Democrat and Chronicle from Rochester, New York on December 4, 1965 · Page 19
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Democrat and Chronicle from Rochester, New York · Page 19

Rochester, New York
Issue Date:
Saturday, December 4, 1965
Page 19
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Your Town 4C Want Ads 6CUC Htalth 14C Business and Finance (nance $ 2C3C Full Stocks, Page ROCHESTER. N. Y., SATURDAY. DEC. 4. 10 Briefs u f ! f 1 Business Airline Tells Profit EASTERN Air lines, which had deficit of 15 8 million In 19M, should show a net profit of $28 5 million thli year, Floyd D. Hall, president, aaid yesterday. Ha said for the first time, Eastern'i revenues would pass $500 mililon. They were $414,05.000 last year. Hall announced Eastern would begin aervice to Acapulco, Mexico, via Mexico City three times a week starting Jan. I. BWK clearings In 2S major cities dropped 14 2 per cent with the week ended Wednesday to $38,629,032,000, Dun A Bradstreet Inc. reported today. They were $44,578,651,000 th week befora Thanksgiving, and $38,807,881,000 the comparable, week last year. IC i( )Jc TWO NEW York Slock Exchange firms. Harris, t'pham 4 Co , Inc . and Elsele & King. Libaire. Stout & Co., will ba consolidated Jan. 1 under the Harris, I'pham name. Harris, I'pham has 50 offices across the United States and an office in Swtizerland. Eisele It King has 14 offices in New York, New Jersey and Connecticut. JAPAN'S Idemitsu Oil Co. will build a 203,0O0-ton deadweight tanker for Ishikawajima-Harima Heavy Industries Co. at a cost of $15 million, It was announced yesterday. j They said It would be the largest ship in the world and I the first over 200.000 tons. The tanker would be 1,122 feet long and capable of cruising 16.5 knots. THE AVERAGE American family will spend $178.19 on Christmas gifts and a record $6.57 for gift wrappings, Chicago Printed String Co., a maker of decorative ribbons and papers, estimated yesterday. It said the average family would use 70 feet of Christmas gift paper and 159 feet of ribbon to wrap things up. BKCTO.V Dickinson Co. of East Rutherford. N.J.. said It had agreed to buy the outstanding stock of Eledrodyne Co. of Westwood, Mass., for 178,000 shares of common stock, worth about $12.1 million. fi V fi 0 HQ ! i 1 r ' 'X Businesses Due for More Curbs at the speaker's table MEETING Among Ihone attending Com-merce Club meeting jfslrrdiv at the Chamber of Commerce ere, from Irft. Autos Boost Stock Market Complete, Final Stock j Prices on Pages 2C-3C NEW YORK .fi - Strength In autos and in a scattering of key Spotlight Stocks NtW YORK (,Pi flosinc L'nch Announced stocks enabled -the stock mar- Price nA nP change of the 15 terday in Chicago Lincoln Ups Dividend on i Profit Rise i j The board of directors of Lin- j ,coln Rochester Trust Co. hn recommended a 2 per cent stock Jdividend. W ilmot R. Craig.,' president, reported yesterday. It would be paid March 28 to hold ers of record Feb. 25. I The board also declared AS,,,,N(;T0?i IT 1 0" V bus,ncM '""f" . . . , . . , ments abroad will be announced this weekend as part of the quarterly cash dividend at the Johnson Administration s stepped up drive to end the dollar increased rate of 45 cents perj jrain. officials said yesterday. . share, payable Feb. I to stock-; The government will suggest about $3 billion a year for the holders of record on Jan. 14. targets to companies taking part past decade. Surplus dollars Craig said the increased quar- vlu'Hnrily in Hie balance of flowing abroad are a cause for ,terlv cash dividend tin 12', Der Pa'mrn,s Pro6ram to help them worry because foreign govern-icriy casn nu rtena up iz , per rwJuce ,hpjr ovmcas outlays menu can cash them in for gold cent from the 40 cents per share on new pant and Pqjpmcnt. at the U.S. treasury, previously paid, is due to thej Officials stressed that the pay-j So far this year, the U.S. gold growth in net earnings. In its ments program, which Presi- has declined by about $1 .3 nine months report, the bank dPnt Johnson announced Feb. bjjon and now gtands at jI3 9 'showed net operating earnings ' rfmain voI""tiary billion. The government's ability throuch Sent 30 of $" 69 per ' ;?l,n,ary orJnot- the ov- to back dollars with gold is ona through bent. 30 of $..69 per ernment's .ncreased pressure on rPason nv foreigners are will-share an 11.3 per cent increase f.rms to hold down their foreign ing to nold and huse doIIars in over the comparable penod in investments is sure to produce tncir international transactions. furthcr erumbling within the F . statcmonls of Payment of the stock dividend business community. u.-Zu :.... : , I ..!.;.. . r..: .l . iiiKH uuiiiiiiiaii aiiun viucidis. It fornia Atty. Cen. Thomas C. l!"""" f are sa-v,ne ina ' appears that the main burden of At Sissnn. a past president: Mrs. Harry J. Taillie, a guest, and her husband, whn is a member of the Commerce Club. 7 Firms Sued by California SAN FRANCISCO (AP)-Cali- ,., , visory authorities and to author- in the long run. overseas invest- ",c "''" uu'ul" the filing yes- i2atio by Lincoln Rochester's ments bring more money home ZJtZll T of an antitrust stockholders at the annua! meet- in the form of dividends than 15 gomg. 0 fa" n the bus!ness , damage suit against seven ing to be held Feb. 23 of the they take out of the country. cut hpk thtr 40-iZp! manufacturers of metal library issuance of the additional shares Administration officials do not ie'h shelving. , 1"P'? 'or dispute this daim but stress ;Tto vaa viv iia The State of California, re-254p. gents of the University of Cali- perme-Thiokol 2V V fornia, four counties, six cities I year-l:Xmrrpn", and four school districts iiined 2 1 v- .......ui. uunaio ill 18-1,, 4- k trebled damages. They charged price fixing. The defendants are Sperry- kct to post a gain on average 0M "." M0": today, but more stocks declined l s 'jjJJJj " " than advanced in the over-all : Dymo Ind ". market. jFairch Hille'r .' .' The general pattern was the Pan Am . . . . same that has prevailed all Curtiss Wr . ween a confused one ated by earlier-than-usual AMll if A nnt inn. n.nk tnu loss selling, switching, profit romw oil nfg' taking and reinvestment. (;fn Dvnam . News that November new-car Am Mot . . . sales were far above previous '" Teed . . records for the month gave am- Am Tel Tel . nle instificfltinn far fh( arivanrn of auto stocks, but they respond- ume was B '? million shares Globe-Wernicke Industries, To- volatile stocks, when and if the.ha,f of ,ast 'ear's W.8 billion makes further gains unlikely in ed to the news without anv 'compared with 9.07 million ledo, Ohio; W. R. Ames Co., Mil-'circumstances' dictate, the ex-rate. But officials are not satis-, this area. rvu . . j .... in ic : 1 1 : r . r-t vt.a . r: 1 rrsi . a .1 . 60',! ai S' unrh 23'h-i-I7 Amex Tightens Margin Policy NEW YORK (AP) The community. Businessmen have overseas invest- hat this year but ...u 4 - :t .1 - ... that th -horMorm lm cuuujjii iu Bun uie Buvt;rn- ............ rnpnt situation Is so serious that some 1 ' long-run gains must be fore-1. BanI, " the other hand. gone. nave more man mei me sug- Also to he nnnm.nrwt rfurintr gested goal set for them. Ex- the weekend is a new target to Prts have not 8rown as fast this help banks keep the lid on their year as ,ast and trend my overseas loans. continue in 1966. The dollar outflow was re- The government has cut its first nine foregin military and aid out- sperry- . c,i, t.-,i,., ...m duced durinu the 6i 4 Rand Corp., New York; Art ::.:, a A main,. months of 1965 to an annual rate lays to the bone. But the rising Metal Corp.. Jamestown, N.Y.; nance margin requirements on of '-3 billion, which is less than demands of the war in Viet Nam 1 ,.t, II' T 1 , T . . ..... t. I f f 1 , m.n o 1 : 1 1 mqbAa fiii-ll. 1:1 !.. : great excitement and with some Thursday and RAPID-AMERICAN Corp., a New York chain store holding company, purchased Joseph H. Cohen & Sons Inc., which makes men's suits and Jackets, for more than $21 million in cash and notes, it announced. AMERICAN railroads have spent a record $1.1 billion on new freight cars in 1965, and will top that figure by $50 million In 1966, the American Railway Car Institute said yesterday. STAUFFER Chemical Co. said it will expand by 25 per cent its chlorine and caustic soda plant at Henderson, Nev. It declined to list the current capacity. The expansion would cost several million dollars. BRISTOL-MYERS Co., manufacturer of drugs and toiletries, announced it had formed a wholly owned subsidiary, Bristol-Myers International Finance Co., to offer $15 million in 1980 debentures for sale to European investors. They could be converted into Bristol-Myers common stock. pause for reflection. President Johnson's prediction of another record year for the economy in 1966 also produced no particular celebration. Wall Street seems to have become accustomed to the Idea that business is good and has prospects of remaining so. While trading was active. It 10.15 million pitas, Calif.: Estev Corn.. Red "T " mun ". In making the announcement, me uow jones industrial v. " ,s- the Amex declined to speU out average rose i.oi 10 aw.iu, a h-iuiuku, moderate gain. The rail com-i The suit was filed in U.S. Disponent of the Dow Jones aver-jtrict Court in Chicago on behalf 1- 1 . 11 1 L -11 1 ...1 agt'3 uuuguu 10 anuuiei iccuiu ui an jwiuiuai nuuuivisiuns ui (l. ,.1. nign. uie oiaie oi camornia mat nave Of 1,415 Issues traded, losers purchased metal library shelv- outnumbered Miners bv 599 to inB irora "e ceienaanis. the guidelines to be used. Currently, an Investor must put up 70 per cent of the cost 554. New highs for the year was the lightest this week. Vol-totaled 81 and new lows 38. May S fores Purchase Harfford Company ST. LOUIS, Mo., (AP) TheiAuerbach will continue as pres-May Department Stores Co. of 'ident of the firm. Mav said St. Louis announced yesterday j Mrs. Auerbach also has been it has acquired G. Fox & Co., elected to the May Co. board Hartford, Conn., for 720,000 ; of directors, shares of May common stock. I The May company operates ine snares nave a market 69 department stores in the Lynch said the defendants had pleaded no contest to a U.S. gov ernment antitrust action and The New York Stock Exchange announced Oct. 29 it may increase margin requirements on day trading in hyperactive stocks. The American Exchange went further and ap- n.AA ia nvut M.n.i.:...i.. That was a criminal action and f- ,,, eu, .,,0i of6 the suit filed yesterday was a civil action. Today's Business Beauty Business Chronicler Spencerport Firm Elects The board of directors of General Code Publishers Corp. Spencerport, has elected the following officers: president, A. Ross Kitt; executive vice president, Paul Humphrey; secretary, Jeannette S. Kitt, and treasurer, Thomas J. Connor. All members of the board were re-elected. The following promotions were announced Herman Stoll was named a supervising editor and Jack Winder was named production supervisor. The company codifies the ordinances and laws of towns, villages and cities and is active in six states. value of $41 million based on the price of the stock on the New York Stock Exchange yesterday. Included in the acqui-s i t i o n was G. Fox' wholly- owned subsidiary, Brown Thompson Store in Hartford. The G. Fox name will be re. tained and Mrs. Beatrice Fox Marijuana Sellers Nabbed on 1st Try Hiram F. Glatt was honored last night at a retirement party at the Green Lantern Inn, Fairport. He was communications consultant for the Rochester Telephone Corp. where he worked for 44 years. Four employes of Delco Products Division, General Motors, have received 25-year watches. They are Ned R. Kilgore, Earl F. Magin, Howard F. Braun, and Richard E. Blind. George P. Hitchings, vice president for economic research, American Airlines, will address the Rochester Society of Investment Analysts at 12:15 p.m. Wednes day in the Chamber of Commerce. United States, including those of its affiliate, Meier & Frank, Co., Inc. Jersey Klansman Eyes Senate Seat ELIZABETH, N.J. W-Frank W. Rotella Jr., the head of the Ku Klux Klan in New Jersey, was reported yesterday to have FRANKFURT, Germany W)- said he would be a candidate Hartnut Oehler. student, found for fte u s &nate next Inflinn nnwtn ! ai mi iirl nifl i backyard from legally bought! In an interview with Christian seed and that processing it j Williams of the Elizabeth Daily through his mother s vegetable Journal, Rotella, who s title is chopper produced marketable king kleagle of the New Jersey marijuana. jKlan, said he feels the political But instead of profiting by rights of the white man "have about $750, he and two accom- jbeen so disrupted" that he plices were arrested while try- wants to run for the Senate. ing to make their first sale and ! U.S. Sen. Clifford P. Case, drew suspended sentences of R-N.J., is expected to seek re-two weeks to three months. election next year. SI oJ in issues showing unusual pat tern not just the purchase and sale of the same stock the same day. Stocks Quiet In London LONDON (AP) - The London Stock Market closed quietly firm yesterday but most groups were below the day's highs. Selected industrials, including chemicals and tobaccos, were in demand. Oils closed irregularly lower. Government bonds were very quiet and slightly lower. Gold shares closed marginal Iv above their lows. Dollar stocks recovered slightly from early weakness in line with a rise in the investment dollar premium. fied. They say they want to put So far. at least, the cn'vern- the country's international pay- ment has been reluctant to ments "in equilibrium" next crack down on the other big year- cause of the dollar drain th The deficit has been running U.S. tourist. Kathy Thomas, who was incorrectly identified in the business beauty series yesterday, is a medical receptionist at Kodak Park. Here she is shown answering phone. fecro Networks Pays 10 Cents Electro Networks, Inc., of Caledonia, yesterday declared a 10 cent dividend on the common stock payable Jan. 20 to stockholders of record Dec. 20. This is the firm's first cash dividend. Here's Advice on S.S. Benefits &t3 By MARTIN E. SEGAL ceived during 1965. The University of Rochester Computing Center is moving its offices and much of its equipment from the River Campus to the ground floor of the new addition to the Towne House Motor Inn next spring, according to Thomas A. Keenan, director. The uni versity plans to rent the space for five years. George J. Kelly Xerox Corp. has named George J. Kelly, 15 Courtenay Circle, Pittsford, to its corporate planning staff. Robert Fitzpatrick. 11 Beaconsfield Road, has been named regional sales manager of Emmons Jewelers, Newark. S. A. Bimis. vice president in charge of sales. Goulds Pumps, Inc., Seneca Falls, has been elected president of the Waters Systems Council. The council's membership consists of manufacturers of water pumps and allied equipment President, Retirement Advisors, Inc. S. A. Bonis ment. She writes: "I am a $40.80 is correct for six months. If the amount of the retroac- widow, 62 years old, and re- Mrs. A. A. writes: "My chil-tive payment is less than your ceiVe a widow's benefit from dren and I are receiving Social Since the 7 per cent increase (tad srec Social S c u r ' f "? a neJiU J - in Social Security benefits was increase added to your widow's mntn- J nave en collecting ceased husband s earnings. If retroactive to January 1965, benefit check. But if the back since April, 1965. I get married again, and my everyone on the Social Security payment adds up to more than "I recently received a check children are adopted by my rolls should have received an a month's benefit, it will be for $40.80 for the increased ., hch.n tk,-. .ttaM extra check this past Septem- paid only to the legal repre- benefits. I understand I would - . , ' . ... . ber. But there were manv bene- sentative of vour husband's revive 7 r rent Increase my :oc,al cvnty wnetits and ficiaries who died sometime be- estate that is, to the execu- back eight months, which would my children's?" tween January and September, tor or administrator under his have been much more. Can you Your children's benefits will What happens to the back in- will. explain this?" not be affected. Mrs. A. Chil- crease that would have gone to if a Social Security bene- You are entitled to a retro- rfrpn .dnntpH hv tnfafhpr em7 ficiary died between January active increase back to Jan- . . . ... -h. . , Mrs. J. S. asks about this. and Sentember this vear and uary. Mrs. O.. but only if you do not lose their rights to Social She writes: "My husband there was no surviving wife or had been receiving benefits Security benefits from their passed away in June. Would I husband, the retroactive bene- since January. You started re- natural father. be entitled to the retroactive on fit check will he raid onlv to ceivine benefits in April However if vnur new hus- his Social Security up to June?" the legal representative of the that's the March benefit - and band not receiving socjaj Yes, Mrs. S., you certainly deceased person's estate. received only six monthly k-,.. ,. .m w are entitled to the retroactive benefits during the retroactive Bounty benefits, jou will lose increase in benefits due your Mn. J. O. also has a ques- period. You 7 per cent increase your benefits as a widow when husband on tha benefits ha ra- tion about the retroactive pay- comes to $6.80 a month, so you remarry. A ELECTED Donald L. Jordan, right, of Roanoke, Va., newly-elected chairman of the board of the National Association of Manufacturers, is congratulated by outgoing chairman J. Robert Fluor of Pasadena, Calif. Light Plane Sales Rise WASHINGTON (AP) -The Aerospace Industries Associa tion said yesterday manufacturers of light aircraft in the private and business category delivered more airplanes last month, with a higher dollar value, than in any other month in their history. Eight manufacturers report ing to the association's utility airplane council delivered 1,120 airplanes, with a net value of $28,891,000 (m), during Novem ber. The total for 11 months of 1965 rose to 10,741 airplanes valued at more than '2T8 mil lion. Joseph T. Geuting Jr., coun cil manager, said the produc tion for all of 1964, the previous record year for the industry, was 9,33 6planes valued at $198 million. Ore Shipping Up on Lakes CLEVELAND (AP) - Iron ore shipments on the Great Lakes this year amounted to 65,556,459 tons, or 208,004 tons more than were shipped in 1964 to uec. 1, the American Iron Ore Association said yesterday. In spite of relatively good weather, last month's shipments were 1,407,924 tons under November of last year, the association reported. One reason was the adequate stockpiles on hand and the drop in consumption during Ictober when 9,791,556 yons were consumed in the United States and Canada, compared with 11,753,-361 tons in October of 1964. Ore in inventory Nov. 1 amounted to 49,498,503 tons against 65,453,411 tons a year Art Thief Fails To Sell Stolen Work ODD LOT TRADING NEW YORK ur The New York Stock Exchange reported after it was stolen from the yesterday these odd lot transac- MILAN, Italy UP A 19th Century painting by Gerolamo Induno of an episode in the Italian wars of independence was recovered, thanks to a sharp-eyed bookseller, the day tions by principal dealers for Modern Art Gallery in down town Milan. "You're the thief!" shouted Dec. 1: purchases of 646,500 (the bookman as the man whe shares: sales of 637,905 shares tried to sell it fled. The canvaa including 4,327 shares sold short is valued at $1,600-3,200.

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