Chicago Tribune from Chicago, Illinois • 75

Chicago Sribune FRIDAY, OCTOBER 23, 1964 BUSINESS FINANCE PRODUCTION MARKETING TRANSPORTATION Section 3 4 IN STOCK ILSTilDARD mbott Labs' Profit, Farmer's Pest Weapon Massive Bank Study Names Top Owner? 9-MONTH Ab i HlS DECLARED study, containing the banks and shareholders in the sixth and seventh federal reserve districts, has 354 pages. 1 ''I -i This weird-looking machine farmer to spray for boll Wide tires made by Goodyear it possible for machine to operate in fields soft from irrigation. Sales and net earnings of bott Laboratories, North Chicago, in the first three quarters of 1964. rose 8.4 per cent and 14.7 per cent, respectively, to new highs, George R. Cain, chairman and president, said yesterday.

Noting that "October sales to date are running well ahead of a year ago," Cam reported nine- month sales amounted to 539,000 compared with a year earlier. Net income totaled equal to $1.31 a share, compared with $15,025,000, or $1.15 a share, in the corresponding period a year ago. The executive said third quarter sales increased 5.3 per cent and net profits in the July thru September period increased 3.7 per cent from a year earlier. "Third quarter results were attained despite the diversion of a considerable portion of our sales force to a reinspection of our hospital solutions stocks," Cain said. Acme Steel Acme Steel company reported higher sales and earnings in both the third quarter and first S0C0NY MOBIL ELECTS WARNER.

NEW PRESIDENT Rawleigh Warner Jr. yester day was elected president of Socony Mobil Oil company, effective Jan. 1, to succeed Herbert Willetts, who will retire at year-end. Willetts, 65, has been with Socony Mobil for 41 years. Albert L.

Nickerson, 53, continues as chairman and chief executive officer. Warner, 43, moves up from vice president He started with Socony Mobil in 1953 and three years later was appointed manager of the company's economics department. In 1963 he was elected president of Mobil International Oil company, an overseas operating division, and in March of this year became a director, member of the executive committee, and executive vice president of the parent company. The president-elect, who was born in Chicago, Is the son of Rawleigh Warner, chairman of Pure Oil company, which is not affiliated with Socony MobiL ADVERTISING AND MARKETING U. S.

Adman Abroad Chicago's biggest banks are prominently listed, in their own name or thru nominees, as being among the top 20 stockholders of large and small banks thruout' the seventh Chicago federal reserve district, according to a study released by the House banking and currency committee. The study, five massive volumes listing the 20 largest shareholders among federal re serve member banks thruout the country, drew no conclusions but merely was a prelude to further studies in the area of bank concentration, said Rep. Wright Patman committee chairman. Part of Program "Banking is so permeated with the public interest that the American people have every right to know about the ownership of our banks," the congressman said. The study is part of a continuing program undertaken by Patman to determine ownership or control of banks thru chain bank holdings and "whether the purposes of the bank holding company act have been circumvented by chain banking, "Patman commented.

Altho a bank or its nominee is listed as the stockholder of record in the study, the listing is no indication that the bank is the beneficial owner of the stock. As would be expected in a study of this kind, many prominent Chicagoans and their families have large beneficial holdings in many banks. Some are listed among the 20 top owners in more than one bank. The study is based on ownership reports submitted by the banks to the federal reserve system in May, 1962, at the request of the Patman committee. May Use Nominees Each of Chicago's five biggest banks may list stock ownership in the names of one or more nominees.

The First National Bank of Chicago, for example, thru its nominee, Olen is a stockholder of record in Harris Trust and Savings bank, the Continental Illinois National Bank and Trust Company of Chicago, and in its own bank. A nominee of Northern Trust company, How is the record holder of stock in the First National, Harris Trust, Northern Trust, and is the biggest single holder in Continental Illinois. Prominent individuals listed among the biggest shareholders in the bank study include Mrs. Helena C. Kerner, wife of the governor; John Cuneo, who owns controling interest in four suburban banks; John D.

Mac-Arthur and his Bankers Life and Casualty company; CoL Henry Crown; Benjamin S. Adamowski; Sid Luckman, former Chicago Bear quarterback; and Judge Abraham L. Marovitz. Volume III of the five-part A PRODUCT OF i BY CHRYSLER 9-Month Income, Sales at Peaks New York, Oct 22 UP) Chrysler corporation directors today declared a stock dividend of 4 per cent in addition to the regular quarterly dividend of 25 cents, despite a sharp drop in third quarter earnings. After sizing up all-time record sales and earnings in the first nine months of the year, the directors voted the special pre-Christmas dividend.

Pay on Dec. 15 The dividend in stock will be paid Dec. 15 on the basis of shares outstanding Nov. 2. The cash payment will be made Dec.

1 with the same record date. Third quarter profits skidded a surprising 50 per cent from the 1963 third quarter, dropping to $11,400,000 or 30 cents a share, from $22,800,000. Earnings fell to less than IVi per cent on sales. The sag was attributed partly to a breakdown in supply of parts that caused a backup in inventory of nearly completed cars and correspondingly reduced anticipated sales to dealers. One report said that as many as 20,000 units were held up.

A second factor in the drop was heavy plant realignment and start up costs plus effects of the changeover to 1965 models, the company said. Need Smooth Flow Lynn A. Townsend, president, and George H. Love, chairman, said in a letter to stockholders that fourth quarter results will depend on the ability of supplier companies and Chrysler's own component plants to maintain a steady flow of materials to support a fast production and sales pace. Despite the hitch, sales in the first nine months climbed to 2 billion 850 million dollars, a level unmatched in company history for a like period.

Sales were 18 per cent above the 2 billion 24 million dollars of a year earlier. Profits mounted to or $3.35 a share, up from $100,700,000, or $2.72 a share, in the first three quarters of 1963. In the nine months, earnings amounted to 4.4 per cent of sales. World-wide sales of cars and trucks rose to 1,231,042 from 1,052,043 in the first nine months of 1963. N.

Y. CENTRAL SHOWS PROFIT OF $172 MILLION New York, Oct. 22 UP) The New York Central railroad today reported profits of for the July-September quarter, raising earnings in the first nine months to The railroad lost money in 1961 and 1962 and hadn't exceed this year's three quarters earnings in any full year since 1956. Share earnings amounted to $1.01 in the third quarter and $2.64 for the first nine months. In 1963, the Central showed a $450,515 profit in the third quarter, or 6 cents a share, and ran a deficit of $3,961,892 in first nine months.

Business Section Starts on Page 5 nine months of the year. Net income in the first nine months amounted to $4,765,000, equal to $1.50 a share, compared with $4,208,000, or $1.22 a share, a year earlier. Sales in the period were $120,893,000 against $114,647,000 a year ago. Earnings in the third quarter were $1,364,000, equal to 43 cents a share, compared with $920,000, or 24 cents a share, a year ago. Sales were $40,551,000 against $34,544,000 a year earlier.

I Amphenol-Borg Amphenol-Borg Electronics corporation, Broadview, reported its consolidated net profits in the first nine months were $1,926,043, or $1.47 a share, compared with $1,705,137, or $1.23 a share, in the similar period a year ago. Sales rosei 7 per cent to $66,626,191 from $32,425,918 a year earlier. Matthew L. Devine, president, said the strike in the automobile industry "will have some adverse effect on profits in the fourth quarter, but we are hopeful that an early settlement will minimize this effect." Illinois Bell Illinois Bell Telephone company said its net income in the nine months ended Sept. 20 amounted to $80,916,139, or $1.95 a share, on total operating-revenues of $490,161,735.

A year earlier, the company reported profits of $75,674,066, or $1.38 a share, on revenues of $462,572,088. Chemetron Consolidated net earnings of Chemetron corporation in the January thru September period were $6,590,283, or $2.14 a share, compared with or $1.58 a share, in the corresponding 1963 period. Charles J. Haines, Chemetron chairman, noted that the 1964 nine-month profit included a nonrecurring capital gain of $640,078, or 21 cents a share. Sales in the period advanced to 124 million dollars from 115 million a year earlier.

American Airlines American Airlines, had net income in the nine months ended Sept. 30 of $23,072,000, or $2.73 a share, compared with $14,753,000, or $1.76 a share, a Continued on page 9, col. 1 had fully reimbursed the Inter national Monetary fund, bringing the Fund's holding in lire aown to 75 of Italy new quota of 500 million dollars Furthermore, both the Export-Import and the C. C. C.

credits have not as yet been utilized. Negotiations are under way for drawing about 20 million dollars on the Export-Import bank toward the purchase of capital goods and about 25 million dollars worth of cotton from the Cm I should also like to add that the situation of the Italian balance of payments has shown a definite improvement in the last few months. In fact, it has recently shown a surplus, and Italy's reserves of gold and convertible currencies increased from 2,339 million dollars at the end of March, 1964, to 2,737 million dollars at the end of July of the same year. In thanking you for your hospitality, I remain Sincerely yours, Cesare Gnoli Counselor of the Italian Embassy IT Stocks Decline Irregularly as Volume Falls Close Early Today New York, Oct. 22 (JR The nation's stock exchanges will close early tomorrow in honor of the late President Herbert C.

Hoover, who died Tuesday. All major stock exchanges in the east and midwest will close one and a half hours earlier than the usual closing time of 2:30 p. m. Chicago time. The Pacific coast exchange will close two and a half hours earlier.

New York, Oct. 22. Cfl Disappointment over Chrysler's earnings and dividend action overhung Wall street today and the stock market underwent an irregular decline as trading eased. Volume was 4,680,000 shares against yesterday's 5,200,000. After Chrysler reported a decline in quarterly earnings and a 4 per cent stock dividend, the issue dipped sharply to $59 representing a loss of $2.12 at the time then gradually recovered to close at $60.62, a net loss of only 50 cents.

The Dow-Jones industrial average took a moderate loss of 2.71 at 877.01: Standard Poor's 500-stock average eased 0.16 to 84.94. Of 1,339 issues traded, 604 declined and 483 advanced. The Associated Press average of 60 stocks dipped 0.7 to 330.8. General Motors, down 75 cents, continued to lose ground despite prospects that the prolonged strike against it would be settled over the week-end. Ford gained 25 cents on an encouraging sales report.

A sharp dip in earnings by Reynolds Tobacco also depressed the cigaret stocks. Reynolds was among the most active stocks and fell $1.50 in heavy selling. ADVERTISEMENT I Getting Ahead In Business 1 V'f i Marvin Kaplan Scarsdale, N. Y. Marvin Kap lan lias been elected Vice President, Manufacturing- of Loral Electronics Corporation.

Like the men everywhere who keep getting ahead in business, Mr. Kaplan reads The Wall Street Journal regularly. Journal paid circulation alone now is over 820,000 with many moe additional identified readers. When you adveritse in The Journal you sell Management in Motion, the biggest national business market ever gathered by a daily publication. MOTOR COMPANY LINCOLN-MERCURY DIVISION was put together by an Altus, worms and other cotton pests.

Tire and Rubber company make Diplomat9 Advertising, was named to handle the account of the newly-formed Favor, Ruhl Watson company. Craigle Paulsen, was named agency for Fototype, Inc. Personnel Leo Burnett company appointed Clarence Hatch former executive vice president of Campbell-Ewald company, as vice president and member of its marketing department. Frederick J. Wachter, who was vice president and general manager of Erwin Wasey, Ruthrauff Ryan in Chicago, 112.

tMLittiMfrA TlMMfflll'lBMTItiilHt Wochttr Hatck was named an account supervisor of Gerson, Howe Johnson. John K. Grosspietsch, former Pure Oil company marketing executive, has become an account supervisor at Mac-Manus, John Adams, Inc. ON VACATION James Smith, advertising and marketing news writer, is on vacation. He will resume his column upon his return.

IS SETS RECORD Earnings at $2.09 a Share Up 6 Consolidated net income of Standard Oil company Indiana set a new record of in the nine months ended Sept. 30, compared with $140,200,000 in the period a year ago, John E. Swearingen, president, reported yesterday. The earnings equaled $2.09 a share in the first three quarters of 1964, up about 6 per cent from $1.97 a share a year earlier. Share earnings in 1963 were adjusted to reflect a 2-for-l stock split in September.

Revenue Up 3 Per Cent Swearingen said total revenue in the first nine months increased 3 per cent to 2 billion 125 million dollars. He said Standard expects net earnings for the entire year to set a new record high for the sixth consecutive year. Sales of refined products in the nine months set a record, averaging 770,000 barrels a day, up 8.000 barrels from a year earlier. Production of crude oil and natural gas liquids increased 5 per cent to i 371,000 barrels a day. Natural Gas Increases Indiana Standard's sales of natural gas in the nine months averaged 2 billion 100 million cubic feet a day, up 12 per cent to a new all-time high.

Chemical sales also set a new peak, increasing 27 per cent to a total of 801,000 tons. Directors of Indiana Standard on Wednesday declared a special cash dividend of 7Vfe cents a share in addition to the regular quarterly cash distribution of 37 cents a share. Both dividends are payable Dec. 10 to shareholders of record Nov. 5.

RIGGS RETIRES FROM MIEHLE CHAIRMANSHIP Joseph A. Riggs retired yesterday as chairman of Miehle- Goss uexier, 1 Tnn on1 dent of its Goss company division. James W. Coultrap, president and chief executive officer, also announced that the position of chairman has RifM been abolished. Riggs will continue as a director and member of the executive committee.

Edgar G. Morrison was elected to succeed Riggs as president of Goss and D. H. Knowles was made vice president of Miehle-Goss-Dexter. Riggs joined the Goss company in 1922 and began as a draftsman in the engineering department.

He became Goss president in 1960 and chairman of Miehle-Goss-Dexter in 1962. McINTOSH CO. OPENS SECTION FOR HOMESITES Arthur T. Mcintosh Co. announced yesterday that it is opening the first section of its Prestwick Country club home sites.

Prestwick is on Harlem avenue, one-half mile south of U. S. highway 30, near Frankfort. The area involved covers 1,000 acres which was once an Indian reservation. The first section includes 80 acres of wooded land which has been divided into 82 large lots.

The improvements already are in and more than 1 mile of the area is along the golf course. 7 'Must Be American advertising men are welcome overseas, but only if they carry a large supply of diplomacy, Constantin Joffe, president of Studio Associates, told members of the central region of the American Association of Advertising Agencies yesterday in the Continental hotel. Speaking at the group's 27th annual meeting, Joffe described this country as the "only important influence in the world of advertising." But even tho the advice and know-how of the American advertising man is needed and wanted, he must have more to offer, he said. "We are welcome there, but suspect wanted, but kept at a distance, and what it all boils down to in the final analysis is that in addition to bringing with him knowledge and tools of his craft, the creative man heading for Europe must also carry a large supply of diplomacy to cope with national prides and regional egos," he said. How Ads Differ Joffe included these observations about the differences in advertising turned out by various countries: The English, he said, want their ads to have the feeling of British understatement The flamboyant copy of the French, and to a degree, the Italians, holds evidence of a lively sense of humor.

The German approach in print advertising is straight-laced and sober. In Japan, it's inconceivable for an ad to say "buy it now," said Joffe. He quoted the general theme considered proper in Japanese advertising: "Please, be kind enough to take notice of our merchandise. Try it at your convenience and, if you like it, we hope you will buy it again." Fairfield Savings and Loan association returned its account to Post Advertising company after a separation of three years. Henry Senne Letter from Italian WANTED SALES AND SALES MANAGEMENT BUILDING OR MORTGAGE SPECIALIST Nation second largest home manufacturer, with dominance in the quality home and apartment field, needs numerous top men to staff expanding operations.

Salary, expenses and incentive commission basis provide $10,000 to $22,500 annual income depending on production. Successful sales experience, intimate knowledge of building business essential. Previous experience in manufactured homes desirable or mortgage banking experience alternately desirable. Interviews will be held on October 27 and 28. Telephone R.

W. Atkins in Chi-cago at 823-1129, October 26 from 7 p.m. to 10 p.m. or October 27 from 8 a.m. to noon for appointment.

Send resume to: Scholi Homes 2001 N. Vestwood Toledo, Ohio. The Tribune recently received the following letter from Cesare Gnoli, counselor of the Italian embassy in Washington. Sir: On Sept. 21st your newspaper printed an article by Mr.

Eliot Janeway, under the title "Britain's Fast Russ Play Gets Dillon Ire," which contained some reference to the Italian economic situation, namely the fa that "Italy is now stone broke, running' downhill from boom into depression and so sick that we have had to bail her out on a billion dollar scale." The credits recently offered by the United States to Italy bear a further evidence of this country's friendship for and cooperation with Italy, but, in order to dispel any misguiding impression that your readers may have gotten from Mr. Janeway's remarks, I should like to point out the following: Last April, Italy did draw 225 million dollars on the International Monetary fund a sum which represented Italy's credit position with the I. M. F. and her gold tranche.

In addition to this, the Export-Import bank and the Commodity Credit corporation agreed to extend credits to Italy respectively up to 200 million dollars to cover purchases of raw materials and capital goods, and up to 250 million dollars for purchases of agricultural products. However, by last August Italy 1 Mercury, the courtesy car for special guests at Del Monte Lodge. World Book Encyclopedia AD PAGES UP IN 1964 and ad revenue too- as America's Class Newsmagazine is having the best year in its history i x- ''s- 'L I V. St1; S'' i i'l 1-BSjr-k11 it T'r 's, .,,4 JL mi I i is Tf r' 1 J- leads all the rest because for most families it's far the best And while serving the cause of good education its No. 1 spot causes its No.l snot causes Numberone in IMPORTANCE of content Number one In QUALITY of readers Xgreat gratification.

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