The Akron Beacon Journal from Akron, Ohio on February 16, 1970 · Page 61
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The Akron Beacon Journal from Akron, Ohio · Page 61

Akron, Ohio
Issue Date:
Monday, February 16, 1970
Page 61
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kron Ccdccn Joidfidi Jr. T V THREE VETERAN DIRECTORS of Akron National Bank & Trust Co. are retiring. Saying their goodbys at the firm's annual ltd 58 Years' As Three Three veteran members of the board of directors of Akron National Bank & Trust Co. with a total of 58 years of service retired today at the firm's annual meeting of down were Atty. Gillum H. Doolittle, 86, a director for 25 years ; George C. Fretz, 84, a director 21 years, and Warren H. Hackett, 76, a director 12 years. A former official of B. F. Goodrich, Hackett retired as vice president of Akron National in 1967 after nine years of service. He retired from Goodrich in 1958 after 45 years , in the rubber industry. M. S. RICHARDSON, who retired as chairman and chief executive officer today, paid tribute to the "many contributions" the three made to "the Welfare and progress of the bank over the years." t Richardson, 74, will continue on the board for another year. lUnder a new policy adopted by the board in December in which the retirees participated, present members of the board who are 60 years of age or over, will be eligible for reelection until they teach 75. Firms Report Net Earnings AMERICAN AIRLINES, for yrar :m.4 million or SI. INI vs. :!.". 4 million or KI.7.V ANDERSON, CLAYTON CO. for elx months M. million or l.MW vs. :.i million or l.l. ANHEUSER-BUSCH, for year ! m n or 3.H3 va. m.n mii-i lion or fti.ui. . ...... . . ...... i, it mi. , n r v.ip mi, ;i mil. lion or va. S3.3 million or SI. 73. 1 ARDEN-MAYKAIR, for 3 weeks! I.H million or SJ cents vs. S'i t million or i rents for .V! weeks. I VZ'm Tn,-5 !!'n r V'- S;i.4 million or $!. III. I RAHCOC K WILCOX, for year .f;":-7 ""'-IT. 0r 4,1 "n" -V I million or ! (II. HAUMKITTEK CORP., for 1.1 eeks S7iH,IP.VI or (14 cents va. I Sill I. .V.! or H rents. ..5jNK1f,;1K'KAM?; T'I TP (tit.- million or M centa va. SH mil- AnAAAMa Luinin.iA unn. inr i "on or . cents. .. lC. for vear SI I 3 million or'i vs. Sll.l million or SI. 34. i-ii if f:n uru'K im.Ak'n A PA. I k II MM In. .. . . . I A m IhnH .... ."I" boo vs. iii,. minion hub. COLUMBIA BROADCASTING, for vi V.5V m$:'t-tt n'itv.,. -vn r.. year Si.HI.H billion of si'MM va. CENIr SCO "i'i 1 for uarler ' .' million or 117 "cen" vs." SK. mil- L lion or 7J rents. CORP., for year SI.V4 i.. -. ..... ... iiii rll II I GREYHOUND COMPUTER, for inr minion or ai.u.i vs. .. ... 4iRI iiiiion nr ei.::i. tEYHOUM) IIIKP,, Inr year a ill million or i.3. va. i;i..i mil- I bin nr II .31 w ill HSHr Y I onus, for vear U i million or Sl id v. 7III.S million rSI.7. fjEEKERSON STORKS, far IS rrs anii4.ii or an centa va. S.III..VIS I A 111 VIH or SH cents. ILE M. .IORGENSEN, I o r ykar S4..t million or t.i.ii va. t minion nr i ,. lion or SI. 37. tillllon or SMMI. WISCONSIN POWER LIGHT NKW V0RK TIMES, for vear KAWECKI BERYI.CO INDUS- for yrar SI3.II million or SI. SI. 114 ll H million or SI. 71 va. SI4. mll-TRII 8. for year S3. A million or vs. SI!. 4 million or SI. 7.1. lion or SI. HI. H.I1 va. Si million or m cents. 1 ZURN INDUSTRIES for quarter NORTHWEST INDUSTRIES, for Area Bank Stocks j Akron Natl Rk & Tit (Subject) RaficOhioCorp Cun'on Nail Bk On Natl Bk Cit Sav of Canton City Bk of Kent Cleve Trust Co Dime Bk of Canton Firestone Bk 1st Natl Bk of Akron XO 4 pet. stk 1st Natl Bk ol Canton Are you tied down to your home? LEARN TO DRIVE O'NEIL'S ABC DRIVER TRAINING CENTER -1 1 stockholders meeting today are (from left) Warren H. Hackett, Gillum H. Doolittle and George C. Fretz. ire At Akron X;ilion;il Service Ends Directors Retire THE POLICY also provides that any present or future director who has not attained the age of 60 at today's meeting, shall be eligible for reelection until he is 70. Born on a farm near Bur- mmmmmmmmmmwmm HearDavcrio On Taxation For the 32nd consecutive year, members of the Akron chapter of the National Association o f Accountants will hear George W. Daverio, an Akron tax authority, speak on "Federal Taxes" at their February dinner meeting Wednesday evening. Daverio, a partner in the public accounting firm of Chilton, Stump and Daverio, has long been a student of the nation's tax structure. Because of the usual high record attendance, the dinner was moved to Gardner Student Center at the University of Akron. The technical program, open to the public, begins at 7:30 p. m. with dinner at 6:30. LUDLOW COUP., fnr year SO. I million or II. M vs. million or MACRODTNE - CHATILLON. for quarter ,.mm or 1 cen. va. ."(i!,(KKI or cents. martin marietta, for year I4.1 million or n.ii vs. wm.x mil- Hon or si.iiH. ........... . . . . . .......... mi ill ma i'i i i i.awii f h i for year I 3 million 12.31 va. al l million or METROMEDIA INC., for A3 weeks S4 million or i3 cents va. ll K million or HI H7 for M weeks. niinuuui i.i,, rnr year T.Ui!?n " ' S m""on or SI. 70. NATIONAL INVESTORS, assets ,or '"6 mi'J'?.? " M VS. .ll.. million or H... PAN AMERICAN WORLD AIR- WAV8, for year M.i million loaa vs. HV.'i million or Sl.4'1. PETER ECU RICH SONS, for :t w(.,.k, :t(MMH, or 4 cenla va. S'ilU.IHm or 41 cents. rurrermaid inc., for year " 4,nn!.l"on or M " m""on "..Vi'i . ' 1 1 v . v iinur a . . . ., . . m 1 H I ,T . . 1 1 ' . i'i . . .1 . I Ml J ... I . million a, I.HI . million ". ... rnoo , .s VV. Ui" "it. WSKPH- LEAD, fo, year ""H'n ' 7 mil- TECHNH OI OR INC for year S3.H million or SI IKI va. S3.fl million "n uTtR cnRP lor .,rtee Tr.XsTAK ( ORP., for quarter I.-.I IHHI b, rent vn. 113 IHHI nss. I rent va. SI3.IHMI loss. v ivr for v. . . , a. .': a- o mim- -1 Si. 14 va. S..VH million or Tr.XIRIP million or " r irt v fnun B... .( Mnno,. "i"" ., .... . ..... minion or cenis vs. n.i mil- '''"'" . . '. minion or vs. am.s mil- Hon or J., III. . WILaON CO., for year SS.S million or II. .M va. SHI million or i.n.. wnnissis fciM imi; rusr.B, for year S.ri million or va. Bid Ask ; Bid 1st Natl Bk of Mas 30 M 37"j 1st Natl Bk of Orrvilla 4Vi 30'4 314 Harter Bk . Tst 50 7ivj , Harter Notes PAR iV'i 48"a Natl City Bk Cleva 52 37 ; Old Phocn Natl Bk 50 19"i ' Peoples-Merch Tst 70 105 101 1 Portage Natl Bk 70 j9V, 'jnd Natl Bk Ray 29"a 31 32 ; Soc Corp 70Vi Twinsburg Bk Co '3 34' i 34 Union Com Natl Bk 70 52 1 Wayne Co Natl Bk 95 A S3 103 72' a 72 Be your own woman. Grocery shop when it suits your convenience . . . take your turn in the cor pool. Make children's dentist and doctor appointments easy. Our professional Oakland System instructors will help you get your learner's permit ... see you right through your state driver's test . . . issue certificates for Insurance reduction. Just charge your lessons at ONeil's. Call today for complete information. 762-0323 ABC OKIVH TRAINING CENTtft. SOUTH BALCONY. OOWNIOWN AKIDN. - ton, O. in 1883, Doolittle came to Akron in 1908 to begin the practice of law after his graduation from Western Reserve University. Former president of the Ak-r o n Bar Association, he served as city law director in 1932-34 and has been a member of the law firm, now known as Buckingham, Doolittle And Broughs since 1934. A NATIVE of Doylestown, Fretz is a graduate of Akron Actual Business College and joined Quaker Oats Co. in Akron in 1905 as an office boy. He became manager of the plant in 1939, the post he held until his retirement in 1953. Fretz became a director of Dime Bank, a predecessor of Akron National in 1949, and Doolittle in 1945 Hackett was born in Akron and entered the rubber industry in 1913 with the Miller Rubber Co. as a cashier. He was assistant secretary and treasurer when Miller was acquired by Goodrich in 1930. Among his many civic activities was 21 years as a member of the City Planning Commission. He is a former president of the Akron Automobile Club. M7.0? or 14 cents vs. SMII.WIt or 13 cents. ALLIED MAINTENANCE, for quarter i,41.44 or 30 cents . .mi "i or in ren a. . ALLIED SUPERMARKETS, far "'. ' .Vi . - .... ... , "W1 l?,c" '?' wi I u?A mjlllnn Br .'. I renla va. aM.H million or 35 rente. minion or km Vs. i. 9 minion or -1 . I, r a. H (t V . - ... , 1 M.4I. BUTLER M AN UEUCTURING, for ear S4.A million or Si. 38 vs. S.VS million mr a'' KA COLGATE-PALMOLIVE, for year ;J-. mion 2 M (,. million or " 4" COMINCO LTD.. for year S3S.S million or SI Ml va IU I million or JJ ''h million or DKNMSON M ANUKUCTURING for year S4.0 million or SI. 83 vi. Stl.3 million or $ ELECTRONIC MEMORIES MAGNETICS, for year S4.S mil- 81 c"nl'' v'- ''' " 'eaikVhild hiller, for year "'"Hon or SJ.SS (of which SI.4S ..... ?? " ""-r- loss carryforward va. S'!0.( minion loss iier special cnarxes. ''-. NUINE PARTS, for year - Hml""", " " va. .4 minion HARVEY ALUMINUM, ,'rg ",; ""43 Jits" "U HOUSTON LIGHTING A POWER, , nil.. or . 21 ,or ' cm' ' . m " " i .TT- ,ii S4i.K million or ai.iHi. HUTTIG SASH DOOR, for ., 3 mllUon ,.v8il . )u year mll- i... ,. "on or OUISIANA LAND EXPLORA- Tmsi i., vear a Mi a million or , for year SoO.R million or vs. SIS million or S'i.flS. a-, hi l vs. SIS million or Si.flS. J. RAY MCDERMOTT CO.. lor ... .nii. n in S7.S million or SI.30. NATIONAL CAN, for vear tu , mllo or 3.4 . SKI mll- Hon or S3. 47. NATIONAL GYPSUM, for year ...... minion Br s ( ... ,4 mil- in aiu.n million (common share earnings not calculated aa preferred tflvHenda exceeded net Inr coma vs. S3II.S million or UM, restated. NORTHWESTERN STEEL WIRE, for quarter S4.I million or I 4 vs. S3.3 million or SI. 34. NORTON CO.. for vear SIA.I : million or Hut va. SLVS mlllloa or PHILLIPP1NE LONG DISTANCE TEL. for year million nesoa I vs. 31.7 million pesos. , ROLLINS I NTERN ATIONAL, for quarter SH'Jd, I H or M cents va. S7 1 1.473 nr ' I rents. SCHLUM BERGEK LTD., for year S4II.4 million or S4.IH) va. S41 mil- Hon or S3.M. SINGER CO., for year S77.7 million or S4.SA va. S"iO. mlllloa or What would you forecast for the market in the '70s, in view of inflation and the current let-down i n business? What stocks are going to do best? I recently began investing with extreme caution when the Dow Jones averages hit 800. Now my broker thinks the index will go below 700. AFTER repeating the shopworn forecast "The market will fluctuate," I've got to re-,sort J6 guessing. The Dow Jones is above 700, but there's no law against it going below. It could be back to 800 soon. A Stock Hesumes Tvadimj Parvin-Dohrmann Seeks New Look By NICK FAINA aeon Journal-Chicago Sun Times After only a week on the job, Parvin-Dohrmann Co.'s four blue ribbon directors have taken several steps to eliminate the company's stig- ma of financial double deal- n- The Los Angeles company is a diversified designer,, sup- plier and manufacturer to the restaurant, hotel and office building industry. However, ownership of three Las Vegas hotel-casinos has helped gain the company , an image synonymous with gambling. A firm has been engaged to help pick anew corporate name "to more accurately reflect the fact that Parvin-Dohrmann is in the service and leisure-time industry." THE DIRECTORS are in the process of selecting an executive recruiting firm to find a new chief executive. They have tentatively scheduled an , annual meeting for May. A joint task force of consultants and Parvin-Dohrmann management is beginning a survey of operations with a view toward improving profits. And, after initial investigation, the directors are considering the separation of the c o m p a n y's manufacturing business from its design business. DELBERT W. COLEMAN, Parvin-Dohrmann's controversial chairman, last Monday, announced his resignation and agreed to transfer the voting rights of his 207,300 shares to two of the newly appointed directors in a voting trust. The resignation was part of . eottior.n, u v ,,, oiun.iin.iu uj inc luiiinj with the American Stock Fx- ., ... , change, the Securities and Ex- 1 change Commission and the Nevada Gaming Control Board. Trading in Parvin-Dohrmann stock has been suspended since last Fall when the company announced that i t and Denny's Restaurants Inc. had terminated a merger agreement. On Oct. 16, the SEC filed a complaint charg- ing that a. group of investors , , . ... n . . , iicctucu uy vuiciimii, a luiuit-r Akronite, manipulated t h e price of Parvin-Dohrmann Stock and misled the public in connectjon witJ, the merger plan. SHORTLY AFTER, Parvin-Dohrmann, William C. Scott, (then treasurer and director) and Coleman entered into a consent decree with the SEC under which the company and the two officers, without ad-m i 1 1 i n g any allegations, agreed they wouldn't violate federal securities laws re- "Give me 5 weeks alone with you and I promise you will speak French!' j ' I into est f x A V I If you find this hard to believe, I, or one of my colleagues will prove it to you. Call us and we will spend some time with you, teaching you to speak a little French. Free. Berlitz Practical language lean 156 S. Main St., Akron, Phone: (216) 762-0991 1101 Euclid Ave., Cleveland, Phone: (216) 861-0950 TrantlaUon service! available tt ell Berlin office. However, I think a few opinions can be offered without going too far out on a climb. Inflation will continue whether at the annual rate of 3-6 pet. or more I don't know. But there is no reason to believe that long-term trend will be reversed. Severe depression, of course, could stop inflation dead in its tracks as it did in the Thirties. But there have been some economic, political and philosophical changes since then. Neither government no public today is in the mood to swallow such drastic ,ferred to in the complaint, Coleman's resignation a n- nouncement last week was made in a letter to stockholders. In the same letter, the four new directors introduced themselves: Lester B. Knight, chairman of Lester B. Knight & Associates Inc. ; George A. Fry, former principal owner 0f George Fry & Associates; jonn A. Prosser, retired vice president of Northern Trust Co., and William R. Hamilton, president of Baron-Blakeslee Co. The four directors had no previous connection with the company, its offices, or stock- holders, KNIGHT, in an interview, explained that "one of the reasons we (the new direc-lors) accepted the responsibility and undertook to take control of Parvin-Dohrmann is a concern for the 1,774 stockholders who stood to lose possibly a substantial amount of money. "We are endeavoring to change the less-than-desirable connotation that the name Parvin-Dohrmann has in financial markets and with the ( Trade Goodyear Tire has combined the sheet rubber and special products department and the protective products department into a single sales organization, known as t h e special products department. It will be the largest department in the industrial products division in terms of number of products. NATIONWIDE MUTUAL Insurance Co. handled more Medicare claims in January than in any previous month since the program began three and a half years ago. The company, which serves as a fiscal intermediary for Medicare in Ohio and West Virginia, received 160,000 claims last month, up 11 pet. from t h e former record in Jan., 1969. GERALD E. SCOTT and Thomas D. Webb, both of whom recently resigned a s vice presidents o f Microdot Inc., have formed Scott, Webb & Associates Inc., a management consultant firm. Scott presently lives in Canton. UNITED McGILL Corp., Columbus, has named Norman Malone Associates Inc., Akron, as advertising, sales promotion and public relation agency for itself and operating divisions. I can promise tnis occausc i navo done this with other Americans. This is not an advertising claim. This is true. My secret? I do not bother you with lists of verbs and rules of grammar. Instead, I start you off with simple words. La cravate. Jaunt, Then show you how to build them simple phrases. La cravate jaune. Why, in a mere 5 weeks . . 1 Ill L - oi private lessons you wm oc speaking quite complex aw sentences. 1 Investors' Guide?""-" i ' I By SAM pT SHULSKY fx j v. ) medicine, flation. So continuing in- THE DOW JONES averages at the s t a r t of 1960 were around 675. They subsequently investing public," said Knight. Trading in the company's stock began again today. WHEN THE AMEX suspended trading Get. 10, the stock closed just under $70. The stock in 1968 sold as low as $14.25 a share and in 1969 was as high as $141.50 a share. Knight, noting that one of the reasons the company had found so much trouble was loose talk of corporate prospects, declined to be too specific about future plans. He did comment, however, that "as far as we can determine, Parvin-Dohrmann did not lose business and it goes into the 1970s with a substantial backlog in the form of orders." THE LETTER said that although the year end audit hasn't been completed, preliminary indications are that results for 1969, due to a fourth-quarter operating loss, will be slightly less than the $4.7 million or $3.56 a share, reported for the first nine months of 1969. Notes ) The divisions include Biggs-United in Akron. DAD'S Root Beer is now being distributed b y Akron Coca-Cola. Delivery i s from Canada Dry trucks to outlets in the Akron area. GOODYEAR AEROSPACE has received a Zero Defects award from the Navy. Capt. B. B. Smith, assistant to Adm. Kenan C. Childers Jr., representative for the Naval Air Systems Command, made the presentation to President Morris B. Jobe. OSU Speaker COLUMBUS (OPS) - Columnist James Reston of the New York Times, will be the main speaker March 22 at the Ohio State University Charter Day Convocation. CiillcTor anil lmrr of rare lunik pay ful)iilnii piin'. anil "ill pi In hImmi-I any lfiilli! fur bunk tln' ron-idcr rair. Tliry rlainor lor old iiiiiiiiii riit li llic inalt'r HiHki''iii r. I low ninny of hi works- hit iniing is unkiio n. And tliry Mill In lo-l to I lr vtorld. mill'! you find tlirtn. A Sliiikrpi'HiT iiiiiii-li-i riil in flood rondilioii run I il lii'iii! a iiiiicli a a half-million dollar. Kdar Allan I'oe is another manu al name to hook cnllcrlor. Manx of hi. writing arc still floating around, prolialily in Miincoiic's aitic. The lll''2 edition of hi work Tainlierlane and Other I'oein i llioiilil to lie line of the rarel book in American I.ileiaturc. Twenlx-eihl ioiie are still in citeiii e. If on find a r. it ronld net win aiiroimalel .2..IMMI. Old books ran be found anyvt here n aiirlioneer riiiiiiinifiin through an old pile of luniks, stumbled on an old praxer book. It looked wry old so he had il rhei ked by an eeil. It turned out the book vui oxer .VIII years old . . . and sold for SIW.0IMI. The highest price ever paid for a book Has $1.')(),(H)0. It was The Hay IValm Book printed in 1610 and written by Stephen Dave. If you can find another copy . . . you could collect fl5(),(MX). Scents like a fabulous price for one book? ell. there are missing copies of another lionk that arc worth approximate LISTEN TO DAVE ALBRIGHT SPEAKING OF MONEY" MON. THRU FRI. AT 5:55 hit 1.000, an advance of about 48 pet. Recently that gain has hrvn trimmed to a net rise of cm. y about 10 pet which is pretty feeble for a decade which saw such amazing expansion in industry, t h e sciences, living standards and all-around affluence. If the decade of the '70s doesn't do any better, Wall Street's problem of keeping up with the rush of business may fade away along with the wood-burning kitchen stove. However, I do tnink the long-term trend of prices of ev The fourth-quarter loss was attributed primarily to a slowdown in completion of contracts at Dohrmann Co., a subsidiary, owing to strikes in t h e construction industry, year-end adjustments and an increase in casino receivables of about $1 million. KMGHT SAID that in conversations with the Nevada gaming board and law officials, he learned that Parvin-Dahrmann Totels and casinos "where among the best run" in Las Vegas. "There is nothing dishonest in their operations," he said. He said the four directors would not have undertaken the job of improving Parvin-Dohrmann's operations and image of there wasn't a good potential. Knight said Parvin-Dohrmann has no intention of merging with other companies. "Our main goal is to reestablish this company as an attractive investment and as a good place for employes and management to w o r k," he said. COLEMAN RESIGNED, Knight said, at the request of the American Stock Exchange, which wanted to remove Coleman's influence from the company. Knight said that Coleman wanted to cooperate because Coleman owns 16 pet. of the company's stock. Scott resigned as a director and as treasurer. He will continue as president and chief operating officer "at the pleasure and under the direction of the new board and its executive committee." Knight and Fry form the executive committee. KNIGHT SAID other changes have been decided upon but will not be announced immediately. "Our job is to establish policy and to initiate programs," he said. "It is up to the staff to do the job. So far we are pleased with the situation. The fact that the stock will be trading again has given everybody a lift." HIDDEN TREASURE IN OLD BOOKS 'Si-- IIW K I l'rrili'nl erything is up. iiuiuiiiii Mocks W II E N YOl' a.k "what stocks" you are, of course, putting me on the spot. Even though I know you mean no harm, I'm getting off it, just as quickly as I can. As a witness for my defense, (and also to take the heat off me) I call upon a symposium printed in the current edition of "The Institutional Investor." The magazine quotes the opinions of 15 men who handle billions of dollars in open-and closed-end investment companies, banks, personal investment accounts. Some preferred t o distinguish between their predici-tions for the next year or two and for the entire decade in most cases being more defensive on the near term. SOME were outspoken in their endorsement of anti-pollution stocks for both the short and long term. Others hedged, expecting lower markets in the year ahead ande x-pressing frank concern about such stocks which are selling at high price-earning ratios. Bald Boss Booming Hair Aids Beacon Journal-Chicago Daily Newi CHICAGO - Louis Zahn, with nary a strand of hair on top of his h e a d, must get some kind of special kick out of being a major Midwest supplier of hair-care products to drug and department stores. "The past couple of years have been tremendous," the president of Luis Zahn Drug Co. in Chicago said and much of the credit must go to the recent boom in popular-priced wigs and electric hair setters. This type of product innovation, he noted, will boost industry sales of hair gear and goo to an estimated $1.6 billion this year. "The electric hair setters were first introduced in 1967 and have had a sales volume of $175 million since then," he said. ZAHN started distributing $29 variety wigs to his l,r:l)0 customers last year, "and we've done better than we ever dreamed." He also expects heavy sales action for the new gadgets that have a combination of functirns: drying, combing, brushing and setting. But the big money is still in the three basic areas: shampoos ($290,000 a year)", hair sprays ($290 million) and hair coloring ($268 million). About 65 pet. of hair colorings and only 30 pet. of shampoos and sprays are scld in drugstores. "I think a woman trusts the druggists to keep her confidence," he said. ly a third of a million dollars apiece. If you haxe an old llible in your allir, look at it closely. It may be The (iilleubtirg liible. worth approximately a third of a million dollar. There are 10 copies of thi book still in eili'iice, just xxailing to be tliro-ered. The value of your book will depend on what rondilioii it is in. lor in-laitre. there are txxo edition of The Pickwick Paper. One i the original edition. iued in separate parts in printed wrapper. If you find a copy, it's worth between $2.1.000 and .".0.000. Now. the second edition i a rebound volume of the original. It's worth only about S2.i to $."(). Hardly a fortune, but a nice find. If you haxe any old books, check the edition, title and author, our librarian will probably haxe a list of rare books which are considered valuable. Watch for lirl editions. If the author ha become famous iuce hi book was puhlMirir. you ran be pretty sure it's worth something, Next lime von clean out your basement or atlic. give a second look at those old books Thev inav be xour fortune. ifcji- AKRON TV SAVINGS JJ The Area's Largest and Oldest Saving' Institution i ON "THE WORLD P. M. ON WAKR

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