Chicago Tribune from Chicago, Illinois • 39

jWarkets Jncfusfru STOCKS OThicago Baity (Tribune REAL ESTATE wance usiness TRANSPORTATION Wsd, April 17, 1957 FV Spt-Bus. Page 7 1 CHICAGO PACE M. Hilton Owners Get Reborts PENSION FUND WLk t0 Start People and Evenis M. Tl mTiiwi 1 11 11 in ii fCiI nun 11 IHWffUJBm anrf -SO a -je if I 1 MS I 1 1 Morehead Patterson, chairman of American Machine and Foundry company, presides at Chicago end of the company's annual meeting linked with New York by closed circuit television. Gen.

W. E. Smith on television screen, presided at the New York session. Chrysler's First Quarter OF 4 LOOP SITES HeyworthBldg.in 2.6 Million Deal BY ERNEST FULLER Purchase by the Teamsters union's pension and welfare fund of four downtown properties, including the 18 story Heyworth building, for a total price of $2,600,000 was disclosed yesterday. The seller was the Otto Young estate under a plan approved by the federal District court Jan.

16. Besides the Heyworth build ing at the southwest corner of Wabash av. and Madison the union bought the land oc cupied by the buildings at 118 S. State 32-34 N. State and 16-18 N.

Wabash av. Trustees Approve Deal The multiple transaction was announced on Denaii ot the principals thru Frank Whiston real estate firm and sole broker in the deal The purchase had been ap proved by the board of trustees of the pension and welfare fund of the International Brotherhood of Teamsters. The board is composed of employer and employe representatives. In buying the Heyworth building, the union fund also acquires the leasehold interest in the property, but not the land, said Frank M. Whis ton, head of the real estate firm.

The land is owned by the Catholic archdiocese of Chicago. List Lease Dates At the expiration of the lease April 30, 2003, the Catholic archdiocese can acquire pwnership of the building by paying the lessee the appraised value of the improvement on the property, said Whiston. In the case of the three other properties, how ever, the union will get the buildings without cost at ex piration of existing leases, un less new leases are made. The 118 S. State lease with Richman Brothers company Continued on page 9, col.

1 UillOl! BUYS Sales Top Detroit, April 16 CDChrysler corporation's gross sales in this year's first quarter were in excess of 1 billion 100 million dollars, L. L. Colbert, president, told a shareholders' meeting today. Exact figures on sales and earnings were not disclosed. However, Colbert said the corporation shipped 421,000 vehicles in the first three months of 1957, compared with in the first quarter of 1956.

Sales Prospects Good Prospects for a strong sale of our products in the months ahead are good," Colbert said. "Our dealers report a continued enthusiasm for our cars, and despite the quarter's high level of production, our field stocks are well below the industry average, and in some of ouf mar International a company announced the ap pointment of Hugh A. Davies and Harris F. Swanberg as as sistant directors of foreign operations. Marvin Lehman Boaobcri was named national cash register sales trainer at Victor Adding Machine company's home office in Chicago.

The promotion of R. A. Bland to director of sales and Allan Tremper as executive assistant to the chairman and president, was announced by Bowser, Inc. Youngs-town Sheet and Tube company named Arthur C. Madden superintendent and Wal ter L.

Scott assistant superintendent, of the company's seamless tube mill at the Indiana Harbor works. O. Paul Decker, president of the National Boulevard Bank of Chi- a was elected a director of Con- solidated Foods corpo "Hi f7 ration, Nathan Cummings, Vs. chairman, an nounced, Edmund A Stephan, gen Dccktr eral counsel of Amphenol Electronics cor poration, was elected a director at the company's annual meeting. C.

G. Conn, elected James V. Sill, president of Wilmette First Federal Savings and Loan as sociation, and E. E. Richards, vice president of Albert Mc uann securities company, South Bend, as directors.

Appointment as general sales manager was announced for Anthony J. Barca by So ciety Lingerie company, Flexonics corporation promoted Joseph A. Downey to general foreman of its May- wood Manufacturing division, fCbnscrvctive Growth pncoms-Grovrth Speculative Yield Darid College Graduate to Play Bigger Role in Business BY JOANNE KNOCH (Second Article in a Series) Imum of 75 business men. Ap- OF BUILDING IS RATED STRONG Only Stores Soft, Says Downs Construction volume in Chicago this year will equal or exceed levels of a year ago in all categories except retailing. James C.

Dowhs chairman of Real Estate Research corporation, said yesterday. He. spoke at the annual meeting of the Building Research- in stitute in the DraKe hotel. Most of the post-war expan sion in retailing faculties probably is over, Downs said. Competition in retailing is becoming devastating and financing difficulties are encountered in attempting new construction, he said.

Forecasts More Housing The housing market, in contrast, is stronger than a year ago, said Downs. More housing units, notably more apartments, will be built in Chicago this year than in 1956, he said. Because of a new trend to ward recentralizaticn, people are moving back into the city from outlying areas as rapidly as accommodations can be built for them, Downs told the meeting. Big Builders Moving In A revolution is going, on in the home building industry with the emergence of national builders who are not rooted to one community as are small builders, he said. These builders are converg ing on Chicago now because of its strong market.

Downs said builders wno put up less than 50 homes a year gradu ally will disappear as the home building industry moves toward bigness." More new industrial plants have been built in the Chicago area since World War II than elsewhere at anytime," Downs said. Industrial construction will continue strong regardless of any decline in consumer demand. Al ia OR LEASE Protected) it Corner 4th Fleet fw" sFB -1 rt4 i 1 A-' niiKiiaiim' t-1 -m Hotel Firm's Net Expected to Be Lower First quarter profits of Hil ton Hotels corporation will be off altho gross revenues will Lbe close to those of a year earber, Conrad Hilton, president, said yesterday at the annual meeting in the Conrad Hilton hotel Operating revenues will be down slightly in the first quar ter and profits from prop erty sales will equal about 5 cents a share, he said. For the year, Hilton estimated profits will be smaller than last year's. Operating revenues and profits will be about the same, but common share earnings will be off, he told the meeting.

OTHER MEETINGS Deere sales in the five months ended March 31, first five months of its fiscal year, were up 30 per cent from the corresponding period of 1956, when strikes substantially reduced business, William A. Hewitt, president, told the annual meeting stockholders in Moline, 111. Hewitt said he expects a sizable increase in profits to result from the improved sales which, projected thru all of fiscal 1957, would put sales 10 to 20 per cent higher than last year's. United States Rubber com pany will set new profit and sales records in 1957 despite lower first quarter profits. H.

E. Humphreys chairman, told the annual stockholders meeting in New York City. First quarter profits were down an estimated 11 per cent tho sales were up 1 per cent to a new record, he said Union Carbide and Carbon corporations first quarter profits were $35,454,638, or $1.18 a share, compared with $37,673,547, or $1.25 a share, year earlier, stockholders were told at the annual meet ing in New York City. Stockholders approved changing the company name to Union Carbide corporation Shareholders at the annual meeting of Jefferson Electric company in Bellwood approved stock option plan for key executives and a pension plan for salaried employes. OFFICE FURNITURE verything for th offict xctpr rnochinei Shaw-Walker On Dirplay at Our Store Main Floor, -27 5.

La Sallt 1 FOR YOUR BUSINESS SAKE-INVESTIGATE I 1 1 1 1 1 1 when tjou need critical personnel a Hard Dollar Reason Greater Miami." Greater Miami as a desks ATiljf-ll? PA CI on Lorsneim Warehouse Florsheim Shoe company will break ground within 30 days for a new men's shoe warehouse and shipping center at the southwest corner of Canal and Taylor Harold M. Florsheim, president, announced yesterday. The expansion step will cost in the vicinity of 1 million dollars, he said. The 100,000 square foot site was purchased for $304,645 from the Chicago land clearance commission and is in the 52 acre west central industrial district cleared by the com- JSRijoi jf.Ji C3Q UUUffi ST Cfklfiii a- INDUSTRIAL EUL2 OtSTWiCT mission for private redevelop ment. Approximately 20 companies have bought land in the area, but the Florsheim project apparently will be the first to start.

It is nine blocks south of the company's main office at 130 S. Canal st. Designed for Expansion The new building will be a single story structure of about 80,000 square feet in which modern material storage and handling equipment will be utilized, said the company. It will be designed and built to provide for possible further expansion. Separation of storage and shipping facilities will permit the handling of more shoes faster and generally improve service to retailers and con sumers, said the company.

A. Epstein Co. is architect and engineer. Founded in 189J2 Florsheim Shoe company, founded in Chicago in 1892, is rated the world's largest manufacturer of men's shoes in its price and quality field. It recently became a division of International Shoe com pany, St Louis, Mo.

The west central district is south of a 46 acre tract which the city council committee on planning and housing recommended Monday be designated as an industrial redevelopment area. emmJbt T4-I7 Mtaois -STATE- 9 FLORSHEIM 1 IUILDW0 UPPSimT (ID. Iff TV Links Chicago and New York Meetings By RUDOLPH UNGER An innovation in American corporate operations was in troduced yesterday as American Machine and Foundry company held its annual meeting via a two way, closed television circuit between Chicago and New York City. The formal meeting, with all motions and voting, was held in the Sheraton-Astor hotel in New York and was presided over by Gen. W.

B. Smith vice chairman. Morehead Patterson, American's Chairman, presided over the Chicago contingent of the meeting in the Sheraton-Blackstone hotel. Stockholders in either city were able to direct questions to either Patterson or Smith. The IV2 hour telecast was projected on a theater size screen costing an estimated $10,000.

Comment Favorable There was favorable comment about it by the Chicago audience, which in addition to stockholders, included ob servers from other companies and investment societies. Patterson told stockholders that American's profits in the first quarter climbed 43 per cent to $3,490,000, or $1.06 a share. Sales and rentals increased 36 per cent to 59 million dollars, he said. Stockholders elected Carter L. Burgess, president of Trans World Airline to the board of directors and approved an executive incentive compen sation plan.

American's chairman said the company's business in automatic pin setting machines for bowling has surpassed the company's expectations. Patterson said the company estimated 400 machines a month would be ordered but that orders are now averaging 1,500 a month. 28,103 On Lease He said the company has some 28,103 machines on lease to date and a backlog of 8,022 orders. The pin setter costs about $1,410. Patterson also said the company expects shortly to obtain a contract to build Germany's first nuclear power reactor.

He said the purpose of the Chicago telecast was to get better acquainted with the midwest market He explained that the word "foundry" in the company's name is deceiving and that the company actually is a creator and producer of atomic, electronic, and mechanical equipment." He said, Our first and last foundry burned down in 1902, two years after the company was started." KRENSKY TO SHARE HENTZ'S FACILITIES FOR CLERICAL WORK Bookkeeping facilities of H. will be made and clearing Hentz Co. available to Arthur M. Krensky Co. under an agreement reached yesterday, the two stock brokerage firms announced.

Robert Poiiak, resident partner of Hentz in Chicago, and Arthur M. Krensky president of Krensky, said Hentz has an extensive book keeping department in New York City that will serve the needs of all Krensky branches. The agreement is effective immediately. Hentz is expected to move its Chicago office next month from 120 S. La Salle st.

to bigger quarters adjacent to Krensky's in the Board of Trade building, 141 W. Jackson blvd. The two production staffs will work side by side, but the separate identity of the two firms and their staffs will be maintained. fa mutual inrrstment fmi of diversified ommoa stocks selected for investment quality and income possibilities. Mftil tea ad lor free book let-pros pert ua to CALVIN BULLOCK.

LTD: LstabUsbtd 1894 120 S. La Salle Sireei Chiraeo 3 Ma Addr CT Billion Mark kets we have definite shortages." Colbert said that Chrysler customers have been buying more optional equipment like automatic transmissions, power steering, power brakes, power windows and seats, and air conditioning. More Push Buttons Three of every four 1957 model Plymouth cars have been equipped with push button automatic transmissions, compared with three 'of five in the 1956 model line, he said. Paul C. Aekerman, director of engineering and vice president of the corporation, was elected a director.

He suc ceeds Nicholas Kelly retiring after serving for 20 years as member of the board. Twenty other directors were reelected. plications for the course run up to 250, he said. However, colleges and uni versities will not be called on to meet these increased de mands alone, he said. Com pany programs lor internal training of executives are be- coming more numerous and are a factor which he said should aid in alleviating the problem of growing enrollments.

Business is becoming more complex from the standpoint of both technology and management," he commented. "As enterprises grow, they require a greater understanding of a lot of different fields which usually involves more aca demic training." ay's inition INVENTORY This is the stock of unsold goods, perhaps both raw materials and finished products, that a company has on hand. The word sometimes is used as a verb meaning to make an itemized list, usually including the value, of such goods. An investment dealer, buying and selling for his own account and not just acting as an 'agent for someone else, may have an "inventory" of securities. The term "inventory" is not too involved, but is essential in understanding many other financial and business terms and phrases.

pr 1 i 1 1 WSKBDS 1 of a a -4 1 i 1 5 a- t-1 I 1 $300 Ito $2000? I I Mo folks a lump of cash ot oin tin or other. A per tonal loan from Thm Exchange Notional Bank of Chicago can give you that cgth, and as practical for your credit standing as a I charge account ot a deportment store. ft will cost yai much less to borrow from The Exchange Notional I Bank than from many other lending agencies as much a I Yi less! Here you pay only low bank rates. Yow repay the loan in small monfh-by-month amounts spread over a whole year or even two years. And your Kfe is insured for the full amount of the loon! Fill out your application at home if you like.

May we help you soon? I Phone our personal loon department at DE 2-5000. Or send I the coupon today. AS applications strictly confidential of course. What kind of an investor are you conservative, speculative, or in between? From among 4 reports we now offer, you should find one that fits you, since they cover a wide range of investment aims. 'Growth? All have expansion under way.

Earnings? Impressively upward. Share Value? In our opinion, they are undervalued at present price levels. Dividend Prospects? With earnings up, some of these companies may consider dividend increases. You can get one or more of these reports on request. Just mail the coupon.

There's no obligation. ACHE CO. "5 su Membtrs Ntu York Slock Exchmngt Chittte othn boding txchangti DEarbora i Please send me the report I bave criecied below: Conservative growth stock Speculative stock Income and growth stock Yield stock Name ttf AT ttfAT tEPAY OmOW IS MONTHS It MONTHS 34 MONTHS $300 $32.07 M. $1171 M. $1470 M.

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Ten years from now 90 per cent of major corporation executives in the Chicago area will be college graduates. At least, that is the prediction of an official of the National Association of Manufacturers. "Of course, it's a guess," said Fred A. Miller, educational director of the association's midwest division. "There's no certain way of telling what the percentage will be, but it will definitely rise.

Ninety per cent is not beyond the realm of probability." Miller commented on a sur vey showing that 53 per cent of 75 top executives in the area are college graduates. He indicated that an increase from that proportion is as sured. Many Nearing Retirement "Considering industry as a whole, there'll be considerable variation," he predicted. "In this situation, with 75 executives averaging 59 or slightly more in age, many will be retiring in the next decade and their replacements will likely be college graduates." In smaller businesses, and in those now being organized, the trend may not be felt as soon, he said. The rise in the number of college men taking top.

posts will be sharp," agreed James Lorie, acting dean of the Uni versity of Chicago school of business. "There'll be, of course, a larger proportion of college graduates in any field of endeavor but it will be particularly true in business." Offers Executive Training He mentioned an executive training program conducted by the university for a maxi- ADVERTISEMENT DR. MELVIN C. ALLEN George C. Metcalf, president of George Weston Limited, takes pleasure in announcing the appointment of Dr.

Melvin Allen as a vice-president Dr. Allen has wide experience in all phases of production and will give his attention to the Weston biscuit and cracker bakeries in the United States and Canada. L3Li (DCs CD n. c.i 130 Soutfc lo Salle 5. CMceoo, NAME.

STREET NUMSEt. CITY TELEPHONf t.i.v.. FOR SALE (BroWrt 45147 Broodwoy, 1 I Greater Miami manufacturers there ore over 1700 prospering here now find thty con select just the' engineers. technicians. and plant workers needed from a constant flow of applications from ell over the country.

Their employees produce GROWTH PROBLEMS? 1 Finance Your ACCOUNTS RECEIVABLE INVENTORIES EQUIPMENT INSTALLMENT SALES.of PRODUCTION EQUIPMT. REDISCOUNTING $50,000 to Millions i better, too. where they wont to live. Thaf why we say, "There for Locating Your Plant in For the complete story on Gary, Indiana Approximatily 24,000 squars feit with iditisnal sqasrt feat available. Frantaga an Broadway 125 feat and 125 fast depth 4ta Placsi adjacent city hall and county buiidifigs la Gary's main bsslniss iistrlcti two blocks from South Shore, E.

0. and N. Y. C. stations, 43 minutes to Loop.

Construction! Gonereto foundation (which will permit three er fear store stories) structural steel frame. Concrete floors with marble and file finish) acoustical and plaster ceilings. Terra-Cotta exterior fsciagi stesi easement windowsj built by present occupant in 1827. Interiori Walnut paneling on maia floor and mezzanine ares. Painted plaster walls elsewhere.

Three walnut paneled private offices. Building is completely air conditioned. Steam heat, oil firedi freight elevator. Available early fall 1957. For additional Information vrrife er eat! General Manager.

Gary Post-Tribune, Gary, Indiana, Turner possible, location for your plant send, on your letterhead, for 30-page Fact File complete statistical area analysis. OREATEE MIAMI INDUSTRIALi DIVISION Poit Cmmty Adrtiinatpl.000 141 H.t 3rd Avt. Miami, la. TWom 1-361 1 Since 1854 209 S. LA SALLE CHICAGO 4, Fl 6-1444 New York Detroit.