The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
*
JHFTTNr
OF MICHIGAN
9 1960
USINlSS ffi>MINISTRATIQN
LIBRARY
ESTABLISHED 1839
Volume
Reg. U. S. Pat. 0ffie9
Number
192
New York 7,
5984
AS WE SEE IT
Editorial
'•
Congress has adjourned without doing anything of great
consequence, and those elements in the Democratic party
which had sought to give the impression that it would
in effect write a Democratic party platform on which
Messrs. Kennedy and Johnson would win the coming
election are in an embarrassing position. Of course, it
i was obvious to all—probably including the most optimis¬
tic among the followers of Mr. Kennedy—that no broad
constructive legislation could be framed and taken to
I the statute books in the period of time available, and
;
,
cifically
and
own
was
not
are
All this is,
very
/
'•
' '
"
""
A
driven around like
be
of
as
course,
Far
as
to
"Leisure
a
Market,"
on page
be
In
wrong.
practice
my
issues
the
reflect
to
and
industrial
economy's
commodity-producing
swing
basic
to
sectors
changes
challenges frequently stops when we get close
to each man's sphere of operations. Sure, Africa is
in revolt, and the weapons of destruction we have
and
created
the
hardly be imagined, and we are on our
but what has that got to do with
can
to the
way
moon,
what I sell and how I sell it?
As investing criteria for individual newly
I suppose
it is natural for success to breed com¬
We have seen this in our national life.
the postwar years we tried hard
placency.
For too many of
and development.
not to
recognize the growing power of a potential
almost until it was whirling in orbit around
no longer be disregarded. I see
it among businessmen and economic analysts all the
enemy,
the earth and could
life, to begin by emphasizing the fact that the rate
and direction of change today are not comparable
time. The methods and indicators which
tive in
other period we have
known. The very words we use
to describe what is happening
to
any
explosion,
—population
mation
selling
security
a
before the
also
That
thing I
as
of
our
society have
Words like nuclear fission
common" in
where
once
our*
they
and that due
have
weight be given to
become
important
in
As an
of our most
widely used stock market averages hardly reflects
specialists.
must enter our calcula-;
tions as
a
peacetime reality. »
A. W. Zelomek
Emphasis on the uniqueness
of our position today has become frequent, but I do not believe that it can be
overemphasized. Any analysis, political, social or
economic, which is made within approximately the
same frame of reference as was used 15 or 20 years
will be unrealistic and. any estimates
factors which
new
our
economy.
illustration, I must point out that
reserved
Atomic en¬
were
one
total stock market, despite periodic revisions.
no office equipment stocks, although the
the
ergy
ago,
unceremoniously discarded
reappraised
but rather that their value should be
vocabularies
for the
why I believe that the most valuable
offer here is a different point of view.
suggesting that the time-tested indicators
can
and methods should be
and
servo-rqechanism have become
7
*
is
I am not
kept pace with others
not
a
19)
if parts
but
change,
-rapid
only
effec¬
New Viewpoint
not
somewhat uncontrolled change,
<
are
war.
auto¬
revolution—imply
were
product, or predicting the value of
still given the same importance as
a
It contains
offfice is
one
of the best prospects for
automation.
It contains only one company which produces partly
for the leisure market, although the use of leisure
time has created approximately a $40 billion mar¬
It contains only two electronic companies,
ket.
although the products of these companies are vital
to civilian and military
(Continued on page 25)
based on
Underwriters and distributors of
REGISTRATION—Underwriters, dealers, and investors in corporate
securities are afforded a complete picture of issues now registered with the SEC' and poten¬
tial undertakings in our "Securities in Registration" Section, strting on page 28.
SECURITIES NOW IN
U. S. Government,
STATE, MUNICIPAL AND
~
HOUSING AGENCY
PUBLIC
SONDS AND NOTES
Dealers in and Distributors
Public
Housing,
State and
Municipal
of Securities of
BANK LIMITED
STATE
Head Office:
AND
MUNICIPAL
Lester, Ryons & Co.
7 Federal Home Loan Banks
Banks for
26, BISHOPSGATE, LONDON, E.O.3.
telephone:
Members New York Stock
HAnover 2-3700
Branches
London
54 PARLIAMENT
CHEMICAL BANK
NEW YORK
13
ST. JAMES'S
Bankers to
BONDS
STREET, S.W.I.
ADEN,
ir.^
KENYA, UGANDA, ZANZIBAR
TRUST
COMPANY
Branches
in:
THE FIRST NATIONAL CITY BANK
INDIA, PAKISTAN, CEYLON. BURMA,
BOND DEPARTMENT
30 Broad Street
New York 15
KENYA, TANGANYIKA,
Members Pacific Coast
Offices
SQUARE, S.W.I.
the Government in:
Associate Member
AND
Claremont, Corona del Mar,
Encino, Glendale, Hollywood, Long Beach,
Oceanside, Pasadena, Pomona, Redlands,
Riverside, San Diego, Santa Aaa,
Santa Monica, Whittier
Inquiries Invited
OF NEW YORK
ZANZIBAR,
SOUTHERN
RHODESIA
Bond Dept.
m
Teletype: NY 1-708
Correspondent
canadian
T.L.WATSON &CO.
Block Inquiries
New York Stock
FIRST
gotUfuvedt
COMPANY
Exchange
Stock
Exchange
American
NEW
YORK
4, N.
DIRECT WIRES TO
Y.
MONTREAL AND TORONTO
Goodbody & Co.
MEMBERS NEW YORK STOCK EXCHANGE
•
PERTH
/,•
Development (World Bank)
THE
AMBOY
2 BROADWAY
c
NEW YORK
:
1 NORTH LA SALLE ST.
CHICAGO
••
Chase Manhattan
BANK
>
Pershing * Co.
MUNICIPAL. BONDS
FOR
buy the above righto
expire on September 16,
v
"
to
CALIFORNIA'S
Private
Wires
to
CIVIC
Toronto^
IMPROVEMENT
Montreal, Winnipeg, Calgary,
Vancouver, Victoria and
Halifax
CANADIAN DEPARTMENT
3DA.3L.LIA.S
BRIDGEPORT
i
International Bank for Reconstruction
and
1960 at the current market.
Commission Orders Executed On All
Canadian Exchanges
STREET
BROAD
offer
Direct
Invited
Teletype NY 1-2270
25
We
'
securities
Members
Marine Bonds
apdi).s
Rights
which
ESTABLISHED 1832
DEJAXJEJR#
—-
The Bank of Nova Scotia
Banks and Broker#
Association
United States Government Insured Merchant
HAnover 2-6000
UNDERWRITER
DISTRIBUTOR
r
Southern
on
Cooperatives
Federal National Mortgage
California Securities
New York
Net Active Markets Maintained
To Dealers,
Exchange
in
UGANDA, ADEN, SOMALI REPUBLIC,
NORTHERN
Exchange
American Stock Exchange
,
Federal Intermediate Credit Banks
So. Hope Street, Los Angeles IT,
California
623
_
Federal Land Banks
-
NATIONAL AND GRINDLAYS
Securities
*
economic
an
as
with hot water, but the recognition of the
Zelomek
Mr.
Cites outmoding
almost routine for a speaker or writer
commenting on any phase of our socio-economic
to the good, but, unfortunately,
(Continued
'
'
'*
■
I have found a frequent contradiction;
is quite willing to agree that the pot is
boiling and that if we're not careful we'll be scalded
leading Stock Market Averages, in their omission
research
It Goes
definite limit is fixed to the
Copy
advisor,
prospering companies, he suggests: the enterprise's history,
current management, financial position and expenditures for
supposed to quiet objectors.
to
will
it
Visiting Professor, University of Virginia
service industries.
.
Good
a
'
■
swing
sufficient
from
Congress (of which both are influential members)
anything of the sort this year-—or even to make
start.
a
some
of
flock of sheep. Nor can any promise by the Democratic,
^candidate to move forward vigorously on the "liberal"
front if sent to the White House be taken as a foregone
conclusion when he and his confrere were unable to per¬
to do
the
of
wing of the party in control of the conven¬
Superficially, all looked well set at the convention, but
the more conservative members of the party, particularly
those with seats in Congress, have since made it clear
that, convention or no convention, they still have minds
suade
•
analyzes its effect on investment policy.
proved quite impossible and for this much we
their
'vA':-
Re-emphasizing our changing economic position today, spe¬
must be thankful. Skillful maneuvering placed the so-
of
■
It is becoming
Presidential candidate
a
everyone
tion, and the selection of Senator Johnson as the Vice-
;
A 'A
By A. W. Zelomek,* President, International Statistical
White House.
called liberal
Cents
New Trends in American Economy
Bureau, Inc.,
obviously no such measures were ready for action. What
the party managers, or those of them apparently in con¬
trol at the convention, had apparently hoped Congress
would do was to take two or three very "liberal" (par¬
This
Price 50
Affect Criteria for Investment
ticularly with the taxpayers' dollars) statutes to the books
to which they could point as an augury of what the party
would do if given control of both Congress and the
;
N. Y., Thursday, September 8, 1960
MUNICIPAL BOND
Dominion Securities
Grporation
Associate Member American Stock
40
Exchange
DEPARTMENT
BANK OF AMERICA
N.T. & S.A.
Exchange Place, New York 5, N. T.
Tel. WHitehall 4-8161
Tele. NY 1-702-3
SAN
FRANCISCO
•
LOS ANGELES
Financial Chronicle
The Commercial and
(950)
2
Brokers, Dealers only
For Banks,
I Like Best.
The Security
•
•
which, each week, a different group of experts
A continuous forum in
participate and give their reasons
Trigger-quick
reaches
broad
a
range
of
Louisiana Securities
Exchange,
,
have
years on
sels,
.
now
In
our
nation¬
wide wire system.
To make
_
.
possible
sales. It would be no
pick the
ergy
coverage,
to
HANSEATIC."
"Call
Security
Corporation
New York 5
Teletype NY 1-40
BOSTON
PHILADELPHIA
CHICAGO
•
.
and the effects of the steel strike.
Average earnings for the past six
tion.
years
half
The
prod¬
of this
ucts
SAN FRANCISCO
93 year
Wire System
Opportunities Unlimited
M. S.
for
Monthly
our
Stock
picture
the Japanese
as a whole.
of
economy
more
about
York 6, N. Y.
61 Broadway, New
Telephone: BOwling Green 9-0187
This
is not
an
offer
solicitation for
or
orders for any particular
securities
and
in the
versed
and
requirements of
industries.
Whether
the
question comes
from
a
utility
seeking to purchase the largest
world
from
or
a
refinery needing tubes of an un¬
usual alloy steel, from a chemical
plant desiring a special refractory
its furnaces or a steel mill
for
with
control
temperature
lems in soaking
prob¬
pits, from a ship¬
ping company looking forward to
atomic powered vessels or a pulp
mill with difficult boiler cleaning
LAMB0RN & CO., Inc.
STREET
WALL
99
NEW YORK
problems
found
ence
Refined
•—
will
be
to help industry
problems has led to a
growing diversity of the company.
Today, B&W consists of four op¬
erating divisions—Boiler, Atomic
Energy,
Tubular Products,
and
Refractories; three subsidiaries—
Bailey Meter Co., Diamond Power
Specialty Corp. and A. M. Lockett
&
Co., Ltd.; and three service
divisions—Staff, Finance and Ac¬
SUGAR
—
answer
store of
experi¬
accumulated knowledge.
and
solve
Raw
the
—
B&W's
in
This
5, N. Y.
Liquid
Exports—Imports—Futures
DIgby 4-2727
The book value
up
ability
its
has
on
steam
tion
of
vision
efficient
IN
Bank & Quotation
about
of
use
economy
circuit
closed
and
safer
tele¬
more
fuel.
higher levels of
search for
The
of
research
generation and combus¬
fuels.
Viewing
of the
permits
output may bring
more advanced meth¬
and
even
producing electricity. Such
as "magnetohydro-
ods for
unusual terms
Record
dynamics" and "thermionics" may
become as commonplace in
well
(Only $45
per
(Single Copy
year)
generation
power
tric"
$4)
—
bound
give
on
nomic
pends
and
on
social
of
our
progress
industries
pumps for machine tool
and plastic mouldings;
for more
controls, movability, lower and
higher pressures are being devel¬
oped. Its valve program is produc¬
ing valves bigger on the inside
and smaller on the outside at its
compact¬
larger capacity at
Hydreco Division, more
equal
ness,
investment
and
An
or
eco¬
de¬
the effectiveness of our
be found at its Kinney
may
The
sales
high
of
also
has
coating process for
a
Company
find"
quota¬
tions.
tion
is
railroads, ships, planes, or even
pipe lines and conveyor systems,
the chances are good that some
B&W products are
Write
or
involved.
The first nuclear
call:
powered mer¬
chant
WILLIAM
B.
REctor
DANA
CO.
as
a
offer to buy,
For current information
or
write
Yamaichi
Securities Company
of New
York, Inc.
Affiliate of
Yamaichi Securities Co., Ltd.
Tokyo,Japan
Brokers
& Investment
111 Broadway,
Bankers
N. Y. 6 C Ortlandt 7-5680
BOUGHT
—
SOLD
L.A. DARLING
♦
MOREUHD & CO.
Members
Midwest Stock Exchange
Detroit
1051
Stock
Exchange
Penobscot
Building
DETROIT 26, MICH.
DE 75
WOodward 2-3855
Branch Office
—
Bay City, Mich.
coatings have high sig¬
to
producers of elec¬
tronic components and equipment,
sales increases
ally since 1954,
optical devices, instruments, mili¬
tary equipment, costume jewelry,
which
toys, etc., with its electrical films.
10%
annu¬
may
It
m^kes anti-static films, shield¬
ing films, insulating films, resist¬
be accelerated
the
future.
near
bus
N.
types of cen¬
trifugal pumps
Leonard
Jarvis
many
oils,
solids,
temperature
varia¬
tions, abrasive and corrosive prob¬
lems, spraying, tunnels, cooling
computers, air-conditioning big
buildings,
boilers,
generators,
cooling towers, sprinklers, dish¬
washing
machines,
all
nuclear
ships
such
as
the
Savannah,
cruisers, carriers and submarines.
A
fantastic
bar
thick
or
bases for
metal
films
as
printed circuits, absorb¬
ing films and is constantly devel¬
different sizes represent
two-thirds of its sales, while tur¬
bine type pumps are about onethird. NRB pumps go into mate¬
rials
handling
devices,
sewage
work, pollution, and the pumping
of all kinds of liquids, e.g. acids,
of
films, heat reflecting films,
ance
Some
different
20
number
of
nuclear
submarines may be made whoever
is President!
Research in naval
circumstances to be construed
solicitation of an
STOCKS
These
oping
It
films
new
seems
that
potentials
techniques.
and
its
future
big
are
in
market
connection
with
transistors, nucleonics, elec¬
beam
projects,
memory
cells,
air
conditioning, lighting,
and in compressor fields.
tronic
At Watertown, the company de¬
veloped the brake cylinder release
valve. In classification yards these
new valves permit the release of
the
brakes
without
releasing the
cut time of stops to
nothing from the 30 to 45 minutes
air and
may
required to rebuild the air in the
system of each
it
fore
about
can
types. In
1952, Aurora
use
10%
have
car
start
of
in
the
train be¬
a
again.
up
cars
Only
now
in
brake
valves.
Electric
could
now
any
as an
offer to sell,
or
security referred to herein.)
from
r
seems
become
locomotives
no
JAPANESE
nificance
scoring
2-9570
(This is under
branch offices
substrates.
Pump
Division has
horizontal
to
Counter
-
as
our
High
system designed and built by the
"hard
those
the
securities
to
vacuum
New York 7, N. Y.
-
listed
When transporta¬
mentioned — automobiles,
transportation.
Direct wires
Vacuum Division in Boston where
25 Park Place
as
the monthly prices
~ NY 1-1557
La. - Birmingham. Ala
Mobile, Ala.
larger future potential
even
ship
in
the
world, the
N.
S.
Savannah, will have her
complete atomic steam generating
all
well
will
effectiveness
equipment, is also interesting. In
just a few years its hydraulic
pump has pushed up from a rating
of 1000 pounds per square inch to
2000 p.s.i. with three new series
this year and soon it will intro¬
duce ones with 2500 p.s.i., with no
known competitors in sight. Vane
cylinder release
This, of course, gives the
ships will lead to commercial ap¬ railroads
greater
utilization
of
plications against fire, bilge, bal¬ cars.
NRB
generally gets about
last, hot and cold and ice waters,
40% of the air brake business in
distillates,
contaminated
evapo¬
the U. S. A. with 60% going to
rator feeds, sumps, water pressure'
Westinghouse
Air
Brake.
The
sets, feed boosters, auxiliary cir¬
company also developed a wheel
culating, sanitary, air-conditioning
slip control device for diesel-elecand general water services with
tric locomotives in which General
turbine, centrifugal, vertical and
you
Over
publication
"turbo-elec¬
is today.
The
This
as
Y.
•
been
New York 6, N. Y.
larger overall market
will expand world-wide.
Air Brake's Kalamazoo
solar energy radiation, a vacuum
■.-I
*1
i
system for the operation in the
Many new developments are go¬
ultra-high range (one-trillionth of
ing on at the New York Air Brake
normal
atmospheric
pressure)
Company.
As recently as 1952,
which represents a breakthrough
40% of its sales represented air
to meet requirements in the simu¬
brakes for
lation of outer space, production
railroads,
of super-pure metal films, oxides
whereas in
or
salts applied under high vac¬
1959 i t w a s
uum upon glass,
plastics or other
only 17%. Its
the years in
with
furnace
YOU WILL FIND THEM
12% of ,a sub¬
is getting.
it
Division, making hydraulic pumps
and valves for heavy off-the-road
It
Aurora
Exchange
Members American Stock Exchange
lower costs.
appreciation.
New York Air Brake
.
19 Rector St.,
equipment
stock sold at 46 in 1957. The range in
three
years
has tripled. Its
this year has been high 38, low 28, equipment can be adapted to cry¬
and the current price is 31.
ogenic processing, environmental
testing and missile ground sup¬
port. New furnace types have
N. LEONARD JARVIS
been produced for processing rare
Partner, Hayden, Stone & Co.
and
refractory metals. Its high
New York City
temperature
sintering
furnace
Members: New York Stock Exchange permits operations at over 4200F.
efficiency,
millions
invested
over
safe
capital
good
in
B&W
ago.
a year
for
averaging 11%-12% a year.
Atomic power is on its way.
To aid the electric utilities in
dollars
$301 million,
longer term future is very
and we recommend the
years,
QUOTATIONS?
are
stock
of
their search for greater
is $28.00.
bright,
counting, and Research and De¬
velopment.
Electrical Energy sales should
more than double in the next ten
Need Hard to Find
$237 million
The
processes
the
3.90%.
Unfilled orders
engineers
well
are
in
Current yield
$1.20 from $1.00.
company's
boiler
recently raised
to
•' ;>■'./
The
was
is
constant
many
The Nomura Securities Co., Ltd.
The dividend
it sup¬
industries in
to
their
scientists
year
search for better
economical
perform¬
America's
plies
ance. '
Digest, and our other reports
that give you a pretty clear
Benjamin
services and products
and
IN JAPAN
Write
company
states that
should be a good one
standpoint of earnings.
Research and Development funds
amount to about 650 per share.
this
Ameri¬
through
the
$2.50.
For the first
earnings were $1.49
from the
every
can
1960
The
year.
old
enter
life of
the
were
of
$1.65 for the same period last
vs.
company
Nationwide Private
spite of lower shipments
this descrip¬
Stock Exchange
120 Broadway,
$2.58 for
earned
company
in
Members New York Stock
,.
market and
got 2% of the pump
now
Consoli¬ ■\;v;'-;.N.
the
WILCOX fits
Associate Member
WOrth 4-2300
The
1959
&
for
Co.
Edison
dated
I
Best."
Like
BABCOCK
1920
station
Steiner, Rouse & Co.
HAnover 2-0700
and soon
nuclear
financed
privately
Bought—Sold—Quoted
New Orleans,
stantially
power
"The
it
call
working on improve¬
design and application.
New York
Hayden, Stone & Co.,
City. (Page 2)
first
and
field
this
in
Partner,
Jarvis,
Leonard
N.
It has the contract for the nation's
in
company
American
constantly
ments
Air Brake Company—
New York
been
this supplied by the Bailey Meter Co.
whose specialists in instrumenta¬
En¬
tion for the chemical industry are
trick
oldest and best
New York Hanseatic
Established
will
that
enjoy
superior growth in
coming decade is Electrical
have
controls
and
meters
Maurice S.
—
(Page I!)
automation,
its
for
known
try
industries
of s the
One
,
you're getting
sure
the widest
,
Babcock & Wilcox
,
indus¬
an
Wilcox
&
Benjamin, Partner, Benjamin,
Hill & Co., New York City.
many
naval and merchant ves¬
are also being used on
nuclear submarines.
Contacts through
controls,
for
used
been
Bailey
Co.
and
Instruments
which
& Co.
Members New York Stock
New York
Wilcox
&
Meter
Benjamin^Hill
Partner,
^ Alabama &
Selections
for favoring a particular security.
Babcock
MAURICE S. BENJAMIN
service and
Thursday, September 8, 1960
Participants and
Their
Babcock
department offers
.
field from all sections of the country
in the investment and advisory
Our experienced trading
.
Week's
This
Forum
Call "HANSEATIC"
.
as
interested.
standard
for
.
diesel
it prevents wheels
Continued
on
page
OVER-THE-COUNTER
INDUSTRIAL STOCK INDEX
20-Year Performance
of
35 Industrial Stocks
FOLDER
ON
REQUEST
It
slipping when starting, and
^
N. Q. B.
25
National Quotation Bureau
Incorporated
46 Front Street
'
New York 4, N.
Y.
192
Volume
Number 5984
.
.
The Commercial and Financial Chronicle
.
(951)
CONTENTS
What Should Be Done About
ullCHIfllSTfll
Monetary Silver Program
AN
By Herbert M. Bratter,
3
Articles and News
Washington, D. C.
Page
COMPANVj
D
obsoletes
Forthright
rebuts
indictment of our silver laws calls for their repeal,
made recently on their behalf by Robert M.
Investment—A.
July 14, p. 12), and would consign mone¬
tary use of silver to fiduciary minor coinage. Mr. Bratterj a writer
for many years on monetary subjects, declares that: (1) the goal of
our silver laws has not been kept since 1342;
(2) silver statutes are
an anachronism which has provided a subsidy to a small sector of
the economy and added to the cost of a wide-range of military and
civilian products; (2) claims regarding redeemability of silver cer¬
tificates are false and misleading; and (3) silver laws would have
been readily expugned if, as part of its sound money policy, the
Eisenhower Administration had requested its repeal.
Hardy, Jr. (cf. "Chronicle,"
of the article on
k reading
—Herbert
M.
—Edward
i
r e v
e w
monetary
laws
ver
in
Bunker
Kennecott
attempt
an
e
g
Mr.
i s tation.
Hardy of
.
speaks
the viewpoint
course
mine
of
ducers
Herbert M. Bratter
Sunshine Min¬
of
•.
of
this country's largest suppliers of
newly-mined domestic silver to
the U. S. Mint Bureau. Mr. Hardy
and his business associates,
in¬
cluding a hired consultant have
been
propagandizing in defense
the
of
is President, is one
he
silver program
and for a
silver for
higher price of
several years.,; This is perfectly
legitimate and to be expected un¬
still
But
it is also perfectly legitimate for
others to examine with care the
arguments of any vested interest.
der our system
sidy
.9
.7
.7
in
less
in
the
BOWLING
•J A'i:'.
11
BAIRD-ATOMIC
12
:
PERMACHEM CORP.
W.
Quantius
12
PANTEX MFG.
14
:
METROPOLITAN
BROADCASTING
14
was
this
all
concerned with
not
our
-
the enrich¬
hoarders of
and silver
the world.
Only a thin slice of the pie went
to Americans, and at that most
of these beneficiaries were not
miners. Under
present law, producers of newlymined domestic silver may sell it
on
the open market, or, if they
regard it to their advantage, to
(Editorial)
Insurance
Cover
Stocks
buying
in
1934
and
Dealer-Broker
ver
officially
sales.
Investment
Recommendations.,
5
Mutual
^
Prospectus
on
Request
18
Funds
-
Singer, Bean
&
NSTA Notes
mackie,
News About Banks and Bankers
Observations—A.
40 Exchange Place, N. Y*
Wilfred
21
-
May.
Teletype NY 1-1825 & 14844
Direct Wires to
4
Our Reporter on Governments
9
Public
Utility
1
Securities
Los
San
16
Dallas
Cleveland
Chicago
to
inc.
39
HA 2-9000
Angeles
Philadelphia
St.
Francisco
Louis
Securities
preceeded
Prospective
in
28
Security
20th century
Offerings
36
20
The Market.
the 1934 law proved to be a
completely irrational foreign aid
program that made the U. S. the
laughing stock of the whole world.
The wonder is that it happened
the
Registration
Security Salesman's Corner.
16
.
.
years
in
in
Now
•
The
and
You—By Wallace Streete
Security I Like Best..
National Patent
Development*
2
The State of Trade and Industry
5
Hudson Vitamin
Tax-Exempt Bond Market—George L. Hamilton
and that the
6
Products*
silver program is still solidly im¬
bedded in
In The
our
Washington
statutes.
and
You
40
Coming of the New Deal
Continued
on
page
22
AstrothermCorporation*
(All Issues)
,
PREFERRED STOCKS
Twice Weekly
FINANCIAL
Copyright
1960 by William
CHRONICLE
COMPANY,
CLAUDE
WILLIAM
1868
D.
SEIBERT, President
DANA
SEIBERT, Treasurer
BROAD ST., NEW YORK 4, N. Y.
TELETYPE NY 1-5
TELEPHONE HAnover 24300
.
Chicago
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as
1942,
*Prospectus
of
Pan-American
Union,
in
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Canada,
Other
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issue) and every Monday (com¬
statistical issue — market quotation
records, corporation news, bank clearings,
of
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city news, etc.)
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Publications
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Salle-St.,
STate 2-0613).
and
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year.
per
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the
WM V. FRANKEL & CO.
year.
Every
plete
and
request
Subscription Rates
Subscriptions in United States,
U.
Possessions, Territories
and
Members
1960
vertising
state
on
second-class matter Febru¬
at
Publishers
GEORGE J. MORRISSEY, Editor
Members New York Stock Exchange
25,
Park Place, New York 7, N. Y.
REctor 2-9570 to 9576
Spencer Trask & Co.
Founded
Reentered
the post office at New
York, N. Y., under the Act of March 8, 1879.
Reg. U. S. Patent Office
DANA
B. Dana
Company
ary
25
Bargeron
26
The COMMERCIAL and
Newark
Hathaway Instruments
20
Indications of Current Business Activity
WILLIAM B.
Nashville
Yardney Electronics41
*
1935
protest
to
Photocopy
in
1933 by other
measures
to
"do
something for
silver." As executed in its early
mints in 1959.
Boston
BBM
8
From Washington Ahead of the News—Carlisle
Published
■
40
Defeat"
War
-
The Silver Purchase Act of 1934
was
most often heard
from in defense of the subsidy are
Sunshine and American Smelting.
Albany
White Shield
Einzig: "Need for Drastic Tariff Cuts to Prevent Cold
State Department; and India.
Even Russia benefitted from sil¬
these, those
25
Servonics
21
Coming Events in the Investment Field
but in the east, where
mining companies and
ernments
it is self-evident
A
Broadway, New York 5
the
If they sell to
specialized in
J. F. Reilly & Co., Inc.
19
caused the Chinese and other gov¬
passed to aid the
For many years we
*
cur¬
system, but with
ment of silver miners,
silver in
the U. S.,
sellers everywhere in
silver
*
DIgby 4-4970
rency
purchase laws were
mined silver to the
See It
and
Bank
the word miciled. Among the foreign beneficiaries were Mexico, which soon
to these after the silver laws were enacted,
statutes; but subsidy it is all the nationalized foreign oil proper¬
same. The silver bloc's strongest
ties; China, which sold us more
silver than any other country, al¬
friend in the Senate, Carl Hay den
though the rapid scale of U. S.
of Arizona,
has publicly stated
that
they have a greater advantage in
so doing than would accrue from
selling on the open market.
The
accompanying table shows the top
10 corporate deliverers of newly-
15
*
Regular Features
to be applied
mints.
Elliott
39
They don't like
have
'p' [ 'S*.-
Predicts More Mortgage Funds Available for Ilomebuyers
As We
silver was
acquired by the Treasury in car¬
rying out a Congressional "monetary" policy. Actually the motive
Nominally
their chief shareholders were do-
Of
•*.
/
politics.
since
S.
V
justifiable subsidy'
history
of >■: American
big
U.
•
least
and
west,
the mints,
'■
'■'.
:
*
is probably the most sense¬
what
the
the
1
■
Financial Intermediary
—Roger W. Babson.
idle in
Treasury vaults, some of it lying
there since 1878,—a monument to
the
that the silver
a
The General Unawareness of Today's Indirect Taxes
much silver is today lying
this
legislation in the guise of
legislation continuously
1933 under one law or an¬
"subsidy"
,
as
Sherman
—Joseph B.
monetary
other.
*•'
S. Mint.
Imagine a solid cube of sterling
silver measuring almost 62 feet
in each direction.
That is how
country
benefiting from sub¬
been
have
of lawmaking.
mines
Silver
AMERICAN INTL.
10
—Jesse P. Wolcott
1.0 (
Subsidy and Its Result
The
His
Co.,
9
Mortgage Credit Source
as
Bankers Today Must Look at Their Common Problems
&
A
WHitehall 4-6551
Air Conditioning Industry—Its Problems and Prospects
company,
ing
—Frances
the
of
metal.
which
2.0
/
Dept.
NEW YORK
A Proposal to Help Banks Realize Greater Earnings
1.8
Co
Copper
WALL STREET,
Telephone:
Fricke
—Benjamin
2.3 v
2.3
Smelting & Refin¬
Source: U.
.
V.
well
The Vending Industry's Fabulous Economic Future
2.6
Co
ing Co._—
U. S. Smelting, Refining
Mining Co.
Hecla Mining Co
Polaris Mining Co
Magma
pro¬
—Cedric
as
Krusch!
,
Unger___
yy:"*'•
*
may
to
7
Variable Annuity Prospects
2.7
._
Copper Corp
American
rectify er¬
rors
of * past
to
1
Hill
7.'
V:";
you
Obsolete Securities
99
Symonds
Don't Look to Pension Funds
Phelps Dodge Refining Corp.
Sunshine Mining Co._______
now
3
;__
of ounces)
Anaconda Co.
books
the
on
to
the
Bratter____
A.
can't quote
we
'em,
send them
Phillips Petroleum Company—Ira U. Cobleigh
Deliveries of Top Ten
of Silver to
U. S. Mint, 1959
sil¬
time
is
it
—•if
Cover
Present and Future Trends in the World Oil Industry
Suppliers
(In millions
Zelomek__
What Should Be Done About Monetary Silver Program
Corporate
silver
Mr. Robert M. Hardy, Jr., in
the
Commercial
and Financial
Chronicle of July 14 suggests that
W.
on
—Maurice
by
FOR russia
New Trends in American Economy Affect Criteria for
arguments
account
of
Record
(Foreign
of
subscriptions
New
Monthly,
extra).
tlie fluctuations
exchange,
piust be made in
—
Postage
and
remittances
WHitehall 3-6633
in
for
advertisements
York funds.
YORK S
'
Teletype NY 1-4040 & 1-3540
4
book
a
MAY
it
is
Wealth"
RISING BETWEEN TWO
INVESTING
our
article,
"A
for
that
in
the
the
title
"Paths
would
seem
to constitute
mere euphemism for
popular get-rich-quick come-
the
ons; that the jacket is glamorously
adorned with a reproduction of
The Answer (?),"
in this space on fill out a "Why Buy" and "When the speculative ticker tape; and
Aug. 25, we concluded that Mr. Sell" Quiz Sheet.
And here, on carries this "easy money" blurb:
Darvas' best-selling account of his both the
selling and buying sides,, "any one of these investment ideas
$2 million stock market winning we immediately run into the could make you a considerable
.
the
fact
tive
not
transferable—at
skill
is
that
intui¬
substantiates
intuitive process.
.
First under Mr.
Loeb's principle of a "Ruling Rea¬
son" determining your buying de¬
Furthermore, scru¬
tiny of the dancer's volume high¬
lights an author's practice, evi¬
$4.95
.
per copy.
fortune."
Happily however, these
items turn out to be
mere
Should
•
promo¬
tional
gadgets to spoon-feed the
prospective reader; the volume's
Sell Stocks
Prospects.
Or
Buy
You
Because of Election
week's violent
book's devotion of space
impact ' on
investment is
timely indeed. After re-affirming
the thesis that the actions of gov¬
.
.
.
Japan.
in
growth
the units
tion
outstanding:
End of
Total Outstdg*.
Year
(billions, Yen)
,
-
$ Equivalent
"tremendous
1951
12.6
: $35,000,000
59.6
impact on the value of common 1955
170,000,000
209.7
stocks; and that there can be no 1958
580,000,000
denial as to what: governmental 1959
330.0
920,000,000
influences can do, he puts the key 1960 (June)
410.2
11,115,000,000
question: is the victory of one
This 3,200%
growth in Japan
party over the other party suffi¬
ciently imp of t a n t to warrant far outstrips the concurrent quad¬
changing investment decisions rupling, from $4.4 billion to $17.8
from what they otherwise might billion) here.
ernment
have
can
a
The
-
Japanese
.
.
person¬
management,
Japan during
past decade has been phenom¬
enal, as specified in the following
table showing the asset totals of
the
cision, he points to the necessity
"correctly sensing the ruling content keeping uniquely aligned
reason," and similarly, adverting with realism and good sense. No
of investing success, of unwittingly to the need for
"genius" and "flair" doubt contributing to the author's
departing from his own vaunted to succeed. In attaching impor¬ constructive attitude, and his spar¬ be?'
ftfv.
In de-bunking the significance
specific "systems" to "playing by tance to judging the quality of ing us from just another how-to
ear" or "feel."
j management, too, is the employ¬ opus, is his full-time profession as investment-wise of the assumption
This operational transference ment-of "feel" and intuition im¬ an investment
that the G.O.P. is "good for busi¬
counsellor.
now again comes to our attention
ness," is his treatment of the
plied.
^
V-'-V
Thus, he prefaces his devotion
in a forthcoming volume "Loeb's
of major space to that ever-nettle- question at its best. Also is he
Scuttling His Own Principles
Checklist For Buying Stocks " by
sound in pointing out the diver¬
some
problem, so frustrating to
Gerald M. Loeb,
But it is in the case of selling
the eminently
between the investment
the amateur, the choice of an ad¬ gence
decisions that the author decisively
wise, articulate,
and
successful
facts of life and one's personal
viser, with this idealistic charac¬
Wall Street adviser (published by scuttles his value-appraisal prin¬
partisanship
(promiterization, "Today the average cus¬ political
Simon and Schuster, N. Y., $2).
ciples. "Are we in a bull or bear
tomer is a long-range investor of nently, we recall, instanced in the
This volume, embodying a new market?
Few of us really know
1933 liquidation of their stocks by
moderate means. He cares not an
approach by Mr. Loeb, is premised until it is too late. For the sake of
iota whether one broker can rush big investors whose distaste for
on the advantage
of using pencil the record, if you think it is a bear
the New Deal blinded their recog¬
the order to the floor of the stock
and paper to record the detailed market, just sell your stocks re¬
nition
of
its
inflationary influ¬
exchange 30
seconds
faster
or
items pertinent to arrival at one's gardless of any other considera¬
ence). Since Mr. Fisher's manu¬
slower
than
another.
What
he
investment decisions. We heartily tion." And clearly exhibiting the
was
written
before
the
wants is someone who has enough script
approve of this as furthering so "playing-it-by-ear" offset to the
Democratic Party's current pro¬
knowledge of what he is doing so
business - value
rules:
sorely-needed objectivity, and as professed
that he can get dependable advice mulgation of its distinctly infla¬
Do
replacing emotionalism with clari¬ "Which stock to sell first?
tionary (to the tune of $80 billionon what to
buy, how long to hold
fication and logic in one's invest¬ not sell just because you think a
it and when, if ever, to sell it. For or-so) "Rights of Man" platform,
ing policies. "One of the best les¬ stock is 'overvalued.' If you want
we do not know whether he would
the
growing number of people
to sell some of your stocks and
sons I ever learned on successful
now similarly weight the Demo¬
who desire to do this on a
longinvesting was taught to me back not all, invariably go against your
crats' anti-business pro-stock mar¬
range, not short-range basis, this
in the 'twenties," the author ex¬ emotional
inclinations and sell
ket prospect.
is essentially the investment coun¬
plains. "It was that I could score first the issues with losses, small
In any event, the author's affir¬
sel's basis."
While we feel that
more
successes—and avoid more profits or none at all, the weakest^
Mr. Fisher here is
conclusions,
importantly
over-optimistic mative
failures—if I reduced to writing the disappointing actors^fsic], etc.
about the state of mind exhibited based on the advance over-dis¬
not since perhaps 1920 have I
my reasons for each purchase or
in the market
place, his affirma¬ counting of the election results
sale. Even today sr.-.:I find I do been investing in the stock market
tion of sound principles can serve are interesting and timely. They
'much better if I put the pros and without knowing that 'twd* 'rules
as a welcome
outpost to lead the are translated to the rule: if you
and 50 words will never tell
cons on paper."
any¬
fast-growing investment popula¬ are going to buy or sell around
one when to sell."
Mr. Loeb
maintainsthat this
tion along the road of reason—and election time anyway, be guided
Also in his policy with the allwriting down of the various attri¬
by which party is favored to win
profit.
■.
butes of a security together with important price-earnings ratio, Mr.
in the betting odds.
If it is the
one's objectives will facilitate ar¬ Loeb reveals his reliance on intui¬
Criteria for Choosing Your
Republicans, do your selling just
rival at "the ruling reason," that tive guidance. "Don't be arbitrary.
Adviser
before Election Day and your buy¬
is the ever-present single reason A very high price/earnings ratio
Fortunately specific and practi¬ ing at least one full trading day
why a particular security transac¬ can at times go higher. But there
cal, the author lays down five afterwards. If it is the Democrats,
tion can be expected to show a comes a day, too, when 'the bell
steps to be taken by an investor get your buying done prior to the
profit.
rings,' and a high price-earnings
seeking to find someone in the election, but wait for a post-elec¬
ratio becomes a danger signal. How
tion rally before doing your sell¬
investment business
Dependence On Work Sheets
of
denced in most "how-to" accounts
Their
as
the
elec¬
to
far off
as
political campaigni¬
hospitalization)
(and
ng
local
nel in promotion and
publication midst this
its
With
to
those that look for quick profit "If
Gives
securities via
home
STOCKS
you want to double dividends, dou¬
ble profits and halve your losses,"
STOOLS
Dancer
devised
primarily
are
COMMON
by Philip A. Fisher, pub I. by Pren¬
tice Hall, N. Y., 211
pp. $4.95).
True
sheets
Thursday, September 8, 1960
investing fundamentals and logic,
THROUGH
BY A. WILFRED
.
ing from William Street to Ma¬
consistently embracing references, likely to be steered to
clients for whom he has
done nila, this "Investor's Co-operative"
is now vigorously expanding with
("P AT H S
TO
WEALTH weli."
of
OBSERVATIONS..
In
Chronicle
The Commercial and Financial
(952)
.
companies
fall
into
two categories, the so-called
Semi-Closed ends, or Unit
Trusts;
and
; the
Open-Ends.
open-end
rived
to
type,
The
latter
newly
more
ar¬
the scene, is comparable
Mutuals. They are sold con¬
on
our
tinuously, with a load (buying
commission) of about 2%, and in¬
.
volve
2%
a
management fee of about
of assets
(substantially higher
here). Redemption, as here,
provided for.
The
other,
and
considerably
than
is
more
popular, form
the "Semi-Closed"
is
of company,
"Unit" Trust,
or
sold—without
any "load"—all
at one time, with a fixed
maturity
date, of five or ten years. Redemp¬
tion is permitted at any time.
Thus,
is
management
faced
with
"un¬
winding," which is encouraged in
contrast
to
-
the
techniques
em¬
ployed here to keep their capital
intact..
-
.
The Japanese Funds
are
neces¬
sarily confining their investments
to securities in Japan.
While their
.
entry into the U. S. market must
await the lifting of
exchange re¬
strictions, which apparently will
not
for
occur
ditional
some
securities
is
this ad¬
American
years,
of
consumer
substantial
a
"long-
long-term" prospect.
,
do you
This "checklist" volume contains
we
tell?
I guess
we
all
wish
duplicate work sheets for filling
Thus, with Mr. Loeb along with
in, as applicable to any considered
other successful speculators, the
held security, headings ranging
rules
and
the
logical
criteria
from Objectives and Risks
(in¬ function
merely as outposts behind
cluding anticipated profit, risks
which successful "feel" and intui¬
assumed,
price
objective),
to
or
Financial
tive
Statements
decisions
rationalized.
are
(including
And,: unlike the rest of us, the
capitalization, book value, cash Loebs
exceptionally rise above,
flow), to Valuation and Trends rather
than fall between, the two
(via price-earnings ratios, and in¬
opposing stools.
sider
transactions).
So
far,
so
*
good, for
investment tool!
a
work
*
ANOTHER
genuinely depend:
who
one
is
/
-
fundamen¬
tally more interested that a trans¬
action shall be to your long-range
benefit
than
he
commission.
mined
is
in
This
through
cussion
with
his
fee
be
can
or
deter¬
preliminary dis¬
candidates; and
via inquiry into
the
also, ^probably,
others' past experience with them.
Explore thoroughly with your
prospective adviser his basic in¬
Fortunate
arrival
on
is
the
the
public
publication
philosophy, how he pro¬
to apply it to the manage¬
poses
"PATH TO WEALTH"
this apple-pie investing order soon
enters
with
the author's intro¬
the
can
Choose
vestment
long-term
But confusion of
ductory statement that
*
whom
upon
he
knew."
in
ment
the
scene
of
portfolio,
your
and
whether it agrees with
your's.
Find out how your
prospect and
his organization get the data
upon
which
his
dations
how
investment
does
he
qualitative
from
made.
are
the
as
recommen¬
as
data,
quantitative,
management
running
property. Toward formulat¬
ing judgment in this area, Fisher
your
offers the
are
"If it is the Democrats who
expected to win, and
an
Names Officials
Election
of
Director
a
Carter L.
Burgess as
Morgan Guaranty
of
upset
Trust
Company of New York was
occur with the
Republicans announced
by Henry C. Alexan¬
showing unexpected strength, you
der, Chairman of the Board. Also
may find your following this tim¬
announced
was
the
election
of
ing rule has been surprisingly
should
Thomas
worth while."
timing
from the purist path of
long-term
individual
an
investment criteria, is
author's license to introduce
salable
But
timeliness to
much
more
his
volume.
significant is the
omission from his
long-term value
philosophy of
the attachment of
specific meaning to the
multiplier and the all-important
practical
price-earnings
Mr.
Fisher
Rodd
President
We grant that this deviation
by
the author to speculative
dividend
or
makes
yield.
important
an
of
as
the
a
Senior
Burgess
is
President
of
American Machine & Foundry Co.
a former Assistant Secretary
He is
of
Defense and
J.
P.
was
Director of
a
Morgan & Co, Incorporated
prior to its merger with Guaranty
Co. of New York in April,
1959, to form Morgan Guaranty<
Trust
Since
the
member
merger he has been a
of the bank's
directors
advisory council.
Mr.
Rodd,
whose
principal
in
are
highly useful suggestion
the
use
that
Correspondents inprincipal cities
Show
your
portfolio to
UNDERWRITERS AND DISTRIBUTORS
by
way
"The
own.
&
Dominick
Members New York, American & Toronto Stock
14 WALL STREET
Exchanges
NEW YORK
testing
about
man
existing
adviser-prospect,
his
Foreign Securities
integrity,
See whether he
honestly frank
knowledge
vestment
Dominick
of
already
your
Fisher continues.
is
OF INVESTMENT SECURITIES
Morgan
Guaranty's general banking ac¬
tivity, joined' J. P. Morgan & Co.
in 1935 following graduation from
THE FUND'S
BLOSSOMING Yale University. He became an
UNDER THE RISING SUN Assistant Vice-President in 1947
book has not been written!
Ever more ubiquitous is the In¬ and
a
Vice-President
in
1951.
"Scuttlebutt" method; vestment C o m
p a n y 1 (Mutual From 1949 until; the merger with)
is, to round-out his picture of Fund, Investment
Trust) becom¬ Guaranty Trust in 1959, he also
a
company through quizzing out¬
ing.
Already proliferating, with was Treasurer
of
the
Morgan
side of it, competitors and
perhaps massive American-promoted sell- bank.
customers. Thus, he can
get away
from, or at least importantly sup¬
plement, present-day public rela¬
For Banks, Brokers and Dealers
tions' self serving release
routine.
to
throughout the United States and Canada
Vice-
bank.
Mr.
responsibilities
Specifically, all-over
contribution; but the last
get long-term
well
ing.
Morgan Guaranty
in
Bought
issue you
in the in¬
who
considering the adviser's past
record, in
gerous
mends
opinion
a
ignoring
that
=
New York Stock
'f i '*'}•)«:» i'VI*
most dan¬
guide, the author
formance
years'
our
duration.
less
And
'l '.*•
SB
*.'• f i
•
MEMBERS
Exchange
i
LIBERTY
\
=s
American Stock Exchange
*
I, *
»
STREET,
'iii'tt'1
NEW
-
»(*•«»*•"*
YORK
6
recom¬
Tel.: BE 3-8880
any record of per¬
is
Quoted
Alfred L. Vanden Broeck & Co.
field
pretends to know
everything about everything is the
one who can be
quite dangerous.
In
Sold
disclaiming
each
than
three
beware
of
—
r
•"
-
V,
.
•
Teletype NY 1-4-686
Private Wire System to Canada
''
■
Volume
The Commercial and Financial Chronicle
Number 5984
192
Steel Production
only slightly larger in the aggre¬
gate than they were for August. '
The only good news comes from
Electric Output
Carloadings
i
Retail Trade
The State of
the East and Detroit where
Food Price Index
.
(953)
motive
.
orders
sheets
for
in¬
are
-
,
creasing
Business Failures
TRADE and INDUSTRY
Commodity Price Index
months.
many
mous
up-to-date analysis
of our
Le current
business situation and the current
consumer aemanu uuiuig July and
demand during ouiy cum
York Federal Reserve Bank
lished
yesterday, Sept. 7. A spec.ial Article, 'The Emerging Com¬
;
mon Markets in Latin America
-»
'
,
generally.
sts&ff"
in the five
vanced farthest
of
tries
Rica,
El
Honduras,
function
have
eliminate
to
themselves, to establish.
among
tariff
common
vis
-
a
the broad** rhArket;
In
ended
week
^other
ri
t£*
of
above those of
In^the'Monte- *he corresponding totals last year
week stand--at
Our preliminary
video
Treaty, the Reserve Bank
noted, Argentina,
Brazil, Chile,
Mexico,tParaguay, Peru ancLUruguay sot forth, their ultimate goal
as
the achievement of "comple-
against
•
center there is
point to
a
$32.67
53.8%
a
gain for
•>.* a'.*.-^v
in
a
|rdsfton laS
ally seeks Only the
goal of
free trade
a
harrier*
to trade within
will
eliminated
be
12 years.
The
limited
more
area
the
«
dislocation
+
».o
1,048,000
1,048,000
—
4.6
761,537
720,213
+
5.7
Market S
combined
a
Fr°m
1959
Department
store
sales
•
Week
140
some
Industrie* to onpratp pffirmntlv
;
•
w?ek ended Aui' 27' 19™>
S^°W an. increase of 4%
,' hhq
over
miblkPTo 15
OASboys
so
,
Revoke
splakdt
to
tooke of?
rLln+iMr
Si
sought
whirh
run*
im
nHnnP^no
tn
acted
dirilomatlc
C&Z'thlh-
non
' $300'°00"
P
claims
that
subsequently him this authority he
„ith
stall off
can
^ Purchase of sugar from the
ml
Trujillo
at which time Congress will have
further opportunity to act.
>
What Castro Doesn't Understand
finally refused to
the quota;
^
^
H
auicklv and
^
and
?
He^ad^lready
thoughhe
is^rep^ing^h^ground
take
Cuba/This
from
only wanted to apply sanctions against
was
a bltter flght-
of
700.000
OYujillo. All right he is doing it.,
They said they were against Cornif we^tem
!^U.n?sV.lntr??PS_ "t
hemisphere affairs. He will be
Eisenhower's Actions Criticized
Actions Criticized
Ameri-
t
loss of millions
thG
"
'
Cost
The threat' of . Boviet countrv to,
Russia if
bomtosi utoon this
rain
would have noVpart of it. Con-
Lator
Blames High
acting against that.
Dominican ^Republic and he
;
inSneln
nK
Cuba is
fluencing American policy in the
mup hs0h
nnsif nf iabor
in
the
°. ® Agriculture Committee, sxigHteSt, something that Castro,
„Tbe.hllh
0± labor in tne voiced similar sentiments; In the flnnarentlv doe* not underhand
i
U. S. is the mam reason we are Senate,
Senator
Smathers- of apparently does not understand. /
world
the
fight
in
survival
for
™wf1Vhe
Florida, declared
pfln„wl,
ninnwL T
market..*, the business maeabusinesS maga-
the
paid
those
in
is
!
true.
Reviving
Federal
Board*
Farm
Keviving federal *arm Boar a.
:
t
cl,Kwt
On to another subject, the re-
Eisenhower certainly seemed port that
Vice->resident Nixon is
*° these people to be on unsound evolving sort of a Federal Reserve
five grounds.
Organization
The
(55. American
Japan
S
w
Latin America which
!^me* ^a?eh ^tha^ those^naid a/n
West Germany (80 cents) and
Dominican
the
Republic was our best friend in
zine said. Our wage and fringe
payments average $2.75 per man-
f
KvLlhemo^m"
hours
n
,
a times
on
atmlv^toth'J
to
CastrethatTe
the
tw
„Kl,^S 5 about the
nr,w
Congress worked overtime in its
last
720,213 + &,7 Payme^Ayerag^$2Mr.
Nationwide Department Store
ZnVpt,,n vTivlj
Tw
+13.9.
1,244,676
DP
lahnr
in
The
to
wfthth 1
.
^l.ooo.ooo
Boston
next
countries'huge
seven
to
ahm,f
! ,,4?aistaiif P©*j?ocfatic deader
1,3 mdlion deP®nd" McCormack of Massachusetts,said
u—
%
losing
1,344,534
___
Philadelphia
brmm
the
over
Chicago
nosed
^
fwr j^s^nd^lTe
^
%
$13^242 $1^350
Y0rk__
Ncw
in which
,
-
hate hld t^tin
ataembt^
Venezuelan Preddent
will
we
armUo^
a*
Eisenhower's
thG
,
1959
that
and
sugar
quota
Government.
special issue, Steel maga-
a
Republic
I^Sgn^df^a$4 after
'
1960
inte^
it
goes. on to report that two broken off relations and now for intervention in Cuba. He is
wanted to take back its quota of showing that he is abiding by the
llvehbood slnfe !?56 due to risinS sugar which in previous legisla- decision reached by the Organiza-.
impo^s and iagging exP°rts • • \ tion he had been authorized to tion of American States. They
'
-(°oo'» omitted)
hiah
running
Them
r.7
;
ul' r^:iL5Pp^®?..®a"ctl,ons
eaiJe
Vf -1C
*
^ght lefisl,ati°V, to tebe ba<*
.
sense.
k
Washington
to
the
of tax dollars'
However the
However, the Treaty it*eif actuTreaty tse
a
affair*
.
SW-busks .justuss
—*
Says Our Labor Suffers
mentanty and the integration of -the large money centers for week
their national economies
in
the
ended Sept. 3 follows:
fullest
thf*
and
n«iHr,rf
w
^^n^S^2SsC,hwrlSSd °°HP lnZ'
of
From Foreign Steel Competition
$23^549^-
piidin^ Fridav of 13 q%
week*
am
was recognizing Red China
after
breaking of
relations
with
Na-
heavv
199'152'for'the samVweekTn'l959. Ca?S\
At this
Kennedy
whr,
oninion
official
have
and the bumber
1960, seven more
,ings wiii be 7.8%
countries agreed to free their trade.
each
Saturday
all
SeP1fc- 3. cleiarings to
February
With
fL
In
.
^
v
half
5™°Tn.dftat6zine.
*°/-ttbe
countries, and to plan and estabintegrated industries serving
lish
John
thnco
DomiSn
slipped
compiled by us based upon tele-
ffa]^;
a
third
vts
-
mills.
the
to
week.
clearings
nf
r#iof
bXved
this week will
show an increase compared with
a
year ago.
Preliminary figures
Bank
trade
to
back
remained At
Week Last Year
agreed
already
barriers
ateei
adequate.
Last week, partly because of tionalist China was the last straw
the continued railroad strike at
This is
to be behtad
the Pittsburgh plants of U. S. Mr Eisenhower's attitude towards
Steel Corporation, the ingot rate
RenuMic
Am
1
Sept. 3 Are 7.8% Above Same
coun¬
Salvador,; Guatemala,
and Nicaragua.
The; five
steel
cunsuxner
consumer
—
&ey
Bank Clearings for Week Ended
ad¬
America—Costa
Central
Senator
ui
of
,c" assa sfs1,533,000 ingot tons.
y
Latin America
has
•
——
a
On the .other hand, efforts.,to inventory level, once thought the
' hold back inventory accumulation; minimum, now may be more than
Moves in
.
of
;
.uiquiaauon
Liquidation
points out the prospects and prob- and to effect actual reductions in
lems of two / regional groupings, durable goods lines, are meeting
encompassing 12 of the 20 Latin with a measure of success. Such
American Republics, which have efforts have been a prime factor
been established in the past two hindering expansion in output, and
years.
their easing could add strength to
integration
talk
no
new orders and in price declines view of the fast deliveries that
for certain industrial commodities, mills can provide, a 10 million ton
September Monthly Review, pub-
Regional
CARLISLE BARGERON
inventories is still being carried SOme boldness some imaginative
on, the magazine said. Many con- ness and
^ aggressiveness in
sumers • have apparently decided foreign affairs are ant to get what
to carry smaller stocks than ever
arecallhiS fo? but Sot until
before—pushing the warehousing after the elections '
' "
incomplete automobile and department store data suggest that consumer demand did not improve in
August. The hesitant business atmosphere has been reflected in a
in its further decrease in manufacturers'
regional economic
integration, already a major forc.q
in Western Europe, now making
itself felf in Latin America, are
two subjects discussed by the New
toward
there's
but
ther. Some weakness appeared in boom.
An
_
BY
.
in predicting an upturn next
month,
Common Market
Requirements
in
Industry spokesmen are unani—
drive
...Ahead of the News
for October will be the largest
'
-
FROM WASHINGTON
auto¬
Auto Production
steadily.
5
States
■/he wage differentia 1 be- Costa Rica
which-met
■
;of system for agriculture as a new
in and revolutionary policy is neither
supposed to have new nor revolutionary. President
was
SofSpearisfor y^ars. i ' fastised Cuba andtoto have taken Hoover set up the in thesort of ari
make it all instrument back same 20s. It
Another
the industrial, fair and square
.
cause,
penod. last ycair. In the pre- expansion in Europe and Japan,
punitive action against the was called the Federal Farm Board
some
'
The
short-run
duction
of
impact of
trade
barriers
•
^a^rfnoried311
gaag|
re-
a
within
.lhe four
wee°ks
ended
Aug.'
27,
a
™e ™as reP°?ed- The Jan',1
^°'Aug* 27 l>eriod showed a 2%
lllcreaseAccording to the Federal Res^v6 System department store
moreWthan° rnarSnal Uie° artirte }%
notes
intra-reeional
since
pxnort*
for only 4
account
to 8% of total
exports. Over the longer run, however,
the
broadening
of
Latin
American
markets
can
and
to
markets
to
by opening
could
also
'
the progress Latin
American countries make
sales were 16% above the
September" Written
in main-
steel Month
taming internal and external econoiric balance, the development
pS
those
the
in
that it would brook no intm,- sion
say
and
went
broke.
It might
Continued on page 27 sion of Communism in American work now.
,
We
»'
i
Off
same
...
,
Burt N. Rubin
:
i
i
t
'■'*
;y
-
V
We take
'
M
r
\
We take
pleasure in announcing
;
^
pleasure in announcing
the formation of
v
A.iP(1
simmons, rubin & co., inc.
Harry Simmons
Poor
as
Ociober Upturn
,
the discontinuance of the brokerage business of the firm of
announce
Simmons, Rubin & Co., Inc. at the close of business August 31, 1960.
the formation of
II. S. Simmons & Co., Inc.
B. N. Rubin & Co., Inc.
"
adequate regional transporSteelmakers will produce 107
tation network, and the ability to J™!"1011 Jhgot t°Ps -this year, Steel,
•permit "the forces of competition'5?®. uietalworkmg weekly, pre-
'of
mod—n
.
Pen°d ..last year. For the four
weeks ending Aug. 29 a 9% incr<*?s5 wa^ ^eP°rt®d °Y^r
1959
P^ri0(*> and from Jan. 1 to Aug. 27,
.tberf wa^ a Sf1.11 a^6^above .tbe
*evel achieved in the 1959 period.
investment
economic integration are, however,
upon
Cuba directly. All it did was to ture. It got caught in the depress
Their factories are
charge
as
Peria(^ jS year'
^ preceding week ended Aug.
profitable new business opportunities in manufactur.ing for both Latin American and
foreign capital.
The gains from
dependent
York City for the
? 9Ye
up
greater
just
and it had a revolving fund of
Instead Jt took n0 action against ?500.000,000 to stabilize agricul-
U^S^firms
v^eek ended Aug. 27 were 11%
a more rational basis than
the limited national markets.
Common
^
what
.
Ra^es ln
jgive it
contribute
Shs bdow
^
to
serve
industrialization
stimulate
+
foreign. competitors have Dominican Republic.
For
an
to
determine
-rection
of
the "nature
industrial
trade expansion.
...'.J
.
.
and
growth
uicted this week.
di-
^
up
.
„
Hesjiation
curtailed ...production .»•• but
far-
a
in Our Economy
cry from earlier 1960 forecasts of
article, "The Business up to 135 million tons.
Situation," finds tl^t the summer
r predicts industry operations
■months
a
traditionally sluggish will
average 70% of capacity in
•period, have thus far done, b -tie the fourth
quarter and 57% this
to clarify the business situation-.
mbntj1
;
.
The economy apparently has con.
2
It says the year's output will be 1
15% from last year's strike "
and
'V
;
Broadway, New York 4, N. Y.
56 Beaver Street,
r ;
•
New York 4, N.Y.
WHitehall 4-1500
HAnover 5-6500
Trading Dept. HAnover 5-6511
T
.
Trading Dept. WHitehall 4-1511
,
A second
:
HARRY SIMMONS;
-
ANNE TRENT
.
T
ELLIOTT GLASSER
-
\
"
•
.
tinued
.
weeks. Employment and industrial
to edge sidewise in
production
or
the
in July- at
high June levels, and
•
•
Private
nonresidential
a bit.
construe-
,
_
^
..magazine reports steellakers are writing September off
as ^uother poor month and lookmg ahead to October.
recent—
remained
personal income advanced
;
.
near
,
are
*
PERRY GRANT '
:
THOMAS MARSHALL
^
\
LEONARD BERGER
JEROME KASS
CHARLES A. BLUMBERG
FREDERICK L. ABBOTT, JR.
....
many
declined. fur- fluctuating inconclusively and
;/• " "•
DAVID KAPLAN
Despite the end of vacations at
metal working plants, ticre
tion outlays showed a small gain is little life in the market.
In- 1
-in
August, but residentiaL con^ coming orders for September are -
struQtipn„ speading
BERNARD SHWIDOCK
—
•
JOHN G. ABRUSCATO
IRA L. RENNERT
:
•
.
BURT N. RUBIN
-
September 1,1960
."
1 .V.
September 1,1960
6
The Commercial and Financial Chronicle
(954)
TAX-EXEMPT BOND MARKET
f":
traveling
Whereas
tances
formerly
it
now
can
to
Although Labor Day traditionally
marks the end of
of
beginning
there
pe¬
industry,
in
notable
little
was
active
financial
the
for
riod
and the
summer
more
a
the
passing of the holiday this year.
The summer months are no longer
necessarily
and
they
active this
quite
were
Street,
in Wall
quiet
and September no longer
necessarily ushers in a demand for
securities
on
seasonal
grounds
year,
alone. During
the summer months
has
the
gains have been held to date. For
example, on June 29, the Com¬
municipal bond market
strenuously
and
the
advanced
Financial Chronicle's
mercial and
index of
high grade bonds showed
a
yield of 3.423%. On that date
the Blue List total of state and
municipal bonds was $425,221,900.
This
heavy
volume seemed
a
decided deterrent to the market's
more
Today,
swing.
upward
than two months
index
little
a
later, our
firmly stands at 3.177%,
points higher than in
about $75 per bond
or more
than
7Vz points. Both issues were
underwritings.
very
municipal bond total is
at
$329,084,500 and
was
much lower. On Aug.
close
15, the total
$155,475,000 which comes
being a record of some
but
was
reported
recently
to
sort.
v-v:
,
Banks, of course, have
predominant buyers of
tax-exempt bonds as money has
become progressively more avail¬
able through appropriate Federal
Reserve
cooperation. Trust de¬
period.
been
the
partment
duciaries
as
well
have
vestors
other
and
buyers
fi¬
individual in¬
as
continued
to buy as
shown less
prospects for the near
Al¬
pike bond yield Index was re¬
ported at 3.93% on June 30, and
on
Aug. 25, the last reporting
date, the average yield was 3.83%.
In terms of dollars this represents
an
of
improvement
approximately two points.
market
average
On
September
Alabama
the
7,
Highway Authority awarded $15,000,000 gasoline tax revenue serial
(1961-1980) bonds to the under¬
writing
managed
group
Leh¬
by
Brothers and including C. J.
man
Bevine
&
Drexel
Co.,
Fenn
Goldman,
Co.,
&
Co.,
&
Sachs & Co. and others. This well
and relatively
secured
should
issue
short term
with
meet
broad
a
reception. The bonds were priced
to
yield from 1.70%
to 3.70%
represents handsome yield
this quality of obligation.
which
for
Costa
Alameda-Contra
The
Transit
California also
sought funds
today.
The $16,500,000 general. obligation serial
bond
(1962-1980)
issue
was
awarded to the group headed by
District,
the equity market has
the
immediate
Trust Co.,
Bank
tables, tax-exempts still stand out
cheap even against the drastic
improvement in prices.
America,
of
Bank
term future. In relation to the tax
Bankers
The First National City
erally
as
of
and
New
Savings
The
summer
3.30%
Pierce,
Fenner & Smith Inc., and Willis,
Kenny & Ayres, for their dynamic
leadership in bringing the $200,000,000 Chesapeake Bay Bridge
coupon
ma¬
1980 maturity bears
and was priced to
The
New Issues
The
ginning to build
this
at
coes
calendar
issue
new
up
be¬
it always
as
of
season
is
the
year.
and Tunnel District issue to mar¬
The total of sealed bid invitations
for
tributing it. This revenue issue
was
comprised of three separate
pledges of security, totaling $70,000,000 first pledge, $30,000,030
second pledge $100,000,000 third
pledge. The successful placement
mately
$50,000,000 New York State Thruway
guaranteed serial
bonds
of tr.ese bonds in the doldrums of
serial
most
stands
dramatic
as
the year's
financial
accom¬
plishment.
Another
fornia
interesting event of the
involved
summer
offerings.
California
about
3.94%.
months
an
On
an
of
Cali¬
June
28,
$75,000,000
interest cost of
Less
than
two
later,
awarded
at
State
awarded
serial bonds at
Aug. 18, the state
$15,000,000 serial bonds
interest cost of about 3.30%.
In terms of dollars this
represents
an
to
be
New
improvement
are
generally apparent in the western
Excellent, safe, dual high¬
amounting
to
ON
the
The
next
scheduled
is
approxi¬
at
present.
important
more
for
Public
000
month
$450,000,000
sale
items
are:
9/12; $48,900,-
Authority
9/14; $25,000,000 Michigan Trunk Highway
serial bonds for sale 9/20; $35,440,000 Connecticut, general ob¬
ligation serial bonds for sale 9/21;
and
Housing
bonds
for
bonds
We
are
the
for
between
to
George
timely comment
reporting during
month.
hitting
serial
9/28.
indebted
competent
past
pinch
Louisiana
scheduled
Hamilton for his
and
sale
$15,000,000
While
the
New
he
writer
York
was
ranged
and
the
Canadian
Rockies,
motoring
a
considerable part of the distance.
REPRESENTATIVE
Rate
California
(State)
Connecticut (State)
New Jersey Highway Auth., Gtd—
New York (State)
Pennsylvania (State)
Vermont (State)
New Housing Auth. (N. Y., N. Y.)
Los Angeles, Calif
City, N. Y
.
________
____
Maturity
Bid
ways
becoming
are
general
all
Information, where available, includes name of borrower,
of issue, maturity scale, and hour at which bids
will be opened.
Sept. 8 (Thursday)
amount
1978-1980
3.50%
1980-1982
3.15%
3.00%
1978-1980
3.15%
3.05%
3%
1978-1979
3.00%
2.80%
3%%
1974-1975
3.00%
2.80%
3.40%
3V8%
'
1978-1979
3.00%
2.85%
3V2%
1977-1980
3.25%
3.15%
Allegheny County, Pa.
Brigham City, Utah
Indiana University, Indiana
Islip Union Free S. D. No. 3, N. Y.
Pennsylvania
joyed in relative comfort by mil¬
for
of
reasons
native
or
expense,
the
Jeep
a
now
com¬
doing an un¬
believably good job in building
and rebuilding an adequate high¬
The Trans-Canada
highway through
the Canadian
Rocky
mountains
constitutes a
breath taking trip with the thrills
beauty
the
from
derived
mountainous
viewed from highways
as
Highway
State
Tulsa
tremendously
pand
the
in
next
great benefits to
all. It is to be hoped that it will
with
years
No.
should be
encouraged
as
a
system
systematically
Arlington County, Virginia
Bucks
Metro. Sewer
and
by
The
investment
distributors of In¬
Income Fund and of
Incorporated Invesors, third old¬
corporated
est
of
The
nation's
the
new
mutual
appointments bring to
two
Funds
in
this
country. Mr. Grace will be whole¬
sale
of
representative for
South
Carolina,
Florida.
Kansas,
Mr.
Klauss
Missouri
Mr.
Co.
Grace
Mr.
Township Sch. Dist. N. J.
Housing Authorities, U. S.__
Orlando, Florida
Local
Pennfield
School
District, Mich.__
manager
ment
ment
the
with
before
Black
Hawk County, Iowa
Bridgewater-Raynham Reg.
Dist., Massachusetts
Suffolk County,
the
Company,
firm
a
five
past
and
a.m.
1961-1980
8:00 p.m.
1,300,000
1963-1990
5:00 p.m.
1962-1975
Noon
10:00
a.m.
1981-1985
Noon
1981-1990
11:00
1961
Noon
a.m.
1987
4,400,000
48,900,000
1962-1987
3,075,000
1984-1991
1,600,000
1962-1989
8:00 p.m.
Noon
11:00
2,000,000
a.m.
3:00 p.m.
:>
1981-1979
10:00
'»rtf f
a.m.
2,393,000
1961-1980
11:00
a.m.
1,650,000
1963-1988 .*■" 8:00
p.m.
1,250,000
1961-1985
Noon
10,000,030
1962-2000
11:00
3,551,000
1981-1989
Neon
1963-2000
9:30
1961-1980
v
Noon
a.m.
1,780,000
a.m.
4,120J)00
25,000,000
1961-1985
11:00
a.m
Milwaukee, Wisconsin
Monomorie, Etc. Joint
No. 1, Wisconsin—
10,750,030
1981-1973
10:30
a.m
1,000,003
1982-1980
11:00
a.m
4,270,000
3,750,000
3,COO,000
6,COO,000
1931-1980
11:00 a.m
1S61-1930
11:00
Sch.
Dist.
Newport Harbor Union High Sch.
Dist., California
Springfield, Massachusetts
Vero
Beach, Florida.
Youngstown, Ohio
a.m
1962-1990
1:00 p.m
1932-1986
1:00 p.m
Sept. 21 (Wednesday)
Central Delaware Co.
Auth., Pa.__
Lancaster School ristrict. Pa
1,050,000
35,440.000
1963-2000
1933-1980
11:00
a.m
3,200.0C0
Connecticut
1931-1975
11:00
a.m
8:00 p.m
West Haven Sch.
5,700,000
19S1-1980
11:00 a.m
Wocster School
2,000,000
1962-1981
1:00 p.m
Dist., Conn
District, Ohio
Sept. 22
Buffalo, New York
(Thursday)
_
West Essex Reg. Sch.
Dist., N. J.__
12,335,000
1981-1989
4,785,000
11:00
a.m.
-
Sept. 26 (Monday)
Edina,
Minnesota
1,8C0,CC0
1952-1970
7:30 p.m.
7,000,000
1966-2000
11:00 a.m.
16,730,000
10,000,000
1962-1987
Sept. 27 (Tuesday)
joining The
was
sales
Invest¬
Wichita invest¬
securities
11:00 a.m.
11:00
Sch.
New York___
cover
effective
Thomas
dealing
1961-1991
1961-1990
Sept. 16 (Friday)
and
Bieder
Corporation,
of
a.m.
8:00 p.m
Sept. 15 (Thursday)
Petersburg.
Klauss
Parker
states
Oklahoma.
are
for
been
has
in St.
will
and
appointments
immediately.
years
the
Georgia
The
11:00
10,000,000
1,500,000
1,600,000
Hamilton
funds.
14 the number of wholesalers rep¬
resenting the
a.m.
Michigan
wholesalers
Corporation,
managers
2:00 p.m.
10:00
Sept. 20 (Tuesday)
Petersburg, Fla, and George
Klauss Jr., Wichita, Kan., have
Parker
p.m.
District,
South Carolina
Kenosha, Wisconsin
Appoints Two
named
1:00
Sept. 19 (Monday)
Parker Corp.
been
p.m.
p.m.
1,700,000
Western State College of Colorado
J.
8:00
7:30
h,350,000
1
County, Pa.
Greenwood
national benefit.
St.
2:00 p.m.
Sept. 14 (Wednesday)
higher cost to the- Nankin Mills School District, Mich
traveler. Already there is some Prince William County, OccoquanWoodbridge Sanitary Dist., Va.
evidence that high gasoline taxa¬
tion
is frustrating
the highway Puerto Rico Aqueduct and Sewer
Authority, Puerto Rico
user.
Traveling America on our
highway
1985-1989
Noon
4,800,000
Okla
1,
be done without
new
1961-1990
11:00 a.m.
County Independent School
District
designed for safety and comfort.
Our highway systems will ex¬
few
5,400,000
1,600,000
3,300,000
3,990,000
31,000,000
11:00 a.m.
10:30 a.m.
&
Bridge Authority, Pa
Sch. Dist., Mo.__
St. Paul Park-Newport, Ind. Sch.
Dist. No. 833, Minn..
Ritenour Consol.
is
too,
system.
way
__
safe.
fortable and
Canada
is
ride
near
have not,
left their
in
Whether
areas.
Rolls
a
the
otherwise
who
future,
in
travelers
of
lions
in
and
over-the-
Cleveland,
Ohio
Detroit, Michigan
—
___
Detro.t School
District, Michigan..
Northeast Sacramento County
Sanitary District, Calif
mutual
funds.
Asked
3%%
Williams Inv. Counselors
Louisiana
4,000,000
—
Sept. 28 (Wednesday)
____
____
Topeka, Kansas——
15,000,000
1,194,500
1961-1984
11:00 a.m.
1981-1970
11:00 a.m.
Sept. 29
(Thursday)
CHICAGO, 111.—Williams Invest¬
California Toll Bridge Auth., Cal.
ment Counselors, Inc. is engaging
7,000,000
in a securities business from of¬ Fairbanks, Alaska
1,500,000
Mount Horeb, Etc. Union High Sch.
fices at 3312 West Peterson Ave.
District, Wisconsin
Officers are S. Richard Rosenthal,
1,050,000
.....
33/4%
1978-1980
3.60%
3.45%
1980
3.35%
1980
3.25%
3.10%
Hill, Darlington Adds
3V4%
1979
3.55%
3.40%
(Special to The Financial Chronicle)
3j/4%
1977
3.55%
3.40%
3%
1980
3.75%
3.70%
BOSTON, Mass.—Lionel J. Baum
is now with Hill, Darlington &
Co., 80 Boylston Street.
Randolph Twp., New Jersey
Oct, 5
1961-1980
7:30 p.m.
1981-1880
11:00 a.m.
1961-1980
8:00 p.m.
1970-1984
7:45 p.m.
1932-1990
9:00 a.m.
(Wednesday)
Alameda Co. Water District No.
1,
California
_
2:00 p.m.
2,100,000
Plaquemines Parish, La
3.20%
11:00 a.m.
1961-1980
2,500,000
__.
President and Treasurer, and Wil¬
liam H. Hoffman, Vice-President.
3*/4%
31/2%.
September 7, 1960 Index=3.177%
ISSUES
3V2%
_______
__
SERIAL
3%
_______
Baltimore, Md.__
Cincinnati, Ohio___r
New Orleans, La
Chicago, 111—
the following tabulations we list the bond issues of
$1,000,000 or more for which specific sale dates have been set.
the way west. The natural beauty, Ohio
(State of)
of this rich area will now be en¬
counter
MARKET
New York
positive aspects
ginnings, its
states.
BOSTON, Mass.—James I. Grace,
Building Up
ket, and their splendid job in dis¬
the summer,
of
Lynch,
Merrill
Co.,
1979
for the
yield 4.00%. This high grade issue
seems
likely to meet with im¬
mediate investor approval.
only one unusual and exciting is¬
and the industry is indebted
to The First Boston Corp., Allen
sue
&
to
turity.
a
1%
inspirited by
was
York, Harris Trust
Bank and a gen¬
nationwide syndicate. The
bonds were priced to yield from
1.80%
Reviews Summer's Highlights
continuum
highways largely developed with¬
in the past ten years. We continue
In
—
Phelps,
.
Regardless of the August vaca¬
tion
period
municipal
bond
dealers have accomplished a large
volume
of
business
during the
quite pleasant due
wonderful
our
an
very
impressed with the
York-Chicago Toll Highway
though market improvement was system. The natural beauty, the Florida Development Commission,
a
large factor, the lesser volume safe well maintained tollways, the
Florida
3,800,000
1962-1985
of the August issue was also
a reasonable
4,000*000
1961-1980
tolls,
combine
with Los Angeles, California
substantial factor.
luxurious
2,150,000
1981-1980
overnight
accomoda¬ Mt. Greylock Reg. Sch. Dist., Mass.
tions
to
make
the
trip worth¬ New York State Thruway Au¬
Strength in Turnpike Issues
while and enjoyable. T^e Illinois
thority, N. Y...
50,000,000 " 1985-1995
The
dollar
quoted
turnpike Toll Highway, although not as yet St. Anthony Indep. School District
revenue
issues have shown con¬
No. 282, Minnesota
1963-1985
1,000,000
easily reached from the western
sistent strength over the summer end of the Indiana Toll road and
Sept. 12 (Monday)
months.
As
the
weekly and still not coordinated with the ex¬
1,100,000
1961-1978
monthly revenue statements have panding Cook County system of Mount Pleasant Sch. Dist., Mich.
North Chicago, Illinois
been reported, improved earnings
2,580,000
1961-1995
highways, is a splendid example
have been reflected
1,650,000
1962-1981
by improv¬ of design and area foresight. The Parma City School District, Ohio
Red Wing Indep. School District,
ing prices. The summer traffic road's usefulness to the area is a
Minnesota
1,500,000
1963-1981
continues
to
break
records for tribute to its
original backers.
San Francisco, California
most
of
the toll
road facilities.
21,455,000
1961-1980
Although the Federal hignway
The Smith, Barney & Co. turn¬
plan has been slow in its be¬
Sept. 13 (Tuesday)
successful
about .312
late June. The Blue List state and
be
was
Thursday, September 8, 1960
Larger Issues Scheduled For Sale
dis¬
such
arduous,
tedious experience by motor car,
D. MACKEY
BY DONALD
...
___
____
1,870,000
Los Angeles Department of Water
and
Power, Calif.
Washoe
_______
Co., Nevada_____________
12.000,000
2,500,000
r,rhkiUii1\rfntr>W»l**w
Volume
Number
192
A
Present and Future Trends
To
By Edward Symonds,* Petroleum Economist, The First National
it
Stock
a
less
sophisticated
strange
seem
person
that
the
astonishing success of the recent
exploration efforts abroad should
have given birth to the most serioil
industry
last quarter
obvious
recession
century.
of
the
There is
an
in the argument
companies which have gone
appeal
that
ity problem is still
out to find oil—and found oil—are
oil
(2) seven inter¬
of manageable proportions;
one
companies' earnings exceed those of purely domestic
in
companies; and (3) though the per cent return on net assets shows
compared to two other manufacturing groups, nevertheless,
after-tax earnings are still the largest of all U. S. industry
dollar
which
issues
bear
on
oil's future
-
its
too
,
becoming ensnared in controls and regulations and, yet, without
companies,
domestic
purely
ana
K
stock
supposed
market,
look
at
to
the
250
billion
barrels
which
is
tomorrow
of
impressed by the fact
of the solidly-estabHshed oil stocks have been selling
at only 10 to 15 times earnings,
compared with 17 for the Dow,
Jones Averages, 20 or more for
some of the chemicals and metal,
—and around 40 for some of the
glamour stocks,
-In any case, it is a mistake tc
read too much into stock prices,
—are now
that some
proved
the
into
and
cidental
short-term
causes
that
and
give
ac¬
them
their maddening fascination. Bui
there has also been an underlying gloom in the industry itself,
™s can probably be traced back
to
approach.
an
today, ha?» shown how
drastically it discounts the future
earnings potential represented by
scaring investment funds away.
the
bankers
we
rather than
"
industry has come
the growth of
on
But
innocent
The
J
"Chronicle," June 30, page 14) and explains what can be done with-
American
than
economists know that this is much
posal to Prorate International Oil Production," by Abdulla H. Tariki,
The
reserves
its earnings.
viability. He opposes recent pro¬
posals for some kind of international prorating system (cf. "A Pro¬
out
stronger position than if they
only found sand and
sah
water; or that a company should
be judged more on the growth of
Mr. Symonds raises and discusses several fundamental policy
groups.
a
had
decline
a
1»
income rather than prestige
over
Analysis of oil industry prospects points out: (1) the surplus capac¬
national
Vft** <VM» WW^VWr^MlliriWII"
obstinate, old-fashioned obsession
Market
Reaction
might
ous
City Bank of New York
< 4- * %.—»irMk"*' "tJ'V
«gWW|^WW'I^WyfaKP3flOT'J^ ■WW|iWiyW»fWW"
Iff
(955)
Sophisticated
VL;-.
In the World Oil Industry
.ft <AH
Chronicle
The Commercial and Financial
5984
UM. •« II
a
basic
feeling—a
supplies are
change
of
feeling that energy
now entering a new era—an era
of plenty instead of poverty.
An
If
we
really entered
solve in a couple of working
days problems that would take a
now
with
man
desk calculator up to
a
20 years to complete. In one strik¬
ing application of computers, bet¬
ter
inventory control has made
possible
30% cut in the amount
tied up in spare parts
and other refinery supplies. Auto¬
mation has been widely adopted
in refineries, on pipelines, and at
pump
stations.
Over-all
man¬
power
requirements have been:
reduced by 20% or more in many
companies.
In - an
industry
in
of
a
money
which
sales
the
15
cents
is
some
dollar
required
out
of
to
each
meet
payroll, savings like this
a
considerable
impact
can
have
total
on
costs.
Perhaps
important
steadily strengthen¬
even
has been the
incentive
ing
more
to
worldwide
ex¬
ploration.
In the 1930's "as-is"
policies and the domination of
Era of Oil Plenty
have
7
a pe-
world markets by
seven
interna¬
.
riod of abundant and low cost en- tional companies discouraged the
hunt for new oil fields. The po¬
nence
of the oil industry in the ural gas that are now at the dis- er^Y,
when even some
by: what technical feats
litical atlas was then much sim¬
companies were strictly domestiic U. S. manufacturing picture as a posal of the oil companies of the have we achieved this? Obviously,
whole. ?■ v./:
Nowadays, par¬
in their outnon-communist world.
Consider there have been great advances in pler and tidier.
Z 4'; ■
." Z-\ v;'''
ticular sedimentary basins often
Before
look, and
settling down to
our' for instance, what happened to the oil-finding techniques
over the
when
t h er e
?--J main concern this evening —the value of the total outstanding *ast 15 years. There has been have great political as well as
geological possibilities. New gov¬
was no incen¬
supply - demand
situation
con¬ stock of a representative group progress in geophysical methods,
ernments are understandably in¬
tive
to hunt
fronting
the
oil industry,
and of 10 major oil companies. In the *n knowledge of the age of rocks
long
a
the old days
of the largest
since
way
,
_
,
,
—still
less
problems that; 10 years ending in December, through their radioactivity and
pollen content, in the developpause for a
1957, they showed a fivefold inmoment to consider the impact or. crease, while the Dow, Jones In- ment of aerial survey and phothis
burgeoning foreign activity dustrial 'Average rose only half tography, in the use of helicopters
it
home.
at
Since
those
outstandin f
pio n e e r of
foreign finan¬
now
of
Edward Symonds
frontiers.
cial
It
-
accounts for over one-third
the
of
value
book
America's
private investment abroad.
It has been bringing home divi¬
dends—quite apart from earnings
reinvested abroad—at the rate of
direct
$1.2 billion a year, including $25
million from
the
ocean
tanker
fleet.
Our
First
National
City
concen¬
is bringing about
transformation of
it
For
is
where it
areas
as
fast.
abrupt
But 1958 and 1959
end
to
climb.
this
an
and in the perfecting of building
The
methods to make the oil-search-
saw
quotations began to drift uncer- er's life supportable in impossible
countries
and
whole region s. tainly downward. Meanwhile the Places.
New offshore techniques
There can be no parallel in his¬ Dow,
Jones
Industrial
Average have opened theg reater part of
tory to the revolution in, say, added insult to injury by continu- the Continental Shelf to explora
Kuwait
over
the last 15 years. ing its climb toward an all time tion, thus increasing the acreage
From a primitive date-trading and high.
The first half of 1960 did of possible oil territory by onepearl-fishing port, that little com¬ little to improve the record, and tenth for Texas and up to a quar
some
of the big institutional in- ter for the world as a whole. Wells
munity of less than 200,000 people
has been projected from the Mid¬ vestors are still suspicious of oils, bave been made less expensive b^
dle Ages to the peak of 20th cen¬ vf;What we all want to know, oi such devices.,as
slim holes ana
tury prosperity. It now has an oil, course, is not what has happened, tubingless completions. More than
but what is going to happen; in balf the oil found still remains m
income
of
some
$350,000,GOO
a
oil as in other walks of life, his- the ground; but many improveyear and more cars per head than
economic
the
the
become
the
trated.
oil
industry has
should
raises—we
on
the
days
of the policy
some
to
bring it back
and try to sell
it
oil and the untold volumes of nat-
.
oil abroad ?.
for
the promi¬
shows
II
Table
while
It offers tory is
country in Europe.
any
of its
each
free education at
sons
the college and even
in the coun¬
in Lebanon,
analysis of the results of all try of his choice —
available American oil companies Egypt, Syria, England or America.
contained 93
names
w he n
we (Cecil Rhodes himself could not
started it in
1937; only five of compete with such bounty!).
If
Bank
is
a
is to
a
discipline, but prophecy
On this all I shall do
delight.
mention
movements
that
on
the exchange tend to
and
overdone—if
be irrational
they were not,
merits have been made not only
]n production methods but also
water-floods,
m
and
other
LPG
secondary
injectioi.
recovery
processes.
terested
in
encouraging
efforts
tion
borders.
their
within
own
also
used
have
They
bargaining
new
explora¬
their
power
to
persuade the oil companies to un¬
dertake
an
unprecedented pro¬
gram
of
.refinery
construction
abroad.
/There
doubt that the
of the oil
industry's postwar exploration ef¬
can
be
widely spread
no
success
fort has had much to do with
the
cooling off in enthusiasm for nu¬
clear energy. It has also brought
quite a change in the attitude of
various
exporting countries to¬
ward the companies that can hold
the door to foreign markets.
more
general plane, it has
helped to take some of the sting
open
On
a
out of the Malthusian dilemma of
a
rising tide of world population
against a fixed wall of
beating
natural
resources.
money-making would be too easy
Meanwhile, there have been /" This May Be an Exception
and probably none of us would great advances in the efficient use
In the Trend
:
them had any substantial foreign the problems of the Middle East, be interested in this paper. Like of manpower. Research, planning
But I do not believe that we
production problems have
interests.
Today it contains ,131 still come home to haunt us, im-. any other fashion, the fashion of and
have now turned our backs for
companies, with a total of over agine what they would be like selling oils was likely to bringQjgen increasingly handed over to
good on an era when the world
150 affiliates operating in 73 for¬ without the region's $1.2 billion of a reaction. A number of people— computers. In terms of man-hours
Continued on page 24
eign countries. The latest import annual oil income—or if the Rus¬ particularly those who retain an this means that a company can
,
quota announcement from Wash¬
ington showed 222 American com¬
panies now bringing foreign crude
oil or products into this country.
Table I shows how earnings and
sales of the seven international oil
companies
now
outstrip those of
sians had moved in instead of the
international oil
Such
wealth
was
countries.
/
International Oils
Against U. S. Domestic Producers
(Billion Dollars)
c
Domestic
International
Total
Net;
••
/Net \
Earns.
Sales
Earns.
Sales
1.3
13.9
1.2
0.5
1.7
v'
Total
14.9
1.6
0.7
1.6
0.8
1.8 Z
0.9
1950—
51
•
—
1.8
17.6
53—
1.9
54—
2.0
19.8
55—
2.4
22.0
56—
2.8
'
18.7
52-^
"
=
•
w
1.8
0.9
25.1
2.6
1.1
thought
useless
have
about
•<57—
3.0,
28.0
2.7
1.4
58
2.4 r
27.0
2.2
1.6
59—
2.5 V
29.0
2.3
1.4
H
S.
Companies
Oil
in
the
has
gone
much
Manufacturing
Net
Total
Net
Total
E?rns;
Sa'es
Earns.
Sales
16.7
11.2
120.6
1.9
51
\
world
as
Price
$8 per Share
experi¬
found
and
little, but
so
they have found so much
because
With
these
(Billion Dollars)-
1950-
(Without Par Value)
of
proved
up
about their
and found it so
/
those
of
foreign
COMMON STOCK
reserves
as
volume
be reticent
so
Against U, S. Manufacturing Cos.
Oil
large
as
The
whole
oil
Corporation
ence—not because they have spent
Earnings and Total Sales
U.
revealed
fivefold in
the last 10 years.
This has given
rise to a saying that companies
exploring abroad tend nowadays
to
TABLE
Atlantic Bowling
of as among the most
parts of the entire globe,
twice
.
250,000 SHARES
was
North Africa, long
of
now
America.
a
All
deserts
the
reserves
•
shortage
Suez
The
.
Septeviber 8, I960
NEW ISSUE
quickly overcome, and the world
suddenly seemed to be swimming
in oil. On top of rich discoveries
in the Middle East and Caribbean,
1.0
2.2:
,
the
For
of these securities.
however, this mar¬
riage has begun to look less bliss¬
ful.
offer to sell nor a solicitation of an offer to buy any
off er is made only by the Prospectus.
.
The
in the
growing markets
and
gry
last five years,
Earnings and Totals Sales
Seven Leading
This announcement is neither an
happy chance that oil was found,
but also on the existence of hun¬
industrialized
I
TABLE
companies.
unexampled flow of
based not only on the
an
regard
foreign
climbed
the
to
reserves,
based
duction
quickly.
the Middle East.
show is the
has
them
on
including the undersigned,
as may
such of the underwriters,
lawfully offer these securities in this State.
also
particularly
steeply,
Copies of the Prospectus may be obtained from only
growth of
the pro¬
in
What it does not
surplus of
some
6,000,-
2.3
19.7
11.0
140.5
52—
2.2
20.7
10.3
149.9
000
53—
2.4
22.3
11.2
165.7
pacity, compared with free world
54—
2.4
23.0
11.8
55—
2.8
26.1
15.2
56—
3.1
30.2
15.8
—
157.3
"
184.7
212.1
barrels
consumption
barrels
the
3.2
33.4
16.1
218.7
2.6
30.9
13.2
204.7
extra
59—
2.8*
33.5
16.1
229.8
nals
*Freliminary
based
wi'h
on
—
Not
earlier
fewer
strictly combecause
shut-in
of
some
ease
it show
with which
pipelines, tanks and termi¬
can
convert
reserves
into
a
barrels
of
million barrels
another
surplus.
Sutro Bros.
ca¬
17,000,000
Nor does
years
comDanies.
in
of
day.
a
comparative
57—
58—
parnMe
day
a
million
McDowell, Dimond & Company
R. P.
&
R. A. Miller
&
Co., Inc.
j
&
Co.
Ross, Lyon
&
Co., Inc.
Kay, Richards & Co.
8
—Scherck, Richter Company, 320
DEALER-BROKER
North
.
Fourth
Street, St. Louis 2,
Mo.
orandum
R.
—
W.
Pressprich
&
Co., 48 Wall Street, New York 5,
N.
AND RECOMMENDATIONS
THAT THE FIRMS
UNDERSTOOD
IS
TO
PARTIES
INTERESTED
SEND
America's Gold
Commission
Market—Review—With
Utilities
Electrical
In¬
Analysis—James Rich¬
ardson & Sons, Inc., 14 Wall St.,
New York 5, N. Y.
Canadian
Oils
Mines
and
Sep¬
tember "Blue Book" reviewing 15
oils and 35 mines—Draper Dobie
—
Japanese Stock Market
—
Survey
Co.; Ltd., 61
York 6, N. Y.
—Nomura Securities
Broadway,
Also
the
New
available
ment
is
discussion
a
administrative
new
of
amend¬
the
to
foreign investment
law of Japan and analyses of Sony,
Canadian
Motor, Mitsui Chemical Industry,
Bulletin
Review—
Walwyn, Stodgell &
44 King Street, West,
Companies
of
-
Future
the
(Con¬
Companies and New Tech¬
Natural
Weeks, 40
Street, New York 5, N. Y.
New
England
Letter
Wall
Oil Companies
Copper
Stocks
—
Review—Hemp¬
hill, Noyes & Co., 15 Broad Street,
New York 5, N. Y. Also available
is an analysis of Century Geophys¬
ical Corporation.
Carl
ular
reference
ciates,
to
with
partic¬
Sanders
Asso¬
Collins
Radio,
Standard
Kollsman Industries, and Babcock
Radio
Engineering
tember
in the Sep¬
Letter—Hay-
—
Investment
dene, Stone & Co., 25 Broad St.,
New York 4, N. Y. Also available
are reviews of Purex Corp., Cerro
de Pasco Corp., Electronic Assist¬
Corp. and Pierce &
ance
Stevens
Chemical Corp.
Fiber
Glass
Goodbody
Industry—Analysis—
Co., 2 Broadway,
N. Y. Also available
are
reports on Borman Food
Stores;
American
Photocopy
Equipment; Avco Corp.; Chicago,
Milwaukee, St. Paul & Pacific;
Lockheed Aircraft; Niagara Mo¬
hawk Power;
St. Louis-San Fran¬
cisco;
Symington Wayne
Corp.;
Wabash
Railroad;
and
Western
Union.
High
Yield
&
showing
up-to-date
an
between
stocks
the
25
the
the
Folder
industrial
Dow-Jones
over-theindustrial stocks used in
counter
and
—
compari¬
listed
in
used
Averages
the
Co.,
National
35
Quotation
Bureau
Averages,
both as to yield and
performance over a 20period — National Quotation
market
year
Bureau,
Inc.,
Front
46
Street,
New York 4, N. Y.
Photographic
Industry
with
par¬
ticular reference to Perfect Photo
Inc. and Dynacolor
&
New York 4,
Pforzheimer
Street, New York 4, N. Y.
Over-the-Counter Index
son
Electronics—Review
H.
Broad
Memorandum—
—
Defensive
Stocks—A
Corp.—Cooley
& Co., 100 Pearl St., Hartford 4,
Conn.
Railroad Earnings
—
R
e v
i
e w—
Paine, Webber, Jackson & Curtis,
25 Broad St., New York 4, N. Y.
Also
available
Edison
are
data
on
Ohio
Co., General Foods, Comp¬
tometer Corp., and Carolina Pow¬
er
& Light.
Earnings Estimates
&
Dividend Summary—Comparative
figures
Vilas
—
&
Hickey,
26
portfolio
Broadway, New York 4, N. Y.
120
Railroads—Review—A. M. Kidder
— Harris,
Upham & Co.,
Broadway, New York 5, N. Y.
Also available are analyses of the
Food
Industry,
Motion
Picture
Stocks, Savings and Loan Stocks,
Steel, Women's Apparel Company
Stocks; Barnes Engineering Co.,
Heyden
and
Newport
Thatcher
Chemical
Glass
Co.,
&
Co., Inc., 1 Wall
York 5, N. Y.
; ;
Stocks
Eisele
for
Income
Street,
New
A/y,.
—
Bulletin—
&
King, Libaire, Stout &
Co., 50 Broadway, New York 4,
N. Y.
.aaaaw
*
Manufactur¬
ing Co.
*
*
Company—Report
Co., 50 Congress Street,
2, Mass.
Tire
Auchincloss, Parker & Redpath,
Broadway, New York 4, N. Y.
2
Burroughs Corporation
Co., 120
5, N. Y.
bulletin
same
Data—
—
Available
—
on
//:■;':11
American
North
in
cussion
vestor's
Marine
Company,
New
are
Midland
Chicago
York,
data
Corp.
St.
&
Burry Biscuit Corporation
—
An¬
—
New York 5, N. Y.
analyses
are
Also available
Corn
on
Products
Company and E. J. Korvette Inc.
City of Omaha, Neb.
Bulletin—The
Illinois
Co., Inc.,
St., Chicago 4,
South La Salle
231
Bonds—
—
111.
—
Report
—
McKinnon, 2 Broad¬
&
States
Coastal
Memorandum
Gas
J.
—
Producing—
R.
Williston &
Beane, 2 Broadway, New York 4,
N. Y.
'
A
Cochran
&
—
Company—
Calif.
V-
& Co., 65 Broadway, New
6, N. Y. Also available is a
stock
York
Gas
Natural
Southern
review of
the
of
"In¬
Lynch,
Smith
issue
same
are
reviews of
Works, Puerto
Machine
'
—
Analysis—Glore,
Wall St., New
Forgan & Co., 45
York 5, N. Y.
Hilton Credit Corp.
Calif.
P. Lorillard Co. and R.
on
Columbia
available
S. Borax &
Employee Relations, Inc., 32 North
Bayles Avenue, Port Washington,
N. Y. 25<£.
Ingersoll Rand
&
Co.
Appraisal—
—
Stieglitz, 52 Wall Street,
5, N. Y.
New York
International Business Machines—
Review—Hirsch
available
&
Co., 25 Broad
Finance
reviews
are
and
is
Also
Family
on
Northrop
Corpora¬
System—
report
a
on
Chemical.
Corp.—Memorandum—HopBros. & Co., 120 Broadway,
Markets
Analysis—Powell,
Inc.—
—Van
Wall
Eighth
on
Co.
Also
available
Corp.
is
review
a
Distillers
Data
—-
Street,
the
Sons, 409 North
St. Louis 1, Mo.
&
Myers
is
memorandum
a
Frito Co.
of
In
—
&
Chemical
"ABC
current
same
issue
Co.,
are
data
Harsco
on
Bristol-
Corp.,
New
England Gas & Electric Associa¬
tion, and North American Van
Analysis— National Steel Corporation
An¬
Loeb, Rhoades & Co., 42 alytical brochure
L. F. Roths¬
Street, New York 5, N. Y. child &
Co., 120 Broadway, New
—
—
—
Wall
York
Memorandum
Co.,
1 Wall
—
Bear,
St., New
5, N. Y.
Operating
Results
of
Department
and Specialty Stores in 1959—Mal¬
colm
ness
ton
P.
McNair—Harvard
Busi¬
School, Soldiers Field, Bos¬
63, Mass. (paper), $6.00.
June
articles
1960
Containing
—
"Nyasaland
on
Future
and
available
analyses of
Tennessee Corporation, Campbell
Soup Company, Brunswick Corp.
American
are
Viscose
figures
and
com¬
Convertible
on
(Germany)
alysis— Evans
—
An¬
&
Co., Inc., 300
Park Avenue, New York
22, N. Y.
Federation," "De¬
velopment of South African Min¬
ing Methods," "Nigeria's Magna
Carta," "Atomic Energy Serves
Mankind through
Radio-Isotopes,"
"Impact of Christianity upon Af¬
Life," and "Engraving on
Glass"—Anglo
American
Corpo¬
Africa Limited,
Johannesburg, Union of South Af¬
ration
of
rica—2s
South
6d
year—plus
Pacific
Report
copy
(10s
exchange).
per
bank
Gamble
—
Robinson
Leason
South La
&
Co.^.
Co.,
111.
v.
Pacific Vegetable Oil Corp.—Bul¬
letin—de Witt Conklin Organiza¬
Inc.,
York
5, N. Y.
Proctor
120
Silex
Broadway,
New
Memorandum—
—
Shearson, Hammill & Co., 14 Wall
Street, New York 5, N. Y..
Calif.
J. C. Robinson
Co.—Report—Mor¬
rison & Frumin, Inc., Penobscot
Building, Detroit 26, Mich.
Row,
Peterson
Analysis
-—
Company-
and
Hill Richards & Co.,
621
South Spring Street, Los An¬
geles 14, Calif.
Santos
Ltd.
Memorandum—
—
Dempsey-Tegeler & Co., Houston
Club Building, Houston 2, Tex.
Southeastern
Memorandum
Public:
F.
—
P.
Service—
Ristine
Co., 110 East
Milwaukee 1,
Avenue,
Also
available
are
Revitalization and diversification of this
century old
of
company creates, we
York 5, N. Y.
Also available is
an
analysis of New York Bank Stocks
with particular reference to Bank¬
ers Trust Co., First National
City
Bank and Morgan Guaranty Trust
Co. of New York.
Spiegel, Incorporated—Analysis—
Joseph Walker & Sons, 30 Broad
Street, New York 4, N. Y.
Straza
Industries
—
missile-electronics
Analysis
stock
—
J.
Taft
Broadcasting
Co.—Analysis
Newark Electronics
Corp.—Mem¬
—Westheimer
orandum—Wm.
Tegtmeyer
St., Cincinnati 2, Ohio.
H.
&
a very
new
favorable
report tells why a
high earnings ratio is to be expected.
report are available
on
oppor¬
Copies of this
request.
Power
<&
reviews
Light
Electronic Associates, Inc.
alysis— A.
South La
m.
C.
Salle
.
.
Eurofund
Allyn
—
and
&
Co., 326 Walnut
Specialists in Canadian Securities
as Principal for
Brokers, Dealers and Financial Institutions
An¬
&
Co., 122
Street, Chicago 3,
•>./
..
...
.
Inc.—Analysis—Chesley
&
Co., 105 South La Salle Street,
Chicago 3, 111.
Farmers Underwriters Association
—Memorandum
Kidder, Pea—
TROSTER, SINGER & CO.
Member New York
Security Dealers Association
Trinity Place, New York 6, N. Y.
HAnover 2-2400
Teletype NY 1-376; 377; 378
Members: New York
25
National
Broadway, New York 4, N. Y.
Orders Executed
First
Mills—Survey—Abraham
Co., 120. Broad way, New„. York
Membere: Principal Stock Exchange«
•/ Canada
National Association of
The
25
NY 1-4722
regular commission rates
through and confirmed by
Boston
Corp., 15 Broad Street, New York
5, N. Y.
&
at
•
City Bank of New
York—Report—The
General
Securities, Inc.
Security Dealers Association
TELEX 015-220 •. HAnover 2-0433-45
body & Co., 17 Wall Street, New
York 5, N. Y.
First
74
Grace Canadian
of
A.
Hogle & Co., 40 Wall Street, New
York 5, N. Y. and 132 South Main
Street, Salt Lake City 1, Utah.
Premier Industrial Corp.
Our
Dayton
&
Co., 15 Broad Street, New York 5,
N. Y. -vx:v
—Robert W. Baird &
Wis.
per
Inc., 39
Street, Cihcago 3,
Salle
Storage Battery—Review
Wisconsin
the.
the
of
Lines, Inc.
Corporation
M.
Carl
&
—
Memorandum—A.
—
available
Draper
—
Stearns
—
Investment Letter"
Amott,
Jones, Hau- Baker &
Co., Incorporated, 150
Inc., Buffalo, N. Y. (cloth).
Broadway, New York 36, N. Y. In
Edwards
Also
Olivetti
&
Alstyne, Noel & Co., 40
Street, New York 5, N. Y.
Richmond—B aker,
G.
Co., Di Noc Chemical Arts,
American Broadcasting Co.
Mem¬
Co., Reserve Insurance Co.
Street, Fayetteville, N. C. orandum ^-Walter C. Gorey Co.,
Kennecott Copper Corp.—Review Russ Building, San Francisco 4,
Kistler
Reynolds Metals Co.
Design for Growth—The Story of
National Gypsum Company—Dean
Drackett
ping
tion,
tion.
Denmark, Economic Survey, 1960
Leesona Corp. — Data—Purcell &
—Royal Danish Ministry of For¬
Co.. 50 Broadway, New York 4,
eign Affairs, Copenhagen, Den¬
N. Y.
mark. (paper).
sauer,
Authority,
International Sil¬
Co., Fischer & Porter Co.,
Harsco Corp., Signode Steel
Strap¬
110 Old
Broadcasting
Analysis—Walston & Co., Inc., 74
Wall Street, New York 5, N. Y.
U.
Resources
Gossett,
rican
How to Fire Proof Your Fami'y—
Itek
Reynolds Tobacco.
Also
Analysis-—
—
Dempsey-Tegeler & Co., 210 West
Seventh Street, Los Angeles 14,
Radio —Analysis—F. S,
pin
Moseley & Co., 50 Congress St., New York 5, N. Y.
Boston 2, Mass. Also available is a
Jackson's
Minit
report
Water
&
Optima
Heublein, Inc.
Collins
Electric
believe,
'
Dis¬
Inc., 70
St., New York 5, N. Y. Also
Pine
in
issue
Reader"—Merrill
Street, New York 4, N. Y.
Equipment
Analysis—Hooker & Fay, Inc., 221
Montgomery St., San Francisco 4,
J.
5, N. Y. C;,
Wall St., New York
H. J. Heinz Co.—Review—Fahne-
Halle
Dresdner Bank
tunity for capital gain.
re¬
-
Aviation
current
Fenner
Pierce,
Whitin
Columbia Gas System, Koppers
on
Bonds.
CORPORATION
Y.
N.
Halliburton Oil Well Cementing—
1
and Corn Products.
parative
WELLS
Memorandum—
—
way, New York 4, N. Y.
Also
available is a report on Tennessee
Instruments—Analysis—
Corporation.
Steiner, Rouse & Co., 19 Rector
St., New York 6, N. Y. Also avail¬ Hart, Schaffner & Marsf—Memo¬
able are reports on Lytle Corp. randum—Francis I. du Pont & Co.,
Boston
and
Financial Institutions—
Schlumberger
on
Branson
Also
Aetna Finance
STRUTHERS
General
National
Railroad
data
Ltd., Utah Construction & Mining,
and Union Carbide
(Australia).
Thomson
&
Eastman, Dillon, Union
Securities & Co., 15 Broad Street,
Business
—
Special
—
Bourjois—Memorandum—Draper,
alysis
nology Companies) — Review- Review—The First National Bank
Ralph E. Samuel & Co., 2 Broad¬ of Boston, Boston, Mass.
A/
way, New York 4, N. Y.
Plywood
Sears
Companies—Review
&
book
'
v
—
ver
Louis Railroad Co.
Gas
—Hornblower
printed
\
Events
Data—Wins- quest—Banca Commerciale ItaliNew
York
Representative
low, Cohu & Stetson, 26 Broad¬ ana,
way, New York 4, N. Y.
Also Office, 14 Wall St., New York 5
General
Harsco- Corporation
and
Breweries.
—
Co., Ltd.,
Toronto, Ont., Canada.
sumer
and Kirin
Tube,
Olympic
Bell
Also in the
Steel
Rayon, Toyota
3, 111.
Rico
ufacturing,
Nippon
Co.
cago
1960
Report—Benjamin, Hill & Co., 25
Street, New York 4, N. Y.
Oppenheimer, Neu
&
Broadway, New York
Isuzu Motor, Toyo
Thursday, September 8, 1960
Broad
Mitsui Bussan, Fuji Electric Man¬
& Co., Ltd., 25 Adelaide Street,
West, Toronto, Ont., Canada.
Securities
Review—
—
111.
,
—
Stores
Freehling, Meyerhoff &
Co., 120
South La Salle Street, Chicago 3,
Co. Ltd.—Yamaichi Securities Co.
Stock Transfer Tax—Tabulation—
Canadian
Borman Food
.
and Drydock
\
Shipbuilding
available
Co.
Busch
Inc.—Analysis—
Reynolds & Co., 120 Broadway,
New York 5, N. Y. Also available
is a portfolio to yield a dividend
check every month.
of New York Inc., Ill Broadway,
Wood,
Gundy
&
Co., Inc., 40 New York
6, N. Y.
.
Wall Street, New York 5, N. Y.
dustry
memo¬
a
Lid. and Fuji Precision Machinery
and
Rates
is
Detroit Edison
on
particular reference to Mitsubishi
Heavy
Industries,
Reorganized,
stein-Macaulay, Inc., 341 Madison
Avenue, New York 17, N. Y.
Canadian
available
Also
Anheuser
WILL BE PLEASED
THE FOLLOWING LITERATURE:
Japanese
Report—Bern-
—
MENTIONED
Y.
randum
..
5, N. Y. Also available are surveys
of National Biscuit and Newport
News
,
American Natural Gas Co.—Mem¬
INVESTMENT: LITERATURE
IT
Chronicle
The Commercial and Financial
(956)
Security
Dealers
Broadway, New York 4, N. Y.
wfMiriM'Wt '.VWWl
Volume
Number 5984
192
.
HVlWIto
rtf
«*n <
irv*
ftW
(1 ffUWw w**n '**! WFWn" lT
nr^*WW,
The Commercial and Financial Chronicle
.
.
0
HWF
1
(957)
Convertible
Phillips Petroleum Co.
'
•'
V
/
v.
..
V
.-
•
.
.
For
dition
By Dr. Ira U. Cobleigh, Enterprise Economist
via
Summarized
about
notes
this
progressive
oil
and
company
its
years.
There
world
glut of petroleum; crude
have
been
soggy,
and
prices
eroded
the
is
well
increased
by
known
volume
of
Russian oil in the world markets.
Phillips
petent
in
turn
petrochemi¬
specifically are they?
In
the
1940's Phillips went in
heavily for synthetic rubber and
What
.
,
hydrocarbon;
Research
the
and
of
spate
mousy
further
oil.
consumption,
gas
dented
So
it's
the
not,
time
a
think
we
deserves
time
to
it
may
get
this
at
earn
done
has
better
more
than
most
.major oils, in the past two
years,
further
and
is indicated
progress
for 1960.
■
forward motion in Phillips
Petroleum has been in three main
From
1920's
it
till
1917
,
was
oil
an
late
the
exploration
enterprise; in the 1930's it ex¬
substantially into refin¬
panded
ing and marketing; and since the
middle
has
1940's
ingly
increas¬
been
accenting
petro-chemicals
natural gas and
— phases
of the
which
are
currently
business
substantially higher
capital.
delivering
returns
on
products
of
,
LPG,
now
but
different
14
types
represents
breakthrough
in polymer chemistry and is the
basic element for a remarkably
strong and durable new synthetic
great
a
nitrate
tion.
also in rising produc¬
are
All
been
the
in
while,
most
a
Locating
Oil
has
bird dog
successful
for oil. It has
aggressively sought
oil, not only in North
and found
America
in
but
America
South
Middle
the
and
East.
It
an
was
early entrant in Venezuela, where
its Lake Maracaibo production has
been
excellent';
1948,
Kuwait
the
entered
in
and,
it
Neutral
Zone, where it has developed vast
reserves and a major output. Phil¬
lips foreign production is now es¬
timated at around 60,000 barrels
a
day. On the domestic side, oil
production
for
1959
averaged
124,000
plus
b/d
net
net
96,000
liquids.
b/d in natural gas
myriad of commercial and
pharmaceutical chemical ele¬
ments, most of them very high
profit items.
Finally Phillips is
in
nucleonic
chemistry through
operation of an atomic chemical
plant at Arco, Idaho.
a
Now all these
the
atomic
Integrated
Fully
chemicals, except
variety,
depend
on
this,
least
at
20%
provides
of
is believed to be
higher today and
high long term supply
a
material for the company's
raw
natural
gas operations which are
growing at the rate of 14%
now
per
Moreover, the price of
year.
natural
gas, as it is delivered to
transmission lines, has been ris¬
ing steadily
the past decade,
that gas in the ground is worth
so
over
progressively more.
%
company,
of
hydrocarbons into use¬
ful
the
and petrochemicals.
fractions
In
post-war
were
sums
laid
out
large
very
era
both
oil, Phillips
appears
industry, by virtue of its excellent
cost controls, smart product mer¬
excellent
lower
of
cost
situation
call
the
it
on
stock,
by the
bond, Phillips Petro¬
to
seems
of
represent
above
The
oil
an
at¬
average
management
is
energetic, the long term growth
curve
attractive, earnings are ex¬
panding, and dividends should in¬
"vV '
crease.
while blanket endorse¬
of oil equities, as vehicles
and the building and ex¬
for market advance at this time,
of derivitive chemicals.
Because of this very large across- would seem unwarranted, a pretty
the
board
capital
expenditure good case may be made for Phil¬
common. ; It
sells
today
($257 million was invested in 1956, lips'
around 47 and pays a $1.70 divi¬
the
top
year)
extending
over
The market for Government secu¬
rities should be able to decide soon
where it is going since some of
the forces which have been
points
of concern to it should be resolved
in the very near future. It is evi¬
dent that the "forward
offer to
owners
000
World
of
have to
come
soon
II
2^'s
will
it will have
or
Vvvi' to be postponed until later
J. F.
politics.
in
on
:. :
The
Treasury will be in a
money raising operation by
With Texas Fund
end of the month and
HOUSTON, Tex.—J. F. Stephens,
the
of
one
nation's
best
mutual
fund
named
Vice-President
executives
known
has been
Sales
and
of
-
*
which
Texas
been
Kansas
balance
two
1938,
Waddell
City.
has
Stephens
Mr.
In
Reed
&
of
he was
played
1941,
key role in the company's prog¬
He is recognized as an au¬
ress.
thority
funds
in
sales
of
obtained
tightening in¬
funds
the
which
several
plow
of
back
sizable
involving
earnings and
and
years,
of
amount
a
a
public financ¬
an aphases of mutual
and operation.
As a
term issues
even
though the capi¬
as
right matu¬
It won't be too long before
Treasury will be in the market
of
the
and
year
the
the cost of these
Term
borrowings.
Rates
funds
new
ment
with
the
share net has been held
down.
Now,
with
these
major
outlays attended to, with many
hundreds of proven wells ready
to
be
activated
or
reactivated,
without costly exploratory or
"wildcat" outlays; and with most
modern petrochemical plants on
stream, we should expect a much
ing,
per
higher per share profit delivered
to
shareholders.
Moreover,
the
"cash flow" this year should be
in the order of $240 million.
and
Gas
,
Petrochemicals
Important to a consideration,
and an appreciation,
of Phillips
Petroleum
common
is the fact
-
that
about
come
now
chemicals
cal
sales
about
18%
contribute
%
of
from
gross
natural
combined.
in
$270
perhaps
The
and
chemi¬
gas
should
1960
to
revenues
rise
million, and
20%
of the
corporate net. A good petrochemi¬
cal
company
8%
and
and
we
12%
between
invested capital
can
on
should
earn
expect
the
com¬
go
above
What the Gov¬
ernment does in its first fall
oper¬
ation will give some clues as to
how this pattern of
borrowing will
in
Next
work out in time.
"Advance
markets.
the
the
It
is
advent
evident
of
fall
that
of
more
economic
picture will be un¬
folding and the direction in which
it goes will determine the amount
of money and credit which will be
available.
Forecasts appear to in¬
dicate that business conditions
pretty
much
situation
of
with
touch
a
no
are
and
go
strong opinions
Refunding"
have
The "advance
refunding" is still
much in the forefront of the
Government market in spite of the
indecision it has brought with
it,
since the political aspects and the
results it could produce might be
the main reasons for this not
being
done until later on if at all. How¬
in spite of the politics that
involved in this "forward re¬
ever,
are
funding" there- is
passing amount of
this
operation
more
latest
that
it
will
means
that
the
policy
of
"ease" funding obligations, will take a
great deal of pressure off the Gov¬
in money conditions will continue
for the foreseeable future.
This
ernment
brought them into
bond market when
business
Lester,
Ryons
is
not
there should be
Co.
&
economic
be
(Special to The Financial Chronicle)
a
in
a
a
sharp
conditions
greater
as
long
recession.
recovery
there
demand
for
as
If
not
the market for
only the longest Government
in obligations but also for corporate
would
money
bonds.
It is reported that
these
funds
initial
have
been
Canadian
leums,
assets
and credit and this would push up
their
the whole structure of loaning and
nonfederal issues. The private
pen¬
Lester,
Calif.
&
Ryons
Avenue.
—
Co.,
A
South
110
Hough
Mr.
sion
The principal reason for
an en¬
too
funds
in Pasadena.
commitments
are
still
use
of
much
larged demand for funds the rest
bonds
of the year will be the shift of the
merly conducted his own invest¬
ment business
interest rates.
for¬
turities
This announcement is neither
securities.
an
offer to sell
even
are
not
facilities
Under
Canada.
the
any
of these
September 6, 1960
100,000 Shares
Wakefield Engineering, Inc.
Common Stock
(No Par Value)
Price $3.00 per
West
Share
arrangements'
agreed to, there will be outstand¬
ing 14,775,773 shares of Pacific
common
Petroleum
of
39%
or
which
Copies of the Offering Circular may be obtained from the undersigned or from
own dealer in such States where the securities may be legally offered.
5,762,550
shares.
(Sunray Oil Co. is
also going to trade in its Canadian
holdings, in exchange for 856,995
shares of Pacific Pete.)
Phillips will
As
result
a
Pacific
Pete
million
will
in
own
will
it, but
not
a
only
your
ROBERT A.
Members American Stock
$315
a
and
Phillips
large stake
a
major voice in man¬
,
MARTIN
680
FIFTH AVENUE
■
■
*
ASSOCIATES, INC.
Members New York Stock
foregoing,
become
company,
have
agement.
the
of
Exchange
Exchange (Assoc.)
NEW
making
though specific
a solicitation of an offer to buy
only by the Offering Circular.
YORK
the
Government
Petro¬
in
in
still being bought.
nor
The offer is made
NEW ISSUE
These assets include
production and dis¬
Ltd.
substantial
of
making
Wayne
PASADENA,
Phillips
its entire
Pacific
to
some
Hough has become associated with
been
convey
a
that
be
coming
yet around as to whether there along in the next few days. The
will be a decided move either
up way in which it will be done and
or
down.
It
seems
the plateau the issues to be involved both in
which business is in at this time the outstanding 2y2's and the re¬
about
news
will
than
opinion
Canadian Consolidation
The
the
very
in the next few months
A. W, Hough Joins
paid continuously since 1934.
is
in
Forefront
$3.50
Dividends
1960.
for
tribution
One-Third of Sales From Natural
should
and
1959,
announ-
likely to be made the latter
they
of his new duties," Mr.
does not preclude some hardening are made known.
Stephens will be responsible for in short-term
The need for selected
money rates because
(bond) ma¬
the entire scope of Texas Fund's
the demand for funds will increase turities
by state pension funds has
national sales
part
yield of about 3.6%
but may well be improved by a
higher dividend declaration. The
$1.70 rate has been unchanged for
the past 3V2 years, yet per share
net was $2.45
in 1958, $3.05 in
be
through the sale of Gov¬
-
a
the
will
tal market is in good
enough con¬
dition to make it not difficult to
sell a bond with the
pansion
dend. This is
capital
upon
ernment bonds. It seems as
though
the bulk of the new
money which
the Government will need will be
raised through the sale of near-
The pattern of business is
going
be the guiding light as far as
with
Mr.
named Vice-President and
a
amount
part of the month.
ideas
the money and capital markets are
concerned. This appears to be the
theme of most followers of these
Fund.
with
the way in
obtained
are
be
short-term money rates
particularly with the effect on the
the
to
appoint¬
Since
a
of
to
Few Months
1 for
of
have
a
amount
have
on
for
Short
vestment
ment
the
for
ence
writer and in-
The
new
amount which is raised will influ¬
under¬
Texas
fluence
to what to
Na¬
c o u n s e
raised will
creditor to
a
the
will
in the future.
Also, the
Treasury will be borrowing funds
look
princi¬
pal
And
which
the
some
Bank
Bldg.,
funds'
borrower.
money
give the money and capital rity.
markets
Company,
tional
these
could
Government from
refunding" long-term sector or
$28,000,000,- markets depending
of the
War
the year. It might not come
along
at all if it is bogged down with
Euclid
Thus,
ment
and gas,
supply
foreign oils.
oil
on
convertible
leum
favor
you
indirect
an
CHIPPENDALE, JR.
and
price should follow
... with
considerable
common
Whether
or
BY JOHN T.
share.
program.
carrying on
chandizing (with a reputation for
all phases of exploration, produc¬
picking good service station loca¬
tion, refining, marketing and con¬
tions) efficient refineries, and an
version
tegrated
a
112
business
Phillips'
of
better
situated than other majors in the
fully in¬
a
figure
reserve
While
Company
at
pipelines, and
was
its own manufacture of by-prod¬ Stephens
announced by
J. F. Stephens
ucts, Phillips is in a most for¬
Thomas An¬
tunate position. Four years ago
derson, President of Texas Fund
natural
gas
reserves
were
es¬
Management Company.
timated at 13 trillion C. F. The
is still
Phillips Petroleum is
market
$50
sell
ahead, there is a
Texas
Fund
new specialized chemical plant at
Borger, Texas, which may pro¬ Mannagement
both for delivery to
Phillips
into
"converts"
Director
Looking
duce
on
due
convertible
of
a
high
Marlex,
density
poly¬
ethylene (in rising demand for all
kinds
of
plastics); and a new
CIS-4-polybutadiene.
This latter
natural gas. In the supply of
Successful
the
debentures
are
at the rate of
black. tractiveness.
carbon
expanded the by¬
natural gas so that
turns out not only
rubber. Ammonia and ammonium
-
.
i.\" The
stages.
of
has
the standard butane methane and
and pay higher dividends.
money
It
inspection
an
production
process
for
Phillips Petroleum
because
oil-fired
an
Phillips
excited about oil stocks generally.
But
for
out
has
demand
1
or
their
We've talked about
cals.
Our Reporter
ad¬
fidelity.
worked
compact economy cars, with their
to
■
Domestically,
natural
gas
has
competed fiercely with its brother
.
management
performance of 10%
a
better.
-
in
is,
common
4%%
which
common
These
The oil shares have scarcely been
market darlings tor the past three
the
the
1987
petrochemicals
increasing profits from natural gas and
to
Bonds
there
stock, an¬
other interesting port of entry to
Phillips Petroleum
and
that
is
>
.
investors
9
19, N. Y.
ma¬
10
blamed if
Don'
Credit Source
dashed
is
watar
held
widely
the
on
view
that
level
the
deduces
as
be, the
trend,, and
>c
v
of the .corpo¬
stocks, would remain at a high
pension funds consisted of
enough level to induce pension
corporate securities. Investments
fund trustees to continue the presin government obligations repre¬
ent trend toward corporate securi¬
sented 10% of the holdings, mort¬
ties as the major item of their port¬
gages accounted for 1.6% and the
companies succeeded in being allowed to
There is
a
widely held view th^t
growing pension funds
pension
the rapidly
provide an ample source of
mortgage credit for the one-four
family resi¬
dence during
will
the
coming
decade, i
It
To
this
as
large
a
•
of
sured
small
pension
funds are,
limited
in
degree,
<
U.
S.
govt,
Corporate bonds
own
company
tion
can
oe
A.
Maurice
Unger
act
demonstrated by first
non-insured cor¬
porate pension funds and, sec¬
ondly, by examining the insured
the
examining
of
insured
'■
The
funds
total assets
amounted
the end of 1958.3
hi tion-insured
to
$23 billion at
it has been esti¬
of 1965, the
non-insured funds will total $51.7
once
arranged with
an
the
costs
surance
the
J.
O'Leary,
Sources
and
"Postwar
of
Uses
Trends
Capital
have
a
pension
insurance
is
and
program
company
been
company
,
determined, the in¬
itself .undertakes
to
guarantee a certain level of benefits
the employees
upon
retirement.
In
for
the
pension funds, how¬
ever, tha level of the pensioner's benefits
will depend upon the amount of money
of
in
the
become
1 James
In
principal feature distinguishing
programs
from the non-insured
tyft^'is'that,
case
mated that by the end
veloped
Survey
Funds.
non-insured
fund
due
or
trust
upon
when
the
retirement."
benefits
Paul
P.
Harbrecht, S. J., Pension Funds and Eco¬
Power,
The
Twentieth
Century
Fund, New York.
1959, page 79. '< j
nomic
to the total
fund, it can
obligation
100.00
mortgages
to
from time to time where
hold
611
3.2
trustees and if what Borrows and
4,770
24.7
584
3.0
4,187
21.7
■;
833
;
quently,
statistics de¬
to
update
Corporate Pension
SEC
Table
in
shown
1
million
$313
1.6%
Between
1950 and
outstanding.
1957, invest¬
gate holdings while proportion in¬
than
in
common
doubled.7
stocks
more
Without belabor¬
ing the point there appears to be
ample evidence
that the trend
investing" in common
toward
the
corporate
assets
in
stocks
common
than
Thus,
as
do
funds
their assets in corporate bonds, as
well as common stocks and less in
to
believe
r and
that
Fixed
Effect
cf
the
amounts
Income
and
W.
Investment
Pension
on
Commerce,
1952;
J.
Funding,"
Ycrk, June
New
Eiteman
and
F.
P.
1.
page
9
.
the
.
trend
cf
prices
will
depend
If velocity
the behavior of velocity.
upcn
levels
off
and
maintains
a
more
less
or
horizontal
trend,
then
the
outlook
for
price-level stability will be good. On the
ether hand, if velocity continues to rise
its
at
recent
"The
inflation
rave,
pend
trend
the
on
various
We
capita
-
will
probably
velocity will
strength
of
confidently
THE
WILL
BE
PUBLISHED
BY
THE
this
of., real
should
income
per
L. Howell,
6th.
PLEASE
RUSH
YOUR
ADVER¬
or
in
get
.
.
as
feasible
as
rising
which
the
in
should
management
return
a
stable
is
OCTOBER
regardless of
The only situa¬
prices.
inflat:on
selection of
becrmes
factor
a
industries and
SPACE RESERVATION
FOR
A
PREFERRED
U Frederick
POSITION.
T.
Borrows
and
O'Brien. "New Pension-Welfare
CLOSING DATE FOR COPY IS SEPTEMBER
12th.
Plans
James
Plan
J.
Pol¬
icy Problems," a special issue of Journal
Commerce, New York. June 19, 1950,
of
2
nage
(Mimeographed, Chase Manhattan
Bank); Howell,
"It
plans
the
employees
is
gram
op.
submitted
of
cit.,
that
page
263
fer
as
result
a
of
having been
plans. This-
covered under insured
has
resulted
in
insurance
the
a
professionally selected stock
est
way
greatest
to'
achieve
the
retirement
in¬
dustry losing out competitively to
the
non-insured
plans.18
There¬
fore the life insurance
industry is
evidencing a strong desire to af¬
fect legislation to permit insurance
companies to segregate pen¬
sion
fund
assets
from
other
com¬
order
that
these
pany
assets
assets
might be invested in equity
in
funds.
In this way they hope to
regain their former dominance in
the pension field.19
If, during the
coming
decade,
life
insurance
companies are actually permitted
to separate their pension fund as¬
sets, it is felt that they will invest
in equities.
*
; " ;
an
"segregation" could result
lower relative amount
even
funds
invested
in
resi¬
the
dential market than has been pre¬
viously
if the
anticipated,
particularly,
percentage of the un-segreContinued
12
Harbrecht,
13 "Some
sion
cit.,
op.
80
to
of
plans
on
90
is the sound¬
lowest
In
202-203.
of all pen¬
a
bank as
mittee
forms
appointed
this
other
most
by
the
function.
of
the
holdings and
In
fund's
has
some
cost
benefits."
on
trust
com¬
a
securities
per¬
cases—a
serves
discretion
no
invest
to
the
cases
employer
minority—the bank merely
todian
23
cent
per
type use
corporate trustee to hold and
funds in accordance with
agreement.
page
pages
this
as
or
as
cus¬
other
to
in¬
vestments,
the
employer
directing
all
investments."
Senate
Report No. 1734,
page
14
1
48.
Howell,
15 Li7e
cit.,
16
page
op.
cit.,
Insurance
page
Fact
235.
Book,
1959, op.
36.
Harbrecht,
op.
cit.,
page
246.
17 Robert
with
nal,
page
E. Slater, "Pension Funding
Segregated Assets," The CLU Jour¬
Volume XIV No. 1, Winter, 1959,
21.
-
v
states:
systematic pro¬
periodic purchases of diversified
the
re¬
a
insured plans. During a period of
rising price levels pensioners suf¬
com¬
panies which will be benefited (or im¬
peded) by changing price levels." Page
262.
TISING
of
market.
downward
exert
on
"Pension Funds and
the Capital Market," The Journal of Fi¬
nance, Vol. XIII, No.
2, May 1958, "
inflation should not play a
part in de¬
termining pension fund investment policy.
tion
"CHRONICLE"
out
mortgage
the
large
26th ANNIVERSARY
stay
for
fixed level of benefit pay¬
ments as contrasted with the non-
of
Research
Investment
ING
smaller
anticipate
.
FEATUR¬
per¬
need
Insured-Pension
insured
in
velocity." Richard T. Seldon,
Associate, National Bureau of
Eccncmic
Research, and Associate Pro¬
fessor of Banking, Columbia
University.
Statement:
Employment,
Growth,
and
Price Levels, Part 4 — The Influence on
Prices cf Changes in the Effective
Supply
of
Money,
Jcint
Economic
Committee
Hearings,
United
States
Government
Printing Office, Washington, 1959, page
pressure
10 Paul
YEAR-BOOK
conser¬
the
greater
will,'i therefore,
ceive
de¬
the
688.
CONVENTION NUMBER AND
be
larger
sion plans held the dominant posi¬
tion in the pension field.17 In the
discussed
determinants
can
growth
and
cf
relative
velocity
•continued
ASSO-
to
a
that
a
residential
This
future
earlier.
TRADERS
felt
have
The
continue.
SECURITY
tend
invest
In 1958 the assets of the insured
in government
the larger funds.12
12,
PACTUM
funds
and
pen¬
Smith, Common Stocks Values and Yields,
University of Michigan, Ann Arbor, 1953,
INC
relatively small, and, as
previously indicated, the
strongly
indi¬
of
increase in size the tendency is to
invest
a
greater
proportion
of
Journal
ASSOCIATION,
the
Obligations. When the investment pension plans totaled about $15.5
portfolios of the funds are broken billion.19 The total assets°for in¬
down by size the smaller funds in¬ sured
pension funds have been
vest a greater percentage of their projected at about $45 billion in
assets in government obligations 1970.18
—
-•
and a larger proportion of their
Twenty years ago, insured pen¬
Yields:
SECURITY
where
centage of their assets in govern¬
ment
obligations.
It
is
also
aggregate figures
the
four-fifths
Stock
In the OVER-THE-COUNTER-MARKET
are
smaller
and
cf., Esmond B. Gardner and C. Jercme
Weber, "Comparison of Common
SYMBOL OF INTEGRITY
:
<
instances
many
vative
indi¬
8
CIATION
believed
a
employers control the funds these
previously
been
securities and 10%
corporate bonds increased
45% to nearly 54% of aggre¬
vested
In
sion funds is'invested in corporate
was
ment in
from
market.
has
cate
one
NATIONAL
further
have
that bankers
liquidity than do the larger funds
As
significant feature of corporate
pension funds which would lead
OFFICIAL
is
or¬
mortgage
which
.
ONLY
It
truly
a
funds
represented
roughly .0025% of the then $121.7
billion mortgage debt
policies.
Conse¬
they will continue
as
,
THE
they do
important
More
relatively small investors in the
1958.
1,
the
no reason for pen¬
shift their future
to
investment
on
dollars
is true, and I believe
say
is, there is
1.6
A
July
O'Brien
it
sion trustees
4.2
313
...
MEUM
bonds.
and
has been
3.3
50.5
Funds," Proceedings, Conference on Sav¬
stock will coritinue.
This is due
and
Residential
Financing
1953,
3 Life Insurance
Fact Book
1959, In¬
to the record of past stock earn¬ "other" investments, and it must
26, Chicago, III., United States Sav¬
stitute
of
Life
Insurance,
New
York.
be assumed that mortgages are in¬
ings and Loan League, 1958; Hoagland,
ings along with the continuing
1959, page 38.
Henry E., Real Estate Finance, Irwin,
cluded in the "other" figures.
4 Vito Natrella,
"Implications of Pen¬ threat of inflation.8
1
:
a"
Hcmewocd, Illinois, 1954, "A new source
sion Fund Accumulations," Proceedings,
•of investment funds that is likely to play
American Statistical Association, Septem¬
Who Are the Trustees?
a
major role in real estate financing in
ber 1957, page 4.
6 Harbrecht, ibid.* page 72.
'
'T:Vthe future is the private pension fund."
It would seem that a final and
7 Harbrecht, ibid., page 196.
Page 281.
•
■A 5 Harbrecht, op. cit., page 246.
DICTUM
mortgages.
ing involved.
necessary."11
ings
TRADERS
con¬
sequently may place bank trustees
in a relatively non-liquid position
funds
be
Thus, the past has indicated a
strong preference for corporate
securities on the. part of pension
1951-1954,
of
terms
that the liquida¬
seen
page
NATIONAL
highly sensi¬
are
monetary policy and
ever
the
of
trust
9,571
based
by
the
of
cated
In
about
2 "The
Adapted,
Source:
1950.
.
pension funds.2
The Non-Insured PrtVate'TifhffS
35%
investment
in
stocks by an investment
Further, "the trustee
is protected from a charge of any¬
thing short of gross negligence in
handling funds and cannot be
market for
ganized mortgage market hinder¬
ing rapid disposition of mortgages
compared with corporate stocks
readily be
a
common
tion
53.8
assets
Other
Support for
this
proposi¬
commit¬
employer
perhaps is the lack of
641
permits
—
during
the
and
tive
1.9
__
the 1960-1970
rialize
will
mate¬
a
the
government obligations.14 In addi¬
10,392
_
period.
to
market
rities
10.5
_—
fail
cases
by
performs this function.12 it would
appear from the past
record of
bank
trustees that by the
very
nature of their training and think¬
ing they are geared to the secu¬
2,032
secur.
__
market
trustee and in most
as
appointed
368
lines.
mortgage
non-
plans
lowing statement: "In view of the
relatively small size of the annual
a
pension
$19,319
other companies
However, one of the great
Preferred Stock
investment advantages held by the
Common stock
non-insured funds is that pension
own company
funds may invest a large percent¬
other companies
age
of their assets in common
Mortgages
stock, i.e. the New York trust law
the
bank
a
of the rest of the
tee
pension
tendency to
tion of common stocks except for shy from this type investment be¬
cause of the high costs of servic¬
investment purposes should
not
Cash and Deposits
prohibit trustees from
investing in mortgages across state
sion funds in
use
corporate
value
Total Assets
laws which
pation by pen¬
Between 80 and 90% of all
insured
in Millions
Type of Asset
mortgage financing by some state
scale
sion funds.
Book Value
to a
their
that any large
are
the trustees of the corporate pen¬
pension fund to invest in the
stock market is probably the fol¬
1
End of 1957
of
The best argument for a trustee
:
of
III*;
"M
Corporate Pension Fund Assets,
investment
degree
economic constraints. The non-in¬
partici¬
'
1.
outlined
as
TABLE I
financial institutions
governed by both legal and
policies
paper
thesis
the
in Table
been pro¬
$89 billion by
folios.19
in cash, bank depos¬
was
1970.4,5
are
is
balance
its, and other assets
have
assets
as high
jected
•
non-insured ' private
and
billion
it would seem more
rate
slower
their
(the latest most accurately
figures) four-fifths of
the total portofolios
growing pension fund assets they would
merely increase their investments in corporates and not in mort¬
gages—as have non-insured private funds.
separate
have
may
logical to conclude that if prices
do stabilize, and in the absence of
a
major recession, yields on cor¬
porate securities, bonds as well as
available
In fact, ha adds,
contrary may actually be the case.
if the life insurance
even
will
and
been,
has
what
to
argument
merit,
some
past history of the corpo¬
pension.funds indicated that
in 1957
this
While
fund.
rate
growing pension funds will plunge deeply into residential mertgages,
The author answers the arguments supporting this, after examining
evidence
corporate pen¬
sion funds to turn to the mortgage
market as an investment outlet.
lead the trustees of
the question of who
examine
conceivably
would
stabilize. this
amount in
the
upon
a
Thus, it
be argued that if prices do
may
benefits
pensioner's
depend
Thursday, September 8, 1960
.
prices will stabilize.9
of
The
In¬
rapidly
the
of
will
the
the
that within
.
expressed optimism
few years the level
have
Some
and with the idea in mind that the
Principles and Practices"
Author "Real Estate
■;'
,-•••
.
Arguments
Examines
inadequate
are
Thus, the non-insured funds are
virtually free to pursue whatever
investment policy suits their needs
with very little legal restrictions
By Maurice A. Unger,* Associate Professor of Business Law and
Real Estate, University of Florida, Gainesville, Fla.
the
reserves
to meet liabilities."6
As Mortgage
Cold
Chronicle
The Commercial and Financial
(958)
13
•
-
'*
,
Slater,
op.
cit., page 20,
"As a
of fact, it (the insurance indus*
matter
try)
is actually losing many contracts
presently in force to the trust companies.
'-."..'19 Sldtcr, ibid;," page 21.'
V
•tft,
Volume
192
Number 5984
r^i y
.'.'The Commercial and Financial Chronicle
.
(959)
feel that he
may
spend
can
nies.
more
than he otherwise would.
To date this factor t in
to be
seems
if
to
the
in
saving
However,
negligible.
financial
future
the Investment Market" (Univ. of Michigan)!
Variables Will Hit Mutual Funds
Mich., and Author of recently published book, "Variable AnnuU
ties, Their Impact
on
Fricke regarding the growth of this investment medium.
amount
funds
Though the
still not protect against inflation {
looks into effect of variables
on
stock
(2)
3 million persons
this
form
contract
retirement
of
public
soon.
general
a
As
result
a
-
-
we
•
able
annuities,'
particularly ;
C
o
m
-p
n y
a
t
.
vf Jt: ity,
an¬
billion
$4
pays
contracts
between- the : two
.
at
annuity
fives,'.; mutual
their,
Cedric
repre¬
V.
Variable
-
Annuities
indicated
that some
mutual funds have already made
the decision to enter the field.
with mixed emotions.
intermediaries
will
of
comp
played the role of
One group
anies
has
precursor of
a
variable
as
the
feel
insurance
annuities, hailing them
bonanza development, while
a
another group has taken the part
of
harbinger of disaster.
a
•
It is
doubtful that the variable annuity
will fulfill either of these extreme
prophecies.
In
with
the
case, the funds which will flowto variable annuities most likely from
SEC.
this
We
may
assume
Fricke
as /
these
developments and plan for
the future.
,,<t
;
/
planning, however, requires more than just an analysis
of the present situation.
It in-1
Proper
volves
evaluation of the future
an
which in
this
case
that
presumes
the individual will make
contract
projection of the potential demand for
this type of contract.' ;
::
This
a
0n
provides such a
projection and deals with some
of the implications of it.•
At present insurance companies,
based
a
first
static
result
ob-
is based
case
model.
dynamic
a
ion
the
latter
in the
tained
article
is
whereas
model,
the
for
derived
elusion
The
dy-
insurance
to
of
investment
an
,
conditions
operating
a
little
more
'
funds
mutual
and
nuity
companies
variable' annuity
variable
an-
plan
to, offer
contracts.
The
relative share of the total market
Tvhxch
of
each
than, $10 billion will provide an
annual income of $1,000 to each
these
financial
0f
million
one
persons
of age 65
for the rest of their lives.
companies and
i,
mu¬
.
diverted
be
;;
A
mutual
from
will
diverted
be
$2
remaining
from
funds
billion
insurance
companies.
a
like
Although thi$ may
substantial amcjunt
of money,
considered
in relation
it must
the
to
be
seem
probable size of other fi¬
in
intermediaries
nancial
tbtjons combined with areasonable
intermediaries may-Comprise d('~estimate of demand implies that
pends in part on the amount Of variable
annuity companies will
promotion and selling effort of accumuiate funds
of- about
$5
1975.
reach
should
funds
hood
of
$70 billion
neighbor¬
common
timate
$60
billion
stocks.
in
invested
A reasonable es¬
of the assets
of life insur¬
.
For
the institutions.
it
of
a
sufficient
is
to
.our purposes
think
terms
in
aggregate for the industry
an
as
Whole.
,
Before proceeding with
mains,
as
a proother question reWhat year should be used
this
lemma
If the target year is
in the near
projection of funds
the
future,
accumulated by the
be too small to be
since
occurs
for
a
takes
some
years
of this nature to
mature growth pattern.
a
On the
tion
it
industry will
significant This
program
reach
other hand, if the projec.
is
date
-ifuture,
be
ln
the
the
set
far
too
margin
of
in
the
error
in
Thus the accumulated
year.
increasing by more
dollars
annually
fund
one.
projection date? The answer
question presents a di-
a
to
At that time the
will
neighborhood of 20%
1975,
ance
a
billion
during the late 1970's.
,
..
companies
placed
rate of growth in total assets
per
...
jection,
biuion by
at $350
Why
in
die
1970's
as
tion date. :
;
in
reasonable projec-
-
assumptions encompassed
this
prognostication may be
into
into
two
two
includes
One
eroubs
groups.
the
billion.
operating
size
of
life
insurance
The second group
comprises
the
of assumpestimate of
the market potential for the vari'able annuity. V
^
v"
This
aggregate flow of savings in the
economy.
If
consumption
plus
change in either
income.
This
consumption or
highly un-
seems
likely.
swer
the
variable
There
is
perhaps
the
-
investor
who
does
not
to
buy variable annuities
plan to buy common
stocks, the availability of this
new contract raises
the question
of what effect it might have on
stock prices. Since the funds ac¬
cumulated by the variable an¬
nuity operations will be invested
primarily in equities a general
feeling has been expressed that1
variable annuity companies will
■
dominate the equity market.
It hardly
,
billion
variable
tween
in
and
much effect
prices.
by
be-
1975
could
;
have
the level of stock
on
This
stocks
companies
annuity
now
likely that $5
seems
invested
is
especially
true
since much, of this amount would
have been used by mutual funds
to
purchase
stocks any¬
common
way.
Impact
,
Stock
on
Prices
>
The question of whether finan-:
cial intermediaries as a group in¬
will
rities markets
be
debated
great deal in the future.
,
>
,
have
of
turn
he
prices.
-
small
• •
.
are
this
effect
investor.
influence
may
-
There
in
the
1
by
; *
psychological
first
the
is
In
stock
,
two aspects
small
a
the
-
must ;
investor
involved,
reasoning.]
investors;
A
comparison
with
nuities
should
the
of
f i
made
be
expected
variable
x e
an¬
annuities
d
basis
the
on
of
rates
The second is that the investors
an¬
is which form of investment
of
return
may
buy stocks because they feel-
that this
of
form
financial
inter¬
mediary will continually purchase
stocks
and
therefore
provide a
more
or
less
permanent demand'
for stocks.
yielded by the two contracts. Past / In any case these factors are;
experience suggests that the vari¬ probably minor but they could*
able
annuity will provide a become significant in the future.
greater return although it may
Joins McDonnell & Co.
still not protect against inflation.
ties
the
case
of
variable
(Special to The Financial Chronicle)
annui¬
mutual funds the ad¬
DENVER, Colo.—Merrill B. Bervantage is still with the variable ger has become connected with
annuity because of the actuarial McDonnell & Co., Inc., Denver
payout. However, the greater de¬ U. S. National Center.
versus
offer
to
sell
nor
solicitation of
an
offer to buy
any
of these
75,000 Shares
Donbar
Development Corp.
CLASS A COMMON STOCK
'
•
a '
.
change in the frame of ;
a
mind
>
indirect
some
causing
NEW ISSUE
.
:
-.
though variable annuity •
companies
may
not
influence
stock prices directly, they may]
securities. The offering is made only by the Offering Circular.
r
.
Even
(Par Value $.10
]'
per
Share)
Offering Price: $4.00
per
Share
Copies of this Offering Circular may be obtained from the undersigned and from
as
may
such
lawfully offer these securities in this State.
slight
possibility that an individual who
buys variable annuities will feel
that this means of providing for
of
does
The
as
will provide him the best return.
This announcement is neither an
other dealers
approach in 'making the -retirement is much more efficient
projectionprovides *, a
dynamic than'other means. As a result, he
compa¬
investor
the
question
In
light of these figures the
$5
billion
is
not
impressive
especially when it is compared to
from.i savers to users and on the
channels by wh ch funds flow
^rom severs to use s.
savings
equal
income
then
a
change in savings brought about
by the introduction of the variex- able annuity
would result in a
mortality experience,
etc. *These conditions pro•vide a general framework of what
might be called internal factors.
tions
the
plan
but
nuity wl11 have no effect on the
,
penses,
;
To
may buy stocks merely because]
potential hedge against inflation.
they feel stocks are a safer in¬
In
considering the purchase of
vestment if a large financial in¬
this type of cphtract this raison
d'etre
becomes
immaterial.
The termediary is buying them.
Offer Variables
In the
the
not e^-plic|^
f JT
sumption that the variable an
type
way
providing for retirement.
.
.
Under these circumstances premium collections during 1975 will
a™<?unt j° a little better than a
iulhon dollars. The number of
£?rs°ns buym&
receiving bene*lts fr0P1 variable annuities will
equivalent to three million
Pers°ns paying for or drawing an**Ual benefits of $1,000 each. Once
thls Projection has been made the
question arises as to what mfluence this new contract may have
procedures of the variable annuity companies and covers such
•things
as. return
on
invested
funds,
be
can
Inherent in this projection, yet
:
.
The
divided
divided
•
a
1975
Mutual Funds Should
ithe estimates increases because of
unpredictable events. As a compromise, I have, selected the mid-
To
annuity has been described
By that time the assets of mutual
,
logfcal set o£ operating con-
this
better
a
It is obvious that the sales rep¬
resentatives of both mutual funds
-
the
and
with somewhere in the
,
consider
may
investment
holdings in 1975 of the fastest;
tual funds.
1 > i:
V
growing financial intermediaries, >
An examination of the relative and insurance companies who sell mutual funds and pension funds,:
variable annuities must become are $60 and $65. billion respec-;
size of mutual funds and the an¬
familiar with the contract.
But tively. The implications of these,
nuity and endowment operation
what about the sales representa¬ figures with: respect to the secu¬
of : insurance
companies,,
and a
namic model indicates that under
reasonable
of
.
,,
investors, should review
as.
investor
that i some companies fluence stock prices is of a more
represent funds which other- Will be active in offering variable controversial nature. *
annuities..' .■/
v'Vr;/
;,;i.
Wise would have been channeled
Reasonable estimates of stock
.
sentatives,
well
of freedom and flexibility
available in the purchase di mu-'
tual fund shares suggests" that the
will
point. The variable
industry , if it earns 4%
can
pay out $4 billion annually,
comparison of the variable an¬ tives of other mutual funds and
in aeternum with a fully funded
insurance companies?
It would
nuity contract with the securities
investment of much less than $100
and contracts offered by mutual' seem that although they may not
billion.
' •;
.' ■'' / •.'
.•'
sell these contracts they must also
funds
and insurance
companies,
The difference in the two con- indicate that most
be aware of the advantages and
: of
the funds
tracts results from the fact that diverted to variable
annuity com¬ disadvantages of variable annui¬
ties since it would be a matter
the perpetuity -applies to a given
panies will come from mutual
of knowing what the competition
group
of recipients
while the funds.
/
has to offer.
variable annuity applies to a con/
\
Stated in terms of the projec¬
tinually changing group of retion for 1975, perhaps $3 of the
Compares Variable Annuities to
cipients. In other words, the con¬
$5 billion accumulated fund will
Other Investments
endg
.
fund managers {
and*
industry
If
payout operation is similar to the
perpetuity. However, .the similar-
epreisenta-
sales
4%.
earn
j§; dustry reaches maturity, then its
;
-
funds
annually in benefits when the 'in-
i nsurance, •*
thanagers and
-■•Ms- their; ;sales
cial
that the variable
assume
nuity
vari¬
in
if the
billion
inter¬
anyone
ested
year.
*
Inc.
example, a perpetuity funds provide contracts which are
any
case
some
insurance
which pays $4 billion annually similar
in
many > ways
to
the: companies seem interested enough
in variable annuities to register
requires an investment of $100 variable annuity, This being the
probably
Within
; Fund,
For
;
.
United
.
of this new investment
""""St impact
model which represents a fully form.,,'
funded
operation. • It,: therefore
On the other hand, insurance
avoids the pitfall of making miscompanies through fixed annuities
leading statements.
and endowments,
and mutual
annuity developments and decisions indicate that
should be available to the
variable
from., other; savings
streams.
It seems unlikely that
savings and loan - associations,
pension funds and similar finan¬
paying for or drawing annual benefits of $1,000 each.
Recent variable
,
,
The establishment of the Key¬
stone
Retirement
Equity Trust
verted
prices; and (3) expects vari¬
increase by $t billion annually during late 1975*8, and cover
per year,
possibilities
•
ables will total $5 billion by I9T5, have an asset growth rate of 20% ?
iHS
these
soon.
and
'
of
offering variable
Moreover, they should
investigate
11
gree
ag¬
gregate flow of funds into savings
At present, the life insurance
then
all
variable
annuity pur¬
chases
will represent funds ..di¬ industry views variable annuities
author i (1) points out variable annuities will provide a greater return
{ l;L-A '•:'"
the
an
the mutual funds should seri¬
annuities.
-
annuities will not change the ag¬
projected for 1975 fe not relatively large, nevertheless mutual
urged to offer variable annuities without delay. The
are
than fixed annuities but may
If
V'1
And .Insurance
introduction
,1
•.
•
hand,
ously ^consider
:
funds the hardest according to an analytical projection made by Prof.
other
materially influence the mutual
growth trend. For this rea¬
son
through social se¬
curity payments, pensions and an¬
nuities, this psychological state of
mind could cause a change in the
propensity to consume.
By Cedric V. Fricke, Assistant Professor of Finance, School of
Business Administration, University of Michigan, Ann Arbor,
.
the
fund
intermediaries
The competitive impact of variable annuities is bound to hit mutual,
'V:'
c.1
On
gressive sales campaign launched
by
insurance
companies
could
and more funds are chan¬
more
neled
•
i
Netherlands Securities
Company, Inc.
J. A. Winston & Co., Inc.
t
12
(960)
The Commercial and Financial Chronicle
tend
the
.
.
the
4Another growth
economic
tail
de¬
The
•
the
first
in
is
is called "Pre¬
to
third is
dustries
in
in¬
new
rapidly,
employment
.
economy.
The
:
,
to
the
Maturity."
;
,
automatic
V
v
-
.
can
Dr.
use
economic
growth and apply it
to the American
vending industry,
it would be my observation that
the vending industry is today.,, in
the, third, or dynamic, "Take-off"
stage.
.
44
..
While
the vending machine is
ancient—the first vending
fairly
machine
has
been
traced
to
the
Egyptians, about 215 B. C., when
a
machine dispensed holy water
in temples—the industry has been
comparatively
until
ward
Only 25
recall, the
small
recent
years
back¬
and
times.
if
ago,
V
4
will
you
penny
gum
ball and
peanut machines represented the
last word in automated selling.
Then,
in the 1950's, some dra¬
things
happened
in
the
vending
machine
industry—the
perfection of carbonated beverage
machines, hot soup machines, pop¬
matic
machines.
corn
There
in
ments
coffee
There
refine¬
machines.
machines
are
instant
use
tremendous
were
coffee
•
today
others
—
that
that
batch brew-fresh coffee,—and the
latest
very
individual
model,
which
of
coffee
cups
time.
seconds
(And
brews
in
six
incidentally*
one has to apologize for fresh
brewed coffee from machines.)
in
improvements
machine
ice
serve
made
were
refrigeration,
to
pre¬
cream,
sandwiches, cold
drinks, and within the past year
or
two, machines have been de¬
veloped which dispense full course
hot meals; A...
a -4
Machines have been
vend
and
packaged
host
a
food,
of
devised
As
the
items.
I'm sure you have all read of the
machine installed in Macy's which
dispenses men's underwear for 97
cents.
result
a
are
experiment¬
ing with machines to
retail a large
variety of grocery items. Probably
the
most
unusual
vending ma¬
chines
are
pense
oxygen
athletes,
the
and
ones
"which
for
record
dis¬
exhausted
blood
pres¬
sure.
Within
the
past
decade, the
vending of services has also made
great strides. By putting a coin
in
a
machine,
your
shoes
laundry
to
see
in
Main
you
cleaned.
an
can
shined
We
automatic
Street
stores
next several years.
now
and
can
dry
have
your
expect
cleaner
within
the
than
stadiums.
are
their
there is
event.
in
the
In
seats.
the
In
ment
even
tracks,
race
; v.;
•
or may not be bet¬
today, depending on individual
tastes, but the public is certainly
taking to drive-in theatres — an¬
other field
where vending ma¬
these factors,
size of
vending machines in—it
of
some
our
takes half
from
an
end to the other—makes
one
:
held
1959
on
the
of
banks
book
the
are
heavily
weighted with government securi¬
ties through considerations of both
law 4 and
liquidity requirements.
■
-.
,
the
over
and service.
past
decade, the vending indus¬
try is in the "Take-off" stage. yA
And I base this opinion on
eral
factors.
The
.
first
4 A.-
:
■
is
44
the
sheer
by
1970
of
we^shall
205-220
be
million
to
growth
that
are
nation
a
of
people.
are
used
have
a
in the vending in¬
been
for
35
and
years,
I
have
with
the
loan
portfolio.
One
aim
here is to suggest a way for banks
—even
small
very
banks—to
be¬
come
active market participants
vending grow from an infant
and still, when necessary, relieve
lusty adolescent. My only re¬
gret is that I cannot be around in
the next 50 years to see
vending
enter
the
stage
that
Dr.
Rostow
their
own
managements of the
the
of
banks
values
The
Dec.
on
with
these
of
de¬
securities
31,
the
holdings
date. For both groups
the difference between
same
values
and
market
values
was
large enough to indicate that
the
opportunity
siderable
to
realize
con¬
losses
was
additional
overlooked.
In
explanation of the results of
these
studies
two
of
the
nation's
banks, the Reserve Bank suggests
that (1) many banks are unaware
of the advantages of establishing
tax
losses;
(2)
maintenance of
book
values
curities is
Government
of
se¬
important consider¬
ation to the larger banks as well
as
to
small banks,
both in the
Tenth District and throughout the
nation; (3) many banks especially
smaller
banks, are reluctant to
devote time and effort to planning
an
investment
shifts.
should
It
be
noted, however, that the tax ad¬
vantage of investment manipula¬
tion is merely reduced,
small
banks
than
tax
the
in
the
50%,
bracket.
not lost, to
rather
income
many
in¬
30%,
corporate
in
Thus
stances, the small bank, as well
as the large, is overlooking an op¬
portunity for improved earnings.
Finds
Higher
Uses
Alternative
Ignored
re¬
market.
1959.
such
of
compared
were
to
un¬
Treasury securi¬
close of
these
by
market
sponsibilities, mechanics; and de¬
tails
nation
In
spite
tices
of
current
bank
prac¬
the
to
contrary, the advan¬
Maturity," and
tages
of
taking
security losses
finally, the "Age of High Mass 4:4. Criticizes Banks' Inflexibility
very often decidedly outweigh the
Consumption"
is
when
4-4 In the
every¬
present picture the gen¬ disadvantages. When ultimate
thing, except love and stock mar¬ eral
increased by
type of problem involved is earnings may be
ket tips, will be vended.
well illustrated in a recent
study selling securities and re-employ¬
conducted by the Federal Reserve ing the proceeds of the sale else¬
*From a talk
calls "The Drive to
The second factor is the growth
America's work force. Vending
machines
I
dustry
seen
Q::.
of population. Predictions
some
sev¬
44:444}44v;.:;444
;":4'
4■
also investi¬
the
in
on
values
special
features, tax-linked and
other¬
wise, which many bank-eligible
securities carry in order that their
of
•,
volume of items vended
the
clared
.
•-
ties at
Frances W. Quantius
vestments, and these
drive-
super
hour to walk
■my
fluidity
be
facilitated.
Certainly most banks do hold in¬
finding acceptance. The
are
banks
market
Movies may
chines
Reserve Bank
realized losses
current
taking ad¬
vantage of all
4;":4:44• 444:4444^44-
special¬
4444;4 4;-4444-444, ,4V;4 AN 44,44;
determine the extent of their
re¬
by
natural break after each
a
4 4.
investment
by
member
liabilities
tax
de¬
gov¬
unlikely
an
—
to
of
gated portfolio figures for all cen¬
tral reserve city and reserve city
portfolio
duce
to
'
The
'dy¬
invest¬
profit and
latter,
ists.
enhance
to
and
reluctant
truly
a
values
securities
managed
.manage
namic
harness,
an
baseball
quite
they
market
situation had these securities been
that
sense
in
ernment
ori¬
ented
ter
endeared
of all
of
vestment
in banker reactions
clines
also4; in¬
slightly over 2,000,000 in 1950, to
them suitable outlets for machines What is
lacking, however, is the
over A,000,000
last year. ..44:>'4'4'4
placed at strategic spots.
4 ; .44: realization
of
profit
potential
Growing Proportion of Mechanical 4:4;A' minor, though hopping field,: through careful security analysis
A
Sales
:-4 .V4
4 is the trampoline clubs. - These before the acquisition of partic¬
Today, two out of every ten clubs are enjoying great popular¬ ular issues and through constant
After everybody is skillful maneuvering within the
candy bars are bought in vend¬ ity out West.
ing machines, so is one out of all jumped out, nothing refreshes: securities portfolio as well as be¬
every six packs of cigarettes and like a cold drink from a vending tween the securities and the loan
machine.
4.44 y/'A; 4-/',•/'4^4:^:4; portfolios. Banks must be delib¬
one out of every four soft drinks.
The estimated dollar volume of 4. The discount house and
erately geared tc| investing; as well
super¬
items vended ha^ixisen
as to lending,
ik
4"
frony $20 market' chains, pifovide
^ profit¬
million in 1925 to two billion ftwo able field
The advantages of - a
forb* vending 'machine
dynamic
hundred million in 1959. Predic¬
expansion. - 44 4 • •44' v, 44.44 securities 4.portfolio44 accrue
n
tions are that by 1965, vending
4 Recreation
parks,
amusement varying degrees to banks in all
machines will account for $6 bil¬
groups.
Lack
of
specialise
centers, zoos — wherever people size
lion in retail sales
..,a4,-.>4 congregate to play, shop or work- talent and concern over its pro¬
As I indicated at the beginning
there
you'll find vending ma¬ vision apparently constitute one
of this talk, despite the more Jian
chines in ever-increasing variety of the main barriers to the estab¬
100% rise in the number of vend¬
and number, dispensing the finest lishment
Of forcefuL investment
ing machines in use, and dollar in
and
their. integration
food, confections, merchandise programs
extensively in
office and plant feeding. Bv
1970,
America's labor force should ex¬
•
pand to 87.1
73.6
million from today's
As a consequence,
million.
office
serve
In
the
and
next
factory workers.
10
years,
can
we
expect the average working week
to
to
decline
36.7
from
hours,
available
for
are
time
for
the
present
with
more
39.2
there
is
recreation,
vending machines. More
recreation
means
and
extension
ing machine
I
have
of
itself.
more
to
I
improve¬
the
vend¬
don't
think
belabor the
point
machines
as
improve,
and
the variety of articles and
as
cervices
vended
the
crease,
by machines in¬
number
of
machines
Depression Resistant
pointed
which
is
more
Rolland
has
4
director
of
a
been
where,
by the
is recommended
Bank.
This is
switch
a
Reserve
in
the
two
of
the
government securities having
the
ap¬
Bank
Tenth
decline
of
member
District
in
banks
during
market
the
values
of
Treasury securities. The relative
inflexibility, of member banks' se¬
curity portfolios indicated, for ex¬
ample, that only 99 of the 752
case
characteristics
but
un¬
Banks
holding such securities should in¬
crease future income by Skitching
yields
equal
funds
from
maturity.
to
the
higher yielding
banks appeared to have taken ad¬
vantage of the securities loss pro¬
vision
of
the
internal
revenue
of
Sept. 6
even
similar
Mr. Roll¬
on
the
investments.
effect
to 4 the
lower
issue—regardless
the
on
book
values
code.
speak¬
ing to maximize earnings on investible resources, a bank should
Co., the
Royal Trust Co., the United Auto
establish
not continue to hold securities for
Parts
relative
Ltd.,
the
Gatineau
of
and
Ltd.
the
treal
is
also
executive
Canadian
tion
He
director
a
a
Manufactures
of
member
committee
(Quebec Division)
Beard
of
Power
Trade
Resources
of
Associa¬
the
Mon¬
(Mines and
Section);
*a
tive
a
member of the
board
Paper
member
of
of
the
execu¬
Canadian
Association,
numerous
Pulp
and
other
.a
fessional, trade and public service
erally
associations. 4.
4
Among those banks that did
losses, a breakdown ac¬
cording to size showed that the
amount
tablished
on
of
net
securities
losses
es¬
tended
to
increase with the size of the bank.
For
example,
only
6%
of
the
which
there
alternative
funds
of
to
attractive
more
are
uses
equal
such
As
Generally
of
an
amount
security holdings.
the
of
to the market value
matter
of
tax
4
treat¬
Tenth District member banks with
ment
deposits
Bank stresses the fact that banks,
of
established
more
than
investment
less
than
$2
million
losses
of
securities
1%
their
of
portfolios
as
excels
1 "Banks Reactions
of
Monthly
of
Kansas
Review,
City
Reserve
average
treat net losses
$50 million.
curities
in
on
any
government se¬
given
year
as
stock-in-trade: losses,
deductible
limit from ordinary in¬
without
to
Security Losses,"
Federal
City, June
Kansas
opposed
to 32% of the member banks with
deposits in
the
unlike other corporations and un¬
like individuals, are permitted to
pro¬
recession resistant! Recessions
gen¬
mean more revenue for the
Re¬
and, is President
and
General
Manager of the Rolland Paper
and
one
The
condition
Of
machine
of
G.
of Montreal
Society;
think
Cityd
examined
urged
in
tal and of the Canadian Red Cro:s
can
Kansas
Bank
dends'reports
1959
Names Director
though the immediate and
long-term future of the vending
industry is fabulous,
of
statements and earnings and divi¬
.director of the Notre Dame Hospi¬
Even
Bank
serve
Bank of Montreal
Natural
will rise.
you
*
Co.
fourth factor is the
ment
that
1960.
Lucien
vending machines.
that
by Mr. Sherman at the
Society of Security Analysts,
Ycrk
Aug. 9,
time
recreation.
Wherever
A
New
machines will be required to
more
that
Great Growth in Service
Vending
market
4
are
so-called
horse,
—
football
leave
from 50.000 in 1925 to
grown
there
Supermarkets
has
tracks
patrons
with
only
servicing or
factor
;
the survey revealed extreme vari¬
ations
banks
Few
a
loans.
of
machines
—
motorcycle—offer
better
years,
mechanical
This
number
has
to
cigarettes,
consumer
made
today's
go
for
can
the
for
butlers"
on
'
Race
auto,
servicing of
These are no
vendors
/.A44"'-4:4 4'
sion
dispense 4 towels,
wash
cloths,
combs,
shaving
cream,
tooth
paste and other grooming
and travel items..
to
many
retailers
who
formerly frowned on having vend¬
ing machines in their stores.
no
Vast
which
them
'4
Ros.tpyv's theory,
: ^
If I
modest
4
And the.fifth is the age of "High
Mass Consumption.".,
of
been
outlet
"mechanical
in
foolproof,
even
repair.
"Drive
\
not
months,
;
is
stage
have
and
machines.
While
;
r
•
fourth
strides
reliability
A
.
by 1970 there will be 13,000.
natural
longer in the Model-T stage.
Benjamin Sherman
soars, urban areas grow, and new
industrial
techniques
transform
-
one or more
labor costs.
on
vending
ex¬
pand
the
save
together in the syndicating of
all
are
Motels, with their emphasis
fast,
economical
services,
is
labor.
Great
the "Take-off"
when
that
Retailers,
like
manufacturers, will search out and
utilize every - conceivable avenue
for
Take-off."
The
of
cost
specialist—and not to rely on investment,
their city
well aware of the
Even in the case of the largest
Significant sources of earnings
in bowling in recent years.;, dire
by-passed unnecessarily by: banks, - however, it ;was pointed
are presently 9,500
bowling manyj ,commercial banks because out that only a minority showed
alleys in operation in the United
they concentrate almost entirely security losses of more than 1% of
States and one projection has it
their investment portfolios.
on
the extenThus,
444 4
changing devices.
factor,; which
has
sparked the growth of automatic
merchandising has been the rising
second
conditions
cities will have
our
the
for
investment
or
There
will
:day
frontier
new
a
counseling
surge
business street
every
>
correspondent bank> If banks can get
loans and the installation of electronic
equipment then they can, the author reasons, jointly do this without ,
4'4
the onus of collusive bidding or restraint of competition.
4} 4
You
Another
So¬
ciety."
The
when
•
'
of these
"Tradi¬
tional
The
automation.
v
come
carelessly selecting and inflex¬
ibly managing their investment portfolio are advised to pool the
vending machine, dispensing soft
drinks, cigarettes, ice cream and; :
candy.;
'
'
4 ' ;
\ " '■
..
product, in pack¬
W. W. Rostow recently elaborated aging, in containers and leakproof,
a new thesis of national economic
heatproof cups—have all promoted
growth. Nations, said Dr. Rostow, the cause of vending. Paper cur¬
rency changing devices represent
go through
:
a
five stages of
very significant advance in re¬
velopment.
•';■■■■.'.44
4
services of an
constitute
in
Advances
for vend-
Columbus, Ohio
needlessly Iosg money by
Banks that
the- apartment
area
is
Associate Professor of Finance, The
Ohio State University,
larly those with swimming pools,
general desire to economize. Foresees the time when
historian-economist
eminent
machines
By Dr. Frances W. Quantius,
house. Apartment houses, particu¬ 44
>
everything except love and stock market tips will be vended.
The
Proposal to Help Banks
;4 Realize Greater Earnings
A
vending
to dispense commodities.
What are the great growth areas
ing
industry a gainer from recession, because the machines con¬
to
and
the most economical
Undoubtedly, one of the still
relatively
untapped
areas
for :
automatic selling is the factory—
the so-called "in-plant feeding."
.
existing machines from 50,000 in 1925 to over 4,000,000 now. Conform
are
in this growing industry?
/4y4;
dynamic "take-off stage." Cites sharp growth in number of
siders
economize
way
Industry leader, tracing its history back to ancient times, sees it now
in
to
machines
By Benjamin Sherman,* Chairman of the Board, ABC Vending
,Y
Thursday, September 8, 1960
.
vending industry, because people
The Vending Industry's
Fabulous Economic Future
Corporation
..
1960,
Reserve
p.
9 ff.
Bank
come
in that year.
Thus/while or¬
dinary investors holding securities
IW( imI tj kV
Volume
that
classified
are
sets find
that
it
able losses in
gains
192
Number 5984
capital as¬
to take siz¬
as
pays
which capital
realized, it is more prof¬
are
years
itable
for
losses
in
years
other
which
gains
are
in
banks
to
take
security
than
those
.
.
ened in their
which
to
competitive struggle,
itself intensified
is
enter
the
gard
above
to
studies
be drawn into
these sectors of the money market.
now
Sutro
state
municipals.
trated
Here,
must
care
shifting, or other dis¬
posal of the securities. The situa¬
is further aggravated
increased
participation
of
by the
large
non-financial corporations in this
sector of the money market. When
these companies accumulate tem¬
porarily excess funds through re¬
tained
earnings and depreciation,
offer competition to com¬
they
mercial bankers in
tion is able to take
cial bank
one
even
commer¬
bank with
a
investment
staff
may
be crowded out of the market for
associates
of
utilization
internal
stock at
common
increased sal¬
aries and fringe benefits, and the
cost; of
providing work
space.
While these things are all impor¬
pany's
matter dealt with here
suffers
from
underemphasis.
A
bank's own investments should be
a
as
a
should,
instead,
affair.
be
of
by
the
financing
company
bank; loans
to
in¬
primarily for the purpose
furnishing and equipping bowl¬
ing centers in Warwick and East
Providence, Rhode Island, and to
meet similar expenses in connec¬
There
operating
in
of
total
168
five
open
three
Rhode
Island
lanes,
and
lanes.
In
such
with
to
in
total
a.
a
plans
cfenters
additional
Massachusetts with
of 208
Rhode
Island, the com¬
64-lane bowling
center in the Providence, Crans¬
ton area; a 44-lane center in War¬
wick and a 60-lane facility in East
Providence.: In
Massachusetts, a
44-lane
center
in
Holyoke
is
operates
planned
for
a
completion
in
Sep¬
tember, 1960; 44-lane facilities in
and
Fairhaven
conscious tion with J five additional bowling scheduled
a
for
,
Lowell
are
completion
in
centers to be opened shortly. Pro¬
Ay
in
in
October,
1960, and a
building in
Roslindale in the City of Boston
is
planned
for
completion
in
November, 1960.
facility
now
For the six months ended
April
1960, the corporation and its
subsidiaries had total income of
$317,021. Upon completion of the
2,
current
financing,
capitalization of the
consist
debt
of
and
$1,909,000 of sundry
500,000 shares of com¬
stock.
mon
outstanding
will
company
1
•
ity Inv. Co.
POMPANO
BEACH, Fla.—Equity
Company is conduct¬
securities business from of¬
Investment
ing
a
at
fices
2641
Atlantic
Boulevard.'
September, 1960; a 32-lane center
ceeds may also be used for equip¬
balancing of the lending and in¬
vesting functions,
used
temporary
repay
sideline nor
as a
hit-or-miss
be
rently
centers
pany
Net proceeds from the
will
the
regarded neither
stock.
common
Bowling is engaged in
operating modern air-conditioned
tenpin bowling centers. It is cur¬
price of
curred
tant,
resources,
44-lane
centers.
Atlantic
13
Northampton
is
slated
George E. Swope is a principal of
be; the firm.
to
...
„
NEWS ON
TEXACO PROGRESS
A long way from curb service a la cart
Ay VA.;Vy-A'-
particular issue;
a
the
as
Corp.,
f.
larger block
a
than is
that
so
expert
an
tors
WWW K6W
obtaining local
issues underwritten by investment
bankers. Often the large corpora¬
of securities
and
bank-el¬
purchase,
tion
Co.
$8 per share. The offering marks
the first public sale of the com¬
too,
concen¬
given to the
be
&
with
dealt
local
and
Bros.
are
great deal about the
a
finished
ditional
offering :today
(Sept;
8)
250,000 shares of Atlantic Bowling
We hear
investments,particularly existing
igible
ping, purchasing and opening ad¬
Bowling
Common Offered
various
for
market
will
problems of bankers during the
United States' Treasury securities;, next decade, but almost always
A similar problem exists with re¬ attention is centered on such fac¬
The
A
(961)
Atlantic
that
in
participants, formerly unable
reasons,
realized 2
ft,
The Commercial and Financial Chronicle
.
new
I
Proposes Pooling Investment Staff
The solution for banks that do not
1
have
an investment
staff, as well
for those that have the staff but
as
are
unable to purchase in 'large
blocks, seems to lie in engaging
specialist
investment
talent
to
work
the
behalf of several
banks,
being
on
among
cost
banks
in
the
pro-rated
Independent
satisfactory to
group.
banks have found it
work
as a
other
v
group in connection with
functions, so why not this
Cases in point are the syn¬
dicating of loans and the installa¬
tion; of automation. Nearly onealso?
third of the dollar volume of busi¬
term loans in
ness
1955, the latest
for which figures are avail¬
able,
involved
participation by
two or more banks, and
approxi¬
mately two-fifths of all long, as
year
opposed
ties
to
were
intermediate, maturi¬
arranged
on
a
partici¬
basis, the proportion of
participations ranging from 5% at
pation
small
banks to 50%
banks. The
at the largest
for the
reason
forming
of loan syndicates is to
spread risk
to satisfy demands for credit
and
in
excess of legal loan
single bank. Likewise,
joined in introducing
.by sharing electronic
to
:
save
To
but
;
/
is
automation
equipment
is
really
yesterday
—
Back at the turn of the century,
further
not
only
necessity
a
Later, it
with
logical
if most
when automobiles
were
jeered
as
;v.
well
111! i
as
111 Hi
cheered, gasoline
dispensed by hand.' It was poured from a measuring can into the tank through a chamois-screened
was
funnel. Remember?
step
one
efforts
1
a *
expense.
go
joint
limits of
banks have
through the hose.
was
hand-pumped into
glass bowl
a
.
top and flowed by gravity down
on
A,.,
,
■
;
,
•
banks
are
to
manage
security
portfolios satisfactorily. There are
no
other sources,for
to
tap
what
for
is
needed
is
banks
many
investment
aid
when
personalized
approach and continuous study of
a
the financial positions of the
sepa¬
rate
ment
banking institutions. Invest¬
counseling services do not
offer such
approach and
an
particular
no
help
in
correspondent
of
are
PBP1
submitting
orders to investment banks. A
bank,
city
MM
hrM i
likewise,
llltais
cannot; keep
in constant touch
with local banks and is often hes¬
itant in making recommendations
which
in
might
of
case
mean
possible
:
cor¬
respondent balances.
One
must
sition
distributing
which
a
also
the
of
a
he has
<v*
it
number
point
small
<-
+
$
,
of
view,
There¬
take
a
\
to call
group
a
•A
,
v
,
Sees No
gestions, it should
bidding
that
nor
be
clear
neither
upon
collusive
restraint of competi¬
tion is involved here. In fact, par¬
ticipating banks will be strength2 ibid.
'
S1r*
t
'
s
,•>.
'■
-
A
lift A
;
•
A' ■*.Ab
-A
y
mM
-
J,
v
"
:
;
v
c
"'r
-
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•
iV
Vv
y-
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rvsv-
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-v-V:' iy .h .>•
.
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v
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s
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.
.
V
"1
Anti-Trust Taint
may be some anti¬
objection to the above sug¬
reflection
-0'
<
of commercial banks.
While there
trust
V
x';.
./
,
specialist buying
one
"■
-A
by
;
'
<■
for
,
'
V
how¬
fX
'
••xva-jwX-wv.;';
'
-
sizable
block. He could be expected,
ever,
,
'V?" V",
a
JiM
aa
-
A
he
handle
to
blocks.
to
'//A
From
fore he begins by contacting large
institutions — financial or other¬
wise—prepared
A
security issue
new
expensive
of
^
■
banker
,
finds
-
consider the po¬
investment
underwritten.
mechanical
-saSh-
error
the loss of local
iwii
m
.
.
'
today—modern
service
stations
have
automatic,
meter-computing
38,000 stations in the U.S.A. They are manned by
pumps..
products. Aided by research and the most modern refining and transportation
become
one
Texaco
alone has over
skilled Texaco Dealers, offering quality Texaco
of America's leading petroleum marketers.
techniques, Texaco has
14
The Commercial and Financial Chronicle
(962)
Although
Bankers Today Must Look
At Their Common Problems
do
rely
Corpv Washington, D. C.
the vantage point of
banking affairs from
coming prob¬
the
FDIC, and other favorable and anfavorable national legislation of
current interest.
Dealt with are the qualities that characterize
sound bank management, the need for improved internal security
to thwart defalcation and embezzlement, the civic responsibilities
bankers should assume, and proposals that would, if carried out,
seriously affect the banking business.
Congress and now the FDIC, Mr. Wolcott surveys the
lems of bank management,
I read in one of our leading
the threatened independent status of
bank¬
of the tremen¬
dous
and
growing
need
for
management personnel in our fi¬
publications
ing
nancial
insti¬
tutions.
The
needs
have
been
esti¬
mated
to
all the
from 30,new
top
range
way
000
level
most
fundamental
t
two
next
three
A
if
should
or
weakness,
be
can
in
such,
opportunities for
be
pro¬
ects, to be heard, and to ootain
prestige on the job. Banking has
lack long been known for its enlight¬
ened attitude toward fringe ben¬
per¬
described as
Jesse P. Wolcott
our
developing
experienced
efits
and
educational
opportu¬
sonnel
to
replace
senior level
nities.
These are strong points for
officers on the threshold of re¬
a
banking career and should be
tirement. Most of these "old tim¬
and
trained
of
the
is
business
ered
ready to retire, weath¬
the dark and cloudy finan¬
cial
storms
ers"
now
Repression
the
of
They learned the hard
through practical experience,
how to run a good bank. I take
years.
way,
continued.
mood
reflective
a
the
and
soned top
bankers
as
running
of
aspects
bank.
a
I
think it demands the three essen¬
tial
qualities of: (1) technical com¬
petence;
(2) economic under¬
standing; and, (3) conscientious
responsibility. Weak or bad bank
management will
result from
weakness in any of these over¬
riding qualities — and the early
1930's
presented
where
banks
1920's
the
of
failures
bank
many
and
instances
wrecked
were
by
'are
„
„
What
which
finance
this
we
are
industry of
part, the Federal
a
Deposit Insurance Corporation has
earned
a
most enviable reputa¬
We try to
answer
explaining
reasons, rather than by sending a
copy of regulations.
We always
seek active cooperation and un¬
level management per¬
the next 15
it judiciously.
questions by
accept
derstanding.
When
$1.00
is
Indirect Taxes?
are
I
have
meal
a
in
or more
tax added
a
matter
when
he
to 20 years,
and banks able to fill
for competent and
pacity
those
The
need
will
managers
be
to plan for the
now
of
brought up
understanding and
appreciation several centuries ago,
double in
their
Aristotle
believe
I
said:
is complex and
is
certain
other
many
to
environment
"The
the
costing
a
states there
bill. All of
of
our
foundation
bridge must be infor¬
Some
have
your
really
you
taxes
you pay when you
telegram, make certain
calls, and buy transporta¬
tickets.
tion
There
defalcation
These
failures, in great measure,
FDIC's
Independence
Threatened
are
many
others, too, which I could mention.
a
zlements
Mil¬
the increase.
are on
Branch
technique
economic
or
under¬
an
accurate
sustained
estimate
because
of
the
lo3s
of
the
many
have
existed,
Today bank management — the shortages
concealed, for years.
young people who are coming into
business
the
economic
t
must
—
conditions
themselves
as
far
as
In
understand
and
fortify
possible with
technological and economic
the
total of
calendar
last
though
year
1,632 banks reported
a
em¬
of Government
under the
along the accumulated knowl¬
edge that has been gained through
experience to the young men and
coming into banking
women
today.
be
a
of
to
an
A
estimated
total
of
at
shortage involved of
involving 1,168
$4.5 million,
banks.
•
.
embezzlers'
for
problems
mands
that
and
face
us
financial
in
our
de¬
com¬
munities—or, in the end, lose our
position of leadership in the world
of finance to other, more aggres¬
sive, financial institutions, or to
governmental programs dedicated
to solving these same problems.
know
stock
income
-
however
the
in
and
many
they
may
varied;
but
be, good
in¬
are
tute for
continuing internal con¬
trols, and I urge all bankers to
apply all the known preventative
internal security
sure
ance
In
the safe
of
their
and
measures
sound
to
in¬
continu¬
banks.
turning to the inter-relation¬
ship between the Federal Deposit
West
here?
The
These
taxes.
are
be
must
will
ers
and
to
if
the
continued.
leadership
this
inde¬
trust that all bank¬
I
use
an
event that
than
anywhere
people seem to re¬
end they get
what
the
they produce, and hence are
willing to labor hard and do ex¬
cellent work.
on
or
Cuba
do
emergency
occurs—an
all hope will never
Af¬
Southeast Asia, are based
less.
to
get
more
the situa¬
However,
China, which I hoped to
but have been for¬
bidden to by our government, is
based upon people awaking from
a
sleep of many centuries. Here
are 650,000,000 people, with 1,000,000 being added every month!
tion
in
visit this year
McCabeWith
; ;
Schmidt, Sharp
(Special to The Financial Chronicle)
DENVER Colo. —William E. McCabe
has
come
associ¬
ated
5
be¬
ith
w
h
c
i d t,
m
& Co.
Sharp
added to the price of
•
,
Inc., 818 Seve n t e enfh
goods which the corporations
when you buy any¬
thing from your local stores (ex¬
Street.
Mr.
'McCabe,. who
cept food, drugs, and a few other
necessities) you rebate to the pro¬
ducers 52%. This includes refrig¬
has
in
been
the
invest¬
erators, cooking stoves, television
ment
business
sets, radios, as well as almost
in
all
house. You
this through the increased
price tag which absorbs the 52%.
W. E. McCabe
William E. McCabe
these taxes we
employment to people.
say,
give
With less taxation there cpuld be
more
unemployment. Hence, this
pay
more
drinks! With
some
6
or
sorbed
■
^
75
in
& Co.
Investment Programs
Investment
has
Sharp
CENTRE,
Programs
Court
Marlborough
a
with
formed
been
securities
Liebowitz
is
N. Y.—
Company
offices at
sole
to engage
business.
Max
rmoarietor.
Daniel Leeds Opens
HADDONFIELD, N. J.—Daniel S.
each
of
the
presidential
to be glad that I am an American
citizen.
Schmidt,
by
ROCKVILLE
commu¬
nism.
With
Comp a n y
Incorporated, which has been ab¬
nations
of Europe
the taxation
system has ultimately resulted in
socialism, revolution,
years,-
formerly
President
of
was
Taxation Gives Employment
Strange to
Denver for
'many
the furniture for your
the
happen.
today,
Central
or
determination
a
and
world
the
in
whether
rica
revolutions
threatened
The
throughout
pay
with me that the candidates trying to- outdo the
must be free at all other in promises. I don't know
its techniques when what the end will bP. I continue
we
in
that
alize
taxes,
agree
Corporation
times
uphold
to
pendence?
of
al¬
Germany
else. There the
sell1." Hence,
by taking
independent status
Corporation
the world,
better spirit in
you
taxation-employment is a sort of
private pressures; yet, "ring around the rosy," or is like
within the government, it must be
a monkey trying to climb a wheel
free of political pressures.
in his cage. It is almost like a man
Can Aristotle's bridge be built trying to cure himself of drinking
necessary
are
ternal controls
develop better techniques to meet
part of government in order
activ¬
certainly help¬
But
beyond
this legacy of ful in reducing this problem.
knowledge, we must also strive to
I say again, there is no substi¬
the
Corporation 'must
Will bankers show the
Motives
whatever
Attracting Better Personnel
in
which
what they
corporations
escape
Investigation.
ities
"
>
within the framework of the gov¬
The
over
pay
contend that the
having the respon¬
sibility for the protection of the
nation's money supply, should be
independent while remaining
ernment.
all
same
though I found a
Corporation,
bezzlements to the Federal Bureau
least $13 million was involved.
knowledge, in order to wisely cope
There were 349 convictions. This
with the changes which occur in
total is in contrast to 1955, when
a
free market economy.
Herein
there were 260 convictions, with
lies a job for the old timers—to
pass
from
hold
Now the Federal
lack of internal protec¬
Deposit Insur¬
tion and an inadequate system of ance
Corporation
is threatened
controls and audit. There are yet with the loss of its independence.
some bankers who feel that an an¬
Legislative proposals are pending
nual examination by one of the before Congress which would re¬
supervisory authorities can some¬ move the Corporation's flexibil¬
how serve as an effective audit, ity and independence. The Corpo¬
a
delusion
that
all
supervisory ration has vigorously opposed the.
notion
that it should
become
a
agencies have sought to dispel.
Records show that bank embez¬ step - child
of - the
Executive
reflected
the
reports
embezzlement.,
and
Denmark, and even in England.
Human nature seems to be about
sales
added to the cost
are
Social
Security, but
have been taxed for
this for many years. Then there
are the liquor and cigarette taxes,
you
phone
for
stones
also
an¬
daily purchases. You may
that the government pays
man's political ca¬ and the
Can a bridge send a
be built between them?"
is
taxation.
of
taxes which
toll
the
states
and
simple.
Aristotle's
bridges,
form
cities
think
management which lacked either lions of dollars are taken each Budget Bureau.
sound conscience,
competent year; but it is not possible to make
We rightfully
standing.
how much they are
public's general unawareness of
.
routine
the
in
to
paying in this manner. In observing that we pay for both our misfortunes and our comforts by higher taxes, the traveling colum-
mation, candor, and continuous
The greatest unseen tax which
Internal Security
reporting to the citizens.
gratitude for the way in which
every
consumer
in the United
Let me point out another prob¬
they have kept the banking busi¬
Through these foundation stones States
pays
is ; the corporation
lem which plagues us from time a
ness on an even keel, through war
bridge can be built. In our form profits tax. This applies to all cor¬
and peace, through good and bad to time. That is the possibility of of
government, more than in any porations. It means that up to 52%
a lack of internal security in some
times.
other, the bridge of understand¬ of the profits of all corporations
However, I am sure that many of our banks. Over the past few ing and support depends on in¬ must be
paid to the federal gov¬
will agree with me that good bank years the chief
causes of bank formation and the interest of the
ernment in taxes. Those of you
management consists of more than failures and closings have been people. •vvR,•'.
who receive semi-annual
RvV
expertness
route
banking
sound
a
Within
sonnel will
trained
mere
air en
sea
the extent of our indirect tax
Europe, Mr. Babson recalls
bill
the
in
taking
while
Western
that "end.
this
We know that the need for sea¬
hat off to those who fit this
which begin
category — to the old timers in
future.
banking. We owe them a debt of
my
Taxes
By Roger Babson
In
our
states
have
gasoline taxes
spective junior management men tion. We are proud of our achieve¬
ranging from 2c to 8c a gallon, in
to participate in the
making of ments, and humbled by our suc¬
addition to the federal tax. When
decisions, to work on special proj¬ cesses, and we seek advice and
we
travel on a turnpike, or over
years.
it
personnel which has so long
in their direction.
A
promotion policy should
worked out by the bank. There
be
the
objective
.
definite
5 0, 0 0 0
o
within
So " far
cerned,
gravitated
men
Of Today's Indirect
satisfactory.
con-:
; ' nist states "yet these taxes are a 'shot in the arm' to prolong our
system f.V>-'8:1 >5 'V' Vl
present prosperity."
means strong banking units with
sound assets, with adequate capi¬ As I travel about the world I am The
m ost
marked
example
is
tal, operated in harmony with concluding that we, the people of Sweden, which I visited last year.
sound banking principles and in the United
There the mother is helped while
States, pay the highest
accordance with the banking laws taxes of
any
nation with a re¬ the baby is being born, and is
important requirement: a compe¬ and regulations; in other words, a
sponsible government. We know cared for during the- first five
tent and well-schooled staff.
We system 1 composed
of
banks in the direct tax bill which we get years. Citizens can get free hos¬
must make sure that replacements
strong financial condition, under from our cities and towns, based pital service as well as free edu¬
are in prospect and in training for
cation. The railroads, telephones,
proper management.
....
.....
on real estate assessments, and the
responsibilities that they, in time,
My remarks have emphasized direct tax bills which we get from and busses are owned by the
will be expected to assume.
good management.
I intend to our counties, states and Federal people. The government builds
To find the caliber of personnel make
the
point frequently to Government; but we fail to rec¬ and operates co-operative stores
needed by banks, careers in bank¬ stress that
supervision is- no sub¬ ognize the indirect taxes we are and many places of amusement.
ing must be made attractive and stitute for good management and
paying. No other country which However, I found these were not
challenging.'
cannot, of itself, insure the main¬ I annually visit has such indirect appreciated by the people; instead,
Banks must pay the going rate tenance of a sound banking sys¬
they were complaining about the
taxes.
to attract and keep the nign type tem.
It can ; only contribute to
high taxes. This is also evident in
of
man¬
agement
The General Unawareness
untary membership in the Corpo¬
ration, which has proven to be the
of
the Corporation is a sound bank¬
ing system: a sound banking sys¬
tem which is in a position to meet
its
liabilities
without
difficulty,
but which is also in a position to
serve
the
legitimate credit de¬
mands which are made upon it.
By Jesse P. Wolcott,* Chairman, Federal Deposit Insurance
in
of vol¬
principle
the
on
Thursday, September 8, 1960
.
extend
to
insurance to all eligible banks, we
The
Long, experienced
desire
we
.
.
There
world
is
where
no
I
other
rather
is
business
engaging in
from
a
offices
securities
on
Spring-
of
dale Road under the firm name
Leeds
Securities.
part of
would
Leeds
Form Arthur Milton Co.
■
like
I
between
to think
success
narrow one.
that the margin
and
failure
is
a
This margin can only
be bridged by mutual concern and
cooperative effort,
f
live than in the United States. We
pay
our
for both
our
misfortunes and
comforts by higher taxes, and
yet these taxes
are a "shot in the
arm" to prolong our present pros¬
Arthur
Milton
&
Company,
500 Fifth Avenue, New
has
been
securities
formed
to
Inc.,
York City,
engage
in a
business. Arthur Milton
perity, ' :
. *
is President; Dominick Dragonetti,
National Legislation
Insurance Corporation and banks,
Is the U. S. a Welfare State?
Since I have maneuvered my¬
recognize the need for I want to state that the deposit
Vice-President; Vincent Cafarcho,
interested and responsible direc- insurance
No
it' is noV' compared
membership record is self into a discussion of legislaPopper,
with Treasurer; i and * Phyllis
tors-rbut let's- not forget * another gOOd.
,v
'
'
fVrv.Continued, on page >39 'many other countries in Europe.
"Secretary, r ; I "Vi',Z X
**
Banks
„
>
.
Number 5984
192
Volume
The Commercial and Financial Chronicle
average
Air Conditioning IndustryIts Problems and Prospects
There
income per
all
family
new
will
cars
roll
off the
as¬
sembly lines five years from now
equipped with air conditioning.
the
We
already have half of the socalled luxury cars—Lincoln and
Cadillac—being sold with factory
installed
air
conditioning.
The
percentage drops off as we move
down the price scale to about 7 or
with the thousand and one things
8% for the "big three" and even
Americans already want or will less
for the compacts. Across the
soon become convinced they want.
board, about 12V2% of the 1960
Too much emphasis has already
cars are being sold with air con¬
been put on price alone. The pub¬
ditioning.
equipment's installed value now half a billion dollars. Predicts annual
1965, $4'/2 billion by 1970, and $5«/2 billion
sales of $2'/2 billion by
by 1975—representing a 360% gain in 15 years. Scores over-emphasis
price, as disregarding the public's buying habits. Forecasts air-
lic
conditioning to constitute standard automobile equipment on half that
has
lost
faith
in
our
values
Just
when they continually see ads that
,
,
is
target of the air
conditioning industry in the years
ahead.
More people with more
money to spend on the things they
want. It will be up to us to com¬
pete as we never competed before
—not just with each other but
Prominent company official hails the new industry's recent growth to
industry's sales by 1965.
total
in 1940.
By Joseph B. Elliott,* President, York Division, Borg-Wamer Corp.
of
(963)
mull
ment—if
shout: "now, only $179-^List $345."
Even worse, all we offer then for
this
for
over
prediction
my
a
is
mo¬
any¬
where close, you'll have the auto¬
motive industry increasing their
of the air conditioning
At first glance, that sounds like their
$179 is a box full of strange
sales of a fairly expensive acces¬
industry, as a recognizable indus- a pretty healthy growth—360% in
machinery and some jargon about
sory from about iy2% of the new
try, has been written during the *15 years. Keep in mind, however, BTU's or
horsepower.
^hat we will have more people
car market in 1955 to 50% in 1965.
lifetime of practically everyone—
and ■; during
spending more money for durables Public's Buying Preferences Must They are already selling a higher
in 1975—at least 175% more cur¬
the adult life¬
percentage of their prospects than
Be Underscored
rent
dollars.
In
case
we are.
you
still
time of most
It's obvious that they are
The air conditioning industry, if
think that a relative gain of 155%
of us. I think
doing a better job of creating a
it is to realize its true potential,
in 15 years is good, let me point
demand for their product than we
it's
entirely
has
The history
fair
to
out that
say
that those
ent
re¬
industry
and
^vision,
foresight
and
most
al¬
of
anything
want to
you
name
—
B.
Elliott
buying. They're buy¬
ing the convenience and independ¬
ence
and
prestige of two cars.
They're buying the entertainment
and education and
Needed
in the business to¬
Let
me
tell
little
a
you
be
"ybu-ard-there-
•
_
1_
1
_1_
i_
1 J!
lion and
That's
a
lx-v J11 i
_
/I /-kl 1
/v v\
value
installed
annual
of
a
n
v» r-«
bil¬
half dollars.
where
industry
an
„
are
we
an
it*
one
other:
1
1
t
A
•
friend
P
_
^
advised
J
in-
vestment in manufacturing, selling
servicing facilities that runs
into
the
We
billions.
have more
partridge in
More than 50,-
of these factories.
000^ merchants make all or part of
their living from our
products.
—an(j
tant.
most
.
a
pear
Not to keep you
the refrigeration side
one
of our business has a much longer
in
_1
to
tree.
be
munity
conditioning industry has
to an important dollar vol-
grown
ume
It
in just about a dozen years.
has growing pains and a
still
lack
of
highly
mature
judgment.
competitive
It's
a
business rthat
is dominated by no single
interest.
We're all contending for the cus¬
tomer's favor—and his dollars.
Potential
Not
Yet
Realized
Unfortunately, we aren't contending hard enough, or smart
enough, to realize even a part of
our true potential.
Just a glance
at what automobiles, and radio,
and television, and household re¬
frigerators have done to achieve
major
market
penetration
will
show you what I mean.
It isn't unusual because alof us, and everywe know, and everyone we
everyone
hard
for
me
to
understand
that
can
nation
our
wake
up
and realize
con¬
sleeping
hours—important from the stand¬
point of productivity, health and
happiness.
*
•
i
are still some
from large-scale
produced residential or com¬
mercial thermoelectric air condi¬
tioning that is either economical
;
\
buy or to operate.
I know that you will see further
advances made in gas-powered air
conditioning within
a
Considerable
is
of
all
effort
short time.
being
put
against development work in this
field by the gas industry and by
air
conditioning manufacturers. A
number of such units have already
been made and sold.
Some are
entirely competitive with electric
powered air conditioners in many
respects
more
be
and will become even
I believe that you will
so.
hearing
more of residential ab¬
type
of
year-round
heating
and
cooling system.
Anything I could
say
ment
thermoelectric
;
of consumer
applications
over the next five to
ten years would be pure conjec¬
ture and better left to a speaker
a much clearer
crystal ball
than I possess.
The picture
the future
of
that
comes
of
one
picture will be¬
rainbow-colored threedimensional spectacular MY crys¬
the
come
tal ball says it can be.
a m
.
NARDA
addteM by
on
Elliott
before
v.t
.
Midwest Exch.
of the
highly beheficial effects of
air: conditioning
on
victims of
heart troubles, as well as other
serious illnesses. It won't be
long
before we are able to
carry this
a step further and
give scientific
evidence of something many of us
industry wakes up and starts sell¬
be
Mr.
Management Institute, -American
University, Washington, D. C., Aug. 12,
Benefits
I'm sure many of you are aware
of the studies that have been made
a
one
only refinements of those now
the market. I know, just from
with
air
conditioned
and one without. It
was
homes
found that
there were less colds and
illnesses,
better balanced meals
during hot
our
own
research
and
develop¬
goods are Gross National Product ment work, that you will see im¬
and Disposable Income. The things provements in quality and per¬
that have happened and will con- formance, in lower sound levels,
controls
and
tinue to happen to these two sums better
simplified
are
almost
beyond belief.
Our maintenance.
ices
we
away
to
at Peak ;
CHICAGO, 111.
investment
bers
of
weather, more home entertaining,
lower cleaning bills for home fur¬
nishings, and more babies born
among the residents of the air
conditioned homes. I have no com¬
ment on the last statistic.
When we succeed in
There will be further efforts at
the
making
produced
facts such
as
this
edge, and when
common
knowl¬
we are able to
get
the real benefits of air condition¬
—
firms
the
The number of
who
Midwest
are
mem¬
Stock
Ex¬
change today stands at
a new
high
since
formed
1949,
the
it
mart
is
was
reported
in
the
in
Ex¬
change's
September
newsletter.
Membership price has also
reached
a
peak of $11,000.
The Midwest Exchange now has
312 members firms from 49 of the
50
■
value
but
years,
distance
I860,
Health
smoke when the entire
ing the benefits of
will
trol the climate in which we
spend
most of our waking and
some good
advertising, and some intelligent
selling, and a lot of word-to-mouth
recommending going on. Just
watch
every
just how important it is to
ahead because there is
goods and serv- miniaturization, although we must
in this country in make greater strides in technology
how an industry that
makes a any one year—was $100 billion in before the really portable highproduct as useful and as good as 1940—$300 billion in 1950—$500 performance room unit can be
billion today—it will hit $700 bid¬ built. Before we see this kind of
ours has been able to avoid making a better showing in the market lion by 1970 and $850 billion by unit, I'm sure you will have much
better
central
residential
yearplaces.
1975.
As I stand here today, speaking
Out of this tremendous produc- round air conditioning. We'll see
more and more builders offering
as a representative of an air contion of goods and services will
ditioning industry that is cur- come our disposable income—the air conditioning as "standard"
rently selling at the rate of a amount left each year after hous- equipment, just as a heating plant
billion and a half dollars a year, ing, food and other basic necessi- is considered standard today.
At the strides automotive air
ties are paid for. In 1940 you had
we have to face the fact that we
have only about 8% saturation of $500
in
disposable income for conditioning is making, it will
soon be almost as commonplace as
the vast residential and commer¬ every man, woman-and child in
cial market. If we can believe the this great country. This had risen the car radio and automatic trans¬
most informed projections avail- to $1,400 by 1950 and to $2,000 this mission. Ten years ago there were
able to us, on the basis of current year. By 1970 it will pass $2,500 less than 3,000 car conditioners
performance we will be installing and be close to $3,000 by 1975, produced a year. The 100,000 an¬
at the rate of two and one-half fantastic as it may sound. I call it nual
figure was reached about
billion in 1965, four and one-half fantastic
because we will have 1955 and we will see close to 750,billion by 1970 and more than more money to spend, per person, 000 units installed this year. The
five and one-half billion by 1975. on just things we want than the crystal ball tells me that half of
It's
great
see
mass
„
Gross National Product—the total
will
attending with
schools
wide variety of com¬
and educational uses al¬
quality prod¬
uct. When this industry really gets
smart, we'll make some major in¬
already believe—that if air con¬
roads
on
the 300,000
industrial
money.
ditioning will help an ill person
That, my friends, is of real sig- plants, 1,300,000 classrooms and
or an ill heart
get well, it can do
nificance. Never in the history of 50,000,000 households that are not
just as much to help a well person
mankind have so many people had now air conditioned.
or a well heart
stay well.
We've seen a lot of dollar signs
so much
money to spend and so
One bit of such proof came out
wide a choice of how they spend in the old crystal ball—but what
of Texas not long
ago, and I as¬
it.
And, as the man once said, are we going to be selling for these
sure you it isn't a Texas tall
tale.
■
;
■. v. :v.
"you ain't seen nothing yet."
- dollars?
A study was made of two almost
A lot of the air conditioning
identical
Our Present Economic Health
housing developments,
products 15 years from now will
Two of the standard ways of
measuring our economic health
and our ability to buy consumer
We
strides in this field within the next
ten
a
day and night of the
week, all year round, and "mom"
approach, the
air
conditioning industry will
make more money in the years
has choices similar to that to
history,.; it is of less concern to make all the time. It may be a
most of you in the "student body" dishwasher instead of an air contoday.
However, many
of the ditioner, or an outboard motor inthings I have to say are applicable stead of a pear tree—a second car,
to both air conditioning and re- a
trip to Florida, an enclosed
frigeration.
porch—but we have decisions to
Sufficient to say that this young make
on
how
we
spend
our
air
conditioned
put to
most
Even without this
impor-
see,
A1 though
cooled.
sorption systems within the next
couple of years. This is certainly
market, a
logical development of a highly
it won't
efficient, quiet and dependable
our
youngsters will be
air
suspense,
that's what makes it
a
years
thermoelectrieally heated
and
through loud and clear is
great hope—of increased
sales to a continually growing and
will be at the shopping center
generally prosperous market—of
moving from air conditioned store
an industry that realizes the ne¬
to air conditioned store on an air
cessity of selling quality and bene¬
conditioned sidewalk.
Properly fits to its
customers—and of in¬
proach that convinces the public covered, an air conditioned .city is
formed dealers who sell service
within
of the real
easy reach of our present and
desirability of air con¬
dependability to a public they
ditioning. An approach that really technology.
help to educate.
I am far from
sells the benefits to every member
being the first to
It is only through our mutual
of the family—benefits of health predict that one of these days our
efforts that this
If the old English song was right,
his true love would then give him
a
the
and comfort, of restful sleep and
the well-balanced meals all year, of
than 400 plants and factories ere- home builder finally bought the children napping and calm nerves,
ating employment for approxi- pear tree in the fall and the air of gracious entertaining and clean
homes and longer lasting drapes
mately a million people with more conditioner in the spring,
and upholstery.
engaged in supplying the needs
Now, this isn't an unusual story
and
build
few
We aren't far away from pres¬
surized space suits for astronauts
that are
les¬
some
for style and
carefree
restaurant
neatness—soaps that are kind to
and visit an air conditioned fac¬
hands and hair dressings that at¬
tory before starting the trip home.
tract the opposite sex.
While this is happening to
"pop,"
story
him
to
very
develop a thermoelectric air con¬
ditioning system for submarine
use.
outside of
conditioned automobile; catch an
the areas of improved existing
air conditioned train or bus to
equipment, expanded use of better
an
air conditioned
office; lunch
gas equipment, and slow develop¬
in an air conditioned
—clothes
more
•
how
a
take
a large
population leave their
conditioned homes in an air
air
lightful informal entertaining—
trips for romance and adventure
buy the air conditioner and wait
until the first day of Christmas.
today
representing
paint
able to
at all unusual to have
part of
Price Not Sole Motive
economic
You could hardly find the in¬ picture before I look in the crystal
They may shop similar products
stalled value of air conditioning ball again,
for features and different products
on a reasonably-sized chart before
The story concerns a man who to decide which
they want the
1940.
By 1950 a steady rate of built a new house and furnished most.
Price does enter into the
growth had carried the total up to it and landscaped it with every- picture, but not to the extent that
just about half a billion dollars. thing he and his wife wanted ex¬ many people believe, if the public
In
the
early 50's the angle of cept an air conditioner and a pear really wants something. This in¬
climb on our chart picked up a tree. Their budget would permit dustry of ours has
everything in
little and finds us in 1960 with an them
to
buy only one or the its favor but approach —an ap¬
and
day.
in
sons
within
of television." They're buying
homes for togetherness and de¬
am
ours.
If we're
ness
not
and I
one,
have to settle for it either.
than
people
many
Joseph
for
for
are
the public is
vast
this
willing to
settle for that,
think that
with the proper leadership from
your industry and your factories;
with the proper cooperation from
distributors and dealers, you won't
1,
courage,
—more
our pres¬
of
Leadership
Vital
had
started
saturation
potential market to a total of only
20% by 1975.
sponsible
for
getting
this
more
this will carry
8%
got to realize what it is that
15
states
within
the
total
mem¬
bership of 400 individual mem¬
bers. "Undoubtedly, the basis for
MSE's rapid strides in both share
and dollar volume has been the
continuing drive for
new
and
ac¬
tive members," the article says.
•
Pacific N. W. IBA
Group to Hear
PORTLAND, Ore.—S. H. Bellue,
President
tronic
of
the
Western
Manufacturers
Elec¬
Association
will be a guest speaker for the
ing known and accepted by the
general public, then air condition¬ Pacific Northwest group meeting
ing sales will start to live up to of the Investment Bankers Asso¬
ciation
their predictions.
at
the
Sheraton-Portland
So far, we have talked about the Hotel, Sept. 8, 9 and 10.
evolution of air
The Western Electronic
conditioning in
:
next few
I am frequently
asked if there is to be a revolution.
"no."
years.
I have to say
both "yes" and
Yes there will be
tion in
technology to
a
revolu¬
no it isn't going to
wipe our
existing industry and products off
of the map.
We
of
more
Manu¬
is composed
than 300 electronic manu¬
facturing firms in the 11 Western
States.
-
some extent
and
•
facturers Association,
Bear, Stearns Branch
ANGELES, Calif. — Bear,
already entering the age Stearns & Co. has opened a branch
You may, have office at 621-629 South Spring St.
news stories about a Navy under the management of Robert
LOS
are
of thermoelectrics.
seen
contract awarded my company
to
L. Boorstin.
,
iji
16
The Commercial and Financial
(964)
muir*
AT A TDT7'T?rP
Xlljli
iVlAlxlviliJL
"" v
•
VATT
XUU
A XTTA
:
AiN JJ
•
•
?>. '
BY WALLACE STREETS
Transmission which has increased
^Thelastgrowth
The price
irregularity that cropped
late in August persisted in the
stock market once Labor Day was
new
keep
to
way
-
-
•production out of its depressed
level, and the auto picture is a
jumbled one with the new models
being introduced and production
held to the low side to clean out
'
?; *
The market still reflects rather
inventories of
the
high hopes,
1960 cars.
One of the factors that point to
record earnings for Hercules
the'
is
acquisition
profitable
of
Imperial Color Chemical & Paper
earlier this year. Another is its
work
plastics
on
and
the
when manage- bulk of its capital outlays is
indicated that its earlier expand production in this field,
earnings estimates were about on
.
.;
Attra.ctineIssue
.
target. The hopes had been for a
^
profit
surge
above
the
earlier
The issue that has been resting
.predictions because of a forth- after it broke out into new high
coming merger. But the merger ground is H. J. Heinz. The busi.won't
be
consummated
until ness hopes here are tied up with
sometime
next
month
and
the prospects of splitting the stock
."company statement didn't indicate which hasn't been done since 1946..
that it will change the prediction More basic, however, is the dematerially.
The
stock promptly mand for issues that have an
'made the casualty list although expanding foreign business which
there was
little to this outlook can produce better profit-margins
-that vvas distressing; just a case of than domestic operations
While
over-enthusiastic expectations.
Heinz foreign sales were doubling
^ment
.
_
.
,
v
-
were
overall
market,
who were
technicians
some
still
there
there
market
nverali
the
Foi
.
The August
optimistic.
rally
ProXXts last fiscalmore
3u?1Ped year
in the
pomts higher m only 15 trading
the foreign
profits accounted for nearly twothirds of the total reported.
^had carried the industrial average
"45
dozen years, the
in the last half
half
dozen trading
a
iitva
out
mere
opinion
sessions.
....
outside
acquisition for the purpose
diversification.
Much
of
its
Also contributing to the hopeful 0f
.
sentiment
the fact that business
foreign profits are not apparent in
normally rebounds from the sum- >the actual results reported by the
mer slump in the fall and despite
company,
since heavy expenses
is
the few laggard spots such as steel
production," the general economy
•has
been -running
in high gear
with
sign that there is to be a
no
sharp reversal.
;
.
-
.
-
-
Any
rebound
would
be
encouraging to alleviate to
some
the
degree
profit pinch
apparent
far this year and destined to be
so
even
apparent
more
third
when
the
quarter reports reach flood
"tide early next month.
__
r
,
ii'
,
,
None of this has been
,
heartening
to the steel stocks but they
haven't
been overly prominent on the losing side lately, U. S. Steel for the
last half year holding in an 11point range. That is a narrow
trading range for this bellwether
and has built up a cult of watchers
have
incurred
been
to
vpt
rint
a
the?
that
;
s e
Wwle Thas beel
shares
solit
restrained bv the
in
interest
nrtK
general
steels
lack
of
Harsco
has diversified into a producer of
a broad list of products that keeps
it from being entirely dependent
on
proper,
demand for steel itself.
J
Oneratine results ot narsco,
operating results of Harsro
for
1958 when the general
caught up with it, paint
picture of a good uptrend for a
cept
recession
a
decade with
ings
more
pected this
the
both sales and
earn-
at new highs last year with
improvement generally ex-
shares
year.
At recent levels
have
offered
a
defi-
'nitely
above-average
yield
of
around 5%%. Its principal prod-
.
_
111
t
e m e n
include
ine necuc piay in leiAuiograpn
parts,
-
A; Profifc-Precervinp-
•,'
,
,
,
location
preferred
\t
JN
-tt
I
.
yy
U
.
'
0„
.
hncinps<?
bpOllSOrS
m
T
"
'
,
7
Tt
continued gains, with earnings of
an-
of
average
an
nearly
annual
during the
10%
June 30 compared with $1.34 in
the previous 12 months, fan in-
years
? crease of 7%.
1960 63
~
More than 750 of the nation's tax
'
"
v
"
.
'
"
"
Division
General
of
The
Institute
designed ' for
is
re^a^ with wo^Knovd-
1QdQ
100
of
the
exDerts
t
will
law'
More
take
diSCUssions
t
On
Opt
unTt
ifi
Nn
^ nf thp Dane!
^
'
than
part in the
panels
and
a ^nfn nnpritinn iln^ Nn i
No 2 Teach havinH ca^bil
70 099 kwi
h?l Z l
ity of 70,000 kw) had gone into
.
f ^nemicai
is
?
nnwpr
Sid
slmina?s aiSCUSS1°nS' panelS> and ftv
lecture"s
/ •.
_
mmnahv
a
edge
'
™imha«>d
The outlook appears favorable
V„for continued growth in the area,
ZaL?Un„ntTfnn ve/tn A fourth bridge across the Hudfh
fniinwin**
it
hpian tn son between Newburgh and Beappnfiratp
cnnl Itpam
hv
con
wilx be constructed at a
f .q-q it h
nun'cost of $40 million, and will serve
'
tv
ndlo ftOfi hvrim as
vital link in the Proposed
Tr,
University's
,
,
,
Aref;s Favorable Growth Outlook
practitioners will attendof Federal Now Generates All Its Electricity
the nineteenth annual Institute
Taxation sponsored by New York
12 months ending
$x-44 for the
increase
year we^will continue to service in 1951 and
in depth," company is now in a
1954.
,
fou!r"lane Federal highway from
to Hartford
The new
route and the bridge, when comPleted should contribute materially to the further economic development
of
the
company's
soutkern service
The
j
area.
number
position to dories
explore tax subjects
located
^nry Sellin, Executive Director take care of all its electric re-
and
in
of
the
in-
new
company's
Vany exiXg fn-
abroad,
°
employee
j
compensation
pected
to
into
go
operation
_
^
in
y
°
_
'
>
Cornwall Paper, etc.
The cement
-
jggg
y
.
Di'vidends
the
able price levels. The disclaimers and new legislation, regulations, Gas Transmission in August, 1958.
common
d
it
have
5
been
paid
on
stock of the company
principal
for
predecessor
ss^wswrr. so
...
'Ssrsfsssssv;
Commission.
lating to their special' interests. It expects to obtain additional gas
Reason for the preference for Registrants who attend at least from Tennessee for the next heatComptometer in this field seems to 12 of the 16 daytime sessions re- ing season.
be !argely because it will lease,* ceive certificates. The fee for the ;The company is now actively
.
afmmd
^/th^
recently
I
25 V
vi
to
rn?nL
nrw
l d
e
rutin
t?v Jverae? of ahoiT18 ?
a^e1e^wS^V^«e^owriteriEntire Ihstitute'is $195; t,r $30 for ^dhiotihg;. residential
afteJ JtW
to
Xhat
from
ZIZ 3
amd installation
"
>
water heating and househeating,
TT'le?? vollJme jontfrnrng and filed lower rates (effective in
i
-
•
a detailed outline of each talk will July): for
customers using
over
?e Xurmshed to full-time regis- 400 kwh.
tHo fH-m
a month; an intensified
sales program was also initiated.
^rm could tripie earnings trants. The outline volume will
a
list
nroblems
nraetioal
time its earnings will be tax-free-.nVations and^mportant
h£
Construettlon charges last year
because of carry-forwards racked tories
The lectures will be nub
aPPr0*lmatedJ u^15.u million and
Up
during'its poor years in the i,?shed bv Matthew Bender and were fl"a"ced by the sale of comnast.
Its
last
dividend
a
cornSanv Inc and nffeled tn monand short-term bortoken
in 1955 which rates it reJistrant's at arednced fee
.rowing, as well as internal funds.
the present level. And for
answers
-
^
.
..
,
,
-
case
was
one
mostly
may
speculative item that
may not live up
to its
as
or
a
promise
promlse'
.
lately.
Their
growth,
not
Further
sfjtute
infnrmatinn
he ohtained
can
nn
the
Tn-
hv writine
j-' ^
;
InV. DlVerSllied
^
,
N^TTIPQ CI^llpridPT'
^
vestors Building, has elected John
W. Callender to the newly cre-
Constr4ctian, c0?ts,for lhis year ated office of Vice-President?te efl1 mated at about $8.4 mil- Customer Relations. Mr. Callender
statute cani M.obtained by writing lion, to be financed from internal ..has been with the comiianv since
to Henry Sellin, Execuhve Direc- sources and by further bank loans ^ptemberiMS andZ^SCTved as
t?r,linstituite on Federal[Taxation, which will be funded in 1961. No Assistant Vice-President, 1948-
?„1,
mFw vFIv
*
Willi
additional equity financing is
ticipated before 1962.
'
PiVvt-o
The credit for interest
-
on
1952, Assistant to the President,
1952-1953, and Assistant to the
con-
Chairman of the Board, 1953-1954.
struction was equivalent to 31c He has been director of customer
P
▼tiui nerre i\.
an-
omiin
share last
but may amount
to only about 3c this year and a
a
(special to the financial chronicle)
year,
relations since August 1954.
For
10
years
prior
fTomsudden reversail
Investors
Inc., Mr. Callender
premier
as some of ELYRIA, Ohio — W i 11 i a m W. similar amount next year; how«gr0wth"
issues Walker, Jr., is now affiliated with ever,, with'the 140,000 kw.uhit to
in. this group are the natural gas
companies, notably Tennessee Gas
r''"
MINNEAPOLIS, Minn. — The
Board of Directors of Investors
Diversified Services, Inc., In-
the
rhemionv
Hercules Powder. The shares have
is
favoring Comptometer at reason- techniques estate planning fraud, became available from Tennessee
spectacular, has been
steady and not as likely to suffer
up
homes
for
industrv"
?ne^k:al not shown
entlty where a around. The faster growing items P. R. Smith & Co., Elyria Savings be placed in operation in
has
prom-pincn
showed a good rebound from the
recession year 1958, kwh. sales
gaming 13% and- revenues 9%
(gas sales and revenues gained
13% and 8% respectively.) EarnXngs thus far in 1960 have shown
ticipated that the peak load may
o}-,nw
fed. laX InSt.
and
PreHy welx died out, and from it posing of the corporation, real bia Gas under long-term conjame some investment sentiment estate, procedural problems and tracts. An additional supply also
drilling while
machines, tools and dies.
1
1 would have shown a large
$
capital structure of
•
companies in the area, which are
^evlc.es to transmit writing and corporations, expansion of the
The company buys its natural he
u
f
undertook
drawings via phone lines had corporation liquidating and dis- gas from a subsidiary of Colum- a ,a^
expansion program in
steel
plastic
compounded,? 9
-
and Comptometer as makers of
sanations to reckum slag, andI on. mstrkets
through
rate of 9%
average
.
Well-Acting Utility Items
cylinders for:
More highly rated as investment
storage of gases
seamless steel calibre are the utility stocks which
pjpe couplings, steel recovery in- have been doing well in desultory
ucts
in
subsidiaries was
remitted to the parent
The hectic nlav in TelAutogranh
thn+
ex
ex-
;
■
foreign
actually
a ma r
change
ifS
.
lias
t
tat,
its swina since Mav
Hill
'
*.
-
pf the Institute, said.
In some quirements, and the present four- dustrie expanded their operations
instances we have called in ex- party power supply contract with
;irfo°r1'7^"?
compainy in its iatest fiscal year.Perts on areas other than taxes
^'rfites ^ee 31 wtfl bX reoJa^ed expansion. Among such indusNevertheless it is still available at to r^nd out the picture.
miniit is Dec. 3!1, will be .replaced tries wgre Texac0 whjch has a
less than 15 times its reported
Among the topics to be dis- wltn a Droaaer ana more flexible
research center at Beacon*
total earnings, a modest ratio cussed are natural resources, re- power-pooling arrangement. The Smith Brog
th
famous makers
against some of the others around, cent developments in determining nexit generating unit P™bably
^ of coughdrops; Star Expansion In.income
accounting problems, J
u> u Kw s.^e .as tne dustries* Western Printing &
TelAutograph Calms Down
. partnerships
doing business third Danskammer unit, is ex- Sgraphing
Days Jom
In c /
the
0f
«ss a-"
tishter«m'ge
"v'v:
[The views expressed in this article pertod iocaj population increased
do not necessarily at any time coin-w an estimated 35% compared
cide with those of the "Chronicle." w|tb only 10% during the 1940's.
They are presented as those of the The company expects this re°ion
author only.J
conHnue its development "as a
expand
these operations and only a little
more than a third of the earnings
'
r
..
shouldn't be too far out of line compared with a 6% rate for in-! mcreas9 except fon the 12% inwith the present rate schedule. vestor-owned utilities in the Mid- crease in number of shares.
The
5
die Atlantic States
During -this company's
business in 1959
in Pittsburgh is
the first
r,
«
n
,
around
riseof
^^are earnings
Heinz is an operation that was Education. The conference is to
growing from within in be held from Wednesday, Nov. 9,
Jrankljr acknowledged^
„
and Kingston and adjacent areas
Share-Eammgs .Record
&
. Hudson , River /; Valley.
..The share, earnipg^ record over
in
repent
vears
Electric sales contribute 81% of the past decade showed a steady
L to Lirlpnd gross and gas 19%? While there year-by-year increase from 65c a
a ;urn, .iea xo a v ae a .g
heavy industry in the share in 1949 to $1.41 in 1959.
T1 current navment nro-< area> manufacturing is widely di- However, a sizable amount of the
vides'a vield of around 5% which' versified and contributes about-increase . w a s accomplished in
ig
generous
and
well ."covered. 23% i]? revenues. Fruit and dairy 1958-9
with, the .changeover to
There are three rate cases nendin<* farming-as well as summer resort "flow through' in tax savings and
wh6re
lower
Prices
might: h'e •business are important factors in the
moderate rate increase alordered but students of the Com-: ^e l°caX economy.
• ,
lowed by the Public Service Company and the rate of return being ?
During the years 1950-58 elec- mission
(1958; earnings^ were
permitted in areas in which Ten- trie sales to ultimate customers in stepped up by 16c to $1.33 by
nessee
Gas operates, are of the the company's area gained at an
^rou£h*) The
earnings
an
noted for
frujt_based juices
wiped
,
' 'mrnnn
t°°.h4»t0^»In fact, its pend- through Friday, Nov. 18, at the
:and called for a correction And; ing acqixisiti0n of a; maker of Hotel Biltmore in New York City,
that came along when.half of the
was
-
Central Hudson Gas & Electric Corporation
:
days. This was considered
-.gain
7
e
new-
illustrated, in stress
was
as
Match
^Universal
high that another new record is
due for this year.
,
;
"
! f
other operations_ rangipg Central Hudson Gas & Electric turn to about the 1959 level
Xl*e instrance to ]o t P
supplies electricity and gas to 1963.
^
a sy in tc
Poug'hkeepsie, Beacon, Newburgh
Fartli.
g|wd"'"n annS£ 1
'
BY OWEN ELY
ranging
nnpratinn<?
nthpr
But
restrained.
enthusiasm
v',
.
edtl3expaPnr<So1ngthpromUing
.
bullish chemical issues were not noted tor
the urgent demand. Like chemical is- with
market's reluctance to give ground sues ...in. general
when they are *
'importantly was of little consola- popular, Hercules offers little in
tion to the bears, either.
- -'
the way of yield. The company
There was little, ■ except hope,, posted record ,earnings last year,;
for the market to respond to as boosting
the
dividend m the
summer
business
ended.
Steel process, and has shown no slow--"?®
orders
are
still
short of -lifting down this year with expectations
the
of
out
Thursday, September 8, 1960
paral-7
has been
good account of
strangers to theS. PJ™
highs dist, at
time when dev
mend gf
° an<?
giving a
themselves, no
been
.
leled by heavy stock dilution as
large-scaleexpansions were re-
;
up
.
.
by more than 1,000% in
revenues
.
Chronicle
& Trust Building, members of the
Midwest Stock Exchange.
.
„
*
-
1
1963, the
interest credit is expected to inmoderately in 1962 and re-
crease
director
of
with
United
the
joining
Services,
to
Diversified
was
executive
retirement
States
claims
Railroad
Retirement Board in Chicago.
'
:
flUtlf
Volume
192
Number 5984
.
.
•.
*
H
The Commercial and Financial Chronicle
't
|W '
V
i.
ft
JflfHivWI
(965)
T-Miirt
t
I
«
17
s
,
•:•
.v
'''''V-
SSijlfe
S&if
iHi
nil
S ;
^vW\Ksv\\^
..
$
s
\'v^V \\
,v
Ji
u
-■•
\!( '
c
v
s^-v
s ^ ■' °
<^y sV>?
-
V
MHH
5
^ ^
>
riiNHNl
i
111
mMm
lip
mflMi
'■'■'''^
?^X
\v
«
"'
1
■•
..
*
•>
„
■tWHtitai
Jets streak
across
by fuels piped
Eastern. And
the
across
as more
sky powered
;
the land by Texas
and more
jet
planes join America's commercial and
military air fleets, Texas Eastern's
Little Big Inch.products pipeline
grows
sign if icantly in importance."
^
'Today, America's need for energy o'f
all kinds is
zooming. That's why-
Texas Eastern
plans far ahead
as
diversifies in the field of energy
and enlarges
its role
as
Energy to the Nation.
it
supply
Pipeliner of:
V
• 1* M ',1
t
.Jit
18
Joins
Incorporated,
FUNDS
MUTUAL
ROBERT E.
BY
Asheville.
of
stocks
RICH
Co., Inc. has opened
in
fice
a
National
Bank Building under the manage¬
ment of Martin Olsen.
BROOKLYN,
The firm
—
of Grafstrom-Bennett &
Flatbush
330
Y.
N.
has
Avenue
to the
changed
Co.,
Robert W.
Graf-
the
CLEMENTE,
man
C.
Mar
under
Avenue
Jack
of
ment
represented
the
Calif.Nor¬
of
an
action
hasn't
experienced
his
when
on
stocks
any
investor
rare
a
it
summation
easy
market's
day, although it's
who
Americans
period
falling
a
were
Roberts
Company
has while the Dow was rising—or the
branch office at 214 Del other way round.
a
L.
On
the
the
manage¬
Spence.
Dow, which is nothing if
flexible, is now being put to
the
dividual's
needs
comparison
measure
results
the
have
the action
been
attained
than shown
managers
in
of the Dow industrials.
Of course, not all funds can show
greater climb or
a
cline
than
that
the
smaller de¬
a
Dow.
And
can't
simply
don't
the
comparison.
making
We're
still
awaiting the report that says
humbly: "You'd have been better
off
buying the Dow-Jones Indus¬
Average."
trial
To
most
sophisticated
Wall
this tendency to com¬
Streeters,
Incorporated
Investors
EST.1925
A mutual fund investing
in a
in
say
in
possible long-term growth
capital and income.
Incorporated
Income Fund
futile exercise. A
current income.
buying into
man
be
THE PARKER
stock
more
index.
Even
broad-based
with
the
The
comparing
stock
common
30-stock
Dow
is
a
fund
not
es¬
L.
industrials, althotlgh
innumerable changes
years, were blue chips
to
the
still
turn
the
of
largely
are
chines
chips.
tossed out of the
was
compilation
some
Dow
years
ago,
otherwise the level of the average
The Dominick Fund, Inc.
A diversified closed-end
Investment
September 6, 1960
a
the
on
the
divi¬
capital stock of
Corporation,
tober 15,
of record
payable
Oc¬
1960 to stockholders
September 30, 1960.
JOSEPH
S.
on
Secretary
dozens
A
of
the
Also
buy
to
each
decide,
average
of
into
such
as
non-
American
were
this
that
chip
Dow
stocks
their
luster.
Thus,
(now Metro-Goldwyn-
longer are included in
Inc. and Hudson
Motor Car Co. have disappeared.
no
Drug,
A shrewd manager
mutual
the
stocks
chartists,
a
would
representative
would prove
serving
small
as
coterie
a
of
major
function
of
is to reflect the
performance of the
averages
day-to-day
stock
index
the
so
from
a
up
the saving grace of
with
a
but even
for
make
Poor's
&
Aside
market
that
market—
Dow, by the
a
way,
chore
that
any
well.
leading
a
Dow
larity,
with
monotonous
calls
never
holders'
attention
with
cerned
idea that
regu¬
his
to
stock¬
this
feat.
Thorp
Iron
con¬
that stack
against others.
results
our
fund
below the
are
that
is:— we'll be in trouble. My job
to
not
keep
average,
with
up
the
Joneses,
the Dow."
and
Fund
gains in all
tions
30.
for
Net
$14.05.
phases of
the
asset
creased
Report
Boston
of
value
net
share
in¬
$13.46
to
per
from
increased
assets
from $17,219,277
to $20,420,215 and number of shares out¬
11.9%
%
Bullock
«
Fund,
*
Ltd.
reports
that
July 31 principal holdings
were
$593,245,133,
equal
to
share, against $7.56 at
>
Baldwins Securities
semi-annual'
asset
net
value
creased
Investment
objectives
of
possible
long-term
growth for its
income
payable Sept. 23
Prospectus
at 4:30 P.M.,
Sept. 9, 1960
a
31,
from
in
states
$5.84
its
that
share
per
$5.95 at
to
Corp.
report
1959,
at
in¬
upon
Fund
capital
and
shareholders.
request
Dec.
31,
Institutional
Shares, Ltd. reports
during the months of June,
that
and
major
'51/4s
of
1985, Seaboard Finance
5J/4S
of
1980,
State
debentures
Loan
&
Finance
American
5.4s
Metal
of
1980
and
Climax,
Inc.
stock, u
common
eliminated
General
were
Life
Co., Columbus &
Ohio Electric Co. and
ance
Insur¬
Southern
Northern
Insurance Co.
The Colonial Fund net asset value
a
share
July
increased,
31
The
from
figure
$9.96
was
to
$10.24
at
April
at
30.
$10.30 at Oct. 31,
1959, end of the fiscal
York
Atlanta
——
Chicago
Los
Angeles
—
Telephone & Telegraph, Jones
&
Laughlin, Louisiana Land & Ex¬
ploration, Mack Trucks, Pittston
C0.7 Revlon, Sinclair Oil, A. O.
Smith,
S.
U.
house
Gypsum,
Electric
and
Westing-
Youngstown
At
the
time
same
it
trimmed
holdings of Chesapeake & Ohio
Railway, Denver & Rio Grande
Western, Great Northern Railway,
Republic Steel and United States
Steel.
Holdings
of
New
York,
Chicago
&
St.
Louis
(Nickel
Plate) were eliminated. New com¬
commitments
stock
mon
include
Burndy Corp., Chas. Pfizer & Co.,
Inc. and U. S. Plywood.
year.
Dur¬
that
a
*1*
at
❖
Gas
and
eliminated
6,000
shares of American Viscose, 9,500
shares of Bethlehem Steel, 5,150
British
American*
12,000
Kern
Oil,
Illinois
County
5,000
Power,
Land,
13,000
❖
*
Paige
the
six
-
months
Square
with net
Garden,
compared
loss of
tax refund of
not
Total
June
30
$211,017 before a
$110,000 in the same
included
in
the
1959
the
net
from $9.01
previous
assets
to
rose
$103,958,409 from $99,300,958 and
shares
outstanding to
11,466,747
from 11,017,995. Part of the in¬
crease
reflects acquisition of the
of
Co.,
personal holdings company.
a
New
A.
Dick
assets
E.
securities
Contracting
added
during
the latest quarter included 30,000
shares of Freeport Sulphur, 5,000
General
Mills,
4,200
Harvey
Aluminum, 3,700 Illinois Central
Railroad, 5,000 Kern County Land,
24,600 Mississippi River Fuel and
2,400 Richfield Oil. It increased
holdings of C. I. T. Financial Corp.
by 2,000 shares, Equitable Gas by
4 900
shares
and
Socony Mobil
Oil by 5,000.
Meanwhile
ings
of
Sinclair
assets
Power
*
*
"/
Commonwealth
totaled
Aug. 1. Net assets
asset
In¬
$18,561,803 on
$14,756,589
were
on
Nov.
30,
1959, close
preceding fiscal year.
Net
hold¬
Light
&
Oil.
of
Fund
come
eliminated
it
Kansas
L*
value
of
the
^
\
share was
$8.83 per share on Aug. 1, com¬
pared with $8.99 per share
on
Nov. 30, 1959, the report showed.
The number of shares outstand¬
ing
rose
30 to
from
2,102,563
:|i
Issues
directly
per
1,641,990
on
on
Nov.
Aug. 1 this year.
!|t
*
dependent on the
prominent
Keystone's
fast-growing
Low-Priced
Com¬
mon
Stock Fund
S-4, according
consumer
among the
market
are
additions to
to the annual report
for the
fiscal
fund has
equity on more than quadrupled in size in
$15,125,352, which the last two years, with assets
year
stockholders'
was
Total
quarter.
up
of
value
asset
net
close
ended
June 30,
including the operations of Madi¬
son
31
$9.07,
was
the
Net
&
July
on
share
and
figures.
San Francisco
balance. It increased
on
Tire & Rubber, International
year
ing the latest quarter the fund
bought 13,000 shares of Shamrock
were
Lord, Abbett & Co.
New
buyer
^1*
period of 1959. Garden operations
24 Federal Street
Boston, Mass.
a
June 30.
Corp.
had
un¬
audited net income of
$204,116, for
this
that "during
periods of weakness" it was
recent
Incorporated Income Fund reports
Graham
A Common Stock Investment Fund
shareholders of record
$7.24
Oct;
1959. A 36-cent capital gains dis¬
tribution was paid in December.
S|J
Fund
7 CENTS A SHARE
Inc. reports that
July net assets were
Ling-Altec, 13,000 Ohio Oil, 5,000
United Aircraft and 5,000 United
Shoe Machinery.
Affiliated
fund's
Mutual Trust reports
Oil
standing increased 13.6% from 1,279,527 to 1,453,055.
the
of
■/' Sheet & Tube.
:
opera¬
quarter ended July
4.4%
Total
its
reports
elimination
The
1% fee on redemptions of shares,
in
effect
raising the value of
Fund,
at the end of
Connecticut
STOCK FUND
to
Corp., White Motor
& Co., Inc.
r
1IBlh
Dividends
Alico
Wilson
Affiliated
7,500
are
of
stocks
'•*
Chrysler,
EATON & HOWARD
during the quarter
Investments
Chase
maximum
Finance
Corp., Kelsey-Hayes
Stanray
July
properly
is
analyses
average—the
is
the
Air¬
Gam-
August it made these
changes: New investments
included
City of
Oslo
53/4s of
his
mutual fund
1975, Mississippi River Fuel sink¬
Until now, at least, he has had
ing fund debentures 5%s of 1980,
reason to be proud. But, says he:
Pennsylvania Co. collateral trust
If our stockholders ever get the
he
However,
at
QUARTERLY DIVIDEND
preferred,
fund, which "outperforms",
the
doesn't do
of
Northwest
were
common
terlake
man
year's bluewould
retain
Mack Trucks
s':'
•,/;
Development
Co.,
BorgWarner Corp., Celotex Corp., In-
brokerage
costly
*
almost
Land
commissions—he couldn't have the
assurance
Dow.
in
increase
An
sales charge
reports that in
Fund portfolio
stocks
willing
is
and
—
the
incur
the
Viceshare¬
by
Corp. holdings of American Machine &
5% discount notes and Uris Build¬ Foundry, Bell & Howell, Boeing,
Columbia
Broadcasting
System,
ing Corp. 6V2 debentures.
Firestone Tire & Rubber, Good¬
Eliminated
from
the
Puritan
rose
the
assume
we
means
Mayer)
announced
Smilovici,
Approved
holders,. the changes include:
min¬
and
notes, Missouri Pacific 4^4% first
even if
Co.,
satisfied with odd Co.
\
/ "
'' "
;■
if
even
the
M.
President.
the
ble-Skogmo, Inc. 6% subordinated
expensive,
The Funds
others.
least have
tool
too
'•
■
added
mortgage,
that the
the Dowacquiring
these
*
.
Fund
lines, Inc. 5V4%
comparing
fund,
comparison with the 425 in¬
dustrial
little.
9 CENTS A SHARE
front
& Foundry, Brunswick,.
Beckman, Bausch & Lomb, Texas
Instruments, Martin, Polaroid and
average,
BALANCED FUND
against
the
fund that had moved
Machine
dealing
EATON & HOWARD
per¬
bread-and-but¬
growth equities
Standard
QUARTERLY DIVIDEND'
three-month
a
average
a
wide
a
Dow
at
114th
it would not
case,
this
of
stock
showing of
STOUT
Vice President and
any
in the strato¬
up
that much could be gleaned
seem
ter
dend of 12? per share was de¬
clared
sphere. In
formance
Dividend No. 146
On
today would be
by measuring
Company
is
do
extremely
But
century
blue
Oddly, International Business Ma¬
200 Berkeley Street, Boston, Mass.
the
in
and Loew's
#
Dow
the
over
and
CORPORATION
than
the
the buyer were
to
helpful stacking a
balanced fund against a common
around
investment dealer.
from your
of
fever
to
has
subject
A prospectus on each fund is available
to
task
of mutual funds ever
where
lots. ''
list of securities selected for
q
accom¬
the results from investing in (Eastman Kodak, Union Carbide
a
mutual fund with the ups and and Procter & Gamble are among
downs
of
the
Dow
is a
rather the 30 that sell above par) would
pecially helpful.
A mutual fund investing in
their
stocks. Of course,
diverse
Dow
is
like comparing
peaches with assorted fruits. And
of
to
reports
their
thing
single - industry
fund should
realize that a comparison with the
t-
the
pare
a
selected for
to
the
stake
Silvio
by
were
company
existing shares outstanding by a
the like
percentage.
quarter ended July 31 (final pe¬
Mr.
Smilovici, who is also a
riod of its fiscal year)/ it added
partner of the fund's sponsoring
these
new
securities:
common
organization, the New York Stock
stock
of
Alterman
Foods,
Inc.,
Exchange firm of Oppenheimer &
Dentists Supply Co. of New York,
Co., said that the changes bring
Falstaff
Brewing
Co.,
Harvey the fund "more in line" with
pur¬
Aluminum, Inc., Ludlow Corp., chase
and
repurchase practices
Newport
News
Shipbuilding
& that are standard
throughout the
Dry Dock Co., Penn-Dixie Cement mutual fund
industry.
Corp., Standard Oil (New Jersey).
the Dow, they only
Jones
a
in
be
to
These
Puritan
suite may
the Dow, many may
faster
purchaser
during the two
previous report,
Principal invest¬
continue
*
the
in
men
interim
up
cases
31.
some
performance of their holdings ;
the
it's little
list of securities
the
about
vs.
owners
with
its
since
announces
net
accounted for
37% of assets on July 30.
they meet and surpass
the
objectives outlined
to
the
purchasers of their shares in the
first place.
V 'X;'v<"
If
a
non-ferrous metals
ing.
extent that
contract
been
May
ments
in¬
with
executive
the
plishments
those
bother
the
not
and
whatever
mutual fund
shareholders
by
INFORMATION
dated
Dow.
better
MUTUAL FUND
suits
best
worthless
A recurring theme of
periodic reports from
open-end funds is the boast that
use.
new
numerous
months
that
only
prospect
which
And
Inc.
Fund,
has
of common stocks
and
sells
fund
it
that
for the open-end invest¬
program
ment
Canadian
.
salesman.
he
after
from IV2 to 8y2% of
the
offering
price
per
share,
natural resources of Canada, no¬
scaled
downward on larger in¬
to
the
mutual
fund
tably paper and pulp, oil and gas, dividual purchases.
If he's worth his salt,
standable
The
not
a
»(
characteristics."
goal may be future in¬
Any and all are under¬
come.
share,
common
a
of com¬
funds,
tal. Or the
millions
For
of
New Roberts Branch
opened
other
hand, , mutual
which are not purchased
Dow
Jones
Industrial
Average. for the quick turn in the stock
Over the years it hat, b^en use¬ market, have selected goals. The
ful to Wall Sfreet chartists who objective may be conservation of
professed
o see in
this index a the investor's capital. Or it may
be long-term growth of his capi¬
guide to market behavior.
been
strom Company.
SAN
Yardstick
a
Thirty common stocks, largely of
blue-chip
status,
comprise
the
$2.20
or
net
pany's assets represented common Changes in the sales policies of
stocks of companies chosen prima¬ Oppenheimer Fund, Inc. prepara¬
rily for their long-term growth tory to an expanded distribution
-
Now Robert Grafstrom Co.
name
Quest for
branch of¬
Elmhurst
the
July to make
was
equal to $1.65 a common
share, after allowing for $5,100,850
of preferred stock. This compares
with total equity of
$16,858,010,
for
the
$3,500,000
of
purchases of stock allowing
result that on July 31, preferred stock then outstanding.
additional
1960, approximately 85%
Illinois
The
—
of
during late
prices
"■t
with
111.
Thursday, September 8, 1960
steel
and
Illinois Co. Branch
ELMHURST,
.,
.
petroleum, chemical
companies. It added:
"Advantage was taken of the de¬
cline in the level of common stock
in
McCarley
KNOXVILLE, Tenn.—William Ed¬
ward Lockett has joined the sales
department of McCarley & Com¬
pany,
Chronicle
The Commercial and Financial
(966)
ended July 31. The
Volume
192
Number
5984
.
.
.
The Commercial and Financial
Chronicle
(967)
rising from $20 million to $89 million.
,.r. ; V
.
With
$44
capital
this
to
AS WE SEE IT
:
million
available
for
rapidly
securities
for
added
investment
Among them
The
rapid
and
growth
population
prompted
fornia
the
of
industry
California
in
addition
Financial
of
Corp.,
Cali¬
Financial
Federation, Inc., of Los Angeles,
and
California Liquid
which
Gas Corp.,
liquid; gas for
distributes
known views of such
both home and industrial markets.
Best
industry
the
within
small
aircraft
those
were
manufacturers
of
moderate.
like
Cessna
and
Piper
and
electronics companies like. Beck-,
If
a
Litton, Varian, Itek, and
Perkin-Elmer, These two groups
man,
stone
S-4 portfolio.
;
L.
Sholley points out that
10,900
1959
the
then
and
rapid
rise
to
had
of
of
end
Close
1958
in
an
158%
the
90%
holders
to
ligacy
the
even
to
the
in
62,000
at
-
year.
force
value
share
per
down 3.8% from
was
a
ports
Mutual
that
value
at
each
on
outstanding.
$8,386 261
31
of
a
This
re¬
to
shares
compares
$19.58
and
Messrs. : Bowles
hand and
one
no
and
a
somewhat
a
choice is
question in
through
Congress
by a
world
of
in the
difference.
Harriman
a
in
our
saner course on
b
:7/v^
/■
■
*
*
Stephens
*
has
been
Co.
of
Texas
of
Fund
Houston,
Management
principal under¬
writer and investment counsel for
Texas
Fund, Inc.
*
■
Washington
/
•'
*
M il t
*
u a
1
$18,413,511
value
April 30. Net asset
share was $9.15, com¬
on
per
pared with $8.92 at the end of the
previous quarter.;
• ;
m
■ 7;;'
During the quarter the com¬
pany added to its portfolio Flintkote, General Portland Cement,
Safeway Stores and Union Oil of
California. Holdings eliminated in
the
quarter were Carborundum,
Federated
Department Stores,
Kelsey-Hayes,
Owens-111 i n o i s
Glass and Youngstown Sheet &
Tube.
*
Shareowner
tional
*
*
accounts
Securities
funds
\
have
in
the
Na¬
Series of mutual
the
passed
200,000
mark, reports Henry J. Simonson,
Jr., President of National Securi¬
&
Research
Corp.,•• which
sponsors
and manages the $475
million group of funds. ;T;,;,y;>V .y
The milestone came only five
ties
counts
was
after
years
ties Series
More
are
the
after
years
first
reached
100.000
in
ac¬
1955,
also,
the National Securi¬
established in 1940.
or
investments.
pe¬
V\
WESTFIELD,
Jr.'
Woodside
Mass. — Albert J.
is
conducting
a
of
Terrace
Funds
&
under
Roma, Alexik
firm
Securities
vestors. Mr. Stebbins was
Di
the
In¬
formerly
& Co.
supposed that it is in only the
situation becomes
one
very
in which the taxpayer either
<
produce wealth, or else is obliged to
substantial part of his energies to seeking
ways and means of avoiding some of the burden that
present tax rates impose. All that is required is just mod¬
eration in progressiveness. Any revenues lost by such tax
give
up a very
revision could be offset
the national
Association's
chief
355
to
mortgages
execu¬
worth
were
"off
26%
by reducing the extravagances of
government. The present Administration has
the
from
preceding quarter — from 27,273
valued
at
$337,829,000 to 20,246
for $254,904,000.
Mr. Baughman
expressed a note of optimism in
remarking that "the 'ease' in the
money market that was evidenced
in the Second Quarter appears to
be
continuing,
which ought to
mean
more
conditions
favorable
for
the
been
successful
very
and
pointed out that "it enables inves¬
'write their
ticket'
own
as
the
length of time they desire
to lend their money, whether it be
33 days, 157 days, 255 days or any
other number of days within the
range."
Supplemental in nature
to
the
agency's established de¬
benture'- program,
the new short
financing method brought in
$213,000,000 during the quarter,
term
of
which
$19,000,000
This
deemed.
was
re¬
addition
in
was
to
in
breakdown
billion
closed
of
the
quarter
in purchases dis¬
substantially greater
dollars
a
number of FHA mortgages
bought
than VA, with
14,550 valued at
$180,000,000 acquired,
compared
with 5,696 GI loans valued at ap¬
proximately
$75,000,000.
These
purchases, covered properties lo¬
cated in 42 states, the District of
Columbia
:;
and
of
Puerto
$2,515,670
Treasury
Federal
250
to
be
preferred
to the U.
equivalent
the
as
income
made
was
for
taxes.
S.
of
Provision
dividends of $661,-
paid
stock
Treasury
on
held
and
$429,277 on
stock, leaving $1,231,630
for transfer to general surplus.
common
The
Association
maintains
re¬
gional agency offices in Philadel---
phia, Atlanta, Chicago, Dallas and
Los Angeles, and a
sales office'
fiscal
and
York
office
agency
City.
in
New
;
Banks Appointed
By H. A. Riecke
PHILADELPHIA,
Riecke
the months ahead.''
A
ment
;
mortgage
homebuyer
Rico
and
&
Walnut
New
Pa.
H.
—
A.
Co., Incorporated, 1433
members of the
Stock Exchange and
Street,
York
other leading exchanges, announce
John
that
ciated
Banks
R,
with
them
is
now
asso¬
Manager
Securities
Unlisted
their
as
of
Depart¬
ment. ;
Before
Co.,
ated
joining H. A. Riecke &
Inc., Mr. Banks was associ¬
with the Philadelphia office
of-Newburger & Company.
brought the total number bought
since the inception of the SMO
5V2 years ago to 280,852
aggregating $3,268,492,000.
program
A
highlight of the report shows
that
all
major segments of the
home finance industry are partici¬
breakdown of the 667
has little incentive to
securities business from offices on
with
And let it not be
.
with matur¬
to 270 days;
Mr. Baughman said the new plan
has
to
pating in the FNMA program.
Fight for Tax Reform?
top brackets that extremes in the amount of tax levied
are found. Long before any such level as that is reached
the
In v.
(Special to The Financial Chronicle)
name
Will Nixon
ac¬
making
Funds & Sees.
Stebbinsr
no
to commercial
paper,
ities ranging from 30
"easing" in the home mortgage
market, with offerings and pur¬
an
chases
Why should not
hope of the Democratic
doing any thing of the sort—let it be known,
for example, in straight flung words and few that if
elected he would proceed without delay to initiate a move
to reduce the excessive "progressiveness" of our income
tax structure? When the top bracket taxpayers must give
up more than 90 % of their income to the Federal Govern¬
ment, what incentive can there be for any man to undertake the sort of public service that Henry Ford accom¬
plished? The circumstance that Mr. Ford was really in¬
terested chiefly in his own economic welfare does not in
the least deny the fact that his was a very real service
to us all, here and in other countries, too.
by automatically reinvest¬
distributions
riodic
have
.
tors to
$4,624,000 in the Second Quarter.
compared with; 167 sold for
$1,736,000 in the comparable pe¬
riod a year ago.
Cumulatively,
FNMA has sold 41,728 mortgages
totaling $481,567,000
out of its
SMO portfolio, which at the end
of June, consisted of 233,012 mort¬
gages amounting to $2,600,000,000.
His report, also revealed that pur¬
at hand in abundance.
Nixon—we
which substantially reduced
borrowing costs. On April 18,
the
corporation
began
issuing
short term discount notes, similar
its
tions during the quarter reflected
This
candidate
shareowners
82,000
currently adding to their
ing
candidate
are
According to Mr. Baughman, all
phases of the corporation's opera¬
quarter
;;
guide candidate Nixon into paths more in keeping
public policy. He has
been regarded by many as "their candidate," but he is
evidently a canny politician, and has now maneuvered him¬
self into a position of apparent independence of any par¬
ticular clique or group. We are afraid, in any event, that
the "conservatives" of that party are more conservative in
name than in reality, or if they are conservative they have
no constructive
program or ideas around which it should
be possible to rally public opinion.
The issues
ing
$400,000,000 borrowed through two
estimated
at' $389,000,000 in
one-year
debenture
the $200,000,000
First
Quarter of ,1960 to 22,324 issues during the same period.
valued at $289,000,000—a decrease
FNMA's net earnings' under its
of
$100,000,000
in
the, Second Secondary
Market
Operations
Quarter. Sales stepped up moder¬ during the quarter amounted to
ately, from none in the previous $2,322,157 after providing for pay¬
about it all, though, is
was
than
counts
15
;
mortgages in the secondary
.resale market).
pointed out that
FNMA's
Secondary Market Operations
"move in cycles that are generated
by the degree of availability.- of
private mortgage funds."
Offer¬
ings dropped 27%, from 30,590
with American tradition and sound
reports total net assets at
July 31 were $20,345,387, against
of
tive
able to
Investors
Fund
release
Expresses Note of Optimism
the great rank and file
interest in a return to
real sanity in public policy. Of course, such a course can
hardly be expected of the Democratic party after its Con¬
vention put on its recent show. There are those who hope
that the saner elements in the Republican party will be
Vice-President and sales distribu¬
tor
the
(FNMA buys and
FHA-insured: and VA-guar-
The
that in neither camp—nor among
of the parties—do we find much
named
with
chases down and sales up.
the
us
connection
report of the agency's Secondary
Operations covering the
or
and
really is distressing
June 30, compared with 6,197
holding 574,479 shares at the end
of; the
anteed
presented to the
minds as to what course
Democratic ranks, there is,
remainder
forecast recently
was
sells
new
Between
the
on
mortgage
Second Quarter.
prof¬
fact
The Worst of It
What
■'!<>;
F.
residential
Market
shares at the close of 1959.
J.
homebuyer in the months ahead.
of
for
purchases made in the past
favorable mortgage conditions for the
more
A continued increase in the avail¬
in
have
with
428,333
on
presently Mr. Kennedy finds
housing legislation
which the Democratic candidate has espoused and that
which the Eisenhower Administration has sponsored there
is much to choose—even though the latter is socialistic
and costly. The list might be substantially prolonged if
there were anything to be gained by laboring the point.
asset
equal
483,338
the
on
of the "liberals"
of
year
Inc.
net
$9,745,081,
was
$20.16
Fund,
Aug.
that
that which we can hope
Republican regime there are
important differences. Between the old age health plan
that Mr. Kennedy and
organized labor have been trying
vainly to get enacted into Taw and that which finally
reached the statute books—much to the disappointment
earlier.
Guardian
'
,
would be sponsored
using', Keystone's
accumulation
pi a n,
which means that they are taking
advantage of the principles of
dollar cost averaging and .pompounding by investing the same
amount at regular intervals.
are
,„Net.rasset
He anticipates
•y
of the previous quarter.
/ v
;
by
Pleased With New Financing
Federal National Mortgage Asso¬
ciation Presiden t, J. Stanley
Method
Baughman.
This
prediction
for > During
the
quarter,
FNMA
prospective homebuyers was made launched a new method of financ¬
should be taken. Between the sort of minimum
wage leg-, ;
islation that the Democratic candidate has been
trying to
voluntary
$12.56
quarter.
year
laid out for it, the choice of the voter this
voters, there is
share¬
new
like
\ the other. If such
more
f'seal
1960
of
24,000
>
,
assume
autumn would be between; extreme radicalism and
number of shareholders increased^
from
t
advisers
f apparently
In his annual report, President
S.
*
.
are
course, tax
Available for Homebuyers
FNMA President reports
quarter billion
funds
to swing his party to the course that he and his
way
-close
of the Key¬
we
And, of
so.
one
Predicts More Mortgage Funds
ability
Harriman, the courses he has been pursuing and appar¬
ently plans to continue to pursue must be regarded as
Beech,
constitute about 20%
hope against
could be per¬
real effort to do
a
,
Chester Bowles and Averill
as
can
-
performances,
fund
men
we
Republican Administration
of many
opportunities that now present
themselves. But where is the will to take
full advantage
of them?:
•
■
regardless of ill-informed popular clamor for that which
can but in the end be
expensive to us all. By and large,
the Eisenhower Administration, and as far as known can¬
didate Nixon, have held to
relatively moderate courses, t
What the Republican candidate
may presently say or do,
particularly as respects agriculture we, of course, have
no
way of knowing. But when compared with the sort of
thing that Mr. Kennedy has been talking about, and the
lawn A
care, and ABC Vending,; operator
of vending machines.
a new
reform is but
good and what is
good for the country. His party has its "liberals," too,
and all too few members with both the
perspicacity to dis¬
tinguish between sound policies and New Dealish non¬
sense, and the courage to hue to the line of soundness
rings;
O.
eliminated them, but
means
suaded to make
not
sports apparel for young women;
Josten's, manufacturer and dis¬
no
hope that
free of "modern" notions about what is
the
the
tributor of high school class
H. Scott, chemicals for
by
1
encouragement that may be drawn from it. That limit is
by the fact that the opposing candidate is far from
portfolio.
Bobbie Brooks,
were
page
fixed
con¬
of
many
to
Continued from
new
expanding
market
sumer
net
fund executives turned
year,
the
of
19
sold mortgages
A
sellers that
to the Association
during the quarter shows that 507
mortgage
companies
(76%)
led
the
and
list,
followed
trust
savings
by
companies
and
loan
110 banks
(16%), 39
associations
(6%), and 11 insurance companies
(2%).
The report also showed a con¬
tinued broadening of the base of
private ownership in the corpora¬
tion during the quarter, with 6,714
stockholders
holding
641,552
shares of FNMA common stock
j
B.N. Rubin Co.
Opens in N. Y.
Formation
of
B.
N. Rubin
& Co.,
Inc., underwriters and dealers in
over-the-counter securities, with
headquarters at 56 Beaver Street,
New
York,
was
announced by
Burt N.
the
At the same
Rubin.
dissolution
of
the
time
firm
of
Simmons, Rubin & Co., Inc. was
announced.
with
Associated
B.
G.
N.
Rubin
&
Grant,
Rubin
in
L.
Rennert,
Thomas
Marshall,
Ira
Abruscato,
Perry
Mr.
Co., Inc. are John
Leonard Berger,
Charles A. Blumr-
berg and Frederick L. Abbott, Jr.
20
(968)
The Commercial and Financial Chronicle
Need for Drastic Tariff Cuts
To Prevent Cold War Defeat
of the three-day conclave on the
topic: Is "Peace Possible Through
the
United
ing
considerable
By Paul Einzig
nancing
Lifelong protectionist, fearful that the USSR will capitalize
Free
World's
slowed output resulting from
anti-inflation
advocates all-around tariff cuts in order to
economic
Dr.
would
prefer self-restraint
this
that
is
not
the
on
possible. He, therefore
of
labor
urgently
this alternative solution to the G.A.T.T. conference
Economic
will
measures,
J.
continuity of
part
held
be
Martin
but
proposes
relates
growth
this
on
Thursday, September 8, 1960
CORNER
in
BY JOHN DUTTON
fi¬
to
company.
Panel,
Oct.
on
Seiler,
National
.
taking place.
now
the
Appearing
•.
without paying for it in the form of inflation.
progress
Einzig
realizes
the
ensure
the
on
attention
circles
.
SECURITY SALESMAN'S
Nations?"
Three important panels are also
scheduled and one that is attract¬
financial
.
.
24,
which
will be"
Why It Is Important to Develop Sales Techniques
That Fit the Customer
Vice-President,
Commercial
Finance
Conference,
Inc., and Executive The three different types of spec¬
Vice-President, A, J. Armstrong ulators and the five major cate¬
Co. Inc.; Frank E. Bauder, Vice- gories of investors (see Security
President, Continental Illinois Salesman's Corner, Aug. 11 and
National
Bank
Trust
&
but
rather
had
to set him down
I
proceeded
rude
he adds,
propitious for this
are
method
expanding output.
LONDON, Eng.
The Conference
of G.A.T.T. which opened at Ge¬
neva
on
September 1 provides a
unique opportunity for the Free
World to emerge from the eco¬
nomic
—
into
deadlock
drifted.
nearly 20 years of
non-stop inflation var¬
virtually
ious industrial
in the
which it has
After
initiated
countries
late fifties efforts to resist
the trend. As
a
result the progress
of their output
slowed down, and
faith
in
continuous
prosperity
amidst post-war conditions weak¬
ened materially. This at a time
when
countries
Communist
the
of
.
employees released by the indus¬
tries to be affected by tariff cuts.
In
all
would
of
followed
be
countries
the
inflationary
by
a
the
moment
effect
be
to
comes
example
number
the
probability
dis¬
realized.
better
The
of manpower resulting
from the elimination of inefficient
ute
would
towards
largely contrib¬
the
of
increase
the
output at the same time as re¬
ducing production costs and prices.
Real wages would increase as a
of
result
the
in
decline
the
cost
of
living, so that the workers
themselves would fully ^share in
production. The con¬ the benefit.:
v
trast is liable to be highly damag¬
Having been a lifelong protec¬
ing, to the cause of democracy
tionist, I have arrived at the con¬
both through its material effects
clusion ' that
amidst
prevailing
and its psychological effect. It is
conditions the answer to our prob¬
therefore of; the utmost
impor¬
forging ahead with their
are
a
solution to enable
the democratic countries to
ensure
the
continuity of their progress
without having to pay the price in
inflation.
the form of accelerated
•
■
obvious
The
solution would
self-restraint
be
course,
of
the
on
part of organized labornit is the
exploitation
labor
,
,
to find
tance
ex¬
of
pansion
of the demand for
enforcing
excessive
for
lems lies in free trade. There
was
justification for protection
every
before
the
War
in
salesman mustdearn to deal.
This
it
because
was
Co.
&
will
■
A Panel
of
the
Commercial
dustry
of
torneys
special
Finance
interest
In¬
to
accountants
and
at¬
repre¬
senting
factors,
commercial
fi¬
nance companies and commercial
banks will be held at the morning
session
Oct.
third
A
Building and
on
Accelerating Profits
will be held
the afternoon of Oct. 25, featuring
R.
Henry Rowntree, Chief of the
Economics
Division, Export-Im¬
port Bank of Washington; Russell
R. Campbell, James Talcott* Inc.,
and Harry L.
Goldstein, President1
Association
of the
of
Commercial
Finance Companies of New York,
and President of Concord Factors
Theodore H. Silbert,
Corporation.
of
;
moderator.
vicious
Standard
New
'
,
Financial
will be
York,
"■
;
.
like
represent the eight pri¬
classifications/of
other
the
types
securities
with
his
curities
not
a
the
se¬
they have acquired. He is
time salesman.
perative
the
that
continues
man
the
live
must
and
The
ex¬
and time involved in open¬
new account makes it im¬
pense
ing
Un¬
of salesmanship,
salesman
customers
one
a
security
security
clients.
sales¬
sell
to
resell
and
Not
.
tion! and
investment, but a high
degree of sensitivity to their ca¬
pacity
to
sions.
You
as
retired
trader
deci¬
does
type of account,
will
24
-
be
to
.
position,
they
consider it the sacred right of in¬
sides of the Atlantic have changed
dustrial workers to squeeze every
terial and
bit of advantage out of
their
own
scarcity value. It would be wish¬
ful
thinking to expect any change
in their attitude.
The
The
toms
Solution
solution
alternative
drastic cuts
-
-
!
would
in Cus¬
tariffs. It would be possible
to remedy
city
which
the evil of labor scar¬
all
if
ceased
to
are
industrial countries
the industries
protect
not efficient enough to
foreign
.withstand
it
Doubtless
would
competition.
be a painful
operation, but the closing down of
relatively inefficient firms is pref¬
erable to the permanent handi¬
capping of all firms, efficient and
inefficient alike, by means of high
interest rates and credit squeezes.
If
is
there
not
labor
enough
efficient be forced out of business
to release their manpower for the
benefit of the efficient.
G.A.T.T.
The
Conference
pro¬
excellent opportunity for
an
this
of embarking
initiating
operation. Instead
on the usual hag¬
gling in which each Government
tries to get the maximum of con¬
cession
the
trial
in
return
for
conceding
minimum, the leading indus¬
countries
should
take
the
initiative by making offers of uni¬
lateral
substantial
less
whether
of
because of the
ma¬
psychological effects of
disinflationary measures. The un¬
dertone is still inflationary and an
all-round
revival
of
demand- for
goods and capital goods
alike could be brought about by a
cuts
other
of
removal
ures
disinflationary meas¬
threat of disinflationary
or
safe
Another advantage of all-round
tariff cuts would be that it would
simplify
arising
problems
the
the
from
formation
of
rival
two
trading areas in Europe. Once the
general level of customs charges
is materially reduced the signifi¬
cance
of
discrimination
against
countries outside the trading areas
also
declines.
>
regard¬
countries
would act alike. In Britain for in¬
shares
concerns
growth
ness
through
nance
Joins
ment
will
be
amongf feature
speakers at the Sixteenth Annual
and
sponsored
the
Industry,
National
Com¬
mercial Finance Conference, trade
group
for
the
Hotel
Pierre,
industry, at the
New
York
City,
sulting from tariff cuts would be
lar
Session
sembly
of
/,
1960
of
the
•
General
the. United
C.
N.
William
—
F.
Village
office
Cameron
at
Registered
Repre¬
coming with
McCarley & Co., Inc., he was Di¬
rector of Prison Systems for the
as
a
sentative.
Prior
to
State of North Carolina for
Prior
years.
thereto,
-
seven
'he
was
j
Southeastern Regional Director of
the Office of Price Stabilization
c.
P"-;v,
&
Co.,
2
Broadway,
City, members
of
Exchange,
will
admit
eral
partnership
Robert
the
Lamer
to
and
I
his
issue for him.
new
proceeded
300
was
to
explain
than
more
most
were
receiving and the
only reason that amount was be¬
ing considered was that my firm
had
been
some
The
I
of
desirous
his
flattery
then
of
business
obtaining
for
years.
what he wanted.
was
mentioned
telephone him
that
soon
as
I
as
would
trad¬
a
ing market developed in the stock
and
would
we
do for him.
me
some
large
been
see
what
we
could
He then began to tell
facts
more
holdings
and
considering
about
that
he
applying
his
had
for
a
dealer's license in securities. Also
York
New
New
gen¬
Wilton
Jaffee and Ethel Linder Reiner to
limited
and
hundred
e/
r e
haughtily he replied,; "Is
all, why
I want
10,000
lishing
Sept. 11
on
the
him
partnership.
ship.
a
was thinking of estab¬
securities firm with New
Stock
Exchange
My check out
credit
came
wealthy
on
member¬
this man's
through O.K.
man
office
with
at
417
Donald
West
Church
L. Jackson
in
charge.
.
Bache Opens Branch
GARDEN
Co.
has
a
sales
him
and
of his associates.,
A
and
my
understanding of how to
t 0 u g h,■»hard-boiled,:
making;, self-made, gam-:
a
he will achieve in trading
through
lead
and my firm.
me
hold
can
several
millionaire, is vital to the1
success
I
who' is
promoter
a
firm
a
him
when
his
rein
he
needs
respect
he is
Unless
him,
on
it, and
and
make
going to jump
the fence and head for the range.;
P You don't learn this overnight,,
from
nor
reading books
rules,
dures,
or
on
S. E. CJ
Stock
is
;
this
Exchange ^proce¬
investment analysis. It
phase
of
security sales-'
humble opin¬
sorely neglected by
manship that in
ion
has
the
been
investment
in
most
of
my
banking, industry
sales
training
their
material.;' Unfortunately
the
who.
are
seem
to
men
salesmen
selves.''.; '"'u,
'
'•
good
most of
security,
develop them¬
\.y
.
Inman Named By :
John Nuveen Co. p
CHICAGO,rill.
has
man
been
Wilbur
In¬
G.
Chicago
Manager of the Underwriting De¬
appointed
partment of John Nuveen & Co.,,
135 South La Salle
Street,,nation¬
al investment banking firm,
announced
it was
by Chester W. Laing,
President.
A
p.—pA
veteran
nancial
of
LaSalle
fi¬
circles, Mr. Inman joined
the Nuveen firm in
made
Street
1937
and
was
Assistant
Manager of its
Underwriting Department in 1957.
The
company with -headquarters
Chicago and New York is the
in
oldest and
largest organization in
States dealing in tax(Municipal)
Bonds
exclusively. It maintains regional
the United
free
Public
:
offices in Atlanta, Boston, Colum¬
bus, Detroit, Los Anueles, Miami,
Omaha, Seattle and St. Paul.
He is
a
but highly involved
office
H. S. Simmons Co.
Opens in N. Y.;; ;
Formation of the investment firm
of H. S. Simmons &
interests and although he
egotist who is anxious to
impress others, we have had some
satisfactory business up to this
an
and
The
to Judge His Interest
Gain
His
Co., Inc., with
headquarters at 2 Broadway. New
York, was announced by Harry
Simmons, formerly President of
Simmons,
Rubin
&
Co.,
Inc.,
which
has been dissolved.
Associated with Mr. Simmons in
Confidence
ability to judge his inter¬
the
new
firm
Anne Trent,
are
El¬
liott Glasser, Bernard Shwidock,
completely in¬
David Kaplan and Jerome Kass.
volved in obtaining capital
gains
plus my long experience in han¬
Morrison Adds,
dling people has enabled me to
(Special to The Financial Chronicle)
successfully motivate this vola¬
tile individual along lines that are
CHARLOTTE, N. C. — Ralph A.
est
as
one
that
is
,
CITY, N. Y.—Bache &
opened
from
it
con¬
is
The Ability
KNOXVILLE, Tenn.—McCarley &
Co., Incorporated has opened a
sales
luck
in many
time.
McCarley Branch
Street
me
he said he
at
Nations,' 734 Frinklin AVenue under the
>1x0,difficulty in finding jpbs for the ^who^ydll jqd4re^&ib.eLfinal-sessionf
direction of Herbert A. Kent. ;
that
of
t h
of
"unin¬
of
accounts
.
As¬
Quite
type
was
L told
,
"indication"
his
"circle"
shares."
"
■
McCarley & Co.
their
Inc.' in
Commercial
Factoring
by
funds.
Bailey has joined McCarley & Co.,
York
Outstanding authorities in com¬
financing and factoring,
banking, accounting and govern¬
Finance
fi¬
commercial
I„ had
that
York Stock
mercial
the
of
use
possible
made
company
Jaffee
Among them will be Sir Leslie
Munro, President of the 12-Regu¬
major disaster,. Therp would be
for achievement in busi¬
speculator."
would
three
the
Jaffee Co. to Admit
Oct. 23-25,
410
that
business
award
Of Nat'l Comm.
of
Administration,
nual
n.
stance,
unemployment is now so
low that a temporary increase re¬
Business
.
will present the Conference's an¬
Richmond, Va. and formerly
Major of the City of High Point,
Finance Group
his
security buyer which
in
16th Conference
Convention
City
to
formed
RALEIGH,
inflation.
for
Co., New York
clue
Small
made necessary by high
measures,
&
classification
and formerly Administrator of the
tariffs which have made the world
to
satisfy requirements amidst an
expanding production, let the in¬
vides
worse
consumer
Only
be all-round
for the
Hammill
that he
push
knowledge of his speculative pro¬
clivities, the ability to type them,
keep
to
as
business
several
happy,
-
supply-demand
siderable
him
involves: decisions
well
as
certain amount
a
can¬
Dr.
out
me or
is possible that I will obtain
still
because selling
found
and integ¬
automatically, increased.;
rity
each
results
your
not be maximized
sell
with
to do
by my
by my¬
and
recommendations
my
times
know what
you
he
around, and that I knew my busi¬
ness, his respect and confidence in
bling
longer term, and the uninformed
"tip-hunter"
not
only1 needs
guidance but education.
Unless
complete /records
couldn't intimidate
money
A
of his orders.
disposed of by
some
department
When
trader's
investor.
and cuts in hours which is
responsible for the inability of the
"Our
Economy Now
and
Next ferent types of people.
free
countries
to
expand their cline in costs and prices.
^
Year,"
PpP*;.V.. J v.
output without inflating. Unfor¬
Other Advantages
Keynote speaker of, the Con-; .../
tunately there is little hope for
Illustration
vention will, be* Walter S. SeidSeveral months ago.I obtained a
making the trade unions realize
In the absence of a sweeping
this. While Socialists in Britain
gesture On the lines advocated man, partner of Jones & Company lead through my firm involving
are
indignant about the increase above we shall be fated to alter¬ and Chairman of the Conference, ; the sale of a new issue to a di¬
who will address the group
in rents that followed the partial nate
on rected account. When I telephoned
between
inflation
and
re¬
decontrol of rents and the demand cession
provoked by resistance to "Commercials Financing! and the this man and introduced myself
that landlords should be prevented inflation.
Challenge of the Sixties." V V
the first words that came out of
Already market condi-'
from
taking
advantage
of the tions for many industries on both
Wendell
B.
Barnes, Shearson, his mouth gave me the automatic
wages
self.
handle
buy, and profits
are
sometimes
dependent upon
Jules
Backman,
Department
of taking losses. The investment se¬
Economics, School of Commerce, curity salesman must become a
Accounts and Finance, New York
psychologist, counsellor, and
University.
His
topicr; will
be friendly policeman for many dif¬
Oct.
trading
level
same
occa¬
maintained both
requires special handling,
the-speculator for the
account
so
the
on
being
these
and
were
business
do
cannot
a
a
informed
make
with
I
which
without
On
that
also
toward; specula¬
that
hard
firmness
With
attitudes
do
quickly
was
only does
this require a knowledge of each
customer's; objectives and emo¬
same
securities
Principal speaker at the Monday
Luncheon
executing
tional
25.,
Panel
Corporation,
ditions, however, protection tends
to
aggravate : the ' inflationary
trend and to prevent a solution
under which expansion of the out¬
put could be combined with a de¬
Particular Problems
on
President
spiral of deflation.
Amidst inflationary post-war con¬
the
Conference, Inc., and
Vice-President, Associates Invest¬
ment Company.
of
the'
of
L.
cial Finance
necessary
to prevent the import
unemployment
from
other
countries
in a
world caught
in
Moderator
William
be
Acker,
Vice-President, National Commer¬
this policy
of
utilization
industries
mary
buyers with whom the investment
Panel
18, 1960)
to
abrupt.
or
alliance
sions he attempted to involve me
in discussions of supposed errors
Co.; and
Salim L. Lewis, partner of Bear,
Stearns
conditions,
hectic
satisfactory to
him.
ing
detail
into
several
great
times
Without
during
there
go¬
were
Little has been added to the staff
of
Morrison* &
our ,-short. Life
Building.J
Co.,
'
Inc.,* Liberty
-
•
••
Volume
192
Number 5984
.
.
The Commercial and Financial
Chronicle
.
of
man
:NEWS ABOUT
Mr.
7.7
as
the
Moser
becomes
the
of
Board
will
member
a
Edward
BANKS AND BANKERS
(969)
New
•
Branches
New
•
Chase Manhattan Bank, New
The
York, has appointed G* Draper
Lewis, Jr.,4 Representative in Ca¬
Venezuela, George Cham¬
President,. announced.
racas,
pion,
'<
Lewis
Mr.
National
joined
Bank
in
the
Offices, etc.
Queens
Revised
•
National
Capitalizations
Bank,
The
:in
Chief
Bank
add
assigned to the branches in Puerto
Springfield
five
offices
and about
and
in
1956
was
ap¬
pointed Assistant Manager.- He
was
appointed Associate Repre¬
sentative in Mexico City in 1959.
!
his
In
position Mr. Lewis
new
succeeds Manuel Prado, who will
assume
new duties at the
bank's
head office in New
i
*
•
*
•"
York.
,
Counsel for
' be
present at the opbning ceremony
of the First National City Bank of
This Week
by
The
First
National
fifty largest commercial banks are located in
the PacifiA Northwest .to service
.hopking peeds/Jn. the .States of
Oregon and Washington. In prewar years this region relied mostly
on such
primary production as forest products (lumber, plywood,
is effective
Queens
*
The
4:
the
Bank
said
that
circumstances
these
the
■
pulp) and agricultural crops. In more recent years, aided by popu¬
lation growth and water power development, manufacturing and
processing activities have brought diversification to the area's
production. Tourism, construction, military installations, shipbuild¬
■
4s
merger
to
forfeit
bank
its
Bank would
status
member
of
as
the
a
effect
on
reason
ing and aircraft manufacturing have
grown in importance.
With
the growing significance of West Coast commerce and the exten¬
sion of statehoods to Alaska and Hawaii, added geographic impor¬
tance has been given to the area.
Commercial banking
was
4!
-
Re¬
Bank of
Portland, account for about 85% of tnat state's total bank
Statewide branch banking is conducted by both institu¬
tions. Through stock ownership in Firstamerica Corp., the nation's
largest bank holding company, representation is provided not only
in California and Oregon and other Western states but in the State
of Washington as well. Firstamerica holds the majority control of
National Bank of Washington, Tacoma, the fourth largest bank in,
the state.V?
7?
•!'•" •■-•,7\7;7-.7 .
; • f .77
•• •;
one
4s
4!
deposits.
.
The First Union National Bank
serve
System and become a "re¬
serve
city"
Bank : when
head¬
New York's first Jamaican branch
quarters are moved to Queens.
on Sept. 10 at
Kingston, Jamaica,
North
has
Carolina,
increased
of
Charlotte, N.
its
C.,
capital
dividend, from
$3,050,000 to $6,100,000, effective
The Directors of the Huguenot
Aug. 22. 7 *■ AAV A',:/'
•,
'•
?"
?
'
'<
.
,
♦
;J;
:J:
.j:
j <•
,
"
stock,
by
common
stock
a
/
,
in Oregon contrasts sharply with other
Its two largest banks/The First National Bank of Oregon
(controlled by Firstamerica Corp.) and The United States National
have; approving the merger.
country
Federal
•4
states.
cited by the board for dis¬
competition
,
Five of the nation's
of
as of Aug. 6.
Mr.
Lobaugh was the liquidating
agent.
A.,' v/7...'•!»,V. ■ ■:.(■■■■■•' -vA'/iu.'••
/■:
in
Rank Stocks
—
PACIFIC NORTHWEST BANK STOCKS
F. R.
resources
.
,will
* '/.
4t
under the Federal and State Laws
Reserve Board because, the Board
in existence before the
passage of
said, it could not find the merger
the Omnibus
Banking Law.
; / to be in the
public interest. The
Rockefeller, ChairMeadow Brook
Frank
T;
Mitchell,
manf • and
Senior
Vice-President,
and
BURR1NGTON
7,
proposal of the Citi-"
a
total of zens
Fidelity Bank & Trust Co.,
$575,000,000 in resources, and 55 Louisville,
Ky. and the Bank of
offices.
Louisville, Louisville, Ky., has
v Such
a
merger will be effected been turned down
by the Federal
A
"A *
\
Gardens
$30,000,000 in
giving Meadow Brook
under
James-' S.
and
the Queens National
would
LEO I.
BY
Officer
;
.
Washington, Washington,
Kans. ' The
resolution, ' made by
its stockholders, is dated
Aug. 6,
and
resources and
Rico in
1950
sorbed
Brooklyn and about $85,000,000 in
Chase
was
;
stock
of
$25,000, has gone into
voluntary liquidation and was ab¬
&dd
He
1949.
,
President,
Executive
Bank.
4;
Bank
Manhattan
Lyman,
BANK AND INSURANCE
serve
Washington National Bank, "
Washington, Kan., with common
Spring¬
Colonial" Bank' would
offices
to
The
field Gardens, N. Y.
five
Directors.
continue
of the Board.
W.
A.1
\ Consolidations
of
21
Another
;
way
stockholder can
a
obtain
an
; interest
the
in
region's banking is through stock ownership in The Bank of Cali¬
fornia, National Association/which has a branch office in Portland,
Ore., and one office each in Seattle and Tacoma, Wash. Serving the
Appointments/ of AWil lia m " J.
Slattery and. Raymond : J. Stall- National Bank of New Paltz, N. Y.
(Number of shares outstanding
ihgs - as Assistant /Secretaries of and the State of New York Na¬
—1,220,000 shares, par value $5). :
Manufacturers
Trust -Company, tional Bank of Kingston, N. Y.
4s
4s'.
,4s
' J ; A"/'/:.
New York, and Richard H. Moore, have agreed to merge the two in¬
By, the sale of new stock, the
Jr., as
an" Assistant
Treasurer stitutions. .Though the merger is
.
State of Washington is the largest bank of the region,-Seattle First
Another leading bank in the Pacific Northwest is
>
National Bank.
National
the
of
Bank
Commerce,
by Marine
controlled
Seattle,
.
were: announcedby
Horace
C.
Flanigan, Chairman of the Board.
j
Mr. Slattery
in
1947.
He
the bank
to
came
is
assigned
.
-
to
the
•
bank's West Side office.
Mr. Stallings, joined the bank in
,
1950. He is assigned to the bank's
Rockefeller Center office.
-■;
Mr.Moorejbined-thekb
1956.
approval
of
First National Bank in Albuquer¬
the
Albuquerque,
que,
increased
Comptroller of the Currency, they
its
The
New
Paltz
$5,412,857,
30.7\;A-'
June
7
4:
■
A
4?
-
!
>"7 A'''
*
cisco,
Calif.,
Marking the 30th anniversary of Haverstraw, N. Y. filed an appli¬
service with the
institution, cation to change its ..title to The
Everett J.> Livesey, President -of Peoples Bank of Rockland County,
The Dime; Savings Bank of Brook - with the Banking Department of
a
luncheon
tendered
was
Sept. 2 by the bank's
officers and trustees..
•'
«
Mr.
.V
r
Livesey joined the bank's
September, 1930, as a
*
*
A
Clerk, and
elected President
from
its
The
*
stock dividend,
as
4: V,
t.
4s
$500,000
to
$600,000,
Mr.
.
.
/-A
A..
*
in total assets in 1930, to the 562,545 depositors in regular accounts
By
and
ial-American
$1,156,672,049 today.
.
a
/
In the 25 months since he be¬
■
■
.
.....
*
...
*
of Montreal,
has
'!
' • 7/
'
.
- ,7. ' ./!.' *'
1960-69
Recent
'•'Deposits Approx. Bid Mean Indie.
(millions)
Price Range
Price
$995.0
32-21
26
Shares
Yield
Outstdg.
%
Div.
$0.80
A
3.1
50-38
48
1.50 A .3.1
73r64
73
2.60
581.9 .7^ 51-40
42
.1.60
'107
3.60
Bk. .,892.8
Pcrtland; ^768.8 A
505.8
125-92
3.6
r
(000)
,
3.8
16,718
2,500
1,150
1,542
'
361
3.4
'
the
Lucien
G.
of
the
William
F.
Nicks,
Scotia,
Nova
the
appointment
who
Loughney
bank.'
as
a
In
Voss
was
1959, the Firstbank
as extensions to the bank's loan services.
National
Washington, 52% owned by Firstamerica, operates 27
offices. For 1960 consolidated earnings for Firstamerica are esti¬
mated at $1.75 a share compared with $1.51 a share earned in 1959.
v
announced
of
Formerly Mr.
Bank:
College Education Plan and the Firstbank Ready Credit Plan were
inaugurated
Edward
Director
this month,
assumed office
Senior Vice-President of California
Trust
President
has
of
of the stock outstanding
of Portland).: First National
Voss,
ap¬
of the Bank of Nova Scotia, Hali¬
fax,
.
(formerly The First National
operates 82 offices throughout
Oregon; four additional branches are being added in 1960. Recent
developments include the naming-of a new president, Ralph J.
Rol-
Royal
about 66%
Bank
Director. Mr. Rolland is
a
Director
owns
of the First National Bank of Oregon
,
Montreal,
announced
of
'
of
Seattle First National
D.
Bank
not
only is the largest bank in
Of its
offices, soon to exceed 90, 17 are presently located in
Seattle. Earnings for 1960 are expected to approximate $3.90 a
share compared with $3.38 earned in 1959.
A
7
77
r
Washington but the leading bank in the Pacific Northwest.
the
network of
•,>;7'7'• '7'77!;
;
v
■
: '
•
•
•*?' Firstamerica Corp.
'
7;
...
Bank
-years
.
5
4s
capital
\ U.-/ -A,//- ; - and,
by the sale of new stock,
$600,0007 to
$680,000,
ef¬
with "The from
: //v/V
Dime-," Mr. Livesey has seen the fective Aug. 26.
bank- growt-enormously — f r o m
(Number of shares outstanding
147,700 depositors and $161,698,000 —33,000 shares, par value $20).
During his 30
Bank
pointment
•'? .77/ A-/../- -.A7
land
common
•
*June, I960; For Firstamerica, deposits of Oregon and Washington banks only.
by
Company, Montreal, Canada.
increased
.7
;
.
Bgfik of Calif.,. N. A^
Marine Bancorporation
Vice-
announced
was
Adams, President.
..
Canada
Assistant
as
it
Troy, N. Y., by a
stock
;'r
'
U.S. Natl. Bk..
A'
.
also
has
was
4«
.•
The Union National Bank of Troy,
staff "in
in June of .1958.
"/•
,.
.
4«
"v-'V
The Bank of California, San Fran¬
his
lyn, Brooklyn, N. Y*
4^...■".,
A
..
firstamerica Corp
* Seattle First Natl.
George L. Lorimer, Jr. has joined
on
President
the State of New York.
4s
'
7/.
-v;;
%
,
$18,548,579.
.'
7; ''•''7'' "
7
?'
7"
.
was
'"•?!-
■;' ;
.
—
A -A."..-;-'
'7
-7
Major Pacific Northwest Bank Stocks
capital
common
1.
Edwin E.
t-
■
Bancorporation.
has
from $3,375,000 to .$4,625,a/''
■A/A A'-' "..a 000, effective Aug. 25.
(Number of shares outstanding
The State of New York Bank's
370,000
shares,, par
value
assets, after acquiring the National
'
Ulster County Bank, on June 15 $12.50).
A-aAv;- /a ■ A;, .7/
next Jan.
7'/■ /AAA-AAA* The Peoples Bank of Haverstraw,
*/
Mex.,
N,
stock
have planned to make it effective
.'
National?'department./
the
to
Bank listed assets of
He is assigned to the bank's
'•>7 V..:,A.7 *
subject
stockholders of the banks and the
,
stock dividend, The Colon¬
a
Roanoke,
Bank
of
increased
Va.,
has
Twin
City Inv. Women
its
National
Hold
To
U.
S.
National
Bank
of
Portland/ second
.
largest
in
bank
Oregon, has gained national attention by having adopted on a large
Meeting
scale automation procedures for the handling of its paper work. A
MINNEAPOLIS, Minn. —Twin ' total of 73 branches presently are operated and additional branches
are planned/ Its investment holding company, U. S. National Corp.,
City Investment Women's Club
will hold a meeting at The Mid¬
is being liquidated and the second and final liquidating distribution
will be made about Oct. 1 to stockholders. The regular 65c quar¬
way Motor Lodge, St. Paul, Minn.,
Sept. 21. There will be a business
*
terly dividend rate is being supplemented by a stock dividend of
'A:' *
77,' yX'YThe
Lincoln
Savings
Bank a of
meeting for the purpose of elect¬
one share for each 11 ¥2 shares held, payable Oct. 20, to holders of
Brooklyn, Brooklyn, N. Y., has By a stock dividend. The Old
ing new officers for next year.
record Oct. 5, 1960. E. J. Kolar assumed the presidency of the bank
Phoenix
National
Bank
of Me¬
filed
an
application
with
the
this year. Based on shares presently outstanding 1960 earnings are
dina, Medina, Ohio, has increased
Banking Department of the State
R. L. Steele Opens
estimated at $6.90 compared with $6.13 for 1959.
; 7
,
of
New
York, for approval - of its? common capital stock from
Bank of California, headquartered in Sa.n Francispo, due to a
•WASHINGTON,! D. ,C.-r-Robert L.
change of name tb The Lincoln' $550,000 to $687,500, ' and, by theSteele is engaging in a securities
unique charter operates directly in three states. Although further
sale of new stock, from $687,500
Savings Bank.
-7.
A/
business from o f f i c e s -at 1505
branch office expansion is limited to California, its main area of
:■]
:* ?'*7 *7,. 4»
to $825,000, effective Aug. 25.
Forty-fourth Street, N. W.
operation with 15 offices, its offices in Portland, Ore., and Seattle
John A. Maher, who was Vice- V
(Number of shares outstanding
and Tacoma, Wash, have been long established. In December, 1959
President of the New York Sav¬ —33,000 shares, par value $25).
Paul Trouche Opens
the annual dividend rate was increased from $1.40 to $1.60 and in
President, "The Dime" has common- capital stock. from $1,added 61,000 depositors and has 500,000- to: $1,750,000,
effective
increased its assets by over $102,- Aug. 22.
...a
(Number of shares outstanding
500,000.
A
A/.wL::;
j AV
.r/;. * ;7A * •
*
" - '
"
;
—175,000 shares, par value $10).
came
»...
.
...
.
*
.
ings
and
Bank,
New
York
served with
10
the Bank
years
of
the
The
application
of
the
Na¬
Old
CHARLESTON,
S.
C.
—
Paul
has been elected President of the
ville, Ind., and the Indiana Trust
Brevoort Savings Bank, Brooklyn,
and
Evansville,
ples Building under the firm name
Company,
N. Y., and will
Smith
has
Senior
York,
New
Terence
been
Bank in Evansville, Evans-
tional
Bank
Savings
of
consolidate
under
the
P.¬ title of the Old National Bank in
Evansville
has
been
approved.
a
1.
take office Oct.
Vice-President
;
appointed
Vice-President.- Assistant
to
Ind.,
Luke
effective
The
been elected Treasurer.
Ryan,
an
"a
.
*
C.
James
Assistant Treasurer, has
been elected
a
date
*
•••
"
..."
.
-
•
000
*
Citizens
The
Macomb,
common
Vice-President.
*
-.
A-
has
Baione
A.
is
Sept.
to
National
111.,
has
Bank
by
a
stock
INSURANCE
County,
N.
taken
action
Y.
has
to
West
made
become
suburban
bank
operations
into-New
to
Hemp¬
plans and
extend
•Arthur B. Weller, Chairman,
merger
signed
agreements
with
have
the i Colonial
Company,,/ New
i
,.
City.
York
said
been
Trust
The
States
*
Directors
National
*
of
*
The
United
of
Omaha,
Bank
Omaha, Neb.,, announce the retire-r
York.~and> - The mentA of. Ellsworth Moser, < Chair¬
Laird, Bissell & Meeds
Members
Members
New
York
American
120 BROADWAY,
20%
Stock
Exchange
Stock
by
a
rights
"
•
holding company, has as its major
of Commerce
of Seattle which
share,
compared
Of the total
Earnings for 1960 could ap¬
with consolidated earnings
of
Stockholders this month will receive an increase in
payment,
since 1954.
since the annual rate recently was raised
to
Cash dividend increases have occurred in each
.
Growth in the Pacific Northwest is expected to
continue at a
Exchange
NEW YORK
rate somewhat above
growth generally in t\iet United States.
branch banking characterizing
Teletype NY 1-1248-49
due
The
offer additional growth through
stocks of the above leading banks
5, N. Y.
Telephone: BArclay 7-3500
Bell
a
$3.60 from $3.40.
year
(Number of shares outstanding
its —3,000 shares, par value $100),
a
National Bank
of
increased
outstanding the marketable 352,806 shares represent non¬
dividend
STOCKS
fective Aug. 22.
first
the
stock
$9.46 for 1959.
000, by the sale of new stock, ef¬
Nassau
A
Bancorporation,
proximate $10
divi¬
of
was
Earnings in 1960 may approximate
voting but fully participating stock.
and
of
dend, and from $200,000 to $300,-
stead,
share.
the
shares
its
The Meadow Brook National Bank
a
Marine
BANK
capital stock from $100,-
$200,000,
$3.60
asset
2.
increased
outstanding
operates 60 banking offices throughout Washington.
/
■■:.
i960, stock
offering at 40 to stockholders.
of Paul E. Trouche Co.
'
Treasurer
/
March,
E.
Trouche is conducting a securities
business from offices in the Peo¬
Manhattan
the region and from deposit strength,
especially to,the small percentages to the total represented by
Specialists in Bank Stocks
'
correspondent bank- deposits.
•
A,.v
,
_•
■
>
22
The Commercial and Financial Chronicle
(370)
market for their metal at
What Should Be Done About
r
0*1
.
M ATI AT QT*\T
IV-Lv/llV^ Udl J
I VAT® rTTlOT/l TD
Ull V vl A.
iNl
.
Continued from page
...
_
If all our $1 and 5>o ouis were.
3
price of 90 y2 cents
mum
mini-
a
by
rian,
.
government received in exchange
growing stocks of
it
did
had
metal which
a
it
for which
and
most
silver
bill we see
^
Trlpii
policy
represented
well
remarkable—as
most
as
the least remarked—special inter-
cilvpr
amhgvn°tbp.Trea^
Xooed but the domestic
fc
y
est
triumph of the period. A minor
industry, employing in 1939 (after
five years of subsidy) less than
now
has
sub-
permanent law
a
permanent law.
provided that the U. S. mints there; and equaled only 2.59% of
should be forever open to deposits the same seven states' farm innotably specula- °f silver at the guaranteed price come. These percentages declined
torg
-n bullion'
It just whetted of 90y2 cents an ounce. This was while silver was
subsidized.
In
theh, appetite for more< inflation- done. The domestic subsidy, pre- 1937 only 0.85 of 1% of the total
The generous 1933
their
proclamation
allies
viously
limited,
made
was
th
jt
bi<.toriari
ironical
i<.
_
.
Deal
.
had less excuse. 'Our
years
silver program/ Morgenthau con-
1935, 'is the only monetary fiscal policy that I cannot
explain or justify'."
;
,
It
.
„
All
Began
only one counsilver
mining
subsidizes
,===^^
Commerce
article
Father
witb
note:
now
Since
Mr. Bratter's
that
R
the
countable
sjiver
Treasury
year
legislation
be
Theoretically we still ad- been paying more than necessary
hered to the gold standard. But for the metal. Silver is an element
the stated goal was to increase our of cost in a wide range of Ameristock of monetary silver until its can industrial products, not only
allism.
"monetary
value"
one-fourth
of
from
came
Commerce
of
value
of
our
gold and silver combined.
At the
time the ratio stood at 10.3%.
Today silver mining spokesmen
s. 3410
feels
would
serve
the
the
laws
laws
subsidy
subsidy
Treasury
Depart-
ment in the person of Under Sec-
|
:Randolph
^
bloc
comfort
®
Thp
Burgess. The
all
got
it
timnnv
wanted
aid
and
the
tes-
the
from
Rurppcs:
nf
FpHpral
and
Lr! fnfo«r2Sn Sin
states:
Department
equal civilian but military.
should
the
nJTlninish
tts
to .it
it
of
Yf
this
was
„
„
Siih^idi^d^
B
Silver Became Subsidized
f
•
•
t
H
This year, following fh
the introduc-'
because
mandatory..
the
1934
1954
But,
being
promise, the act also
tionarv
In
nonary
in
act
act
the
a
was
was
com-
begmning
Roosevelt Aaministration Kept its
bargain with the Senators and
bought
silver
all
over
"enthusiasticallv"*
the
much
so
world
so
that
t^e last silver standard countries
tne last silver stanaara countries
of
the -Senate.'
vere able by logrolling to gather
votes from other Senators., And
Jkey were aided, as mentioned, bythe propaganda of outside organ-;
by the possibility of private gam.Lobbying, efforts were intense.
Silver mining is an activity of Even .Father Coughlin, then, a
rather minute importance to the Power in foxing
.I ■■■..'
.
c
Unimportance of Silver Mining
western "staTerThere^sUver
is
absurdly
that
pur^hasS
silver
Sw^metals1'th^outbut^h^WlT ba" h tu b s 6 our^hoes ^and ^
other metals, the
- —— output of newly- oainiuDf, our. shoes and
our
-of maior con- shirts.
m"jeasuvei AS not oi major con &
sequence. In Nevada, whose ^enathe
the tors led in the clamor for silver
discre-
was
beeinhins
toe
seventh
a
£<>hons^d indiv'duials ^otivatedv;
;
.
about
purchases
the
fo
1930,s>
the
di_
-
imnnr-
accomoanvin^
c
ikt
l st, rdiavyrn.
&
rw,
drawn
from U. S. Government compila-
tions, reveals the striking unimporiance
of
silver
in
todav's
crop was lar more lmpoi
p
Pverv itom nn th» ii«t
tant. At that time our national
very item on the list
production of silver was far less is of greater importance than
valuable than a long list of com- silver. As a matter of fact, silvermore
t
„
..f.
favnrpd
f
hv
pnvprn
i
n
plated
flatware and
sfprlinir
flat-
'&££?& S°3410 tP Senators^reer B^1 can^glld'
menSsidlesTmong^hefewSe ware combined ^ve'mo^ Than
Dodd an^ Pastore,
bfll' whkh boughf silver so^iithuScany hay and forage, soap cordage and double the importance of silver
the extension of governmental regulations
and
operations
in
field of business."
the
Mr.
Hardy's
article
derides
as
that
the
world
market
price
twme, envelopes,
"raiding the Treasury of its silver
soared, the domestic proclamation hnoleum,
reserves."
price
•
the
Banking
Cur-
and
=
Committee wrote to ask the
rency
through silver purchases: the U. S.
7h1e
the
This called
silver
the
coin
and
™
w
for
it
silver dollars.
It
mints
to
buy
object
to
redeemable
silver
thus
nnrrh^p011 acts
purchase
certificate,
dollar
1939
m
forced
into
passed
j„.
and
,•
coins
with
an-
the
in
vaults, along:ide endless stacks of
bar
silver—all
for
the
we
use
held
his
at
states
the
"silver
Treasury and
silver
on
are
demand." In-
propagandists
claim
that the silver certificate is today
the only U. S. money that is re-
deemable
in
metal,
now
that the
government does not pay out gold
coin domestically.
But this claim
is
is
both
false
false
any form
currency
lux
and
because
rency.
mav°obtain°silv^
may ooiain silver
greenbacks
as
LZe!LC
change
readily
63'
as
with
1S "leanm£-
paper°money/9for
heaw
silver doUare ctmtatatoe onlv
r
me'
containing only /U£
th of silver.
the
stated
Silver
1934
Pur-
in fact
was
t;„„i
in/jo
fiscal
1942
j
„
i
and
„_
has
been revived.
It fits
definition of a "dead letter"
since
not
the
in
the statutes.
The
December 1957
1934
the
acquired
more
of
ounces
sellers
U.
S.
present
domestic
silver
above the then market price. This
proclamation
London
was
into
put
effect
the
Silver
Agreement, which
negotiated—quite without au-
thority—by Nevada's Senator Key
Pitman.
The
proclamation,
revarious
newed
and
The
Rs
sidized
but
times,
replaced by
1939.
a
successors
domestic
indirectly,
eventually
2,160,000,000
the
$1,084,000,000.
directly
silver
by
silver
where' Today
y
the
market,
interests
every-
anc forever, unless
dW 13
are
charge on the Federal
Budget. Silver purchases are made
with newly-printed certificates,
a
,
guaranteed
U
u.
a
S
silver
suver
Treasury
.
.
..
,
ac-
.057
.084
„.
,
Writing
Waste
.040
__
Shrimp
_
041
_
_
039
_
.049
.056
_
__
!o84
tennis shoes
paper
_
_
_
paper—old corrugated
boxes
_
_
Peanut butter
Gummed sealing tape
Coin-operated phonographs
058
_
Sofa beds
.084
,
.
_
"
,
.039
dungarees
045
Fins,
fasteners
.049
051
ill G^6""
_]o74 Plate glas?mirrors
Rayon satin ribbon
y
053
_
.049
______
.095
_
.052
Thread
Bovs
Men's
.098
Cornflakes
Shampoo
Toothpaste
.102
078
__
Toilet water
'S®
1038
similar
&
073
notions
Til~p
•' ~Ta
p
i
i
jSource: Bis, Wholesale Price Index!'Relative Importance of Individual V""
Commcdi^
ties, December 1957, Based on 1954 Weight Diagram, issued August 1958.
c
.
r1
wl
.
The
silver certificates paid out,
mostly to foreigners, have constian
stock
sellers
inflation
of
the
Hardy's
Mr.
S.
U.
of currency. As the silver
ultimately spent here the
Plea
Hardy's
Unconvincing
article
calls
the
silver program "one of the pillars
of
to be found, Mr. Hardy notes,
adding:
"The age-old laws of supply
anc^ demand could bring that
about [ah!] by an increase in the
price of silver unless the pror
ponents of repeal are able to stall
our
monetary
system";
a
Gold,
he
says,
is
the Treasury, the goods and serv- needed—in some way he does not
ices they acquired in exchange identify — "for larger denominaconstituted Ithe cost of the pro- tions and silver for smaller." There
process by raiding the Treasr
gram to the;U. S. economy. More- is not the slightest basis in U. S, ury."
..•>
•
over,
under other silver laws law for this strange distinction '
How Mr. Hardy would define
U. S. mines have received more made by the mine president.
=•
an "armchair economist" we can
than $700,000,000 for newly-mined
Mr.
Hardy
offers
us
some
only imagine. His own economic
domestic silver which the Treas- economic theories as to intrinsic consultant is the only American
ury was obliged to buy.
value and demand and supply. He economist known to the writer
dollar proceeds of their sales to "bulwark."
Subsidies to Mines and Users
says:
"...
Manufacturers
Compared
England
.
.
sub-
mining;
removing
the law is repealed
mines
been
into
_
Men's wallets
.040
.053
for the Tomato catsup
Treasury nothing.
The
purchase program has not
Burlap
.052
Macaroni
which
the
silver
proclamation
U. S. production from the
benefited
cost
permanent law
1933
.037
Hayseeds
for
compilation,
taking
Calculated hv Department nf T ahor
as
_
Treasury
than
silver
received
without
r l»S7, as calculated by Department ot Labor
e
SILVER
„
tuted
subsidy stems from the President's
proclamation
of
Dec.
21,
1933,
opening the mints to domestic
newly-mined silver on terms far
in
dollars with Federal Reserve notes
or
in
was
of U. S. currency is ex-
You
xou
'
thau
meaningless. It
law
cites
the
of
abandoned by Secretary Morgen-
under
the
was
chase Act. That goal
Hardy
circulating money
backed by silver on
payable in silver
deed,
that
bills
are
are
deposit
Mr.
currency.
article
which
"eecuntv"
as
small-denomination
certificates
Hardy
goal
ik...
bags
the
attitude
government
.g
^
_
Relative Importance of Silver and Selected Commodities,
.
' Si.ver Act's Goal
Mr
m
Finally the
by issuing silver certificates
^
lie
said,
is
Treasury's
designed
to aid a certain western Republican Senator, soon to be up for re-
1946.
dollar
.
dates
as
it
mentioned
1933,
silver
„•
cient
knowing
fn"electia"* 0f are ^41°,s foAir spon" since the Treasury paid
S* Democrats.
to sors,, three
silver
Today, as a result of these acts
of
Congress, millions of brand—
new
reply,
the
m
Thig
eco-
of
to be
So the law
were
gum,
maca-
noodles,
lemons strawberries, leather coumt s Iver, holloware or any,
their cir- gloves. Even the glue and muci- other silver-using products. '
were
1955,
millions
thefrealHees
1934
nuts,
ana
ably political considerations motivate Treasury policies on this
subject as much as ever, especially as this is an election year.
In
Bland-Allison
were
into the melting pot.
chewing
processed
spaghetti
Jom>
reduced and, by 1942, finally
Silver-plated flatware
ended. The mandate of the 1934
Sterling flatware
act was quietly shelved in favor strawberries
of the authorized discretion.
Snap beans
;
Under the Silver Purchase Act Hay
for
The
coins.
cartwheels
foreign countries
nomically injured as
and
boosts,
ings would not be held. Presum-
were
silver
dollar
big
standard
the
minted under this law.
the
two
recognized
was
of "cartwheels" which
introduced
not
given
Administration tempered its enthusiasm. Purchases abroad were
into
handling
has
Depart-
The T/faf
seen
fit to
was
that without an
opinion from the Treasury hear-
at the start that the public would
in
opinion of the- Treasury
rnnhiSA rn°fSe,
ment as yet
°"
Act
of
1878.
Ury
,u
Bland-Allison
.
Given the Senate's rules of debate,;
this bloc of Senators were in a
position to hold up vital measures
""less bought off. Because silver}las. been us,ed as m°ney for ce,n":
tunes, and because the great depression had awakened the always:
present inflation sentiment m the;
fa™
allY" Senators,.
silver hoard but must keep adding
retention
Yet
of silver speculators. The trail led
ri§ht to the steps o£ the Senate
°f£ice Building. There it discreetly stopped. Nonetheless, the
Congress passed the Silver Purchase Act of 1934, calling for sil-
books»
the
income.
The answer is simple. Seven
states accounted for 14 Senators, qr
tion, the most important support
silver
Banking and Currency Committee of
,h. Department's interest in silver as a
commodity in commerce.
TTie letter
of
the
o^the HillThis
struck from
ate
enactment
In
urogram
of
Morgenthau, Jr., told a
conference-"I recommended
"tary W
"The
more
became
Henry
Chairman A. Willi, Robertson .f the se.-
that
tbe
Secretarv
seven;
ury
th® while *ie was tradinS in the reveal. During the last 10 fiscal
whlte metal u,nder the name of years mining companies found it
for
prepared, Under Secretary of
Philip
a. Ray
has
written
was
Commerce
UD
of ' the
from their silFor the nation as a'
include a subsidy to the ex- the industry which has cost theCouglin charmed millions of radio tent of the excess. ; C
.
i
nation many hundreds of millions,
listeners with his Sunday disHow this arrangement has of dollars since 1933. How was;
courses urging action for silver, worked out in practice the figures this program put over?
v
heW^hiarin^on^Dea^ lfrida- Treasury1
Department Endorses
Silver Repeal
editor's
red
1949
lot
a
j eventuallv
De
twlcl
In all the world
try
interests
«reedv
N
nress
10»0
1878
in
thot;G
^
came
allowed to make from the Treas-
bullion
.
fessed in
income
silver states
ver output.
whole silver was of microscopic
unimportance. - Newly-mined sil^
ver in 1937 accounted for only:
0.08 of 1% of the U. S. total-ac-i
it to their advantage to buy some
ihatthrnreientsilver subsidv St
30,700,000 ounces from the mints,
i,,ciart under the New Dcal but
The arrangement appears to have
lion and a half dollars in the 15
„"d/^ Eisenhower Adfavored the miners by almost 10
years after 1934—a sum consider- min^ti-ation its chief frtend FDR
to 1.
ably larger than that paid by the
j]Iin„ tn do _
Iittle some.
Ever since the Treasury started
government
to
support
farm
for dive, in
1933a, a rever purchases on a vast scale.
taking in silver in 1933, thereby
prices over the same period.
ward to his western supporters
The 1934 Act was a compromise reducing the market supply,
No legislation passed in; the New
but he
found he had to give that fell short of reviving bimet- American silver consumers have
T
accountable
per-
petual. Sales to industry, optional
with the Treasury, were authorized at the same price.
Thus,
whenever silver sells in the market at above the mentioned price,
any purchases which industry is
The Treasury, in a to their financial advantage to sell
belated effort to block the sense- about 288,000,000 ounces of silver
less silver drive, compiled a list to the mints, while users found
Eisenhower
the
persons,
important
was more
Amy Collins
Silver Under Roosevelt and
silver industry, in effect, held the government
to ransom, extorting nearly a bit5,000
every ^dollar
lage industry
than silver.
did not satisfy the silver interests
official banKnotes wi 11 oe accept- for nationalization of the
able, few of us reanze mat ai- they were hoarding.
use." He adds:
no
"The
the
need
not
silver-
allowing the Treasury to sell idle
In the seven silver states in 1933
Silver Speculators Trail Discreetly silver to U. S. industry. The min- silver produced was only 6.47% of
stopped
ing bloc finally consented to this, the value of all minerals produced
.
.
the
of
existence
mining subsidy do seek legislation
an ounce,
M. Schlesinger, the histo- marked:
"This note is by law
appraises the Silver Pur- legal tender for its faceavaluei but
chase Act of 1934 in devastating ™ not redeemable in any way,
.gts like 0klahoma»s active Senaterms.
"Roosevelt,"
he
writes, tne Pu°\lc stl11 W0UA? ^cepi inwn tQr Elmer Thomas- and speculators
"surrendered
to
political black- as rfacUiy as now
because we nke the Committee for the Nation,
mail on the part of the silver bloc
simply must nave ioiaing money a progaganda gr0Up, and the Rev.
The Silver Purchase Act, in t0 transact our aauy ousine^s anu, Father
Charles
E.
Coughlin of
short, assured the producers of so long as tne government s print- Royal Qakj Mich., clamored for
silver a lavish subsidy, while the irJf. presses do not run wild, any a bigger silver purchase law and
Arthur
the
Thursday, September 8, 1960
.
.
.
„
-
.
.
.
are
.
.
.
in
New
sometimes
While, thanks to American joined by various economists
Treasury
purchases,
silver
has
been taken out of
monetary use in
many foreign countries, industrial
uses
the
armchair
oi
variety whose adof a totally managed curstumbles when it encounters
forced
value"
"demand
and
rency
some
inconsistency in his
ing.
The
principle
of
intrinsic
history of mankind
were
As for Mr. Hardy's reference to
"intrinsic
and
for the metal have greatly the
manufacturers
economists sit in armchairs.
vocacy
value,
increased After World War II the the only monetary theory that has
T
had be£°m? S,° f-a,rCe thaj u66/' successful throughout all tne
silverware, chemical, film and
other
since 1933 who has defended the
silver program. Probably all other
New
sources
.
.
."
-
of silver will have
suoply "
there
seems
"mercantilist"
to
be
reasoneoono-
mists of the 18th century believed
-as does Mr. Hardy-that it was
good
hoard
for
a
nation
silver,
to
but-bad
imnort
to
nnd
export
Volume
192
Number 5984
.
preferred gold and silver
it. They
16th
the
17th
and
conceived of value
centuries
inherent in
as
The Commercial and Financial Chronicle
.
Presents
to other forms of wealth. Thinkers
of
.
What
Silver
a
should
silver?
New
Program
be
done
about
legislation
should
indefinitely withheld from sale
just because it would have to be
sold
less
at
value
prohibit
(971)
than
at which
most
it is
of
trolled
But
enough
of
"armchair"
economics.
The
Hardy's article
accept the Senate
to
will
put
added
an
that
argues
Bill
S.3410
burden
on
an
overstrained gold reserve, if Fed¬
eral Reserve notes are substituted
for outstanding silver certificates.
This
"would
money,"
create
he
adds,
fiat
more
ignoring
all
silver
always
have
dollars
been
and
are
fiat
money
since 1878.
It should
S.3410
be noted that the
and
do
substitution
bill
for
to
The
vast
cannot
be
official
sold
drastic effects
silver
hoard
overnight without
on
the silver market,
But over a period of years it can
be sold. The silver should not be
$1
reserve
as
wishes.
silver
certificates
changeable for
lawful
shall
All
domestically is fiat
Mr.
a
Hardy
Such
our
ex¬
money
the
bill
as
the Treas¬
on
a
features which,
in
final analysis permit
larger
chases
of
to
seem
mean '
pension funds
that
the
pur¬
by
the
would
the
insured
looking toward
are
of
a
succession
insured
pension
of
funds
as
a
raids, source of
supply for residential
not on the
Treasury, but through
mortgages.
;; ;
the device of
"monetary legisla¬
Some may argue that as the intion," on the general public. True,
insured
pension
the
plans
increase
authors of
S.3410
represent
silver-using states; but this is not
of
Repr.
Silver Act's Goal
1934
an
Silver
Anachronism
Purchase
Act's
stated objective of building up our
stock of monetary silver to onefourth the total of gold and silver
is meaningless so far as our mone¬
tary system is concerned.
system
are
silver
any
passed
was
In that
reserves
anachronism.
an
Act
all
at
When
the
the
ratio
to
gold
up
only 15%, for meanwhile
had
have
a
cit and
our
that
Now
grown.
we
balance of payments
are
defi¬
losing gold to foreign¬
ers, the ratio has reached 18.4%;
If we lose a few more billions of
gold
the
silver-gold
ratio
will
automatically reach the 1934 ob¬
jective.
As mentioned,
the Treasury by
1942 had given up
pursuing that
goal.
But
when
Townsend
rallying
bill
to
ing,
Senator
(R.t Del.) in
the
Senate
John
G.
1940 was
behind
Morgenthau
Harry
privately
fav¬
twice voted to repeal the foreign
Were
to
program,
in
sured pension
effect, actually,
the number of in¬
plans
have the
may
effect of reducing assets available
for the residential
mortgage mar¬
ket.
It may be that as individuals
20 Such
legislation has been introduced
passed in Massachusetts, Connecticut,
California, New Jersey, Oklahoma, Ohio
and Pennsylvania. '
v- :
V'
or
21 The
Next
Decade
and
its
Opportu¬
nities for the Savings and Loan Business.
A
preliminary
United
by
report
States
prepared for
the
and Loan League
School
the
Savings
of Business, Indiana Uni¬
Bleomington, Indiana, November
versity,
1,
"Lower
1959.
surance
these
are
premium
forms
them
accumulate
at
of
the
position.
interest
reserves
much
with
the
more
an
increas¬
to
take the
than
leave
companies."
Page 25.
22 Life
cit.,
page
Insurance Fact
Book,
1959,
elimination
silver
has left this
of
the
of
would
be
readily
which
move
reserves
rapidly
There
that this
is
companies
to
vestment
in
gests that in
total
1960
expunged.
forming Dean
Co., Inc., with offices
Broadway, New York City,
&
stabilize
their
lower
than
the
source
for
the
of
(Special to
Barham
Lewis
residential
fact
that
the
coming
in
effect.
have
as
toward
to
this
medium.
will
past earnings
The
continue
and
threats
of inflation.
Even if prices stabil¬
ize, yields on equities will remain
at a high enough level to be an
attractive investment for the
corporate
of
In
bonds
stocks
and
as
of
addition
the
'W
'.w"-rVV
♦Total
assets
insurance,
Source:
banks,
The
of Total
165.7
137.5
83.0
at
$107.4
end
57.2
414.4
37.3
a
34.8
of
bililon;
1958
R.
Staats
YV
''''
•\
*'i' '
•'
!'
"
SAN
DIEGO, Calif. —Frank
has joined the staff
Mastick
were:
savings and loan, $55.1
banks, $240.1 billion;
billion;
mutual
and
its Opportunities
for the Savings
and Loan
Business.
A preliminary report
prepared for the United States
Savings and Loan League by the School of Business, Indiana Uni¬
versity, November 1, 1959.
has
seat
the
on
>•'
the
on
J.
associate
an
American
and
will
Detroit
retain
Stock
Ex¬
The last is in Mr. Logan's
„
Blue.
L.
The
first
two
Limited partners will be Robert
B.
Jacob,
Richard
J.
Jacob,
Glayden V. Fox and Lloyd A.
Marentette. All have been asso¬
The
Co. since its
,
firm
will
continue
its
af¬
New York
underwriter, as a direct
correspondent and partici¬
in
underwritings.
It
will
pant
all
O.
of
Company, 625
Broadway, members of the New
York
Stock
Exchange.
He was
formerly with Walston & Co., Inc
Dave Saul
business
West 42nd
Opens
engaging in
a
securi¬
offices
from
Shields
research
1Q0
at
and
-
pansion
New
for
opened
ex¬
Detroit's
York Stock
firm.
ber
major
a
youngest
Exchange mem¬
Harris
&
Co., which
February, was also
this
the first Detroit owned brokerage
firm to start with a New York
Stock
Exchange
inception.
seat
at
its
very
v
,
Street, New York City.
Carpenter, Parr Wi*h
Dean Witter & Co.
PORTLAND,
Ore. —Richard
L.
Carpenter and A. Don Parr have
joined the Portland, Ore. office of
Dean
Witter
&
Co.,
Equitable
Building, as account advisors, the
investment firm announced.
The new
staff
land
members of the Port¬
are
graduates< of
the
firm's intensive sales training pro¬
The six months' program
was inaugurated in 1945 and since
then has produced 420 account ad¬
visors.
Among them are 11 part¬
gram.
Form
Hogan, Ashford
BOSTON, Mass.—Hogan, Ashford
& Company, Inc. is conducting a
securities business from
Milk
Street.
liam C. Hogan,
Officers
offices at
are
Theodore H.
ners
Wil¬
and
Ashford, Vice-Presi¬
dent and Treasurer.
A. P. Barrett Co.
Planning Service
City,
42nd
under
Investors
Street,
the
firm
Planning
Md.
Walter
—
Kennedy is conducting
name
Howard Feldman is engaging in a
West
managers.
a
E.
securities
business from offices at 218 Home-
securities business from
33
branch
BALTIMORE,
York
name
Service.
of
of
A.
P.
the
and
firm
Co.
Opens Inv. Office
offices at
New
under
Barrett
Terrace
wood
Inv.
15
Jr., President, and
billion.
Next Decade
also
Exchange
Norman C. Roberts
60.0
commercial
It
name
Emanuel
The merger marks
(Special to The Financial Chronicle)
9.0
58.0
____.
Harris.
partner
statistical services.
30.0
Assets
190.6
$37.8
Staff
to
Spring
:v
•
:
141
Amount
Insurance
general
ciated with Harris &
Now With Norman Roberts
greatest
" v.:-;\
dollars)
Savings and Loan
of
founding.
investing the increased
-Residential Mortgages-^,
life
McDaniel
&
Co.,
640
St. He was previ¬
ously with Dean Witter & Co.
South
ties
to
Stock
wire
shift
Total
Mutual Savings Banks
with
non-
bonds
River.
York
Exchange seat is held in the
N. C.—Allison L.
Co., Jefferson Building.
Dave Saul is
government
Grand
New
formerly Harris & Co. gen¬
partners; the last three were
Carr, Logan & Co. general part¬
ners.
Mr.
Youngs will also be
trading department manager.
Financial Chronicle)
now
insured funds. As the size of funds
increase there is a tendency to
from
and
firm's
filiation with Shields & Company,
non-insured funds
investment
trend
due
The
traditionally sought equities
an
The
were
in
or
Assets*
Banks
Thi
is
&
William
mort¬
'
Type of Institution
Whaley
ANGELES, Calif.—Cecil A.
Culp has become connected with
of
pension funds will have little
means
billions
C.
Ex¬
LOS
will
relative
the
Sturgis May and Company, Secu¬
rity National Bank Building.
of
increase
in
HIGH POINT, N. C.—Richard H.
Owens has joined the staff of J.
market, the evidence points
the
Frederick
GREENSBORO,
that
Estimates of Total Assets and Residential
Mortgage Holdings of
Major Home Financing Institutions: 1970
(in
Welsh.
Stock
(Special to The Financial Chronicle)
supply
be
Building Lobby, Washington
Boulevard
offer
a
will
He
partner
Kenneth
the New York
Staats Adds
Although some have felt
growing pension funds
amounts
to
be
Logan & Co.,
opened for business Sept. 6, using
both firms' former
telephone lines.
Peter S. Logan will be
general
Hesz, Robert E. Steinberg, Leo N.
Youngs, Herbert E. Socall and
Conclusions
money
of
With McDaniel Lewis
mort¬
the
firm,
Harris,
as
General partners, in addition to
Harris and Logan, will be Eugene
about 34%.
provide
expanded
name.,
in¬
rate
a
eral
somewhat
present
The
change.
will withdraw from the firm.
percentage
or
Co.,
change since 1946.
a
(Special to The Financial Chronicle)
30%
&
g c n
b
& s
member of the Detroit Stock Ex¬
Stock
Joins J. Sturgis May
in
Carr,
Logan
h
membership
Table II sug¬
at
invested
about
funds.
Commercial
formerly syndi¬
was
about
1970 the
assets
be
TABLE II
Life
Samitas
bers
by life insurance companies
gages
no
Logan
change, will be changed to Tomes
trend in
a
mortgages
33% of their assets.
to
S.
&
recent years for the life insurance
gage
Peter
Book
Sept. 10 the firm name
Toirids,"'Welsh & Whaley, 120
Broadway, New York City, mem¬
in both 1945 and ,1946 to a high of
43.1% in both 1926 and 1927.22
to be
Ex¬
mem¬
ber firm.
Effective
centage of assets invested in mort¬
gages ranged from a low of 14.8%
appears
Co.,
of
ac¬
continue during the next decade.21
Between 1890 and 1958 the per¬
will
change
Headquarters
To Be Tomes & Welsh
is taking place and will
There
York
present Harris & Co. offices in the
Co., Inc.
evidence
some
&
formerly was a resident
of Carr, Logan & Co.
;
cate manager for R. A. Holman &
and which reserves may
invested, to the term type pol¬
icies.
with
Stock
investment by the com¬
equities. This all sug¬
that the
insured
pension
Dean Samitas to
to its successor.
are
be¬
affili¬
manager and resident partner.
it
But
will
New
known
quired,
of
Co.,
come
in
anach¬
statutes.
of
ated
to
♦Professor Unger's article also appeared
in the July,
1960, issue of the National
Savings and Loan Journal.
they will receive adequate
pension payments in old age that
they will shift out of policies in
op.
82.
savings
Administration
in¬
increasing in popularity, and
slowly. Also, there has been
ing tendency for beneficiaries
proceeds of insurance rather
notwithstanding
Administration's
request repeal, the silver stat¬
utes
increase
an
D.
supported
for
sillier
reasons."
Led
by
Townsend
the
Senate
silver
will not have this
repeal foreign silver buy¬
White, prevailed
upon him to defend, in the inter¬
ests of politics, a program "ini¬
tiated for rather silly reasons and
the
sional
ronistic
staff
Carr, Logan &
pen¬
Administration,
his
ored the measure, but his assistant
Dr.
in the residential mortgage
market. This writer feels that the
increase in insured pension assets
assets
was
about 10.3%. In 1954, after all the
silver buying, the ratio was
stock
that the insurance companies will
therefore have additional assets to
Edgar Hiestand of
invest and that they will seek to
author of HR11744.
place a larger percentage of these
California,
The
The Eisenhower
be
sonnel and of¬
fice
Harris
states
more
feel
number of states
Under terms
products,
Credit Source
charge, coming from
equity investments and therefore
a
beneficiary of the mining sub¬ will
indirectly reduce the amounts
sidy, is ironical. The silver bloc
true
gests
New
Stock
of the merger,
all key per¬
more
panies
Mr.
a
engineered
and
more
the
York
influence
to engage in a securities business.
equity funds
companies.2o All of this
money.
regards
silver users' raid
ury.
be
of
governors
sion funds in order that there
may
at 111
other form of having
any
money.
be
minute
a
Dean A. Samitas is
been passed in
of
residential mortgage mar¬
a shift to more
Samitas
The
approved September 1 by the
board
Exchange.
Form Own Firm
Continued from page 10
DETROIT, Mich.—Merger of two
leading Detroit securities firms
was
policies
force
for
low
as
relatively
a
permit segregation of insured
advocating as it does sound mone¬
tary policy, should have taken the
leadership in
seeking Congres¬
that
reduce the
con¬
during the coming
decade, providing relatively less
money for mortgage investments.
Pressure by the companies will
The
100% reserve, the
in effect let the Treas¬
only
that
will
which are either funds as well as the non-insured
given away as foreign aid or sold funds will play a very small role
abroad
for
unspendable foreign in the mortgage market in the
currencies. ^^
;■ f
;;: .• kr coming decade.
v,,'. ;;
•,,
of silver certificates. In¬
of
concluded
funds
There will be
term
Reserve
security
as
On the basis of
be
play
remain
ket.
the
certificates.
can
Harris, Logan
Opens in Detroit
insured pension funds will
the
on
will be better than what the gov¬
ernment
is
getting for surplus
the
bill, in fact, does gated assets invested in the mort¬
not require the
Treasury to hold gage market remains the same.
any silver for the redemption of
Insured Funds Seek Stocks
silver certificates. Instead, it
pro¬
Already some legislation has
vides, as does existing law, that
it
also
the
silver"
bill would
ury
discretion, where-
and whenever advantageous
government,
-i;.*
ever
be
whose
market.
The
Whatever the Treasury can get
for the silver in years to come
bill,
require
Federal
silver
in
stead
thorize and direct the
Treasury to
sell silver in its
to
gage
the seignorage was credited to
farm
con¬
to
small part in the residential mort¬
Treasury of the
obligation to hold "one
present
each
not
of
relieves
dollar
public demand for dimes, quarters
and half dollars, all
surplus silver
in the Treasury should be
grad¬
ually sold. The law should au¬
it
non-insured
tinue
its House counterpart,
HR11744,
notes
currency system.
this
the
the Budget.
the
fact that all silver certificates and
standard
our
To the extent that silver is not
needed by the mints to satisfy the
Senate Bill
Mr.
as
bankers
mortgage market.
..
silver dollar should be retained in
continue
market rather than the residential
an
.
•'
by
•
thinking is geared to the equities
car¬
"intrinsic." The evolu¬
as
of
tion
will
and
controlled
Treasury acquisition of
silver bullion so long as there is ried on the Treasury's books. Nor
exchange and money any idle silver in
does it follow from the foregoing
Treasury vaults.
economy changed this. Money, it
Neither newly - mined domestic that it would necessarily have to
was
be sold at less than the cost to
learned,
is
generally
not: or foreign silver should
any long¬
wanted for itself, as millions of er be subsidized
by Treasury pur¬ this country.
unredeemed
silver certificates
chases, whether mandatory or op¬
Any losses in terms of book
bear witness.
tional.
Instead
the
;;
Treasury value would in the first place off¬
So, by the end of the mercan¬ should be directed by law to meet set seignorage or profit taken by
tilist period value had come to be its coinage needs for bullion out the Treasury while
putting the
purchased silver into the mone¬
generally regarded as What Hany of past silver acquisitions.
The requirement that the Treas¬ tary system at a valuation above
calls
"an extrinsic market phe¬
ury keep a dollar in silver as re¬ the
metal's •> cost.
nomenon
As
dependent
necessary
upon
ex¬
change." Extrinsic value was seen serve for each outstanding silver and as incurred through sales of
should
be
to be dependent on demand and certificate
silver,
book losses
should
be
repealed.
There is no good reason
why the charged against the Budget, just
supply.
things,
volume in the funds is
money
artificial
the
23
WILMINGTON, Del. — Baird C.
Brittingham is conducting a se¬
curities
R35
business
Wilmington
from
Trust
offices
Building.
at
24
The Commercial and Financial Chronicle
(972)
.
.,
Thursday, September 8, 1960
•,
ieal "energy per head than any * meet Western Europe's oil and gas
other people; This in its turn re- ; requirements, some $3 billion a
fleets v the -abundance
and. the ,i year may be needed. Allowing for
other investment abroad, the in¬
\
In the World Oil Industry
...
Continued, from page 7
t
•
years
ago,
and
provide
a
the price level as a
wer£ now about t0
a
whole.
see
a
If we
in
diver.
™nce
seemed to be running out of oil,: petroleum market of $160 million
or that-from here on our abiding
? year. The industry is develop-
.♦An
Syinonds before '
Mr.
by
address
School
.Graduate-
Southwestern
the
of
dustry's capital needs . over the " Banking, Southern Methodist University, ;
coming decade might add up to a Dallas, Texas..:■»<;
total of as much as $150 billion ;
long time, the price of crude
oil has moved closely in line with
.,
they
.
cheapness of mechanical energy.:
For
'■<**!v '
■Vv»:
just :f apidfor; to Tbem rather Than ;
attempt to. sweep back the tide. :. ;
of these two trendS; with a
relative increase in oil and gas
today's dollars.,,
&^o.tzkk
Courts
the unusually active period y
behind us, some 15% of the in-prices, the im-. dustry's long-term capital needs
:
pUcati0ns for the entire economy' were raised from outside the oil ;
could be serious :
r
companies. Even if parts of the ATLANTA, Ga. — Courts & 'Co.j.
;
what are the "chances that the ' investment effort can henceforth 11 Marietta Street, N.:W., Invest-,
u. s. market could be insulated? be scaled
down, we cannot expect ment>'bankers and brokers, "this ?
that no big oil fields have been forward with these new develop- from the world influences that are to see the
industry covering all its month marks its 35th year in busi-.
merits, oii companies are already tending,-'.to
discovered in the U. S. for the last
?- T. ness.- Founded;
hold
down
energy? future financial needs from inter- /
in ;i 925 ;by.
30 years. Nor must we forget the spending $300,000,000 a year on prices?
Many people hoped that • nal sources.: If it is to raise the
research :and will
probably be the introduction of first voluntary ]
T Richard T W.;
outlook for .demand. In spite of
necessary sums, it must be able
centuries of ceaseless effort, the i spending twice as much by the ancj then mandatory import con- * to offer an: attractive return to ;
-.Courts;, the'
problem will be to stop oil from ing new products; petro - chemrunning out of our ears. We may icals, a profitable postwar progeny, now account for at least 2%
come to reg&rd the finds in the
Middle East and North Africa as °f volume and probably 2-3 times
that percentage of sales. To press
exceptional; it is certainly true
end of this decade..
would set the stage for a outside investors.
;?
;
^
sustained,, increase, in
domestic
Table
III reveals the decline
in ; any
crude oil prices.
The events of. over the last decade in the
society.
Whatever the
per¬
the last three years have been :
methods used in continuing this
cent return on capital invested in
effort in the future, they, will cer- * day is still of manageable proporr most disappointing to them.
But the U. S. oil industry, and con¬
tainly call for more and more me¬ tions. Oilmen have no need to sus- in any case, in their preoccupa- trasts the more favorable record
that
(to
borrow
Joyce's tion with the immediate foreign;
chanical energy. We expect to see pect
of the other two largest manu¬
the angel of death has threat, they were apt to overlook;
this fact reflected in a growth in phrase)
facturing groups. But the basic
kicked the bucket of life from the domestic competition. Gas and
the demand for energy in the free strength of the oil industry stands
world by some 3% a year for the. their industry. On the other hand, coal have been hungrily eyeing' out
clearly When we turn from
next 10 years, and probably by at the situation now facing, it has the crude oil markets, and could
percentage to dollar figures.:; Oil
raised several fundamental policy be relied upon to move in strong- ?
least as much thereafter.
(That
company earnings after tax were
rate is not so very much faster issues. I should like to call your ly if crude oil prices got out of
$2.8 billion in 1959, and Table IV
line. Shale oil in the U. S. A. and?
than the expected growth of pop¬ attention to three of them.
shows oil as still the largest earn¬
tar sands in Canada are only er
ulation.
It assumes that an in¬
of all U. S. industry - groups.
Fundamental -Policy Issues
waiting for crude oil to raise the
crease in industrialization and liv¬
Adding back amortization and de¬
The increasing calls, in the Con-; price umbrella so that they can ?
ing standards and, therefore, in
preciation, the cash flow has been,
gress and out of it, for a so-called become fully competitive. Nuclear
consumption per head, will be
and ? promises
to
remain,
even
national fuels policy are a direct energy :has begun
(prematurely,
partly cancelled but by increased ■
more impressive. In 1959 it stood result of the present energy sur- perhaps) to nibble at the power
efficiency of energy use.)
at nearly $5 billion.
:■"?
plus.
Underlying these demands station fuel business.
In a mar-„„
Based on this rate of energy
earnings and ' cash
flow
for the regulation of energy use ket like this, it is hard to make, ?? The
growth, what has happened to the is the assumption that economic profits—least
? of - all
monopoly figures indicate a solid basis on
which to build a financing pro¬
supply of oil, gas, coal, and hydro- forces can no longer be relied
profits—but easy to price yourpower since 1950, and what might
upon to bring about necessary adself ?out of customers. Too much gram. But This, does not relieve
the industry of one clear respon¬
happen over the next five years? justments between the different reliance
on
import
restrictions
In America, we may not see much
energy sectors.
It is tempting to could prove ineffective and dan- sibility.: Its capital needs are on
such a scale that, like Caesar's
change in the energy pattern be¬ gallop Off in an attack on this as- gerous medicine.
-->>
tween now and
1965.
But the;
sumption, and to insist that marThere
has
been
tremendous wife, it must: not only be well
desire for comfort and leisure has
been
never
satisfied *,
completely
trols
spite of all the unknowns in
the equation, I believe that the
surplus capacity in the world to-
.
,
_
.
in its 35
:J firm
,
In
_
••
35th Anniversary
0ther energy
ancj
??• ??
In
ha s1
from a
single office in
/Atlanta with a
;
y e a r s
i. grown'
•"
^
staff of four to
17 offices in 16
-cities and an1
■.
:
:
employee roster of
■\i
:
over
including
300,
the
}■} company's
;..-vr.
Richard w.
•:
present thir-
v;
Courts;
/teen
partners.;
? Much of the;
firm's ;; growth
is attributed: by.
senior partner Richard W. Courts
to the "tremendous industrial and?
commercial -expansion
we
have
:
.
\
j
.
witnessed in
our
the Southeast.
the
of
very
our
;
lifetime here in
We believed from-
that the
first
southeastern
destined for
an
economy?
.
states
was;
unprecedented
and that if
up¬
worked to,
help supply capital to southern
industry and
business, we
too .
would grow.
Our: faith in the
potential of ? the Southeast has
ket place pressures are quite suf- growth, in the space of only 20 managed, but be seen to be well been more than
realized, and we
ficient to bring about any neces- ..years, in the international move- managed.: It must not appear to are
grateful for the. opportunities
be
drifting along, in the, words this has brought us to share in and
sary changes.
Unfortunately, this ments of oil. v Note how fast the
of
a
recent
off-Broadway
hit, contribute to the
argument can have an unpleas-; sources -and
destinations " have;
progress of the
antly :Victorian ring.- Nowadays changed, and will doubtless con-; simply criticizing the inevitable.
? region." ,",
•
<
"p; V " |
:
we
have to accept that neither tinue to. change, in the quest-for
.To my mind, this does not nec¬
a;
"'? The firm is presently composed
land, nor labor, nor capital can be continued flow, of abundant rand? essarily mean that startling new of 12 specialized-operating depart¬
employed and shifted around with low-cost energy. ?> rV'-'V*:,machinery will have to be created ments which are equipped to han¬
the freedom that Alfred Marshall
'
?;
'V to manage the surplus that now dle any investment banking and
and the other old masters used to
*1
. Capital Required
? exists both at home and abroad. brokerage s e r v i c e required of
describe.
Nor is .the consumer
.
The third major issue that T There has been talk about intro¬ them.
The Courts' home offices
still the unfettered sovereign por- want to mention is of particular ducing some kind of international
still
remain' in
Atlanta, and a
trayed in the old textbooks. Par-.- concern to *a; group of bankers, prorating system. Unending diffi¬ branch office has also
recently
ticularly in Europe, where the To meet the energy need that can culties would be involved »in try¬ been
opened there.
An eastern
coal industry is less flexible than now be clearly foreseen,- spectacu-: ing to get governments of produc¬
office is maintained in New York
in America, the capture of an es- lar amounts of capital will someing countries, let alone of consume City, and other offices are located
established market by a newcomer where have to be found.
This is; ing countries to agree on a system' in
Chattanooga and Knoxville?
such as imported oil calls for slow true even in the present phase •oP of limiting national production—.
Tenn.;. Charlotte and Southern
and difficult adjustments and is cost cutting and investment par- except possibly that of Russia or
Pines, N. C.; Charleston and Flor¬
bound to arouse bitter resistance, ing—which is likely to endure for
of some other country not party
ence, ' S.vC.; Birmingham, HuntsBut an expert report has recently a number of yaers to come. ; The to the agreement. But the fact re¬
ville and Annistdn; Ala.> and Ath¬
been
made on Europe's energy group of some 25 integrated com- mains that an adequate and sus¬
ens, Albany,: Gainesville, Newnan
needs through 1975.
It devotes* a panies bn?* which the Department tained flow of capital can only be: and Rome,
Ga.; ? ;
;
whole chapter to the case, against
of. Commerce bases its business- assured if the present surplus is so
:X Memberships; held by the "firm
a
European fuels policy—and, I investment projections will pour managed that it serves as a com-:
include the New York Stock Ex-?'
must add,, to the case for keeping
a Total- of $2,6. billion
into plant fortable cushion, of future supply,
change; American Stock Exchange,1
ah open door to energy imports:: and equipment in 1960—a rise of rather than a suffocating blanket
Commodity .Exchange,Inc.; New
It has not by any means enjoyed 6% over last year. : "
V
'???>:? of excess production.:■•'
v:::T?v??v York Produce Exchange; New
uniyersal approval —.there have
Even a period of sail-trimming
All of lis, particularly in the York Cotton
Exchange; New Or¬
been demands for. a reconversion can be expensive for an industry
banking business and particularly' leans Cotton Exchange; Board of
of oil-fired -power stations back to that wants to stay in business and
in
the Southwest, are watching Trade
of
the
City of Chicago;
coal, and for the selling of "im- to meet an ?expanding demand, with fascinated interest to see how
Memphis Merchants Exchange;
ported fuel oil at its "real"'rather Refineries have to be modernized the
industry meets the dramatic New York Cocoa Exchange, Inc.;
than "market" price.; But I be- both to save manpower and .to
challenge facing it. It has to show and the New York; Coffee & Sugar
lieve
that
it
presents
an !unimprove quality. New products that it
can
treat
the .present Exchange", Inc.- '
":??:?;'•/?'>/
answerable economic case.
And .Jail for expensive new equipment,
world-wide surplus as a blessing
In addition to Mr. Courts the?
the arguments against rigid' govEfficient^ transport fleets and new not a CurSe;; It must do so with¬
firm's partners .are — William E *
ernment ' regulation, and against- pipelines, and ah adequate, system
out becoming ensnared in controls,
Huger, Hugh D Carter, Jr.; McKee»
turning the present energy - pat-- of* bulk terminals .are' needed to. and
regulatiohs that would cramp
Nunnally, Frank B. Sites, Reginald
tern into a strait jacket, are at keep down bulk operating costs in
its future growth — yet without
L.
Auchincloss,
Jr., . Frank
J»
least as strong in America as in an era of stiff competition. At the
running to such excess that the
Henry, John B. Ellis, Joseph E:
Europe.
retail level, you do not have to1 go
necessary investment, funds would
Brown, Thomas J. Pendergrast,;
Long-term questions of cost and far outside, to see the ; value of, be scared away. This may sound a
Stewart B. Farmer, Jr., S. Rich-,
efficiency are also raised by an- say $75,000 (most of it borrowed tall order. But it is one that has
ard Harris, and Alfred F.
Revson;
other policy issue that has been money
in a
successfully in the past.
surge
we
,
progress of natural gas will be
greatly affected by political de¬
velopments. If the price is held
,
down—and the necessary supplies
are still forthcoming—the growth,
.
,
,,
„
of
much faster,
Europe, oil;
and gas are likely to rise from
about V\ of total energy supplies
to % by 1965.
In the world as a
whole, we expect oil and gas,
which at the
beginning of the
century provided only a negligible,
could
gas
prove
than here shown.
fraction, of the
for
In
supply, to account
than half the total
more'
en-,
equiv¬
alent, total demand would rise by
almost 80% in
15 years — from
2,519 million metric tons in 1950
ergy used. In terms of coal
.
to
4,510
1965.
metric
million
tons
in
of expansion
in
•/
•
*i Theprospect
the petroleum market—about 3%
a
in the U. S. A. and 7%
year
year in
'the rest of the
munist world—is
one
a
-
non-com¬
of
the
in¬
dustry's : greatest
strengths.
A
large oil company often shows a
as much as $50,000 of cap¬
employed per worker.
For
companies with this scale of over¬
heads, a continued increase in
ratio of
ital
volume
can
work wonders in im¬
proving profit margins.
-To my
mind, this is more important than
alT our ingenious calculations to
show how long demand will take
to catch up with today's shut-in,
capacity.
They are rather like"
those
mathematical
problems
where
man
you are presented with a
who has finished his bath and
is trying to empty the tub but—
reasons that the text books
for
hever
.
.
explain—he is still running
water in. The trouble is that there
,
.
.
.
been met
anyhow!) invested
service station that will provide a The industry has got; used to sud¬
sure market for possibly 200,000. den changes in the pattern of pro¬
gallons a year of gasoline and 2,gallons a year of lubricating duction, trade and markets.. It
oil.
This helps to explain why wilLundoubtedly continue to ad-
brought to a head by the oil surplus. I need hardly point otit that
one of the reasons why America
leads the world: in productivity is
is disagreement about how much
water, in the form of surplus ca¬
pacity, is already in* the bath.
that Americans use more mechan-There is still more disagreement
'.v." •' .' * '
the. Department of Commerce Surover
how much extra water, rv
TABLE III
: :
vey shows a jump this year in
the form of new capacity, will
.Return on Net
.
tub can be
run
Autos, Chemic'i
A
still
that
the
*
further
complication is
industry is meanwhile
doing all it can to make the plug
hole larger. It is improving exist¬
ing products—higher octane gas¬
oline, detergent and all - weather
.
Total
.Trucks Products
.*
Mfg.
1950—.32.3 4
51—
17.5
<
21.3
16.3
-
Petroleum
17.1
14.4
.
year
of
the
52—^
18.5;
13.7
12.3
14.5
stands
out
still
55— .29.1
17.7
15.0 '
14.2
56..
15.7
15.6
13.9
14.7
merce,
16.4'
14.0
12.8
-13.6
is
finding new markets—there are
in
twice as many
this
country
as
pleasure boats
there were. 16
Autos,
53—
.
18.0
13.3
12.5
14,4
54__
21.1
14.5
12.4
13.9
57
•58—
8.8
11.1
9.8
59—
17.4
14;4
11.6
•
•
York
1.8
6.6
0.6
1.2
2.3
0.7
0.6
1.3
2.2
53—
9.7
1.3
2.4
54?-
0!8
0.8
1.6
2.5
1.7 ' :
1.0
2.7
.2.8
l.T
1.0
2.1
3.1
.1:0
2.3
-3.2
0.8
1.5
2.6
: 2.6
2.8
-
1.9
the
55-
102 ^
rate of
10.0
by the end
'
57-
1.3
a
year
58-
0.7
ofs this decade.
To
59-
1,5
0<6
•
t
.:
.
0.1
.
'
firm
of
Hayden,
Stret, Ne\y
City, members of the New
Stock: Exchange,
appointment
Stevenson
as.
announce
of
John
of
manager
firm's New York Municipal
""
56--
$8-10 billion
York
Total Petroleum
0.7
52--
more
investment
Stone & Co., 25 Broad
1.1/
the 'domestic oil and "gas
industry may- need to invest ; at a
some
The
Chemical
Trucks rProducts-;
*
«rene,
now
'
and think / in
long haul, the scale 1950
industry's capital meeds ""51.-
sharply.
Using more generous definitions
and a more comprehensive group
than r the
Department ~ of Corh-
oils, cleaner burning keroless corrosive- residual oil. It
E
terms- of the
16.7
Named;
By Hayden, Stone:
Earnings After Taxes
?
(Billion Dollars)
movements
15.2
motor
.
V
vestments.
t
:
When we turn from year-to-
(Percent X
emptied:
?
both refining and marketing in-
Assets
in before the
•
Stevenson
TABLE IV
.
have had time to
Jr:
B.
thq
Bond
Department.
Mr.
Stevenson
Stone-& Co.
joined
several
Hayden?
months 'agq
after being associated for about 10
•years: with
*
in
Wood,
New York.
•
Gundy &
:
v
Co:
h-•"
-
;; 'rr-'-fl:
•''
■V.
-'
,
'>
Volume
192
Number 5984
.
.
The Commercial and Financial Chronicle
.
American Economy's Trends
Zr
V^±1VA°
leisure, and
more
\
pleasure
1
^nnn
i
j
uuu'
xi.
i
are°aroundS$ioSbillion'annu"
trv
flfy Economtts$and atlysts
accustomed
too
of
terms
are"
thp
Ampriran
Jze of£is ^milv
his
this
If
i
to
to
er's
is
imoortant
as
as
J.usirie£'1S pari V1 econ°mic evoiu
in
Iw
insur-
the
industrial production to decline as
much as 7% while GNP remains
The main reason for the differ-
consum-
supply factors of
It is his
savings which build up the funds
of the savings banks, savings and
is
likely
his demand for shorter hours
gain
to
wide
a
dustries exceeds employment in
manufacturing, contract construe-
following,
The leisure market is rich and de-
higher wages which may make veloping, and the company that
employer decide to install more keeps one step ahead is a good
production equipment, investment prospect.
thus bringing us back to one of
x know 'it is
no
longer news
the traditional investment yardthat people have more time, more
sticks, capital goods expenditures.
money>
that
more
women
are
The
company
that has been working, that more families live
making a product the consumer in the suburbs, that the number
Wants,^ahd assumes that the con- of cars in use has increased faster
sumer
will always want it, may than the roads they must travel—
be precariously balanced on the but
without
considerable
study
top of a steep slide. The company we cannot assess the importance
and
tion, and mining combined. Today,
more than three out of five em-
his
efficient
ployees
rather
need
than
is
to
the
a
the
create
one
a
that
S
wants
To
So
lustration
ine
and
to
no
^ve
could
heat
liked
an
nrSe
small
L
the
Lr
before
to
oil
ture
he
e^ of
of
ono
popula-
have
we
the
era
biaSes
Ze
we
by
come
of
aD-
erowth
not
which
is
mated.
jn
not
brief discussion
attempted to suggest
have
I
my
any
su-
as
«
the
utlhties, government, wholesale
and retaii tmde, finance. abd Persona*
serXlce®05
denended
and
narrower,
based
more
re-
on
the
the
and
analysis is
heavily on
more
the internal structure of the
com-
"-u
,
^Pmpare tnese ngure.s to the
tory
of the
company,
companies filled
success
a
consumer
years.
need
of the frozen, food in-
v
Sometimes
an
important change
In 1956, for the first time in our
history, the number of white-collar workers exceeded the number
of blue-collar workers. This does
not imp1^ that a11 the blue-collar
it seems like solid values are bemg built up over sound research
a11 the white-collar workers in
service industries- There is over""
lapping' but in manufacturing at
least 50% to 60<7° of the empl°yees
sociated with a safe, sound, conservative operation, but for investment policy to be safe and
sound it must take into account
may propose a change in the title
?.fnr£
America ^day.
workers
are
in manufacturing
or
and management. This is a transition year for N. Y. Air Brake
able in the investment field. The as it is for many companies. At the
term investment is generally as- next annual meeting the company
1
industires generate
60% of our national in-
Service
nearly
with the largest slice
come,
con-
Consumers
services
expenditures
for
(including housing)
in
1959 amounted to $123 billion, or
39% of the total. Ten years ear•
her, they were-$60 billion,
or
of
the
consumer's
suits before we realize that anything is happening. Thus, a business recession starts.
Production
falls off, but sales suffer much
position,
taking into account the number of
married
tance
women
of
working, the dis-
suburban
homes
from
central
the
time
wife, and very important, the rise
in real, disposable income which fects on the
economy that past
makes; it possible for a woman to experience would lead us to expay for frozen foods without too pect. Why? Again, that is a quesmuch regard to cost.
tion
after
connotation
that
the
particular
:
The
Growing "Leisure" Market
The
success
of Hammond Organ,
Brunswick, Outboard Marine and
^
:
Swing
only
study.
be
can
some
I should like to discuss a phase
our economy which has received
relatively little notice, although
time and
it is most important in
crease
•
the
in
as
I noted before, the in-
income.
They illustrate
variety of activities which
popular with Americans
are
any
nomic analysis, certainly in
rity analysis. It is a basic
eco-
secu-
shift
today, a in our economic structure, away
variety which includes hi-fi, ste- from dominance by the industrial
reo,
musical
instruments, .crafts or commodity-producing sector
'
.
e pub
\on"
Sep.6,100,-
co
^common shares of Wakefield
to remember .occasionally that once r a 11 r o a d s iwigineenng, inc., ai $6 a snare.
"blue chips" and "growth
Wakefield Engineering,
based
stocks." For the well-informed in Wakefield, Mass., is engaged in
security analyst, who bases his the development and production
edge of
the^ ^^a^
^
from
'ChJwrJn
IffSSSJrv £
losmg
efficiency due
tn
tp
.
ft
FnonnmiV
"Snlit
Personalitv"
t»ring
anc1
service^ industnes
Jo not necessarily snow me same
trend;
therefore, each must be
account of separately in
answered
of
^ sobering
dOTn
'
be
_
other "leisure" stocks is based on
the increase in the consumer's free
i
were
inS-
taken
making any economic analysis. It
1 * uuy'
is no longer possible to forecast
to the Service Industries the economy or analyze the value
that
l
/»•
Icpf pi
_
penditures for non-durable com- re a ding opp r
les l
fb over-heating.
J,
modifies, mainly food and cloth- next tew years, ine^new leaders
Net proceeds of the issue will
less than would be expected and
prices actually advance.
Or, at
My reasons for emphasizing the
another time, restrictive monetary growth of the service industries
policies are imposed but don't 1S
ba^ Slven our economy
seem to have the restrictive ef- a hind of split personality. Manu-
activities which occupy
of the suburban house-
i
ttt
1
H
'
Many of the terms used m ref- VV ctxvt/llt/lU. v^UlIl.
ference to stocks, like "blue chips"
nffovorl
and "growth stocks" carry the kJtUOiY V/ilC/lC/U.
33%
°u^ E«onomic Spht Personality
shopping areas, the availability of home freezer space, the
numerous
of the corporation, as the present
corporate name does not indicate
the proper scope of the company'*
nlU""are'"SSSS CUrr6nt ^ fUtUr6 °Perati°nS'
n
? JJP..„h
much h ghe
dustry could have been foreseen,-can remain practically unnoticed, of the total. The gain in services
but only through a thorough anal- and we become aware of the re- was made at the expense of exysis
Dyna-
given to external socio-economic
factors I am also suggesting that
nothing should be taken for
granted or considered unchange-
'
was
The
safe.
seems
current mon stock is attractive enough to
are
fact that the nroducts sold bv these
share
01 aU non-agricultural employees management, financial position suggest a worthwhile appreciation
engaged in, manufacturing, and and expenditures for research and in market values over a period of
Pr.oc|u™,on becomes a less deter- envelopment. I am suggesting, time. I don't wish to imply that
mimns factor in the economy.
however, that more weight be this is a "quickie" proposition but
Brunswick
required to build and expand our industrial production facilities during the same
a
power transmission should spark
in- sales next year
and
I
believe
Orsan
the
start in 1961. Some 17 different
companies have indicated an interest in the project,
■
Marine
to
Quickly and no drive shaft is necessary- Nor are brakes necessary,
tbe hydrostatic will not skid
wheels, will do more work in a
given period of time and last
longer with heavier loads than
t°rQue characteristics. It will not
$1.60
.
Investi^eiH Criteria
f,
SSvSfor Hammond
Outboard
ods is impossible. It cuts out many
wearing parts, starts and stops
,
railroads, and that more credit tributed by wholesale and retail security referred to is of unqueshas been used to finance new trade, government, and personal tionable and unchangeable value.
homes in the postwar era than services in that order
It
due
combines,
pany
and
iess and jess on the
Earnings may not be much over
needs of the customer to whom it $2.00 a share, down from $3.07 a
"hope1^ to'&elL
—
share in 1959, but the dividend of
kinds. Ap-
^
driven
tractors,
bridge
laying
vehicles and scrappers, manufacturers of fork-lift trucks, farm
proximately 22 /<? or all non-agriGf course, lh choosing an
cultural employees are engaged in dividual company, it is still as im- overall sales in five years could
sa
and
trade alone; portant as ever to apply to normal about double. A debt of only $2.0
i '° are government employees, criteria for investment—the his- million and 739,541 shares of corn-
urban renewal
structure that de-
cities
non-agricultural
tive way, the phenomenal success
of the frozeri' food industry
the
and
2
page
Pern?its iu.st f.nouSh P°wer for
the
experts.
But
unfortu- 3umP over bumps or rocks but
nately, it is frequently true of 3ust "inches" over. All technical
experts that as their knowledge problems are believed to have
goes deeper their viewpoint grows been solved and deliveries should
struc-
be
projects, a
pends on motor transportation
knew it.
obviouslv
,
,
bulldozers,
cement
(not the trucks), pavers
and motor boats could use this
contractedsystem to advantage. The system
out
which
we
cannot
run
the transmits power from the engine
household
The television repair- by means of a high pressure oil
man
and «araee renairman auto- hydraulic pump and one or more
matiCally
go
on
your
payroll hydraulic motors. High pressure
when you purchase a television lines carry the power almost anyse± or a car
-pbe element of sta- where needed in the equipment
bility which this fact adds to the and permits exceptional manuvereconomv should not be underesti- ability which under present meth-
developing
socio-economic
will
our
areas
nonula
immutable
which
versed
Detroit
iv,
the
new
a
but
that
reaTize^thaf
ap-
knew
the
narentlv
low
And
consumer
cars
to understand
Sfovel coll
once
all
cit^ hai^lost
core
tfnn
Seme iladvStis-
available.
the
the
what
in
largest metronolitan
15
,
however
house
was
parently,
use
h
that
see
be
m^nect^
much
made him
the
burner
nrettv
to
consumer
fhatP
~H
a
knows
sumer
be
ho
need
should
analyzed for investment
If
at least, to study the data from the
latest census,
comnanv
consumer
the
Producers—transportation,
on
of these and other changes in the
producing more of its product at conclusions we come to in our
a cheaper price on the assumption
work as security analysts or busithat its ad agency can expand de- ness forecasters. It's one
thing to
mand and create a need, may al- know that the suburbs are
growready be over the top of the slide, ing. It's quite different, in degree
On the other hand
in
}a^or f.orce are employed in the
indu.stries generally classified as
management that concentrates
that aims to fill
..
previously
for the utilities with-
associations
and, insurance tivities.
ter and clothing have been properior method of security analysis
companies, and it is for him that
Studying the leisure market is vided, for consumers to buy and nor
any particular stocks which I
the
corporate,
government
and a problem for industry and so- use services of all kinds.
The believe offer
superior investment
union pension funds are accumu- ciologists; thus far the
sociologists shift has been gradual but per- opportunities. I'm sure that where
lated.
It is his need for a mort- are far ahead. It is in their work sistent for
many
years.
Here's it comes to
specialized informagaged home, a mew car and a that you will find some lead as to how we stand now.
tion or methods, security analysis
washing machine that pushes up what kind of leisure activity is ; Employment in the service in- are
It
~
p
housing
loan
total.
4-
e"Cf infblhavi0r between the two
pa
0 tb e economy
that the
at town, the company has
purchase of many commodities is developed and perfe<=ted a powera?ferable' whereas the purchase ful new hydrostatic transmission
^ mostof income loss, consumers system to replace off-the-road
services is not. Under the
mechanical
threat
transmissions
on
takes over, there is a bought 0r leased under contract;
manufacturing employment for interest on a debt
activity rather than and a loss in agricultural employsports, possiby because ment.
When
productivity
in
television supplies all the sitting manufacturing reaches the point
we can manage.
Second, is the where the population's product
filtering down from upper ,to needs are easily satisfied, then
lower income brackets of recrea- employment in this sector begins
tional activities which were once to level off and the service inin the luxury class. The illustra- dustries begin to provide an intions which come to mind imme- creasing number of jobs.
diately are boating and golf. Third
We
have
reached
this
phase.
is the influence of suburban living There is now time and money left
and the emphasis on family ac- after the necessities of food, shel-
and
credit
"D
iiP^T
Continued from
unchanged.
umque *°ihq
spectator
the investment equation.
instalment
*1
I jl
mixers
ana-
participant
small
together are extremely important
—and becoming more so—in both
the
T
Ufilv,I^v/UV
vehicles, called Dynapower Trans¬
mission. Frontend loaders, wheel
The security
area
rise in
account, I'm sure it
will be quickly apparent that individual consumers, when added
also
T
I
It is also possible for
fnalvts
re-
bank
the demand
thesl ^ c1n te'Sfd as''a
services.
ous
'elePho"e.i and c.ars- T,he in?P°r-
the
trade,
real estate, and miscellane-
su^^arket show three major production
trends. First is the popularity of
;
change of the individual
higher
in
creases
ance,
ch<K)sk^among lSsu?e stocks Stat<f% T™ indu?tr>all2ed
must stu^a^??wWc™r^5 countries of the w orld have a
its usual measurement in millions
down
a
tTJisstsrstxgz. The Security
finance,
X lA^
m,
buv
approach appears to
dollars
of
25
will put off purchases of new cars,
house furnishings, even clothes,
and the price and production of
ily least affect his work
?ij8 r Pr°Pprb°n of employees in these will respond rather quickly,
Rerpnt
w thp hi* ipi
todf. thanAthe un^r~
Recent analyses of the big lei- 4* SfrVI$e countries. As machine " is more difficult to change the
developed
demand
for
other
any
duce the investment market from
of
index
iIVr^f
stocks
sure
resources
the nroducts he wants
an
£®jg, m our ,rlsmS standard of
money
Hike boats)
(like boats).
All
good
standard of living as the per
capita measure of the number of
u
sports'
actWe
of
are
which cater to
new
deserve your attention stage in our rising standard of
when considering investment possibilities. I must emphasize, howgrowth of the service inever, that selectivity among lei- dUstrieS is
nart of economic evo u-
it ime and
the exnendf
Ere* hemusT mike^flike taxesi
and
•
camPm§' pbo~
interests
thp
mnsnmpr
+
?
■
companies
forecasting in
automobiles, car-
loadings and machine tools. I suggest that we might do better to
ctnriv
other
and
to
steel,
u
+nffr h0uhl\S'
•
the
as
i
the pursuit
all part of the growth
service industries and are
of
1.
(973)
°f a^particular
stock on the basis
the health of the manufactur-
la
nartipu
those who through research
y
d^ development prpd^e new
products or new services which
supply
a
real consumer need.
addrc5s b
Mr
the Security Analysts
Calif., Aug. 11, i960.
J
l
J'
ee
Zc|omek
of
San
before
Francisco,
reeier Drancn
r
"
j
'
Inc.
First Albany Branch
Alhanv
ELMJRA, N. Y.
First Albany
Corporation has opened a branch
°ff^ce
management
7S® _Sr
"o'f "g
Tmntpr
?'
^
u
^ J]?
Funds, Inc. has; beien formed
branch office in the First Citizens with offices at 2»io i\ortn ivi a
a
&
possible for total emto■ show
an
increase Bank Building, under the manage- Avenue to
^ngage m a secui
to the next while ment of L1
d E
Canady. Mr.
manufacturing employment actu.
„
S
ally'declines.
This occurred be- Canady in the past conducted his man Vice-President, and Leo1
tween 1956 and 1957, when the own investment business.
H. Adelman, becrexary-i
a
:
now
ployment
from
one
,
„
Tmmctmpnt4
tpio
%
opened
Mr
Form Dalen Investments
Lee Peeler &
"
has
corporate
Rockwell, Gould & Co.
Under Canady
»
general
Jhomas Tranti2r* ?? • _a.,
formerly
fmst^Vice-P
peeler Branch
RAtEtqtt
to
PurP°ses*
a
Company,
ing segment alone.
It is
r^nnir^An+<f
chang^rwurmrata, particuphnrffyincr
aPPhed
a
year
t_
business. Officers a e
,
r
^
d
.
26
The Commercial and Financial Chronicle
(974)
Indications of Current
The following
latest week
Business Activity
statistical tabulations
month available.
week
or
month ended
or
Latest
AMERICAN
IRON
Indicated Steel
Previous
Week
Ago
Sept. 10
Sept. 10
operations (per cent capacity)
(net tons)
ingots and castings
§1,441,000
oil
Crude
output—daily
condensate
and
42
gallons each)
Crude runs to stills—daily average (bbls.)
Gasoline
—
(bbls.)——.
output
of
26
26
26
26
PERMIT
6,836,710
6,765,275
8,362,000
East
30,162,000
118,172,000
8,135,000
29,467,000
29,014,000
of that date:
2,445,000
2,424.000
12,733,000
6,252,000
13 097,000
13,034,000
12,854,000
5,626,000
5,598,000
6,338,000
190,680,000
*192,094,000
193,195,000
183,082,000
—Aug. 26
(bbls.) at-——Aug. 26
32,327,000
31,368,000
143,831,000
29,797,000
31,044.000
148,966,000
128,941,000
45,309.000
44,314,000
43,386,000
56,449,000
Year
Month
Ago
$33,612,245
$33,404,718
168,151,316
42,567,363
58,577,639
63,267,192
129.138,363
107,942,464
141,691,559
135,019,183
—_
$30,690,427
134,490,877
:
;
114,685,308
111,323,848
'
:
Central
Central
186,990,414
159,541,000
Aug. 26
Previous
&
-
Atlantic
South
2,121,000
Xbbls.)—-aa———Aug. 26
Residual fuel oil output (bbls.)Aug. 26
Stocks at refineries, bulk terminals, in transit, in pipe linesFinished and unfinished gasoline (bbls.) at
Aug. 26
DUN
—
CITIES—Month
INC.—217
Atlantic
South
29,487,000
2,746,000
VALUATION
England
6.842,460
8,290,000
are as
July:
Middle
Aug.
Aug.
Aug.
——Aug,
of quotations,
cases
Latest
New
6,846,310
in
or,
either for the
are
Month
327,000
1,525,000
*1,483,000
(bbls. of
average
that date,
BUILDING
11.5
INSTITUTE:
PETROLEUM
Dates shown in first column
BRADSTREET,
Equivalent to—
Steel
AMERICAN
production and other figures for the
cover
Ago
53.5
•52.0
§50.6
Thursday, September 8, 1960
.
Year
Month
Week
INSTITUTE:
STEEL
AND
on
.
.
Kerosene output (bbls.)_
Distillate fuel oil output
Kerosene
(bbls.) at
fuel
Distillate
oil
Residual fuel oil
ASSOCIATION
594,770
Aug. 27
freight received from connections (no. of cars)—Aug. 27
Revenue
CONSTRUCTION
ENGINEERING
NEWS-RECORD:
Total
RAILROADS:
loaded (number of cars)
Revenue freight
CIVIL
at
(bbls.)
AMERICAN
OF
—.
—
U.
■
,
V
,
and
State
Federal
\
•
Sept.
Sept.
Sept.
Sep:.
Sept.
—
municipal
——
-
485,514
1
1
1
1
1
$604,000,000
$406,400,000
548,877
$490,100,000
367,200,000
245.200,006
207,500,000
161,200,000
354,200,000
123.300,000
312,500,000
139,800,000
33.400,000
37,900,000
41,700,000
17,500,000
7,730,000
*8,060,000
8,230,000
lignite (tons)
Bituminous coal and
Pennsylvania anthracite
DEPARTMENT
(tons)——
ELECTRIC
Electric
7,343,000
362,000
242,000
359,000
366,000
144
139
122
139
INC.-
BRADSTREET,
In
steel
Finished
steel
PRICES
METAL
(E.
._
14,709,000
288
315
269
308
V'
Lead
at
Aluminum
BOND
$66.41
$66.41
$66.41
$32.50
$31.83
$41.17
32.600c
32.000c
32.600c
30.325c
29.000c
29.800c
30.800c
28.900c
12.100c
12.000c
12.000c
13.000c
12.800c
11.500c
Stocks
11.000c
Produced
26.000c
26.000c
26.000c
24.700c
Shipped
102.125c
102.500c
104.625c
103.000c
88.52
BOND
89.40
86.51
91.34
89.09
90.06
90.20
88.95
87.32
86.11
84.30
82.40
82.27
80.45
85.20
85.07
84.04
89.51
89.37
87.32
89.51
89.37
88.54
Sept. 6
3.65
Sept. 6
4.56
4.56
4.68
4.23
4.34
4.40
4.50
4.61
4.71
Sept. 6
Industrials
MOODY'S COMMODITY INDEX
PAPERBOARD
NATIONAL
4 99
5.00
4.77
Sept. 6
4.45
Sept. 6
(tons)—
Percentage
of
5.15
4.45
4.86
4.63
AVERAGE=100
4.46
4.54
■
360.8
283,315
313,360
313,476
314,607
323,825
8,020,000
401.0
12,155,000
*12,330,000
12,433,000
6,886,000
*7,057,000
7,161,000
5,269,000
*5,273,000
5,272,000
109.68
426,
lS
NEW
109.87
OF
•
Total
which registered—
Aug. 12
Total
_
on
1,754,960
1,722,330
2,111,750
2,079,220
430,400
323,830
233,860
72,320
45,220
23,200
252,310
245,300
453,270
297,530
268,500
636,650
526,820
620,046
112,340
160,600
84,250
SECURITIES
ON
N.
EXCHANGE
Y.
495,880
560,270
644,520
737,705
3,324,982
3,029,420
2,802,680
3,346,776
619,530
562,610
464,340
2,953,555
2,503,150
2,527,900
3,065,760
2,992,240
$74,089,379
$70,704,191
1,523,363
$71,476,704
1,432,153
1,311,430
1,401,339
East
18,427
9,296
1,419,504
1,293,003
Aug. 12
$66,596,684
$61,063,438
—
Total
-
—
Y
sales
Aug. 12
AND
ACCOUNT
SALES
ON
THE
N.
Y.
.
1,504,871
446,890
345,560
410,350
345~560
410~350
38~1~580
Aug. 12
597,680
523,150
509,320
>
Gold
—:
—
S.
DEPT.
foods
•Revised
796,010
553,970
517,590
.
14,345,700
12,791,610
12,955,740
13,937,700
15,125,230
13,587,620
13,509,710
14,455,290
12
—
other
than farm and
^Includes 1,066,000
Mnnfhfv"invpr^rnpnfSptfnt
JS. *£ i?
119.3
119.4
118.4
119.3
86.5
86.9
87.2
87.6
f
one-half cent a
pound.
foods..
barrels
of
107.8
108.0
107.9
long
338,036
543,726
$2,500,161
$2,974,206
32.600c
32.600c
29.925c
ton)
29.893c
31.010c
28.270c
£254,577
£232,838
£246,970
£245,159
.
£231,463
'
ton)
(per long
£243,727
pound)-
12.000c
(per pound)
long ton)
£70.949
(per
Louis
(per
*96.4
96.4
12.000c
11.800c
long ton)
»
'
£71.352
12.086c
Y,
£72.163
£73.153
£72.030
13.000c
(per
12.286c
11.800c
£71.241
13.000c
...
128.3
pound)
delivered
11.000c
13.500c
11.500c
£90.235
£85,297
£87.460
£89.795
£83.972
91.375c
ton)
13.500c
£87.429
pound)
(Der
(per
ounce)
91.375c
U.
S.
flask
92.250d
:
102.940c
price)
of
76
91.399c
79.250d
78.844d
$2.80842
$2.81111
$2.80950
103.538c
•
102.327c
$35,000
$35,000
$35,000
$209,000
pounds)
$210,300
$229,381
--(Per
boxed
(per
pound)
32.590c
bulk
(per pound)
boxed
(per pound)
refined
(per
pound,-small
97%
pound)
delivered
lots)—:
grade
(per
32.590c
•,
$82,000 Y
'
pound)
•
29.000c
-
29,500c
29.500c
$82,000
$1.40000
ton lots)—_
32.590c
29.000c
29.500c
(per
pound,
-
29.000c
$1.40000
$77.000c
"
$1.50000
$1.50000
$1.50000
$1.20000
,
$1.50000
$1.30000
"
$1.75000
Aluminum—
grade
grade
♦•Nickel
ingot
avge.
(per
Jb.)
26.000c
primary pig
ingot (per pound)
(per
~
28.100c
-
26.800c
23.250c
35.250c
35.250c
74.000c
74.000c
74.000c
$2.25
pound)
23.250c
35.250c
v.
-
Bismuth
weighted
$2.25
$2.25
24.700c
<
96.7
128.4
(per
York
(per
York,
Cobalt,
106.7
94.9
—Aug. 30
foreign
128.3
•Revised
128.3
96%
crude
runs.
SBased
on
new
annual
wP\^prnb7,633,670 tons. tNumber of orders
*Prime Western Zinc sold on delivered basis at centers where
Pr mi*
168,367
339,193
473,781
pound)
London
ounce
Magnesium
—Aug. 30
figure.
(per
Cadmium
779,530
OF
—Aug. 30
—Aug. 30
—Aug. 30
Meats
All commodities
120,239
542,706
Sterling Exchange—
New
99%
products
Processed
119,798
,
QUOTATIONS)—
(per long ton)
three months (per long
99%
commodities-
Farm
$1,261,132
114,497
401,599
502,393
prompt
Laredo,
Commodity Group—
All
St.
Western,
Laredo,
Aug. 12
U.
East
and
tiNew
•
(1947-49—100):
—
118 587
415,119
Antimony—
716,360
auz
sales—
LABOR
$1,051,293
BANK
(per pound)
(per
New York
Louis
'
—Aug. 12
SERIES
J.
London
months,
Platinum,
NEW
2,316,000
institutions
(per
prompt
Quicksilver
STOCK
■—;
PRICES,
527,000
2,285,000
omitted):
London (per ounce)
Sterling Exchange (check)
Tin, New York Straits
381,580
446~890
ROUND-LOT STOCK TRANSACTIONS
MEMBERS (SHARES):
sales
Other
Total
WHOLESALE
106,135,307
2,203,000
.
NONFARM
LOAN
(000's
Silver.
$83,237,138
OF
sales
309,519.664
595,000
138,103
M.
refinery
St,
Silver,
round-lot sales—
Short
&
prompt
ttLondon,
Silver
Aug. 12
J
purchases by dealers—Number of shares
ROUND-LOT STOCK
1,392,033
$67,935,752
Aug. 12
.
.
(E.
refinery
HLondon,
15,619
EXCHANGE
106,876,435
298,142,880
677.000
banks
months,
§§Prime
1,520,490
12,649
FOR
108,993;941
348,135
Common,
$102,677,211
Aug. 12
TOTAL
1,079,000
Lead—
1,886,071
Aug. 12
sales
*1,016,000
292,391,667
associations
lending
PRICES
ttThree
1,474,665
Aug. 12
Round-lot
loan
383,000
1,018,000
issues..
collateral
IN
June
153,000
'366,000
$1,167,329
other
HOME
—
of
106,000
..
Zinc—
1,576,133
sales
Other
S.
:
S. Govt,
U.
FINANCING
U.
savings
ttThree
COMMISSION
sales
Short sales
$3,528,000
companies
trust companies
and
Common,
other
by dealers—
on
t1 London,
Aug. 12
shares—Total
borrowings
ttLondon,
3,438,765
short
of
balances—'
shares——
on
Domestic
3,055,445
3,573.085
Customers'
Number
$3,188,000
110,000
361,000
<
Copper—
383,320
Customers'
Round-lot sales
$3,113,000
•
August:
652,075
656,480
Aug. 12
value
listed
ana
9,523,000
6,887,000
S
listed bonds_:_
METAL
(customers' purchases)—t
Odd-lot purchases by dealers (customers' sales)—
Number of orders—Customers' total sales
Dollar
U.
credit
of
OF
16,410,000
*6,914,000
:.
in
of
ESTATE
*16,414,000
<
*9,500,000
Individuals
STOCK
value
Dollar
In: banks
customers''-free
Miscellaneous
85,630
594,465
706,805
Aug. 12
—
170.2
361,210
651,562
Aug. 12
sales
EXCHANGE
I; V-
6,917,000
!
customers.!
to
and
borrowings
Export
sales
SPECIALISTS
102.0
.
*172.5
9,332,000
value
Mutual
339,210
Aug. 12
Odd-lot sales by dealers
Number of shares
hand
Insurance
22,000
380,950
Aug. 12
AND
16,249,000
,
value
Banks
321,400
Aug. 12
.DEALERS
of
Savings
*100.3
%r
(000's omitted):
BOARD—Month
STOCK TRANSACTIONS FOR ODD-LOT ACCOUNT OF ODDLOT
90.7
169.2
EXCHANGE—
extended
on
AREAS
2,339,850
Aug. 12
sales
Other
100)—
$2,689,666
purchases
Total
=
_!
Member
2,064,160
2,413,010
Aug. 12
1
sales
Short
Average
Market
'
round-lot transactions for account of members—
Total
100)—
the floor—
1
sales
Other
1,978,140
Aug. 12
i
.
July 31
Total
275,690
Aug. 12
——
purchases—
STOCK
Cash
2,405,330
356,890
Aug. 12
—
sales_—
Total
2,042,000
356,790
Aug. 12
—.
sales
Short sales
Total
2,068,940
434,870
Aug. 12
Other transactions initiated
Total
2,243,020
Aug. 12
;—_—
purchases
Other
of
REAL
the floor—• :YYY'Y.
Short sales
=
goods
goods
Member
Aug. 12
transactions initiated off
Avg.
industries—
manufacturing
Credit
:
110.36
Aug. 12
sales———=
Total
Other
(1947-49
manufacturing
YORK
As
MEM¬
sales
Other
—
Market
Short sales
of
a
-
Member finns carrying margin accounts—
\ Total customers'
net debit
balances—:
507;415
\
109.60
DEPT.
Nondurable
386.3
457,753
S.
SERIES—Month
REVISED
goods
goods
Durable
96
430,767
omitted)
manufacturing (production workers)
All
:
BERS, EXCEPT ODD-LOT DEALERS AND SPECIALISTS
Transactions of specialists in stocks in
Total purchases
(000*3
PAYROLLS—U.
AND
LABOR
turing
i; 323,961
94
368.3
.
Aug. 27
ACCOUNT
20,300,000
17,501,000
hours
l~Estimated number of employees in manufac¬
309,620
Sept. 2
FOR
TRANSACTIONS
ROUND-LOT
20,004,000
429.5
•All
4.65
362.7
.
61,700
19,955,000
(DEPT. OF COMMERCE):
360.5
OIL, PAINT AND DRUG REPORTER PRICE INDEX—
1949
SPINNING
All
manufacturing
Payroll indexes
(1947-49
4.84
318,170
of period
28.500
70,800
spindle hrs. for spindles in place July
4.84
4.46
Aug. 27
at end
Unfilled orders 4tons)
127,500
52,300
59,300
17,604,000
5.14
4.78
■
.—Aug. 27
——
113,400
41,500
10,737,000
4.84
;i
Aug. 27
aclivity-
44,700
95,600
31
Nondurable
4.65
:
.Sept. 6
—
24,200
July:
ASSOCIATION:
(tons)—.
Production
July
(bales)
(bales)
Durable
"
Orders received
39,800
48,200
"
4.36
'
Sept. 6
Group
43,400
34,300
41,100
7,211,000
All
4.48
Group.
35,500
17,529,000
OF
4.78
4.23
Group
Utilities
82,800
28,700
31
Employment indexes
3.67
Baa
45,500
84,700
July 30
86.78
4.GO
Public
July
(bales)
EMPLOYMENT
84.30
4.41
Railroad
116,300
83,000
Active
80.57
:;V
3.69
corporate
202,800
70,000
82,900
spindle
84.30
.
—Sept. 6
Average
189,900
31
Active
AVERAGES:
Aaa
100,300
v
86.78
Sept. 6
DAILY
97,400
191,100
July
Spinning spindles in place on July 30
Spinning spindles active on July 30
85.07
92.64
Sept. 6
YIELD
COTTON
81.48
87.99
Sept. 6
Government Bonds
U. S.
88.67
87.99
Sept. 6
Sept. 6
Sept. 6
MOODY'S
176,600
104,800
Linters—
AVERAGES:
Industrials Group
67,800
10,400
56,400
142,700
31
(bales)
13.000c
Group
(tons)—
July
(tons)
13.500c
Group
Utilities
Produced
Shipped
11.300c
87.45
Public
->
13.000c
Baa
mills
(tons)
13.500c
Sept. 6
Railroad
Stocks
11.800c
Aa
of
(tons)
13.000c
corporate
471,965
PROD¬
SEED
(tons)
13.500c
Bonds
Government
COMMERCE):
OF
Hulls-
92.64
U. S.
Average
543,515
17,501,000
380,043
(tons)
-Aug. 31
DAILY
PRICES
500,216
17,604,000
Meal—
and
Stocks
Produced
Aug. 31
at
93,153
*120,468
402,505
17,523,000
L_
COMMERCE—Month
OF
(tons)
11.800c
99.5%) at
1,093,873
7,567,031
72,276
July
July 30
COTTON
AND
at
Cr.ke
$66.41
$32.50
1,600,811
6,681,094
5,931,776
(tons)
Stocks
Aug. 31
(primary pig.
of
of
as
649,878
857,772
'
1,412,496
Seed—
Aug. 31
at
Straits tin (New York)
MOODY'S
SEED
—Aug. 31
at
Louis)
(East St.
month
(DEPT.
Received
6.196c
Aug. 31
—
(St. Louis) at
(delivered)
Zinc
6.196c
6.196c
561,874
!
of July 30
as
16_.
Crushed
6.196c
$878,200
$1,948,300
$896,700
July:
.Y
'
,
at———--——
——Aug. 31
Export refinery at—'_w;———Aug. 31
♦Zinc
COTTON
13,759,000
Domestic refinery
(New York)
OF
of July 30
as
GINNING
August
Shipped
?
Electrolytic copper—
Lead
COTTON
QUOTATIONS):
J.
M.
&
14,602,000
Aug. 30
Aug. 30
Aug. 30
.
ton).
gross
—
30
spindles active
Cotton
lb.)
(per
(per
public storage
Cotton
&
-
Pig iron (per gross ton)
Scrap
DUN
14,941,000
Sept. 1
—
Y'vY YY'Y
OF
DEPARTMENT
$566,847,531. $622,017,325
$551,190,359
BY
;
LINTER3
Linters—Consumed
PRICES:
COMPOSITE
AGE
IRON
Sept. 3
INDUSTRIAL)
AND
$756,688,014
134,670,689
—_
DEPT.
S.
omitted)
AND
UCTS—DEPT.
INSTITUTE:
(COMMERCIAL
City
CORPORATIONS—U.
month of July
consuming establishments
In
To
-Aug. 27
—
(in 000 kwh.)_
output
FAILURES
■—Aug. 27
-Aug. 27 v
—
SYSTEM—1947-49 AVERAGE=100_.
EDISON
S.
Consumed
SALES INDEX—FEDERAL RESERVE
STORE
York
New
Stocks—July
—
130,143,750
COMMERCE—RUNNING BALES:
157,300,000
203.400.C00
$696,991,281
COMMERCE—Month of July:
OUTPUT (U. S. BUREAU OF MINES):
COAL
outside
COTTON
332,800,000
236.300,000
$647,000,870
States
City
DIVIDENDS—PUBLICLY REPORTED
U.
490,707
$561,700,000
42,417,641
120.814,474
95,810,511
United
Total
,
.
36,382,736
139,689,162
;
York
(000's
•
construction
construction
490,595
486,610
28,690,117
102,378,815
Total
New
56,570,641
40,872,229
41,311,434
—
Pacific
ENGINEERING
—
construction
S.
Private
Public
614,236
Central
Mountain
CASH
; 590,339
r
West
capacity
of
148 570 970
tons
not reported since introduction of
freight from East St. Louis exceeds
end
of
figure.
tEstlmated totals based
primary,
of 1957.
95% of secondary
liDomestic five tons or
where
freight from East St.
included,
ttAverage of daily
session
of London Metal
Louis
mean
Exchange.
on
reports from companies accounting for
tin consumption in
more
out less
exceeds
0,5c.
1957 and 97%
of total'stocks
than carload lot boxed * §§Delivered
**F.o.b.
Fort
Colburne
and bid and ask quotations per
long ton
y
U
at
S
Dutv
morning
K ton ac mornm&
Volume
192
-Number 5984
.
.
The Commercial and Financial Chronicle
.
STATE OF TRADE n.11 v TNDTTSTRY
AND XiM L/ U U1IV 1
UAX1XXJ VX
Continued from page 5
and
they
now
r
,
taking
are
markets the U. S.
On 50.6% of Jan. 1, 1960
.
j
American
d w' th 50
P
one year apt
Intercity Truck Tonnage
,
and
wX^of
y,
and 40
Steel %
27 Week
steel capacity for the week, beginning Sept. 5, equivalent to 1,441,000 tons of ingot and steel castings
(based on average weekly production of 1947-49).
These figures
for Aug.
was 2.9% Below Same
1959 Week
S00ndine week of 1959
tons
gept 2 However' truck
tonnage led that of the previous
\yppk
.the
in
29,
1960
148,570 970
net
-
tons.
hv
vear
i
„
the
on
of the
percentage for this weeks forecasty based - on
that capacity is
tprm]nai
The
t
;A month ago the operating rate
:
'over
or;-*20.4%.
in
ago
^ f*
localities
10
P
7mm theiq?q
cpraased tonnage from the 1959
,
.
At
1959
time the industry was virtually closed down due to a strike
am0unt
,
electric
energy
^ el^^n^rSy
the
first
eight
months
for I960 totaled 4 550,108
output
tuiaiea
kwh.
above
that
of
the
and
year
the
most
.y
grains,
steers,
trucks.
kwh„
Automotive Reports said.
31%
below
'
,
v
r
,
-
;3'
Business
in
Drop
-
Week
Failures for
slackened
noticeably.
T iimher
Commercial and industrial fail-
dipped
ures
ended
to
Sept.
288
the
in
from the
1
week
last
-
earlier.
„
While
lower
savings capital
new
lagged
;
on corn,
trading.
prices
Trade Barometer
new
the similar
week
Thirty-three
S
as
1939.
andP 23
with
*
•
Increased
8.4%
the* week
totaled
ended ^
594,770
shipments
were
orders'were
Above
-j
tion
5 3%
week
Aug.
27^ 1960,
the Associa-
of
the
previous
line
with
the
dipped
moderately
American^ Railroads
of
nounced
Sept.; i: This
vum-
20
1960 'pro-
reporting'
mills
1.7%
below; shipments
were
was
loan rice to Indonesia, Pakistan, Israel,
and
increased
over
for sales of sizeable shipments of
their
India.
and
$3.7 bil-
During the 1959-1960
distribution of edible rice
season
below
-8.0%
the
were
down
:
$92
Allegheny,
Eastern,
hontas
and Northwestern
Poca-
districts
reported increases compared with
the corresponding week in 1959.
The Southern, Centralwestern and
Southwestern
districts
reported
decreases.
All
districts
reported
decreases compared with the cor-
responding week in 1958.
There
were
loaded with
highway
the
week
(which
10,806
or
one
trailers
cars
reported
more
revenue
(piggyback)
ended
in
20,
1960
included
were
Aug.
in
that
week's overall total). This was an
increase
above
The
American
public
in
1959
14%
from
the
changed.
spent,
moderate
A
the
in
decrease
in
loan
iower
supplies
in
some
the
first
dip
for-hire
and
private
trans-
and
services
cars
or
the January-Jiily period of
Purchases
The
analysis, made by the TAA
division, shows that the
research
expected, the private automo-
of
major
appliances
£^^^best-seUerswe^e
^teio^'seT'and hT-ff'lqufp!
Trading in Woolens Lag
Transactions
-
in
woolens
worstedf Ztinued
to
and
lag
tois
week »n markets in Boston and
^l]ad^* a™
pe
i? + £
ciown somewnat.
Uve,ral trading in cotton toray
g0°
7wa? sluggish, with ap.
,
The
ine
oc-
gnods,. and stocks
in some
lines,
Although
production
oil
-
re-
construction
the
a
year ago.
thr0Ueh
For the current
30
Aue
exports
.
purchase of homes, as well as for
.ngt
,,
e
93 ooo
]ast
iod
jn
Fan
ture
iT^h^^dinT
at est
in
the
Fall
of
Apparel
c
and Fumi-
Boosts Overall Trade
substantial
A
Week
.
Aug. 30
increase in sales
apparel,
furniture
and
Higher in wholesale price this
were
rye, butter, cheese,
cocoa, eggs, and steers. Lower in
price 4 were wheat, corn, oats,
bams, bellies, lard, cottonseed oil,
potatoes and hogs.
The Dun
& Bradstreet, Inc.
wholesale
per
corresponding period of 1959, and paid nearly $3 billion, and local and
186,482 cars or 115,1%; above the-transit;: taxis,- and rail commuter- not'
pound
food
price
index
meats in. general use.,
:a ocost-of-living
inde^'
Initial claims for unemployment
insurance dipped 4% in the week
ended
Aug.
20,
following two
weeks of increases, reflecting primarily
a
slackening
of
model
change layoffs in the auto indusand
try
fewer
separations
in the
,
rige
to
cooler
Fali.iike
was down moderately and scattered reports indicate that sales
of new passenger cars showed
little change from the like 1959
week.
•
»
Milwaulw
Newton Co. in Milwaukee,
Street, is engaging in a securities
business. Officers are Francis W.
Dickey,
Robert
President;
M.
Krauskopf Douglas Carman and
Edward S.Vinson,Vice-Presidents,
and Richard G. Jacobus, Secretary-Treasurer.
Now Sole Proprietor
tern-
peratures over the week-end. In
contrast
volume
in major
appliances, draperies, and used cars
;
MILWAUKEE, Wis. — Newton &
Company, 759 North Milwaukee
tailers in many areas attributed
the
-
MAwfAn
CHICAGO
111.
RUtherford is
^
Deniamin
gouth La
r-.^c
—
now
Delbert
M.
sole proprietor
Lewis
&
Co.,
135
Salle Street,
„AtL I lovrI rn
rorms ^enneui t^iuyu v,u.
MT. VERNON, N. Y. — Kenneth
conducting his
investment business from
Wednesday was unchanged to 4% offices at 45 Pondfield Parkway
It is higher than a year ago, according under the firm name of Kenneth
rep-
total of the price
31 raw foodstuffs
sum
of
the simiiar week a year ago. Re-
It was idown
week
resents the
higher than a year ago.
compar-
vear
Following
two
consecutive ^nens boosted overall retail trade
weeks of decline, the wholesale sjgnjficantiy over the prior period
food price index, compiled by jn the week ended last Wednesday
Dun & Bradstreet, Inc., remained
volume was up slightly from
f-99
moderately from a week earlier,
but7 they remained moderately
H®9-;.'appHrel-tadustriss;
and
1-5% from the $5.99 of the coitransportation service bill in 1958. responding date a year ago.
increase of nation's intercity commercial car35.5%
above the riers by air, bus, and rail were
for
46 0oo
'
from
during that unch^ged from a week earher at
It also exceeded by over
billion, or 11%, the nation's
$9
refrig-
at wholesale continued to lag be
markets
able Per,od ldst yearV
piggyback loadings bile accounted for the predominant
33
weeks
of
1960 share, or
over $43
billion. The
an
10%
of
Rjse
year.
As
348,514 for
drop
other purposes, participated in the
portation, represented about 19%
of the nation's total output of
goods
loans—a
gage
reduction from last year's activity.
of America. This huge expenditure, which includes the cost of
both
made alm°st $7.8 billion in mort-
pas-
services of all kinds, according
to the Transportation Association
and
era tors
volume from July 1959» the great" "and steady transactions." The call mained close to the prior week, it
es^ decline, 18%, was shown by for steers dipped somewhat and was up fractionally from last
loans for the- 'construction of prices were fractionally lower. A year.
Gasoline
stocks
dipped
and freight transportation
1959, nearly $92 billion for
senger
in
telelfsion
equipment
,
,
Loans
2,734 cars or 33.9% largest share of this outlay, nearly
corresponding week of $50 billion, represented "The Na5,305 cars or 96.4% above -Ron's Estimated Passenger Bill."
Cumulative
91,298
Billion tor Passenger and
of
the 1958 week.
totaled
»
Nearly
the
1959 and
for
__
Spent
Freight Transportation
1% below the preceding week. I,
The
.
Public
wac
with dealers quite
in
sets
last year, but well curred in cocoa prices and volume especially vegetables and fish,
above the July total £or any other. was down appreciably.
ZtedZmZedZhirneirf rice"
yearThere was a fractional increase pof;
mcieased volume in nee,
Although loans for all purposes
j^og prices, this week, reflecting butter, cheese, and sugar.
.
.
American
sets
same month
3.7%
cor-
bedroom
aDDlianreq
.
...
or
in
oc-
upholstered
„
.
cars
goods
case
and
Feater tba" 1".1,95J8%Hri)sa.,sav- m0the Previous year.
' "r inousmai laoiics ana
lnSs receipts totaled $14.5 billion
Sugar prices remained close to
™aa® ™Tes
and
withdrawals amounted to the prior week and trading was
England dv^g and finnearly $10.8 billion.
..i
steady. Sugar deliveries for the -1™; DS contimed to
as
Lending activity of insured week ended Aug. 27, came, to
Pianis TOmiimeo to_ lag
savings and loan associations con- 194,887 tons, compared with 182,me past rew
®
tinued in July below the 19-9 482 a week earlier and 212,781 a
_"b
exPectea ln lne nexl
level, the pattern which has been year ago.
,
le™ wceli3'
evident thus far this year. Total
Coffee trading was steady durAn appreciable rise occurred
n.ew Ioans> estimated at $1.2 bil- ing the week and prices were un- this week in orders for canned
was an
.
vol-'
wcca, uui piicca xnatcneu muse ui
an-
responding week in 1958.
Loadings in the week of Aug. 27
were 1,569 cars or three-tenths of
laundry
from
-homes. In contrast to a decline jnoderate rise in trading in lambs
above;
new
orders
were
2.7%
^% from June to-July in the helped boost prices somewhat. in- above.' Compared with the cor-V" voiume of loans
^closed, mortgage , - Prices on the New York Cotton
crease Of 45,893 cars or 8.4% above
responding week in 1959, produc-v^11 commlt"afnts outstaJJdmg in Exchange showed little change
the corresponding week in 1959, tion of
reporting mills was 10.4%* duly were 2% above the June from
pri0r week. Exports in
which
was < affected
by
the below;
shipments
were
10.0% fl^ire;
VY3
the week ended last Wednesday
nationwide
strike
in
the
steel
below; and new orders were 2.3%
So far this year, insured sav- came to ab0ut 7,000 bales, comindustry, but a decrease of 51,456 below.
;
:
inSs arJd 1(^aJ?„ assoemtions have^^ pared to 60,000 a week earlier and
tion
cars,
overall
!ion—jj% ab°ve the sa'lie Pe,^od amounted to 25 102 000 pockets, gZdcloths6 and' sheetings'"
m 1959, and as much as 23% compared with 16,686,000 pockets ^oadciouis, _ana1 sheetings,
shared
with
ended; Aug.
duetion
produc-
,
Compared
freight for
new
below
savings
had
savings accounts by
lion,
-
4.1%
Corresponding 1959 Week
Loading of revenue
were
Unfilled
reporting identical 'mills
i- below
production-
of
Freight^Car Loadings for Aug.,27
Week
mills
tZ vear"to-date
For
','V'
^
these
production.
davs' oroduction
in the
corresponding week of last year.'
^r.
of
above
ing softwood mills, unfilled orders
were equivalent to
16 days' produetion at the current rate, and
gross stocks were equivalent to 53
in
'
comoarcd
earlter
week
a
of
of'229
3.3% above
orders of reporting mills amounted
to 28% of gross stocks. For report-
Canadian (failures
rGcordcd
wgfg
toll
prewar
orders
0.3%
curred, but remained considerably
above the 191 in 1958 and 26%
the
were
insured
fashion
.
From January through July of
I960,
in
in
Volume
disfpnointed
again reflecting
In
movement in corn, oats
tinw tot«f«>wed the most noticeable
figures.
;
In anticipation of the holiday,
1959
associations
mill'?
especially
An appreciable decline occurred sluggish again
for the in prices
year.
1ACW&«v.ujg&r.>oyiwii
3.3%
4fi8
of
production during the week ended
Aug. 27, 1960. In the same week,
high of 315 in the preceding week,
reported; Dun..& Bradstreet, Inc.
Casualties
were; slightly
lower
than a year ago when 308 oc-
above
qhinment<;
reporting to the National Lumber
11-week
week
rye casional pieces,
pale?. with 93% in the same a week earlier. Despite ,bad
™"tha ye" earlier and 96% m weather in growing areas, rice
.
Above Production
Ending Sept. 1
gain
some
was a fractional
,,
or an amount
that shown
month
the
back-to-
Higher than expected estimates ume in men's apparel; increases in
of crop Production discouraged Fall suits and topcoats offset degrain trading this week and most clines in furnishings and sportsprices were down appreciably, wear. r
* ;
There was a marked dip in wheat
There was a significant pick-up
prices at the end of the week as in purchases of furniture this
esti-
an
to
0.
reported
noticeable gains in
lnhC,reaSCS on butter' hogs' accessories. There
year-to-year
of these institutions fell under the the prior week. Most affected by
level of a year ag0> it was the crop reports were soybeans prices,
Shipments for Week
Ended Aug. 27 Were
+1
cloth coats, suits, and
or
Lumber
^Jorth CentraT
Cent™1, Vouth
East
most
rubber
8.6%8 above that'of'the f^onat 'Tin toe TtXi- teT
teadf luilexplcted
A VKTSTwSL Ward"* comparabla
week. •
a^^p^mtoe "
pending
and 869/744
passenger
+7.
ft;
west North
Atlantic, and EastSouth Central"
0 to +4; New England, West South
Central, and Mountain —1 to +3;
lowest
and
f
Are up in July .and lambs.
mated 3133 million,
previous
week's total of 14,602,000,000 kwh.
and showed a gain of 1,182,000,000
mates varied from the
comparable
Sept. 2. It compared with 266.88 sweaters, and slacks Interest in
jlast week and 278.01 on the cor- women's fall clothing was up aoresponding date a year ago. In preciably from a year ago, with
the current week, lower prices on the best increases in fur-trimmed
Are Up tajuly
their net inflow reached
industy' for the week
power
far this
so
ex-
^Uly an£ wUbdrawal demands be- While transactions faltered,
^teSda»i%Po:O0o\^: residing
pioaucLioii
nearly
,;
.
in 1960 that
Week
of
>unt
and
units;
to
"'April represented the first month downward
that
/vugusi
amounted
Withdlawtls
vviwiarawais
same
,
s
Electric Output 8.6% Above
& Bradstreet, Inc. Regional est!-
the
'up by a llttle m0,re than >%. P"** remained close to a week chairs; interest
lt*eisv
cr..,I
1,525,000 tons. A year ago the actual weekly production was placed
327,000 Tons,
year
a
T
(based on 1947-49 weekly production) was *94.9% and production
at
study,
%ments being down 1% from last volume
,
tonnage
gen-
at
Hits New Low for the Year
reoort
'
clir
increased
-
prices
On Tuesday, Aug. 30, the daily
wholesale commodity price index,
-iv^U*y °Pened the third quarter of
by the ATA Re-
.
=
.
And
mptrnnniitan
Department
food
Wholesale Commodity Price Index
overseas
1960 Wlth net funds of the na~
refiects tonnage handled at more -tion s 4'054 insured savings and
400 tmck terminals of £Z!;loan
associations lagging behind
mon
carriers of
general freight
a y?ar earlier.
throughout the country.
"
As a result of new savings invest-
Estimated
50.6%..
traveling
were $2.4 billion for water transPortation a"d *L billion for the
c?st of movin§ petroleum through
plpe llnes'
"
•
.'
aw
based
are
of
cnrvov
search
equal
was
this
conducted
areas
Actual output for last week be-
ginning Aug
of
These findings
weekiv
week beginning Aug. 29.
to 52.0%:of the utilization
:
announced
.
and1,483,000
tee
of
27
Wh^ ^
citizens
tlon service. The next largest
theAmeri
f™'^ckfng Associations^
trend
$42 billion, with almost $27 bil- another index compiled by Dun &
lio" of this being spent for urban Bradstreet Inc., dipped to 266.45 Pacific Coast —4 to
a.nd intercity highway transports- (1930-32=100), the lowest level
Apparel
stores
.
92.3%
s.
XAA
conesponding week of 1958.
Capacity
J
Iron
eral
road systems originating this type U "The nation's Estimated F™t
traffic in the current week com- Bm>., another breakdown in the
over
served.
once
shipping
corresponding
period
in
1958.
There were 55 Class I U. S. rail-
This Week's Steel Output Based
The
lin?.s receiYedand ocean
$2.3 billion. Inter- Chief function is to show the
national air
A1VX11/JJ
U. S., and, in some cases, more so.
The U. S. helped in building them,
(975)
Its
1
The total dollar volume of retail
trade
in
the
week
ended
last
to spot estimates collected by Dun
Lloyd Zeleznik is
own
tu.
.-i-Wlf
u
<
28
The Commercial and Financial Chronicle
(976)
.
.
Thursday, September 8, 1960
,
ADDITIONS
* INDICATES
Now
Securities
in
Registration
of
(Copley
the
large number of issues
awaiting processing by the SEC, it is becoming
increasingly difficult to predict offering dates
with a high degree of accuracy. The dates shown
in the index and in the accompanying detailed
items reflect the expectations
but are not, in general, to be
September 9
(Ross,
&
Inc.)
Co.,
C.
&
September 12
(Monday)
(William
Arnoux Corp.
Hammill &
Co.)
Common
(Clayton Securities Corp. and
>
.
National
Maltz, Greenwald & Co.)
$400,000
Boston Capital
150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬
ceeds
For acquisition and development of land and
operating capital. Office—1201 W. 66th St., Hialeah, Fla.
Underwriter
American Diversified Securities, Inc.,
Washington, D. C.
r
•
stock
common
sale
and
its
and
company
subsidiary.;
of
pre-fabricated
Office —149 Water
West Newton, Pa. Underwriter—Arthurs,
strange & Co., Pittsburgh, Pa. (managing).
Le-
(J.
T.
Patterson
Harvest Brand,
(8.
Industrial
Resiflex
:
D.
Reva
$300,000
&
Co.,
Inc.)
Timer
•
E.
•
and
Rollins Broadcasting
(P.
shares
v
:
-
Triangle
&
Co.)
account of the company,
and 100,000 shares for the pres¬
ent holders thereof. Price—To be supplied by amend¬
ment. Business—The production of a complete line of
induction heating equipment. Proceeds -— For working
capital and general corporate purposes. Office — 3990
Edden
Co.)
,
—Common
Inc.—
Co.,
$2,010,000
Inc.)
Road, Youngstown, Ohio. Underwriter—Hay den,
City (managing). Offering—
Stone & Co. of New York
(Offering
Pierce,
$100,000
stockholders—underwritten by Merrill Lynch,
8c Smith Inc. and Kidder, Peabody & Co.)
258,558 shares
v
" i*
to
Fenner
Strolee of
Stonehill
and
debentures, due Oct. 1, 1980, to be offered to hold¬
filed
$6,205,000
convertible
of
shares then held with rights to expire on
17. Price—To be
O^t.
Office—Chicago, 111. Under¬
writer—Lehman Brothers, New York City.
; f
purposes.
Allied
f4t
.
i^Hecker
t(v. *
&
^.Common
Co.)
$300,000
amount
of
debentures
and
30
shares
of
stock.
Price—$108 per unit. Proceeds—For general cor¬
porate purposes. Office—Arlington, Texas. Underwriter
•—Rauscher, Pierce & Co., Inc., Dallas. Note — This
offering has been postponed.
(Burnham
&
$300,000
Co.)
Co.,
and Netherlands Securities
Inc.
Insulating Co., Inc.
(G.
Common
II.
Walker
&
Co.)
(Shearson,
Hammill
Co.
(Hallowell,
Tegtmeyer
(letter of notification) 225,000 shares of
stock (par 10 cents). Price—$1
per share. Pro¬
ceeds—For
retirement
of
Sulzberger,
September 13
Kirkland
a
in October.
(Morris
Jenks,
Co.)
&
Co.)
(Bids
11
$500,000
Income
Insurance Co.
$300,000
Inc.)
Bonds
.
$20,000,000
noon)
Bonds
(11:00 a.m. N. Y. time) $12,000,000
Co
Electric
(Sandkuhl
&
$50,000,000
EDT)
a.m.
(Monday)
September 26
Bonds
J,
Inc.—.Convertible Debentures
Admiral Homes,
Lestrange
(Arthurs,
$400,000
Co.)
&
s
Boston
(A.
Corp
Common
Company, Inc.)
Barney <fc Co. )
•,>
,
Corp.; Blyth
$297,500
—-Common
150,000
Inc.
and
shares
(Bids
11:30
a.m.)
General
?■*
Steel
Sloss & Co.,
Common
Inc.)
Co.)
$1,050,000
Hammill
Convertible Debentures
Inc.)
Co.,
$4,500,000
.-...—Common
Candies, Inc.
Co.,-Inc. and Stern Brothers)
(Hairiman Ripley &
Tele-Tronics
Shearson,
by
shares
65,000
Ripley &
(Harriman
Stover
,
Common
——Common
stockholders—underwritten
to
Perfect Photo, Inc
Russell
shares
Class A
Co. i" $298,000
&
—
&c
296,649
{
-.i.^.-.uCommon
Inc
Electronic Corp.—.
(Offering
$700,000
Weeks)
&
$600,000
Inc
(Marron,
Milgo
Castings Corp..
-Common
■
—-—-V-(Schrijver
.
Lanes,
Preferred
(Thursday)
(Hornblower
^
.
Lence
;
$10,000,000
underwriting)
301,884 shares
—
underwriting)
Inc.
Klondex
>
$16,000,000
^
Business Forms,
Smith,
-
—
& Co.)
(Kidder, Peabody 6c Co.) .74,546 shares-."-/y.,
East Central Racing & Breeders Association
Inc.
Units
(No
Ennis
Bonds
12:30. p.m.)
September 15
Cavitron Corp.
and Eache
Inc.
& Co.,
(No
Cum. Preferred
& Co.,
Allyn
C.
*
Utah Power & Light Co..
V.
-
$25,000,000
Public Service Co. of Colorado
(First
Bonds
_
11
.
.
(Wednesday)
Engineering
y:V.
(Thursday)
September 22
Union
American Title Insurance Co.
(Bids
Life
Common
Co
Telephone1 Co
(Bids
Utah Power & Light Co
■
$300;000
Inc.)
$510,000
75,000 shares
EDT)
Co.",
&
(Wednesday)
(Bids
Common
a.m.
Inc.)
Smith, Inc.) $2,350,000
Pacific Power & Light Co
(Tuesday)
Cohon & Co.)
Smith,
&
.......Common
Rubin
Chemical
Brothers
Co.)
Debentures
Kirkland
Virginia Electric & Power Co
American Foods Inc.
Aug. 16, 1960 filed 167,500 shares of common stock.
Price—$3 per share. Proceeds—For the company's ven¬
tures in
Florida_ and North Carolina, and the balance
for working capital.
Office—Miami, Fla. Underwriter—
.Godfrey, Hamilton,, Magnus & Co., New York
City.
Fenner
Co., Inc
.Common
&
Roto American Corp
bank
loan, selling, adver¬
tising, promotion and for working capital. Office—558
W. 18th St., Hialeah, Fla. Underwriter—R. A.
Holman &
Co., Inc., New York, N. Y. Offering—Expected sometime
American
Pierce,
Lynch,
Rocky Mountain Natural Gas Co., Inc.—Debentures
Valdale
Rochester
'
Inc
Jenks,
Whitmoyer Laboratories, Inc
(Hallowell,
&
shares'
Laboratories,
Sulzberger,
William
and
184,435
Whitmoyer
$50,000,000
a.m.)
(Sandkuhl & Company,
..Common
&
shs.
—Bonds
v'.--"235,000 shares
''v'
shares
103,512
Wallace Press, Inc
Edwards
1960
common
'
September 21
$1,000,008
Inc.)
125,000
Capital
;
Vitramon, Inc.
September 14
Aluminum
Aug. 22,
11:00
(Merrill Lynch, Pierce, Fenner &
..Units
29
principal
(Merrill
V
$750,000
Terafilm Corp.
Bowling Centers, Inc.
filed $750,000 of sinking fund debentures and
300,000 shares of capital stock, to be offered in units of
$75
Co.)
Lerchen & Co.)
and Watling,
Co.
Rocky Mountain Natural Gas Co., Inc...—Common
Templeton
"
supplied by amendment. Proceeds—For
general corporate
Dec.
&
Sunbury Milk Products Co
subordi¬
of the outstanding common of record Sept. 30,
1960,
the basis of $100 of such debentures for each 14
common
Schweickart
&
&
(Bids
Common
Jones
Weld
Public Service Electric & Gas Co._
$250,000
__
Mitchum,
Co.;
&
(J. A. Winston Sc Co.,
24,
on
Sandkuhl & Company Inc.)
and
California, Inc
(Federman,
(9/30)
nated
ers
Common
Magaril Co.
.
.
Co.—l^.—Cumulative Preferred
(Simmons,
Aug.
1960
Pioneer Finance
(White,
I.
Terminal Electronics, Inc.—
Inc.
;
$300,000
Spray-Bilt, Inc.
Expected in late September.
A?dens
Inc.)
■
Common
Missouri Public Service Co._——
Common
(Harwyn Securities,
i
Simon
f
O'Neill 8c
(George,
Units
Common
Earl
(Tuesday)
September 20
and Globus, Inc.) $600,000
Softol, Inc.
(J.
/
$242,670
(Equity Securities Co.)
Bruce National Enterprise^,
_
and
/•
'"
$300,000
Sealed Air Corp
Bros,
——..Common
$1,102,400
Co.)
6c
Wilier Color Television SysTem,"Inc._—-Common
:
shares
Properties, Inc
(Bertner
Stearns
(Bear,
.^.....Common
110,000
Co.)
(Ross, Lyon & Co., Inc.
$264,900
Co.)
Corp..—
Lumber
Common
Edden
Earl
Inc..
Ebcistadt
Securities
(Equity
-
Unterberg, Towbin & Co.)
of America™;
(Eertner Bros,
..Common
Telephone & Electronics Corp.—
Common
C.
and
Whiteside & Winslow, Inc.)
•
- '/ .?;*
r
shares
200,000
shares
Corp
Co.
Common
Inc._
and Chace,
Inc.
Co.,
$290,000
191,667
Co.)
&
&
hy
Common
——_—.h
& Simmons)
.
Ajax Magnethermic Corp.
Aug. 17, 1960 filed 150,000 shares of common stock (no
par), of which 50,000 shares are to be offered for the
^
100,000 shares
'
-
$300,000
Ellis
Enterprises,
(Blair
Common
Common
Puller
Nucleonic Corp.
Sachar
Bonds
Association
Laboratory, Inc
•
Industries, Inc.
July 20, *1960 (letter of notification) 150,000 shares of
common stock (par 10 cents). Price—$2 per share. Busi¬
ness—The company is a general contractor. Proceeds—
For general corporate purposes. Office—116-55 Queens
Boulevard, Forest Hills 75, N. Y. Underwriter—Bennett
& Co., Newark, N. J.
Class A
$150,000
Inc.)
Co.,
&
(General Investing Corp.)
(Blunt
Co.)
75,000
Adson
and Netherlands
$1,200,000
Inc.
Inc.)
Common
Inc._
Walker &
H.
(G.
Co.,
Holman
A.
Turf
Portland
134,739 shares
Corp
Fairmount Finance Co..
working capital of
Street,
(R.
Debentures
(No underwriting)
Collateral
(The Tager
Proceeds—To be added to the
homes.
the
manufacture
Common
Winston & Co.,
'Securities
Common
Diversified
Price—100% of principal amount.
debentures, due 1970.
Business—The
$3,975,000
p.m.)
Polytronics Laboratories, Inc
$22,500,000
(Suplee, Yeatman, Mosley & Co., Inc.) $279,850
(9/26-30)
Homes, Inc.
Co.)
&
Dalto Corp.
—
Aug. 15, 1960, filed $400,000 of convertible subordinated
Common
y__.:
Hammill
Commercial Banking Corp
—
Admiral
Corp
(Shearson,
Equip. Trust Ctfs.
1:00
Capital Corp
(J. A.
-
.
it Adler Built Industries, Inc.
Aug. 29, 1960 (letter of notification)
shares
RR
Missouri Pacific
133,000 shares
Corp.
Capital
and Shearson, Hammill & Co.)
354,000
(Bids
Astrex
Co.) $800,000
Co.
&
Common
(Shearson,
offering dates.
Hamilton, Magnus
Corp
Staats
R.
Reich & Co.;
Inc.;
Co. and Godfrey.
Financial
Units
1—
Globus.
Inc.;
Co.,
Shore &
$825,000
Lytton
of the underwriter
considered as firm
&
Lyon
Harold
Common
O'Neill
.Common
$300,000
Co.)
&
Kings Electronics Co., Inc
(Friday)
Safticraft Corp.
(George,
REVISED
ITEMS
International Safflower Corp
NEW ISSUE CALENDAR
NOTE—Because
•
ISSUE
PREVIOUS
SINCE
Co.
200,000 shrs.
..Common
.—
1
Aug. 26,
1960 filed 90,174 shares of common
stock, to
be offered to the holders of the
outstanding common on
the basis of one new share for
each 5% shares held.
Price—To be supplied by amendment.
Proceeds—For
Hallicrafters Co.
general
(Woodcock,
Fricke
Moyer,
French,
&
Inc.)
$300,000
Pittsburgh & Lake Erie RR.____Equip. Trust Ctfs.
Waco,
Co.
corporate purposes. Office—5th and
Franklin,
Texas.
Underwriters—Ladenburg, Thalmann &
and
Lee
Higginson Corp., both of New York City
'(managing).
stock.
offered
for
vestment
and 783
It
is
that these securities
proposed
sale
Certificates,
Jackson
(Harry
E.
in
Trav-ler
shares
Pref.
(Bids noon)
-
(11:00
Techni
Electronics,
(Filor,
Bullard
Inc
Common
Planning
Corp.)
(2,000) known as In¬
each representing $900 of bonds
shares of stock. Price—$1,800 per unit. Proceeds
principally to originate mortgage loans and
carry
them
until
market
—
210
conditions
Center
are
favorable
for
St., Little Rock, Ark.
Aug. 31,
ated
Optical
&
Smyth,
1960
filed
debentures,
(S.
Hardy
& Co., Sprayregen,
Cummings & Co.)
(Friday)
D.
Fuller
September 19
Bristol
amendment.
Duncan
1980.
Price—To
be
(Bear,
supplied
by
Foto-Video
Mass.
Underwriter—Kuhn, Loeb
& Co., New York
City (managing). Offering—Expected
in
mid-to-late October.'
Co.)
$4,000,000
York
Telephone Co
11:00
David
&
on
page
29
Co.,
Inc.)
$744,000
&
Co.)
260,000
(Dempsey-Tegeler
Inc.)
$500,000
Class B
\
Capital
&
Co.)
120,000
Debentures
(Friday)
Convertible Debentures
Lifetime
Pools
Equipment
Pennington
&
Co.,
Inc.)
$300,000
Corp.........Common
Corp.)
100,000
Mohawk Insurance Co.
(R.
.Com.
$30,000,000
(Offering to stockholders—underwritten by
Lehman Bros.)
$6,205,000
shares
Heldor Electronics Manufacturing Corp
Schramm
$120,000,000
a.m.)
(Thursday)
Aldens Inc.
shares
Corp
Planning,
September 30
Capital
Television..
(S.
Common
.Common
..._
Stearns
$60,000,000
(Goldman, Sacns & Co. and Lehman Bros.)
...
Bonds
s
a.m.)
11:00
(Bias
September 29
F.
Dowd
-
Continued
Equip. Trust Ctfs.
(Wednesday)
September 28
New
(First
Star
.
$7,500,000
noon)
Continental Can Co., Inc
Inc
Co
(Fund
Four
Bonds
$12,000,000
Southern Pacific Co
Capital
<Si
Electronics
Proceeds—For general corporate
purposes.
Office—Southbridge,
Timei
New York Telephone Co..
(Monday)
Dynamics,
Coffee
Y.
N.
(Eids
Avionics Investing Corp
$8,000,000 of convertible subordin¬
due
m.
(Bids
16
(William
Co.
a.
$225,000
$2,062,500
Underwriter—Amico, Inc.
American
(Tuesday)
Corp. of America_______Common
Haft & Co. and Bregman,
September
.Debentures
—
and Straus, Blosser & McDowell) $2,200,000
(Lee Higginson Corp.
be
units
Corp
Indianapolis Power & Light Co
$5,000,000
—To be used
disposition. Office
Radio
$10,000,000
;
com¬
will
300.000
Curtis)
September 27
Venture Capital
trust
&
Associates)
Brager
(United
non-voting
public
Capital
Webber,
Industrial Development Bank of Israel Ltd
-
American Mortgage Investment
Corp.
April 29 filed $1,800,QUO of 4% 20-year collateral
-bonds and 1,566,000 shares of class A
mon
(Paine,
Puritron
Corp.
&
shares
——Common
Co.,
Inc.)
$900,000
(Bache
1
.
.Common
__4
&
Co.)
250,000
shares
Volume
192
October 3
Number 5984
.
The Commercial and Financial Chronicle
,
(Monday)
American Recreation
October
Centers, Inc
(York & Co.)
American
.
Debentures
Centers, Inc.__
(York & Co.)
60,000 shares
/
(A.
C.
&
Co.)
150.000
Allyn
(Granbery,
Technical
October 4
Co.,
Inc.)
550,000
Marache
&
Co.)
200,000
Peabody
Co.)
120,000
shares
H.
Walker &
Oil Recovery Corp._
(Lehman
Brothers
Co.)
100,000 shares
to
and
Allen
&
Co.)
be
American
11:00
28
196 acres of
Liberty, N. Y. Proceeds—For development of
Recreation
Centers, Inc. (10/3-15)
sinking fund deben¬
tures, due September, 1972 (with attached warrants for
purchase
of
150,
shares
of
stock
fori each
$1,000
debenture purchased), and 60,000 shares of capital stock.
Price — To be supplied by amendment. Business —The
company is engaged, through subsidiaries, in the opera¬
tion of four bowling centers, and in the sale of bowling
accessories.
Proceeds
—-
Retirement
of
indebtedness,
modernization
of facilities, and for general corporate
Office—1721 Eastern Ave., Sacramento, Calif.
Underwriter—York & Co. of San Francisco, Calif.
purposes.
7 ' American
& St.
Lawrence
Seaway Land Co.
Jan. 27 filed 538,000 shares of common stock, of which
350,000 shares are to be publicly offered. Price—$3 per
•hare. Proceeds—To pay off mortgages, develop and im¬
prove
properties, and acquire additional real estate.
Office—60
E.
A. J. Gabriel
•
42nd St., New York City. Underwriter—
Co., Inc., New York City. -
American
Title Insurance Co.
(9/26-30)
V
27, 1960 filed 301,884 shares / of common stock
(par $2), of which 150,000 shares are to be publicly
offered for the account of the issuing company and the
July
balance is to be used in connection with
exchange offers
the stock of similarly engaged companies.
Price-
for
To
be
supplied by amendment.
Proceeds—For
general
corporate purposes, including possible future acquisi¬
tions. Office—901 N. E. 2nd Ave., Miami, Fla.
Under¬
writers—A. C. Allyn & Co., Inc., and Bache & Co., both
of New York City (managing).,
.
to
.
Arden Farms Co.
,77
May 13, 1960, filed 44,278 sharfeof preferred stock, and
149,511 shares of common stock. The company is offering
the preferred shares at $52 per share, and common shares
at $15 per share, initially through subscription warrants.
The holders of outstanding preferred stock will be en¬
titled to purchase the new preferred at the rate of one
to
share for each 10 shares held. Common stockholders
will be entitled to purchase the additional common
shares at the rate of
one new share for each
10 shares
The record date for both groups is June 23 with
rights to expire on or about Sept. 16.
Proceeds r— To
held.
repay the
equivalent portion of bank loans. Office—1900
West Slauson Ave., Los Angeles, Calif.
Consolidated
I960 (letter of notification) 100,000 shares of
capital stock (no par) of which 58,000 shares are to be
offered by the company and the balance by Arthur Spitz.
Price—$3
per share. Proceeds — To increase inventory
working capital. Office—2424 E. Washington,
Phoenix, Ariz. Underwriter—Newton, Osborne & Rey¬
nolds, Inc., 1800 David Stott Bldg., Detroit, Mich. Note
—It was announced on Sept. 6 that the SEC has
tempo¬
rarily suspended the "Reg A" exemption.
and
for
Arizona-New Mexico Development Corp.
June
28,
(letter of notification) 12,000 shares of
stock (par $4) and 48,000 shares of convertible
common
preferred
share of
stock
(par $4)
common
to
be offered in
units
and four shares of preferred.
of
one
Price—
$25 per unit. Proceeds — To develop land as a tourist
attraction.
Office—Scottsdale, Ariz. Underwriter—Pre¬
ferred Securities, Inc.
•
Arnoux Corp.
May 23 filed 133,000 shares of common
To be supplied by amendment. Proceeds
stock.
Price—
For general
corporate
purposes and working capital. Office—•11924
W. Washington Blvd., Los Angeles, Calif. Underwriter—
Shearson, Hammill & Co., New York.
Associated Sales Analysts,
;
-
Inc.
Aug. 15, 1960, filed 105,000 shares of outstanding class
A stock (par 10
cents). Price—$3.50 per share. Business
•i2.ooo.ooo
(Tuesday)
Bonds
i
to
be
received)
$15,000,000
to
(Bids
.Debentures
be
received)
Debentures
$20,000,000
Public Service Co. of New Hampshire
(Bids
to
November 16
be
received)
(Wednesday)
Merrimack Essex Electric Co.__
Bonds
(Bids to be received)
$25,000,000
December 6
(Tuesday)
Preferred
$7,500,000
(Tuesday)
Northern States Power Co.
$250,000,000
.Bonds
$6,000,000
tBlda
to
be
(Minn.)
invited)
Bonda
$35,000,000
Aug.
including debt reduction. Business—The distribu¬
of equipment used principally in the
electronics,
poses,
tion
aircraft and missile industries.
Office—New
York
City.
Underwriters—Clayton Securities Corp., Boston, Mass.,
and Maltz, Greenwald & Co., of New York
City.
•
Atlanta Gas Light Co.
y7'y'777',,777v',
Aug. 9, 1960, filed 109,186 shares of common stock (par
$10), being offered to holders of the outstanding common
of record Sept.
10
1 on the basis of
shares then held with
Rights expire at 5
supplied
loans
by
Atlanta,
p.m.
for
one new
share for each
oversubscription privilege.
EDST on Sept. 19. Price—To be
amendment.
incurred
Shearson,
Hammill & Co., New York City
an
Proceeds
construction
—
To
reduce
expenditures.
bank
Office—
Ga.
Underwriters—(for unsubscribed stock):
Corp., New York City, and Courts & Co.
Robinson-Humphrey Co., Inc., both of Atlanta,
(managing).
Bowling Investments Inc. (10/10-14)
17, 1960 (letter of notification) 150,000 shares of
stock (par 10 cents). Price — $2 per share.
common
Proceeds—For purchase of real estate, construction of a
bowling building, purchase or lease of equipment and
restaurant equipment. Office—1747 E. 2nd St., Casper,
Wyo. Underwriter—Copley & Co., Colorado Springs,
Colo.
'<•
••■'■ '
:■
'
7.7
•"
• Bridgeport Gas Co.
Sept. 2, 1960 filed 50,000 shares Of
offered to the holders of the
basis of
one
new
common
outstanding
stock, to be
common on
the
share for each six shares held. Price—
$27.50 per share. Proceeds—To
be applied
ment
for
the pay¬
additions
which are expected to approximate $1,800,000 in 1960.
Office—815 Main St., Bridgeport, Conn. Underwriter—
.bank
of
loans
incurred
to
property
None.
•
Bristol
be supplied by amendment. Proceeds—$9,500,000 to pay
for the acquisition of Commercial Discount Corp., with
Dynamics, Inc. (9/19-23)
28, 1960, filed 124,000 shares of common stock, of
which 69,000 shares are to be offered for public sale for
the account of the issuing company and 55,000 shares,
being outstanding stock, by the present holders thereof.
Price—$6 per share.
Proceeds—$100,000 for expansion
and further modernization of the company's plants and
equipment; $100,000 for research and development of
new
products; and the balance (about $123,000) for
working capital and other corporate purposes. Office—
the balance for general corporate purposes. Office—Chi¬
219 Alabama
First
and
Boston
The
Ga.
-7/;7'
ic Automatic Canteen Co. of America 7
Sept. 1, 1960 filed 524,00$ shares of common stock, to
be offered to holders of the outstanding common1 on the
basis of
one
new
share for each
10
shares
held.
Price—
111. Underwriter—Glore, Forgan & Co., New York
(managing). Offering—Expected in early October.
cago,
City
Autosomes, Inc.
July 29, 1960 (letter of notification) 135,000 shares of
common
stock (par five cents).;
Price—$2 per share.
Proceeds—For production and research for equipment,
inventory, building and working capital/ Office—42 S.
15th
St., Philadelphia, Pa. Underwriter—Robert M. Har¬
ris & Co., Inc., Transportation Bldg.,
•
Avionics
Investing Corp.
Philadelphia, Pa.
'77
'7'\7,'
(9/16)
July 12,
1960, filed 400,000 shares of capital stock (par
Price — $10 per share.
Business — The issuer is
$1).
a
closed
end
-
non
-
concerns
limit of
in avionics and related fields, with a
$800,000 to be invested in any
Office
prise.
D. C.
diversified management investment
Proceeds—For investments in small business
company.
1000
—
-
17/1960
A
one
proposed
such enter¬
16th Street, N. W., Washington,
Underwriter—S. D. Fuller &
Bal-Tex Oil Co.,
Co., New York City.
June
Ave., Brooklyn, N. Y. Business—Designing,
engineering, manufacturing, producing, and selling elec¬
trical and mechanical assemblies, electronic and missile
hardware components and special tools and fabrications.
Underwriter — William David & Co., Inc., New York.
Brothers Chemical Co.
(9/21-23)
(letter of notification) 100,000 shares of
class A common stock (par 10 cents).
Price — $3 per
Aug.
9,
share.
(letter of notification)
300,000 shares of
Price—At par ($1 per share).
for development of oil proper¬
Business—Manufacturing chemicals.
Proceeds—
Office — 575 Forest
Street, Orange, N. J. Underwriters—Sandkuhl & Com¬
pany, Inc., Newark, N. J. and New York City and J. I.
Magaril & Co., New York City.
For
general
corporate
purposes.
,
• Bruce National
Enterprises, Inc. (9/20)
April 29 filed 335,000 shares of common stock (par 10
cents). Price—$6 per share.
Proceeds—For reduction
of outstanding indebtedness; to pay off mortgages on
certain property; for working capital and other corpo¬
rate purposes.
Office—1118 N. E. 3rd Avenue, Miami,
Fla.
Inc.
1960
Underwriter
—
George, O'Neill & Co., Inc., New
7'v""
York,
;'y
.
777V 7
ties. Office—Suite 1150, First National Bank Bldg., Den¬
if Bryn Mawr Trust Co.
The Bank is offering 7,360 shares of capital stock (ex¬
empt from SEC registration) to holders of the outstand¬
Colo. Underwriter—L. A. Huey & Co., Denver, Colo.
ing shares of such stock of record Aug. 30, 1960, on the
common
Proceeds—For
ver,
stock,
expenses
Blackman
Merchandising Corp.
July 28, 1960 (letter of notification) 27,500 shares of
common
stock, class A (par $1). Price—$10 per share.
Proceeds—For working capital. Office—3041 Paseo, Kan¬
sas City, Mo. Underwriter—Midland Securities Co.,
Inc.,
Kansas City, Mo.
7-:, i/VySteel
Rolling Mills, Inc.
July 25, 1960 filed $1,300,000 of 6% subordinated con¬
vertible debentures, due 1976, and 245,439 shares of
common
stock, of which the stock will be offered to
holders of record May 31, on the basis of 53 V4 new shares
for each share then held. Price
For the debentures,
100% of principal amount; for the stock, $5 per share.
—
lated
—
invitodi
Astrex Corp.
(9/12-16)
7
j'-July 12, 1960, filed 100,000 shares of common stock. Price
—$4 per share. Proceeds — For general corporate pur¬
Proceeds—For
(9/12-3L6)
Bonds
bo
to
New Jersey Bell Telephone Co.
,
Border
1960
Bonds
«
diversified maangement investment company. Proceeds
—To invest for capital appreciation in small businesses.
Investment Advisor—Allied Research & Service
Corp.,
75 Federal St.,
Boston, Mass. Underwriter —
class
Industries, Inc.
July 28,
Co
Co
(Bids
$25,000,000
received)
:
$30,000,000 '
is engaged in the electronic data proc¬
essing and machine accounting service business. Pro¬
ceeds— To selling stockholders.
Office — 220 W. 42nd
Street, N. Y. C. Underwriter—Amos Treat & Co., Inc.,
New York City. Offering—Expected sometime in Octo¬
ber.
;7\: • ;■/77 ',777;\V/ ; ■ y-7''■:;
June
Arizona
Power
$16,000,000
received)
be
received)
(Thursday)
November 15
Idaho
Bonds
(Thursday)
new
•
be
be
(Tuesday)
(Bids
$300,000
—The company
Aug. 15, 1960 filed $600,000 of 7%
the
Inc.)
invited)
(Bids to be received)
Playlands Corp.
American
Co.,
American Telephone & Telegraph Co._-Debentures
$30,000,000
the land; Office—55 South Main St., Liberty, N7Y. Un¬
derwriter—M. W. Janis Co., Inc., New York City.
•
be
.
Georgia Power Co.
(Wednesday)
20
October 25
Debentures
a.m.)
ate an amusement and recreation park on
near
to
(Bids
$5,000,000
Aug. 22, 1960 filed 300,000 shares of common stock. Price
—$4 per share. Business—The company intends to oper¬
land
&
Florida Power Corp
Bonds
$30,000,000
..Debentures
Gas & Electric
November 3
shares
Lighting Gas Supply Co._
October
$2,000,000
(Thursday)
page
250,000
(Tuesday)
(Bids
Columbia Gas System, Inc
Continued from
October 19
Preferred
(White, Weld & Co.)
(Bids
Barnes
(Bids
$30,000,000
Nevada Power Co
October 6
Weeks)
Common
18
.
Pacific
Bonds
invited)
77-'77/77 * (White, Weld & Co.)
>
-
$1,600,000
Southern Nevada Power Co
Southern
&
Common
*
Louisville Gas & Electric Co
•
received)
(Bids to be received) $60,000,000
Homes, Inc.___
—__Conv. Debentures
San Diego Gas & Electric Co
(Bids
(Monday)
Inc.
October
Common
be
to
November 1
150,000 shares
Pacific
(David
(Tuesday)
Brothers and G.
Piper, Joffray & Hopwood)
(Hornblower
Minitronics,
.Common
&
......Common
and
Detroiter Mobile
shares
Corp
.Bonds
•____
to
(Bids
Corp.
October 17
shares
(Tuesday)
29
(Monday)
(Bids
$300,000
United Gas Corp.
11
(Lehman Bros,
—Common
Industries, Inc
(Lehman
Daffin
Common
&
Materiel
(Kidder,
Gulton
October
V
shares
-—
Shack Corp
Radio
'
.
—Common
Feabody
Co.)
&
United Gas Corp.
Common
Canital
Cornet Stores
(Kidder,
October 31
(Monday)
Bowling Investments, Inc
$600,000
(Copley
Recreation
Pik-Quik, Inc.
10
(977)
the
construction
facilities, land
general
funds.
purchase,
Office — Mart
of
a
steel
mill
and
re¬
interest payments, and
Bldg., El Paso, Texas.
Underwriters—First
Securities
Harold S. Stewart &
Co., El Paso, Texas (for debentures
■
"y ■'
only).
•
Boston
Aug.
Co.,
Dallas,
.
Capital Corp.
Texas,
and
basis
of
one
new
share
for
each
15
then
shares
held.
Rights expire Sept. 27, 1960. Price—$36 per share. Pro¬
ceeds—To increase capital funds. Office—Bryn Mawr,
Pa. Underwriter—Stroud &
Business
Aug.
5,
common
Co., Inc., Philadelphia 9, Pa.
Finance Corp.
1960
(letter of
notification) 195,000 shares of
(par 20 cents). Price — $1.50 per share.
Office—1800 E. 26th
stock
Proceeds—For business expansion.
St., Little Rock, Ark. Underwriter—Cohn Co., Inc., 309
Ridge Road, Little Rock, Ark.
N.
Buttrey Foods, Inc.
Aug. 15, 1960 filed 65,000 shares of common stock. Price
—To
be
pany
operates
supplied by amendment. Business—The com¬
a chain of 21 retail food stores in Mon¬
Proceeds—For equipment and inventory, and for
additional stores as may be opened in the future. Office
tana.
—601
6th St.,
S. W., Great Falls, Montana. Underwriter
—J. M. Dain &
Co., Inc. of Minneapolis, Minn.
■
(9/12-15)
3, 1960 filed 1,500,000 shares of common stock
(par $1), constituting its first public offering. Price—
$15 per share. Business—The issuer is a closed-end, non-
Buzzards
Bay Gas Co., Hyannis, Mass.
June 7 filed 27,000 outstanding shares of common stock,
to be offered for sale by American Business Associates.
„
Continued
on
page
30
30"
(978)
The Commercial and Financial Chronicle
Continued from page
29
construct refinery. Underwriter—Lehman Brothers, New
York. Offering—Indefinite.
*
7
To be
—
supplied by amendment. Underwriter—
Coffin & Burr, Inc., Boston, Mass.
postponed.
Offering—Indefinitely
*
Bzura Chemical Co., Inc.
Aug. 25, 1960 filed 450,000 shares of common stock (par
25 cents), an undetermined number of which will be
offered for the account of the issuing company, with
the remainder to be offered for the account of the pres¬
Price—To
thereof.
holders
ent
Business
ment.
The
—
be
company
supplied by amend¬
makes and sells citric
the capacity of the parent
Inc., for the manufacture of fumaric
acid, and to enable it to produce itaconic acid, with the
balance for working capital. Office—Broadway & Clark
Streets, Keyport, N. J. Underwriters—P. W, Brooks &
Co., Inc., and Lee Higginson Corp., both of New York
City (managing). Offering—Expected in late September.
acid.
Proceeds
—
To expand
Bzura,
company,
International Corp.
Canaveral
;
^ '
Aug. 12, 1960 filed 300,000 shares of common stock (par
$1). Price—To be supplied by amendment. BusinessLand sales and development. Proceeds—$150,000 for ac¬
counts payable, $335,000 for mortgage and interest pay¬
ments, $250,000 for advertising, $250,000 for development
costs and $290,000 for general working capital. Office—
1766 Bay Road, Miami Beach, Fla.
Underwriter — S.
Schramm & Co., Inc., New York City.
Capital Investments, Ine.
July 15, 1960 filed 60,000 shares of common stock. Price
•—$11 per share. Business—Issuer is a closed-end, nondiversified management investment company providingequity capital and advisory services to small business•
Proceeds
concerns.,
For
—
general
corporate purposes.-
Office—743 No. Fourth St., Milwaukee, Wis. Underwriter
—The Marshall Co., Milwaukee. Offering—Imminent.
Carco
Industries,
Inc.
Aug. 25, 1960 filed 150,000 shares of
common
stock (par-
10 cents). Price—$5 per share. Business—The manufac¬
ture, assembly, sale, and installation of various metal/
products. Proceeds—For general corporate purposes, in¬
cluding payment of taxes, plant and equipment, and:
working capital. Office—. 7341 Tulip St., Philadelphia,
Pa. Underwriter—Myron A. Lomasney & Co., New York ;
City. Offering—Expected sometime in October. - * ;
7
'
Cavitron
Corp.
(9/26-30)
;
-
-
June 17, 1960, filed 40,000 shares of common stock. Price;
$15 per share. Proceeds—To finance the company's anti-:
cipated growth and for other general corporate
Office—42-15 Crescent
writer—None.
•
St., Long Island City, N. Y. Un-
7777
.
purposes/
;7:;,7:
//.
v ■'
Commercial
Banking Corp.
Thursday, September 8, 1960
.
.
(9/12-16)
July 18, 1960 (letter of notification) $290,000 of 6% sub¬
ordinated debenture bonds due April 1, 1969 with five
year warrants to purchase common stock. Price—$965
per $1,000
debenture. Proceeds—For working capital.
Office—104 S. 20th St.,
s-
c-.7-V 77'7':;'77777
•
Del
:
1975. Price—At face value. Proceeds—For working
capital. Address—Darlington, S. C. Underwriters—G.~H.
Crawford Co., Inc. and Frank S. Smith & Co., Inc., Co¬
lumbia, S. C. and V. M. Manning & Co., Inc., Greenville,
1,
Philadelphia^ Pa. Underwriter—
Suplee, Yeatman, Mosley & Co., Inc., Philadelphia, Pa.
Commonwealth Electronics Corp. \r
1, 1960 (letter of notification) 60,000
shares of
class A common stock (par 10 cents). Price —
$5 per
share. Proceeds—To purchase machinery and
equipment,
research and development and for working capital. Ad¬
dress
c/o Harold G. Suiter, Box 1061, Rio Piedras,
Puerto Rico. Underwriters
L. L. Bost Co., Baltimore,
Md.
\ vv,7.; ;;:v77 v77 ' :"77;;: •
from its own designs, and sells high voltage
supplies, transformers, chokes, and reactors. Pro-*
ceeds—For working capital, relocation, and expansion.
Office—521 Homestead Ave., Mount Vernon, New York.
Underwriters
Standard Securities Corp., New York
City, and Bruno-Lenchner, Inc., Pittsburgh, Pa. Offer¬
ing—Imminent. 7 7 7 7' "
7
7V7777
7
—
—
77
r
Aug. 25, 1960 filed 42,960 shares of common stock
$10) to be offered to the holders of the outstanding
mon
the
on
basis of
one
share for each
new
10
Deluxe Aluminum
Products,. Inc.
Oct. 15 filed $330,000 of convertible debentures, and 70,000 shares of common stock. Price—For the debentures,
100% of principal amount; for the stock, $5 per share..
Proceeds—From 10,000 shares of the common stock, to
the present holders thereof; from the rest of the offer¬
ing, to the company to be used for expansion and as
working capital.. Office—6810 S. W. 81st St.. Miami. Fla.
Underwriter—R. A. Holman & Co., Inc. Offering—Ex¬
pected sometime in September. '7'' 7/7-'
(par
com¬
shares-
held. Price—To be
supplied by amendment/ Proceeds—
To reduce amount of outstanding bank loans. OfficeDallas, Pa. Underwriter—Eastman, Dillon, Union Securi¬
ties & Co., New York City (managing). '
/
Consolidated Realty Investment Corp. April 27 filed 2,000,000 shares of common stock. Price—
$1 per share. Proceeds—To establish a $250,000 revolving
fund for initial and
struction of custom
,
intermediate financing of the con*
/ • Detroiter Mobile Homes, Jnc.7( 10/17-21)" '
Aug. 17, 1960 filed 250,000 shares of common stock (par
$1). Price—To." be supplied by-amendment.-Business—
pre-fabricated type residential or
commercial buildings and facilities upon properties to.
be acquired for sub-division and
shopping center devel-,
opments; the balance of the proceeds will be added to
working capital. Office—1321 Lincoln Ave., Little Rock,
Ark. Underwriter—The
Huntley Corp., Little Rock. Ark.
or
Continental Can Co., Inc. (9/29)
Aug. 31, 1960 filed $30,000,000 of debentures, due Oct.
1, 1985. Price—To be supplied by amendment. Proceeds
—For working capital. Office—100 E. 42nd
St., New York
City. Underwriters—Goldman, Sachs & Co., and Lehman
Brothers (managing).
7:7,
Coral Aggregates Corp.
The manufacture and sale of mobile homes. Proceeds—
Approximately $1,000,000 to be invested in the capital
stock of its wholly-owned subsidiary Mobile Home Fi¬
nance Co., and the balance to be added to
the general
funds for inventory and accounts receivable. Office—•.
1517
general
Co., Inc., Philadelphia, Pa. Offering—Ex¬
pected in mid-October. * 7//■'7:'" v:':-7 7; 77/7:777:;'.;7' '//V/'1
Louis,
Mo.
Underwriter—Horn-'
7/1 (G. C.) 'Dewey Corp. ;
/•'.
v. "•
j
Aug. 25, 1960 filed 64,500 shares of outstanding common
stock (par one cent). Price—To be supplied by amend¬
t
ment. Business
Cornet Stores (10/3-7).
Aug. 26, 1960 filed 150,000 shares of
St.
Detroit;Tractorf Ltd.
7; ^77/7:
.77 .v7~7.::'7 y
May 26 filed 1,375,000 shares of class A stock.: Of this,
stock, 1,125,000 shares are to be offered for the com¬
pany's account and the remaining 250,000 shares are to"
be offered for sale by the holders thereof.- Price—Not to
exceed $3 per share.
Proceeds—To be applied to the',
purchase of machine tools, payment of $95,000 of notes
and accounts payable, and for general corporate pur¬
poses. Office—1221 E. Keating Avenue, Muskegon, Mich.
Underwriter—To be supplied by amendment; 7'/-VV.;
intends to engage in the extraction and sale of rock.
Proceeds—For equipment, working capital, and the re-7
tirement of indebtedness, with the balance for
&
St.,
<7:
/'77V 777^/7777,7''7': 7,77
V7V/7 77/77*:'~ '7 .7 7 7 7Cv
corporate purposes. Office—7200 Coral Way, Miami, Fla.
Underwriters—Peter Morgan & Co., New York City, and
Virginia
blower & Weeks of New York City (managing). 77
Aug. 25, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4
per share. Business—The company;
Robinson
•
-
.
makes,
,
(Pa.)
v/V*
Corp.
power
—
^Commonwealth Telephone Co.
Electronics
July 26, 1960 filed 100,000 shares of common stock (par
10 cents). Price—$4 per share. Business—The company
Aug.
•
Chematomics, Inc.
.
Dealers Discount Corp., Inc. 777*7"".
7
7
Aug. 1, 1960 (letter of notification) $300,000 of 7% sub¬
ordinated convertible sinking fund debentures, due July
-
Price
.
Missile
—-
and
electronics
and
research
.
June 24, 1960, filed 188,300 shares of common stock
(par
10 cents), of which 175,000 are to be offered for public
sale' by the company and 13,300
shares, being outstand¬
ing stock, by the present holders thereof. Price—$3 per
Bhare. Proceeds—For general corporate purposes. Office
—122 East 42nd Street, New York, N. Y. Business—In¬
tends
ion
to
manufacture
exchange resins.
and market high heat resistaftt
Underwriter—Pleasant Securities
Co., Newark, N. J. Note—The statement
on
Aug. 31.
was
withdrawn
7
Corp.
Sept. 2, 1960 filed 200,000 shares of common stock (par
10 cents). Price—$2 per share. Business—The
company
and
sells
miniature
electrolytic capacitors. Pro¬
ceeds—For general corporate
purposes,
including the
re¬
payment of bank loans and the addition of technical per¬
sonnel. Office—309 11th Ave.,
South, Nashville, Tenn..
Underwriter—Jay W. Kaufmann & Co., New York City.*
Offering—Expected in early November.
•
1
Cinestat Advertising Corp.
Aug. 26, 1960 filed 15,000 shares of class B capital stock.
Price—$100 per share. Business—The firm sells adver¬
tising and display devices. Proceeds—For starting the
business.
Office—30 West Monroe St., Chicago, 111. Un¬
' ;•
""''7 7 .'777
" /7 7 :v.7v\
derwriter—None.
Circle-The-Sights,
Inc.
March 30 filed 165,000 shares of common stock and
$330,000 of debentures (10-year 8% redeemable). Price—For
stock, $1 per share; debentures in units of $1,000 at their
principal amount. Proceeds—For initiating sight-seeing
service.
Clark
Office—Washington, D. C.
Underwriter—None.
which
of
127,500 shares
are
to
be
common
offered
stock, of
for the
account
the
issuing company and 95,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof.
ceeds
—-To
reduce
Robert L. Ferman &
Columbia
Gas
per
share.
Pro¬
indebtedness, with the balance
working capital/Office
•
Price—$4
for
Cleveland, O. UnderwriterCo., Miami, Fla. (managing).
—
due 1985. Proceeds—For construction. Office—120 E. 41st
St., New York City. Underwriter—To be determined by
competitive bidding/ Probable bidders: Merrill
Lynch,
Pierce, Fenner & Inc Inc.; Shields & Co.; R. W. Pressprich & Co. and Carl M. Loeb, Rhoades &
Co., all of
New York City. Bids—Expected to be
received on Oct. 6
up to 11:00 a.m. N. Y. Time.
Information—During busi¬
hours
on
Oct.
3
at 120
East 41st Street, New York
City.
Commerce
Oil
Refining Corp.
Dec. 16, 1957 filed $25,000,000 of first
mortgage bonds due
Sept. 1, 1968, $20,000,000 of subordinated debentures due
Oct. 1, 3968 and 3,000,000 shares of common stock
to be
offered in units as follows: $1,000 of bonds and 48 shares
of stock and $100 of debentures and nine
shares of stock,
price—To be supplied by amendment.
Proceeds — To
Diversified
receive
subscriptions.
Fla.
Underwriter—The
Tager Co., 1271 6th Ave., New
-7/ 77:77 7; :777'//7'7 77777//'v.'/7:'77'7:,'
Johnston, Lemon & Co., Wash., D. C.
Diversified Realty Investment Co.
April 26 filed 250,000 shares of common
$5 per share (par 50 cents)7Proceeds —
working capital. Office—919 18th Street,
ington, D. C7 Under writer—Ball, Pablo &
"77/
Cryogenics Inc.
7
Aug. 16, 1960 filed 236,000 shares of common stock, of
which 175,000 shares are to be offered for
public sale,
-
and
the balance
will
be
sold
to
promoters. Price—For
the public
offering, $2 per share. Proceeds—To repay a
loan, for salaries, operating expenses, purchase of
land, construction of a new laboratory and working cap¬
bank
ital.
Office—Washington, D. C. Underwriter—John R.
Associates, New York City. Offering—Expected
Maher
sometime in October.
7
7
;
★ Cyclomatics, Inc.
i
Aug. 31, 1960 filed 250,000 shares of common stock (par
10 cents). Price—$1,
per share. Business—Motorized and
automatic health equipment.
Proceeds —- For inventory
and working capital.
Office—Astoria, L. I., N. Y. Under¬
writer—General Securities Co., 101 W. 57th
St., N. Y. 19,
Y.
Offering—Expected
October.
late
in
'
;
::;7
September
7/.7;,,::
,7:
:
early
or
Baffin Corp.
(10/11)
Aug. 22, 1960, filed 150,000 shares of common stock (no
par). Price—To be supplied by amendment. Business—
The
makes
company
agricultural
implements, feed
grinding and mixing equipment for the livestock indus¬
try, and conveying and seed cleaning equipment. Pro¬
ceeds—To selling stockholders.
Office—Hopkins, Minn.
Piper,
aging.
-
..
Dakota
Aug.
Brothers, New York City, and
Jaffray
3,
& Hopwood,
77.'
> :
••
7
■•7
<•
(man¬
7, >"'•
••
.
7-7.'
Underwriters, Inc. -7-
1960
common
Minneapolis, Minn,
.
(letter
stock.
of notification) 300,000 shares of
Price—At par ($1 per share). Proceeds
—To
pay outstanding notes and the remainder for gen¬
eral corporate purposes. Office—214 W. Third
St., Yank¬
ton, S. C. Underwriter—Professional Insurers and Inves¬
tors Ltd., 104 E. 8th St.,
Denver, Colo. /
7
Dalto Corp.
March 29 filed
offered
record
for
May
(9/12-16)
134,739 shares of common stock, to be
subscript/on by holders of such stock of
2
at
the
two shares then held.
ment.
rate of
one
new
share
for
each
Price—To be supplied by amend¬
Proceeds—For the retirement of notes and addi¬
tional; working capital.
writer—None.
7 '
Office—Norwood, N. J.
:
-'
'7'
Under¬
7/7 7 77/77777'
Collateral
York City.
7
To
Corp.
(9/12-16)
July 26, 1960 filed (with the SEC in Atlanta) 775,000
shares of common stock (par 10 cents). Price—$4 per
share. Business^-Mortgage financing in Florida. Proceeds.
—For additional working capital. Office—Miami Beach,
Photo, Inc.
17, 1960 filed 100,000 shares of common stock.
Price-^$8 per share. Business—Processing and printing
photographic film.. Proceeds—Repayment of loans, ex¬
pansion of facilities, and the balance for working capital.
Office—3JL32 M St., N. W., Wash., D. C. Underwriter-
Underwriters—Lehman
System, Inc.. (10/6)
Aug. 26, 1960 filed $30,000,000 of debentures, series O,
ness
•
Aug.
N.
Cable
Corp.
Aug. 23, 1960 filed 222,500 shares of
of New York will
stores in five mainland western states and Hawaii. Pro->
ceeds—$1,100,000 will be used to repay short-term in¬
debtedness, with the balance for general corporate pur¬
poses. Office—411 So. Arroyo Parkway; Pasadena, Calif.
Underwriter—Kidder, Peabody & Co., New York City
(managing). 7 ""777-"7 7-://-/ 7.7",/ 7'777; " 77 'T-?Vv
7
—
selling stockholders. Office—202 E. 44th St., New York
City. Underwriter—None. Agent—The Empire Trust Co.
Crown
it Chemtronic
makes
development work for the Government. Proceeds
stock (par.
$1). Price—To be supplied by amendment. Business—
The. company operates a -chain\ of 125 retail variety,
common
.
.
ton, D. C.
7.
,
7:77777
stock.
Price—
For additional
N. W., Wash¬
Co., Washing7
'7':.
• '
*Dorsey Corp.
.7 7/;;;.:V7/
Sept. 1, 1960 filed $3,500,000 of 6J/2% sinking fund de¬
bentures, due October, 1975, with warrants for the pur¬
chase of 140,000 common shares, together with 350,000
common shares.
Price—For the 140,000 shares, $12 per
share; for the 350,000 shares the price will be supplied
by amendment; Business—The design, manufacture, and
distribution of all types of highway trailers except those
carrying liquids. Proceeds—$7,000,000 will be supplied
to the purchase of all the outstanding
capital stock of
Chattanooga Glass Co., with the balance for general
corporate purposes. Office — 485 Lexington Ave., New
York City. Underwriter—Blair &
Co.; Inc., New York
City (managing). Offering — Expected sometime in
.
October.
t
•
77/7;:
1
77
■
Drexel
Dynamics Corp. 7
V
Aug. 26, 1960 filed 100,000 shares of common stock (no
par). Price—$6 per share. Business—Research, develop¬
ment, and production in the fields of mechanics, elec¬
tronics, optics, and functional systems. Proceeds—The
net proceeds, estimated at $511,740, will be used for
product development ($100,000), payment of notes ($16,000), and working capital ($395,740). Office—Philadel¬
phia,.Pa. Underwriter — Warner, Jennings, Mandel. &
7Longstreth, Philadelphia, Pa. (managing). Offering —
Expected sometime in October. •.
77
.»
•
Duncan
Coffee
Co.
(9/19-23)
Aug.; 4, 1960, filed 260,000 shares of capital stock (par
$1). Price—To be supplied by amendment. Business—
Engaged primarily in importing, processing, packaging
and distributing its own blended coffees, marketed prin¬
cipally
under
"Admiration."
the
trade
Proceeds
names*:
—
/To
"Maryland
pay
Club"
and
$2,050,000 aggregate
principal amount of senior subordinated debentures ma¬
turing Dec. 31, 1960, and the balance toward the reduc¬
tion of outstanding trade acceptances of the
company.
Office—1200
Carr St., Houston, Texas.
Bear, Stearns & Co., New York City.
Underwriter—
Dynamic Center Engineering Co., Inc.
20, 1960 (letter of notification) 37,450 shares of
common
stock (par $1). Price—$4 per share. Proceeds
—To promote the sale of new
products, forjthe purchase
...
June
Number 5984
192
Volume
of additional equipment and
The Commercial and Financial Chronicle
working capital.
Address
Farms,' Inc.
v ■
; A."
/■! \,v-'
(letter of notification) $298,000 of 10-year 5%%
debentures, to be offered in denominations of $1,000,
$500 and $250 each. Price—At face value. Proceeds—
For working capital. Office—818 17th
Street, Denver 2,
-
Ga.
Underwriter—Gaston-Buffington-Waller
Inc., Atlanta, Ga.
'
;
7 /7 :
Norcross,
June 13
Dynatron Electronics Corp.
1960 (letter of notification)
April 29,
common
100,000 shares of
stock (par 10 cents). Price—$1 per share. Pro¬
Colo.
ceeds—For general corporate purposes. Office—178 Herricks Road, Mineola, N. Y. Underwriter—General Securi¬
Inc.,., New York, N. Y. /;:*V
ties .Co.,
East Alabama
77'7::
(979)
Underwriter—Wayne Jewell Co., Denver, Colo.
stock
common
(par
10
Business—Manufacture of electronic devices.
Express, Inc.
For general corporate purposes.
April 1 (letter of notification) 77,000 shares of common
6tock (par $1).
Price—$2.50 per share. Proceeds—To
Avenue, Jamaica, N. Y. Underwriter
Associates, Inc., New York, N. Y.
notes payable, reduce equipment purchase obliga¬
tions, accounts payable and for working capital. Office
—109 M Street, Anniston, Ala.
Underwriter—First In¬
vestment Savings Corp., Birmingham, Ala.
repay
Proceeds—
Office—134-20 Jamaica
J.
—
B.
Coburn
•
v
Federal Pacific Electric Co.
;
Aug. 2/ 1960 filed 377,000 shares of
stock- and
common
$45,000 shares of outstanding 5V2% convertible second
preferred series A stock, of which 127,000 common
shares represent part of the issuer's payment for all of
the outstanding common of Pioneer Electric Limited.
Central Racing and Breeders
Association.
Inc.-;, (9/15)
,
July 5, 1960, filed 200,000 units of 200,000 shares of cap¬
ital stock and 200,000 warrants to purchase
capital stock.
Each unit will consist of one share and one warrant for
East
.
The
balance
will
be
offered
publicly. Price
—
To
be
supplied by amendment. Proceeds—To acquire the cash
to provide working
capital for General Sales Acceptance
Corp. for credit sales to member customers.
The bal¬
of the proceeds will be used to
open two new stores
—
1105 N. E.
Oregon and Idaho. Office
Broadway,
Portland, Ore. Underwriter
Fennekohl & Co..
Inc.,
Offering—Expected in mid-September.
—
New York.
General Steel Castings Corp.
(9/15)
July 22, 1960 filed 296,649 shares of common stock (par
$1), of which 100,000 shares are to be offered for the
account of the issuing company and the
balance, repre¬
senting outstanding stock, will be offered for the ac¬
count of the present holders thereof. Price—To be
related
to the market price for the shares at the time of
the
offering. Proceeds—To be loaned to St. Louis Car Co., a
subsidiary. Office — 1417 State St., Granite City, 111.
Underwriter
•
Glen
necessary to
with
which
complete the Pioneer payment (see above),
to retire short-term bank loans, and
be added to working capital. Office — 50 Terrace St.,
Newark, N. J. Underwriter—H. M. Byllesby & Co., Inc.,
Chicago, 111. (managing). Offering — Expected in late
September to early October. -'
-
ance,
is the construction of about
date 32 horses each at
an
15 stables to
estimated cost of
accommo¬
,
$22,500 each.
Fiber
An additional $200,000 has been allocated for construc¬
tion of a building covering an indoor
and $74,000 for
working capital. Office
Underwriter—None.
Eastern
•
,
—
shares held. Price—To be supplied
by amendment. Busi¬
ness—The construction, development and
management
of shopping centers. Proceeds—To be added to the
gen¬
eral funds for working capital and general
.
behalf of
the
and 20,000 on
share. Proceeds
company
First Connecticut Small Business Investment Co.
debentures, and for capital for loans for small busi¬
nesses. Office—955 Main St.,
Bridgeport, Conn. Under¬
writer—Grimm & Co. of New York City.
.
Office—6L Mall Walk, Cross County Center,
Yonkers, N. Y. Underwriter—None.'
v;.
r,,:
.
&
Weeks, New York City
7
.
-
>
.
1960 filed
issuing company and 25,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof.
Price—$10 per share. Busi¬
ness—The company makes and sells ladies'
clothes, fabric
covers for bathroom
fixtures, and, through Mary Lester
Stores, yard goods, sewing supplies, decorating fabrics,
and various notions. Proceeds—For
working capital, in¬
cluding initially, the reduction of short term bank loans
$2,650,000 on July 25. Office—320 East
Buffalo St., Milwaukee, Wis. Underwriter—Loewi &
Co.,
Milwaukee, Wis. (managing).
which aggregated
•
Glickman
stock
pany,
real
Corp.
19, 1960 filed 400,000 shares of class A common
(par $1). Price—$10 per share. Business—The com¬
organized in May, 1960, plans to engage in the
estate business.
Proceeds
For general corporate
Office—565 Fifth Ave., New York City. Under¬
writer—Morris Cohon & Co., New York City. Offering—
—
purposes.
Expected in mid-October.
t
,
^
i
,
•
Edwards
April
Engineering Corp,
8 filed
85,000
shares of
(9/14)
stock
common
'.V
-
of
Flatirons Investment Co.
which
Aug.
70,000 shares are to be offered for the account of the
issuing company and 15,000 shares, representing out¬
standing stock, are to be offered for the account of the
present holders thereof. Price^—$3.50 per share. "Pro¬
ceeds—For
general
corporate
sales promotion, moving
aries,
including
purposes
and
expenses,
29,
(letter
1960
notification)
of
shares
2,450
of
stock. Price-—At par ($100 per share). Proceeds
common
~j-F'or working capital. Office
Colo. Underwriter—None.
Fleetcraft
—
900-28th
St.,
Boulder,
research
hnd
development work.' Office—715 Camp Street, New
Orleans* La. Underwriter—Sandkuhl & Company, Inc.,
New York City and
Newark, N. J.
—
Electro
July
19,
class A
Industries, Inc.
(letter of notification)
1960
tional class A
writers.
75,000 shares of
(no par) and 20,000 shares of addi¬
stock
common
class
A
$2 per share; of
additional class A common, 21/fc cents per share. Proceeds
—To expand the company's
inventory to go into the
packaging and export of electrical equipment, and for
working capital. Office—1346 Connecticut Ave., N. W.,
Washington, D. C. Underwriter — Carleton Securities
Corp., Washington, D. C.
To advertise and for payroll and
working capital. Office
—6399 Wilshire Blvd., Suite
812, Los
Underwriter
Angeles,
Baron, Black, Kolb
Beverly Hills, Calif. ' :
—
&
Lawrence,
Calif.
Inc.,
Electronic Specialty Co.
2 filed 150,000 shares of
June
cents).
—To
common stock
(par 50
Price—To be supplied by amendment. Proceeds
added to the general funds in anticipation of
be
capital
requirements,
possibly to include acquisitions.
Road, Los Angeles, Calif.
Underwriters—Reynolds & Co., Inc. of New York City
and
Bateman, Eichler & Co. of Los Angeles, Calif. Offer¬
ing—Indefinitely postponed.
Office—5121
Ennis
San
Fernando
Business
Forms, Inc. (9/26-30)
July 14, 1960, filed 74,546 shares of outstanding common
stock (par $2.50). Price—To
be; supplied by amepdnaent.
Proceeds—To selling stockholders. Office
' 214 West
Knox St., Ennis, Texas.
& Co., New York City.
Underwriter—Kidder, Peabody
Fae Instrument Corp.
July
28,
1960
common
stock
Business
—
(letter
(par
The
of
10
notification)
cents).
manufacture
60,000
Price
of
—
$5
technical
shares
of
per.share.
instruments.
Proceeds—For payment of current liabilities, an expan¬
sion program, and for operating capital.
Office—42-61
Hunter St., Long Island City 1, N. Y.
Underwriter—
Elmer K. Aagaard, Suite 6, Stock
Exchange
Exchange Place, Salt Lake City, Utah.
Fairmount Finance Co.
May 6
Bldg., 39
(9/12-16)
(letter of notification) 58,000 shares of class A
stock (par $5).
Price—At par ($5 per share).
common
Proceeds—For
working
capital.
Road, Fairmount Heights, Md.
Office—5715
Sheriff
Underwriter—J. T. Pat¬
York, N. Y.
terson & Co., Inc., 40 Exchange Place, New
Aug. 4,
1960
(letter
of
notification)
125,000
shares
of
class A common stock; 50,000 shares of class B common
-stock, and 50,000 shares of class C common stock, to be
: sold to policyholders of the company. Price—Class A, 25
cents per
share; class B, 35 cents
share, and class C,
50 cents per share. Proceeds—For working
capital. Of¬
fice—2225 N. 16th St., Phoenix, Ariz: Underwriter—None.
per
c/o Robert R. Chesley, 1235 E. Florence Ave.,
Angeles, Calif. Underwriter—Arthur B. Hogan, Inc.,
Florida
-
'
'
•
Hillsboro Corp.
s
,
*
<>-
Aug. 16, 1960 filed $1,000,000 of junior lien bonds, 7%
series, due 1975, and 150,000 shares of common stock,
to be offered in units of a $500 bond and 75 shares of
common
stock.
Also
filed
were
120,000
shares
of
common stock.
Price—For the units, $500 per unit; for
120,000 common shares, $1 per share. Proceeds — For
property improvements, the repayment of indebtedness,
and the balance for working capital. Office—Ft. Lauder¬
dale, Fla. Underwriters—P. W. Brooks & Co. Inc. and
Lee Higginson Corp.
(for the common only), both of
New York City. Offering—Expected in late September.
•
Foto-Video
Electronics
Corp. (9/19-23)
April 26 filed 125,000 shares of class B stock. Price—
$4 per share. Proceeds—$100,000 for research and de¬
velopment, $200,000 for working capital, and the balance
for sales promotion expenses.
Office — Cedar Grove,
N. J. Underwriter—Fund Planning, Inc., New York City.
•
Four
Star Television
27,
Price—To
1960
be
Franklin Discount Co.
Aug. 23, 1960, filed $300,000 of 8% subordinated convert¬
ible debentures, due serially 1966-1968, and $300,000 of
8% subordinated capital notes due eight years, eight
months and eight days after date of issue.
Prices—At
par. Business—The company is engaged in the consumer
finance or small olan business, and, to a lesser extent,
in the purchasing of car, boat, and appliance installment
sales contracts from dealers. Proceeds—For general cor¬
porate purposes. Office—105 North Sage Street, Toccoa,
Proceeds—Ap¬
proximately $150,000 will be used to discharge that
portion of its obligation to Jones & Co. pursuant to
indebtedness
Underwriter—None.
>
of selling stockholders
of
the
issuing
are
to be offered for the account
and the balance for the
company.
Price
—
To
amendment.
Business—The
business, both
as
be
account
supplied
by
company
construction
a
builder for its
own
a
account.
is engaged in the
general contractor and
Proceeds
—
For
debt
reduction and
working capital. Office—141 North Ave.,
Bridgeport, Conn. Underwriter—Van Alstyne, Noel &
Co., New York City (managing). Offering—Expected in
late September.
*
..• •
..."
.
..
as
collateral.
The
initially incurred on
15, 1960 in connection with refinancing the com¬
pany's obligations to a bank. In addition, $15,000 will
be
was
used
for
the
construction
of
an
additional
smoke¬
house, and the balance will be used for general corporate
purposes. Office—614 Broad Street, Utica, N. Y. Busi¬
ness—The company is engaged in the processing, pack^
ing and distribution of meats and meat products, prin¬
cipally sausage products, smoked meats, bacon, and meat
specialties. It also sells certain dairy products. Under¬
writer—Ernst Wells, Inc., 15 William Street, New York
City.
Greenbelt Consumer Services, Inc.
April 28 filed 40,000 shares of series A common stock
and 160,000 shares of series B common stock. Price—$10
per share. Proceeds—$400,000 will be used in payment
of bank loans made in January to finance the purchase
of equipment for two new supermarkets which are plan¬
ned to be opened in May and June, 1960. Approximately
$200,000 will be used for the purchase of inventory for
the
two new stores. The company contemplates open¬
ing four additional supermarkets within the next two
and one-half years.
Approximately $1,200,000 of the
pro¬
ceeds of the offering will be used to finance the
pur¬
chase of equipment and inventory for such stores.
The
balance of approximately $182,000 will be added to
gen¬
eral working capital. Office—10501 Rhode Island
Ave.,
i Gulf Resources, Inc.
Sept. 2, 1960 filed 140,000 shares of common stock (par
10 cents). Price—$8 per share. Business—Gathering nat¬
ural gas in Zapata and Starr Counties, Texas. Proceeds
For general corporate purposes.
Office — 20 Broad
Street, New York City. Underwriter—Amos Treat & Co.,
Inc., New York City. Offering—Expected sometime in
—
October.
Gulton
7 ;
\7 ■:
Industries, Inc.
.
General Sales Corp.
April 28 filed 90,000 shares of common stock (par $1).
Price—To be supplied by amendment. Proceeds—$75,000
.
7. 7-
(10/4)
-."■■•"/j-'-;'- -"-7
7'
..7;
7
Aug. 11, 1960 filed 100,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The research, development and manufacture of elec¬
tronic, electro-mechanical and electro-acoustic compo¬
nents, instruments and equipment, which are sold to
military and commercial manufactures. Proceeds—To be
added
to
the general funds,
for requirements including
additional working capital for inventories and accounts
receivable. Office — 212 Durham Ave., Metuchen, N. J.
Underwriters—Lehman
Frouge Corp.
July 22, 1960 filed $1,500,000 of 6V2% convertible sub¬
ordinated debentures, due September 1975, and 150,000
shares of common stock (par $1), of which filing 50,000
of the common shares
pledged
are
to Jones & Co.
June
,
Ga.
v
-
Beltsville, Md. Underwriter—None.
(9/19-23)
filed 120,000 shares of capital stock.
supplied by amendment.
Business—The
company and its subsidiaries will produce and market
television film series and related enterprises. Proceeds
—For general corporate purposes. Office—4030 Radford
Ave., North Hollywood, Calif. Underwriter—DempseyTegeler & Co., St. Louis, Mo. (managing).
July
as
Farm & Home Loan & Discount Co.
—
Burbank, Calif.
common,
Electromedia, Inc.
Aug. 26, 1960 (letter of notification) 100,000 shares of
common stock
(par $2). Price—$3 per share. Proceeds—
'
Los
stock to be offered to the under¬
common
Prices—Of
Office
7
Gold Medal Packing Corp.
June 17, 1960, filed 100,000 shares of 25c convertible
pre¬
ferred stock (par $4).
Price—At par.
which certain inventories
Marine
Corp.
^
July 5, 1960 (letter of notification) 150,000 shares of
capital stock (no par) of which 112,500 shares are bemg
offered by the company and the remainder for ithie
account of the selling stockholder. Price—$2 per share.
Proceeds
To pay off debts and for working capital.
sal¬
7;
'
■
125,000 shares of common stock, of
100,000 shares are to be offered for the account
of the
Aug.
of
purposes.
..
on
Aug. 12, 1960 filed 225,000 shares of common stock (par
$1). Price—$10 per share. Proceeds—To retire $150,000
corporate
„
offered
Corp. of America
(letter of notification) 100,000 shares of
(par 10 cents) of which 80,000 shares are
Securities, Inc., Hempstead, N. Y.
share for each 3
new
be
Industries
behalf of the underwriter. Price—$3 per
—To purchase material, repayment of a loan, for adver¬
tising and promotion and for working capital. Office—
730 Northwest 59th St., Miami, Fla. Underwriter—Nelson
_
one
stock
to
,
the basis of
on
1960
common
Shopping Canters, Inc.
stock
Glass
July 21,
training track
Randall, N. Y.
Aug. 15, 1960, filed 1,048,167 shares of common stock' to
be offered for subscription by holders of
outstanding
common
balance
Hornblower
Manufacturing, Inc.
Aug. 8,
12 months.
the
—
(managing).
the
purchase of an additional share exercisable within
Price—$3.50 per unit. Proceeds—First step in
the management's program if this
financing is successful
and after allocating $10,000 to
finishing a training track
surface and $25,000 to property accruement and mainten¬
working capital, inventories
facilities for the Portland Discount
Center; $75,000
the. same purposes in the Salem Center; and $50,000
for
in
150,000 shares of
Price — $2 per share.
cents)."
and
ance
it Federated Electronics, Inc.
Aug. 31, 1960 (letter of notification)
'
will be used for additional
31
Brothers
and
G.
H.. Walker
&
Co., both of New York City (managing).
• Hallicrafters Co.
(9/15)
July 22, 1960 filed 300,000 shares of capital stock (par
$1), of which 100,000 shares are to be offered for the
account of the issuing company and the balance, repre¬
senting outstanding stock, is to be offered for the account
of the present holders thereof. Price — To be supplied
by amendment.
Business — The research,
develop¬
ment, and manufacture of military electronic equip¬
ment, and the commercial manufacture and sale of short¬
wave sending and receiving equipment.
Proceeds—For
working capital, including the reduction of indebtedness
by $1,000,000. Office—440b W. Fifth Ave./ Chicago,, 111.
Underwriter—Paine, Webber, Jackson & Curtis (manag¬
ing).
:
Continued
on
page
32
32
Continued
•
The Commercial and Financial Chronicle
(980)
from
and
Bruno Lenchner, Inc., Pittsburgh,
Expected sometime in October.
31
page
Brand, Inc. (9/12-13)
July 22, 1960 filed 191,667 shares of common stock (10c
par), of which 150,000 shares will be sold for the account
of the issuing company and 41,667 shares, representing
outstanding stock, will be sold for the account of the
present holders thereof. Price — To be supplied by
amendment. Business—The issuer is engaged primarily
in
the
working
Office
capital.
Kansas.
Pittsburgh,
—
Underwriter—S. D. Fuller & Co., New York City.
•
•
Electric
Hawaiian
Ltd.
Co.,
Office—900
Richards
Hawaiian
Pacific
of
convertible sub¬
1970, and 100,000
shares of common stock. Price—Debentures, at 100% of
principal amount; common stock at a maximum of $10
share. Proceeds
bank
equipment, reduction of indebtedness, and the acquisi¬
tion of properties. Office
Heldor Electronics
Manufacturing Corp.
(9/19-23)
June
29, 1960
(letter of notification) 100,000 shares of
(par 10 cents). Price—$3 per share. Pro¬
general corporate purposes.
Office — 238
stock
common
ceeds— For
Lewis
Street, Paterson, N. J. Underwriter—S. Schramm
Co., Inc., New York, N. Y.
&
Helicopters, Inc.
May 19 (letter of notification) 60,000 shares of
stock
common
(par
$1). Price — $5 per share. Proceeds — For
of equipment, tools, inventory and working
purchase
capital. Office—Heliport, Stapleton Airfield, Denver 2,
Underwriter—Insurance Stocks, Inc., Denver, Colo.
Offering—Expected in September.
Highway Cruisers of California, Inc.
Aug. 19, 1960 (letter of notification) 60,000 shares of
capital stock (par $1). Price—$5 per share. Proceeds—To
improve and extend distribution of products, research
and development and for working capital. Office—8117
Slauson Ave., Montebello, Calif. Underwriter—Keon
Co., Inc., Los Angeles 14, Calif.
Hilltop, Inc.
Aug. 17, 1960 filed $1,650,000 of 6% subordinated deben¬
tures, due 1980, and 1,650 shares of class A common stock,
to
be
offered
in
units
of
one
$1,000 debenture and one
supplied by amendment.
Business—The principal business of the company, which
was organized under Kansas law in
June, 1959, will be
the
A share.
Price
To
—
owning, acquiring,
be
improving,
developing,
selling,
and leasing of improved and
unimproved real property.
Proceeds—To reduce
bian Bldg.,
funded
debt.
Office—401
Colum¬
Topeka, Kan. Underwriter—None.
Home Builders
Acceptance Corp.
July 15, 1960 filed 1,000,000 shares of common stock (par
50c). Price—$1 per share. Business—The company is
engaged in real estate financing and lending. Proceeds
general
corporate
purposes.
Office — 409
N.
—For
Nevada, Colorado Springs, Colo.
Underwriter—None.
Honey Dew Food Stores, Inc.
June
24, 1960
convertible
Price
—
(letter of notification)
subordinated
At
100%.
debentures
These
$300,000 of lVz%
July 1, 1970.
due
debentures
are
convertible
through June 30,1965 into capital stock at $2.50 per share
to and including June
30, 1962, at $3.331/a per share from
July 1, 1962 to June 30, 1964 inclusive and at $4
per
share from July 1, 1964 to June
30, 1965 inclusive. Pro¬
ceeds
—
For general corporate
purposes.
Office
—
811
Grange Rd., Teaneek, N. J. Underwriter
Vickers.
Christy & Co., Inc., 15 William St., New York
5, N. Y.
Offering—Expected sometime in October.
<
/ ••
—
Horizon Land Corp.
Aug. 29, 1960 filed $1,500,000 of 7% subordinated con¬
vertible
debentures, due October 1970, and 150,000 series
III,
common stock purchase
warrants, to be offered in
umts consisting of a $1,000 debenture and
100 warrants.
~ ?LOOO per unit.
Business — Buying and selling
land. Proceeds—-For general
corporate purposes, includ¬
ing land acquisition and
advertising expenses. Office—
Tucson, Ariz. Underwriter—Ross, Lyon &
Co., Inc., New
York City.
,
n<;e
I C
Inc.
June 29 filed 600,000 shares of
common stock
Price—$2.50
between 9:30
Chase
and
advertising
of
to
its
beverages, and
where
such
bottlers, etc. OfficeDenver. Colo. Underwriters— Pur
Vs, & £?• *nd A™os C' Sudler & Co., both
Colo.
Offering—Expected in early October.
Illinois
April
stock.
per
'
Pa.
of Denver,
Beef, L. & W. S., Inc.
29 filed 200,000 shares
Proceeds—To selling
share.
Office
200
South
of
outstanding
stockholders.
in
connection
with
its
some
was
effective
on
Sept. 2.
and 5:00 p.m. by appointment, at the
Bank, 43 Exchange Place, New York
a.m.
Manhattan
—
Underwriter—Harry E. Brager Associates, Washington,
D. C. and New York City.
ic Industrial Hose & Rubber Co., Inc.
Aug. 31, 1960 filed 125,000 shares of common stock. Price
—$4 per share. Proceeds —- Toward the repayment of
notes, new machinery, additional inventory, and the bal¬
ance for working capital. Office —
Miami, Fla.
Under¬
writer—Schrijver & Co., New York City (managing).
• Industrial Timer
Corp. (9/12-16)
July 28, 1960 filed 75,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The manufacture and sale of timing
controls, relays,
and a recently developed actuating programmer.
Pro¬
ceeds—For general corporate purposes, including con¬
struction, additional personnel, and the reduction of
indebtedness. Office—1407 McCarter Highway, Newark,
J.
Underwriters
—
G.
H.
Walker
&
Co.
and
C.
E.
Unterberg, Towbin Co., both of N. Y. City (managing).
Intercoast Companies Inc.
Aug. 16, 1960 filed 110,000 shares of common stock. Price
—To be supplied by amendment. Proceeds—To
pay the
balance due on the purchase of Western Life
shares, and
the balance will be added to the general funds to finance
the development of general life insurance agency and for
working capital. Office—Sacramento, Calif. Underwriter
& Co., San Francisco, Calif, and New
York City. Offering—Expected in mid-October,
—Schwabacher
International Diode Corp.
July 29, 1960 filed 42,000 shares of 6% non-cumulative
convertible preferred stock (par $8). Price — $8 per
share.
Business—Makes
establish
staff
and
sells
diodes.
Proceeds—To
of
production and sales engineers, fi¬
nance
new
product development, buy equipment, and
add to working capital. Office—90 Forrest St., Jersey
City, N. J. Underwriter—Ernst Wells, Inc., New York
City.
a
,
,
'
■
V
>. ■
,
International Safflower Corp.
(9/19-23)
notification) 60,000 shares of
class A common stock (par $2).
Price—$5 per share.
Proceeds—To retire outstanding loans, purchase of plant¬
ing seed, lease or purchase land, building and machinery
and for working capital. Office — 350 Equitable
Bldg.,
Denver, Colo. Underwriter — Copley & Co., Colorado
Springs, Colo.
Aug.
3,
1960
(letter
of
Investor Service Fund, Inc.
July 14, 1960, filed 100,000 shares of common stock.
Price—$10 per share, in 100-share units. Business—The
company, which has not as yet commenced operations,
intends to offer investors a chance to participate in
diversified real estate ventures. Proceeds—To purchase
all
the Falls Plaza Shopping Center, Falls
Church, Va. Office—1823 Jefferson Place, N. W., Wash¬
ington, D. C. Underwriters—Investors Service Securities,
Inc., and Riviere Marsh & Co., both of Washington.
or
part of
common
Irving Fund for Investment in U. S. Government
Securities, Inc.
July 22, 1960, filed 400,000 shares of common stock.
Price
$25 per share. Business — A diversified invest¬
—
Proceeds—For investment
Office—50 Broad Street,
City. Underwriter—To be supplied by amend¬
ment.
Attorneys — Brinsmade
&
Shafrann, 20 Pine
Street, New York 5, N. Y.
being registered.
;• Itemco, Inc.
1 /
April 29 filed 200,000 shares of common stock. Price—
$2.50 per share. Proceds—For repayment of outstanding
debt, for instrumentation and automation of laboratory
equipment, for expansion of existing manufacturing fa¬
cilities and the acquisition or
establishment of additional
facilities, and the balance for working capital. Office—
*18 Beechwood Avenue, Port Washington, N. Y. Under¬
writers—Morris Cohon & Company and Schrijver & Co.,
both of New York. Offering—Delayed.
,
.,
* Kavanagh-Smith & Co.
Aug. 29, 1960 filed 145,000 shares of common stock (par
$1) of which 30,000 shares are to be offered by stock¬
holders. Price—$5 per share. Proceeds — For working
capital. Office — 114 N. Greene St., Greensboro, N, C.
-
Underwriters—United Securities Co. and Allied Securi¬
ties Corp., Greensboro, N. C.; McCarley & Co., Inc.,
Asheville, N. C.; J. Sturgis May & Co., High Point, N. ,C.
and Vaughan & Co., Wilmington, N. C.
Kaynar Inc.
Aug. 24, 1960 filed 300,000 shares of common stock, of
which 100,000 shares are to be offered for the account
of the issuing company and 200,000 shares, representing
outstanding stock, are to be offered for the account of
the present holders thereof. Price—To be supplied by
amendment.
Proceeds—For working capital.
Office—
Pico-Rivera, Calif,- Underwriter
Co., Los Angeles, Calif.
—
William R. Staats &
KeEler Corp.
Aug.
26,
1960
stock
common
For
working
(letter of notification) 75,000 shares of
(par $1). Price—$4 per share. Proceeds—
capital. Office—101 Bradley Place, Palm
Beach, Fla. Underwriter—Casper Rogers Co., New York,
N.
Y.
,
Kent
July
20,
common
Publishing Co., Inc.
1960 (letter of notification) 50,000 shares of
stock (par $1). Price—$1.10 per share. Proceeds
a
short term note and for general corporate
Southeastern Bldg., Greensboro,
Underwriter—McCarley & Co., Inc., Asheville, N.C.
N.C.
July 22, 1960 filed 10,000,000 6% preference C shares.
Price—$1 per share, payable in cash or in Israel bonds.
Proceeds
For use as working capital to be used in
granting loans to firms judged beneficial to the Israel
economy. Office—113 Allenby Road, Tel-Aviv,
Israel.
N.
shares
in U. S. Government securities.
Office—619
purposes.
(9/15)
Thursday, September 8, 1960
.
New York
—To retire
Industrial Development Bank of Israel Limited
Price—$10
Craig Street, Pittsburgh,
Underwriters—Amos Treat & Co.,
Inc., New York,
commitments
City, Room 238.
per
necessary to make loans
704 Equitable Bldg.,
entitled to
Indianapolis Power & Light Co. (9/27)
Aug. 25, 1960 filed $12,000,000 of 30-year first mortgage
bonds. Underwriter—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Lehman Brothers; Goldman, Sachs & Co., and The First
Boston Corp. (jointly); Eastman Dillon, Union Securities
& Co.; White, Weld & Co., and Shields & Co.
(jointly);
Blyth & Co., Inc.; Equitable Securities Corp. Bids—Ex¬
pected to be recieved up to 11 a.m. (New York Time) on
Sept. 27. Information Meeting—Scheduled for Sept. 22
(par $1)
share. Proceeds—To further the
corpo¬
rate purposes and in the
preparation of the concentrate
•nd enfranchising of
bottlers, the local and national pro¬
motion
Each stockholder is
loans, mortgage payments
—This statement
Colo.
class
shares
..
-
•
common
and carrying charges
44,000 acres.
Office — Southern
Blvd., West Palm Beach, Fla. Underwriter—None. Note
—
'
financial
with respect to
Honolulu, Hawaii.
Under¬
writers—Bosworth, Sullivan & Co. and Lowell, Murphy
& Co., both of Denver, Colo. Offering—Expected in Sep¬
tember.
57,200
stock held.
common
various
For construction expenses, new
—
and
subscription right for each share held;: and three
/rights are required to subscribe for one note in the
amount of $15, the minimum subscription.
Business—
The company is authorized to engage in a general farm¬
ing and ranching business.
Proceeds — To enable the
company to obtain the necessary funds required to meet
June 29, 1960, filed $1,350,000 of 6M>%
ordinated debentures, due September,
per
notes;
one
Inc.
Industries,
Inc.
issuable upon
conversion
of
the
notes.
The
company
is offering
common
stockholders rights to subscribe to the notes
at the rate of $5 principal amount of notes for each share
"v,
.
Ranch,
sory
St., Honolulu, Hawaii. Un¬
v
derwriter—None.
Trail
1960, filed $585,000 of 6% convertible promis¬
notes due 1965; 171,600 warrants to purchase the
said
ord Aug. 23, with rights to expire at 12 noon on Sept. 27.
Price—$49 per share. Proceeds—For capital expendi¬
tures.
Indian
.
ment company, which will become an open-end company
with redeemable shares upon the sale and issuance of
the
Mills, Inc.
June 28,
July 25, 1960 filed 116,643 shares of common stock being
offered to holders of the outstanding common on the
basis of one new share for each eight shares held of rec¬
&
Offering-
Aug. 10, 1960 filed 60,000 shares of outstanding common
stock (par $1), of which 50,000 shares are to be offered
for the account of present holders, and the remaining
shares being registered pursuant to an option agreement.
Price—To be supplied by amendment. Business—Pro¬
duction and distribution of fabrics, and related services
for fabric converters. Proceeds—To selling stockholders.
Office—111 W. 40th Street, New York City. Underwriters
—Blair & Co. and F. S. Smithers & Co., both of New
York City (managing). Offering—Expected in late Sep¬
tember or early October.
;
^
formulation, manufacture, distribution, and
tional
Head
Indian
sale
of feed supplements, minerals, and pre-mixes for the
livestock industry in the mid-west. Proceeds—To retire
long-term debt; for a new automated plant, and for addi¬
E.
Pa.
Harvest
,
Kings Electronics Co., Inc. (9/19-23)
May 26 filed 200,000 shares of common stock (par 10
cents) and 100,000 common stock purchase warrants.
The company proposes to offer
sale in units, each consisting
these securities for public
of one share of common
stock
stock
and
one-half
common
purchase
warrant.
Price—$4 per unit. Proceeds—$165,000 will be applied
to the repayment of certain loans, $75,000 for develop¬
ment and design work by a subsidiary in the field of
infra-red instrumentation, $100,000 for continued re¬
search
in
the
design, development and production of
components for microwave instruments, and the balance
for
working capital. Office—40 Marbledale Road, Tuckahoe, N. Y.
Underwriters — Ross, Lyon & Co., Inc.;
Globus, Inc.; Reich & Co.; Harold C. Shore & Co. and
Godfrey, Hamilton, Magnus & Co., all of New York City.
^ Klondex Inc. (9/26-30)
Sept. 1, 1960 (letter of notification) 149,000 shares of
class A stock (par one cent). Price—$2 per share. Busi¬
ness—Distributors of silver sensitized photo copy papers,
chemicals and engineering photo reproduction materials.
Proceeds—For general corporate purposes. Office—470
Clinton Ave., S., Rochester, N. Y. Underwriter—Schrij¬
ver & Co., New York, N. Y.
Kollmorgen Corp.
July 29, 1960 filed 80,330 shares of common stock (par
$2.50) of which 35,000 shares are to be offered for the
account of the issuing company and 45,330 shares, repre¬
senting outstanding stock, are to be offered for the ac¬
count of the present holder thereof. Price—To be sup¬
plied by amendment. Business—The company makes op¬
tical equipment, including submarine periscopes, torque
motors, and other electro - mechanical and electronic
equipment. Proceeds—To redeem all of the outstanding
7% cumulative preferred; for bank debt reduction; to
repay outstanding first mortgage note; for machinery
and equipment; to pay a promissory note; and for work¬
ing capital. Office — 347 King St., Northampton, Mass.
Underwriter—Putnam & Co., Hartford, Conn, (manag¬
ing.) Offering—Expected in early October.
Lawndale Industries, Inc.
Aug. 15, 1960 filed 100,000 shares of class A stock. Price
—$5 per share. Business—The manufacture-of porcelain
enameled steel
plumbing fixtures. Proceeds — For the
construction and equipping of a new plant, and the re¬
duction of outstanding bank loans. Office — Haven &
Russell Aves., Aurora, 111. Underwriter—Paul C. Kimball
& Co. of
Chicago, 111.
Leadville Water Co.
June 28, 1960
(letter of notification) $220,000 of 20-year
6% series A first mortgage coupon bonds to be offered
in denominations of $1,000. Price—At par. Proceeds—
For a mortgage payment, outstanding notes, construction
of
a
water
new
supply and general corporate purposes.Ave., Leadville, Colo. Underwriter
Office—719 Harrison
—H. M. Payson & Co., Portland, Me.
Lee Electronics
June
Inc.
V
14, 1960
common
(letter of notification) 135,000 shares of
stock (par 10 cents). Price—$2 per share. Pro¬
ceeds—To
expand
operations.
Philadelphia, Pa. Underwriter
Washington, D. C.
Office—3628
—
Rhawn
St.,
Atlantic Equities Co..
•
— v
Volume
Lence Lanes,
Number 5984
192
Inc.
,
.
The Commercial and Financial Chronicle
.
(9/26-30)
mon
July 22, 1960 filed 175,000 shares of
common stock
$1). Price—$6 per share. Business—The company oper¬
ates automatic bowling centers, associated ventures such
as
restaurants, bars, and luncheonettes, sells supplies,
and rent lockers, shoes, and meeting rooms. Proceeds
.—To reduce indebtedness, complete Garfield Lanes in
Jersey City, N. J., and for working capital. Office—4650
Broadway, New York City. Underwriter—Marron, Sloss
& Co., Inc., New York City (managing).
Iron
Liberian
I
postponed.
class A
ture
■
manufacture
and
selling
glass
Model Finance
ma¬
raw
^
7/7-':7.7
.
527
Aug.
19, 1960 filed $2,300,000 of convertible subordi¬
debentures, due 1970. Price—To be supplied by
amendment, but the new debentures will first be offered
in exchange for $925,000 of outstanding 5% convertible
debentures maturing in 1964. Proceeds—For construc¬
tion, liquidation of bank debt, replacement of working
•
,
Louisiana Gas Service Co.
June 10, 1960, filed 670,000 shares of common stock (par
$10) to be issued by Louisiana Power & Light Co. to
stockholders of Middle South Utilities, Inc., on the basis
of one share of Louisiana Gas Service Co. common stock
for each 25 shares of
(with
an
additional
common
privilege). Price—To
thereof.
Price—To be supplied
devices.
by
com¬
of
New
York.
(9/12-16)
stock
Brothers
(letter of notification) 150,000 shares of
stock (par $1). Price—$2 per share.
Proceeds—To retire loans, purchase new machinery, open
a new office and for
working capital. Office—1850 N. E.
144th St., North Miami, Fla. Underwriter — Plymouth
Bond & Share Corp., Miami, Fla.
-
• New York.Telephone Co. (9/28)
2, 1960 filed $60,000,000 of refunding
(9/26-30)
.
bank
Underwriter
and
Allen
&
Co. of New York
777'
oil,
and
■
7
City
(manag¬
•
.
.
Power &
000,000. Office — Portland, Ore. Underwriter — To be
determined by competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Lehman Brothers; Blyth & Co.
and White, Weld & Co. (jointly); Eastman Dillon, Union
Securities & Co. Bids—Expected to be received on Sept.
21 at 12
.
19
noon.
Information Meeting—Scheduled for Sept.
at 3:30 p.m.
Pearson
7
Corp.
March 30 filed
be
supplied
utilized
to
50,000 shares of common stock. Price—T<*
by amendment. Proceeds—$60,000 will b»
the company's indebtedness to Busi¬
Development Co. of Rhode Island; the balance will
be added to working capital for general corporate pur¬
poses, principally to finance inventory and for other
manufacturing costs. Office—1 Constitution St., Bristol,
repay
ness
borrowings used to finance
—
To
be
determined
Offering—Expected
sometime
Perfect Photo, Inc.
'
construc¬
by competitive
bidding. Probable bidders: Halsey, Stuart & Co. Inc.;
Morgan Stanley & Co. Bids—Expected to be received on
Wednesday, .Sept. 28 up to 11 a.m..
in
September.
(9/26-30)
Aug. 25, 1960 filed $4,500,000 of convertible subordinated
debentures, due Oct. 1, 1980 and convertible into the
issuer's common from July 1, 1961 through Oct. 1, 1980.
Price—To be-supplied by amendment. Business—Film
processing and the distribution of photo equipment and
supplies.
Proceeds—In the amount of $3,600,000
(upproximate), will be used to acquire substantially all of
the stock of Consolidated Photographic Industries, Inc.
Office—4747 N. Broad
mortgage
bonds, series L, due October, 1997. Proceeds—To retire
short-term
secondary
R. I. Underwriter—R. A. Holman & Co.. Inc.. New York.
Sept.
tion.
recovering
—
Offering—Postponed pending FPC approval for
acquire the Peoples Gulf Coast Natural
thereof, and 61,000 shares will be offered If or
the account of the issuing company. Price—To be sup¬
plied by amendment. Office—1205 So. Plate River Drive,
Denver 23, Colo. Underwriters—Hayden, Stone & Co.
and Lowell, Murphy & Co. (jointly). Offering — Ex¬
pected sometime in October.
1960
for
for general corporate purposes. Office—405
Light Co. (9/21)
July 27, 1960 filed $20,000,000 of 30-year first mortgage
bonds. Proceeds
To retire $20,000,000 of unsecured
promissory notes, to mature on or prior to July 31, 1961.
The notes will be used to partially finance the 1960-61
construction program, which is expected to total $61,-
•
common
Process"
7 r7;
Pacific
Gas Pipeline Co.
Miami Ventilated Awning Mfg. Co., Inc.
"Oreo
Lexington Ave., New York City. Underwriter—Lehman
Offering—Postponed pending FPC
to acquire the Peoples Gulf
Pipeline Co.
;7j':;//■//
77-7:
holders
Corp. of America
28, 1960
the balance
the company to
for
July 28, 1960 filed 65,000 shares of common stock (par
;$l)r to.be offered, to. the holders .of the outstanding com-:
the
Proceeds—To be applied in part to the payment of out¬
standing bank loans and the balance used for construc¬
tion requirements.
Office — 122 South Michigan Ave.,
Chicago, 111. Underwriter—Dillon. Read & Co. Inc., New
Angeles, Calif., and Bache & Co. and Shearson.
Hammill & Co., both of New York City. Offering—In¬
definitely postponed.
Electronic Corp.
common
(letter of notification) 75,000 shares of:
(par 10 cents). Price—$4 per share. Busi¬
ness—Developing and manufacturing nuclear detection
instruments; equipment and accessories. Proceeds—For
company
of Los
Mi [go
Nucleonic
common
York.
Angeles, Calif. Underwriters—William R. Staats & Co.,
•
Office—
Underwriter—In¬
ing).
Navajo Freight Lines, Inc.
May 9, 1960, filed (with the ICC) 250,000 shares of com¬
mon
stock, of which ,189,000 shares, being outstanding
stock, will be offered for the account of the present
June 29,
class A
•
July
Pipeline Co. of America
/
July 1, I960, filed 150,000 shares of cumulative preferred
stock (par $100). Price—To be supplied by amendment.
repayment of
loans, and the balance to be added to the general funds
for construction purposes and acquisitions. Office—Los
property,
Md.
writer—Pacific Investment Brokers, Inc., Seattle, Wash.
Natural Gas
Proceeds—
Metropolitan Development Corp.
company's
Rockville,
Securities, Inc.
Proceeds—Approximately $700,000 will be used for the
development of company-owned property, employing
Coast Natural Gas
Price
June 8 filed 1,000,000 shares of capital stock. Price—To
be supplied by amendment. Proceeds—To complete pay¬
the
of refinancing existing loans.
Pike,
a
thn
Proceeds—For
(par 33.3 cents). Price—$iu per s^aie. rtwccu*
replace bank financing, reduce accounts payable,
purchase machinery and equipment and for working)
capital. Office—65 Ray St., Pleasanton, Calif. Under¬
Chicago, 111.
Business—Public utility.
Underwriters—
Dillon, Read & Co. Inc., and Halsey, Stuart & Co. Inc.,
—
on
purpose
Rockville
from face value.
—To
standing bank loans and the balance used for construc¬
tion requirements.
Office — 122 South Michigan Ave.,
capital, machinery and equipment, the re¬
tirement of a mortgage loan, and research and devel¬
opment. Office — 76 Lafayette Street,
Salem/ Mass.
Underwriter
Hayden, Stone & Co., New York City.
Offering—Expected sometime in October.
ments
•
stock
11
approval for the
and
Price—The certificates will be offered at
Nuclear Engineering Co., Inc.
April 18 (letter of notification) 30,000 shares of
National Capital
both
tubes
1160
due for the purchase of Chris-Craft stock. Office—
• Metcom,
pany makes microwave
For working
primary
Broadway, New York City. Underwriter—R. F.
Broadway, New York 6, N. Y.
City.'
stock.
3
vestor Service
Pipeline Co. of America
July 1, 1960, filed $25,000,000 of first mortgage pipeline
bonds, due 1980. Price—To be supplied by amendment.
Proceeds—To be applied in part to the payment of out¬
Angeles, Calif., and Shearson, Hammill & Co., New York
Business—The
,/
Washington Land Co.
filed $1,600,000 of first mortgage participation
discount of 17.18%
Natural Gas
indebtedness, and the balance will be used for working
capital and general corporate, purposes. Office—Holly¬
wood, Calif. Underwriters—William R. Staats & Co., Los
common
Under¬
7.
„■
definite.
amendment. Proceeds—$2,100,000 will be used to reduce
Inc.
Sept. 2, 1960 filed 100,000 shares of
—To be supplied
by amendment.
•
Corp.
(letter of notification) 100,000 shares of com¬
mon
stock (par one cent).
Price—$3 per share. Pro¬
ceeds— For general corporate purposes.
Office — 410
Livingston Avenue, North Babylon, N. Y. Underwritei
—Fund Planning Inc., New York, N. Y. Offering—In¬
•
Lytton Financial Corp.
(9/19-23)
July 26, 1960 filed 354,000 shares of capital stock, of
which 187,500 shares are to be offered for the account
of the issuing company and 166,500
shares, representing
outstanding stock, are to be offered for the account of
holders
May
23rd
Jan.
ing—Expected in late September.
present
the purpose
of acquiring ownership
developed fnr comrrtpr^til pnH
Proceeds—For general corporate purposes.
use.
certificates.
National Lawnservice
be supplied by amendment. Proceeds—All to be paid to
Louisiana Power & Light Co. Underwriter—None. Offer¬
the
Mortgage & Development Corp.
—
stock of Middle South held
subscription
reserved
Corp. (9/19-23)
9, 1960, filed 240,U00 shares of class A common
^advertising and increased direct mail; moving to a modstock (par $1). Price—$5
per share. Proceeds—For re-,
1 era one story plant and leasehold
improvements; addi¬
duction of
indebtedness, working capital, and general
tional sales personnel and establishment of sales offices
corporate purposes. Office — 350 Lincoln Road, Miami
in Los Angeles,
Boston, Washington and Chicago and
Beach, Fla. Underwriters—J. A. Winston & Co., Inc., and
for working capital. Office—196 DeGraw
St., Brooklyn,
Netherlands Securities Co., Inc;, both of New York City.
N. Y. Underwriters—Bertner Bros, and Earl Edden
Co.,
National Consolidated Development Corp.
New York, N. Y.
,
w7„
July 25, 1960 filed 70,000 shares of class B common (non¬
Nupack Corp.
voting) stock. Price—$100 per share. Business—To ac¬
Aug. 12, 1960 (letter of notification) 93,574 shares of
quire business properties, and operate, lease, or sell
common stock. Price—At
par ($1 per share). Proceeds—
them for a profit. Proceeds—For general corporate pur¬
For working capital.
Address—Reinbeck, Iowa. Under¬
poses, with initial activities scheduled for Phoenix, Ariz.
writer—R. G. Dickinson & Co., Des Moines, Iowa.
Office—South 1403 Grand Ave., Spokane, Wash. Under¬
Oil Recovery Corp. (10/4).
writer
The stock will be offered through authorized
Aug. 4, 1960 filed $1,600,000 of convertible debentures,
and qualified brokers.
due Sept. 1, 1970. Price—To be supplied
by amendment.
^/7'77/;\v:^v:
t
are
North
June
capital, and the purchase of mining equipment. Office—
500 Fifth Ave., New York City. Underwriters — Bear,.:
Stearns & Co. and John H. Kaplan & Co., both of New
York City (managing). Offering—Expected in early Oc¬
,
Proceeds—To beJ
Ave., Oakland, Calif. Underwriters—Shields &
Co. and Lehman Brothers, both of New York
City (man¬
aging). Offering—Expected in late September.
Corp. of America, Inc.
1959 for
writer—None.
working funds. Office—
Dwight Building, Jackson, Mich. Underwriter—Paul
Co., Chicago, 111.
*
come
October.
Bldg., Wichita Falls, Texas. Un¬
Office—220 K Street, N. W.,
Washington, D. C.
,,
nated
tober.',^;..-
dential
Corp. V, ./,7
/■ 7>:7',7""V
...:■>;
■//•Aug. 23, I960 filed $7,500,000 of 20-year convertible sub¬
ordinated debentures due 1980. Price—To be
supplied by
amendment. Proceeds—To pay part of instalment to be¬
gram,
and add to working capital.
Office—28 Sager:
Place, Irvington, N. J. Underwriter—Granbery, Marache
& Co., New York City (Managing). Offering—Expected
of
of acreage land to be
Nafi
supplied by amendment. Proceeds—To reduce
indebtedness, expand the research and development pro¬
Gas
American
December
Dowd & Co. Inc., 39
be
assets
Aug. 19, 1960 filed 412,500 shares of common stock. Price
—$5 per share. Business—The company was organized in
debentures, due 1975.
fice—198
certain
the
,
North
Mohawk Insurance Co. (9/30)
Aug. 8, 1960, filed 75,000 shares of class A common stock.
Price—$12 per share. Proceeds—For general funds. Of¬
w
of
derwriter—None, but 102,500 of the shares
C. Kimball &
Underwriter—First Penn¬
acquiring
for commissions to
selling brokers at the rate of 15 shares
for each 100 shares sold.
'
*
Service, Inc.
Price—To be supplied by amendment.
added to the company's general
202
of
part
—
Office—620 Oil &
expenses. Office—Kansas
Merrill Lynch,
000
part of the cost
Nitration Works;
^ Normandy Oil & Gas, Inc.
Aug. 31, 1960 filed 750,000 shares of common stock. Price
—$1 per share. Business—Oil and gas exploration and
production. Proceeds
For general corporate purposes.
Co., Inc., New York, N. Y.
May 26 filed 100,000 shares of second cumulative pre¬
ferred stock—65c convertible
series, $5 par—and $1,000,of 6%% junior subordinated
swimming,
it Lionel Corp. 7
.Sept. 2, 1960 filed $4,500,000 of convertible subordinated
debentures, due Oct. 1, 1980, to be offered for subscrip¬
tion to holders of the outstanding common stock. Price
Lithium
—
City,
Mo. Underwriters
Pierce, Fenner &
Smith Inc., and
Kidder, Peabody & Co., both of New
York City (managing).
7'< v::-:77777i;7:;.: -77,,
(9/30)
of fiber
capital. Office—Renovo, Pa.
ington Corp., Pittsburgh, Pa.
in
magnetic relay. Proceeds
For general corporate
Office—373 Broadway, New York, N. Y. Un¬
common on the basis of one new
share for each eight
shares held. Price—To be
supplied by amendment. Pro¬
ceeds—To reduce short-term bank loans incurred in
1959-60 for construction
materials, parts and components; $40,000 for sales and
advertising promotion; $30,000 for engineering and de-'
velopment; and the balance will be added to working
sometime
100,000 shares of
(par 20 cents). Price—$3 per share.
a
new type of micro-minia¬
stock
manufacture
—
Proceeds—$125,000 will be used to purchase
chinery
and
equipment;
$200,000
to
purchase
—To
common
pay
proceeds will be
used for working capital.
Office—Nixon, N. J. Under¬
writers—Lee Higginson Corp. and P. W. Brooks &
Co.,
Inc., both of New York City (managing). Offering—Ex¬
pected in late October.
(9/20)
Aug. 1, 1960 filed 258,558 shares of common stock (par
$1) to be offered to the holders of the outstanding
;7 77-
pools.
To
Nixon
Missouri Public Service Co.
July 1, 1960, filed 100,000 shares of common stock. Price
—To be supplied by amendment. Business—Engaged in
the
•
derwriter—David Barnes &
This offering has temporarily been
77v'7;-
nounced number of common shares.
Price—$500 per unit.
Business—The manufacturing and sale of rigid thermo¬
plastic sheeting, rods, tubes, and other forms. Proceeds—
purposes.
of
Pools Equipment Corp.
Lifetime
of
Mintronics, Inc. (10/17)
Aug. 26, 1960 (letter of notification)
Business—To
33
Nixon-Baldwin Chemicals, Inc.
"
Aug. 24, 1960 filed $4,000,000 of Qlk% subordinated de¬
bentures, due Oct. 1, 1980, and 160,000 shares of common
stock, to be offered in units. Each unit will consist of
$500 principal amount of debentures and an unan¬
expansion, $200,000;
The balance will be
New York City.
units, to be supplied by amendment, and not to be in
excess of par. Proceeds—To make loans to Lamco. Office
—97 Queen St., Charlottetown, Prince Edward
Island,
Canada, N. S
Underwriter—White, Weld & Co., Inc.,
—
share for each six shares
product development, $125,000.
as working capital. Office—7620 N. W. 36th
Ave.,
Miami, Fla. Underwriter — Shearson, Hammill & Co.,
of debentures and 15 shares of capital stock. Price—For
York. Note
new
used
Lio, an unspecified number of
shares of Lio capital stock, to be offered in units.
The
units will consist of $500 of collateral trust bonds, $500
New
one
supplied by amendment. Business—
for
Ore Ltd.
1985
due
be
missile and space programs. Proceeds—For reduction
short-term bank loans, $635,000; for
joined with The Liberian American-Swedish
Minerals Co., Monrovia, Liberia, in the filing of
$15,000,000 of 6V4% first lien collateral trust bonds, series A,
due 1980, of Lio, $15,000,000 of 6Va% subordinated de¬
bentures
Price—To
Making and selling electronic equipment and systems for
19
May
the basis of
on
held.
(par
(981)
—Harriman Ripley &
St., Philadelphia, Pa. Underwriter
Co., Inc., of New York City (man¬
aging).
Philippine Oil Development Co., Inc.
March 30 filed
103,452,615 shares of capital stock, to b«
by stockholders at the rate of
offered for subscription
j
,
K
Continued
on
page
34
''
34
The Commercial and Financial Chronicle
(982)
Continued from
page
Furitron
33
Corp.
1960 filed
Aug. 3,
new
one
share for each 5% shares held. Price
—
To be
supplied by amendment. Proceeds—To be added to the
company's working capital. Office — Soriano Bldg.,
Manila, Philippines, Underwriter—None. Offering—Ex¬
pected sometime in mid-September.
of
'
ceeds
derwriter
R.
_
.
,
Co., New York City (managing).
r
1960 filed 230,000 shares of common stock, of
50,000 shares will be offered for the account of
issuing company and 180,000 shares, representing
outstanding stock, will be offered for the account of thepresent holders thereof. Price — To be supplied by
amendment.
Business
fibre-bodied
ceeds—For
■
cans
The
—
manufacture
sale
and
containers of various sizes. Pro¬
corporate
purposes.
Office—9430
Page Blvd., St. Louis, Mo. Underwriter
Gardner, St. Louis, Mo. (managing).
—
Reinholdt &
Hock Provision
•
olis, Minn.
City.
Aug. 16, 1960, filed 200,000 shares of common stock (par
$1), of which 150,000 shares will be offered for the
Co., Inc. Office—Baker Bldg., Minneap¬
Underwriter—A. C. Allyn & Co., Inc., New
York
1960 filed 125,000 shares of cumulative pre¬
ferred stock ($20 par), with attached warrants for the
purchase of 62,500 shares of common stock. Price—To
be supplied by amendment. Business—The financing of
new and used mobile homes, "shell housing/' and small
loans. Proceeds—For general corporate purposes. Office
—1400
First National Bank Building, Detroit,
Mich.
Underwriters—White, Weld & Co. of New York City and j
Watling, Lerchen & Co. of Detroit, Mich.
15,
Plasties & Fibers, Inc.
-
(letter of notification) 150,000 shares of common
stock (par 20 cents). Price—$2 per share. Proceeds—For
general corporate purposes. Office—Whitehead Avenue,
South River, N. J.
Underwriter—Pearson, Murphy &
Co., Inc., New York, N. Y. Note—The underwriter states
that this offering will be delayed.
June 14
Polytronics Laboratories, Inc. (9/19-23)
Aug. 19, 1960, (letter of notification) 150,000 shares of
class A stock (par 10 cents). Price—$1 per share. Busi¬
ness—The manufacture and sale of two way radios.
Proceeds—For general corporate purposes;
research and
development and inventory investment to produce an
amateur band transciever; research and development and
inventory investment in a new product in the two-way
radio field; to purchase new test equipment; for working
caiptal and to pay the cost of acquiring expanded facil¬
ities.
Office—253 Crooks Avenue,
writer—R.
A.
Holman
&
Co.,
Portland Turf Association
Clifton, N. J. Under¬
Inc., New York, N. Y.
(9/19-23)
retire
for
working capital. Office—2890
Bellevue, West Vancouver, B. C., Canada. Underwriter—
General Investing Corp., New York, N. Y.
bonds
and
Preferred Risk Life Assurance Co.
Mountain St., Fayetteville, Ark.
Investments, Inc., a subsidiary
of the issuer.
Premier
Microwave
Corp.
Aug. 26, 1960 filed 100,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The company designs, develops, and produces microwave
components. Proceeds—To reduce indebtedness and add
to working capital. Office — 33 New Broad St., Portchester, N. Y. Underwriter—Van Alstyne, Noel & Co.,
New York City.
Progress Electronics Corp.
Aug. 3,1960 (letter of notification) 200,000 shares of com¬
mon stock (par $1). Price—$1.50 per share. Proceeds—To
develop and produce proprietary items in the electron¬
ics field. Office—1240 First Security Building, Salt Lake
City, Utah. Underwriter—Jacoby, Daigle & Werner, Inc.,
Los
ferred
18,
1960
filed
150,000
(9/14)
shares of cumulative
pre¬
stock
(par $100).
Price — To be supplied by
amendment. Proceeds — For construction. Office — 900
Fifteenth St., Denver, Colo. Underwriters—First Boston
Corp., Blyth & Co., Inc., and Smith, Barney & Co., all
of New York City (managing).
Public Service Electric & Gas Co.
Aug. 24,
1960
filed $50,000,000 in
(9/20)
first and
refunding
mortgage bonds, dated Sept. 1, 1960, to mature Sept. 1,
1990. Proceeds—To pay all or part of company's shortterm indebtedness incurred for construction. Underwriter
-—To
be
determined
by competitive bidding. Probable
bidders: Halsey, Stuart & Co. Inc.; The First Boston
Corp.; Kuhn, Loeb & Co., and Lehman Brothers (joint¬
ly). Bids—Expected to be received on Sept. 20 up to 11
a.m., at 80 Park Place, Newark, N. J. Information Meet¬
ing—Scheduled for Sept. 15 at 2:30 pjn. at the Chase
Manhattan
Bank, 43 Exchange Place, New York City,
Room 238.
Furitan Sportswear Corp.
Aug. 24, 1960 filed 120,000 outstanding shares of common
stock (no par). Price—To be supplied by amendment.
Business—The firm makes and sells sportswear for
and
men
boys. Proceeds—To selling stockholders. Office—813
Altoona, Pa. Underwriter—Hayden, Stone & Co.,
(managing). Offering—Expected in late
.September or early October.
25th St.,
New York City
730 Commonwealth
Avenue, Boston, Mass. Underwriter
—Granbery, Marache & Co., New York City.
Inc.
Aug. 1, 1960 (letter of notification) 60,000 shares of com¬
mon
stock
(par 10 cents).
—Manufacturers
Price—$5
share.
per
Business
electronics
of
parts and components,
and precision machine parts for military and commer¬
cial aircraft. Proceeds—For general corporate purposes.
Office—86 Magnolia Street, Westbury, L. I., N. Y. Un¬
derwriter—Richard Bruce & Co., New York, N. Y.
Rayson Craft Boat Co.
July
11,
—To
of
100,000 shares of
(letter of notification)
1960,
stock
(no par). Price—$3 per share. Proceeds
purchase additional equipment, for sales, purchase
common
inventory and working capital.
Calif.
Gardena,
Investors, Los Angeles,
Underwriter—California
Address
—
.
1980, and 235,000 shares of common stock (par $3)
units consisting of a $50 debenture and
be offered in
to
of
number
unannounced
an
Price—To
shares.
common
supplied by amendment. Proceeds—For construction ;
expenditures and the reduction of indebtedness. Office-—
1726 Champa St., Denver, Colo. Underwriter — Merrill
Lynch, Pierce, Fenner & Smith Inc. (managing).
be
•
Roliton Corp.
June
28,
175,000 shares of
(letter of notification)
1960,
stock
(par 50 cents). Price—$1 per share. Pro¬
ceeds—For training, advertising, salaries and fees, travel
expenses
and working capital.
Office —1600 Ogden /
Street, Denver, Colo. Underwriter—Copley & Co., Colo¬
rado
Springs, Colo., is withdrawing as underwriter, andt
expected to be withdrawn.
the letter is also
Roller
Derby TV, Inc.
March 30 filed 277,000 shares of common stock, of
117,000 shares
which
sale by the /
issuing company, and the remaining 145,000 shares will
be sold for the account of certain selling stockholders. <
are
to
be
offered for public
be supplied by amendment.
corporate purposes relating to
Proceeds—For
the production
sales of motion picture films of the Roller Derby,
and the balance for working capital. Office—4435 Woodley Ave., Encino, Calif. Underwriter—To be supplied by
general
and
•
amendment.
•
Rollins Broadcasting Inc. (9/12-16)
July 22, 1960 filed 110,000 shares of common stock (par
$1), of which 75,000 shares will be sold for the account
of the issuing company and
35,000 shares, representing
outstanding stock, will be sold for the account of John
W.
Rollins, selling stockholder, who is
a
director. Price
—To be supplied
by amendment. Proceeds—For general
purposes.
Office—Wilmington, Del. Under¬
corporate
writer—F. Eberstadt &
4
Co., New York City.
Rotating Components,
Inc.
July
8,
New
York, N. Y. Offering—Imminent.
1960
(letter of notification), 100,000 shares of
common stock
(par 10). Price—$3 per share. Proceeds—.
For general corporate, purposes.
Office—267 Green St.,
Brooklyn 2, N. Y. Underwriter—S. Schramm & Co., Inc.,
•
Roto-American Corp.
(9/13-15)
May 27 filed 75,000 shares of
Calif.
stock (par $1) to
public, and 44,283 shares
to be issued in exchange
for common and preferred
shares of four subsidiaries.
Price—To be supplied by
amendment. Proceeds—To be used largely for reduction
of accounts payable, as well as for new tooling,
research,
common
be offered for cash sale to the
•
Resiflex
Laboratory, Inc. (9/19-23)
July 48, 1960, filed 100,000 shares of common stock, of
which 40,000 shares are to be offered for the account
of the issuing company, and 60,000 shares, being out¬
standing stock,
for the account of the present holders
by amendment. Business
disposable plastic tubular
the assembling and marketing of blood
thereof. Price—To be supplied
—The manufacture and sale of
products,
and
sets.
Proceeds
production
facilities,
For plant
expansion, increased
working capital. Office—864
South Robertson Blvd.. Los Angeles, rCalif. Underwriter
—Blunt Ellis & Simmons, Chicago, 111.
•
—
and
and
sells
coaxings
packaging and
fabrics, and products used in insulation. Proceeds—For
working capital ($235,358), with the balance for ma¬
chinery, equipment, and general corporate purposes.
protective
for
New
Castle
County Air Base, New Castle
County, Del. Underwriter—Amos Treat & Co., Inc., New
York City. Offering—Expected sometime in October.
—
Reva Enterprises, Inc. (9/19-23)
July 28, 1960 filed 200,000 shares of common stock (par
$1). Price — To be supplied by amendment. Business—
The establishment
and
operation of bowling centers.
Proceeds—For
general corporate purposes. Office—525
St., Worcester, Mass. Underwriters—Blair & Co.,
Inc., New York City and Chace, Whiteside & Winslow
Inc., Boston, Mass. (managing).
Lincoln
RiddEe
Aug.
Airlines,
of 6%
subordinated con¬
vertible debentures. Price—At 100% of principal
Proceeds
—
To
be
used
as
operating
amount.
capital to fulfill
acquire aircraft. Office—In¬
Underwriter—James H.
and New York City.
ternational Airport, Miami, Fla.
Price & Co., Coral Gables, Fla.,
Rimak
^ Roulette Records,
Aug. 29,
I960
common
stock
Electronics, Inc.
(letter of notification) 150,000 shares of
(par $1). Price—$2 per share. Proceeds—
To liquidate a promissory note. Address — North Holly¬
wood, Calif. Underwriter — Holton, Henderson & Co.,
Los Angeles, Calif.
July 29,
1960
common
stock
Riverview
ASC, Inc.
(letter of notification) 100,000 shares of
(par one cent). Price—$3 per share. Pro¬
ceeds—To reduce current liabilities, construction and for
working capital. Office—2823 S. Washington Ave., Titusville, Fla. Underwriter—Mallory Securities, Inc., New
York, N. Y. Offering—Expected in late September.
July 29,
1960
common
stock
Rochester
Telephone Co. (9/21)
July 21, 1960 filed $12,000,000 of series "E" first mort¬
gage bonds, which will mature in 33 years, on Sept. 1,
1993. Proceeds—The proceeds of this sale will be used
to repay bank loans for construction and extension of
facilities in service by the date of the proposed sale. Un¬
derwriter
To be determined by competitive bidding.
Probable bidders: First Boston Corp., and Halsey, Stuart
& Co. Inc.; Eastman Dillon, Union Securities & Co., and
Kidder, Peabody & Co. (jointly). Bids—Expected to be
received on Sept. 21, 1960, up to 11:00 a.m. New York
Time. Information Meeting—rScheduled for' Sept. 19.
—
(letter
(par
Proceeds—For
•
one
100,000 shares ofPrice — $3 per share.
cent).
general corporate
Avenue,
RusselE
Inc.
of notification)
New
York,
N.
Stover Candies,
Office—659
purposes.
Y.
Underwriter—None.
(9/26-30)
Inc.
Aug. 3, 1960 filed 200,000 shares of common stock (par
$1), of which up to 75,000 shares may be reserved for
certain
of
the
issuer's
officers and
employees, with the
balance to be offered publicly. Frice—To be supplied by
amendment. Proceeds — For redemption of outstanding
preferred, with the balance for working capital. Office—
1206 Main St., Kansas
City, Mo. Underwriters—Harriman Ripley &
Co., Inc., New York City, and Stern Broth¬
ers, Kansas City, Mo.
Sachar
Properties, Inc.
(9/12-16)
July 6, 1960, filed $300,000 of 8% subordinated instalment
convertible debentures due
1970, 150,000 shares of com¬
(par 10 cents) and 30,000 common stock pur¬
chase warrants. It is proposed to offer these securities
in units, each unit is to consist of $100 principal amount
mon stock
of
debentures, 50
common
shares, and 10 warrants
ex¬
ercisable at $2 per share until 1965. Price—$200 per unit.
Inc.
1960 filed $2,250,000
19,
purposes.
Chemical, Inc.
Aug. 29, 1960 filed 200,000 shares of common stock (par
10 cents).
Price—$2.50 per share. Business—The firm
Office
of an officer's loan, and general corporate
Office—93 Worth Street, New York. Under¬
writer—Morris Cohon & Co., New York.
repayment
Tenth
Res is to
M. A. T. S. contract, and to
Angeles, Calif.
Public Service Co. of Colorado
Aug.
issuer, and the remaining 50,000 shares by
thereof.
Price — To be supplied by
Business—Distributors of electronics prod¬
ucts, sound components, and small appliances. Office—
Rainier Co.,
(9/20-21)
Price—To
(10/3-7)
amendment.
makes
Aug. 18, 1960 filed 300,000 ohares of common stock. Price
—$5 per share. Proceeds — For general corporate pur¬
poses. Office — 20 East
Underwriter—Preferred
Corp.
holders
present
donor
July 29, 1960 (letter of notification) $300,000 of 10%
first mortgage registered bonds, due July 1, 1970. Price
—At face amount.
Proceeds—For purchase of a track,
to
Shack
account of the
(9/20)
Pioneer Finance Co.
Aug.
Radio
due
of
and
general
Thursday, September 8, 1960
July 15, 1960, filed $2,350,000 of sinking fund debentures,
common
the
,
Together with other funds, the proceeds will be used
to purchase substantially all of the assets of Plymouth
&
Aug. 25,
Inc. '(10/3-7)
;
July 27, 1960 filed 550,000 shares of common stock (par
$1). Price—To be supplied by amendment. Business—
The organization and operation of self-service markets
in Florida under the names of "Pik-Quik" and "Tom
Thum."
There are now 31 such markets.
Proceeds—
¥
Bache
—
Can Co.
C.
which
Fik-Quik,
To retire indebtedness, with the balance for
expenditures. Office—New Haven, Conn.
Un¬
—
capital
ton, D. C.
•
the
issuing company and 50,000 shares, representing
outstanding stock, are to be offered for the account of
Joseph Stein, President, the present holder thereof.
Price—To be supplied by amendment. Business—Makes
and sells electronic air purifiers and range hoods.
Pro¬
Photogrammetry, Inc.
Aug. 10, 1960 (letter of notification) 13,000 shares of
common stock (par $1). Price—$3.50 per share. Proceeds
—For retirement of a short term note and working cap¬
ital. Office — 922 Burlington Ave., Silver Spring, Md.
Underwriter—First Investment Planning Co., Washing¬
.
Rocky Mountain Natural Gas Co., Inc.
(9/30)
250,000 shares of common stock, of
200,000 shares are to be offered for the account
which
.
.
Proceeds—$200,000 to purchase the Second Ave. and E.
82nd
St.
properties;
$51,000 to purchase the
New
Rochelle property; and the balance for working capital.
Business—The company intends principally to deal in
and
with
unimproved real property, to sell parcels
as building sites, to subdivide and
improve parcels and
sell same as building
sites, and to obtain or prepare
building plans and financing arrangements in respect
thereof. Office—598 Madison
Ave., New York.
Under-?
writers—Ross, Lyon & Co., Inc. and Globus, Inc., both
of New York.
•
Safticraft Corp.,
Patterson, La.
(9/9)
April 29 filed 275,000 shares of common stock (par 10
cents).
Price—$3 per share.
Proceeds—The company
proposes to use $50,000 to expand its efforts in the sale
of
Safticraft
boats nationally; $250,000 for reduction of
borrowings; and the remaining $293,500 to
be advanced to du
Pont, Inc. as additional working cap¬
ital necessary in the
financing of increased inventories
short-term
and receivables incident to the increased sales volume of
Dupont.
Underwriter
—
George.
O'Neill
&
Co.,
Inc.,
New York.
San
Diego Gas & Electric Co.
Aug. 30,
(10/4)
1960 filed $30,000,000 of bonds,
series H, due
1990. Proceeds—For the repayment of bank loans and for
Underwriter—To be determined by com¬
construction.
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co.; First Boston Corp., Eastman Dillon,
Union Securities & Co., and Merrill
Lynch, Pierce, Fen¬
ner
& Smith (jointly); Lehman Brothers'and Salomon
Bros. & Hutzler (jointly). Bids—^Expected to be received
on
Oct. 4.
*
Volume
Number 5984
192
.
.
The Commercial and Financial Chronicle
.
(983)
Saucon Development Corp.
April 28 (letter of notification) an undetermined num-V
ber of shares of common stock (par $1) not to exceed
$300,000. Price—To be supplied by amendment.
mining
—For
Office
expenses.
c/o
—
Proceeds
Wallace
F.
Mc-
Quade, Pres., 246 Beaconsfield Blvd., Beaconsfield, Que¬
bec, Canada. Underwriter—To be named.
it Sawtooth Development Co., Inc.
Aug. 24, 1960 filed 10,u00 shares of common stock. Price
—At par ($50 per share). Proceeds—For
working capital.
Address—Hailey, Idaho. Underwriter—None.
Scantlin
Electronics, Inc.
filed 275,000 shares of no par common
stock, of which 175,000 shares are to be offered for the
29,
Aug.
.
1960
of
account
issuing
the
company,
75,000
shares
for
selling stockholders, and 25,000 shares may
optioned by the underwriters. Price—To be supplied
Business — The company makes, sells,
proprietary electronic devices. Proceeds—For
general corporate purposes, including the reduction of
indebtedness. Office — 2215 Colby Ave., Los Angeles,
Calif. Underwriters—Carl M. Loeb, Rhoades & Co. and
Paine, Webber, Jackson & Curtis, both of New York
City- (managing). Offering — Expected sometime in
by amendment.
and leases
October.
•
"\
u
stock
common
(par
general
ceeds—For
100,000 shares of
cent). Price—$1 per share. Pro¬
one
corporate
purposes.
Office
—
330
Wagaraw Rd., Hawthorne, N. J. Underwriters—Bertner
Bros, and Earl Edden Co., New York, N. Y.
Seven Mountain
Corp.
Aug. 12, 1960 filed 3,500,000 shares of common stock.
Price—$1 per share/Business—To construct an all-year
resort
and
gondola-type aerial cableway, south¬
east of Provo, Utah, in the Wasatch Mountains. Proceeds
—For the purchase of property, construction and equip¬
area
a
ment, retirement of notes, and the balance for working
capital. Office—240 East Center St., Provo, Utah. Under¬
writer—Whitney & Co., Salt Lake City, Utah.
•
(9/12-16)
Softol, Inc.
June
17,
1960
common
stock
(letter of notification) 150,000 shares of
(par 10 cents). Price—$2 per share. Pro¬
ceeds
For general corporate purposes. Office — 992
Springfield Ave., Irvington, N. J. Business—The company
—
manufactures cosmetics
—Harwyn Securities,
and
toiletry items. Underwriter
1457 Broadway, New York
36, N. Y.
Sottile, Inc. (Formerly South Dade Farms, Inc.)
July 29 filed 2,000,000 shares of common stock (par $1),
of which
1,543,000 shares
to be issued and sold for
are
the account of the company, and 457,000 shares, repre¬
senting
outstanding stock, to
of certain selling stockholders.
be sold
for
the
account!
ment. Business
small
for
—
The company
appliances and
makes heating elements
for major applW
components
ances, and related items. Proceeds—To selling stockhold¬
ers. Office—429-33 East 164 St., New York
City. Under¬
writer—Francis I. duPont & Co., New York City. Offer¬
ing—Expected in late September or early October.
Mountain
June 30, 1960, filed
tures due 1975 and
Ski
Corp.
$500,000 of 8% subordinated deben¬
100,000 shares of common stock, to
public sale in units consisting of a $50
debenture and 10 shares of stock.
Price—$75 per unit.
Proceeds
To pursue the development of the resort.
be
offered
Steamboat Springs, Colo.
Business — Company
organized for the purpose of developing and oper¬
ating a ski and summer resort on Storm Mountain on the
—
Continental
Divide, about 2
Underwriter—None.
Springs.
•
StroEee of California Inc.
miles
from
Steamboat
(9/12-16)
July 19, 1960, filed 150,000 shares of outstanding com¬
mon stock. Price—$5
per share. Business—The manufac¬
ture of strollers, high chairs and other similar
types of
juvenile items. Proceeds—To selling stockholders. Office
—Los
&
Angeles, Calif. Underwriters—Federman, Stonehill
Co. of New York
City; Mitchum, Jones & Templeton
of Los Angeles,
Calif., and Schweickart & Co., of New
York City.
Summers
Gyroscope Co.
Aug. 29, 1960 filed 6,403,215 shares of common stock, of
which 5,702,878 shares are to be offered
by Atlas Corp.
to
the
of
one
its
of
outstanding
Summers share for each
common
two
Atlas
the
on
basis
shares
held,
700,337 shares to be offered by Mertronics Corp. to
and
its
holders
stockholders
cents
per
effect
to
their
on
share.
71.1%
a
share-for-share
Purpose—The
divestiture
a
interest
Atlas
by
basis.
of
purpose
and
Price—75
the
offering
Mertronics of
in Summers
in order to dispose of
matters pending before the CAB. Office—2500
Broadway
Ave., Santa Monica, Calif. Underwriter—None. Offering
•—Expected sometime in October.
v
•
Sunbury Milk Products Co.
(9/12-14)
—To
stock
000;
to
add
*
Southern
26,
series
stock
Nevada
1960 filed
Power
Co.
$5,000,000
(10/4)
of first
mortgage bonds,
E, due 1990 and $2,000,000 of $20 par preferred
(100,000 share?). Proceeds—For construction and
repayment
(letter of
1960
notification)
20,000
shares
of
stopk (par $5). Price—$15 per share. Proceeds
liquidate short-term (Dank loans, and for. working
capital. Office—178 Lenker Ave., Sunbury, Pa.
Under¬
writer—Hecker &
Sunset
term
Aug.
20,
common
Co., Philadelphia, Pa.
to
working capital; to retire certain longindebtedness; and to develop citrus groves. Office
—250 South East First Street, Miami. Fla.
Underwriter
—Bear, Stearns & Co., New York. Offering—Indefinite
of bank leans. Address—P.
O.
Box
230, Las
House
Distributing Corp.
Aug. 22, 1960 filed 150,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
pany is in the retail mail order business selling general
merchandise throughout the country. Proceeds — To
Leonard P. Carlson, the issuer's president, selling stock¬
holder. Office—3650 Holdredge
Ave., Los Angeles, Calif,
Underwriter
Crowell, Weedon & Co., Los Angeles,
—
Calif.
.
Vegas, Nev. Underwriter—White, Weld & Co., of New
York City
Syntex Corp.
(managing).-
Southwestern Oil Producers, Inc.
March 23 filed 700,000 shares of common stock. Price—
$2 per share. Proceeds—For the drilling of three wells
.
and
the balance for
working capital.
Office—2720 West
Mockingbird Lane, Dallas. Underwriter — Elmer K.
Aagaard, 6 Salt Lake Stock Exchange Bldg., Salt Lake
City, Utah.
Aug. 8, 1960, filed 100,000 shares of common stock. Price
—To be supplied by amendment.
Business—The com¬
pany is chiefly engaged in the research, development,
production, and sale of steroid hormone products. Pro¬
ceeds— For working capital.
Office — Arcia Building,
Justo Arosemena
Avenue, Panama, Republic of Panama.
Underwriter—Allen & Co., New York City.
OfferingExpected in late September.
—
per
share. Proceeds
—
For
general
corporate purposes.
Office—1949-51 McDonald Ave., Brooklyn, N. Y. Under¬
writer—D'Amico & Co., Inc., 15 William St., New York,
N. Y. Offering—Expected in late
September.
Spray-Bilt, Inc.
Techni
of common stock
ceeds—To
and
add
(par 10c). Price—$2.50 per share. Pro¬
inventory of "fiberglaspray" equip¬
increase
ment, establish
to
seven
additional
working capital.
regional sales offices,
Office — 3605 East Tenth
Court, Hialeah.
Fla. Underwriters—J. I. Magaril Co., 37
Wall St., New York City and Sandkuhl &
Company, Inc.,
of New York
City and Newark, N. J.
29,
common
ceeds
—
1960
(letter
of
notification)
28,160
shares
of
stock
To
(par $10). Price—$12.50 per share. Pro¬
acquire additional shares of Adams Street
Parking Corp.,
promissory note or notes of Adams, and
to retire some
outstanding long term mortgage indebted¬
ness of Springfield. Address —
Springfield, 111. Under¬
a
writer—None.
26,
common
1960
stock
amendment.
(letter
of
notification) 50,000 shares of
Price—To be supplied by
(par 20 cents).
Business—Manufacturers
of
electrical
vices.
Proceeds—For general corporate purposes.
—657
Broadway,
de¬
Office
Y. Underwriter
Havener Securities Corp., New York, N. Y.
New
York
1960
stock
Inc.
21/ N.
,
—
Office—36-11
purposes.
—
September.
Telecolor
July 25,
1960
capital stock
shares
(letter of notification) 150,000 shares of
(par 25 cents) of which 100,000
to be offered
are
by officers. Price—$2
per
share.
Proceeds—To lease equipment and for
working capital.
Office — 7922 Melrose
Ave., Hollywood, Calif. Under¬
writer—Raymond Moore & Co.. Los Angeles, Calif.
•
Telephone & Electronics Corp. (9/19)
Aug. 18, 1960 (letter of notification) 52,980 shares of
common stock
(par 25 cents). Price—$5 per share. Pro- '
ceeds—For general
corporate purposes.
communications equipment and
Business—Elec¬
automatic,
loud-:
speaking telephone. Office—7 East 42nd St., New York
17, N. Y. Underwriter—Equity Securities Co., New York,'.
n. y.
..
TeSe-Tronics Co.
(9/26-30)
(letter of notification) 100,000 shares of
common stock
(par 40 cents). Price—$3 per share. Pro¬
ceeds—For plant
expansion, additional machinery, ac¬
quisition of new facilities and working capital. Office—
Aug.
180
10,
S.
1960
Main
St., Ambler, Pa. Underwriter—Woodcock,
Moyer, Fricke & French, Inc., Philadelphia, Pa.
Temperature Engineering Corp.
Aug. 10, 1960 filed 135,000 shares of common stock (par
25 cents). Price—$3.50
per share. Business—The manu¬
facture
and
trolled
conditions
sale
of
equipment to create precisely
of
and cleanliness in
temperature, humidity,
con¬
pressure
research, production and quality con¬
new manufacturing facil¬
ities, research and equipment, and the balance for work¬
ing capital. Office—U. S. Highway 130, Riverton, N. J.
Underwriters—M. L. Lee & Co.,
Inc., Milton D. Blauner
& Co., Ina and F. L. Salomon &
Co., all of New York
City. Offering—Late September or early October.
trol. Proceeds—The erection of
Tenax, Inc.
Aug. 16, 1960, filed $1,500,000 of 10-year 6% convertible
subordinated
debentures, due 1970.
Price —100%
of
principal amount. Business—The sale, stocking and fi¬
nancing of freezers. Proceeds—Repayment of short-term
indebtedness and working capital. Office—575 Lexing¬
ton-Avenue, New York City. Underwriter — Myron A.
Lomasney & Co., New York City. Offering—Expected
in
late
September.
Terafilm
Corp. (9/12-16)
Aug. 22, 1960 (letter of notification) $200,000 of 5 year
6% registered subordinated notes and 20,000 shares of
common stock
(par 10 cents) to be offered in units of
$2,000 notes and 200 shares of common stock. Price—$3,000 per unit. Proceeds—For machinery, equipment,
inventory and working capital. Office — Canal & Lud¬
low Sts., Stamford, Conn. Underwriter—Burnham & Co.,
New York, N. Y.
Terminal
Electronics
Inc.
(9/12-16)
June 24,
1960, filed 166,668 shares oi capital stock (par
25 cents), of which 83,334 shares are to be offered for
public sale for the account of the issuing company and
the balance for the account of William
Filler, President.
share. Proceeds—$190,000 is to be used to
pay the remaining balance of its obligation incurred in
connection with the purchase of Terminal stock from the
Estate of Frank Miller; $100,000 to repay a bar.it loan;
and the balance for general corporate purposes, includ¬
ing the obtaining and equipping of an additional retail
Price—$6
outlet.
per
Business—Wholesale
and
retail
distribution
of
retail electronics parts and components. Office—236-240
17th Street, New York.
Underwriters—J. A. Winston
&
Co.,
Inc.
and Netherlands
of New York.
Hudson
Securities
Co.,
Inc.,
both
Note—Name is to be changed to Terminal-
Electronics, Inc.
effectiveness of a merger
with Hudson Radio & TV Corp., which will take place
(9/15)
when all of the
and
upon
shares
offered
hereby
are
sold.
Three-L-Corp.
(letter of notification) 112,500 shares of
(par 10c). Price—$2 per share. Business—
March 24 filed 3,500,000 shares of common stock.
—$1
share.
per
Proceeds—$46,098
Price
will
be applied to
in Fairfield Town¬
The firm makes health and massage equipment, electric
the acquisition of 493 acreas of land
housewares, and medical electronic equipment. Proceeds
expansion, working capital, and research and de¬
velopment expenditures. Office—71 Crawford St., New¬
ship, Hyde County, and $15,000 for payment of the
July instalment on acquisition of about 12,726 acres in
Hyde County; $500,000 for purchase and installation of
machinery, equipment and saw mill and $75,000 for
working capital in connection with lumber operations;
$65,000 for January 1961 instalment payment on the
—For
—
United Planning Corp.,
Raymond Blvd., Newark, N. J.
•
Technical
Materiel
Corp.
1180
-
(10/3)
Aug. 25, 1960 filed 120,000 shares of common stock (50
cents par), of which 50,000 shares are to be offered for
the account of the issuing company and 70,000 shares,
representing outstanding stock/are to be offered for the
account of the present holders thereof. Price — To be
supplied by amendment. Business—The company makes
sells
hi-fi radio components
—The proceeds,
construction of
and systems. Proceeds
estimated at $750,000, will be used for
a
new
plant,
probably in Westchester
County, N. Y., with the balance for working capital.
Office—700 Fenimore Road, Mamaroneck, N. Y. Under¬
writer
Kidder, Peabody & Co., Inc., New York City
'
(managing).
—
12,726 acres; and the balance to purchase livestock,
planting feed and pasture, raising livestock, and addi¬
Office—Fairfield, N. C. Under¬
writer—Participating dealers will receive 15 cents per
tional working capital.
share.
Note—The statement
was
withdrawn
Measurement Corp.
sells
electronic
digital
equipment,
computers.
search and
Proceeds
debentures,
the
due
outstanding
amount
of
1980,
to be offered
common
debentures
For
debt
multi-channel
reduction,
re¬
development, engineering equipment and fix¬
tures, and working capital. Office—441 Washington Ave.,
North Havep, Conn.
Underwriter—Pistell, Crow, Inc.,
New York City.
Sept. 2.
on
holders of
to the
the basis of $100 principal
16% shares of common
for each
held. The record date and interest rate will be
supplied
by amendment. Business — The firm makes and sells
men's clothes, and operates, through two subsidiaries,
the
principally
—
on
Timely Clothes, Inc.
July 25, I960 filed $840,000 of convertible subordinated
10 retail stores. Proceeds—To reduce
Technical
July 29, 1960 filed 120,000 shares of common stock (par
20 cents). Price — $5 per share. Business — Makes, and
Standard Instrument Corp.
Aug.
10,
common
and
★ Springfield Downtown Parking, Inc.
Aug.
Aug.
Electronics,
ark, N. J. Underwriter
(9/12-14)
July 25 filed (in the Atlanta SEC office) 100,000 shares
corporate
Island
in mid-to-late
pected
if
Spier Electronics, Inc.
24, 1960 (letter of notification)
Aug.
60,000 shares of
common stock (par 10 cents).
Price—$5 per share. Busi¬
ness
Manufacturers of electronic products. Price — $5
Long
for
was
outstanding at the date of the stock offering; to
invest in the capital
stocks of six of the company's
seven bank subsidiaries; to
repay a bank loan of $6,400,-
retire
.
tronic
Storm
June
Proceeds—To
general
Street,
City, N. Y.
Underwriter
Edward Lewis
Co., Inc., New York, N. Y. Offering—Ex¬
Manufacturing Corp.
Aug. 22, 1960 filed 150,000 outstanding shares of class At
stock (par 75 cents). Price—To be supplied by amend¬
Price—To be supplied by
70% of the common
amendment.
Inc.
(letter of notification) 100,000 shares of
stock (par 10 cents).
Price—$3 per share. Pro- '
ceeds—For
33rd
Electronics,
I960,
common
Still-Man
is
Inc.,
29,
common
Co., New York City. Offering
—Expected sometime in October.
Office
(9/12-16)
(letter of notification)
15, 1960
June
Underwriter—D. Gleich &
—
Sealed Air Corp.
July
Tech-Ohm
*
Sept. 2, 1960 filed 180,000 shares of common stock (par
cents). Price—$4 per share. Business—The manufac¬
ture and sale of men's hair lotions, shampoos, after shave
preparations, and toilet waters. Proceeds—$250,000 for
advertising and sales promotion, primarily for new
products with the balance for general corporate purposes. Office—Professional Bldg., Ft. Lauderdale,
Fla.
50
the
account of
be
it Stephan Co.
35
balance for working capital.
indebtedness, with
—
1415 Clinton
Office
Ave.
North, Rochester, N. Y. Underwriter—Cartwright
Parmelee, New York City (managing). Offering—Ex¬
pected in mid-to-late September.
&
Topic Electronics, Inc.
Aug. 17, 1960 (letter of notification)
common
stock (no
par). Price—$3.40
85,000
per
shares
of
share. Proceeds
Continued
on
page
36
36
(934)
Continued from
The Commercial and Financial Chronicle
•>
page
Utah
35
Wenwood Organizations
Service Co.
Gas
first mortgage sinking fund bonds, due Oct. 1, 1975, of which $300,000 will
be used for debentures refunding and $500,000 are to be
publicly offered. Price—At par. Proceeds—$440,000 will
be used to retire certain outstanding indebtedness. Office
^-511-12 Desert Bldg., Salt Lake City, Utah. Underwriter
Aug. 25, 1960 filed $800,000 of 6%
—To pay
promissory notes, general obligations and for
working capital. Office—8 Mercer Road, Natick, Mass.
Underwriter—DuPont, Homsey & Co., Boston, Mass.
Trav-ler Radio Corp.
(9/26-30)
Aug. 5, 1960 filed $2,200,000 of 6V2% sinking fund de¬
bentures, due 1975, with 15-year common stock purchase
warrants, two such warrants (for the purchase of an ag¬
gregate of 50 shares) to be issued with each $1,000
of debentures. Price—100% of principal amount of de¬
bentures. Business—The company makes radios, TV sets,
.
—The
writer—To be determined by
sinking
6%
1967, with the balance for general
—
Straus, Blosser & McDowell, Chicago (managing).
*
Triangle Business Machine, Inc.
200,000 shares of
(letter of notification)
Aug. 25, 1960
common
stock. Price—At par ($1 per
share). Proceeds—-
To purchase machinery and equipment and for
working
capital. Office—334 Venice Blvd., Los Angeles 15, Calif.
Underwriter
Holton, Henderson & Co., Los Angeles,
and
First Boston Corp. (jointly); White, Weld & Co.; Stone
& Webster Securities Corp. (jointly); Salomon Bros. &
Hutzler; Kidder, Peabody & Co.; Eastman Dillon, Union/
Securities & Co. and Smith, Barney & Co; (jointly);
Lehman Bros.; Bear, Stearns & Co. Bids—Expected to
be received on Sept. 14, at 11:30 a.m. for the bonds, and
12:30
for
p.m.
-
•
Triangle Lumber Corp. (9/19-23)
July 28, 1960 filed 140,000 shares of common stock (par
$1), of which 118,000 shares are to be publicly offered,
by the company and the remaining 22,000 shares are
to be offered to the company's officers and employees.
Prices—For the 118,000 shares, $8 per share; for the 22,000 shares,, $7.20 per share. Businesss — The buying,
warehousing, milling, and distribution of lumber, ply¬
wood, and millwork for use in residential and industrial
construction. Proceeds
For general funds to provide
additional working capital, and may be used in part J
—
to retire short-term
tion
indebtedness. Office—45 North Sta¬
Plaza, Great Neck, L. I., N. Y. Underwriter—Bear,
(managing).
Stearns & Co., New York City
Trout Mining Co.
Aug.
stock
22; 1960 filed 296,579 shares of no par common
(with warrants), to be offered to holders of the
outstanding
common on
the basis of four
new
shares for-
each five shares held. Price—$1 per share. Business—The
is engaged in the mining of silver, lead, zinc,
and manganese dioxide. Proceeds—For working capital,
to repay a bank loan, and for exploration and develop¬
company
ment of ere bodies. Office—233 Broadway, New York
City.,Underwriter—None. Offering—Expected in mid-October. / ;.*
;■/^ _v.• ■; •;,V:^.r:=
*Union Electric
'
Co.
(9/22) //
1
Union Texas Natural Gas Corp.
^ t "
July 8, 1960, filed 150,248 shares of outstanding class A.
Stock (par $1), and 75,124 shares of outstanding class B
stock (par $1). Price :— To be supplied by amendment.
Proceeds
To selling stockholders.
Office — 811 Rusk
Ave., Houston, Texas.
Underwriters — Carl M. Loeb,
Rhoades & Co., Merrill Lynch, Pierce, Fenner & Smith
Inc., and Smith, Barney & Co., Inc., all of New York
City. Offering—Expected in mid-to-late September.
•
Valdale
156,000 shares
to
are
be
common
offered for
stock, of
the
account
the
issuing company and 13,500 shares, representing
outstanding stock, are to be offered for the account of
the
present holders thereof.
amendment.
Business—The
Price
—
To
be supplied by
is
engaged pri¬
marily in the development and manufacture of electronic
company
measurement
instruments, and in nuclear detection work
relating to the earth sciences. Proceeds
To liquidate
$800,000 of bank indebtedness, with the balance for gen¬
—
eral funds. Office—200 Allendale
Underwriter
—
William
Calif, (managing).
;
United
Pacific
R.
Road, Pasadena, Calif.
Staats & Co., Los Angeles,
V
:
Aluminum
Corp.
Aug. 24, 1960 filed $7,750,000 of convertible subordinated
debentures, due 1975. Price—To be supplied by amend¬
ment. Proceeds
Together with other funds, the proceeds
will
be
used
to pay for
the erection of
primary alu¬
Angeles, Calif.
Underwriter—Straus, Blosser & McDowell Chicago, 111.
(managing).
minum
reduction facility.
United
States
Boat
Office
N,
Rubin
Co. both of New York
&
—
a
Los
Corp.
Co.
&
and
H.
S.
Sim¬
City.
1966. Price—At face value. Proceeds—For
bentures
due
working
capital.
Vendo
•
."•••
//.:
Address—Toccoa,
;
y';
7,.-
Ga.
Underwriter—
•"/[/
..
Co.
1960 filed $5,250,000 of 4V2% convertible sub¬
debentures, due 1980, being offered to holders
of the outstanding common on the basis of $100 prin¬
July 29,
ordinated
cipal amount of debentures for each 50 shares held of
record Sept. 7 with rights to expire on Sept. 21. Proceeds
—For working capital; all or part of the proceeds may be
applied to the reduction of short-term bank borrowings,
which amounted to $8,500,000 on June 30. Office—7400
12th
E.
St.,
Kansas City, Mo. Underwriter
(managing).
1
—
Kidder,
-Venture
Capital Corp.
of America
(9/15)
1960, filed 275,000 shares of common stock (par
$1). Price -y $7.50 per share. Proceeds — To be used to
fulfill the $300,000 minimum capital requirements of. the
June 29,
Business—A closed-end-
non-diversified
management investment company.
Of¬
fice—375 Park Ave., New York.'
Underwriters—Filor,
Bullard &
Smyth, Hardy & Co., Sprayregen, Haft & Co.
Cummings & Co., all of New York.
and Bregman,
^ Virginia Capital Corp.
1
Aug. 31, 1960 filed 60,000 shares of common stock. Price
—To be supplied by amendment. Business—The com¬
is licensed by the Small Business Administration
operate throughout Virginia under the Small Busi¬
pany
to
Investment Act of 1958. Proceeds—To furnish cap¬
ness
ital, long-term loans, and consulting and advisory serv¬
ices
to
selected
small
business
concerns.
Office
—
907
State-Planters Bank
Bldg., Richmond, Va. Underwriter
—J; C. Wheat-& Co., Richmond, Va. (managing). Vy
v
Virginia Electric & Power Co.
Aug.
12,
I960,, filed $25,000,000
(9/13)
of first and refunding
mortgage bonds, series P, due 1990. Proceeds—For con¬
struction. Office—700 E. Franklin Street, Richmond, Va.
Underwriters—To
determined
by competitive bid¬
Halsey, Stuart & Co. Inc.;
Salomon Bros. & Hutzler; White, Weld & Co.; Eastman
Dillon, Union Securities & Co.; Stone & Webster Secu¬
rities Corp. Bids — Expected to be received on Sept. 13
at 11:00 a.m.
(EDT). Information Meeting—Scheduled
for Sept. 8 at 11 a.m. N. Y. Time, at The Chase Manhat^
tan
•
Probable
be
bidders:
Bank, 43 Exchange Place, New York City, Room 238.
Vitramon,
Inc.
(9/12-16)
y :
July 27, 1960 filed 103,512 shares of common stock (par
10
cents), of which 25,650 shares are to be offered for
account of the issuing company and 77,862 shares,
representing outstanding stock, are to be offered for the
account of the present holders thereof.
Price — To be
supplied by amendment. Business —• The manufacture
and sale of dielectric capacitors. Proceeds — $25,000 to
redeem outstanding preferred stock; $112,500 to prepay
the balance on mortgage notes; and the balance for
working capital. Office—Bridgeport, Conn. Underwriter
—G. H. Walker & Co.; New York City.'
the
34, I960 filed "140,000 shares of class A common
stock (par $1). Price—$6 per share. Business—The man-ufacture and sale of electrical resistance steel tubing.
Aug.
Proceeds
.States Pool Corp. which
porate
'
were used for general corporate
and the balance will be utilized for
working
capital, including a later repayment of
$45,000 to U. S
Pool Corp.
Office —27 Haynes Avenue,
purposes,
Underwriter
Note—This
—
Richard Bruce
&
Newark, N. J
Co., Inc., New York.
offering has been postponed.
Urban Development
Corp.
.
Aug. 30/1960 filed 300,000 shares of common stock
(no
par). Price $10 per share. Proceeds—For
general cor¬
porate purposes, including debt reduction. Office—MemV*
]nriu-Underwriter — Union Securities
Co., Memphis, Tenn.
Investment
homes; and the balance for working capital
the continued development of the residential
In Sarasota and the construction of homes in
$25,000
Florida-
to finance
community
West Palm
Beach, and the development of a shopping center in*,
Selden, L, I, Office—526 North Washington Blvd., Sara¬
sota, Fla. Underwriter—Michael G. Kletz & Co., Inc., /
New York. Offering—Expected sometime in September. -;
West
Coast
Telephone Co.
Aug. 22, 1960 filed 125,000 shares of common stock (par;
$10). Price—To be supplied by amendment. Proceeds-—•:
For construction. Office — 1714 California St., Everett,,
Wash. Underwriter—Blyth & Co., New York City (mam-:
aging) i Offering—Expected in late
Western
September.
Factors, Inc.
1960, filed 700,000 shares of common stock. Price
—$1.50 per share. Proceeds—To be used principally for
the purchase of additional accounts receivable and also,
may be used to liquidate current and long-term liabil¬
ities.
Office —1201 Continental Bank Bldg., Salt Lake
City, Utah.
Business—Factoring.
Underwriter—Elmer /
K. Aagaard, Newhouse Bldg., Salt Lake City, Utah.
(9/12)
Whitmoyer Laboratories, Inc.
85,000 shares of common stock and $500,000
of 6% subordinated debentures, due 1977, with warrants
Jan. 28 filed
purchase of 10,000 additional common shares at:
$5 per share.
Price — For the debentures, 100% o£
principal amount; for the 85,000 common shares, $6
per share.
Proceeds—For general corporate purposes,
including the reduction of indebtedness, sales promo¬
tion, and equipment.
Office—Myerstown, Pa.
Under¬
writer—Hallowell, Sulzberger, Jenks, Kirkland & Co.,
Philadelphia, Pa.
for the
•
Wilier CoEor Television
System, Inc.* (9/19-23)
Jan. 29
(letter of notification) 80,890 shares of common
stock
(par $1).
Price—$3 per share. ' Proceeds—For
general corporate purposes.
Office—151 Odell Avenue,
Yonkers, N. Y.
Underwriter—Equity Securities Co., 39
Williamsburg Greetings Corp.
Aug. 26, 1960 filed 180,000 shares of common stock
(par 25 cents)./'Price — $6 per share.
Business—The
company and its subsidiaries are engaged; chiefly in the
dseign, production, and sale of greeting cards. Proceeds
—About $400,000 will be applied to the reduction of
factoring advances, with the balance to be added to
working capital. Office—3280 Broadway, New York City.
Underwriters
Standard Securities Corp., New York
—
Bruno-Lenchner, Inc.,- Pittsburgh,
Amos Treat & Co., Inc., New York City.
City,
and
—
$100,000 will be applied to reduction of a
$600,000 revolving bank credit, $200,000 for new equip¬
Pa.,
and
WonderBowl, Inc.
April 14 filed 3,401,351 shares of common stock (par $2).
Price—$2 per share.- Proceeds—For purchase of certain
.
property, for constructing a motel on said property and
various leasehold improvements on the property. Office
—7805 Sunset Boulevard, Los Angeles,: Calif;
Under¬
writer—Standard Securities Corp./same address.
; /
it Youngstown Sheet & Tube Co. :
Sept. 7, 1960 filed $60,000,000 of first mortgage sinking
fund bonds, series H, due 1990. Priced—To be supplied by
amendment: Proceeds—For capital expenditures and to
replenish working capital. Office — 7655 Market St.;
Youngstown 1, Ohio. Underwriters—Kuhn, Loeb & Co.
and Smith, Barney & Co., both of New York City (man¬
aging). Offering—Expected in early October.
•
Yuscaran
Mining Co.
May 6 filed 1,000,000 shares of common stock. Price— $1
per share. Proceeds—It is expected that some $100,000
will be used to purchase and install a mill for the proc¬
essing of ore; $60,000 for rails, ties, rail cars and related
equipment; $10,000 for rebuilding roads; $30,000 for
transportation equipment; and $655,000 for working cap¬
ital. Office—6815 Tordera St... Coral Gables, Fla. Under¬
writer—None. Note—The SEC has challenged the accu¬
and
racy
scheduled
adequacy of this statement.
for Aug. 29 at the request
counsel and the results have not
as
-
A hearing was
of the company
yet been announced.
ATTENTION UNDERWRITERS!
Do you have an issue
Our
• Welded Tube Co. of America
^
^50,000 shares of common stock to be
;P"bllcly offered. Price—$2 per share. Proceeds—$221;826 will be applied to the
repayment of loans to United
obligations of the company for services rendered;
for a sales program in connection with the
Broadway, New York City.
Peabody & Co.
•
.
purchase warrants). Price—100% of principal amount.
Proceeds—$100,000 will be used for payment of a bank
loan incurred to help finance the disposal plant and an «
estimated additional $50,000 to complete the plant; $109,000 to retire 10% debentures issued in payment of certain
•
^ Valley DaCe Investment Co.
Aug. 29, 1960 (letter of notification) $50,000 of 8% de¬
None.
fund
Inc.
17, 1960 filed $550,000 of 7V2% subordinated sinking
debentures due August, 1970 (with common stock
June 29,
(9/20)
Underwriters—B.
mons
ding.
EleciroBynamics, Inc.
Aug. 22, 1960 filed 169,500 shares of
of
Inc.
Co.,
1960
—
Pa.
June
:
(letter of notification) 100,000 shares of
common stock (par 10 cents). Price—$3 per share. Pro¬
ceeds
To pay accounts payable, reduce a bank loan,
advertising and for working capital. Office—Red Lion,
July 27,
—
which
Information Meeting—
12 at 2 Rector St., New York City
preferred.
at 2:00 p.m.
Small Business Investment Act.
Aug. 12, 1960 filed $50,000,000 of 30-year first mortgage
bonds, due 1990. Proceeds —^ To meet" construction ex-!
penses and retire short-term loans. Office—315 No. 12th
Blvd., St. Louis, Mo. Underwriters—To be determined
by competitive bidding. Probable bidders: Halsey, Stuart
& Co., Inc.; First Boston Corp. and White, Weld & Co.
(jointly); Lehman Brothers, Blyth & Co. (handling the
books), Eastman Dillon, Union Securities & Co. and
Bear, Stearns & Co. (jointly). Bids—Expected to be re¬
ceived on Sept. 22 up to 11 a.m. (EDT).
Information
Meeting—Sept. 20 at 3:00 p.m. at the Bankers Trust Co.
United
the
Scheduled for Sept.
—
Calif.
competitive bidding. Prob¬
able bidders; Halsey, Stuart & Co. Inc.; Blyth & Co.
fund debentures due
corporate purposes.
Office—571 West Jackson Blvd., Chicago, 111.
Under¬
writers
Lee Higginson Corp., New York City, and
12-year
(9/14)
July 29, 1960 filed $16 million of first mortgage bonds,
due 1990, and $10 million (400,000 shares) of $25 par
cumulative preferred stock, series A. Proceeds—For con¬
struction purposes and repayment of bank loans. Under¬
and various types of high fidelity and
stereophonic combinations. Proceeds — $922,500 will be
used
to
redeem
the
outstanding $900,000
principal
of
Trust Co, of Lincoln, Nebr.
Utah Power & Light Co.
tape recorders,
amount
First
,
8, 1960
Thursday, September
...
Corporation
to know about it
you're planning to register?
News Department would
so
that
we
can prepare an
like
item
similar to those you'll find hereunder.
Would
write
you
us
REctor 2-9570
Park Place, New York 7, N. Y.
telephone
at 25
us
at
;
i
<
,
or
-.
machinery, and the balance for general cor¬
including working capital. Office—2001
S. Water St.
Philadelphia, Pa. Underwriter—H. Hentz
ment
&
and
purposes,
Co., New York City (managing). Offering—Expected
in late October.
•
Wallace
Press, Inc.
Alexander's
(9/12)
July
(par
$10). Price—To be supplied by amendment. Business—
Commercial printing and the production. of business
forms, catalogs, and technical manuals. Proceeds —< To
selling stockholders. Office—Chicago, III. Underwriters—
Aug. 3, 1960 filed 184,435 shares of common stock
Shearson, HammiljT& Co., New York City, and
Tegtmqyer & Co., Chieago, 111. (managing).
;Prospective Offerings j
Wm. H.
6
it
was
Department Stores, Inc.
reported that this Bronx (N. Y.)-based
retail chain is contemplating an issue of common stock.
.No., confirmation was available.^,
American Telephone &
,,,,
J
Telegraph Co. (19/25)
July 20, 1960, the directors authorized a new debenture
bond issue of $250,000,000. Proceeds — For improvement
and expansion , of Bell Telephone services.. Office—195
.
Volume
Number 5984
192
.
,
..
The Commercial and Financial
Chronicle
(985)
Broadway, New York City. Underwriter—To be deter¬
mined by competitive bidding. Probable bidders:
Morgan
Stanley & Co., and The First Boston Corp. and
Halsey,
Stuart & Co. Inc. (jointly). Bids — Expected to be re¬
ceived on Oct. 25. Information Meeting—Scheduled for
Oct. 20 at 2:30 p.m., 195 Broadway, New York
City.
^ Amphenol-Borg Electronics Corp.^
«.
Sept. 7, 1960 M, L. Devine, President, announced that
part of the company's $4,175,000 building program would
be financed through the sale of debt securities. Office—
Broadview, 111.
Power & Light Co.
1960, it was announced that this subsidiary of
South Utilities,- inc. might issue $15,000,000 of
Arkansas
June 20,
Middle
mortgage bonds sometime in December.
Under¬
writer—To be determined by competitive bidding. Prob¬
able bidders: Halsey, Stuart & Co. Inc.; Eastman
Dillon,
first
Securities
Union
&
Co.
and
Equitable Securities Corp.
(jointly); Blyth & Co. and Dean Witter & Co. (jointly);
Lehman Brothers, Stone & Webster Securities
Corp. and
White, Weld & Co. (jointly); Merrill Lynch, Pierce, Fenner
& Smith Inc.
1
'
-
the last quarter of the
ceeds—To
and
Industry, Inc.
used
year,
perhaps in October.-
finance
to
of
the
the
Pro¬
continuing expansion
company's
electric
and
gas
service facilities in a 65-county area outside of Greater
Detroit. Underwriter—To be determined
by competitive
bidding. Probable bidders: For bonds—Halsey, Stuart &
Co., and Shields & Co. (jointly);
Morgan Stanley & Co.; The First Boston Corp., and
Harriman, Ripley & Co., Inc.
77
V ?
Co. Inc.; White, Weld &
.
Cove
Pharmaceutical
■Aug. 29, I960 it
tion is
of
Laboratories
was announced
<
that imminent registra¬
expected of the company's first public offering
stock. Business—The distribution of vitamins
common
through department stores. Proceeds—For general cor-.,
porate purposes. Office—Glen Cove, L. I., N. Y. Under¬
writer—Hill Thompson &
Co., Inc., New York City, N. Y.
&
Dillon, Union Securities & Co.
Hutzler.
Office
Texas.
•
Idaho Power Co.
March
to
30
it
issue
bonds
—
Salomon
-
reported
that
sell
$15,000,000
1990.
and
Building, Houston.
(11/15)
was
and
due
Electric
Proceeds
the
plans
company
of
first
mortgage
For
capital expenditures,
by competitive bid¬
ding. Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth
6 Co., Inc., Lazard Freres & Co. and
The First Boston
Corp. (jointly); Merrill Lynch, Pierce, Fenner & Smith
Inc.; Kidder, Peabody & Co. and White, Weld & Co.
(jointly); Salomon Bros. & Hutzler and Eastman Dil¬
lon, Union Securities & Co. (jointly); Equitable Se¬
—
etc. Underwriter—To be
determined
curities Corp; Bids—Expected to be received
on
Nov.
157
July 13, 1960 it
—Plymouth Securities Corp., New York City.
Ind.
Custom Craft Industries
was reported that the
company plans a
regulation "A" filing sometime soon. Proceeds—For gen¬
eral corporate purposes.
Office—Miami, Fla. Underwriter
Dallas Power &
sue
of
ties
Light Co.
in
1963.
Office—25 Monument
'
.
was reported that the company will is¬
$15,000,000 of bonds sometime during the first half
1961. Office—1506 Commerce
Street, Dallas, Texas.
Underwriter—To be determined by competitive bidding.
Circle, Indianapolis,
7
.
International
Sept. 7, 1960 it
Aug. 3, 1960 it was reported that a letter of notification
is planned for later this year.
Proceeds—For further
development of the "Skyjector." Office—342 Madison
Eastman
Bros.
Indianapolis Power & Light Co.
y
According to a prospectus filed with the SEC on Aug.
25 (see "Securities Now in
Registration"), the company
plans the sale of about $14,000,000 of additional securi¬
•
Automation For
be
improvement
37
.
Mining Corp.
It was announced June
1, 1960 in the 1959 Annual Re¬
port of International Mining Corp. that the corporation
intends to issue $10,830,000 of 7% secured serial notes in
connection with its merger with Canton Co, of Balti¬
more, which will be the name of the surviving corpora¬
Ave., New York City.
Probable bidders: To be named.
Bekins Van & Storage Co.
July 6 it was reported that this company is contemplat¬
ing a common stock issue. j Office —1335 So. Figuroa
Street, Los Angeles 15, Calif.
Dynacolor Corp.
Aug. 22, 1960 it was reported that new financing will
take place in November or December. Office—1999 Mt.
Read Blvd., Rochester, N. Y. Underwriter—The com¬
pany's initial financing was handled by Lee Higginson
Corp., New York City.
v
to nine years, and $4,830,000 the 10th
year after the
merger/Office—535 Fifth Avenue, New York City. Un¬
derwriter—None.
7
•
•
Bobbie
Brooks, Inc.
July 25, 1960 the company stated in its annual report
that about $200,000 is expected to be raised by long term
financing, to be applied to the $385,000 cost of acquiring
real estate adjacent to its Cleveland 14, Ohio, head¬
quarters.
Brooklyn Union Gas Co.
May 10 it was announced that the company plans no
more financing this
year, but there would be some in
1961, although the form it is to take has not as yet been
determined.
Carolina
-
,
Metal
Products Co.
—
Proceeds—For new
fd4chin^3^£ With'the balance
to working capital. Office
Center, Pittsburgh, Pa. Underwriter —
Arnold, Wilkins & Co., 50 Broadway, New York City.
—
2
Gateway
Casavan
Industries
Aug. 29, 1960 it
was
International
Capital Ltd.
July 26, 1960 it was reported that this company, which
expects to incorporate in Bermuda, is planning its ini¬
tial financing to occur later in the
year. Proceeds — To
acquire major equity positions in large and mediumsize ^electronics
Underwriter
companies outside the United States.
Bear, Stearns & Co., New York City.
—
Note—Sept. 1 it was announced that the company is
seeking permission from the SEC to register as an in¬
vestment co., and a hearing may be
requested until
Sept. 15.
y'f./ (''
" ; 7/v
\
":-V
■
Aug. 23, 1960, it was reported that registration is ex¬
pected in September of the company's first public offer¬
ing, consisting of 100,000 shares of common stock. Price
$5 per share. Business — The company is a primary
manufacturer of aluminum siding.
Electronics
Florida
June
1
Power &
it
announced
was
company anticipates
financing in the fall of 1960 approximdtiri^$3f5,000,000 of an as yet undetermined type of security, and
estimates that in 1961 it will require approximately
$50,000,000 of new inohey. This company on May 31 floated
a 400,000 common share
offering through Merrill Lynch,
Pierce, Fenner & Smith Inc. and associates at a price of
reported by Mr. Casavena, Presi¬
dent, that registration is imminent of about $5,000,000
Florida
'
Power
Corp.
of common stock and
March 10 it
tures. Business
(10/20)
gage bonds will be sold by
approximately $4,000,000 of deben¬
makes polystyrene and
polyurethane for insulation and processes marble for
construction. Proceeds—For expansion to meet $10,000,000 backlog. Office—250 Vreeland Ave., Paterson, N. J.
—
The company
Underwriter—To be named.
-
„
*
Circle Controls Corp.
was reported that a letter of notification
covering 75,000 shares of common stock.
Proceeds — For general corporate purposes, including
expansion and the establishment of sales organizations.
is
expected
Office—Vineland, N. J. Underwriter—L. C. Wegard &
Co., Levittown, N. J. Registration—Expected in Septem¬
ber.
reported that $25,000,000 of first mort¬
this utility. Proceeds—For new
construction and repayment of bank loans. Underwriter
was
—To be determined
by competitive bidding. Probable bid¬
ders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co.
and Merrill Lynch, Pierce, Fenner & Smith Inc.
(joint¬
ly); First Boston Corp.; Eastman Dillon, Union Securi¬
ties & Co. and Harriman
Aug. 20, 1960 it
■
Ford
Motor Credit
Business Investment
securities, and possibly
occur
later
this year. Office—Detroit, Mich.
Co.
Aug. 5, 1960 it was reported that the company is now
contemplating a public offering of its securities, possibly
$1Yz million of common stock. Office—Atlanta, Ga.
Colorado
Foto Chrome Co.
Georgia Power Co. (11/3)
Columbus & Southern Ohio Electric Co.
Dec. 9 it
tration
was
of
announced that the company
$12,000,000
of
shortly
and will mature at the rates of $1,000,000 an¬
nually for one to three years, $500,000 annually for lour
.
Interstate
Vending Co.
Aug. 16, 1960 it was reported that the company is plan¬
ning imminent registration of approximately $4,000,000
of
common
stock.
Office—Chicago, 111.
Underwriter—
Bear, Stearns & Co.
Iowa
Electric
Light & Power Co.
March 11 President Sutherland Dows stated that bondi
would be sold in order to supplement money to be ob¬
tained from temporary bank loans, to acquire the
$10,000,000 required to finance 1960 construction. Office-
Cedar Rapids, Iowa.
\
June 23, 1960, it was announced that the
company's sale
dfH$15,*000,000 of first mortgage
bonds in April of this
will carry it through the better part of 1960. The
company plans some bank borrowing before the end of
the year and expects to be in market again sometime in
1961, probably also for senior debt securities.
year
7 Laclede Gas Co.
May 10 it was announced that in addition to the $15,000,000 of new capital provided by the July
bond-equity
financing, $33,000,000 will come from later sale of secu¬
rities other than
ings.
\
:
common
77
(;
Lone Star Gas Co-
stock and from retained
777; / /7;
<:■.
30-year
plans regis¬
first mortgage bonds
with the SEC.
Underwriter
To be determined
by
competitive bidding. Probable ,bidders: Halsey, Stuart &
Co. Inc.; Morgan Stanley & Co.; Equitable Securities
Corp., and Eastman Dillon, Union Securities & Co.
.(jointly); Blyth.& Conine.,.and Kidder, Peabody & Co.
(jointly); The First Boston Corp. Registration—Sched¬
uled for Sept. 26.
Bids—Expected to be received on
—
earn¬
' '."." 777
•
Aug. 3, 1960, it was reported that about $37,000,000 will
be raised to cover capital requirements over the next
year.
Office—301 So. Harwood Street, Dallas 1, Texas.
Loral
Electronics Corp.
Sept. 1, 1960 it was reported that November registration
is expected of up to $5,000,000 of convertible debentures.
New York
Louisville Gas & Electric Co.
April 27 it
Bros.,
Offering—Expected in December.
City.
(10/18)
reported that this company plans the
issuance and sale of $16,000,000 of first mortgage bonds.
was
Proceeds—For
Aug. 17, 1960, it was reported that a common stock filing
is in the offing. Underwriter—Shearson, Hammill & Co.
Interstate Gas Co.
July 28, 1960 the company reported that debt financing
of $70,000,000 is contemplated.
Precise timing depends
on final FPC
approval. Office—Colorado Springs, Colo.
It is expected that the notes will be issued
par,
Office—New York 72, N. Y. Underwriter—Lehman
Co.
reported that this company is develop¬
ing plans for borrowing operations, which may include
was
the issuance of debt
Citizens & Southern Small
Ripley & Co. (jointly); Lehman
Brothers and Blyth & Co. (jointly). Information Meeting
a.m. at Morgan Guaranty
Trust Co. Bids—Expected to be received on Oct. 20.
—Scheduled for Oct. 17 at 11:00
March 28 it
at
Iowa-Illinois Gas & Electric Co.
the
that
further
$59,125 per share.
'
Light Co.
tion.
construction.
Underwriter—To
be
de¬
termined
by competitive bidding.
Probable bidders;
Halsey, Stuart & Co. Inc.; The First Boston Corp.; Leh¬
man Brothers
and Blyth & Co., Inc. (jointly); Kuhn,
Loeb
&
Co., American Securities Corp. and Wood,
Struthers & Co. (jointly); Eastman Dillon, Union Se¬
curities & Co. and White, Weld 8c Co. (jointly); Kidder,
Peabody & Co. and Goldman, Sachs & Co. (jointly). Bids
—Expected to be received on Oct. 18.
.
June 13, 1960, it was reported that this utility plans the
sale of about 200,000 shares of common stock to raise
approximately
with, the
$8-$9,000,000,
timing set
for
the last quarter of this year, sometime after the Novem¬
ber elections. Proceeds—For expansion purposes. Office
—215 N. Front St.,
at
the annual meeting of stockholders, that common stock¬
holders may get rights to subscribe to convertible deben¬
tures
or
was
indicated by H. C. Forbes, Chairman,
common
stock in the Fall.
TMS type of financ¬
ing would be contingent upon the ability of the company
presently outstanding 4% debentures converted
into common stock.
Con Edison this year will spend
to get its
about
construction compared with
$222,000,000 in 1959 and $189,000,000 in 1958.
For the
five years through 1964, Mr. Forbes estimated that the
utility would spend $1.2 billion for plant expansion. To
finance the five-year program he said the company will
have to issue some $800 million of securities of one kind
or
$225,000,000
another.
on
7'
new
77- 77' -\
.
-
-7-^>77/ 7.7
Consumers Power Co.
April 29 the company asked the Michigan Public Service
Commission for permission to issue and sell securities
with base value of $73,101,600. The company proposes to
issue and sell first mortgage bonds in
the^ amount ox
$35,000,000 maturing not earlier than 1990 .for the best
price obtainable but not less favorable to the company
than a 5y4% basis. The mortgage bonds are expected in
3.
Information
Meeting
Scheduled
—
and 12 noon,
a.m.
in
room
for
Oct.
31
1600, 250 Park
Ave., New York City.
Consolidated Edison Co.
May 15 it
Nov.
between 10:00
Columbus 15, Ohio.
•
Hawaiian
this
fall.
Office—Honolulu,
Hawaii.
bentures
reported that
being discussed.
was
is
an
issue of convertible de¬
Office—Birmingham, Ala.
Possible
Underwriter—Sterne, Agee & Leach, Birming¬
ham, Ala.
.
;
7
\
>
,
7.7"'
York
City, N. Y.
Merrimack Essex Electric Co.
July 19, 1960, it
Jamaica, L. I.,
Co., Inc., New
7 ' 7
(11/16)
reported that this subsidiary of the
New England Electric System plans to sell an initial
series of $7,500,000 of preferred stock. Office — Salem,
Mass. Underwriter
To be determined by competitive
bidding. Probable bidders; Kidder, Peabody & Co. and
White, Weld & Co. (jointly); Merrill Lynch, Pierce,
Fenner 8c Smith and Eastman Dillon, Union Securities
Co. (jointly); First Boston Corp. Bids—Expected to be
received on Nov. 16. Information Meeting—Scheduled for
was
—
Hayes Aircraft Corp.
Feb. 12 it
7
tional stores. Office—153-22 Jamaica Ave.,
N. Y. Underwriter — Hill, Thompson &
Electric Co.
July 25, 1960 it was reported that in addition to the
rights offering currently being made (see "Securities
in Registration"), this utility contemplates further fi¬
nancing through the issuance of 250,000 shares of $20
par preferred stock ($5,000,000), perhaps to occur some¬
time
Martin Paints & Wallpapers
Aug. 29, 1960 it was announced thgt. Registration is imp
minent of the company's first public
offering, which is
expected to consist of about $650,000 of convertible de¬
bentures and about $100,000 of common stock. Proceeds
—For expansion, including a new warehouse and addi¬
.
.
.
Houston Lighting & Power Co.
March 22 it was announced in the company's annual
report that it anticipates approximately $35 million in
new money will be requiredin ,1960 to support the
year's construction program, and to repay outstanding
bank loans. Studies to determine the nature and
timing
of the issuance of additional securities are
presently
under way. Last August's
offering of $25,000,000 of 4%%
first mortgage bonds was headed
by Lehman Brothers
Nov. 4.
'
Midland
April 8 it
"
Enterprises Inc.
was
stated
in
the
company's annual report
that it contemplates the issuance on or before March
31,
1961 of a bond issue in an aggregate amount not to ,exceed
$4,000,000.
equipment
ordered.
Proceeds -— To finance river transportation
presently on order and expected to be
Office—Cincinnati, Ohio.
Continued
on
page
38
38
The Commercial and Financial Chronicle
(986)
•
Continued from page 37
Pacific RR.
Missouri
(9/19)
Aug. 17, 1960 it was reported that the road is planning
the sale of $3,975,000 of equipment trust certificates.
"Underwriter—To be determined by competitive bidding.
Bidders—Halsey, Stuart & Co. Inc., and Salomon Bros.
& Hutzler. Bids—Expected to be received on Sept. 19
up to 1:00 p.m.
National Airlines
Business—National Airlines is the country's
air carrier, based on 1959 operating rev¬
enues. Office—Miami, Fla. Underwriter—Lehman Broth¬
ers, New York City (managing).
is expected.
10th largest
Nedick's Stores, Inc.
12
it
was
reported that the company is contem¬
registration of 17,000 shares of
common
stock.
About 66% of the issue will be sold
for the company's account and the remaining 34% bal¬
plating the placing in
stockholder.
will be sold for the account of a selling
ance
Underwriter—Van Alstyne, Noel & Co., New York.
New Jersey Bell
(9/15)
Underwriter—To be determined by competitive bidding.
Bidders-^-Halsey, Stuart & Co. Inc., and Salomon Bros.
&
Hutzler.
Bids—Expected to be received
on
Sept. 15,
to 12 noon.
up
Polymer Corp.
Aug. 2, 1960 it was reported that the company plans to
$3,500,000 of convertible debentures shortly. Office
—Reading, Pa. Underwriters — White, Weld & Co. of
New York City and A. G. Edwards & Sons of St. Louis,
file
Aug. 23, 1960, it was reported that about $20,000,000 of
new financing, possibly in the form of one $100 convert¬
ible debenture for each seven shares of common held,
Nov.
Pittsburgh & Lake Erie RR.
Aug. 17, 1960 it was reported that the road is planning
the sale of $5,000,000 of equipment trust certificates.0
Telephone Co.
Mo.
March 21 it
stated in the company's annual report it
was
their 1960 construction program will
financing
of about $15 million of an as yet undetermined type.
Underwriter—To be determined by competitive bidding.
Probable bidders: Halsey, Stuart & Co., Inc.; First Bos¬
ton Corp.;
Dillon, Read & Co. and Johnston, Lemon
& Co.
(jointly); Kidder, Peabody & Co. and Merrill
amount to $39 million and there will be further
Fenner
Pierce,
Smith
&
(jointly);
& Webster Securities Corp.
and Stone
$20,000,000 of 40-year debentures. Proceeds—To reduce
indebtedness and to supply funds for capital expendi¬
tures, which are expected to reach a record high of
$105,000,000 in 1960. Office—Newark, N. J. Underwriter
—To be determined by competitive bidding.
Probable
bidders: Halsey, Stuart & Co. Inc.; White, Weld & Co.
and Shields & Co. (jointly); Morgan Stanley & Co.; First
Boston Corp. Bids—Expected Nov. 15.
Northern Natural Gas Co.
It was reported on Aug. 2, 1960 that the utility is con¬
templating issuing $30,000,000 of debentures in the Fall.
Office—Omaha, Neb.
(11/15)
Aug. 29, 1960 it was reported that the company plans an
issue of $6,000,000 of bonds.
Office—1087 Elm Street,
Manchester, N. H. Underwriter—To be determined by
bidding. Probable bidders: Halsey, Stuart
First Boston Corp.; Blyth & Co., Inc.; Equi¬
table Securities Corp., and Eastman Dillon, Union Secu¬
rities & Co. (jointly). Bids—Expected Nov. 15.
competitive
&
Co. Inc.;
1960 it was reported that in addition to the
$50,000,000 to be obtained from the Sept. 20 bond offer¬
ing, $95,000,000 more will be needed to complete the
1960 construction program. Further financing is expect¬
the year, with
in
the type and timing
as
yet
undetermined.
Northern States Power Co.
(Minn.)
(12/6)
Ritter
May 11 it
reported that the company plans the Is¬
suance and sale of $35,000,000 of 30-year first mortgage
bonds. Underwriter—To be determined by competitive
bidding. Probable bidders: Halsey, Stuart & Co., Inc.;
Merrill Lynch, Pierce, Fenner & Smith Inc., Kidder,
Peabody & Co. and White, Weld & Co. (jointly); The
First Boston Corp. and Blyth & Co., Inc. (jointly); Leh¬
man Brothers and Riter & Co. (jointly); Equitable Se¬
curities Corp. and Eastman Dillon, Union Securities &
Co. (jointly). Bids—Expected to be received by Dec. 6.
was
One Maiden Lane
Aug. 29,
pected
stock.
For
1960
Fund, Inc.
Business—This is
a
mutual fund.
new
is
ex¬
common
Proceeds—
investment, mainly in listed convertible debentures
and U. S.
York
38,
Treasury Bonds. Office—1 Maiden Lane, New
N. Y.
Underwriter—G. F. Nicholls Inc., 1
Maiden Lane,
a
may
York
New York 38, N. Y.
April 18 it was stated that the company presently ex¬
pects that such part of its construction program through
1962 and the
refunding of $6,442,000 series B bonds ma¬
turing in 1961 as is not financed by the sale of the com¬
pany's 39,165 shares of its convertible cumulative pre¬
ferred stock, series E, 5% (par $100) will be financed
from the proceeds of sale in 1961, subject to market con¬
ditions, of $10,000,000 of its first mortgage bonds, from
depreciation and retained earnings and, to the extent of
any remaining balance, from the proceeds of additional
short-term borrowings.
Aug. 1, 1960 it was reported that $15,000,000 of debt
financing is expected in the spring of 1961, perhaps in
March. Underwriter—To be determined by competitive
Probable bidders: Halsey, Stuart & Co. Inc.;
Kidder, Peabody & Co., White, Weld & Co. and Shields
& Co. (jointly); Kuhn, Loeb & Co.; Salomon Bros. &
Hutzler, Eastman Dillon, Union Securities & Co., and
Equitable Securities Corp. (jointly); Blyth & Co., Inc.;
The First Boston Corp.
Scharco Manufacturing Co.
reported that a letter of notifica¬
tion is imminent covering 60,000 shares of common stock.
Proceeds—For general corporate purposes, including ac¬
(11/1)
Aug, 24, 1960, it was announced that the California util¬
ity intends to sell $60,000,000 of first and refunding
mortgage bonds. Proceeds—For general corporate pur¬
poses, including the payment of bank loans incurred for
expansion, which expense will approximate $152,000,Office—245 Market
Street, San Francisco 6,
Calif. Underwirter—To be determined by
competiitive
bidding. Probable bidders: Blyth & Co., Inc., and First
Boston Corp. and Halsey, Stuart & Co. Inc.
(jointly).
on
Nov. 1.
Lighting Gas Supply Co.
(10/19)
announced that registration is
Aug. 29, 1960 it was
ex¬
pected on Sept. 9 of $25,000,000 of sinking fund deben¬
tures, due 1980. Business—The issuer is a subsidiary
of Pacific Lighting Corp., San
Francisco, Calif. Proceeds
—To finance current construction and repay short-term
loans.
Office —720 W. 8th Street, Los
Angeles, Calif.
Underwriter—To be determined by competitive
bidding.
Probable bidders: Halsey, Stuart & Co.
Inc.; Blyth & Co.;
Eastman Dillon, Union Securities &
Co., and White, Weld
& Co, (jointly).
Philadelphia Aquarium Co.
June 15, 1960, it was reported that the
company plans
to sell about $2,000,000 of debentures and common stock
to finance
an aquarium in Fairmont
Park, Philadelphia,
which would be city-owned and
company-operated un¬
der a lease. Underwriter—Stroud & C<?. Inc. of Phila¬
delphia, Pa. and New York,
1960 it
was
quisitions and expansion. Business — The firm makes
baby carriages, play pens, and related items. Office—
Mt. Vernon, N. Y.
Underwriter
—
'
tember.
(Jos.)
be
made
Schlitz & Co.
was
this
reported that
summer.
a
secondary offering might
Merrill Lynch,
Underwriters
April 4 it
common stock purchase war¬
rants, and Hughes Tool Co. (parent) will purchase not
only its pro-rata portion ($78,000,000) but also enough of
any debentures not taken up by others to provide TWA
with
was
company
of the issue or issues was not stated in the
Southern
Pacific Co.
report.
/
Shreveport, La. Underwriter—To be
bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; First Boston Corp.; Harriman
Ripley & Co., and Goldman, Sachs & Co. (jointly);
White, Weld & Co. and Equitable Securities Corn,
(jointly).
Bids—Expected Oct. 31.
determined
(9/27)
cars.
Public Service Co.
Aug. 9, 1960, it was reported that in February, 1961, the
company expects to offer about $12,000,000 in bonds and
$2,000,000 in preferred stock, and that about one
thereafter a one-for-twenty common stock rights
offering is planned, with the new shares priced about
6i/2% below the then existing market price of the com¬
mon.
Office—720 Mercantile Dallas Building, Dallas 1,
about
year
Vogue Instrument Corp.
24, 1960, it was reported that a Regulation "A"
filing is expected. Business — The corporation makes
electronic components and potentiometers. Office—381
Empire Boulevard, Brooklyn, N. Y. Underwriter—S. S.
Samet &
Valley Authority
1959, au¬
thorization from Congress to have $750,000,000 of rev¬
enue bonds outstanding at any one time, it plans its first
20
Co., Inc., 170 Broadway, New York City.
Waldbaum, Inc.
May 11 it
was reported that public financing is being
contemplated by this supermarket chain. No confirma¬
tion
obtainable.
was
announced that,
pursuant to August,
public offering, expected to be about $50,000,000, for
May 13 it was announced that
about $50,000,000 of additional revenue bonds will be
offered in the Spring of 1961. The type of bond issued
will depend on market conditions. Proceeds—To finance
construction of new generating capacity. Power Financ¬
ing Officer: G. O. Wessenauer. Financial Advisor: Leh¬
sometime in the Fall.
Office—2300 Linden Blvd., Brook¬
lyn, New York.
West Ohio Gas Co.
1960, it
was
announced that the company an¬
ticipates, that in order to
carry out its 1960 construction
will consummate long-term financing during
to provide additional funds in the approximate
program it
the year
sum
of $400,000.
Whippany Paper Board Co.
July 19, 1960, it was reported that this New Jersey com¬
pany plans to register an issue of common stock in Sep¬
tember. Underwriter—Van Alstyne, Noel & Co., New
York City.
Products
Winona .Wood
pany
use.
Co.
makes wood cabinets for household and industrial
Office—Winona, N. J. Underwriter—Metropolitan
Securities Inc., Philadelphia,
in late October.
Winter
Park Telephone
Registration—Expected
Pa.
Co.
announced that this company, during the
first quarter of 1961, will issue and sell approximately
30,000 additional shares of its common stock. This stock
was
will be offered
a rights basis to existing stockholders
not be underwritten by one or more
Future plans also include the sale
of $2,000,000 of bonds in the second quarter of 1961.
Office—132 East New England Ave., Winter Park, Fla.
and may or
securities
on
may
brokers.
Wisconsin Electric Power Co.
Aug. 2, 1960 it was reported that the company plans to
sell $30,000,000 of first mortgage bonds sometime later
in
the
Office—Milwaukee, Wis. Underwriter—To
year.
be determined by
competitive bidding. Probable bidders:
Halsey, Stuart & Co. Inc.; Merrill Lynch, Pierce, Fenner
&
Smith
and
Equitable
Securities Corp.
(jointly);
Glore, Forgan & Co., Eastman Dillon, Union Securities
&
Co.
First
and
Harriman
Boston
Brothers
Texas.
Tennessee
competitive
by
Aug.
May 10 it
Underwriter—To be determined by com¬
bidding. Bidders—Halsey, Stuart & Co., Inc.,
Bros. & Hutzler. Bids—Expected to be
received on Sept. 21 up to noon (EDT).
Jan.
r
(10/31)
Fairfield Avenue,
Salomon
Southwestern
Corp.
Aug. 29, 1960 it was reported that registration is immi¬
nent of $30,000,000 of sinking fund debentures, due 1980,
and $30,000,000 of first mortgage bonds.
Office —1525
petitive
and
least
$100,000,000. Proceeds — Together with
proposed
private
placement
which
is
presently being worked on by this company's bankers,
will be used for expansion of the company's jet fleet.
Underwriters—Dillon, Read & Co., Inc., Lazard Freres
& Co., and Lehman Brothers, all of New York.
Office
Aug. 17, 1960 it was reported that the road is planning
the sale of $7,500,000 of equipment trust certificates,
series No. 10, dated Aug. 1, to mature in 15 equal annual
instalments from Aug. 1, 1961. Proceeds—The proceeds
will represent approximately 80% of the cost of 747
freight
at
$190,000,000
Aug. 24, 1960, it was reported that a full filing of class
A common stock is contemplated.
Business—The com¬
>
—Birmingham, Ala.
•
Airlines, Inc.
announced that the company plans to offer
to its stockholders $100,000,000 of subordinated income
was
—
stated in the company's annual report that
expects to provide for the payment of
certain outstanding notes through the issuance of first
mortgage bonds and other debt securities.
The timing
the
Hutzler
//'V
Trans World
Pierce, Fenner & Smith Inc. and Harriman Ripley & Co.
Inc., both of New York City.
&
■
April 8 it
L. C. Wegard & Co.,
Levittown, N. J.
March 11 it
Bros.
Aug. 20, 1960 it was announced that a letter of notifica¬
tion is expected covering 75,000 shares of common stock.
Business—The company makes and distributes plastics
and resins for the missile, electronic, and boating indus¬
tries. Office—Hialeah, Fla. Underwriter—L. C. Wegard
& Co., Levittown, N. J. Registration—Expected in Sep¬
June 24,
Southern Natural Gas Co.
Pacific Gas & Electric Co.
Pacific
Underwriter—Lehman Brothers, New
Rochester Gas & Electric Corp.
Otter Tail Power Co.
July 27, 1960, Albert V. Hartl, executive Vice-President
of this utility told this newspaper that an issue
of
$6,000,000 of first mortgage bonds is contemplated, al¬
though "plans for implementation of this project during
1960 are as yet indefinite, and there is a distinct pos¬
sibility that it might be postponed to 1961." OfficeFergus Falls, Minn.
Bids—Expected to be received
be expected.
City.
Aug. 20,
Orange & Rockland Utilities, Inc.
000 in 1960.
$2,500,000 of funded debt, possibly through
placement, pursuant to which a bond issue
some
private
bidding.
it was reported that registration
about Oct. 15 of 300,000 shares of
on or
Inc.
Co.,
July 6 it was reported that this company plans to con¬
solidate
Salomon
and
bers of the NASD to sell TVA bonds.
United Gas
July 26,
later
Co.
&
have not registered with the SEC and who are not mem¬
Public Service Electric & Gas Co.
ed
Securities
(jointly); Chase Manhattan Bank and Morgan Guaranty
Trust Co. of N. Y. (jointly); and Blyth & Co. and J. C.
Bradford & Co. (jointly). Note—A ruling on Aug. 4 by
the U. S. Treasury Dept. will permit small dealers who
debentures with detachable
(jointly).
Public Service Co. of New Hampshire
Sept. 1, 1960 approval was obtained from the New Jersey
Board of Public Utility Commissioners for the sale of
Lehman
Brothers and Eastman Dillon & Union Securities & Co.
(11/15)
Union
Thermadyne
Electric Power Co.
is anticipated that
Lynch,
Thursday, September 8, 1960
.
man Brothers. Underwriter—To be determined by com¬
petitive bidding. Probable bidders: Halsey, Stuart & Co.
Inc., First National City Bank of New York, Equitable
Securities Corp. and Smith, Barney & Co. (jointly); First
Boston Corp., Lazard Freres & Co., Eastman Dillon,
(jointly).
Potomac
.
.
Zurn
&
Hutzler
Ripley & Co., Inc.
(jointly); The
Lehman
Corp.,
and
Brothers
Salomon
(jointly); Blyth & Co.
Industries, Inc.
July 19, 1960, it was reported that 250,000 shares is
pected to be filed shortly for the accounts of the
pany
ex¬
com¬
and selling stockholders. Business—The manufac¬
ture of mechanical power
control
ucts.
transmission equipment, fluid
devices, and building plumbing drainage prod¬
Proceeds—For general corporate purposes.
—Erie,. Pa.
York
City.
Office
Underwriter—Lee Higginson Corp. of New
-
'
•
••
■
; '•'*
Volume
Number 5984
192
.
.
The Commercial and Financial Chronicle
,
(987)
Proposals to Change FDIC
The
status
the
of
been
now
Corporation
Credit
is continually under Congressional
amended.
fire
NOTES
defined.
Union
of
the
of
1957
have
I
as
of
Some
these
enlarge
from
the
three
other
already indicated.
proposals would
of
Board
five
to
bill
Directors
members;
would
an¬
prohibit
the
Comptroller of the Currency and
any
members of the Board of
Governors
staff of the Federal
or
Other
Federal
has
bits
Financial
have
The
Act
been
and
pieces
Institutions
been
picked
Act
in
other bills and enacted into law,
or
are
today moving forward as
items separated from the former
omnibus
mentioned
other
bills
directly concerned with Fed¬
more
Reserve
tion which
More than 500 members of the National Security Traders Associa¬
tion will meet at Sun Valley, Idaho, starting Sunday, Sept. 11, for
System from serving on
Corporation's board.
Another bill proposed this ses¬
sion of Congress would require
public hearings prior to deter¬
eral
the
their 27th Annual Convention.
mination and actions of the board
So, in any summing up, we can
safely conclude that we have had
NSTA CONVENTION
Highlight of the four-day Convention, which will attract in¬
vestment dealers from coast to coast, will be a luncheon address
banks
1
'
Following is a list of additional reservations received for the
National Convention of the National Security Traders Association
at Sun Valley, Idaho, Sept. 11-14.
to be held
Tompkins,
Bernard Tompkins
Lauren
&
Edelliertz
Prank
•Paul
J.
Elges
A.
IT.
Mrs. Prank X.
Cummings
Ludwell
Pierce
&
&
Co.
&
Cleveland, Ohio
&
New
Co.
Co.
Company
Chicago, 111.
New York, N.
&.
•
Mandel
Jennings,
James
G.
Porter
Warner,
•James
G.
Fraser
Stern, Frank, Meyer & Fox
&
Frank
J.
Blyth
Arsdale
•Nieland
B.
Van
William
E.
Maguire
•Richard
John
Barney &
:
the
remove
ceiling
an
to
ex¬
current
4*/4%
long-term government
on
bonds; and still another bill would
\"
require
Calif.
all
lenders
to state
sep¬
arately the
loans, both
finance charges
on
amount and
terms of the
simple rate of inter¬
est.
Conn.
York,
Calif.
N.
Y.
San Francisco,
Y.
New
Co.
Chicago,
>
^
Calif.
Chicago, 111.
York, N.
Co.
Frazier &
Westheimer & Co.
Gratza
J.
Act
prices
of
Philadelphia, Pa.
Dempsey-Tegeler & Co.
Laurence
would
New
Inc.
Co.
Smith,
Jr.
Mell
Frazier
Y.
Few
HI.
law,
have
been
although
make
on
in
7\
some
In
progress.
continue
the field
to
of
banking I feel that we have fared
well
during the 86th Congress.
This is due in great measure to
the
bringing
codification
to date
up
and
re¬
undertaken
work
by
Currency
leadership
the Senate Banking and
Committee
of
At Their Common
the
under
Willis
Senator
Robertson
become
concerned
more
with
com¬
the
of public affairs.
Proper judgment and action
two
One
good
Somber
years
Note
The
on
f
in
Hill
Washington.
banking industry.
•An
addrers
by Mr. Wolcott before
West
Virginia Bankers Association,
Charleston, W. Va.
the
Ehrlich Research Dir. of
on
my
Neuberger & Berman, 120 Broad¬
way, New York City, members of
the
New
York
cheerful
report
somber note.
one
experience
own
I
Based
in
Stock
that
announced
Ehrlich is
this
in
must add
now
investment
Dr.
Exchange,
Harold
firms
director
as
tion—something wh>csi comes to
.me quite naturally after having
served
in the
Congress for 26
years—I shall take up another
point: national legislation.
The
Congress
that
recessed,
prior to the conventions has not
yet finished its work. More than
17,000 bills and resolutions were
during the 86th Con¬
gress. Out of this maze of legisla¬
introduced
tive
thinking,
that
proposals.
well
the
pet
and finance
of these ideas
banking
as
are
estimate
would
than 100 bills could be
more
labelled
I
Some
out, others are
of planners and
pressure
groups.
Only a small
fraction of all these bills will be
J
thought
schemes
refer¬
rals, committee hearings and op¬
able to survive the delays,
bill
either
position that wells up when a
to the floor of
House of Congress.
finally
■
jst
!
comes
Some of the proposals are
ahead of their time; others
keyed
arc-
to
shows, the deposit insurance idea
first
came
proposal
back
in
acted
into
150
bills
to
in
light as a legislative
the 49th Congress,
1886—and
law
were
until
was
not
1933.
introduced
47-year period between
conception of the idea and
final
the
en¬
About
during
the
the
fect
Milius Admits Kahrhoff
William
legislative drafting boards, which
South
could seriously affect the banking
business.
Not
of
these
light
Committee
floor
B.
Milius
Meramec
Co.,
Congressional
or
House
or
get to the
Senate
for
consideration; but some will sur¬
vive the long and difficult journey
Cerro
Pasco
de
CORPORATION
to the President's desk and will be
into
enacted
law.
In
order
Cash Dividend No. 161
to
out
responsibilities
as
a
good citizen and banker in one's
carry
community,
bankers
should
be
aware of these proposals and
legis¬
lative developments. Being well-
The
Board
a
meeting held
twenty-five
share
tional
the
affairs
is
civic
a
respon¬
over¬
dedicated
to
the
leadership
duties,
must
re-dedi¬
cate themselves to the belief that
at
September 6,
cash dividend
a
(25tf)
cents
per
Corporation, payable on Sep¬
tember 30, 1960, to stockholders
on
gen¬
eral welfare, with certain public
responsibilities
and
community
of
the Common Stock of
on
of record
Bankers
•
Directors
Corporation
on
I960, declared
of
informed, articulate and active in
one's community on state and na¬
sibility which should not be
of
Cerro de Pasco
September 16, I960.
Michael D. David
Secretary
300 Park Avenue
New York 22, N. Y.
private
commercial
banking
is
the principal banking system for
this country, and that within our
finance
nation's
have
in
of
industry,
we
all
LONG ISLAND LIGHTING COMPANY
great number of interests
a
common.
A
To survive in the world of busi¬
we
we
QUARTERLY
must serve, and to serve
DIVIDEND
must put aside the minor dif¬
the
the
proposal
and
business,
banking
supervisory
session
of Congress, fol¬
lowing the leadership of both of
its
Banking
and
Currency
com¬
mittees, enacted legislation which
will have a direct impact on bank
work
the
operations and
Corporation.
of the
close
public
which is
of
interest
ties,
and
peculiarly subject to ex¬
amination and regulation. In fact,
both Houses
of
Congress early
on
Banking and Currency.1
L
A'
P
of
1957
the
to
and
need
modernized
as
laws and regula¬
landmarks for bank¬
ing legislation.
Although the Financial Institu¬
tions Act
did not
eration by the
receive consid¬
House, the Act did
base
the
point
from
serve
as
which
Congress went ahead with
updating
"piecemeal"
laws
of
I
am
sure
that
all
bankers affecting banking. In quick order,
bills were passed to liberalize the
know of the enactment into law of
lending powers of National banks;
the
bank
merger
bill, which
reserve
requirements of Federal
amended the Federal Deposit In¬
Reserve
member
banks
were
re¬
that
ferences
divide
from
Act to provide
against
mergers
of
ber
years
semi-annual
ing
ment and
The
and comput¬
certified
proposal
work,
help reduce
financial cost
man-hour
requirements
for
of assessments.
In addition, it will now be pos¬
sible for the Corporation to re¬
duce its audit costs, and to com¬
the larger goal of maintaining
sound, free and independent fi¬
nancial
system for the overall
good of the nation's economy.
an
annual
insured
three-year
verification
institutions,
over
a
After
looking closely at our
problems in banking, let
common
me
sum
need
the
by again stressing the
up
for
continued
attention
bank management.
I want to
The Board of Directors has de¬
clared the
dividends
1960
re-
emphasize the important role that
bankers
play in the vital work of
the
Federal
Deposit Insurance
Corporation's efforts to safeguard
the money supply by maintaining
a
stable
banking
system
and
thereby promoting a sound finan¬
following quarterly
payable October 1,
holders
to
Stock of record
business
on
of Preferred
Series
the close of
at
September 12,1960.
Series
to
developing problems of good
Per Share
B, 5%
$1.25
Series D,
4.25%
$1.0625
Series E,
4.35%
$1.0875
Series F,
4.35%
$1.0875
VINCENT T. MILES
Treasurer
August 31,1960
And, finally, I
remarks on
my
COMPANY
BAKING
Si. Loui*
The Board of Directors has declared this day a
of
$1.37|/2
per
share
on
quarterly dividend
198™
the outstanding $5.50 dividend Preferred
Stock, payable October 1, 1960, to stockholders of record at the
close of business
CONSECUTIVE DIVIDEND
September 16, 1960.
to discuss some of
The Board of Directors has declared this day
dividend, for the third quarter of the
on
the outstanding Common Stock,
year
a
regular quarterly
1960, of 55tf
per
share
payable October 1, 1960,
holders
stock
ness
at
of
record
the
close
to
of
such
of
busi'
September 16, 1960.
The stock transfer books will
.
not
•P
be closed.
■
quarterly dividend of 45ff per
payable
August 31, 1960
on
October 1,
1960 to stockholders of record
at
the close
tember
of
12,1960,
business Sep¬
was
declared
by the Board of Directors.
Vice-President and Treasurer
TRRASURBR.
HOSTESS
CAKE
A
share
ROBERT O. MONNIG
WILLIAM FISHER
the
given attention in the future.
Common Stock
Common Dividend No. 62
a
period.
I would like
and
STOCK
PREFERRED
to
computation
plete
000
time
Preferred Dividend No. 87
assessment return.
enactment of this
paper
and
the
CONTINENTAL
state¬
by the Congress will
your
to
Corporation a num¬
ago to simplify the
of determining
task
time
We must look forward
us.
safeguards
duced in certain areas and under
and consolida¬
certain conditions.
The relation¬
tions of banks, where there might
ship of savings and loan associa¬ cial economy.
be a lessening of competition or
tions to holding
companies has want to add to
the tendency to create a monopoly.
We were pleased, too, with the
DIVIDEND NOTICE
forthright and timely action on
the assessment bill, an idea pro¬
surance
proposals pending before Con¬
recognized the importance of the gress which have not fared too
field by creating standing com¬ well, but which might be revived
mittees
of the Finan¬
Act
attention
continued
for
i a
on
in the form of the Federal De¬ assessments reported by the banks.
In the past we have audited on a
posit Insurance Act.
Banking has traditionally been selective basis only about 1,000
recognized as a business which has banks, out of the more than 13,enactment
sponsorship
Institutions
tions stand
agencies.
This
His
cial
Aoflwsl 30,1960
101
A
NOTICES
proposals will
a
hearing
the
of
of
and
Avenue,
DIVIDEND
all
the
see
ness
the
come
eventually af¬
will affect the
which
posed by the
well
today's circumstances
political trends.
As history
and
committees
of
research.
vation, I would say that the bank¬
ing fraternity has fared well; CLAYTON, Mo.—Robert E. Kahrhoff has been admitted to partner¬
however, there are many ideas,
plans or bills proposed, or on the ship with William B. Milius in
mittee.
matters which will
B.
associated with the
Con¬
gress, and from first-hand obser¬
Virginia, Chairman of the Com¬
these
To
14
on
these three important matters will
do much to shape the future of the
'
Continued from page
dy¬
namics
Corpora¬
enacted into law
looked.
into
enacted
will
pletely
Neuberger & Berman
of these bills I have men¬
tioned
Mrs.
&
Mr.
Co.,
Angeles,
which
Insurance
were
Adds
But
Employment
stability
would
11 'J-
Los Angeles,
G.
Laurence
•William
&
Richter &
'
New Haven,
Meeds
&
Hecht,
C.
Los
Co., Inc.
&
Stroud
Shipman
•Herman
*
Bissell
'
'
the
plicit aim of government economic
policy; then, there are bills which
Philadelphia, Pa.
Longstreth
Laird,
Murray
Y.
Lynchburg, Va. -Nu\
Co., Inc.
the
make
N.
Chicago, 111.
Minneapolis, Minn.
Co.
&
York,
bills
are
amend
BSSton, Mass.
Co., Inc.
Marsh
&
There
Willoughby, Ohio
&
Mahoney
Strader
Calif.
Dallas, Texas
Co.
&
Y.
N.
Mo.
San Mateo,
Co., Inc.
Stearns
D.
York,
St. Louis,
Inc.
Allen
Strader
A.
Co.
Webster,
Coleman
Merritt
Co.,
Kidder
M.
C.
Sacco
0.
&
Maguire & Co.
B.
Bear,
Mahoney
D.
Arthur
C.
Disbro
Opper
J.
Warren
&
Rausclier,
Parsons
Disbro
M.
•Edward
New
Zoernig
Walston
Hilger
M.
L.
E.
v'
Parsons, Jr.
•E. E.
•C.
?
Yarrow
Derry
•R.
Flotron
E.
and
hibiting the approval of such op¬
erations where they are opposed
by State authority.
There are proposals for a na¬
tional system of mutual savings
banks, a central credit union fa¬
cility, and equality of taxation
among financial institutions.
CONVENTION RESERVATIONS
NSTA
status
plan
to
allow all banks to
join the
Federal
Reserve
System - upon
payment of a nominal fee of $10.
Bank holding company operations
would be limited by a bill pro¬
special train moving via Milwaukee and Union Pacific Rail¬
roads to the Idaho sports resort will leave Chicago Friday after¬
,
admitting
as
insured
to
it
There has been proposed a
A
•
matters
before
Deposit
this past year.
opening of branches.
is the outgoing President.
-
such
on
Sunday, by George Romney, President of American Motors.
Next year's officers for the 4,700-member organization will
be elected Wednesday, Sept. 14, the final day of the meeting.
Edward J. Kelly, Carl M. Loeb, Rhoades & Co., New York City,
noon.
applications coming
on
legislation the hope that
bankers
bill.
earlier
I
up
national
39
40
The Commercial and Financial Chronicle .;
(988)
Thursday, September 8, 1960
Cincinnati annual
WASHINGTON AND YOU
outing
cock¬
—
tails and dinner Sept. 15 at Queen
City Club; field day Sept.
16 at
Kenwood Country Club.
BEHIND-THE-SCENES INTERPRETATIONS
Sept. 21,
St.
FROM THE NATION'S CAPITAL
(Minneapolis-
1960
Paul, Minn.)
Twin
City Investment Women's
meeting and election at The
Midway Motor Lodge, St. Paul.
Club
down
.WASHINGTON, D. C. — The
biggest political dunce caps of
the year belong on the heads
of a couple of Texans, Lyndon
B.
Johnson
Sam
and
and
Rayburn.
■'
it
as
sion
started,
have
been
it
Now that the dog-days session
it
end
an
.heaviest
losers
the
clear
is
Senate-
were
Majority Leader Johnson, first,
and Senator John F. Kennedy,
the
Democratic
presidential
candidate,
and
Board
Englander
Sept. 23, 1960
this
By
seek
rally
to
he
the
get
means
people
so
his
him
behind
legislative proposals will have
favorable
perhaps
then
chance
in
the
to be after his nomination as the
a
'
Loss
of Prestige
for Johnson
j
'
There
is
earth to
all indica¬
purpose of the postconvention session was designed
it,
prove
tions
to
way
on
but from
and
help Senator Johnson's presi¬
dential
aspirations.
Johnson
"old
as
that
the
.
no
and
Speaker Rayburn
pros"
Johnson
pretty sure
going to get
were
was
nomination.
Even'
Senator
-
the
day that Mr.
Kennedy got the nomination on
the first ballot they thought, at
least they said so, along with a
lot of other professional politi¬
cians in Congress, that Johnson
had
on
favorable
a
ting
the
took
chance of
get¬
a
nomination.
But
they
beating in Los Angeles,
they took a second one in
the dog-days session on Capitol
and
Hill.
The brief
session
further loss
Johnson.
of prestige
Despite
hullabaloo
resulted
for Mr.
of
the
all
in
down
in
Texas
over
the possibility that Texas might
Republican, Nov. 8, chances
go
that the Lone Star State will
are
roll
majority
for
its
favorite son, Mr. Johnson, and
for Senator Kennedy.
up
a
Should
the
strong
prove
Johnson
could
prestige.
does
dissatisfaction
enough,
The
not
Senator
What
<
Facts Are
the
The facts
Southern
has
lot
a
delegation in Congress
more
wooly
who
Senator
take
and
session
stump
and
crumbs
because
was
Republicans."
He
the
on
Women
the
"We
the
Mr.
has
The
Department
to
be
Republican, however.
a
cidentally
voted
his
Texans
be
in
both
as
a
general
election
vice president and as
senator.
If
he
wins
of vice president he
from
Gov.
the
Price
the
Senator
pick
at
and
Texas
Daniel
will
subse¬
Kennedy
up some
the
post
will resign
Senate,
quently call a special
election to fill his seat.
short
Senate
hoped
to
powerful strength
session.
mediately plunged in,
indicated he would do
He
as
he
before
nomination, and tried to get
some
vote
getting legislation
passed quickly. Some of the pro¬
posals were based on the liberal
Democratic platform adopted at
Los Angeles.
However, Senator Kennedy, a
personable gentleman and a man
his
word
in
to
Capitol
their
:
politics,
est
is
from
to
B. Johnson
Ray¬
considerable
prestige.
was
$126
con¬
Chairman
of
the
National
Committee, as a re¬
sounding failure and disappoint¬
ment to the
Many
that
people.
•
observers
the
session
will
concur
New
in
IN INVESTMENT FIELD
Kennedy
Sept. 8-9, 1960 (Chicago, 111.)
Municipal Bond Club of Chicago
24th annual Field Day — Sept. 8,
Luncheon at Chicago Yacht Club;
The
and
production
Dinner
bill,7 another
proposal that bit the
dust
was so
-
project.
picketing
to
Pacific
ex¬
annual
AFL-CIO has
one
and
all
served
that
it
notice
on
is
going to
take its money and its power
direct
to
the
people through
door bell ringing in November
in
an
effort
to
get
$1.25
a
an
by
coverage
4,000,000
persons..
exemption
proposal
Rules
Committee
ciation
there.
the
the
Senate
Firms
side
reported
committee.
! - /
by
the
ment
Senator Kennedy, who has the
backing
the
on
fell
of
Labor,
minimum
tried
wage
to
get
increased,
intended
to
meeting
of
the
the
Kennedy
Bankers
on
behalf
of
a
are
convinced,"
Statler
-
Association
meet¬
annual dinner and business meet¬
Sept. 15-16, 1960
executive
department.
tend to do
that such
so
ably
nation's
end
our
service
next
tion
annual
convention
Nov. 10, 1960
at
:
the
:
•
(Minneapolis, Minn.)
Group
of
Investment
Bankers Association meeting.
(Chicago, HI.)
ence
Bankers
Association
at the Drake Hotel.
27-Dec.
1960
(Hollywood
Bankers
Association
2,
Beach, Fla.)
Investment
Convention at Hollywood
Beach Hotel.
June 22-25, 1961
v
,
(Canada)
Investment Dealers Association of
annual meeting at Jasper
Attention Brokers and Dealers:
MARKETS
Botany Industries
Indian Head Mills
;
Official Films
Southeastern Pub. Serv.
Meany
Carl Marks
FOREIGN
We
20 BROAD
in¬
SECURITIES
STREET
the
at
&
Co. Inc.
Our New York telephone number is
CAnal 6-3840
can
in
leadership,-which
be
Florida Security Dealers Associa¬
(Cincinnati,
Municipal Bond Dealers Group of
•
TEL: HANOVER 2-0050
January."
LERNER S CO.
TELETYPE NY
Investment Securities
10 Post Office Square,
you
the
SPECIALISTS
NEW YORK 5, N. Y.
utmost to insure
typify, will
(Miami, Fla.)
Ohio)
views.]
\JT
by Congress
strong, positive
this
meet¬
Park Lodge.
higher
improvements
to
Association
^
Nov. 3-4, 1960
Canada
Astoria.
re¬
ex¬
and will be enacted
when there is
leadership
Group of Invest¬
Bankers
TRADING
advised the Massachusetts Sen¬
ator, "that effective meaningful
wage-hour
con¬
29th Mid-Continent Trust Confer¬
of
Hilton
wage-hour law.
"We
Southeastern
ment
Annual
pressed labor's deep appreciation
for
the
Democratic
nominee's
efforts
anniversary
Sheraton-Cadillao
Board
ing at the Starlight Roof, Waldorf-
ground that labor needs
improve its position. AFLCIO President
George Meany
letter to Mr.
the
Mich.)
Invest¬
American
Sept. 14, 1960 (New York City)
the
a
at
of
Exchange
to
in
(Detroit,
;
Nov. 17-18, 1960
Stock
Association of Customers' Brokers
and may or may not coincide with
own
of
ing.
flect the "behind the scene" inter¬
pretation from the nation's Capital
the "Chronicle's"
Annual
at
of
Oct. 28-30,1960 (Hot Springs, Va.)
Nov.
Congress ap¬
proves
such an exemption, it
would
give
Labor
another
powerful force to bring em¬
ployers to their knees.
is
Traders Asso¬
Convention.
Sept. 12-13, 1960 (Denver, Colo.)
Rocky Mountain Group of Invest¬
full
when
and
vention
Hotel...
Minnesota
Security
Governors
Dinner
Hotel, Hartford, Conn.
Welfare Subcommittee approved
the bill, but the measure was
never
(Sun Valley,
Sept. 12-13, 1960
Kennedy Labor and Public
On
1960
Association
Key Biscayne Hotel.
Association
it
die
In¬
Association
Idaho)
on
let
of
Group
Bankers
meeting at the Sheraton-
National
the House side
[This column
Labor's "Thank-You"
Elmhurst
-
Fall
ing.
Sept. 11-14, 1960
to
the
Taft-Hartley law pro¬
hibiting secondary boycotts.
If
at
Portland.
The exemption would
through amendment
House
disappointed. Labor
perhaps
disappointed.
The
are
Day
Northwest
vestment
been
The
Club—
League
Sept. 8-10, 1960 (Portland, Oreg.)
called
empt building trades unions in
picketing a joint construction
have
Union
at
Sept. 9, Field
Country Club.
the
of
people
is
meet¬
Grand Ballroom
t
failure
to
28-29,
National
weekly
$69
is
annual
in the
ment Clubs 10th
was approved in
committee, but the conservative
failure,
a
Invest¬
of
the Biltmore Hotel.
Oct.
if
the
but it is doubtful the American
was
Group
Association
15, 1960 (New York City)
Traders Association 3 of
York
Dance
wage
common-site
Morton,Republican
living."
average
trade
In. addition
session by the Democrats, the
special session was described by
B.
what
factory
workers is $91.
~
legislative
Thruston*
Security
in¬
an
Chicago
of
trolled about two-to-one at this
Senator
October
wife
a
week
a
in
of
the
retail
in
minimum
Congress
$103
level
report said
that
Because
Ohio
Bankers
(Cincinnati, Ohio)
Valley Group of In\ estment
Bankers Association meeting.
out with
needs
maintain
to
adequate
pay
lost
1960 (Cleveland, Ohio)
Ohio
COMING
improvement.
came
children
city,
but Senator Lyndon
had
law
department called "a modest but
*
Sam
Investment
of
Oct. 13, 1960
minimum
a
city worker with
of
he
vote-
^
Speaker
(Detroit, Mich.)
Group
Association meeting.
Oct. 12,
report the other day that said
adjournment
came
neither side had won anything,
burn
Bankers
Labor
of
see
Houston, the nation's sixth larg¬
nowhere. He sought to
Democratic leadership
the
to
Department
come
When
im¬
his
of
a
list of legislative "musts"
spot with
enticing proposals.
the
forthcoming
a
dispatched
Bank
to
responsibilities."
In¬
will
name
by
upon
two
like
would
counter
panding
any
danger of losing his Senate seat
to
a
and
of
of
.
ing.
that
show
House
assigned
been
Republicans.
session. President Eisenhower in
and
has
ment
The
the
Goldbrick
(Pasadena, Calif.)
Huntington-Sheraton Hotel.
Michigan
that our Third Vice Presi¬
to
got
wage-hour
on
Waldorf-
38th, annual convention at
Northern
a
that got
Van
additional
strictly legislative stand¬
point from the post convention
put
C.
announce
the
the Republicans
probably did not gain anything
definite
J.
those
and
Incidentally,
politics
pleased to
are
dent,
Republicans, Too Fail to Gain
a
the
Association
Oct. 11, 1960
say:
at
of
Senators
blame it
National
had to eat
I
reason
Southern
Hill
at
Oct. 10-13, 1960
Kennedy cannot
the
on
up
a
dinner
the
"Look, the
crow
(New York City)
group of Investment
Association of America
Astoria.
Kennedy-Johnson
ticket, stepped in and with the
of
help
Republicans
blocked
some
of the proposals that the
Democratic ticket is running on.
get
1960
annual
are
in
Majority
appear
(Detroit, Mich.)
York
Bankers
convention.
Senators
backing
New
wild and
a
Democratic
Southern
Oct. 5,
influence in Con¬
than it does in
gress
hour minimum wage bill passed.
The proposal also calls for ex¬
further
Field
Outing at the Lochmoor Country
Club, Grosse Pointe Woods, Mich.
the conservative
are
Leader
lose
Annual
Oct. 4, 1960
?
from
party standard bearer.
of
Philadelphia
Day at the
Huntington Valley Country Club,
Abington, Pa.
35th
Bond Club of Detroit Annual Fall
Yet
post-convention session
proved that Mr. Johnson, the
vice
presidential candidate of
the Democrats, is not near as
effective as his build up before
the Los Angeles convention por¬
trayed,
and
second,
Senator
Kennedy was not nearly as in¬
fluential as he perhaps expected
(Philadelphia, Pa.)
Club
Bond
next?
session.
Speaker Rayburn.
The
fall
he
says
The
to
Invest¬
Association
meeting.
New
will
of
Governors
of
Bankers
ment
housing.
people.
he
charged with heavy partisan ;
politics.
at
Barbara, Calif.)
age
the
ses-
was
is
Sept. 21-23, 1960 (Santa
minimum
is going to take his set-back to
never3
should
because the air
held
nothing
or
on
pointed
was
here earlier before the
out
-
course
old
The
sentatives,
respectively,
are
solely responsible for the post
political conventions session
which was a flop from begin¬
ning to end.
<
:
*
Of
efforts
assistance, Fed¬
eral aid for school construction,
gentlemen, major¬
ity leader of the Senate and the
speaker of the House of Repre¬
:
his
wage,
These two
.
little
got
or
from
'
'
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t
\
1
Boston 9, Mass*
Telephone
HUbbard 3-1990
*
»
Teletype
'
BS 69
*
;
@FedFRASER