selling situation. These
by the student and

answered

into

consideration

returned to D&B

for

checking by

sales

far

have

authorities
and

been

capital

of business, commerce
agriculture have been well

tion

of.

but

what this

followed
which

the

shortage

economy

funds
a

does

will

offerings
the year,

during the balance of
the heavy flotations earl¬

seem

not

order
rates

beat

appears

reduced volume of

■

the

offer of these securities for sale.

techniques.

Course

business

44 Court Street.

to be no

appears

The

fee

is $95.

BROOKLYN, N. Y.—Richard
Temple Inc. is conducting a secu¬

tax exempt bonds are

concerned, there

coipplete

In Securities Business

new

rities

As far

■

ture.

in¬

is not likely to be any boom con¬

successful
for

corporate bonds for the early fu¬

con¬

in interest rates since there

announcement

year

bond

corporate

new

interest

indicate

real tightening of credit
or.
any
appreciable

This

rise

ditions
crease

this

ier

the

keep

high level.

not

recently.
Even
could be a modest

step-up

successfully

the powers of persuasion through
motivation,
through
product
knowledge, presentation prepara¬
tion, winning attention and confi¬
dence,
meeting objections,
and

effect

there

who

;
)' Subjects covered include per¬
sonality
development,
building.^

corporate bonds in the

winter

and

been

though

ques¬

will

course

fall

there

means

This

There

those

the Course.

continuation of the lull which has

needs

care

Spring and early Summer most
likely means that there will be a

that

funds

"The heavy

concerned.

flotation of

kept
markets

long-term

the corporate sector of the

market

have

supplied with funds

taken

for

demand

will

from

offices

Jack Sterngass is

principal of the firm.
the Prospectus.

The offer is made only by

repre-

sentative

New York

NEW ISSUE

of¬

1,000,000 SHARES

fice, has been

appointed Re¬

OHIO FRANKLIN FW FUND INC.

Man¬

for Pennsylvania with head¬

forward refund¬

It is evident that the

money

and

any

operations

the company's

quarters

could

tbe^fact

123

South Broad St.,

STOCK

COMMON

Philadelphia.
Mr.

Engstrom

sociated

with

The

has

been

Nuveen

viding

private

Ohio Franklin Fund Inc. is

wire

sified

with
York

com¬

system

New

Lesser Joins

J. Barth Co.
OAKLAND,

Calif.

—

investment

diver-

blocks

pro¬

its
and

tribution,

company.

for

J-.

Barth

Fund

-.-*■<

•

exchange

for

The

each

exchange

Investment

Dealer

$20.00 of market

partner in Lawsan, Levy,.Wil¬

liams & Stern, with which he had
been associated for many years.-

DpVO' "i?

THE
...

OHIO

Ohio

Manager oP the Fund,*-

Exchange

High-St;./ '

Columbus 15, Ohio

Company,
-.,r -

investments

COMPANY

-Member of the Midwest Stock

dealers, and individuals

from The

51 N.

Co., Financial Center
formerly

Ohio Franklin

share of

may obtain a copy of: the. Prospectus,,
in- states -where* authorized for- dis-

Individual investors may

Inc.

one

deposited, less com¬
pensation to the Dealer Manager, as
described in the Prospectus.- - *

„

Richard. S.

was

market value of $10,000,

shares.

Lesser has become associated with

Building. Mr. Lesser

*" i'

value of securities

Fund

based

■vn

acceptable securities, with

minimum

Without
incurring federal capital gains tax at
the time of exchange for Fund shares,
investors
have the opportunity
for
diversification and professional invest¬
ment management. The objective-of-,Ohio Franklin Fund Inc. is possible
long-term growth of capital and in- ,
come
through: selective participation
in the progress of American business
and industry.

operation

communication

headquarters

fER SHARE

OFFERING PRICE: $20.00

Philadelphia

Nuveen will be tied into the

pany's

as¬

four

for

su¬

ii properly lo¬

residential

has

'large

years

convenience of the

interest

order

centers

value

inflation

place in the last half of 1958 when

today are, doing threequarters of their business on Fri¬
day ' and
Saturday. ' Then " the
father, mother, and children all
go together and make a day of it.
All of this brings us back to the

vent

action

ation.

center has its limitations.;.
shopping center* is tooTarge, .Chicago and regional offices -in
it becomes less desirable, to many- •principal cities.
' • fc'. ■?
;
women shoppers.
Many, shopping
If

strictive

curities that might be involved in
this supposedly impending oper¬

Frederick

downtown

ping

monetary authorities will take

refund¬

est

Engstrom,
formerly
a

limited park¬

g,
President.

gional

ing facilities. Therefore, the shop¬

"advance

accord¬

phia,

ager

today from their suburban

by the uncertain

Philadel¬

years.

money

p e n e

gional

each

city stores which have no parking
facilities are making most of their

about

the

Many of the old-fashioned

stores.

talk

well

exempt securities exclusively, has

your

doing

should

ing" operation has created

monetary

& Co., the oldest
organization in the
States
dealing
in
tax-

the

located

shopping centers

well

undertaken.

Nuveen

su¬

Shopping centers are popular at
the present time.
But only the
ones
properly located have been

which

by the end of the
the early part of Octo¬

also "advance

largest

What About Shopping Centers?

way

capital

complete

refunding operations.

Therefore,

doubt in the minds of most money
market
observers but
what the

an¬

capital markets are still on
quiet side,, even though the

the
John

F. P. Engstrom

'successful.

bullish

Nuveen Opens
Phila. Office

trade

the

the money and capital market will
be going into the latter
part of
1961 with no important
changes

they

The

the

ing"

month.

„

there is
for such

supermarkets.

keep track of your investment,

buy the common stock of the

^dd to the floating supply a course insti-qctor assigned to
thei/Treasury. during this pe¬ oL'lqng-term 55 Government bohds work
in which they, -are lo¬
closeH^fth the individual
riod' will/not-roblygHe engaged -in
; should not1 t>b salesman.HA Certificate of Ac¬
one should avoid newly
new money
raisihg 'ventures, but *Vkry much Of ah increase in' the complishment will
be
awarded

public utilities for steady income.
To

money

Treasury, the

the

making as long as
unemployed remain as large
have been. There is no

the

influ¬

by the
raising

international situation.

take

has

stocks

bonds

that

steady increase in demand
is electricity. Hence I like super¬
markets as a speculation and the
preferred

makes

that

ber,

good supermarkets and the neigh¬

cumulative

family decides to move to another

who buys when and where food is
cheapest.

had

month

own

small house next to the land for

food is the middleman,

money

who

party

organized

parking fee.

commodities.

the

Importance of Food
Food

plan of all, however—both for the
convenience and as a good invest¬

boy

now

cheaply. Next, always
have a reasonable deposit in a lo¬
cal bank for emergencies. The best

land

can

very

cated. But

the

where

purchases

and

car

time limit

all

insurance, which

ment

the

nouncement

married couple should

put their money into simple

insist

They

supermarket

wheel

can

want

supermarket.

the

not

parking

the'

life

ditions

market.

A young

bought

becomes constantly more difficult
to

its land.

first

measure

new

out of the

Stop and Shop Markets) they

from

Supermarkets Are

Government

supply

CHIPPENDALE, JR.

couples

married

some

impending

probably

range,

enced

learning that by living close to a
modern
supermarket
(like
the

the

are

Federal

adding directly to the

reversal

Investment for Young People

The

sues.

and

successfully established supermarkets and the neighborhoods

York

The money market is operating in

venture

New

emis¬

new

market unless there is

illustrating his bullish¬

in which they are located.
The

the

shortage in the already outstand¬
ing supply of the tax sheltered is¬

for

supermarkets, and for cumulative preferred stocks of public utilities
He, also, advises young couples to purchase a
ness

will not be

JOHN

for steady income.

small house next to

down

sions in this group this year.
And,
in addition, tnere seems to be no

GOVERNMENTS

By Roger W. Babson
Dean

slowing

Our Reporter on

Supermarkets and Utilities

A —A..

;

»;

The Commercial and Financial Chronicle

(1018)

there

The

Paperboard Industry
In an Expanding Economy

will

ure

the forces

highlights

Kennedy

formulating

sees

the

them, are bringing about
changes — changes in application
and in technique—but despite the

34,282,030
tons, of which
15,9 30,0 0*0

operation
within
the
paperboard industry
is prepared to meet such changes
as
they develop,
but alertness

was

tons,

46%,

was

of these materials

board.

dustry

remarks

will

whimsical

be confined to

pro¬

divided

divisions:

two
C

John

these

boards

Container

tainers

Total,
basic

the

tionally
tion

growth

disposable

trade

just

plain

are

the

con¬

producers of break¬
foods,
or
detergents,
or
canned
goods use to ship their
packages,

cartons,

Boxboard
the

is the

making

cartons

duced by

packaging

conceivable

every

individual

the

article

of
pro¬

industry.

the end use of
products packaged in folding
was

follows:

Medicinal,
and

the
car¬

cosmetics

t„

Beverages & tobacco

10
and

goods and
miscellaneous

165 and 170 pounds of

million

one

per year

board

the
is

•

paperboard

them.

reasons

This

why

paper-

economic

between

per person

used

form

one

index.

»Along with what is called
population explosion,

experiencing
within

the

growth

creasing

are

our

also

substantial growth

present market. This
stimulated by the in¬

number

of items being
folding cartons and
shipped in corrugated containers.

packaged

make

nomic

We in the
fast-moving, active
paperbcard industry have to keep
weather

good working
indication of
climate.

and

presume

thing

will

remain

are

many

radars

detect

cannot

that

sit

every¬

status-quo.
changes in the

making.
For
must

kinds;

the

vast

Yet

less

of food store sales.

that though
the

He stated

sales cf frozen foods

increasing steadily, 40% of
nation's
homes
rarely ever

used

frozen

any

foresaw

sales

food

and

all.

increase

44%

items

by 1963.

and

industry

with

new

combinations

doing

than with

combines

;

salesman for

some

the

6,000 different

items

(in the average market)
ranging from asparagus to zip
toys! Only 10 years ago, the aver¬
an

increase

4,000

than

50% in 10 years.

new

one

of the social

and economic forces
New

1960
the

States

facts, which

reports 13,800,000
bracket of 19

age

group

which

persons

24,

find

the

young

any.

which

another

becomes

ably

spendable
wider

income,

interests

social

desires.

place

adds

and

other

Within
reach

25%

the

that

next five

tr.is

experts

figure—

yeares-—will

17,200,000 an increase of
by 1966. Out of this group

above March of 1960.

showed

some

the

first

time

orders

speech

Excess

the

Lehn

made

packaging

said:-

"Tie

re¬

power

change

can

entire

ditions

self-service

habits

and

attitudes."

known
ago

deed

of
in¬

become

type

shopping
A

well-

slogan, i used some years
popular dentifrice, has in¬

truism

for

every

goods:

consumer

"We

couldn't
we

improve the product, so
improved the package."
These

statements

reflect

economic

paperboard
a

and

are

the

behind

the

carton

industry,

customers for

our

and better

some

forces

demand from

new

hardware

ings

packages.
other examples

many

trades,

and

industries, tie

home

equipment,
and

furnish¬
.and

the

specialty items

one

used by householders everywhere
—all are joining, the
parade of

products

across

counters

and

the

self-selling

display

cases

America.
These

ing

are

some

market

of the

within

things I

They

grow¬

present
also

the

Plaut

are

,was

Mr.

Add

changes in
habits and the

these

personal

buying

constant

increase

lation

our

which

income to

our

and

makes

disposable
fast-growing popu¬

you

have

itself

felt

men

stop,

market-wise

impact

the

social

forces

behind

the

"building

are

for

/-.Problems?
ways

growth

paperboard

capacity, be it imaginary
presents some problems.

extent

these

problems

large measure by
policy pursued,

and

the speed

velop
Our

with which

national

will

sume

de¬

markets.

new

set

capacity
the

to
In

pace.

con¬

the

long view temporary dislocations
are characterisic of a growing in¬
dustry—they are the dislocations
of
today but they lead to the
strength and stability of tomor¬
1

row.

;

•

The economic balance of supply
and
demand
will ' be
brought

by the march of time.

time element

The

be shortened by

can

scund merchandising

*An

address

by Mr. Kennedy at the
14th Annual
Convention
Federation
of Security
Richmond, Va.

fcrum,

paper

the .National

Analysts,

retail

of retail

Houston Hill Co.

Opens
SAN

Well,i there

Coast

F R^A N CIS C

Houston

Hill,

O,
Calif.—
has announced

Jr.

the formation of Houston
&

Co.

with

offices

Hill, Jr.

405

Mont-

are

al¬

few.

One of the

problems that is ever
the human tendency
to follow old ways. It permeates
before

all

industry—the

the

same

tendency to do
thing today we did yes¬

terday, in the
lies

alert

ever

better.

way

must be

trying to

the

and

new

That

same way.

obsolescence.

find

the

try new

ways

of using old materials* to try

new

materials

old

proven

terials
That

in the

means

chinery,

new

tried

the

and

new

ma¬

to try

new

ways,

and the

all

these.

better

and

combination

of all three.
New designs,
artwork,
new
typography,
inks, .new colors and new

binations

that

these.

new

Hill, Jr.

engage

Securities business.

Mr.

Hill

was

formerly senior vice-president of
J. S. Strauss & Co. with which he

had-

been

com¬

means

Street,

gomery

years.

associated

for

-many

those

must

all

Houston

ma¬

and better research,

materials

new

ways,

combinations

many

meet

within
the
industry
intro-industry compe¬
tition by better selling methods,
better production methods, better
materials, which will mean we are

helping

Laird, Bissell
Wire to Chicago
,

customers
to "sell
"Building cathe¬ Laird, Bissell & Meeds, 120 Broad¬
way, New York City, members of
drals," not just "crackin' rocks."
the New York Stock Exchange,
In discussing the condition of
have announced the opening of a
our
industry before our company's
our

and better.

stockholders

the

last

annual

meeting, I made some remarks
that
might bear repeating con¬
cerning
the
present
cost/price
squeeze

upon

pertinent.
I refer

am sure

they

are

The remarks to which

are

follows: "As in many

other

industries, there exists some
our industry. This
overcapacity, however, is not so
overcapacity in

great

direct

private

Miller

the unsettled

be.. the

Stewart

South La

Form First Bronx In v.
First Bronx Investing, Inc. is en¬

gaging

securities

from offices at £578

Road,

New

Joseph

are

and

Jack

determining
conditio

wire

Co., Inc., 209
Salle St., Chicago.

and its consequent effect

earnings.

and

year

customers'

our

Industry's Problems

factor

and

The carton

,1.

look

These

pressures

distributor),

goods.

wherever

changes in living
patterns, in family economics, and
buying habits, combine to make
up

the shelves and counters

Com¬

the merchandising

the

interesting

some

Fink

real,

manufac¬

outlets, and these cartons must be
shipped in containers—to a rapid¬
ly growing America.

before

than

packaging.

customer (be he

the

Management Associa¬
tion, Mr. Walter N. Piaut, Presi¬
of

cathe¬

ate must

American

dent

re¬

we help to cre¬
successfully compete with
and. other packages by its utilitarian
out¬ value and its attractive
display on

of retail

unfilled

year,

higher

were

policies and
aggressive research in the field of

are

Power of Packaging
recent

craftsman

the skilled craftsman of our little

agairi^.I

.package

The

our

story,

types

con¬

trend, and for the

about

So,

salesmen"

"where

true

turer

impulse buying,
convenience goods

items.>vAnd;

day."

every

up—in the market

lets

bucks

April

indications of

tinuance of this

living standards of the nation.' It

salesman."

listen.

Population

1.7,%,
2.9%

has become part and parcel of the
sales! department
of
each
and

broadened

self-service, -departments

supermarket

more^sales

sidewalk

industry today con¬
tributes to the social, cultural and

The gratification of these

■—

dral."
r

cathedral. An

new

plied, "Why, I'm building

another

combined with

desires adds

family

estimate!

off 6% from January,
February, they were off
but in March they were
were

1960.

passerby

for

insight

impinging favor¬
this industry.
More

upon

make

vision,, replied, "I'mcrackin'

rocks

economic factor

leisure-time

excavation for the

interesting.

are

January of 1961 paperboard

orders

may

just

second workman blessed with the

industry's volume.
working
hours
with

leisure

force,

that

have

of his

in this

Shorter

industry

(frequently
superin¬
tendent) stopped to inquire as to
what they were doing.
The first
workman, through the shortness

probably as ac¬
indicator
that
exists, it doesn't require a crystal
ball to predict a continuing in¬

couples establishing new
households
and
becoming
new

units.

earlier.

Cartons

Rather, we must adopt
philosophy and the zeal of the

interested

are

things of
speaking.

census

customers

our

content

of customers, however,. referred to

army

population.

Family Growth

United

de¬

second of two workmen who had

wherever they may shop, must
be satisfied. In the light of these

crease

foundation of

curate

carton

just started

The wants and the needs of this

meant when I mentioned

This is another

The

•

thousand

package

structural

serve

Just

Not

with

use

•

ket

the

You be¬

better—in mechanical packaging.

Textile and apparel

items,

sign and—to

carton which

utilitarian

sales value.

way

other-whys. It has contrib¬
the growth of the quickshopping, self-service super- mar¬
where

automat¬

increase

two current statistics

think

determined in

better

of the growing use of the selfselling package outside the fcod,
drug,
and
cosmetic
industries.

that

cartons.

The
economic
impact of the
employed
homemaker
(married
or single) has made itself felt in
uted

lithography,

vure,

must

you

interests

efforts

briefly summarize and

one or

the

there

There

many

business

your

involved in letterpress, gra-

come

Let

inject

increase.

carton

from

efficiency and lower the
cost
of
operations. There have
been some maladjustments during
the transition period, but on the
whole, these moves have strength¬
ened the paperboard industry.

and

marks.

brought

this

intra-industry
They have

over-all

The

pany,

already

con¬

was

plants.

own

or mergers.

longer

paper-

married

example, we as
be, concerned

types of material wnich are com¬
ing into use for^ packaging. Plas¬
tics, metal foils, laminates of vari¬
ous

behind

industry.

has

change in the

back

There

our

order

any

economic

and

vanes

one

forces

board

family
income,
of the strong eco¬

age market carried less than

Many Changes Occur

our

packaging

our

ically in the graphic arts.

not

increased

were

take-

only supple¬
family
income,
it
has
brought about the need for time
saving foods which, combined

average

than

Their

the
statement
only
last
May—that frozen foods sales had,
at that time, reached only about

100%

183

has

working

are

made

appliances

all

day
them.

the

uniform policy
plans to retain

number

product's identity in the mar¬
place. In any event, he must
move
his product to the market

there
of

pay

pursue

production

increase

the

and

authority than
Mr. W. B. Murp" y, President of
the
Campbell
Soup
Company,

Paper

products

the

million

his

mented

etc.

wives—and

home

in
•

consumer

repeat, the bulk of'these Sales

wofkjng
This

must

in, 1960,

company's entire

percentage will
We expect
this notwithstanding -the fact that
continue

dustries, can create competition
semi-prepared foods,
upheavals, and is becoming in¬
table-ready foods, frozen fcods of
creasingly more important to man¬
every kind and variety.'.agement under the current con¬

Apparel, sports goods,

another,

;;

aged focds:

Americans use,

powerful and favorable

increase in the demand for pack¬

20%

candies

Hardware

income.

social forces

board industry.

Dry and liquid foods
and

and

soaps

increases

consumer

with

I960,

tons

and the

economic

also exert

basic board

for

■

Addi¬

industry

influences in behalf of the paper-

that

cf their products.

addition

paperboard

the

Other

the

direct beneficiary of popula-:

box."

but

distributors.

and

turers

many

These

individual

of individual manufac¬

programs

fast

cans

goods

what

container

container.

distribution

low-cost

"corrugated

known

shipping

make

of a
integral

they are playing an in¬
creasingly important role in the
marketing
and
merchandising

board

used

tons;

to:

tons;

9,565,000

6,365,000
tons.

15,930,000

refer

amounted

Board,

Boxboard,

board

1960, the production

mercy

thereto

Kennedy-

Boardand
Boxboard.

fate.

consumer

t ai,n e r

at the

modern

the

into

inte¬

folding cartons, fabri¬

that

expect

sanitary and displayable carton

This in¬

papeboard

society whose
expanding consumer desires mean
more
demand for paperboard.
The products of the paperboard
industry are necessary not only
of

part

"paperboard."
The

not

whether

toward

example,

our

cated within

type

goods packages his products in

use

managed

For

one-third of

ket

well

The

must be the watchword.

paper-

duction

the

folding cartons and containers

continues to rise.
•

outlet,

The

manufacturer of

product.

modern super-market unit
large chain or one of the few-

Once

advent

will

remaining
independent
country
stores,
makes
little
difference.

divisions of
VThe Paper Industry"—Paper and
Paperboard.
The" total
production
of
the
paper
indus- try in 1960
r..

items.

consumer

trend

paperboard

industry on the whole.
all

gration in the paperboard indus¬
try, from raw material to end

year,

between

new

been

resulted

There

large

growing integration trend from raw material to end-

two major

established

eight million

retail

are

there

part of

industry.

verted into

product, and notes the intra-industry merger movements strengthening

There

million

all

are

acquisitions

homes.

The industrialist reviews

the

been

and

present problem of excess capacity and measures to relieve it,

comments

two

meantime

They

The great majority of these new
families, will be customers for
packaged foods and other pack¬

glossing over the current problems affecting the paperboard

encouraging prospects for the years ahead.
the

six

the

have

Company, Inc., Bogota, N. J.

Mr.

industry.

Thursday, September 7, 1961

the present and the future of this

family
units
established.
By
1966, only five years from
now, it is estimated that this fig¬

By John R. Kennedy,* President, Federal Paperboard

industry,

million marriages

million-and-a-half

—

new

and

Without

IV2

were

1960

York

business

White Plains

City.

Officers

Alfieri, President
Artale, Vice-President.

Forms Functional Sees.

lower

earnings experienced
by the industry. Sound, construc¬

ASTORIA,

tive

Posillico.

and

industry marketing practices
policies wculd do much to re¬

establish proper earning ratios."
Within recent years there have

—

Vincent

is. engaging., in -a secu¬
rities business from offices at 2369

28th
of

Street

under

Functional

the

firm

Securities.

name

Volume

194

Number

6088

The Commercial and Financial Chronicle

(1019)
Steel

Production

Electric

Steel Production Data for the

Output

:The State of

Retail
Food

Auto

TRADE and INDUSTRY

Trade
Price

•

Sept.

they have incurred since the last

price h ike.

On Oct. 1, the-cumu¬
lative impact of employment cost
increases since August,
1958, will
be at least $8 a ton on finished

According to data compiled by

-•

the

Index

American

Iron

and

Steel In¬

stitute, production for week §nded
Sept/ 2, 1961 was 2,030,000 tons
(*109.0% )r 0.5% above the output

Production

Business

Ended

Week

Carloadings

Failures

Commodity Price Index

Action

ended

The

defense

taken

measures

the government as a result of the
crisis

Berlin

level

will

higher

production," employment

income

and

business

speed
lead to

and

recovery

than

originally

was

expected by Dr. Marcus Nadler,
•consulting-economist-to The HanBank.

over

comparative
leading

for

summary

the

1,285,186

-1,344,534

Philadelphia

1,061,000

995,000

'~~1tq°°s 0mittj5Jr
york__

"Spending by the ultimate
acceleration in the

lation
to

inventories

higher

penciitures.
will

should

ment

New

profits

govern-

revenues."

across

and

products

have

orders

new

gaining
rate.

both

and

weeks,

from

distributors,
an

sharp

competition
it does not
upward adjustment at

Industry observers cite continu¬
ing threat of imports when they
predict that steelmakers will not
adjust prices across the board.
In

119

the

46%

Production

output in
units

this

for

increase

over

reflecting

60,645 last week
model momentum.
71%

car

88,534

new

this

week

ran

above the 51,647 produced in

period

same

1960.

the

first

half,

had

The reporting service described
as "steady" with
virtually all of the industry's car
plants in operation on a five-day

The
only
inactive
assembly
points were Ford at Dearborn and
Atlanta, down for conversion to

production

series,

set

the

Fairlane

new

bow

publicly

early November. Ford's

St.

plant remained idled by
Ward's
menced
week

said

building

ended

strike.

plants

com¬

models

new

August

Louis

19 this year,

St. Louis

improvement

foreign trade

111

compared with week ended Sept.

118

—exports of 890,000 tons vs. im¬
ports of 1,286,000 tons — but a
favorable balance dollarwise. Our

will' make

119

Western

accelerating

Chrysler Corp., in contrast, has

September the best month of the
Total

to date, and assures further

year

Southern

at
:

The

108
i

estimated

plants
—

schedule.

the mill level.

Cincinnati

base" of

broad

week

output this week

preclude

132

Chicago

the

among

123

Detroit
"

been

reinforcing bars, elec¬
conduit, and merchant wire

mainly

101

Cleveland

Accelerating Rate

building 1961 models until
early September.

nickel. Since the recent price cut¬
in
stainless
has
resulted

include

ting

114

Pittsburgh ]
Youngstown

They

com¬

mence

Stainless steel producers would
like to boost their prices at least
enough to
compensate
for
the
June
30
boost in
the
price of

Sept. 3, 1961

Buffalo

the Iron Age reports. For several

effect

favorable

corporate

The steel market has recovered,

employment, reducing the ratio of
unemployed
to the total labor
force. The greater volume of business

Recovers,

Gaining

ex-

favorable

Market
Orders

developments

These

have

Steel

imports,

products.

Week Ending

competi¬
other metals,

date,
virtually all of

has accounted for

the gain. Last year it did not

plate,

trical

*Index of Ingot
Production for
•
V

are

stiff

nonmetallics.

tin

'lS&Fas*follow? ended Sept* 2>
.

from

and

that face

tion

r-o

GM Corp.,
building nearly 100,of the 1962 models to

000

Ward's

likely to be bumped

products

?a«nW

North East Coasts

later

capital

4.4

+, 6.5
761,537..+ 4.6

796,928

accumu¬

and

corporate

"1.3

con¬

will be stimulated, leading

sumer

><.

$13,759,523 $13,587,242

Boston
.

w°q

Less

The Institute concludes with
Index of Ingot Production by Dis-

New

^ /o,r

the

for

centers

money

Chicago

oS ,62>140>000

Hanover
mpntc*
meiiLb.

big
tonnage
sheets, plates,

carbon

compared with only 50,000 of the
1961 models at this time
last year.

certainty.

through

pe£,\Pcl through Sept. 2, 1960.
1QJYe
^ d|te Pr°duction for
963,308,741 against $25,259,683,576
g
1' for the same week in 1960. Our
^- U?"85,000 tons or

report, "Berlin's Impact on
the Economy," published by The
com-

year

corresponding week last year. Our
preliminary totals stand at $25,-

Bank, Dr. Nadler

this

®^

to obtain weekly clearings were 2.8% above those of the

possible

week follows:

Production

—

structurals, and bars—is almost

Aug. 26.

•

;

the

products

2,020,000 tons (*108.4%) in the

week

■

steel.

109.0

exports

deficit

volumewise

valued at $198 mil¬

were

last

year.

later start-up date—week ended

lion.- Imports
were
worth
$161 Aug. 26 for the 1962 models vs.
improvement for the fourth quar•Index of production based
average
million.
week ended Aug. 6 for the 1961
ter.
weekly production for 1957-1959.
models a year ago.
The firming of the market has
Barring
an
impasse
in
auto
fects of increased defense expen- been
Ward's
said
accomplished without any Despite Political Pressures, Odds labor negotiations and a pro¬
GM
Corp. took
ditures
will
then
come
to
full great surge
of automotive steel
Still Favor Steel Price Hike
tracted strike, steelmakers expect 58.7% of the U. S. car output this
fruition. He feels that sustaining buying, and without any inven- Despite political pressures September to be a banner month. week, with Ford Motor getting
business activity on such a level tory buildup. When the auto in- against higher steel prices,
the
Weekly operations are at the 28.1%, Chrysler Corp. 7.2% and
will depend in part on whether dustry's labor troubles are over, 0dds are about 3 to 2 in favor of highest
level
since
the
week American Motors 3.4%. The Stuor
not inflationary pressures are and when major steel users move an
upward
adjustment
around 'ended May 9, 1960. Last week's debaker-Packard Corp. share was
Dr. Nadler foresees the

upswing
in business activity continuing in
the first half of 1962 since.the ef-

renewed.

•

future

Viewing
prices and

wages

Nadler

Dr.

warns:

renewal

position of the dollar

inflationary

and

renew

gold. A renewal of
will

pressures

not

only increase the costs of national

defense, but in the long
hamper
xiamper

rate
i<ne

our
uur

growth

and-;lead

will

run

economic
economic

of
oi

large-scale

unemployment"
unenipiuyxueiii.
Dr.

Nadler

mand

for

the

de-

reflect

will

rates

in business
Federal

that

prevailed

likely

and

expected.
1959

the

not

authori-

commercial

the.

meet

legitimate credit requirements of industry and trade."
The
Nadler
a

security of the nation,. Dr.
concludes* rests on both

strong] military posture

sound

economy.

expense

the

ability
defend

the

of the
itself

gress'.on and
The

former

of the latter reduces

United

and

the

free world against

{<rT1,

and

"To "strengthen
the

need

States
of

rest

Soviet ag-

subversion.
j

borne

the

individual

fourth

defense

increase

policies.

wage

The

adoption of sound economic policies by government, management
labor will be as

and

terrent

gression

strong

de-

against

Communist
strong military

Were

showed

with

year

tied to construction .are
up
well.
Appliance
builders are ordering more steel
for the fall upturn in production,
Farm equipment, which had been

expected to tailspin because of tt:e
drQught and other factors, has
Phown n° worse than expected

based

upon

the

country,

ton on Oct.

but

some

buildup

likely

gone

down

ag¬

inventory

evidence

steel

buildup
stocks,
around

pre¬

still

said

that

new/model

46%

period

ton

Production

re-

1962

Model

than in he

1961

model

Last Year

General

assembly,

the

last

Corp.,

the

industry.

Business

Failures Down Again

the

Ward's

161,000

the.

This

week

ended

Aug.

from

said

the

have

1962

produced
model cars

offer to sell

offer to buy securities.

above the

308 in 1959.

288 occurring

Some 40%

Continued

nor a
<

August 31,

1961

200,000 Shares

U. S. Fiberglass
Common
(Par

Products Co.
Stock

Value

for

Week

Ended

1980

Week

last

increase

$1)

na¬

week

compared

telegraphic
cities

indicate'•"* that

advices
of

for

the

the '

sustain

an.

improved

rate

ended

Saturday,

Price

$2.00

per

of business comfortably.
This

ago.

ch ief

low to

means

that

even

though

determined
to
operate with low levels of inventory, and are still convinced
they can expect relatively fast
delivery, some buildup has to
steel

users

are

Copies of the Prospectus may be obtained from the under¬
signed only in those states and by those persons to uhom
the undersigned may legally distribute the Prospectus.

result.
.1,1

Hauser, Murdoch, Rippey & Co.
•

more con-

offering is made only by the Prospectus.

the similar week last year and the

^TFW 7SSTTE

352

the

ably

makers

auto

declining for the second con¬
week, fell to 321 in the

July 27, they continued consider¬

service

statistical

The

ures,

over

production

Reports said.
.

preceding week, reported Dun
& Bradstreet, Inc.
Although cas¬
ualties
dipped the lowest since

is leading
strong gain

model

year,

Ended Aug.

Commercial and industrial fail¬

Automotive

target,

makers

auto
new

solicitation

secutive

Motors

strike

UAW's

This announcement is neither

cars,

similar

quicker buildup in
production tempo that, barring a
strike, may well be characteristic

Cars

71% Above the Same Period

prices

only part of the added costs

featuring

first

the

output GM

has built 31,000

Corp.
or

hover

and

Ward's
weeks

For Week

0.6%.

steelmakers" will

tha<.
cover

2?an at fbe Tow. point tins year,
^be rafo ol consumption, alone
acc°untefor the improves rate of
sa^es- This means there is virtually

close to

ton. Traders are looking for
higher prices this fall.

1:1 view

expects

it 'estimates

tons

For most of five major com¬
panies this week marked only the
second for 1962 model assembly.

gross

centers. Service centers are blowing- hot and cold on • inventor.es,

Delivery promises are len?thenSept.
2,s ing out. Consumers will riot be
clearings for
all
cities
of • the able to count on fast shipments
United
States-for- which
it
is characteristic of earlier this year.

week

•

magazine says to look for
selective price hike averaging

seasonal declines.
Steel warehouses expect a 10%
Sam m September over August,
w„hlch' m turn, Showed an upturn
°f. 5%
over, .July for
service

Preliminary
figures compiled by the Chronicle
from

Steels

2.8% Above the

clearings

Steel

moving

tionally,

Corresponding
Bank

installment of the wage

prices have

•

the

2.6%.

million ton7. This ii considered too

Clearings

Sept.

will

package they negotiated in Januar^
196Q> gince the lagt general
pr'ice increase in August, i958, the

notea in

orders.

new

paredness."
Bank

costs

another $2 to $3

industrial strength,-, is one of-the

and

there's

letup in sight.

stee7makins

will

0£ the improve(j saies and foreexpenditures makes it imperative:
c^s
'
•
to
reduce. non-defense
outlays,
■;
•
eliminate waste, increase produc--,
^ ls estimated that steel is now
tivity and practice moderation in being consumed almost 30% taster

price

capacity)> and

.&te<b ^ 1s s, w 11 f?,up

surprising strengtn is

mlMbn

2.1

checked

Steel's price composite on No. 1
heavy melting grade of scrap rose
34
cents last week
to $38.67
a

year>s highest rate (about

V4% of 1960
nQ

individual companies win
th *TT jf
steelworkers get
exceed that rate by a good mar- w^en trie united bteeiwoiKers get
*
g

the

•

jg a^

quarter.

pommDip?

than

poured last week. August
in(justry leaders feel will "production was about 8.7 million
ingot tons vs. July's 8.1 million.
rt an increase. Production

tons of ingots this year with rela-;
tive ease. Furthermore, the nndustry should be producing steel
at a rate #of better than 80% of
in

higher

were

Steel demand is nearing a level

should now produce 100 million

the

rate

capacity

o.qtr-

beavy
plates
and
structurals..
Manufacturers wire,., .sometimes hourly cost of wages and benefits
in- considered a barometer of .overall-hag gone up about iq% but steel

banks with the necessary reserves
to

„reater

upswing will be
only slightly this week
Labor Day holiday. Steel
ingot production will be

excellent.

cars

activity

deficit.

the Reserve

furnish

will

was

The

improving. Industrial production
is
record high. Durable goods

huvhS ordersriwe^rasing. ;The sales
i0ok for-new<,
is

-The magazine says .the industry

the

moderate, increase

terest

ties

that

feels

large

output

previous week's.

The business climate is steadily

the third

Credit

improvement
and

1, Steel magazine said.

its reasoning:

wide range of consumers buyiri^,

in the international,

the outflow of

Oct.

dus^I7' ^e *r0J1

the

wage-price
Ural
mill
ocrcfro^ato
iVio
Roionno
spiral will aggravate the balance
of payments position, cause a loss
of confidence

the mar-

broad range of products that are

»•

rebuild steel stocks,

strengthen even more.^
Encouraging to the steel m-

increase in
in
the near

unlikely,

sharp

Omega Securities Corporation

page

The Commercial and
16

AND INDUSTRY

preceding week, 22 metropolitan
areas registered increased tonnage

Compared with 1960 levels out¬
declined 3.1%, shipments
dropped
4.5%
and
orders fell

while 12 areas reported decreases.

enced

6.7%.

which

was

STATE OF TRADE
15

Continued from page

succumbed than in prewar
1939 when the toll was 229.
Failures with liabilities of $100,000 or more held steady at 36, the
same
as in the
prior week, but
cerns

fractionally from 33 of

size

this

under $100,000
dipped to 285 from 316 last week.
They remained above their 1960
losses

level of 255, however.

ing where the toll dropped to 41
While there was a mild

from 71.

dip in construction to 51 from 56,
retailing casualties held even at
154
and
slight
increases
lifted
wholesaling

and

from

commercial service to 34 from

33.

than

occurred

failures

in all industry and trade
except manufacturing.

year ago

groups

geo¬

lower

reported

regions

graphic

major

nine

the

Six

week. There was
an appreciable downturn in casu¬
alties in the East North Central
States to 59 from 74, a moderate

tolls during the

to 69

fractional

only

but

from

States

Pacific

the

dip

changes in other areas. The Mid¬
dle Atlantic toll was
off to 97
from

above

ran

South

the

and

year-ago

Atlantic

Business mortality

to 35 from 39.

board

levels in six

Aug. 27

1961

226,026

229,029

233,370

Shipments

229,395

227,145

240,270

Orders

217,513

216,925

233,181

volume

the

distributed

electric

amount

and

industry for the week

power

Saturday, Sept.
2,
estimated at 16,214,000,000
ended

was

kwh.,
according to the Edison Electric
Institute.
Output was 723,000,000
that of

above

kwh.

the

kwh.
kwh., or 5.6%
that of the comparable 1960

week's total of 15,491,000,000

861,000,000

and

above
week.

Intercity
Ahead

Truck
Tonnage
4.6%
of Corresponding Week
Last Year

Intercity truck tonnage in the
week ended Aug. 26, was 4.6%
ahead of the volume in the cor¬

weekly

are based on the
of 34 metropolitan
conducted by the ATA De¬

failures
were recorded as against 24 in the
preceding week and 33 in the

areas

comparable week

flects

Canadian

a year ago.

survey

partment of Research and Trans¬

Economics.

port

Volume

1960

Behind

re¬

truck terminals of com¬

freight

general

carriers

mon

handled

tonnage

than 400

Shipments Were 4.5%

Lumber

report

The

throughout the country.

This

d,u

pro

Aug. 26, totaled 226,026,000

board

with 229,029,000
board feet in the prior week, ,ac-r
compared

to reports from regional

associations. A year ago the figure
was

233,370,000 board feet.

NOTICES

DIVIDEND

The

for

last;

tonnage

at 23 localities.
reflected tonnage

and
not

tinued

cars

revenue

that

This

was

included

total).
724

cars

(which

19, 1961

6.7%

were

increase

above

the

week,

year

ago

points

showed

areas

10%.

terminals
crease

increases

Only Baltimore truck
showed

sizable

de¬

pared with 55

year

one

ago

and"

ended
and

the

corresponding week in

'giimiiiimiiiiiiii]iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii|
The Board

quarterly
dividend of $1.0625 per share on
the
$4.25 Cumulative Preferred
Stock, payable Oct. 1, 1961, to

Stock—A

quarterly divi¬
dend of $0.25 per share on the Com¬
mon Stock, of the value of $1.66%
per

share payable Oct. 1, 1961, to

stockholders of record at the close
of business

Sept. 15, 1961.

Transfer books will not be closed.

CORPORATION

the Common Stock

of the Company, payable on
September 25, 1961, to
holders of record at the
close of business on Sep¬

I MURPHY[
|

oj Directors of

Murphy Corporation at a
meeting held on August 30,
1961, declared a quarterly
dividend of W/2 cents per

iiiuimiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiir^

tember

11, 1961.

Checks will be mailed.

this

J. W. Reilly, Vice Pres. & Secy.

CERRO

CONTINENTAL

1961,

declared

dividend

cash

(27}^)

the Common

Stock of the

Corporation,

per

September 29,

Per

this day

The Board' of Directors has

men's

and

wear,

The

the outstanding

stock

re¬

this

was

+4; New

West South Central 0 to

Atlantic

Middle

England,

and

+3; Moun¬

+2; Pacific —4

tain —2

not

regular quarterly

of 55<i

per

the

of bush

September 15, 1961.
be

will

closed.
.

WILLIAM FISHER
TREASURER

HOSTESS

iiiiiiiin

less

to 0.

than

;

Sales

Department

Were

Store

Higher Than

6%
1960

Week

Department store sales on a
country-wide basis as taken from
the Federal Reserve Board's in¬
dex for the week ended Aug. 26,

company's

the

6,776,545 shares of common stock
outstanding.
The company
at

with headquarters
Corning, N. Y.,- is the leading

domestic

manufacturer

spe¬

ciality glassware. It is a large pro¬
ducer
of glass
bulbs and com¬

ponents

others

used

the

incandescent

manufacture

lamps, radio, electronic and tele¬
vision
to

picture

tubes.

addition

making tubing for neon signs,

Flcurescent lamps and laboratory

pharmaceutical w a r e > The
also produces glass parts
for sealed beam automobile head¬

and

company

lights

and

component

electric

applications.
Coming's
resistant

line

PYREX heat

glassware for

and commercial
for

known

period

last

ended Aug.

last

over

week

the

last year.

over

years,

consumer

has been well

use

and

re¬

cently its
Corning Ware" line
of cooking ware and
small ap¬
pliances,
made
from
its
new
family
of PYROCERAM
glassceramic
materials,
constitute
a
substantial part of its consumer
products sales/
'/'•
.

"•

the Federal Re¬
department store

Equity Annuity Formed
RENO,

Nev.

—

Equity

Annuity

Agency, Inc. of Nevada is engag¬
ing in

securities businefs from

offices at 195 South Sierra Street.
Officers

are

Gorman

Merrick,

Dooley, Sec¬
sales in New York City for the
retary
and
Treasurer;
Roland
week
ended
Aug. 19, were 4% Wiley, Vice-President, and Samuel
higher than the same period last E.
McDowell,
Assistant
Secre¬
year.
In
the
preceding
week tary.
System,

serve

sales were un¬
the same period
For the four weeks end¬
ing Aug. 26, a 6% increase was
reported above the 1960 period,

while

over

from

Jan.

increase

comparable
recorded.

President;

Dale

12,

Aug.

changed

last year.

1 %

August 31, 1961

For

year.

19, sales were up 4%
year.
The four-week

period ended Aug. 26, 1961, sales

ended

corporation

The stock transfer books

Secretary

N. Y.

1% below to 3%
higher than in the previous year,
according to spot estimates col¬
lected by Dun & Bradstreet, Inc.
Regional estimates varied from
comparable
1960 levels by the
following percentages: East North
Central -fl
to +5; West North
Central, East South Central and
Wednesday

advanced

Common Stock, payable October 1, 1961, to
holders of record of such
ness

New Yprk 22,

en¬

automobile

dollar volume

total

According

declared this day

September 15, 1961.

300 Park Avenue

record at the

Dividend No. 66

dividend, for the third quarter of the year 1961,

Michael D. David

cerro

quarterly dividend

the outstanding $5.50 dividend Preferred

Common

1961, to stockholders of rec¬
ord

30,

1961, were 6% more than the like

Stock,-payable October 1, 1961, to stockholders of
close of business September 15, 1961.

payable

$1.37J/2

twenty-seven

and one-half cents

The Board of Directors has declared

September

COMPANY

BAKING

Preferred Dividend No. 91

Cash Dividend No. 165

and Lazard Freres & Co. None of
the proceeds

lull appeared generally

The

meeting held

per share is being
(Sept. 7) by an un¬

today

derwriting group jointly managed
by Harriman Ripley & Co., Inc.

selling of housefur-

Nationwide

Corporation at

made

Treasurer

siiiiiiimniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii^

Cerro

Aug.

Wednesday,

South Atlantic —1

L. R. Beasley

The Board of Directors of

at $165

Works

edged above year-ago levels.

tail trade in the week ended

dividends have been

Preferred Stock—A regular

Common

273.23

offering of 150,000
of Corning Glass

secondary

common

sales continued down.

NOTICE

Sept. 15, 1961.

stood

However, mixed trends were

NOTICES

by the Board of Directors:

Index

countered in

Canada Dry Corporation

of business

Common Offered

Cumulative^ piggyback loadings j, in the prior week but appreciably
for the
first 33 'weeks of 1961 * higher than the 266.59 on the cor¬
totaled 360,967 for an increase of responding day a year ago.

1959.

traffic.

DIVIDEND

stockholders of record at the close

Corning Glass

by slight rises

(1930-32 = 100) on Friday, Sep¬
tember 1, a slight dip from 273.88

nishings,

declared

(

over

The following

electrical

are

from the sale of the
12,550 cars or 3.6% above the cor¬ Consumer Buying Perks Up for stock will accrue to the company.
decreases
from
the
1960 ^ level.
The offering is being made for
responding period
of 1960 and :
Y ; Week Ended Aug. 30 v. ;
Truck terminals at three centers^
a number of individuals and trust
103,742 cars or 40.3% above the'
showed gains
of 20%- or more; corresponding
Retail purchases, bolstered by accounts of the
period
in ' 1959.;
Houghton family
these were Birmingham up 22.9%,: There were 58 class I U. S. rail-' heavier interest in back-to-school,
for purposes of diversification. It
Charlotte 22.2%,
and Dallas-Ft. road systems originating this type merchandise, fall coats and linens,
represents less than 10% of the
Worth 20.0%. Eight other termi¬
moderately
in
the ' week selling stockholders' holdings and
traffic in the current week com¬ rose
a

Eleven

nal

DIVIDEND

They

puters.

prices.

Price

ity
;

corres¬

essential
control
systems
ground
guidance equipment, analog com¬

Daily Wholesale Commod¬

The

•

tin

changes

into

of electronic
used in missiles,

lard, sugar, hogs, cotton, rubber

and

cor¬

responding week of 1960 and an
increase of 3,458 cars or 42.8%
1959

ac¬

component

ended, and there

offset

were

convert

position

changes

ponding

coffee, steers, lambs,
However, those de¬

rye,
hides.

clines

which

dips in prices for

fractional

and

which

voltage.

Prices quoted for com
down noticeably

wheat,

are

mechanical

than

higher

film

carbon

electro-mechanical de¬

sales,

wholesale commod¬

considerably

principal

is the

industry,

pre¬

elec¬

counted for 92% of the firm's 1960

Index

Latest Week

the

for

precision potentiometers.

oats turned

were

over-all

week's

the

prices

variety of

Potentiometers,

in the week just

reported

highway trailers or highway con¬
tainers (piggyback) in the week
ended Aug.

Off

last year.

and

food

ity price level changed only frac¬
tionally in the past week, reports
Dun & Bradstreet, Inc., but it con¬

and the preced¬

11,530

tronics

manufacturer

designs,

which

company

vices

ing week of this year, follow:

one

trend

Levels

compared with the corresponding

were

components

The general

Loadings by commodity groups
the week ended Aug. 26, as

There

and sells

cision

wholesale level.

for

week of last year

The
makes

Wholesale Commodity Price

cars

will be received by the firm.

total of the price

eral

7.9% above the
corresponding week in 1959 (dur¬
ing the steel strike).

43,388

sues

partnership

as a

proceeds of the current is¬

rep¬

Siegel

Mr.

and

1950.

Inc.

chief function is to show the gen¬

de¬
crease of 2,699 cars or five-tenths
of 1%
below the corresponding
week in 1960, but an increase of
loadings represented

Adise

Mr.

founded the firm

31 raw foodstuffs
meats in general use.
It is
a
cost-of-living
index.
Its

sum

pound

per

preceding week.
The

Bradstreet,

Dun

the

urer.

partially offset by the higher

resents the

the

below

Henry

however,

declines,

Wholesale Food Price Index

decrease of 2,889 cars

^ abovVthe

survey

increased

showed

week
from

terminal!

was

five-tenths

being

are

Adise, Presi¬
Hempstead,
Long

firm; the other half for
Siegel,
Secretary-Treas¬

Island,

rye,

corn,

These

The

the

dent

wholesale

quoted for wheat, bellies,
cheese, cottonseed oil and hogs.

totaled

Instruments

Computer

Half

prices

freight in

Aug.

ended

common

sold for Herbert H.

were

revenue

160,000

Corp. at $12 per share.

1960.

steers.

cars,
the Association of
American
Railroads
announced.

t i o n in the
United States in the week ended
Lumber

$5.99

heads

Co.

offering

cost this
beef, hams,
lard, coffee, peanuts, potatoes, and

592,265

loaded with

findings

These

week

the

of the pre¬

above that

2.6%

was

tonnage

Truck

announced.

Inc.,

Associations,

Trucking

American

the

1960,

week

responding

5/10ths
1% Below Same Period

group

week earlier and off
0.3% from $5.98 on the similar day

Last Year
•

stood

dex

from

Stone

Hayden,

On Sept. 5, the in¬
$5.96, down 0.5%

level last year.

Lower

light

Common Offered

prior week and was also off
fractionally from the comparable

Freight Car Loadings Were

electric

Instruments

the

week

energy

Computer

three

for

slightly below

street, Inc., dipped

compared to last year's

even

Index, compiled by Dun

5.6% Higher

Central and Mountain States.

cording

Thursday, September 7, 1961

Wholesale Food Price
& Brad-

weeks, the

depressed traffic.

The

motor

improvement

1960 Week

Than in

steady
freight

upturn as well as a

sonal

1960

Production

vious week of this year.

Twenty-two

like those in
reflect a sea¬

other recent weeks,

Au$ 19

Aug. 26

holding

After

influ¬

were

major
terminal
reported shut down

findings

These

weeks indicated:

regions but fell short of 1960 in
the
South Atlantic,East
South

feet

Dips Slightly

one

during the previous week.

the

for

feet

results

Milwaukee

figures

the

are

Electric Output

decline
concentrated in manufactur¬

was

Following
thousands

week's

the

put

Casualties

ago.

year

involving

Most

Food Price Index

Wholesale

immediately

the

Compared

were

Financial Chronicle

(1020)

26,

Aug.

in the
1960, was

Form Maurice,

sales

periGd
..

son,

over

ness.

Norman Co.

CHICAGO, 111.—Maurice, Norman
and
Company has been formed
with offices at 2641 West Peter¬
to conduct a securities busi¬
Partners
are
Norman B.
.

Volume

194

Number

6088

THE MARKET,
BY

The Commercial and Financial Chronicle

WALLACE

Thatcher

AND YOU

(1021)

Glass, barely covering its
suffering from

dividend payment,

price reductions

STREETE

tive

due

harassed

and

pressure,

Funston Urges

competi¬

All the uncertainties both at home
and abroad this week
kept traders
cautious toward the stock market.
It added up to a few issues that
able to

were

demand

soar

and

els.

interest,
issues
new

the

were, "able

Radio^ and

ship

isn't

far

high-flying
continue

Inter¬
Machines, Ze¬

Texas
of

case

Utilities,

bad

leader¬

quality is concerned.

Autos Hobbled

Auto

labor
that

issues

negotiations for the
kept them restrained.

While

the

union

most
This

problems

dis¬

solved

speedily, the threat of pos¬
sible delisting by the New York
Stock
Exchange if
any
shares

distributed

employees
were
non-voting ones, offset the settle¬

ment and

The

it went nowhere.

question

mark

Stude-

was

baker, and the uncertain market
gyrations of its shares illustrated
the

doubts.

Studebaker's

results

this year have been unimpressive,
at least as an auto maker. It ex¬

pects

loss

million

for

ters

the

wiping

quarter.
a

better

the

first

than

three

quar¬

it would point to
good earnings pattern for 1962.
so,

But that has yet to

Studebaker's

good
motive

are

nonauto-

vwhich is estimated

.areas

position,

capital

inventories

Studebaker's

real

1961

auto

prog¬

the
company,
without a
thriving auto line, would be un¬
exciting. -- Moreover, results this
year are expected to reflect the
expiration
of
tax - loss
credits
,

enhanced

earnings

here.

less than

third.

And half of its

lighter business today is in highpriced
butane lighters
which

aren't, as were the low-priced
ones, subject to the intense com¬
petition from

both

domestic

and

foreign lighter makers.
Meanwhile Ronson has built up
its electric appliance line which
nonexistent

was

where

last

Also

and

22%

missile

which

operations

ago

for

year.

aircraft

were

years

accounted

sales

eight

were

added

state¬

The company's

small

now

account for 9%.

the

fortunes

All

make

sion.

efforts

the

served

Ronson

better

ignore the recent reces¬
were up 16% in 1959,

Sales

year

11%

in 1861 and for this

projected at

are

Meanwhile

15%.

gins

profit-mar¬

widened.' There hasn't

were

been

increase

too-much

market

recogni¬

tion of the

accomplishments, since

the shares are still

definitely

available at

sub-normal

profits

15-times

this

for

year

ratios that

show

are

the

edge

of the stratosphere.
the

section

drug

available

less

the

than

item

15-times

earnings is McKesson & Robbins
which is far under its peak of last

although results for the last

year

part, due to drab styling and, to
a
degree, by fears that it would

der the

The

making.

company's management has

notions that it is through with

autos, including extensive restyl¬
ing and much stress on its aim to
achieve

far

picture

not

press
a

average

one

that

alone

would

de¬

the price of the stock almost
McKesson's mainstay has

third.

been

wholesale,

mostly

ethical

drugs, but it hasn't been lagging
in diversification.
Liquor prod¬

satisfactory

market penetration with the new
models.

figure for half a
dozen earlier years. Such a result
is

;

been energetic in trying to dispel
any

Helping along the profitpromise is that retooling

ucts account for more than a quar¬
ter

its

volume

and

has

recently taken steps to move im¬

portantly
into
the
proprietary
drug business, including cosmetics.
held
down
The company that is still not
vigorously — some
estimates are that the entire re¬ showing signs of making an im¬
styling was done for around half portant turn for the better is
costs

for

the

new

models

on
the company is i to sell
of its divisions that turns out

and

tableware.

This

will

provide nearly $5 million in cash
and
paper
for the company to

where

unprofitable, even
operations were
hacked away and the cash used
to
acquire other lines of more
promise is Crane Co.
This old
case

low-profit,

in the

name

buy

any

of these Securities.

offer to sell,

nor a

solicitation of

York

tax

trust
ture

and

C
c

vide

the

firm's

than

capitalization by

third via

Added

lineup

were

terprises,

lines

trimming

call for tenders.

Crane

the

half

family

dozen other

en¬

of the better-known

one

being National-U. S. Radiator. The
expansion program ran into a snag
when

started

out

acquire
Briggs Mfg., but legal action was
able to foil the plan. Undaunted,
Crane

bartered

its

Briggs

21%

interest

Products

American

its

acquire

Metal

Alliance

plus

the firm's avowed aim of liquidat¬

ing portions of the acquired busi¬
nesses
that
aren'tj up
to profit

cents

cash

which—before

flow

offs—is

indicative

also

remedy that should be

The

investor is not asking for
favors, Mr. Funston declared.
asks only that he be treated
fairly and in a manner for which,
there is ample precedent in cases
any
"He

warned

man¬

agement results, came to $7.98 last

from $8.23

year

for

far

how
the

decrease

milder

was

many

and

measurement

able

recession.

out, the

the year before,

true

fare

And from

through
here

acquisitions should

the

broaden

of divestment

required under the
Utility Holding Company
Act, the Bank Holding Company

Buffer,

Act

been formed with offices at 79 Wall

other

and

Form Ruffer, Ballan Co,

statutes.

"Congress has, in other words,
similar involuntary .dis¬
tributions
by
deferring all itax
liability until the recipient actu¬

Ballan

Co.,

Inc.

has

Street, New York City, to engage
in

securities business. Eli Ballan

is President

the firm;

Charles

Buffer is Vice-President. Mr. Bal¬
lan

ally sells the stock."

was

formerly

with

[The views expressed in this article
do

necessarily at

not

cide

with

They

are

author

those

presented

any

the
as

time coin¬

"Chronicle."
those of the

only.]

have

Bros.

Funston

has

become

associated

panies

all shareowners

which

Federal

are

Co.

office

under

the

has
265

—

the

announcement is neither

buy

any

Peascoe

McCormick

branch

the

Robert

Security

Boyle.

The

Dallas

office

the

firm's

wire system.

offer to sell,

these securities.

nor a

solicitation of

The offering is

offer

made only

September 4, 1961

New Issue

with

120,000 Shares

Microwave Semiconductor &
Instrument Inc.
Common Stock
(Par Value $.03 Per Share)
OFFERING PRICE:

management of Albert

$3.00 PER SHARE

R. St. Germain.
Copies

Copies of the Offering Circular may be obtained from the undersigned in

compliance with the securities laws of such State.

Aloha Incorporates

the

any State

Offering

Circular

may

in which the undersigned

obtained from

may

the undersigned in

legally offer these securities

compliance with the securities laws of such State.

HONOLULU, Hawaii—Aloha Se¬
curities

THOMAS JAY, WINSTON & CO., INC.
*

464 NORTH
BEVERLY

BEDFORD DRIVE

HILLS, CALIFORNIA
.

'
-

"rf

Co.,
184
South
King
Street, is now doing business as a
corporation. Officers are William
L.
Wong, President;, Walter G.
Asmus, Vice-President; Bung Yin
Yim, Secretary-Treasurer.
V •:

FIRST INVESTMENT PLANNING CO.
1500 Massachusetts

new

branch will be connected with the

Ross-

opened a branch
Appleton
Street

Inc.

management

by the Offering Circular.

Clayton

was

Exchange have opened

office

Building under the

dis¬

Mr.

Company, members of the New

com¬

compelled

Government

J. C. Flax Branch
Mass.

that

declared

beyond the present Bill and to
extend this same equitable treat¬

This

White & Company, with which he
been
associated
for
many

Per Share

York Stock

obvious remedy is for Congress to

Co.

BROWNSVILLE, Texas—Sanders

ment

Gordon

New Sanders Branch

control.

With Fahey, Clark
Ohio—Kurt

with

such

instances, Mr. Funston
said, Congress has provided for
deferral of tax liability, recognize
ing that this relief is required, in
justice, for the innocent victims
of Federal action over which they

the

(Special to The Financial Chronicle)

Witter

Federal regulatory agencies.

Flax

ties in

Osborne & Sons. .Mr. Ruffer> was

Mr. Funston noted that there i'S

years.

State in which the undersigned may legally offer these securi¬

base

shareownership."

Public

Mr.

start to be felt.

HOLYOKE,

any

the

that

squeeze.

time

write¬

Fahey, Clark & Co., Union Central
Bldg. Mr. Rossbach was formerly
in the buying department of J. A.

PRICE: $5.00 Per Share

stock¬

"My main concern, In this re¬
gard, is to see that investors are
treated fairly. This country should
do everything it can to encourage
more
people to invest their sav¬
ings in order to provide the capi¬
tal necessary for the sound growth
of our economy and at the same

considered."

had

Par Value 50

im¬
the
step

law, it is clearly a
right direction—and is the

the

minimum

868,000

who, in the future, may be simi¬
larly caught in such an unmerci¬
ful

the Bill

present

Funston

with Bertner

bach

CAPITAL STOCK

that

of less than 100

standards, and another policy of no essential difference between a
writing off fixed assets as quickly situation involving a compulsory
as
possible under the tax laws, Antitrust distribution of stock and
Two With Paine, Webber
have kept reported profits from and cases involving involuntary
(Special to The Financial Chronicle)
showing the full benefits of all the conversions, sales or exchanges of
IX)S ANGELES, Calif.—Louis R.
acquisitions.
Last year, for in¬ property or assets pursuant to
Federal
reclamation
or
holding Aragon and Joseph W. Peascoe
stance, earnings of $2.97 were re¬
have
become
associated
with
ported from $4.03 the year before company statutes or decisions by
the
Federal
Communications Paine, Webber, Jackson & Curtis,
for a seemingly large drop in its
626 South Spring Street. Mr. Ara¬
Commission, the Securities and
profit-making ability.
However,
was; formerly
with
Dean
Exchange Commission and other gon

CINCINNATI,

IRVAN FERROMAGNETICS CORP.

extent

than

or - more

—

has

to any and all of the 15 million
shareowners in American business

said

the harsh penalty
shareowners
by

225,000
Approxi¬

of any provision for re¬
lief of these shareowners "repre¬
sents a clear and present danger

interest in General

President

has

record.

owners

Mr.

Corporation.

the

duPont

absence

occasioned

Exchange
the

holders of record.

Keith Funston

treated

Ware subsidiary.
These
busy acquisitions,

September 6, 1961

40,000 SHARES

re¬

was

posed

plumbing

shares.

sion that E. I. duPont de Nemours
& Co. must divest itself of its 63-

The

187,000

8Q%—are

by the
recent U. S. Supreme Court deci¬

Motors

•

that

duPont
of

cases.

million-share

additional

companies

involving

case

mately

pro¬

Bill

noted

stockholders

lief in divestiThe

shareowners, many of whom are
circumstances, will be

Bill

some

du¬

today and

other

affected.

which

ture

which

and GM hundreds of thousands of

i ttee

would

di¬

in modest

oncerning

8190,

Funston

current

Ways

House

millions

Mr.

Means

o m m

might face in the future."

state¬

simultaneously

which

ment with the

House

treatment

shareowners

Mr. Funston
a

tax

Pont shareowners face

divesti¬

ease

wholesale

unfair

orders.

filed

result of

"Such Congressional
action," he
said, "would remove the threat of

investors of unfair

penalties

incurred

vestiture order.

result of Anti¬

"to

the

tribute assets

the

Stock

tion to relieve

may

while

President

Exchange, has
urged Congress to adopt legisla¬

offer to

The offer is made only by the Offering Circular.

NEW ISSUE

Funston,

that

were

announcement is neither an

New

plumbing equipment

Kurt Rossbach
This

Keith

business
early in its corporate
revamping eliminated a large part

parts

fiscal year were held to a decline
of 10 cents (to $2.50 a share) un¬

auto

step
drain

one

unsatisfactory results in merchan¬
dising autos this year were, in

abandon

can be maintained, they of¬
yield approaching 6%. One
being taken to 'remove a

still

when shares of the wonder stocks
But

which

fer

up with the fate of
of its lines, Ronson Corp., bolster
its
financial
position.
widely regarded as a one- Meanwhile earnings, while lagging
product firm, has over the years badly from last year, did turn up
made
a
significant switch to a in the second quarter over the
multi-product firm without too first period, although it is- not
much public recognition.
clear that this was the decisive
In eight years since top man¬ turnabout
being looked for in this
agement at Ronson shifted, its re¬ issue.
liance on lighters for its sales has
A Well-Trimmed Business
dropped from more than 87% to

only

anticipated

models.

ments up to

hopes,

oven

tied

providing around a dollar a share
of profit to the company and low
dealer

around their low for the year and
if the dividend,
as management

items

plus

working

ress

another

unfold.

diversification

good

Multi-Product Enterprise

fraction of total business and

$10

but is hopeful
out in the final

that

minus factors

and

confused picture, but that

Where

year

mod¬

hobbled

were

applied to American Motors.

even

current

one

general

notably

national Business
nith

of the

peak ' prices,

which

plus

the

doesn't keep the stock from being
easily on slight, the leader on activity at times
sharp price re¬ when hopes were high.

lack

some

for

The

paint

versals when moderate
selling was
encountered.

Despite

troubles, the
Thatcher have slipped to

shares of
much

the

Legislation to Ease

Divestiture Tax Penalties

mounting costs.

Reflecting

Ave., N.W., Washington 5, D. C.

DEcatur 2-0700

own

:i8

The Commercial and Financial Chronicle

(1022)

AS WE SEE IT
possible
companies to
absorb
the
(wage) increase
without increasing prices,

for

steel

the

still

and

insure

concerned that

the

methods

in¬

weapons

command

steel, this

the

companies, and their owners,
a
good profit.
"I

the Chief Executive with all

has

sort of one-sided pressure

these.

Continued from page

not

equipment company
wnile another

Textile Survey

are

definite

limit

since

•

prices would great corporations can not
encouraging for cotton textiles.'
average position held by the mucontinue indefinitely to oper¬
inflationary
ate if they do not recover ex¬
^?,U??xu0mpare
5
Textile markets are ripe for in- ' NYSE Fund" if there were such
spiral, and also make us less
penses and some emolument creased activity with replenish- a
fund
investing
in
industry
competitive abroad, serve as
for their stockholders.
ment of depleted stocks and regroups
in
the
proportionate
a brake on our recovery, and
At the time that the Presi¬ newal of inventory accumulation, amount and as classified on the
also affect our balance of pay¬
the 30th
annual
"Ten Years of Big Board. The summary is shown
dent was speaking, the auto¬
ments.
Cotton Textiles"
}■ "
survey
of The in Table I. Measured in this way
mobile industry and its work¬ Association of Cotton Textile it appears that mutual funds on
"So that I am very hopeful
ers
were
deeply involved in Merchants of New York stated re- the average are:
that the—this—these private
cently. Mills have been adjusting
controversy about wages and
Heavy In
companies will be—will—and
.-Mv:
production for a full year and are
the like in new contracts. It
.now in the final stages of Summer
I am sure they will—concern
Banks, Insurance & Finance
was
inevitable that some of cutbacks. Prices which have been
Office Equipment
themselves
with the public
his questioners would ask the. dragging bottom for four months
Oils
interests that are involved in
be

interest

how

note

.•

President about this situation.

in the

later

little

the

with

conference

Said
same

press,

questioner returned to the
subject with this query: "Mr.
one

on
steel do you
thoughts or specific
plans for meeting the situa¬

President,

have any

tion if the steel

industry does

to be

persuaded by

not

seem

arguments that you have
been
presenting against a
price increase?" To that in¬
terrogator the Chief Execu¬
tive made this reply: "Well,
the

I'm

that the view
been expressed to-;

hopeful

which has

day, and has been

member of the press:

one

"Mr. President, in
fact

view of the

tween

the
to

the Auto Workers and

automobile

the

industry,

hope that they will come

make it

will

which

conclusion

possible for work to

to be

an agree¬

reached that will

;

had

1959

left,

dragged, its

matter which should be

those

strike

steel

this

the—

time,

both

sides

the

long bargaining table who are bar¬
gaining in a free economy."

across the face of the
American economy, and a re¬

length

sumption of the walkout was
apparently imminent, VicePresident Nixon was widely

It is very

free

econ¬

reported (with what accuracy omy—if he means merely to
we are unable to say) to have
distinguish between the way
told the steel companies that
things are done in this coun¬
they had better make peace try and the modes common,
with the union or Congress
say, in Russia or Communist
might very well do things to China. But in view of the his¬
them that
they would not tory of the steel strike in
Of

like.

Mr.

both

course

1959,

and

the "very

obvious
Nixon and most members of
warning of the industry; by
Congress were then planning the President now in 1961, we
face the voters in the not

to
too

distant

future.

President

come

has

not

again

before the voters for

to
a

good while, and neither have
members of Congress, but we
must

submit

the

that

Executive, has

Chief

intimated

about the

New

Deal

surrendered

Of course,

same

President Ken¬

nedy

can

not be held respon¬

sible

for

anything that Mr.

Nixon may have said or done
in 1959, but we have seen no

indication that he,

any more

the "cost of cars" has risen
not.

There is

from year
uct that is
no

means

economist

politicians in his party, has
much
stomach
for
talking
similarly to wage earners
seeking higher. prices for

event ithe

President
seems only interested in con¬
tinued operations and some
sort of price stability in the
any

interest

Chemical

this 848 million

fabricated
in

holding there since.

of the

in the

and

years

"J?
have, tabulated and
ave.raged the weightings in the

favor

today

^g^ an(^ agajn

change

i9go.

Attractive Factors

jpalpr groups during the period
beginning in 1954. It is necessary
to„ emphasize that rn a discussion

industry is 774,777,000
yards worse off., Imports

~1958

that ^

Steel positions were dropped in

answer wa

domestic

Positions
^ UBll)XWi10

have
liavc

built
uuui

been

those industry gr0Ups which have

performed well and there are cey

down fromtain

are

out

Interest

representation declined

1957

gince

Pa^LP alLb 7®afs*

exports,

by combining import gains
export losses since 1951, the

and

fell

1957.

Rubber

bave taken place during

may

reports, imports of counta-

ble cotton cloth exceeded

changes in at-

titude toward industry groups that

1958.

For the first time

reduced in 1960.

were

and

change in¬

low.
Now what about

that time.

from

Railroads
1956

Years

million

389

re¬

1959,

Oil

& Drugs

Five

form, against 612 mil-

and

1959

were

duced in 1956 and rebuilt in

cotton broad

were

goods in cloth, apparel,

woven

1960.

positions

positions were maintained
until 1958. Sharp reductions took

yards of cotton goods for 1960. Of

characteristics

notable

com-

product of the re-*£emon to'most of them:,f
^ cession here, but remain 46% over changing the share position, dollar
Yields
are
relativelv
low
thp like 1959 neriod
Barring re
representation expressed m per*ieias are relatively low.
medial action, they could revive centages can rise or fall due entirely to relative price movements relt that capital performance was
with market recovery.
in the security market. If adjust- more desirable than generous la¬
ment is made for this factor the c'onj,e'
•
.
"
.
President Kennedy's Program
a

ago,

year

The

report

Kennedy's

• j

pomt textile

seven

^ed

pro-

could

Fund managements' moves may

It empha-

matters

determination.,

for
v

the

since

renewed...

Total

for

the

1958's 58.09.

decade

Trade"TIZIII

2.1
3.7

1.0

1.2

3.6

12a

19.0

Miscellaneous™!--!--"™---! i7!s
cash & Governments.—^10

♦11.0

IOO.O

100.0

uuiities""ir~I2I~IIIII"III

♦Arbitrary

10.7

Finance

—

■

7> "

it is

neces-

Representation
Management

....v... Relative Price

■

Influence

♦Factor

1960

t+2.37

5.89
4.11

+ 1.97

6.20

+ 0.26

2.14

1.57
4.29

+ 0.95

1.69
1.47

+ 0.57

Bs.

Equipment—1,

4.31

; +3.82

1.65

—0.50

—0.98

,
*

Securi¬

2.90

+ 0.10

+0.81

+ 3.25

—0.10

40.41

+ 10.35

2.29

—1.08

—0.16

3.05

14.86

3.53

Trade

1.99
11.71

26.24

Retail

Utilities

2.46

—0.44

—0.15

+1.45

Montgomery.

Materials

Building

0.24

4.98

—1.58

9.84

—3.42

4.41

'2.93*

—0.89

6.37

2.86

—2.49

—1,02

5.73

4.09

—0.51

—1,13

2.99

1.49

—0.23

—1.27

6.32

Chemicals

15.42

—2.16

—————-

—

Steel

Gorey

Tires

—

Rubber

Walter

Gorey Co.,
He was formerly

Co.

and
_

Harris,
-iX;

Unclassified
Cash

17.65

21.94

Other

—

4,00

—6.24

—10.64'

30.94

47.82

Russ
with

Upham

—0.59

FRANCISCO, Calif. —John
K. Lynch has become connected

v^"

—

SAN

& Co.

3.52

Equipment & Electronics-

Railroads

common

1955

Drugs

at¬

;

change Due to

...

Joins Walter

Building.

For the look ahead

asso¬

Angeles.

York

cated.

assumption

Office

with

diversified

the

For

TABLE

FRANCISCO, Calif: —Ken¬
has become

Diversified Common Stock Funds Change in Industry

Electric

240

2.1

2.6

IHI

SAN

Company,

11.4

14.2

in Rubber

neth

Coast

5.2
0.4

3.2

except
' ' :

(Special to The Financial .Chronicle)

with Pacific

8.1

2^i
Retail

With Pacific Coast Sees.

ciated

1.4

13.4

5.5

on & Natural Gas

Banks, Insurance &

Bolton

5.0

9.8

Equipment~ZZ_I—II—

investment

favorable

funds, cash and debt propor¬
tions have held fairly close to 10%
since 1955. The picture of equity
representation in balanced funds
gives similar indication. Holdings
remain pretty close to what, for
balanced funds, seems to represent
a - fully
invested' equity position
(65% of the portfolio). Evidently,
even though some feel that stock
prices are too high, there seem to
be enough good equity values to
satisfy fund management that a
continued strong position is indi¬

1.9
:

2.8

1.8

office

tendency to

stock

6.7

chemicals .& Drugs-,-^

place,

the lowest

Fund

2.2

—

^nH?;„Insurance Finance--

1951., In

spindles

NYSE

market.

the

capital in expectation of

mosphere.

■

less

indicate

algQ then

Mutual

Aver.

Autos

the decade 4,378,671 spindles have
been

characteristics

; r.;

TABLE I

•

Fund

highest

cYclical and

conserve

y .?

domestic
-

(3) The

■

•

discrimina¬

U. S.'. plant
I960, reflecting
relatively favorable 1959 earnings,
v^ere

for

.Expenditures

modernization

practice in subsidizing raw
cotton to foreign mills at 8Y2C a
pound or 25% under U. S. mill
were

;

tory

cost,

iq<wLt

:we11 above the Portions in

before Of-

Government's

the

-•

v...

zation, together with rectification
of

♦£«

19a8> and-have remained in the

Civil and Defense Mobili-

fice of

a£gregatn

(General Agreement on Tariffs
Trade)-in supervising inter-

case

vaiues

asset

TJLP< iqJr
ifiyi

and

trade.

industries

industries are nonon an historical basis
have demonstrated defensive

magnify the role of GATT

national textile

75%

the

benefits by commodity inflation
which has been missing for some
timer

jndustry groups accounting
70%

(Tafcde II)

international quota proposals

neva

(2) None

following changes can be identi-'

President

reviewed

and suggested that the Ge-

gram

ties

price level has gone up or not.

revival

Papers

square

great change Street. He was
formerly
with
to year in the prod¬ Marache, Dofflemyre & Co. in Los

than the rank and file of the

Building holdings were reduced
and 1959, but there was a

in 1958

Changes in Attitude in Past

billion

one

violent

der review.

totalled

being sold. It is by
easy for even the
to say whether the

shows

chart

dicated

however, are down 3,000,should say that to call this a •000 in the decade, although the
really free economy is to in¬ smaller number averaged ,6,255
hours per spindle per year, short
dulge in a certain Pickwick¬
only of the 1959 record. Produce
ian balderdash.
This is the
tion of 10,927,317,000 square yards
more
obviously true in view for 1960 contrasted with 11,237,of what has been going on in 670,000 in 1959. Per capita availalabor union circles since the bility was 60.58 square yards and

thing them nearly two decades ago.
to the steel companies, this
In the case of the automobile
time about prices, that Mr.
industry it may or may not be
Nixon is supposed to have
possible for the President to
said in 1959.
be altogether certain whether

essence

The

fluctuations during the period un¬

place in 1959 with

Kennedy

automobiles appears to be short
term.

Foods & Tobacco

over

•

„

v,av^ remained. suD"

„

Utilities

pending industry

well for the Presi¬

„

Electrical Equipment

re¬
pro¬

sized that the defense issue in the

Free Economy?

dent to talk about

the

qI «y Pasibons were increased

longed by record breaking imports
from low wage countries, which

square

it's

the

recession,

deepened and

was

for first half 1961

expressed,; ment

1959 and Now

port notes,

be maintained and that it will

on
other occasions, and the
not provide for an increase in
public responsibilities of peo-f the cost of cars.
;
A'",pie involved, I'm hopeful that
"This is a matter in which
they will have an effect; I
prefer to leave it at that for thepublic interest : is in¬
volved, quite obviously, but
the present."
;

When

Chemicals

1960-61

The

reduction

stantiaiiy uncnangea.
, :
.
The investment policy toward

Automobiles

ciation's President.

equip-

appears

toward

TT+n;+
.

Light In

tendency

1959 and 196q

Miscellaneous

in the textile cycle, ac¬
cording to W. Ray Bell, the Asso¬

make it

possible for

the

respond

particu-

were

business

and

the

bave been

change

that the economy

is re¬
covering, what steps are the
Administration
prepared to
take to prevent a breakdown
in the
auto negotiations
in.
Detroit?" The reply was:
"Well, they are being carried
on
at
the present time be¬

beginning

are

office

J^eHt

their decision."

positions

Foods were not accumulated appreciably until 1960.

the

another

off

set

tions

■

titude toward these groups, it may

Report highlights outlook factors found

steel

crease

not much interest in

was

electrical equipment and electronics until 1959 and 1960. Addi-

of past changes in investment at-

• ,

>r;

There

;

electronics
call it miscel-

Before turning to an assessment larly sharp in 1959.

v_/]JLlilllolil

the

even

may

1 :.:i:

laneous:

prepared to say,
but certainly there is a very "Pn-n^rvfci OrvbirruawV
JLvt/llt/Lbo

in the Funds'

prevented for long by such

with

succeed

can

his

Thursday, September 7, 1961

y Factors

Lord, 1961. It requires a good
deal of optimism, not to say
their services. How long even naivete, to expect inflation to

Continued from page 1

that it would be

i....

—4.25

11.00

+^.00
t

Grand
,

Total

♦Standard

Poors

JNo -suitable market

—

industry
average

100.00

stock
available

group

100.00

price indexes used as criteria
•'*

;•

•"

4 -

Volume

194

Number 6088

The Commercial and Financial Chronicle

(1023)

single

sary

the

out

economic

period ahead. Investment attitude

higher
prices.

profits
More

and

the risk inherent in these circum¬

and

fluence

which will

trends

selection

and

in¬

industry

weighting.
Economic Factor Number

higher stock
controls,
harder
competition, higher taxes are the
probable outcome.
Fund invest¬

stances.

forces

ment

phasis

and

increasing

research

public

ment,

and

accelerated change
where

the

and

effort

industries

means
areas

biggest.

The

This

man¬

high degree of

founded

thorough
continuing study will do well
b y
emphasizing
selectivity
i n
chemicals, drugs, electronics, of¬
on

and

fice

equipment, aerospace—in fact

all industries with

input.

Broad
terminations

high research

policies

regard

likely to reflect
capital conserva¬

are

for

summarize, the highest

equities

was

and

1950's.

turesome in the

planning than

area

was

National

of economic

growth,

the 1950's.

emphasize

and

programs

ven¬

the Eisenhower

during
policies will

national

time when the dif¬

ferences between Communism and

freedom appear to be

head.

sounds
are

the

ahead, but

ners

are

face

higher
our

not

coming to
of

this
prices

economic plan¬

oriented

level

the

for

address

the

by Mr. Ferretti before
Analysts Federation Semi¬
College, Beloit, Wisconsin,

Financial

nar

Beloit

August 26, 1961.

toward

public
seen

gen¬

interest

the

Form

These

were

pe¬

Corp.

SYRACUSE,

N. Y.—REIT Secu¬
Corporation
has
been

rities
formed

ity

free

anxiety,
repressive controls and rapid so¬

Townsend

cial

adjustments. Our look ahead

keep

doesn't

The

afford

most

national

similar

prospects.

successfully

managed

funds of the future will be

ready
in

tune

world

industry policy de¬

Inc.

offices in

move,

with

and

keeping
rapidly

sending

always
sharply

changing

security

an¬

with

securities

ard

offices

Street

business.

Officers

Dower

Reid-Bullock

Secretary;

and

formerly

Hayden,

Co.

been

formed

Pacific

securities business.

Joins

with

Stone

Shearson, Hammill

(Special to The Financial Chronicle)

LOS
N.

Aitken

with
3324

has

Shearson,

become

Even

Wilshire Boulevard.

formerly

with

Paine,

Jackson & Curtis.

broad population factors have in¬

fluenced markets for

houses, cars,
appliances, toys, baby wear (and
more
recently clothes, hi-fi,
books, public school budgets, port¬
able phonographs and typewrit¬
ers), they will shape many a com¬
pany's fortunes in the next
decade.
Teen agers, college stu¬
dents, new employees, newlyweds,
babies, will follow wave upon
wave, having many connotations
for shifting preferences in family

budgets.

Regional

growth

pat¬

terns may well be changed by this
and
other
evolutions occasioned

social progress.
Here again
perception in selection rather than

industry
best

weighting will bear the

results.

Economic

Factor

Number

III

•'

Idealogical conflict. In the Free

World,
moving
and

national' identities

toward

distance

speed

tions.

merger

shortened

are

travel

are

time

and

communica¬

The

great catalyst is the
ideological conflict between East
and
of

West.

the

Free

The

economic

industrial
World

toward

the

toward

of invest¬

scope

decisions

broader.

tending

equality, and the
ment

strength

nations

becoming

Investment attitudes

broad

industry

groups

—

chemicals, drugs, machinery, steel,
oil, autos

copper,

must

and

(among others)
world capacity.

encompass

foreign holdings

will appear in fund portfolios.

Economic
Price

Factor

Number

inflation. For the past, two

years or more wholesale commod¬

ity prices have been fairly stable.
There has been
cost thrust

erated and
to

grow.

end to the wage

increases mod¬

wage

productivity continued
Whether

this

situation

will

persist depends importantly
on negotiations
now underway in
the automobile industry.
Strong
competitive pressures ip a shrink¬

ing world and
nual

additions

indicate

bility

that

generous

price

general

should

an¬

labor force

our

continue.

basis representation in

sta¬

this

autos,

ma¬

chinery, rubber, steel, paper,
metals, etc. would continue to be
deemphasized.
\
1
•:Fund

management will, how¬
recognize present unstable
political conditions in important
ever,

commodity
abroad.

producing

Revolutions

countries

have

disrupting supply lines, raising
commodity prices and stock prices
in
as

those

industries

affected, such

oil.
There

taking

is yet another reason for

modity

fresh

look

industries.

the

The

com¬

approaching
Trouble

first
can

critical
time
be

pressures

contained

can

tional

instability

in many

avoided

tionary

years.

infla¬

in this country
and

Texaco. Shown here receiving a
new

traditional greeting are the first of the Islands'

Texaco Dealers and their able assistants. Only Texaco, at the sign

big red star with the green T, serves motorists in all 50 states of the U.S.A.

if. interna¬

Texaco, pioneer and one of the leading producers, refiners and marketers of

petroleum, takes pride in serving Hawaii, and continuing its capital investments
in the economies,

the people and the progress of the Free World.

monetary authorities' reach

agreement on. modifications in the
exchange1 mechanism which wall
stabilize the structure for a long

of the

interna¬

tional money market is-in. a state
for. the

Hawaii bids "Aloha" and a warm welcome to a new star in the Islands...

way

TEXACO: SYMBOL OF WORLD-WIDE PROGRESS THROUGH

affiliated

Hammill

importance.

trends.

ANGELES, Calif. —Thomas

Economic Factor Number II

Demographic

Of¬

James F.

governing
propor¬
tions held in these industries will

fade in

with

Building to

porated.

are

Lavine, Treasurer.

was

are

has
the

and Sanford E.

South

Englestein, President; Rich¬
G.
Dower,
Vice-President;

Seymour W. Rudolph,

Mr.

307

engage

Rippey, Presi¬
dent, and John J. Inskeep, Jr.,
Secretary-Treasurer.
Both were
formerly
with
Merrill
Lynch,
Pierce, Fenner & Smith Incor¬

David

from

Rippey & Inskeep

PORTLAND, Ore.—Rippey & Ins-

conduct

REIT Securities

1920's

riods of ebullient economic activ¬

it,

stock

*An

ficers

To
eral

perhaps 1968. It is

alysts in far ranging
investment values.

tion.

will be in power at least until 1964

social

perception

and

developments.

administration

Administration

Investment

Economic Factor Number V

risk of obsolescence is balanced by
the opportunity for gain from new

agement having

part

Politics.

em¬

in those

commodity

conditioned

due

develop¬

private,

Research and development. The
tremendous

all

toward
must

PETROLEUM

TEXACO

Co.,

was

Webber,

The Commercial and Financial Chronicle

(1024)

point

World

Liquidity Problem

would

1961

Thursday, September 7,

additional dollars se¬
foreign central banks
deposited with the

on,

cured

Fund-Bank.

NewYork banks
would be in a position of dealing
the

Thus,

Continued jrom
eventual
volume
I

page

growing

international

reserves.

for

needs
of

effective

most

the

believe

ap¬

proach lies through strengthening
the International Monetary Fund

general lines proposed
by Mr. Bernstein. Many know the
outline of his proposals, so I shall
along

not

the

repeat them.

seems

that these

,.?•

pro¬

with

reducing our freedom of action in
financing any balance lof pay¬
had

been'in

States

the

have

been

would

deficits

ments

the

recent

recip¬

ients of dollars have been
hold

enabled

willing

this country

they

to carry on

for ' key
currency
rely on drawings from
to
finance temporary

the

Fund

exchange deficits, since the Fund
would be in a position to extend
credits in the currencies required.

Thus, such nations would have an
incentive to integrate their Fund

their reserves.
The
of Fund drawings to finance
with

quotas
use

shifts

would

funds

short-term

would

over

act

in¬
centive to increase their imports
of goods and services, or engage
would

They

have

directly in international aid or
investment, rather than to make
payments on IMF debentures. The
fact of borrowing from the Fund,
plus

the

countries

give deficit

would

cost,

price

incentive

take

could

For some years

ahead, increased
reliance on the.... Ifimd,,. pJ.U5^C,q.W
gold production, could cover the
needs for increasing liquidity. If
it would be possible to

necessary,

increase

country

quotas,

was

done in 1959. As I stated earlier I
do

believe

not

that

there

immediate

problem of

liquidity

overall

that

world

any

shortage

the

sense

gold and
will be inade¬
quate to finance the potential ex¬
pansion in trade.

foreign

reserves

exchange

the

time

same

must

not

lose

sight of this as a long-run
problem.
Forecasts in this field
notoriously hazardous and un¬
reliable, so I would hesitate to
make the judgment that increased

restrictive

political

the Fund

all time the

can

problem of liquidity.

But I do feel that it

cient

ahead.
this

the

years

can

be suffi¬

immediately
only that
that must be

would caution

solve for

problem

It is

that
to

Central

World

not believe

the extreme of

peed go

world central

Bank, as proposed by Professor
Triffin, to deal with the problem
of

liquidity in
diately ahead.
distant

the years imme¬
Looking into the

future, it

well be that

may

should work towards the

tual

development of

tral

bank.

banking
towards

even¬

world

cen¬

Virtually, all national
have

systems
a

central

evolved

banking system

the most effective and efficient

way

to operate

anism.
the

financial mech¬

However, I

world

where

the

has

doubt that

reached

member

point

nations

central bank could be

of.

counted

to maintain the

discipline in their
financial policies needed to make
such

bank successful.

Moreover, I believe the Triffin
proposal has

number of serious

disadvantages. I am sure you have
heard the
general arguments
against the Triffin Plan

will

mention

some
of
them
only
briefly, and then turn to its effects
on

the New York

general

money market.

mind,

the
arguments

most

telling
against
the

Triffin
up

proposal can be summed
in the following manner:
1 -

First,

the

cost to the United
States would be high in terms of

possible for

was

because of

is
technical
formidable.

are

central

without

bank

R.Radetzky

not
other

any

New"

City banks to extend

ships

them-

long-standing relation¬

abroad

and

because

the

cen¬

tral banks and official institutions

objection

have maintained

held

the

banks

the

account

in New York. If
such

the

deposits for
rather

Fund,

than for foreign banks

directly, it
doubtful that New York

very

City banks could continue to assist
foreign countries with necessary

growth without inflation through¬

credits

the

out

world.

free

whether most

doubt

countries, including

the United

would

tral

bank.

time, many of these prob¬
lems might be overcome,
given
the continued cooperation among
members

the

community.

world

financial

large extent the

political rather than

problems

are

technical.

However, I feel that
many technical and op¬

there

are

erational
have to

problems

be solved

central

bank

would

that

before

could

world

operate prop¬

erly. Thus, I believe the proper
approach is one of evolution
through

gested earlier.
New York Banks

what

•

t!ieuFund-

operations might af¬

non-official

fect

liquidate
if it

even

foreign

and

services

and

Exchange

negotiation

period

which

delicate

would

in¬

volved in trying to work through

agreement to establish

central

bank.

period

world

would

great

uncertainty, in
upsetting move out of
currencies into gold might

which

key

This

would

The

face

New

the

York

banks

possibility

that

strength.

leadership

This is

important part—of

contributing

the

that

believe

the

are

should

Federal

action

move

withdrawal

would

system
banks

counter

Reserve

such

occurred, such
affect the banking

whole and New York

could

face

justment.

painful read¬

put

such

and
—a

broad

major
our,

na¬

part

exports

imports of goods and services
some $50 billion a year

total of

—is handled

involves

New

tremendous

detailed work

and

This

York.

amount

expert knowl¬

Financing foreign trade is

edge.

central
the

new

now

held

mercial

moves, foreign
would transfer to

New

York

banks, plus

by com¬
substantial

amount of short-term investments

(Treasury bills, acceptances, etc.)

should

remembered

foreign trade
size

eign

through

that

companies. These companies per¬
form a unique role in setting up

many

our-foreign
on

the

our

rest

that

times

aid,of the

our

the

great Reserve Currency Center of
the world. It is not only the banks

but the
whole — the
government securities market and
the dealers who are an integral

which

involved,

are

market

money

part of it, the market for commer¬
cial paper, acceptance and other

This complex
provides safe, liquid
investments which attract and ret. a i n foreign
exchange reserves
short-term

paper.

mechanism

foreign commercial and cen¬

tral banks from all over the world.

this,
strength

The dollar in consequence of
and

because of the basic

of the U.

S., is used as a currency

finance

other

of the world.
All

areas

many

only

not

matters

these

and

investments

trade

transactions

important economic impli¬
cations for the U. S. but they also

U. S. manufacturing
corporation to- provide technical
knowledge as well as part of the

position of leadership of the,U. S.
in world affairs. Today New York
City in

many ways

capital, .the venture capital com¬
pany, and investors from the host

center

tion

Chase Manhattan
has had such a facility oper¬

country.'
Bank

The

ment
a

International
Corporation. There

Chase

Invest¬
are also

number of similar ventures. An¬

other example is
efforts

now:

provided by the

underway

add

inevitable
nation's

nnri

export

credit

mediiim-t.prm

insurance

exnort

political strength and

the

accompaniment of the

Mr.

position

one

*Bosed

Rockefeller

political and

We cannot have

without
cn

is the financial
That is an

world.

military affairs.

other.

the

statement

the

by
Economic

delivered

Joint

Committee, Sub-C' mmittec on
Intcrnati
Exchange and Payments, Washingten,

Now Proprietor

mercial banks and insurance com¬

panies ta work out procedures to
provide

the

com¬

the

trade and its financ-

pro¬

make the U. S.

have

our

world

necessary

joint ventures to develop private
business abroad.
Typically, such
a venture might include participa¬

have played an

impact

From

investment

The

held by these banks for their for¬

correspondents.

tion of venture capital

experience to handle transactions

throughout the world. These skills
important part in
Fund-Bank
almost
$2 making
the United " States
the
foreign official deposits' world's' largest trader/ And ' it

banks

billion of

operation with

such

One

development has been' the forma¬

ating in the past few years in the
form of an Edge Act subsidiary.

anticipatory

into

financing.-

of inter¬

business for specialists who pos¬
sess
the knowledge, abilitv. and
a

Assuming that the Triffin Plan
were

these

objectives.
A
the financing of

are

sought to in¬

effectiveness

the

national
;

banks, and the New
market institutions,
making a considerable

contribution

the

and

means

City

York

New

the institutional mechanism

vides

from

Ventures

flexible

constantly being
crease

money

now

and

New

commercial
York

was

Joint

fi¬

York

New

great bulk of this
organized through
financial community in New

role

role in

defense

less than $15 bil¬

York.

part—

our

tional

the

United

the

countries

the

lion, and
financing

development of the free world.

15% of their total deposits—might
withdrawn on
short
notice.

Even

in international

nancial matters.
pn

their foreign deposits—as much as

be,

believe the

United States must exercise

develop.

strength

amounted to

would say that it is an important
of

loans
other

source

the end of
and portfolio

from

source

private

States

market.

center

1960

ob¬

their fi¬

progress.

New

have

businesses

investments

weakness to the United States?

role

nancial

international financial

the

foreign

tained funds essential to

and

the New York money

York

provided the means through

have

brings me to a question
posed in the letter of invitation to
appear before the Subcommittee

Finally,

addition, New York commer¬

Export-

the

cooperation with

Import Bank.

cial banks and investment houses

Role of New York

International

most significant part of

over-all foreign relations.

which many foreign governments

practical matter the

our

This

problem would arise during

ing is

do¬

fin Plan

extended

;

customers.

overseas

t Treasurer: Herbert E. Beattie, Jr., H. A. Riecke & Co., Inc.
V Secretary: Harry F. Green, Jr., Merrill Lynch, Pierce, Fenner
& Smith Incorporated.
i

all, would introduce a new
uncertainty into the
New York money market.
While
it would undoubtedly be possible
to
adjust over time to- such
changes, the adjustment would
certainly
not
be
easy,
and
it
could interfere with the ability of
the New York banks to provide
traditional

seatic Corporation.
'

used

not at

mestic

•

Second Vice-President:

dimension of

their

■

dollar holdings,
sparingly or

its

were

Payments:

the

Clark, Inc.

dollar

The Fund-Bank's right

holdings.

>-f

Battles & E. W.
\
v"' .• "-.".V:
•':
William R. Radetzky, New York Han-

First Vice-President: Jack Christian, Janney,

how its

and

harry F. Green, Jr.

Jr.

./J.; President: John E. Knob, Drexel & Co.,vi

its deposits

problems
involved
can
be highlighted by
considering the impact of the Trif¬

first

H. E. Beattie,

Uncertainty

might do with

international

increased

cooperation along the lines I sug¬

source*

relate

Bank

Over

they have in the past.

Another

States, would be will¬
ing at this time to delegate to an
international agency the powers
necessary to operate a world cen¬

Some of the technical

implicit in what I have said

York

from

met

source.

William

Jack Christian

John E. Knob

could

which

needs

been

complicating unduly the problems
o f
maintaining prosperity and

Impact

Bank

pressing

large deposits which foreign

nical knowledge exists to operate

kept under surveillance.
A

the .loans

these credits filled

cases

many

have

policies

is far from clear that the tech¬

world

and

problems involved

service

City banks have made
government
institutions

private organizations abroad.

and

policies would be

genuinely needed.
A
third
general
the

such

both

The fact of this

domestic

well before such

are

reliance

to,

One

under

arise

huge commitment might push

steps to eliminate the deficit.

theT

New York

Cir¬

the United States.

holders of dollars.

i t

e p o s

Impact Upon N. Y. C. Bank Loans

Second, the gold guarantee of
deposits in the Fund-Bank and of
its
investments
imposes a high

that

banking.

tries.

into

be' dis¬

would

services involved in international

through the further build-up
in other coun¬

dollar holdings

cumstances

adopt policies to reduce their sur¬

slate has been
•;
'*

penalize banks that had
performed the larger share of the

greatly reduce the possibility of
which it would severely constrict
an
exchange crisis. Such an ar¬
our freedom of action
because of
rangement would also provide an
our
large liabilities to foreign
incentive to surplus countries to
pluses.

annual election meeting on Sept. 28,-The following
proposed for officers for the 1961-62 year ■
'
.

quota basis which would,

some

balance of payments def¬

porary

OF PHILADELPHIA

Philadelphia will.hold their

in vthe
United' States would be allocated

give up the possibility of
financing at least a part of a tem¬
icit

States

probability^

all

ASSOCIATION

The Investment Traders Association of

.rendered

services

years

Fund-Bank's

would

many

rupted.

that the United States

mean

INVESTMENT TRADERS

Long-established re¬
on mutual con¬

and

fidence

possible

countries to

lationships based

could be programs' of foreign aid, ^invest¬
ment and military assistance that
adopted op the proper scale, deal
with the problems we confront in; have been in the national interest.
In
the " future,, the Triffin Plan
the foreseeable future. It. would
would,

posals

deposits

with United

agreement

authorities.:

good part of them has

depend, not

tive

years.

foreign

that

fact

the

bank's

its competi¬
ability and the quality of the
service it rendered, but on the
decision of the Fund-Bank acting

under

great pressure to reduce its pay¬
Yet

commercial

international

United

effect,

would

around

banks

Each

than

rather

Fund-Bank

central

world.'

If the Triffin Plan

ments deficits.

the

with

credits

sole

pro¬

prietor of Michael & Co., 37

Wall

Clarne

Satnick

now

Street, New York City.>-

♦.

Volume

194

Number

6088

The Commercial and Financial Chronicle

(1025)

Dyton W. Dunaway .was elected

NEWS ABOUT

Vice-President
tional
homa

BANKS AND BANKERS

Bank

the

First

Trust

Co.,

■

XTOSial

Na-

Okia-

m'O

Join

JtTOgram

"IV J"

io. bpeed Mails

city, okia.

Langley Staff

c. Langley & Co.,

New

way,

115 Broad¬
City, members

York

of the New York Stock
Exchahge,,
The .Post Office Department, ac- have announced the following ad¬
Consolidations
New Branches
•
New Offices, etc.
Revised Capitalizations
phis, Tenn. is offering to holders cording to Robert K. Christen- ditions to their New York office;.
of its common stock the
de¬
right to berry, Postmaster of New York, is Creighton Hartill, research
=
subscribe for -150,000
additional engaged in developing a Nation- partment; John G. Riley, buying
'
shares
of common
stock at the wide
Improved
MailService department; and William O. MelThe Chase Manhattan Bank, New vision.
He was assigned to branch' subscription
price
of
$35 ' per Pr°gram designed to schedule the vin, Jr., registered representative.
York, announced that ground will administration
until
1959
and share, on the basis of one new nation>s vast mail volume more
Frank E. Chesterman III has be¬

The First National Bank of Mem-

■

be broken in Hartsdale Sept; 7 for

served

its

the Peter

first

branch

West-

office

Chester County.

and its drive-in

South

Central

d
scheduled

are

business

banking facilities

lice in 1953, Mr. Siddons was profor -moted to Assistant Vice-President

opened

February,

branch administration at head of--

according ,in 1957.

to the bank.

.......

Sept. 21.

Avenue

Park

Merriu
&

„

priority

representative

moved to

mail

dpnositq

vnlnntnr.lv

are

*nt

Warner

Spnt

Thpv

™

head
neacl

designated
designatecl

is
is

Ross
Ross

the bank

of
ot

National Division, sue-

Executive Vice-President, who
Vice-President^who
Executive

Mr. Farnsworth will be

Division.
associated
son,

is
i®
International

the

transferring

Clinton

with

John-

Executive Vice-President. Mr.

of the

merger

operation and

snhiert

continues

serve

an "

pre2den^

dent.

Chemical

Company

dent in the National Division.

common

was

elected

Vice-President

in. David

„

Connolly, Chairman of
Executive Committee of the
National State Bank of Newark,

in- recent yedrs has
supervised the bank's business in

the

Western and Southern states/

Newark,

1952,

and

Mr.

with

Costikyan began his career^ was
The
ir.

dent

wac

1929 and
was

was

Pr^ci

vinp

Vice-P

institution

that

when it

ovxri

loon

pany in

merged into Chemical

Bank New York Trust Company,

rMr- Pr^bbeG
1946

Sept.

died

J.,
*

1959

62-years old.

Com-

Trust

York

New

Two

a?n IIarrifbm*g''

Harrisbur"'u P?"

Honolulu,,. Hawaii

York

ican

Chemical

Trust

Company,

made

Y®rk

Bank

New

York, has

application to the Board of

System, for its consent to merge
Trust Com-

^ational panJ^

of Central Pennsylvania,

The ef-

fice

Garden City, New York.
Stockholders of both banks have

pany,

already approved the merger.
The plan calls for Long Island
Trust

shareholders

0.6571

share,

Bank

the 631,-

outstanding shares of Long
IiLan/?n £
would receive a total
J

415,000 shares of Chemical Bank.
*

-*"*

William A. Frey, a
of

President
New

York

York,

year- old "
He

with the

was

his

career

1916

Columbia Bank and

old

In 1935 he joined

Trust Company.

bank's
53

total

the old Corn Exchange Bank, and
had

become

Vice-President

number

the

and

branch

banking

office

Pa.,

offices

out-of-state

total

iein

Liquidating Agents or Commj^ee; Messrs. H. C. Lang, Gard
Alarnev

r
,

bank.

Pennsylvania.

* ;' *

General Title & Tm t Co., GIeV3"

Ghio,

elected

David

rector.

•

■

Company.

proved

the Comptroller

Aug. 21
an

application

ap-

merge

City National Bank & Trust Com-

•

Bank

34 Wall

and

South

full
banking operations at its

Ameri.ca

branch

London

Sept.

Street

office.

began

C. A. Gor-

don, Manager is in charge.

Early
move

1962,

the

bank

its branch to larger

will

quarters

at 84 William Street.
*

William

pany

APPEARING

Kano.

operations

Pacific

islands bank¬

Siddons, Jr. has been

promoted to Vice-President of the

The

Central

are

Bank

Chase Manhattan Bank, New York,

Junction City, Junction Ci'y, Kan.,
increased its common capital stock

Rockefeller, President, announced on Sept. 6. Mr. Siddons,

from $200,000 to $300,000 by a
stock dividend, effective Aug. 24;

David

who

joined the bank in 1931, is in

charge of the check processing di-

FEDERAL

SERIAL

the

under

The

(Number of
12,000 shares,

shares outstanding
par value $25).

offices

securities business! Of¬

Leonard Lazaroff, Pres¬

are

ident; Milton Steinberg, Executive

Secretary

man,

Treasurer. Mr.

Lazaroff and Mr. Stein

were

pre¬

viously with Schweickart & Co..

;

NAMES

OWNERS

SAVINGS

whose

persons

and

unclaimed

AMOUNTS

the

Bank

Nova

opened

Scotia

last

was

Samuel

Bearman

235

Elizabeth

(or)

Curran

Joseph

Elizabeth

8#2

Fuchsberg

Brooklyn,
40

'
■

Gerald

•

New
Sarra

■

•

Hilda

Reiss

New
John

Romanik INTF Julia Hardy
Anna

Charles

Romanik

Consumer

Bankers

„

Lick,

Indiana,

Zolton

Wehinger

vention'is

Keith

for the
Cone,

con-

Vice-^

President, La Salle National Bank,

;

Y.
Street

Zelsler

233

Poad
Y.

Street
N. J.

Terrace

York,
W.

87th

York,

WTest

Street

to the S*ate Comptroller
pursuant
the Abandoned Property Law.
A list of the names
contained in such notice is on file and oren to prblic inspection at the princinal
office of the association, located at 70 Church Street, in the City of New York,
where such abandoned property is payable.
A

by Ralph W. Stoddard,

General chairman

Apt.

Street

58th

Park

New

Hotel,
is an-

Association President and President, Bank of Euffalo. *

New

Associa-

Lick-Sheraton

Babylon

Payonne,
Jennie

£,-on wjp be held Oct. 10-14 at the

French

York,

10.2kd

Merrick,

Convene in October

S'reet,

Bradford

320

Brooklyn, N. Y.

Siragusa

Consumers Bankers to
Joyce L. Schultz

13,

129th

York,
W.

23i>

Street

York

New

and

City,

Hudson

New

■

Patterson

INTF Gail

Alfred

Street

Trcmont

(if)

Oberman
'

office, subsequently absorbed by
Hayden, Stone ^ Co.,. has continuously remained identified with
Mr. Robinson.

Street
N.

York,

Garden

vestment firm of Parker, Robinson in Maplewood in 1951 and this

47th

c/o Mrs. H. E. Lauman

McCabe

inS.

Avenue

Gcean

140 E.

Avenue

N. Y.

York,

1050

Herschope

Connolly Lester

Avenue

Hill

Brooklyn,
Ann

Marble

New

York

New

2;8

Street

York Avenue

New

Hagan

2(Uh

F,.

Street

3fith

Johns Place

Fuchsberg
Shirley G.

Edward

the

278

manager.

Chicago.

Rockaway,

Brocklyn,

Curran

Jacob

tered representative, as resident

nounced

Peach

Brooklyn,

members of tne

Convention

be'ow

Henry Street
York, N. Y.

340

Byrne

Jacob

-^ew York Stock Exchange, have
ann0UGCGd. *be
a1nev^.

National

CITY

forth

Avenue

332

Brooklyn,

INTF

41st

YORK

set

Far

y-v^iyne, noei orancn

-pbe

are

New

Joseph J. Blake

Noel Branch

p0binson founded the

Wallace

£131

John's

INTF

NEW

addresses

ON SAVINGS ACCOUNTS

DUE

Auerbach

John

styne' No31 & Co

ASSOCIATION
Known

Bronx, N.

branch.

Van Alstvne

PROPERTY

property in amounts of twenty-five dollars or more.

Anna

officially

UNCLAIMED

LOAN

AND

names

PERSONS

CERTAIN

from the records of the above-named banking1 organization to be entitled

appear

troller, Charles R. Klenske.

French

National

with

Vice-President; and Gary J. Kauf¬

Held

of Chicago, 111., into Conti-

nental Illinois National Bank and
Trust Company of "Chicago, 111.,
under the charter and title of
"Continental Illinois National
Bank and Trust Company of Chicago." The effective date was as
of the close of business Sept. 1.

gage

Erwin

NOTICE
,

and

The

are

■

Wake

new

uchi

Lewis, a Vice-Pres.dent and Di-

61
en-

ficers

Office

Wurtzel & I. Meyer Cohen.

with Samuel H. Robinson, regis-

formed

Offiee

Center,

Partners

branch office at 7 Highland Place,

•

with the Chemical Bank and Trust

Broadway, New York City, to

been

Koror Manager will be Mr. Toki-

^he ^iquiStii^

care

William

and

p0,j Namur and Guam.

new

18.

William

Meadowbrook Sees. Formed

Kassau Office, is Manager of the

common

branch.

is Assistant Manager.

II,

Cornelius

shortly before its merger in 1954

has

Center

Shopping

business.

Midway, Kwaja-

cjose o£ business Aug.

with

Street.

Meadowbropk Securities Inc. has

Building, to conduct a securities

into liquidation, effective as of the

Pa.,

head

whose

Street

The 35th Caribbean branch office

of rres.

midtown

Rose,

...

shnnnino-

Bank of Hawaii already opsr-

six.

Park

succeed-

Bank

firm,
Broad

George M. Isdale is manager of
the

formed with offices in the Menlo

Antigua Sept. 4. J G. Marshall,
Assistant Manager of Scotiabank s

Cresson,

Jan";

Avenue.

invest¬

direction of Myron A.

Investors ' Associates

bring the

capjtal stock of $"0 000, has gone

began

was elected a
Berks
County

Bank ^
Absorbed by: The First National
Company, New Bank of Ebensburg, Eaensburg,

Aug: 30.

350 Park

ment

1961
'
■ >
The new branches will

of
The Fjrst Nationa,

WhRe^

the

Co., Reading,

Regional Vice-

Lowry,
of

Chemical

the

Trust

died

ing the late Luke A. Lutz.

recexve

Chemical

T^?ckj m°r j.ea?? ^bare
Holders of
Island Trust.

Trust

office for this 26-year old

Lewis

—

branch office at 967 Elm

branches

direction of, Bank of Hawaii Con-.
Director

E x c ha 11 g e s,
have
midtown New York of¬

It is the first New York

ing

fective date is to be determined.
Walter

mem¬

•

County

Governors of the Federal Reserve

with the Long Island

Company,

Stock

opened

September..' Hovt..
"
?ii up
one will, be established on Wake *
•
«>r 4
.
a
r)r>jv
island; the other in Koror, capital
"
c£ty of the Palau district of the
r ldnners ©c investors
u.
S.
Trust Territories.
TentaMETUCHEN, N. J.—Planners and

York, Pa. and under the title of
The

Securities Company has opened

■

out-of-state

tof ates branches

jS1^
the bank in consolidate under the charter of
Vice-President in 1949.
of

County, York, Pa.,

Bank

MANCHESTER, N.

wm be opened by Bank o£ Hawaii, under the

„

York

National

the

and Central Trust Capital Fank of

and

San Francisc0> Calif.

tive opening date for both is Sept.

Comptroller apapplication of National

Bank

Aug. 22

Proved

and

of the New York and Amer¬

bers

to Vice-Presi-

rose

Officers

capital stock from $2,1950, he transferred to 000,000 to $2,100,000, effective Aug.
Bank New York Trust ,;21r (Number of shares
as Assistant.Vjce-^esisnares, par vaiue

Ky., where he

business.

Burnham Midtown Branch

by a stock dividend and from morning deposit (between 9 a.m.

Building to engage

BURNHAM

tinn^wTlVhn rh\&f pvppntivp"nf7hp $150»000 f° $200,000 by sale of new ar[d noon) all non-priority mail.
tion, will be chief e
Administrative Officer of the In'
G C
executlve of tbe st0ck, effective Aug. 25; (Number All other mailers are asked to
consolidated bank.
ternational Division. Mr. Costikconsolidated bank.
0f shares outstanding 2,000 shares, deposit their letters and packages
yan is named associate head of
*
*
*
Par value $25).
before noon,
the National Division.
"By the sale of new stock The First
:
*
*
*
In
1946, Mr.. Ross joined the £}ational. Bank of Toms Bjver, Karl Bauer was named Vice-PresLewis Sees. Branch
First National Bank of Louisville, Toms River, N. J. increased its ident 0f the
Bank of America, ivrANrwTrQTirp
at
u
Dribben

Frank

been
North¬

tion.

annmval

has

Corporation

Frank

savings to the tax-

leaed^^ets^of6 nhn.ft ^3 000000* The common capital stock of the Payer'
aSiutS^3^0 00o"
caPital
biaejl af„ets,„°iab?ll.t
First National Bank of LawrenceLarger mailers are asked to
n^n
First NationaI Bank of Lawrence_
'^ockholders and^Federal reJu VlUe' LawrenceviIle> Ga., was in- separate mail in order of its lmcreased from $100,000 to $150,000 portance and hold over for next
ThP

—

Warner, Presi ent
and Treasurer; Arthur L. Gluek,
Vice-President; and L. V. Ackman, Secretary.
Mr. Warner was
formerly Minneapolis representa¬
tive for Lee Higginson Corpora¬

have approved the

securities

are

undivided profits. Directors and t.ne P°staf facilities tor a 12-to 19National shareholders of the bank have al- h?uKr. PerlGd in?tead of a five- to
and Liv- ready authorized an increase in eight-hour period will not. speed
in^ston Manor National Bank, the common stock from $7,500,000 Priority ma^ an extra 24 hours
LjvjngSton Manor, N. Y., directors to $9,000,000.
but wl11 result in economy of

Walter

arp

has

quarters at 2 Penn

western Bank

R^rs Craneer^ Ckistikvan and Th® Sullivan County
Sevmmf; Drfhhen C°stlkyan and Bank, Liberty, N. Y.,

firm's

which

formed with offices in the

nnunrpri

office,

new

Frank Warner Forms Co.

Tru

have

registered

the

MINNEAPOLIS, Minn.

°t Com^nv New lteriT partraent has approved the conof the net proceeds frora the p.m. is non-priority in nature and
DromotedThree officials to/l J?"
t7T
offering, $1,500,000 will be added ?°uld be scheduled for deposit in
^^rank ^ Senior Ittee Pres^ctenP 'vrfr
.' London, .at 76 to capital, $3,000,000 to surplus the morning of the next day. The
Chairman
Harold T Heta'an*a branCh" ,
*»d
balance will be added to
SSffiSMffiP

York

Center Plaza.

Equi-

with

Philadelphia

bus"

tetters

order to reduce the peak
jn
the.Post Office between 5 and 10
P-m. It has been estimated that
approximately 20% of the mail
deposited in Post Offices after 5

Fenner

Corporation

devefnn

nessmen are requested to schedule

>*v *
joint managers of a group which
The New York State Banking De- will underwrite the offering. •

$
.

noon,

incorporated aAd

Smith

delivery

associated

come

order'to

their

piercej

table• Securities

•

Lynch>

effectively,

share for each five shares held of

® brick and masonry building Named an Assistant Treasurer in warrants, will expire at 12

■

Manager

Cooper branch in Man- record on Aug. 25. Subscription
from
1948
until
1953.' rights, evidenced by ..transferable

hattan

Assistant

unclaimed
to Section 301 of

report

property

has

been

made

abandoned property will be paid on or before October 3tst, next, to
establishing to its satisfaction their right to receive the same.

Such
persons
In

the

unclaimed
shall

and on or before the tenth day thereof, such
will be paid to Arthur Levitt the State Comptroller and it

succeeding November,

property

thereupon

cease

liable

therefor.

(1026)

The Commercial and Financial Chronicle

in the spring resulting in underwriting losses for
property insurance.

age

BANK AND INSURANCE

The adverse trend is

continuing.

Underwriters estimated the

STOCKS
This Week

Insurance

—

Prime

Stocks

July fire loss total at $93.1 million,

present holdings of invest¬
are becoming of increas¬
ing significance in the portfolios of many of the nation's major

study by Allstate

could

crashes.

with

rush-hour

life insurance tax law would not be

other hazards from

remove

problem is

The

the

general stock market rise and

the

of
improving underwriting over the remainder of the year. The most
significant single transaction was the purchase of 108,000 shares
of Hartford Fire by Massachusetts Investors Trust. Other fire and
casualty insurance stocks which attracted sizable investment fund
buying were Continental Casualty, United States Fidelity and
Guaranty, and Glens Falls.
of holdings of American
-

prospect

Life

the first study of

"Vickers Favorite Fifty" that included over-the-counter securities

reflecting the increased significance of these holdings. As of J une
30, insurance stocks represented 4.2% of the total dollar value of
the top 50 holdings.
Insurance

Stocks

"Vickers Favorite

Fifty"

No. of

Rank by
Dollar
Value

No. of

CORNER

BY JOHN DUTTON

Stock Held

Stock

Held

by Funds

Charles B.
book

You

which

1953

Make

Prentice Hall
entitled

seen

it, I

was

$25,000

"ism"

never

who

to think

salesman who

believer who

cessful

wasn't

salesman."

suc¬

mentions

salesman

who

was a

in volume of 8% and
fire losses in 1961

winter's

severe

his

counsels

653,300

6.53

they

were

643,000

8.04

joiners,

were

not

they

not

glib

talkers,

glad-handers

didn't

play

top

of golf, and they didn't have
Masters or a College Ph.D.
In

fact

Comparable figures for 1960

combined ratio of 96.2%.

were

gain

The sharp rise in

weather

were

ated

followed by sizable windstorm dam¬

some

from

gradu¬

never

college, yet they built
that

business

the respect

has

them

earned

of their clients and
income

handsome

These

years.

them

men

for

and
believed in do¬
years

ing the best job they could every
single
day in *. the
week—they
didn't

loaf

When

let

things

slide.

they had a call to make, a
to" check,
a
letter to

situation

write, a friend to visit, or a pros¬
pectus to study they did it. And
when they made a mistake they
corrected it as soon as possible
and

kept going.

office

ents

It is fashionable

BANK LIMITED
Head Office:

INSURANCE

the

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

STOCKS
Bought—Sold—Quoted

ST. JAMES'S SQUARE, S.W.I.

Bankers to

Laird, Bissell & Meeds

STREET, S.W.I.

the Government in:

ADEN,

KENYA, UGANDA, ZANZIBAR

Members New York Stock

Exchange
Members American Stock Exchange

120

BROADWAY, NEW YORK 5, N. Y.
Telephone: BArclay 7-3500
Bell

Teletype NY

1-1248-49

Specialists in Bank Stocks

INDIA, PAKISTAN, CEYLON, BURMA,

TANGANYIKA, ZANZIBAR,

UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN AND SOUTHERN
RHODESIA

who

their

are

day

millions
their

worship,

who become scout leaders,

nurses'

take their setting up exer¬
cises regularly, obey the traffic
aids,

laws, vote regularly as their con¬
science and their intelligence di¬
rects

Branches in:

KENYA,

who takes life

woman

believers

church
54 PARLIAMENT

today for many

seriously. Yet, there
of

London Branches

man

them, and when they go to

their

job they give their employer
day of concentrated effort
full day's wages. They retire

full

for

their

mortgages,

children,
anfp

ariH

carry

educate

their

circle

life

their
insur-

hnv spriirit.ips when

t.hev

cli¬

their investments
is not holding the most important
job

world.

the

worker

other

daily

just

an¬

the

ranks; like
country
to work in the fac¬

millions of others
who

He's
in

this

tories, offices, homes, schools, arid
on
the farms and transportation

systems cf this nation. If you are
a salesman of securities, (or what¬
ever it is that you do) you can at
least believe in
one
thing. You
believe in your own

can

personal

ability to EXCEL. You can .v. be¬
come-more'capable every day in

job. You
read
and

your
more,

from

learn

understand
reason
better,
mistakes
and

can

your

experiences, become more
adept at human understanding, as

your

become

student

vestments, markets, and the

people to look with disdain upon

and

limited

to
who

goes

and

day

every

his

who

man

regarding

well
You Can Excel

NATIONAL AND GRINDLAYS

BANK

drives for worth¬

are

Certainly the

truly believe this and I have
seen many men in the investment
who

major factor in the reporting of unsatis¬
factory operations by a number of major companies. Abnormally
high fire losses during the early months of the year due to last
was

to the forefront,

come

And Each One of Us Has His Job

TIES."

field

pilation of the operating figures of 150 stock companies, which
represent 60% of all fire and casualty business underwritten in
the stock field, by Alfred M. Best Company, shows premiums writ¬
ten up 3% and a combined loss and expense ratio of 99.4% for the

the

salesman

have

can

been

ever

failure if

believe

will

fellow

powerful than all

himself, his
human being, and the

There

man.

making to his
millions of

are

people in this country who

need
help with their investments like
they never needed it before. If
that isn't a challenge big enough

then

anyone

out and find

lenge.

And

that

the

way

should be.

for any"

use

and <
of them still read Emerson,
Holmes, Thackeray, Shakespeare,;
Plato, Aristotle, and are not too
high and mighty to look at the
comics
on
a
Sunday
morning.
When
a
community job
needs
when there

first six months of 1961.

Americanism,

many

doing, they

14.03

1961 confirm earlier indications that second quarter fire and
casualty insurance underwriting results were poorer than those
experienced a year ago, although they were substantially better
than the performance of the first three months of the year. A com-

this—let's

U. S.

11-

Products Co.

Common Offered,
An

offering

except

read

1,030,500

Recently received operating statements for the first six months

They have

patient
hospital that he took seriously

case

something while he

Fire Losses Heavy

think

who

start

200,000 common '
Fiberglass Prod¬
ucts Co., at $2 per share is beingt"
in a
while
charities, they contribute,
made by Hauser, Murdoch, Rippey
and it made him one of the most and
when
they say something,..
& Co., Dallas, and Omega SecuriT
successful salesmen in his com¬ /hey mean it. These are the pur¬
ties Corp., New York City.
Net
pany for many years. This was a
poseful, conscientious people who
proceeds, estimated at .$328,000,
quotation from the writing of psy¬ are the backbone of this nation,
will be used by the company for
chologist
Walter
Dill
Scott.
It and they are the ones that will
the purchase of additional equip¬
reads: "SUCCESS OR FAILURE help it survive regardless of all
ment, machinery and inventory;
IN SELLING IS CAUSED MORE the present day philosophy which
plant improvements; research and
BY MENTAL ATTITUDE, EVEN
is dedicated to its destruction.
development, and working capital.
THAN
BY
MENTAL
CAPACI¬
the

game

some savings available.
They
their local, state and federal

taxes.

Come

met

pay

How

salesman

believer.

have

Year Selling

was

$25,000

something else to do. After a life¬
time of doing it I still find that
there is always a new day, some¬
thing more to learn, and a chal¬

Can Believe in Today

Roth, in his excellent

published by

110

Travelers Insurance

can

where

country

good day's work is worth a good
day's pay, and a man is a man
only if he behaves like one, then
there is only one answer for all

for

Outstanding

Holding

(Millions)

-STOCK-

Funds

Value

23
40

% of

Dollar

a year ago.

SECURITY SALESMAN'S

never

was

live

still

contribution

measured by dollar value of holdings. This

that the children of this land

value

ciates, Inc., Continental Casualty, Travelers, and Aetna Life are
now ranked among the top 50 stocks held by these companies as

fight Communism, if you

don't, believe that all is lost and

wasn't

study of the combined holdings of over 300 investment
companies with assets in excess of $20 billion by Vickers Asso-

want

you

stronger U.S.A., if you

want to

country,

your

build

similar Study of 60 funds with the dual objective of growth and

help
to

written.

running 3% ahead of

are

made the statement "I have

in times like these. If you want to

that

during the first six months, of 1961? was the best performer
funds whose principal investment objective is growth of
principal in a study prepared by Arthur Wiesenberger and Co. A

satisfactory income revealed that Century Share Trust's 28% gain
was the best per¬
formance in that particular group.

many

times, but one thing is certain, it
cannot be reiterated often enough

in net asset value during the first half of 1961

repeated by others

has been

words

<45%

said here this week

have

sand times

Insurance, Fireman's Fund and Maryland

day is over you
concentrated,
into your leisure.

your

effort

What I

stocks, and Life Insurance Investors among investment trusts.
gain in net asset value per share in excess of

when

direct that same

living this way. The
power of the word is strong but
the example of the deed is a thou¬

The latter, with a
of

Profit taking was evident in the sales

having substantial holdings in insurance stocks
in 1961 is pointed out by the relative performances of Century
Shares Trust, which has over 90% of its assets invested in insur¬
ance

Insurance

What
value

but the solution, to this

to the nation's drivers.

Casualty.
The

Detroit

purchases

chip stocks. In addition
to the major purchases of these three stocks, investment iunas
made significant new
commitments in Transamerica, Franklin
Life, and Liberty National Life during the first six months of 1961.
Investment funds were also attracted to fire and casualty
stocks.
Analysts were apparently impressed by the continuing
to

of all accidents

reaction

and

purchases for the month advanced while group
purchases declined. For the first seven months of 1961, total life

market for these three life insurance blue

due

chain

frustration,

overcome

put sixty minutes of concentrated
effort into every hour of work,

and industrial life

were attracted by the $45
of shares of Aetna Life, Travelers, and
which created a vastly improved trading

liquidating

salesman,

your

Agency Management Assn. announced
that July purchases of life insurance amounted to $6.1
billion, prac¬
tically the same as in the corresponding month of 1960. Ordinary

Institutional investors

off

Engineers have been able to

expressways,

serious barrier to

rise

setting

Life Insurance Sales Higher

secondary sale

growth in net investment income, the sharp

collisions

collisions.

rear-end

were

Substantial interest in life stocks has been generated for the
first time in over five years as investors became convinced that

values

Insurance

The study indicated that 79%

freeways

substantially outperformed the general mar¬
ket over the past 12 months and many are now selling at or near
their all-time highs.

can

pressways

Insurance stocks have

you
can
in¬
ability to express
yourself better, to get along with
people, to drive through traffic,

and

of Auto Accidents

easily
following the car ahead too closely. Rear-end collisions
have steadily increased in recent years and the trend is
likely to
continue in the future as more superhighways are constructed.
The majority of rear-end crashes occur on major urban ex¬

During the first six months of 1961, both life and fire and
casualty insurance stocks were bought on balance by the funds.
Thus these institutional investors were partially responsible for the
sharp rise in insurance stock values that has occurred in 1961.

General,

The company said that most of these mishaps
avoided because their principal cause is "tail-

gating,"

diversified investment trusts.

Connecticut

Si:

of 7,000 accidents.

An analysis of first-half purchases and

growth.

Company indicates that the
principal cause of bodily injury
claims, representing nearly one-third of such claims in an analysis

INVESTMENT COMPANIES

million

Cause

efficient
crease

rear-end collision has become the

ment funds reveals that insurance stocks

future

writers

many

relaxed

INSURANCE STOCK HOLDINGS

new

Thursday, September 7, 1961

12.2% from $83.0 in July, 1960. For the first seven months of 1961
total fire losses are estimated at $728.1
million, or 10.8% more than
the corresponding figure of 1960.
■
,
•
.

the

The National Board of Fire

sj!

in¬

changing
panorama
of
industrial activity
that is daily
taking place. You can arise in the
morning and say to yourself, "To¬
that

that

been

has

divine

given

providence.
the

make

day,

another

most

every

constructive,

gift

from
mine to

way

inspiring to those around me,
all with whom I am priv¬
ileged to work and to help in
every way possible if it is within

and to

power

you

become

believe in yourself
think .like this^ You. can
a

better

ments?f-you

can

market

Products

for

of fiberglass and
plastic materials and

such

utilization of

products

its

own

already

the

sales

force.

manufactured

include

fiberglass
purlins, beams, card
lawn furniture and cul¬

consumers

shingles,
tables,
verts.

Harriman

Ripley Branch

PITTSBURGH,

Pa,.-—

Harriman

Ripley & Co. Incorporated, under¬
writers and distributors of invest¬
ment
5

securities,-announced Sept.

the

opening of "an office in
Building,: under; the

Oliver

management

Phipps,/

Frederick

*■'

;v>

W,1

Form A. H. Masters Go.
Allan H. Masters & Company, Inc.
is conducting a securities

business

from offices at 1175 York Avenue,
New

York

City. Officers are Al¬
Applestein, President and
Treasurer; Aaron S. Applestein,
Vice-President; and Murray N.
lan

Meadow, Secretary.

judge of invest-.
become

Norman, Wolf Co. Formed
KEW

GARDENS, N. Y.—Norman,

Wolf & Co., Inc. has been
with offices

to do so."

And you can
if

products

ous

other similar

beneficial,

and

rication and manufacture of vari¬

con¬

stantly

day is

The
company
of
Clarkville,
Texas, plans to engage in the fab¬

a - more

to engage

Jacques

84-15

formed

118th Street

a securities business.
Wolf is ;President of

the firm. He was
nato manappr

formerly syndi-

for N. A. Hart & Co.

Volume

Number

194

The Commercial and Financial

6088

Chronicle

(1027)

Commonwealth

FUNDS

MUTUAL

that

ports
value

POTTER

JOSEPH C.

from

;

the

Income

Aug.

shares was $9.77, up
$8.83 shown on Aug. 1,

quote

industry
draw

users

reservoir of
economists

refer to it

upon,

'mature'

another

of saying that further growth
will be slow, at best." This pretty
much describes the automotive in¬
way

and, indeed, our fundman

dustry

parenthetically that Detroit

notes

example."

is "an excellent

fund managers and Wall

Now,

Street generally are not oblivious

recent

The

dustries.^

zooming

they

that

demonstrate

recent
.

Motors
com¬

can

arguing that this is

nobody

in¬

growth industry.
A survey by the National Asso¬
ciation of Investment Companies
shows that common stocks valued
at

$887,653,000

held

are

the

ex¬

This

funds.

member

tremely impressive sum, but it is

deal less than awesome
consider that this totes
up to little more than 4% of the
total assets of the member funds.
And the total is all but dwarfed
good

when you

perately needs

Outstanding authorities in com¬
Electronics Investment Corp. re¬ mercial financing and factoring,
ports total net assets at July 31 banking, accounting and govern¬
will
be
were
among
featured
$41,790,320, compared with ment
$35,008,339
a
year
earlier
and speakers at the Seventeenth An¬
nual Convention of the Commer¬
$43,593,353
at
the
end
of
the
preceding quarter. Net asset value cial Finance and Factoring Indus¬

Varian Associates. Over the

perish.
Another

with

and

value

Keystone
of

commands a
lot of respect viewing industry by

manufacturer, 'but * Goodyear
& Rubber.;

All

'considered, " Ford

off best in this

Remember that Ford
ket
took

compilation.

came

to mar¬

about five years ago,
severe drubbing and found

only
a

few friends among

it is held

the funds. Now

by 62 funds (only nine

than

fewer

and

G.M.)

second

the

total

makers

holdings

vehicles

only

come

tire & rubber
another $278,000,000, while the vendors account
for
about
$228,000,000.
Leaders
$302,000,000.
The
contribute

people

the vendors in fund port¬
folios
include
Bendix
Aviation,
Borg-Warner, Libbey Owens Ford
among

and

Timken Roller

The life of
troit

scheme

serene.

fiscal year ending
July 31 net asset value per share
of

the

$5.87, compared with $4.60 at
end of the preceding fiscal

year.

things,
rescue

rarely

quarterly payment to
shareholders will be a dividend of

consecutive

four

cents

auto-

The

income.

ment

the third

paid

Sept.

record

from

invest¬

dividend—for

quarter of 1961—will be

shareholders of

Sept. 8.

months
the

For

118th
'quarterly dividend'
EATON & HOWARD

BALANCED FUND

Ltd.

$43,416,-

activity in

quarterly dividend

EATON & HOWARD

STOCK FUND
share'

than

10%

of the fund's

(40,000 shares). Holdings

in¬

were

creased in Beech

$56,153,046
of assets and
a share at Nov. 30,
1960,

Aircraft, Cessna
Northrop
Corp.
and
*

July 31

$40,084,687,

high of $164,478,000,

new

com¬

with

$144,587,000
three
earlier and $38,570,000 a

pared
months

$8.84

As of
was

per

year

ago.

stocks

common

convertible

securities

close of the last fiscal
year. At April 30, 1961, the com¬
parable figures were $38,430,323
and $9.38,

stocks, with the balance

short-term

notes

and

cash

equivalent.

John
Booth

The

be Sander Vanocur,
correspondent for
National Broadcasting Com¬
House

White

reaux

October

10.

Epstein,

Industrial

Director

Lamo-

Wash.—Boyd

and Will Thomas have been

named

Registered Representa-r
Seattle office of Hill,

tives of the

Darlington & Grimm, investment

firm, Stanton W. Frederick, Resi¬
dent Partner, has announced.
The
Seattle
Offices
recently
moved

into

new

in the

quarters

1411—4th Avenue Building.

Division, Walter E. Heller & Co.
this Panel will be
Homer Kripke, Esq., of the N. Y.
and N. J. Bars, and Partner of
Stein, Stein, Kripke & Rosen, At¬
torneys.
third

Panel—Clinic

A Name to Remember

Fa¬

When Investing

cilitate Efficient Management and

Record-Keeping
Commercial

Practices

Financing

Fac¬

and

Clarence

ture

tli

WELLINGTON
FIMI

C.P.A.,

Ahsler,

toring—will be held on the after-r
noon of October 10, and will fea¬

-■.1'

Lybrand, Ross Bros. & Montgom¬

Gregory M. Boni, C.P.A.,
Touche, Ross, Bailey & Smart;
and
Harry R.
Mancher, S. D.

ery;

this

Co.

The

will

Panel

Moderator

Francis

Palamara,

Comptroller,
Talcott, Inc.
day Luncheon

be Dr. Leo Barnes,

President

James

October 9 will
Assistant Vice-

Chief

and

the Mon¬

Principal speaker at

Balanced

Fund

seeking conservation of

capital, reasonable cur¬
income, and profit

rent

possibilities, y
Ask your

investment dealer

for prospectus or write to

Economist,

Outlook."

"The Business

Another

/— a

His topic will

Frentice-Hall, Inc.

Wellington Company, Inc.

highlight of the

Con¬

Philadelphia 3, Pa.

vention will be the presentation of
awards to three business concerns

achievement

for

business

growth made possible through use
commercial

finance

company

funds.

Chairman

The

will

made

session

Silverman,

James

Presentation

this

Herbert

President

Talcott,

Inc.

the

awards

by John E. Home, Ad¬

Administration.

Convention

The

will

caljed
to order by J. Martin Seiler, Pres¬
ident of the Conference, and Ex¬
Vice-President

Co.,

Inc.,

A report on the

finance

and

New York,
commercial

factoring industry in

will be presented to the del¬

1S61

FOR THE GROWTH

MINDED INVESTOR

will

ministrator of the Small Business

N. Y.

MORRISTOWN, N. J.—F. S. Johns
& Co. Inc. has opened a branch

With Hill, Darlington
SEATTLE,

10 Park Place under the

management of Ronald E. Lappe.,

boom-

prospectus
describes

Aviation-

Electronics-Electrical

egates by William J. Drake, Ex¬
ecutive Vice-President of the Con¬

free

office at

Equipment Shares

Of CROUP SECURITIES, INC.

its July 31

An investment in the growth
•

Affiliated

•.

Fund
A

Common Stock Investment Fund
Investment

Gulf Oil, Pioneer
Western Auto Supply.
it

Tuesday. evening,
dinner
guest

10.

Moderating

ecutive

nelley & Sons,

•

are

•

..."

possible long-term capital and
growth for its shareholders.

income

Prospectus

Foundry,

and

objectives of this Fund

American

sold

Central &
South
West
Corp., Certain-teed
Products, Dictaphone Corp., Mon¬
santo -Chemical, Savannah Elec¬
Steel.

President,

Nathan

Salinger,

Armstrong

F. S. Johns Branch

bought Aldens, American Viscose,

Power

Mod¬

Sahn, Shapiro & Epstein;
Randolph,
Vice-President,
Leasing Corp.; and David

Esq.,

During the quarter the company

Co.;

Leasing and Lease
will be held at the

are

fiscal year.

tric

October

session

share at $11.69, compared with
$9.66 on Oct. 31, 1960, end of the

Vice

Panelists

per

Machine

Ballroom

into

share.

with assets of $20,-

1960,

Meanwhile,

Trust

Corporation.

morning

July 31, 88% of the Fund

invested

common

that

net assets were

total

value per share was
July 31, compared with
three months earlier and

asset

$18.49

728,396 and $6.55 a share at Oct.
31,

Panel

Financing

1961, total net assets increased to
a

this

reports that
during the quarter ended July 31,

and

' *

This compares

Bridge

Abrahams,

Putnam Growth Fund

$13.45

Finance and
Dividends payable Sept. 25
to shareholders of record

Avco

were

shares)
and
General
Precision Equipment Corporation

Dayton Power & Light, R.R. Don¬
..............

Sept. 8, 1961. r\
':24.Federal Street
Boston, Mass.^

the
in

industry, which now

Newcomers

quarterly report puts asset value

at 4:30 P. Mi-,

last

$26,155,616.

were

United

States

upon

request

possibilities of selected com¬
stocks of the aviationelectronics-electrical equip¬
mon

ment industries is

this 25

offered by

year-old mutual

Mail this advertisement.

fund.
CFO

Home.

Address.

City

-State.

DISTRIBUTORS GROUP, INC.

Lord, Abbett & Co.
New York

—

Atlanta

—

'i,

Grand

Dinner at the

Annual

Oct.

Walter E. Heller & Co.

(162,200

Net

total

reports

Colonial Fund, Inc., in

$18.88

with

July 31 at $71,791,540,

$11.98

and

Leidesdorf &

$14.41 per share. This compares

net assets at

cents

the

Greenspan,
Vice- pany, who will address the final
President, A. J. Armstrong Co., session on the topic: "BerlinInc.; Robert J. Kurau, Vice-Presi¬ One Phase of the Communist Of¬
dent, Grace National Bank; and fensive."
Albert E. Meyer, Vice-President,

the aerospace
more

partici¬

increasing com¬

ever

The Convention will close with

last half of the fiscal year was

assets.

economy

petition.

the

Bank

Bernard

866.

Fund,

Chase Fund of Boston reports

shares for

they

relates

fi¬

His

Conference.

tional

than

reached'

year

are

year ago.

six

of S-4

Aircraft,

close of the last fiscal year.

9 cents

Commercial Discount
Corporation and Chairman of the

speaker will

series

74%

the Con¬
Lefforge,

President,

9, will be Frank E. Bauder, VicePresident, Continental Illinois Na¬

another 65 cents.

Sales

attention

Panel, which will be held

15, rose 29% to $15.28. Since the
of the fiscal year the asset
value
per
share
has
increased

Axe-Houghton Stock Fund's 109th

Bullock

Bearing.

vendor, in the De¬

may

assets

circles

panels

that is attract¬

one

pant financing.. Appearing

has

Fund, Inc. re¬

Growth

for

ports

nancial

Thompson Fiber Glass.

Goodyear is owned by 39.
For

with

important

ing considerable

$700,000,000. Net asset value per
share, adjusted for the 54-cent
capital gains distribution on July

The Funds Report
American

Three

scheduled and

Major portfolio

companies in the trade.

among all

funds

Tire

Waldorf-Astoria, ' Oct. ' 8-10,'

1961.

Common

rose

be Thomas

ing Times," will point up some of
the obstacles confronting the com¬
mercial
finance
industry in an

the

having been opened
assets

net

speaker

"Com¬

$152,830,899, making S-4 the larg¬
est
of
Keystone's family of 12

f;■

'>;••

things

comes

Total

Keynote

vention will

Chang¬

in the meantime.

figure

accounts

Danziger,

address:

new

and large.

Nathan

York, N. Y.

mercial Financing and the

group

erator of the Panel will be Burton

Kupfer,

for the

Low-Priced

Con¬

the

Partner,

Finance

highs in the fiscal year
July 31, according to Presi¬
dent S. L. Sholley's annual reportto
a
record
number
of
82,194
shareholders. That figure is 34%
above last year's more than 21,000

the National
Conference,
industry, at

and

New

Commercial

ended

scrutiny,

the

si!

Stock Fund S-4 climbed to

which shows
Deere, which has scant diversi¬
arrived at by
fication, is followed closely by In¬
lumping in vehicle makers, tire ternational
Harvester, a highly di¬
and rubber producers, parts and
verse outfit owned by 28
compa¬
equipment companies and even nies. Allis-Chalmers and
Massey
the farm equippers.
Ferguson are way back.
General
Motors, which
has
Probably one of the most inter¬
more shares outstanding than any
esting revelations of this survey
company extant and is the world's
is the standing of Fruehauf Trail¬
biggest manufacturer, is held by er. It is owned
by 17 funds, ex¬
71 companies (value: $133,214,000)
actly as many as hold far-bigger
to give it the lead in this wide¬
Chrysler Corp. But the stake in
spread field. The second biggest Fruehauf adds
up to $12,000,000,
holding, with a value of nearly
against less than $9,000,000 for
$125,000,000, isn't even a vehicle
the country's No. 3 auto maker.
close

that

Packard-Bell

sponsored

Counsel

ference,

Silberfeld,

1961

by Eli S. Silberfeld,

trade

Park
si!

indeed,

dustry and,

Corp.,

try,

ing.

Deere is a rich blue
stands out in its in¬

$41,500,000.
chip which

Bendix

Electronics and Storer Broadcast¬

in this field is Deere,

holders

same

the company pared holdings

span

that is included
in this survey of the automotive
industry is farm equipment. Six
of these companies
account for
nearly $79,000,000 of the $888,000,000 invested by the funds. It
will come as scant surprise that
group

the favorite

will be noted

developments

statutory

Cofrf.

Legal and

convenes.

General
*

automatic gear
shift in order to compete, only to per
share at latest report was
have the auto people
insist on $8.18, slightly, higher than the
the patents reverting to them after $7.95 per share a year earlier but
a
period of years. Or a vendor lower than the $9.19 at the end
of April, 1961.
may wake up one morning to find
Common stock purchases dur¬
that his customer has acquired a
include:
battery-producing company, which ing the latest quarter
Ateliers
de
Montages
batery-producing company, which Ampex,
field
where
the
customers
ajre Electriques, Edwards High Vacuum
few, this can be an extremely (England), Garrett ;Corp., Hallicrafters, Hewlett-Packard, Inter¬
painful matter.
national Business Machines, Lit¬
Vendors to the auto trade, like
ton Industries, Sigma Instruments,
producers of railway equipment,
Thomson
Houston
Compagnie
long ago learned that if you don't
United
Aircraft
and
diversify
you
may
very
well (France),

attention. But

considerable

mand

less

American

allied

upsurge

and.the

Motor

Ford

and

automotive

the

des¬

who

manufacturer

mobile

fundman:
longer has

untapped

large,

mutual

•

Finance

Convention

the-

after

immediately

ference,

Nat'l Commercial

1960.

Detroit And the Funds

"When

re¬

asset

its

Fund

net

Chicago

—

Los Angeles

—

80 Pine Street,

San Fraacisco

New York S, N.

The Commercial and Financial Chronicle

(1028)

ploratory work relating to acquisi-

Percentage Depletion for
Oil Is No Tax Loophole
Continued from page
free economy

because government

expenditures

would
vvuuiu

cApwmxiuxw

substituted

have

been

operation of the major forces

responsible for progress.
The major requirements
nrneress
progress iare

pnvate eTOnomxc

some

x.j

treated

vestment

for

tax

^he

venture,

capital in¬
Ex¬

acreage acquired

inCome taxes

dered> ge;nerally at the end of

that

Thelheo^

of neutral taxation
questionable validity. The

major flaws relate to the

assump-

neutral

that

value

farming

gambling,

and

that the public wishes
age

encour-

forms of activity and to
other forms by taxa-

some

discourage
ion

and

other

legislation.

This

point is well illustrated by many
special tax provisions, including
those applicable to cooperatives,
to savings and loan associations,
mutual

civili^on"
civilization.

an maustnai
capital gains.
In recent years, the impact of
Some economists may wish that Federal income taxes on both capitaxes were strictly a device for tal and minerals has become the
raising revenue with minimum subject of considerable discussion,

business,

and

private activities, There seems to be growing recogbut the public has not shared that nition that the treatment of capital
consequences on

view for years, especially since the
introduction of income taxes and

in existing tax laws may be less
than satisfactory.
Changes have

the

been

adoption

expensive social

welfare programs.

proposed for the

really interested in

were

and

made

what is called "neutral

taxation,"

are

now

being

of stim-

purpose

ulating capital investment and our
rate of economic growth. To the

extent that these changes are succould attain such a goal. In the cessful, they will increase the confirst place, the role of government sumption of energy and of other
the

question

arises

whether

in certain activities

automatically minerals. ^Therefore, one might
of private expect similar interest in modifiexpenditures. Public schools and cation of the tax laws to stimulate

influences

the

pattern,

roads

inevitably
cause
us
to tbe development of mineral rechange our private spending for sources as well. Strangely enough,
these goods and services and for however, the discussion of mineral
others

well.

Therefore, taxa- taxation has taken an entirely diftion cannot be neutral by its very ferent course. The tax provisions
nature. The possibility of approxi- that have been in effect to eninvestments m
in
mating neutral taxation becomes courage
mining
as

smaller

government

becomes

ventures, such

percentage

de-

involved in

providing serv- pletion, have come under increasices that can be supplied by the ing
attack.
Unfortunately,
the
free market. In the second
place, criticisms of depletion reflect two
application of the theory in our major deficiencies. The most corncomplex economy would depend mon defect is an emotional ap-

the

existence of reliable data
elasticities

supply

and

demand for millions of goods and
services. Information of this kind
would

point in

essential

any

starting

effort to maintain the

proach colored by the

tures

does

they

would

other

derstanding of the

great

importance

un-

basic charac-

mineral

taxation

deficiency

operations.

subject of

and

deserves

most careful economic analysis,
Oil and gas deserve particular at-

central agency. No

the

fits

gained from judgment
of the neutrality of one tax by it¬
self

when

exist. In

with
ties

taxes

many

reality,

we are

number of

and

taxing authoriof

taxes,

pact of all of these taxes would be
impossible as a practical matter.

preceding

considerations

lead to the conclusion that neutral

taxation is
little

theoretical dream of

value for

isting

tax

dence

does

judging

provisions.

The

indicate

not

that

ex-

evithe

public wants or can attain a tax
system that could be considered
neutral

its

minerals

economic

conse-

quences.

Practical Aspects of Taxation

focus

the

criticisms

turn

from

now

economic

theory
to
consideration
of
the
practical aspects of taxation. In

judgment,

should

slble

the

interfere

with

tax
little

system
as

the

pos-

industrial progress
that enables the entire population

made

Unusual Characteristics of Oil
And Gas Operations
Petroleum exploration and production have many characteristics
of

mining ventures in general and
perculiarities of their own.

some

This business is

ent

from

the

distinctly d^ffer-

manufacturing

and

trade operations that customarily
serve
as
the basis for economic

theory and analysis.

The

for oil and gas is characterized by

(1) Great uncertainty and unusual

risks, (2)

long time lag between

the initial

outlay of funds and the
eventual recovery of capital and
earnings, and (3) the principle of

dl"""lshm8 returnf;
Let
consider these
us

most

terms

against percentage depletion,

actually

Coordination of the economic im-

The

confronted

multitude

are our

important

aspects of

petroleum production briefly.

direct method exists for ascertain-

ing

enjoy

the

benefits

results

its

p
consider
nature

The

the

achieved

total

out-

petroleum

ratio

must

capital

intensive

production.
investment

capital

than twice

erratic.
in

best

the

year

generally,
cessful

for

without

the

cost

ventures

any

unsuc¬

petroleum.

This difference alone would have

bearing

treatment

on
the
income
required to avoid

couraging
•

leunx

tax
dis¬

investments

relative

were

create

than 100% above the poorest

burden

in petromanufacturing,

year

for both oil and gas.

relative

ages

still
in

Aver-

three and
substantial

periods

over

years

fluctuations

leave
results

which

not correlate with the level of ex-

penditures.
dicates

between

tors

outlays and expenditures

for the industry as a

even

The

in¬
predictability

experience

This
lack

the

results for

for

There

leads

alters

results

the

The size

in the

business

sharing of
individual projects. Such

frequently

fect

thousands
firm accounts

exploratory work.

action

un¬

are

one-tenth

than

losses inherent

risks

opera¬

erratic and

are even more

predictable.

whole.

individual

but

distribution

the

obviously

whatever

has

ef¬

the inescapable

hazards of the industry.

taxes

come

might be
availability of funds
interested in gam¬
bling on a long shot.
In fact,
however, the business requires
tremendous annual expenditures,
comparable with those in utilities
as a
group.
Furthermore, petro¬
exploration

must

drilling
largely with

and

financed

equity funds, in contrast to utili¬
which

can

use

high

propor¬

tions of debt because of their rela¬

tively low risks.

Expenditures for

tax

neutral

imposed uni¬
of in¬

were

Uniform
this

taxation
would

case

because

petroleum

not

would

place

at 'a dis¬
advantage in attracting capital.
This point has been neglected in
the

producers

economic

literature, although
it
is
quite
important
in
any
thorough analysis of the impact of
income taxes on petroleum.
Other taxes must be considered

along with income taxes in judg¬
ing the total effect of the tax
system. Two significant points

are

lives.

Our

subsequent

emer-

gencies
has
also
been
greatly
strengthened by the availability of 1

ofoTZthe :

Canal

blocked

was

1956,'

for example, the ability of the
Western Hemisphere to supply the
oil required by Europe may well ;
have been decisive in preventing
the development of a costly war.

war

intro¬

have

weapons

possibility that in

case *

decision will be reached

massive destruction.
possibility, some
people think that national security :
considerations are less important'
now in judging the value of per-J
quickly

Because

this

depletion

Rentage

providing

of
oil
for
Such reasoning

emergency.

supplies

ample

valid

the

world

an:
may

destroyed quickly by nuclear war,
but it will probably prove to be
incorrect

exist

for

the

currently.

matter,

the

that

atomic

must

prepared for

warfare.

tional

that

practical

stalemate

weapons means

tinue

conditions

con¬

conven--

Inanimate

energy

and other minerals continue to be

essential for the strength we need;
to

discourage nuclear warfare as
as
for our ability to
deal

well

with

other

difficult

international

situations. Furthermore, they will
be urgently needed to rebuild the
world in

of massive

case

destruc¬

tion.

Some

economists

national

security

believe

that

considerations

pertinent in this connection. First,

should not be allowed to influence

oil and gas and

the

minerals generally
subjected
to
special

often

are

Texas

and

Louisiana, which account for

taxes.

severance

half

duction

the

petroleum

States,
property
taxes
of the

and

7^8%

about

value of production.

gross

local taxes

oil and

ignored in

the. tax

pro¬

United

the

severance

of its unusualrisks

offset by the
from people

ties

disproportionate

petroleum production
to manufacturing if in¬

formly.

than

reIf
petroleum
production
quired little capital, the signifi-

leum

Nuclear

even

allowance

five

countless

duced the

discoveries,

revisions

well

position

high for petroleum
for manufacturing

I#'the past decade,^ Differences in canita! ' intensity
extensions, and and in risk would both work to
-

Very
new

since World War I. In World !

War

dollar of annual sales is

per

well have saved billions of dollars

during

aunii»

Z °*l.J X

value

its'Allies ;

f th

„fndv

petroleum

and

reserves

has

States

II, petroleum products had a
profound influence on the conduct
of military operations
and may

results

whole

experienced '•
We do f'

iacalcuable

United'

Suez

"
y

gas

These
cannot

objective study

any

The

structure.

second

unusual factor is the heavy taxa¬
tion of

gasoline. State and Federal
gasoline tax revenues now amount
to

$6 billion

the

funds

year,

collected

with part of
by the states

diverted
to
non-highway
In addition, highways con¬

being
uses.

tribute to national defense and the

general

welfare,

that

part

tax system. They argue that
all defense costs, indirect as well

direct,

should

be paid for by
Treasury in order to
keep the private economy free
from what they consider distort¬
ing effects. Such a position over-,
as

the

Federal

looks

several

fense

costs

that it

points.

seems

desirable
for the

Direct

de¬

already so large
impractical and un¬
impose more taxes

are

of meeting addi¬
by direct payments
froiii thk treasury. In addition, the
tax provisions
used to
promote
tional

purpose

costs

development

petroleum

and

other minerals may well be the
most economical means of provid¬

ing

the

capacity
for

needed

supplies

and

national

;

security.

Finally,
the
private
economy
"possibly be kept f^ee from
the impact of defense activities.

petroleum exploration and development are in the range of $5
billion
annually.
Consequently,

their cost should be financed from
general revenues. The net result is

cannot

that

raise

In any case, Congress must neces¬

ibe

industry

must

vestors in order

f„„ds

into

am0Unts

appeal

in—

gasoline

The

about

50%,

° he

business

may be large in total,

gambling

but the total

high turnover of a
limited amount rather than a large
source

must be spent on

funds

available

for

in-

As
should expect from experience

vestment
well

taxes, which now
price of regular

retail

the

grade

wagered

indicates

gasoline

to attract enoush

in- risky

ventures.

from economic theory,

prospective rates of return in case

of average success must look conrising vorable to underground aecumula- siderably better for a hazardous
standards
of
living.
Therefore, tions of oil and gas. The initial investment than for a relatively
taxes should be designed to impayments made in order to ac- secure one in order to attract sufpose the least possible handicap
quire leases and the cost of ex- ficient investment. Therefore, un-

be ■'

war.

that

however,

been
-

ever

com¬

ment

the

fields, only about
discover-significant commer¬
deposits of oil and gas.
The
results of exploratory Work- - -cire

Contrary

the

cxueimnures
expenditures

efficient

cial

the location of underground
deposits.
Therefore, vast sums

leasing and expioration in the process of hunting for formations considered fa-

had

fiysfor expTcrluon anddeve?oo- fmplf
*

actual
value

industry

cance

practical bene-

can

tention because they

production

annually

has

the past decade indicates that the

new

total

rapidly be
the constant
changes of our dynamic economy,
Finally, all taxes would have to be
by

drilled

search for

practice

inefficiently by

the

and

know,

economics

out

conditions.

relative

exploration are il¬
experience on
Out of the thousands of

surprising lack of

Mineral

obsolete

terms

the

The

teristics

made

wells

theoretical

could

security

shortage of oil in

parison with other businesses, the

^he risks in

drilling.

existed

ven¬

speculations that producers in¬

evidence

non-mining ventures,
by

on:

caliber. Marginal

work

these

vest money

reveals a number of significant respects in which petroleum exploration and production
differ from the general run of

consists of

are

veloped,

additional

poorer

not

under

summary

lustrated

analysis

Even this brief

areas.

treatment."

relative

they could be de-

expensive

by taking

cess

must be carried deeper
and into less productive and more

of operators and no

taxes

not exist and if

of terms

costs

increasing

of return

national

our

measured ■ accurately No reliable
accurately. No reliable
accurately,
estimates can be made, of course
concerning the costs and losses
that might have been incurred if
percentage
depletion
had
not '
measured

with

will
not
deliberately
dissipate the results of such suc¬

drilling

such as
"loophole,"
"subsidy,"
"privilege," and "preferential tax

same

consumption when
imposed. Such data do

use

and

T2Sw&"s^pHes"'of^oifto-

re-

wifh

prove

operators

with the prospects of diminishing
returns

ever,
ever,

the successful ventures. Intelligent

concerned
effect °f taxes on
mineral in- ducti0n. In this search he is faced

trusts, to
companies, to small

produce

thnn
high rate

unusually

the f°r 'adenf f least sufficient
ahouttuobrepiace thoseicnoc
the to n<7 resfhrves depleted by .pro-

investment

life insurance

the xneoreucj
tne theoretical costs would
n
to have been repaid with a
handsome return 1

of
ot

poorer

combine

at¬

revenue

theoretically tto
per¬
centage depletion for petroleum
may not actually exist. Even if
accepted without question, how¬

margin

tax

tributed

averae
average success as a means

some

costs

The

profitable

qi]1t
hptt r
^
suits better than average,

conveniences that have become tional expenditures must be made
of °Pr way of
Minerals
develop the lease and to deterrequired to supply us with mine the limits of the field, so
both capital goods and inanimate tbat several more years usually
er^er£y- Therefore, increasing sup- elapse before revenues exceed exPl*es
minerals are essential to penditures. Finally, the success¬
tbe economic progress of an ex- ful operator who wishes to stay in
Panding population. In these cir- business must always be searching

™^st®"cejSParticularly

fortune
•

only one striking example. part
Indeed,
ample
evidence
exists are
to cite

quite

^'It^mes

treatment

tax

risks

and

safety for the many times in which
results will be
than aver-

multiply productive capacity and can finally be charged off as a
is desirable and attainable.
enable us to achieve greater out- loss> The capital tied up in ex-It is doubtful that a neutral at- put ^lth sborter hours of work, pioration is large, in the range of
titude
toward
all
private eco- Inanimate energy furnishes . the three billion dollars or more connomic activity is either desirable P°wer to
operate • machines re- stantly invested in undeveloped
or desired by the public. We are
sponsible for our industrial pro- acreage in the United States alone,
not
indifferent
to
the * relative ductivity and for the comforts and jf production is discovered, addi-

tions

providin|
Providing
Piwvming

01
UL.

tangible factors in this combine- At that time," the cost^oftheTease
tion are capital and energy. Capi- surrendered plus the related captal provides the machines that italized exploratory expenditures

will

case QI
cage of

«
n

expend tures.
is

uncertainties

producing
operations
lead operators to aim for results

surren-

world

current' state

the

affairs.

The

r,t

the flow of cap¬

petroleum

return,

is later

minerals generally have a strategic
value of the utmost significance

ac-

ital.

purposes.

yields

Thursday, September 7, 1961

usual risks must be taken into

ploration and testing of prospects
by drilling generally require years
jn

ic^ leases count in considering the effect of

More than 90% of the exploratory

for

education
education.
eauc;a
,

are

--nnnmip

for

retention of specif

or
i.

must

during which the capital tied

•'

Uon

demand

unusual

this
of

burden

the

whole

evaluating

the

petroleum

„

TVTo4i/1„0i

addition

the

only

reason

minerals

peculiarities

ness, Congress must also consider
the contribution of petroleum to
national security. Petroleum and

taxes

can

im¬

the

national
case

much

for

tax

income

supported
terms

security,
such

stronger

this

treatment

levying

well

general 5 economic
from

for

Differential

Coniiriiv

of the oil and gas producing busL

has

the desirability

percentage depletion, but it is

not

provision.

Petroleum and National Security
In

of
11W1

security

portant bearing

producing

operations.
,

National

and

over¬

impact

present tax structure

sarily take rational security into
account in levying taxes as well
as in other major
policy decisions.

The

product.
severance

gasoline taxes should not be
looked

discouraging the

are

for

consumers

although

treatment

because

apart

the

Volume

strategic

194

Number 6088

contributions

leum and minerals to

petro¬

defense.

our

: Oil and Gas.'-

a'*•■./«

When income taxes

special; problems
application to oil

are

imposed,

arise ■> in

The Commercial and Financial Chronicle

gasoline

taxes.

economic

such

the

case,

would

results

have

N. Y.

their

(1029)

Housing Finance Agency Receives Check for Bonds

be judged sound and desirable in

The Impact of Income
Taxes

•

terms of theory as well as practice.
On
the
other
hand, percentage

depletion

may- have
altered * the
capital in favor of petro¬

flow of

and gas because

leum. That result might be judged
of" the
peculiar aspects of ex¬ undesirable in
terms of. a theory
ploration
and - production.. The' of tax
.neutrality, but might still
discoverer and developer of
petro¬ be highly desirable in reality be¬
leum resources has made available
cause of the favorable impact that
for economic use a capital asset
petroleum has had -on national
.

that

previously unknown and
society; Because of
the peculiar nature of the busi¬
of

was

value to

there

ness,

tween 'cost

vidual

little

and

relation

transportation, the mechanization
of

agriculture,, and the application

iridi-" of. inanimate energy to industrial
this'respect,: operations. ^7

value

ventures.

be¬

security and on economic growth,
particularly the development of

for

mining ventures are quite differ¬
; : '
'V •-,r
1
ent from other, investments since
Analysis of Specific Proposals for
cost
and
value "cannot„ differ
Changes in Percentage Depletion
significantly. at the. beginning of
The :■ theoretical., criticisms
of
operations for, r e p r o d u c i b 1 e
percentage
depletion
proposing
facilities. Therefore, the account¬
that it be eliminated entirely are
ing distinction
between
capital so unrealistic. that
they have not
and income applicable to
ordinary received
significant support. In^
investments' is. not
suitable for
stead, proposals have'.been made
petroleum producing and other
to reduce the rate for petroleum,
mining ventures.. ;This important to
graduate the rate from 27%%
difference ' must ' be
considered for small
producers down to 15%,
when income taxes are imposed in
and to discriminate against for¬
order to avoid a burden of taxa¬
eign
production.
All
of
these
tion on petroleum production that
changes share a .common assump¬
would place it at a disadvantage
'•

tion

relative

non-mining

ments.

income

Since
raised

;

to^

taxes

invest-,

War-1, Congress has.

differential^ treatment

pro¬

for

determining taxable income for oil
production.

first

used

value

1918

The

method

discovery

was

depletion.

This

The

practicability

posals

does not permit

paper

analysis

changes, but
to

question to

The

decision

reflect

both

depletion
view

seem

feeling

the

that

not

and

cost

adequate

peculiar

business

nature

desire

operators

courage

developed.

was

would

was

comparable

after

property

the

cautious investor

purchased

•

who

of
en¬

discover

In 1926, percentage
depletion was adopted as a con¬

new resources.

servative

equivalent of discovery

value for the

tive

sake of administra¬

simplicity.

Since that time,
depletion for oil and

percentage

has been limited to 27 %% of

gas

gross income or 50% of net income

before

less.

depletion,

whichever
principal has been

The

tended

all

other

minerals.

standard limitation to 50%

income

before

is
ex¬

of net

depletion

applies

all

minerals,
but the
rates
related to gross income have been
set at varying levels from 5% to
271/2%.

The

variations

income appear to take into

gross

account such factors

as risks, rela¬
importance, and

tive scarcity and

differing relations of net
to gross income.

income

the

exten¬

the

proposed

few comments will
questions as
desirability of recent pro¬
a

to raise serious

serve

the

posals.
chief argument for a gen¬
in
depletion
is

The

reduction

eral

the increase in tax rates

based

that

has

1926.

since

occurred

centage depletion

per¬

adopted in

was

critics

The

who

this

take

position think that the rate of
depletion on gross income should
have

been

increased
value

reduced
in

the

constant.

tax

order

keep

deduction

the

relatively

has

Congress

rates

taken

different

position, however, that
percentage depletion is a valid
principal
to
be
applied
con¬
sistently regardless of fluctuations
in tax rates. Many facts other than
the general level of income taxes
also

must

taken

into

account

objective evaluation of the
rate for percentage deple¬

proper

tion.

First,
about

Congress

the

same

has
provided
recognition for

depleted by oil and gas
production since 1918, although
tax rates have been changed up
capital

and

down many

times since then.

The New York State'

received

income

million

which

bonds,

market

.the

lower

effective

difference

tax rate

between

expenditures

and revenues than the rate

cable

ordinary

differential
net

income

capital

into

would

cost.

quickly

un-

Phelps, Fenn & Co.; Lehman Brothers; Smith,
Barney & Co. Incorporated, and W. H. Morton &
Incorporated.

try. The evidence used to support

to note that both

this

drilling

increasing

the

business

than

invested

been'

limited to
critics

been

this fact

many

jump

important than in 1926,

viding
mate

70%

about

energy

now

inani¬

our

compared with

ductive

capacity.

domestic

pro¬

Currently

do¬

the

Fourth,

allocation of capital

operations.
not

said

that

Such

to petroleum
conclusion is

logically valid. Much
the

for

the

can

opposite proposition

uniform

imposition

income taxes in itself would have
reduced

the

flow

capital

into

about

period

during

holes

dry

about 27%

38%

with

compared

that

the

must

amount

attracted

times

has

demand

for

oil

depletion could Re¬
sult in avoiding a distortion in the
flow of capital due to the intro¬

pursued

allow

for

than adequate

the

differences

into

multiplied

new

supplies

has

and

gas

the search
had to be

mining

and

ventures. In the case of

which

years,

the

invest¬

may

rapid

sirable

indicated by

the

security,

adopted
oil imports/The

program

to regulate crude

slowing

growth

spare

down

producing capacity. A time

lag occurred in adjustment of
ploration

1954-1956

The

substan¬

tion

and

drilling

ex¬

these

circumstances, but is is significant

are

proposals that have been
graduate percentage de¬

would

pletion

results

same

the

and

made

because

have almost the
a
general reduc¬

the lowest rate pro¬

posed would apply to about 95%
the production. Therefore, this

plan appears to be a clever means
reducing
opposition
to the

change by making it appear that
the additional taxes would affect

big business. Actually, the
impact of this reduction would
only
fall

the

shareholders

oil

Prudent

management

naturally

leads both small and large opera¬
tors to relate the size of the
risked
their

different

respective

sums

ventures

resources.

The

producing more oil
proportionately more
than small ones in order to

large

firms

must

risk

money

maintain their
that risk

can

companies to

reserves.

The thesis

be reduced by large
a

matter of cost

ac¬

counting is not supported by evi¬
dence. The results of exploration
for any

firm,

erratic

purchased

the largest,

even

that
as

are

insurance

can

protection against

losses. The nature of the business
makes

desirable

encourage

and devel¬

successful discoverers

opers of petroleum regardless of
size, whereas graduated depletion
would
serve
primarily
to
en¬
courage small producers, regard¬
less of efficiency.

The

proposal

discriminate

against foreign production in ap¬

corporations and on consumers of plying percentage depletion
products and gas. This plan would handicap American com¬
would penalize shareholders in oil panies in their competition abroad
companies and place them at a with firms incorporated elsewhere
oil

disadvantage in relation to small and might well result in less tax
revenue
for
the
United States.

operators.

Graduated

considered de¬

national

from

tially

not be proceeding at

rate

for

in
the
rate
of
domestic demand, the
rather rapid increase of imports in
changes, the, increase in income recent
years,
and
technological
tax rates is not in itself a valid
developments affecting the recov¬
reason
for
reducing percentage
ery of oil from older fields have
depletion.
also
influenced
the
amount
of

conditions of in¬
creasing costs. In view of all these
under

Another argument for a general
non-mining
petroleum,* reduction of percentage depletion
itj might also; be no more than proceeds from the premise that
sufficient to offset the effect of too much capital has been at¬
severance taxes and some part of- tracted into the petroleum indusbetween,

past

that development of new re¬

sources

this

many

the

capital was at a rate that
served to develop new
capacity
in step with increasing demands.
In fact, there is some official con¬

business

mining industries.

capital

the

ment of

cern

Fifth,

for

might be

only

in the years preceding

has quadrupled and as

duction of income taxes because it

been

1926.

petroleum unduly relative to non-

Percentage

all

to pro¬

about

the average that has pre¬

wells

drilled in recent years have

that

same

reserves

currently

for

fact

inefficient

vailed

tion

caused

sharp rise in shutin capacity. The
ratio of domestic

drilling
indicated by the
in

risks

have increased

availability, and to the tem¬
porary nature of some of the fac¬
tors that have brought about a

duction

only one-fourth in 1926.

to the erroneous
conclusion that percentage deple¬
has

pro¬

exploration and

declined

have

high levels of
currently at
mestic production is estimated to about the levels prevailing some
be about 70% of efficient capacity, ten years ago. Even with percent¬
but this fact is only part of the age depletion at existing rates, the
evidence that needs to be«con¬ rate of capital input for new re¬
sidered
in judging
whether too serves may be no more than de¬
much capital is being
attracted sirable for national security and
into petroleum production. Con¬ for the anticipated growth of re¬
sideration must also be given to quirements.
"
shutin

amount

term

Third, oil and gas are now much

created in 1960 by the New York
Legislature, is authorized to make mortgage
loans to limited-profit housing companies of not
more than 90% of the cost of the housing project.

Above, seated, right: James Wm. Gaynor, Chair¬
of the Agency and Commissioner of Housing

the

New

The Agency,

man

State

Co.

charge

State

the

Manhattan

Renewal

Observing, standing: left to right, are John J.
O'Connell, Corporate Trust Officer of The Chase
Bank, trustee of the bond issue; Justin
A. McCarthy, Trust Officer of Morgan Guaranty
Trust Company of New York, depository for the
issue; and John N. Mitchell, of the law firm of
Caldwell, Marshall, Trimble & Mitchell, Bond
Counsel to the Agency.

dwelling accommodations at
rentals the ordinary operations of private enter¬
prise cannot provide.
Cl'j
/'f iv
The
initial
offering, comprising 4%
General
Housing Loan Bonds due 1964-2004, was made on
July 12 by an underwriting group headed by
provide

Congress

to economic progress.

attracted

had

From

and

has

have

depletion

This

increases

taxes

after

appli¬

income.

treatment

cuestionablv

the

plans

Agency

Community

York, receives the check from Orlando S. Brewer,
Partner in Phelps, Fenn & Co.

cover

the recent offering of $51,863,000 tax-exempt bonds,
the
first
portion of a projected total of $525

and

Housing Finance Agency has

check from investment bankers to

taxes
in¬
the
amount
of reserve capacity
must
exercise desirable for national
security,
great care not to tax capital and which is estimated to be in the
capital gains as ordinary income
range of one to two million bar¬
in
order to
avoid
disruption of rels
daily, to the ratio of reserves
the capital growth that is essential
to demand as a measure of longSecond,

crease,

Percentage depletion results in

pro¬

of the assumptions. -This

accuracy

sive

of' these

depends " entirely

erty
the
same
deduction
for
depletion that was granted with¬
out

revenues

petroleum
amounts sufficient

provision
allowed the developer of a prop¬

who

tax

from

production in
first to
lower rates for other taxpayers
levels ; in.
and without adverse consequences.

vided

gas

additional

collected

were

'significant

World

and

that

can

;'*•'t ^.

cious

depletion

because

rectly

that

ation

and

assumes

falla¬
incor¬

the risks of explor¬
development
differ

according to the size of the firm.
The misconception arises because
of

the

confusion

over

of risks. The risk of
or

forced

out

the nature

being ruined

business

seems

uppermost in the minds of critics
who propose a lower rate for large
companies. The real risk on each
venture, however, is in the prob¬
ability of loss, which remains in¬
dependent of the size of the con¬
cern

making

the

expenditure.

From the

beginning depletion has

applied to both domestic and for¬
eign production of American com¬
panies because the same basic
economic

for

reasons

this

tax

treatment exist abroad as well as
at home. Even in

terms of secur¬

ity, foreign oil is important to us
and to the rest of the free

world.

Therefore, the wisdom of a reduc¬
tion in depletion on foreign pro¬
duction
would
be
questionable
even

the change

duce more
In

were

to pro¬

domestic tax revenue.

practice, the case against such
Continued

page

(1030)

The Commercial and Financial Chronicle

Thursday, September 7, 1961

existing rates outweighs the theo¬

Percentage Depletion for
Oil Is No Tax Loophole
Continued from page
discrimination

have the least

from

would

oil

that

foreign

assumed

disturbing effect

rates would be raised to offset any

ered

income

jointly
arately:

tax

liability. Indeed, to the extent that
such

change

investments

American

operated

reduce

(2)

foreign
oil, the U. S. Treasury might ex¬
perience a decrease in tax collec¬
tions

the

that

would

otherwise

successful

strong

any

depletion

tax

depletion
can

stantially

fit

from

specified changes. Upon an¬
alysis, however it becomes clear

that

the

estimates

questionable

the

only

based

are

assumption

effect

the

change

would be to reduce dividend
pay¬
ments and that no allowance has
been made for

effects
nature

and

effects

magnitude
not

are

subject

essential

for

economic

Oil

and

significance for economic progress
and
national security. They are
affected by other taxes, such as
severance
and
gasoline
taxes,
which do not apply to manufac¬
turing industries. Therefore, par¬
must

care

exercised

imposing Federal taxes

petro¬

leum.

(4) Discovery and development

the

extent

variations

be¬

inadequate

ual

leum

lated

industries,

future

on the develop¬
supplies of petroleum,

new

economic

growth,

revenues

generated

operations.

The

by petroleum

ramifications

such

developments are too farreaching for a brief paper, but
their potential

significance is evi¬

dent from the fact that each bar¬
rel of oil

States

developed in the United

generates

than

$2.00

tax revenues from the taxes
levied directly on crude oil and its

products. What might seem to be a
slight increase in taxes on crude
oil

could

about

well

operate

substantial

development of

bring

reduction

that

new reserves

would hurt the entire
economy and

actually

reduce

total

tax

collec¬

The
psychological
dis¬
couragement to the investment of
new
funds in petroleum of such
an

increase in taxes would be far-

reaching

producers
whether
even

present

are

the

now

since

many

already wondering
prospective

returns

sufficient to

are

offset

the risks. Additional taxes on
pro¬
duction cannot be absorbed now

without affecting
drilling and de¬
velopment, with the result that
consumers

will

have

bear

the

added burden in the

prices of pe¬
troleum
on
top
of
the
large
amounts they
already pay in taxes
on petroleum
products.

projects.

form

addition, petro¬
a high ratio

mean

imposition

would

that the uni¬

income

taxes

unduly handicap petroleum

relative

non-mining industries
in attracting capital.

Trust

the

preceding

that there would be

stantial
from

increase

petroleum

verse

consequences.

which

tax

sub¬

receipts

without

velopments would

any

Adverse

occur,

ad¬
de¬

however,

could

wipe out the antici¬
increase in tax revenues.

pated

Indeed,

total

tax

receipts

might

decline if the development of pe¬
troleum resources were discour¬

because

aged

the

impact of a
decline in consumption of petro¬
leum on receipts from other taxes
and

economic

progress

gen¬

erally.

theoretical and practical
aspects of
taxation

should

suffice

show

that

the usual criticisms of
per¬
centage depletion fall far short of
providing an adequate basis for
sound judgment on this
important
issue. Any objective
analysis of

this

complex

subject

must

take

into account many points that
often

completely

critics.
serve

brief

are

overlooked
summary

by
may

bring together the prin¬
cipal points made.
.

(1) The theory of neutral tax¬
ation is of little practical use. The

which

banks

the

three

Bankers

—

agents.

When

longer

part of the experiment.
Mr. Funston said the

expansion

probably

the

final

the

program.

The

current

represented

experimental

phase

this,

Following

adopting

step

would

feasibility
full-scale, central

basic

conclusion

this

production, such

that provided by percentage de¬

pletion is economically sound and
in the public interest because of

special characteristics that dis¬
tinguish this business from other

ventures, particular ly invest¬

Chandler &

conducting
from

Chandler

offices at d550

New York

Co., Inc. is

securities

City.

business

Fifth Avenue,

Officers

Ned

are

Chandler, Treasurer; and Dorothy
Chandler, Secretary. Ned Chan¬
dler was formerly with Blaha &
'

co.

Now Corporation
BIRMINGHAM,

—

Chappeile
of

as a

Frank

doing
Officers

corporation.

the

company, located
in the
Comer Building, are Frank Chap¬
peile, Sr., President; Frank Chap¬
peile, Jr., Executive Vice-Presi¬
dent; Thelma D. Chappeile, Archie

Mitchell

and

Edgar J. Mulvaney,
Vice-Presidents; and Helen
C.

Mulvaney, Treasurer.

Charwat

Co.,

with

Inc.

offices

has

Street, New York City to
securities

Leo

business.

Pine

Charwat, President, and
Charwat, Secretary and

Lillian D.

Treasurer.

Mr. Charwat

for¬

was

merly with Charwat Brothers.

Broadway, New York City, to

en¬

gage in a securities business.

Of¬

effect

may
on

not

neutral

the ability

of the
industry to attract capital in com¬
petition with others, but a descussion of this
serve

point is not likely
useful purpose.
The

that
in

Congress

has

been

stimulating the de¬

velopment of petroleum resources,
and the record shows that the
sults have been

standpoint
and

progress

both

formed

ficers

Co.,

with

economic

security.
Percentage depletion has become

has

305

Abraham

are

Concool,
President, and Arthur Lowy, VicePresident.

markets.

industry includes meat
packing, grain milling, soybean
plants, oil refining, etc. The com¬

taxes for both accounting and
rate-making purposes, but in the-

pany's

resulting tax

Local

revenues

about

are

Place, to

now

consequences

without far-reaching
that would
millions
of investors; all

consumers

of oil and

nation

whole. In view of these

as a

gas, and the

other points pertinent to

subject, the conclusion follows
world

economic

the

interest
ratio

Mills, Ralston Purina Mills,
Gypsum, American Can,
Schlitz Brewing, Hallmark
Cards,
Vendo Company, Butler Manufac¬
turing, Cook Paint & Varnish,

ficers

are

Rena

Martin

Roth,
Schrantz,

company

"big city" utilities, it has
joyed a good growth record.
past decade electric

and'the

increased

$3.31,
The

record

period

than

compound

average

the

from

increase

the

rate

half

second

first,

with

System
generating
capability
approximates 1,000,000 kw includ¬
ing a second 175,000 kw unit at
Station

company

added

last

also has

year.

purchase up to 75,000
beginning in June 1962,

Peak
kw.

help

take

load
The

last

year

company

care

air-conditioning

summer

the

load.

792,000

was

has major in¬

terconnections with other electric

high-voltage transmission lines
provide

new

improved

New

construction

1960

was

$14 million, the lowest since 1948.
for

program

1961-4

third

years.

formed

offices

securities business.

Jacques

Elmaleh,

1961

and

$14 Million
16

1964

formerly

think

the

He stated:

outlook

for the
next several years is quite favor¬
able. The large construction,
pro¬

grams

brought

the

last' decade

company's

have

physical

plant to

a condition where it can
handle increased business with
somewhat smaller capital

expen¬

ditures.

ational
last
.

Also, the important
economies

effected

several

years will
.For the next three

oper¬

the

continue.

years, 1962

through

1964,

contemplate

sales

our

forecasts

compound
growth of 6.7%." ' ;
.
At the recent

rate
-

high of 75 the
yields 3.1%, based on the
dividend of $2.32; the price-earn¬
new

ings ratio is 22., V:.

capital stock
netics

300,000

sold

$20

Irvan
per

Ferromag¬
share is be¬

ing made by Thomas Jay, Winston
&

Co., Inc.,. Beverly Hills,

Net
company

Corp., at $5

million

Calif.

proceeds, estimated at $155,-

bonds in January 1960, paying off

been

000, will be used by the company

bank

Pine

Officers

Stanley

Construction

are

with

Irving Weis & Co., President and

Secretary;

Interest

Expenditures

1962

for

Treasurer.

"We

Public offering of
40,000 shares of

Estimated

1963

Street, New York City to conduct
a

Analysts
$3.45 for calendar 1961.

follows:

Of¬

before

ready in about
schedule
by

Construction

loans, and since then funds
generated internally have sufficed

with

address

Society of Security
forecast earnings of

The

Presidant,
Secretary

has

recent

175,000 *kw unit at

$127,000
215,000
400,000

Inc.

$70 million which will in¬

clude

The

Co.,

were

Earn¬

stock for the

totals

about

years

Elmaleh Co. Opens
&

sales

last year.

common

stock

interconnections.

The

the

sales

commercial

the New York

contract

istration to

mainly to

Olson

better

average

with

even

and

industrial

12
months
ended
July 31 were
$3.40 compared with $3.24 in the
previous
12
months.
President

4.7%.

somewhat

was

to
an

5.5%

while

about

ings

2.3%; "residential
up

4.7%

per

gain of 5.9%.

of this reflecting recov¬
from the long steel strike in

gained

plant

$2.09

58%

sales
substan¬

In the first half of 1961 revenues

Earnings

Industrial

gain of 10.5%

1959.

en¬

balance earned for

stock 125%.

common

plant,
Montrose,
important factor.
There

tial part

revenues

electric

lowest

efficiency of the

unusual stimulus from air-

showed

were

144%,

grown

ap¬

operating
the

was

The

conditioning.

one

power

sev¬

ery

the

1946.

was no

Company, Spencer
Company, the Kansas

the

and Treasurer.

Elmaleh

was

The

79.1%

newest

large insurance companiles.

While

credit.

since

Wilcox Electric

eral

the

interest-

company'made a good
showing in
1960, earnings
per
share increasing to $3.31 compared
with $3.10 in previous
year, de¬
spite a decrease of $237,000 in the

and

considered

The

City Southern Railroad

has

reserve

capital in arriving at
propriate rate of return.

Cement, General Mills, BenRemington Arms, Larabee

Chemical

case

free

industrial and 5% miscellaneous.

en¬

gage in a securities business.

part
of the
economic
struc¬
ture of the industry and cannot be
adverse

latter

36%

residential, 41% commercial, 18%

Inc. has been formed with offices

Beechwood

both

deferrals

allowed normalization of deferred

national

"vv'

3778

tax

hand, the Kansas Commission has

and

SEAFORD, N .Y.—Ellis Securities
at

allowed

manufacturing center serving both

three

Form Ellis Securities

has

regional

•;

changed

Commission

normalization

and flow-through, but it has not
permitted normalization for ratemaking purposes. On the other

Montrose,

and

national

Ltd.

offices

re¬

advantageous from
of

Lowy

normalizing: for ac¬
the Missouri

wholesale trade which served the
West. It has now developed as a

should

been

the

purposes

in the next few years construction

Concool, Lowy Co. Formed

ac¬

utilities, to the east and north, and

ing. The rate of percentage deple¬
may

state.

company

area

City

with Southwestern Power Admin¬

engage
Officers

City P. & L. has
proceedings pending, in

counting

The

been

Supreme

is largely rural.

Melrose

Form Charwat Co. Inc.

State

case

Regarding tax savings from

Kansas

131%

now

business

Ala.
Co. is

the

fair

the

City is a natural hub
for rail, air and
highway trans¬
portation, and in its early history
it
was
primarily a center for

metropolitan

have

tion

and

Kansas

favor

and

depreciation, which the

the

Concool,

affect

the

either

territory

Kansas

rate

Flour

ments outside of the field of min¬

the

outside

value"

celerated

dix,

Chandler & Chandler Opens

are

Missouri and
The

land

the

securities handling method.

tion of petroleum

its

are

Kansas.

determine the economic

Companies served by Kansas
City P. & L. include Armco Steel,
Ford, Chevrolet, Missouri Port¬

said,

analysis is that differential taxa¬

reality in
very imposition of taxes has far- which we
live that the practical
reaching economic consequences case for
percentage depletion at

for

phase of the program be¬

new

formed

interested

discussion

will

Company, Chase Manhattan
and
First
National
City

percentage depletion generally

assume

dicates

Conclusion

15%

the pilot operation

gins, 45 stocks will

history of percentage depletion in¬
The

stocks

(5) The proposals for reductions

the

period of about six

present,

production has

circumstances

tions.

85%

Chandler, President; Joseph Chan¬
capital to sales. These special
dler; *" Vice - President;
Beatrice

national security, and on total tax

about

ticular

Court.

Greater

includes 31 Member Firms and 60

unusual

have

gas

.of the population served is in the
of sales

"fair

year

before

act

program

Bank—are transfer

tween cost and value for individ¬

ment of

decided
last

in¬

served

Court

90%

City area;

state; Kansas has held to original
cost
in
the
past but a Circuit

tion

Kansas

Company

Missouri

sas.

popula¬

phase

new

expanded

continue for

Bank,

(3)

Fifteen

banks

will

months.

prog¬

tical projections. In place of these

estimates, we should
weighing carefully the farreaching effects that a cut in per¬
centage depletion would have on
exploration and drilling, on re¬

The

ress.

ventures with respect to risks and

statis¬

the

participating

such

three

agents

pilot

the

that

grounds

Members.

for which

cluded

min¬

of pil and gas resurces are dis¬
tinctly different from non-mining

significant indirect

the

Clearing
transfer

program.

on capital due to the fact
increasing quantities of both

are

amount of steam heat to

small

now

any

and

ties in Missouri and Kansas.

erals and

that

of taxation

electricity

value

that

any
adverse
On the surface, the
assumption
seems
plausible

to be realized

the effect

reduce

with

million,

supplies

of 800,000
in Kansas City,
Missouri (about 70% of the popu¬
lation) and adjacent municipali¬

Particular attention must be given
to

without

revenue

program

heavy volume of stock certifi¬
daily in the Street

stocks

as little as possible with the forces
responsible for economic progress.

consequences.

amounts of

welfare.

OWEN ELY

The company is subject to regu¬
lation both in Missouri and Kan¬

244

treatment, particularly

general

of
Exchange,

Kansas City Power & Light,
annual revenues of $68

would be broadened to include all

the public will be interested
seeing that taxation interferes

that

enough, particularly when it is
supported
by estimates
of
the
Treasury Department about the

the

President

Stock

cates processed

differ¬

warrant

may

York

experimental
the

case,

changes in

assume

tax

Funston,

New

has announced that the Exchange's

sep¬

to encourage activities that bene¬

from
petroleum
be increased sub¬

revenues

production

ential

exists, therefore,
change of percentage
foreign production.

All the proposals for

percentage

pears

from

abroad.

than

Keith

the

In practice, the public ap¬
to recognize that various cir¬

cumstances

payments
flow

ventures

case

against

dividend

rather

Kansas City Power & Light

Clearing Test

all taxes would have to be consid¬

additional

domestic

SECURITIES

NYSE Broadens

tax system,

Annual

were to
for pur¬

ideal

of formulating

poses

tax

2nd

de¬

Furthermore, if neutrality

probably

income

address

by Mr. Gonzales before
Energy Institute, The
American University School of Business
Administration, Washington, D. C.

the private sector of the economy.

eign tax credits and the desire of
foreign countries for more rev¬
enue

impossible to

*An

the

termine what tax structure would

the fact that the operation of for¬

mean

which make

strengthened by

PUBLIC

retical arguments for a reduction.

Elmaleh,

meet

construction

condition
1962

and

may

needs.

continue well into

loans

construction

will

take

care

program

the

through

which year bonds may be
No equity financing is con¬

1964 in

sold.

templated through 1964.

equipment,
a

repay

research Jabora-^

tory and increase working capital.
The

possibly

through 1963.
It is expected that $20 million in
bank

purchase-

loans, establish

This

company

13856

Saticoy

St., Van Nuys, Calif., is engaged
in

the

design, " manufacture- and

fabrication of ferrite and alumina

components for the electronics in¬

dustry.

Volume 194

Number

6088

The Commercial and Financial Chronicle

Indications of Current

(1031)

The following statistical tabulations cover production and other figures for the
or month available. Dates shown in first column are either for the
week or month ended On that date, or, in cases of quotations, are as of that date:

latest week

Business

Activity
Latest

AMERICAN

IRON

lnuicaied

operations

(per

Equivalent to—
Steel ingots and castings

capacity)

cent

Sept.

Month

Week

INSTITUTE:

STEEL

AND

steel

Week

Year

Latest

Ago

Ago
65.3

69.1

69.4

BUILDING

oil

and

LABOR—Month

(net

gallons

Crude

Sept.

tons)

2,030,000

1,910,000

2,020,000

1,441,000

Total

(in

August

output

Distillate

fuel

Residual

8,558,000
30,791,000
2,700,000
13,992,000

Aug. 25
(bbls.)
(bbls.)___

output

oil

7,053,810

Aug. 25
Aug. 25

(bbls.)

oil

fuel

(bbls.)-;

average

(bbls.)

output

Aug. 25

7,946,210

construction

new

Residential

6,839,910

8,397,000

30,449,000

8,172,000
29,487,000

2,583,000

14,212,000

New

5,433

12,733,000

5,479,000

5,642,000

5,742,000'

492,798,000

6,252,000

Finished

and

unfinished

(bbls.)

Distillate

fuel

Residual

oil

fuel

♦32,917,000

147,970,000
47,561,000

Aug. 25
Aug. 25
Aug. 25

(bbls.) at

gasoline

141,(535,000
48,943,000

194,140,000
31,864,000
130,032,000

(bbls.)

oil

(bbls.)

Aug. 25

50,226,000

45,309,000

592,265

595,154

591,356

594,964

500,015

495,378

470,325

486,676

Nonresidential

2,120

freight loaded (number of cars)
Revenue freight received from cpnnections

CIVIL

ENGINEERING

(no. of cars)

Aug. 26
Aug. 26

Private

103

Public

and

(U.

coal

Pennsylvania

148,966,000

ELECTRIC

output

Other

AGE

15,600,000

21,000,000

26,000,000

Aug. 26
Aug. 26

8,045,000

♦8,250,000

7,925,000

7,891,000

NotjAvail,

343,000

330,000

362,000

Aug. 26

152

142

125

144

Sept. 2

16,214,000

15,491,000

16,137,000

15,353,000

352

406

288

steel

(per

gross

steel

(per

PRICES

Farm

—

DUN

164

126

492

491

489

412

406

97
.

392

;;

1,706

private

construction

1,643

1,649

(

buildings

461

buildings

Nonresidential

utilities

158
r

86
51

•69

recreational

public

other

Public

454

443

263

institutional

service

123

127

141

630

645

150

145

139

121

117

6.196c

6.196c'

6.196c

Hospital

$66.44

$66.41

$2,220,000

$1,883,000

$1,859,000

1,085.000

718,000

1,134,000

1,165,000

Administrative

$38.50

Aug. 28
Aug. 28
Aug. 28

ton)
J.

279

Industrial

Educational

ton)

274

676

321

Aug. 31

$37.83

$37.17

$32.50

and

nonresidential

Other

QUOTATIONS):

Military

Domestic

Aug. 30

30.600c

buildings

facilities

32.600c

Export

Aug. 30

28,275c

28.150c

27.975C

29.175c

Aug. 30

11.000c

12.000c

Lead

refinery
at
refinery at

(New

Lead

(St.

tZinc

York)

(East St.

Straits
MOODY'S
S.

Aug. 30

10.800c

Aug. 30

12.000c

11.500c

13.000c

Aug. 30
Aug. 30

26.000c

124.750c

121.625c

117.000c

102.250c

87.15

86.42
85.72

87.86

(New

pig,

99.5%)

York)

at
i

PRICES

Government

Average

Sept.

corporate

86.88

Sept.

—

85.59

Sept.

87.59

Sept.

Industrials

Group
YIELD

90.20

84.68'

84.68

85.33

service

enterprises

Conservation
All

other

and

125

development

public

Vr<

82.15

Total U. S.; construction

80.93

80.81

80.93

83.03

83.15

83.40

86.38

86.65

89.51

87.32

87.45

89.51

Sept.

corporate

•

'r;

84.94

construction

Private

Public

—;—~

-—.

construction

—r--

965,000
894,000
v

323,000

168,000

$54,786

$53,809

42,457

42,441

42,050

17,358

17,893

10,636

7rr—

842,000

$54,687

municipal—

and

954,000

180,000

State

■

RECORD—Month of

ENGINEERING NEWS

August (OOO's omitted):

r> •<

Bonds

CONSTRUCTION-

CIVIL ENGINEERING

87.18

AVERAGES:

DAILY

Public

92.64

87.72

Sept.

;

Government

Average

89.51f R

89.64

Sept.

Group

MOODY'S BOND

•T

87.59

Sept.

Sept.. 5
Group

Utilities

85.59
/'

89.37

Sept.

Public

Water

AVERAGES:

DAILY

Bonds

Aaa

Railroad

systems

88.54

Louis)

BOND

water

and

13.500c

Aug. 30

Sewer

11.800c

(primary

tin

Louis)

Aluminum

(delivered)

Zinc

10,666

10,452

726,000

3.98

3.94

4.02

3.69

4.74

4.73

4.57

Sept.

Aaa

Sept.

4.46

4.44

4.45

4.23

Sept.

4.59

4.58

4.40

Sept.

4.81

4.76

4.62

Baa

Sept.

5.11

5.12

5.11

5.01

Railroad
Public

Utilities

MOODY'S

Orders

received

Unfilled

OIL,

1949

end

DRUG

4.68

4.66

4.45

4.61

4.60

4.45

377.0

376.2

372.5

362.0

362,330

310,951

318,170

327,549

316,686

313,476

Other

515,626

471,652

430,767

Total

initiated

the

2,403,210

1,862,670
2,260,690

2,876,550

2,972,350

343,730
27,500

389,990
17,200

202,220

323,400
350,900

303,300
320,500

240,850
252,050

430,400
72,320
380,950
453,270
651,562

2,403,010

11,200

Aug. 11

970,550
79,580

1,022,630
159,050

612,086

sales

125,720

112,340

Other
-

sales

Aug. 11

890,945

924,093

738,083

594,465

Aug. 11

970,525

.1,083,143

863,803

706,805

Total

Aug. 11

sales

round-lot transactions

Total

for

account

Aug. 11

4,128,250

sales

Aug. 11

620,630

4,477,490
745,390

3,129,066

Short

534,940

4,523

accounts

4,272

credit

3,435

sales

Aug. 11

3,577,145

3,630,603

2,841,603

2,953,555

Aug. 11

4,197,975

4,375,993

3,376,543

3,573,085

Total

4,265

3,183

(DEPT. OF COMMERCE):

COTTON GINNING

SALES SECOND

STORE

DEPARTMENT

FED¬

FEDERAL

DISTRICT

RESERVE

ERAL

381,788

456,869

running bales

16,

Aug.

RESERVE BANK OF NEW YORK—1947-49

Average

100—Month of July:
106

136

♦102

142

♦135

2.95

3.00

3.41

4.87

5.08

5.72

3.05

3.19

3.64

Banks

3:03

3.19

4.00

2.19

2.35

2.87

3.00

3.05

3.50

Sales

(average daily)

unadjusted

(average daily)

seasonally adjusted—

—

sales

3,324,982

LOT

DEALERS

EXCHANGE

Odd-lot

Dollar
Odd-lot

SPECIALISTS

SECURITIES EXCHANGE

—

sales

Number

AND

dealers

(customers'

STOCK

purchases)—t

shares—

.Aug. 11

1,931,259

Aug. 11

$98,912,206

Aug. 11

1,927,916

Aug. 11

9,423

1,866,564
10,542

.Aug. 11

1,918,493
$95,115,206

1,856,022
$94,033,954

1,543,091

1,419,504

-Aug. 11

$78,218,253

$66,596,684

Aug. 11

orders—customers

Customers'

short

Customers'

other

total

sales

583,380

548,070

437,560

446,890

sales

Dollar

1,946,045
$100,784,597

1,730,436

1,576,133

$91,154,745

$74,089,379

purchases by dealers (customers' sales)—

Number

value

WEIGHTED AVERAGE YIELD—100

COMMON STOCKS-r-Month of August:
(125)
(25)

Railroads

COMMISSION

value

MOODY'S

Industrials

STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODD-

1,555,537
12,446

1,432,153
.

(15)

Insurance

Average

(10)

(200)

-12,649

Round-lot

sales

Short

sales

Other

sales

Aug. 11

583,380

548,070

4*37,560

446^890

purchases by dealers—Number of shares-,

Aug. 11

574,570

653,560

602,800

RAILROADS EARNINGS

CLASS I ROADS (AS¬

SOCIATION OF AMERICAN RRs.)—Month

597,680

dealers—
Number of shares—Total sales
-

4,311

3,449

;

4,547
4,349

619,530

Other

11,759

12,230

Utilities (not incl. Amer. Tel. & Tel.) <24)_

members—

purchases

12,345

credit

Sales

2,934
10,771

1,978,140
»

floor—

purchases

2,958

11,459

434,870

Short
-

loans

Noninstalment

sales

2,964
11,499

Repairs and modernization loans.

2,243,020

2,314,760
398,020

Aug. 11

sales.

transactions

Total

3,064,870
569,140

513,750
2,362,800

floor—

goods

Service

2,813,970

Aug. 11

the

——

Charge

Aug. 11

Other
Total

109.68

Aug. 11

off

sales

Other

•114.43

114.59

Aug. 11

initiated

purchases

Short

•

114.48

Aug. 11

sales

—

Single payment loans

transactions

credit

consumer

Perspnal

MEM¬

July 31:

513,632

intermediate term credit

Automobile

Sept.
ACCOUNT

FOR

THE FEDERAL RE¬

and

consumer

343,055

INDEX—

TRANSACTIONS

Other

Total

341,687

Total

short

millions

Aug. 26

BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in which registered—
Total
purchases
Aug. 11
Short sales
Aug. 11

Other

Aug. 26

period

REPORTER PRICE

AVERAGE=100

ROUND-LOT

mated

Aug. 26

(tons)

AND

4.79

Aug. 26
—

activity

orders

PAINT

4.91

SYSTEM—REVISED SERIES—Esti¬

Instalment

(tons)

4.93

ASSOCIATION:

(tons)

Percentage

4.94

Sept.

INDEX

PAPERBOARD

Production

Sept.

COMMODITY

NATIONAL

GOVERNORS

SERVE

Sept.

Group

OUTSTANDING—BOARD

CONSUMER CREDIT

Sept.

Group

Industrials

Round-lot

;

TOTAL RGU&D-LOT
EXCHANGE

STOCK

AND

FOR ACCOUNT

Total

round-lot

Short
Other

SALES

ON THE

STOCK

MEMBERS

-sales

LABOR

Aug. 11

products

Processed

—

18,032,440

18,608,470

14,350,300

14,345,760

18,767,810

19,480,400

15,147,200

15,125,230

779.530

figure.

$796,366,373

$759,245,262

606,591,637

613,588,862

628,871^36

77,170,991

89,715,051

35,636,982

59.367,061

23,942,639

20,600,000

43,000,000

10,000,000

$1,291,747

$1,199,278

$1,167,329

104,290

100,152

118,587

459.539

-444,044

415,119

railway operating before charges—,—
income

after

REAL

ESTATE

AREAS

„

charges (estimated)

FINANCING
U.

Savings and loan
.

1
-

other than farm and foods—

Insurance

Aug. 29

118.8

118.9

118.7

119.3

Aug. 29

87.2

88.2

86.3

Aug. 29

108.1

♦108.0

107.7

107.8

Aug. 29
Aug. 29

95.0

94.8

127.5

127.4

tNumber of orders not reported since introduction of Monthly Investment Plan
sold on-delivered basis *t-^centers where freight from' East m. Louis exceeds one-half cent a
pound.

$754,161,042

expenses

BOARD—Month

U. S. DEPT. OF

foods-———-

All commodities
♦Revised

Aug. 11

796,900

(1947-49=100):

commodities

Farm

871,930

—Aug. 11

Commo<Lity Group—
All

734,370

—

PRICES, NEW SERIES

—

revenues

operating

74,487,929

sales-;

WHOLESALE

operating

Net

(SHARES):

„

July:

Total

Net

ROUND-LOT STOCK TRANSACTIONS

sales—

Total

Aug. 11

sales

Total

287

institutional

and

Electrolytic copper—

176

297

•\

'90

utilities

Other
All

lb.)

184

308

buildings

Telephone and telegraph

PRICES:

gross

(E.

199

220

and

Residential

INDUSTRIAL)

AND

237

V' 360

201

construction

Public

INDEX—FEDERAL RESERVE

INC

Pig

METAL

220,900,000

kwh.)

COMPOSITE

iron

152,200,000

216
419

215

——

Miscellaneous

236,800,000
203,400,000
33,400,000

AVERAGE=100

000

and warehouses

nonresidential

Social

INSTITUTE:

(in

Finished

Scrap

155,200,000

884

932 "

;

213

Religious

OF MINES):

(tons)

(COMMERCIAL

937'

.—

Stores, restaurants, and garages-

367,200,000

Aug. 31

lignite

STORE SALES

BRADSTREET,
IRON

173,200,000

426

416

Office buildings

$604,000,000

$458,100,000
211,200,000
246,900,000

Aug. 31

S. BUREAU

and

SYSTEM—1947-49

Electric

231,300,000
170,800,000

150,300,000

Aug. 31

anthracite

DEPARTMENT

FAILURES

$323,500,000

OUTPUT

Bituminous

EDISON

$402,100,000

Aug. 31
Aug. 31

municipal

Federal

COAL

Educational

construction

State

100

—

Hospital

construction

1,524

513

Industrial

CONSTRUCTION—ENGINEERING

construction

2,031

1,524

433

buildings

'Commercial

NEWS-RECORD:

Total U.

2,137

1,584

alterations

32,327,000

ASSOCIATION OF AMERICAN RAILROADS:
Revenue

3,556

Stocks at refineries, bulk terminals, in transit, in pipe lines—
Kerosene

5,205

3.746

units-

and

Nonhousekeeping

190,680,000

33,740,000

5,389

3,727

buildings (nonfarm)

housing

Additions

2,746,000

2,732,000
13,214,000

191,256,000

Aug. 25

—

7,073,060
8,339,000
30,026,000

Ago

millions):

Private construction

(bbls. of

average

Aug. 25

stills—daily

output

Kerosene
.

output—daily

each)
to

runs

Gasoline

condensate

Year

Month

CONSTRUCTION—U. S. DEPT. OF

AMERICAN PETROLEUM INSTITUTE:
Crude

Month

50.6

91.5"
127,7

94.9
128.4

Banks and
Mutual

HOME

—

June

NONFARM

LOAN

(000's

BANK

omitted):

associations

—

companies
trust companies
——-

Miscellaneous

lending

institutions—

153,392

137,933

138,163

313.302

savings banks.

Individuals

314,119

348.135

633,815

504,386

502,393

$2,856,088

$2,699,912

$2,689,666

tPrime Western Yinc

Total

The Commercial and Financial Chronicle

(1032)

Thursday, September 7, 1961

* INDICATES

Securities
NOTE

of the

Because

—

Now

the

index

and

large number of issues

the

radio

telemetry systems, frequency filters and power
supplies for the missile, rocket and space programs.

Proceeds—For

accompanying detailed

expectations of the underwriter
general, to be considered as firm

not, in

are

research

and

Advanced Investment

and working capital.
Office — No. 15 Village
Shopping Center, Little Rock, Ark. Underwriter—Affili¬

ated Underwriters,

writers—Blalack & Co., Inc.,

Aero-Dynamics Corp. ;T
Aug. 7, 1961 filed 100,000 common shares. Price—$5.
Business
The importation and distribution of Italian

San Marino, Calif.; Harbi¬
Henderson,' Los Angeles; May & Co., Portland,
Ore., and Wheeler & Cruttenden, Inc., Los Angeles.
&

—

marble and

•

Abbey Automation Systems, Inc. (9/11-15)
June 6, 1961 filed 100,000 common shares.
Price — $3.

mosaic

•

Aero

Abby Vending Manufacturing Corp.

working

and

capital.

Place, Brooklyn, N. Y. Underwriter —
Wright & Co., Inc., 135 Broadway, New York.

i( Acratex Chemical

Coatings,

Aug. 8, 1961 ("Reg. A") 99,900
ness—The
ceeds

manufacture

For expansion

—

Space Electronics, Inc.
17, 1961 ("Reg. A") 80,000 capital shares (par 10
cents). Price—$3. Proceeds—For repayment of debt and
working capital. Office—2036 Broadway, Santa Monica,

Inc.

Calif.

working capital.
of

transformers

N. J.

Airbalance, Inc.
1961 ("Reg. A") 60,000 common shares (par
Price — $5. Office — 2046 E. Lehigh Ave.,
Philadelphia. Underwriter—A. Sussel Co., 1033 Chestnut
St., Philadelphia.

Jan.

19,

which

1961

Leassng System,

filed

75,000

ness—The company is

Price—$10

other

Wortman
son,

Ave., Brooklyn, N. Y.
Hammill & Co., New York

Office

use

have

according to designs and
specifications furnished by deco¬

offering of 50,000
of

Southern

common

Belle

dustries, Inc. at $4

With

shares
In¬

share has

been oversubscribed and the books
closed. The offering marked the

other

initial public sale of the
company's
common stock.

that

Net proceeds from the sale will

now

used

the

company

pay

outstanding loans; for expansion
and

improvement

properties
another
sion

and

the

its

present

for

The

working capital.
of Hialeah,

company

designs and manufactures lamps,
and lighting fixtures for
use

homes, hotels and motels,
as
commercial: lighting

well',

E. W.

leading exchanges,
George

associated

delphia

office

announce

Moffitt,

with
a

their

Jr.,

199,000

common

offered

Investment

which

security

ana¬

sion

and

DALLAS, Texas—Dick & Merle-

exchange, have announced

opening

ment

office

Ervay, under the
of

W.- L. Jack

subordi¬

common

shares.

general corporate purposes.

Office

—

100

St., Wilmington, Del. Underwriters—Alessandrinl
Co., Inc. and Hardy & Hardy/New York (managing).

+ Allen Organ Co.
Aug. 30, 1961 filed 140,000 class B (non-voting) common,
of which 37,000 shares are to be offered
by the company
and 103,000 by the stockholders.
Price—By amendment.
Business—The

manufacture

electronic

organs.

Pro¬

ceeds—For repayment of a

loan, redemption of outstand¬
ing preferred, working capital and expansion. Address—
Macungie, Pa. Underwriters—Drexel & Co., Philadel¬
phia, and Warren W. York & Co., Allentown, Pa. (mgrs.)
Allied Stores Corp.
(10/9)
Aug. 4, 1961 filed $27,006,200 of convertible subordinated

by stockholders

211

manage¬

Underwriter—Lehman Brothers, N. Y.

(mgr.)

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
—

oeeanographic 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 common. Price—$4. Pro¬
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

May

common

Corp.
1961 (letter
stock

notification)

(par 10 cents). Price—$4

shares of Micro¬

Inc.,

proceeds,
the

75,000 shares of
per share. Busi-

Instru¬

at $3 per share. Net
estimated
at $286,800

all I

used

by the company for
purchase of equipment, re¬

and

development,

inven¬

tory and working capital.
The

company

of 116-06 Myrtle

Ave., Richmond Hill, N. Y., is
engaged in the research, develop¬
ment,

mlanufacture

microwave

Open Dallas Branch

the

convertible

150,000

YOUR PRIME SOURCE FOR

Semiconductor

ments.

Dick & Merle-Smith

North

and

Planning; Co.,
C.,
is
offering

common

will be

Phila¬

lyst and registered representative.

Stock

1971

debentures, at par; for stock, $5. Business—
The operation of bowling centers. Proceeds—For
expan¬

1,500,000

which
upon

devices

Authorized

and

sale

and

SOLD

QUOTED

consists

common

shares,

499,550 will be outstanding

Sidney, si. SIEGEL

completion of this sale.

Burton Schwartz Opens
Burton Schwartz is engaging in a

securities business from offices at

Nelson..■ •666 Fifth

instru¬

stock

BOUGHT

for Banks, Brokers, Institutions

Smith, members of the New York
Fla.

shades
as

First

ment

acquisition of

building; and for expan¬
its inventory of raw ma¬

terials and finished products. The
balance of the proceeds will be
used

Janney, Battles

Pa. — Janney,
Clark, Inc., 1401
Walnut
Street, members of the
New York Stock Exchange and
&

and

Issue Offered

wave

PHILADELPHIA,
Battles

due

Microwave Stock

120,000

their

Electrical
per

filed
are

Washington,

■

asso¬

that

sale

Proceeds—For

structed

Corp. and

announced

manufacture

common

Fla.
Underwriters — Stein Bros. &
Boyce, Baltimore & Vickers, MacPherson & Warwick,
Inc. (managing). Offering—Expected in October.

offices, stores

rators and architects.

Securities

ciates

Lauderdale,

makes customized lamps, lighting
fixtures and wall decorations con¬

Stock All Sold
Aetna

Fort

Underwriter—Shear-

for

class

Price—To be

The

windows

products.

and showrooms. The company also

Electrical Ind.

storm

—

557

—

the company and "
89,000 shares by stockholders.
Price—By amendment.
Business
The manufacture of electronic, mechanical
and components. Proceeds—For repayment of loans, exand electro-mechanical rocket and missile system parts
pansion and working capital. Office—6900 West Road 84,

(managing).

fixtures

Southern Belle

Business

29, 1961
110,000 shares

purposes.

200,000

holders thereof.

June

(9/25-29)

corporate

filed

Airtronics International Corp. of Florida

Business—The manufacture of plastic houseware
Proceeds—For a new warehouse, repayment
and

debentures

Price—For

tion

doors, and other alu¬
working capital, and
Office—20th Street, and Alle¬
gheny Avenue, Philadelphia, Pa. Underwriter—Francis I.
du Pont & Co., New York City (managing).

products.
debt

nated

debentures due Oct. 1,

(9/25-29)

Corp.

other corporate purposes.

July 27, 1961 filed 340,000 common shares, of which
20,000 shares are to be offered by the company and
320,000 shares by the stockholders. Price—By amend¬

All Star World Wide, Inc.
July 7, 1961 filed $250,000 of 5%

•

minum

derwriter—Hill, Darlington & Grimm, N. Y. C. (mgr.)

ment.

the purchase of
aircraft, inventory, ad¬
vertising and working capital. Office—2 Main St., Ridgefield, Conn. Underwriter—Edward Lewis Co., Inc., N. Y.

N. Y.

Office—1616 Northern Boulevard, Manhasset, N. Y. Un¬

Corp.

Proceeds—For

supplied by

aluminum

engaged in the business of leasing

phia, Pa., and New Haven, Conn.; lease and equip a large
garage in New York City and lease additional trucks.

Admiral Plastics

; Albert Voigt Industries, Inc.
Aug. 29, 1961 filed 80,000 common. Price—$4. Business—•
The manufacture of metal store
fixtures, show cases and
related items. Proceeds—For
repayment of loans, work¬
ing capital, a leasehold improvement and moving ex¬
penses. Office—14-20 Dunham PL,
Brooklyn, N. Y. Un¬
derwriter—David Barnes & Co., Inc., N. Y. C.
^ Ail-American Airways, Inc.
Aug. 24, 1961 ("Reg. A") 75,000 common.
Price—$4.

and

1961

amendment.

automobiles and trucks for periods of over one year.
Proceeds—To repay loans; open new offices in Philadel¬

•

exploration and development of oil and
properties in Alaska. Proceeds—For general cor¬
porate purposes. Office—120 S. Third St., Las Vegas, Nev.
Underwriter—None.
gas

the present

share. Busi¬

per

Master

May 26,

and 25,000 shares, being outstanding stock, by

company

Business—The

stock, of which 50,000 shares are to be offered for public '
sale by the company and 150,000 outstanding shares by

shares of class A stock, of
offered for public sale by the

the present holders thereof.

Honolulu Co.

July 24, 1961 filed 1,600,000 common shares and oil leases
on 400,000 acres to be offered in 625 units each consist¬
ing of 640 acres and 2,560 shares. Price—$2,560 per unit.

1981 to be offered for subscrip¬
the basis of $100 of debentures
for each ten shares held. Price—By amendment.
Busi¬
ness—The operation of department stores. Proceeds—
For general corporate purposes. Office—401 Fifth
Ave.,

Air

(10/2-6)

100,000

are

Inc.

17,

five cents).

and merchandising, repayment of debt and other
corporate* purposes. Office—369 Shurs Lane, Philadel¬
phia. Underwriter—Roth & Co., Intr., Philadelphia.

Auto

Office—420 Division St., Long Branch,
Co., Inc., N. Y.

Underwriter—A. D. Gilhart &

July

tion

A-Drive

Busi¬

for

electroniq and electrical equipment. Proceeds—For re¬
locating to and equipping a new plant, purchase of in¬
ventory, research and development, advertising, promo¬

•

Price—$3.50.

common.

ness—The manufacture of electrical, electronic and me¬
chanical
equipment and instruments. Proceeds — For

shares. Price

common

conditioning systems. Proceeds—For moving, purchase
machinery and equipment, inventory, repayment of
and working capital.
Office—1425 Utica Avenue,
Brooklyn 3, N. Y. Underwriters—Rothenberg, Heller &
Co., Inc. and Carroll Co., New York.
loans

+ Aerological Research, Inc.

Aero Electronic Products Co.

July 17, 1961 filed 100,000 class A
—$4. Business—The manufacture

Co., Inc., Hemp¬

ISSUE

Tenth

Aug. 29, 1961 filed 100,000

Underwriter—

Underwriter—Hamilton Waters &

stead, N. Y.

and general corporate purposes.

St., Ronkonkoma,
Tyche Securities Inc., N. Y.

11,

cents).

Aero

common.

Office—Easton

purchase

July

Price—$3. Busi¬
wallcovering product. Pro¬

the

loans, purchase of notes and equipment.
Office —185
Walton Avenue, N. W., Atlanta, Ga. Underwriter—Best
& Garey Co., Inc., Washington, D. C.

Office—79

Clifton

For

Fidelity Acceptance Corp. (10/9)
1961 ("Reg. A") 100,000 common shares (par
Price—$3.
Proceeds—For repayment of

July

Co., Inc., New York.

July 26, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—The manufacture of coin
operated vending machines. Proceeds—For moving ex¬
acquisition

—

250 Goffle

five

Proceeds

new moulds, machinery and equip¬
ment, research and general corporate purposes. Office—
Road, Hawthorne, N. J. Underwriters—Cam¬
bridge Securities, Inc. and Edward Lewis Co., Inc., N. Y.

design, manufacture and sale of automa¬
tion equipment for industry. Proceeds—For new facil¬
ities, sales program, demonstration laboratory and work¬
ing capital. Office—37-05 48th Avenue, Long Island City,

penses,

tiles.

\ and installation of

Business—The

Underwriter—John Joshua &

Inc., 1321 Lincoln Ave., Little Rock.

REVISED

Alaska

reserves

—

ITEMS

•

Aksman (L. J.) & Co., Inc.
July 28, 1961 ("Reg. A") 80,000 common shares (par 10
cents). Price—$3. Business—A mechanical contractor in
design and installation of heating, ventilating and air

Management Corp.

July 11, 1961 ("Reg. A") 100,000 common shares (par 25
cents). Price—$3. Proceeds—For purchase of furniture,

A. & E. Plastik Pak Co., Inc.
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¬

N. Y.

equipment,

Hindley & Co., New York City.

offering dates.

son

development,

repayment of loans and working capital. Office—2 Com¬
mercial St., Hicksville, N. Y.
Underwriter — Edward

items reflect the

but

Registration

Advanced Electronics Corp.
May 31, 1961 ("Reg. A") 150,000 class A shares (par 10
cents). Price—$2. Business—JDesigns and manufactures

awaiting processing by the SECf it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in

ADDITIONS

SINCE

Avenue; N. Y. City

Dlgby 4-2370

Broadway, New

!C.
York 6, N.Y,

Teletype No. N.Y. 1-5237,

Volume

Number

194

6088

The Commercial and Financial Chronicle

ness
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 Asso¬
ciates, Ltd., 217 Broadway, N. Y.

(1033)

—

September 8
Astronetic

(Midland

Proceeds

(Offering

variety

and

shares.

Price—50

Rodney

amendment.

other

Ave.,

Cleveland,

Office

purposes.

Underwriter

—

Co., Inc., and

Data

Machines, Inc.

Aug. 17, 1961 filed 150,000
Business—The

common

manufacture

Noel

180,000

Co.

Brand,

Co.)

Co.,

Inc.)

Enterprises,
&

Funding

Peck)

Co.)

St., Hicksville, N. Y. Underwriters—Amos Treat
Co., Inc. and Golkin Bomback & Co., N. Y. C. (mgr.).

Mountain

American

Strouse,

Fuel

Laboratories,

Inc.

stock

1961
be

the rate of

filed

10,632

one

for:

class A

(First

be supplied by amendment., Business—The com¬
is engaged in research and development in the field
of electronic communication equipment. Proceeds—For

Gordon

new

equipment, and other corporate

/Office—121 North Seventh

poses.

pur¬

Street, Philadelphia.

Underwriter—Suplee, Yeatman, Mosley Co., Inc., Phila¬
delphia, Pa.
- •'
;
A.pril

21,

1961

$500,000

filed

Riecke

(I.)

Co.)

convertible

sub¬

Co.

Wainrite

stock,

and

25,000 common stock
be offered for public sale in units

My ,>

(Wednesday)

Co.)

(Arden

Perin

Inc.)

Hammill &

Co.

Inc.)

and

Terry Industries, Inc
&

&
*

Co.)

182,570

repayment of loans and general corporate purposes. Of¬
fice—551

Fifth

(B.

Rubin

& Co.,

Common

Inc.)

$850,000

Capital Corp.

Common

(Dempsey-Tegeler

(Stroud

Co.)

1,000,000

Cie, Inc

Co.,

Woodhill

<M.

Common

Inc.)

140,000

Inc.)

Consolidated

Aug.

Inc.

(Stearns

Co.)

$1,300,000

Universal

Surgical Supply Inc

(A.

Edwards

(Dempsey-Tegeler

Sons)

$2,750,000

1961 filed 1,500,000 class A common shares.
$1.15. Business—The manufacture of electronic
components. Proceeds—The purchase of equipment and
—

Electronic

200,000

materials, operational expenses, working capital and rewriter—Naftalin & Co., Inc., Minneapolis.

Laboratories,
Inc.)

Co.

Williston

Business

Rico, Inc._Com.

Beane

and

100.000

offered

1,566,000 shares of class A non-voting com¬
It is proposed that these securities will be

for

Fairfield

—To be used

First

carry

them

principally to originate mortgage loans and
market conditions are favorable for

American

Packing Co.
150,000 common shares.

Price—$4.50.
processing and sale of canned salmon.
Proceeds—For general corporate purposes.
Office—303
N.
E.
Northlake Way, Seattle.
Underwrite/—Joseph
Nadler & Co., Inc., New York (managing).
Business—The

18, 1961
shares

115,000

158,000 common shares, of which
be offered by the company and
stockholders. Price—By amendment.

filed
are

•

Continued

page

and

Co.

(Equity

Greene

and

Co.

Income

General

Plastics

(Pacific

Coast

(Offering

Plastics

Coast

Inc.)

Co.)

Air

Master

Co.)

Homes

Sellgren,

Miller

$150,000

Common

Co.)

100,000

Common

Beane)

150,000

Cle-Ware

Kernev,

Inc.)

6,503

Common

stockholders—no-underwriting)

583,334

MS.

D.< Fuller

Electronic
(S.

Fuller

(R.

Dowd

Co.)

Co.

Corp.___-Common

25,000

Inc.)

Common
$1,800,000

Co.)

—Common

150,000

Co.)

Corp
<fc

Common
Inc.)

Co.

$250,000

Common

Co.)

195,000

—-Common

Service,
Lyon

$300,000

r-—Debentures

Co.)

$2,000,000

Units

Inc

Co.,

$315,000

Inc.)

(Stearns

Units

(Allen

Common
&

175,000

Co.)

Common

(Edward H.) & Son, Inc
Treat

(Amos

Co.

Inc.)

$375,000

Marina, Inc
(Apache

Common
$300,000

Corp.)

Common

MacLevy Associates, Inc.-.
(Continental

Polarized

(Ross,

Lyon

Middle
L.

Bond

Inc.

$300,000

Corp.)

—T—Common

Corp

Co.,

Micro-Precision

and

Globus,

Inc.)

95,000 shares

Common

Corp.

(Manufacturers

Securities

Atlantic

Credit

Scheinman

& Co.

Corp.)

$300,000

Units

Corp.—

and

A. W.

Benkert & Co., Inc.)

$300,000

(Best

Common

Garey

Co.,

Inc.)

Common
$700,000

Midwest Technical Development Corp
(Lee Higginson Corp. and Piper, Jaffray &;
800,000

Common
Hopwood)

Class A

Movie Star, Inc
D.

Blauner

Co.,

Iqc.)

Higginson

Corp.)

200,000

Capital Stock

National Semiconductor Corp
(Lee

$225,000

$900,000

Co.)

Holly Stores, Inc.-

(Milton

$1,000.000

Hardware
&

Fuller

Industrial Electronic Hardware Corp.—Debentures
'•

200,000

Middle Atlantic Investment Co

units

Corp.

Industrial

Co.)

Industries, Inc

Spray

Units
&

340,000 shares

—-

Hammill

(Ross,

(R.

Corp

(Rambo,

Houston

and

Pont

—

Cellomatic Battery

Marks
& Co.)

;

Common
du

(Shearson,

Williston

$279,351,840 "

375,000

(Monday)

Common

(J.

Common

Corp

Lewis & Clark

$15,000,000

Corp.

Hilco

$200,000

Corp

(Francis

Capital

$300,000

Common
and

Securities

$300,000

underwriting)

Hammill & Co.)

(Shearson,

Ihnen

Properties

(Pacific

Inc.)

underwriting)

September 25
Admiral

$300,000

Harn

$300,000

Inc.)

Units

Wanderer

General

$5,000,000

Corp
Co.

Co.)

Remington

stockholders—no

Co.)

Common
&

(No

Ben. Int.

Securities

Common

Washington Engineering Services Co., Inc._Common

..Common

Lieberbaum

Deetjen

Planning Corp

.Common

Hammill

Emanuel,

Hexagon Laboratories, Inc

Mortgage Fund
(Shearson,

Deetjen & Co.)

Securities

Grant

(Hess,

Common

and

Emanuel,

(M. J.) Co

Grimm)

$300,000

Securities,

Corp.

$20,000,000

(H. B. Crandall Co. and Cambridge Securities, Inc.)

CO.)

Common

Hammill &

(S.

Industrial Gauge & Instrument Co., Inc.
.

Co.)

Common

Controls, Inc,

Philadelphia

(Offering to

American Precision Industries, Inc.

38,000

(First

Growth

June 29, 1961 filed

Aug.

(Consolidated

until

disposition. Office — 210 Center St., Little Rock, Ark.
Underwriter—Amico, Inc.

Faradyne Electronics Corp.—

Corp
&

300,000 shares

Co.)

-—Debentures

(Westheimer

$300,000

Darlington

•

■

-Shares
Bean

Hammill- &

(Shearson,

;

.f
;

Common

Continental Leasing Corp

Empire Life Insurance Co. of America

public sale in units (2,000) known as In¬
Certificates, each representing $900 of bonds
and 783 shares of stock. Price—$1,800 per unit. Proceeds

vestment

Corp

Common

Allyn & Co. and Westheimer & Co.)

(Burnham

■*.':*

Inc.

Co.)• $300,000

Hill,

Electro-Miniatures

and

Common

Co.)

bonds

stock.

»«

.Fotochrome Inc.

$1,000,000

Drug & Food Capital Corp.-—_

mon

Common

Co., Inof) $184,000

Common

(Armstrong

Inc.__

McDonald &

Williston

(A.

$300,000

(Wednesday)

Witter &

(Flato,

Fotochrome

Douglas Microwave Co., Inc.
R.

Yeatman,

Suplee,

Inc.-

Securities

Shell Homes,
(T.

Beane)

i
American Mortgage Investment Corp.
April 29, 1960 filed $1,800,000 4% 20-yr. collateral trust

Corp.)

Bargain Town, U. S. A., Inc

Inc.__Common

10.632

Machines,

Coast

(Pacific

(J.

$761,090

Common

Securities

Production

Caressa, Inc.

stockholders—underwritten
Mosley

Custom

Scheinman

Class A

underwritting)

(Schweickart

Price

68,000

Flato Realty Fund

Common

Inc.)

Co.,

Common

Corp

(Monday)

September 18

Cromwell

Inc.)

Control Data Corp.*.

Common

Moulded Fiber Glass

(J.

Devices,

Co.,

$300,000

Micro

$300,000

Pacific Northwest Bell Telephone Co

Commonwealth Theatres of Puerto

October.

(Friday)

Rudd-Melikian, Inc.

Inc.)

Common
&

(Espy

September 15

(Ottering

late

Co.

General Forms, Inc

Royal School Laboratories, Inc.

American

$5,000,000

Common

•'

(Shearson,

Ave., New York. Underwriter—White,
Weld & Co., New York (managing). Offering—Expected
American

Co.)

$3,500,000

(Thursday)

September 14

Universal

Aqg. 18,
of wh:ch
75,000 shares are to be offered by the company and
65,000 shares by stockholders. Price—By amendment.
Business—Magazine and book publishing. Proceeds—For

262,500

bentures, and capital funds. Oifice

Heritage Publishing Co., Inc.
1961 filed 140,000 common shares,

$300,000

Inc

1,728,337

Common

(Putnam

•*>"'/'

Co.,

Common
Inc.)

Co.,

—

Intercontinental Dynamics Corp

City. Offering—Expected in September.

Common
Corp.)

(Shearson,.Hammill & Co.) 200,000 shares

Inc.—-Common

Charles Jacauin et

York

Debentures

Blaha

and

(Dean

Prescott, Shepard

500,000

and loan association and two are automobile
insurance brokers. Proceeds—For the retirement of de¬

American

350,000

Stores, Inc

$304,950

National Periodical Publications,

savings

—
1472 Broadway,
City. Underwriter—Lomasney, Loving & Co.,

Co.)

Corp.

Common

(McDonald, Anderson, Peterson &

$1,600,000

Common

Co.,

Texas

New

Securities

90,000
.

Services

September 20
Common

Bonbright

purchase warrants to
consisting of one $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¬
nance business. One additional subsidiary is a Maryland

New York

Stearns

ordinated debentures due 1971; 75,000 shares of common
-

Inc.)

September 19* (Tuesday)
Dadan, Inc.

$600,000

Liverpool Industries, InC*..

XTRA, Inc.

Standard

Corp

(Omega

Realty Corp

(Greenfield

American Finance Co., Inc.

$381,875

Corp.)

United Investors Corp

Common

(George

(Shearson,

$300,000

stockholders—underwritten

$18,000,000

September 13

pany

Inc.)

Inc.;

Stearns

Metal Works,

*•

Price

$2,500,000

Common

(No

(Wilson, Johnson & Higgins) 400,000 shares

—To

construction,

Corp.)

Industries, Inc

subscription by stockholders at

share for each 10 shares held.

new

Boston

193,750 shares

-Common

(Armstrong

—Debentures

Common

Investing

Co.

(Bear,

150,000

Roberts

Debentures

(H.

common

Co.)

TelePrompTer Corp.

(Offering

Inc.

Vacu-Dry

offered

and

Triangle Instrument Co

(Tuesday)

Witter

Co.

150,000

Co.

(International

Supply Co

Common

Inc.)

Techno-Vending

Common

(Dean

18-22J

:May 26,

Tastee Freez

Tri

September

Common
shares

208,000

Bruno-Lenchner

$1,500,000

183,150

Common

Treat
and

Common
&

150,000

Corp

(Bear,

Waldbaum, Inc.
(Shields

Inc.)

Co.)

Hart

Co.

Corp.)

Co.,

Debentures

(Amos

Common

Securities

Common
&

(Hampstead

Common

Corp

(Trinity

Common

Kreeger & Co. and Balogh & Co.)

$340,000

140,000

$295,000

Broadcasting & Development

Supronics

Common

Inc.)

375,000

Inc.)

Spectron, Inc.

$585,000

Inc

Co.

Co.)

Co.,

(Globus

$500,000

250,000

Electronics, Inc
(Adams &

Inc.;

(Laird

Common

Garey

Corp.

Seigel Inc.)

..Common

200,000 shares

.:._._Common

James

Common

Grumet

Co.)

Second Financial, Inc

Corp

Electronic

Reeves

$1,400,000

McCormick

and

Class A
shares

33.334

Polytronic Research, Inc

Common

Co.

Common

& Co., Inc

(Jones,

Corp

(Sandkuhl

(10/16-20)
shares. Price—$4.50.

(Darius

270,000

Peabody

(The

Class A
Co.)

data

Inc.)

200,000

Patent Resources, Inc.——

Common

Hammill

Contractors, Inc

Peabody

$220,000

Inc.

Co.,

(Kidder,

Common
Co.)

Common
shares

-1

Common

400,000

Corp.)

$300,000

40.000

Co.)

Morton

Parish (Amos)

Common

Pargas, Inc.

$1,250,000

Co.)

Sarasota, Inc

MJay

Common

Insurance

Stearns

(Kidder,

Common

Co.)

snares

—Common

—1

Olson Co. of

Common

65,000

Securities

and

Amerline

;

Co.

Transvision

mercial

•

Thoroughbred

processing equip¬
ment. Proceeds—For repayment of loans, new products,
advertising, engineering, new machine tools, working
capital and general corporate purposes. Office—7 Com¬
&

Co.)

Treat

Stone &

Trinity

American

(Sade

(Bear,

Inc

(Best

Carnegie
&

1,250,000

Thermo-Chem Corp.

Price—By

McDonald

Development

(Hayden,

Cleveland.
•

(Kesselman

Telephones,

7501

Inc.)

Inc.

Inc.) 388,250 shares

Equities

Allyn

NuTone, Inc.

Corp

(Amos

Business—The sale of merchandise through

corporate

Co.,

Hentz

Metals,

(Shearson,

vending machines. Proceeds—For the repayment of debt
and

'(A.

Siegel (Henry I.) Co., Inc.

Automatic

1961

15,

Alstyne,

(Underhill

(H.

Vending Corp.
filed 270,000 common shares.

Co.,

NAC Charge Plan & Northern
Acceptance Corp.

$300,000

Micro-Lectric, Inc

Thomas, Williams & Lee, Inc., New York.
Aug.

Co.

.Common

Inc.)

Research, Inc

Rabin-Winters

Co.,

951,799

corp.)

Co.,

Life

National Cleaning

(Tillie) Foods, Inc
(Van

vertising and working capital. Office—80 Wall St., New

American

Youth

Lewis

28, 1961 ("Reg. A") 75,000 common shares (par
10 cents). Price—$3.50. Business—International air and
ocean freight forwarding. Proceeds—For
expansion, ad¬
Wickett

Capital

Becker

(Brager

Amerford International Corp.

Fidelity

Common

Israel-America Hotels, Ltd

exploration,

June

(McDonnell

ing, construction, exploration and general corporate ex¬
penses.
Office—80 Richmond St., W., Toronto. Under¬
writer—E. A. Manning, Ltd., Toronto.

—

Missouri

$300,000

Empire Fund, Inc

development and mining. Proceeds—For diamond drill¬

Underwriters

Common

(No underwriting)

(Monday)

Joshua

Lee

$750,000

Mairs & Power Income Fund, Inc

by Kuhn, Loeb
1,075,791 shares

Brothers)

(John

Gilbert
common

Lehman

(Atlantic

Interests

Abbey Automation Systems, Inc.-

(A.

cents. Business—The company is engaged in

York.

Corp.)

Co.)

Fibers, Inc

Common

Investing

Inc._

Walker

M P I Glass

$2,420,000

stockholders—underwritten

September

Mining Co. Ltd.
1961 filed 400,000

31,

Busi¬
stores.

Amerel

July

Common

Inc.)

Common
M'.

Go.;

Companies,
(G.

$775,000

jluc.)

Lieberbaum

(Horizon. Management

Lowe's

$270,000

discount

repayment of loans, equipment, and
Office — Cleveland at Passaic, Fort
Underwriter — Netherlands Securities Co.,

Inc., N. Y. (mgr.).

Co.,

Associates,

Berger

(Cortlandt

capital.

Myers, Fla.

securities

(Nat

For

—

working

Co.)

Western Union Telegraph Co

retail

Universal Health, Inc

Underwriter—None.

operation

D.. Blauner

Fund, Inc

Common

Atherton

Taylor-Country Estate Associates

American

Variety Stores, Inc.
Aug. 30, 1961 filed 100,000 common. Price—$4.50.

Systems Corp

(Milton

Lincoln

Research, Inc
(Schirmer,

shares. Price—$6.
operation of bowling centers. Proceeds
expansion. Office—473 Winter Street, Waltham,

ness—The

(Friday)

Blackman Merchandising Corp

Business—The

Mass.

and

American Sports Plan, Inc.
June 29, 1961 filed 200,000 common
—For

Instrument

NEW ISSUE CALENDAR

75,000

Continued

page

(1034)

Continued

The Commercial and Financial Chronicle

from page 29

Riverview ASC,

Inc

(First

Plasticon

Common

Philadelphia

Corp.)

Common

underwriting)

(D.

Blair

Co.)

6,000

Kauimann

Capital

Co.)

(Merrill

Lynch,

Pierce,

Fenner

& Smith

(Kidder,

Inc.)

75,000

Co.)

140,000

Bond

(Adams

Pewc)

(Allen

(Louis

Co.)

(S.

Fuller

Gas

October 9

Aero

$300,000

September 28

Co.,

Inc.

and

CDST)

Inc.)

Co.,

Garey

Inc.)

Corp

Lynch,

Pierce,

$300,000

Co.

and

Charles

325,000

Co.)

Southwestern

Rowady

October 2

Lehman

Smith,

Inc.)

(Hill,

(Amos

(A.

Grimm)

190,000

Treat

Co.)

Class A

150,000

Columbia

(H.

Hentz

Hannett Industries,
(Albion

(William

Co.)

American

(Dominick

Co.,

Inc.)

Nuclear

Corp.

Securities

Empire,

Inc.)

$172,500

536,280

(Laird.

Bissell

Stone

Meeds)

Pont

(Bids

11:30

150,000

Co.)

Precision

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 &
new

Co., New

(managing).

June

Realty Trust
July 25, 1961 filed 500,000 shares of beneficial interests.
Price—$10. Business—A real estate investment company.
Thirteenth

St., N. W., Washington, D. C.
Underwriter—Stifel, Nicolaus & Co., Inc., St. Louis.
Recreation Centers,

Inc.

June 26, 1961 filed $1,250,000 of series A
convertible sub¬
ordinated debentures due 1973.
Price—By amendment.

Business—The operation of
ceeds—For repayment of
eral corporate purposes.

seven bowling centers. Pro¬
loans, working capital and gen¬

Office

—

1721

Sacramento, Calif. Underwriter-^York
cisco

Eastern

Ave.,
Co., San Fran¬

(managing).

American Seif Service
Stores, Inc.
Aug. 11, 1961 filed 100,000 common shares, of which 50,000 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

Underwriter—Scherck,

Co., St. Louis.

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¬
—

capital.

Office—29-31 Elm Ave., Mt.
Vernon, N. Y
Lee & Co., Inc., N. Y. C.
(mgr.).

Underwriter—M. L.
•

Amerline Corp. (9/12)
July 3, 1961 filed 150,000 outstanding class A common
shares. Price—By amendment.
Business—The manufac¬
ture

turers

components
of

magnetic

and

products for

tape,

electronic

sale

manufac¬

computers, data
processing machines,; etc. Proceeds—For selling stock¬
holders. Office—2727 W.
Chicago Ave., Chicago. Underwriter—Dean Witter & Co., San Francisco
(managing).

15,

David

Business—The
Proceeds—To

Rochester

Co.)

Inc.)

200,000

William

131,305

Co.)

March

erties.

shares.

Price—$5.

amphibious automobiles.

—

and
•

ness—The

shares.

common

small

Price

business

—

common

debentures

reserved
and

unit for each

100

common

shares held.

Underwriters—Ross, Lyon & Co., Inc.,

EDT)

$50,000,000

Bonds

received)

$15,000,000

(Monday)

—

For

dorp.

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
the acquisition, development and operation

shopping centers, office buildings and industrial

manufacture

j '

Bonds
received)

$25,000,000

investment.

Office

—

Mar¬

523

prop¬

Inc.

Price—$2.40. Busi¬
thermoplastic compounds for

common.

equipment,
advertising and working capital.
Office—
St., Brooklyn, N. Y. Underwriter—Continental

Corp., Maplewood, N. J.

/'■

•

^ :

Marble

Co.

<•

-•

marble products. Proceeds—For

plant expansion, inven¬
tory and working capital. Office—4425 N. E. Sixth Ter¬

race, Oakland
J. J. Bruno &

Park, Ft. Lauderdale, Fla, Underwriter—
Co., Inc., Pittsburgh.

Arlan's Dept. Stores, Inc.
July 5, 1961 filed 300,000 common shares of which 60,000
shares are to be offered by the
company and 240,000
shares by the stockholders.
Price—By amendment. Busi¬
ness—The operation of 12 self-service discount stores.
Proceeds—For working capital and
expansion. Office—
350 Fifth Ave., New York. Underwriter—Eastman Dil¬

lon, Union Securities & Co., New York (managing).
Armour

1961

Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬
ness—The cutting, designing,
polishing and installing of

for

5-year

Address—Marinette, Wis. Underwriter—Paine, Webber,
& Curtis, fypwaukee.

emphasis

(Tuesday)

1962

Architectural

•

the

Jackson

•

vertising and promotion, and working capital. Office—
1608 First National Bank Building, Minneapolis. Under¬
writer—M. H. Bishop & Co.,
Minneapolis. Offering—Ex¬
pected in late September.
*

subordi¬

Ansul Chemical Co.

31,

19, 1961 filed 1,000,000 common shares. Price—
$1.15. Business—The marketing of an electric hot water
heating system. Proceeds—For inventory, salaries, ad¬

convertible

$100 per unit. Proceeds — For expansion and
capital. Office—1270 N. W. 165th St., North

Apache Realty

Debentures

$50,000,000

June

Proceeds—For expansion and

July 24, 1961 ("Reg. A") 12,000 common shares (par $1).
Price—By amendment. Proceeds—For working capital.

•

Aqua-Lectric, Inc.

Office—150 Cause¬

(9/28)
156,250

and

Bond

investment

Globus, Inc., New York.

March

Proceeds

395 Smith

to purchase 125,000 common shares to be of¬
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

working

received)

resale to other manufacturers. Proceeds—For

sales

pacers.

conversion

Miami Beach, Fla.

it Apex Thermoplastics,
Aug. 29, 1961 filed 150,000

Underwriter—J. J. Krieger &

1961 filed $625,000 of 5%

one

(Wednesday)

-:1

—

Bonds

$15,000,000

quette Ave., Minneapolis, Minn. Underwriter—Blunt El¬
lis & Simmons, Chicago (managing).:
/

warrants

Price

Corp

EST)

21>:(Tuesday)

(Bids

Price—$15.50.
primarily race

the basis of

$825,000

West Penn Power Co

general corporate purposes. Office—92 Liberty St., New
York. Underwriter—Bernard M. Kahn
Co., Inc.,4 New
York (managing).

fered

(Bids

$1,650,000

—

Inc.)

Virginia Electric & Power Co

Insurance Co. of America

debentures,

Co.,

(Tuesday)
11

(Bids

June 29, 1961 filed 40,000 common shares.
Business
The insuring of animals,

issuance

Common

December

Street, Boston. Underwriter—Putnam & Co., Hart¬
ford, Conn, (managing).

nated

Common
$300,000

Inc.)

Staats

Common

Proceeds—For investment.

Inc.

Bonds

Consolidated Edison Co. of New York, Inc._Bonds

way

20,

$475,000

$20,000,000

•.

$900,000

common

manufacture

July 21, 1961 filed 400,000

Anodyne,

Inc.)

Motti,

Electric

November

Common
shares

Anderson New England Capital Corp.

June

Malkan

(Bids
'

$1,200,000

135,000

Co.)

100,000

establish

horses, trotters and

...

(Thursday)

November

Common

Co.,

Ave., New York.
Co., New York.

Animal

$300,000

Pacific Northwest Bell Telephone Co

Corp

Madison

company.

Gas

Common

Morgan

Business

Motti,

received)

David

(Bids

parts depot in Newark, N. J.,
up sales and service organizations, and for work¬
ing capital and general corporate purposes. Office—660

amendment.

...—.Common

Inc.)

Co.)

Hammill

Stearns

filed

Corp.)

Common

Microwave

1961

Securities

Common

$180,000

450,000

—

ing

set

American

Inc.)

Co.,

Treat

(Peter

Common

November 14
75,000

—

Shearson,

(Bear,

Debentures

$10,000,000

Corp.)

Co.)

Common

Corp
Co.)

Fuller

Pavelle Corp.

Bonds

Investing Corp

(Wednesday)

(Arnold

Amp/iicar Corp. of America

and other metals. Proceeds—For

Office—608

Co.,

Rogers

(Amos

Continued from page 29

York

...

stockholders—underwritten

and

$30,000,000

Business—The machining and fabrication of
components
and assemblies from

Bomback

Murray Magnetics Corp..

Common

EDST)

Co.

Public Service Co. of Colorado
.

150,000

Cleaners, Inc..

Common

Golkin,

$800,000

120,000

Industries, Inc
I.

(Offering

—Common

Simmons)

Magazines for Industry, Inc.—.-.

Common

Co.)

Allyn

Marshall Industries

$970,000

Common

Morton

Co.)

International, Inc..

Debentures

(S.

■■

Common
&

Higginson

(William,

Kent Dry

Dominick)

Financial
C.

(Casper

Debentures

(Hayden,

(Francis

$2,087,800

Inc

Pioneer Astro

Debentures
Co.)

$5,000,000

Keller Corp.

Panoramic Electronics, Inc

(Jay

Western
(A.

-Capital

Co.)

America
Stearns

(Bear,

Old

First

$300,000

Common

Stearns

Pickwick

and

" "

McDowell Co.)

Inc

(William.

Preferred

Electra-Tronics, Inc

Co.J'300,00(r jflttfres

Corp, ..of ,America
(Bear,

Common

Staats

(Continental

f
«f
Nuclear

Inc.

Common

Corp
R.

Co.,

—.Common

,V_—..Units

New England Power Co...

$299,250

Group

Dunlap & Associates, Inc

Debs.

$3,000,000

Minichrome, Inc.
V

Inc.)

Machines, Inc

;

$3,103,000

Co.)

Natpac Inc.

$675,000

Corp

150,000

Allyn

Straus, Blosser &
200,000 units

(Standard

(Monday)

Data

Treat

(Amos

$6,000,000

Peterson & Co.,

Inc

Securities

Faximile

(Lee

..r

Common

and

Eilis

Wonderbowl,

Development Co._-Com.

underwriting)

Co.)

Inc

Co.

November 2

Capital

100,000

Handschy Chemical Co.

(Friday)

Research
(No

Ryons & Co.)

;

Common

October

Co., Inc. and Semple, Jacobs 8c Co., Inc.)

(Lester,

Hogan

First National Realty & Construction

*'■

.Common1

160,000- shares

Co.)

Foods, Inc

Debentures

Higgins)

(Allen

(Wednesday)

Anderson,

Common
Common

100,000

Guy's

$13,000,000

Inc.

October

$1,000,000

Dressen-Barnes Electronics Corp
<

Stearns &

October 25

Brinktun,

and

(Bids

Playthings, Inc

Becker &

&
&

Fuller

Co.

Transcontinental

received)

Johnson

October 11

$300,000

System, Inc

Darlington &

Bros.)

Common

Scranton

Cosnat Record Distributing Corp

•

-(Bear,

Nichols

(Monday)

House,

(Monday)

A-Drive Auto Leasing

Creative

Research

(McDonald,

Executive

Debentures

—

Fenner

(Wilson,

Preferred

(Davis,

(Tuesday)

(Bids

Capital
Peabody

Staats

Products, Inc.__

(Allen, &

(Blunt

October

$625,000

Mon-Art, Inc

$10,000,000

(Thursday)
R.

(S.

Associated

..Common

stockholders—underwritten

(Friday)

Corp.

(Kidder,

October

$20,253,300

Kansas Power & Light Co
Mite

$7,000,000 .<*

Bonds
EDST)

noon

(William

Co.__Debentures

EDST)

Union Rock & Materials Corp.__i._--

$15,000,000

$243,000

Corp.)

..Preferred

(Bids

-Debentures

Service

...Common
Securities

Georgia Power Co

$880,000

Longs Drug Stores, Inc
(Merrill

Globus,

Debentures

$50,000,000

(Wednesday)

$27,006,200

Units

Lyon

Stores

(Offering

Bonds

(Thursday)

September 29

October

m.)

EDST)

a.m.

Georgia Power Co

(Monday)

(Best

Inc

(Ross,

Co.)

& Co.)

Baum

Toy, Inc

(Bids

Co....,

(Hancock

Fidelity Acceptance Corp

Allied

(Bids to be received) $60,000,000

Anodyne,

October

Dynamic

(Tuesday)

Utilities

George

(Tuesday)

units

125,200

Co.)

and

Alpine Geophysical Associates, Inc

(Tuesday)

Electric

6,280

Common

Indiana Public

•

Pacific

41o,576

(Offering to stockholdei-s—Bids 11

Class A

September .26

Units

Corp.)

Common
320,000

Co.)

(John Josnua & Co., Inc. and Reuben Rose & Co.)
'•

Co.)

(Bids

Common

(Bids

Voron Electronics Corp
V '

States

Northern

$600,000

Vic Tanny Enterprises, JLnc
u

Gulf

$750,000

Higginson

(Stearns

October 3

Units

Inc.

$1,250,000

Class A

Fuller

Co.,

Public Service Electric & Gas Co

-Common

Utilities Corp.___

Hentz

Common

Dreyling

October

125,000

Technifoam Corp.

Valley Title & Trust Co
/

Co.)

Common

125,000

Co.)

Lee

and

(H.

$720,000

Distributing Corp

Co.

Common,

Securities

$230,000

Sterling Electronics, Inc

Universal Publishing &

units

Common

Corp.)

Inc.)

Industries, Inc

(S.

Laboratories, Inc

(Continental

Star

U. S. Plastic & Chemical Corp

Co.

underwriting)

Realty &

(Hirsch

Units
Common

Peabody

United Scientific

Southern

$900,000

Thriftway Foods, Inc

Fuller

(No

Rocky Mountain Natural Gas Co., Inc

Shasta Minerals & Chemical Co

units

Reher Simmons Research Inc
(McLaughlin,

Inc
$600,000

Common

(S.

Units

Ko,

(Midland

Semicon, Inc.

$1,996,998

$300,000

Common

(Armstrong

Publishers Vending Services, Inc

Inc.)

Co.,

Oil Corp

$187,500

Corp.
(No

Sav-Mor

Common

Securities

(Albion

Photo-Animation, Inc.

Thursday, September 7, 1961

.St

Co.

Aug. 3, 1961 filed $32,500,000 of convertible subordinated
debentures due Sept. 1, 1983
being offered for subscrip¬
tion by stockholders of record
Aug. 24 on the basis of
$100 of debentures for each 16 common held of record
Aug. 24 with rights to expire Sept. 12. Price—At par.
Business—Meat packing. Proceeds—For plant expansion
and

general

corporate purposes. Office—401 N. Wabash

Ave., Chicago. Underwriter—Wertheim
.

•

Associated

Aug.
are

25,

1961

•

< i,

&
i

Co., N.Y. (mgr.)

Products, Inc. (10/23-27)
filed

to be offered

■

359,000 common,, of which 175,000
by the company and 184,000 by stock-

Volume 194

Number 6088

The Commercial and Financial Chronicle

holders.

Price—$17. Business—The manufacture of dog
and cat food, cosmetics, drug items and toiletries. Pro¬

Bankers Dispatch Corp.
July 20, 1961 filed 100,000 outstanding

Co., N. Y. C. and A. C. Allyn & Co., Chicago (co-mgrs.).

Astrcdata, Inc.
Aug. 28,

1961 filed 825,000 shares of capital stock, of
which 200,000 will be offered for public sale and
625,000
will be offered for subscription by stockholders of
share held.

Price—By amendment.

the basis of

share for each Epsco

one new

Business—The

man¬

ufacture of electronic data
handling equipment, range
timing devices and standard electronic products. Pro¬

ceeds—-For

loans and working capital.
Rd., Anaheim, Calif.
Under¬
writers— Granbery, Marache &
Co., N. Y. C. and William
R. Staats & Co., Los Angeles.
Office

repayment

240

—

Palais

•

Astronetic Research, Inc. (9/8)
July 11, 1961 ("Reg. A") 54,000 class A

Price

(par $1).

stallation of

—

Proceeds

$5.

—

common

•

Spring Street, Nashua, N. H.
Underwriter
& Co., Boston, Mass.
*

Office—45

—

Atherton

Schirmer,

July 21,

Atlantic Improvement Corp.

Aug. 30, 1961 filed 150,000

tion, general corporate purposes.
N.Y.

Aug.

Office—521 Fifth Ave.,

Price—$3.50.
loans, acquisition and
working capital. Office—715 N. Fayette St., Alexandria,
Va. Underwriters—First Investment Planning Co. and
Jones, Kreeger & Co., Washington, D. C.
Proceeds

For

—

common.

repayment

N. Y.

of which 136,800 are
and 11,400 by stockholders.

Business—/Refurnishing of ^photographic

Black &

Price

—

Office

241

—

Robertson

Coast

$1.

•

Business—The

amendment.

ductor plates used in the
trusses

which

the

and

—

manufacture of metal
of

con¬

thereon.

—

the

3355

Poplar

Ave.,

Underwriter—J. Laurence & Co.,

California Growth Capital Inc.
July 18, 1961 filed 660,000 common shares. Price

Proceeds—For investment. Office—111 Sutter St.,
Francisco, 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.
j

and

processing. Proceeds—For construction and
working capital. Office—92 Highway 46. East Paterson,
N." J. Underwriter—Golkin, Gomback & Co., N. Y. (mgr.)
tronic data

filed 300,000 common shares. Priee—By
Business—The retail f inancing of time sales

1961

investment. Office

equipment. Proceeds—For the repayment of
Colesville, Rd., Silver Spring, Md.
Underwriters—Sterling, Grace & Co., New York and
Office—8645

Babcock

Electronics Corp.

Aug. 11, 1961 filed 300,080
000 shares

are

capital shares, of which 50,-

to be offered by

the

company

trol

aircraft.

Proceeds —For

repayment

July 25, 1961 filed 70,000 common shares (par $1). Price
—$5. Business—The manufacture of plastic boxes and
containers. Proceeds—For repayment of loans, purchase

loans,

working capital and general corporate purposes. Office ,-•§ Brmktun, Inc. (10/11)
-.'"v.*./'.
—1640 Monrovia Avenue, Costa Mesa, Calif.' Under¬
July 28, 1961 ("Reg. A") 133,000 common shares (par
70 cents). Price—$2.25. Proceeds—Repayment of loans
writers—Blyth & Co., Inc., New York and Schwabacher
& Co., San Francisco (managing).
and working capital. Office—710 N. Fourth Street, Min¬

—

900 Market St., Wilmington, Del.

Ce.

Aug. 4, 1961 filed 100,000 common shares, of which 35,000
shares are to be offered by the company and 65,000
shares by stockholders. Price—$5. Business—The manu¬
facture of synthetic linings and coatings for industrial
use.i Proceeds

Y., and Burry, de Sibour & Co., Washington, D. C.

of, additional molds, acquisition of a new plant, work¬
ing capital and general corporate purposes. Office—1650
N. Damen Ave., Chicago. Underwriter—D. E. Liederman
& Co., Inc., New York.
'
*
•
/

and 250,000

shares by stockholders. Price—By amendment. Business
—The manufacture of electronic units for remote con¬

warrants, 20 cents.

Carboline

—

For repayment of loans, research

and

working capital. Office—32 Hanley Industrial Court, St.
Louis. Underwriter — Reinholdt & Gardner, St. Louis

(managing).
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¬
—

Bradley Industries, Inc.

Rouse, Brewer, Becker & Bryant, Inc., Washington, D. C.

—

X-ray film processing machines.

of dealer sales of aircraft

shares. Price

Business—The manufacture of
Proceeds—For repay¬
ment of loans and working capital. Office—4206 Wheeler
Avenue, Alexandria, Va. Underwriter—None.
for

liam, & Lee, Inc., New York City.

and the financing

personnel, in-

Capitol Research Industries, Inc.
28, 1961 filed 165,000 common shares and 75,000
common stock purchase warrants.
Price—For stock, $2;

Island,

debt.

consumers

sales

June

Office—1319 F St., N. W., Washington,

and related

additional

13th

Underwriter—Capital Management Corp., Miami (mgr.).

bowling centers principally in Italy, and for expansion
and working capital. Office—80 Wall St., New York.
Underwriters—V. S. Wickett & Co., and Thomas, Wil¬

amendment.

Price—$3*

amendment. Business—A mutual fund. Proceeds —For

Bowling Internazionale, Ltd.
June 30, 1961 filed 200,000 common shares. Price—$5.
Proceeds—For the construction or acquisition of a chain

Avemco Finance Corp.

capital shares.

Capital Income Fund, Inc.
July 3, 1961 filed 30,000 common

Tenn.

Co., New York.

Underwriters—Fund Securities, Inc., Staten

110,000

St., Brooklyn, N, Y. Underwriter—Russell &
Saxe, Inc., N. Y. C.

purchase of machinery and explora¬
properties. Address^—P. O. Box 214, Twin Bridges,
Underwriter—Wilson, Ehli, Demos, Bailey & Co.,

expansion.

D. C.

filed

ventories and accounts receivable. Office—Second Ave.,,
and

Bowl-Tronics, Inc.
Aug. 16, 1961 ("Reg. A") 100,000 common shares. Price
—$2.30. Business—The manufacture of automatic elec¬
tronic scorecards for bowling alleys and other electron¬
ic entertainment devices. Proceeds—For working capital

19, 1961 filed 100,000 common shares, of which
50*000 shares are to be offered by the company and 50,000 shares by stockholders. Price—$3.
Business—Elec¬

1961

25,

ceeds—For advertising,
.

Billings, Mont.

July

Aug.

Business—The manufacture of sanitation chemicals. Pro¬

buildings

Memphis,

com¬

San

roads and buildings,

Automatic i^ata Processing, Inc.

—

pany.

1961 filed 315;000 common shares. Price—$2.50.
Business—The acquisition, exploration and development
of mineral properties.
Proceeds—For construction of

Mont.

company-owned patents. Pro¬

June 28,

tion of

amendment. Business—A small business investment

;

based

Caidor, Inc.
;
July 27, 196L filed 120,000 common shared.
Price—$5.
Busines^-The operation of fetaiT^diSCoiint stores. Pro¬
ceeds—For expansion and working capital. Office-—69
Jefferson St, Stamford, Conn. Underwriter—Ira Haupt
& Co., New York (managing).

Boulder Lake Corp.

Automated Prints, Inc.
July 24, 1961 ("Reg. A") 85,000 common shares (par 10
cents). Price—$3.50. Business—The silk screen printing
of designs on textile fabrics. Proceeds—For equipment,
a
new plant, repayment
of debt and working capital.
Office—201 S. Hoskins Rd., Charlotte, N. C. Underwriter
—Street & Co., Inc., New York.

15,

Office

construction

and

Underwriter—Lieberbaum &

Inc., New York.

Aug.

(9/8)

Building Industries, Inc.

land

use

working capitaL Office—Kirk Boulevard,
Greenville, S. C. Underwriter—To be named. Offering—
Expected in late
*

1961 filed 300,000 class A common shares. Price
—$5. Proceeds—For advances to a subsidiary, purchase
additional

Price

ceeds—For

June 29,

Carriers, Inc.

commercial

1961 filed 77,500 class A common shares. Price
Business — The wholesale distribution of soft

B!oomf;e!d

("Reg. A") 100,000 common shares (par
10c). Price—$3. Business—The manufacture and sale of
"Gift Bookards" designed to provide simplified gift giv¬
ing for business and industry. Proceeds-—For advertis¬
ing, sales promotion, repayment of loans, working capital
and the establishment of national dealerships. Office—80

International Detective

—$1.15. Business—The company which began operations
in 1954, is engaged in the research and development of
special material handling systems for industrial and

July 3, 1961 ("Reg. A") 4,000 common shares (par $12.50).
Price—By amendment. Proceeds—For the selling stock¬
holders. Office—4000 Water St., Wheeling, W. Va. Un->

Jupe 12, .1961

Park Ave., New York.

Cable

* Corp.

derwriter—Fulton, Reid'& Co., Inc., Cleveland.

J.)

March 23. 1961 filed 196,109 shares of capital stock.

B'och Brothers Tobacco Co.

jigs and presses frorn

plates are made. Proceeds—For repayment
of loans, expansion and working capital.
Office—7525
N.'W. 37th Avenue, Miami.
Underwriters — Winslow,
Cohu & Stetson and Laird, Bissell & Meeds,N.Y.C. (mgr.)
Inc.

Merchandising Corp.

(William

—

Agency, Inc.
Aug. 22, 1961 filed 175,000 class A common shares. Price
—By amendment. Proceeds—For the selling stockhold¬
ers.
Office—101 Park Ave., New York. Underwriter—
Smith, Barney & Co., Inc., New York (managing).

control

Hague

working

Underwriters

Burns

goods lines and artificial flowers.
Proceeds — For
expansion; inventory and working capital. Office—1401
Fairfax Trafficway, Kansas City, Kan. Underwriter—
Midland Securities Co., Inc., Kansas City, Mo.

the

Automated Gift Piatt,

Decker Manufacturing

Blackman

—$10.

prefabrication of wooden roof

manufacture;

moving expenses, repayment of
capital. Office—171 Fabyan Place,
Bruno-Lenchner, Inc., Pitts¬
burgh and Harry Odzer Co., New York (co-managing).
and

Newark.

Office—

stockholders.

Lester, Ryons & Co., Los

Proceeds—For

debt

June 8,

Blvd., Beverly Hills, Calif.
Securities Co., San Fran.

Automated Building Components, Inc.
July 28, 1961 filed 100,000 common shares.
Price

selling

Underwriter—Smith,

Pine at Broadway, Long.

—
—

Bundy Electronics Corp.
Aug. 22, 1961 filed 100,000 common shares. Price—$4.
design, development and manufacture of
electronic components for space and earth communica¬

fice—Towson, Md. Underwriter—Eastman Dillon, Union
Securities & Co., New York (managing).

Proceeds—For tooling, equipment and working capital.
Underwriter—Pacific

automatic

common

Business—The

common.

corporate purposes. Office
Beach, Calif. Underwriter
Angeles.

Aug. 11, 1961 filed 120,000 outstanding common shares.
Price—By amendment,; Business—The manufacture of
power tools. Proceeds—For the selling stockholder. Of-

common.

the

Detroit.

Denver,
Co., Detroit.

ing capital and repayment of loans. Office—525 Lexing¬
ton Ave., N. Y. C. Underwriter — General Economics
Corp., N. Y. C.
•: •
S'

Proceeds—For

17190

service for the professional market. Proceeds—For work¬

if Automata International, Inc.
Aug. 22, 1961 ("Reg. A") 300,000

Price—$3.

devices for handling bulk granular or pulverized mate¬

common,

by the company

Price—$3.25.

manufacture

Price—$6. Business

accessories. Proceeds

shares. Price — By
amendment Business ~r The operation of department
stores in Southern California. Proceeds — For general

Bin-Dicator Co.

rials.

1361 ^iilea l48,200

to be offered

Buffums'

Aug. 25, 1961 filed 160,932 common. Price—By amend¬
Business—The

wear

o( ,t&e 10% preferred stock, repayment
loan, expansion and working capital. Office—720
Underwriter—A. J. Gabriel & Co., Inc.,
'
; /.

Aug. 7, 1961 filed 40,000

Underwriters—Goodkind, Neufeld, Jordon Co., Inc.
Co., N. Y. (mgrs.).

ment.

common.

Fifth Ave., N. Y.
N. Y. '
'•
'

and Richter &

Authenticolor Inc.

Aug?.

tions.

100,000

Manitoba,
Inc., New

—For redemption

-A-Bennett (Floyd) 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,

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. Un¬
derwriter—J. P. Penn & Co., Inc., Minneapolis.
•

shares.

Ltd.

—The manufacture of men's

Proceeds—For an acquisition, expansion and in¬
ventory. Office—552 W. 53rd St., New York 19, N. Y.
Underwriter—Netherlands Securities Co., N. Y.

Co;, N.Y. (mgrs.).

if Atmospheric Controls, Inc.
1961 ("Reg. A") 40,000

common

(managing).

Bronzini, Ltd.
Aug. 23, 1961 filed 125,000

tems.

Underwriters—Bear, Stearns & Co., and Finkle &

Aug. 22,

York

Price—$3.
Business—The manufacture of television antenna, music
and sound equipment and closed circuit television sys¬

develppment of residential com¬
Proceeds—Repayment of a loan and construc¬

munities.

100,000

if Bell Television, Inc.
29, 1961 ("Reg. A")

Price—By amend¬

common.-

filed

Materials

stoc^nolcters,

—First Weber Securities Corp., New York.

Business—The

ment.

1961

Office—Jarvis Ave., at Andrews St., Winnipeg,
Canada. Underwriter—P. W. Brooks &
Co.,

manufacture of hospital equipment and
supplies. Proceeds—For expansion of plant facilities,
purchase of equipment, expansion of sales program, de¬
velopment of new products and working capital. Office
-25-11 49th Street, Long Island City, N. Y. Underwriter

Atlantic Capital Corp.
"
Aug. 29, 1961 filed 500,000 common. Price—$13.50. 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.

Construction

construction company. Proceeds—Deben¬
tures—For repayment of debt,
construction, acquisition
and working capital. Stock—For the selling

Business—The

•

McDonald, Anderson, Peterson

Business—A

Beam-Matic Hospital Supply, Inc.

—

Co., Inc., Minneapolis.
British-American

if Barry-Martin Pharmaceuticals, Inc.
("Reg. A") 150,000 class A common. Price
—$2. Proceeds—For packaging, advertising, repayment
of loans and working capital.
Office — 4621 Ponce de
Leon Blvd., Coral Gables, Fla.
Underwriter — Edward
Hindley & Co., N. Y. C.

Underwriter

July * 7, 1961 filed $3,500,000 (U. S.) debentures, 6%
sinking fund series due 1981 (with warrants) and 300,000 outstanding common shares.
Price—By amendment.

Aug. 25, 1961

For purchase and in¬

equipment, and working capital.

common

Bargain Town, U. S. A., Inc. (9/25)
July 27, 1961 filed 300,000 common shares, of which
200,000 shares are to be offered by the. company and
100,000 shares by the stockholders. Price—$6. Business—
The operation of discount department stores. Proceeds—
For the repayment of debt, and working capital. Office
—Rockaway Turnpike, North Lawrence, L. 1., N. Y. Un¬
derwriter— Schweickart & Co., New York (managing).

Epsco,

neapolis.

shares.
Price—By amendment. Business—The transportation of
commercial paper, documents and non-negotiable in¬
struments for banks. Proceeds—For the selling stock¬
holder. Office—4652 S. Kedzie Avenue, Chicago. Under¬
writer—E. F. Hutton & Co., Inc., New York.

ceeds—For repayment of loans and
working capital. Of¬
fice—445 Park Ave., N. Y. C.
Underwriters—Allen &

Inc., parent,

(1035)

writer—Rutner, Jackson & Gray, Inc., Los Angeles.
,

• Caressa, Inc. (9/25-29)
...
Aug. 2, 1961 filed 150,000 common shares, of/whiph 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

expansion, the repayment
Office—5300
N, W. 37th Ave., Miami, Fla. Underwriter — Shearson,
Bammill& Co.,?NewYork (managing).
its share of the proceeds for

of debt and for other corporate, purposes.

Continued

page

The Commercial and Financial Chronicle

(1036)

Continued

Columbia

from page 31

Research

^ Catamount,

Inc.

Aug. 23, 1961 ("Reg. A") $30,000 of debentures due Sept.
1, 1976, to be offered in units of $500. Price — At par.
Proceeds—For operation of a ski resort. Address—Egre-

Underwriter
Hartford, Conn.
mont, Mass.

Lake

Kennedy & Peterson, Inc.,

—

City, Utah. Underwriter—None.

Columbian Bronze Corp.

July

electronic

niture.

Business—The

shares (par
Proceeds — For repayment of
debt, inventory and working capital. Office—300 Dela¬
ware
Avenue, Archbald, Pa. Underwriter—Armstrong
& Co., Inc., New York.
cents).

Cerro

Price

$2.50.

—

•

Corp.

common. Price—By amend¬
mining, refining and smelting of

Proceeds—For

general corporate

purposes.

Charles Jacqusn et Cie,

Inc.

vertible

retail

television

stores.

For>rexpansipi^rJ:epayment of

89th

St.,

automotive

and

(Francis H.)
—

The

manufacture

farm

marine

fields.

Ccbbs

July 27,

Fruit &

1961

industrial

Inc.

filed

150,000 common shares, of which
are to be offered £or public; sale by the company
21,500 by the underwriter. Price—$5. Business—The
sale of fruits, candies, preserves and novelties. Proceeds
—For expansion and other corporate purposes. Office—
400 N. E. 79th St., Miami. Fla. Underwriter — Jay W.
Y. Note

—

This registration

•

was

Fund

securities

will

offered

for

Continental

—

H. B. Crandall Co. and Cambridge Securities,

Continental-Pacific Industries, Inc.
July 21, 1961 ("Reg. A") 300,000 common shares (par 10
cents). Price—$1. Proceeds—For repayment of loans,

tooling, a patent purchase, salaries, inventory and working capital. Office—1299 Bay Shore Blvd., Burlingame,

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
offered in units, each unit consisting of $100 of deben¬
tures and 50 shares of common stock. Price—$287.50
per

The

writer

••

Calif. Underwriter—Amos C. Sudler & Co., Denver.

Continental. Real. Estate, Investment Trustw

Aug, 3,. 1961 filed 300,000 shares of beneficial interest.
Price—$10. Business—Real estate. Proceeds—For invest-

ment. Office—530 St. Paul Place, Baltimore. Underwriter
—F. Baruch & Co., Inc., Washington, D. C. (managing).
photographs
and reproductions.for- churches,
"
. •
institutions,-seminaries- fContinental? Vending Machine Corp*
and schools. Proceeds-^For equipment;, sales
Aug, 11, 1961 filed $5,052,700 of 6% convertible suborpromotion;
repayment of loans; construction of buildings and im¬ :
dinated debentures due 1976, to be.offered for subscripprovements of facilities. Office^-202 E. 44th St.; New
tiop by. stockholders Ion. theZ basis of $ 100 -of debentures
York, N. Y. Underwriter—William, David & Motti, Inc.*
for each 80 common shared held.
Price—By amendment.

unit.

Business—The company makes

color

...

n. Y.

Bishop & Co., and J. P. Penn & Co., Inc.,

Cook

(L. L.)

4, 1961 filed 49,736 common shares, of which
9,600 shares are to be offered by the company and 40,136
shares by stockholders. Price—By amendment. Business
—The processing of photographic film, wholesaling of
photographic supplies and the manufacture of post cards.
Proceeds—For general corporate purposes. Office—1830
Aug.

16th

St.,

Milwaukee.

Underwriter—Milwaukee Co.,

^managing).

Milwaukee

Cosmetic Chemicals Corp.
June 28,

Price

—

1961 filed 100,000 common shares (par one cent).
$4. Business — The distribution of cosmetics.
advertising, sales expenses, inventory, re¬

capital and other corporate purposes.
Street, New York.
Underwriter—.

search, working
Office—5

Nance-Keith

52nd

Corp., New York.
Yours,

Cosmetically

Inc.

1961 filed 42,500 common. Price—$4. Business
—The manufacture of cosmetics. Proceeds—For repay¬

Aug. 23,
ment

loan, advertising, equipment, inventory, re¬
development and working capital. Office—•

and

15 Clinton

St., Yonkers, N. Y. Underwriter—P. J. Gruber
Co., Inc., N. Y.
Book

Cosmo

Distributing Co.

110,000 common shares. Price — $3.
Business—The wholesale distribution of books. Proceeds
July 6, 1961 filed

—For

repayment of

loan, inventory, working capital
Office — 1130 Madison

and general corporate purposes.

Ave., Elizabeth, N. J.
Co., Inc., New York.

Underwriter—Frank Karasik &

Record Distributing

which 105,556 shares are to be
holders

(10/2-6)
>
comm6n ,stbcK,J df

Corp.

May 26, 1961 filed 150,000 shares of

offered for public sale by

44,4.4^ oqtstanding. shares, by (the pres¬
Price—To be supplied by amend¬

thereof.

Business—The

manufacture

and

distribution

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 & C-roadcasting, 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.,
Y.

Underwriter—Goldman,

Sachs

Co.,

—

Inc., New York.

Inc:>

repayment

Leasing Corp. (9/25-29)
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¬

Cole Vending Industries, Inc.
Aug. 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,1 Chicago
(mgr.).
*

cCo!or Reproductions,

—

June

withdrawn Aug. 31.

For

operation of vending machines. Pro¬

public sale in
units of one common share and one warrant. 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., New York.

Preserving Co.

Co., N.

Corp.

Distributors, Inc.
April 13, 1961 filed 296,000 common shares and 296,000
warrants for the purchase of stock of Continental Man¬
agement Corp., advisor to Continental Growth Fund,

128,500

Vending

Systems, Inc.

Minneapolis.

ment.

Continental

and

Kaufmann

writers—M. H.

ent

—

Cincinnati.

and

Lease

the company and,

Price—By amendment. Business—The acquisition,
construction and operation of water-treatment and sew¬
age-disposal plants in suburban areas of Florida. Pro¬
ceeds
For the selling stockholder (Mobilife Corp.)
Office—Sarasota, Fla. Underwriter—Golkin, Bomback &
Co., New York City.

equipment. Proceeds—For materials and inventory, re¬
search and development and working capital. Office—
1303 Elm St., Rocky Ford, Colo. Underwriter — Stone,
Altman & Co., Inc., Denver.
•

which plans to change its name to Consolidated
Corp., buys and manages fractional interests
producing oil and gas properties. Proceeds—For in¬

basis of 3 Consumers shares for each 5 Mobilife shares

shares. Price—$1.50.

common

Control

Cosnat

held.

& Son, Inc.

July 3, 1961 filed 1,000,000

•

July 21, 1961 ("Reg. A") 225,000 common shares (par
10 cents).- Price—$1.15. Proceeds—For equipment, re¬
search and development and capital expenditures. Office
—3386 Brownlow Ave., St. Louis Park, Minn. Under¬

(9/20)

Consumers Utilities Corp.
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

Proceeds—For repayment of loans, working capital and
other corporate purposes. Office—10604 St. Clair Ave.,
Cleveland. Underwriter—Westheimer & Co.,

Production Corp.

of loans, new equipment and
129 S. State St., Dover, Del.
Underwriter—William, David & Motti, Inc., N. Y. C.

July 25,
of which
160,000 shares are to be offered by the company and
35,000 shares by stockholders. Price—By amendment.
Business-—The wholesaling of parts, chemicals and ac¬

Business

Securities, Inc., Washington, D. C.

Consolidated

ceeds

Industries, Inc. (9/25-29)
1961 filed 195,000 common shares

Clute

working capital. Office

the

con¬

oil, chemicals and pigments, diverse
Proceeds—For retirement of outstand¬

unit. Business—The

Cle-Ware

subordinated

and

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

Co., Inc. and Hardy 8c Hardy,
New York (co-managing).

lines.

Consolidated

Sportswear Co., Inc.
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¬

cessories

1968

vestment, and working capital. Office—14 North Robirison,
Oklahoma City, Okla. •<? Underwriter — ShearSOn,
Hammill & Co., New York City (managing). Note—This
company formerly was named Cador Production Corp.

CEarise

•

equipment. Proceeds—For repayment of loans, working
caiptal and general corporate purposes.
Office — 501
Park Avenue, Minneapolis. Underwriter—Dean Witter &
Co., San Francisco (managing).

(managing).

Corp.

Production

Underwriter—Paul

N. Y.

Data

pany,

-Eisenberg Co., N. Y.

writers—Alessandrini

due

May 26, 1961 filed 200,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬

York (managing).

CinecsueiCoScrfilm Laboratories, Inc.
Aug. 29, 1961 ("Reg. A") 120,000 common. Price—$2.50.
Business-—The production of slides anc( color film strips.
Proceeds—For equipment, sales promotion and advertis¬
Office—424

•

Control

Proceeds—For

20,

ments
•

capital and other corporate purposes.
Office—200 E. 98th Street, Brooklyn, N. Y. Underwriter

ing.

building

Industries, Inc.
1961 filed 200,000 common shares. Price—$6.
holding company for concerns engaged in
the pleasure-boat industry. Proceeds—For working capi¬
tal and other corporate purposes. Office—809 Cameron
Street, Alexandria, Va. Underwriter—Alexandria Invest¬

of
stereophonic, hi-fidelity, radio
equipment and the operation of six

—Lieberbaum & Gor,-New

Proceeds

Business—A

shares and 105,000 at¬
offered in units of one
Price—$3.60 per unit. Business—

capital. Of¬
L. I., N. Y.

(9/20)
Aug. 10, 1961 filed 300,000 common shares. Price—By
amendment. Business—The manufacture of mechanical
•

Consolidated IVIarfine

June

—

Puerto Rico.

drive-in movie theatre,

6% debentures, repayment of debt and working
Office—456 Briggs Ave., Brooklyn, N. Y. Un¬
derwriters—Armstrong & Co., N. Y., and L. C. Wegard
& Co., Trenton, N. J.

Distributor—Associates Management,

Proceeds

capital.

working

loans,

chain of theatres in

ing

17, 1961 105,000 common
tached five-year warrants to be
manufacture

Inc.

Rico,

68,750 common to be
consisting of $100 of debentures and 25
Price—$200 per unit. Business—The company

basic paint

Churchill Stereo Corp.

The

Puerto

manufactures from

Inc., Fort Worth, Texas.

warrant.

debentures

common.

Inc.

July

offered in units

1961 filed 50,000 shares of common stock, series
2. Price—$5.50 per share. Business—A closed-end diver¬
sified investment company of the
management type.
Proceeds—For investment. Office—501 Bailey Avenue,
Fort Worth, Texas.

Theatres

Aug. 29, 1961 filed $275,000 of 6%%

Feb. 6,

and/or

America

ic Consolidated Chemical & Paint Corp.

Industries, Inc.

1961 filed 100,000 common shares.
Price—$4.
Business—The manufacture of molded plastic products.
Proceeds—For starting up production and plant expan¬
sion. Office—388 Codwise Ave., New Brunswick, N. J.
Underwriter—Standard Securities Corp., N. Y. (mgr.)

one

Under¬

and general corporate purposes. Address—
Santurce, Puerto Rico. Underwriter—J. R. Williston &
Beane, New York (managing).

Co., Inc., Philadelphia (mgr.).

Builders,

Underwriter—Hardy & Co., New York

renovations

22,

share and

St., Freeport, N. Y.

Co.

Insurance

—For construction of

working capital, sales promotion and ad¬

derwriter—Stroud &

Church

Combined

eration of

vertising. Office—2633 Trenton Ave., Philadelphia. Un¬
Charter

Main

July 28, 1961 filed 100,000 common shares, of which 50,000 shares are to be offered by the company and 50,000
shares by stockholders. Price—$10.
Business—The op¬

(9/15)

shares by stockholders. Price—By amendment. Business
—The production of cordials, vodka, rum, brandy, etc.

June

and

(9/18)

July 7, 1961 filed 140,000 common shares of which 20,000
shares are to be offered by the company and 120,000

Proceeds—For

propellers

equipment, hydraulic products and metal fur¬
repayment of loans and expan¬

1961

Thursday, September 7,

Proceeds—For

Commonwealth

Office—300 Park Ave., N. Y. C. Underwriters—Morgan
Stanley & Co., and Smith, Barney & Co., Inc., N. Y. C.
•

Price—$5

1961 filed 300,000 common. Price—By amend¬
ment. Proceeds—For the selling stockholders. Business—
The writing of accident and health insurance. Office—
5050 Broadway, Chicago. Underwriter—Smith, Barney &
Co., N. Y. C. (mgr.).

production of copper
wire, brass and bronze rods, aluminum sheet and coils
U.

shares.

marine

Aug. 25,

Business—The

the

common

writer—Lomasney, Loving & Co., New York (managing).

nonferrous metals in Peru and the

150,000

manufacture

Office—216

sion.

Aug. 24, 1961 filed 350,000
ment.

filed

1961

13,

Cellomatic Battery Corp.
(9/25)
June 20, 1961 ("Reg. A") 100,000 common

ceeds—For repayment of loans and working
fice—956 Brush Hollow Road, Westbury,

(10/13)

Group

June

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

Business—The manufacturing of veriding machines.

Pro¬

Cramer

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.)
Crank Drug Co.
July 3, 1961 filed 130,000 common shares. Price — By
amendment. Business — The operation of retail drug
stores.

Proceeds—For repayment

pansion. Office—1947

of loans, and for ex¬
Bdteadowmere St., Springfield,
Gardner, St. Louis (mgr.).

Mo. Underwriter—Reinholdt &

^ Creative Electronics, Inc.
Aug. 29, 1961 filed 75,000 class A.
ment.

Price

—

By amend¬

Business—The manufacture of audio reproduction

devices, associated products and electrical transformers.
Proceeds
and

For expansion, inventory, working capital
general corporate purposes. Office—4008 S. Michi¬

gan

Ave., Chicago.. Underwriter—JNTone.

•

—

Creative

(10/2-6)
July 28, 1961 filed 100,000 common shares. Price — By
amendment. Business1—The manufacture of equipment
and

material

Playthings,

for

Inc.

children.

Proceeds—For

research

and

development, expansion, repayment of loans and work¬
ing capital. Address—Cranbury, N. J. Underwriter—A.
G. Bec%r & Co., Inc., Chicago and Semple, Jacobs &
Co., Inc.f St. Louis.

Cromwell Business Machines, Inc. (9/18) ....••>•
Aug. 1, 1961 ("Reg. A") 100,000 common shares (par 50
cents). Price—$3. Proceeds—For repayment of loans,

machinery, leasehold improvements,
advertising and
working capital. Office—7451 Coldwater Canyon Ave¬
nue, North Hollywood, Calif. Underwriter—Pacific Coast
Securities Co., San Francisco.

Crossway Motor Hotels, Inc.
Aug. 4, 1961 filed 70,000 common shares. Price—$5. Busi¬
ness—The operation of a motor hotel chain. Proceeds—
.

For

acquisition* expansion and the repayment of debt.
Rd.* White Plains,. N. .Y. Under¬
writer—Candee & Co., New York.
Office—54 Tarrytown

Custom Shell

Homes,
97L8L ... Vj.
-■»,
*
May 8, 1961 (letter* of notification) 120,60d shares of
common stock
(par 10 cents). Price—$2.50 per share.
Proceeds—To erect sample homes, repay a loan, and for

Volume

194

Number

6088

expansion and working capital. Office—412 W. Saratoga
St., Baltimore, Md. Underwriter—T. J. McDonald & Co.,
Washington, D. C.
•

Dadan, Inc.

ernment

29, 1961 ("Reg. A") 160,000 common shares (par
cents). Price—$1.15. Business—The manufacture of

Proceeds—For repayment of loans, development
products and working capital. Office—209 Wilder

games.
of

new

Bldg., Rochester 14, N. Y. Underwriter—McDonald, An¬
derson, Peterson & Co., Inc., Minneapolis.
Bale

Systems,

Inc.

Aug. 9, 1961 filed 100,000

shares.

Price—$3.50.
checks the effi¬

common

Business—A

shopping service which
ciency of retail sales employees. Proceeds—For expan¬
sion
and
general corporate
purposes.
Office — 1790
Broadway, New York.
Co., Inc., New York.
■

Underwriter—Theodore Arrin &

common

(par 10 cents). Price—$1.15; Proceeds—For purchase of
equipment, investments, and working capital. Office—■
1608 First National Bank

Building, Minneapolis.
writer—M. H. Bishop & Co., Minneapolis.
July

17,

Industries, Inc.
filed 112,500

1961

Under¬

and

conventional

Price—$4.

tube

radios, portable
Proceeds—For work¬

phonographs and educational kits.
ing

capital

Scotland

corporate

other

and

purposes.

Deco

Road, Orange, N. J. Underwriter—Robert L.
Co., Miami, Fla. (managing).

Aluminum, Inc.

loans; inventory; equipment and working capital.

Office
Ave., Philadelphia. Underwriter—R. P. &
Miller & Co., Inc., Philadelphia.

—4250 Adams
R. A.
•

Delta

Aug. 9,

Capital Corp.

company.

tional

Business

—

Proceeds—For

Bank

small

business

investment.

of Commerce Building,

derwriters—Blair

Price

—

Office—610

New Orleans.

Na¬
Un¬

Inc.

Aug. 3, 1961 ("Reg. A") 100,000 common shares (par
$1). Price—$3. Business—The manufacture of ultrasonic
and electronic systems and components. Proceeds—For
plant and equipment; material-and inventory; repayment
of a loan and working capital.
Office —12918 Gerise

Ave., Hawthorne,

Calif.

Co., Los Angeles.

Underwriter—Haas, Lidster &
-

,.,,

^ Dero; Research & Development Corp.
1961 ("Reg. A") 54,000 common. Price—$2.40.

Aug. 24,

Business—The

manufacture

of> FM

Deviation

Monitors.

Proceeds—For

development,-expansion, advertising and
working capital. Office — Broadway and Park Ave.,
Huntington, N. Y. Underwriter—James Co., N. Y.
Diversified Wire &

Steel

Corp. of America

July 17, 1961 filed 100,000 class A common shares.

Price
—$4. Business—The manufacture of cold drawn 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).
Dollar Mutual

Fund, Inc.

April 25, 1961 filed 100,000,000 shares of capital stock.
Price
$1 per share. Business — A diversified mutual
For investment. Office — 736 Midland
—

fund. Proceeds

Bank Bldg.,

—

Minneapolis, Minn. Underwriter—Fund Dis¬

Dynamic Gear Co., Inc.
filed 125,000 common shares of which 100,000 shares are to be offered by the company and 25,000
shares by a stockholder. Price — $3. Business
Manu¬
facture
of
precision instrument gears. Proceeds—For
purchase and rebuilding of automatic gear-cutting ma¬

Inc.

Business—The manufacture

Price—By

of microwave

components, test equipment and sub-systems. < Proceeds
repayment of loans, research and development,

—For

advertising, purchase of equipment and other corporate
purposes. Office—252 E. 3rd Street, Mount Vernon, N. Y.
Underwriters—J. R. Williston & Beane and Hill, Darling¬
ton

& Grimm, New

York (managing).

Dressen-Barnes Electronics Corp.

(10/2-6)

Aug. 14, 1961 filed 100,000 capital shares, of which 75,000
shares are to be offered by the company and 25,000

stockholders. Price—By amendment. Business
manufacture of power supplies and automatic

shares by
—The

prepayment of a note, inventory, a new plant
general corporate purposes. Office—175 Dixon

Seidler
York
•

Amityville, N. Y.
Underwriters—Flomenhaf,
Co., Inc. and Lomasney, Loving & Co., New

advertising, development of new products
expansion and working capital. Address—109 Ainslie St.,

Brooklyn, N. Y. Underwriter—Hancock Securities Corp.,
York.

Eastern

Air

Devices,

Inc.

16, 1961 filed 150,000 common shares being offered
subscription by common stockholders of Crescent

Corp., parent, on the basis of one share for
shares
held
of
record
August 25
with rights to expire Sept. 15. Price—$5. Business—The
manufacture of power and servo components. Proceeds—

each

Crescent

For the

purchase of equipment and other corporate pur¬
Office—385 Central Avenue, Dover, N. H. Under¬
writers—Sutro Bros & Co. and Gregory & Sons, New

poses.

(co-mgrs.).

Eastern

•

Eckerd Drugs of

Florida, Inc.

be offered in units

consisting of

one

common

share and

debentures. Price—By amendment. Business—
operation of drug stores. Proceeds—To open 5 new

stores, repay loans and other corporate purposes. Office
Gandy Blvd., Tampa, Fla. Underwriter—Courts

—3665

Co., Atlanta (managing).

Electra International, Ltd.
May 5, 1961 filed 70,000 shares of capital stock. Price—
To be supplied by amendment. Business—The manufac¬
ture of products in the automotive ignition field for sale
outside of the United States. Proceeds
For research,
and development, and working capital. Office—222 Park
Ave., South, New York City. Underwriter—Ezra Kureen
Co., New York City.
—

Electra-Tronics,

(10/16)

Inc.

14, 1961 ("Reg. A") 60,000 common (par 75c).
Price—$3. Business—The company is a military sub¬
contractor

the

electronics

field.

Proceeds—For

repayment of loans, inventory, expansion

the

and working

capital. Office—1242 N. Palm, Sarasota, Fla. Underwriter
—Jay Morton & Co., Inc., Sarasota.

—The

manufacture

medical-electronic

instruments.

(9/18-22)
1961 filed 500,000 common Shares. Price—$10.

July 14,

Business—A
ceeds— For

Pro¬
investment. Office—30 N. La Salle St., Chi¬
small business investment

company.

Underwriters—A. C. Allyn & Co., Chicago & Westheimer & Co., Cincinnati (managing).
Shopping Center Limited Partnership
June 28, 1961 filed 269 units of limited partnerships in¬
terests.
Price
$1,000. Business — The acquisition and
construction of a shopping center at Alexandria, Va.
Proceeds—For the purchase of the above property. Of¬
fice—1729-15th Street, N. W., Washington, D. C. Under¬
writer—Investor Service Securities, Inc., Washington, D.C.
—

•

(10/16)
30, 1961 filed 75,000 common shares, of which 60,000

Dunlap & Associates, Inc.

June
will

offered

company and 15,000 by stock¬
amendment/Business—The company

by the

holders. Price—By

provides scientific research, engineering consulting and
development services to the Armed Services, U. S. Gov¬

metal

component

parts

for

Aug. 24, 1961 filed $39,000,000 participations of general

partnership interest to be offered 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 St., N. Y. Underwriter—None.

Equitable Leasing Corp.
19, 1961 ("Reg. A") 90,000 common shares (par 25
cents) being offered for subscription by stockholders
of record August 15, with* rights to expire August 30.
Price—$2. Proceeds — For advertising and promotion,
legal and audit fees, and working capital. Office—247
Charlotte St., Asheville, N. Y.
Underwriter—Courts &
Co., Atlanta.
a
it Essex Green

Shopping Plaza Associates

Sept. 1, 1961 filed $1,683,000 limited partnership inter¬
ests. Price—$5,000 per unit. Business—The operation of

Securities

Proceeds—For property acquisitions.
Ave., N. Y. Underwriter—Interamerica

Corp., N. Y.

Executive

Equipment Corp.

Aug. 1, 1961 filed 100,000 commorr shares. Price — $4.
Business—The long-term leasing of automobiles. Pro¬
ceeds
For the purchase of automobiles, establishment
of a trucking division and a sales office, and for work¬
—

ing capital:1 Offic^^W Northern Blvd., Great Neck,
Y. Underwriters—Reich & Co., and Jacques Coe &

•

Executive

House,

■ ' ',f:'
Inc.'(10/23-27)

-/-C

Aug. 29, 1961 filed $2,000,000 of 6% subordinated sinking
fund debentures"due 1971 and 400,000 common to be of¬
fered in 200,000

units, each consisting of a $10 debenture

(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,
Stearns &

McDowell

Co., N. Y. C. and Straus, Blosser &
(mgrs.).

Co., Chicago

<>•

• FMC Corp.
|
Sept. 5, 1961 filed $30,000,000 convertible subordinated
debentures due 1981. Price—By amendment. Business—
The manufacture of industrial and agricultural chemical

Proceeds—For general corporate purposes.
Coleman Ave., Santa Fe Springs, Calif.
Underwriter—Kidder, Peabody & Co., N. Y.
equipment.

Office—1105

FM-Stereo Guide,

Inc.

"Reg. A" 50,000 common shares. Price—
$6. 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
1961

Aug.

York

City and Philadelphia.

•

Fairfield Controls,

Inc.

(9/18-22)

1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business — The manufacture of elec¬
tronic "and electro-mechanical devices for the aircraft,
radar, missile and rocket industries. Proceeds—For the
selling stockholders. Office—600 Huyler St., Hackensack,

Aug.

—

For

working

capital.

Office

—

4748 France

Avenue, N. Minneapolis.
Underwriter—Craig-Hallum,
Kinnard, Inc., Minneapolis (managing).
•

Electro-Miniatures

Corp.

(9/18-22)

June 19,

N. J. Underwriter—Burnham &

Electro-Tec

Co., New York.

Corp.

June

30, 1961 ("Reg. A") 75,000 common shares (par
cent). Price $4. Business—The sale of refrigeration
machinery and equipment. Proceeds—For repayment of

loan, inventory, promotion and advertising, and work¬
ing capital. Office—150-49 Hillisde Ave., Jamaica, N. Y.
Underwriters—Planned Investing Corp., New York and

Bayes, Rose & Co., Inc., 39 Broadway, New York.
Electronics Discovery

26,

make

1961
—

ic Family Circle Associates,

Inc.

1961 filed 50,000 class A common. Price—$7.
operation of retail discount department
Proceeds—For repayment of loans and working

30,

capital.

Office—30 Main St., Keyport, N. J.
& Saxe, Inc., N. Y.

•

Faradyne Electronics Corp. (9/25-29)
30, 1961 filed $2,000,000 of 6% convertible sub¬
of principal amount.

Jan.

ordinated debentures. Price—100%

Business—The company is
and

engaged in the manufacture
materials and basic

distribution of high reliability

into

electrical

Proceeds—For

dielectric and electro¬

lytic capacitors and precision tungsten wire forms. Pro¬
ceeds—For the payment of debts and for working capital.
Office—471 Cortlandt Street, Belleville, N. J. Under¬
writer—S. D. Fuller Co. Note—July 11, the SEC insti¬
tuted "Stop

Order" proceedings challenging the accuracy
of this statement. A hearing on the matter

and adequacy

will be held Sept. 8.

July 18, 1961 filed $600,000 of subordinated

filed 150,000 common shares. Price—$1.
company plans to develop a device to

chemicals.

Underwriter

—Russell

Fashion Homes Inc.

Corp.

The

non-conductors

addition

share. Business—The manufacture of

per

electronic components, including

one

Business

—$1

stores.

Electro-Temp Systems, Inc.

July

May 19, 1961 filed 150,000 shares of common

Business—The

September.

cago.

Duke

manufacture

electronic connectors. Proceeds—For moving
expenses, a new plant, equipment, repayment of loans
and working capital. Office—574 President St., Brook¬

stock. Price
electronic
solid state power controls designed by the company's
engineers from 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.

Proceeds

relays, and precious metal products. Proceeds—For the
selling stockholders. Office — 10 Romanelli Ave., South
Hackensack, N. J. Underwriter—Harriman Ripley & Co.,
Inc., New York (managing). Offering—Expected in late

Drug & Food Capital Corp.

ness—The

precision

—

July 17, 1961 filed $540,000 of convertible subordinated
debentures due 1971.
Price—By amendment. Business

Angeles.

Jt Empire Precision Components, Inc.
("Reg. A") 65,000 class A. Price—$4. Busi¬

Aug. 29, 1961

Aug.

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,

dispensers.

Underwriter—Consolidated Se¬
curities, Inc., 2801 W. Roosevelt Road, Little Rock, Ark.
Road, Little Rock, Ark.

Co.; New York.

29, 1961 filed 90,000 common shares and $900,000
convertible subordinated debentures due 1971 to

of 7%

$10

Underwriter—•

Empire Life Insurance Co. of America (9/18)
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

Office—320 Park

tures, $1,000; for stock, $10. Business—General real es¬
tate. Proceeds—For the acquisition and development of
real properties, repayment of debt and engineering, etc.
Office—10 E. 40th St., New York. Underwriter—Wood¬
cock, Moyer, Fricke & French, Inc., Philadelphia (man¬
aging). Offering—Expected in late October.

The

Street, Boston, Mass.
Co., Inc., Chicago.

shopping centers.

Properties Improvement Corp.

Aug. 22, 1961 filed $1,500,000 of subordinated debentures
due 1981 and 250,000 common shares. Price—For deben¬

June

Becker

June

June
for

Empire State Budding Associates

Proceeds—For

New

School

Office—44
A.

(10/18)

Proceeds—For repayment of loans,
and
working capital.
Office—250 N. Vinedo Street,
Pasadena, Calif. Underwriter—Lester, Ryons & Co., Los
label

Empire Fund, Inc. (9/11-15)
1961 filed 1,250,000 shares of capital stock to be
offered in exchange for blocks of designated securities.
Business—A "centennial-type" fund which plans to offer
a tax free exchange of its shares for blocks of corporate
securities having a market value of $20,000 or more.

lyn, N. Y. Underwriter—Ezra Kureen Co., N. Y.

(managing).

Dynamec Toy, Inc.

Electro-Med, Inc.

(9/18)
29, 1961 filed 100,000 common shares.

Douglas Microwave Co.,
amendment.

for

Avenue,

tributors, Inc.

June

•

March

June 29, 1961

Sonics,

Sun

Co., Los Angeles.

investment

Co., New York and Howard, Weil,
Labouisse, Friedrichs & Co., New Orleans (managing).
Delta

Calif.

Valley,

Avenue,
Moore &

York

filed 500,000 common shares.

1961

amendment.

Office — 8421 Telfair
Underwriter — Raymond

June 28,

equipment and working capital.

Petroleum

5, 1961 ("Reg. A") 100,000 common shares (par
cents). Price — $3. Proceeds — For repayment of

five

Dynamic Cable Systems

Office—350

Ferman &

July

Under¬

1961 ("Reg. A") 81,000 common shares (par 10
cents). Price—$3. Business — The manufacture of toys.

Business—The manufacture of electrical products such as

transistorized

St., Stamford, Conn.
Dominick, New York.

June 30,
t

shares.

common

Proceeds—For

July 31, 1961 ("Reg. A") 50,000 common shares (par 50
cents).
Price—$6. Proceeds—For repayment of debt-

and

Management, Inc.
July 17, 1961 ("Reg. A") 260,869 class A

private industry.

Atlantic

Office—429

ital.

chines,

Data

Datom

agencies and

writer—Dominick

(9/19)

(1037)

purchase of building sites, expansion, and working cap¬

June
50

Chronicle

The Commercial and Financial

conductors by

research

and

the
de¬

— 1100
Shames Dr., Westbury, L .1.,
Underwriter—Globus, Inc., New York. - .—

debentures

1971; 100,000 common shares and 100,000 five-year
(exercisable at from $4 to $8 per share) to be
offered for public sale in units of one $60 debenture,
10 common shares and 10 warrants. The registration also
due

warrants

velopment. Office
N. Y.

Continued

page,

■F
*

The Commercial and Financial Chronicle

(1038)

Continued

from

Office—27

investment.

page

State

40,800 common shares. Price—$100 per unit, and

covers

1711

Springfield, Mo. Underwriters
Globus, Inc. and Ross, Lyon & Co., Inc., New York.
■

Glenstone,

Federal
June

30,

—

Manufacturing & Engineering Corp.
filed 534,346 common shares of which

•

The

are

the rights

date and

expiration date in both
Price—$4.
Proceeds—For the repayment of bank loans and other
record

First

purposes.

(9/18)

Mortgage Fund

First National

Real

First

National

Realty

Aug.

Business

Construction Corp.

general corporate purposes.

N. Y.

nue,
•

Proceeds—For repayment of loans

of real estate.

ment

and

Business

of Tampa,

Investment Company

Inc.

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.,

„Aug.

23,

1961

are

(10/16-20)

—A

holding

tion,

savings

and

loan

insurance agency, real estate and escrow agen¬
cies and an appraisal service. Proceeds—For repayment

•;

< i

loan and general corporate purposes. Office—118
Vegas Blvd. S., Las Vegas, Nev. Underwriter—A. C.
Allyn & Co., N. Y. (mgr.).

<\ •

investment

trust.

Proceeds

—

For

investment.

Securities

Aug. 8, 1961 filed 70,000

tor

and

are

Electronics

Business

within

Coast

Corp. of America

1961

Candy Corp.
(letter of notification) 85,700
(par 10 cents). Price—$3.50

one

new

amendment.
pany.

•

June

share.
Proceeds

per

loans; working capital, and expan¬
Broadway, Brooklyn, N. Y. Under¬
Corp.; Jacey Securities Co.
Planned Investing Corp. all of New York City.

Cherry Valley Terminal Road,

(9/20)

Jijne 29, 1961 filed $3,500,000 of convertible subordinated
debentures

due

1981

and

are

Inc.

Aug. 4, 1961 filed 500,000
amendment.

Business—A

mutual

shares. Price
fund.

Underwriter

—

Stone

Office—90
&

Price—By

investment

—

Proceeds—For

Youth

1961

(9/11),

Inc.

Research,

filed

which 50,000 shares are

Business —The

company

does

sales

Broad

Webster

telephone

St.,

Securities

conducts

The

—

manufacture

prepares

Girder Process, Inc.
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
development, sales program, advertising, working capi¬
tal and other corporate purposes.
Office—102 Hobart
Street, Hackensack, N. J. Underwriter—Winslow, Cohu
& Stetson, New York (managing).

Glenmore Distilleries Co.

Aug. 25, 1961 filed $7,500,000 of convertible subordinated
debentures due
The

1981.

production

repayment

Price—By amendment. Business—

alcoholic

loans.

beverages. 'Proceeds—;For
Office—660 Fourth St., Louisville.

Underwriter—Glore, Forgan & Co., N. Y. C. (mgr.)'.
•Glenn Pacific Corp.

July

27,

1961

Business—The

filed

80,b00

common

manufacture

shares.

spraying

(10/18)

Power Co.

1961

filed

(10/18)

$10,000,000 of first mortgage bonds

Ave., N. Y. Information Meeting—Oct. 9, (2:30
EDST) at offices of Chemical Bank New York

Trust Co.

(10th floor), 30 Broad St., N. Y.

Price—$5.

supplies,
welding equipment. Proceeds—For' repayment of
and

working capital.

power

Office—703—37th Ave.,

arc

a loan
Oakland.

Underwriter—Birr & Co., Inc., San Francisco.
Glickman Corp.
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.)

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.

Globe

Rubber

Products

Corp.
shares, of which 60,000 shares are to be offered by the
company and 115,000
shares by stockholders. Price—By amendment. Business

Aug. 10, 1961 filed 175,000

common

—The manufacture of rubber floor

mats, swim

gear and

household products. Proceeds—For repayment of loans
and general corporate purposes. Office—418 W. Ontario

Street, Philadelphia. Underwriter—Kidder, Peabody &
Co., N. Y. (mgr.). Offering—Expected in late October.
•

Gloray

June

30,

Knitting Mills, Inc. ■1961 filed 125,000 common

amendment.

Business

The

—

shares.* Price—By
of boys and

manufacture

mens' knitted sweaters. Proceeds—For general
corporate

articles

relate to merchandis¬

ing advice to the teenage youth and student fields. Pro¬
ceeds—For working capital. Office—205 E. 42nd Street,
New York City. Underwriter—McDonnell & Co., N. Y.

Office—Robesonia,

purposes.

research,

consumer

and

promotion
related to

are

Pa. Underwriter—Shields
Co., N. Y. (mgr.). Offering—Imminent.

Gluckin (Wm.) Co. Ltd.
Aug. 25, 1961 filed 175,000 common.
—The manufacture of ladies'

Price—$10. Business
underclothing. Proceeds—

For repayment of loans and

general corporate purposes.

Office—Bank

Bldg.,

Bermuda

Aug.

p.
*

shares of common stock, of
to be offered for public sale by

65,000

the company and 15,000 outstanding shares by the pres¬
stockholder. Price—To be supplied by amendment.

com¬

(managing).

250 Park

common

investment.

held.

1, 1991. Proceeds—For construction and the re¬
payment of loans. Office—270 Peachtree St., Atlanta, Ga.
Underwriters—(Competitive). Probable bidders: Harriman Ripley & Co., Inc.; Lehman Brothers; Blyth & Co.,
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)

Hammill & Co.,' and Emanuel, Deetjen & Co., N. Y.

Foursquare Fund,

due Oct.

—

Gilbert

May 29,

Hamilton,
Underwriter—Globus, Inc., N. Y. C. (mgr.)
•

Sept.

to be offered

—

son,

two

closed-end

23,

* Georgia

262,500

outstanding common
by the company
and the stock by stockholders. Price
By amendment.
Business
The processing of
photographic films; 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—Shearshares. The debentures

Underwriters—(Competitive). Probable bidders—First
Corp.; Lehman Brothers; Morgan Stanley & Co.;
Eastman Dillon, Union Securities & Co.; Equitable Secu¬
rities Corp. Bids—Oct. 18 (11 a.m. EDST) at offices of
Southern Services, Inc.
(Room 1600), 250 Park Ave.,
N. Y. Information Meeting—Oct. 9 (2:30 p.m. EDST) at
offices of Chemical Bank New York Trust Co., (10th
floor), 30 Broad St., N. Y.

—

Inc.

Miller

Boston

West Hempstead, N. Y. Underwriter
Fialkov & Co.,
Inc., N. Y. C. (mgr.). Note—Fialkov & Co., is no longer
underwriting this issue.
Fotochrome

Sellgren,

1961 filed 70,000 shares of no par cumulative
preferred stock. Proceeds—For construction and the re¬
payment of loans. Office—270 Peachtree St., Atlanta, Ga.

Proceeds—For acquisition of new
stores, development of
new furniture
items, working capital and other corpo¬

•

and

offered in

Sept.

The manufacture and retail sale of household furniture.

—

instruments.

^Georgia Power Co.

A., Inc.

Office

machine.
Office—156 Katonah Ave., Katonah, N. Y. Underwriter—
Ross, Lyon & Co., Inc. & Glass & Ross, Inc., N. Y. (mgr.)

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—

purposes.

each

for

Business—A

Proceeds—For

Business

June

rate

Co.

units, each unit consisting of one class A
share and one two-year warrant. Price—$3.50 per unit.

Options

Foamland U. S.

mechanical

Spray Service, Inc. (9/25-29)
1961 filed 90,000 class A common shares and
warrants to purchase 90,000 class A common shares to

scientific

manufacture

work¬
Office—140 Van Block Ave., Hartford, Conn.
Underwriter—Estabrook & Co., Boston, Mass.
;

General

Business—The manufacture of candy products.

and

electronics,

Public Service Corp.
1961 filed 3,947,795 common shares to be of¬
fered for subscription by stockholders on the basis of

•—For repayment of
sion.
Office—1717

writers—Security

July 26,

Corp., Contractual Plans

stock

fields

Securities

Corp., New York

24,

—

General

common

New York.

common

The

ing capital.

Co., Inc., New York. Offering—Expected in early Oct.
Flora Mir

Price

Co., San Francisco.

May

shares.

common

The company conducts various

Plastics Corp. (9/18)
.
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

broker-dealer registered with NASD. Proceeds—
To increase net capital and for investment. Office—44
Wall St., New York. Underwriter — General Securities

the

—

engineering, instrumentation and mathematics. Proceeds
expansion.
Office — 2611 Shirlington Road, Ar7
lington, Va. Underwriters—Balogh & Co., Inc., Wash¬
ington, D. C. and Irving J. Rice & Co., Inc., St. Paul,

—Pacific

offered

Investment

filed 200,000

General

shares, of which 56,000
by the company and 14,000
shares by stockholders. Price—$10. Business—Distribu¬
shares

Co., San Francisco.

June

Office—Highway 44 and Baldwin Blvd., Corpus Christi,
Texas. Distributor—Flato, Bean & Co., Corpus Christi.
Fleetwood

rubber

Minn.

• Flato
Realty Fund (9/20)
April 21, 1961 filed 2,000,000 shares of participation in
the Fund. Price—$10 per share. Business—A new real

estate

foam

—For

Las

1961

activities

associa¬

jj.

amendment.

for

S. Strauss &

Aug.

offered

company

Business—

par.

and

General Kinetics Inc.

filed

foam

—

450,000 common, of which 100,000
by the company and 350,000
shares by stockholders. Price—By amendment. Business

if
tf

urethane

ic General Indicator Corp.
Aug. 23, 1961 ("Reg. A") 30,000 6% cumulative preferred
shares. Price
At par ($10). Proceeds — For working
capital. Office—271 Madison Ave., N. Y. Underwriter—

Cleveland.

Corp.

Price—At

1981.

due

Forms, Inc. (9/20)
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.
'

ment trust.

Financial

debentures

General

^ First Union Realty

Western

Distributors, Inc.
75,000 common. Price—By

filed

Proceeds—For repayment of loans and work¬
ing capital. Office—640 W. 134th St., New York.- Underwriter—Brand, Grumet & Seigel, Inc., New York.

Aug. 30, 1961 filed 1,060,000 shares of beneficial interests.
Priee—By amendment. Business—A real estate invest¬

First

—

Proceeds—For repayment of loans, expansion and

products.

6, 1960 filed 500,000 shares of common stock. Priot
—$12.50 per share. Proceeds — To provide investment
capital. Office—Tampa, Fla. Underwriter—None.

•

1961

manufacture

The

Oct.

»i.

Electronic

25,

nated

Office—630 Third Ave¬

Underwriter—H. Hentz & Co., N. Y. (mgr.)

First Small

share from September 1962

General Foam Corp.
Aug. 15, 1961 filed $4,000,000 of 6% convertible subordi¬

The construction and manage¬

—

per

amend¬
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.).

St., New York. Dis¬
York.

subordinated de¬
(with warrants attached). Price—By

1976

ment. Business—The distribution of electronic

Aug. 11, 1961 filed $3,000,000 of 6%%
bentures due

stock at $2 per share from March

common

Business

and books Which

Gem

es¬

(10/2-6)

amendment.

share Of

purchase

July 14, 1961 filed 78,000 common shares, of which 60^000
shares are to be offered by the company and 18,000
shares
by the stockholders.
Price — By amendment.

ent

1961 filed 1,000,000 shares of beneficial interest

tributor—Aberdeen Investors Program, Inc., New
•

Each warrant will entitle the holder thereof to

the Trust. Price—By amendment. Business—Real

and

100,000 warrants to purchase a like number of common
shares, to be offered for public sale in units, each con-sisting of one share of common stock and two warrants.
one

Gerber Scientific Instrument Co.

.■

Inc.

filed 80,000 shares of common stock

1961

Co., Inc., Philadelphia, Pa. Note—
Company plans to change its name to G-W Industries.
Offering—Imminent.
-

Estate Trust

tate investment. Office—15 William

Merrill Lynch, Pierce,

loans, purchase of equipment, expansion, working capital
and other corporate purposes. Office—110-116 Beekman
St., New York. Underwriter — First Philadelphia Corp.,
and Globus, Inc., New York. Offering—Imminent.

derwriter—Fraser &

June 6,

—

Underwriter—Shearson, Hammill & Co., N. Y.

Boston.

filtration

air

and

Delaware, and New Jersey, under an exclusive franchise.
Proceeds
For general corporate purposes. Office —
Kensington and Sedgley Avenues, Philadelphia, Pa. Un¬

12, 1961 filed 1,000,000 shares of beneficial inter¬
$15. Business — A real estate investment
trust. Proceeds—For investment. Office—30 Federal St.,
Price

oil

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,

June
ests.

Price—By amendment.

Office—1055 Stewart Ave., Garden
City, N. Y. Underwriter—None.
corporate

Ameritronics,

25,

to August 1961 and at

Aug. 25 and Sept. 14, respectively.

are

cases

G-W

Jan.

basis of

92,782

common.

manufacture

Providence, R. I. Underwriter
Fenner & Smith Inc., N. Y.

being offered for subscription by stock¬
1 new share for each 5 shares held,
offered for subscription by stock¬
holders of Victoreen Instrument Co., parent firm, on the
.basis of one new share for each Victoreen share held.^
and

The

—

equipment for engines. Proceeds—To reimburse Treasury
for a recent acquisition. Office—105 Pawtucket Ave., East

1961

92,782 shares

holders

Corp.

Business

company's subsidiary; repayment of loans; advertising
and promotion, and other corporate purposes. Office—

Instrument Corp.

22, 1961 ("Reg. A") 125,000 common shares (par
cent). Price—$1.25. Business—Preparation of min¬
erals and metals for the electronic, metallurgical and
geoscientific industries. Proceeds — For repayment of
one

Sept. 1, 1961 filed 50,000

Thursday, September 7, 1961

June

i Fram

$6 per share. Business—The construction of shell homes.
Proceeds—For redemption of 8% debentures; advances

Geoscience

St., Boston. Underwriter—

None.

Golf

Courses, Inc.

28,

1961

filed

Bermuda.

100,000

capital shares.
Price—$6.
company plans to operate a public golf
private country club.
Proceeds—For pur¬
chase of land, construction and
general corporate pur¬
poses.
Office—1352
Easton
Rd.,
Warrington, Bucks

Business—The
course

and

County, Pa. Underwriter—Metropolitan Securities, Inc.,
Philadelphia (mgr.)
•

Gordon

(I.)

Realty Corp. (9/13)
filed 320,000 common shares. Price—$5.
Business—Real estate investment. Proceeds—For
gen¬

June

20,

1961

eral

corporate purposes.
Office
112 Powers
Bldg.,
Rochester, N. Y. Underwriter—George D. B. Bonbright
& Co.,
Rochester, N. Y.
—

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.

Greene
June

(M.

J.)

Co.

14, 1961 ("Reg.
cents).
Price—$4.

(mgr.).

(9/20)

A")

75,000 common shares (par
Proceeds
For expansion, and
working capital. Office—14 Wood St., Pittsburgh. Under¬
writer—Hess, Grant & Remington, Inc., Philadelphia.
10

—

j
1

Volume

194

Number 6088

The Commercial and Financial Chronicle

(1039)
Growth, Inc.
17, 1961 (letter of notification)

May

common

stock

100,000 shares of

(par $1). Price—$3 per share. Address-

Lynn, Mass. Underwriter—Mann & Creesy, Salem, Mass.
Growth Properties (9/18)
May 9, 1961 filed 100,000 snares of common stock. Price
.—To be supplied by amendment. Business—The com¬
pany plans to engage in all phases of the real estate

Proceeds

—

reduce

offered

and

/^Vv.r: '7 V,/ ■' V.. •;/.././- VVly ■

due

1976

units

shares.

common

and

subscription-by stockholders of Chemetals Corp., prin¬
cipal stockholder, on the basis of five shares for each $5
;cumulative preferred share (par $10) and one share for

chemicals.

ainaced

Proceeds—

Underwriter—None.

systems for the aircraft and missile industries. Proceeds

l-vV*

Aug. 21,

(10/3)

/'./•/• v

v *

■

1961

filed $15,000,000 of debentures due 1981.
Liberty Avenue, Beaumont, Texas. Under¬
writers—Competitive. Probable bidders: Salomon Broth¬
Office—285

Htuzler

ers

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¬
Co.

rities Corp.Bids—Oct. 3, 1961 at 11 a.m.
Information
Meeting—Sept. 28 (11 a.m. EDST) at 70 Broadway (18th
■floor) New York.
7, i\-'.///■''•'<'■,///;■ r-;" //"•'

Guy's Foods, Inc.
(10/23)
Aug. 2, 1961 filed 97,000 common shares (par $2). Price
—$10. Business—The processing of foods. Proceeds—For

Hilco
June

ordinated

Office—2215

tories.

Haico

Harrison, Kansas City, Mo. Under¬
Co., New York (managing).-,

Chemical

Aug. 25, 1961 filed 225,000 common. Price—$2. Business
agricultural chemicals and related

.—ihe manufacture of

■products.

Proceeds

For

—

general

corporate

purposes.

Office—N. 14th

St., and Lafayette Ave., Kenilworth, N. J.
Underwriters—Ross, Lyon & Co., Inc., and Globus, Inc.,
N. Y. C. (co-mgrs.).
"!;.v-''';--'*.';.,' ■■ A?t/
/

Hallmark

Insurance

Co.,

VAug. 3, 1961 filed 225,000

Inc.

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.
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 dis¬

tribution^ of solid state

electronic

parts and

equipment.
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.
Proceeds—For

Hamptoii Sales Co., Inc.
July 27, 1961 filed 150,000 common shares.

Office—8000
N.

Cooper

Ave.,

Glendale,

Price—$4.

(Queens),

Underwriter—Godfrey, Hamilton, Magnus & Co.,

Inc., New York.
•
Nandschy Chemical Co. (10/23-27)
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-

•

ceeds—For general corporate purposes. Office—2525 N.
Elston Ave., Chicago. Underwriter—Blunt Ellis & Sim¬

•

Chicago (mgr.)

mons,

: :

/■

v •'

Hannett

Industries, Inc. (10/2-6)
-Aug. 11, 1961 ("Reg. A") 100,000 common shares
one
cent),. Price—$3 - Business—The fabrication of
.ponents for missiles, jet engines, aircraft landing
.

and

precision machines.

and

(par.
com-

gears

Proceeds—For machinery, re¬
Office—

development and working capital.

40 Sea Cliff Avenue, Glen Cove, N. Y.
/Albion Securities Co., Inc., New York., ;
.

Underwriter—
>

..V.'/"' :.■/'/ ''

Harmon .(George) Co., Inc.
July 21, 1961'("Reg. A") 62,500 common shares. Price—
($4. Proceeds—For working capital, equipment, research
and development, advertising, etc. Office—18141 Napa
St., Northridger Calif. Underwriter—Hamilton Waters
& Co., Inc., Hempstead, N. Y.
r

Harn

Corp.

(9/18)

June 20, 1961 filed 150,000 common shares of which an
undisclosed number will be offered by the company for

subscription by stockholders and the balance (amount¬
ing to $300,000 after underwriting commissions) by a
stockholder. Price—By amendment. (Business—The man¬
ufacture of products for baby care such as quilts, pil¬

Price—By

lows,

etc. Proceeds—For the repayof raw materials and equipment,
leasehold improvements, and working capital. Office—
1800 E. 38th St., Cleveland. Underwriter—J. R. Williston
& Beane, New York (managing).
knitted

■

garments,

Co.
1
Aug. 15, 1961 filed 782,144 common shares, of which
711,040 shares are to be offered for, subscription by
stockholders on the basis of one new share for each six
Hawaiian Telephone

•

held

and

71,104 shares to be sold to employees.

Proceeds—For working capital.
St., Honolulu. Underwriter—Kid¬

Price—By amendment.
Office—1130

Alakea

der, Peabody & Co., New York (managing).

and

amendment.

Business—The

common

July

18,

Corp.
$1,890,700 7%

filed

manufacture

for

by stockholders
each

manufacture

convertible

1973 to be offered for

Price—At

pressing

and

Office—107

writer—J.

Fourth Ave.,

Williston

Beane,

•
Hogan Faximile Corp.
July 26, 1961 filed 300,000

Industrionics

a field engineering service or¬
ganization and other corporate purposes. Office—20 Vandam St., N. Y.
Underwriter—Jacey Securities Co., N. Y.

(managing).

equipment.

•

industries.

tal.

and

general

corporate

purposes.

Bldg., St. Petersburg, Fla. Under¬
writers—Blyth & Co., Inc., Lehman Brothers and Allen
& Co., New York.
^ Hupp Systems, Inc.
Aug. 28, 1961 ("Reg. A") 25,999 class A

common.

Price

—At over-the-counter market price on the day preced¬

sale.

Proceeds—For

the

selling

stockholders.
Highway 3Q1
N., Sarasota, Fla. Underwriter—Bayes, Rose & Co., Inc.,
Office—Commerce Center Industrial Park,

^ Hygrade
Aug.

30,

ment.
boxes.

filed 100,000 class

Business—The manufacture
Proceeds—For

A. Price—By
of

paper

amend¬

cartons and

product

development, expansion,
repayment of a loan and working capital. Office—92-00
Atlantic Ave., Ozone Park, N. Y. Underwriter—P. J.
Gruber & Co., Inc., N. Y. (mgr.).
Ihnen (Edward H.) & Son, Inc. (9/25-29)
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.
Proceeds—To reduce indebtedness, to buy equipment,
and for working capital. Office—Montvale, N. J. Un¬

derwriter—Amos Treat

Co., Inc., New York City.

Illinois Tool Works Inc.

July

12, 1961 filed 100,000 outstanding common shares
(par $10). Price—By amendment. Business—The manu¬
facture of metal and plastic fasteners, gear-cutting tools,
measuring instruments, etc. Proceeds—For the selling
stockholders.

Office—2501 N. Keeler Ave., Chicago.

Un¬

derwriter—White, Weld & Co., New York (managing).
Offering-^Expected in early September,
.

•

Income

Planning Corp. (9/20)
29, 1960 (letter of notification) 5,000 shares of
cumulative preferred stock (no par) and 10,000 shares

Deci

of class A

common

stock

nated debentures due

1976 and 81,250 common. PriceBy amendment. Business—The distribution of food items

expansion, repayment of
loans and general corporate purposes. Office—6837 Lankershim Blvd., North Hollywood, Calif.
L. F. Rothschild & Co., N. Y. (mgr.).

(par 10 cents) to be offered in

Underwriter—

International

Housing Corp.
Aug. 16, 1961 filed 440,000 common shares. Price—$1.15,
Business—For construction and financing of shell homes.
Proceeds—For working capital and general corporate
Office—2101 N. E. Broadway, Minneapolis.
Underwriter—Bratter & Co., Inc., Minneapolis.
purposes.

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.,
Interstate

Packaging Corp.

1961

—

.for restaurants. Proceeds—For

common

Office—First Federal

each

ac¬

• international House of Pancakes, Inc.
V
Aug. 28, 1961 filed $600,000 of 6% convertible subordi¬

Corp.* (9/18)

shares to be offered*
for subscription by holders of common and class A stock.
Price—By amendment. Business — The operation of a
pipe line system of natural gas. Proceeds—For expan¬

ing

the

Office—170 Cool-

Proceeds—For repay¬

loans, producers' fee, stories and working capi¬
Rd., Miami Beach, Fla. Under¬
writer—A. M. Shulman & Co., Inc., N.Y. 37 Wall
St., N.Y.

capital

determine

Ave., Minneapolis. Underwriter—McDonald, Anderson,
Peterson & Co., Inc., Minneapolis.
;

Office—350 Lincoln

working

Proceeds—For establishment of a
Chicago branch office
and the purchase of inventories.
Office—2430 Nicollet

ment of

sion,

used

• Interior Communications Systems, Inc.
Aug. 25, 1961 ("Reg. A") 220,000 common. Price—$1.15

("Reg. A") "100,000 common shares (par
Price—$3. Business—The production of mo¬

tion picture and TV feature films.

devices

of aircraft flight instruments.

idge Avenue, Englewood, N. J. Underwriter
Woodhill Inc., New York.

July 28, 1961

Houston

D. Blauner &
Co.n (managing),
Co., Inc., Lieberbaum & Co., New York.

electro-mechanical
curacy

Business—The operation of a chain of women's
children's apparel stores. Proceeds—For land pur¬

June 9, 1961 filed 583,334

Lee &

Intercontinental Dynamics Corp. (9/15)
July 18, 1961 ("Reg. A") 200,000 common shares. Price
—$1.50. Business—The manufacture of electronic and

■

chase, inventory and general corporate purposes. Office
—115 Fifth Ave., N. Y; Underwriter—Allen &
Co., N. Y.
(managing).
*
;
/■ 1-

tal.

Proeeedsw-For< expansion and working capi¬
18th Avenue, College Point, N. Y.

Underwriters—Milton

ment.

cents).

(9/18-22)

Office—129-07

M. L.

HolSy Stores, Inc. (9/25-29) ;/*'"
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¬

Systems Corp.

•

Co., Los Angeles (managing).

and

Instrument

June 28, 1961 filed 150,000 common shares
(par 25 cents).
Price—$5. Business—The manufacture of precision in¬
struments and controls for the aircraft and electronics

shares. Price

manufacture

Controls, Inc.

tising, establishment of

subscrip¬

(10/2)

Business—The

(par 10

monitoring of machinery. Proceeds—For repayment of a
loan, purchase of raw material and equipment, adver¬

subor¬

—
By
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.

(9/18)

common shares. Price — $5.
Business—The manufacture of electronic controls for the

New York. Under¬
New York.

common

Inc.

July 26, 1961 filed 84,000

Proceeds—For repayment of loans and general corporate
purposes.

Industrial Gauge & Instrument
Co.,

loans. Office—1403 E. 180th
St., New York 69, N. Y. Un¬
derwriter—R. F. Dowd & Co.,
Inc., New York.

Business-—The

par.

dry-cleaning

Inc.

Price — $3. Business — The sale of industrial
gauges, valves and allied products. Proceeds—For pro¬
duction, inventory, working capital and repayment of

the basis of $100 of debentures

held.

Components,

cents).

International

1961

dinated debentures due

Ave., Brooklyn, N. Y. UnderInc., New York. Note—This

June 28, 1961 ("Reg.
A") 75,000 common shares

subsidiary, for plant expansion, and for
working capital. Office—70th St., and Essington Ave.,
Philadelphia. Underwriter—Rambo, Close & Kerner, Inc.
Philadelphia.
Hoffman

2212 McDonald

—

company formerly was named Data
Offering—Imminent.
•

195,000

sub¬

finance

new

ment of loans, purchase

1979

Office

Hollywood Artists Productions Inc.

Business—The operation of real discount stores. Proceeds
—For repayment of bank loans and working > capital.
■

due

writer—A. J. Frederick Co.,

pre-cut homes and components in the heating, plumbing
and kitchen equipment fields. Proceeds—To
organize a

tion

Co.

debentures

(managing).

Engravers, Inc.

6, • 1961 ("Reg. A") 120,000 common shares (par
cents). Price—$2. Business—The marking and fabri¬
cation for metal parts.
Proceeds—For, moving expenses,"
plant equipment, sales promotion and working
capital.

■.'■'•
convertible

tory, introduction of new products and general corporate"
Office—109 Prince Street, New York. Under¬
writer—S. D. Fuller &
Co., New York

shares to be offered for public sale in 6,500
units, each
consisting of one $100 debenture and 30 common shares.

purchase of buildings, equipment and additional inven¬
writer—Allen

(9/18)
filed $650,000 of 6%.%

1961

component parts for the electrical and electronic
industry. Proceeds—For expansion/invent

June

Co., Los Angeles.

Homes Corp.

30,

subor-

Aug. 1, 1976 to be offered by the
and 25,000 outstanding common shares
by the

Industrial

construction, repayment of loans and other cor¬
porate purposes. Office — 2600 W. 247th St., Torrance,
Calif. Underwriter—William R. Staats &

(9/18-22)

convertible

debentures due

purposes.
•

—For

Gulf States Utilities Co.

Corp.

equipment

Hi-Shear

pf oil and gas properties. Office—383 Madison Ave., N. Y.

shares of Chemetals held. Price—By
amendment. Business—The exploration and development
common

(par 50c). Price—For
debentures—100%;:
stock—By amendment. Business—The manufacture

of basic

Corp.
/:v; ,-■/'jv,/ /•:■,/.
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

each 3.2367

1961 filed $1,000,000 of 6%

company

equipment, expansion, repayment of loans and work¬
ing capital. Office—3536 Peartree Avenue, New York.
Underwriter—Stearns & Co., New York (managing).
/
:

two
—

stockholders
For

For

■>

of preferred
and
$40 per unit. Proceeds

Industrial Electronic Hardware

common

—

branch office, development of business and

new

June 29,

consisting of $300 of debentures
Price—$500 per unit. Business

—The manufacture of medicinal
.

90,000

one

Price

working capital. Office—3300 W. Hamilton Boule¬
vard, Allentown, Pa. Underwriter—Espy & Wanderer.
Inc., Teaneck, N. J.
'

Hexagon Laboratories, Inc. (9/25-29)
July 20, 1961 filed $540,000 of 6% convertible subordi¬
debentures

common.

for

—

Francisco, Calif,

■-it Gulf States Land & Industries/lnc. ■
: /;
Aug. 29, 1961 filed 460,003 common to be offered for

open

•

nated

consisting

shares of

selling stockholders. Office—305 S. Hawthorne
Boulevard, Hawthorne, Calif.
Underwriter
Crowell,
Weedon & Co., Los Angeles.

418, Albert Bldg,, San Rafael, Calif. Under¬

.(managing).

units

1961

—For the

apartment units, buy land, and for working capital. Of¬
fice—Suite

Financial Corp.

filed 33,117 capital shares.
Price — By
Business—A holding company for a savings
and loan association and an insurance
agency. Proceeds

indebtedness, construct

writer—Pacific Coast Securities Co., San

10,

amendment.

business.

Hawthorne

Aug.

Norfolk, Va.

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
repayment of debts and general corporate pur¬
poses. Office — 10391 Magnolia Ave., Riverside, Calif.
—For

Underwriter—Currier & Carlsen, Inc., Los Angeles.
Interstate Fire & Casualty Co.
Aug. 25, 1961 filed 100,000 common. Price—By amend¬
ment. Business—The writing of general insurance. Office
—501 Livingston Bldg., Bloomington, 111. Underwriter—
White, Weld & Co, N. Y. C. (mgr.)

Israel-America

Hotels, Ltd. (9/11-15)
8, 1961 filed 1,250,000 ordinary shares. Price—$1
per share, payable in cash or State of Israel
bonds.
Business—The operation of hotels. Proceeds—For con¬

June

struction and operation of a hotel at Herzlia, Israel. Ad¬
dress—Tel Aviv, Israel. Underwriter—Brager & Co, N. Y.
Ivest

Fund, Inc.

Feb. 20, 1961 filed 150,000 shares of common stock. Price
—Net asset value at the time of the offering. Business
—

non-diversified,

whose stated
—For

open-end

investment

company,

objective is capital appreciation.

investment

Office

—

One

Proceeds
Boston,

State Street,

Underwriter—Ivest, Inc, One State Street, Boston. Of*
ferinjgr—Expected in September.
Continued

page

Continued
t

The Commercial and Financial Chronicle

(1040)

from page 35

Inc.

Vending Machine Co.,

James

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.

11, 1961 ("Reg. A") 100,000 common shares (par
10c). Price—$3. Business—The sale, servicing and opera¬

Aug.

Office—515-5th

•

vending, machines. Proceeds

—

and

60,000 class A common shares and

—By amendment. Business—The manufacture of optical
instrumentation. Proceeds—For repayment of loans and

capital. Office

—

7 Farwell St., Newtonville,
York and Clay¬

Mass. Underwriters—Stearns & Co., New

Films Corp.

Aug. 24, 1961 filed 72,000 common, of which 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.
48th St., N. Y. Underwriter—Pacific Coast
San Francisco.
•

Office—15 E.
Securities Co.,

Fund, Inc.

Manufacturing Corp.

Inc.

50,000 common. Price—$4.50.
Business
The
manufacture
of
electronic
power
conversion equipment. Proceeds — For 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.

ment

Kaufman

Broad

Price—By amendment. Business
homes. Pro¬
repayment of loans and working capital.
Office—18610 W. Eight Mile Road, Southfield, Mich. Un¬
derwriter—Bache & Co., New York (managing).
ceeds—For

(10/16)

1961 filed $1,200,000 of 6y2% convertible sub¬
debentures due 1968, Price—At 100%. Busi¬

kan &

July

1961

filed

common

Price—$5.

shares.

shares, of which 200,000 shares are to be offered by the
company and
200,000 shares by stockholders. Price—
From $13 to $17 per share. Proceeds—To increase capital
and surplus.
Address—Anchorage, Ky.
Underwriter—

common

shares.

Aug. 8,

debentures

due

1981.

production

Price—By
steel.

repayment of debt and Working capital.
III.

Underwriters—Hornblower &

and

real estate.

St., N. Y.

the

Eastman

Long Falls Realty Co.
July 21, 1961 filed $1,708,500 of limited partnership in¬
terests.
Price—$5,000 per interest. Business—General

amendment.

Office—Peoria,

Weeks

—

Office—3600 Clipper Mill Road, Baltimore.
Underwriter—Alex. Brown & Sons, Baltimore.

subordi¬

Proceeds—For

Manufacturing Co.

1961 filed 150,000 common shares. Price

golf jackets.

Building, Latrobe, Pa. Underwriter—Singer, Deane &
Scribner, Pittsburgh (managing).

nated

Co., Inc., New York.

amendment. Business—The manufacture of rainwear and

siding and doors and accessories.
Proceeds—For acqui¬
sitions and-repayment of loans. Office—511 Mellon Bank

Keystone Steel & Wire Co.
23, 1961 filed $20,000,000 of convertible

capital.

working

and

Office—

Underwriter—Ehrlich, Irwin &

Development of residential communities. Proceeds—For
corporate purposes. Office

—6910

E. Broadway, Tucson. Underwriter—Burnham &
Co., N. Y. (mgr.).

Lytton Financial Corp.
March 30, 1961 filed 300,000 shares
be supplied by amendment.

—To

pany

owns

of capital stock. Price
Business—The com¬
the stocks of several California savings and

loan associations.
and

It also operates

insurance agency,

asubsidiary, Title Acceptance Corp., acts
as trustee under trust deeds securing loans made by the
associations. Proceeds—To repay loans and for working
capital.
Office—8150 Sunset Blvd., Hollywood, Calif.
Underwriter—William R. Staats & Co., Los Angeles and
Shearson, Hammill & Co., N. Y. C. (mgr.) Note—This
offering is being withdrawn.
through

~ll F I Glass Fibers, Inc. (9/18)
>
April 27, 1961-(letter of notification) 150,000 shares of
common stock (par one cent). Price—$2 per share. Busi¬
ness—The manufacture of a new patented fiber glass
material

used

rocket motor

cases.

Proceeds—

For expenses, equipment and working
1025 Bhoreham Bldg., Washington;, D.

capital. Office—
C. Underwriter
—Atlantic Equities Co., Washington, D. C. Note—This
company formerly was named Industrial Materials, Inc.
MacLevy Associates, Inc.
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¬
Ave., N. Y. 16, N. Y. Under¬
writer—Continental Bond & Share Corp., Maplewood, N.J.
ital.

Office—189 Lexington

•

Proceeds—For investment.

Office—18 E. 41st

Underwriter—Tenney Securities Corp., N. Y.

Long Island Bowling Enterprises, Inc.

(letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3 per share.
Busicness—The operation of bowling alleys^ Proceeds—'For
May 24,

1961

;

Mag-Tronics Corp.

July 17, 1961 ("Reg. A") 250,000 common shares (par
10 cents). Price—$1.15. Proceeds—For inventory, equip¬
ment and working capital. Office—2419 Hiawatha Ave.,

Minneapolis. Underwriter—Craig-Hallum Kinnard, Inc.,
Minneapolis.
•

House

Londontown

Price—By

The manufacture of aluminum

Aug.

Management Corp., New York.

Associates
Sept. 5, 1961 filed $415,000 limited partnership units.
Price—$10,000 per unit. Business—Real estate. Proceeds
—For purchase of London Guarantee Building in Chi¬
cago.
Office—10 E. 44th St., N. Y. Underwriter—None.
if London

Stifel, Nicolaus & Co., St. Louis (managing).

Business—The

Fund, Inc.

Arden Perin &

Aug. 16, 1961 filed 400,000 class A non-voting common

—

common.

10
of
precision parts for the aircraft and electronic industries.
Proceeds—For sales promotion and working capital. Of¬
fice—162 57th Street, Brooklyn, N. Y.
Underwriter—

Kentucky Central Life & Accident Insurance Co.

Keystone Alloys Co.
Aug. 10, 1961 filed 42,000

84,000

Liverpool Industries, Inc. (9/13)
Aug. 1, 1961 "Reg. A". 85,700 common shares (par
cents).
Price — $3.50. Business — The manufacture

Proceeds—For repayment

capital, construction and other cor¬
Office—1420 K Street, N. W., Wash.,
Underwriter—Modgdon & Co., Inc., Wash., D. C.

Business

("Reg. A")

production

and

Broadway,

working capital and general

Underwriter—Tau Inc., New York.

—

porate purposes.

amendment.

distri¬

—

loans, working

D. C.

of debt and

Distributor—Horizon

200,000

i5U,ouo

(par $1). Price—$2 per share. Address—

(9/18)
March 30, 1961 filed 951,799 shares of common stock.
Price
Net asset value plus a 7% selling commission.
Business
A non-diversified, open-end, managementtype investment company whose primary investment ob¬
jective is capital appreciation and, secondary, income
derived from the sale of put and call options. Proceeds—1
For investment. Office—300 Main St., New Britain, Conn.

common,

Business—General real estate.
of

Price—By

wholesale

and

if Lusk Corp.

Charter

Lincoln

Washington, Inc.

19,

retail

building supplies, household fixtures and ap¬

Aug. 30, 1961 filed $1,250,000 of 6*/2% 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—

(9/25-29)

Price—$3.25.
and novelties.
Proceeds—For new equipment, advertising, and repay¬
ment of loans. Office—349 Rider Ave., Bronx 51, N. Y.
Underwriter—Flomenhaft, Seidler & Co., Inc., N. Y.

Co., Inc., N. Y. C.

Kent

Business—The

Co., Inc., Great Neck, N. Y.

(TilSie)

Aug. 29, 1961

(11/2)

165,000

Inc.

notification;

Business—The manufacture of toys, games

of which 45,000
are to be offered by the company and 120,000 by stock¬
holders. Price—$5. Business—The dry cleaning and stor¬
age of clothes. Proceeds—For working capital and gen¬
eral corporate purposes. Office — 1745 Clintonville St.,
Whitestone (Queens) N. Y. Underwriter—Arnold Malfiled

1961

stock

★ Lido Corp.

of debt, acquisition of Yettor Homes, Inc., and
general corporate purposes. Office—101 Bradley Place,
Palm Beach, Fla. Underwriter—Casper Rogers & Co.,
Inc., New York (managing).

25,

Marina,

(letter

Street, New York.

construction of homes

activities in Florida. Proceeds—For repay¬

Cleaners, Inc.

Clark

1961

1501

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

ment

Aug.

filming

jt Lexington Trots Breeders Association
28, 1961 ("Reg. A") 30,000 common (no par) of
15,000 shares are to be offered for subscription by
stockholders and the remaining 15,000 shares will be
sold to the public. Price—$10. Proceeds—For develop¬
ment of a race track. Office—Nelms Ave., Lexington,
Ky. Underwriter—None.

r—The construction and sale of low-priced

Kent Dry

Corp.

Aug.

shares by stockholders.

•

Charlotte, N. C. (mgr.).

which

Building Co.

development of land,

Price—By amend¬

Aug. 11, 1961 filed 174,500 common shares, of which 124,500 shares are to be offered by the company and 50,000

Corp.

common.

working capital. Office—Fresno Ave.
Way, Stockton, Calif. Underwriter—Van Alstyne, Noel & Co., New ,$brk (managing).

—

and related

bution

Inc. (9/18)
filed 388,250 common shares.

1961

amendment.

Foods, Inc. (9/11-15)
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¬

("Reg. A")

1961

Lewis

fering—Imminent.

ness—The

Lowe's Companies,

July 28,

Yankton, S. D. Underwriter — The Apache Investment
Planning Division of the Apache Corp., Minneapolis.

items. Proceeds—For
capital, and general cor¬
porate purposes. Office—Urban Avenue, Westbury, L. I.,
N. Y. Underwriter—Kerns, Bennett & Co., Inc., N. Y. Of¬

ordinated

repayment of loans; inventories; new products;
working capital, and general corporate purposes. Office
—85 Tenth Ave., New York. Underwriter—Reich & Co.,
New York (managing).

1961

common

meters, sextants and related

Electronics,

Filter

Lewis

May

repayment of a loan, working

Keller

For

("Reg. A") 1,334 capital shares (par $1).
Price—$7.25. Business—The manufacture of air, oil and
gasoline filters for vehicles. Proceeds—For the selling
stockholders. Office—191 Talmadge Road, Edison, N. J.
Underwriter—Omega Securities Corp., N. Y. (mgr.)

(letter of notification) 65,500 shares of
(par one cent). Price — $3 per share.
Business—The manufacture of machine tool products,

•

50,000 shares by the stockholders. Price—$6.50. Business
sportswear. Proceeds—

—The manufacture of children's

if Lunar Enterprises, Inc.
Aug. 31, 1961 filed 125,000 common. Price—$5.75. Busi¬
ness—The production of television films. Proceeds—For

Lee

1961

June 29,

■■

200,000 common shares, of which
be offered by the company and

are

pliances, etc. Proceeds — For the selling stockholders.
Address—North Wilkesboro, N. C. Underwriter—G. H.
Walker & Co., Inc., New York (managing).

July

stock

22,

Dickson & Co.,

Jolyn Electronic

Aug.

150,000

peanut butter filled
delicacies. Proceeds—For the selling stockholders. Office
—1304 S. Blvd., Charlotte, N. C.
Underwriter—R. S.

(Andrew) Co.
Aug. 3, 1961 filed 250,002 outstanding common shares.
Price—By amendment. Business—The manufacture of
toiletries. Proceeds—For the selling stockholders. Office
<—2535
Spring Grove Ave., Cincinnati. Underwriter—
Hornblower & Weeks, New York (managing).

Kaiser

Lortogs, Inc.
26, 1961 filed

July

ment. Business—The manufacture of

Jergens

drift

Proceeds—For pay¬

new

^ Lance, Inc.
Aug. 30, 1961 filed 364,000

Distributors

Underwriter—Jefferson

24,

California and Hawaii. Proceeds—For
stockholders. Office—5301 Broadway, Oak¬

selling

land, Calif. Underwriter—Merrill Lynch, Pierce, Fenner
& Smith Inc. N. Y. C. (mgr.).

and
development, advertising and working
capital. Office—1 Bala Ave., Bala-Cynwyd, Pa. Under¬
writer—Stevens Investment Co., Bala-Cynwyd, Pa.

Corp., N. Y.

common

the

research

July 11, 1961 filed 1,000,000 shares of capital stock. Price
plus 8Y2% sales commission. Business
Proceeds—For investment. Office—52

April

of drug stores in

—

—Net asset value

St.,

similar devices.

Jack¬

•
Longs Drug Stores, Inc. (10/9-13)
Aug. 24, 1961 filed 190,000 outstanding common. Price—
By amendment. Business—The company operates a chain

July 26, 1961 filed 100,000 common shares. Price—$4.50.
Business
The manufacture or pharmaceuticals.
Pro¬
ceeds—For repayment of a loan, purchase of equipment,

—A mutual fund.

Wall

Redwood Ave., Los Angeles. Underwriter—Rutner,
& Gray, Inc., Los Angeles.

L. L. Drug Co., Inc.

•

Jefferson Growth

of taxes,

—

son

store, working capital
Office — 201 W. 49th

products, down payment on a new
plant and general corporate purposes.
Office—401 N.
Broad St., Philadelphia. Underwriter—Marron, Sloss &
Co., Inc., New York (managing).

November.

Jayark

new

Underwriter—Kerns, Bennett & Co., Inc., N. Y.

transistors and

ment

Corp., Boston. Offering—Expected in early

ton Securities

Y. Underwriter

Long-Lok Corp.'
f
July 26, 1961 ("Reg. A") 100,000 capital shares (no par).
Price—$3. Proceeds—For a new subsidiary, machinery
repayment of a loan and" working capital. Office—4101

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

9,000 outstanding voting trust certificates (representing
beneficial interest in 9,000 class B common shares). Price

-working

Proceeds—For

general corporate purposes.

St., N. Y.

1961 filed

17,

—

(Phil), Inc.
July 28, 1961 ("Reg. A") 75,000 common shares (par 10
cents). Price—$4. Business—The operation of men's re¬

Jarrell-Ash Co.

Aug.

corporate purposes.
Address—Mattituck, L. I.,
Trinity Securities Corp., N. Y. C.
Offering—Imminent.
,,

Kronfeld

tail stores.

Thursday, September 7, 1961

.'.

general
N.

Pacific Coast Securities

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.
tion

Santa Rosa, Calif. Underwriter
Co., San Francisco.

St.,

Magazines

For Industry,

(10/16-20),

Inc.

Aug. 2, 1961 filed 135,000 common shares. Price — By
amendment. Business—The publishing of business pe¬
riodicals.
and

Proceeds—For

working

capital.

promotion,

Office—660

Underwriter—S.

York.

Magnetic Metals Co.
July 28, 1961 filed 151,200

Fuller

new

publication

Madison
&

common

Ave., New
Co., N. Y. (mgr.)

shares.

Price—By

Business
The manufacture of magnetic
components used in the electrical and electronics indus¬

amendment.

—

tries.
Proceeds—For the selling stockholders.
Office—
Hayes Avenue at 21st Street, Camden, N. J. Underwriter
—Butcher & Sherrerd, Philadelphia (managing).

Mairs & Power Income
June

1961

filed 40,000

Fund, Inc.

common

(9/18)

shares.

Price

amendment. Business—A mutual fund. Proceeds

—
—

By
For

investment. Office—1002 First National Bank Bldg., St.

Paul, Minn. Underwriter—None.
Major Finance Corp.
Aug. 18, 1961 filed $200,000 of 7% senior subordinated
debentures due 1971 (with attached warrants) and 100,000 common shares to be offered in units
consisting of
$100 debenture (with a warrant to purchase one com¬
mon

per

unit.

at $4) and 50 common shares. Price—$300
Business—Consumer finance.
Proceeds—For

Billon, Union Securities &
Bxpected in early October.

Co.

(co-mgrs.)

Offering—
.

working capital. Office—912 Thayer Ave., Silver Spring,
Md.~Underwriter—Manhattan Eastern Corp., N. Y. (mgr.)

Volume

194

Number

6088

The Commercial and Financial Chronicle

...

(1041)

if Malone & Hyde, Inc.
1, 1961 filed 275,000

Sept.

are

offered

common,

by the company

Middle Atlantic Credit Corp.
(9/25)
July 27, 1961 filed $120,000 of 6V2% subordinated debentures due 1971 and 60,000 common shares to be offered

which

100,000
175,000 by the

and
stockholders. Price—By amendment. Business—The
pro¬
curement, warehousing and sale of groceries, meats,

produce,

etc.,

retail

Proceeds—For

grocers.

in units

and industrial finance

working

Dynamics Inc..,
1961 filed 125,000 common. Price—$2.50. Busi-(

ness—The
chanical

manufacture

components.

of.

mechanical

Proceeds

and

electro-me¬

22,

1961

Business—An

equipment and
working capital. Office—920 S. Oyster Bay Rd., Hicksville, N. Y. Underwriter—Paul Eisenberg & Co., N. Y: C.
u-

Middle Atlantic Investment Co.

June

For

—

Mohawk Insurance Co.

Aug. 8, 1960, filed 75,000 shares of class A common stock
Price—$12 per share. Proceeds—For general funds Of^fice—198 Broadway, New York
City Underwriter—R
Dowd & Co., Inc., 39
Broadway New York 6 N
mtwo
nnv.Jo
u„
Jiuj
'
Note—This
-

vestment

filed 70,000
investment

common

(9/25)
shares.

Price—$10.
Proceeds—For inAddress—Elkins Park,

company.

and

working capital.
Underwriter—Best & Garey Co., Inc.; Wash., D. C.

Pa.

Marine Structures

registration may be withdrawn.

capital.

writers—R.

March

;

company. Proceeds—For

working
Office—1518 Walnut St., Philadelphia.
Under¬
L. Scheinman & Co., and A. W. Benkert &
Co., Inc., New York. ....

capital. Office—1700 Dunn Ave., Memphis, Underwriter
—Equitable Securities Corp., Nashville (mgr.).
Aug. 28,

consisting of $200 of debentures and 100 shares
Price—$500 per unit. Business—A commercial

of stock.

•

★ Molecular Dielectrics, Inc.
i
Sept. 1, 1961 filed 150,000 common, of which
135,008
are to be offered
by the company and 15,000 by Cardia
Co. Price—$5. Business—The
manufacture of high-tem¬
perature

electronic and electrical insulation
materials.
Proceeds—For equipment, a new product and
working
capital. Office—101 Clifton Blvd.,
Clifton, N. J. Under¬
writers—Street & Co., Inc. and
Irving Weis & Co., N. Y.
(mgrs.).
;
>

Midwest Investors Fund, Inc.
Corp. •,v <..
1961 *( letter of notification) 100,000 shares of
(July 17, 1961 filed 5,000,000 common shares. Price—By<.
Mon-Art, Inc. (9/29)
f
common stock (par one cent).
amendment. Business—A mutual fund. Proceeds—For
Price—$3 per share; Pror
June 26, 1961 ("Reg.
A") 60,000 convertible preferred
ceeds—To purchase raw materials,
investment. Office
1815 First National Bank
advertising and for
Bldg.,
shares. Price—At par ($5). Business—The
manufacture
working capital. Office—204 E. Washington" SL, : PetaMinneapolis. Underwriter — Midwest Planned Invest¬
of mosaic tile kits. Proceeds—For
retirement of debt,
luma, Calif. Underwriter—Grant, Fontaine & Co., Oak¬
ments, Inc., Minneapolis.
V
•
increase cf inventory and purchase of
equipment. Office
land, Calif.
./
—1548 E. Grand
■> X■
Midwest Technical Development
Blvd., Detroit. Underwriter
DaVis.
Corp.' (9/25-29)
• Mark Truck Rental
Corp. z1 "
'->(
*
X,
Rowady & Nichols Int., Detroit.
July 14, 1961 filed 800,000 common; shares. Price—By
<v'.\
t ,
June 28, 1961 ("Reg. A") 50,000 common shares
-v amendment.
Business
A small business investment
(par one
Mon-Dak Feed Lot, Inc.
cent). Price—$1. Proceeds—For working capital. Office
company. Proceeds—For investment. Office—2615 First
July 17, 1961'filed 150,000 common shares. Price—$3.
—301 Cliff Ave., Scranton, Pa.
Underwriter—Vickers
National Bank Bldg., Minneapolis. Underwriters — Lee
Business—The breeding of livestock owned
by others.
Securities Corp., N. Y. Offering—Imminent.
/ ;
Higginson Corp., New York and Piper, Jaffray & HopProceeds—For drilling of water test
wells, purchase of
Marks Polarized Corp.
wood, Minneapolis.
;
(9/25-29)
/
land, construction,
general
administrative
costs
and
June 27, 1961 filed 95,000 common shares. Price
Midwestern Financial Corp.
By
working capital. Address—Glendive, Mont. Underwriter
amendment. Proceeds — For expansion, acquisition of
Aug. 28, 1961 filed 260,000 common, of which 75,000 are
—Wilson, Ehli, Demos, Bailey & Co., Billings, Mont.
new facilities and other corporate
to be offered by the
purposes. Office—153company and 185,000 by stockhold¬
Monmouth Capital Corp.
16 Tenth Ave., Whitestone, N. Y.
ers.
Price—By amendment. Business—A holding com¬
Underwriters—Ross,
Aug. 1, 1961 filed 200,000 shares of capital stock. Price—
Lyon & Co., Inc. (mgr.), Glass & Ross, Inc., and Globus,
pany for savings and loan associations, mortgage com¬
Inc., N. Y. C.
$10; Business — A small business investment company.
panies, a manufacturing company, a small business
■

Feb.

—

■

-r-

—

investment

MarBene Industries 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.
N.Y.C. Underwriter—Bernard
•

Office—141 W. 36th St.,

Business
and

—

The

instruments

held.

manufacture

primarily for

cision

components, assemblies for aircraft, armaments,
computers, floor waxers and industrial vacuum cleaners.
Proceeds

Price—By amendment.

Proceeds—For repayment of debt and advances
to subsidiaries. Office—2065 Huntington Dr., San
Marino,

(products,"'advertising

Master Craft Medical & Industrial Corp.

Southern

10, 1961 filed ("Reg. A") 75,000 common shares.
Price—$4. Business—The manufacture of medical and
rate

N.
V

plastic devices.

purposes.

Underwriter—Sulco

•

Investing Corp.
("Reg. A") 28,000 shares of 80 cents cumu¬
lative, participating preferred stock (par $1). Price—$10.
Business—An

derwriter— Pine

& Co., Inc. (managing)
Co., Inc., Kansas City, Mo.

if Metal

Bellows

and

Price

860

Business—The

Corp.

•

—

—The

manufacturers

common.

Price—$4.

Brand, Grumet & Seigel, Inc.', N. Y. C. (mgr.)

M:cro-Lectricf lnc.
June

(9/11-15)

12, 1961 ("Reg. A") 55,000

cents;.-

common shares (par 10
Price—$4.-:Business—The manufacture and de¬

sign of potentiometers used in computers, ground control
guidance systems and missiles.
Proceeds—For tooling
and production; repayment of loans;
equipment; adver¬
tising; research and development and working capital.
Office—19

Debevoise

writer—Underhill

Avenue, Roosevelt, N. Y.
Corp., New York.

Securities

Micro-Precision

Corp.

Under¬
'
.

(9/25)

July 28, 1961

("Reg. A") 100,000 common shares (par 20
cents). Price—$3. Business—The development and man¬
ufacture of language laboratories for the
electronics
educational field and the manufacture of electronic and
micro-wave components. Proceeds—For expansion. and

working capital. Office—55 Ninth St., Brooklyn, N..Y.
Underwriters
Manufacturers
Securities
Corp.,
New
Y,ork (managing); Bioren & Co.,- Boenning & Co., Phila¬
delphia, Chace, Whiteside & Winslow, Inc., Draper, Sears
& Co., and Schirmer, Atherton & Co., Boston.
—

...

ceeds—To

Business—A life

Office—4221

Business

distribution of food to retail stores in New York

Proceeds—.For general corporate purposes. Office
—345 Underbill zBLvd.,'~Syosset; N. Y;
Underwriter-

shares
per

share.

technical

Fidelity Life Insurance Co. (9/18-22)
1961 filed 200,000 common shares. Price—By

14,

amendment.

•

A. C.
"

•

added

Lindell

insurance

Pro¬
to capital and surplus accounts.
Blvd., St. Louis. Underwriter—
company.

Allyn & Co., Chicago (managing).

Missouri

Utilities

10 held of record Sept. 1, with rights to expire
Sept. 20. Price—$22. Proceeds—For repayment of loans
and for expansion. Address—Cape Girardeau, Mo. Un¬

(each

derwriter—Edward D. Jones & Co:, St. Louis Mo.
Mite

Corp.

23,

1961

(9/29)
filed 325,000

Mobile

June

27,

Business—The

capital

shares.

manufacture

Estates, lnc."
1961

Proceed:—For

and working capital.

new

Of¬

fice—1802

Corliss Ave., Neptune, N. J.
Underwriters—
Cruttenden, Podesta & Co., Chicago and Spear, Leeds &
Kellogg, N. Y. C.

Mont[>ce!Bo Lumber & Mfg.
Co., Inc.
April 11, 1961 letter of notification) 75,000 of common
stock (par 10c). Price—$4
per share. Business—The sale

lumber, building supplies and hardware. Proceeds—
repay loans and for working
capital.
Address—
Monticello, N. Y. Underwriter—J. Laurence & Co., Inc.,
New York, N. Y.
'
To

(

if Morgan-Wightman Supply Co.
- * '
Aug. 24, 1961 ("Reg. A"), 25,000 common to bp offered
first to-employees, then to the
public. Price—$10. Pro¬
,

ceeds—For retirement of outstanding 8% debentures and
working capital. Office—9910 Page Blvd., St. Louis. Un¬

derwriter—None.
Motor

Coils

Manufacturing Co.

July 27, 1961 filed 100,000

common shares. Price—$6.50.
Business—The manufacture of armature, stator and field

coils.. Proceeds—For repayment of loans, working cap¬
ital and general corporate purposes. Office—110
ThirtySecond St., Pittsburgh.
Underwriter—Golkin, Bomback
& Co., New York.
Mountain Fuel Supply Co.
(9/12)
Aug. 7, 1961 filed $18,000,000 of debentures due-Sept. 1,
1986. Price—By amendment. Proceeds—For repayment
of

loans

and

general corporate purposes. Office—180 E.

First South

St., Salt Lake City, Utah. Underwriter—First
Corp., New York (managing).

Boston
•

Movie

Aug.

Star, Inc. (9/25-29)
1961 filed 200,000 class A

Business

—

The

shares.

manufacture

Price —By
of

women's

clothing.

Proceeds—For general corporate purposes. Of¬
fice—392 Fifth Avenue, New York. Underwriter—Milton
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 by amendment.
Business—The
fund will invest in tax-exempt bonds of the Commonwea th
of Pennsylvania and its political sub-divisions.
Proceeds—For
Ill

investment.

Sponsor—Ira Haupt & Co.,
Offering—Expected in

Broadway. New York City.

early September.

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
fund will invest in tax-exempt bonds of states, counties,
municipalities and territories of the U. S. Proceeds—For
investment.
Sponsor—Ira Haupt & Co., Ill Broadway,
New York City, Offering—Expected in early September.
Murray Magnetics Corp. (10/16-20)
Aug. 15, 1961 filed 150,000 common shares.

Price—$6.
financing, exploitation and sale of a ney£

Business—The

Price—By
mechanical,
electro-mechanical and electronic equipment, including
sewing machine attachments, small electric motors, Po¬
laroid Land cameras, etc. Proceeds—For equipment, re¬
payment of loans; research, development and engineer¬
ing and general corporate purposes. Office—446 Blake
St., New Haven, Conn. Underwriters—Kidder, Peabody
& Co., New York-and Charles W. Scranton & Co., New
Haven, Conn, (managing)*.
> ■ .

-amendment.

equipment.

—

Co.

July 3, 1961 filed 50,676 common being offered for sub¬
scription by stockholders on the basis of one new for

June

electro-mechanical

amendment.

Missouri

(July

/,•

City.

and

machinery, repayment of loans

For payment of loans;

Corp..
Aug. 25, 1961 filed 150,000

Un¬

Broadway,

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. Offering—Imminent.
Proceeds

Food

225

Corp.
1961 (letter of notification) 151,900
stock
(par 10 cents). Price—$1.50

common

ture of welded

S/Met

Inc.,

S. Los

May

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¬

Securities,

pur¬

Missi'e-Tronics

Securities

diaphragm bellows. Proceeds—For mov¬
ing expenses and working capital.
Office—27. Mica
Lane, Wellesley, Mass. (Underwriter—Estabrook & Co.,
Boston.
v •.'(•
(. vV
(•
"; V"
C

Tree

ac¬

Angeles St., Los Angeles. Underwriter—Mitchum, Jones & Templeton, Los Angeles (mgr.).

Midland

Proceeds—For

if Miss Pat
Aug. 31, 1961 filed 100,000 outstanding common. Price—
By amendment. Business—The manufacture of women's
apparel. Proceeds—For the selling stockholders. Office—

jewelry
concessions
in
closed-door
membership
department
stores.
Proceeds—For expansion.
Office—1211 Walnut
St.,
Kansas
City,
Mo.
Underwriters—Barret,
Fitch,
North

company.

New York 7, N. Y.

Calif.

shares.

investment

quisitions, working capital and general corporate
poses.
Office—225 Broadway, New York 7, N. Y.

Lane, El Dorado, Calif. Underwriters—Walter C.
Gorey Co., San Francisco and Beckman & Co., Inc., Lodi,

operation

MInichrome, Inc.

Minuit

tosh

common

Office—430

Aug. 4, 1961

(J. R. C.), Inc.
Aug. 22, 1961 ("Reg. A") 150,000 common. Price—$2.
Proceeds—For repayment of loans, tools and equipment,
sales promotion and working capital. Office—1 Mcin¬

Bldg., Main St., Freehold,
Co., New York.

Monmouth Electric Co., Inc.
Aug. 28, 1S61 filed 200,000 common, of which 125,000 are
to be offered by the
company and 75,COO by stockhoMers.
Price—$6. Business—The manufacture of electronic

(

^ Mcintosh

Business—The

capital.

Office—980 W. 79th St., Minneapolis, Minn. Underwriter
—Continental Securities, Inc., Minneapolis, Minn.

ing, production and working capital. Office—2801 S. Air
Depot Boulevard, Midwest City, Okla.
Underwriter—
Honnold & Co., Inc., Oklahoma City.

amendment.

and working

new

'y McAlester Aircraft, Inc.
Aug. 15, 1961 ("Reg. A") 25,000 class A common shares
(par $1).. Price—$10. Proceeds—For research, engineer¬

—By

Price—$4.50.

Proceeds—For

June

Street, Jamaica 35,
Securities, Inc., N. Y. C.

Office—First National Bank
N. J. Underwriter—Meade &

shares.

common

(10/2)
16, 1961 ("Reg. A") 150,000 common shares (par
cents). Price—$1.15. Proceeds—For film processing
machines, machinery installation and working capital.

150th

Medco, Inc.
July 13, 1961 filed 125,000 class A

and

Boulevard, New York.. Undcrwriters-^Golkin^
& Co. and Oppenheimer &
Co., New York.

Bomback

Proceeds—For general corpo¬

Office—95-01

equipment,

loans

Business—The manufacture of toys.

July

industrial

Miner Industries, Inc.
Aug. 10, 1961 filed 120,000

Underwriters—William R. Staats & Co., Los An¬

geles and Shearson, Hammill & Co., N. Y.;(mgr.)

—

repayment

components
and missile appli¬

cations.

Calif.

For

research and development,
working capital.
Office —9
Cleveland Street, Valley Stream, N. Y.
Underwriter—
Nelson Securities, Inc.,
Hempstead, N. Y.

electronic

space

(co-mgrs.)

Ml'Io Components, Inc.
Aug. 15, 1961 ("Reg. A") 170,000 class A shares (par 10
cents). Price—$1. Business—The manufacture of pre¬

M.Kahn&Co., Inc., N.Y.C.

Industries (10/16-20)
Aug. 4, 1961 filed 131,305 common shares to be offered
for subscription by stockholders on the basis of one new
each four shares

Proceeds—For repayment of

Office—2011-13th St., Boulder, Colo. Underwriters
—Boettcher & Co. and Bosworth, Sullivan &
Co., Inc.,
Denver

Marshall

share for

etc.

company,

debt.

line

and household appliances. Pro-?
purchase of inventory, sales promotion
and working capital. Office—230 Fifth Ave., New York,

electric

ceeds—For

Underwriter—Amos Treat & Co.,
NAC

(9/18)
June

—By

140,000 common shares. Price—$6.
Proceeds—To purchase land, construct and develop about
250 mobile home sites, form sales agencies and for work¬
ing capital. Office—26 Dalbert, Carteret, N. J. Under¬
writer—Harry" Odzer Co,, New York (managing).
.

Inc., New York.

Charge Plan and Northern Acceptance Corp.
,

27, 1961 filed 33,334 class A
amendu ent.

common

shares. Price

Proceeds—For

working capital. Of¬
St., Baltimore, Md. Underwriter
—Sade & Co., Washington, D. C. (managing).
fice—16

East

Narrow

filed

kitchen

the

Fabric

Aug. 18, 1961
75,000 shares
137,000

Pleasant

Co.

filed 212,000 common shares, of which
are to- be
offered by the company and

stockholders. Price—By amendment.
Continued

page

(1042)

The Commercial and Financial Chronicle

Continued from
Business

page

The

—

knitted

fabrics

papers.

Proceeds

and

braided,

production of coated and processed

—

For repayment of
loans, expansion

July 21, 1961 filed 200,000 capital shares.

Price—$5.50.
Proceeds—

For

expansion, repayment of loans, and working capi¬
tal.
Office —220 S. 16th
Street, Philadelphia. Under¬
writer—Edward Lewis & Co.,
Inc., New York.
National

July

Cleaning Contractors, Inc.

(9/18-22)
filed 200,000 oustancling common shares.
By amendment. Business
Tne maintenance of

19,

Price

—

1961

Proceeds—For the selling stock¬
Office^—60 Madison Avenue, New York. Under¬
writer—Bear, Stearns & Co., New York (managing)./;
holders.

National

Hospital Supply Co.,

Inc.
("Reg. A") 100,000 common shares (par
10 cents). Price—$3. Business—The
distribtuion of me¬
dical supplies. Proceeds—For
inventory, advertising and
promotion, expansion, repayment of loans and working
capital. Office—38 Park Row, New York. Underwriters
June

22,

1961

—Edward

Lewis

Co., Inc. and UnderhiU
Corp., New York (co-managers).
National Industries, Inc.
Aug. 25, 1961 ("Reg. A") 50,000
ceeds

Securities

Price—$6. Pro¬

For

equipment, inventory and operating ex¬
Office—1622 Chestnut St., Philadelphia. Under¬
writer—Mayo & Co., Inc., Philadelphia.
—

penses.

•

National Periodical Publications, Inc.

(9/13)
July 18, 1961 filed 500,000 common shares (par $1). Price
By amendment. Business
Publishers of magazines
and paperback books.
Proceeds—For the selling stock¬
—

—

holders.

Office—575 Lexington Avenue, New York.
derwriters—
Shearson, Hammill &

Un¬

Co., New York and
Prescott, Shepard & Co., Inc.r Cleveland (managing).
•

National Semiconductor
Corp. (9/25-29)
May 11, 1961 filed 75,000 shares of capital stock. Price
—To be supplied by amendment.

Business—The design,
development, manufacture and sale of quality transistors
for military and industrial use.
Proceeds
For new
—

equipment, plant expansion, working capital, and other
corporate purposes. Office—Mallory Plaza Bldg., Danbuiy, conn. Unaerwriters—Lee Higginson Corp., N. Y. C.
and Piper, Jaffray &
Hopwood, Minneapolis (mgr.).
Natpac Inc. (10/25)
July 28, 1961 filed 100,000

common shares. Price—$4.75.
Business—The processing of meat and frozen food
prod¬

ucts;

the

financing, sale and

servicing

freezers, and the operation of
—For

consumer

capital.
N.

Office

home food
supermarket. Proceeds
of

time payments, expansion, and
working
—
93-25 Rockaway Blvd., Ozone Park,

Underwriters—William, David & Motti, Inc., and

Flomenhaft, Seidler & Co., Inc., New York.
^

New West Land

Corp.

30, 1961 ("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¬
Kansas

City, Mo.
Underwriter
North & Co., Kansas City, Mo/
•

—

Barret, Fitch,
'
/'
'

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

one

per

24,500 shares
share

new

for

each

unsubscribed

any

to be

offered

Three) of the outstanding
1%

shares.

to holders

common on

(other

the basis

held; and $10.60
Business—The company

furnishes

high pressure nitrogen to the oil and gas
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.
11th St., Houston, Texas. Underwriter
Underwood,
Neuhaus & Co., Inc., Houston, Texas.
—

North 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
—

general

corporate

purposes.

Office

—

Grace

Bldg., Fayetteville, N. C. Underwriters—To
•

Northern

Indiana

Public Service Co.

Fittman

he named.

(10/3)

the

basis of

$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.,
common

Ind.

held

record

Hammond,

Underwriter

—

(Competitive).

Probable bidders:
Boston Corp.; White,

Halsey, Stuart & Co. Inc.; First
..Weld & Co.; Equitable
Securities Corp.; Eastman Dillon,
Union Securities &
Co., Lehman Brothers and 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.

at off'ce of Continental
Illinois National Bank
Co. (Room 5A), 231 So. La
Salle St.,

(CDST)

Trust

Chicago.

•

Nuclear Corp. of America
(10/2-6)
Aug, 11, 1961 filed 536,280
outstanding shares of capital
stock to be offered
publicly and $2,087,800 of 5%% con¬

vertible subordinated
debentures due 1976 to be offered
subscription by stockholders on the basis of
$100
of debentures for each 300
shares held.
for

amendment.

Price—(Stock)

(Debentures) At

p^r.
Business—The
refining of rare earths and the manufacture of radiation
instruments and vacuum tubes.
Proceeds—For repay¬
ment of loans and
working capital.
Office—3540 W.

Pan-Alaska Fisheries, Inc.
/,/, /
July 26, 1961 filed 120,000 common shares. Price — By
amendment. Business — The processing of AlaSka king
crab. Proceeds—For acquisition of fishing boats, equip¬
ment and working capital. Office—Dexter Horton
Bldg.,

Seattle.

-•

Old

debentures

due

1971.

Price —At par.

packaging and

Business

distribution

—

equipment

and

(10/2-6)

common

offered

stockholders.

manufacture

Co.,

Inc.,

(

shares,' of
the

Price—By
electronic

which

company

and

amendment.

test

measure¬

equipment and working capital. Office—520 S.
Ave., Mount Vernon, New York. Underwriter—
Hayden, Stone & Co., New York (managing).
Fulton

Paragon Pre-Cut Homes, Inc.
\\
Aug. 25, 1961 filed $1,000,000 of 15-year sinking fund
debentures due 1976 (with warrants attached) and 100,000 common to be offered in
10,000 units each consist¬
ing of 10 common and $100i.of debentures. Price—By
amendments Business—The packaging and direct Eale of
home building materials. Proceeds—For repay¬

precut
ment

loans,

arid

120,000

ratory,

The

cosmetics,

Olson Co. of
Sarasota, Inc. (9/18-22)
April 26, 1961 ("Reg. A") 59,000 common shares (par
$1).
Price—$5. Business—The manufacture of marine sup¬
plies and electronic equipment. Proceeds—To repay

materials

Ferman:

monitoring instruments^ Proceeds—For acqui¬
sition of property and construction of a new plant, labo¬

pharmaceuticals and household, chemical and industrial
specialties. Proceeds—For the repayment of bank
loans,
property improvements and working capital.
Office—
865 Mt. Prospect
Avenue, Newark, N. J. UnderwriterLaird, Bissell & Meeds, New York City.

raw

ment and

(10/2-6)
filed $800,000 of convertible subordinated

manufacture,

are

filed

Business—The

Empire, Inc.

May 1, 1961

1961
shares

17,

90,000
30,000

Globus, Inc., N. Y.

(managing).

Panoramic Electronics, Inc.

Aug.

organizational expenses and purchase of
equip¬
ment. Office—1515 Norton
Bldg., Seattle. Underwriter—
•

Underwriter—Robert

New York

of loans

and

working capital. Office—499 Jericho

Turnpike, Mineola, N. Y. Underwriter—L. F. Rothschild
& Co., N. Y. C. (mgr.) *
•
r

increase

working capital.

Address—P. O. Box 2430, Sarasota, Fla.
Underwriter—Jay Morton & Co., Inc., Sarasota (mgr.).

•

filed 300,000 capital shares. Price—$1.35.
Business—The exploration and development of
mines.
Proceeds—For mining operations. Office—44 Court

Pargas, Inc. (9/18-22)
Aug. 3, 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 sale of
liquified petroleum gas and equipment. Proceeds—For

Brooklyn, N. Y.

general

Olympia
Sept.

Mines

1961

Orbit

St.,

Underwriter—Gaumont Corp.; Ltd. '/

Industries, Inc.

Aug. 22,

corporate purposes. Office—Waldorf, Md. Un¬
derwriter—Kidder, Peabody & Co., Inc., N. Y. (mgr.)
:

1961

filed 125,000 common shares."
Price—$4,
Research,
development,
engineering
and
manufacturing in the telephone/electronics and related
Business

fields.

Parish

(Amos) .& Co., Inc. (9/18) \:lf.
:
23, 1961 filed 208,000 outstanding common shares.
Price—By amendment.'- Business-—Business advisors and

—

June

Proceeds—For

repayment of loans, and equip¬
Mill St.f N.
Vienna, Va. Under¬
writer—Hodgdon & Co., Inc., Washington, D. C. \
ment.

consultants to" specialty and department stores; Proceed*
the selling stockholders.
Office—500 Fifth

Office—213

—-For

Ave;-

New York. Underwriter—The James Co:, New York

nue,

Orbit

Instrument Corp.
Aug. 29, 1961 filed 100,000 capital shares.
Price—$4. Busi¬
ness
The production of miniature
precision electro¬
mechanical components. Proceeds—For new
—

equipment,

N.-. XpC,.

(M&Jnr:>/>'«•>«»'*■)

★ Original Inc. ■ ■ /
Aug. 29, 1961 filed 150,000

organized in November 1960 to acquire, ekploit
develop patents, and to assist inventors in develop¬
ing and marketing their inventions. Proceeds—For gen¬
eral cqrpprate purposes. Office — 608 Fifth
Ave., New
and

//•./....<
common.

York City. Underwriters—Darius,
Inc., New York (man¬
aging); N. A. Hart & Co., Bayside, N. *Y., and E. J.
Roberts & Co., Inc., Ridgewood, N. J.

Price—$9.25. Busi¬

ness—The manufacture of women's coats.
Proceeds—For
selling stockholders. Office—512 Seventh

the

Underwriters

—

Globus,

Inc.,

and

Ave., N. Y.
Fishman,

Divine

•

Orion

•

Inc., N. Y.

manufacture

Proceeds—For

capital.

precision

expansion,

Photo-Animation, Inc.
July 26, 1961 filed 150,000
devices

tures.

general

corporate purposes. Office—115 Hazel
Street,
Cove, L. I., N. Y.
Underwriter—General Securi¬
ties Co., Inc., New York.
/"
Glen

warrant

the

latter

firm

will

given

one

right for each

common

held

con¬

writers—Globus, Inc., and Harold C. Shore
"

Business—The

Steel

ital

April 21,

—

$3.

additional

corporate

Island

personnel, working

purposes.

City,

Office

—

8-16

cap¬

43rd

Underwriter—William,

Motti, Inc., New York.
1961
stock

Center, Inc.
(letter of notification) 100,000 shares Oi
Price—$3 per share. Proceeds

(no par).

purposes.

Pictorial

Production

Inc.

Aug. 29, 1961 filed 149,178 common; .of which
25,000 are
to be offered by the
company and 124,178 by stockhold¬
ers.
Price—$10.
Business—Research, development and
production in the field of lenticular optics. Proceeds—
For construction and
equipment. Office—60 Kingsbridge
Rd., E. Mt. Vernon, N. Y. Underwriter—C. E. Unterberg,
Towbin Co., N. Y. C
(mgr.)./
.

temporarily postponed.
*r

.//.

Price

construction, working capital and, general
Office—921-1001 Riverside
Drive,
Burbank, Calif. Underwriter—Fairman & Co., Los An¬
geles, Calif. Offering—Expected in September.
:
/
corporate

ceeds—For the selling stockholder. Office—35124 Alvarado-Niles Road, Union
City, Calif. Underwriters—First
California Co., Inc., and Schwabacher &
Co., San Fran¬
cisco (mgr.) Note—Issue has been

/•*

shares.

—To pay for

company

Pioneer Astro

Industries, *!nc/(10/2-6)

July 27, 1961 filed 150,000

•.

Price—$11. Business
blueberries, cranberries,
of loans, property im¬

Long

common

Corp.

common.

—The large scale production of
etc. Proceeds—For repayment

common

Co., Inc.

Pickwick Recreation

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¬

Aug. 25, 1961 filed 310,000

International, Inc. r( 19/25)

other

David &

seven

Washington, Oregon and

Management & Development Co.-

and

Ave.,

June

Pakco^

-Pickwick

repayment of loans,

selling stockholderPacific Telephone &
Telegraph Co. Office—1200 Third
Ave., Seattle, Wash. Underwriter—None.
States

"...

Business—The distribution of phonograph records. Pro¬
ceeds—For advertising and promotion,
merchandising,

northern Idaho. Proceeds—For the

Pacific

'■*'•-/

July 27, 1961 filed i00.000

rights for each preferred held. The record date will be
Sept. 20 and the rights expiration date Oct. 20. Price—
Six rights plus $16
per share.
furnishes telephone service in

N. Y.

assignable
and

creation

June 27, 1961 filed 150,000 common-Shares.
Price—$1.
Proceeds—For expansion, equipment and
working cap¬
ital. Office—1335 Gordon St., S.
W., Atlanta, Ga..>- Under¬

evidencing the right to purchase the stock

basis of

the

•

Co., Inc., N. Y. Bids—Expected Sept. 26,"///
/,*//»/
Pacific Northwest Bell
Telephone Co.: (9/20) ■*.*
Aug. 25, 1961 filed 17,459,490 outstanding common
;(par
$11) to be offered for subscription by stockholders of
Pacific Telephone &
Telegraph Co., parent. Each share¬
holder

Proceeds—For

Photographic Assistance Corp.-

refunding

struction. Office—245 Market
St., San Francisco. Under¬
writers—(Competitive) Probable bidders: First Boston
Corp. and Halsey, Stuart & Co. Inc. (jointly) and
Blyth

Used

common

of animated motion pic¬
development of-new products, re¬
payment of loans and working capital. Office—- 34 S.
West St., Mount Vernon, N. Y. Underwriter—First Phila¬
delphia Corp., New York. :-•/ ./v/.i-f.
" >
•

washing equipment. Proceeds—For working
and development, new
products and

(9/25)

shares. Price—$1.25.
Business—The manufacture of machines, equipment and

research

and

color

•

mortgage bonds series GG due 1993. Proceeds—For

Price—By

Proceeds—For payment of income taxes and loans and
for working capital; Office—Woodbridge-Carteret
Road,
Port Reading, N. J. Underwriter—Mortimer B. Burnside
& Co., Inc., New York.

Products

★ Pacific Gas & Electric Co.~ (9/26)
Sept. 1, 1961 filed $60,000,000 of first

shares.

& Life Bldg., Rockefeller
Center, New
Underwriter—Bear, Stearns & Co.; New York. "'
Pellegrino Aggregate Technico, Inc.
Aug. 10, 1961 filed 130,000 class A common shares. Price
—$5. Business—The manufacture of building materials.

Co., Inc.
July 28, 1961 ("Reg. A") 60,000 common shares
(par 10
cents).
Price—$5.
Business—The manufacture of car
capital,

common

York.

shares of
common stock
(par 10 cents). Price—$3 per share. Busi¬
ness—Manufacturers of drugs. Proceeds—For
expansion,
and working capital. Office—38-01
23rd Ave., Long Is¬
land City, N. Y. Underwriter—Havener
Securities Corp.,

and window

200,000

Office—Time

Address—Tuckahoe,

York, N. Y. Offering—Imminent.

filed

Business—Research and development in the

photography and the manufacture of com¬
photographic processing equipment. Pro¬
ceeds—For expansion, research and repayment of loans.
mercial

Ormont Drug & Chemical
Co., Inc.
2, 1961- (letter of notification) 100,000

Osrow

Corp. /10/16-20)

1961

field of color

electronic

May

New

22,

amendment.

sub-sys¬
equipment and work¬
N. Y.; Underwriter—
A. D. Gilhart &
Co., Inc., N.-Y. C.
;
v
tems.

ing

PaveSiie

Aug.

Electronics

ness—The

Patent Resources, Inc. (9/18-22)" - > \
May 24, 1961 filed 150,000 shares of common stock. Price
—To be supplied by amendment. eBusiness—The com¬
pany was

products, expansion~aml repayment of loans.*Office—131
Elaine Way,
Syosset, N. Y.. Underwriter—Hardy & Co.,

»;

Aug. 28; 1961 filed $20,253,300 of convertible debentures
due Oct. 18, 1976 to be offered for
subscription by stock¬
holders

manufacture

—For

„

•

than Big

shares.

common

Corp.
Aug. 28, 1961 filed 100,000 common. Price—$3.50. Busi¬

June

way,

Rammonton, N. J. Underwriter—Wood*cock, Moyer, Fricke & French, Philadelphia (mgr.)., >

Underwriter—Kidder, Peabody & Co., N. Y. (mgr.)

purchase
common.

Bellevue Ave.,

Oceanic
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

—

commercial buildings.

provements and general corporate purposes. Office—104

Roads, Cincin¬

nati.

Business—The operation of
bowling centers.

Bear, Stearns &

household appliances. Proceeds—For the
selling stock¬
holders. Office—Madison & Red Bank

Bowling Lanes, Inc.

Thursday, September 7, 1961

•

—

NuTone, Inc. (9/18-22)
July 17, 1961 filed 375,000 outstanding
Price—By amendment. Business—Tne

(mgr.).

National

Underwriter

Co., New York (managing).

and

woven

capital. Office—7th and Reading Aves.,
Reading, Pa. Underwriter—Drexel & Co., Phila¬

delphia

•

Osborn Road, Phoenix.

working

West

•

manufacture

...

common

shares.

Price

-—
By
precision
machined components and assemblies for missile
guid¬

amendment.

ance

Business

—

systems. Proceeds

The

—

manufacture of

For

new

plant, additional

Volume

194

Number 6088

The Commercial and Financial Chronicle

fc.

(1043)
equipment and working capital. Office—7401 W. Law¬
Ave., Chicago; Underwriter—Francis I. du Pont
& Co., New York (managing),

Proceeds—For

repayment of debt, new equipment and
working capital. Office —184 Woonasquatucket Avenue,
Nort Providence, R. I. Underwriter—Continental Bond

rence

Plasticon

May

which

are

the

& Share

(9/25-29)

to be offered to

basis

for

each

three

and

working capital. Office—1150 Avenue
cas, N. Y. Underwriter—To be named.

equipment and facilities.Office

Minn. Underwriter—None.

.//•

—

June

Plast-O-Tron, Inc.
^ ■
Aug. 17, 1961 ("Reg. A") 66,666 common (par lc). Price
$3.: Business — The manufacture ' of thermoforming
machinery for production of plastic bubbles for packag-

—

irig and the manufacture of plastic products.. Proceeds—
For-inventory, development of new products, equipment,

Office—3720 North Kedzie

derwriter—Lehman

Avenue, Chicago.

(9/18)

Un¬

Union

July 20,

•

1961/filed

Price—$4.

1961

Corp.

are

ness—The

Busi¬

stockholders.
manufactuer

lighter

working capital. Office—
Ave.,-Bala Cynwyd,. Pav Underwriter—Dean
Samitas & Co., N. y. C. (mgr.).

fluid

common

and

loans

and

veda

Price—By
of

Albums,

Hentz

Inc.

31,

1961

filed

120,000

shares.

President

Airlines,

Inc.

("Reg. A") 150.000 class A common shares
(par one cent). Price—$2; Business—Air transportation
of passengers and cargo. Proceeds—For payment of cur¬
rent

liabilities

certificate

and

taxes; payment of balance

CAB

and

working capital.
Office — 630 Fifth
Avenue, Rockefeller Center, N. Y. Underwriter—Conti¬
nental Bond & Share Corp.,
Maplewood, N. J.
Prevor-Mayrsokn International, Inc.
;
July 31, 1961. ("Reg. A") 80,000 common shares (par 10
cents), ■ Price—$3.75,. Business—Export, import, broker¬
.

and

poultry.
vances

rate

wholesale

marketing of fruits, vegetables and
Proceeds—For expansion, sales promotion, ad¬

growers,

purposes.

working capital and general
— 99
Hudson Street, New
Krieger & Co., Inc., New York.

Office

Underwriter—J. J.

^ Pride Industries, Inc.
Aug. 29, 1961 filed 75,000

common.

corpo¬

York.

Price—$5. Business

—The sale of pet foods. Proceeds—For
inventory, repay¬
ment of a lean, machinery, new

Producing Properties, Inc.
Aug.-. 17, r 1961 filed 600.000 common shares.
-

amendment/ Business—The acquisition

properties.

York.

and

George K, Baum &

Co., Kansas City;* Mo. 5(mgr.)

Robins Industries Corp.

July 27, 1961 filed 100,000

common shares. Price—$2.50.
Business—The manufacture of products in the electronic
sound and recording field. Proceeds—For repayment of a

and

cosmetics,

Proceeds—To

repay.;

working capital.
Office—700 N. SepulEl Segundo, Calif..- Underwriter—H.
Co., New York.
*
/
.

Lieberbaum & Co., New
Offering—Expected in early October.
—

York

Red

Price—By

Produot'Researc^'bf'Rhode Island; Inc.
July 28, 1961 filed 330.000 common shares.. Price—$2.05.
Business

—

The

in. the

operation of

Proceeds—For

manufacture

automotive,

,of vinyl plastic products
marine and household fields.

loan, moving expenses, research and development, tool¬
ing, advertising and working capital.
Office — 36-27
Prince St., Flushing, N.Y. Underwriter—Carroll Co., N.Y. ;
.

•

Rocky Mountain Natural Qas Co., Inc. (9/25-29)
July 10, 1961 filed $1,500,000 of sinking fund debentures
due 1981 (with attached warrants) and 150,000 common

common

(with

shares.

each consisting of
attached warrant) and two
amendment. Proceeds—For

Price—By
general corporate purposes. Office—
Champa St., Denver. Underwriter—Merrill Lynch,
Pierce, Fenner & Smith Inc., New York (managing).
construction

100,000
amendment. Busi¬

for

Underwriter

(mgr.).

working capital. Office—
35th
floor -Southland
Center, Dallas. Underwriter—Hemphill, Noyes & Co., New York (managing).

used

equipment and expansion. Office—3115 E. 12th St., Kan¬
sas City, Mo. Underwriters—Midland Securities
Co., Inc.*

shares of which 80,-.

•

shares. Price

and

1726

;

Roddy Recreation Products, Inc.
V
V J
July 31, 1961 ("Reg. A") 100,000 common shares (par /
$1). Price—$3. Proceeds—For repayment of debt. Office
—1526 W.

166th St., Gardena, Calif. Underwriter—Har¬

—

products, advertising,'
Office—4408 Fairmount Ave., Philadelphia. Underwriter—Steven Invest¬
ment Corp., Bala Cynwyd, Pa.
sales promotion, and working capital.

common

of stuffed toys, Pro¬
ceeds—For down payments on the purchase of
buildings,

—

June 13, 1961

*3L$j

Ko, Inc. (10/16)
Aug. 7, 1961 filed 120,000 class A
—$5. Business—The manufacture

^ Ragen Precision Industries, Inc.
bison & Henderson, Los Angeles.
1
>
.',
Aug. 31, 1961 filed 100,000 common. Price—By amend-' '<«#
Rodney Metals, Inc. (9/11-15)
ment; Business
The manufacture of precision parts,
June 30, 1961 filed 140,000 common shares. Price—$10.
/
components, assemblies and subassemblies for, the busi-Proceeds — For the repayment of debt and other cor¬
ness machine, electronic and aircraft industries. Proceeds
porate purposes. Office—261 Fifth Ave., New York. Un¬
For equipment, repayment of loans and general corpo¬
derwriter—Amos Treat & Co., Inc., N. Y. (mgr.)
rate purposes.
Office—9 Porette Ave., North Arlington,
Roph Associates, Inc.
N.J. Underwriter—Marron, Sloss & Co., Inc., N.Y. (mgr.).
Aug. 10, 1961 ("Reg. A") 75,000 common shares (par five
Raymond Engineering Laboratory, Inc,
cents). Price—$4. Business—The sale of freezers and
Aug. 15, 1961 filed 100,000 common shares, of which 50,food plans. Proceeds—For inventory, a food dept, adver¬
000 shares are to be offered by the
company and 50,000
tising and promotion and general corporate purposes.
shares by stockholders. Price—By amendment. Business
Office—300 Northern Boulevard, Great Neck, N. Y. Un¬
—The manufacture
of timing
devices, accelerometers
derwriter—David Barnes & Co., Inc., New York.
and related equipment for missiles, satellites and space
• Ross
Products, Inc.
vehicles. Proceeds—For repayment of loans, equipment,
July 14, 1961 filed 200,000 common shares, of which
and working capital. Office—Smith
Street, Middletown,
100,000 shares are to be offered by the company and
Conn. Underwriter — Lee Higginson Corp., New York
100,000 shares by the stockholders. Price—By amend¬
(mgr.). Offering—Expected in early October.
ment. Business—The importing and distributing of gen¬
Real Properties Corp. of America
eral
merchandise.
Proceeds—For
repayment of debt,
July 25, 1961 filed 365,000 class A shares. Price—$10.
expansion and general corporate purposes. Office—1107
Business—A real estate investment company. Office—
Broadway, New, York. Underwriters—Blair & Co. and
1451 Broadway, New York.
Underwriter—Stanley Heller
F. L. Rossman & Co., New York.
& Co., New York City (managing).
Royal Land & Development Corp.
Realtone Electronics Corp.
Aug. 2, 1961 filed 2,000,000 class A common shares. Price
Aug. 16, 1961 filed 100,000 common shares. Price—$4.
—$1. Business — General real estate and construction.
Business
The marketing of transistorized radios and
Proceeds—For construction and general corporate pur¬
related equipment. Proceeds—Repayment of loans and
poses. Office—400 Stanley Ave., Brooklyn, N. Y. Under¬
general corporate purposes. Office—71 Fifth Ave., New
writer—Lieberbaum & Co., New York (managing),

Price—$5.
Business—The manufacture of long-nlkying stereophonic
and monaural phonograph records. Proceeds—For
acqui¬
sition of facilities, marketing of new
stereophonic records
and working capital. Office—356 W. 40th
St., New York.
Underwriter—Gianis & Co., New York.
common

}

July

oil

For expansion. Office — 2823 So.
Titusville, Fla. Underwriter—Albion

shares to be offered in 75,000 units,

Premier

•

20 second

Boulevard,

;

—

Securities Co., Inc., New York.

$20 of debentures

pharmaceuticals,
items,

repayment

Washington Ave.,

to be offered by the company and

Rico

Florida, Proceeds

(9/11)

19, 1961 filed 180,000.

Research Inc.

•

Underwriter—D, H. Blair & Co., New York.

000 shares

Riverview ASC, Inc. (1Q/2-6)
May 18, 1961 ("Reg. A") luu,000 common shares. Price
—$3. Business—Real estate and utility development in

filed

Rabin-Winters

homes

—

Proceeds—For the repayment of debt, advertis¬
ing, sales promotion, and the manufacture of new ma¬
chines. Office—1201 South Clover Drive, Minneapolis.
#

highways, buildings and homes. Proof 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 (managing).
Puerto

books.

June

Reher Simmons

ceeds—For

Price—$100 per unit. Business—The design,
manufacture, sale and leasing of coin-operated vending
machines for magazines, newspapers
and
paperback

"shell"

financing.

The construction of

Inc.

$100 debenture, 20 first warrants and

one

Price—$12,,

Rexach Construction Co., Inc.
July 28, 1961 filed $1,500,000 of 6V2% sinking fund de¬
bentures (with warrants) due 1976 and
105,000 outstand¬
ing common shares. Price—By amendment. Business—

warrants.

Bala

age

(10/2)

2-year first warrants exercisable at $7.50
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

ness—The sale of custom built swimming
pools. Proceeds
—For repayment of loans and
203

shares
common.

Colorado

per

Industries,

25,

which underlie

Aug.

devices.

Vending Services, Inc. (9/25-29)
$600,t)00' bf ^Wtfonyertible sub¬
ordinated debentures due
197P; 120,000 common shares

Inc.
100,000

mechanical

Publishers

July

shares.

sale

and

>(9/25),;
**
May 8, 1961 filed 150,000 shares of capital stock. Price—
$6 per share. Business—The research and development
of processes in the field of surface and
biochemistry.
Proceeds—For plant construction,
equipment, research
and development, sales promotion and
working capital.
Office—545 Broad St., Bridgeport, Conn. Underwriter
—McLaughlin, Kaufmann & Co., (managing).

Securities

Co.,

capital

■,/.

outstanding 12% debentures due 1965 and for expansion.
Office—1106 Connecticut
Ave., N.W., Washington, D.C,
Underwriter—Roth & Co., Inc., Philadelphia.

specialized microwave components
for radar, missiles and communication
systems. Proceeds
—For working
capital, inventories and equipment. Office
—Main Street, Millis, Mass. Underwriter—Peter
Morgan
& Co.; New York,*
4.
VPreco

Co.

construction

Vv;.iV,

Proceeds—For working capital.
Address—Hopkinsville, Ky. Underwriter-r-J, J. B. Hilliard & Sons, Louisville.

filed $1,200,000 of 6% subordinated con¬
vertible debentures due 1967. Price—At par. Business—
The publishing of books.
Proceeds—For redemption of

("Reg. A") 260,000 common shares (par
cents). Price—$1.15. Proceeds—For a new building,
equipment and Working capital: Office—2532.-25.th Ave.,
S., Minneapolis. Underwriter—Naftalin & Co., Inc.1, Min¬
neapolis. ^
•'
y/' ;.w
"■
: Precision^ Microwave
Corp. / (10/16-20) ;
Aug. 21,' 1961 ; filed 165,000 common shares, of which
115,000 shares are to be offered by the company and
50,000 shares by stockholders.
trice—$10.' Business—

;

Service

Publishers

1961

manufacture

and mortgage

Aug. 29, 1961

The

Business—For

& Co., Merrill
Lynch, Pierce, Fenner
Inc., and Dean Witter & Co. (jointly); Kidder,
Peabody & Co. and White, Weld & Co. (jointly); Blyth
& Co., Inc.j and
Smith, Barney & Co. (jointly); Lehman
Brothers and First Boston Corp.
(jointly). Bids—Oct. 2,
1961, 11:30 a.m. (EDST) at the office of Morgan Guar¬
anty Trust Co., 54 Liberty St. (6th fl.), N. Y. Informa¬
tion Meeting—Sept.
28, 10 a.m. (EDST) at above office
of Morgan Guaranty Trust Co.
(Mezzanine B).

.engineering and, production of certain
for aircraft,
missiles, oscilloscopes,
electronic vending machines and language teaching ma¬
chines. Proceeds—For expansion, repayment of debt and'
working capital. Office—7326 Westmore Rd;, Rockville,
Md. Underwriters—Jones, Kreeger &
Co., and Balogh &
Co., Washington, D, C. (managing).
\ « , ;'
'
Circuits, Inc.

& Smith

devices

Precision

(mgr.)

Regal Homes, Inc.
Aug.; 15, 196L filed 51,000

writers—(Competitive). Probable bidders: Halsey, Stuart
& Co. Inc.; Harriman
Ripley & Co., Inc., Eastman Dillon,

development,

•

war¬

Aug. 25, 1961 filed $30,000,000 of first mortgage bonds
due 1991.;. Office—900 15th
St., Denver, Colo.
Under¬

June 7, 1961 filed 193,750 common
shares, of which 150,000 will be sold for the company and 43,750 for stock¬
holders. Price—By amendment. Business—Research and

electronic

Public

Brothers, New York.

PolytrorJc Research, Inc.

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.,Corp., Wilmington, Del.

College Point, N. Y. Underwriter—Netherlands Securi¬
ties Co., New York; ■

Plymouth Discount Corp.
Aug. 28, 1961 ("Reg. A") 100,000 common. Price—$3.
Business—Consumer sales financing. Proceeds—For re¬
payment of notes and working capital. Office — 2211
Church Ave., Brooklyn, N. Y. Underwriter—M.
Posey
Associates, Ltd., 50 Broadway, N. Y.
.

16, 1961 filed $2,500,000 of convertible debentures.
Price—At par. Business—The operation of TV stations
and recording studios and the
development of real estate^

Proceeds—
purposes. Office—14-25 128th St.,

Playskool Manufacturing Co..
Aug. 11, 1961. filed 135,000 common shares, of which 60,000 shares are to be offered by the
company and 75,000
shares by stockholders. Price—By amendment. Business
—-The manufacture of toys. Proceeds—For
repayment of

Broadcasting & Development Corp.

June

Progressitron Corp.

electro mechanical and
For general corporate

Reeves

(9/18-22)

com¬

Jhne 9, 4961 ("Reg. ,A") 100,000 common shares (par 10
cents), Pricer—$3.,Business—Manufacturers of
electronic,

working capital and general corporate purposes. Office
—60 Park" PI., Newark, N. J. Underwriter—E. A. Le
Vay
& Co., N-. y. c.
-•
/'■

loans.

•

Price—$10, Proceeds—
debt, the establishment, of a new
subsidiary, plant improvements and working capital.
Office—400 E. Progress St.,
Arthur, 111. Underwriter—
Tabor & Co., Decatur, 111.
(managing).
\
*

loans, equipment, working capital and a new
Kansas City, Mo. Under¬
Co., Kansas City, Mo. (mgr.)

Office—1630 Oakland,
writer—Stern Brothers &

pany and 20,000 by stockholders.
For the payment of

Minneapolis,

plant.

of the Ameri¬

Progress Industries, Inc.
26, 1961 filed 75,000 common shares (with
rants), of which 55,000 shares will be sold by the

large plastic containers.
Proceeds—To discharge the indebtedness
represented by
Pl'asticon's 5% promissory
notes, with the balance foi
more

ment

Offering—Expected in

—

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

manufacture of moulds used
by the plastic and
container and packaging
industry. Proceeds—For repay*

^ Programs For Television, Inc.
Aug. 29, 1961 filed 150,000 common. Price—By amend¬
ment. Business
The distribution of films for motion
pictures and television. Proceeds—For repayment of debt

Leyghton-Paige Corp., 150,000
Leyghton-Paige stockholders

Plasticon

one

Corp., Maplewood, N. J.

—The

late October.

1961 filed 665,666 shares of common stock, oi
90,666 shares are to be publicly offered, 25,000

I i

Corp.

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¬
ment of debt. Office—70 Washington
St., Brooklyn, N. Y.
Underwriter—George, O'Neill & Co., Inc., N. Y. (mgr.).
1 Redman ManufacturingEngineer ing Co//'
Aug. 9, 1961 filed 70,000 comipon shares, of which 35,000
shares are to be offered by the company and 35,000
shares by stockholders. Price—By amendment. Business

Royal School Laboratories,

Inc.

(9/14)

June

23, 1961 filed 170,000 common shares.
Price—$5.
manufacture of special purpose labora¬
tory furniture for schools. Proceeds — For expansion,
general corporate purposes and working capital. Office
—Meadow & Clay Sts„ Richmond, Va. Underwriter—
B. N. Rubin & Co., Inc., New York.
Business—The

Rudd-Meliklan, Inc.

(9/15)

June 16, 1961 filed 130,000 common shades. Price—$10;
Business—The manufacture of automatic coffee dispens-

Continued

page

The Commercial and Financial Chronicle

(1C44)

Continued

which 135,000 shares are to be offered by the company

from page 39

and
and similar items. Proceeds—For

ers

repayment of loans,

promotion and manufacture of a new product, working
capital and general corporate purposes.
Office — 300
Jacksonville Road, Hatboro, Pa.
Underwriter—Stearns
& Co., New York.
O.

Photo-Cine-Optics,

son,

Inc.

and

development,

small

discounts to members
salaries

advertising, public relations, additional employees,
and working capital. Office—135 W. 52nd St., New York.
Underwriter—B. G. Harris & Co., Inc., New York.

men,

Business—The

cables.

ceeds—For

manufacture

Pro¬

indebtedness, equipment,, ad¬
vertising, inventory and general corporate purposes. Of¬
repayment of

fice—4320-26 Park Ave., Bronx

Stern, Zeiff & Co., Inc., N. Y.

•

Scot's Discount Enterprises,

Inc.
July 21, 1961 filed 175,000 common shares. Price—$2.25.
Business—The retail sale of merchandise at

Southern

June

28,

small

./.

Industries,

business

ceeds—For investment.

investment

Office

—

trical equipment and

of bank

payment

Office—224

corpo¬

Basin and Cherry Sts., Norris-

supplies.

loans

and

Proceeds
other

—

For the

corporate

Corp.,

Treat

both

re¬

purposes.

Washington St., Perth Amboy, N. J.

writers—Amos

rities

Under¬

Co., Inc., and Standard Secu¬
New York
City
and
Bruno-

Lenchner, Inc., Pittsburgh, Pa.
Susan Crane Packaging, Inc.
Aug. 28, 1961 filed 150,000 common.

Price—$6.

company.

expansion, working capital and other

Suproitics Corp.
(9/18-22)
May 29, 1961 filed 90,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany is engaged in the distribution of wholesale elec¬

Inc.

Office—Poinsett Hotel

•

Underwriter—Brand, Grumet & Seigel, Inc., N.Y. (mgr.).

;

-•

(9/12)

—

Netherlands Securities Co.,

100,000 common shares.

1961 filed

Business—A

low mark¬

Growth

shares of which 20,000
company and
92,300

• Superior industries Corp.

Industries, Inc.

—

the

Aug. 29, 1961 filed 125,000 common. Price—$4. Business
—The manufacture of folding pool tables, table tennis
tables and related accessories. Proceeds
For general
corporate purposes. Office—520 Coster St., Bronx, N. Y.

The

Miami, Fla. Underwriter
Inc., New York.

57, N. Y. Underwriter—

town, Pa. Underwriter—H. A. Riecke & Co., Philadel¬
phia (managing).

investment

common shares. Price—$5.50.
purchase, inventorying and wholesale
distribution of roofing materials, sheet metal products
and heating and air conditioning accessories. Proceeds—
For repayment of debt, purchase of merchandise and
operating expenses. Office — 3690 Northwest 62nd St.,
—

Inc.

rate purposes.

investment in and loans to
Office—40 Beaver St., Albany, N. Y.

Southern Diversified

Price—$3.75.

common.
wires and

For plant

Aug. 8, 1961 filed 250,000
Business

it Saxion Products, Inc.
Aug. 28, 1961 ("Reg. A") 80,000

Strouse,

Proceeds—For

business.

common

offered

June 27, 1961 filed $600,000 of 6% convertible subordi¬
debentures due 1981. Price—At par. Proceeds—*

11616 Aurora Avenue, Seattle.
Underwriter—Blanchett,
Hinton, Jones & Granat, Inc., Seattle.

sales¬

business

nated

Smyth Worldwide Movers, Inc.
Aug. 10, 1961 ("Reg. A") 85,106 common shares (par $1).
Price—$2.35. Proceeds—For working capital.
Office—

merchandising in New York City. Retail establishments
Proceeds—For

small

are

or closures for containers. Proceeds—For working
capital. Office—316 W. 16th St., Erie, Pa. Underwriters—
Fulton, Reid & Co., Inc., Cleveland and Walston & Co.,
Inc., New York (managing).
v

Underwriter—Dillon, Read & Co., Inc., New York.

July 6, 1961 ("Reg. A") 150,000 common shares (par 10
cents). Price—$2. Business—A plan to stimulate retail

Club.

—

equipment.

caps

Price—By

Business

and

shares by the stockholders. Price—By amendment. Busi¬
ness—The design, lithographing and stamping of metal

1961 filed 875,000 common shares.

company.

Save-Tax Club, Inc.

Save-Tax

com¬

York, Inc.

amendment.

pansion. Office—151 Birchwood Park Dr., Jericho, L. I.,
N. Y. Underwriter—Armstrong & Co., Inc., New York.

join the plan will give 3%

Small Business Investment Co. of New

gasoline and oil to service stations. Proceeds—For ex¬

the

—

Site-Fab, Inc.
21, 1961 ("Regr A") 100,000 common (par 10c).
Price—$3. Proceeds—For purchase and improvement of
land, promotion and development and working capital.
Office—901 Market St., Wilmington, Del. Underwriter—
H. P. Black & Co., Inc., Washington, D. C.
Aug. 22,

parts

Sterling Seal Co.
Aug. 2, 1961 filed 112,300

stock. Price

Aug.

Sav-Mor Oil Corp. (10/2-6)
July 5, 1961 ("Reg. A") 92,000 common shares (par one
cent). Price—$2.50. Business—Wholesale distribution of

who

Hammill & Co., New York (managing).

Proceeds—For general corporate purposes. Office
Montgomery St., San Francisco. Underwriter—C.
E. Unterberg, Towbin Co., N. Y.
; : y
\ ; ;

working

electronic

Proceeds—For re¬
Office—1616 McKinley, Houston, Texas. Underwriter—S. D. Fuller &
Co., New York (managing).
*

pany.

St., New York. Underwriter —
Motti, Inc., New York. Offering—Sometime in October.

payment of loans and working capital.

—

—105

Office—602 W.
William, David &

Thursday, September 7, 1961

82,000 shares are to be offered by the company and 43,200 shares by stockholders; Business—The distribution

Price—By amend¬

amendment. Business—A small business investment

purposes.

52nd

stockholders.

The manufacture of men's and boys'

it Sierra Capital Co.
Sept. 5, 1961 filed 1,000,000 capital

ing, renting and distributing of motion picture and tele¬
vision production equipment. Proceeds—For new equip¬
corporate

—

For repayment of loans, equip¬
ment, working capital and other corporate purposes.
Office—230 Fifth Ave., New York. Underwriter—Shear-

29, 1961 filed $50,000 of 6% subordinated deben¬
tures due 1969 and 50,000 common shares to be offered
in units consisting of $10 of debentures and 10 common
shares. Price—$40 per unit. Business—The manufactur¬

research

Business

sportswear. Proceeds

June

ment, advertising,
capital and other

135,000

ment.

Pro¬

Price—By amend¬
gift wrap, packag¬
Proceeds—For repayr

Business—The manufacture of

ing materials and greeting cards.

Building,

ment of loans, expansion, working capital and general
Underwriter—Capital Securities Corp.,
corporate purposes. Office—8107 Chancellor Row, Dallas,
V::' /"... / Underwriter—C. E. Unterberg," Towbin Co., N. Y. C.
Willis E. Burnside &
• Southern
(mgr.).
V' 7
Realty & Utilities Corp. (10/2-6)
Second Financial, Inc.
(9/18)
7''.*/.■.//,/'
May 26, 1961 filed $3,140,000 of 6% convertible deben¬
Swingline Inc.
v/'
.'//•"
June 20, 1961 filed 100,000 common shares.
Price—$3. ;
tures due 1976, with warrants to purchase 31,400 common
June 14, 1961 filed 200,000 outstanding class A common
Business —The purchase of notes, mortgages, contracts,
shares. Price—By amendment. Business—The manufac¬
shares, to be offered for* public ?sale.in units of $500 of
etc., from Shell Home Builders. Proceeds—For invest¬
debentures and warrants, for five cohntmoti,>shares. -Price ^ ture of stapling machines. Proceeds — For the
selling
ment.
Gffice.-^2740 Apple Valley Road, N. E., Atlanta,
—At 100% of principal amount.
stockholders. Office—32-00 Skillman Ave., Long Island
Bps^es^rThft .develop¬
Ga. Underwriter—Globus, Inc., New York.
?
ment of'unimproved land in Florida. Proceeds—For the
City, New York. Underwriter—Paine, Webber, Jackson
Seeburg Corp.
& Curtis, New York (mgr.). Offering—Sometime in Oct.
repayment of debt, the development of property, work¬
Aug. 18, 1961 filed 303,812 common'shares to be offered
ing capital and other corporate purposes. Office—1674
• T. F. H.
Publications, Inc.. V
for subscription by stockholders on the basis of one new
Meridian Avenue, Miami peach, Fla.
Underwriters—*
June 22, 1961
("Reg. A") 60,000 common shares (par
share for each five shares held. Price—By amendment.
r Hirsch
& Co., and Lee Higginson Corp,, both of New
10 cents). Price—$5. Business—The publishing of books,
Business
The manufacture of coin-operated phono¬
York City (managing). /. ,-\v../'■,<
7 7gf.:;?"/
pamphlets and magazines. Proceeds—For repayment of
graphs and other vending equipment. Proceeds-—For re¬
• Southwestern Research &
Development Co.
loans, production of new garden books, installation ofr
payment of loans and the financing of receivables and
do/io)
air-conditioning and working capital, .Office—245-247^
inventories. Office—1500 N. Dayton St., Chicago. Under¬
Cornelison Ave., Jersey City, N. J. Underwriter—Arnold
Aug. 28, 1961 filed 600,000 common. Price—$10. Business
writer—White, Weld & Co., New York (managing).
A business investment company.
Malkan & Co., Inc., N. Y. Offering—Imminent.
Proceeds — for in¬
•
Semicon, Inc. (10/2-6)
vestments.
Office—1101 N. First St., Phoenix.
Under¬
T. V. Development Corp.. (9/11-15)
C
June 30, 1961 filed 125,000 class A common shares. Price
writer—Wilson, Johnson & Higgins, San Francisco (mgr).
May 26, 1961 filed 100,000 shares of common stock. Price

Proceeds—For

up.

capital.

stores, inventory, and working

new-

Greenville, S. C.
Greenville, S. C.

Conn. Underwriter—«
Co., Inc., New York.
Windsor,

Addres?—East

■

—

—By amendment.

Business—The manufacture of semi¬

•

conductor devices for

military, industrial and commercial
equipment, plant expansion and new
products. Address—Sweetwater Avenue, Bedford, Mass.
Underwriter^—S. D. Fuller & Co., New York (managing).
use.

and manufacture of electronic systems, instruments and

manufacture

calendars

Business—The

shares...
of

and

specialty advertising. Proceeds—For the
selling stockholders, Address—Coshocton, Ohio. Under¬
writer—Cruttenden, Podesta & Co., Chicago (mgr.).

share.

Business—The manufacture and sale of

Underwriters

Grumet &

—

Kesselman

Co.,

and

Brand,

7/' 7 7 y*

Seigel, Inc., New York (managing).'•

Taddeo Bowling & Leasing Corp.
March 31, 1961 filed $600,000
nated debentures due 1971,

of 8% convertible subordi¬
125,000 shares of common,
to purchase common
Spencer* Laboratories* Inc.
in units consisting of
May 1, 1961 (letter of notification). 1,624 shares of class v $240 of debentures, 50 common shares and 20 warrants.
A common stock (no par) to be offered for subscription
Price
$640 per unit. Business — The construction of
by stockholders on the basis of four shares for each five
bowling centers^ Proceeds—For construction and work¬
shares held, with the unsubscribed shares to be sold to
ing capital. Office—873 Merchants Rd., Rochester, N. Y.
the public. Price—To stockholders, $100 per share; to • Underwriters—N. A. Hart & Co., and Darius, Inc. (cothe public, $110 per share. Business—Manufacturers of
mgrs.). ' •
7:7-7'7;77. 777:-.
Pharmaceuticals. Proceeds
For testing new products,
• Tastee Freez Industries, Inc.
(9/18-22)
inventories; marketing and general corporate purposes.
July 12, 1961 filed 350,000 common shares, of which
Office—10 Pine St., Morristown, N. J. Underwriter—E.
200,000 shares are to be offered by the company and
T. Andrews & Co., Hartford, Conn,
v
150,000 shares by a stockholder. Price—By amendment.

New York

■

Price—By amendment.

equipment, including microwave, radar and underwater
communication devices. Proceeds — For purchase of
equipment, plant expansion, patent development and1:
general corporate purposes. Office—812 Ainsley Bldg.,
Miami, Fla. Underwriter—Hampstead Investing Corp.,

ment, and exploration of mining properties. Proceeds—
For general corporate purposes. Office — 1406 Walker
Bank Bldg., Salt Lake City, Utah. Underwriter—None.

per

replacement knobs for television sets. Proceeds—For the
repayment of debt, the expansion of product lines and
working capital. Office—469 Jericho Turnpike, Mineola,

9, 1961 filed 83,750 class A common shares (par 10
cents). Price—$4.50. Business—The design^ developments

Shasta Minerals & Chemical Co. (10/2)
April 24, 1961 filed 500,000 shares of common stock,
Price—$2.50 per share. Business—Acquisition, develop¬

common

(9/18-22)

Inc.

June

Proceeds—For

Shaw-Barton, Inc.
Aug. 15, 1981 filed 100,000 outstanding

Spectron,

—$5

(managing).

stock and 50,000 class A warrants
stock to be offered for public sale

—

Shelley Urethane Industries, Inc.

—

May 24, 1961 filed 200,000 shares of common stock. Price
To be supplied by amendment. Business—The manufac¬

ture,

converting and distribution of urethane foam
to industry. Proceeds — For
expansion, new
equipment, repayment of debt, and working capital. Of¬

products

fice—4542

East

Dunham

Underwriter

—

(managing).

Note—This

name

Garat

to Urethane

St., City of Commerce, Calif.
Polonitza, Inc., Los Angeles
company plans to change its

Industries International Inc. Offering

—Expected in October.

Star

Homes, Inc.

Businessr—The franchising, and supplying of stores

June 28, 1961 filed $500,000 7%
due 1971 and 200,000 common

subordinated debentures
shares to be offered in
units, each unit consisting of $50 of debentures and 20?
common
shares.
Price—$100 per unit.
Business—The>
construction and sale of shell homes.

of loans,

Proceeds—For

Shepard Aartronics, Inc.
April 26, 1961 (letter of notification)

cream

with

product and selected food items. Pro¬

ceeds—For

acquisition of properties and working capi-j
W. Montrose Ave., Chicago.. Under¬
writer—Bear Stearns & Co., New York (managing)., v

tal. -Office—2518

re¬

^ Tasty Baking Co.

to a subsidiary, establish¬
ment of branch sales offices and working capital. Office
payment

soft ice

advances

Aug. 31, 1961 filed 100,000 class A common (non-voting).

amendment. Business—The manufacture of
—336 S. Salisbury Street, Raleigh, N. C, Underwriter—;
75,000 shares of
packaged bakery products. Proceeds — For the selling
D. E. Liederman & Co., Inc., New York (managing).
(par one cent).
Price — $4 per share."
stockholders; Office—2801 * Hunting- Park Ave., Phila¬
Business—The manufacture of high altitude
• Star
breathing
delphia. Underwriter- — Drexel & Co.,-..Philadelphia,
Industries, Inc. (10/2-6)
.and ventilation equipment.. Proceeds—For
repayment, of % Aug. 23?:T961 filed 415,576 class A, of which 103,894 are- ^(mgr?).* c
• t
-*'•!
loans; new equipment, research and development,
plants to be offered by the company and 311,682 by stockhold-;
Tax-Exempt Public Bond Trust- Fund* Series -2^"improvement^ purchase of inventory, advertising and
ers. Price—By amendment. Business—A wholesale liquor
Feb. 23, 1961 filed $10,000,000 (lOOJXJQ units) ownership,
working capital.
Office
787
Bruckner
Boulevard,^ * distributors Proceeds—For repayment of loans and work- certificates^ Price—To be filed* by* amendment. Business
Bronx, N. Y. Underwriters—L. C. Wegard &
Co., 28 West v ing capital. Office—31-10 48th Ave., Long Island City,;. —The fund will invest in interest bearing obligations of
State St., Trenton, N. J.
(managing); L.J. Termo & Co.,
N. Y. Underwriters—Lee Higginson Corp. and H. Hentz>
states, - counties, - municipalities and- territories of- the.
Inc., New York and Copley & Co., Colorado
Springs, Colo. ~ & Co. (co-mgrs.),
U. S., and political subdivisions thereof which are be-<
' Shulton, Inc.
lieved to be exempted from Federal income taxes. Pro¬
it Sterile Medical Products, Inc.
• \
July 21, 1961 filed 50,000 class A and
50,000 class B
ceeds— For investment. .Office.—135 South La Salle
Aug. 29, 1961 ("Reg. A"). 120,000 common. Price—$2.50.:
; common
shares. Price—By. amendmentf Business—TheBusiness^—The sharpening of surgical blades.? Proceeds— Street, Chicago, /Sponsor—John Nuveen~&Go.,.Chicago..
common

Price—By

stock

•

—

manufacture of toiletries and household
chemical prod¬
Proceeds—For general corporate
purposes. Address
—697
Route. 46,
Clifton, N. J.
Underwriter—Smith,
ucts.

Barney &. Co., New York (managing.)^

For
rate

repayment of loans,? equipment and
purposes.

general-- corpo-^
Office—434 Buckelew Ave,, New Bruns-v

wick, N.- J. .Underwriter—Dreyling,& Co.,. Inc.,
New Brunswick, N. J.
1
*
/ /,
,

•

Ste*fcei(Henry I.)

Co., Inc. (9/11)
July 27, 1961 filed 270,000 class A shares

•

(par $1),

(10/2-6)
125,200 common shares,

Sterling Electronics,;''Inc.

July

24,

1961

filed

which

•

Taylor-Country Estate Associates (9/8)..
12, 1961 filed $2,420,000 of limited partnership in¬
Price—$10,000 per unit/Business—The partner¬

June

terests.

ship will acquire all the outstanding stock of five apart¬
ment houses in Newark, East Orange ahd Jersey City,
N. J. Proceeds—For general corporate purposes. Office

Volume

—420

Number 6088

194

Lexington Ave., New York City.
Associates, Inc., New York.

The Commercial and Financial Chronicle

Technifoam

14,

Aug.

Corp.

filed

1961

shares.

common

Price—$8.

Business—The manufacture of machinery for producing

Business—The manufacture
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.,
(par one cent).

Price—$3.

coin-operated vending machines.

Main
&
•

processing systems. Proceeds—For organizational ex¬
establishment of service centers and reserves.
Office—100 W. 10th Street, Wilmington, Del.
Under¬
writer—Globus, Inc., New York (managing).

and

Telephones, Inc. (9/11-15)
July 26, 1961 filed 250,000 common shares, of which
200,000 shares are to be offered by the company and
50,000 shares by stockholders. Price—By amendment.
Business—A holding company with eight telephone sub¬
sidiaries. Office—135 So. La Salle St., Chicago. Under¬
writers—Hayden, Stone & Co., New York and McCormick & Co., Chicago.

—

trucks used in sale of ice cream, etc.
the research, design and manufacture

Corp., Inc.

aces,

It also engages in
of vacuum furn¬

and components in the fabrication of metal

ovens

equipment for the food, pharmaceutical and chemical
industries. Proceeds—For the selling stockholders. Of¬
fice—Bennard

Warrington Sts., East Riverton, N. J.
L. Scheinman & Co., New York and
Blaha & Co., Inc., Long Island City, N. Y.

Underwriters—R.

Tri-State

Underwriter—-J. B. Coburn Associates,

ola, L. I., N. Y.

Tri Metal

Works, Inc. (9/18-22)
29, 1961 filed 68,000 outstanding common shares to
be offered by the stockholders. Price—At the market.
Business
The designing, converting and equipping

equipment, advertising research and development
working capital. Office—27 Jericho Turnpike, Mine-

and

St., West Orange, N. J. Underwriter—P. W. Brooks
Co., Inc., New York (managing).
-

June

July 10, 1961 ("Reg. A") 100,000 common shares (par 10
cents). Price—$3. Business—Research and development
of electronic and electrical devices, principally an elec¬
tronic water heater. Proceeds—For raw materials, plant

penses,

Terrance

Co., New

•

purchase equipment, for re¬
search and development, administrative expenses and
working capital. Office — Noeland Ave., Penndel, Pa.
Underwriter—Best & Garey Co., Inc.. Washington, D. C.
Thermotronics

subsidiary

new

Tri-Chem, Inc.
Aug. 16, 1961 filed $350,000 of sinking fund debentures,
6V2% series due 1976 and 140,000 common shares to be
offered in units consisting of $100 of debentures and
40 common shares. Price—By amendment. Business—The
manufacture of paints for hobbyists. Proceeds—For re¬
payment of bank loans and working capital. Office—82

Corp.

ceeds—To repay a loan, and

Telecredit, Inc.
July 24, 1961 filed 155,000 common shares. Price—$1.
Business—The development of high-speed electronic data

St., Philadelphia. Underwriter—Amos Treat
(mgr.). Offering—Imminent.

June 14, 1961 filed 130,000 common shares. Price—$4.50.
Business—The manufacture of coatings for fabrics. Pro¬

Paterson, N. J.

development, to finance

York

machine, research and development, sales engineering
and working capital.
Office —500 Edgewood Avenue,
Trenton, N. J. Underwriter—D. L. Capas Co., New York.
Thermo-Chem Corp.
(9/11)

Techno-Vending Corp. (9/18-22)
1961 ("Reg. A")iu0,0uu class A common shares

June 9,

and

and for other corporate purposes. Office—3824

July 27, 1961 ("Reg. A") 150,000 common shares (par
10 cents).
Price—$2.> Business—The manufacture of a
flexible heating tape.
Proceeds—For construction of a

—

Industries

Thermionix

Proceeds—For repayment of loans,
equipment, foreign investments and working capital.
Office
717 Fifth Avenue, New York.
Underwriter —
Stearns & Co., N. Y. (mgr.).

polyurethane foam.

•

—

Proceeds—For

(10/2-6)

110,000

lamination of

The

a synthetic
foam to fabrics.
expansion, working capital and general
corporate purposes. Office—200 Fair St., Palisades Park,
N. J. Underwriters—Flomenhaft, Seidler & Co., Inc., and
Street & Co., Inc., New York (managing).

ness

Underwriter—

Nat Berger
•

(1045)

Displays, Inc.
1961 ("Reg. A") 260,000 common shares (par
Price—$1.15, Proceeds—For working capital.

July 24,

Inc., New York.

five cents).

Office—1221 Glenwood Ave., Minneapolis. Underwriter
Thomas Jefferson Insurance Co.
July 27, 1961 ("Reg. A") 63,750 common shares (par - —Naftalin & Co., Minneapolis.
•
$1). Price—$4.70. Proceeds—To increase capital and sur¬
Triangle Instrument Co. (9/18-22)
March 30, 1961 (letter of notification) 100,000 shares of
plus. Office—457 Starks Bldg., Louisville. Underwriter—
Stein Bros. & Boyce, Louisville.
common stock (par one cent). Price—$3 per share. Busi¬
ness
The manufacture of precision instruments and
Thoroughbred Enterprises, Inc. (9/11-15)
components. Proceeds—For equipment, inventory, the
June 2, 1961 filed 85,000 common shares.
Price—$4.
Business
The breeding of thoroughbred race horses.* repayment of debt, and working capital. Office—Oak
—

•

(9/18-22)

TelePrompTer Corp.

July 6, 1961 filed $5,000,000 of convertible subordinated
debentures due 1976. Price—By amendment. Business—
The manufacture of communication systems and equip¬
ment.

Proceeds—For

repayment of loans

—

Proceeds—To

and working

Fla.

capital. Office—50 W.;44th St., New York. Underwriter

and New York

—Bear, Stearns & Co., New York (managing).

•

apparatus used as ground to air aids to aircraft naviga¬
tion. Proceeds—For repayment of loans, purchase of a
plant:and working capital.
Office — Wheeling & Ex¬
change Roads, Wheeling, 111. Underwriter—Kalman &

food

consumer

Proceeds—For

and

products

True Taste

—

Corp.

TinsSey Laboratories, Inc.
June 29, 1961
("Reg. A") 100,000 capital shares (par
16%
cents). Price—$3. Proceeds—For repayment of
loans/ purchase of equipment and working capital. Of¬
fice—2448
Sixth
St., Berkeley, ' Calif. Underwriter

Troster, Singer & Co., N. Y.
Tor Education,

Inc.

Offering—Imminent.

July 28, 1961 filed 100,000 capital shares. Price — By
amendment. Business—The production Of self instruct
tional courses and devices. Proceeds—For purchase of

May 16, 1961 filed 500,000 shares of common stock to be

publicly offered, and 4,206 common shares to be offered
to holders of the outstanding common on the basis of
one new share for each nine shares held. Prices—$12.50

equipment, new products and other corporate purposes.
Office—65 Prospect St., Stamford,
Conn. Underwriter
—F. L. Rossman & Co., New York (managing).

share for the public offering and $11.40 per share
for the rights offering. Business—A small business in¬
vestment company. Proceeds — To finance the com¬

per

Communications Co.

Tower

Price—By amend¬
design, manufacture and erection of

common

installation

The

and

Turbodyne Corp.
May 10, 1961 filed 200,000 shares of common stock. Price
—$2 per share. Business — The research, development,
manufacturing and marketing of space and rocket en¬
gines, and related activities. Proceeds—For research and
development, and working capital. Office—1346 Con¬
necticut Ave., N. W., Washington, D. C. Underwriter—
T. J. McDonald & Co., Washington, D. C.
Union

Leagues, Inc.
28, 1961 filed $700,000 of 7% subordinated sinking
fund debentures due 1976 (with attached warrants) and
140,000 common shares to be offered in units consisting
of 80 common shares and $400 of debentures.
Price—
$800 per unit. Business—The operation of bowling cen¬
ters. Proceeds—For repayment of debt, acquisition of a
warehouse and working capital. Office—11459 E. Impe¬
June

rial

•

Norwalk, Calif.
Co., Los Angeles.

Highway,

Henderson &

Underwriter

Rock & Materials Corp.

Union

Aug. 22,

1961 filed 160,000

—

Holton,

(10/19)

Price—By amend¬
is engaged in the paving

common.

Aug. 24, 1961 filed 125,000 common.

ment. Business—The company

ment. Business—The

of roads and the sale of

Casualty Tower, Nashville, Tenn. Underwriter—Paine,
Webber, Jackson & Curtis, New York City (managing).

communications towers. Proceeds

•

For repayment of
2700 Hawkeye Dr.,
Sioux City, Iowa. Underwriter—C. E. Unterberg, Towbin Co., N. Y. C. (mgr.).
• Transcontinental
Investing Corp. (10/23-27)
Aug. 25, 1961 filed $10,000,000 of 6%% convertible sub¬
ordinated debentures due 1981. Price—By amendment.
Business
The operation of hotels, motels, apartment
buildings and a small business investment company.
Office—375 Park Ave., N. Y. C. Underwriter—Lee Higginson, Corp., N. Y. C. (mgr.) .
- *

(9/13)
shares of common stock of
be offered for the account
of the issuing company and 1,171,004 shares, represent¬
ing outstanding stock, are to be offered for the account
of the present holders thereof. Price—For the company's
shares, to be related to A.S.E. prices at time of the
offering. For the stockholders' shares, the price will be
supplied by amendment. Business — The company, for¬
merly Sentry Corp., is primarily a general contractor for
heavy construction projects. Proceeds^-The proceeds of
the first 12,000 shares will go to Netherlands Trading Co.
The balance of the proceeds will be used to pay past
due legal and accounting bills, to reduce current indebt¬
edness, and for working capital. Office—11-11 34th Ave.,
Long Island City, L. I., N. Y. Underwriter — (For the
company's shares only) Greenfield & Co., Inc., N. Y. C.
Terry Industries,

Inc.

•

Texas

Capital Corp.

Transcontinental Investment Co.

(letter of notification) 120,000 shares of
(par $1). Price—$2.50 per share. Pro¬
ceeds—For advances to subsidiaries. Office—278 S. Mair^
March

Price—By
investment

crude

oil

and

natural gas.

■

June

production

stockholders. Price—By amendment.

convertible sub¬

warrants
70 shares
held. Price—By amendment. Business—General real es¬
tate. Proceeds—For generql corporate purposes. Office—
25 W. 43rd

St.) New York: Underwriter—Sutro Bros. &
Co., New York (managing).
A
e"
United

Investors

Corp.

(9/18)

May 26, 1961 filed 76,109 shares of class A stock. Price
—$10 per share. Business—The company plans to ac¬
quire 15 realty properties in eight states. Proceeds—For
the repayment of debt, property acquisitions, and work¬
ing capital. Office—60 E. 42nd Street, New York City.

equipment. Proceeds—For expansion, repayment of
and working capital.
Office—460 North Avenue,
Rochelle, N. Y. Underwriter—Adams & Peck, N. Y.

New

Tresco

June

Busi-.

Inc.

1961 filed

United Nuclear Corp.
to be offered
ers..

Price

100,000 common shares. Price—$5.
electronic

—

by the company and 225,000 b? stockhold¬

amendment.

Business

and research in the nuclear field.

—

Development

Proceeds—For work¬

ing capital and general corporate purposes. Office—365
Winchester Ave.,
New Haven, Conn.
Underwriter —

(9/11-15)

debt

Dillon, Union Securities & Co., N. Y. C. (mgr.).

United Scientific

Laboratories,

Inc.

(9/25)

18, 1961 filed 360,000 common shares. Price—$2.
Business—The manufacture of high fidelity stereo tuners

Aug.

amplifiers and amateur radio transceivers. Proceeds
repayment of debt, increase in sales personnel,
tooling and production and working capital. Office—
35-15 37th Ave., Long Island City, N.,Y. Underwriter—
Continental Bond & Share Corp., Maplewood, N. J.
and

—For

Business—Manufactures transformers for

000 shares, are to be

shares by the

of 6%

tion by holders of common stock and series A
on
the basis of $100 of debentures for each

Eastman

Inc.

29, 1961 filed 140,000 common shares. Price—By
Business—The manufacture of specialized

filed 130,000 common shares of which 100,-,
offered by the company and 30,000

Electronics,

amendment.

Proceeds—For repayment

Co., N. Y. (mgr.).

Transvision

Textilfoam, Inc.

filed $2,500,000

ordinated debentures due 1976 to be offered for subscrip¬

Aug. 28, 1961 filed 325,000 common, of which 100,000 are

Stearns &

notes,

June 23, 1961

Improvement & Investing Corp. "

1961

Underwriter—None.

equipment. Proceeds — For expansion, repayment of
loans, new equipment and general corporate purposes.
Office—625 Madison Ave., N. Y. Underwriter — Bear,

working capital and general corporate pur¬
poses. Office—731 Meadows. Bldg., Dallas. UnderwriterEquitable Securities Corp., Nashville.
of

18,

31, 1961 filed 250,000 common capital, of which
150,000 shares are to be offered by the company and
100,000 shares by stockholders. Price—By amendment.
Business—The manufacture of news ticker projection

of 5V2% subordinated con¬
vertible debentures due 1973 and 10,500 common to be
offered in units of $90 of debentures and three of com¬
of

United

Aug.

^ Trans-Lux Corp.

1961 filed $315,000

amendment. Business—The

Proceeds—For

concrete.

Office—2800 S. Central Ave.,

Aug.

ir Texas Gas Producing Co.

Price—By

stock

Street, Salt Lake City, Utah. Underwriter—Continental
Securities Corp., 627 Continental Bank Building, S^lt
Lake City, Utah.

Proceeds — For investment._ Office — 104 E.
Eighth St., Georgetown, Tex. Underwriter — DempseyTegeler & Co., Inc., St. Louis.

mon.

sand, crushed rock and transitthe selling stockholders.
Phoenix, Ariz. Underwriter
—William R. Staats & Co., Los Angeles (mgr.).
mix

15, 1961

common

company.

Sept. 5,

—

(9/14)

June 16, 1961 filed 1,000,000 common shares.
amendment. Business — A small business

working capital. Office

and

debt

Feb. 28, 1961 filed 1,728,337
which 557,333 shares are to

Price—$5.
of

frozen

activities of providing equity capital and long
term loans to small business concerns. Office—Life and

pany's

shares.

operation

For installation of

Office — 121
Miller Securities

company.

plant to
concentrated juices in bulk. Proceeds—
equipment and working capital. Office
—1206 Tower Petroleum Bldg., Dallas. Underwriter—
Dallas Rupe & Son, Inc.,Dallas (managing).
process

inventory.

St., Tampa. Underwriter

Water

Price—$6.

finance

Office—1107 Broadway,
New York.
Underwriter—Trinity Securities Corp., 40
Exchange Place, New York.
.

—

u:\

industrial

working capital.

Business

Electronics, litci'

1961 filed 250,000 common shares.

Business—A

•

working capital and general corporate purposes. Office—
701 Atkins Ave., Brooklyn 8, N. Y. Underwriter—Levien,
Greenwald & Co., New York.
Investors,

19,

Underwriter

(9/11)

1961 filed 200,000

Corp., Atlanta, Ga.

100,000 common shares (par 25
Price—$3. % Business—Licenses patents to dieand metal parts manufacturers. Proceeds—For

Tennessee

Trinity Funding Corp.

Aug. 18,

Templet Industries Inc.

distribution

wholesale

—For repayment of loans and

June 2, 1961 ;("Reg. A")

cents) r

•

June

July 20, 1961 "("Reg. A") 41;500'class A'cdfttiftoii 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

makers

Dr. and Cedar PI., Syosset, L. I., N. Y.
—Armstrong & Co., Inc., New York City.

Proceeds—For repayment of debt and

/ Thurow

shares by stockholders. Price—By amendment. Business
electronic and electro-mechanical

—The manufacture of

•

general corporate purposes. Office—Church & Hender¬
son
Rds., King of ' Prussia, Pair Underwriter—Kidder,
Peabody & Co., New Yorko(managing). •
:

Corp.

.-Co., St. Paul (managing).

City.

to retail stores.

Aug. 8,. 1961 filed 97,400 common shares, of which 60,000
shares are to be offered 'by the company and 37,400
■

build

Thriftway Foods, Inc.

Business—The

ing stockholders. Office—445 Fairfield Ave., Stamford.
Underwriter—Ladenburg, Thalmann & Co., N. Y. (mgr.).
Televiso

land,

Office—8000 Biscayne

(9/25-29)
July 13, 1961 filed 140,000 common shares, of which
66,915 shares are to be offered by the company and
73,085 shares by stockholders. Price—By amendment.

it Teieregister Corp.
Sept; 1, 1961 filed 280,000 common. Price—By amend¬
ment. Business—The furnishing of data processing, dis¬
semination and display services. Proceeds—For the sell¬

stable, and buy
Blvd., Miami,
Underwriter—Sandkuhl & Co., Inc., Newark, N. J.,
purchase

horses.

additional

equipment.

Proceeds—For the repayment - of

de^t, re¬

;

—

i. Continued

page

The Commercial and Financial Chronicle

(1046)

•

United

States

Corp.

Crown

•

Aug. 22, 1961 filed 150,000 common.
—The manufacture of

Price—$8. Business

specialized bottle caps. Proceeds—

equipment, working capital and general corporate

For

Boulevard, East Paterson, N. J.
Peck, N. Y. (mgr.). Offering-—

Office—437

purposes.

Underwriter—Adams &

Expected in November.
U. Sa Dielectric Inc. *■

expenses

Office

working capital.

and

Adams

St., Leominster, Mass. Underwriter
Bruce & Co., Inc.. New York.
-

—

—
140
Richard

July 31, 1961 filed 200,000 common shares, of which 160,000 shares are to be offered by the company and 40,000
by

stockholder.

eration of

Price—$5.

Business—The op¬

U. S. Plastic & Chemical Corp.

(9/25-29)

July 11, 1961 filed 125,000 common shares. Price — By
amendment. Business—The manufacture of plastic mate¬
rials for

by the button and novelty industries. Pro¬

use

repayment of debt, expansion, and work¬

ceeds—For the

Underwriter—

ing capital.
Office — Metuchen, N. J.
Adams & Peck, New York.
Universal Electronics,

Universal

Health,

Inc.

(9/8)

1961 ("Reg. A") 100,000 common shares. Price
Business — The operation of a chain of health

advertising, financing
of time payment memberships and other corporate pur¬
poses. Office—15A South Main St., West Hartford, Conn.
Underwriter—Cortlandt Investing Corp., 120 Wall St.,

studios. Proceeds—For expansion,

New York.
•

Universal

June

Moulded

(9/15)

Fcber Glass Corp.

1961 filed 275,000

outstanding common snares
to be sold by stockholders. Price—$10. Business—The
manufacture of fiber glass reinforced plastic. Proceeds
—For the selling stockholders. Address—Commonwealth
Ave., Bristol, Va. Underwriter—A. G. Edwards & Sons,
St. Louis (managing).
18,

national chain

—-

Business—The

manufacture of a
Proceeds—For
equipment, filing of patents, inventory, advertising and
promotion. Address—347 Madison Avenue, New York.
Underwriter—Glass & Ross, Inc., 60 E. 42nd Street, New '
Price—$2.50.

cent).

York

17, N. Y.

Electronics

Voron

Corp.

; ■>>

(9/25-29)

100,000 class A shares. Price

July 28, 1961 filed

—

$3.

Business—The manufacture of electronic test equipment,
the

of industrial and
commercial communications equipment and the furnishinstallation

sale,

and

music.

ing of background

Proceeds—For tooling,

Universal

Publishing: & Distributing Corp.

(9/25-29)
June 28, 1961

filed 50,000 6% cumulative preferred shares

(par $10) and 50,000 common shares to be offered in
units, each consisting of one preferred share and one
common share.
Price—$15 per unit. Business—The pub-r
lishing of magazines and paper bound books. Proceeds— .*
For expansion, additional personnel, sales promotion,
working capital and other corporate purposes. Office—
117 E. 31st St,

N. Y. Underwriter—Allen & Co, N. Y.

Universal Surgical

Supply Inc.

(9/15)

Aug. 1, 1961 filed 200,000 common shares, of which 100,000 will be offered for public sale and 100,000 to stock¬
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
Tegeler & Co, Inc., St. Louis.
•

(9/12)
1961 filed 400,000

—

Dempsey-

shares. Price—By
expansion, repayment of
bank loans and working capital. Office — 950 56th St,
Oakland, Calif. Underwriter—Wilson, Johnson & Higgins, San Francisco (managing).
27,

amendment.

Proceeds

—

common

For

Valley Title & Trust Co.
June

(9/25)

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 — Louis R. Dreyling & Co, 25 Livingston Ave,
New Brunswick, N. J.
•

Homes

Val-U

Corp.

Loeb & Co. and Lehman

Wilco Commercial Corp.

loans, expansion and working capital. Office—691 E.
Jericho Turnpike, Huntington Station, N. Y. Underwriter

—Omega Securities Corp, New York.
Wald

Research, Inc.
1961 filed 65,000 common shares. Price

Business

—

$3.

The manufacture of ground support equip¬

ment for the

Office—2357

Corp. of America
July 26, 1961 filed 160,000 common shares, of which
75,000 shares are to be offered by the company and 70,-

Office—1720

Price—$7.

accessories

Business—The

for

aerosol

con¬

Proceeds—For

capital.

and

repayment of debt and working
Fairfield Ave, Bridgeport, Conn.

Underwirter—Lomasney, Loving & Co, N. Y. (mgr.)
Varitron Corp.
July 25, 1961 filed 100,000 shares of common stock. Price
—$2. Business — The manufacture of electronic items,
principally TV and radio parts. Proceeds—For equip¬
ment, financing of merchandise, imports and accounts
receivable and working capital. Office — 397 Seventh
Ave.^Brooklyn, N. Y. Underwriter—Kenneth Kass, N. Y.

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 Brown-

' *

Sr Michigan Ave.,

Chicago.
Co, Inc., N. Y. C.

Underwriter—

Wisconsin Power & Light Co.

July

aircraft, misisle and related industries. Pro¬
of loans, purchase of equipment
and inventory, working capital and general corporate
purposes. Office—79 Franklin Turnpike, Mahwah, N% J.
Underwriters
Martinelli & Co, New York and E. R.
—

Davenport &
•

Co.^ Providence, R. 1.
Inc.

Waldbaum,

operation of a supermarket chain and the!
wholesaling of food products. Proceeds—For repayment
of loans,, expansion, inventory and other corporate pur¬
poses.
Office—2300 Linden Boulevard, Brooklyn, N. Y.
Underwriter
Shields & Co, New York (managing).
—

•

Walter Sign

common

stock

ness

The

—

it Witt Manufacturing Co., Inc.

Corp.
//'■ "*■/,(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Busi¬

manufacture

and

installation

Feb.

—To

June

•

A")

75,000 common shares

(par

Un¬

corporate purposes. Office—680
Underwriter—Troster, Singer & Co,

general

Coast

Bowling

XTRA,

(9/13)

Inc.

28, 1961 filed 182,570 common shares of which 160,000 shares are to be offered by the company and 22,570

stockholders. Price—By amendment. Business
leasing of truck trailers to railroads or customers
of railroads. Proceeds—For repayment of debt and for

shares by

working capital.

Office—150 Causeway Street, Boston.
& Co, Hartford, Conn, (mgr.)

Underwriter—Putnam
•

York Research

June

1961

28,

new

class A

shares.

Price—By

Business—The testing of industrial and con¬

Proceeds—For the establishment of a
Office—
Atlantic Street, Stamford, Conn. Underwriter—Allen
Co, N. Y. (mgr.). Offering—Imminent.

sumer
~

Corp.

filed 75,000

products.

laboratory and the purchase of equipment.

Zep Aero

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
—The manufacture of oxygen systems and accessories
for aircraft.

Proceeds :— For inventory, plant improve¬

ment, equipment and working capital. Office—113

Shel¬

St, El Segundo, Calif. Underwriter—Francis J. Mit¬
chell & Co, Inc., Newport Beach, Calif.

Corp.

and 13,434 outstanding shares by the
holders thereof. Price—$9.75 per share. Busi¬
ness—The company plans to acquire and operate bowling
centers primarily in California.
Proceeds—-For general
company

present

corporate

Inc.

don

May 26, 1961 filed 128,434 shares of common stock, of
which 115,000 shares are to be offered for public- sale
by the

New York.

Bowling Enterprises,

1961

amendment.

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. Proceeds—For repayment of loans, ac¬

West

June

Engineering Co., Inc.

capital. Office—2603 S. Oxford St, Arlington, Va.
derwriter—Hodgdon & Co, Inc., Washington, D. C.

•

laboratory,

filed 130,000 common shares. - Price—$4.
centers. Proceeds—
For repayment of debt, expansion and working capital.
Office—2044 Chestnut Street, Philadelphia. Underwriter
—Fraser & Co., Philadelphia. Offering—In early 9C*-

purchase of vessels, and working cap¬

cents). Price — $4. Proceeds—For manufacturing,
laboratory and office facilities, equipment and working

and

Business—The operation of bowling

Saint Joseph St, Mobile, Ala. Under¬
(mgr.).

Ave, N. Y.
N. Y. C. (mgr.).

Price—<$4.

—The

quisition

Wide

World

July 20,

Steamship Corp.

Fifth

equipping

Standard Securities Corp,

Proceeds—For
investment. Office—122 E. 42nd St, N. Y. Underwriter
—Hornblower & Weeks, N. Y. (mgr.).

("Reg.

debt, working capital and general corporate purposes.
Office—290 Broadway, Lynbrook, N. Y. Underwriter—

Inc.

small business investment company.

1961

Scope Publishers, Inc.
July 31, 1961 filed -300,000 common shares.- Price—By
amendment. Business—The publishing of encyclopedias
and other reference books. Proceeds—For repayment of

Capital Corp.

Watson Electronics

40,000 -common.

World

July 21, 1961 filed 750,000 common. Price—$11. Business

Proceeds—For the

Corp.

A")

ington, D. C.

Avenue, Bethesda, Md. Underwriter—None.

Waterman

("Reg.

capital. Office—34 Station St, Herndon,
Va. Underwriter—First Investment Planning Co, Wash¬

1961 filed 375,000 common shares. Price—$1.
servicing of manufacturing companies and
engineering professions, through various training pro-,
grams.
Proceeds—For leasehold improvement, repay¬
ment of loans and working capital. Office—4915 Cordell

—A

1961

23,

and for working

Co, Inc., N. Y. (mgrs.).

Industries

Underwriter—J. P. Penh & Co,.Minn./
Research

Proceeds—For constructing and

29,

Water

Woodard

June

Business—The

•

contract payable, accounts payable, and

Wood Manufacturing Co., Inc^

Conway, Ark.

highway

Proceeds—For the selling stockholders. Office—
36th St, N. Y. Underwriters—Lee Higginson Corp.

Engineering Services Co.,

July 24, 1961 ("Reg. A")'250,000 common shares (par
$1). Price—$1.15. Proceeds—Foor Working? capital, re¬
payment of loans, purchase of equipment, •- advertising
and building construction. Office — 1035 Chestnut St,

(H.) & Sons, Inc. ,r■;
1961 filed 285,000 class A. Price—By amend¬

Washington
(9/20)

discharge

($2 per share). Proceeds

payable and the balance for working capital.. Office
—7805 Sunset Blvd., Los Angeles/Calif. Underwriter—
Standard Securities Corp.rLOs Angeles, Calif. :
>

it Warshow

and P. W. Brooks &

stock. Price—At par

150,000 shares of

notes

ment. Business—The manufacture of fabrics for women's

45 W.

(10/23)

(letter of-notification)

1961

common

tion/inventory and reserves. Office—4700 76th St, Elmhurst, L. I, N. Y. Underwriter—Amber, Burstein & Co,
40 Exchange Place, New York 5, N. Y.

wear.

•

1961 ("Reg. A") 1,440 common. Price—At par
($100). Proceeds-^For sales promotion and advertising,
inventory and working capital. Office—3235 George St,
La Crosse, Wis. Underwriter—None.

signs. Proceeds—For the reduction of debt, sales promo¬

Aug. 30,

cumulative preferred shares

Aug. 21,

Wonderbowl, Inc.

the stockholders. Price—By amendment. Busi- -

March 30, 1961

15,000

Avenue, Madison 1, Wis.
Underwriters—
Smith, Barney & Co, New York and Robert W. Baird
& Co, Inc., Milwaukee (managing).

(9/11-15)

July 21, 1961 filed 183,150 Commori shares, of which 120,-;
000 shares are to be offered by the company and 63,150
shares by

filed

1961

17,

(par $100) which are being offered,to employees and
preferred stockholders of record Aug. 10, 1961, with
rights to expire Aug. 30, 1961. Price—$100 plus accrued
dividends. Proceeds—For construction. Office—122 W.

ceeds—For repayment

July 25,

Valve

stockholders.

Inc. '-''.//:*>//

Price—$2. Business—The printing of towels and other
products.
Proceeds—For repayment of loans.

Aug. 29, 1961 filed 1,743,000 common. Price—By amend¬
ment.
Business — The carrying of liner-type cargoes.

of Delaware

(mgr.). Offering—In early November.

J. Gabriel

Washington

July 26,

St., Paterson, N.J. Underwriter—Stearns & Co, N.Y.C.

tainers.

textile

writer—Shields & Co. Inc., N. Y.

Underwriter^-A.

York.

Aug. 25, 1961 filed 265,000 common, of which 250,000 are
to be offered by the company and 15,000 by stockholders.

D. E. Liederman &

ital. Office—71

000

New

Windsor Texprint,

pro¬

23, 1961 ("Reg. A") 100,000 common shares (par
10 cents).
Price—$3.
Business—The operation of dis¬
count merchandising centers. Proceeds—For repayment

homes. Proceeds—For working capital. Office—765 Riv¬

manufacture of valves

Avenue,

Co, Inc., New York.
,

(9/18)

Aug. 28, 1961 filed 100,000 common. Price—$5. Business
—The manufacture of prefabricated buildings and shell
er

July 21, 1961 ("Reg. A") 100,000 common shares (par 10
cents)k Price—$3. Business—The financing of business
institutions. Proceeds—For working capital. Office—350

Inc.

St, New York. Underwriters—Kuhn,
Brothers, N. Y. (mgr.)
///V

Office—60 Hudson

duction, engineering, inventory and sales promotion of
its products and for working capital. Office — 1230 E. ^
Mermaid Lane, Wyndmoor, Pa. Underwriters — John
Joshua & Co., Inc., and Reuben Rose & Co, New York.

•

Vacu-Dry Co.

June

8, 1961, with rights to expire Sept. 25. Price—By amend¬
Proceeds—For repayment of loans and expansion.

ment.

Fifth

servicing

ness—The

•

Inc.

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¬
ities.
Office
1201 Continental Bank Bldg, Salt Lake

June

June 14,

—$3.

Factors,

June 29, 1960

City, Utah.
Business—Factoring.
Underwriter—Elmer
gymnasiums and health centers for men and women.
K. Aagaard, 6 Salt Lake Stock Exchange Bldg, Salt Ldke
Proceeds—The company will use its part of the proceeds
for the opening of new gymnasiums and the promotion
City. Offering—Expected in late October/ " '
/ ' '
of home exercise equipment. Office—375 Park Ave, New
Western Union Telegraph Co.
(9/8)
>
York City.
Underwriter—S. B'. Fuller & Co, N. Y. C. /
July 12, 1961 filed 1,075,791 common shares to be of¬
fered for subscription by : stockholders on the basis of
Vol-Air, Inc.;
■'/>/one new share for each six shares held of record
Sept.
July 27, 1961 ("Reg. A") 96,000 common shares (par one

Wainrite Stores,

July 27, 1961 ("Reg. A") 213,000 common shares (par
10 cents). Price—$1.15. Office—402 Minnesota Bldg., St.
Paul. Under writer---Brandtj en & Bayliss, St. Paul.
•

Western

(9/25-29)

Price—To be supplied by 1

by the present holder thereof.

other retail food
Proceeds—For repay¬

loans, working capital and general corporate
purposes.
Office—60 Fallon Street, Oakland, Calif. Un¬
derwriter—Stanley Heller & Co., New York.
•

Inc.

amendment. Business—The operation of a

chain of supermarkets and

stores in the San Francisco area.
ment

Tanny Enterprises,

11, 1961 filed 320,000 shares of class A common
stock (par 10 cents) of which 120,000 shares will be of¬
fered for the account of the company and 200,000 shares

patented heat and mass transfer system.

U. S. Markets, Inc.

Vic

May

July 24, 1961 ("Reg. A")99,990 common shares (par 10
cents). Price—$3. Business—The manufacture and dis¬
tribution of epoxy resins for potting uses.
Proceeds—
For
repayment of loans, research and development,
moving

Burbank, Calif. Underwriter—Hill Richards & Co. Inc.,
Los Angeles (managing).
'

field, Rosen & Malone, 1026-16th St, N. W, Washington,
D. C. Underwriter—H. P. Black & Co, Inc., Wash, D. C.

Continued from page 41

Thursday, September 7, 1961

...

purposes.' Office—3300 West

Olive Avenue,

Zion

Foods

Corp.

"July 20, 1961 filed 110,000 common shares, of which 90,000 shares are to be offered by the company and 20,000

Business—
Proceeds—For in¬
ventory and plant expansion. Office—482 Austin Place,
Bronx, N. Y. Underwriter—Finkle & Co, N. Y. (mgr.)
shares

The

selling stockholder.

Price—$5.

processing of meat and poultry.

Volume

194

Number

The Commercial and Financial Chronicle

6088

(1047)

Lum's

ATTENTION

UNDERWRITERS!

■fk
i
w

similar

Would

you

write

those

taurant

REctor

2-9570

and

Lehman

Brothers,

had

formed this

new

company

transport natural gas from southwest Texas to Alex¬
andria, La., for sale to United Fuel Gas Co., principal

Prospective Offerings

supplier to other Columbia Gas System companies.
It
pipeline will be financed in part by
public sale of bonds." Underwriter — Lehman Brothers,

is expected that the

Adrian Steel Co.
June

30, 1961 it

filed

with

reported that a "Reg. A" will be
shortlyf covering 100,000 common
shares (par 50c). Price—$3. Business—Automotive fabri¬
cating. Proceeds—To establish a new industrial air con¬
ditioner

was

the

New York City

SEC

division.

Aug. 22,
to

Aluma-Rail,

Inc.

("Reg. A") will be

shortly covering 100,000 common shares.
Price—
— The manufacture of new color
anodized

Business

$3.

aluminum
and

Proceeds—For inventory
Office—44 Passaic Ave., Kearny,

Baltimore Gas & Electric Co.

about

reported that this company plans to
$25,000,000 of first mortgage bonds in the
was

Bay State Electronics Corp.
'Aug., 2, 1961.it was reported that this company plans to
file a registration shortly covering about 270,000 com,mon shares to raise some $2,500,000.
Business—Research,
development and production of items in the fields of
medical electronics, etc. Proceeds — For expansion and
working capital. Office—43 Leon St., Boston, Mass. Un¬
derwriter—S. D. Fuller & Co., New York (managing).

luii

ming

"Business

Business—The manufacture of cosmetics. Proceeds—For

purchase of equipment and inventory and general cor¬
porate purposes. Office—Washington, D. C. Underwriter
—East Coast Investments Co., Washington, D. C.
•

plans

company

snortiy .covering 125,000 common. Price—$3.
The manufacture of

plastic party favors for
children. Proceeds—For expansion. Office—945 39th St.,
Brooklyn, n. y. Underwriter—S. B. Cantor Co. (mgr.)
—

Northwest

The first of such

Bell

issues, in the amount of $50,000,000, is

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.; First Boston Corp. Bids—Expected Nov.

expected

N. y. c.

Pacific

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¬
graph Co., parent, it was announced that Pacific North¬
west plans to sell an additional 12,990,510 by June 30,
1964, and several issues of debentures to refund a $200,000,000 4 % % demand note issued to Pacific,Tel, & Tel.

Plastic

Corp.
July 25, 1961 it was reported that this

..
.

sold

Carbonic

Equipment Corp.
June 28, 1961 it was reported that a "Reg. A" will be
filed covering 100,000 common shares. Price $3. Proceeds
-—For

15.

expansion of the business. Office—97-02 Jamaica

,Ave., Woodhaven, N. Y. Underwriter
Co., Inc.
/.

—

•

R. F. Dowd &

Central Louisiana Electric Co., Inc.
21, 1961 it was reported that the company is con¬
sidering the issuance of $6,000,000 of bonds or deben¬
tures in the latter part of 1961. Office— 415 Main St.,
Pineville, La. Underwriters—To be named. The last is¬
.;

bonds op

•

Consolidated
*

New

York,

sell

1961

Priced—To

determined.

each

common

expire Sept. 21.
tal

funds.

shares
held

the basis of

record

Aug.

one

25,

with

Pittsburgh

(Competitive).

Proceeds—For

and

the

distribution

repayment

automobile

of loans

and

parts.

expansion.

Office—Columbus,

O. .Underwriter—Rodetsky,
zahler, Walker & Co., Inc., Jersey City, N. J.

Klein¬

★ Silo Discount Centers
Sept. 6, 1961 it was reported that company plans to sell
about $1,000,000 of common stock. Business—The
opera¬
tion of

Office

—

chain of hard goods,

discount department stores.

Philadelphia, Pa. Underwriter
Kleinzahler, Walker & Co., Jersey City.

—

Rodetsky,

Subway Bowling & Recreation Enterprises, Inc.
Aug. 22, 1961 it
to sell about

reported that this company plans

was

$1,200,000 of

has

common

stock. Business—The

exclusive franchise

from the City of
bowling and recreation centers in
subways. Proceeds—To build the first three centers.

company

New
the

York

build

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
filed shortly covering 100,000 common shares.
Price—
$3. Business—The custom, design, manufacture and in¬
stallation of automated material handling
systems for
large wholesale and retail establishments and industry.
Proceeds
For expansion.
Office
42-14
Greenpoint
Avenue, Long Island City, N. Y. Underwriter—Omega
Securities Corp., New York.
—

—

1961

reported

that this subsidiary of
Co., expects to sell about
$32,000,000 of bonds and $10,000,000 of preferred stock
this Fall.
Office
120 Broadway, New York City.
Underwriters—Merrill Lynch, Pierce, Fenner & Smith
Inc. and Kidder, Peabody &
Co., both of New York City
(managing).
was

Panhandle Eastern Pipe Line

—

Valley Forge Industries, Inc.
Aug. 22, 1961 it was reported that this company plans
to sell about $750,000 of common stock. Business—The
manufacture of specialty automobile parts
and high

Walker & Co., Jersey City, N. J.

Bids—Expected

about Oct.

(EDST). Information Meeting—Oct. 11(11 a.m.
Chase Manhattan Bank,
(34th floor) One
Chase Plaza, N. Y.

EDST)

Radar Design Corp.
Aug. 22, 1961 it was reported that this
sell about 15,000
June

30,

"Reg. A" will be

duction of

was

company's

test instruments and

microwave systems.

plans to

ending

products

are

components in pro¬
Proceeds—For working
as

Office—Pickard Drive, Syracuse, N. Y.

writer—The last public

Under¬

offering of stock in Dec. 31, 1960

-not underwritten. -

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—
.

equipment.

f.«t

Proceeds—For

expan¬

Office—375 Walton

ers—Cacchione

Vector

Ave., Bronx, N. Y. Underwrit¬
Smith, Inc., and Fred F. Sessler &
,

Engineering Inc.

Aug. 9, 1961 it

was reported that a full registration will
shortly covering 100,000 common shares. Price
Business — Engineering and design services, the

be filed

—$6<
development of electromechanical and electronic devices
for industry and the Federal Government, and the prep¬
aration of technical publications. Proceeds—For expan¬
sion. Office—155 Washington Street, Newark, N. J. Un¬
derwriter—Omega Securities Corp., New York.

Virginia Electric & Power Co. (12/5)
23, 1961, the company announced plans to sell
$15,000,000 of securities, possibly bonds or debentures.

March

Office

—

Richmond 9, Va.

Underwriters

—

To be deter¬

mined by competitive bidding. Probable bidders: Halsey,
Stuart & Co. Inc.; Stone & Webster Securities Corp.;
Eastman
ers

ceived
★

company

shares in the fiscal year

Business—The

1962.

used both

common

dental

Co., N. Y.

Place, Newark 1, N. J. Underwriters—
Probable bidders: First Boston Corp.;

(jointly).

and

of Colorado

Co.

at 11 a.m.

capital.

reported that this company plans
common stock. Business—The

was

$750,000 of

re-manufacture

sion.

• Public Service Electric & Gas Co.
(10/17)
Aug. 15, 1961 it was reported that this company plans to
sell $50,000,000 of debentures due Oct. 1, 1981 in October.

Office—80 Park

Smith In«.#

•

Industries, Inc.

1961 it

sell about

Underwriter—Kuhn,
(managing).

Co., New York
Service

Pa.

30,

First Boston Corp.
.

Aug. .15, 1961 it was reported that this company plans to
sell about $13,000,000 of debentures in October. Office—

Bldg.,

Pro¬
Office—1600

Co., Inc.

medical

capital improvement program.

rights

•

Shenk

Aug 22,

filed shortly covering 62,500 common shares. Price—$4.
Business—The design, engineering and manufacture of

to stockholders
through subscription rights had been
postponed until about June 1962. Office—900 15th St.,
Denver, Colo. Underwriter — To be named. The last
equity financing was handled on a negotiated basis by

.Kansas Power & Light Co.. (10/10)

furnishes

1961 it was reported that the previously an¬
nounced plan to sell about $20,000,000 of common stock

Georgia Bonded Fibers, Inc.
Sept. 14, 1960 it was reported that registration of 150,000
shares of common stock is expected. Offices—Newark,
N. J., and Buena Vista, Va. Underwriter—Sandkuhl and
Company, Newark, N. J., and N. Y. C.

4 '»1-1 '

company

Halsey^ Stuart & Co. Inc.; White, Weld & Co., Blyth &
Co. Inc., Goldman, Sachs & Co., and Harriman Ripley &

Ave.,,Topeka./Underwriters-^ Competitive).
Probable/bidders: First Boston Corp.; Halsey, Stuart &
Co. Inc.; Blyth & Co. Inc.. Bids--Expected Oct. 10, 1961.

Boulevard, Long Island City, N. Y. Underwriter—Omega
Securities Corp., New York.

Aug. 22,

Price—$35. Proceeds—To increase capi¬
Memphis. Under¬

",<V

Business—the

amusement rides for children. Proceeds

share for

800 Kansas.

Business—The manufacture of medical electronic
equip¬
ment
Proceeds—For expansion. Office—28-21 Astoria

★ Valtronic Corp.
Sept. 6, 1961 it was reported that

Public

(truck)

Loeb &

Office—127 Madison Ave.,

writers—Merrill, Lynch, Pierce, Fenner &
and Equitable Securities Corp. (co-mgrs.).

("Reg. A") will be
Price—$2.

common shares.

speed machinery. Proceeds — For expansion. Office—
Brooklyn, N. Y. Underwriter—Rodetsky, Kleinzahler,

Grant

Business—

new

reported that

was

shortly covering 100,000

shares to stockholders through subscription rights.

• First National Bank of Memphis (Tenn.)
Sept. 6, 1961 it was reported that this bank is offering
its stockholders the right to subscribe for 150,000 addi¬
tional

Aug 9, 1961 it
filed

ceeds—For

Servonuclear Corp.

Pittsburgh Steel Co.
Aug. 15, 1961 it was reported that this company plans to
raise about $10,000,000 by sale of about 750,000 common

stockholders.

Co., Inc., The First Boston Corp. Bids—Expected Nov.
14 at 11 ajn. (EST).

a new type truck and set up national dis¬
tributorships. Office—Brooklyn, N. Y. Underwriter—J.
Laurence & Co., New York City.

about

Savings and Loan Association with 13 offices in Ore¬
gon and Washington. Office—Portland, Ore. Underwriter
—R. W. Pressprich & Co., New York City (managing).
Note—The proposed offering is exempt from registration
under terms of the Securities and Exchange Act of 1933.

and Shields &

Co. (jointly); Kuhn, Loeb &
Co.; Salomon
Brothers & Hutzler, Eastman Dillon, Union Securities &
Co., and Equitable Securities Corp. (jointly); Blyth &

March

ex¬

—to operate

Inc.

Equitable Savings-& Loan Association
Aug. 22, 1961 it was reported that about 255,000 shares
of this firm's stock will be offered publicly in early
September. Of the total, approximately 255,000 will be
sold for the account of the company and 180,000 for cer¬
tain

Price—$3.

mobile

was reported that this company plans
$50,000,000 of first mortgage bonds due
Nov. 1, 1991. Office—4 Irving PI., N. Y. Underwriters—
(Competitive). Probable bidders: First Boston Corp.;
Halsey, Stuart & Co. Inc.; Morgan Stanley & Co. Bids—
Nov.:21, 1961 at 11 a.m. (EST); Information Meeting—
Nov. 15 (10 a.m. EST) at the company's office.

Co.

-shares.

en/21)

Aug. 28,

i
ti

Edison

Pipe Line Co.
reported that this company

was

—

1961

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).
Penn Amusement Corp.
Aug. 22, 1961 it was reported that this company plans
to file a "Reg.
A" shortly covering 100,000 common

April 21, 1959 was bid on by Kidder,
•Peabody & Co. and Rauscher, Pierce & Co., Inc. (jointly); Salomon Bros. & Hutzler, and Merrill Lynch, Pierce,
Fenner & Smith Inc. (jointly); Halsey, Stuart & Co.,
-Inc.; White, Weld & Co.
j

■

pects to sell about $72,000,000 of debentures in the late

Feb.

construction.
Underwriter
To
be
determined
by competitive bidding. Probable bidders:
Halsey, Stuart
& Co. Inc.; Kidder, Peabody &
Co., White, Weld & Co.

Trunkline Gas Co.

Eastern

Panhandle

March

...

sue

Page 16.

For

plans

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.

Best

Advertising Notices

Appear

about

Kuhn, Loeb & Co.; Equitable Securities Corp., and Blair
& Co. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc., Kidder, Peabody & Co.,. and White, Weld & Co.
(jointly); First Boston Corp.; Lehman Brothers. Bids—
To be received on Oct. 25, 1961.

—

•

company

—

first
half
of
1962.
Office
Lexington and
Liberty
Streets, Baltimore 3, Md. Underwriters—To be determined
by
competitive
bidding.
Probable
bidders:
-Halsey, Stuart & Co. Inc.; White, Weld & Co., and First
Boston Corp.
(jointly); Harriman Ripley & Co., Inc.,
and Alex. Brown & Sons (jointly).
'
-

first mortgage bonds. Office—441 Stuart
St., Boston 16,
Mass. Underwriters
To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;

issue

that this

reported

was

England Power Co. (10/25)
Jan. 20, 1961 it was reported that this
subsidiary of New
England Electric System plans to sell $20,000,000 of

Underwriter—Omega Securities Corp., N. Y.

-Aug". 30, 1961 it

1961 it

New

chain link fencing.

plant expansion.

N. J.
'

sell

Laboratories, Inc.

$750,000 of common stock. Business—The
development of pictures and the sale of photographic
equipment and supplies. Proceeds—For expansion. Of¬
fice—29-14 Northern Blvd., Long Island
City, N. Y. Un¬
derwriter—Rodetsky, Kleinzahler, Walker & Co., Inc.,
Jersey City, N. J.

Office—Adrian, Mich. Underwriter—

Aug.* 9, 1961 it was reported that

(managing).

Mutual Photocolor

tMorrison & Frumin, Inc., Detroit.

"filed

Dividend

Dade

Monterey Gas Transmission Co.
April 24, 1961 it was reported that Humble Oil & Refin¬
ing Co., a subsidiary of Standard Oil Co. of New Jersey,

at 25 Park Place, New York 7, N. Y.

chain in

County, Fla. Proceeds—For ex¬
pansion. Office—2302 Collins Ave., Miami Beach, Fla.
Underwriter—Bayes, Rose & Co., Inc., N.Y.

you'll find hereunder.

telephone

Inc.

Aug. 28, 1961 it was reported that this company plans to
file a "Reg. A" shortly covering 100,000 class A common.
Price—$1. Business—The operation of a specialized res¬

Do you have an issue you're planning to register?
Our
Corporation News Department would like
to know about it so that we can prepare an item

Dillon, Union Securities & Co.; Salomon Broth¬
Hutzler; Goldman, Sachs & Co. Bids—To be re¬
on

Dec. 5, 1961.

West Penn

Power Co. (3/5)
10, 1961, J. Lee Rice, Jr., President of Allegheny
Power System, Inc., parent company, stated that West
Feb.

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 & Co.

Inc.; W. C. Langley & Co.; Lehman Broth¬
Dillon, Union Securities & Co., and First
(jointly); Harriman Ripley & Co.; Kidder,
Peabody & Co. and White, Weld & Co. (jointly). Bids—
Expected March 5, 1962.
ers; Eastman
Boston Corp.

....y-

•

J ,.v'f

(*-,»■

■'

**1

The Commercial and Financial Chronicle

(1048)

Thursday, September 7, 1961

Oct.

(Toronto)

1961

10,

Group
of Investment
Bankers Association meeting.
Canadian

WASHINGTON AND YOU

Oct.

(Montreal, Canada)
Group
of Investment
meeting.

1961

13,

Canadian

BEHIND-THE-SCENES INTERPRETA TIONS

Association

Bankers

CAPITAL

FROM THE NATION'S

Oct.

Sulphur

(White

1961

13-15,

Va.)
Southeastern Group of Investment
W.

Springs,

world-wide

vision hookup using

big, well-run, investor-owned

the

with approximately
stockholders, is having

corporation

2,000,000

There

apprehension in some quarters
on
Capitol Hill that AT&T may
carve
itself a monopolistic posi¬

Oct. 15-18, 1961

Subse¬

communi¬
in¬

a space

nual convention.

private

dustry.

boxed.

its bell-ringing ears

communications

in the space

tion

field.

members

before

Even

Democrats, wrote
Kennedy a letter re¬

all

Congress,
President

cently to the effect that they see

monopoly in
communications field,
of

dangers

with

De¬

Justice was eyeing
corporation of them

biggest

all

the

Division

partment

the
the

Anti-Trust

the

revenues

billion

$7.9

1960, and perhaps $8 billion in

1961.

opposition

and

"widows

the

phans,"

or¬

it has been referred to

occasion, but to try and keep
from

graph

Oct.

Company promptly an¬
plans to launch its first
satellite within a year and .peti¬
tioned
the
FCC: on Oct. 21 for
allocation

cies and

bigger

allegedly

getting

bigger, particularly in the na¬
tion's
satellite
communications
system.
Perhaps one of the foremost op¬

American Tele¬
phone and Telegraph Company in
Washington is Senator Russell B.
Long of Louisiana. Russell Long's
father, Huey P. Long, who was
the

ponents

Senator from Loui¬

Governor and

helped

reputation

hard-hitting law¬

himself

carve

in opposing a rate increase in

yer

by Southern Bell Tele¬

Louisiana

Company,

Telegraph

and

phone

company's of the Bell

of the

one

system.

be¬

Long

Huey

victory

the

cause

Louisiana

increases

rate

30 years ago.
At any telephone booth in Loui¬
siana you can still make a tele¬
phone call for a nickel. The tele¬
phone company maintains'that the
rolled up more than

provide

Louisiana

rates

lower

fair return

vestment and is

not

its in¬

stumbling block

The Public Service
of Louisiana insists that the intra¬

expansion.

state rates are sufficient for a fair
and

equitable return.

granted
White

for

good of subscribers, last year
took it on itself to start private
development of a communications-

system.

encour¬

was

the National
Aeronautics & Space Administra¬
do

aged

tion and the Federal Communica¬

Commission.

tions

It is because of its
an area

pioneering in

which potentially involves

billions of dollars in returns

many

the years

ahead, that the Just i c e
Department, members
of
Congress and competitors of
AT&T, such as RCA, Philco, Gen¬
eral Electric and numerous others,
stepped in.
Now

FCC-industry

committee trying to come up with

kind

some

trol
not

reasonable

the

problem

pertaining

easy

Despite

ownership-con¬

Oct.

the

e s

Aeronautics and

driving

to launch

experimental

Little

than

year

ago

a report with the FCC
requested the regulatory

agency for the allocation of fre¬
quencies .f o r .space communica¬
tions, and projected a plan for a

Oct.

laundry inside!"

monopoly."

great

Craven

committee that the earliest

realization

ble

possi¬

satellite

munications for

Sub¬

Senate

the

Commissioner

assured

this

denied

commissioners

contention.

com¬

leadership
ful

Ohio

brought

was

monopoly

telephone

out
all

that,

has

now

carrier

and

see

FCC

said at

interstate

Systems

overseas

Senator

the

said

better

than

the

FCC

has

done

of the state regulatory

agencies

Sept. 21-22 (Atlanta, Ga.)

which

have

•

the

phones

COMING

service

tele¬

AT&T

the

1946

panies

had

Bell
an

per

operating
of

average

com¬

about

393,734 employees and 23,754,910
telephones or 60 telephones per

employee.

In 1959 the average
number of employees was 579,871
and

the

phones

number of tele¬
slightly more than 58,-

average

was

000,000

phones

per

than

tele¬

100

are

chalking

wages

while

cropped

satellites,

Waldorf

the

;

May 6-9, 1D62 (Seattle, Wash.) ~
National Association
of
Mutual

Savings Banks 42nd annual con¬
ference at the Olympic Hotel.
Sept. 23-26; 1962 (Atlantic City,

3, 1961
Club

\;:-

j.);

American Bankers Association an¬

day at the Philmont

Country Club, Philmont, Pa. *•
Oct.

at the St. Anthony
\y-y; ,'Y''C

(Detroit, Mich.)
of
Detroit .Annual

at Lochmoor Country,
Grosse Pointe Woods, Mich.

nual convention.,

;

27-May 1,
Mass.y' ■ :"y, y.-.y

(Boston,

1963

April

i Assoqiation of Mutual
Savings Banks 43rd annual con¬

National
ference

at the Hotel Statler.

(Chicago, 111.)

Oct. 4, 1961

Municipal Bond Club of Chicago
25th Annual Field Day (Chicago
Waterways

Cruise, Sept. 7; Field

York

New

Bankers
and

ner

(New York City)
Group

Investment

Association

din¬

business from offices at 3132 Bat¬

annual

meeting at the Waldorf-

Day Sept, 8th at Elmhurst Coun-- Astoria Hotel.
j
try Club).
Oct. 7, 1961 (New York City)
Sept. 8, 1961 (Cleveland, Ohio;
Security Traders Association of
Northern Ohio Group of Invest¬
New York annual dinner dance at
ment Bankers Association meet¬
.

Oct. 9-10, 1961

Sept. 13, 1961

Mountain

Rocky
ment

(Denver, Colo.)

Bankers

Group

Association

Association- of

Invest¬
meet¬

Commodore.

Hotel

ing.

(Denver, Colo.)
Stock
Exchange

Firms, Fall meeting of Board of
Governors at the Brown Palace

ing.'

Hotel.

Oct. 9-12, 1961

E.
in

Rieber
the

main

Testimonial
ballroom

National

(Rochester, N. Y.)

Association

tleground
name

Road f under

the

firm

Securities.

Future

Form Mutual Funds Inc.
DENVER, Colo. —Mutual Funds
Incorporated
has
been
formed
with offices at 216 Clayton Street
to engage

Officers

securities business.
P. Fellows,

James

are

President;
George
A.
Holley,
Vice-President; and N. H. Fellows,
Secretary-Treasurer.

Bank

Women Annual Convention at the
Sheraton

the Waldorf-Astoria.

Forms Future Securities
GREENSBORO, N. C. —R. Max
Weethee is conducting a securities

Hotel.

em¬

Attention Brokers and Dealers

TRADING

MARKETS

higher

American Cement

Craven

Botany Industries

squabble

Chairman

says
now

Mutual

1962. (San Antonio,;

April 8-10,

has
TV and telephone

Association

Savings Banks 15th annual mid¬
year meeting.
C'-K"
V

and salaries.

Meantime,

FCC

paying

Diplomat

4-5, 1961 (New York City)

N.
f

annual field

Bond

Dinner

The companies

Fall Outing

George

savings in the number of

City)

Sept. 29, 1961 (Philadelphia, Pa.)
Club of Philadelphia 36th

IN INVESTMENT FIELD

Thus it is apparent that automa¬

ing.

dinner

Astoria.

EVENTS

tion in the Bell System is increas¬

Asso¬

(New York

1961

Sept. 13, 1961 (New York City)

employee.

Dec.

Dealers

Bond

Sept. 7-8, 1961

employee
greatly increased since 1946.

has
In

number

Security

27,

Sept.

annual

jurisdiction

Incidentally, FCC records show
that

the

and

Hotel.

ciation annual summer outing.

the rates within their respec¬

over

Hotel

Beach

nual meeting

Georgia

job in holding down rates

some

Association

Convention at Hollywood

Annual

Tex.)y .'
Texas Group of Investment Bank¬
ers
Association of America, an¬

Association of Customers Brokers

Bankers

Fla.)
Investment

Sept. 20-21, 1961 (Omaha, Neb.)
Investment Bankers'

interpretation

views.]

(Hollywood,

Association annual field day.

the

that

'i
1, 1961

Nebraska

•

coincide with the "Chronicle's"

cheaper interstate rates probably
that

••

Bell
are

Group of In¬
Association,

meeting at Hayden Lake, Idaho.

[This column is intended to reflect

own

Bankers

vestment

operating

the "behind the scene"

country

Long

Sept. 15-17, 1961
Pacific Northwest

hearing that

rates

this

Valley Group of Investment

National

field.

companies.

not

Queen

City Club and Kenwood Country
Club.
■■;-■■■. ■
' '/
■,

come

do in the

can

communications

space

may

the

space

from the nation's Capital and may or

cheaper than Intrastate rates.

means

what it

Group annual fall outing at

future sat¬

any

into

represents

the

al¬

Chairman Newton N. Minow of

the

ellite

a prac¬

volume of business.

the

the door open for

Dealers

Municipal

Cincinnati

FCC insists that it has left

company's

traffic,

than

less

Ohio)

off-peak hours.
The

(Cincinnati,

1961

14-15,

Sept.

during

capacity, probably

tern

to beat down the 22 Bell

though the AT&T

;

: ■.

(Louisville, Ky.)

ing.

use¬

ends.

Investment

.•';•••/•

1961

26,

Nov. 26-Dec.

of Meantime, AT&T is ahead so far,
but there is a campaign underway

application

the

science to peaceful and

space

■

Bankers Association annual meet¬

by the public

use

will demonstrate to the world our

Maxson

Official

flatly that all informa¬

Waste

available to the Commis¬

Films

King

;

sion indicates that domestic point-

to-point telephone communication
service for the foreseeable future

be furnished

can

means

cheaply by

than

satellite

FOREIGN
20 BROAD

system

telephone number is

CAnal 6-3840

SECURITIES SPECIALISTS
STREET

TEL: HANOVER 2-0050

Therefore, the only domestic

.now

Our New York

Carl Marks & Co. Inc.

using

satellite relay.

AT&T filed
and

this

create

FCC

conventional
a

portfolio—He's got his

his bulging

Long

Senator

se-

satellites

sometime in 1962.
U

ing.-:"
"Don't be misled by

charged that the Federal Commu¬
nications Commission has "helped

tion

Administration
of

13.

controversy, AT&T

ahead with plans
r

answer

solution.

and the National

Space

time

v.'

Group

Bankers Association annual meet¬

commercial satellite commu¬

the

^Minnesota

nications system.

con¬

(Minneapolis-St.

24,:. 1961

Paul).

communica¬
tions and ownership and operation

national

annual

11th

Oct.

Long,

Senator Russell

ployees

there

Senate

monopoly,

competition in space

tre¬

research

amount

month ago

Benefits of Automation

the

satellite

Clubs

conducted hearings on the role of

(Milwaukee,

Wis.)
National Association of Investment

vention at the Hotel Schroeder.L_

subcommittee

Group

Association

Bankers

October 20-21, 1961

Kennedy.

headed

Pennsylvania

meeting at Rolling Rock, Pa.

was

President

over

1961. (Pennsylvania)

19,

Investment

Eisenhower

House

of ' Investment

Group

Association meeting.

Western

Jan. 19, the day before
turned the

President

(Detroit, Mich.)

1961

Oct.

tive states.

which has done

AT&T,

AT&T application

Springs Riviera Hotel.
17,

Bankers

frequen¬

permit to build a new

The

tion.

Company Paved the Way

mendous

radio

two

ground station at Holmdel, N. J.,
use
in the experimental sta¬

tical

today the Bell Company
barrier against proposed

Even

has met

Asso¬

Traders

Security

Michigan

for

and

siana,

National

ciation Annual Convention at the

Tele¬

Palm

Less than

Washington
that has cropped up this year is,
not to damage the company or the

16-20, 1961 (Palm Springs,

Calif.)

The American Telephone &

;

The

stock

Oct.

Monopoly Charge

nounced

space

system

(San Francisco,

Calif.)
American Bankers Association an¬

called for the

quently, NASA
development of
cations

about 50 sat¬

orbits.

ellites in low polar

Association meeting.

Bankers

tele¬

and

telephone

WASHINGTON, D. C.—American
Telephone & Telegraph Company,

which

use

foresee is the * remote possi-i

bility of using idle satellite

sys-

NEW YORK 5, N. Y.

•

TELETYPE NY 1-971

LERNER & CO., Inc.
Investment

10 Post Office
:■

Telephone

Securities

Square, Boston 9, Mass,
_

HUbJmrd 2-mflL

Teletype.
^ BS
69

Full text of Commercial and Financial Chronicle : September 7, 1961, Vol. 194, No. 6088

FRASER