The Los Angeles Times from Los Angeles, California • 48

rfr rr IJ icaangtlfgOnua Pert MAY 30. 1 963 Business People Financial Briefs Carrier Corp. Half Year Net liai I CQI A. Brure Rozrt, VP of Packaging at Lon- The First National Bank! B.C.. Canada and Hawaii An- nf San nipn hs hoon cT-nt.

have been invited to attend com division, fciectra Mega- dvne. subsidiary of PrOlit jteadV a chaner from the comp-ilhe regional meeting for Re. 1 jjion Assn. of Desk A NEW YORK (DJ) Car- er the currency to op-perrick Clubs of North itol Records, has re- Samuel Krasner has been FCC Approves KTTV's Sale to Metromedia sicned to join the Stanford, appointed Western sales PnrUnrrtnn.CI.'r pr Prtm frt- tfc H. i.

1 UC EIVUU UlU Palojmanager of Research Institute in a 4 an Vnrinrra A nnorcrtn KnrthJmoat at at the Disnevland ho At. w- I i-ii-mn -i I i -1 i a four Mills, t-vl 1 I I I ivjui a.iTfi iriav 1.. iv ann a uniaiun i iui-isix nifin in pnnpn ann i i. tel Mav 31-June 2. Trt x-.

-r- preMueui, dIU lnuad- i has leen promoted to west- lngton Industries, NewJnel income of $3,527,000. tions are the branch will be era division manager of theiYork. ith the opening of Southern California division's new sales of- equal to $1.52 common operation oeiore mis vear: Pipeline Contract Let NEW YORK A con- is over. share on sales of $134 mil The Federal Communica Co. with headquarters in Cul-'toe a warehousing facili- lion.

This compared with net Lockheed Aircraft Service tract has been awarded for ver City James A. ai in uiympic bivo. of $3,576,000. or $1.54 a share anH Jntrnh Chambers 1S Angeles John Ontario, has acquired construcllon the first seg- lected nresidentlTiedemann has been electedi0" saies ot minion Precision Instru-lment oi me JUMnue have been tions Commission approved Wednesday the sale of television station KTTV, Los Angeles, by the Times Mir rprw-a VP of the institutional di-jthe same 1962 period. ment Co.

EPIC farilitips atlcine Bow Pipeline, a 6-in. and vir nrpsirtAnt rpsnw- psidAnt Iis Angeles and at XIenlo'cnauit to earn- Sinclair UU tively, of Berkleonics, of Consolidated oods milieu oraers on 0 totaled SS2.6 million, com Park will be operated as partif-orP- products from Wyom- Covina electronics firm. itorp. pared with $77.4 million a Lf the LAS metrology serv- ing producing areas to Den i- i Richard II. Wolfe has re-1 year earlier.

ver, Colo. ices organization under D. E. Wolters, LAS manager I ''-If- I I ri i I 'i I i i fee J'. ml I i i i-'l: til i Jj Pj resident manager of Crown and VP general Zellerbach Western-Mot e- vJ Waxide division plant at Zs lity a 0 Discount Department Stores of technical services.

Delegates representing 14 escrow groups which make Net income for the quarter to April 30 totaled S3 million, or $1.37 a share on sales of $77.3 million, compared with net of $3,050,000. or $1.39 a share on sales of $77.9 million in the same 1962 period. Edward J. Barlow, VP resident manager of the divi ror Co. to Metromedia, tor a record $10,390,000.

The commission called this "the biggest price ever paid for a broadcast station." In an interim report to shareholders, Norman Chandler, Times Mirror chairman and president, said that completion of the sale means a capital gains profit in excess of 75 cents per share of Times Mirror stock. Staley Goes on NYSE NEW YORK Stock of the A. E. Staley Manufacturing 57-year-old Decatur (111.) soybean processing firm, began trading Wednesday on the New York Stock Exchange. sion Los Angeles plant up the California Lscrow Hickey succeeds Thomas Os-1 and general manager of Aerospace engineering division, has been promoted to VP and associate general manager of the El borne, former Los Angeles resident manager who was promoted to general sales manager for Western-Wax-ide at San Leandro.

Segundo Technical Opera 4Mp osgsra 1 Fluor Awarded $4 Million Order The Fluor of IjOS Angeles has received a will meet June 8 at Arroyo Inn in Pasadena to formulate plans for the association's eighth annual conference to be held Sept. 28 at the Biltmore. Mason Mallory, sales promotion manager, Western Airlinas, will be the guest speaker at the luncheon of the Advertising Club of Los Angeles Tuesday at the Stat-ler Hilton. Donald G. Gumpertz, pres He said the proceeds of ident of Industrial Electronic minion contract to engi Engineers, North Hol lywood, has also been named president of its newly tions Betty L.

Swoboda has been appointed assistant cashier, head office operations department, Security First National Bank Arnold Moore has been appointed to manager of the new Century City office of United California Bank scheduled to open July 29 in the Gateway West building at the Santa Monica Blvd. entrance to the West Los Angeles development. formed subsidiary, the PhotoEtch Co. Thomas neer and construct additional hydrocarbon extraction facilities for the Rimbey, Alberta, gas processing plant operated by British American Oil on behalf of the 27 companies that CwititMlol (Air) 145 0O Cadillac Vill (Air) 135 00 Cmt CutMrit 3 BO Pent. Grand Prix (Air) All abava con era aaw 14 awdalt.

Opart End laata Ovaratian Ail Makes end AWtfs Cantintittal-Mercvry Otiltr 122 Santa Monica llvd. Santa Manita Ottt Sunday McDermott, VP of Pacific Women employed in the and allied indus-i Employers Insurance is retiring following 35 years petroleum jointly own the 325-million-tries from California, plant. ington, Oregon, Vancouver, of service Harry Epstein has been named superintend- the sale will be invested within Times Mirror's chosen fields of concentration, which are newspapers and other printed communications media, graphic arts and education. Station KTTV has been Times Mirror's sole investment in television. Purchase of the station brings to seven the number of television stations owned by Metromedia.

This is the maximum allowed under one ownership. Metromedia's president is John W. Kluge. The firm's other television stations are KMBC-TV, Kan-gas City, WNEW-TV, New York City: KOVR, Stockton; WTTG, Washington, D.C.; WTVH, Peoria, and WTVP, Decatur, 111. It also operates standard and FM radio stations in Kansas City, Cleveland, Philadelphia and New York City.

If TALLEST BUILDING Wells Fargo Bank will build 43-story building, tallest on the Pacific Coast, at Market and Montgomery Sts. in San Francisco. It is scheduled for completion in 1965. The tallest building in Los Angeles is the 32-story Occidental Life Insurance structure topped out this week. LOS ANGELES (MAIN OFFICE) 761 S.

Broadway at 8th MAdison 7-7991 ANAHEIM 211 East Lincoln Ave. Opposite City Hall KE 5-2883 ARCADIA 60 East Huntington Dr. at First HI 6-8821 Ml) 14844 BARST0W S34 East Williams St. CL 6-2131 BEVERLY HILLS 9245 Wilshire Blvd. at Rexford Drive CR 4-0161 BR 2-0161 BUENA PARK 8010 Beach Blvd.

at La Palma TA 8-4664 OPTIONS Continued from 8th Page Starreft Votes Reverse Split, below the market value of a. the stock on the day that the ofa option is issued. Now the Sj, Changes Name price can be 95 of market value with the recipient still enjoying favorable capital gains tax treatment on this part of the gain. When the market price of a stock drops after an option Starrett Corp. sharehol ders at the annual meeting Wednesday approved a five- for-one reverse split of the common and preferred stock and changed the name of the STOCKS Continued from 8th Page sary of the sharp 1962 price break passed, brokers said a psychological barrier has been eliminated which has inhibited some potential investors for several months.

Buyers were quick to respond Wednesday to news stimuli. Thompson Ramo Woolridge received a multi-million dollar contract from Grumman for development of a descent and landing engine for the Lunar sion Module and TRW added 18. Southern Natural Gas senior vice president indicated directors would consider a boost in the dividend in October and the stock rose 5k. Los Angeles-based Occidental Petroleum was the is issued, a corporation no 5n longer could issue a new one gj. to the executive at a lower jp! price.

'S Any option to buy stock would automatically be can-celed if the executive did not firm. The company's new name is i'arvin-Dohrmann to. 1.3 The reverse stock split becomes effective after the close of business May 31. The number of common shares outstanding will be reduced to 919,862, and the number of authorized com purcnase tne stocK wunin five years. Options now may! hang as long as 10 years.

Once he purchases the stock, the executive would have to hold it for a minimum of three years. Otherwise, the profits from the sale would be taxed at regular income tax rates. The minimum holding period now is six months. mon shares will be 2 million. The action will reduce the total number of preferred most active stock on the shares of the Beverly Hills- based firm to 47,766.

The par value of the Anv executive who owns common stock after the split as much as 5 of the stock of a large corporation would American Stock Exchange. The price moved ahead lis on reports of increasing production potential in recent new field discoveries. Syntex advanced 4ns in heavy trading. Other gainers will be 50 cents, while the! PaF. the, Pi'eferred)he barred from the advan tages of stock options.

The win oe )U per snare. Harrv Goldman, executive committee decided to consid included Canadian Javelin vice president and treasurer, er further a somewhat more liberal rule for small corpo J2, Michigan Sugar 9s and Heli-Coil 1U. Volume on the American rations. A corporation henceforth Exchange increased to 1.2!) WHY IS IT AMERICA'S LARGEST? perfect 74-year safety record: Since 1889, no one ever lost a penny of savings entrusted to Home. 0 acknowledged leadership: Nearly half a million people save more than a billion dollars with Home, fj first in service: Maximum convenience.

To serve you better, Home maintains more branch offices than any other savings association in the nation. insured protection: Accounts are insured to the full limit of the Federal Savings and Loan Insurance Corporation. 0 full-time earnings: Funds in by the 10th of any month earn from the 1st of that month. After the 10th, funds earn from the day they are received, when they remain in an account through the end of the calendar quarter. first in size: Home is America's first billion-dollar savings association, with total resources larger than any other savings association (State or Federally-chartered) in the nation.

would have to get the approval of its stockholders be million shares, from 1.12 mil lion on Tuesday. fore it could issue stock op tions and the approval would be good for only 12 months OIL Some corporations follow this practice now. Others do not. Continued from 8th Page Stock options dilute the equity of the shareholders. BURBANK 130 East Olive Ave.

yt block from San Fernando Blvd. TH 5-7281 VI 9-3271 COMPTON 1801 N. Long Beach Blvd. at Golden NE 8-8735 NE 6-3031 ENCINO 17107 Ventura Blvd. at Amestoy ST 8-0630 TR 3-4450 GARDEN GROVE 11922 Brookhurst St.

at Chapman LE 9-7707 GLENDALE 115 South Central Ave. at Broadway C1 1-4102 CH 5-5153 HIGHLAND PARK 5700 North Figueroa St. at Avenue 57 Los Angeles 42 CL 6-0335 CL 6-0261 HOLLYWOOD 7051 Hollywood Blvd. at Sycamore HO 6-1121 HUNTINGTON PARK 7141 Pacific Blvd. at Florence LU 8-8177 LAKEWOOD 4909 Lakewood Blvd.

at Del Amo ME 4-4909 NE 6-2446 LA MIRADA 15128 E. Rosecrans Ave. East of Luitwieler LA 1-1310 LONG BEACH 201 East First St. at Locust HE 6-8231 PASADENA 850 East Colorado Blvd. SY 5-5174 MU 1-5174 POMONA 201 Pomona Mall West NA 3-2491 SANTA ANA 819 North Main St, at 9th St.

542-5673 542-2775 STUDIO CITY 4070 Laurel Canyon Blvd. 1 block North of Ventura PO 3-7341 TR 7-3101 TORRANCE 1511 Cravens Ave. at El Prado FA 8-9244 SP 5-3118 VICT0RVILLE 14909 7th Victor Valley Shopping Center CH 5-5327 WHITTIER 15625 East Whittier Blvd. Opposite Whittwood Shopping Center OW 1-6761 second to rubber as a source of foreign exchange in Indo Variable stock options nesia, accounting for about those on which the purchas predicted that sales in the six months ending next June will rise to $23 million from $18 million in the like year-earlier period. He said sales in the full year will amount to between $43 million and $44 million against $41.4 million in 1962.

Officials said the company's name was changed to avoid confusion with other firms bearing the Starrett name. Parvin-Dohrmann owns as wholly owned subsidiaries Albert Parvin interior design and furnisihing firm; Dohrmann Hotel Supply designer and distributor of kitchen, restaurant and food service equipment; Pargold Enterprises, a group of retail furniture stores in California, and Kal-Star Furniture a group of furniture stores in Arizona. 30 of the nation's total er pays a percentage of the foreign exchange earnings. market price, when the op If the foreign companies tion is exercised would be do not meet Sukarno's terms prohibited. it is feared that he will in The committee agreed that the tougher new rules would vite other companies to op erate the facilities.

This not be applied to non-dis could lead to reduced pro criminatory plans in which duction during the change over period, and any lag in options are used as a means of selling stock to all employees. They decided to devise other rules which would permit such stock purchase production and sales would further imperil the economy, already shored up by aid from the United States and the Communist bloc. plans to keep operating. Leaders to Study External Forces on Management The external forces which SAVINGS AND LOAN ASSOCIATION Jr timing Executive is first! and has to be best! Leasing from the number one leasing company in southern California is your guarantee of complete satisfaction. CONTINENTALaircond $138.27 THUNDERBIRDair cond.

108.72 FORD GALAX1E Club Vict 69.87 Executives famous finanea plan. Ws will purchase your present car. shape the financial management of corporations will be explored at the second annual Institute on Finance to be held June 6-7 in Hancock auditorium at USC. The event is sponsored bv USC's Graduate School of Business Administration. FEDERAL Home Loan Bank System Member FEDERAL Savings and Loan Insurance Corporation The conference will discuss and evaluate stock market prices, interest rates and the available sources of funds as they relate to the environment in which a corporation must operate.

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