The Morning Call from Allentown, Pennsylvania • 31

THE MORNING CALL, Allrntown, Tuesday, April 4, 1872 31 In Business ITT Reports Record Sales and Revenues of Over $7.34 Billion 1 vices division. The new division International Telephone i businessmen expect employ- Telegraph Corp. has reported ment to increase during the sec- will consolidate the Viewlex leis' ure time companies into a na record 1971 sales and revenues, ond quarter of 1972, according to tionwide network to service the music industry and industrial income and per-share earnings before an extraordinary item for losses in Chilean operations. Sales and revenues totaled bond issues last year. William D.

Byrne chairman of Phelps Fenn, and Edmund C. Byrne, president, will join Reynolds as vice presidents. Coplay Cement Manufacturing Co. has declared a regular quarterly' dividend of 10 cents a share, payable April 27 to shareholders of record April 5. AUentown Record a subsidiary of Viewlex, is among 10 subsidiaries joined to form the Viewlex custom ser headquarters in New York and an office in AUentown, has reached an agreement in principle to acquire the business and substantially all of the assets of Phelps Fenn, the nation's last remaining major independent municipal bonding house, early in May.

Founded in 1924, Phelps Fenn is among the largest municipal bond firms on Wall Street. It managed or comanaged about $250 million in new municipal losses will be greatly reduced in the current quarter. Joseph J. Saker, president and chairman of the board, said at a recent stockholders meeting that many higher costs the corporation had been forced to absorb, including increased labor costs, exceeded current national norms. He said he hopes the Price Commission accepts some way of passing these costs on to the consumer.

Reynolds Securities, an investment corporation with expected increases and 10 per cent, decreases. Schwarzenbach Huber an Indian Head company with a plant in AUentown, recently dedicated a new $6-million double-knit fabric manufacturing facility in Carysbrook, Va. The 60,000 square-foot plant is the world's largest installation of the Dubied jacquard knitting machine for double-knit fabrics. Foodarama Supermarkets, predicts recent operating $7,345,781,000 in 1971, compared a survey made by Manpower, international temporary help organization. Of those polled, 63 per cent predict no change in their employment needs April through June; 6 per cent expect a decrease, and 9 per cent had no opinion.

These opinions contrast with those from a first-quarter survey. Seventeen per cent then said they to $6,479,231,000 in 1970. Income before the extraordi and educational clients witn one-stop service for record and tape manufacturing needs. Texas Eastern Transmission Corp. has declared a regular quarterly dividend of 38 cents a share, payable June 1 to shareholders of record May 5.

Rite Aid Corp. has reported nary item was $406,834,000, or $3.45 a share, compared to $362,541,000, or $3.14 a share, in the previous year. The extraordinary charge was for $70 million, or 60 cents a share. According to Harold S. Gen-een, chairman and president, Your Money: Some Tips on Buying New Piano ITT has increased productivity net income for the fiscal fourth quarter ended Feb.

29 was $2,388,568, or 25 cents a share, compared to $1,369,238, or 14 cents a share, in the previous year. Sales were $46,365,582 for the period, compared to $31,565,892. Net income for the year was $6,391,110, or 66 cents a share, compared to $3,868,375, or 43 cents a share. Sales totaled $155,198,758, compared to $104,909,742. The previous fiscal year's earnings excluded a special credit of $131,903, or 1 cent a share.

First Valley Bank opened a limited banking facility yesterday at 1839 E. 8th Bethlehem, in the Bethlehem Housing Authority building at South Terrace. Services offered will be check cashing, Christmas and vacation club accounts, money orders, utility bills and food stamps. International Utilities Corp. has announced completion of the acquisition of Corson, to become an operating unit of the metals and minerals group, in an exchange of stock approved by Corson shareholders.

Corson shareholders will receive 0.37 shares of I.U. common stock for each of the 878,002 Corson shares outstanding, plus a maximum of 0.0854 shares based on certain contin Chess Fuss Discussions Suggested NEW YORK (AP) A senior U.S. chess official proposed Monday that the president of the International Chess Federation By SYLVIA PORTER NEW YORK In our New York City apartment, we have a out any solid guides on purchase or maintenance. There are now more than 9,350,000 pianos in American homes, an additional 500,000 in schools, churches, etc. Each Knabe baby grand piano bought correctly pitched at American Standard A-440 cycles per second pitch and that the piano is in good tune.

Try the piano pedals and listen for distracting squeaks and noises. Depress the right pedal, hold it down, gently push down each key and make sure that when released, each key returns smoothly and promptly to key level. Check the base strings, for rattles or loose windings. Ask the sales person to open the top lid and, in the case of a vertical, the bottom panel to aid your visual inspection. Play the instrument or have an obliging friend (not the sit down with American chess champion Bobby Fischer to resolve the world championship conflict.

second-hand more than 30 years ago andrecently rebuilt at a cost of $802.50, because Knabe's serviceman said, "As it stands, this isn't a musical instrument! It's a piece of furniture." In our home in exurbia, we have one of Steinway's the top one-third of any particular piano line. 2. Buy only from a reputable piano dealer who will encouarge you to shop for quality as well as price. 3. By-pass the cut-rate "junk piano" dealer who mixes "seconds" bought at fantastic factory discounts with a few first-grade pianos and undercuts the legitimate prices of every reputable dealer in your area.

Watch out for this conman, Schmeckel warns. 4. Buy among the half-dozen or so top-quality brand-name pianos made in the United States, which are well-known to pianists, teachers, etc. You'll find it much tougher to determine quality on the great mass of E. B.

Edmondson, executive year U.S. production approximates 200,000 new units, of which only a tiny number are exported. More than 21 million of us are amateur pianists; another 5 million-plus are children taking piano lessons. The piano is now "recognized as the one supreme instrument in our modern musical culture," writes Carl D. Schmeckel, author of the just-published "Pi director of the U.S.

Chess Fed tween a console and a spinet is an important advantage and can save you substantial sums-in future service costs. 6. If you're buying a grand piano, also buy the best quality. Schmeckel thinks a medium-size six-or seven-foot grand is an excellent choice for the home, much better than the baby grand. 7.

Read the. manufacturer's warranty before you commit yourself to any purchase. Be warned: the average piano buyer invalidates his piano warranty within a year through service neglect. 8. Buy a piano that you have had a chance to hear and examine on the sales floor.

No two pianos of the same model are ever exactly alike and both tone and touch may vary. Don't agree to accept a "duplicate" piano from warehouse or facto eration, said that only by a face-to-face meeting can the tangled negotiations be worked out. Porter Fischer has demanded a share and profitability in both new and traditional product and service areas, despite an adverse national economy, slowdowns in many foreign markets, currency revaluations, wage-price controls and general tension in international trading relations. "We have grown in size and scope of diversification to the point where we expect the company's sales will grow internally at approximatey 10-12 per cent annually," Geneen said. "Reflective of our confidence in our future, our capital expenditures in 1971 reached a record level of $654 million.

For 1972, capital expenditures are again scheduled to increase at least 15 per cent above the 1971 level," Geneen added. Over the next five years ITT plans to spend more than $140 million in pollution control and environmental improvement, Geneen said. "At year-end 1971, our manufacturing backlog was at an all-time high of $2.8 billion, an increase of 23 per cent over the proceeding year. The dividend on our common stock was increased in 1971 for the eighth consecutive year to a new annual rate of $1.19 a share," he said. dealer) play it for you.

uprights bought new at least 15 in the profits from the 24 game match with current champion ano Owners' Guide," the first Russian Boris Spassky. The 5tu 0- a book ever published in the entire CMSoSS- threC t0 260-year hfitoiy of the piano de- four tunings annually. 10. After purchase and delivery to your home, have your new piano tuned again by a ca gencies. championship had been sched signed to help us, the piano own commercial-grade instruments.

uled to begin in Belgrade, Yugoslavia, June 22, and to be completed in Reykjavik, Iceland. Both these nations refused to give Fischer anything in addi pable piano service man within; three to six weeks. If this first; tuning is to be "free," get this fact down in writing, stating the In both cases, the instruments involved major initial investments and continuing costs of upkeep and care. Yet, through all these years, I have been stumbling around the field with- FACTORY SECONDS Used New Samples Desks, files, tables, chairs, fireproof cabinets, bookcases, sofas, Kardex. DIRECT OFFICE FURNITURE OUTLET CO.

1702 Hanover Ave. 437-5593 ers. To begin with, if you're buying a new piano: 1. Buy the best quality you can honestly afford (the No. 1 rule in every sphere) and expect 5.

For a small home piano, Schmeckel suggests you settle for nothing smaller than a console-size piano fitted with a direct-blow action, The three-to four-inch difference in height be proper time limits. ry. tion to the prize money. Tomorrow: Buying a used pi-J Dr. Max Euwe, the Interna 9.

During the check-out at the stora, make certain the piano is ano. to pay from $1,000 up for the better quality vertical pianos, says Schmeckel. If you must tional Federation president, said in Canberra, Australia, Sunday that Fischer will be disqualified automatically if the U.S. Chess limit your purchase to a com mercial-grade medium or low Federation does not guarantee his appearance. priced instrument, select from This announcement Is neither an offer to self, nor a solicitation of an offer to buy these securities.

The offer Is made only by the Prospectus. Wtat omterest rate can Last Friday the federation1 Adman to Detail Farm Marketing Briefly warned that if Fischer's participation was not guaranteed by Tuesday, April 4, it would be construed as a refusal to play the match. Edmondson, who up to last week was Fischer's negotiator, said here Monday that one of C. Russell Kranich cre ative director for Ritter-Berger, asu Associate Word Sleuth By RUSSELL PALMER From records available, it would seem that the Egyptians were the first to use the "wedding ring" in making marriage vows. In hieroglyphics a circle represents eternity.

The early Anglo-Saxon groom gave a pledge, or "wed," to the bride at the betrothal ceremony. Included in this wed was a ring which was placed on her right hand, where it remained until the marriage ceremony, at which time it was transferred to the left hand. an AUentown advertising agency, will speak on the mar keting of farm products at the annual meeting tomorrow of the the main participants, the Belgrade organizers, withdrew from the initial agreement last Pennsylvania Farm Retail Mar ket Association at the Holiday flmwstmemit Ktot earn? 6 7 7 8 Inn West. Federal National Mortgage Association has reported net income for 1971 of $61,181,000, or $1.43 a share, compared to $6.7 million or 19 cent9 a share, the previous year. Fully diluted per-share earnings were $1.36 in 1971, taking into account a four-for-one stock split effective Jan.

17, 1972. A company spokesman said the year saw the company's debt structure lengthened. Twenty-two per cent of U.S. week. "How can Mr.

Fischer be asked to comply with an agreement already apparently invalidated by the withdrawal of The program will start at 11 a.m., after which officers and one of the parties?" directors will be elected. The group of about 40 members will tour four farm markets in the Edmondson said, "The next step should be contact, and I mean full contact, between the president and the players." AUentown area after the meet 'ing. nn I 1 XI 11 financing, insurance underwriting and commercial lending, and has over 800 offices throughout the United States and Canada. For the location of your nearest Metever Company agent, contact your local Associates Financial Services office (a subsidiary of Associates Corporation of North America). Or for further information and a Prospectus, call Area Code 800-348-4815 toll-free during normal business hours.

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