The Philadelphia Inquirer du lieu suivant : Philadelphia, Pennsylvania • Page 29

i i THE PHILADELPHIA INQUIRER, MONDAY MORNING, APRIL 18. 1049 a 29 Financial Shorts Average Price of 30 Leading Stocks Bank Women List Conference routmet Utility Atlantic City Electric Finds Merchandising Pays The Atlantic City Electric Co. is the youngest independent utility in the country. It also has one of the most promising outlooks and future of any electric company in the United States. "Wanted to Borrow 5100,000.

Will pay latere mm4 will amortii loon th rate ef $10,000 osch yr for years; by old (bllshed astlsasUy knows Msaofactsror. Moaoy will bo woll secaroo; Is bo tod for o.po.sle.." D-S8 INQUIRER nounced by Lukens Steel Co. effective today. NEW YORK N. Y.

Central R. R. announced Winthrop W. Aldrich, chairman of the Chase National Bank, and Albert B. Dick, of Chicago, will be proposed as members of the railroad's board of directors at the annual meeting on May 25.

NEW YORK Net assets of $12.86 per share on March 31 against $12.73 a share at the end of 1948 were reported by Chemical Fund, Inc. 1 1 1 1 1 lit 1 1 1 1 1 1 1 ITJI II 1 1 I I I I I I BASED UPON DOW-JONfcS INDUSTRIAL STOCKS ON THE 7IOrrtnCVTDCklC DD1TE A KICC MM II mn EXTREME PRICE RANGE I I 1 1 I tOAt IO40 July June 220 May rb.ii"io?.u I A VT WFPkT i SI 200 I I te At 1944 I94S 1946 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 JnTT rl 1 1 1 II 1 1 1 1 jlffl CLOS NG PRICE MAI 1 1 I I I I 1 I 1 I I II I 1 I .1 I i i ill In 1 1 nil 1 1 1 1 in 1 1 mi 1 1 1 1 AVtKAtot ur ju lcavuto mum NEW YORK STOCK I I I I I IT I I I I I I I I I I I I I I I I 1 I I I I I fsiAsftJ JAtOMD A 1947 1941 SAS A 200 1 1 1 1 1 1 1 1 1 1 1 1 1 IJiLI I 111 I I I I I I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ii 1 1 1 1 1 1 1 i i tuK MAR.301 1949. WAS 177.07 --ttt-M0 i i ittn NEW ISSUE 50 Sales Increase Expected 3 New Coffi Products to Follow Vending Machines "March was the best month in our history, and we look for a continued lmnrovement in business throughout this year, spurred Animal Foundation, Inc. 400 Units Consisting of 5 Shares 6 Cumulative Participating Preferred (Par Valua $100) 1 Share Common (No Par Yalao) Price $500.10 per Unit Prospectus on Request Investment Securities Members Now York Stock Ex hang One Wall Street, New York 5, N. Y.

by the introduction of three Important new products our sales electricity brought in "better than $300,000." And one out of every two families in its area outside of the seashore are now cooking electrically. Company-wide, it is one out of every three families. England also pointed out that by its cooperative campaign, the company no longer has to have some 1 showrooms. Instead, it utilizes those of the dealers. AN AGGRESSIVE ROLE The company also was active in putting across the $55,000,000 Delaware River Memorial Bridge, which is now being constructed and is expected to be completed in 1951.

It gave the bridge authority the land for the bridge on the New Jersey side. Here, too, the company contends that it acted wisely. It points out that authorities estimate that nine years after the bridge is completed, there will be at least 10,000 new homes and 100 new commercial establishments in the Salem-Oloucester area "all of them new customers for us." Atlantic City Electric is taking an aggressive role in its area development program. Not only Is it seeking to have the resort, agricultural and industrial areas expanded through new firms, but it is also helping present customers to increase their business. England remarked that food processing in South Jersey has increased tremendously.

He pointed out that one of his company's customers, Seabrook Farms, alone has an electricity load as large as Ocean City in the summer. Seabrook, in the season, packs as high as 1,000,000 pounds of peas a day for 15 days. It has 7500 employes, of whom some 3000 are Nisei Japanese, who were brought there originally during the war. EXPENSES ROSE SHARPLY While Atlantic City Electric, over the past ten years, has shown a 100 increase in electric sales and gross revenues, its operating expenses have increased some 150, with the result that its earnings have improved only slightly, rising to $1.45 a share in 1948 from $1.23 in 1938. The company, said England, real from the University of Pennsylvania.

They therefore had little trouble in working out a machine to automatically vend coffee, but they ran into a serious problem in that the powdered coffee then available proved unsatisfactory for their purposes. They then commissioned a Harvard chemist to develop a coffee syrup for their machine. STARTED IN GARAGE When Rudd and Melikian came out of the Army in 1946 they went to work in half of a two-car garage to build their first machine. By July, 1946, it was completed but they had run through the $10,000 they had been able to scrape together. Their first installation was in Shibe Park, where they sold 300 cups of coffee on the day in 1946 that the Pittsburgh Steelers beat the Eagles.

Then came the problems of raising money. John A. Kenny, an attorney, interested his father. James A. Ken- ney, a large manufacturer of funeral supplies and caskets, tneir proD- lem.

Aside from subscribing to stock. James A. Kenney built a plant for the two engineers and rented it to them. The two young business men walked the streets, canvassing offices, until they finally raised a total of $75,000. In their first full year.

1942. their sales reached $1,000,000 In 1948, the sales rose to $2,000,000 and from here on the "outlook is bright." NEW YORK The New York" Stock Exchange substantially reduced its net loss in the first quarter of this year. The exchange reported a net loss of $106,360 for quarter ended March 31, compared lth a deficit of $355,176 in the preceding quarter and $107,058 in the corresponding quarter of 1948. NEW YORK Standard Oil Co. (N.

and its affiliates spent on exploration and development work last year, boosting their net production of crude oil 8 over 1947, the company reported. Additions to proved reserves, the company continued, of domestic affiliates virtually equalled their production for the year in 1948 while added reserves abroad substantially exceeded production. NEW YORK First quarter sales of Roruon Art Metal Works were in excess of the first quarter of last year and "all efforts are being made to Increase them," Alexander Harris, president, stated in the annual report. CHICAGO The Electro-Motive Division of General Motori Corp. announced a general price cut of 5, amounting to between $5000 and $8200 a unit, on diesel-electric locomotives.

NEW YORK Beech Aircraft Corp. received a $1,000,000 contract to make corn harvesters for Great American Farm Implement Corp. PRICE REDUCTIONS of $5 a ton for carbon steel plates were an Controllers Meet Tomorrow The second annual Tri-City Con-trolley' Conference, sponsored by the controllers' associations of Philadelphia, Baltimore and Washington, will be held here tomorrow at the Benjamin Franklin Hotel. The morning session will be devoted to panel discussions under the direction of the conference chairmen. At the luncheon.

Max Robb, vice president and general merchandise manager of Lit will discuss what top management expects of the controller in the difficult months ahead. The afternoon session will feature talks on short cuts in office procedure, office personnel problems, and gross margin and merchandise control. H. I. Kleinhaus.

of New York, will address the dinner meeting on the break-even point for control of profits. Bernard S. Weiss, Oimbel will preside. out any recompense, to half-dead humanity, in order to provide it with the oxygen of life-" He went on to say that the Greek people "in addition to the Inestimable sacrifices in blood to which they have been daily submitted for years, are also offering their anaemic economical equipment. In order to prove this, we state that the securities (stocks-bonds) transacted in our stock exchange (which Is unique in Greece) have lost 92.27 of their prewar value.

Accordingly, the average price in dollars of 1938 of these securties amounted to $258,109,004. The average price of the same securities In 1948 amounted to $19,960,802." And then Dertilis ended his letter In this fashion: "We should be exceedingly obliged to you, if you would become communicators to your people of the feelings of deep gratitude which we experience for their inestimable encouragement during these days of our ordeal." Bank Stocks Steady Bank stocks were steady in week ended April 14: Figures in Merrill Lynch. Pierce, Fenner fc Beane index follow: Apr. 14 143.5 Wk. Aco Yr.

Ao 143 14V1 Nationwide New York Outside New York isais 123 4 124 8 123.7 152 ft 148.3 Oct. 1. 1041. equals 100) NORGULF LINES ANNOUNCE A NEW FAST FREIGHT SERVICE Baltirnore and Philadelphia to Havana, Cuba' SAILINGS: Boltimoro Pkilodolelile Mildrid May 4 My I S. S.

Hodrla My May 17 S. S. Mabollo May May 24 laltimare Terminal Lecutt feint Terminal, aitimere Ohio liraed Pfcflea'elehia Terminal Tier S3, South Whsrvee, Oemtylvanta lailraael For Freight Rate. Seeainat mn4 Other Infermetien, Apply tat F.nn-Morylond S. S.

Co. Iwvtaw Shlooina Ce. 02 Keyser Buildinf ISIS Walawt Swwat Baltimore, Me. PMIoeMpMo. North Atlantic Gulf Steamship Inc.

HAnevor 2-1130 120 Wall Now York H. T. Along the Financial News Front THI UNITED CORPORATION Ol Markot Stroot. WileaJactom 7. 37 Wall Street.

Near York Now Yet. NOTICE IS HEREBY GIVEN eat Retirement of tta S3 Cum ula tire Preference Stock will Goer. Mm- Caaaat April 30, 1948, provided the Plan ie of rum petent tunediction. loo jpim riunn Commiaeioa bv Order dated ef the United Stataa for the District of 104Q. JrS Under tno Plea.

The United Oorporatioai will ior ine year snouia Dcat least 50 above 1948 Although this sounds like a report of a few years ago, it is actually that of K. Cyrus Melikian on the current operations of Rudd-Melikian, one of Philadelphia's newest companies. Melikian reports that sales of the company which he and his partner, Uoyd K. Rudd. started in the middle of 1946 grew to $3,000,000 last year and for March alone of this year were above $260,000.

MAY TOP $3,000,000 "With three new products coming on the market to join our automatic coffee-vending machine, I think our sales this year should top $3,000,000," Melikian said. One of the new products is ready to go now and should be in full pro duction in about 90 days, he reported. This is a counter coffee dispensing machine for use by restaurants and institutions. Tills machine, according to Melikian, will be ready to serve up a good, fresh cup of black coffee anytime its owner wants it to. He thought this product would find a good market.

"The price of the coffee syrup used in the dispenser will be comparable with other types of coffee of the same grade" he said. It will enable such establishments as drug stores, diners and luncheonettes to always serve a fresh cup of coffee. Also, there are 18 ways of spoiling a cup of coffee after the ground coffee leaves the package, and this dispenser will always serve good coffee. COFFEE IN CANS Another new product which the company plans to market this year is a frozen coffee syrup in small cans to be sold by retail stores. The coffee in these cans will be the same Kwik- Kafe coffee syrup used in the company's vending machines.

Rudd-Melikian Is planning an extensive advertising campaign to win acceptance for this new product. The third new product, which is in the pilot model stage, is a com bination automatic coffee-vending and Coca-Cola-vending machine, Melikian was optimistic about the profit prospects. He pointed out that while a depression might cut the demand for coffee and coffee-vending machines, the company's profit margin would be greatly improved by the drop in the price of coffee, sugar, cream, paper cups and other materials. He said in recent years five cents was a very small amount to work with in the face of high commodity and material prices. CONTINUING MARKET Melikian also pointed out that about 2,000,000 cups of coffee are being sold each week through the vending machines and that these represented a continuing market for coffee, sugar, cream, paper cups and small parts.

Of March's total sales of $260,000, about $60,000 represented sales of commodities and parts. He added that since Rudd-Melikian had made an arrangement with Standard Brands Co. under which that company manufactured, packaged and helped distribute the coffee to the vending machines, the $9000 represented by coffee sales in the total figure was actually a net profit before taxes. He explained that Standard Brands collected for the coffee and then returned a form of rebate to Rudd-Melikian. Rudd-Melikian is now spending about $100,000 a year in research on new products and has taken a lease on 15,000 sq.

ft. of floor space in the building next to its present plant at 1947 N. Howard St. This space will be used for research activities and to house the production of the firm's new counter vending machine. This machine is now being tested in the Philadelphia area.

MET IN THE ARMY Rudd and Melikian met each other in the army and they claim MaJ Gen. Bennett E. Meyers had a lot to do with their success. Oen. Meyers issued an economy order at Wright Field one day, shutting down the PX's during the day and thereby the field's supply of coffee.

That gave Rudd and Melikian the idea for a coffee vending machine. Both of the soldiers were engineers Rudd had graduated from the University of California and Melikian retirement package ei A three-day Joint spring conference of the Middle AtlenUc and New England divisions of the Association of Bank Women will open Friday evening with a buffet dinner at the Provident Trust Co. The Provident will entertain at the dinner while the Philadelphia Saving Fund Society will sponsor the evening's feature a presentation of "Philadelphia the Growth of an Idea" by the division of fine and industrial arts of the Board of Education of Philadelphia. JOHNSON TO SPEAK A member forum also is listed for Friday evening, with Cora I. Blan-chard, regional vice president of the New England group, presiding.

Topics to be discussed Include consumer credit problems, public relations, trust work and personnel problems. The banquet will be held Saturday evening at the Hotel Warwick with Dr. Robert L. Johnson, president. Temple University, speaking on "What Are We Going to Do About the Hoover Commission's Recommendations to the Congress?" Saturday's program includes a trip to Valley Forge in the morning, with luncheon at the Germantown Cricket Club, and a reception by the Philadelphia National Bank at the Hotel Warwick in the evening.

TO CLOSE SUNDAY The sessions will close with a noon luncheon on Sunday at the Warwick, when the association activities will be discussed. Bernice D. Parks, president of the Association of Bank Women, will preside. Rebecca R. Haines, of the Provident Trust is in charge of arrangements for the conference and Mary A.

Rantz, Land Title Bank Trust is in charge of reservations. What Stocks Did Week ended April IS New 1949 highs 102 New 1949 lows 107 Advances 444 Declines 638 Unchanged 206 Total issues traded 1288 What Bonds Did Week ended April 16 Higher 192 Lower 182 Unchanged 97 Total Issues traded 471 months or so against the FRB and not so long ago there were consider able rumors in New York that many of the banks planned to withdraw from the system. Member State banks here complain that they are at a distinct disadvantage against non-member State banks. Whether this will turn into more than Just plain grouching is difficult to say. However, a number of bankers were quite definite in their statements that they would withdraw their banks from both the FDIC and the system if Congress passed a bill per mitting the FRB to set reserve requirements for all insured banks and forcing them all to keep the reserves on deposit with the Federal Reserve banks.

National Banks Opposed State banks are not the only ones opposed to the proposed measure. National banks also would be hard hit. Many of them are correspondents for smaller banks. In some instances, the correspondent bank deposits run into hundreds of millions of dollars. And a loss in their deposits of that amount would not be pleasant to take.

Bankers doubt that the bill will pass the Congress. They are certain of one thing that they will strongly oppose it, when and if it is introduced. Exchange Mail The Philadelphia Stock Exchange recently received a unique letter from L. B. Der tills, president-of the Athens (Greece) Stock Exchange.

Der-tilis was quite fervid in his thanks for the aid America is giving his nation, stating "it's the first time in history that the material resources of a great people are-offered with Design Service Company 1604 Walnut Si. Philadelphia Machine Design Mro Vsrk re ark Clmlasi Cklcat DIVISION OP QUAKER STORAGE CO Taifphont BA Idwin 9-0401 Specialist in Packaging -U. S. Govt. Spaciflcafians.

House need pointing? A low cost budget loan provides the money NOW Up to 3 years to pay CaH Kl 6-9100 Provident Trust Co. OF PHILADELPHIA TIME RECORDERS We have a few LATE MODIL Factory Somple Time Recorders at Savings up to 13. Mostly Fully-Automatic, a few Semi-Automatics. All fully guaranteed for one year. CINCINNATI TIME RECORDER DISTRIBUTORS 1337 W.

Cirard Avenue hilae.lphio 23, Pa. STeventen 4-3400 PAYROLL ENVELOPES With Sscial Sacsrity 4 Ti Dsssctisat UiHler Fits. $0.60 Par 1000 Sample and Quantity Prices Upon Request (mm CALL WA 2-4113 Wl ELI YE I aaBai pro The of each outataadtBe; enaro i ot aacuntiaa aaw Public Service EUctrie The Cohembia Gao Stock 0.00 aa TWe Plan ks Transfer boohs for tbo Preference St 3. 149, and op of tbo effective data. asMP Stack, exeept tbo HejM re a i eM 3lOtke cash, birr mill bv tbo dWidondee.

a abaro of ec eeea, oak The company represents a numDer paradoxes. Actually, it has been out for itself only since last March IS a trifle more than a month although it dates back to 1907. Its top echelon are all comparatively young men and yet the nine represent a Istal of 211 years of service with the am pan y. Two years ago it had one ockholder; today it has some 24,000. tu "independence" also presents oddity.

The American Oas ic Ja'aetrtc Oo. originally was set up as 'aiding company for Atlantic City EWnric and the Scranton Electric Co. Yet the two companies whose holdings American Gas was forced to dispose of were Atlantic City and crnton. REPRESENTATION It was back in March of 1947 that American Oas began to dispose of Its Atlantic City holdings In the form tf stock dividends to its stockholders. The distributions were spread over eight dividend payments, so that on March 15 it disposed of its last holdings.

As the American Oas holdings declined. Atlantic City named directors to replace the American Gas representatives. Its management has been very far-sighted in Its selection of directors. 2t has sought to have them represent every section of the territory it rrves. with not one section having greater representation than the rest.

NAME MISNOMER In this respect. It is also seeking an answer to one of its problems. It feels that while its name is "good publicity. it is still a misnomer in that it tends to confuse the public. for Atlantic City Electric serves a far greater area than the seashore.

2u aervice area embraces virtually ail of southern New Jersey below Camden and is bounded by the Atlantic Ocean on the east and Delaware River and Bay on the west and south. The area is divided into three distinct cones an industrial area on the west, an agricultural area next to the east, and the resort area along the 75-mile coast line from Barne-gat City to Cape May. It thaa been toying with the idea ef changing its name so that the spread of its service area will be easily -recognized. It has changed its emblem to read "Southern New Jersey serving a third of the State." SOLELY ELECTRIC COMPANY Atlantic City's present management has adopted a vigorous campaign of expanding its operations. It is solely an electric company today.

It has no gas. water or transit properties. And it is taking a leading part in seeking to develop the three zones of its service areas, working actively with the various Chambers of Commerce and the State. In the last two years, since American Oas started its "rtlvorce proceedings, Atlantic City Electric has increased its electric sales tremendously. In 1948 its sales totaled kwhs.

Last year they were 652.150,000 an increase of 10 over 1947. This year the company estimates that it will show a Earn at least as great "perhaps even It has increased Its sales of electricity through vigorous merchandising. For one thing, it "sold" the Atlantic City hotels the idea of giving up their own power plants and of buying their power from the company. COOPERATIVE CAMPAIGN For another, it evolved a unique merchandising program for electric ranges and water heaters. The company calls It "cooperative sales campaign with the dealers." Actually, the Atlantic City Electric does all the selling.

It also takes care of all the servicing. And it finances all the sales, charging only 3 interest. The profits all go to the dealers. Offhand, this appears be cooperation on only one side. But Bayard L.

(Pat) England, the president of Atlantic City Electric, contends that the compalgn has brought very material results to the company. Last year the company sold some 9000 ranges and heaters. The added revenue from the use of the added Know-Your-Bank Public Invited EBchind Scenes rpm; banking Industry of Penn- -L svhranla is going to take the public behind the scenes and show them Just what makes the banks "tick." It is going to do it in a first of its kind in the country to be ob served the week of June 6. During that week, the banking and non-banking public from school children all the way through to presidents of corporations will be taken on tours through banks of the State and shown the various operations of departments. THIS special week is part of the campaign of the Pennsylvania Bankers Assn.

for a better under standing between banks and the public, and is in line also with the PBA educational program of taking the mystery out of banking and to have the public realize that the banks stand ready at all times to help the individual and the big and little businessman solve financial prob lems. In making the announcement of the Know Your Bank Week. Russell T. Hopkins, president of the PBA, said the association has planned broad and comprehensive program which will include "tours through the banks by high school students. groups of depositors and stockhold ers, and the general public.

In many banks the various machines will be in operation and officers will conduct groups to explain the working of the various departments." TT OPKINS said that the PBA was XX asking prominent bankers in each county to serve on local com mittees and "wherever possible will provide speakers to talk before civic organizations on the. contribution that banks are making to the econ omy and well-being of the country." "A frank and friendly relationship between customer and bank is desirable for better understanding and progress." Hopkins declared, "and the banks of Pennsylvania welcome this opportunity to become better acquainted with the public and to nave the public obtain a better un der tsnding of them and their prob lems." fa4pe- tbo Corpora boa to all Preference aanrAhosdara. Aa a it i. New York Near York. Aa soon aa etockboldar'a cerbacataa.caa) is3anae Near York.

Near York April 1. 1949 By E. S. BANKS The news that the Federal Re serve Board planned to ask Congress for the power to set theVeserve re- auirements for all insured ranics, with the further proviso that all the reserves be deposited with the Fed eral Reserve banks Instead of cor respondent banks, did not meet with any favorable response on the part of the banks. One and all were firm in their opposition to the proposal.

No Returna Non-member banks opposed the proposed measure for two very good reasons. One, their reserves would be increased. Two, under the State banking law, banks are permitted to have up to 5 of their reserves in bonds. This permits them to receive a return on at least a portion of their reserves. Under the FRB proposal, all of the reserves would be in cash with no return to the banks.

Idea Revived Several bankers pointed out that when the FRB increased reserve re quirements last fall, the banks had to sell government bonds in order to raise the money for the required reserves. "The bonds," one banker re marked, "were sold to the Federal Reserve and the cash which the Fed eral Reserve paid was in turn deposited with it. Whereas, the banks had been receiving the interest on the bonds, today the banks receive nothing while the Federal Reserve is getting it all. Obviously, this is not fair to the banks." This situation has revived the suggestion made about a year ago by rural and small town banks that the reserve requirements be amended to permit the banks to have their reserves in governments, if they so desire. A year ago, the banks pointed out that increased operating costs and the low Interest rates made it difficult for the banks to earn a fair profit.

They argued that by having their reserves in governments, they would at least secure that much added income which they do not have today. Efforts were made at that time to have Senator Milli-ken of Colorado, then chairman of the Senate Banking Committee, introduce legislation to that effect. Apparently, the efforts came to naught tor no measure of that nature ever came before the Congress. Withdrawals Seen Bankers told this department that if the FRB was successful in having Congress give it the power it sought. that they would seriously consider withdrawing from the Federal Deposit Insurance Corp.

as well as from the Federal Reserve System. There have been rumblings of dissatisfaction off and on for the past six Net laeome Net on Commop ized this last year and had the rate adjusted on its industrial sales. He pointed out that for the 12 months ended July 1, 1948, the company earned $1.36 a share. After the rate adjustment, the earnings, rose to $1.45 a share. For the 12 months ended Feb.

28. it was up to $1.47 a share and by the end of 1949, he estimates, it will be $1.51 a share. The company now has 140,000 cus tomers 20,000 at the seashore. Eng land estimates that Atlantic City Electric's gross revenues will in crease about 10 this year to 000, LARGE RESERVE The company has its own plant at Atlantic City and is Joint owner, with the Philadelphia Electric of the Deepwater plant. It has a 14 reserve of generating capacity as against the national average of 6.

In addition, it is also connected with the 'Philadelphia Electric lines. Although the company has had no expansion program, it still spent more money last year for that purpose than ever before in its history 13,000,000. And it expects to spend $3,700,000 this year. These expenditures are for the con struction of new sub-stations, transmission lines and increasing capacity. NEW FINANCING PLANNED England explained that his com pany follows the American Gas principal of using the banks until it knows the exact cost of the construction and then "firming" the debt.

He said the company has taken all of the $3,600,000 credit arranged with the Irving Trust Co. and the Guaranty Trust Co. but would pay off all the notes this year by permanent financing. Just what form the financing will take, he added, will depend to a large extent on market conditions. The company would like to have it in the form of common stock and it is toying with the idea of offering the stock to Its customers, believing that it will add greatly to its public rela tions and improve its campaign of increased power sales.

Atlantic City Electric. England said, has arranged to have a transfer agent in Atlantic City, starting July The company also plans to list its stock both on the Philadelphia Stock Exchange and the New York Curb Exchange as soon as it has "suffi cient seasoning." At the nresent time, the stock is actively traded over-the-counter. TYPICAL EXECUTIVE Pat England contends he is typical of the Atlantic City Electric execu tives. He received the name Pat as a youngster when other children were unable to pronounce his first name of Bayard. Still comparatively young, he is a hard worker with a pleasant personality.

He has spent all 26 years of his business life with the company. Al- tnougn Dorn in Newark. N. his family moved to Atlantic City "when I was in the fourth grade." He grew up mere and started in with the company as a bookkeeper. While working this Job, he commuted evenings to Philadelphia to take an engineering course at TemDle Uni versity.

On his graduation, he was made a distribution engineer; then division manager at Ocean City in lsza; commercial manager in 1935: vice president and assistant general manager, and then president in December of 1948. Week in Stocks and Bonds Sales hv dava on th Nm Vnrir efnxb change for the holiday week ended April 1, iuuiicu wan me precraing weeK ZOllOW STOCKS Wk. April 1 Prev. Wk Monday 724.390 922.120 uedy 854,640 901,750 Wednesday 914.940 929,835 Thursday 803.680 844,860 rrraay Holiday 850.460 Saturday 414.682 384,930 Total Monday Tuesday Wednesday Thursday Friday Saturday .3,712.332 "BONDS 2.712.600 2.943.500 2,899,900 2.588.000 Holiday 1.106,000 4.833.775 2.409.500 3.327,000 3.496.500 3.060,100 3.495,000 1.142,000 Total $12,250,000 $16,930,100 Dow-Jones Stock Averages 30 Indus 20 Rati IS Utils Mon 176 54 .21 Tumi 176 99 .45 Wed 176 81 .18 Thur 176 62- .19 Tri Holiday Sat 177.07 .45 Net chans .12 49.20 .36 35 79 .05 49 16 .04 35 75 .04 49 03 .13 36 02 4- .27 41 84 .19 36 26 .24 48 90 03 ilw OO I that TVe United not ataped prior to that waa approved Dy Auat 9. 194S.

and by that Pelamsua by Order data Limiuwm nw aa raneest wM bp aM riabta a pracrWahla after Aaaat wiue It it 11, 1949 $20324230.65 23,221,667.00 8,458,600.63 2,937,330.62 5,907383.14 105912.18 $62,955,174.22 1,000,000.00 3,000,000.00 1,365,836.40 172,802.93 105,912.18 57310.622.71 $62,955,174.22 beoome aaTacuea date by a mail tea aatd Destrfc Pabjaajr I if in I ii I bp aba) Wall PHILADELPHIA Statement of Condition, April ASSETS Cash and Due from Bank United State Government Securities State, Municipal and other Bonds Demand Loans Secured by Collateral Loans and Discounts Customers Liability under Letters of Credit and Acceptances Summary of Earnings Reports 1949 1948 1949 1948 3154.472 $137,663 $0 34 SO. 31 1.213.010 995.431 86 a. 71 1,087.213 1.606.521 201 3.21 1.979.931 2 222.412 194 1947 1948 1947 53.408.966 43.571.907 6.16 5.02 2515.404 3.456,720 a7.14 7.84 25,962.537 28,413.768 8 49 8 80 CompaVfiT Prriod Automatic CuImi 12 wk. Mar. 19 Southern Natural a as Quar.

Mar. 31 8. Radiator Yr. Jan. 31 Chemical Mar.

31 Anaeonds Copper Mlnlne; nee. 31 Tbor Corp lee. 31 Weyerhaeuser Timber Yr. Dee. 31 a-On fewer shares.

Changes in Stock PURCHASES LIABILITIES Capital Stock Surplus Undivided Profits Reserve Letter of Credit-and Acceptances Deposits: United States Treasury 2,008,198.58 All Other Deposits 55,302,424.13 Issue Shares City Mores 3,300 Food Fair Rtorea 4.000 Hudson Mt Manhattan 1.000 Hudson A Manhattan 4.200 Hudson A Manhattan 12,000 Merritt. Chapman A Scott 400 Packard Motor Car 15.900 Ptttsburrh Htnel 4,500 Reynolds Metals 1.k00 Rheem Mfr Co. 1.000 Vnlted Storee 2.600 Vulcan Detlanlnc; 1.050 Webster Tobacco 4.600 Holdings Reported Position a Chairman Secretary Director Vice Pres. Director Director i Vice Pre, Director Director Chairman President Director Chairman President Director Chairman Director Director President Chairman Direr tar Dlrector Ttl.Hldg. 1.024,891 66,677 4.000 8.250 7.000 6.000 253.021 139.987 673,780 102.387 132.900 86.835 7.120 Mo.

Mar. Mar. Mar. Mar. Mar.

Mar. Mar. Mar. Mar. Mar.

Mar. Mar. Mar. Mar. Mar.

Mar. Mar. Mar. Mar. Mar.

Mar. Mar. one 13.360 267,018 123,750 42.000 12.549 572.635 65.615 1.000 19.350 1.625 Mi 5.562 19.700 none 5.597 25.272 Mar. Mar. Mar.

Mar. Mar. C. Peck Reported by Bankers Securities Samuel Frledland Walter Drill Jack Marojuesea C. Paasannante Jansen Moyes Karle C.

Anthony J. H. Hlllmaai IT. S. Foil I.

Rheem Business Statistics Continental Can Gurdon Wattles SALES Walter Haeussler Klvon Mustek Charles A. Ward Max K. Bine Maud C. Senior Colo. Fuel A Iron Robert W.

Johnson Richard A. O'Connor Wm. H. Vanderhllt George A. Andersoa R.

E. Kthbea Kllot Farley IiCon K. I4ndahl Fanl Manbeina Wm. A. Coulter Amer.

Inv. of III. pf 2.000 Barber Bros 1,000 Brown A Blfelow 4.600 Duplan Corp. 1.900 General Portland Cement 3.000 Granite City Steel 34,751 Johnson A Johnson 10.000 Magna vox 3.500 N. Y.

Central R. 1.000 rarer (Chas.) A Co. 15.000 Sharon Steel 1.800 Tevtma Ine. 2.000 1'dyllte Corp. 1.547 Vertiea tea-Camatney Sir.

5.000 Western Atr Line 20700 Woolworth r. W. 2.000 Fremont Beneficial ewaer et ever y) of stock. IK. LIVINGSTON SULLIVAN, Member of the Federal Deposit Insurance Carperatien 0.