Independent Star-News from Pasadena, California • Page 38

A-l--THE IMPENDENT STAH-NiWj. SUNDAY. APKIl 1 FINANCE Milestones By MILES CLARK Business Editor Television Is Pacing Phones More California homes have television sets than have telephones. These are the findings of the 1960 Census on Housing released by state department of industrial statistics; 89 per cent have TV while only 83 per cent have phones, 11 per cent have two or more TVs. Two thirds of the homes have washing machines while only 15 per cent have gas or electric dryers, 84 per cent have autos and 31 per cent have two or more cars.

The Los Angeles county homes are simiJar: 90 per cent have TVs, 13 per cent have two or more, 84 per cent have phones, 63 per cent washing machines, II per cent have clothes dryers, 9 per cent have air conditioners and 83 per cent have autos, 31U per cent have two or more. Strangely enough San Francisco has only 77 per cent TV. Maybe there are other forms of recreation there. Department Store Sales Pasadena's department store sales were up four per cent over last year in February and were up nine per cent since the first of the year. This was 3 points below the state as a whole for February.

However, the San Diego area with a 23 per cent increase merely points to the fact that 1961 was a bad year and they are making a good recovery. For the February period Pasadena apparel sales were also up three per cent, men's clothing was up a solid 14 per cent while women's clothing was down one per cent. Over ike Counter Grows Higher standards for over the counter trading were predicted in a recent report of the National Association of Securities Dealers. Establishment of the first clearing house corporation for over-the-counter securities transactions, limitations on underwriting profits on unseasoned issues, and maintc- nnncc of higher standards for Ihosc entering the securities business arc among major features of 1962 activity of the National Assnrrialinn of Securities Dealers, Inf. These were cited by Wallace If.

Fulton, NASD Executive Director, in releasing the. 1961 Annual Report of the self-policing RICHARD DeMORNAV of the over-the-counter securities business. William H. Claflin, III, retiring chairman of NASD's Board of Governors, told members that they must share the responsibility for raising standards of ethical conduct in the securities business. Such action, he said, has been called for by the Securities and Exchange Commission to avoid unduly restrictive regulation.

"We cannot fail to meet this challenge," Claflin said. "We must encourage our ablest men to' serve NASD. It will be through their efforts that our effectiveness in sclf- regulation will be judged." Folks and facts Paul II. Jlowe, vice president of The Marble Company of Pasadena, was elected a director of the California Mortgage Bankers Association at the Palm Springs meeting Wilson B. Wight, manager of purchasing of Burroughs ElcctroData, Pasadena, will soon be on his way to Germany for meeting with the European federation of purchasing agents association's committee on international activity.

It is hoped an-international federation will be forthcoming, and we hear the U.S. Departments of State and Commerce are deeply interested In the organization as the Common Market development will need closer coordination of business as well as government Wiancko Engineering Company has just awarded a G.E. contract to give pressure measurements to a computer Edward Okunn, CLU. located here since 1953 has been appointed Occidental Life general agent at Bellflower the Los Angeles, Orange county areas have been removed from classification as surplus labor markets by tho Labor Department. This means that interest rates on small businesses will revert to per cent from 4 per cent In last week's lax review, the 4.7 prr cent fig- tiro for self-employed income will not tako effect until the end of 1962 the 4.5 figure is still in effect for this tax return period salesmen are finding a tight- oning commercial market.

IBM dominates i 70 per cent of Ihc market, next is Rcm- with fi-10 per cent. Others arc RCA (3 per cent). Burroughs, (our own Pasadena plant). NCR, Philcn. Control Data, tho U.S.

has over 800 computers in operation. i Ti Who's Who in Business and Finance W. L. Kllngmaii, 6284 N. Deerfleld San Gabriel, manager of Firestone Tire Rubber Company of California's fuel cell division, just returned from a three-week business trip to Europe.

He visited several manufacturing plants in Germany, The Netherlands, Italy, France, and England, including Firestone's newest European a at Bethune, France. Klingman has been a Consolidated Electrodynamics was announced by Herbert I. Chambers, director of engineering for the division. i i a G. a i will liead sales and service activities for the data processing divisions of Consolidated Electrodynamics Corp.

in the Eastern region, and Thomas W. Bulrlcy will head sales and service activities for the data Firestone employe for the processing divisions in the past 26 years. Harry D. Crunk of Monrovia was today named as assistant vice president in charge of public relations by vice president and general manager Robert C. Martens of the Monrovia office of the Brcntwood Savings and Loan Association.

Ousfav Itlcdlin has just been honored with the decoration of the Knight in the Order of Leopold presented on behalf of King Baudoin, of Belgium. Ricdlin, of San Marino was active in founding Western Ban- corporation's International Bank in New York, the first time a Los Angeles bank has entered international trade. Appointment of Paul R. Christian as manager of the magnetic head department of Central it was announced by Keith A. Neil, marketing director for these djvi- Clift and Dorothy Laperruque, 1459 Sugar Loaf Pasadena, have just received a special Sales Award from the Mytinger Corporation, Long Beach, exclusive national distributors of Nutrilite Food Supplements and Edith Rehnborg Cosmetics.

Winner of the grand price, a three-day Las Vegas holiday for two, in the Transis-Tronics, drawing for Southern California dealers during Los Angeles High Fidelity Music Show last week-end was Glenn A. Yingling. Yingling, an audio specialist with Dow Radio, 17C7 E. Colorado Pasa- the Data Records Division, dcna, lives with Ills wife Helen and teen-age daughter in Los Angeles. Christiansen, CLU, addressed over 1,000 life Insurance agents on the campus of Oklahoma State University at the State Sales Congress.

The market did what it was not supposed to do for its own good break the February lows in both "averages." Though per so not too damaging It does place the market on the defensive with a test likely of the previous intermc- standpoint, because, in 12 out of the past 14 sessions the DJI were down, a technical SPEAKER--Paul A. Pflueger, vice president and investment manager of Title Insurance and Trust Company, will be the luncheon speaker at the Pasadena Bond Club tomorrow. The group will nice; in the Ballroom of the Huntington-Sheraton Hotel, according to Rowe Sanderson program chairman. Pflueger, who will speak on the past, present and future of inveslment management has been in the investment business for many years. MacGregor Says Maybe Second Half Will Boom By PAUL H.

MacGREGOR K. F. Hittlon Company Now that the first quarter is finished, we may take a look at the results. While accurate figures are not as yet available, estimates should reflect approximately actual results. The National Securities and Research Corporation estimates first quarter Gross National Product near $550 billion A Pasadena Genius Passes A Tribute.

Richard Engle DeMornay, president and chairman of the board of DcMoniny-Bon- ardl, Pnsmlcnn, passed away March at his home in Glcn- flora, as the result of a stroke. He was years old. Mr. DcMornay's interest In science and his for knowledge started at an early age. Al Ihc age when other boys were occupied wilh play.

Richard DcMor- nay was working In his home laboratory exploring his newfound of When he was seven, his parents i i son's unusual abilities and provided both the encouragement and equipment lie needed to perform his ex- By time he was 10 his home laboratory was equipped for a wide vn- i of experiments in the physical sciences. Early Kccnifiullnn His mother and neighbors became concerned during his grammar school years when the light in the laboratory window burned into early morning. Wisely his a recognized the unusual capabilities of i snn and saw no reason for preventing Iliese long hours of work ns lonj; as Richard's school j-r-'fies were good and his health was not impaired. In al Hie age of 17. lie into business a phnlographnr in Now York f'ity.

Sonn In- was spending more, time designing cameras a i mr-nt and lew; time a i His hrolher RICHARD ENGLE DE MORNAY "Cadillac" project and a "spy camera" for Ihc Signal Corp. Mr. DeMornay personally held patents for most of this equipment. A war, the DeMor- nay-Kudd Company developed a broad line of photographic equipment including an automatic electric 8mm camera. In in-l!) Mr.

DeMornay left New York and came to California lo form the DcMor- nay-nonardi Company wilh was experimenting with a high frequency cure for cancer. Because he worked of $512 (annual rate) in the 1961 fourth quarter. The following table shows the amount of gain or loss registered in the first quarter of the year compared with the previous fourth quarter: 195S 1959 I960 1961 1962 Gain or loss (billion S) The stock market, reflecting public psychology, is registering disappointment over a slower rate of rebound than the 1959-fiO recovery period, since the Administration late last year wac forecasting a greater degree of growth. It is very difficult for the market to withstand even a minor degree of disappointment. Looking behind this screen of disappointment, I can find many encouraging factors.

It begins to appear that Instead of a predicted booming first half and a slow second half. Hie reverse may prove to he the case. Recently the economic statistics which are reported on a weekly basis aro registering improvement. Now that the, steel labor contract Is settled, any excess inventory of steel should be worked off in the current quarter; even so, I doubt! that steel output will drop very much. The construction industry, which is of major importance a growing economy, is in much better condition than Government figures would indicate.

The F. W. Dodge Corporation forecasts a yearly gain for all types of construction. They predict Ihc building of 1.4 million dwell- ng units, up 75,000 over last year. The big push will of course be in apartment: units.

Lately there has been much pessimism over home building. A government survey of planned expenditures for plant and equipment is placed at a new record of $37.2 billion, up from the record year of 1961. In my opinion, the current year's expenditures will surpass that figure, since it would be. logical to think that considerable planning is being held in abeyance awaiting the passage of the President's proposed tax allowance for new equipment. The market, while in a buying zone, is apt to remain in Hie doldrums until some enlivening news appears, in my opinion.

EOS Changes Announced Robert S. Gibbs has joined the staff of Electro-Optical System as manager of contract administration, according to an announcement by Ivan M. Ponedcl, vice i in charge of government and industry relations. Prior to joining Electro-Optical Systems. Gibbs was supervisor of contracts for Litton Industries.

Before that he was military relations representative for Lockheed Aircraft's Missile and Space Division. I Alcn Mandell has joined: Electro-Optical System as con-! La Chapelle Says Market Slated for New Low Test Chance By H. de La CHAPELLE Paine, Webber, Jackson Curtis items from a letter to the Wall St. Journal (March 29) written by Bucknell University Professor Patrick M. Boarman, are presented the far-reaching consequences of this problem might better be grasped: Let it be said at the diate lows.

From an immediate outset that tariff reduction Is good. But tariff reduction is at present only one of the adjustments the United States rally could develop. nc eds to make if it is to sur- the considerable "overhang" now, not many points up, should limit any recovery at this time. An unfavorable technical indicator is breadth-of-market that yesterday broke its anala- gous level at 687 In the past this has almost always been the tip-off for the Dow. Until the DJI confirms, however, the writer prefers to abide by the scriptural unto the day is the evil thereof." Because of our position in the business cycle--discussed at length in these letters over the past several weeks it would be difficult to accept at face value the Dow Theory jear market verdict a joint penetration of the Jan.

26 low close 6S9.92 (Rails 140.66 on Dec. 30, 1961) would provide. It is felt rather that such a possible penetration on this leg of the decline to the accompaniment of a climax jliase. would result in an icutely over-sold condition providing unusual buying lortunitics. Tariff Effect Because the tariff question vive, economically, In changed world surroundings.

Far more important a tariff reform is reform of our internal economy, away from the collectivist-inflationary policies of the Keynesian orthodoxy and back to the principles of a genuinely competitive market economy to fiscal and monetary discipline in the public and private sectors. Readers of the above will immedaitely sense how precariously balanced we are on the horns of a dilemma, of our own making. No doubt the market has been reflecting concern over what is our apparently congenital inability to attack basic problems in forthright manner--in matters of fiscal discipline (the heart of the gold-flow problem), tariffs, depreciation incentives and taxation (to mention nothing of debt and self-defeating, farm support program). Thoso who view the scene objectively (particularly from abroad) would certainly gain the impression of a nation indulf.ipT in shadow-boxing on a grn rtt scale. As stated last week, if a bull market peak has already been recorded, post-faclo factor weighing upon the market recently, a few salient WHAT STOCK MARKET DID TrffV.

nrpli 1M rn 427 J34 and its incalculable effects on rationalization could well lie is no doubt a major laid at the door of devious, economic gimmicks in tackling our problems. Generally speaking, the 1961 bull market saw building stocks, most of which made their highs in 1959, failing to join In the advance. This tin- exploited group would seem to deserve buying considera- lion in periods of market on basis of their rel- atively low posture vis-a-'va the DJI and an improved industry outlook as recently expressed by F. W. Dodge Corp.

N-KW YORK AT Wrtkiy chief economist Dr. Gordon JU who undauntedly os- in 11 total 1962 contracts at Active Stocks trollcr, according to an 'k billion, rxceedinf 1961 by nouncomont by J. C. llnndley, abc Treasurer. Prior to joining Electro- Heal Systems, Handel seven years with Datex ration as controller and treasurer.

Before that he was a nr Ho HIHl flll Ui 0 11 jL-aouno iwi staff member of the Air Forccinnh swi ijlauo "gillie number of houses and auditor general's office in 'iVA liivs apartment units built this year 11 nnn tiai. i I I KnrvHte IJH.flflH 15 sid on NJ m.ooo i i i 1 i stppi IH.OOU i' snnnt Tirr.vu KM.HIHI --ia r- liinynt Dutch a L-01 pO- Xe Hl.fiilO fin 1 X3JOO no. Him lout 30 per cent rather than a mere 7 per cent as predicted last November. And as the. WSJ of April 4 says recent gloomy federal slatislics to the contrary there are still reasons for expecting Angeles.

T'w'tn exceed 1961's 1,276.000 units. alone, only the notes he kept over the years remain. Mr. DcMornay was a man of almost tiroloss energy, able to work around the clock for three or four days without sleep. This boundless energy enabled him to accomplish so much in so few years.

He was able to work as many hours in one year as the average man could in two. When lie became interested in a subject, he would gather all of the material on it he could find then read and study it until lie became well versed. BiuM j'lircri i a few years i Fonda Hnnardi. I i a and together i friend. The company rapidly formed i IIP iJe.Mrirnay.nudri i became a leafier in design- Company In design' i i a a a i i i i a i microwave i and equipment, systems.

In HIP lain Mr. Ho- Mornay became inteie.sied in the then new i i of microwave elerironics. 1 MI i World War II the rc.Mor- nay-Budd (''impany. under the enp.ineerm;; (hrcctirm nf Mr. nc.Mornav.

pi'inceied development ot radar and designed microwave portion tif the APS III, APS- 20 and AI'S-42 In ad- Jlnnorrd Several years later he receiver! the Wrscon award for a sliiiuling wave guide which he designed. Mr. De- Mfirmiy did most of his mkrnwave research in his luirmr labcinilory at (Jlen- flora, which a complele library, IPM lab. pholo and chemistry lab and machine i i they developed wave shop. guide test equipment for the l-'or ihn last (our years he BRUCE CRARY Lincoln Continental Mercury MilebV At 4-2121 CU 3-6451 222 W.

Las Tunas San Gabriel GET THREE FULL MONTHS' EARNINGS! Funds received by April 10 will earn in lull from April 1 and receive a quarterly dividend at the current rate of per annum extra dividend ot annual rate -both payable Individual accounts insured to $10,000 by Federal Savings and Loan Insurance Corporation. Several joint accounts may be so arranged that all aro prelected by insurance, Address funds to: 4 PAYMENTS PER YEAR ASSETS OVER IS1 MILLIOU RESERVES ABOVE tt MILLION Post.irje paid bcih w.iys. Phone or write for latest statement. at LOS ROBLES and FOOTHILL at A I if, a i a i a secure Just as oaks start from small acorns, great financial empires start with the first coinj saved a then invested iviscly. Since a a 1, 1D62, Atlas Federal savers have liecn earning 722 East Colorado Boulevard Pasadena, a i i a SY 5-9531 HI 6-5239 Across from J.W.Robinson's Savings received or postmarked thru the lOlh earn from the 1st Accounts insured to $10,000 Ample free adjacent parking Save-by-mail postage-free.