Chicago Tribune from Chicago, Illinois • 67

COMMERCE Tuesday, December 1, 1953 Page 7 FINANCE VTOILLD'S GREATEST KIWSPAPER (Editorial en page 12, part BRIEFS FILED PEOPLE AND EVENTS 1 Recession of 1949 and the Recovery EXPECTS SALE CHANTS TO BE mMf-iw INDUSTRIAL PRODUCTION Lore W-Alford was named resident manager of the new Urges Curbs on Imports of Canadian Rye Washington, Nov. 30 The department of agriculture dis 22orr 105 1 Index 232 BY DO POUT. 2004 1.1 in October, 1953 thousands UNEMPLOYMENT 3000 1000. I ri lOet. 4.

195311 IB 180 160 i i 1 un fey? LOUDER IN '54 U. S. RUBBER 1948 1949 1950 1948 1949 190 Midwest division of 'Dean Witter San Francisco inve tment banking house, Dean. Wittei senior partner, announced. Alford was a vice president in charge of the sales denart- DOLLAR CARSON PIRIFS 39 1'JEEK NET EARNINGS RISE Net 'income of Carson Pirie Scott Loop and suburban department store operator, in the 39 weeks ended Oct.

31 increased to $224,421 from $75,335 in the corresponding period of 1952, John T. Pirie president, reported yesterday. Sales rose to $53,329,246 from a year earlier. Pirie, In a statement accompa STOCK PRICES WHOLESALE PRICES OF I -Lall1 a I i i I I I I I i' Z'' 1 y- Lail. closed today it is recommending to President Eisenhower that steps be taken to curb imports of Canadian rye.

Howard Gordon, administrator of the department's commodity stabilization service, told of the move in a senate Judiciary subcommittee hearing on imports. James A. Egan was appointed a district sales manager in the Chicago area for Magnavox company, Fort Wayne, radio and television manufacturer, V. J. Sanborn, central division manager, announced.

The Chicago Retail Controlers association will hold its annual Christmas party tomorrow night in the Furniture club, 666 N. Lake Shore dr. Trav-Ler Radio corporation, Chicago, announced a special train will take about 200 guests of the company to French Lick Jan. 4 for a four day preview of the Trav-Ler 1954 line of television, radio, and phonograf sets. Ernest G.

Weimer, special sales representative in the Cen- Banker Tells Need Charge Unproved, 277.78 They Contend for Big Selling en Nov. 25, 1953, 801 i l.M J. I l-l 1 i .1 1948 1949 1950 1948 1949 1950 BY PHILIP HAMPSON Chicaf Tribun Prru Service Hollywood, Nov. 30 The voice of the salesman will be BULLETIN -BOARD- nying the report to stockholders, described the increases in sales and earnings as most encourag- ing. A suostantiai part or tne" sales gain, which was adversely a 1 division offices in Chi-cago for the affected during the third quarter Aifwa ment of Harris, Hall Chicago, which is being merged with Witter.

The division offices will be in former Harris, Hall quarters, 111 W. Monroe st.1 Edward B. Hall, former president of Harris, Hall, will become a special partner of Dean Witter about Feb. The appointment of Earle A. Channer as general sales manager of II.

M. Harper company, Morton Grove manufacturer of corrosion resistant fastenings, was announced by If. M. Harper, president. He was eastern district sales manager in New York City.

Robert K. Beck was elected president of Apex Smelting company, Chicago, W. A. Singer, chairman, announced. Beck, who was a vice president and general manager, succeeded Singer, who had been president since the company was formed in 1923.

by unseasonal weather, resulted louder in 1954 than in a long time, Ewing T. Boles, Columbus, preside of the Investment Bankers Asso-ciation of America, said here today at the association's 42d anil a 1 conven from Carson's new Evergreen Plaza branch store operation in Bold Evergreen Park and from the "excellent" business produced American Can company, New York City, retired yesterday after 4 1 years of serv-i e. Weimer began with American Can as a billing clerk. He later by the company's wholesale floor 4 v-tXf. Yt LA HI Weimer became employment manager and for the last 33 years has been in the sales department.

Credit Borg-Warner corporation has formed a new subsidiary, B-W Acceptance corporation, to provide retailers of the company's Norge division with adequate financing to maintain representative displays of appliances on their floors, Roy C. Ingersoll, president, announced yesterday. Norge distributors will offer B. W. A.

C. financing of floor inventories to Norge dealers in areas where other financing firms are not equipped to handle dealer credit. L. G. Porter, administrative, vice president of Borg-Warner, was named president of the new subsidiary.

Facilities A total of $10,185,000 was invested in new industrial facilities in the Chicago metropolitan area in November, the Chicago Association of Commerce said yesterday. The a a includes six counties. Similar expenditures in November a year ago were The total invested in new plants, additions, or in acquiring land or buildings for industrial purposes in the first 11 months of 'this year was covering division, he said. Liquid Carbonic manufacturer of carV bonic gas used in beverages and of industrial and medical gases and other products, reported that its net income in the fiscal year ended Sept. 30 increased to $1, 934,557, or $1.81 a common share, from $1,829,481, or $1.77 a share, the preceding year.

The increase was made despite a nonrecurring charge of $506,840 resulting from liquidation of the company's soda fountain business. Before such charges earnings in the latest year were $2,441,397, or $2.36 a share. Sales increased to from $44,466,551 a year earlier. PLAN NEW SHOPPING CENTER IN ELMHURST TO COST 3 MILLIONS Other department officials testified they were keeping a close eye on the Chicago grain market for possible manipulations of the price of rye by speculators using Canadian imports as a device. Langer Urges Import Cut Sen.

Langer N. chairman of the subcommittee, has been pushing for government action to cut down the flow of rye from Canada. But he criticized the move revealed today as too late. Langer's home state is in an important rye producing section. The senator has argued that the imports have contributed heavily to the big drop in the rye price on United States markets in the last year.

He said today this decline has forced American farmers to apply for government loans under the price support program and that the result will be a loss to the treasury of "millions of dollars" when the government finally disposes of the grain. Gordon testified that a recommendation would go to the White House next week for use of section 22 of the 1938 agricultural adjustment act against Canadian rye imports. Under this the President could put on import quotas or increase the tarif duties. However, a long process is. involved.

Compliance Head Testifies Testimony about the possible manipulations of rye prices came from Douglas Bagnell, director of compliance in the commodity exchange authority in the department of agriculture. Bagnell said about 90 per cent of the recent rye imports from Canada have been handled by two big firms. He did not name them. He testified that the American rye price is only 12 cents a bushel higher than the Canadian price, hardly enough to cover the cost of shipping the grain to this country and paying the duty on it. However, Bagnell said an importer who had sold futures short in Chicago in anticipation of a price drop could afford to bring in Canadian rye at a loss if the imports would depress the price.

Attorneys for E. I. du Pont de Nemours United States Rubber company, 34 members of the du Pont family, and two other defendants in the government's du Pont anti-trust suit yesterday filed briefs in federal District court asserting the government had failed to prove its case and asking dismissal of the charges of conspiracy and monopoly. The 461 page brief for the du Pont company, Pierre S. and Irenee du Pont, Christiana Securities company, and Delaware Realty and Investment company, concluded that both the master plan' concept of the amended complaint and the shrunken remnant of the alleged plan which has survived in the government's brief are overwhelmingly disproved by the record." Denies Favoritism Shown The 184 page brief for United States Rubber asserted that its sale of tires to General Motors corporation was not influenced by any of the other defendants in the case, that there has been no favoritism in United States Rubbef-du Pont trade relations, and that individual defendants have never possessed the power to control trade relations of United States Rubber.

The government's suit alleged that the du Pont company and members of the du Pont family control General Motors and United States Rubber and utilize control to stifle competition. The suit seeks to break up certain du Pont interests. A separate nine page brief for five family members specifically named in the government suit also was filed. It asked they be dismissed because the government's case "offers not even a hint of their participation in the conspiracy charged." The five are Lammot duPont Copeland, Colgate W. Darden Henry B.

du Pont, Pierre S. du Pont III, and George P. Edmunds. Steel Output Cutbackin'54 Is Predicted A forecast that steel mills will operate at not more than 80 per cent of capacity in the first quarter of 1954 was made yesterday by Clarence R. Eichen-berger, a vice president of the First National Bank of Chicago.

He addressed a luncheon held in the Morrison hotel in connection with the seventh annual conference of bank correspondents sponsored by the First National. Eichenberger said that for the first time since the end of World War II steel and nonferrous metals are in long supply. He expressed opinion that his forecast should not cause apprehension because steel mills never operated at 100 per cent of capacity in a normal peace time period and in 1929 operated at 88 per cent of capacity. Last week mills operated at 92 per cent of capacity, he said. Predicts 10 Business Drop The banker said he looked for fairly good business generally in 1954, with volume off about 10 per cent compared with 1953.

Discussing specific industries, he said there is a substantial carryover of inventories of equipment, and that some manufacturers planned production cutbacks of 30 to 50 per cent to clear up inventories. He said sales of farm equipment at retail, however, should be good and ventured the opinion that they would decline 10 per cent next year compared with 1953. Eichenberger said automobile manufacturers plan a 15 per cent production cut next year, but that sales probably would still tion in the Hollywood Beach hoteL He explained it will take increased sales effort to sell the output of industry and agriculture which is at an all-time high. Productive capacity in all manufacturing industries has increased by 75 per cent from 1946 to 1953 and this year agriculture produced more corn, wheat, cotton, and tobacco than it did at the highest peak of production in any of the war years, he asserted. Better Living Emphasized It is apparent then that this has been a year that has emphasized the greater need of selling to the American people and the world those products which bring about higher and better standards of living," he observed.

It is a better standard of living which must be sold if further progress is to be made." Boles emphasized the need for giving support to an enlightened CLOSE CONTACT FOR INDUSTRY, FOREMEN URGED Management needs to intensify its providing of information to first level foremen, bolster their information programs with better pre-f oremanship training, and increase their on the job foremanship training, especially for new men. These conclusions from a series of surveys of plant supervisors were reported yesterday by Dilman K. Smith, a vice president of Opinion Research Princeton, N. J. He spoke at the American Management association's special conference on supervision in the Palmer House.

The meeting concludes today. Sixty-seven per cent of the $125,880,000 compared with $193,229,000 in the corresponding period a year ago. Research national tax policy, one which Plans for a 3 million dollar shopping center containing 39 stores in the Elmcrest Manor subdivision of Elmhurst were announced yesterday by York-crest Builders, Inc. Work on the project is awaiting approval of the Elmhurst planning commission, said Peter P. Gaddy, vice president and treasurer of the company: The shopping center, with a parking area for 3,000 cars, will be on an eight acre tract fronting on Butterfield rd.

and extending 500 feet north from Butter-field between Cedar av. and County Line rd. The tract is opposite a 40 acre area on the south side of Butterfield where Yorkcrest is building new homes. Negotiations for leases in the proposed center are in progress, Gaddy said. Yorkcrest has asked the zoning group to consolidate all business zoning in the subdivision into the area to be occupied by the shopping center.

Two block areas south of Butterfield and one north of Butterfield now are zoned for business. Vanadium Corporation of American yesterday dedicated the first unit of a new research center near Cambridge, where it will combine all the research activities in metals and alloys it has been carrying on at separate locations. The first unit, containing laboratories, will be followed soon by pilot plant facilities where research findings can be tested. DIKING ROOM I 0rkHal Frf eMaeele Meet. I SHERIDAN RD.

SURF ST. -I foremen surveyed want their companies to discuss the big problems confronting the com pany and the ccintry. Consultants G. M. Brief to Be Filed A brief for General Motors, How many management con be the third largest in the industry's history.

also a defendant, is expected to be filed later this week. The brief sultants are there in the United States and Canada? The Association of Consulting Management Engineers, said the Business News Starts Today on Page 5 of another defendant, Wilmington Trust company, was filed Friday. The du Pont document assert number is estimated at 15,000, but to make sure it is starting a census of individuals and firms engaged in the profession. while providing needed revenues would not wipe out the rewards for achievement under the free competitive system or penalize one class for the benefit of another. He observed that the United States tax system has been a wilderness of taxes for revenue, taxes aimed at social reform, and taxes, such-as the capital gains, based on Marxist theories." He noted that a little progress is being made in breaking thru the tax jungle.

Advises Debt Reduction The association's industrial securities committee in its report to the members said the size of private and corporate debt has reached a level where it has become a matter of public concern. It would be well for corporations to reduce their debt, as represented by bonds, thru the sale of equities Tstocks. We are all aware of the fact that the many corporations, industries, and individuals which entered the depression period of the '30s heavily encumbered with debt were responsible for greatly deepening and lengthening that depression if indeed they were not a major contributing factor," the report said. When we realize that industrial corporations in the period 1946-52 raised a great percentage of their new capital by debt ed that the government failed to prove violations of the Sherman FOUNDED 1885 anti-trust act by the defendants thru joining in a common plan for restraint or monopolization of trade. The brief also asserted that the government failed to Give Five Minute Talk Eichenberger was one of 10 divisional vice presidents of the First National's commercial department who gave five minute talks at the luncheon on specific industries which they service with loans.

Edward J. Jennett, another First National divisional vice president, expressed opinion that there would not be another collapse in the stock market like in 1929. He said there is little similarity to the high private debt speculative levels of the 1929 period, and that present stock market prices more truly reflect industry yields and the inflation pattern. N. Y.

COMPANY BUYS EDERER prove the intent to obtain con trol of certain corporations for the purpose of seizing captive markets and dividing fields of HILTON CHAIN BUYS HOTEL IN NEW YORK CITY Purchase of the New Yorker hotel in New York City by the Hilton Hotels corporation was announced yesterday, confirming reports which circulated last week. The purchase price was given as $12,500,000, subject to a first mortgage of $5,303,905 held by the Equitable Life Assurance Society of the United States. production. The du Pont brief said that between the beginning of the trial Nov. 18, 1952, and the recent filing of the government's post-trial brief "the government's case has 'suffered a drastic and substantial revision." The brief asserted that these changes in the government's case Most people do when they first invest.

They weigh Price and Quality as carefully as possible to get the values they want in the stocks they buy. But as time goes on, they're not quite so careful. 1 The recent report by the Brookings Institute for instance, revealed that two out of three investors have owned some of their stocks for at least eight years! And that can be dangerous! Because security values are never constant Because changes in price often reflect basic changes in quality. So if you're not sure about the MPs and Qs of your own portfolio If you're not sure that price and quality are in the best balance possible for the values you want perhaps we can help. Our Research Department will be happy to study the stocks you own comment on current prices in relation to quality 6end you the most objective analysis they can of your entire portfolio.

There's no charge for this service. No obligation, either. Simply address your letter to Homer P. Hargrove, Partner Dept. ALSO Merrill Lynch, Pierce, Feniser Beane Board of Trade Building, Chicago 4 Telephone: WAbash 2-S950 Other Nearby Offices: Davenport Blackhawk Hotel Bldg 3-2721 Ft Wayne 229 W.

BeVry Tel. Eastbrook 4581 Indianapolis Circle Tower Atlantic 8371 Milwaukee 710 N. Water St. Broadway 1-3773 Chicago Office Open Mondays until 9:00 PJl. Disclosure of the purchase wasj FISH NET FIRM than in the period 1922-30 ap Sale of R.

J. Ederer company, have been forced upon it by the proximately 75 cent versus 548 N. Orleans manufacturer of commercial fish netting and 55 per cent it becomes apparent evidence and indicate a fundamental weakness in the government's entire position." sports nets, to H. D. S.

corpora tion. New York City, was an STOCK MARKET nounced yesterday by L. A. Ederer, president of the Chicago GAINS STRONGLY company which was established made in a joint announcement by Conrad N. Hilton, president of Hilton Hotels, and Horace C.

Flanigan, president of the Manufacturer's Trust company, of New York, which had a interest in the property. With the acquisition of the New Yorker, the number of Hilton hotels in New York is raised to four and the combined reve: nues of tha Hilton hotels corporation will exceed 100 million dollars annually, the announcement said. Reports Uranium Find in 1881. The deal included three affili ON YOUR INVESTMENTS No Obligation Are you holding the right stocks and bonds under present conditions? We'll be glad to review your portfolio for you and give you the benefit of our recommendations. Facts that are being gathered continuously by our Investment Research staff enable us to appraise securities And we offer you the experience gained in over sixty years of service to a steadily growing clientele.

Write us, giving a list of the securities you would like us to review, or drop in to see us. THOMSON MSKINNON BROKERS IN SECtfRITIES AND COMMODITIES 231 So. La Salle Chicago Financial 6-2400 MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL 2D DAY IN ROW New York, Nov. 30 (JP) Bright ated companies of Ederer Adams Net and Twine company, hopes for a substantial year-end rally were aroused in Wall street St. Louis; Pauls Fish Net com' pany, Chicago, and Ederer, Philadelphia.

The purchase price today by the strong advance of the stock market for the second straight session. The 'Associated Press average was not disclosed. Arrangements already have Northwest of Denver been made by H. D. S.

to sell of 60 stocks advanced 0.8 to 109.5, the manufacturing facilities of equaling the peak of the mid Ederer to Linen Thread company, New York City. J. W. summer rally reached Aug. 12.

The list was composed of 1,181 that there is a place for intelligent and profitable investment banking. Business cannot forever expand at the expense of its creditors." DU PONT MOVES TO REVISE ITS PENSION PLAN Wilmington, Nov. 30 Special E. I. du Pont de Nemours Co.

announced today that stockholders will be asked In April to approve a plan providing for increases in company pensions for employes now being discussed with employes and their representatives. The changes would become effective next May 1 and would add about 30 per cent to the company's annual expense which will approximate 25 million this year. For most employes the increases range from about $30 to 550 a month. Under the amended plan an employe whose average pay for his last 10 years has been $300 a month and who retires at 65 after 25 years service would receive a du Pont pension of $95 a month, exclusive of social Oliver, vice president of Linen Thread, said that after a brief issues, of which" 607 advanced and 301 declined. Volume amounted to 1,960,000 December 1.

19SS Denver, Nov. 30 (JP) The Denver Post said today that a uranium discovery has been made in work out gold mining shafts near Central City, 40 miles northwest of Denver. The paper said United Mining and Leasing corporation, a Central City company, claimed pitchblende and torbernite, both sources of uranium, have been found. conversion period netting manu facturing operations in Chicago shares, well above the daily aver mmmmmmF SECURITY AND COMMODITY EXCHANGES will be resumed. 5" age so far this year.

It came to 1,600,000 shares Friday. Negotiations were conducted We have acquired the business of the cotton brokerage firm of Scatterty Jones. by Stuart W. Cochran Ill W. Monroe st.

Clayton B. Jones, formerly senior partner of Scatterty Jones, has been admitted as a Limited Partner. Expanded Service for Investors and Industry in the Midwest We ale pleated to- Mud: HARRIS, HALL COMPANY (INCORPORATED) with Clayton B. Jones, Jr. has become Manager of our Cotton Department.

DEAN WITTER CO. Where Con Investors Make Money In Plastics? It is apparent that plastics will be a main avenue of growth for the chemical companies and one of the few industries which should forge ahead regardless of changes in economic conditions. The alert investor will want to know which plastics may have reached their peak use which arc in dynamic growth trends where can investment for profit most intelligently be made. For a copy of our Monthly Letter answering these questions, call in person or mail the coupon below. GOODBODY CO.

ESTABLISHED 1891 Members of Leading Stock and Commodity Exchange 1 NORTH LA SALLE STREET. CHICAGO 2. ILL. OUR OFFICE OPEN SATURDAY MORNINGS Offices in 28 Cities As a result of this merger, effective December 1953 the Midwest Division of Dean Wiiter Co. will offer complete The Charlotte, Memphis and Dallas offices of Scatterty Jones will continue as offices of our firm.

i investment service covering underwriting, brokerage Founded 1854 James Talcott, Inc. ACCOUNTS RECEIVABLE FINANCING FACTORING and commodity transactions. De an Wit k. Co. 209 S.

La Salle Financial 6-1444 FR 2-7500 134 So. La Sal! Chicago 3, III. 28 So. Michigan Chicago 3, III. Members New York Stock Exchange Sari Francisco Stock Exchange Los Angeles Stock Exchange Midwest Stock Exchange 'American Stock Exchange Chicago Board of Trade end other hading security and commodity exchanges MIDWEST DIVISION III WEST MONROE CHICAGO 3, ILLINOIS Telephone FRanklin 2-0251 SAN FRANCISCO NEW YORK LOS ANGELES SEATTLE PORTLAND HONOLULU AND OTHER PACIFIC COAST CITIES Member Principal Stock and Commodity txchangts Fleuc scad mc without obligation Monthly Letter CT-1 eerroH New vork chicam erotcxT cuvkland PHILADELPHIA PROVIDKNCI PORTLAND BANCO PCORIA ROCKPOMD Design Development MACHINE DESIGN, PRODUCT DESIGN.

HYDRAULIC AND PNEUMATIC ENGINEERING Mi I. Direr Assoc, Telephone 114 N. la Sail St. Mdofer 3-6778 EST. lit Address.

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