MONDAY - Volume 188, Number 5791

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New York

RAILROAD

A C Co., at $21.25 50 cents per —V. 180, 241. Completed—The stock, which V. See also V. 187, \7. 188, pp, 1713 were American corporation Driscoll to its Treasurer Mr. Vrtis, Forgan has board the of served America Chicago and also has George York is Chairman Glore, firm. banking Legislation States of and election to .his prior years public accountant, Treasurer.- as ... ' ' o, ■ . . .V . r ' *■

Toronto Stock Exchange—Curb 7

This corporation after taxes After tax, on over was earnings were $947,254 or 40 cents a share on the 2,367,376 compared with $665,264 or 28 cents a share during shares outstanding, last last period same 187, year.—V. year. 2789. p. of 6% H49. ; A corporation will make the field heretofore held by to enter its company unusually high a metal, ceramic and pipes. cession melt extrusion developed by Allied of expectancy conventional full take advantage of the excellent J. show at pressure ratings several times higher than polyethylene. This information indicates the stress-life 50 years . . . Sales & Ward Chief had been and General 1997. Manager of of (& Subs.) •After billed — 1957 sales 393,748.854 419,354,514 365,052.837 388,574,619 15,050,000 15,950,000 earnings stock Preferred 14,829,895 the 317,123 359,646 13,328,894 14.470,249 8,216,014 8,212,774 $1.62 — dividends Shares of Earnings "The Tractor available per share of order is Divisions, ported three p. 145. common __ stock $1.76 commercial orders of the million—approximately- the figure re¬ $202 exclusive said.—V. 188, * - has announced that the company has been awarded contract for wing spars on the Conv&ir F-106 fighter. backlog to $6,400,000, accord¬ Brown, Chairman of the Board.—V. 188, p. 1513. 10.249,733 18,975,879 26,301.030 55,434.917 20,637,941 21,523,928 20,601,752 32,724,313 20,637,941 59,562,907 20,601,752 $0.62 $1.01 $1.50 $2.30 share requirements.—V. 188, p. 345. Inc., Phoenix, Minerals, Securities Ariz. — Delisting its 1 Exchange Commission on and Office. Form 10-K report for current More the year ended June 30, of its 1957; and certain Form Commission charges that the Form 10 ap¬ the Commission challenges the accuracy listing application, filed May 11, 1956; order for hearing, 10 J reports. the particularly, ' " plication falsely stated that Ambrosia Minerals has no parents, in fact George A. Mellen, acting as an individual or in concert < when with the company, and that it falsely reported that certain sales of Ambrosia Minerals stock were exempt from the registration requirements under the Securities Act of 1933. whereas in fact such sales were subject to such registration re¬ others, was at such time a parent of quirements. Segundo, Calif.—Awarded Contract The Convair order brings the company's ing to W. M. of months ago," R. S. Stevenson, President, Tliis corporation $1,799,000 stock outstanding backlog, Altamil Corp., El a common stock common unfilled for income Moreover, according to the order, the company's Form 8-K report falsely reported that Mr. Mellen had become a parent of between the date of filing the Form 10 application for June 1956 Ambrosia and its reports Minerals effective filed Ambrosia date, June Minerals and stock 10, 1956; and several Form 8-K current 1957 falsely reported that various exempt from the registration were 1 \'.r" • ' ' (& Subs.)—Earnings— 1958 »1957 $ $ 388,329,039 392,160,632 —- 55,815,223 72,058,154 35,900,000 27,915,223 3,277 36,158,154 11,315 applicable to common stock share of common stock 27,911,946 $1.32 36,146,839 on foreign income-— taxes on —. • income ——— per statement sales of requlre- $1.70 adjustments for tax provision as reflected In the. for the year. tBased on 21,200,751 shares out¬ 21,224,891 shares at Dec. 31, 1957, Bowling Corp., N. Y.—Regis¬ Stock Offering With SEC— corporation filed a registration statement with the SEC on 1958 covering 770,000 shares of its 10c par common stock. This Oct. 28, the stock for public sale at $3 per a "best efforts" basis by York, for which a 60c per share selling commission is to be paid (plus 7c . per share for ex¬ penses). The underwriter wiil also receive as additional compensation the right to purchase 70,000 common shares from Messrs. 8aul I. Birnbaum and Bernard P. Birnbaum (organizers of the company) at lc per shave, conditional upon the successful sale of the shares The company The share Netherlands proposes to offer offering is to be made on Securities Co., Inc., of New publicly offered. being Sept. 11, 1958 managing and operating it may own or lease. Although the company intends primarily to operate newly constructed bowling centers, it may also acquire existing bowling centers. The two organizers have transferred to the company all the outstanding capital stock of Interstate Bowling Lanes. Inc., a New Jersey company, which partially opened a 40-lane bowling center in Ramsey, N. J., durin° October 1958. and Ramsey Plnsetters, Inc., a New Jersey company (which owns the automatic pinsetting machinery In this center 1 and all the outstanding capital stock of corporations holding leases for seven additional locations. The company Intends to fully equip the bowling centers to be constructed at these locations from the proceeds realized from the proposed public offering of stock. The seven locations are said to be in New Brunswick and Levittown, N. J., Yonkers. N. Y„ Philadelphia, Bethlehem and Lancaster, Pa., and Flint, Mich to was company for the purpose modern preferred dividend company's Form 8-K Earnings 59,025,843 114,997,824 for¬ com. Regional cisco 13,646,017 taxes In Net - and 40,499,807 - 27,900,000 Proposed ters The 23,502,638 Oct. 24 announced the institution of proceedings under the Securities Exchange Act of 1934 to determine whether to suspend or withdraw the listing and regis¬ tration on the San Francisco Mining Exchange of the 10c par common stock of this corporation. A hearing for the purpose of taking evidence therein is scheduled for Dec. 1, 1958, in the Commission's San Fran¬ $ of 656,014,623 13,252,905 Ambrosia the -Earns. 1958 Ended Sept. 30— Federal income per ^ "" Proceedings Instituted by SEC— Allis-Chalmers Manufacturing: Co. sales S. outstanding- shs. 'Earns, production U. $ _ and income The Cost 2—2— taxes and retroactive audited 1597 1958 1957 * preferred stock on earns, •After 1957 3 204,126,125 232,754.904 570,721,254 inc. taxes, on eign Net D. Harrison has been elected President of this corporation Executive Officer of the Kalamazoo, Mich., division. He Vice-President 9 Months ,. on taxes for Prov. Corp.—New President Elected— Riegel Paper Corp.—V. 187, p. Net Net (& Subs.)—Earnings— Sept. 30 1958 revenues oper. foreign Com. Allied Paper and * before U. S. Income In addition, investigation shows no cracking, the pipe.— /. lo8, p. 1609. performance of the pipe. slitting or pin holing .in Dr. ' . Cyanamid Co. i Fed. ■("Earnings 49 Clearings- Aluminum Co. of America 3rd Quarter End physical Chemical's Central Research Laboratory at the new pipe compound has a useful life Allied from to compound. the of data Mcrristown, , ' earnings Net viscosity A-C Polyethylene Pipe be extruded by ordinary methods. A successful technique utilizing standard extrusion machinery has been cannot properties or Boston scribed of Because Compound Test ' American International inal 541,.. a before Dividends offering of 235,156 shares of ...... of a new extrusion technique and die design to ultra-high molecular weight polyethylene resin enables Allied's $1.62 p. 50 Secondary Oifering — $1,176,290 $1.26 ' 188, company 2__ for Prov, — A secondary capital stock (without nom¬ par value) was made on Oct. 30 by The First Corp, at $33.37V2 per share, with a dealer's con¬ of 75 cents per share. The offering was oversub¬ and the books were closed.—V. 188, p. 1713. Ltd. Aluminium $926,031 $0.55 stock.—V. \ ' i Earnings for development The fiber possible it Earnings— $398,501 $0.38 . at Sept. 30. 1958 and respectively.—V. 188, p. 745. to A-C October 29. handle 50 New Plastic Pipe— manufacture polyethylene pipe in large diameter Polyethylene Pipe Compound, it was announced on time from this by development new first the sizes $283,129 . preferred on standing Allied Chemical Corp.—Introduces (& Subs.) the the Inc. 13,000-square-foot air-conditioned Data Processing was started in September at Edison, N. J., by Corp., engineers and constructors of Plainfield Completion is scheduled for late Fall.—V. 188, pp. 1513 and 345, for for this sales Net 50 Capital Flotations for Month of September, 1385. J. '' of — The Course of Bank Consolidated Mines, 9 Months Ended Sept. 30— Redemption Calls and Sinking Fund Notices 50 polymer laboratory costing over built to house additional chemical research operating divisions of the company.—V, 188, was various the for Banks Reserve against the costs these Wigton-Abbott American Condition Statement of Federal Combined considera¬ which charging Can Co.—New Data Processing Center— American N. System—— Reserve Federal — sh.i.„ V '. 37 ——;— ___ com. dividends — Condition Statement of Member Banks taxes.. ' ——_— Exchange Rates—— Foreign two-story a construct, to facilities p. addition, new 7 . at the enlarged facilites. directors held a meeting when the The •=• per •After Investment News—Cover 58 Declared and Payable 14 Dividends of an extensive addition to this company's research and laboratories at Murray Hill, N. J. was marked on Oct. Completion development $500,000 ' • , 185, p. for $1,000,000.—V. Inc. income Net •Earns, General Corporation & State and City Bond Offerings..^ subject 1958 —9 Mos.—1957 1958—3 Mos —1957 $4,807,749 $15,081,028 $14,984,762 $4,704,609 740,484 1,734,405 2,304,742 525.045 341,983 808,374 1,128,452 241,916 for income taxes... Prov. Miscellaneous Features Inc.—Expands Research Facilities— Air Reduction Co., 29, stock prior preferred bef. Income S. Note Co. i.: Steelwork September sold privately 40,000 shares the U. of American Bank the Aid Investment & Discount Inc.—Private Placement— The company in stock Period End. Sept. 30— Center ' ... were (d) the failure to disclose in the financial statements which there were paid the cash dividends and in Sales 37 Stock Exchange, Transactions American Profits before taxes were $1,757,481 com¬ pared with $1,343,707 in the first nine months of 1957; Consolidated net sales for the period totaled $123,529,953 compared with $129,044,499 the dividend Industrial Stock Averages 37 SEC Index of Stock Prices———— 37 Transactions New York Stock Exchange.—— 37 Oct. 24 reported its first nine months' profit 42^ higher than for the same period in 1957.. sales from sources National Quotation * said that company, without income in of properties ore reflected was above;, and Section.—— 46 47 Dow-Jones Stock and Bond Averages— Sales Lower—Profits Increased— - Markets Over-the-Counter fact exploring and developing the aforesaid properties, and which income was recorded to support the distribution of 381,873 of the aforesaid shares as a dividend; (c) the earned surplus account on the balance sheet which reflects therein the false and misleading profits described 42 42 43 Exchange. Stock Toronto . tion 41 41 Stock Exchange-—-— certain developing 40 Canadian Stock Exchange—— has been associated with Admiral Corporation for 22 years. He has been Secretary of the company since 1949, and. has served as Assistant Treasurer for three certified a in to of 38 38 Exchange.— Stock Coast Montreal Committees. Driscoll, Mr. *, ___ Philadelphia-Baltimore Stock Exchange Pittsburgh Stock Exchange He Association Bankers its of of „ Midwest Stock Exchange-—.: elected been partner of a investment Investment the of National as New 1919, since bunker Exchange whereas Act, requirements/ the Form 10-K the Commission's respect representing the receipt of 900,000 shares of U. S. Consolidated Mines. Inc., valued on the books at 30 cents each, received as part consider¬ ation fori a. contract to perform services incident to exploring and 29 33 38 38 Detroit Stock Exchange E. Pacific and Governor as and Finance Driscoll Mr. directors. of Vrtis S. company. investment an Co.. & Charles elected has 17 Cincinnati Stock Exchange-—-., Admiral Corp.—Banker Elected to Board— This Page .' Exchange Stock Stock Boston 7 ' (Stocks) (Bonds) New York Stock Exchange , , Quotations ,77', .77 7 ■- New York Stock Exchange sold at $87 per 1513, 1145, 1041, 841, 745: ' 2789. p. Stock and Bond common taken up by the underwriting group were by Smith, Barney & Co., share. of shares Copy a annual report for the year ended June 30, 1957, order charges that the financial statements included therein are false and misleading, with particular reference to (a). the inclusion in the income statements of $545,000 reported as profits on sales of mining and ore properties to Messrs Mellen and Paul E. McDaniel, who were controlling stockholders at the time, which profits were computed upon the basis of sales prices which were not-based upon; values5 of the properties sold but were based upon the amounts to provide support for the payment of cash dividends; (bi the inclusion in the income statements of $270,000 In This Issue Corp.—Rights Offering 6S8 Securities registration With 7a >'•' :V;' ■ . the of such to $1.25 MISCELLANEOUS - ments share, with a dealer's concession of The offering was quickly completed. Addressograph-Multigraph headed INSURANCE - 55,000 on per share. p. INDUSTRIAL - Inc.—Secondary Offering—A shares of common stock Oct. 17 by Ladenburg, Thalmann of Price 7, N. Y., Monday, November 3, 1958 Stores, F—Wrigley secondary offering (par $1) was made & PUBLIC UTILITY - ISSUE organized under Delaware law on of engaging in the business of recreational arenas which bowling The company fully equip the estimates that it will cost eight locations, of which approximately $4,530,000 amount $592,000 is re¬ for down payments. The company has outstanding 840.000 shares, held in equal amount*