The Tampa Times from Tampa, Florida • 6

n. '-v-r FIRST HALF OF YEAR Union Security Goes Public And Breaks Tradition-But Why? President Signs Hill Changing; Tax Laws Oi 'Collapsible Corps' WASHINGTON Ptcsident Johtuort yesterday uiud a lull ktmendini the ao-called "collapsible corporations" proviion cf the tax laws. in (la It us in ess World I'mler the amendment. thoe provi.sinns may not apply to the of atmk in a corporation which consents to a opeci.il tax treatment of any la'er deposition of its assets. The bill also provides procedures under which some royalties received by a company for the pnvilcsf of usins its patents, inventions, or similar property may be treated as income from rent to Samjia Business and Financial Tuesday, Aug.

25. fifth of total Union Security shares on the public block at thia time, even the vaguest appearance its bems a personal holding company it dektroyed. i Union Securitiei it directly controlled by Firnt National and an overwhelming majority First National stock is controlled by five individual and their families Secondly, the move may be a master stroke in drawing new customers to the three related banks First National, Hroadway National and the Mxm-to-open Second National. The latter reason was no doubt secondary and few feel it represented an important consideration in the decision to go public. Nevertheless it offered an interesting experiment for Tampa banking.

Corporations all over the nation long ago found that persons owning even one share of their stock nearly always made a point of buying products made by that company. Several well-known corporations have gone through countless stock splits over the years because of this desire to build a long list of stockholders and therefore customers. First National may well be conducting a minor experiment to see if its new partners direct or indirect and their Hjr BOB ITSllt Timet flukine Writer Part II uf lo-part serif i tr.MTOU'S NOTE: Thinki to 2mi.iiO0 public offer-ln made recently by I nion Security A. Investment local bank holding company controlled by Tsmpi's Hrl National Rink, the proverbial man on Ihe street ha been invited Into the Tampa bank-Inc business, thu breaking local tradition. Part two of this series discusses why.) Now that the offering has been made the question of course, is.

why? Why has a Tampa banking group finally thrown open its doors theoretically at least to the public? It will be some time before the question can be answered officially. Stringent Securities and Exchange Commission regulations forbid principals and underwriters to publicly discuss any aspect of such an offering until it is history. NEVERTHELESS, local business figures feel they have pretty good idea of why the man on the is being beckoned. First, by throwing about one- limited extent. The hill's congressional sponsors have said the amounts of tax revenue to the government involved in the measure are small.

ItlCHMOND KKVN01.I METALS COMPANY TODAY declared a dividend of 12' cents per share on its common stork, without par value, payable Oct. to holders of stock of record Sept. 8. The company also declared a dividend of 5P cents per share on its cumulative preferred stock. 434 per cent Series A.

par value $50 per share, for the quarterly period ending Oct. 31, payable Nov. 1. to holders of record Oct. 14.

It further declared a dividend of per share on its second preferred stock. 4'a per cent convertible series, par value $100 per share, for the quarterly period ending Oct. 31. payabl Nov. 1, to holders of record Oct.

14. where slant First National and Citueni and Southern banks are only too glad to oblige. Thus through Interlocking directorate, hokllng companlei and other ployi several of the atate'i big banki have gone through the expensive, time-consuming process of establishing separate suburban banks which they control. It is no secret, for example, that the DuPont Interests control a whole chain of large Florida banks, that Exchange National Bank of Temple Terrace is kin to Exchange National Bank of Tampa, that Marine Bank hopes to establish a step-child on Davis Islands In the near future, or that the soon-to-be-established Central Bank of Tampa for inspiration. Thus Union Securities as an entity Is not unique in itself.

Unique only is the fact that Midway Bank near Town Country Estates will look to Tampa's general public theoretically at least is for the first time being Invited inside the teller's cage to become not only a customer but an owner. By throwing only one-fifth of its shares on the public counter, however, Union Securities management is hardly handing control over to the masses. Thanks primarily to the SEC regulations on publicity, the proverbial man on the street knew very little about the offering until the last few days. Thus it Is likely that the majority of the shares offered fell into the hands of a limited number of the knowledgable during the first days of trading. However, now with over shares available over the counter, and with the price nudging the $12 mark 'from a $7.50 start it is inevitable that a significant number of shares will filter down to the man on the street buying In the secondary market.

The prospect of sharing In the profit and growth potential of this or any dynamic banking group In one of the fastest growing areas of the nation has not been lost on Investors. The offering as would a public offering from any Tarn-pa bank preserves an attractive growth situation fur big or little Investors looking for the long term. Thus has the stock Jumped nearly four dollars in two weeks. Whatever the reasons for Union's decision to open its doors to all comers, other Florida banks are sure to be watching the move very closely. No one is sugcestlng that the move will lead to an lm-mediate rush by Tampa banks to spread their ownership.

However, if the Union Security move succeeds in winning new customers and increased public esteem for the three banks in the Union group, it may eventually lead other banks and even Union Security! to spread themselves out more. To do so widely enough might have a significant effect on a bank's business. Several northern banks and even a couple in Florida are widely held and listed OTC. Only last Friday Chase Manhattan Bank the nation's second largest announced that it had applied for listing on the New York Stock Ex-chance. Whatever if anything the Union Securities move means for future, it is unquestionably the most interesting and possibly the most significant event in Tampa banking in many a year.

Market Bureau Report families will decide to iwitch their accounts and make their loans at one of the three banks. And as time passes there may be even more banks in the group to which share-owners may take their business. locations of the three banks cuts a broad swath across the industrial and residential middle of Tampa even now and in the future the group may cut an even broader swath. The prospectus states that of the net proceeds of the offer-ins ($1 4 million', about will be spent to buy 85 per cent of the shares out-standinc in the Second National, about $117,500 will be used to pay off debt incurred to buy the Second National site, and another $200,000 will be used to pay for the handsome Second National Building now under construction. This leaves a tidy $657,000.

which, according to the prospectus, "will be added to work-ins capital and may be used for the acquisition of interests in other banks or financial institutions, subject to approval of the Federal Reserve Board." Why the big interest in adding still other banks? Florida law prohibits branch banking, which the state's big banks say severely restrict! their resources and growth potential. It is common knowledge that Florida businessmen needing really big loans must frequently go outside the state for them often to Atlanta Reported hv Ihe Market Bureau Section. IMvi.ion uf Vaikeia, Tampa oil ire. Telephone 229-2U. r.nF isiMiVaV, hde i (MINIMI sir, A Prues pud ime last report up to 1" am.

Aug. 24, More door delivered. pnres per I Net weight per doen. I 11 01 L.rce, 24 ot it mostly 5n. Medium.

21 01., Mrim, w. nvistiy Small, 18 oz. cartons, mostly -l1'- Small volume sale cases and wzs of exceptional quality 3-5 cents higher in ome area ronsurT1 20-3n higher. LIVE POt ITRT I-arse volume pro-esors. Prices paid per pound live weight at farms-24 hours ending 8 a Aug.

24. Hens, light tvpe lbs Hens, light type 4-4U lbs Hens, light tvpe under 4 lbs .05. Others: No sales. Small poultrv dressers igeneraily selling at retail). Prices paid per pound tn producers and others for poultry delivered to dressers: Broilers lc fryer, all weights Hens, heavy type .17.

Others: No sales. TAMP A FRl'IT ANI VEGETABLE REPORT nt runi The prices below are reported by the I i BEANS: Sou rnrt fin ihoue 3 54 HO. Pole No It 6 Sou bu forrthook Limit 5 50 CABBAGE- Kat (lome.tlr bu rrt 3 ninrse i- bu rrt I red 3 So. CARROTS: We.t 47 I lb cello bc no i ik so 4 00 "5 10 CELERY: f.l Paal 3 4 doi 4 SO- CORN West rrt 3 dot yel food qua: yso. oo.i im KGC.PLANT: El.

bu b.kt food qua) i i i tn.9 no Ft i i bu rrate IS- 9 Finmle Wl GREENS: Mu-tard. Collards 5rt 3 no ReU 2 no 'LETTITE: Calif rrtn 24, 3 4 00. Rnmaine 2 25 2 50. Leaf I Om, Bibb 175. Bn.t.m 2 00.

ONIONS- Eat 50 lb vel med 2 50: Went Spanish Ice 3uo. Green 2 dor crt 1.751 SO; West 50 lb sks white med 3 50. PEAS: Blackeves bu hmpra Ela 4 00: Conchs 4 00. PEANL'TS: Ela hu hmprs Jumbos i smls 5 -6 00. PEPPERS: East hmprs med Ice 3 25- 4 50: sml-med 2.50-3 00: Hoi 4 bu 2.00.

POTATOES- 50 lb East 2 50; Idaho russets 3 75-4 00: West reds size A 3 00; Sweet, Sou 50 lb crt red copper skin No Is 4 No. 2j Jumbos 3 50 RADISHES: Red 30 01 film bags 2 50 SQt ASH: Ela bu bmpr No Is 8 OO- 7 00. No. 2 4.50; Acorn 2 50-3 00; Butter- nut 3 TOMATOES: Sou 1 Calif rpks 2 lb 5 3.50-4 5-6s 3 50. 6-6s 3 00.

XEROX LOW pt'CEsr as no, cdLLi- fz. New 1965 LAWN BOY MOWERS croicMe of tfeocu Ihtei below AaCAOIA Tlrll HiHH i Oak Hi. ADTOW Wllkinxin a Hardiar HAOSNTON Bartm Hammaia SUA Wdl M'h atrrrt J.llfrin (tffvlir Onirr iiii Avmiu Wl RANOON Pi. hop Mann tilth ay Ml Brandon Supply Company CISArawATIft 701 Lakvif Brny tan Hareaara Slii'Ptll. ifn'fr' B'4'4 a Trartnr Halrt I ADO Ouit-lo-Bay Lan Mer Aa.n JIuS Cfarair Ural 1 a Mnvrr Mhop SU ChMinut McM Ffd W'nr.

Ine. Bou'h For! Harritnn Penco Distributor JOOl Oardrn Atfnui fttanitk a Mntrr rvtra 100 Corona B'rfl Noun CIS WISTON Corbln Farm Ar Ranch Supply eucarland flnad CltRMOXT Boikxion Pmthr F.rtonf B'ort 734 Montro.t OAOC CITV Dadt Ci'r Hardware Company 313 7th fltrm OUNIOIN Ctlldi Garden Center A Nurtery tne Barthnra Buievartt Dunervn Harrtaare Crtipar.y S32 Main Ptreet INOUWOOO Harnaa't 4AJ Dearborn FOOT MVUt Colonial Garden Center Colonial vd Corb'n Simply Company 33J7 Railroad ffrrtel GUIFFORT fhnp 1JCI 49'h S-ree! 8oU-h MAINIS CITV Bar Mr a fport Sncp LA FIACIO Ha'haaa Supply Company LAM WALIS I.amon 104 Orame Avenue LARGO Anchor North Ircur. Rt Pad Dore i Lan 310 HiTiiiKl Harlwa-e Rcu'e 1 ad Oarden Center Harbor B.u!! Ph'ippint Center 3800 Bay Dr eVm.noie fiho R-d Move' Rvad Weaker Iltn A- Oarden lJ0i3 R.h-h F.oad LA A Sedrre-a Harrtaare Cmrar.y do ait Street Dicks ar.d 43 8 r.onda Ave Ltf SRURO fti's A App.iar.cei noj-e 2 MT DORA Bob Fquipmer.t Corr.rar.y 120 Ea: 4'h NAFLf Farm ft Gardn Supply 410 p-rret klW FORT RICHEY Paxo Haroaa-e Paco NOKOIS le' Pomer M-eri Colon. a Lane ORLANDO Orlando Harda- J310 North Orar.ne Aenui Gene Hardy are 2401 Ea: Sou'h Street FALWITTO Hirrr.in Ine 17C1 Sth Avenue FINCLLAS FA Miaer Fervsea 73ti0 SSrh Street North HP Lan Moer Sales iebO An Street North FLANT CITY City Mar rt Sale? ftervtre 303 Fast Eak'r S'r-et FORT CM ARLOTTf laan Boy Moaer Center Fred Troray Rental Supply Rou-e 3 FONT A GOROA Sar.derhof! Hardare Compar.y 13J West Marlon Streeet RIVERVItW Kivervlew Builder Supply Rtvervtew Plara SAFETY HARSOR Shop 650 Ma Street ST. CLOUD fit Cloud Hardware Company 91P New York Avenue ST.

PETERSBURG Akers At Hebron Hardware Company 9th Avenue North Hainea Road Hardware Company 5043 Halnei Road Neeld-Oordon Company 1258 19th Street North Pa.adena Garden Shop 6611 Gullport Biulevard Pinellas Hardware 2500 th Street North Sacco Hardware 977 2nd Avenue South Southern Hardware 1165 Tanrenne Avenua Southslde Repairs 3013 6th Street South Swift Weed Cutter 329 22nd Avenue North Tyrone Tool Rental 3271 Tyrone Boulevard ST. PETERSBURG BEACH Kuri Lawn Mower Service 455 76'h Avenue SARASOTA Bohannon's Mower Sales A- Service 2042 Bee Ridee Road Naylor's Hardware 240 Southgate Center Rod Mower Shop 2816 Sterhni Lane Studer's Small Motora 1670 10th Way Crowrier Brothers Harriwara Ringlmg Shoppint Plaza SEBRING Wilson's Hardware 30 Center Street TAMPA Cahllls 3407 Bay to Bay Blvrl East Causeway Boulevard Paint Garden Supply 7505 E. Causew ay Forest Hills Mower Shop 10005 North Armenia Avenue Garcia's Instant Service 24th 8treet East Broadway McCrum's Patio Oarden Shop 8102 N. Armenia Pioneer Tire Company Tampa At Washington Streets Rental Tool Company 111 W. Hillsborough Avenue Shuman's Paint Ar Oarden Supply 4801 Nebraska Avenue Sparks Hardware 5511 Nebraska Avenue Sulphur Springs Firestone Store 8518 Nebraska Avenue Temple Terrace Lawn Mower Shop 5001 Temple Terrace Highway Westshore Hardware 3658 South Westshore Boulevard West Tampa Lumber At Appliances 3616 Cypress Wood Hardware At Paint 8112 Nebraska Avenue VENICE Venice Mower Sales At Service 432 South Trail WINTER HAVEN Consolidated Engine Sales At Service 2708 Havendale Road Cypress Tire Company.

Ine. 2010 8th Street N.W. Charles Orr's Marina Inc. South Lake Howard Drive ZEPHYRHILLS Kaylor Hardware Company R15 5th Avenue PRINTING CROWSON XERGXCDPtING FREI WASHINGTON Wi PRESIDENT JOHNSON VETOED yesterday a bill that would permit 10 former stockholders of General Dyestuff Corp. to tile new suits against the United States for the proceeds of the sale of stock seized during World War II under the Tradins With the Enemy Act.

In a statement, Johnson noted that nine of the 10 stockholders settled their claims in January, 1945, and the 10th in February' 1951. He said a claim "that settlement was procured by coercion and duress" had been heard in the courts, "found to be wholly baseless," and there was no further basis for court action. "There must be an end to legal proceedings." he said. "Settlements voluntarily consummated should not be disturbed, particularly when, as here, the passage of time makes witnesses and relevant documentary evidence no longer available. Moreover, this bill would accord preferential treatment to these stockholders.

WASHINGTON THE FEDERAL NATIONAL Mort-cage Association announced that it will redeem secondary market operations debentures which mature Sept. 10. A total of $150 million of the series was issued. J. Stanley Baushman.

president of the agency, said there will not be a new debenture offering in connection ith the redemption. G. W. "BILL" THOMPSON HAS joined Superior Fertilizer and Chemical Company as a field representative to service Polk County, James S. Wood, president, has announced.

Other Superior Fertilizer field representatives serving Tolk County are Ray Kemp. C. R. "Pete" Sterns and Wade Wiggins. LAHORE, PAKISTAN PAKISTAN IS TRYING TO negotiate a comprehensive trade agreement with the Soviet Union, it has been announced.

Commerce Minister Wahiduzzaman of Pakistan told newsmen the Soviet Union and Pakistan were considering the possibilities of a "broadbased" trade agreement. Pakistan is currently doing a small amount of barter trade with Russia but is anxious to sell more, partly to buy Russian tieavy machinery and equipment. CLEVELAND (TV-DIRECTORS OF HARRIS-INTERTYPE Corp. have voted a two-for-one stock split and a 1626 per cent boost in the dividend rate. The dividend of 17.5 cents a share voted Saturday will be payable Sept.

25, and the split is effective the same date for shareholders of record Sept. 11. The new rate is equivalent to $1.40 a share annually on the present stock. The old rate was $1.20 a year. Harris-Intertype manufactures printing equipment and electronic products.

After the split, the company will have 4,389,268 shares outstanding. NEW YORK '-Pi INTERNATIONAL HARVESTER CO. reported today a big gain in sales and earnings in the nine months ended July 31. The company earned $79,807,000, or $5.50 a share, against $47,032,000, or $3.13 a share, a year earlier. Sales rose to $1,650,396,000 from $1,428,342,000.

NEW YORK (-TV-STOCK MARKET COMMENT TODAY Included: invici riureau ot me rioricia ie- 315. 1 oV2 50 partment of Agriculture and represent oTE "Poorer stock of some corn-sales in small jobbing lots from modifies ower Pnces than quoted direct to retailers in the Tampa area. nerr at ways to TWO infill I UUil I. csiir Tit I rot T0u CPt lcf 0TC 10 Mld.Hn St. Prion 111 SOc for Peltate Packir rJt AK t- 0 I i 95 liil IVrl 130 Vaiaaf roil Broadway MAIL ORDERS PROMPTLY tM eHiearse, Standard Poor's Outlook: "Economic factors and the performance of the market itself warrants careful new buying in under-invested accounts.

Several uncertainties could delav re sumption of the uptrend, however, and might prompt further consolidation of earlier gains." ine proaute is 01 generally gooa merchantable quality and condition and are Elnrida produce. Sales include transportation to market and handling. FROT Supply moderate market fair. AVOCADOS: Ela lugs 12s to 20s 3.25- 3 50; 40 lb crate 6.00-8 .00. BLUEBERRIES: Crates 12 pints 3 75.

CANTALOUPES: West crate 36s 5.50- 6.50; 27s 5.50-6.00; 45s 6.50. HONEYDEWS: Calif crates 9s 12s 4.00. GRAPES: Calif 27s lugs white seedless 4 Black Reviera 5 00-5 25. LEMONS: Calif 195s 4.25-4.50; 165s 4 25-4 50; 235s 4.00-4.50. NECTARINES: West crtns 72s lgr 4fts 3.25.

PLUMS: Calif Santa Rosa 4.75; President 4.00: Kelsevs 6.00. PRUNES: West w. hu bskts 3.75. VEGETABLES Supply moderate Florida market gen- rallv fail Typhoon Now Tropical Storm TOKYO, Aug. 25 Typhoon Kathey was downgranded to a tropical storm today after battering the southern Japanese island of Kyushu where 13 persons were reported killed and more than 4,000 left homeless.

Six persons were reported missing. Twenty-six others were injured by landslides and flood ing. The U.S. armed forces joint typhoon warning center in Guam reported that Kathey had been downgraded to a tropical i storm with 40-mile winds. It was 242 miles northwest of Tokvo, moving northeast at 21 mph.

After that, if one of the orig inal buyers of the stock sells some of his stock to another per son, that transaction and others like it would not finance the company. But the spread of ownership would help the company. And if the company prospers and be- comes well known, it would be- come easier for the company to raise more money (either through the sale of more stock or through borrowing) if the need for capital develops Q. I am surprised that you tell people to seek information about U.S. Savings Bonds at banks.

I can't see how the banks can make any money that way. Why should they even bother to handle the sale of U.S. Savings Bonds? A. The answer is summed up in one word reciprocity. The U.S.

government keeps a great deal of money on deposit in banks. In return, the banks handle U.S. Savings Bonds. Boiled down, it's the old theory of "you scratch my back and I'll scratch yours." (Mr. Doyle will answer only representative letters of general interest in his column.

He cannot answer phone queries.) Too Many People in U.S. Are Economic Illiterates 8.30 am jet 1:00 pm Nonstop jet Plus 6 through prop jets daily. National also has three flights daily to Philadelphia; five flights to Washington; daily jet service to Boston. For reservations see your Travel Agent or call 229-0951. By WILLIAM A.

DOYLE through the mechanics of Would you help settle an istered stock exchanges. li argument in economics? My brother claims that the stock exchange is an investment prop osition for our country's economy. I claim that it only partly finances the nation's industry. Mho is closest? A. You're both close.

So don't let the argument get out of hand. More important, you two show that you are not economic. illiterates. Don laugh. Too many people in these United States are, because they sim- ply don understand the work-; jngs of our free-enterprise, cap- italistic system.

First, wnat do you mean by 'the stock exchange?" Do you; mean the New York Stock Exchange, the American Stock Exchange (both located in New York City) and the "regional" stock exchanges in various cities around the country? All are actual stock exchanges. Each has a "trading floor" on which brokers (acting for investors) meet to buy and sell stocks. Do you also include the over- the-counter market? That! I Most over-the-counter trading is also handled by brokers. But if you and I met at the corner drug store and you sell me 10 shares of stock, that would be an over-the-counter transaction, Now the stock market (both the registered exchanges and the over-the-counter market) is i an investment proposition for; our economy. But it only partly finances our nation's industry, Just suppose you and brother invent a way to really build a better mousetrap.

Y'ou find you need money to set up a factory to produce your prod- uct. The question is how to ar- range financing for your eco- nomic venture, Y'ou might borrow the money from a bank or some other source. Then the stock market would not be directly involved. Or you might set up a corn- pany and sell stock. The people who buy the stock would become part owners of the company.

By putting their money into the company they wuld provide "venture capital." That would be direct financing, by the investing public. through the stock market. That 1 in Is this any way to give your regards to Broadway? You bet it is. a ix tamtam bit SPICOLA HARDWARE CO. Tamper, Forrfo NATIONALS Coeat no Coast loCoa mould cover all buying andsale of the stock would be selling of securities other than the over-the-counter market.

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