Democrat and Chronicle from Rochester, New York on February 6, 1969 · Page 22
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Democrat and Chronicle from Rochester, New York · Page 22

Rochester, New York
Issue Date:
Thursday, February 6, 1969
Page 22
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c ine Stock Tables 2.3C ant Ads 4-8C ROCHESTER N. Y., THURSDAY, FEBRUARY 6, 1969 SECTION IK HI 4 HMM II Kimball and Dennis Sauner, DeMartinis 83 Bayton Drive. Rochester Chronicler iMimwi LdQ.L.. fi LUL! Jerry Brian Bernard Spalma Nelson Smith Securities Firm, SBS Appoint Jerry J. Spalma, 9 Orchard Lane, Perinton, has been promoted to senior account executive, according to Ben DelMonaco, president of Genesee Valley Securities, Inc. Brian W. Nelson has joined, the Lawyers Co-operative Publishing Co. as an employment and training supervisor. Bernard E. Smith, 3658A Monroe Ave., Pittsford, has been appointed controller of Specialized Business Services, Inc., according to Carl F. Thitchener, president. C. Curtis Higgins, CLU, of the Hubbell Agency was the Equitable Life Assurance Society's "Man of tne Year" for 1968. It was his second successive award. HTV Systems, Inc. has named James A. Loker regional sales manager in charge of the Northeast area, covering 15 states. Loker, who was with Spencer-Kennedy Laboratories, Inc., will be located in Har-risburg, Pa. A. B. Stories Jr., 18 Starlite Drive, has been named assistant vice president of G. K. DeLong, Inc., and Multi-State Insurance Agency. Four appointments have been made in the manufacturing division of Gleason Works. Nicholas D. Dar-g e n t o has been named superintendent of facilities. He lives at 30 Evandale Road, Brighton. Edwin P. Woytas, 20 Charleswood Drive. Nicholas Pittsford, has been Edwin Dargento named second shift Woytas , supervisor-cutter departments. JUmball DeMartinls has been named supervisor, time standards. He lives at 7553 Corby Road, Honeoye Falls. Ronald G. Swink, 90 Merry Hill Drive, Penfield, becomes supervisor-plant engineering. John Waugh. vice president of First Federal Savings and Loan Association, is attending the fourth annual convention of the Savings Institutions Marketing Society or America $9, in wew uneans. Three have been named customer engineers by D. E. Roth, branch manager of IBM's field engineering division in Rochester. They are Terry M. Nelson, 726 Melville St. John A. Hick, 176 Laburnum Cres.: Ronald Swink J. W. Dcklerow Associates, 274 Alexander St., has been appointed to develop and execute a national, publicity and advertising campaign for the fluorescent tube "Disposer", manufactured by Safety Devices Development Co. Ralph M. Watters, director of purchases, Taylor division of Sybron Corp., will address the purchasing management association of Syracuse Feb. 12. Twelve Rochester Products employes, whose service totaled 287 years, have retired, according to II. E. Brown, personnel director. They are Earl Catlin, W. Creek Road, Avoca; Ralph Casey, 17 Nova Lane; Nellie Karpinski, 36 Lenriet St.; Stanley Bladdy, 4569 Dewey Ave.; Robert Warren, Kent; Clarence Vander-cll, 683 Ridgeway Ave. Also Raymond Heberger, 761 Dewey Ave.; Orla-may Pragnel, 42 Chadwell Road; George F. Batz, 294 Meigs St.; John Ahoe, 12631 Woodmont Dr., Detroit; Ronald Reitz, 69 South Ave., Webster, and Howard Dietrich, 87 Commodore Pkwy. MEETINGS TODAV Board of Director, National Association of Accountants, will meet at noon, the Rochester Club. National Briefs American Motors Omits Dividend AMERICAN MOTORS CORP., THE SMALLEST of the nation's four major automakers, yesterday reported an earnings increase amounting to one cent a share for the first quarter of the 1969 fiscal year over last year's first quarter. Earnings before taxes on automotive operations during this year's first quarter were $9.1 million, compared with $8.9 million last year. Directors voted to omit payment of a dividend during the current quarter, which ends March 31. It is the consecutive time the directors voted to omit a d vidend. The last dividend paid was 12Ms cents per share in August of 1965. THE FEDERAL TRADE COMMISSION, RE-versing an earlier decision, has approved the merger of Neimau Marcus Co. of Dallas and Broadway-Hale Stores Inc. of Los Angeles. NEW YORK (AP) - The stock market yesterday continued to grope for a trend. Prices were mixed for the third straight day. Trading was more active. - Volume was 13.75 million shares, compared with 12.55 million Tuesday. The Dow Jones industrial average emerged with a small gain of .87 at 945.98 a rise of .09 per cent. The Dow, however, did not tell the whole story. Losses outnumbered gains by 690 to 617, among the 1,561 issues traded on the New York Stock Exchange. New highs for 1968-69 totaled 36 and new lows 19. Other market indicators also were in conflict. Brokers Amex Ban Hiis 103 Hot Sfocks NEW YORK (AP) - The American Stock Exchange, less than a week after warning member organizations that speculation was reaching dangerous levels, has temporarily banned members and member organizations from trading for their own accounts in 103 stock issues. The public still will be able to trade in the 103 issues which are about 8V2 per cent of the 1,200 issues listed on the exchange. The 103 issues in recent weeks have accounted for a larger portion of volume than 8Ms per cent, an exchange spokesman said. The ruling affects more than 8,000 individuals, the spokesman said. The exchange has 580 member organizations. The partners of each organization are allied members of the exchange and the order . bars them from trading in the 103 issues for their personal accounts. THE PERCENTAGE OF over-all trading conducted at ' the exchange by members for their own accounts is not known, but it is believed to be substantial. The ban is believed to be the strongest action ever taken by any securities exchange against speculation. H. Vernon Lee' Jr., exchange vice presidentin charge of the membership services division, said the ban was "part of the exchange's continuing focus on unusual speculative activity." LEE DID NOT SAY whether the exchange felt member trading in certain issues had been excessively speculative but did refer to a commentary issued by the exchange a year ago which said: The list had nearly all the names of issues which regularly have appeared in recent weeks on the exchange's most active stock list as well as the names of many of other issues. Some of the issues considered speculative are those of companies searching for oils or minerals. Others in the field of electronic data processing have attracted speculative money in recent years. Cardiac Hits 8-9 Range On '2d' Day Cardiac Electronics stock, which was sold for $3.00 per share, was trading yesterday in the $8 bid, $9 asked range. Highest price reported was 9-llMi late Tuesday. Checks for the vastly oversubscribed issue were still coming back to would-be investors yesterday afternoon and at least one firm stopped trading the issue Tuesday when it was learned that, certificates had not been received. "I'm afraid a lot of people 'shorted' the stock, thinking they had some and then finding out they didn't," one broker suggested yesterday. In such case, a "seller" would then have to cover his sale by buying on the over-the-counter market. Cardiac offered 100,000 shares and reportedly received orders for a million and a half. lock Marke saw the market as remaining in a sea of uncertainty, waiting for a more definite clue about the trend of the economy and of the market itself. Anthony W. Tabell of Wals-ton & Co. said that the market, unable to make any headway for the past couple of weeks "seems to be worried about a number of things." "What is interesting at this time, however," he added, "is that all of the things the market seems to be worried about have not yet taken place and, indeed, may very well not do so." A report that the Federal Communications Commission might vote to ban cigarette advertising on radio and television was the big news sur- Chairman Edward Carson Frederick Tobin Frederick M. Tobin, chief officer of the firm that bears his name for 47 years, retired yesterday from active management. The 81-year-old Tobin drew a standing ovation from the more than 200 stockholders attending the Tobin Packing Company's annual meeting when his retirement was announced. The announcement was made by Edward H. Carson, his son-in-law and president of the company. In the shift that resulted from Tobin's retirement, Carson was named chairman of the board and senior officer of the company. John M. Watson, a vice president of the Albany division of the company, was named president. Directors elected Tobin honorary board chairman. He will also continue as an active director, the company said. Only Carson spoke at the meeting. He disclosed that the firm was centralizing manu- New Orders WASHINGTON (AP) - New orders for durable goods increased in December instead of declining as the first available data seemed to indicate, the Commerce Department reported yesterday. In its Jan. 23 "early returns" durables report, the department said the seasonally adjusted total for December new orders probably Singer Q. My husband is employed by a company which was recently acquired by Singer Co. So, he is now eligible to participate in Singer's employe stock purchase plan which seems to be very attractive. He can invest up to 10 per cent of his salary to buy Singer common stock at a 20 per cent discount from market price. Because he just received a 12 per cent raise, this seems to be a good time to begin. We are both well insured and have a mutual fund plan (into which we have been paying for 9'i years) for our children's education. My husband (an old mutual fund salesman) says the Singer employe plan may not be as good as it Your Stock Report rounding the broadcasting and cigarette stocks. Radio Corp., which owns the NBC network, was off at 43, but CBS gained at 49 and American Broadcasting advanced IV2 to 76. Among lesser broadcasting companies, Corinthian Broadcasting fell IVi to 35 and Cox Broadcasting IV to 55, while Storer Broadcasting rose to 54 and Taft Broadcasting closed unchanged at 38. According to analysts, the threat of losing such big advertisers was taken with a grain of salt by some investors. They reasoned that any addresses stockholders. JOHN H. WATSON . . . new president facturing within its plants, producing some products in one plant and some in others. He also said that the company would soon market a new Italian sausage product and is going to "explore some new concepts in media advertising, point-of-purchase merchandising and the like." Top Estimate would reach $29.1 billion, compared with $29.3 billion in November. Fuller information now available shows instead a rise to $29.5 billion, the department said. Also revised upward was the seasonally adjusted total for defense products orders, from $1.6 billion to $2.4 billion, following $2 billion in November bookings. Option William sounds. I, however, am not too well pleased with the over-all performance of our mutual fund. What do you advise? A. To knock some sense into your husband even if you have to use a rolling pin. It would be just plain foolish not to participate in that employe stock purchase plan. It's too good a deal to pass up. This is standard advice to everyone who has a chance to get in on similar plans made available by any good, well-managed company. Although the details of these plans very a great deal, from company to company, almost all of Stil such decision might be subjected to protracted appeals in court. The response of tobacco stocks was even more surprising. Reynolds Tobacco and Liggett & Myers each rose li and American Tobacco Va, while Philip Morris lost i. The thinking here seemed to be that a lot of money would be saved by cigarette companies if their broadcasting ads were eliminated, and such funds could be profitably in further diversification. Nine of the 15 most-active stocks advanced, and six declined. Bunker-Ramo was the most Big Board Dividends: $18 Billion NEW YORK -Companies with shares listed on the New York Stock Exchange paid a record total of $18.1 billion in cash dividends last year. This was an increase of more than 8 per cent over 1967, the largest percentage gain since 1965, when total dividends on New York Stock Exchange stock rose 13.3 per cent. . The amusement industry made the largest gain in dividend payments last year, rising about 21 per cent. Retires Watson, 51, Joined the company in 1936, and returned after service in World War II with the Air Force. He has been a director since 1956 and a vice president since 1959. Watson will remain Albany-based. He planned the company's Miami operation, which was opened approximately 10 years ago and sold three years later, and then returned to Albany. A major reason for the deci-1 sion to keep its president in Albany, although headquarters offices are maintained in Rochester, is the greater volume of the Albany operation, a firm spokesman said. "We're seeking to cover the entire Eastern Region," the spokesman said, "but the number of potential customers ( served by the Albany opera- ' tion is approximately 10 times greater than the Rochester potential." This and Watson's close working relationship with Tobin were among factors resulting in his appointment, the spokesman said. Emerson-Fisher Radio Merger Approved ST. LOUIS, Mo. m - Directors of both companies have approved an agreement in principle for Emerson Electric Co. to acquire Fisher Radio Corp. of New York through an exchange of stock. Fisher produces stereophonic sound systems. It has annual sales of about $30 million. Plan 'A A. Doyle them work out very well for employes. I read the prospectus covering the Singer employee stock purchase plan. It's a dandy. With your husband's background, he should be well aware that, in recent years, Singer common stock has performed better than that mutual fund you named in your letter. , No one can tell you what's going to happen in the future. But that 20 per cent discount on the purchase price certainly provides a big edge. Q. How can a smaller investor get an even break in the stock market today, with all those big institutional buyers roping 3 active stock, off V at 154 on 485,600 shares. A single block of 384,300 shares accounted for the lion's share of its turnover. Eastman Kodak made a rare visit to the most-active list, losing IV on 133,200 shares. Big blocks accounted for heavy trading totals for other stocks. General Mills, off at 33, changed hands on a block of 144,300 shares. Chicago Pneumatic Tool, up at 48, sold on a block of 122,300 shares. Coastal States Gas Producing second most active and off 3,i at 35, sold on a 238,000-share transaction. Filtrol lost at 53's, and Slick Corp., traded on the American Stock Exchange, dipped Vb at 27. Filtrol, it was Mangurian's Registers to Offer By BILL VANDERSCHM1DT Mangurian's Inc., the retail furniture and carpet outlet with executive offices in Florida, yesterday filed with the Security and Exchange Commission to sell 320,000 shares of common stock to the public. The offering will be underwritten by Francis I. duPont, Inc. Chuck Higbe, investment broker at the Rochester office of duPont, was the finder and negotiator for the brokerage firm. It is expected that the offering will be made to the public in about eight weeks. It was learned that the price per share will be about $16.00. Of the shares offered, 220,000 are for the account of certain selling stockholders, notably Harry T. Mangurian Jr., chairman and treasurer, his brother Pierce and their sister, Mrs. Haig Hanessian. Proceeds to the company from the sale of the remaining 100,000 shares will be used together with mortgage financing in connection with the company's proposed building program. Mangurian's, founded by Business Today's woman in business is Joanne Boyles, an employe in the advertising department at Rochester Gas & Electric Corp. Dandy and sellers influencing prices to rise and drop, from one day to the next, for quick profits? A. There's no denying that some of the so-called "big boys" have stepped up their rapid buying and selling of stocks. But if you're really an investor, why should the short-term ups and downs of stocks prices bother you? An investor buys stocks and holds them for the long haul. And he usually does very well. But, it you're a small trader trying to make fast profits on your own in-and-out trades, the deck is stacked against you. This, however, is nothing new. Small traders (like $2 horse-players) kid only themselves and, invariably, lose their shirts. Be e reported, is the object of a take-over bid by Slick. Tho formal offer cannot be made until a registration filed with the Securities and Exchange Commission becomes effective. Cerro lost 1 Litton IV4, and Magnavox 1 Fairchild Camera 2Vi, and Comsat 1. The New York Stock Exchange index rose 10 cents to $58.42. Standard & Poor's 500-stock index rose .28 to 103.20. Prices were generally lower on the American Stock Exchange. Volume was 7.01 million shares, compared with 7.08 million Tuesday. The exchange's index dropped 6 cents to $32.63. U.S. Treasury bonds and Corporate bonds were unchanged to narrowly mixed. Stock Harry Mangurian Sr. in 1923, has two Rochester stores and . three in Fort Lauderdale, Fla. They sell nationally known and advertised merchandise in the medium to medium-high price range. Officers of the company, be- , sides Harry Jr., include Pierce, president and director, Haig Hanessian, first vice president and director, and Ted Scatcherd, second vice ' president. Harry T. Mangurian Sr. is listed as a director. It was learned on good authority that Mangurian's plans to expand into Miami and to modernize warehouses in Rochester and Fort Lauderdale. Warehouses are scheduled to be put on a fully automated basis allowing for same-day delivery service. Mangurians has been oper- . ated through various family- . owned companies since its . founding, most recently . through a Florida corporation. Geneva Firm1 ! Offers Stock . Gardco Industries, Inc., of Geneva is offering 30,000 shares of common stock at $1 per share to residents of New York State. The company, 607 West ? Washington St., Geneva, is the . issuing agent. The company was incorpo- . rated in October, 1967. Proceeds from the sale are ticketed to retire short-term debt; 'A marketing, sales and financ- " ing of future accounts receivable; equipment for the firm's Geneva plant and a proposed sales office in DesPlaine, HI.; , inventory and working capital. " Directors include Andrew G. Summerville and Louis Rosen- ;-- bloom of Geneva. President is ": 1 Donald Summerville Jr. of Buffalo. Current assets are listed at $31,639 and current liabilities at $56,140. Building Sold For $180,000 A brick building at U Cen- ' tre Park has been sold for ' $180,000, according to a deed recorded in County Clerk's office. Seller was Robert Miller, t 504 Powers Building, and the buyer Record Building Corp., : Russell O. Haye, president, George Gould of W i e s n e r Realty, Inc., was the negotia- rA tor. London Index Down 1 ' LONDON W) -The Financial Times daily index of 30 -vr London industrial stocks was );( 500.7, off 2.9. The daily index.,' of 500 London Stock actuaries was 188.54, off 0.83.

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