PAGE 24 T U C S O N D A I L Y C I T I Z E N WEDNESDAY EVENING, MAY Romney Bewails Massive Federal Government WASHINGTON--MV-Gov. George Romney of Michigan told businessmen today they should get into public affairs, but in doing so should take off their business hats and participate as citizens. Romney addressed the annual meeting of the U. S. Chamber .of Commerce, receiving standing ovations both at the beginning and at the end of his speech in which he deplored what he called the trend since the 1920s toward massive federal government. Romney said voluntary cooperation of free men and women had been the mainspring of American strength in the past and is needed again to solve problems at the state and community level rather than at the federal level. Romney said the only way lobs can be built and the economy can grow is on the principle of fiscal integrity. Unless the trend toward excessive federal government is reversed, he said, state, local and individual responsibility will be destroyed. He said former President Dwight D. Eisenhower was aware of the trend toward federal power and did his best to reverse it, but that he lacked the necessary support of ordinary citizens. What is needed, Romney said, is a political party responsive to citizens and not a political party of big business or wealth or any other pressure group. Â· Such a party, he said, would be controlled and directed by citizens who are not advocates of or beneficiaries of unlimited government. Survival of the nation depends on activity in public affairs by businessmen and others willing to put citizenship above economic interest, he declared. Romney said many problems, such as juvenile delinquency, crime and welfare matters, can be solved better at the community level than event at the state level if citizens will do their part in tackling the problems. As an example of what he described as federal controls, Romney cited his dispute with the federal Department of Welfare over a Michigan law to extend cash grants to dependents of unemployed parents. Romney said the Michigan law followed the clear language of the act of Congress, but that Secretary of Welfare Arthur J. Celebreeze ruled that it was discriminatory. Subsequent to this, he said, the Democratic attorney general of Michigan ruled the state law unconstitutional. Romney said this caused him to feel like a quarterback rushing out on the field only to find that the other members of his team had been selected by the opposition. Abandoned House Fire Believed Set By Boys Boys seen near an abandoned house shortly before flames were discovered are believed responsible for a fire last night at 3201 E. Greenlee St. The four-room wooden building destroyed was only 35 feet from the scene of an abandoned house trailer fire last week. James G. Wright, of 3536 N. Edith Blvd., owner of the house and trailer, said the building involved in last night's fire, formerly was a caretaker's residence at a sand and gravel pit at the Greenlee address some years ago. He said nothing of value was in the building. Lt. David Kleuskens of the Rural Fire Dept. .' estimatec the loss at about $1,500 but Wright said it will be nearer to $3,000. When Rural trucks arrived about 10 p.m.. the blaze hac almost leveled the building An abandoned car near the building also was destroyer, by flames, Wright said. He said the old auto had re cently been damaged by van dais. One resident who left the scene before sheriff's deputies arrived said he saw some boys near the building before the f i r e was discovered, taid teaM Pope Holds May Day Audience VATICAN CITY -- Iff) -- D ope John XXIII received 10,000 persons in a big May Day audience today and told hem he felt times were becoming less controversial. "Thanks to God, the polemic spirit of other times has seen attenuated," the Roman Catholic r u l e r said at the audience in St. Peter's Basi- ica. Pope John paid special tribute to St. Joseph, the car penter of Nazareth, and noted :hat today was a holiday for workers. St. Joseph the artisan is the Roman Catholic patron s a i n t of working men. May Day has long been noted as a labor holiday, and Pope Pius XII designated it as the Feast of St. Joseph. Pope John spoke optimistically about the church and its mission in bringing about social peace between labor and management. "The reality of the church at the service of men of every nation under every sky is being universally recognized," he said. He said the sons of the church were more u n i t e d than ever although they differed in their civilizations and "methods of organizing social life.' Pope John recalled his "Mater et Magistra" (mother and teacher) encyclical about economic and social conditions, and said: "The church . . . is always a mother and teacher of t r u t h justice, liberty and peace . . .' "The presence of Christian social teaching is being fel more and more in public life in the equilibrium and the contribution given by various forces of production, in the distribution of goods, and in the harmonious composition of relations for social peace,' he added. EARNINGS NEW Y O R K , April 30 *V- Chas. P f i z e r Co.. Inc.. manufacturer of Pharmaceuticals, reported that sales in the rst three months of tils year rose D J104.524.378 from 597,002,724. Earn- nos totaled VO.910.307, or 57 cents a share, against $10,303,079, or 54 cents share, a year earlier. Gamble-Skogma, Inc. (retail s l o r e s ) or three months ended March 31; 1763 . . Â« 732,334 .. 27 cents . . . 39,297,527 32,033,849 Net Income A share . . . S a l e s mj, 723,822 27 cents Union Oil Co, of California: Met Income A share Sales . S 12.000,000 10.200,000 1.37 1.12 142,844.729 136,847,170 Allied Slores Corp. Jan. 31: for year ended Nel income A share ... Sales J 12,468,000 13,445,000 . 4.01 4.55 . 770,804,000 713,464,000 United States Borax Chemical C o r p . , for six months ended March 31: Net income A share 2,775,583 60 cents 3,788,000 83 cents Rlchardson-Merrell, Inc. (drugs! for six months ended March 31: Net income A share . , . Sales . . . 5 15,494,000 15,175,000 2.69 2.55 134,354,000 130,169,000 Harris-lnlertype Corp. for nine months ended March 31: Net earnings . 1 4,264,644 4.453.300 A share . .. 2.08 2.17 Sante Fe Railway for the quarter end- March 31: Net income A share S 13,172,735 12,296.335 4S cents 44 cents United S t a t e s Rubber Co.: Net income s 5,372,174 A share 70 cents 5.700.564 75 cents Phillips Petroleum Co.: Net Income A share $ 28.a 16.000 26,529,000 34 cents 77 cents Cimmonweallh Edison Co.: Net income J 26,568,068 24,739,312 A share . . . 4 6 cents 6 0 cents NEW Y O R K WV-International Business Machines Corp. earnings in the January- March quarter rose to 543,087,363 or S2.28 a share, up 12 per cert from the 556,264,982 or $2.04 a share In the like 1962 quarter. B A R T L E S V I L L E , Okla., April 30 l.4i-- Phillips Petroleum Co. reported lirst quarter earnings of $28.81 million or 84 cents a share--the highest in history for a first quarter. First quarter earnings last year were $26,5 million or 77 cenls a share. MIDLAND, Mich., April 30 Â«')--Dow Chemical Co. said Its net income alter taxes for the f i r s t quarter of 1963 was $18.7 million on sales of $224.1 million. Earnings represented an increase of $6,4 million over earnings in the tike quarter of 1962. Sales in the f i r s t three months of 1962 totaled $222 million. DIVIDENDS NEW YORK, April 30 u-j--Dividends declared: -- rate --payable ADV. MIRACLE COATING REPLACES HOUSE PAINT TEX-COTE is an exterior wall coating so tough and durable that It's Absolutely Guaranteed to eliminate a need for painting outside walls for 20 years. This outstanding product is called TEX-COTE. When applied it is 15 more times the thickness of ordinary paint and actually functions as a new surface. COMES IN 12 BEAUTIFUL COLORS The United States Government and large corporations, such as Shell Oil Company, Pacific Telephone Company and Thunderbird International Hotels are using TEX-COTE. This remarkable exterior surfacing provides waterproofing, insulation and beauty, far outlasting any ordinary paint. Waterproofs, Insulates, Fire Retardant In addition to beauty TEX- COTE has the additional advantages of water-proofing and insulation. Through the use of sili- cones, a modern day scientific advance, a water repellent "blanket" envelops the entire building so that no moisture can penetrate and damage the interior of the home. Through the use of fiberglass and perlite. highly efficient insulating material, the building becomes cooler in the summer and warmer in the winter. Factory Guaranteed Every TEX-COTE job is registered and factory guaranteed for 10 full years against chipping, flaking or peeling. TEX-COTE is the only coating with this unqualified guarantee. FHA FINANCING TEXTURED COATING of ARIZONA 1002 South Plumer, MA 2-6409 (Call Collect) Pleas* send me free information foday on TEX-COTE. Name Address City Phone '"I Palo Verde Sophomore Math Winner Marshall Buck, a Palo Verde High School sophomore, has been declared grand prize winner in a state mathematics contest. Buck, who had entered the contest on a senior level, is the son of Mr. and Mrs. Wilhert Buck, of 14 Avenida de San Ramon. He also took top honors recently in a southwest regional mathematics contest sponsored by the Mathem a t i c a l Society of America and Society of Actuaries. Some 4,000 high school s t u dents, representing 69 Arizona schools, competed in the state contest. Taking second place in the large schools category was William Mitchell, of Rincon High School. Other local w i n n e r s in the large school category were Henry Panz, of Rincon, first on the freshman level, and Edward Townsend, of Palo Verde, first on the j u n i o r level. Local small school category winners were Roger Bates, of Flowing Wells High School, second place on the sophomore level; and Cleotha Robinson, of Marana, first on the freshman level. The state contest was sponsored by the Arizona Asso ciation of Teachers of Mathematics. -period-- stock of record R E G U L A R Dorr Oliver ............ is Q j.i 6 6 . ( Dorr Oliver pf .......... so O 5-16 4-1 halcher G l a s s ......... 35 Q 5-31 6-14 Jeaunil Cp ............. 30 -- 5-15 6-1 Cries Ohio .......... 1.00 0 6-3 6-20 Cries 8, Ohio pf ....... 8 7 5 0 7-5 8-1 looper Bess ..... . ..... 40 Q 5-24 4-7 3uke Power ........... 45 Q 5 - 2 7 6-28 Duke Row 7 pf ........ 1.75 Q 5-27 7-1 3jke Row pf B ....... 1.3J Q 5-27 6-17 = ood Marl ............. 15 Q 5-13 5.74 -lunt Foods . ............ 125 O 5-1.5 5-31 -iunt Foods pf A ...... 1.25 Q 5-15 5-31 Hunt Foods pf B ..... 1.25 Q 5-15 5-31 _ane Bryant ........... 25 O 5-)0 6-1 Richardson Merr ....... 25 O 5-15 6-4 Thomp Ramo . ........ 35 -- 5-24 tt-\5 Thomp Ramo pf ...... 1.00 0 5-24 4-15 Elks Dinner Will Honor Local Youths Two $600 scholarships and Four $100 savings bonds will ae among the awards made onight at the f i f t h annual dinner by the Tucson lodge of he Benevolent and Protective Order of Elks honoring Tucson youths. Present will be between 80 and 90 seniors from metropolitan Tucson's nine public ind parochial high schools. 3 alo Verde High, although it las no senior class, w i l l have a w i n n e r of a second prize. Receiving two Arizona state scholarship awards of $600 each will be Helen Kavalec and George Zimmerman, both of Pueblo High School. W i n n e r s of $100 bonds w i l l be Frank Gonzales Gallego and Flavia Rose Batteau Pueblo High School; Warren W. Phelan, Catalina High School; and Miss Kavalec who also won a local lodge scholarship. F i f t y - d o l l a r bonds will be presented Roswlind Lee Navin Palo Verde High School, anc Zimmerman, also winner of a local lodge award. Speaker will be J. N. Chis tianson, assistant vice presi dent of the Valley Nationa Bank. Tucson Gets Boost From Adman MUTUAL FUNDS NEW Y O R K , A p r i l 30 (4V-Na.ll. Assn. e c u r l l l e s Dealers Inc. Bid Asked A b e r d e e n Fd 5 2 4 315 A d v i s e r s Fd . 6.56 7.23 A f f i l i a t e d Fd 8.12 8.78 Am B u s i n e s s Sh , 4.13 4.47 Am I n v Fd . 1615 16.15 Am M u t u a l Fd . 9 3 1 10.17 Atom Physics 4.75 5.19 Axe H o J O h t A 5.65 6.14 Axe H o u o h l B 8 37 9.64 Axe N o u g h t Stk 3.91 4.27 Boston F u n d xd 9.64 10.54 Broad S t r e e t tnv . . H09 1 5 2 3 Bullock F u n d 13.39 14.67 C a n a d a Gen Fa 17.08 18.67 Crfn Int G r o w t h 1082 1 1 8 3 Can L i f e Ins Sh 10.74 11.77 C e n t u r y Shrs 1 4 2 2 1554 C h a s e Fd Bos . . . xd 6 28 4 86 C h e m i c a l Fd 11.07 1204 C o l o n i a l Fd . 11 50 12 5? Colonla G r t h .. 12 40 13 55 Cormv Stk Fd 16 20 17 70 Cons I n v e s t Tr 2 0 2 5 2 1 7 5 C o r p L e a d e r s 20.1! 31.?3 Â·de Ve9h Invesl 17 73 17 91 Â·de V e g h M u t AO 06 6 0 6 4 D e l a w a r e Fd 11.37 12,43 D i v e r s Glri SIR 3.59 9.41 D i v e r s I n v e s t Fd xd 9.18 9.94 D i v i d e n d S h r s 3.41 3.74 Dow Th I n v 4 8 1 5 20 D r e y f u s Fund .... 1682 1 8 2 8 E a t o n i H B a t 1 2 6 5 13.67 E a t o n i H Slk 1390 15.02 E l e c t r o n i c s Inv . . 5 49 600 Â· E n e r g y F u n d 2 1 5 8 21 5B F i d e l i t y Cap 8.46 9,20 F i d e l i l y F u n d 15.93 17.22 F i d e l i t y Trend . 13 60 14 6fi F i d u c i a r y M u t 1 8 9 2 2 0 4 5 F . I . F . 4.34 4 75 F o u n d e r s Mut 6 18 6 72 Grp Sec A v l a - E l . ... N n No Grp See Com Slk 13.41 14.68 G r o w t h Ind Sh 18 10 18 64 H a m i l Fd HO 5.08 5.55 H a m i l Fd H D A 4 96 No I m p e r i a l Fd . . . . 3 36 3 65 Income Found 7 . 4 2 2.65 Income Fd Bos .. 3.23 8.99 I n c o r n I n v e s l . . 7 2 0 7 8 7 I n s t i l Found 1198 1309 I n s t i l G r o w t h 10.37 11 33 I n s t i l Income ... 7 20 7 97 I n v e s t Co Am . 10 25 1 1 20 I n v e s t G r p -- Muf 1 1 4 0 1 2 3 2 I n v G r p -- Stock 1 3 6 1 2 0 1 2 Inv G r p -- Select . . 1 0 4 2 II 15 I n v G r p -- V a r P a y . . 6 6 9 7 2 3 Inv G r p -- I n t e r c o n t ! 6.07 6.5S 'Johnston Mut , . 13.4.5 13.45 The Daily Investor By WILLIAM A. DOYLE Q, -- 1 was gratified to see you expose the fact that people who sell stock short sometimes have to pay a premium. This happened to me recently. I feel it is disgraceful that a person who invests his life savings in a short sale should be forced to pay a premium to the broker. Do you agree? A -- Not for one minute. /* short sale is not an invest ment. It's a speculation. And in the case of a short sale speculation is just a polit word for gamble. I don't know any dictionary that would d e f i n e the shor sale process as an investment When you sell stock short you sell stock you do not owi -- by borrowing the shares in volved through your broker-with the hopes of buying ai equal number of shares at . lower price sometime in th f u t u r e . By no stretch of the imagi nation can that be considerei an investment. You'll find n sympathy in this corner fo short-sellers. If you have to pay a pre m i u m to the broker in orde to borrow the stock you migh consider that cost as bein somewhat similar to the pric of admission to a race tracl- Short-sellers and horse pla ers have much in common. Q -- 1 bought 25 shares of Chock Full O ' N u t s stock several years ago, at about Si'?.'} a sharp It was n n BUSINESS OUTLOOK Last Saw Him 1915, She Gets Divorce ST. H E L I E R , Jersey --UP1 --Mrs. J e a n n e t t e Ellen Braggs married Joseph Braggs in London in 1907 and last saw him in 1915. She was granted a divorce yesterday on g r o u n d s of desertion. Am Potash Am Potash 501 . Am Potash pf A Am South AF . . . Am Tobacco Baldwin Monl Ch Bell Interc ............. 35 Burndy Corp .30 O 5-31 6-14 .1.25 O 5 - 3 1 6 - 1 4 .1.00 Q 5-31 6 - 1 4 20 S 5-10 5-31 375 0 5-10 6-1 Champ Pa Champ Pa of Crompton . Deere Co . . FMC Corp . . Grant WT 0 6-7 4-29 S 6-6 6-27 Q 5-10 5-21 . .30 Q 5-10 6-1 .1.115 0 6-3 7-1 Knowles. .30 O 5-29 6-13 55 0 4-3 7-1 .20 O 6-7 6-28 .30 0 Grant WT pf 93750 6-1 7-1 6-4 7-1 .1.00 O 5-10 6-10 40 Q 5-17 6-10 415 O 5-10 i-l 1.04250 5-10 6-1 45 O 5-10 6-1 1.25 O 6-U 7-1 .10 Q 5-38 6-15 In! Bus Mach Marathon Oil Mead Corp Mead Corp pi Minn Pow Lt Minn PL pi . Mohasco Ind Mohasco 4.2 pf |.05 Q 5-?a 6-15 Mohasco 3.5 p t 875 0 5-28 6-15 Olin Math 25 Q 5-10 4-7 Packaging Am 20 -- 5 - 1 5 6-6 enn Controls 30 O 5-31 6-15 Un Sag C Pap 375 O 4-7 6-14 US Steel 50 O 5-10 6-10 US Steel fl 1.75 0 5-7 5-20 REDUCED Foster Wheeler James Rayen of Tucson, former vice president of Ted Bates Advertising Co., yesterday noon challenged the Tucson Advertising Club and the Chamber of Commerce to work together "to bring America to our town and our town to America." Tucson is one of the most unusual cities in the United States, he said, transferring its interests in a short span of time "from pueblos to pursuit planes, from missions to missiles, and from star-gazing to 'solarscopes'." He believes that several of Tucson's annual events--the Fiesta de Los Vaqueros parade and the San Xavier Festival, for example--are both so u n u s u a l that they ought to receive the same type of national attention as the Mardi Gras, the Pasadena Tournament of Roses, and the Miss America contest at Atlantic City. Advertising students from the University of Arizona \vill be guests at next Tuesday's meeting of the Ad Club. Highlight of the meeting will be the presentation of the annual Janet C h i 1 d s scholarship award and the Ayres three- m i n u t e speaking contest. STOCK .125 -5-15 6-14 - 5-17 6 - 2 8 Marathon Oil 2 PC OMITTED Compo Shoe . INCREASED 3orden Co 45 -- 5-10 6-1 No Nat Gas 45 -- 6-3 6-70 Phillips Pet 50 -- 5 - 1 0 6-1 PRODUCE LOS ANGELES. April 30--Eggs and butler unchanged. Live poultry, volume prices at ranch: Fryers 50,100 head, 12 pet. 15.5, 9 pet. 19, 70 pet. undetermined; roasters 8.900 head. 21-25; light hens 13.800 head, 5-6 weighted average 5.25; crosses 17,200 head, Â«-6'.i weighted a v e r age 6.22. TurSeys. F r y e r s roasters 21. COFFEE NEW YORK, April 30 (AT--Coffee spot Santos No. 4 ex-dock closed at 33.25A. Cost and freight o f f e r i n g s include Santos Bourbons 3s at 33.50A and 5s 32.50A. "B" futures closed ouiet. no sales. "M" futures closed ciuiet, no sales. A-Asked. HAY, FEED LOS ANGELES, April 30 W}--Alfalfa and grain hay unchanged. Carlo! arrivals: U wheat, 3 barley, 2 corn, 3 oats, 1 sorgnum, 21 flour, 10 cereal, 96 hay. Keystone Cus K l xd Keystone Cus K2 5.20 eystone Cus SI 21.93 Keystone Cus S? .xd 12.B5 K e y s t o n e Cus S3 14.58 Keystone Cus S4 4.19 Keystone Intl 14.33 nickerbock Fd xd nicker Grth 5.8? Life Insur Inv 16.89 Life Ins Stk 6.27 Loomis Say Can 30.26 Loomis Say Mul 15.51 Fd Elcc No Mass Invest Tr U.68 Mass Invest Grth 8 . 1 2 Mass Lile Fund Mutual Shares 23.16 14.54 Mutual Trust 2.87 Nail Investors 15.23 Nat Sec Balan 11.53 Nat Sec Dlv 4.09 Nat Sec Pref xd 7.19 Nat Sec Inc 5.96 Nat Sec Stk ' xd 7.91 Nat Sec Grth 7.89 One Wm St 12.93 Penn Square 15.OJ Philadelphia Fd 11.35 Pioneer Fund 9.43 Price, TR Grlh 15.41 Puritan Fund Putnam Fund Putnam Grth Fd Â·Scud SI Clark Â·Scud St Ck Com St Select Am Shrs Sharehldrs Tr 8.63 15.00 8.64 19.37 10.38 9.67 11.07 Shares Am Ind 14.07 Stale Street Inv 39.25 Telev Elect Fd 7.4fl Texas Fund 11.96 Unit Accum Fa IX.4S Unit Cont Fd 4.87 Unit Income Fd 12.33 Unit Intl 9.78 Unit Science Fd 6.62 Unit Fd Canada 18.33 Value Line Inc 5.30 Value L Spl Sit 2.96 Wall St Invesl 9.2B 5.49 23.93 14.02 15.90 4.5B 15.50 6.97 4.37 19.45 6.8J 30.26 15.51 No 16.04 8.87 25.31 14.5.1 2.93 16.46 12.60 4.47 7.85 8.64 8.62 14.13 15.04 10.39 15.57 9.33 16.30 9.41 19.37 10.3B 10.46 12.10 15.35 42.00 8.15 13.07 15.79 7.51 13.48 10,72 7.23 19.92 5.79 3.23 10.14 Wellington Eq Unavailable Wellington Fd Unavailable Whitehall Fd 13.55 Wisconsin Fd 6.81 14.65 7.36 2 Will Face Trial For Break-In Two burglary suspects will face Superior Court trial for the April 21 break-in in which at least $5,000 worth of jewelry was taken--and not recovered -- from the El Con branch of Grunewald Adams. Two other suspects are sought. Ordered held for the higher court yesterday under ,$1,000 bond were David Earl Burton, 25, of Indianapolis, Ind., and James Thomas, 20, of Louisville, Ky. Both men are charged with second-degree burglary. They appeared before Justice of the Peace Toby LaVetter. The men reportedly confessed the burglary shortly a f t e r being arrested as they fled the scene, according to police. Officers were tipped off by a silent burglar alarm. UPHOLSTERY Like New For Va The Cost! D E C O R A T O R PILLOWS FREE FREE Attractive Wastebasket No obligation fo buy WITH ORDER Just for calling and Retting an estimate 1 WEEK SPECIAL 2 PC. S Set or Sectional From 49 50 Includes Fabric and Labor 2.00 Down, $2.00 W e e k No Payment Until June CATALINA UPHOLSTERY 249 E. 7fh ST. Our decorator will come your home and help ' select your fabrics . . , Charge or obligation. to you No Cal! For Free Estimate 792-3154 Quotations furnished by National Asso alion of Securities Dealers. Inc. which tales they do not necessarily reflect ac- ual transactions or firm bids or offers ut should indicate approximate prices, nd unless otherwise Indicated, are as uoted by the sponsors or issuers. Nel asset value. OVER THE COUNTER Bid and asked prices are obtained from the National Association of Securities Dealers but do not represent actual transactions. They are ntended as a guide to the approximate range within tch these securities could lave been sold (bid) or bought asked) at the time of compilation. BANKS BID A S K E O Arizona Bank 3 Pi Bank of Amer 64'/Â« Chase Man. N.Y 83}'. Tr BWn Cont. III. Chgo 171% st Natl of Ariz 4Hn st Natl City N.Y 103*a rvlna Tr. N.Y 4B 3 '. Manufactures Hanover 57} Morgan Guar. N.Y 117 Valley Natl Bk Phx 65VÂ« 34V. 6?^ 85 Va 89','.. 176V. 45'/Â» 51V. 120V. 69 Vj INSURANCE COMPANIES Beneficial Std ............... 27 C o n t i n e n t a l Cas ............. 75VÂ» Fidelity Bankers Life ........ I2 3 i Franklin Life ............... Â«Â· ovt. Employees Ins ........ 70Â«i Georgia Intl Life ............ 16 3 n Hartford Fire ................ 69i Home Ins. N.Y ............... 73?* Jefferson Sid ................. 9JVÂ» Nat. Old Line ................ 2 1 ' . Travelers Ins ............... IBI-'h UTILITIES Calif. Int. Tel Cilz. UHI. A Cil2. Ull. B Continental Tel Hawaiian Electric Pac. Pwr. A Lile Port. Gen. Electric Pub. Serv. of N.M Trans. Gas Pipe Tucson Gas around $30 a share but now is down to about half of that. The company's profits seem to be reasonably high. W h a t could have caused t h i s decline in value? A--The real value of the company and its stock have not declined. This is a good example of the ups and downs in market price of a stock t h a t became m i g h t y popular in a hurry. Chock Full O'Nuts' market price went way up, in short order, after this stock was first offered to investors. Adjusted for the four-for-one stock split in 1960, it's still way up. The company's earnings have been increasing. This had (and still has) the earmarks of a growth stock. Like many other growth situations, people were almost falling all over each other to buy. That sent the price of the stock way up. Then, when the stock market went into its big slump last year, the growth stocks were hit the hardest. Many, such as Chock Full O'Nuts, still haven't climbed hack to where they were late in 1961. Perhaps this is just as well. When a stock's market price goes too high, too fast, it often takes a tumble. Even with the stock of a well-managed company, such as Chock Full O'Nuts, moderate price movements are more soothing to stockholders. Q--Are the bonds issued by the Port of New York A u t h o r i t y considered to be a "good buy?" A--I can't be sure w h a t you mean by "gcod buy." B u t , if you are a.'.king about the quality and r e l i a b i l i t y of the bonds, the answer is simple. All the bond issues of the Port of New York A u t h o r i t y have been given either "A" or "AA" ratings by the prominent bond rating services. It's a good idea for anyone interested in buying any bond to check that bond's rating-through your broker or banker. Mr. Doyle will answer only representative letters of general interest in his column. He cannot answer phone queries. Copyright 1943 Early Retirement Ax Falls On Executives By J. A. LIVINGSTON (First Of Two Articles) There's this Hi a n d . Lois strip. Hi returns home bedraggled and upset and says: "What a shakeup at the office. Harry Sims was given Cooke's job, Cooke was made treasurer and Woofert got Sims' job." Lois responds: "Goodness! It sounds as if they're playing musical chairs," and Hi falls into an armchair, holding, his head: "Yeah . . ." he answers, "and every once in a while they take away a chair." AND THERE'S THE 63-year-old Detroit vice-president. "A delightful person--wonderful to have around, but burnt out." The president of the company had a gentle but firm talk with him. "I think he was glad to resign," said the public relations man. "A vice-president--glad to leave!" I exclaimed. "Well, he had had stock options," apologized the public relations man. "He had had an excellent salary. He was in good shape financially. 1 'think he realized he had lost his zing. So he said goodby all around and retired." AND THEN THERE'S the bitter letter from Mrs. W.P.S. of Philadelphia: "My husband worked for the XYZ Co. for 21 years and last June was let go, as were other top men of long-standing employment. When he registered at the unemployment office and mentioned that he'd worked as an engineer for many years with the same company, the clerk said: " 'You have plenty of companions. All companies seem to be doing it.' " Mr. S. was 50 last July. He gol four weeks vacation pav as severance, and when he's 65 he'll be entitled to a small pension. But early retirement was too early to suit his plans.; He went on unemployment compensation--"a galling experience," said Mrs. S., "for an executive." SUCH GALLING EXPERIENCES are becoming commonplace. Executives and semi-executives--those whom the Department of Labor describes as managers and officials--Â· are getting notices with increasing and crushing frequency. It's called early "early retirement." Inceptually, early retirement was designed for the em- ploye. If he wanted to q u i t at 60 or even 55, he could do so and still get a pension--not as big as at 65; it would be actuarially reduced. But he could count on something. And it was his option! But now companies are taking up the option. Readjustment--rapid technological change--has converted early retirement into an instrument of personnel policy. United States Steel, Pennsylvania Railroad, Standard Oil (New Jersey), Atlantic Refining, Minneapolis-Honeywell and numerous other companies have been using early retirement to w i n n o w out older, less-efficient or unneeded managerial and supervisory employes. The number of early retirees is not large. But the individual trauma is deep. These persons rarely played economical musical chairs. They're not used to layoffs and job shifts. They've often been with the same company for many years and had considered themselves "set for life," their plans carefully worked out for a scheduled 65-year-oiJ retirement. Then comes the call to the big office. THE AX HAS BEEN FALLING on this group faster than on workers in general. According to Daniel Darling, director of the Office of Program Reports and Research of the Department of Labor, the number of persons seeking unemployment benefits in the U.S. dropped 30.5 per cent from February 1961 to February 1962, but the decline among managers and officials was only 5.6 per cent. Thus, during a period of economic development, fewer job opportunities opened up for white collar, upper income personnel than for workers as a whole. In the following 12 months--a period of slow growth in jobs--the number of managers and officials filing for unemployment benefits increased 20.7 per cent as against a total rise of only 7.3 per cent. Some companies "sweeten" early retirement by boosting normal benefits. Phillips Petroleum has offered "any em- ploye age 60 or over" earning less than $25,000 a year retirement benefits equal to 91 per cent of what he would get if he waited to 65. If he were the chooser, the retiree could expect, only 77 or 78 per cent. The offer is open to June 1. Thus, Phillips pads the swivel chairs it wants to take away. Not all companies do. AMERICAN STOCKS 79V. U 7 /Â« *3' Â« 7iVj 17 72Va 82 96Vj 23 18' 1 ! Admiral Plas 4 Aeroiet Gen 3 Alan Wood 2 All Am Eng 7 Alleg Airl 16 Alleg Cp wt 6 Am Electron 9 Am Pelrof A 15B Ark-La Gas 29 Asamera 35 All Research 8 A t l a s Consol M 6 A t l a s CP wl in Audio Dev Bailey S e t Bald Bald Banff Oil Monl Mont pfd 16' 7 1- 4V. - 3'-. Tn 1 5 / 1 6 1 1 V. 10V. i?:". 14 I Banner Ind Barnes Eng 19 Bavview Oil 47 Belock Inst 32 Br. Am Oil ?fl Brit Pet 35 BSF Co 7 Bunk Hill I Burncll 1 BVD 15 -l 1 Cal El Pw 13 3' 7 28 Can So Pet Cdn Javelin 45 GOVT. BONDS 10V? JS'.i 26V. 26Â»Â» 35VÂ« INDUSTRIALS Albertson's ................... uv, Anheuser-Busch ........... 54H Ariz, Bancorp ................ 20^ Arden Farms ............... 15 Ariz. Agro Chem. Corp ....... 4^i Altec Oil Gas ............ 17 Bayless Markets ............. W* M. Blatl Co ............... I 3 ' Bonanza ..... . ............ 5 1 * Brunswla Drug ............... 14*n Cadn. Sup. Oil ............ I3'i Commonwealth Oil Ref ..... 7 3l i Consol. Frt ........... ....... 12*1 Delhi-Taylor .............. 17!. Del. Webb ....... . ....... ? 3 " Denver Real E s t a t e s ........ 9.Â« Frontier Airlines , . . . . . . . . . . . 3^Â« Futtermnn ................. 6V* Horizon Land . ................ SVi Interest. Mtr. Frl ............ ?2 Lone Star Steel .............. 10' i Lucky Storei ................. 19 Uusk Common ............... Hi Mayfair Markets ............ 6't Pabst Brew .................. 19'/Â« Pickering Lbr ............... 7 ] i Pubco Petrol ................ '?'Â·Â· Scott Foresman ............. 3Mi Searle, G.D ................. l?2'i Sees Candy ......... 13^Â« So. West Rsch Gen Inc. .. 4 J Â« TÂ«K Star 0. 8. G ......... 21 J - Thrifly Drug .............. 35 West Natl Gas .............. 13'. W e y e r h a e u s e r .............. ?9*Â» Peter Paul ............ 32'. Greater Aril. Savings ........ 4 3 i 30'/i 78 Vu 37 1/7 ?HB 241 = 15". 57% 22V. 16'.% 13 H 6V. 16", 19',. NEW Y O R K , April 30 (JlV-Closing over- the-counter U.S. Governmenl Treasury bonds: bid, asked, net change and yield-- ?',7S '63 99.29 99.31 No 3.59 3s '6 100 100.7 No 2.92 2Hs '65 99.2 99.4 No 3.13 3}is '66 100.18 100.20 No 3.53 3s '64 98.26 99.30 No 3.34 3rÂ«s '46 99.20 99.22 No 3.47 2'/is '67-62 96,19 96.31 No 3.38 '67 3'/as '63 3^is '48 2V3S '63-63 .... 4s '48 Feb 2'/2S '69-64 Jun 4s '69 Oct 2 ' i s '69-6 Dec J'.'jl '70-65 . . , , 2'.'3S '71-66 45 '71 35.S '71 45 '7? Feb 2'/is '72-67 Jun 4s 11 Aug 2Vis 72-67 Sep 2Vjs '72-47 Dec 3?Â»s '74 4V. J '85-75 . . , 4s '80 3V7S '80 99.30 100 3.62 20" \ 3V ?7V. 36 7 /i .,100.23 1CO.JS No 3.70 ..100 100,2 I-.! 3.74 , . 94.13 94.22 No 3.55 ..101.2 101.6 + . 1 3.77 .. 93.19 93.?5 NO 3.46 ..101.2 101.6 r.l 3.79 . . . 92.30 93.2 No 3.69 .. 9 2 . 1 9 92.22 No 3.71 .. 91.2? 91.26 NO 3.71 100.24 1-00.28 NO 3.87 .. 99.16 99.19 - t . l 3.93 ..100.18 100.2? K2 3.91 . 90.4 90,8 I .2 3,77 100.18 100,22 r .2 3.91 . S9.I6 89.20 -.? 3.83 . . 89.16 89.20 No 3.79 .. 98.26 98.30 No 3.99 ..102.16 102.24 - .4 4.06 .. 99.14 99.18 No 4.04 93.18 93.76 No 4.00 10V. Carnation 1 88 f Christiana Oil 7 6 Chromal 31 7W* f- Cinerama 50 14'/7 Â·Â· Conl Diesel Â« 4H i Con Mng II ?' Crane Carrier 33 71. Creole Pet 75 4?'/j t Davidson * 4V. -- Desllu 1' rcÂ» Devon P, Oils 4 1VU Drill 8. Expl 37 16VÂ» Duval 1 34'm Elder Peel 10 13/16 Equity CP 40 3VÂ« -Fargo Oils 08 2 5/U Felmont Petro 17 7VÂ« Flnan Gen ?' lUi t- Firth Sterling ? * Fly Tiger 10 Progress Mf 1? 13.3.J -- ix, Reeves Snd 4 3VÂ» Rellan Ins 1.50 A3V* -- l'i Relian Ins wi 1 42 -- 'A Rcm Arms 7 12W S a v a o e Arms 3 n -- ' V Scurry Rain 47 13V. -- V. Seeburg Cp Tin 17'.i -- 'A Shaw Wat 4 27V. Sherwln Williams 11 R O ' 7 Â» I Slg ON A 45 25*, Silver Creek Prec 14 i, Sonolone ? 7'/. + H Spen Shoe 7 8W -- Vj Sperry Rand 30 7'/Â« Slarrctt Co 5 2 ' 7 -- U Slathnm Insl 3 8 ' 2 Â« V. Svnlex CPN 252 57TÂ« 4- 3'/j Tech Mater 40 ?4V, -- i Tech Oper 10 23'/Â« 3 i Technicol 274 llfc I ' Tennv Ena 13 3 -- V. T h r i f t ! A I ?2'/7 Trl Cont wl 1? 3SV, f 'A Un Can O Â«. G 3 1 3/16 US Air Cond 1 2 7 /. -- H Vlclorecn B S 3 '. + vt Waltham Prec 59 2V, Webb t. Knapp 200 vÂ» West Equities 16 2}Â» WilsonBr 15 Â«Â» - 'A LIVESTOCK Ford Can Giannini Con 35 Giant Yel 27 Glass Tile I? Goldtield u Gt Bas Pet 40 Hecla Min 7 Highway Tr 4 Holm Ind ..90 177'7 10*. 7V, IS 1 '. 3V.S '83-79 90.18 90.76 No 3.92 3V.S '85 90.16 90.24 No 3.88 4'.is '92-81 107.16 102.24 f.7 4.09 45 '93-88 99 99.8 H .? 4.04 '/ts '94-89 100.1? 500.14 No 4.09 3'.js '90 91.10 91.18 No 4.02 3s '95 3V7S 'It Prices quoted in dollars and thlrty- Hollinger Hollv Str Home Oil B Hyd.-omatics Imp Oil Inland Cred . Ins N Am .. Jeanelte Gl . Jupiter Cp .. K a i s e r Ind .. Knwecki Kirby Petro . KlrK Natus . Lith A m . . . . La land . . . Lucky Fri fl Mead John 67 Menasco 12 Microwave 6 Mllo Elect 11 . 1 . I? . 31 . 8 , 2 . 7 . 70 . 3 . 15 17? . 18 . 2 . 3 . 10 11/16 1/14 ?6'/7 Molybden 4R 87,8 8 7 , 1 6 No 3.67 90,14 90.2? No 3.99 COTTONSEED OIL NEW Y O R K , April 30 I.TI-- Bleachabte cottonseed oil futures closed 2 lower to 4 higher: May 12.44-45, Jul I2.M, Sep 1J.84B, Dec 12. WB. Closing bids: Ocl l?.6', 13.M, May 13.11. Morse E Pd 2 MlnStTT ,. 5 Muter Co l Nachman 2 Napco Ind 7 Nat Nasl A 9 National Co. National Research Co. Nat Video A Nelly Don N idrln M N J Zinc N MÂ«x 1 Ar Oflli Mfs Occidental P e t r o Ogden Cp O'oklco 17 44 I 3 7 a 3 34 35 7.50 Pac Clay I Pac Nw Tel 5 Pancoasl Pet S Perfect Photo 17 Photnlx Sll 78 ( I 9 Â« 4 ) Mar I Polarad El 1 Preston AMn f 101 11 V. -t- 4V, - T,n - Â» , Â· 7 - 25'i 3 31 - 4' 3 5 7'.1 t 2?ln - ll'-i 13?i 9/U mÂ« + 13 16 M S'.-i A9V) Â» J4VÂ» -t- 26'/i ' 7 5V, t 10 4'. t PHOENIX--(Ti--Slaughter steers again active, fully steady to strong; broad outlet on West Coast accounts; slaughter h e i f e r s moderately active, fully steady; slaughter calves slefdy to strong; broad outlet on West Coast accounts; slaughter heifers moderately active, fully steady; slaughter calves steady to 50 cents hlohcr; olhcr classes poorly tested. Slaughter steers: BO head choice, longfed 950-975 Ibs. 23.50; 540 mostly choice 3501000 Ibs. 23.00, good end on most 1480 mostly choice, varied end of good 9751175 Ibs. ??.35-22.90; 160 mixed oood and choice 1000 Ibs. 23.00-23.75, delivered prlcn Involving 70 cents freight charge; 4M good, choice end 1000-1150 Ibs. 21.50-77.25; 340 standard and oood and mostly good 950-1100 Ibs. Mexicans 70.00-21.00. Slaughter heifers: 140 head high ctiotc* 775 Ibs. longled 23.00; 160 mostly chokÂ», good end 750 Ibs. 22.50. Slaughter calves: 330 nood 475-575 Ibi. 24.00; 300 good 525-550 Ibs. 23.7J-23.75. Auction: Receipts at Tuesday's auction 1300. Slaughter classes steady feeders opened active, slrong to 50 cents higher, advance on choice; later trade weak. Good and choice 500-800 Ibs. feeding steers 21.90-25.10, lot choice 510 Ibj. 27.70; medium and good 500-750 Ibi. 17.40-21.20. Medium 375-490 Ibs. 19.40-73,5?; good 350-475 Ib. hellers calves 72.00-74,08. K A N S A S CITY, May 1. (-T)-Caltle 3,XXJ c a l v e s 350; slaughter steers steady to 50 tower; cows steady to 2J lower; choice steers 22.50-23.05; good and choice h e i f e r s 21.00-22,25; utility and commercial cows 15.00-17.00; good and thole* vealers 73.00-79.00. Hogs 4,000; burrows and gilts 2J lowÂ»r; sows 25-50 lower; 1-3 190-150 Ib. barrows and gills 13.25-75; sows 17.00-13.85. Sheep 1,200; slaughter lambs steady; owes 75-1.00 lower; cholca shorn lambs No. 1 pells 71.25; utility and good Â«w*s 5.00-A.OO. C4OTTON NEW YORK, May fulurn were hlsher tale lotlw. Buying was credited |o commlislon houses and local traders. Other commission houses were on the selling side. T ^ mlxe1 , cn Â»'acler of trading reflected conflicting views on proipecfj of Â«nart- ment ol cotton leolslatlon aimed al lowering prices. There were no May dÂ«llvarv notlcas Issued at New York. Late afternoon prkÂ«i were 50 ctnti Â»o Jl a hale hlohtr than thÂ« prevlouj cloit. Mny 34.63 bid, July 33. Â» bid and Ocl.
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