St. Louis Post-Dispatch from St. Louis, Missouri • Page 61

1 4 "-20D Dec. 13, Stock Option Plans for National1 Banks to Be Authorized Soon cago, Robert H. Orchard, president of Orchard, announced yesterday. Smith-Stewart produces gift wrapping materials. Negotiations are being concluded and the sale will be completed tomorrow, he said.

About $1,000,000 will be paid for the inventory and equipment of the company. The equipment to be acquired will be moved to St. Louis with in 30 days and will be Installed In a building with 75,500 square feet of area at 4016 North Union boulevard, formerly occupied by C. Nelson Manufacturing Co. About 200 jobs Will be provided by the new operations, Orchard said.

He expects this division to expand rapidly and to Increase employment to about 400 in three years. The acquisition will add more taled 7,845,000 tons, compare with 7,780,538 tons in October, the American Iron and Steel Institute said. In November a year ago output was tons. The institute said a total of 00,210,843 tons of raw steel was made in the first 11 months of the year, up 2 per cent from production of 88,445.538 tons at the same time in than $3,000,000 to Orchard's sales volume in he added. He expects sales to rise to about $10,000,000 in years.

Sales of the company, which is closely held, are not reported. A lease-purchase agreement is being negotiated for the building to house the new operations, Orchard said. The paper company will have about $100,000 invested in the propel ty when the purchase Is completed three years from now. Orchard's offices and plant are at North Union boulevard. The gift-wrap operatic.

will be moved here to enaVj closer supervision, Orchard said. NOVEMBER STEEL OUTPUT NEW YORK, Dec. 13 (AP)-Novembcr steel production to Orchard Paper Co, of St, Louis has agreed to purchase substantially all of the assets of Smith-Stewart division of American Paper Specialty Corp. of Chi First National Bank in St. Louis Plans Adoption Seven State-Chartered Institutions Have Them.

By William H. Kester Post-Dispatch Financial Fditor. Stock options fur officers and employes of national banks will be authorized soon, Comptroller of the Currency James J. Saxon told the Post-Dispatch. First National Bank in St.

Louis will submit a stock option plan to shareholders for approval at the annual meetinj next month, James P. Hickok, board chairman, said Price Cut to Close Out Entire Stock of This Deluxe 1962 General Electric Washer! You Can Save Many Dollars at this New Low Price. Come Order Yours Now! The EASY TO USE WASHER! Just touch a Key, turn a dial and get the right combination of wash and spin speeds, times and temperatures for any washable fabric you care to wash. Saxon announced proposed re, amounts to 7.4 per cent of the outstanding. The options may be exercised illations affecting ila operations of national banks Inst October, including one au'horizing na- in a specified period at the op.

tion price although the market price of the stock may advance ggk Stock options have been pro posed for national banks to en. able them to compete for ex. ecutive personnel with other in. mm tioinl banks to adept stock op-1 1 plans. Comments proposed regulations wer invited and are being evaluated, he said.

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MATCHING DRYER $249.95 were authorized for Missouri-chartered banks by the 11 Legislature. The use of stock options as a means of compensating officers and key employes has become widespread in nonfinancial companies. Only seven banks in Missouri have adopted stock option programs, Robert B. Mackcy, Commissioner of Finance, said yesterday. The law authorizing them became effective Oct.

13, and will be substantially in the same form as proposed, Saxon said. The mandatory regulations will be effective pcxi Feb. 1. MATCHING DRYER $199.95 Model WA850W Model WA950X COME IN TODAY. CAN SAVE MANY DOLLARS! If a national baik use of the new permissive regulations, it must abide by the mandatory reculations to he issued, ampton bouse 4645 GRAVOIS Frtt Parking PL 2-3166 BUDGET TERMS Arranged Suit Your Convenience Saxon said.

This wou.d require lCGl national bank, relicit'ng stock option plans have been proxies from stockholders for adopted by St. Louis Union Trust use in a meeting, to fully inform Mercantile Tru-st Security them of the prcioals. Trust and Southwest Bank The bnard ef directors of First here. Ward Parkway Bank, Kan-National Ear.k in V. Louis has sas City, First State Bank, I OPEN EVERY NIGHT UNTIL CHRISTMAS ''oted to reconmer.

the Caruthersville, and Peoples Say ings BanK, Liciung, also nave adopted stock plans, Mackey re-parted. The Advisory Committee on Banking to the Comptroller of the Currency said in its report last September that the number of shares available for stock op- en cfa stock option plan to shareholders at annual meeting here Jan. 3, Hickok said. The plan cil's for 125.003 shares of common stock to be f.d aside for ure in the stock option prog. am.

The stock would be sold to officers and selected employes at 03 per cent of market price on the day the option ons should be limited to about 5 per cent cf the outstanding shares. The limit would assure fc issued The bank has 033 shares' the protection of the sharehold- outstanding. The 120.000 shares jers and of the public interest, to be set aside for stock options 'the stated. EfeaafciCiiircrs Sales, Profits Decried th Third Quarter Vorktownc JT i V. Charmglow is normal for the season in these companies.

For the first nine months of this year, manufacturing corporations had sales of compared with in the same period last year. Profits in the nine-montn period totaled $12,900,000,000, or $2,200,000,000 higher than in the first nine months of 1361. Most WASHINGTON, Dec. 11 (AP) sales and p.o.'itso.' mnnu-facturins co.pa.uibns declined in the taird quarter of the year, the Sccnrii.es ar-d Lxoiiange reported The docl.nrj to a the shutdown of the au.orr.obi'e industry for model changcovc-rs and seasonal factors in the metals and machinery inJjMries, SEC said. Sales in the July-September ouarter were S33.103.OCW.OC0.

3 r.air jjj 'i ft il of the increase in the nine-month tatals, for both sales and earn- I Hit 'A- ings, occurred among the durable goods industries whose sales and I profits were depressed in the early part of 1351. Profits per dollar of sales for manufacturing corporations per cent beLw the record volume reached in the p.ecedb.; quarter. profits in the third quarter were 3 cc it Ic'ow the quarter but 13 per h.icr than in th.rd quarter of 1331. Larn.rrs for the non-durable "pioJs industries rcrje by in t.e third quarter to $2,303,000,003. retroleum refiners and and beverage firms con- tribuled the largest increases.

This gain was much more than offset by a drop of 20 per cent in profits after taxes for the durable goods manufacturers. A decline dropped to 4.4 cents in the tiird quarter from 4.7 cents in the second quarter. The rate of profit on stockholders' equity was 9.2 per pent in the third quarter compared with 10.3 per cent in the preceding quarter. Net working capital of manu Cabildo IT 7 facturing corporations was at the end of September, a gain of $1,200,000,000 during the quarter. MAJOR AMES CAR3IED CONTINENTAL TELEPHONE CO, 8 3 FCT.

ITfi rffi-IGEHS REVENUES, FflOFiTS RISE i 4 i I 'if A WASHINGTON', Dec. 13 (AP) Passenger traffic on domestic trunk airlines has been 8.3 per cent greater for the first 11 months of 1SS2 than in the corresponding period last year, the Air Transport Association said. The January-November total was 23.26 billion revenue passenger miles compared with 27 b.llion a year earlier. During November the total was ,2.45 billion revenue passenger miles, a gain of 3.9 per cent over November, 1301. The average airliner was less fully loaded this year than last, however.

During November 43.5 per cent of the seals were taken compared with 51.5 per cent during November, 1331. For the first 11 months of 1332 the average was 53.6 per cent, compared with 53.3 per cent for the corresponding period of 1331. Earnings and revenues of Continental Telephone Co. of St. Louis in the nine months to Sept.

30 increased substantially over those in the year earlier period, Charles Wohlstetter, board chairman, and Phillip J. Lucier, president, reported to shareholders. Net earnings for this year's period were $288,282, equal to 23 cents a common share, on shares outstanding. In the comparable 1531 period, net earnings were $122,004, or 12 cents a share on 1,057,010 shares. Operating revenues in the first three quarters of 1302 were compared with in the first nine months last year.

For the three months to Sept. 30, net earnincs were $144,219, equivalent to 11 cents a share, on revenues of $2,166,274. Comparable figures for the year-earlier pjriod were not reported. The company owns 26 companies operating more than telephones in 13 states. Looking Glass Prairie Telephone Mascoutah, 111., was purchased Oct.

15. BUSINESS LOANS INCREASE WASHINGTON. Dec. 13 (AP) The Federal Reserve Board said commercial and industrial loans have increased by during the week ended Dec, 5 at reporting member banks in leading cities. This raised the total of such loans at these banks to $31,763,000,000, which was $2,747,000,000 higher than 4 i i i jg I V.

Take your i any of these will make you I a With four handsome Gaslights to choose from, you're sure to give the gift a home wants most. There's nothing like a Gaslight for charm and good cheer throughout the year. Gift certificates are available and so arc convenient payments. Your Gaslight gift can be charged on your Gas bill, over a period of 24 months if you like. Drop in at Laclede Showrooms or call CEntral 1-3800, Station 701.

HOLIDAY BONUSI A handsome Christmas wreath comes with your Gaslight gift! Vorktownc. $96.00 Charmglow $59.50 Cabildo $49.50 Hair $59.50 Prices include normal installation. Laclede Gas -U-i N.V FOR OUTDOOR LIGHT CHOOSE RIGHT. CHOOSE GAS AUTO OUTPUT TII'S WEEK MAY EE RECORD F0H YEAR DETROIT. Dec.

13 (AP)-Tassenger car production this week will climb to another record peak for the year of 175,407 units, Automotive News said. The total is the highest since December. 1335. Last week tha automakers turned out 103,153 cars with out- put held below predictions by bad weather. In the comparable week a year ago the total was i 135.3C3.

Best previous total this the total a year earlier. Since midyear, commercial and industrial loans have increased by $1,403,000,000 compared to an increase of $2 000,000 in the corresponding portion of last year. MOLONEY PASSES DIVIDEND Moloney Electric Co. directors took no action on the annual dividend on the class A stock, the year was 172,631 for the week which ended Dec. 1.

Truck production was estimated at 28,646 this week against 28,216 last week and 28,217 in the similar week of 13GI. COD LOT TRANSACTIONS mV YO.W, Dec. 13 (AP) -The New York Stock Exchnn.e reported tclay these odd lot transactions by principal dealers Dec 12: Purchases of 233,239 shares: Sales of 341,863 shares Including 2177 shares sold short. company announced today. The company omitted dividend payments in 1361 and 1300..