The Cincinnati Enquirer from Cincinnati, Ohio on May 24, 1961 · Page 10
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The Cincinnati Enquirer from Cincinnati, Ohio · Page 10

Cincinnati, Ohio
Issue Date:
Wednesday, May 24, 1961
Page 10
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THE CINCINNATI ENQUIRER BUSINESS dm by DICK DAVLI.N " v,aow ' inquirer Bminett liilor Steel, with one eye on the galloping and promoUon-minded aluminum industry, U fighting back. Aluminum, for example, has hauled out a host of futuristic products fabricated, of course, with the light metal. yesterday at the Hotel tmmmmm.mft Sheraton-Gibson, u. a Additional Markets Steel was showing off some futuristic products of its own. Samples: FullHwalc models of toys, a lightweight folding camping trailer and a complete executive office equipped with an entirely new type of offici furniture. AIm shown in model and sketch form are a water tower, display units for re-tall stores and a self-cnn-tainrd food preparation and serving unit for use in the home. One point of steel's battle against aluminum (from a steel spokesman's view): "We've been fighting phantom products for a long time. Take the 'aluminum bumper' To my knowledge, none have been built, but here we are promoting: steel bumpers against a wholly phantom aluminum Job." Big Steel's "Study In Steel" road show has been In 14 cities, seeking to interest manufacturers and fabricators in using steel In new designs. U, 8. Bteel is offering lis design Ideas to manufacturers and fabricators with no strlnps attached, "We want anyone who is Interested to take all or any part of our design ideas," Estes said. Said Boy E. Estes, vice president of marketing, "They were developed to show what can be done once the personality of steel is recognized and understood." WHY TAKE LESS INTIMST 0 brdinotti etrtifl. cetes f latfebtetfaest payable ?Q days eetlee. fer SesleWs ef Okie In Ctnemlnationt ( $1000 4 $100. Interest Piyibl Quarterly ft w omo Murine m fUNT 'ft WHIM full fefernerlee e Heqiieir Arlington Discount Co. 214 I. Irk St. OA 1-54 I ClRTIHCATtS I CUARANTUD If fTHI r OMATIST FOR SALE GOING PLASTIC BUSINESS It rf tt Hit Ctuwttt eil C wrt tula Ktmt til Jim I. INI fn St'.Ut tail Mtnli I tiliM lrciM f I 1300 t AlWrt Hi Mi Itcrittf. (N 1-H44 ii c rnutouutuT Dnun U. O. UUlLnillTILtll ounu wghf - Sold Quoted SAFE DEPOSIT BOXES for fttenet CHtny l-AIM tiiNCMis rttioyoMouT ri eirr kok "WHERE SAVINGS AM SAFE" ESTABLISHED SI YEARS all K n FRONT Steel Fights: Product Show On Page 33 S&L League The first District Meeting of the Ohio Savings and Loan League, consisting of the 250 savings and loan associations in Hamilton, Clermont and Brown Counties, will be held Thursday, at the Hotel Bheraton Gibson. The afternoon sessions will feature talks by Albert c. Crew, vice president and treasurer of the Federal Home Loan Bank of Cincinnati; Andrew C. Putka, superintendent of the Ohio Division of Building and Loans; Joseph E. Llnvllle, executive secretary of the Ohio League, plus the first local showing of a new slide film on the Importance of the savings and loan Industry to Ohio. Wayne J. Howsmon. president of the Ohio Savings and Loan League, will be the speaker for the evening session, Business Notes Mrs. Janet Simkin has been elected secretary of the Moon Equipment Co. and the Moon Lift Truck Rentals Co., 9880 Springfield Pk. Moon Equipment Is the regional f ra n c h 1 s e d dealer for Yale Si Towne Mfg. Co.'s materials handling division. Mrs. Simkin was alio- SIMKIN elated with Yale & Towne Mfg. Co. for five years before Its acquisition of the Yale Branch of Moon. Albert W. Beam has Joined the copy staff of Ralph II. Jones, agency president C. M. Robertson Jr. announced. Boam, a graduate of Columbia University, comes to Cincinnati ) after creative experience with New York advertising agencies. Included are BOAM stints with i Orey Advertising. Fletcher ! Richards, Fuller & Smith & Ross, plus five years as copy chief of L, H. Hartman Company. Fred K. Gelser has been elected president of The Cincinnati Steel Castings Co. The former president, Leonard Gelser, died on May ll. Fred Oeiser Joined the firm in 1918 and was' vice president and treasurer before his promotion. Alvey-Ferguson Co. announced the appointment of Stanford J. Barlett as manager of its Industrial Cleaning and Finishing Equipment Division, with headquarters at Cincinnati. Vernon Wahle, for 15 years associated with the Brand Studios of Cincinnati, has Joined Osborne Studios, Inc., of Middletown as manager of commercial photography. Wahle will work in processing and sales. METALS NfW YOK. 23 AJi Snt n.w. Iroui mt si pr x r o4 ; (. oppW 3 1 ll cwtlt ft BKHtid, Ntw Yar. '- L9 pound. tvt S'. lovil Tin, 9 Hk .- Trw owncft, ht TllO Rent PROVIDENT Bank oi. a vini sts. m.w I t OPIN A M. TO J . M. MON., TUtS., THUHS , SAT. MI0AT A. M. TO 6 . M. CLOSID WtONISOAT jJSjL, 1 1 45 Wednesday, May 24, 1K1 .Northrop Corp-M""titMy wing that breathe air may double jet plane'a range or pa load. And the Air Force is sponsoring a three-year, $30 million program to ixe if they're right. SUfl production last week ex-celled two million tons for the first time in a year. The American Iron & Steel Institute said output rose to 2,037,000 tons and was the best since 2,102,000 tons for the week ended May 14, 1900. The last week in which over two million tons was produced was the week ended May 21, 10. The rie of 2.5' over the previous week was the 10th in a row. C hanging tw ene : IJonel has purchased Porter Chemical, Hageratown, Md., manufacturer of science toys and games . . . Comptometer will acquire National Systems and Forms, Passaic, N. J., maker of business forms used in the rapidly expanding data processing field. Comptometer previously has acquired three firms in the game field . . . Standard Packaging bought Hickman Fngineering, Steger, 111., and plans to use a Wick-man vending machine to sell greeting cards. The machine will be placed in supermarkets at the start . . Starrett of Los Angeles acquired all stock of Albert Parvin Si Co. and Pargokl Enterprises. Parvin is a con It's Kennedy's Move DuPont-GM Holders May Get Tax Break WASHINGTON, May 23 jv-If du Pont stockholders are to get any relief from a possblle $1 billion tax liability, the Initiative may have to come from President Kennedy's administration. There were indications today Congress Is not inclined to act unless the executive branch gives a nudge. The tax claim was foreshadowed when the supreme Court held yesterday that du Pont must give up Its multl-bllllon dollar holdings of Oeneral Motors jstoclc Details remained to be worked out but some Congress members said they assumed the stock would have to be distributed among du Pont stockholders. And du Pont president Crawford H. Oreenewalt said "hundreds of thousands of Innocent stockholders" will be hit with taxes on the value of the stock as ordinary Income unless Congress acts. He estimated the total tax bill as likely exceeding $1 billion. Committees of both the House and Senate have wrestled in the past with the problem of forced divestitures like the one Invert In the present case, but neither chamber has ever passed a bill for special treatment of the income. Neither of the two committees concerned House ways and Means and Senate Finance showed any eagerness today to renew what had been in the past Earnings Sales, Net Climb For Federated Federated Depp rtment Stores, Inc. yesterday reported Increases in sales, net Income and earnings per share for the first quarter of fiscal 1961 in an interim earnings statement. Earnings per share In 1961's first quarter were 35 cents against 33 cents a year earlier. First quarter net Income was up 4 8 to $5,952,383 from $5,688,520 In 1980. Sales in the quarter were $179,274,564, up 4.8 from $171,095,218 reported In the first quarter of 1960. Sales for the trailing year (the 52-week period ended April 29) were $793.-.193. an increase from $773,360,-398 for the 52-weele period a year ago. Net income for the trailing year was $33,232,373 or $194 per share compared with $34,138,487 or 2.01 per share a year earlier. In a message to Fed-erated's 16,000 shareholders accompanying the earnings statement, Fred Lazarus Jr., chairman of the board, and Ralph Lazarus, president, reported the opening of a new branch store In Albuquerque, N. Mex., on May 17, this is a two-story, 42,000-square-foot unit to i be operated bythe Fedway look to yj SAVINGS LOAM IINWOOO AVI., tAtt t-JSIS What's News tract furniture organization and Par-gold is in the retail and wholesale furniture business . . . Sivyer Stel Casting acquired Riverside Foundry, Bettendorf, Iowa. Sivyer has foundries in Chicago and Milwaukee. Your Paper money may come In new colors soon. Chief advocate of the fresh color scheme for U. S. currency, of course is a woman Mrs. Elizabeth Smith, new Treasurer of the U. S. Mrs. Smith wants a change to multicolors. The dollar bill would continue to have a black face and green back. The new color schemes would be assigned to bills from $2 up. Treasury spokesmen weren't saying what colors would be used to replace greenbacks. The Civil Aeronautics Board has Just about decided, lady, that if you want to carry more than 40 pounds of baggage on a plane, youll have to stuff it in your handbag. Gallant CAB members had proposed to the airlines that maybe the fairer sex should be allowed to carry more than the present limit of free luggage on domestic flights. Chivalrously, the CAB pointed out that women usually weigh less, they usually require more luggage and there's more space for baggage on newer planes. But the airlines turned a unanimous cold shoulder on the proposal. a tough legislative struggle. Ways and Means Chairman Wilbur D. Mills 03., Ark.), whose committee has priority In the" field, said he couldn't speculate as to whether it would do anythingbut that It will be tied up until late summer with hearings already scheduled. He said the Treasury and Justice Departments likely would want to be heard as to whether du Pont stockholders should be given legislative relief. The Ways and Means Committee, now engaged In hearings on Kennedy's proposals for tightening many tax laws and giving business an Incentive to modernize plants, Intends to follow these with hearings on an even more controversial subject medical care for the aged under the Social Security system. On the Senate side, Finance Committee sources said that group has no intention of getting Into the du Pont subject until there Is action In the House. The legislation considered In the past has provided that. In case of forced distributions of stock, the recipient should either not be charged with it as income, or at least should be charged only at the price originally paid for it by the distributing company If the recipient later sold the stock, his gains .rates. , A bill along these lines was Introduced at the start of this year's session by Rep. J. Arthur Younger (R., Calif.) but there has been no action on It. Stores division of Federated In Albuquerque's Win-rock Center. This is the second of several major projects scheduled by Federated for completion In 1961. Late in February, Fllene's of Boston, another Federated division, opened a 126,-000 - square - foot branch store at Bralntree, Mass., that provides additional convenient suburban shopping for the metropolitan Boston area. 1941 19AO Itielne Rtiktte, fair montH, Acwi! 30: Kt imome ..- 5.4I5.4S4 t S.?7S tsl. fitfltrtt fttat, vw, 0embr 3': N intcmt... Mo,8i),000 ie,971,CO0 invt I J. t 2.4 0rfw BUtt, vr, Mtn 3li Nti axu . , t 1154 r I 1,I6,PV A thtit . .- I I I.W Htwllf.ftkre, I'f nwvfH Arvif 30: 1W mean ... I J.W.0OO t J,J7,000 t .34 1 .3 Mwatctti ! SvMhr, mi. V" 3' ni .t .. ,iM,m I A t4rt . t 190 t ) ft W Tt llttt tttfl A tit, . Aonl JO- 11 mewnt... ' 3'4 3'J lu.eoe.Mt A llwn t I.M 1.S0 CatottiWi 0 tMt 0it HKtrk. vr. ADtl 30: N- Wtomt. . . I WOfWj I t.ftW 000 A Wt 2.9 I 2.7 tneket 0tl ItstOrits, nint ran), MM mcomt .. 1)3.750.030 I 3.M' 03 A On I 4.W i 2.01 ViMtt StMl HtlWtst, iw, Aortt JO. tw iitcimt .. S2J.S44.5U K2.4S4 W A llwt ..$ I 54 1.15 NtMf Svetr, T4r, Mrcft 31: H worn. ,. I IWeOfl S J,087,6U a ! . j as s 11 tow. LOOKOUT CUKMONT. COUNTY Off ICI. Telephone Book Reflects Growth With the new telephone book being distributed now, you can count up Cincinnati's business progress. The yellow pages reflect a growth In products and services available. This year, for Instance, the more than 200 different business classifications have been Joined by "nuclear equipment" Here are a few more newcomers: Video taping service, baseball batting ranges, carts motorized, therm-wells, aerosol container filling and, of all things, straw. For more new additions to the business race, the telephone directors present these new listings: Aircraft brokers, automation consultants, sales contest organizers, silicones and smoke Indicators. Log cabins are listed, too, for the first time this year. Blacksmiths are still going strong with 11 listings. r ' 1'ra - r " ''rr jg I i t.lmmMimmMmmmm&n-fi i i.rri , ui,a.4l.MriWMtwwww TOWER ON"... Power on! These two words carry a significant message. They tell you that a versatile IBM 7070 Data Processing System is at work here. . The 7070 processes all kinds of business information at incredible speeds. But what's vastly more important, it provides a highly efficient tool for planning management ttrategy. How fast does the IBM 7070 workT This will eiveyouanidea: Quicker than you can wink an eye, the 7070 Fon T0P earnings ki savihgs CO. AMtUA, M. 1-8210 $6.7 Billion Prize Murchisons Win Control Of Giant Alleghany Corp. BALTIMORE, Md., May 23 up The Murchison brothers of Texas today were declared the winner In their proxy fight to overthrow the present management of the giant Alleghany corp. Their margin was 853.998 stockholder votes. The certification of the upset victory gave each director nominated by the Murchisons 5,028,011 votes to 4,172,013 votes polled by the Incumbent directors headed by board chairman Allen P. Kirby. THE TRIUMPH of the Murchisons, long powerful in oil, gas and Southwest-era finance, gave them control of the $8.7 billion railroad and investment company and rooted their dynasty in Wall Street. Pleasant and outwardly easy-going, John D. Murchison, 39, a second generation member of the famous clan, personified their interests. John captained an alert, nervy and faultlessly organized team of young businessmen that took on and beat a Manhattan big leaguer, Kirby, 68, whose fortune is estimated at $300 million. The Murchisons topped Kirby in America's richest proxy fight measured by assets involved. The Murchisons won with an outfit written off by a Kirby lieutenant in mid-campaign as a "vehicle put together of glue, string, turpentine and wind." The Kirby group then was Just completing a million-share, $13 million Alleghany stock-buying splurge, the biggest thing of Its kind in 32 years. CPAs Elected Five Cincinnati certified public accountants have been elected members of the Ohio Society of Certified Accountants. They are: Edward J. Fisher, associated with Peat, Marwlck, Mitchell & Co.; Richard E. Lamping, Wulfhorst & Butler; Lawrence A. Leser, Has-klns & Sells; Robert A. Schutzman, Hasklns & Sells,, and Philip L. Shrlver, John E. Shrlver firm. and goes to work for business at Re L. Polk & Co. , The Ohio National Life Insurance Co. 2830 Victory Parkway Cincinnati 6, Ohio PL 1-6500 d ASSETS I S 1,8 56, 048 J 4 RESERVES $24,200,298.1$ THE CMQCE Murchison band later was llnkened to the perfectionist political troops that helped sweep then-Sen. John T. Kennedy to the Democratic presidential nomination last summer. John and his brother Clint, 37, are sons of aging and ailing but still fabulousClint W. Murchison Sr. who made a fortune In oil 40 years ago and multiplied it In a variety of other fields. The father took no active part in the proxy fight. But it was he who a decade ago in Dallas started to shape the nucleus of the winning combination. John and Clint were Just getting on their feet In the business world. John, a fighter pilot overseas in World War II, was about three years out of Yale University. Clint Jr. recently had taken a master's degree In engineering at Massachusetts Institute of Technology. OCT OF THE father's beginning grew the loose-knit Investments Management Corp., formed to focus supervision after the Murchison Interests spread to Insurance, finance company, water utility, book publishing and other diverse ventures. At the core, "floating" within the corporate framework, as one put It, there gathered eight or nine smart, personable and aggressive young businessmen. Oddly, two of them were New Yorkers with close family ties in the financial district Meticulous planning, careful organization, astute analysis and liberal use of credit became their main stocks In trade. Rallying around the nucleus after It opened a command post in New York .were scores of s "friends," people who had done business with the Murchisons before and felt a vague but lively loyalty to their cause. Some served on a volun FACTORY MANAGER And staff mombor attires ntw position. Ago 40, good with ptoplo, twtlvt years supervision. Ftctory operations, production control, purchasing, plant maintenance and labor contract negotiations. Development and limited production ef complei electro-moehanical products to both commercial end military standards. Resume e request. lex R 351, The Enauirer another IBM 7070 multiplies a 10-digit number by a 6-digit number! In a single second, it performs 16,600 six-digit additions or subtractions. And it prints its own reports at rata up to 600 linet a minute! Only IBM offers a complete line of data processing equipment To find out more about these modern management tools, just call us. nr-rr- n mm DATA DEPOSITS IN 1 teer basis. Mostly, they beat the bushes for stockholder votes. One, unbeknownst to the Murchisons until the May 1 annual meetlng.qulet-ly bought 20.000 Alleghany shares ,and voted them for the brothers. WORD THAT the Murchisons had scored a clean sweep ef the nine-member board came at a recessed session of the corporation's May 1 annual meeting Both Murchisons were elected to the new board. It was not Immediately learned whether John would assume the Job of board chairman from the ousted Kirby. , There was some speculation the Murchisons might install someone else In the post Among those mentioned have been Robert B. Anderson, former secretary of the Treasury, and John J. McCloy, New York banker and a special adviser to President Kennedy.' AAA-1 ' 6Va NIT t1M.M0.0O Iat4 ii ttili nnkt ititiM tr IS-mr but It mitr M MmpBy will M-4uct 16,900-00 M Jui Ml after uxm Ml tnsvrMKt. nglfl: WESTBROOK REALTY CO. 440 Dollar lulldint) Hamilton, Ohio TWinbrook 3-6148 WE WILL BUY , HEAVY GOODS CO. Must be old established and involve at least $1,000,000 purchase Future possibilities more important than current earnings. Interested in other lines too. Brokers and finders protected. IP. W. H ttmunn, A Induftriil Corporation US Fafili A., N.w Y. 17 OX MM Capital AviiUHU Over J 10,000,000. PROCESSING FULL. ML ON REGULAR SAYING!

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