The Los Angeles Times from Los Angeles, California • 71

BUSINESS AND FINANCE OIL NEWS Union Leases 4 Coppers Lead in Late Stock Upturn NEW YORK, March 19 Late improvement left the stock market higher today after mixed trends had prevailed throughout most of the day. Coppers, steels and most oils led the late upturn, which was accompanied by a slight pickup in volume. Until Hollywood fia.J: I I Part IV WEDNESDAY MORNING, MARCH 20, 1957 Commodity Futures Shift Uncertainly JIUUIU LdllU BY ROBERT J. SULLIVAN Times Oil Editor Union Oil Co. has leased land under three motion-pic ABA Told of Credit Union Tejon Ranch Nets 87 Cents a Share in '56 th last hour trading had DOW-JONES COMMODITY INDEXES MEW YORK.

March 19 The Dow- ture studios in the heart of Hollywood, along with several residential town lots, and Jonee futurta Index of 12 eommodltlei toda.r closed at a new 1997 low of 1M 30. ol .33. The 19S7 high atandt at 163.31 THE ASSOCIATED PRESS Commodity futures prices shifted uncertainly in trading yesterday. No discernible trend was evident Wool wai tha beat of the talnera, ad-venclnf .3 of a cent to 1.3 centa a pound. Wool tops and hldea alio moved higher.

Tha nonferroua mttala group also fared, well aa copper and Hue is expected to start drilling the area late this year. The Dow-Jonea tool orire Index of 13 Competition CHICAGO, March 19 LP Commercial loan firms face increasingly significant competition, from credit unions. cflmmodtttea declined .29 Id 161 27. The Violation of SEC Seen in F-M Fight li.vi nito atanda at lea tna low at lal.02. GRAIN PRICES CHICAGO, March 11 on Range: Open High Low Close Wheal Mar.

3 34 I 4H J. 30 1 2fl' chalked up modcat advancea. Cottonaeed oil dropped .36 of a cent a pound and aoybean ou waa off .20 Xet income of Tcjon Ranch Co. for the vear ended Dec. .11..

last, amounted to equal to 87 cents a share on the l.OSO.OOO shares outstanding, compared with $083,430, or 91 cents a share the previous year, it was reported yesterday. Total income, which comes been even slower than in yesterday's" very dull session. Expansion In demand toward th finish coincided with news of a cnt in banker's acceptance rates, which was interpreted by some market analysts as indicating a slight'easing in the tight money situation. Earlier, however, William Mc-Chesney Martin, chairman of the Federal Reserve Board, told a Senate Banking Subcommittee there was no trend yet toward an easing in the money market. Trading Gains to .33 ol a cent a pound.

Buaar alipped May 3 24'. 3 344. 112, 2 2i JulT J.19 3.20 3 18 3 18-3 18N alltitly and coffee ranted from .43 of a cent a pound lower to .30 of a cent a management consultant, said today. Dr. Rudolf Modley of Kent, told an American Bankers aepi, Jl, Z2l 3 20' 2 20H Dec.

3.34- Z.2S 3.34 It 3.24'i Corn-Mar. 1291a M'l 137'. 117 WASHINGTON, March 19 UP) Sen. Lausche (D) 0., said a pound Hither. RuBDer declined .30 to .30 of a cant a pound.

New York cotton waa moatlr sn the up aide, ewlnclag from .10 of a cent a pound lower to .75 of a cent a pound May 1.32'. 132', 130', 1.3) -130'a Columbia Pictures announced it has given subsurface oil rishts on its 12-acre studio property to Union and a spokesman for the company said a similar lease had been signed with Paramount Studio a few blocks away. RKO Radio Pictures, next to Paramount, ts also reported leasing with Union and the first well is expected to be drilled on lu property. MrClung Drilling A pair of follow-up wells will spud soon to evaluate Superior Oil recent discovery at Mc-Clung, one and one-half miles Turn to Pace 10, Column 2 hllher. juiv i ja- 1 J.i'4 1.J41 i.j4"m Sept.

13S 13S'l 1.34 134H today Senators had been in ELECTED alter W. Candy president of Bullock's, has been named to the board of the Security-First National Bank of Los Angeles. Security-First Names Candy 1.39 1 30 1.39 formed that "securities laws .71 i- .73 Dec. 1.30 Oeta Mar. Mar .70 July Sept.

64H Dec. .67 Va of this country have been Chicaao iraina again were weaaer, although wheat and ol ahowed mixed tendenclea. Corn loat of a cent to IV centa a buahel. The Aaaoclated Preai weighted whole, tale price Indei of 3S commodltlea jrea-terdir advanced to 177 43 Prrvioua dar, 177.33; week ago. 177.73; .71 4 .69 .63 .64 .67 13 .64 .64 .67 Vi.

Association installment credit conference that "the larger part of the $1,250,000,000 In personal loans outstanding held by credit unions is undoubtedly volume which is directly competitive with commercial lending." Modley, in a prepared ad-Turn to Page 9, Column 6 largely from livestock sales and ranfie rentals, farm crops and rentals and oil royalties, bonuses and rents, amounted to against 1.504 in lO.Vt. Gross income last year from oil and pas royalties and lease Turn in fug 10, Column 8 I .64 .67 violated" through use of Swiss banks for stock pur- month ago. 178.21; vear eio. 177.31. 139', 1 391, Vokime totaled 1,510,000 Mar 1 30' 1 33 May 131 'm 133 isatio ihoo iicj l.JUVt l.JOVe High 160.01 177.14 17S.4S 181.72 shares, up from the previous ichases in "the battle for con- Turn to Page 10, Column 3 Low I 173 79 168.

25 log 5li 170.95 average aqugta 100) trol of the Fairbanks-Morse session's 1,450,000 shares, which Walter W. Candy presi was the lowest since Oct 23. Corp. dent of Bullock's, ha3 been Most coppers gained from the Hart, sparked by Kennecott. The elected a director of the Secu Lausche made the statement to newsmen after a closed-door session of the Senate Banking Subcommittee heard reports by rity-First National Bank of Los company's president said its sales of copper in the first two months of 1957.exceeded proctuc Angeles, according to an announcement by James E.

Shel-ton, chairman of the board. Borri in St. Louis, Candy at tion. Kennecott ended up lVa at Securities and Exchange Com mission officials and staff. Buyer Unidentified Oils attracted attention action of the Texas Rail tended Princeton University and Lausche did not identify the purchaser of the stock but Rep.

after graduation in 1928 became road Commission in cutting the State's allowable oil production vice-president of a merchandis Reece (R) told the House later that Penn-Texas Corp. had bought 300,000 shares "through for April. Royal Dutch, Socony Mobil and Standard of New Jer ing concern in St. Louis, a posi tion he held until 1935, when sey, all actively traded, ended or from" Swiss banks. with fractional gains.

Penn-Texas is seeking control he accepted an offer to join Bui of Fairbanks-Morse, a Chicago lock's. From 1935 to 1942, he A few specialties also came in for attention. U.S. Hoffman Ma machinery firm, in a proxy bat Know anything good in the market? That's a question you hear all the time in our business and thee days we're likely to answer "Municipal Bond!" to a pood many iuvetor. Vthy? Beeaue a urpri.ing number of good quality municipal currently yield in the neighborhood of AB Becauae thi jirld i tax-free Because depending on your income, it can take a taxable return of 8, 10e even 20 or more lo equal a tax-exempt 3.

Jut which municipal bond would we, uggpt? Veil, here are a few that you might like to conider, that might have a proper place in your own portfolio. was merchandise manager of chinery, the second most active tle due for a showdown March 27. Penn-Texas is headed by Leo Bullock's Wilshire store. In 1942 Candy received a com ly traded stock, ended up 34 at 1034. This didn't quite make up Silberstein.

a financier who the a decline of the previous came from Germany eight years day. -p- mission in the United States Navy and served at Eniwetok, Tinian and Iwo Jima. Upon his discharge in 1945 with the rank ago. Robert H. Morse presi dent of the firm, heads a man Dresser Industries gained 1 to close at 53Va on a statement by a company official that the company expected increased of commander he became assist agement group fighting attempts of Silberstein to take over ant to the president of Bullock's, Inc.

He was elected a director in 1946, a vice-president In 1948 earnings in the fiscal year end ed Oct. 31. Aircrafts Lag Lausche said he has no inter and president in 1950. est in the Fairbanks -Morse struggle and "I know none of Aircrafts generally lagged al these people." though North American Avia i tion was an exception, gaining Laws Frustrated He Won't Give You "Automatic" Answers Financial News Briefs "But we learned that the laws of this country are being frus 2Va at 30,8. Douglas dropped 7a at 76 while Boeing and United Aircraft recorded smaller losses.

The Associated Press average of 60 stocks was up .7 of a trated through use of Swiss banks to make purchases of large blocks of Fairbanks-Morse Hixson Jorgensen, an point at 173.8 with the Indus stocks, Lausche said. nounced that Jack F. Kerr has trials up a point, rails .6 and He explained that anyone joined the agency as vice-presi Utilities .2. Of the 1102 issues traded, 515 making direct or indirect sale Baling Ism. Ciwpn Due YieU Alt New YirkltatiTouilnr.

2Vi 1974 2.50 Am Public Ksusinf Authority, Now Ytrk City 2 1991 2.IS Aa Rivirtidi 3Vi 1984 3.10 Ai St. liuis. Missouri 2Vg 1971 2.7S A Miami Beach. Fli. W.I.) 3'g 1974 3.40 A El fisi, Texas (W.I.) VA 1977 3.S0 A Ltwtr Nuicis River Water Supply District, Texas 3'A 19S1 3.60 Pert if Oakland, Pert Improvement (Rated A by Standard I Poer t) 370 1977 3.23 (lubjtct tt prior Mil and chinje la price) If you'd like more information about any of these advanced while 331 declined.

De nf 10 or more stocks in a U.S. corporation must make the facts known to the Securities dent and account supervisor. For the last eight years, Kerr has been an account executive with Raymond R. Morgan and Exchange Commission. New electronic devices can perform operations as complicated as predicting election results, yet they could never perform the job of the man above.

He's a Johnson Higgins account executive, and he helps solve the insurance problems of commercial and industrial organizations. To this complex and variable taskt he biutgs his own seasoned judgment and that of several hundred other specialists trained in every facet of the insurance business. He is also a craftsman, who welcomes the challenge of designing original insurance contracts to meet unique requirements. Whether your organization is large or small, you can draw on all the resource! of to help you secure economical corporate insurance cut to your corporate needs. Vear after year service, backed by complete insurance brokerage facilities, has proved an asset to business firms throughout the world.

Johnson Higgins "I understand that it is Hollywood. Gene K. Dry son has joined against the law in Switzerland Mr banks there to make known for whom they are acting," Lausche said. "These banks are McCann-Erickson, as an ac spite the generally higher market, new lows for 1956-57 outnumbered new highs by 16 to T. But among the 16 most active stocks, 14 gained while only 2 lost ground.

Most active issue was American Motors, up on top of a Vi gain yesterday. George Romney, president, will meet in Miami tomorrow with Louis Wolfson, recently revealed as the company's largest stockholder. count executive, it was an outside our jurisdiction." Lausche said SEC officials and nounced yesterday by Reg W. Twiggs, vice-president and manager of the advertising agency's staff provided details on the various transactions at the Los Angeles office. Olaf B.

Lighthill has Joined the Los Angeles staff of Demp-sey-Tegeler it was an Brubaker Elected President of bonds, we'll be glad to utipply all we can. Thrre's no charge, of ronre, a imply call or tome in to our office and ask. for Drpartment AT -53 Merrill Lynch, Pierce, Fenner Beans Member! Sew 'ark Slmk Exchtnit tnd til other Ptintip.il ixchtnitt I.o AnsclM, West Sixth St lyrrun R. McFie, Pint. Hollywood, 6Vil Hollywood Blvd Sam Grodin, Ptnr.

Los Anjtr les (Wtstw'd). 1024 Broxton Ave. Paul M. Hornbccker, Mp. Beverly Hills.

454 N. Camden Drive Danily BeMUrv Pasadena, 571 E. Green Street Gilbert F. Oijen.VMff. I.a JolU, 75MS lvanhoe Avenue R.

Rearwin, Atr. San Dicro, Street C. Barker, Mge. Fresno, 1125 Van Nesi Avenue John A. Andrewi, Alr.

nounced by Lewis J. Whitney ml CtliforHt llSVIUCt BROKERS A YERACK AltJVSTKRS EMeVOVCK BEyEFIT PLAN COSVLTAHTS 11 S. HOPE ST. LOS ANGELES 17 t-3Sll Sn fnmuc Dttrtil Clntlmi FMsdtlfhtt iuffil Mmnttflil Atlaus Vmuwvr U'rtmifn Mmtrtsl TeeeMM Hum Lmiim tie air Imum Sit Fault Ctnut Cuban Sugar Defers Dividend partner. Lighthill, who has HtwYtrk SimttU WtlmmffM Telecomputing George F.

Brubaker has been named president of Telecomput been in the local securities industry for over 28 years, was formerly associated with Gross, Rogers Co. as vice-president and sales manager. Y. NEW YORK, March Di ing according to an announcement by William R. Whittaker, chairman of the rectors of Cuban A Sugar Co.

today decided to discontinue board. Brubaker was founder the present practice of paying and is still president of Brubak dividends quarterly. er Electronics, which was The board said it would "de acquired by Telecomputing last August. fer dividend action until crop and marketing results are more fully known." Harvesting of the Cuban sugar crop generally runs 1 The Telecomputing board also elected a new treasurer. He is Paul W.

Byall, who holds, the same position with Brubaker Electronics. Byall will become from February into May. The company has been paying 25 cents at quarterly intervals, The last payment on the issue chief financial officer. In his new position as presl dent, Brubaker will co-ordinate all divisions and subsidiaries of the Telecomputing including Whittaker Gyro, Telecom was made Jan. 15, last.

Other dividends follow: Eatre Blah-Idaho 8. ADfil 19-Mar. 28 Ueuidellm Clinton Food! Mar. 27-Mar. 22 Inerease Haverhill Gal Anrll 1-Mar 26 Interim This advertisement appears as a matter of record only.

To public offering is being made of these securities. $124,000,000 Trans-Canada Pipe Lines Limited 0 $80,990,000 First Mortgage Pipe Line Bonds, United States Scries, 5lA Due October 1, 1971 4 $23,010,000 First Mortgage Pipe Line Bonds, Canadian Series, 5Vz Due October 1, 1978 401 puting Division, Brubaker Elec tronics and Enterprise Develop .20 .10 ment Co. Whittaker said the appointment of new officers is part of a planned program to develop a completely integrated electronics system research and manufacturing facility. A special department tt Dean Witter St Co, is regularly exploring new technological advances to increase your "investment intelli rtah-ldh 8 April 19-Mr 59 United Prmten April 1-Mar. 25 Arrearf Webb At Kn.

pf April 1-Mar. II Stack Want Kmc lS-Mar. 31 Qnarterlr Am. Murlelt 1-Aorll 19 Boitnn Edlsnn 1-Aprll 10 Goodman Mir. 1-Anril 1 Haree Ind.

35-AprU 1 Raman Aircraft Aorit 15-Mar. 30 Mahonint Coal April 1-Mar. J7 Vclnt. P. Mines June 1-May 1 0born Mfe.

29-Mar. 26 Parlte Davli Anrll Pitt. LJE. RR April 15-Aprll 5 Rochester Bui. April 15-April 5 Foval MrBee April 1.1-Mar.

29 Talon. May lS-Anrl! 2 Yel. 8 P. April 10 3 .70 .30 10 ,7 50 ..10 4 1 SO .35 .25 .20 Electronic Unit Names Engineer in Expansion William H. Rurgess, president gence." Translating technological advances into investment opportunities is the job of our Techno-Research Department.

Technical assistance for our periodic reports is made possible by: Our membership in a well known Weat Coast research institute); the counselling services of leading scientist; and our association with a prominent firm of cn sultants in chemiatry, metallurgy, electronics of Electronic specialty yes terday announced the appoint ment of William ft. Martin as $20,000,000 5V4 Promissory Notes due March 1, 1962 I chief engineer and production manager of the RF Systems and Components division. snd stomics. With the completion of the company's new antenna pattern measurement range and the ex pansion of the RF' engineering "High Tcmpcrgfurc MSB Tht is tut and tale of the above securities art subject to the termt and conditions of Agreements negotiated by the undersigned. group under Martin, the company greatly increasing its participation in the field of elec -y Metallurgy Pryne to Become Emerson Unit Fryne manufacturer of exhaust ventilators, lighting fixtures and electric heaters, with plants in Pomona, and Keyspr, W.Va..

will become a wholly owned subsidiary of Emerson F.lpctric Manufacturing Co. of St. Louis, it was announced yesterday hy Ralph Prvne, chairman of the board of Pryne, and V. R. Person, president of Emerson.

The Pryne company was founded hv Ralph Pryne in I Angeles in 1923. It moved the mam plant to Pomona in tronic countermeasures and communication systems, he satd Martin comes to the Electron ic Specialty from Lockheed Air Gives you a sound, basic understanding of eaa of tha creaUst technological developments of this g- craft where from 1950 he had been in charge of the com plete radiating systems group. tration. A highly informative report which discusses cam-pa meg, already industrial money makers, whose ssUbliauied position in this field promises to five them as extraordinary rate of expansion ever tha neat decade. He is a senior memocr of tne institute of Radio Engineers and is a member of the Antenna anri lronaeation.

Microwave Theory and Techniques, and the Aeronautical and Navigational Elec Dean Pleate cosy youe Y7 seta MtTae- aerahre Metewfy" A A trons Croups of this aociety, Lehman Brothers Stone 1 Webster Securities Corporation White, Weld Co. Ncsbitt, Thomson and Company, Ltd. Wood, Gundy if. Inc. McLeod, Young, Weir Company Ltd.

Osier, Hammond Nanton Ltd. Witter Co. Westchester Federal Elects 2 Officers Controllers Group to Hear Dr. Pearlman fr. Harry Pearlman, chief of component development for Atomic International, a division of North American Aviation, will be (he featured speaker at the local Controllers Russell C.

president STIffT manacer of Westchester Fed eral Savings' it Loan Associa New Vers Seat aS Cseal Saack lachawfe 111 14 leatt Srie Street Ut Ml Stats Ufa tea SealttwS, snerll tut Seatlaelae) tries, tea Here Hi I. sMf, Uat taa II2S tiiatrt Iwlaevt, tt MeaMS taata tartars Saatt Ua lea tltts tae MrsaniM Veatet Ut Mast Institute dinner-meeting, to tion, yesterday announced the election of Mrs. Mary C. Arabian of LI Srsundo as viff- rn arrow at the Amhaador HoteL His suhiect will he "Cur Inrostrtont and cecretarv and rent and Prospective Development In Nuclear Power and Mrs. Viola E.

Powell, Manhat- Mirth 20, 1957, awe Fututt Industrial Imphra Hons." Itreaiurer,.