The San Francisco Examiner from San Francisco, California • 46

ON BUS Impaired Capital Aluminum Industry's Progress IBA Theme October Business Mixed Half Moon Bay Oil Drilling By ED C. LLOYD Finance and Industry Charged Beet Men Hit Sugar Policies SALT LAKE CITY, Dec. 4. AP) The National Beet Growers Federation opened Iti annual convention here today on a note of protest against the Administration's sugar policies. Chairman Jack Clayborn of the federation's resolutions committee, said quotas set by the Agriculture Department have caused a 14 See.

II THURSDAY, DEC. 5, 1957 CCCC HOLLYWOOD Dec. 4. -(AP) A picture of tremendous expansion in the aluminum industry-doubling present production by 1965 and quadrupling it by 1975 was drawn by one of the industry's leaders mc ANGELES. Dec.

4. While some major phases of NS) The State Corporation BUGS ARMAMENT San Francisco's economy dem Commission nas ih.uu..v today. LOS ANGELES, Dec. 4. Half Moon Bay in San Mateo onstrated marked progress last month, others experienced Richard S.

Reynolds president of the Reynolds Met that the Equitawe oany has been found deficient by $4,791,945 in reserves and surplus to protect against temporary setbacks als envisioned a "giant forward step" for aluminum The mixed trend in October County has regained wildcat interest with the starting today of Mateo-Pachcco No. 1 project by on Section 10-6S-6W, one-half mile north of a sector where once oil was produced. despite the present over-supply surplus and a drop in mar osses. rnmmissionjr W. 11.

olQ' ket prices. business activity in San Francisco was reported yesterday 'f' Flu Cifed as Bad Boy of Business By DONALD K. WHITE Examiner Financial Editor Richard Benson of Love- phenson announced yesterday that the commercial loan com of the metal. In a speech prepared for delivery to the 46th annual convention of the Investment land, chairman of the by the research department 6f the San Francisco Chamber of pany has 10 days wmcn 10 make good the impaired capital or appeal the decision. At Byron In Contra Costa County, Davidor Davidor has pulled out at 3,911 feet from its Louis Souza No.

1 wildcat federation, added that he did not believe the Department's announcement yesterday of a 75,000 ton quota cut would significantly Commerce. The chamber's October busl A special neanng 01 State commission was called on Section 19-1S-2E. ness activity index at 151.1 AVE YOU BEEN TROUBLED with flu, acute bron II ast August when investiga boost sugar prices. failed to measure up to the un usually high levels of Septem chitis or pneumonia in the past couple of weeks? tions dlSClOSea me wmvauy Pomoco, of Monterey Park is preparing to drill Daisy ber by 2.8 per cent and was Stocks in Bankers Assn. of America IBA, Reynolds said: "For the first time In the history of nonferrous metals, aluminum, I believe, will develop from a job-order business to a mass production Industry." NEW ERA AHEAD.

He said the industry faces "a new era a revolutionary breakthrough." In the past decade, Reynolds said, the aluminum Industry1 No. 2 well on Section 12-4S may not have obtained sui-ficient collateral on some of its loans. 4.7 per cent below 1956 19W in the East Coyote field. GAINERS LISTED. Company president is Arthur H.

Rolapp. George C. Atha is Activities showing gains Modest Rise Present company of ncers contend that the concern is over a year ago were: residen handling the engineering. tial building value, electrical Stephenson reported thai Enuitable was found to have NEW YORK, Dec. energy sales.

Air tramc Water and other problems plane, passenger and freight Strength in copper shares are yet to be solved with Eng was higher. So was vehicle featured a modest stock mar- "reserves and surplus of only $890,135 against a required reserve for losses of $5,682,080, man No. 1 discovery well at has come to the investment community for more than crossings over the uoiaen ket advance today. Gate Bridge and foreign reve- Most tobacco, shipbuilding, Plru Canyon in Los Angeles, which Harold C. Morton and $2,500,000,000.

HEADS IBA Willam C. (Decker) Jackson president, First Southwest Dallas investment house, will take over as president of the Investment Bankers Association of America at the annual convention today in Hollywood Beach, Fla. J. Earle Jar- eaving a deficiency of nue through the port. missile and chemical shares 915." Down from a year ago were also were but rails II.

S. Kohlbush sponsored. Situated three miles northwest of the Oak Canydn Field, If so, you haven't been holding up your end of the economy, except to benefit the M. and pharmacists. People who take to their beds with these so-called upper respiratory ailments are consumers of little save pills and fluids.

In the four weeks before Thanksgiving about 39,800,000 people In the United States had one of these ailments severe enough to put them In bed, according to the Department of Health, Education and Welfare. That large figure means that almost one-fourth of the 'otal population of the country was bed bound at one time or another during the four weeks. Using that statistic, the economic consulting firm of Lionel D. Edie Company, arrives at the conclusion that the unusually high incidence of upper respiratory ailments has had a definite impact on disposable income, because of labor absenteeism, and retail trade. Teople have been taken out of the retail market in tremendous numbers at the very time that shopping for Christmas normally would be getting underway," says an Edle Company study.

"This is not meant to say that all the decline in retail trade from September to October can be traced to upper respiratory ailments, but it does mean that all the decline cannot be traced to a cyclical downturn in the economy." construction value, real estate lagged, steels were little "The vitality and growth potential of this Industry strongly Indicates, that Its demands for your services will be even greater in the years ahead," he added. deeds recorded, retail depart- changed and oils ended mixed the well came in on the pump mcnt store sales, bank debits, Volume of 2,220,000 shares from no less than 10 small in postal receipts, freight car was 140,000 ahead of Tuesday. dine general partner of William R. Staats Los tervals between 365 and 900 feet for 138 barrels gross or 30 movements and total port Prices were higher from the ASSET VALUE. revenue tonnage.

start In quiet dealings and Angeles investment house will be elected a vice day. The present over-supply of FAILURES DROP. gains mounted until early barrels of net 29 gravity oil a The discovery was made on Per iha monfha nf afternoon when the aircraft- He added: "Some of Us (Equitable's) officers engaged In unsafe and Injurious practices In making and purchasing large loans, some of which were unsecured, inadequately secured, in excess of amounts legal under the industrial loan law." ,958 Slate Cotton Land California's cotton acreage thisvMr thfl rhamhpr'a inri4 missile group began to lose aluminum, Reynolds said, is an asset rather than a liability because it compels the industry to "sell" aluminum rather a 2,200 acre farmout from Con i i though in past years it was averaged 3 per cent above the Ul us risc a5 a pwipuue- used only occasionally for pis tinental Oil Company. Since the well was complete'd Conoco similar period of 1956. Com- 1111111 laum-mng i me ursi than merely "deliver" it.

The tons, today one- leading auto mercial failures were down eari aieime is understood to have exer present condition is "a temporary lull," he said, which 10.6 per cent, the department was announced. manufacturer is using 1,600 individual paps in his 1958 cised its option to take 50 per reports cent interest ensuing devel ne cuppers, uenenung from a report that a produc- should not distort the basic, car and truck models. However, a major part of the downturn is traceable to opment. Harold Morton and Kohl tion cutbacks are under dis Collections Now long range view. The upward trend in de mand is already apparent cussion abroad, showed a rise the random, erratic event of sickness, the study says.

Another event, completely unrelated, that has put bus! "Since World War II," Reynolds added, "the use of aluminum has risen from two pounds to 45 pounds bush own the well in company with Lindley Morton, Ross of about 2 for Magma and Reynolds said. ness in the doldrums, according to Edio Company, is the gains of $1 to $2 for Kenne allotments for 1958 total acres, compared with acres for 1957. Hadley and Alex Campbell More Difficult, Banks Report cott, Anaconda, Phelps Dodge The project was carried to failure cf Department of Defense to order as much military hardware as had been expected. The increased Use in the automobile business is shown, per car, with as much as 200 pounds in a single and American Smelting, The figures were announced a total depth of 2,775 feet and model." he said, by the fact that al In the missile-a i a Instead of the expected $5,000,000,000 to $6,000,000,000 yesterday by George H. Clev after testing two relatively nfw vnnK rw 4 (API American roiasn aaaea si In new orders in the last three months of this year, it looks now as if the Department of Defense will only chunk about deep intervals at and feet, plugged er, chairman of the Agricultural Stabilization and Conservation Committee.

Banks carrying on install- and fractions were tacked on ment credit lending operations uyudimra, owing back to 900 feet. Nothing of Fresno County as usual had hnvo nntoH nn rtr-roncn ui minima, u.o. buuj anil commercial worth showed on The Wesf At Work of A Invests in Development of Pakistan Trade Martin, although each was be the largest allotment 206,027 the tests deep down. collection problems and a low its best by the close. rise in automobile reposses into the economy.

"This lag In the placement of new orders for defense Is believed to have an effect on the Inventory position of industry," the study says. It adds: "Until the new orders come out In the volume anticipated (after the first of the year), It is likely that in-dustries producing heavy goods will lower Inventories in order to keep Inventories more In line with current out ions, the American Bankers Association said today. Candy Bank of America (Interna The quarterly report of the Austria in Oil Ruling THE University of Call tionai) or New York was re ABA's Advisory Board of the Stores Grow vealed yesterday as an investor forma at Los Angeles will receive the first model Installment Credit CommiS' sion, headed by Carl A. Bim in the Pakistan Industna From a single idea to an or- VIENNA (Austria). Dec.

4. Credit and Investment 0orp son, president of tne valley of International Business Ma put." Those two reasons, germs and armament, or tha lack of them, seem logical enough if you're trying to decide what's wrong with the economy today. National Bank of Phoenix, gamzation with 14 retail shops which was formed re chines' giant 709 electronic acres for 19o8, which is slightly under the 1937 figure of 207,227. Coast Oil Trust Suit Hqaring Set WASHINGTON, Dec. 4.

(AP) A pre-trial hearing in the west coast oil antitrust suit will be held in Federal District Court at Los Angeles Dec. 17, it was disclosed today. Assistant Attorney General Victor R. Hansen, chief of the Justice Department Antitrust Division, announced the date found that more than 30 is the less than six months cently to assist in financin tne development of private data processing computer. The machine is valued at $4,000,000 and its use is being given to per cent of the reporting areas record of Candy Fair Stores were experiencing an unusual Inc.

(AP) The Austrian government is returning to their owners important oil property rights originally seized and exploited by the German government in 1938 and later by the Russians. The owners are industry in Pakistan. increase in car repossessions The fast-growing newcomer The Business World The $126,000 investment by the university by IBM without Bank of America (Interna charge. and more than 40 per cent of to the California candy indus the lenders reported rising try announced yesterday 2 tionai) represents 20 per cent of the American interests and delinquencies. new store in Oakland and large western oil companies.

"Investing to your best ad Hugh B. Wallin was ap There is everv indication, three more on the drawing A government announce per cent of the invested vantage" will be discussed by ment said negotiations for the capital, Russell G. Smith, ex' John Maurer of Dean Witter pointed sales representative for Consolidated Freightways the report added, that collec- board. tions are getting tougher. It Management credits the transfer of the oil rights under ecutive vice president, said.

in a letter to Senator Morse, Democrat of Oregon. T. E. Duffy of The Purdy South San Francisco, was elected president of the Northern California Chapter, Institute of Scrap Iron Steel Inc. Elected first vice president was David M.

Hillman. the terms of the so-called The government of Pakistan Co. this evening at the Women's City Club in San Francisco This is the eighth ana win serve ban Francisco shippers. Thomas P. Jen found losses from reposses- "rm rapid growtn to care-sions averaging about $350 ful concentration on two alter allowing for dealer re- things: its product and its or- is to advance $6,300,000 of the "Vienna Memorandum, an kins of Oakland, division eas annex of the 1955 State $10,500,000 initial resources available, Smith said, and the and final session of an investment course series conducted superintendent in the East? serves and noted that other ganization.

Treaty, will be started im mediately. International Bank for Recon by Dean Witter Co. and Massachusetts Investors Growth Stock Fund, inc. credit losses were becoming le stores are being oper more noticeable. ated profitably in 14 Califor Bay Division, Pacific Gas and Electric was appointed Major companies involved struction and Development is considering a credit of sponsored by the National League for Women's Services The report pointed out that ma communities by mdividu- division manager of the com are Socony Vacuum, Anglo- G.

Nethaway is the new secretary-treasurer. Newly elected as chairman of the board is Henry Levoff. General Fireproofing announces W. L. Simpson has arrived in San nresent econom ens ndi- ais naving no previous experr pany's Humboldt Division, $4,200,000.

in California. cate a more prudent and re- ence in the candy business- American Petroleum, Stand' ard Oil and Royal Dutch Shell In addition there are a nunv headquarters in Eureka, suc typical owners are irauesmen, strictive credit policy. Establishment of an elec Odd Lots Trading NEW YORK, Dec. 4. (AP) SPECIAL DISTRIBUTION OF CAPITAL GAINS ceeding retiring manager Daniel F.

Villa, effective fpiirt farmers, bankers and business irancisco as assistant man ber of French and Canadian tronics division for the manu men. firms and individual stake Jan. 1. The New York Stock Ex Beet Sugar Men facture of closed circuit tele Operations are supervised ager, Bay area. Edith Firpo, cashier's de partment," Bank of America Terry La Croix was appoint change reported today these vision systems was announced holders.

The property rights includ from headquarters located in ed manager of the San Lean- odd lot transactions by prin Told to Find Mart the World Trade Center in yesterday by San Carlos. Television production cipal dealers for Dec. 3: Pur observes 40 years continuous service with the bank this dro office of Pioneer Investors Savings and Loan Association. San Francisco's Ferry Build' ing several oil refineries and important stakes in Austria's rich oil fields east of Vienna, chases of 232,678 shares; sales started this week at the com' SALT LAKE CITY, Dec. 4.

tag. month. Assistant Vice Presi of 211,686 shares including pany's new plant, according I API The wpstprn hunt en. josepn u. neuter was promoted from production were confiscated and nation 21 cents a share, from net long term capital gains, in stock or, at the option of the holder, in cash, payable December 24, 1957, to stockholders of record November 29, 1957.

ROBERT W. LADD, Serreterf 200 Berkeley Street, Boston Boston, Mau November 19, Hit 2,252 shares sold short. to President Tirey L. Ford. dent Marjorie Hitch and Er nestlne Pronlml each cele gar market is expanding and tokkdm.

(ap Trie Associated foreman to plant superintend alized by the Germans before the war and seized by the BANK CLEARINGS Dpc. 4. San It Only remains for the pro- 35 rommodiUei today advanced to ducers to go after it with ag- 9 73. Previous day 1B9.34. week apo 169.65, Russians as "German assets" Francisco, Oakland, Los Angeles (debits).

Seattle, Portland, $38,314,000. brate 30 years service. Others marking 30 year anniversaries this month are Clinton G. Pacific Coast Stock Exchange PressiVft marlCPtinf nrartlCPS. month ago 18 25.

year ago 184.91. 1957 1956 1955 1954 ent of Electrical Communications, San Francisco. Dean E. Schlup was appointed West Coast field representative for the Goodyear In HAY An JIILI.FKEDS 1.0a AN. 184.77 186.01 177.14 175.49 an oiiiciai vi uie uian-iuauu High Munson, Robert Railly, Rol OELES, Dec.

4. (AP) (FSMN) Al Low 168.25 173.79 168.25 168.56 Sugar Co. said today. (1926 average equals 100.) falfa and grain hay unchanged. in 1945.

Western Depart. Stores Sales Up The Pacific Coast Stock ternational Corporation. and F. Cuneo, Edgar Framm and James L. Smith.

Vice President D. C. Sutherland completes 25 years. Dividends Voted 8 Exchange reported yesterday 3,491,710 shares with a value Earnings of $49,870,249 were traded Company. Rate.

Rec'd Payable. KK.I I.AK last month. October's transao Western Department Stores Klea Products .25 1213 1218 1227 1231 Earned Per Share Livestock Market .08 West Utilities tions totaled 2,776,226 shares Ijitpst Year Company Period Period Ann Yellow Cab .20 reported yesterday net earnings amounted to $471,657 or YEAR END York Corrtig .20 1210 Clevite Corp .40 1213 Diebold Ino .20 1216 INCREASED Commerce Tt KC .75 1212 Heller WE .30 1220 Brldgept Gas .40 126 Dlehold Inc .15 317 Louisv Gas 4 .30 1231 SOUTH SAN FRANCISCO, Dee. 4. valued at $62,617,279.

1224 Warn rBrPIo 12 mns. 831 $100 Bank of Nov 8 .50 Bks Trust NY .75 Beatrice Fdss .45 Aeroquip Lp 1 mos. 30 2 30 1.65 For the first 11 months of 68 cents a share on sales of Uahr livestock market report: Cattle. Calvea. Hogs.

Sheep Today (est.) Cdn Westingrr .25 $27,138,344 for the nine 1224 1216 12 21 115 12 1'2 1224 12 1227 1218 1230 1227 11 12 Hi awanan stocks 0 500 475 UNITED .75 1220 Week to date (est.) months ended Oct. 31. This McKay Macb. this year 32,180,309 shares were traded. Share value was $599,473,845 for the same Kleo Prods Cp .25 First Nat Bait .50 MaryM Trusts 4 .50 New York Mag .41) Rltter Co 350 50 1,000 1.550 Furnished by Draa Hitter Co.

Bid. Ask. Bid. Ask. Am Fact 28 5iB cam period last week (act.

compared with net earnings of $629,920 or 90 cents a share 325 60 145 690 PlonrMls 19 HwCmSg 9 10 Same period last year (act) Shuron Orcal .35 Sun Life Asssur Oen Time .25 1.2O0 15 TOO 4,240 HwPinpl 7H 8 SCarlMla 7 8 on sales of $24,195,902 for the STOCK Clti Utll 3Vi 12 '9 Jessop Steel 6 1213 Shuron Optical 2o 1216 Crescent Corp 5 1213 Square Co 2 1213 Piehold Inc 5 12 McKay Mach .10.0 120 Minerals 4 Chem 2 po 1216 TWELVE MARKETS AIR LINES FLIGHT CERTIFICATES C.Brewr 2fi4 HwKlect 29 29 Waialua 7Vi I'm Heiemno 15 16 12 1230 331 115 12 1230 1230 1227 1230 1231 120 23 1230 12 1216 11 1223 1227 14 Tex ill Gas Pip .30 Cattle. Cahea. Hoes. Sheen. 315 1230 corresponding 1956 period Ewa PI 1814 19 MrBrySg 6W 64 Oahu 14 15 Thor Pow Tool (J .40 Univ Pict .25 period.

TEXTILE MARKET NEW YORK, Dec. 4. (AP) The cotton textile market was quiet today. A few producers of sheetings who were reported to have boosted quotations because of unsatisfactory margins. Orders for wool goods were alow.

In rayon goods, small sales were noted. 1223 iliawAirl 4i Third quarter net profit was Corning Gl Wks .25 1210 1220 1231 1217 1213 1213 1213 1210 1213 1211 1213 1216 1216 1218 214 1216 1213 1213 1213 1216 1217 12'16 1213 12 6 1213 12M3 1217 1216 1213 1213 12'16 1213 12 '5 12'16 1213 1216 12 '9 Crescent Corp .25 $205,120 or 29 cents a share This compared with net. earn TREASIRY POSITION WASHING TON. Dec. 4.

AP) The cash posi tion of the Treasury compared with cor Today (est. 1 41,300 8,100 71,200 1T.000 Week to dale (est.) 189,000 27.000 249,000 66,000 Same period last week (act 176.000 27.000 215.000 61,000 Same perrnd last week act. 244.000 Sd.OOO 248,000 81,000 SOUTH SAN FRANCISCO Tattle: Salable none. Cattle and calvea ottered and aold on Tueday. (lvr: Salable none.

Calves offered and on Tues responding date a year ago (last three ings of $271,491 or 39 cents a A holiday in Hawaii weekend in New Yorkl Hundreds of travel ideas for a long remembered gift figures omitted 1227 1230 12 '27 12 115 12'31 1223 12 27 12 '28 1227 1 14 12 1231 EXTRA First Nat Bait .50 1210 St Croix Paper .25 126 Sun Life Assur .85 1216 Univ Pict .25 12 '13 Corning Gl Wkt .5 1213 Sweets Co Am .75 12 '16 Ouarnn Tr NY .80 12 '16 Cons Mng 4 Smelt .20 12 '13 Diversv Corp .10 12 '20 Seaboard Oil 20 1216 share for the three months Nov. 29. 57 Nov. 30, '56 Balance 4.864.855 5,777,774 115 Deposits fiscal 115 year July 1 28 707,502 26,922. 9S2 Withdrawals fisi-al Attractively designed for presentation.

Mmmmm mm. li 13 16 Sweets Co Amer .25 ACF Wrig Strs .10 Cuaran Tr NY .80 Square Co tj .25 Chi Burl 4 RR 2 00 lKk Stl Cham .30 West Penn Kl (J Ridding Tool .50 Cutter I. nb (LV) .05 Cent 1(1 El Gas, .40 On Telephone .25 Colo Sou Hwy 1.00 Cons Mng Smelt .40 Urexel Furn .30 Gt'n Controls 25 Marine Midi Cp .25 Minerals Chem .20 Skll Corp .30 ended Oct. 31, 1956. Sales totaled $10,099,804 for the third quarter this year, against $8,992,284 for the same 1956 day only.

Hoi: Salable 500. Mainly year .14,625 818 31.092 043 1223 Total debt 274 850.434 277.110,781 butchers. Moderately active, butchers and some tea1y with Monday. Mixed Gold assets 22.762 050 21 910,148 Inciudea 439.211.160.31 debt not grade lots U. No.

1 to 3, 180 to 240 1224 period. I mil i hi nmmjiJ 13 CoHtXbrook 7-2100. Or eo( on oufhoriied 'rove ogent. lb. butchers J18 50.

Few U. 8. No. 1 to S. 300 to 550 lb.

sows. subject to statutory limit. KIBRER KITIRFS NEW YORK 1230 115 1216 1231 12 1230 12'23 1224 Skil Corp 35 129 IRREGl LAR Mass Iny Tr .11 11 Cuban Am Sug .25 1218 SPECIAL New' York Mag 1.60 1211 INITIAL Hofmann Indust .05 131 Krt ACTION Cutter Lab (V). Micp: Salable 475. Mainly slauchter SAN FRANCISCO 1218 Dec.

4. (AP) Rubber rex futures closed 40 to 50 higher. January 28 10b, lambs. Moderately active, shorn slaugh ter lambs about steady with Monday till1 33 GRANT 3512 GEARY Oakland 1437 Franklin San Rafael Daly City IS AVAL STORES SAVANNAH (Ga), Dec 4. (AP) Gum naval stores today: Receipts, turpentine none, rosin none; shipments, turpentine none, rosin none; turpentine 2,687, rosin 186.

22 1212 March 28.20. May 28 25b. July 28 35 fnnnuM.m,, nTrrTTirV 1 Other elawes scarce. Few lots good and choice shorn slauchter lambs wllb No. Sun Chem 20 RF.Sl MED Cons Royalty Oil .16 Spot No.

1 rlhhed smoked sheets 2S.00n. 12'1 12'24 b-Bid. n-Nnminal. 1 fall shorn pelts $21 Pi Founded 1885 Legal for Trust and Corporate funds INSURED SAVINGS 1 ---i-r nuitii-inri-- 1 i OH iSwmV i 0 1 1 ij t-pmlJ-, if I -71 per I yT0 "1 per ill icrrrl t05w jssssar: ABSOLUTE SAFETY Unbroken record of 14 lemi-annuel interest payments. WMappyywiiW.i.iiiHiyn ii.Ul 'HUMS i A Li II' annum I I current i 1 i V- 120 KEARNY Reserves far in excess of legal requirements SArTFRANCISCO GA.

1-1830 il imi" Tr '1' 7V i in.