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The San Francisco Examiner from San Francisco, California • 54

Location:
San Francisco, California
Issue Date:
Page:
54
Extracted Article Text (OCR)

Pa 54" Etttvcpveucuv Ford Sees Light Aliead for Insid-8 By DONALD K. WHITE Market Off; es on 6K-K9 NEW YORK. June 1. (AP) The stock market CCCC FRIDAY, JUNE 2, 1961 slid irregularly lower today as trading slackened. The Street was cautious over the coming Kennedy-Khrushchev meetings.

Movement of most key stocks were fractional and the averages were off only slignuy. i ujf it 7 ft IxamlnerFimneni Editor THE BEST WAY to describe Tirey L. Ford is as a man of parts, an archaic way of pigeon-holing a man who knows his way around the corporate and social jungles. Ford is a 62 year old native San Franciscan whose father was California's attorney general He went to Grant School, the University of Santa Clara and U. C.

Be belongs to the Pacific Union and Bur-lingame Country clubs. His business career is widely varied and has often been tied in with his hobbies the sea and airplanes. Ford once owned part of a steamship company and still keeps his second mate's license current. He's been president of Del Monte Aviation Company and still flies regularly with a twin-engine pilot's rating. Ford is an entrepreneur whose executive hand has been in resorts (he owned Point Lobos Lodge and has been a director of Del Monte Properties) public relations, advertising, manufacturing as well as steamships and airplanes.

TTIS LATEST venture is Insul-8-Corp. of San Carlos, a diversified company he has built over the last 10 years from the ashes of a now defunct firm called Benbow Manufacturing. While Ford can frankly refer to Benhow as a "fiasco" he has nothing but great hopes for the revitalized which has spread its wings into such diverse fields as closed-circuit TV. aircraft component manufacturing and precision sheet metal fabrication. "Our Insul-8 bar is still the bread and butter and the foundation for our diversification," Ford said yesterday as he cut into a mutton chop at the Clijt Hotel.

The bar is a safety device for eletrification of cranes and monorail systems. "Four years ago we were a total slave to the crane industry," Ford said. "Now we're in space age manufacture doing contract work for Aero-Jet, Lockheed, the U. C. Radiation Labortory, United Technology, Philco and the San Francisco Ordnance District." To bring itself out of the one-product stage, Insul-8 has spent $733,000 on research and develop Here and there throughout! the list a wider move was made either way.

The financial community had not forgotten how actions of Khrushchev upset the market last year and there were few who wanted to get caught out on the limb in advance of the weekend. The economic background remained quite encouraging but stocks did not respond to it. Sales of autos were re ported higher by several of the manufacturers. Motor stocks remained mixed, never thelcss. AIRCRAFTS-MISSILES Aircraft -missile stocics edged off.

The balance was lower among oils, airlines, chemicals and mail order-re tails. Spotty strength helped utilities to a gain on average The market was slightly lower in the morning, firmed for a while in the afternoon, then wilted in final dealings Volume was 3.77 million shares compared with yester day's 4.32 million. The Dow Jones industrial average slipped 1.35 points to1 g95 37 Proposals for a 3-for-l stock, split and dividend boost! hebed Amerace to a gain of $1.50 at $95. Zenith spurted $4.25. Woolworth backed atvav frnm rp-nt Pains slid.

ing $2.50 to $70. PERRY ACTIVE Srjerrv Rand, still affected 1 1 a I "A 1 7 yf rj tiJMr-Vlt iiuwiirtiri--rMMMi i1ilWlrtTin 1 NEW ARRIVAL IN BANKING FIELD GETS OFFICIAL WELCOME HERE -Z to Kntl III-Year-OId Ail Agency Tio Crown Zellerbach Corporation will end its 31-year relationship with Cunningham Walsh advertising agency at the end of the year, it was announced here yesterday. L. W. Moore, assistant vice president for Crown Zellerbach's consumer products, said other ad agencies will be invited to make presentations for the account.

He said pointedly that the "final invitational list is now established." Cunningham Walsh has placed over $1 million a year in advertising for Crown Zellerbach. Domestic Auto Production Cut DETROIT, June 1. (AP) Holiday work schedules- three days at most plants-will cut domestic auto Droduc- tio" to 84-552 passenger cars this week, Automotive News said today, This compares with 115.243 in Memorial Day week of last 'car when mast plants worked four days and with lM' C3rS last WeCK. Basalt Kock Notes Basalt Rock Co. Inc.

of has placed $3,750,000 through Blyth Co. MOW YOU CAN AFFORD TV Fill! trans storized rtmo's Ittk too control FOLLOW THESE LEADERS p-n imrrican Mutt Central Hi'lnwl 1. 1. Htrle 4 Bk ol Hawaii Canyon Lennox Scfonl Gen. Stanley Mask, and Jacob Sliemano assist Mayor George Christopher Hank at formal opening ceremonies of Golden (wale Doors Opened for Bank Here earlier in the day the traditional ribbon cutting shears gave way to the zipper when when of lower profits 15-year notes directly with Mayor George Christopher Spite higher sales, was the' tne New York Life Insurance nulled a cord that parted the'most active stock, off $1.25 atCo.

Financing was arranged ment over the past four fiscal years. In the year ended March 31, the company lost $30,443 on sales gold satin curtain veiling the on 80,100 shares. thn Studebaker-Packard was upj SEC Study Sought in House Bill WASHINGTON, June 1. (UPD Legislation calling for a broad investigation of stock exchanges was introduced in the House today. The Federal Securities Exchange Commission (SEC) would conduct the inquiry under the measure proposed by Representative Peter F.

Mack, Democrat of Illinois, chairman of the House Commerce and Finance Subcommittee. It would get $750,000 for the study. Mack told the House that he has been concerned for some time about "widespread evidence of speculation and of apparent manipulation in many instances appearing in established i i ex changes and over-the-counter markets." He said it was ''high time to review rules governing the activities of the various securities markets to see whether they are adequate to protect investors Mack announced to the House that his subcommittee would conduct public hear ings on the legislation begin ning June 27. He said the congressional unit intended to maintain "continuous watch fulness" over the securities markets and that the hearings would be only part of an "extensive" study. Representatives of the major exchanges as well as spokesmen for national as sociations will be asked to testify, he said.

The SEC be required to report to Congress by Jan. 3, 1963 on the results of the investigation, including any recommendations for legislation. Water Bonds Arc Offered Bond issues totaling of Moulton-Niguel Water District, El Toro Water District and Los Alisos Water District, Orange County, were purchased yesterday by an underwriting syndicate headed by the Bank of America. Net interest cost was 5.65 cent to the Moulton-Niguel and El Toro Districts and 5.65 per cent to the Los Alisos District. The bonds of the three districts were re-offered to yield 3.50 per cent to a dollar price of par on the hVz per cent bonds, according to maturity July 1, 1963-95.

Wilson Calpak's Coast Sales Head Named Pacific Coast sales director for California Packing Corp. yesterday was A Clifford Wilson. He will direct sales activities for "Del Monte" foods throughout nine western States, including Alaska and Hawaii. for Risks "I am 74 years old and still actively engaged in my own business. I would like to invest, not speculate, and would consider a good growth stock.

I am anxious to safeguard my money against inflation." M. D. A Good growth utility stocks would, I believe, be your best answer. These will provide an adequate inflation hedge without subjecting your capital to undue risk. Montana Power (NYSE), Northern Indiana Tublic Service (MSE), Long Island Lighting (NYSE), and Orange Rockland (NYSE) are all quite suitable for jour particular needs.

Mr. Spear cannot answer all mail personally but will answer all questions possible in his column. (Copyright, '61, Genera! Features Corp.) of $1.7 million. "FROM NOW on our research and development costs will be nil," Ford said. "Our net loss last year is directly attributable to research and development, construction, salaries and the cost of materials for our diversification." Insul-8 has 827,000 shares outstanding, but most of them are tied up by Ford, the largest single shareholder, and his directors.

The company has 1,500 shareholders. 'If things go right," Ford said, "we could earn 13 cents a share after taxes in the current fiscal year." R.7io rpntc at $12 hflnnrl hv newg" of a $21 4 minion Army truck contract. AlhollMcBeaii lbs isns SOB Ath-11 vn Civic 2, b'nhr as a director of S'jnthi'fl Oil Co. of California after 19 years of service on the board. His successor has not boen named.

McBean said he felt his withdrawal will make a place for a younger man "who can meet the exacting demands of the office." 440 Montgomery St. Christopher proclaimed yes- terday "Golden Gate National Bank Day." Ho Ir'M as ''Tar-sighted" the men who have risked their resources to pro-vid? capital for the new bank. Prominent among greeting the first d.y visitors were directors and close as- of bvr io President Jacob Shcmano in the bank, includ ing Jefferson Beaver, Ben K. Lerer, Harold Kilpatrick, El mer (Talon) Towle (USN Louis F. Ward, executive vice president as well as director Dr.

Abraham Bernstein and Louis Cherin. Packard Bell Electronics DIRECT FACTORY BRANCH 2280 PALOU AVENUE SAN FRANCISCO 24, CALIFORNIA He also hinted that "if hold, we might need additional capital." STOCK SPLIT Hewlett Co. Board Okays Merger Plan Hewlett-Packard Co. directors yesterday approved an agreement providing for the combining of its company with the Sanborn Co. of Waltham, Mass.

The Sanborn Company's board has already approved the merger agreement. Sanborn shareholders will receive 1.4 shares of Hewlett-Packard stock and one share of Hewlott-Packard convertible preferred stock for each 'Yzre of Sanborn. Millionaire Lillys Nevada Ranches RENO, June 1. (API Ne vada Title Guaranty Co. said today that Utah uranium mil lionaire Charles Steen has bought two western Nevada ranches for a price believed to be between Is and one mil lion dollars.

Steen and former owner S. T. Clarke, Reno eye physi cian, negotiated for several weeks for the transaction in volving Clarke's tumbling IQ Ranch in Washoe Valley south of Reno and the Dayton Ranch in Lyon County. Varian Offcro Stock Rights Varian Associates will offer shareholders rights to sub scribe to 347,883 additional shares of stock at $50 a share The electronic manufactur insr company snarenoiaers may subscribe for one new share for each 10 shares held June 1. The rights expire June 16.

An underwriting group headed by Dean Witter Co. will purchase unsub scribed shares. to Supply Valley Plant The State Public Utilities Commission ruled today in favor of Pacific Gas Elec tric Co. in its dispute with the Southern California Gas Co. over which should supply nat ural gas to the new Continen tal Carbon Co.

plant west of Bakersfield. The commission said it would not be in the public in terest to authorize both utili ties to serve the plant. Editor Retires William II. Grimes, who was the first financial editor of United Press, announced his retirement today as a vice president and contribut ing editor of the Wall Street Journal. Savings Loan Association yesterday announced plans to split its stock 10-for-one.

The association, founded in 1953, first sold stock to a small group of investors at $12 a share. The stock recently traded in the over-the-counter market at $250 a Newes The newly-formed Golden Gate National Bank closed out its first day in business here yesterday with almost $3 million of new deposit money in its coffers. The deposits were spread over more than 300 new accounts. At formal ceremonies Couple Arrested In Stock Deals ATLANTA, June 1. tUPI; An Atlanta coupte tint op orated a stock brokerage firm was arreted today on chargar, of misapplying more than 51.5-million of clients' funds.

Carl A. Pruett, president of Pruett and his wife, Gertrude, were picked up by U. S. marshals acting on an indictment returned by a Federal Grand Jury. London Stocks Off LONDON, June 1.

(API- Index of London stocks today was 344.1, off 7.4. Toronto Stocks Rales Stocks Close Calsary Edmonton 17. 00 100 Calvjn Con 2.85 975 Cassiar Asb 14.50 3909 Con Smelt 26.50 1601 Den son Mm 10.2b 162G0 Min 1.72 985 Falconbrid2e 54.25 2357Gunnar 8.70 2400 Hollineer 23.50 6000 Inspiration j9 265 Labrador 23.75 1265 Noranda 46.25 1933 Pacific Petroleum 12.25 3185 Royalite 10.87 4241 Sherriit 4.35 1670 Steeo Rock Mine B.25 2275 Triad O'l 1.96 750 Unit Asbestos 5.60 1705 Unit Keno 9,10 63 Ventures. Ltd 42 50 500 West Canadian Oil 99 2000 Yale Lead 14 Odd-Lot Trading NEW YORK. June New York Stc.k reported today odd lot transactions by principal for My 31: of 517.075 'nires, sales of W3.665 shares including 1.7W shares sold short.

ADVERTISEMENT PORT SEATTLE Restaurant Lease-Bid In acenrda with motion ii isskI by the Port of Seattle Cum-missiDii at their regular meeting helri May 2-1. 1961. lease-bm pro-pnsaN will be snhi'iterl as a prerequisite to authorizing lease nstiations for the operation of first cla restaurant, coftee shop and cocktail lounpes at the boating capital of the world Seattle fahulnua new 7i2 million dollar SnilHlio.e Eay Mar na Facilities for 1 linn virh's. rruiseja o-nd pl-isure fr-iti. Adjoin meat's ppiier'-d nuiti-n Jimn dollar 'I I iiarden Kacdite to he located In moiern million dollar Administral inn Site iifror-i v.rw of hfiiutifnl Sound Fnmv.

Olympic nMtmtiftitd mint he oiiali. tie! red.iiir-nt onrr.itor. fnvin-cihIIv cai-ai) of mvenntu- a rv.n-irni.m In e.ve. of a qu-rtrr million Further lnfotmat'on nn minimum least requirements aroi hid lorms hv apn'ymg to the Plannu t'rot'--tv Rentals Jrarttrnt Tort of O. Bo, 129.

feattlt 11. Washington. This is not an offering of these Shares for' sale, or an offer to buy, or a solicitation of an offer to buy, any of such Shares. The offering is only by the Prospectus. Sew Uwt June 2, 1961 347,883 Shares VARIAN ASSOCIATES Capital Stock (Par Value $1 per share) Rights, evidenced by Transferable Subscription Warrants, to subscribe to one new share of stock at $50 00 per share for each 10 shares held, have been issued by the Company to the holders of its Capital Stock of record at the close of business on June 1, 1961.

These rights expire at the close of business on June 19, 1961, as tnore fully set forth in the Prospectus, Successful Investing Air Freights: Allow this space age stuff takes share. There are now about 200 shareholders. After the stock split, the association will have 220,000 shares outstanding. Headed by Desmond G. Kelly, Colonial Savings has assets of $24,000,000 and offices in West Portal and in the Marina.

success will be improved efficiency. To some extent this has already begun with the placing of orders by several cargo lines for Canadair CL-44 turboprop, a faster, longer range plane with substantially more cargo room and lower operating costs than the carriers currently in use. Two stocks which have a specialized interest in air freight are Flying Tiger and Emery Air Freight, the latter involved only in the handling of air freight. Although both of these issues are speculative, I think they have a good potential and can be bought moderately in accounts where some risk can be assumed. Of the two, my own preference is for Emery Air Freight, which has shown a more consistent earnings pattern.

The several underwriters have agreed, subject to certain conditions, to purchase any unsubscribed shares and during and after the subscription period may orier shares of Capital Stock as set forth in the Prospectus. Copies of the Prospectus may be obtained from the undersigned only in the Stales in which the undersigned is qualified to act as dealer in securities and in which tot Prospectus Kay be legally distributed. Dean Witter Co. Eastman Dillon, Union Securities Co. Blyth Inc.

By ROGER E. SPEAR "What do ycu think of the prospects for the air freight business over the next few years? Would I be taking on too much risk by investing in the industry?" R.D. A I believe that the air freight industry as a whole could turn in a fine performance over the next few years. If this is to happen, though, several factors will first have to come into play. A significantly lower rate structure will be necessary for larger, more prof liable operations.

One current projection shows that, with rate cuts, domestic airfreight volume could rise a dramatic five-fold by 19G3, and international volume could grow at an even faster pace. Another requirement for Goldman, Sachs Co. Kidder, Peabody Co. Lehman Brothers Incorporated Merrill Lynch, Pierce, Fenner Smith White, Weld Co. Incorporated Incorporated J.

Barth Co. Crowell, Wecdon Sc Co. W. E. Hutton Co.

Lester, Ryons Co. Sclnvahachcr Co. El worthy Sc Co. Irving Lundborg Co. Mitchum, Jones Tcmpleton Shuman, Agncw Co.

Brush, Slocumb Co. Inc. Hooker Fay, Inc..

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