The Los Angeles Times du lieu suivant : Los Angeles, California • 84

in Good CoDoer lAili CN UTtSI il 1 5C3 CK WCRE322 250 493 1 403 100 249 ni 1,483 miimbub nuance tH'tt imCU'6i til 16'tt SOO 01 MOM it 321 55 3-4 99 101 401 tOO 24 7f 04 1411 1051 l60 i.nt 4 1 614 i.JJJ 037 I "ij.71 I 4.7 2 161 11,171 I 4 111 41754' 47 Indecisiveness Sums Up Over Counter Week As Many Ups as Downs, Complains Veteran Dealer S3 S3 2,712 31-Cent Price Expected to Hold for Some Time 20 49 8.037 EZJ MANUFACTURING KWl ALL OTHER? 8 Partly MONDAY MORNING, OCTOBER 30, 19A1 Decline in Ferrous Scrap Prices This Week Forecast 17,448 8-19 4.7 NEW YORK tf Some favorable statistics from copper fabricators bright 23,173 67,079 ened an otherwise dull non 0-3 ferrous metal market last 3 week. Both shipments of cop Sonne: County luiiiwM Pattern J. Dapartamtt at ComMtce, and Heallfc dvKiti and Wltor CITIZENS NATIONAL BANK per-bearing products and new orders for more of the same bv wire mills, brass 141 Naw York Timaj Nw Sarvlc NEW YORK "It was the most indecisive week, of the year." That Is how on veteran dealer described last week's trading in the over-the-counter securities market. He said: ''We were completely befuddled. There was no trend.

There were just as many ups a3 downs in the a r-ket." The dealer's views were pretty much echoed by most others. They stressed that there had been a sizabla amount of switching of securities and selling by in mill3 and foundries rose to BUSINESSES As indicated in chart, Los- Angeles County business establish ments now number more than 120,000. Nearly 5,000 have 50 or more employ ees, about half in manufacturing. Those having over 500 workers total 322. the highest levels since May's frenetic activity.

The advances in. both categories over August were only moderate, however, and there was no expectation of a repeat of May's price boosts. INVESTMENTS In fact, the current level vestors who were busily en of 31 cents a lb. for major Many Mutual Fund Holders Like Idea of Plowing Back Dividends producers and custom smelters, who refine scrap and purchased ores, is expected to hold steady for awhile. Supplies Held Assured With supplv assured from BY PAUL It.

MOSHER Herald Tribune News Service NEW YORK The lengthy free world mines, there is no visible reason for consumers to worry over copper's avail of vhe reinvestment plan becomes apparent. The fund does not have to drain its cash reserves or liquidate any holdings. The shareholders' money is kept working capital and there need be no break in the investment a y's long- gaged in establishing losses for year-end income tax purposes. Industrials Hit High Notwithstanding, the National Quotation Bureau's price index of 35 industrial issues managed to push to a new record high of 133.93 on Friday, up 1.44 point3 on the week. Prominent among the gainers in the industrial list was Ralston Purina, which spurted 8 points on a proposed two-for-one stock split.

Paper Craft jumped 3Va points on an Increased cash dividend and plans for a two- ability. On the other hand, campaign of investment companies to persuade stockhold rising auto production, rail-j holders reinvest the annual distribution (capital gains and the single annual dividend are paid at the same time) against only 40 five years ago. Now what about shareholders of other funds? Most funds today will reinvest capital gains at no charge. Some funds still charge a fee for reinvestment of income dividends. road freight carloadings! ers to take capital gains and running ahead of a year ago and other economic indica It also has paid out $6.19 million on it3 common stock held by the private lending institutions and $13.5 million in dividends on its preferred stock held wholly by the Treasury.

Its net income after the tax-equivalent payment was $51,156 million on Sept. 30. About $32.5 million of this has been transferred to surplus, in which the Treasury has an equity of about two-thirds. ANTI-TRUST: FTC tells Union Carbide to sell polyethylene plants UNION CARBIDE CORP. said Friday the Federal Trade Commission has ordered divestiture of three polyethylene film plants.

The plants, acquired from the Visking in 1956, are at Fremont, Flemington; N.J., and Terre Haute, Ind. The FTC started proceedings in the case in 1957, contending Union Carbide's purchase of Visking "might be to lessen competition or tend to create a monopoly" in polyethylene resin and polyethylene film and synthetic sausage casings. TRUCKING: Tonnage carried shows increase over previous week INTERCITY truck tonnage in 34 metropolitan areas across the country in the week ended Oct. 21 was up 6.7fe from the corresponding week last year, the American Trucking Associations reported. Compared with the previous week, tonnage was up 1.6.

The figures are based on tonnage handled at more than 400 truck terminals of carriers of general freight. TEXTILES: Market war continues over cotton prices THE TUG of war over prices persisted in the cotton textile market during the past week. Mills reported further inquiries from converters for cloth to be delivered during the second half of. next year. But buyers still attempted to shade mill quotations.

Failing in that effort buyers bought print cloths and other fabrics in small quantities for spot and fourth quarter deliveries. It was the higher price of raw cotton that prompted mills to hold firm on cloth quotations. WITH NINE major Los Angeles yards shut down due to strike conditions, the ferrous scrap market's overtone is termed soft by local dealers. There was no actual buying of scrap iron as the strike entered its fourth week and negotiations continued broken off between over 500 workers and the employers' group. Dealers' consensus is that' prices are due to drop $5 to $6 per ton sometime this week.

The prices of No. 1 and No. 2 steel scrap currently is $42 and $36 respectively. In, Pittsburgh, prices have also been reported weak in both grades. An offering of 6,000 tons of No.

1 factory bundles sold in the $37 to $3S range, down about $4.50 to $5.50 a ton. The Chicago scrap market Friday suffered its sharpest price decline in months as an automobile stamping plant sold No. 1 industrial bundles nearly $10 a ton less than a month ago. The plant's regular monthly sale of this grade involved 10,500 tons. Prices ranged from $31.85 to $33.27.

Scrap is used in the production of steel and dealers say the downturn in that industry has been a prime cause for weaker prices. GOVERNMENT: California farm received million dollar loan for crop support AN AGRICULTURAL DEPT. report on 1960-crop support loans indicated a single California farm got loans totaling $1.7 million on two commodities. The department said both loans were repaid in cash. The government did not take over the commodities, barley and cotton, from the borrower, Westlake Farms, of Stratford.

FANNIE MAE Government agency passes four billion dollar mark in purchases FEDERAL NATIONAL MORTGAGE ASSN. has announced it has passed the $4 billion mark in its purchase of mortgages. This represented the financing on more than 350,000 dwellings in its seven-year history. A report by FNMA president J. Stan-fey Baughman disclosed the association has paid $46.4 million into the Treasury as the equivalent of taxes that would normally "have been paid by a private corporation.

tors offer reassurances of future demand. range program. Because Energy is a no- The September statistics charge its shareholders pay showed fabricators received new orders for goods with a copper content of 134,003 income dividends in additional shares rather than in cash seems to be succeeding. Mutual funds have tried through the years to convince their share owners that plowing back all the distributions would, over a long period, make a significant difference. "Make your money work for you if you real load fund no commission But the trend toward re-j investment of all distribu-( tions whether capital gains; or income dividends at net! i i tons, up from 130.742 in Au no fee for reinvestment, un for-one stock split.

Sealed Power responded to improved earnings and rose 1 point in active dealings. gust. Shipments last month like some of the regular in came to 130.567 tons sec vestment companies. About 62 of nearly 8.000 share assei vaiue appears iu ue growing. ond best for the year behind May's peacetime record of 146,334 tons or a gain over REGIONAL EARNINGS 12S.3S9 in August.

ly want to see it grow has been a strong argument of the funds. The excess of orders over And the returns indicate shipments pushed unfilled orders to 159,108 tons, highest since they stood at Aztec Oil, which earlier this year had been a trading favorite of several big houses, reflected renewed interest late last week. Purity Stores, which is expected to enter the discount field, was up 1. Many of the big losses were suffered by electronics and so-called "gee whiz" issues. Itek fell 5 points.

Control Data was off 6 and Northrop Net Up for Fifth Successive Year that the investing public like 091 in February, I960. the idea. Significant Move Energy Fund has an Demand Holds Up Producers, who account $7,740,219 in fiscal 1960. Dur Earnings of Northrop Corp. in the 12 months ended nounced that a record 89o of its dividends and capital gains payouts this year will ing the year common stock outstanding increased by July 30, 1961, increased for be taken by shareholders in shares rather than cash.

for most U.S. copper, reported demand was quiet and holding up fairly well. Custom smelters also called the picture quiet but. noted slightly less interest than a month ago. Foreign demand also was reported easing.

This was reflected in a hairline shading of the London Since the relatively small Drackett 7. Steel issues also were under pressure. Mc-Lough Steel had a relatively disappointing third quarter income statement, which reflected a wildcat strike, and the stock fell 3 points. Flor 217,000 shares. This held the earnings to 1.22 a share in 1961, the same as in the previous year.

Sales for fiscal 1961 totaled $267,454,965, compared with the fifth successive year, continuing an 11-year upward trend, it was reported by Thomas V. Jones, president. Net income for 1961 was $8,673,321, compared with fund ($24,300,000 assets) will get back nearly $1 million of the $1,100,000 distribution this month, the, significance $233,679,427 for the previous metal exchange, price, which slipped to cents a lb. from 29-14 a week earlier. London exchange figures year, a gain of 14.

Backlog Aug. 27, 1961, amounted to approximately $293 million compared with $309 million a year earlier. United States Borax United States Borax made grim reading for lead sellers, however, as Wednes day's trading forced the price to a postwar low of Chemical Corp. reports for On Texaco Board, Adm. Arleigh Burke Augustus C.

Long, board chairman and chief executive officer of Texaco, announced the election of Adm. Arleigh Burke, U.S. Navy as a member of the board of directors and of the executive committee of the company. Burke retired as Chief of Naval Operations on Aug. 1, 1961, after 42 years of service in the Navy.

In August, 1955, he was named Chief of Naval Operations and member of the Joint Chiefs of Staff. In serving three terms as CNO, he served longer as a Chief of Service than "any other officer An the history of the United States. the vear ended Sept. 30, 1961, unaudited net income of cents a lb. By the end of the week it recovered to cents, but the wide gap between that figure and the U.S.

price of 11 cents a lb. was a stronger damper on demand. $6,387,249, compared with net of $6,920,209 for the pre ida Steel was down 1 point. Beryllium lost 2 points. Several dealers reported sharply renewed interest in international issues.

Phillips Lamp at one time was up 5 points, but encountered profit taking and ended Friday with a net gain of 1 point. Unilever was up IY2. Bank stocksenjoyed strong institutional demand. The interest in bank stocks was not confined to New York city issues. Continental Illinois National rose 6 points and National Bank of Detroit was up 2 points- Bank of America, National Trust and Savings assn.

spurted 5Vi points in the face of the forthcoming offering of an additional shares of the stock. Trading in public utility stocks generally was slow Pacific Power and Light closed off on the week. Tucson Gas and Electric was down 2 points. Kentuck Utilities gained 1U and Wisconsin Power and Light was up vious year. Earnings for the latest fiscal year were $1.37 a share on 4.223,545 shares cur- Major metals prices: COPPER-31 cent a ollverf.

For BRITISH LEADER CHAIRMAN OF BOOK PUBLISHING FIRM John Rodgers, member of the British Parliament, has been appointed chairman of The New English Library (Holdings) Limited, British paperback-book-publishing firm. A Times-Mirror Co. subsidiary, The New American Library of World Literature, owns 51 r'o interest in New English Library which publishes Four Square and Ace Books in the United Kingdom and throughout the English-speaking world. Rodgers is active in business and literary affairs as well as in governments He is joint deputy chairman of J. Walter Thompson Co.

Limited, the London company of the advertising and marketing consultants. Besides being a member of Parliament, he served in the Macmillan administration as parliamentary secretary to the Board of Trade from 1958 to i960. He has authored or edited books and pamphlets on English life, poetry and political thought. The New English Library board also includes P. A.

Godfrey Phillips and D. V. Littlejohn, chairman and financial director respectively of the Godfrey Phillips Group, owner of 49 interest, and Kurt Enoch and Victor Weybright, president and chairman respectively of New American Library, a Times-Mirror Co. subsidiary. ently outstanding, compared eign 281 cents, nominal.

New York. LEAD Jl cents a pound, New York; 10 8 cents, St. Louis. iiNC cents a East St. Louis; 2 cents, New York.

ALUMINUM 24 cents unalloyed inoots, delivered. ANTIMONY 3'i cents a cawf less than carload lots). New York. Bulk 32' cents, carlots, producer's plant. with $1.50 on the 4,194.515 common shares outstanding at the end of the 1900 financial.

Sales for the 12 months to Sept. 30 were $67,811,320, an increase over sales of for the previous year, it was reported by Hugo Rie-mer. president. "The outlook for 1962 seems good since economic cents a pig. F.O.B., Velasco, Tex.

MANGANESE ORE 87-90 a lono ton unit (22.4 lb.) India ore, C.I U.S. For Socony Mobila New Board Chairman ALBERT L. NICKERSON (pictured) has been elected chairman of the board of directors of Socony Mobil Oil succeeding Fred W. Bartlett, who will retire Nov, 1. Nickerson has been president of Socony Mobil since 1955 and chief executive officer since 1958.

He will continue as chief executive officer. Herbert Willetts was elected president. Mr. Willetts has been an executive vice president of Socony Mobil and president of its Mobil Oil Co. division which conducts the company's operations in the United States and Canada.

pons, import duty extra. Ferromenqanese 11 cents standard, carload lots, F.O shipoin9 point. NICKEL 81' cents a electrolytic cathodes, Port Colborne, U.S. duty included. PLATINUM $80-585 an or.

SILVER-9IH cents an 02.. New York: 80 pence. London. TIN-SUP. a lb New York.

1 QUICKSILVER-S189-S1M a flask (76 b.l, New York. TlJNfiSTFN DRF tU.SOJlS a ton unit recovery in the U.S. has led to a better demand for industrial products," Riemer said. I by nearly a point.1 New Jersey Natural Gas dropped 2 points. (20 duly extra.

win 1111 ft The Lady Sells Securities 'You've Got to Resolve, and Then Follow Through: Brokerage Business Like Golf 1 7 1 If-. BY MARY LOU LOPER "I drive a 1961 Cadillac. It's paid for. I live in a home with a pool it's. half paid for.

Why can't others do the same if they work and invest? "I have a saying: 'Resolve to do, and do what you It's like golf or anything else. You have to follow through 1 I'm always trying." This is Thelma Mathew-son speaking. She's a Spring Street stock broker. Her. annual net income averages between $25,000 and Eut it hasn't always been so.

"Just 10 years ago I was thinking, What can I she said. Her mother thought she had the answer and in her deep, rich Italian accent suggested. "You get married to a good man. He makes $50 a week. You get a grocery store and, have babies.

"Or," said Mrs. Trongon, "stay at home and take care of me and I'll give you $5 a week." Instead Thelma read Bernard Baruch. His advice: "If you want to make money, you have to be where money is," So she got a job in a brokerage house running the mimeograph. When she told her boss she wanted to take the New York Stock Exchange to sell securities, he discouraged her but offered her a $25 raise to stay at the mimeograph. She quit.

The brokerage house across the street gave her a three-month trial and she clicked. At the time there was an underwriting of General Telephone 5 preferred stock. It was $25 a share. She got the telephone, called Exbrook numbers (in an area serviced by General asking if she 'could send the prospective customer a prospectus on General Telephone. Before she knew it she had faithful clients.

And last year she made $50,000 for a man she had never met. Thelma Mathewson has earned one of the few private offices at First California Co. She has earned her office by being consistently among the top 10 of her company's representatives there are more than 98. She's in the "Man of the Week" spot frequently for top sales though she's only 32. Thelma's success is echoed by the success of perhaps 50 or more other women brokers throughout the Los Angeles area.

Their names appear on financial pages more and more frequently as companies introduce them to the- public. Many have been in the stocks-and-bonds business for years; others are newcomers. They are women like: Anne Crawford, man- 4 No longer is the floor ot the Pacific Coast Stock Exchange here a sacrosanct domain of men, and Broker Thelma Mathewson is proof. 1 000 on advertising ihli year. $283,000 of it aicu4 specifically at women.

The justification is that women seem to have an increasing influence on family investment decisions, Both as buyers and brokers. beamed directly at women through full-page ads scheduled to run this fall and winter in McCall's, Ladies Home Journal, Good Housekeeping, and Better Homes Gardens. According to the Wall Street Journal, the Exchange is spending ager of the Pasadena office of E. F. Hutton Co.

Virginia Green, manager of the Investors' Serv-ice Department, also for E. F. Hutton. Jane Ford, vice president of Chandler who believes that diamonds aren't a girl's best bers of the New York Stock Exchange, an organization which denies membership to the female sex. But the wind may be changing.

The NYSE is paying court to the woman investor. For the first time in Big Board history, advertising money will be friend, stocks are. Mary Lou Brown, an expert on mutual funds. She owns her own firm. All find the market absorbing.

All study charts and columns avidly seeking facts on which to base decisions. All say they would enjoy being mem.