Independent Star-News from Pasadena, California • Page 30

INDEKNDIKT STAH-NEWs, SEPT. 30. W2 FINANCE Milestones By MILES CLARK Business Editor There's Good News Today I I Hertel's Notes Slst Birthday While the stock market is in the process defying our most experienced, analysts, great strides are being made in providing him with the latest quote service. Standard Poor's has worked out a pushbutton device which can give the broker instant service at his desk. His own talent andSexperienct will still have to guide him in what to do with the information.

One of the comprehensive market rneas- uring sticks the Standard and Poor's 500 Stock Index is being electronically computed every five minutes, Lewis Schellbach, P.vice president announced. The Standard Poor's Corporation is the world's largest investment advisory firm and financial publisher. The Index will be compiled sixty times a clay and made available imertiately to brokers anywhere in the country by the III- tropic Systems. Corporation on Pennsauken, New Jersey, Schellbach said. By using the recently introduced Ultronic Stockmaster, the broker can receive the latest five-minute Index reading.

The Stockmaster is a desk unit, smaller than a typewriter, that resembles a compact tabulator in appearance. By pushing a combination of buttons, a broker can obtain instant price information on any. of over 4,000 stocks. The information instantly flashes on a small screen at the top of the machine. Until now, the Index has been computed on an hourly basis and carried to brokers by means of ticker and other services.

Investors can also obtain the latest Index readings by phoning a number where a recorded message gives them the information. Schellbach called the new development a significant advancement in the science of stock market evaluation. Now if we could just have a machine to predict the market's next upturn! Facts and Folks California's credit position in the New York bond market is "excellent" according to big time Wall Street financiers. "The state's history of borrowing and re paying is one of the best in the nation," says Walter E. Morse, manager of the bond Department of Lehman N.Y.

will find an extremely California issues receptive market. 1 All this was in. a survey made by a Los Angeles paper and more power to them for doing it. We'll need lots of bond money in the big boom' years ahead and we can be happy that the state, no matter what the administration, has been intelligent aboui keeping our credit good. Premiere showings of the New York Exchange's newest color motion picture "The Lady and the Stock Exchange" was con ducted in the Los Angeles area under the Departments Bigger auspices of the California Investors' Information Committee of Stock Exchange Mem ber Firms.

Hosting the premiere showing was J. Earle Jardine partner of William Staats Co. and Southern California chair man of the Investors' Information group and his committee of Ben H. Eaton, of Dean Witter Henri de la Chapelle, of Paine, Webber, Jackson Curtis and Lloyd C. Young of Hayden, Stone Co.

Final preparations are now complete for the 25th SAE National Aeronautic and Space Engineering Manufacturing Meeting to be held at the Ambassador Hotel, Los Angeles from October 8-12, 1962. By COURTNEY HOUINGSWORTH Hcrtol's has served the pubic in Pusadena for 81 years (as of October 1st) the longest span of years of any department store in Pasadena --and Is celebrating with the biggest sale of the year! Founded by the late Herman It. began in -the building that formerly housed the 'ruikshank and iBremer Department Some resi dents still recall the situated at Colorado near Fair Oaks later at Colorado and Kuclid; and now at the present address on Colorado near Gartield--where it has been for the past 35 years. Hertel's Slst Anniversary sale features "buys" in all its many departments, as adveV tised In six, complete pages of ads in this Pasadena Star News and Independent. The buyers have been busy hunt ing down now, fall merchan disc at low prices.

Pasaden ans know, from past 'anniver sary sales, what opporturii ties they now have to buy what they want' at really worth-while savings. In the past year Hertel's has expanded all the apparel departments for women, men, girls, boys and infants with more complete stocks and have Installed a new large discount major appliance de partment where the prices are the lowest in.town, anc the policy is "we cut the price but never'the service. 1 It has enlarged the furniture department providing addition al space for furniture of good taste, attractively priced; for rugs and carpets also at the MacGregor Says No Test Seen For the June 26.Lows By PAUL H. MacGREGOR E. F.

Ilutton Company There seems to be a general belief that in election years a rising market leading up to the election is the usual pattern. That is true of presidential election years, but in "off year" elections, the market appears to have been unmindful that an election was approaching. Other factors seem to be in control. Dow Industrials in "Off Year" Closing' Pr. Day Before Election Closing Price Oc(.

Nov. Oct. Nov. Oct. Nov.

Oct. Nov. Elections Gain 293 14.22 6.42 5.92 Year 1946 19.50 1954 1958. In 1958 the economy was emerging from a year-long recession. However, October of any year is an important month.

It sets the pace for autumn business--new car models, harvesting and movements of crops, and this year, October may see the end of steel inventory liquidation, which has been a thorn in the side of business. The stock market, which tends to move ahead of events is currently saying the statistics for the month are going to be disappointing, but sometimes the markets' appraisal is in error. In my opinion, October figures will 'prove somcwha neutral, indicating neither a recovery nor a recession. The uncertain attitude will probably continue for some months possibly until there are definite signs of a tax cut. From the June 26th low of 535.76, the Dow gained 802 points to the August 23rd high of 616.

As this is written the Dow stands at 581, where it has retracted almost hal of the total gain; this would seem to be a logical stoppin point. I do not anticipate that the market will test the Jun 26th, low. West Coast Briefs By A. M. PETERSON Peterson's News Releases La Chapelle Says Small Chance of Bettering 590 By H.

de LA CHAPELLE Paine, Webber, Jackson Curtis Between Aug. 29, and Sept.ltrials, and on the decline from 0 the DJI on a closing 616 broke taluw )hei ad held the unusually narrow ange 609.18599.14. Obviously, close below the latter figure preceding low 119.28. "The Rail Average is oh viously showing outstanding weakness and the action of In lept. 21 to accompaniment of Between the DJI and Rails, a orrj' picture of new highs vs.

cw lows (on a 7.95 point net ain in the Dow from 599.14 607.09, daily new lows ex- ceded new highs by 3.5 to 1) nd breadth of-market on the ise showing a net increase in idvancing issues of only 62 last relationship, showing utter inability of the main body of stocks to follow the lead of' he 30 Dow Industrials, was probably the most telling witness to the market anemia. ftottom ugh were 119.28 on Rails an 571.24 on Industrials. Since have a a violatec ilicir 119.28 point, a compara Die Industrial penetration (an f.u 11 downside confirmation would require a breaking the 571.24 I now clas. ify all three trends (primary secondary and minor) as hea ish. "Nevertheless, i should hear this thought mind: While it is probable th 1962 crash recovery is ove there could be another dro (now i progress), a By all odds the turn in the another parl i al rcco vcry prio 3 penetration of th double bottom at exactly 578.73 should have been extended on Wednesday to 595 on basis minor rallies of one-two days, in a downtrend, are the rule rather than the exception.

As 1962 lows. In other words, not at all unusual, subs quent to the termination of th secondary recovery, to have confusing series of price mov ments before new bear mark Paine, Webber's floor-partner lows arc ina InternaHori Rectifier Corp'of $6,633,223, against S5.393 42 reported sales for the fiscal in fiscal 19G1. Net income wa year ended June 30 rose to $183,855, equal to 38c a share, $17,882,213, highest in company ompared with $312,227, or 65c history, and with! 514,512,735 In fiscal 1961. Nct earnings amounted to 51,207,282, equal to 50c a share against $1,108,216, or 46c a share the previous fiscal year. Financial Federation, Inc.

expects earnings in the second half will be within the range of its record first half this year, when net income before appropriations to general reserves climbed to $5,628,009, or S3.01 a share Tidewater OH Co. looks for net operating income for 1962 to rise to around $29 million, or $2.10 a share, versus 527,822,000, or $1.76 a share last year. Buffiims' registered net earn Ings in the months ended July 31 of $159,828, or 29c a share, compared with $134,319 or 26e a share in the first fiscal half a year ago Pncifji Alrmollve Corp. will dedicat its new multimillion-dollar, 25 acre aircraft service center a Lockheed Terminal November 26. Chemical Contour Corp.

re share Baker Oil Tools, nc. named R. N. Waters, formerly secretary and treasurer, the newly-created post of ice president--export opera- ions to handle this phase of he firm's growing business. Itcsiflcx Laboratory, Inc.

irst fiscal quarter ended Aug. VI showed net income of $37,07, equal to 13c a share, compared with $23,382, or 8c a hare in the like year-ago pe- Far West Financial Corp. voted a stock divi- dcnt, payable Dec. 3 to share- lolders of record Oct. 15 California Financial Corp.

has completed the merger of Duggan Investment Co. and Sequoia Mortgage Co. The new Charles mean technician himself--so frankly wired the writer this morning, 'I am confused by the short- term outlook for the market. Recent action came as a sur- to me. A decline this '(Thursday) accompanied by an increase in volume would cause me to abandon lie expectation of rally to the 600 area and an immc diate decline in the DJI to seek a new support level.

The only constructive factor left in the mmediate market a the slight decline in volume in yesterday's sell-off." Ifnlf Way The odds now a low prices (in due time) and tended period of reaccumul lion before stocks arc ready embark on a major bull mo' again WHAT STOCK MARKET DID Trrv. nrrk 21 I Up 213 3J7 oif 1075 1G01 Active Stocks TOY TIME--Herlel's brand new toy shop is readied. iwest prices anywhere; and' or a curtain and drapery see- on where selection Is large id bargains abound. In addition, Edward R. Mey- EDWARD R.

MEYERS president ers, president of Herlel's, has announced the opening of two new special departments; fix- Hired In new modern decor. Toys Relocated Toys have beoii relocated; with the latest in new "equipment, an attractive new section on second floor. Hundreds of fascinating new toys have arrived and-an "Old Fashioned" a Counter is a big attraction! Free gifts will given to the. children on opening day of this Anniversary Sale. On main floor, center aisle, Herlel's has all kinds of con fcctions in its new modern candy shop, featuring specials every week, and a to candy gift packages and novel ties for grownups and children.

The accessory departments on the main floor --jewelry, handbags, millinery, hosiery, neckwear, notions, and closel accessories --all feature AnnI versary Specials at great savings. The ladies' shoe depart- ment, also on the main floor, together with -the men's and children's shoe departments in lave specials for tlio sale. White visiting the men's sliba department, men find tho furnishings and clothing' departments in which buyer has tables and racks jammed with bargains lie has planned months back. Donic sties, Fabrics famous, domestics and fabric'departments will also participate in the Annl- versarj Sale with special offerings. household gift departments, located 'In the downstairs: store, provides the customers of Pasadena and environs With an opportunity to make worthwhile savings in items for the homo; and to anticipate the gift-giving holiday season with purchases at special sale A new bath shop has been relocated nd has many anniversary specials.

not least, Hertel's calls attention to the. largest button counter iii tho entire Southwest, customers from as'far away as San Bernardino and Lancaster come to find the hard-to-find buttons. 1 The management of Hortcl's also states they have had a special conference with Pedro the parrot in the Patio, and he the Green Street annex, will has a to put nil tho warmth he can into his "Hello" greeting as befits Herlel's -the friendly store --on the occasion of its Slst Anniversary Sale. Orkiu Nolos Gaiiis Orkin Exterminating Company with offices in Pasadena has announced record-breaking sales and earnings for the nine months' period ended July 1st; Net earnings after faxes were up from $1,820,000 for the same period last year, representing an Increase of 18.3 per cent. SIDNEY W.

REICH executive vice president who Beckham Opens Own Firm liobert Beckham, veteran nsurance executive of Pasa- ena and Los Angeles, a pened his own firm, Robert Associates, at 544 Wilshirc Boulevard, Los Vngeles. Beckham announced that he ad named Clemens A. Fortman as vice president of tie new firm-which will spe- ialize in business and personal Itoy A. Goodhuc, San Ga- iriel, is celebrating his 40th anniversary with Transamer- ca Corporation interests. He is urchasing agent for Occi- lental Life Insurance Com ariy of California, largest of fransamerica's subsidiaries.

In August, 1922, be became an employe ol the old Hellmar Bank in Los Angeles whicli subsequently "merged with the Bank of America. Pasadena graphic arts exccu ive Edward J. Male, co-owner Male and Stanton, a member firm, Printing Industries Asso elation, Los Angeles, wil attend the forthcoming 76th annual convention of the Print ing Industry of America to held Oct. 1-6, Queen Elizabeth Hotel, Montreal, Canada. Axel C.

Lnndrlng, Pasadena general agent for Lutheran Brotherhood in Southern Call fornia, will attend a meeting the fraternal life insurance society's western area genera agents Oct. 1 and 2 at th ftilton Airport Inn, San Fran Cisco. Local life insurance peopl among the 919 granted th Chartered Life Underwrite NK1V YORK A niost atlivB tnt (be irrlj. To the writer there appears little chance of bettering soon the 590-591 highs of a The important ils spot now is the 1 tracemcnt mark of summer'ss'wrri iiand rnamp A- 97-pomt maximum advance viz. mi Mfh roughly 573 that happens proximately to coincide with the pivotal 571.24 level.

Let 1 see what Richard Russell, in Am subsidiary will be known as his Dow Theory Letter of sn IK2.IOO 123.000 1M.5QO 23V4 -t-lvj lio.irw tZ IST.finrt i3i Sequoia Mortgage Co. San Diego Gas Electric in the 12 months ended Aug. 31, had net income of S10.908,- 820, or 52.12 a share, versus has to say on this score: Rj" Rails failed to confirm Indus-i nn.nio the previous fiscal year Calif ornla-Paclflc UN lilies Co. ports sales In its first fisca quarter ended June 30 were an all-time record $582,000, up 5954 over $365,000 in the like! period last year. Net income was $46,000, or 12c a share, compared with $36,000, or 9c a share The Flying Inc.

states August revenues reached record 000, a. gain of over $3,053,000 in the'same month last year. Bell Electronics Corp. re-j ported total gross Income for the fiscal year ended June 30 reports net earnings for the 12 period. months ended Aug.

31 of $3,179,178, or $1.52 a share in $1,198,401, equal to a share, against $1,127,633, or $1.18 a share in the like 1961 Attention: Fleet Owners and Operators New, eaiiEy Inifalfwf A TronsKtor Itniilon System drarnalicalty Improves performance operating costs. la 60.000 mita of driving No point or plujc replacement Faiter acceleration more IT as Hijhcr top sjwed Nu Ji sinful carbon depot Us If your units average 20H miles per month, TRAXSFfRF can pay for itself In 4 For the a be Impressive; for every user. TRAK3FIRE can mean tax Tree raise In take-home pay. full Information, rail or write: Preston Sales California 261 Colorado Si. Room 212 SYcamorc 3-7344 PRESTIGE OFFICE BLDG.

1500 S0. FT. AVAILABLE NOW (WILL DIVIDE) COMPETITIVE RENTAIS BEST DEAL IN TOWN MELVIN BUILDING 739 E. Walnut Pasadena SY Besf Investment COLOR TV TRIUMPH! I The ASHLAND Special Series 213-G-15-R 260 sq. In.

picture RCA VICTOR MARK 8 COLOR TV Consolette Color TV with "Wireless Wizard" Remote Control that Turns All Power Completely OR! Touch-Bar Channel Selector BEST DEAL IN TOWNI HI. MILLER 964 E. Colorado, Pain. SY 3-41 I BIMK tafca AM: Free Parking on rremluc We Service All Table APF1I- signation at the American Dllcge ol Life Underwriters Chicago recently. They are ircst II.

Cooper Arcadia; iclmcl Kearimy, Monterey ark; Rlclinnl Enrl Bnchtcl Henry W. Bent, Pasadena; illlam E. Phifer, III, South asadena, and Vincent Rq- no, West Covina. Franlc C. Sullivan, director public relations for the oulhern California Gas Corn- any, since 1954, was elected ce president by the Board Directors at their regular iceting this week.

D. Taxson of Lilho Sup- ly, Pasadena, attended the 1st )ealer Management Confer- nce, recently in St. Paul, inn. R. F.

Tlllman of La Canada cads a new sates department or the F-1(M at the Lockheed 1 California Company. Tillman becomes manager F-104 sales-Mutuel Assist nee Program. Reorganization to expand marketing support of both the and P3V aircraft pro- rams. VERY LATE EQUIPMENT MACHINE Oil p-NO LIMIT I I NO RESERVE AUCTION OCT. 2 STARTING ID A.M.

PARKWAY MFO; CORP. (Pasadena Division) 3330 FOOTHILL BLVD. Alan Stanley Horn, CPA of 'asadena, has been elected member of the American In- titule of Certified Public Ac- ountants. Horn is with the Los An geles office of the accounting firm of Arthur Young Com-i pany. Tiie family-owned Star-Kist Food Corp.

has Just expanded its board of directors. two new members of the' board are partner in the legal firm of Little, Curry Hagcn South Spring Street), and Wll-i lam D. who has served Star-Kist as vice-president of finance. Little is active In Los An-j geles and Pasadena civic fairs, Including his present as-' signment as President of the Pasadena Foundation for ical Research. Frank C.

Stone, President of S.G.V. Wholesale Drug Company, announced the employment of James J. Berry Covina, as general sales manager. 1 (U) Emjlris: IMHES: Cincinnati. Tray Top (J) LtBlor.d Bail (31 V.Skad Ftilll (21 (3) Kit kiid, tuck fcirdaaid SiHdiUlni! milic Slib Lllkr, 815 JJxkl GB1NDFRS: TteEFie.i J.

13 Stifici: K. 0. Ln Toe! aid Cittir. CHUCKER: Drltiin-Giidliy lio. CG5 G'SifmJlB A-jIWMlir, 6V' nilh (81 VERTICAL MILLS: Tril Hxl.l 2VG irj V.eltl 2UVR; 2UV: (It Clncir.nlti Tooliuileii I Modtl 4011 Bt.tr led liklct, Ixlijir, etc, Mill TOIHIKG: Qilriri, Iceii'ni Fiiliilt, lie.

SAWS: Crob HS-18 I.id Kl1lirjio. Far-co Arbcr Pmses; Air Coci- preuofs; She? Equipment. INSPECTION ind TOOL CRIB: h. iptctlan Depl. wil 1 Katifam Titter, Bl.ncri Comparator; Suidci Fli'ei; GlEn, tie.

LIIEB Txl Crib. Uilal Dtilt, MKhlnei, Tyfttiilttr lad Fi'fi, elc. TRUCK: 'rf Chtr. Apicha Ion Pitlup. Send for free circular MILTON J.

WERSHOW CO. fine ofAmctica'iFoiemtlAticlioiicris 7213 V.e\iKt, WE 3 8541 1297 3rd OlkUrd, IE 4-7242 2130 S.W. 5tfl, PcrllJIO, OfC. CA 2-91 51 NOW LEASING OFFICE FURNITURE EQUIPMENT SMALL LOW MONTHLY DEPOSIT tlAJES HAMPTON HOUSE OFFICE INTERIORS 1186 E. WALNUT PASADENA SY 5-1151 GET THREE FULL MONTHS' EARNINGS! Funds received by October 10 earn in full from October 1 and are eligible for THREE MONTHS' DIVIDEND DECEMBER 31 accounts insured to $10,000 by Federal Savings and Loarv Insurance Corporation.

Several joint accounts may be so arranged that ijL'V a are protected by insurance. A I SAVINGS Wff LATEST ANNUAL KATE 4 PAYMENTS fEK YEAR ASSETS (VOW OVER SSIfOOflXM' RtStWES AHD SURPLUS CmRiSSWWM Postage paid both ways. Phone or write for latest statement. GREEN at LOS ROBLES and FOOTHILL at ROSEMEAD FOR A ROSY FUTURE, INVEST IN PROSPEROUS PASADEHA.