Chicago Tribune from Chicago, Illinois • 49

JMarkefs jndustty Justness STOCKS REAL ESTATE TRANSPORTATION MfJCiriCC hinigo jmti" (inbunc JULY 15, 1960 SPTSBTJS PAGE 7 Carson Plans State St. Addition Stoclis Lack Election Pattern, Study Finds; wiimi Li. r'1 Closes Weak; Trade Again Sloiv Cruttenden to Open Gary Of fice Am. Motors Dips I- -r n' i 1 Jf ft Wil 7 Completing details for addition to Carson Pirie Scott State street store are John T. Pirie Jr.

(right), chairman; C. Virgil Martin (standing), president, and W. H. Harrison president of O'Connor Goldberg, which will lease space in the building. manager of the new Gary office Chicago investment firm.

Robert Howard S. Gross (left) is of Cruttenden, Podesta A. Podesta (right) is managing Cruttenden, Podesta Chicago investment firm, will open a branch office in Gary early next month, its third in Indiana, Robert A. Podesta, managing partner, announced Thursday. The new office will be on the' ground floor of the Roosevelt hotel.

Howard Gross, formerly with Straus, Blosser McDowell in Gary, is res Monroe corner will remain. The property acquired by the merchandising firm has a 66 foot frontage and is 84 feet deep. Steps toward demolition of the three buildings, all more than 70 years old, have already been taken. Architect Named Architect for the extension is Holabird Root Contractor is George A. Fuller company.

L. J. Sheridan Co. was broker in the property transaction. The plans are part of a major program of improvement and modernization to Carson's main store.

The program has been effected chiefly by the company's purchase of its State and Madison streets building five years ago. the older building thru removal of the existing wall. Occupancy is targeted for next May for the shoe store and the following fall for Carson's. Faith in State Street John T. Pirie chairman of Carson's, said in describing the plans that the project reflects his company's faith in State street as "the great market place of the middle west" He told a press luncheon in the store that "our State street store's sales last year rose from a year earlier.

I see no reason for a diminishing view of the importance of the street" The addition will increase Carson's State street frontage almost to Monroe street. The 16 story building on the N. E. Booklet Stirs New Talk of Its Removal Market Impact Is Brief Even If Sharp In this Presidential election year, the New York Stock exchange has examined previous such years to determine their effect on the market, and has discovered "nothing that would establish an over-all election year pattern." That was disclosed in the July issue of the exchange's publication, the Exchange. The magazine studied market performances in 1940, 1944, 1948, 1952, and 1956 and concluded such an important event as the Presidential race must be weighed in the same broad context of other market factors.

Vote Impacts Brief Altho election results may have a brief, but sharp impact, the market again comes under the primary influence of economic developments or expectations once the results of the polls have been digested, the magazine said. In the last election year, the market suffered a setback in January, moved upward to a new high in April, drifted downward until election time, declined briefly still further after the election, and then starte a rally that lasted until year-end. Dropped, Then Leveled In 1940, when war cast a continuous cloud over the market, prices declined on average until mid-June, coinciding with the fall of France and the evacuation of Dunkirk. The market recovered until just before Roosevelt was reelected for a third term, dfopped briefly after the election, and then leveled off for the remainder of the year. The magazine concluded that the market is influenced more by deep seated economic factors than by political considerations, altho the latter may affect the former.

BENSENVILLE SHOP CENTER TO BE STARTED Construction will begin this year on a 2 million dollar shopping -center in Bensenville, Arthur F. Mohl partner of Downs, Mohl leasing and manage ment agent, announced Thursday. The center will be built on 12 acres at the northeast corner of Grand avenue and York road and will have parking space for 750 automobiles. The center will include a Scott Variety store and A. P.

and National Tea supermarkets. The project is being devel oped by Percy Wilson Invest ment company, which is being formed for investment purposes. Seeburgfltek Budget Surplus Expected to Exceed 750 Millions IE BUILDING OFF 30 IN HALF ApartmentsBuck Trend, Rise Bell Savings and Loan as sociation Thursday said Chicago metropolitan area home construction in the first half dropped 30 per cent from a year earlier, but predicted that the recent decline in mortgage interest rates will stimulate some additional construction in the last half. Harold P. Halleen, Bell president, said permits issued in the first six months were far 13,706 homes compared with 19,454 permits in the corresponding 1959 period.

Apartment Units Rise Permits fox apartment units, however, ran counter to the trend and rose to 7,835 from 7,338 a year earner. Public housing, he said, was a major factor in the increase with permits issued for 2,627 public housing units in the first half against none a year earlier. Halleen said the prediction made last January for 38,500 to 42,000 Chicago area housing units in 1960 still holds true. Altho this volume would be below the 47,609 total in 1959, it would equal 1958 and 1957. Meanwhile, the Chicago As sociation of Commerce said commercial construction in the Chicago area in June totaled $40,178,000, more than double the total a year earlier.

Investments Climb Total investments in the first half amounted to against $133,699,000 a year earlier, said Ferd Kramer, vice president of the commercial development division and president of Draper Kramer, Inc. Among the new commercial projects are United Air Lines' new office- building and stewardess training school near Mount Prospect and the 553 unit Rivierea motel at 110th street and Indianapolis boulevard, Hammond. to Acquire Stein. Co about 10 per cent of the outstanding Stein shares, said the board unanimously approved the transaction with Kayser-Roth. "I think it is an excellent deal for both parties," he said, and therefore personally contracted to sell my holdings." A.

Stein Co. was founded in 1887 by a German immigrant. The is for Albert. He started out making garters at night and selling them by day. The company, which sells its products for men under the brand name Paris and its women's garments under the Perma-Lift and Magicool brands, now operates seven plants with 1,088 employes.

Its annual sales are between 14 and 15 million dollars, with a 20 per cent increase forecast for this yean Tribune Adds Service on Ads for American Chicago's American has arranged with The Chicago Tribune to have The Tribune's classified sales force offer classified advertising in the American in conjunction with sales of classified advertising in The Tribune, effective Aug. 2. The arrangement will apply to all classified advertising except real estate display and legal advertising. Chicago ho partner of the firm. ident manager and associated with him is Peter Me-gremis, registered representative who became associated with Cruttenden, Podesta last September after service with the Gary National bank.

Cruttenden, Podesta has had an office in Indianapolis since 1953 and one in Fort Wayne since January, 1958. In all it has 17 offices across the country. than encourages economic progress. This city gross income tax has risen from l10th of 1 per cent in 1945 to its current rate of lVz per cent It taxes gross income whether a business operates at a profit or loss," said the booklet, "and its net effect is to push businesses that have suffered reverses closer to the wall." The stock exchange estimated that the annual revenue to New York City and state from the securities business in 1959 thru direct taxes on personal, partnership, and corporate incomes and real estate taxes at 160 million dollars in addi tion to the amount on stock transfers. The booklet points out more than 80 per cent of exchange volume is done in stocks which also are available for trading on out of state competitive exchanges.

'The real danger to the securities business in New York is the steady increase in trading in such securities outside of New York. In fact, of the 567 New York Stock exchange member firms handling securities transactions for the public, 141 or almost 25 per cent are already active members or associate members of one or more regional exchanges. "They now are able to serve their out of state customers thru the facilities of these other market places and avoid New York's transfer tax." Twice Planned Move Twice in the past, the exchange, threatened with a New York City stock transfer tax, made plans to move out of the state. Each time the city squelched the tax. When the city threatened a stock transfer tax in March, 1959, the exchange appointed a committee to explore the practicability of moving some or all of the exchange operations to another state.

This committee still is func tioning. While the booklet contained no threat of mov ing, it indicated that the mat ter still is a live one. Business News Starts Today on Page 5 Cost of 8 Story Building Set at 2 Million BY JOAXXg KXOOI Carson Pine Scott Co. Thursday announced plans for a 2 million dollar, eight story addition to its State itreet store. The first new department store building to go up on State street in more than 30 years, the structure will ex tend south from the present store.

Three buildings are being razed to make way for the project Includes Auditorium Included in the extension will be a new O'Connor Goldberg shoe store on the ground level, an auditorium to seat up to 500 persons for both internal and public func tions, and increased selling area. The addition also will have a basement and sub- basement. To be completed next year, the building will blend in de sign with the architecturally famous mam store. Its ex terior will have iron orna mentation on the lower level and white terra cotta on the upper levels as does- the par ent building. Total floor area in the building will be 59,500 square feet including a 1,500 square foot mezzanine surrounding part of the first floor.

O'Connor Goldberg will occupy the first floor and basement under a long term lease. On the upper floors, the Carson's selling area will be directly connected with Realty Notes Eugene F. Wigeiy, vice president of McKey Poague, was elect- ed president of Beverly-South West Suburban Multiple List-in service. Joseph Connelly, for- with man age company, will head the new Hasbrook Realty company, formed to handle resale of homes in Hasbrook subdivision in Arlington Heights. Jullen J.

Studley, office leasing firm with headquarters in New York City, has opened a Chicago office at 610 W. Van Burerr st with Edward Aubrey in charge. As its first Chicago project the Studley firm has been named agent for the 15 story office building being built at 550 W. Jackson blvd. and to be occupied in part by the Mer-cantile National bank.

Klemp Metal Grating corporation, a subsidiary of Shelly Steel company, has acquired the plant property formerly occupied by Raymond Pulverizing division of Combustion Engineering, at 1132 Blackhawk st, reports Nicolson, Porter List, sole broker in the transaction. SOLA ELECTklC PLANT MOVE SET IN 90 DAYS Sola Electric company will start moving all operations to its new 3 million dollar plant in Elk Grove within the next 90 days, the manufacturer of electrical and electronic products and components announced Thursday. The new plant, which covers nearly 200,000 square feet, is on a 20 acre tract at the intersection of Illinois highway 83 Busse avenue and Lunt avenue southwest of Arlington Heights. It will double the space now occupied by Sola at 4633 W. 16th st, Cicero.

Sola is a division of Basic Products corporation, Milwaukee. Announce New Zenith AM Radio for Desk Use Zenith Sales corporation Thursday announced a new advanced AM radio especially designed for desk and office use. Called the Zephyr, the set is equipped with a new antenna that reduces interference from many types of electrical equipment common to the modern office. TODAY AT IMPORTED DOVER SOLE "EST IN CHICAGO" 11:30 A.M. to 10 P.M.

Facilities for Special Partit 327 S. Prymoatb C. Wl to Year's Low New York, July 14 UP) An early technical rally fizzled Thursday and the stock mar ket declined for the fourth" consecutive session. Trading was the slowest in three months. The heaviness in the market, brokers said, seemed to reflect lingering worries about the international situation, the growing doubts about the scope of the predicted busi ness pickup, and concern over failure of some stocks to respond even to good news.

American Motors Off American Motors was sold heavily after a Dow-Jones news ticker item reported that sales of Rambler cars in the first third of July were below the year earlier period. The stock sank $1 to a 1960 low. Wall street appeared to take in its stride the Presidential nomination of Sen. John F. Kennedy Mass.

by the Democrats, the event having been anticipated. Volume sank for the fifth consecutive session, slipping to 2,480,000 shares from 2,590,000 shares Wednesday. One Index Rises The Dow-Jones industrial index declined 0.79 to 631.32. Standard Poor's index of 500 stocks edged up 0.02 to 56.12. The Associated Press index of 60 stocks fell 0.2 to 219.2 with industrials down 0.1, rails down 0.5, and utilities down 0.1.

Of 1,191 issues traded, 423 rose and 512 fell. EXCHANGE GRANTS DUAL LISTING TO SHARES OF 6. New York, July 14 Baltimore and Ohio railroad common and preferred stock whose owners have accepted an exchange offer from the Chesapeake and Ohio railway was listed for trading Wednesday on the New York Stock exchange. There are now two markets for B. O.

stock one for the regular shares and one for shares which have been stamped to indicate the owner's assent to the C. O. offer. The exchange declined to reveal the number of Khares tendered but said it was sufficient to make a market in the stocks. This would in-dicate there were at least stamped shares of both issues, since this is the min imum requirement below which an issue may be delist ed.

The New York Central rail road Wednesday called a special stockholders meeting for Oct 4 to vote on its bid to acquire a half interest in the Baltimore and Ohio railroad. The meeting, to be held in Albany, will occur about one week after the road offer to B. O. shareowners expires. AH makes all models at new, low rates.

Immediate delivery. Personal service. Brand new 1960 FORD At FALCON 5, a lift; i 0URTESY lease Savo Jo Usaiafc, mgr. 3555 W. DMslaw Jhi Mann Clilcag HU.

-4S0t RAYON ACETATE CELLOPHANE 5 AMERICAN VISCOSE CORPORATION 3 DIVIDEND NOTICE Director! of the American Viscose Corporation, at thdr regnlar meeting on JuIt 6, I960, declared dhridend of fifty cents (50c) per ahare on the common stock, payable on August I960, to shareholders of record at close of business on July 20. 196a 3 I 1A ti IV Tlet 5V is 1 6 New York, July 14 IUPD Plans to move the New York Stock exchange to another state still are being studied actively, it was indicated Thursday in a booklet published by the exchange. The booklet called for revision of New York City and New York state taxes which the exchange says are driving business away from New York. Neither Keith Funston, president of the exchange, nor the exchange would com ment on the significance of the booklet in relation to the exchange's current attitude toward moving. Transfer Tax Cited The booklet "The Securities Industry in New York Growth? Or Decline? "specifically cites the New York state stock transfer tax as a threat to its growth and expansion here.

The tax threatens the securities industry because it literally invites out of state securities firms and stock ex changes to lure business away from New York," said the exchange. In addition to the state stock transfer tax, which last year produced $60,500,000 in revenue for the state, the stock exchange also cited the New York City tax on gross income on financial business as one which inhibits rather Talk Merger inal owners disposed of their holdings to Delbert W. Coleman and associates. Coleman is president. The stock is listed on the American Stock exchange and has repeatedly been among the more active issues in that market.

Itek's headquarters are In Lexington, Mass. Thru Photostat it makes photocopying machines and accessories and distributes paper and chemicals used in connection with them. The parent company also does research in the field of electronics, its properties including substantial space in a Boston building owned by Boston university. Washington, July 14 (31 The treasury department will announce next week a fiscal 1960 budget surplus closer to 1 billion dollars than to the 200 million dollars forecast by President Eisenhower in January, government sources reported Thursday. Revenues have run higher and federal outlays somewhat lower than the figures in Mr.

Eisenhower's budget message. Those figures were 78 billion 600 million dollars in reve nues and 78 billion 400 million in outlays for the 1960 fiscal year ended June 30. Earlier official predictions were that 1959 steel strike might throw the budget into red ink. Instead, the administration will turn in its third balanced budget in seven years. To Top 750 Millions Informants said it now appears that the surplus will be between 750 million and 1 billion dollars.

The rising incomes of Americans resulted in unex pectedly heavy individual in come-tax payments, boosting the fiscal 1960 revenues. Personal income is expected to continue to rise this year and help meet the administra tion's goal of a 4 billion 300 million dollar surplus for fiscal 1961. However, Congress on its return in August may add 1 billion dollars or so, by some predictions, to the 79 billion 800 million of spending in the Eisenhower budget A substantial rise in corporate profits in the first quarter of 1960, based on a rebound of business activity since the steel strike, was re- FRIDAY'S SHIP ARRIVALS Ship and Line Terminal Bengali Niagara Concordia Calumet Harbor Shed No. 3 Byklefjefl FJeU-OranJe Calumet Harbor Shed No. 1 Catherine Sartor! Hamburg Chicago Calumet Harbor Shed No.

Peter Nordlalce Navy pier Verla Canard Calumet Harbor Shed No. 1 BY WILLIAM CLARK ported by the commerce de- partment late Thursday. Rate 49 Billions Corporate earnings before taxes hit a rate Of 49 billion dollars annually in the first quarter. This rate still is substantially below the 51 billion dollar estimate used in preparing the budget The rate compared with one of slightly below 45 billion dollars in the final quarter of last year and of 47 billions for 1959 as a whole. Kayser-Roth Control of A Owners of more than 55 per cent of the common stock of A Stein Chicago manufacturer of men's belts, garters, and suspenders as well as foundation garments for women, Thursday agreed to sell their holdings to Kay-ser-Roth corporation for in notes.

Chester H. Roth, president of Kayser-Roth, New York ap-parel manufacturer, said a contract has been executed and added that the technical and legal requirements of the transaction will be concluded by October or November. Anticipate Merger "It is anticipated that, at that time, A. Stein Co. will be merged into Apparel Industries, a wholly owned subsidiary of Kayser-Roth" the executive said.

Terms of the deal call for Kayser-Roth 20 year, IVi per cent convertible subordinate debentures to be issued for the Stein common stock. These notes will be convertible into Kayser-Roth common stock at a price of $15,375 a share. The contract must be approved by the Securities and Exchange commission and by Kayser-Roth shareholders at their annual meeting Oct 14. Termed Excellent Deal Abraham J. Freiler, chairman of Stein and owner of REQUEST CONSULTANTS DIGBT 9-2000 ON Seeburg corporation, Chicago manufacturer of coin operated phonographs and vending machines, and Itek corporation, eastern electronics company whose subsidiaries include Photostat cor poration, are talking merger.

Officials of neither organ ization would comment However, it was learned authoritatively that talks looking toward the possibility of merging the two enter prises have been under way for at least two weeks and are continuing. Seeburg, whose headquar ters and main plant are at 1500 Dayton st, has expand ed rapidly within the coin operated machine field in the last few years since the ong- ac i-vicx toe FiMT. 1 trlt Pt. 1 Clan Pl fr- Q-I ClxtH, I Pt. Dtfcn liKraatiwaf Alum Clack rkMW Sat Taaltwara Sat EXCEPTIONAL OPPORTUNITY to acquire LABF2A7RY AND PILOT PLANT Convenient lenj Island location.

Ideally suited for many types of research end educational purposes. 4 LABORATORIES PILOT PLANTS CONFERENCE ROOMS LIBRART OFFICES CAFETERIA MODERN POWER PLANT REFRIGERATING A AIR CONDITIONING EQUIPMENT 23 ACRES 102,000 SQ. FT. FL00K SPACE Owner's plan provides for a full commission to the recognized Iroker, payable If and when title closes. FIRST MORTGAGE BONDS Payable semi-annually Issue of December 21, 1959 Due Dates December 1, 1965, thru December 1, 1973 For Information, contact MAIiYVALE C03IMUNITY HOSPITAL (an Arizona non-profit corporation) 207 Central Towers 2727 North Central Avenue Phoenix, Arizona Telephone: CRestwood 7-7091 DETAILED INFORMATION ACTING AS 7 SET ST NEW TORE 7, K.Y.

1 SUBSCRIBE FOR THE TRIBUNE.