Asbury Park Press from Asbury Park, New Jersey on August 9, 1963 · Page 10
Get access to this page with a Free Trial

A Publisher Extra Newspaper

Asbury Park Press from Asbury Park, New Jersey · Page 10

Asbury Park, New Jersey
Issue Date:
Friday, August 9, 1963
Page 10
Start Free Trial

THE DAILY INVESTOR YOUR MONEY'S WORTH !0 ASBURY PARK EVENING PRESS, Frl., Aug. 9, 1963 Hainan i u .l i.l ip mi ni J..I.H.UII ,.u n '. 'I P-tij. j Electric Bond Stock Shoivs Poor Record Business Gifts Lose Tax Deduction Status SEC Report Digested; Market Closes Mixed Scoll Paper Buys 50 Of Latin Firm CIIKSTER, Pa. W1 - Scott Paper Co. yesterday announced acquisition of 50 per cent of Celulosa Jujuy, S. A., one of Argentina's principal sanitary paper manufacturers. The Argentine firm's assets con .. ,V.:...- i ' ,?: 'i1 ant it.K , s ( 1 I V by making your gift to their corporations. To illustrate, if you give a $3,000 car as a gift to your business customer's corporation for eventual personal use by your customer himself, your deduction is limited to $25 even sist of an existing paper mill at Ciudadela, a suburb of Buenos though your gift is made in form to a corporation rather than an By WILLIAM A. DOYLE Q. I have a ronldrrble Investment In Electric Bond Share stock. It has appealed to me because of Its financial strength, IIj diversification of Interests and Its tax-free dividend. Now that Electric Bond & Share is moving to become an operating company and not subject to the Investment Company Act, I am wondering whether I should buy more shares. I would appreciate anything you have to say about this Htmk. What are your comments? A. It's orettv obvious to me Aires; a new mill in San Pedro, about 100 miles north of Buenos way to really satisfy stockholders. You mention the "Ux-fre dividend." It's no such thing. The money Electric Bond V Share distributes to its stockholders is, more correctly, "a distribution; which tends to reduce the tax cost basis." The tax rules on this are quite complicated. But lt boils down to this: Each year Electric Bond 4 Share has sold and later bought back a batch of the American & Foreign Power stock it acquired many years ago at high prices. The loss established, for tax purposes, offsets all the income and gains Electric Bond & Share has for the year. As a result, Electric Bond & Share can pass its income and Polaroid stretched its gain to more than 4 points and International Business Machines was up nearly 2. Tobaccos were weak after publication of an article hinting that forthcoming reports on the relationship of smoking to health would be adverse. Liggett & Myers, Philip Morris and Reynolds lost a point or so. U.S. Smelting lost about 2 Telephone picked up half a point. Control Data and Electronic Associates were up nearly a point. Yesterday's closing prices were: AMERICAN individual. 4 Some gifts may fit the de scriptions of both business enter tainment and business gifts. De Aires; timberland on the delta of the Parama River, and a distribution warehouse in Buenos Aires. By SYLVIA PORTER (5th in a series) The era of giving and deducting substantial business gifts, such as mink coats, cars, refrigerators, etc., has passed into history. Beginning this year, deductions for business gifts to individuals generally will be lmited to $23 a donee each year. Ths covers business gifts which you make to your customers, your business associates, your clients, your employes (except that the employe limit is $100 for gifts recognizing length of service or safety achievements, and any others for whom you could properly deduct business gifts. This will not prevent your from The Argentine company pres pending on the particular situa NEW YORK W - The stock market took in stride yesterday the final report of the Securities and Exchange Commission on its Investigation of the securities industry. Prices were mixed at the close after having been down mildly about the time the report came out. Trading was moderately active. Mail orderretails, farm implements and aircrafts advanced. Steels, motors, rubbers, utilities, nonferrous metals, chemicals, oils, airlines, building materials and drugs were mixed. Tobaccos declined. Index l'p Slightly The Dow Jones average of 30 Industrials gained .26 at 704.18. Of 1,253 issues traded, 494 rose and 4S7 fell. New 1963 highs exceeded new lows 33 to 18. Volume dropped to 3.4(5 million ently manufactures four brands of toilet tissues. It now will produce tion, the new rules may at times give you a better tax break by treating the gift one way rather than the other. As an example, when you give theatre tickets to a customer whom vou don't accompany to and, I'm sure, to most readers that vou are lookine for some Scott products, including Waldorf toilet tissue, which, until barred by import restriction five years ago, was one of the largest selling toilet tissues in Argentina, kind words about your slock. And, if I had a really evil mind, I might suspect you of trying to COL. DALE II. SHICK Col. Shick To Publish Physics Book WEST LONG BRANCH - Phy making gifts as large as you wish, but it limits your income tax deduction to no more than Br Am Oil 24'a Tmp Oil 3Ja ClgEd IV t Kaiier Ind J. Cdn Mrc Vt Mack Trlt Wt Wt CrMl P 4J'i Molybdm 34 Tfc Ait I Otdtn CP " Equity Cp 3, PhnmlxRtl U FarnOII 1 Prrn Hll 31 V Qtn Dnl S' SpmyRWt V OfnPlywd lS'a Terhnlrol 15', HVW ll1, Utah Id 8 r. $25 for each person to whom you DENTIST RETIRES Dr. Mau-rict C. D a b n e y, 850 Shrewsbury Ave., has retired from the practice of dentistry. Dr. Dabney was the ninth dentist to practice in Red Bank and he continued to reside and have his office in that borough until 1945 when he moved to his present home end office. Dr. Dabney was graduated from Columbia University dental college. He is a member of the Monmouth County and New Jersey dental societies. make business gifts during the sics students at Monmouth College NEW YORK the theatre, the Treasury gives you the choice of treating the tickets as a business gift or entertainment. While you may be unable to meet the tests for deducting the tickets as entertainment, you easily may show that they are deductible business gifts. So you would choose to treat than as business gifts, although that would limit your deduction to $25. When you make a business gift to an individual of packaged food or beverages for consumption at a later time, you have no choice about treating this as an enter this fall will be working with a new General Physics Laboratory 9"a 2S'a S7a 4'a shares from 3.79 million Wednesday. Nine of the 15 most active stocks advanced, five declined and Jersey Standard was unchanged. Drug Report a Spur Int Bin Mch 4.19 IntH.ry 55 Int Nick 51 Int Paper 29 Int Tel ft Tel 49 Scott said. s Eventually, other products will be produced and marketed under Scott trademarks by Celulosa Ju-Juy- 'cg pnir.Fs NEW YORK (API (USnAl-Whole-aalt i)(Ifrin(t were light, demand good on top quality large, and lair on balance yemerday. New York apot quoin t Ion follow: Mixed Colora Bxtraa (47 Iba. mln. 134-35. Ixtraa medium 140 Iba aye.l 3(1-37. Standard a 29-30'i. Checka 33-23. Whltea Extra (47 lbs. min.l-34-3Va. Extras medium i40 lbs. aye.i -2H-27. Too qualltv (47 lbs. min.i 37-3ta. Mediums i41 lbs. aye.i-3S'i-3. Smatla i3 lbs. ve. 1 19-20. F"eees- 15' j-lB'a. Browns Kxtrs 147 lbs. mini 37-3H'.. Top qualllv 147 lbs. mln. 1-38-40. Mediums 4 1 lbs. aye.i-2.'a-30. Smalls (30 lbs. ye.)-H-20. Peeweea-lJ'i-lB'a. Manual recently completed by ACFInd Adtmi Ex Air Prod Air Rrdue AUtg Cp A!!t Lud Allr Pw Allied Ch Allls Chal Alcoa I-T-ICktBrk 14 John. Man 47 "plant" a letter and draw some high praise from this corner. Sorry, but I have watched Electric Bond & Share for a reasonably long time and simply can't get excited about it. That "financial strength" you mentin may be there. But until the company is able to improve its earnings record and lift the values of its holdings, its appeal seems to leave much to be desired. It's look at the record over the past 10 years. Net investment income per share was $1.0fi In 1952. It got as high as $1.40 in 19.VI, Last year it was $1.16. Its asset value per share went from $29.12 at the end of 1952 to $33.39 at the end of 1962. That Is nothing to shout about. Has Had Problems Granted, the coirmanv has had Col. Dale H. Shick, 709 Sycamore Ave., Shrewsbury, chairman of the physics department. Farke Davis, with interest in M SO 19 63 4.V spired by a rumor that it has a new birth control drug, was most active, up Pi at 29 on 116,500 57. 19. gains along to its stockholders without any income tax liability to the stockholders at the time those payments are received. Some unkind critics have suggested that because American & Foreign Power has fared so poorly in recent years, Electric Bond 4 Share may be able to keep that procedure up for many, many years. We have seen Electric Bond 4 Share change from a registered public utility holding company, subject to the Holding Company Act of 1935, to a registered Investment company, subject to the Investment Company Act of 1940, and now toward becoming n operating company. Naturally, It's hoped that the i latest change will be for the bet- ter. Outlook for Electric Bond & Share's holdings (chemical, con- , struction, etc.), other than American 4 Foreign Tower, and Its various investments setrn bright. But in the world of investments, there's no real substitute for uc-ccss. Electric Bond 4 Share is at another crossroad in its corporate affairs. The company's management will have to prove Its ability to take the right turn and operate successfully. 17 1 17 year. The $23 limit is figured by what the gift costs you, not what it's worth to the person to whom you give it. Omit 'Incidentals' You can omit from your cost any "incidental" charges such as the customary engraving on jewelry, or packaging, insurance, mailing or other delivery. For instance, if you pay $25 for the gift, another dollar for engraving, and another dollar for packaging and mailing, you will be able to deduct the entire $27 by treating $25 as the business gift and the other $2 as otherwise deductible expenses. But a cost will not be considered "incidental" if it adds substantial value to the gift. Thus, what you pay for customary gift wrapping may be excluded from the gift as an incidental cost. But suppose you buy $20 worth of shares. Chrysler, off i at 57 on 73,700 shares, was second, and Royal Dutch, off m at 47-i on tainment or a business gift. The Treasury says you must treat this as a business gift, which automatically clamps on the $25 deduction limit, per person. Next: Club Dues 54' a 37 3Sla 72'a 40 22 39 17 1 6.1 14 75V. 39 73 41 37 S 11 99 39 10 131 '4 2 Stoker the Broker 30'4 4'. 87 '4 1H 1 IW P COlUMaHA HATWtl Market Rules Won't Protect Naive Buyer By SAM DAWSON AP Business News Analyst 30". a lot of problems mostly because of its big holdings of stock 38 H", M'4 in American & Foreign Power 13 5S Company. The properties of American L Foreicn Power have 13 70,300 shares, was third. Following were U.S. Steel, off at 46Vi, and Jersey Standard, unchanged at 71. General Motors and Ford each gained V. American Motors and Studebaker were unchanged. Bethlehem and Jones & Laugh-lin gained by minor fractions. U.S. Steel and Republic clipped about half a point. Du Pont, IBM Strong Du Pont, which was off half a point at one stage, ended with a gain of 1. 31 63 97 3 35 41 been expropriated and-or nation 395 3J 40 alized by various socialistic nuts (from Castro on down) in Latin Jones ft L Joy Mfg Kaiser Al Kennerott Koppers KreiRf, 88 Kroger Leh Port C Leh Val Ind Lof Olasj Lib McNftL Llgf ft My Lily-Tulip Litton Ind Lukma Stl Mack Trk Marath Oil Martin M Merck MOM Minn MftM MoPac A Mont Ward Nat Blsc N Cash Re Nat Dairy Nat Distill Nat Oyps Nat Steel NV Central Nla M Pw No Am Ay Nor Pac Nwit Alrlln Norwich Ph Outb Mar Owen. Ill Ol Pan A W Air Param Pict Penney. Je Pa Pw ft Lt Pa RR Pepal Cola Perkln Ilm Pflrer Phil EI Phlll Pet PltSUtel Pub Sy EftO Pullman Pure Oil RCA Raytheon Reading Co Repub Stl Reylon Reyn Met Am Alrlln Am Drk Sh Am Can Am Cyan Am Mfdy Am Mot Am Smf It Am Std Am Tel Tel Am Tob Amp Ine Anaconda Armco 8tl Armour Armst Ct Aihl Otl Atchnon Atl Rutin Atoo Corp Aye Corp Babcock W Bald Lima Bait 'i Oh Bayuk CIS BU How Bendli Beth Steel Boeing Borden Bor Warn Braniwk Buckeye PI Bucy Erl Bulota Burl Ind Case, JI Cater Trae Celaneae Chei Oh Chryiler Cltlea Br Cora Col Colt Pal Colirm Oai Coml 8ol Con Edla Cont Can Coos Bei Corn Pd Cornlnt O Crn Zell Crue Sri 21". 44' 201 53' 55 34 America. And American & For 3'4 eicn Power has vet to come un 44 The manual, which will be published Sept. 1 by the William C. Brown Book Co. of Dubuque, Iowa, contains acknowledgements to Dr. John R. Hobbic, former Physics department chairman, whose original mimeographed manual formed thj basis for the text; and to Harold Anderson and Howard Lawrence who used Col. Shick's revised edition in their classes. Col. Shick joined the faculty at Monmouth College in l!)fil as chairman of the physics department. He was previously an instructor in automatic data processing at Ft. Monmouth and retired with over 20 years service as e regular U.S. Army officer in June 1961. He holds a bachelor of science degree In electrical engineering from the University of lllinoi-: and a master of science in electrical engineering from the University of Missouri. He is a member of the American Institute of Physics and Eta Kappa Nu, national electrical engineering honorary fraternity. 47 60 11'4 with a solution to that pressing 31 39 16'. and stui-preseni promem in a 11 144 II 41". 44 40 fruit as a gift and have it packaged in a $20 basket for delivery. The Treasury will most probably consider the packaging no longer incidental and treat the combined fruit and basket as a $40 gift for which you can take only a $25 deduction, with no deduction for the other $15. Some Guides 37', 434 49 14 II 3". ST. 53 39 Fastest growing bank in Central Jersey 49 36 52". Bar Glickman From N.Y. Realty Sales NEW YORK Of) - Louis J. Glickman, until recently one of the country's largest real estate 11 NEW YORK m - The long history of efforts to protect the general public in making stock investments has seen almost every danger tackled. But all hands still leave as apparently unsolv-able a prime one protecting the stock buyer against himself. The Securities & Exchange Commission's final installment on its long study of the 1961 stock market boom and the 1962 stock market bust rounds out a long list of new suggestions for protection. But still the unwary and the greedy will risk coming croppers in their pursuit of gains. The get-rich-quick gambler, the blind follower of tips, the ignorer of signs of trouble ahead for particular corporations, doubtless always will be with us. More Safeguards But aids to wise investment 75 36 4Ta 29', 2S'4 IT. 4S1'. 31 57 '4 173'4 471, 21 44 CENTRA! JERSEY BANK 69 IV' 103 36 N.J. Drops Consumer Price Index TRENTON I - The New Jersey consumer price index has priced Itself out of business, the state Department of Labor and Industry reported yesterday. The index, a monthly analysis of consumer and retail prices In the state, was first published in September 1938. State Labor Commissioner Raymond F. Mele said, "The decision to drop the consumer price program was made after careful study, including consultations with the U.S. Bureau of Labor Statistics, revealed that the costs of introducing essential changes were prohibitive, especially considering the pressing demands upon the department for other statistical programs to meet the needs of the 1960s." The office of Gov. Richard J. Hughes issued a statement yesterday saying the index was found to duplicate the Department of Labor statistics publication. "Reassignment of personnel into higher priority work will result, along with a saving in printing of $1,213.50 annually," Mr. Hughes said. .AIStrD TRUST COM&tfSKY ALLENHURST ALLENTOWN IRADLIY BIACH IATONTOWN 42 33 se'. 20 J3 Rey Tob Rob Controle 33 St Joi Lead 36 FARMINGOALI FORT MONMOUTH FREEHOLD (2) LONG BRANCH NEPTUNE CITY MMtifear Maraf DpmN tmuranea Corawaltni WENT UP .' promoters, has been barred from selling real estate securities in New York State for the next five years. State supreme court Justice Edward T. McCaffrey signed the 29 90 44". T, 33'. ov 3T4 34J"a JJ'4 23 109S 4S order Wednesday. The order was St Reg Pap Bears Roeb Shell Oil Smith, Ao Socotiy Sou Pae Sou Ry Bperry Rd Std Brand StdOllCal Std Oil NJ Studebaker obtained by State Atty. Gen. Louis J. Lefkowitz. Here are several special reminders about the new business gift rules. 1 You can make more than one gift to a person in a year but the total amount you can deduct for that one person's gifts can't exceed $25. 2 You can't get around the $25 limit per person by making your gift to the person's husband or wife or child. If you want to give your customer a $250 refrigerator as a business gift, say, you can't beat the $25 limit on your deduction by giving the refrigerator to his wife instead of directly to him. But if your customer's wife is actually in partnership with him in his business, you can make a gift to either one or both and you will get a separate $25 deduction for each one, for a total of $50. 3 If you have business connections who own and operate other businesses as corporations, you can't get around the new $25-a-year limit on gifts to individuals Mr. Glickman consented to the The (ft Tetaco HRYSLER IMPERIAL Curtlaa Wr Deere Del Ji Hud Dent Sup Douf Aire Dow Chem Drem In 4 Du Pont Duq Lt Eaat Air L EaetKod Ilee Aaoc End John Erie Lack Plrentont la Pw Pla PAL Pood Pair Fmc CP Ford Mot Oarrett Oen Accept Oen Cigar Oen Dynam Oen dee Oen Pda Oen Motore Oen Pub Ut O Tel 11 Oen Tire Olllette Olen Aid Ooodrlch Ooodyear Orace Co Ot AP Oreyhound Oulf Oil Hamm Pap Hero Pdr Heu Tex O Prod Te O Sul Textron TldewatOll AIRTBMP have been piling up since the big 1929 market crash triggered the Depression. Some have been imposed by the government, especially in the early 1930s. Some have been adopted by the stock exchanges, both in the 1930s and since the 1962 market break. The earliest protection for stock buyers was mostly in the courts, and usually after the damage had Tranaamer 31 70 35 64 14 73 66 71 6 73 66 15 36 36". 62 106 39 45 I". 44 69 45 19 46 31 6 14 27 35 21 "4 Un Carbide un Pae Unit Aire 62s. II V, 33". 43". 71 31 4S'a BO3. 43'a 19". 30 34 4 7"4 S31. 71V, 32'4 Jfl'a 23'4 35 14 41 '4 31 444 44"a 41 '4 49 32 3i'4 15 501 United CP order, although he denied allegations that he concealed his financial conditions in promoting the sale of $5,000 partnership unita In John Adams Associates, a real estate syndication which Mr. Glickman promoted last November. Mr. Glickman, then president and board chairman of Glickman Corp., from which he resigned last December, was accused of withholding the information in a prospectus designed to sell units in the John Adams apartment house at 100 W. 12th St. US Llnet US Plywd US Rub US Smelt US Steel Van Al Stl been done. There were laws against outright fraud, but little COSTS MORE THAN OTHER RO0NI AIR-CONDITIONERS . . . compassion for the just plain stupid. Walworth Warn B Plo VJn Un Tel Weatg El White Mot Woolwth Bucket Shops Recur But making a law against an 61' Yngit ShftT 106 IUCent evil doesn't always guarantee it Zenith R 61 won't pop up again. Bucket shops mn w Jim-""' 1 LAY GOLF the fly-by-night sellers of ques tionable stock are outlawed. But some citizens are still Shore Stock Quotations (Theae l and a.k.l leetaliena treat Ike Nallenai A.Melaflea tt corltlfa Dealers net represent a.taal tran.eeilene. The are galde te the ranre within whleh .eeirltlee eeali kare keel eel r bought at the lime et compilation yeeterder.) ON ONE OF THE FINE, WELL-GROOMED 18-HOLE GOLF COURSES ALONG THE SHORE INDUSTRIES DWdfid 1963 Pre?. Aiked Bid 2 (And It- Should) You're going to own o new room air-conditioner for o long time maybe ten yean or more ... If you buy an ordinary room air conditioner, you'll have to live with certain problems. If you buy the Chrysler Air Temp Imperial, you'll have years of trouble free performance because Chrysler has engineered the problems out. Aero Research -Alkon . 1 m OUR FEES HAVE NOT BEEN INCREASED T1, Family Circle .32 .32 .40 1 Hydrocarbon Chem. Intern't'l Flavors taken in by them before they are discovered by authorities. Rigging the market for a stock, either on the up or down side, is forbidden but still can happen if official guards are dropped. A chief problem in the 1961 stock boom was the sale of stock being offered for the first time. A company going public or a new venture being launched often attracted more public interest than public knowledge. Again all hartds seem to agree there should be higher standards but just how they're to be set and how effective they'll be is a problem. The public's care in taking advantage of any such safeguards will remain the biggest 27 2V Laird . Mon. Capital Mon. Electric 4 1 High 1H 24 10 6'i 38 3'i 6'4 24 8 12 22"i 23 7s i 2". Bid 14 24 10 l'i 37 3 5 1 84 12 224 22 4 14 1 2 it 14 24 10 14 37 3 5 1 84 12 224 22 4 14 1 2 34 104 14 394 3 fi 24 8 134 24 244 7 1 1 34 GREEN FEES, WEEKDAYS $2.50 SAT., SUN. AND HOLIDAYS $4.00 LADIES' DAYS, TUESDAYS $1.50 Lakewood Country Club HOPE AND COUNTY LINE ROADS 84 Mon.-Ocean Realty 11 Mon. Park I a. Ml fMf MHNTNIII NOW m 4jwTitie onoTMn KM! MTTU Ml tratTaTifUTKM .50 1.20 N.J. Nat. Gas N.J. Nat. Pref. Rowan U.S. Home 17H 2m 6 1 1 LAKEWOOD, N. J. TEL. 3A3-9S29 EASIEST OF EASY TERMS NO DOWN PAYMENT 1. Double-iniulated bulkhead. 2. New condensate disposal system. 3. Reverse-flow condenser fan. 4. Exclusive maxi-fin coils. 5. Lifetime, Inner cabinet. 6. Low nolce, dual-speed blower. 7. New, unitized chassis. 8. Styrofoam-insulated bate pan. 9. Permanent, washable filter. 10. Exclusive air door. 11, Positive lever action vent control. 12. Easy-to-use controls. United Telecontrol W. Reade-Sterling BANKS Let Us ASPHALT your DRIVEWAY (1 During Reisemans Chrysler Sale, You Get AREA ilf NORMAL vile, Free installation and PARKING Dtrtdend Pref. High Low Bid Asked Bid 304 28 AP&OG .50 284 29 284 40 40 Beach Haven Ntl 100 40 40 112 105 Belmar-Wall 2 50 112 112 134 11 Central Jersey .30 11 12 11 70 60 Farm. A Merchants 100 70 70 114 94 1st Merchants At. Pk. ,25 104 114 104 50 42 1st Ntl. Spring Lake . 1.40 48 48 294 274 1st Ntl. Toms River .60 274 29 274 410 315 Keans.-Mid. Ntl. 12.OO 410 410 1,000 690 Long Branch Truat 20.00 1,000 1,000 28 144 Matawan Bank .30 28 34 28 8H 64 Mon. County Ntl. .12 84 8 84 110 75 N.J. Trust 1.00 106 105 300 290 Ocean County Ntl 10.00 360 400 360 85 75 Peoples Ntl. Keyport . 1.00 85 85 100 75 Peoples Ntl. Lakewood 2.50 100 100 60 50 Sea Bright Ntl 2 00 60 60 48 44 Trust Co., Ocean Cty. 1.50 474 474 At Ik Lowest Prices! Ho Extra Charges! TODAY...! ESTIMATES GLADLY GIVEN FOR NEW Plus stock CONSTRUCTION or RESURFACING O COSMIC COATING COLONIAL CANOPY BED WITH FRAME Trrat yourself to a, luxury nfvr brfore pntsiblt tt price like Inn. Only Fenn could do lt. Bed nd Canonv Frame In meple or decorated while. MONMOUTH Branch Asphalt & Paving Co., Inc. 234 Broadway, Long discounted to 49.88 Paul R. Greco DISCOUNT 222-0897 Open Nites til 9 P. M. riirmiTiinr PENN fUKNIIUKL ,rorli" V M N'flon. 38 Neptune Highway NEPTUNE, N. J. for information CAM 77 4693 vMLL 531-3030 CENTERS Oien lyaalntl t LaurelloB Open Sunday

Get access to

  • The largest online newspaper archive
  • 11,200+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Publisher Extra Newspapers

  • Exclusive licensed content from premium publishers like the Asbury Park Press
  • Archives through last month
  • Continually updated

Try it free