Valley Times from North Hollywood, California • 23

-1f 1,1, VALLEY TIMES, THURSDAY, MAY 2, 1957 23 BUSINESS TODAY By BLUER ROESSNER tiame Palombo-" To Hew Post By Pacific Mutual Bank Of America Promotion of Robert Magee, S812 Sparton Pacoima, the assistant managers post Bank of Americas Seventh Flower branch in Los Angeles ffo to at and was announced today by John A. Minehan, vice president In charge of personnel relations for Southern California. Magee had served as an assistant credit officer at the banks Los Angeles headquarters. In his new post he replaces Paul E. Sullivan, who has advanced to manager of the branch.

Magee joined the statewide institution in 1939 and served at Burbank branch before coming to Los Angeles headquarters. He is a member of American Institute pf Banking, the educational wing of America Bankers Association, which he has served as an instructor. Last year Magee was awarded a Bank of America-Giannini foundation scholarship to attend three summer sessions at the Graduate So. Cal. Dedicajes Uevrn Malibu Facility! Southern California Edison Company has opened a new $169, 000 distribution and supply head-t quarter in Malibu, to "build" ahead" of anticipated continual tion of the rapid expansion development of this area.

County officials and civic and business leaders participated ini dedication of the new Edison fa--: nilities. located on a three-acre site about a quarter of a mile north of Pacific Coast Highway, on Crosscreek Road. Guests were taken on spection tour of the buildings by C. E. Demarest, Edison dls-CTl trict manager, and witnessed; demonstration of latest type trlral distribution and mainten nnoe equipment.

The' new Edison headquarter consists of two buildings and. a storage yard. One of the gtrflc- tures houses an office, ware-house, mechanics shop and truck. loading dock, and the other'; serves as a garage for small vehicles. 7 1 This facility, which Is part.7-o Edisons Santa Monica distribution department under the supervision of District Super ernment statistic yet.

It potato peeling. Potato peeling establishments simply peel potatoes. Most of them do it by dunking the spuds in caustic soda, none of which remains on the potato itself. Most of the firms sell to restaurants, hotels and other institutions, which would otherwise have to spend a lot of money at todays high wages to have them peeled by hand. Some comnanies also sell to households, aiiectly or through super-markets.

OFF-BEAT ITEMS IN BUSINESS NEWS A Houston store obtained a Russian-made mattress and, displaying it in contrast to the American-made kind, sold a lot of the latter. The headline in an advertisement in a Long Island newspaper read, "Cheerful L.I. Cemetery Appeal to Young Couples." Thats why they put a fence around the cemetery in your reporter home town. Promoting "fashion colors" has boomed replacement sale for mens shirts, tie, womens wear, kitchen ware and refrigerators. Now a trade group in another industry Is exploring possibili- The jargon of business or 'Is It an argot? continues to fascinate the uninitiated, and here are some more definitions, most in answers to readers Inquiries: Turq: Simply short for "turquoise," currently a popular color in housewares, appliances, utosj etc.

Pre-tlcketing: The printing of retail price on an article by the manufacturer. Sometimes, but not always, this price Is unrealistic, inflated to enable shady etailers to pretend to offer huge discounts. A set of steak knives costing $1.80 at wholesale, may come in a box imprinted with a $24.95 price, enabling a retailer to give 60 per cent off and still inrke an unconscionable profit. Burn numbers: These are models in a line which are advertised at low prices to get customers into a store where they can be switched to other models carrying full mark-ups. Synonymous with "loss leaders." "BUSHED AND BOUNCED" Bush: To confuse a customer so that he agrees to pay an excessive price or excessive extra charges.

Frederick M. Sutter, president of the National Automobile Dealers Association, re ROBERT F. MAGEE Wins Promotion School of Credit and Financial Management at Dartmouth College. He will complete this course in summer, 1958. He and his wife Mary are parents of two: Robert 6, and Judy, 2.

Canoga Park resident, Patrick J. Palombo, was today promoted to Assistant Supervisor of Research and Development for Pacific Mutual Life Insurance Company according to an announcement by Ralph J. Walker, vice president. In his new post Polombo will help create new methods and ideas for effective sales representation throughout 42 states, the District of Columbia and Hawaii, Originally, he 'joined Pacific Muual in 1955 to do public relations work connected with the company's installation of a Univac electronic data processing system. In that capacity he appeared before numerous civic groups to tell the Univac story.

Upon completion of this assignment, Palombo entered the companys administrative training program and served in the Advertising and Publicity, and Renewal Departments before his first contact with Pacific Mutuals field program. He then spent six months with the M. E. Thompson General Agency in Los Angeles. A Marine paratrooper during World War II, he earned his Phd.

at UCLA after the war, teaching philosophy there for two years. Later he added a stint as a motion picture agent with Music Corporation of America to his colorful career, The new Pacific Mutual executive now resides with his wife Sandra, and daughter Stephanie Leah, 1, at 20S46 Van Street, Canoga Park. TODAY'S HIGHLIGHTS cently told a group of bankers ties, according to Home Furnish- ANNOUNCE $1,500,000 DEAL Emil Schram, chairman of the board, and Albert 0. Steffey, president of Butler-Brothers, announced pur- Angeles in a deal involving approximately, $1,500,000. ings Daily.

It Is the Toilet Seat Manufacturers Association 'Chairman Harry F. Byrd of the Senate finance Committee called for a tightly linked $6 billion tax cut and $8 billion cut in federal spending. He said it may not be possible to-cut federal spending that much this year, but he said It can be tried. The Oil and Gas Journal reported U.Snrude oil and densate output for the week ended April 27 declined 35,600 barrels from the previous week. Daily average production was 7,541,475 barrels.

This brought the years total to 887,210,700 barrels, against 850,941,104 for the same period last year. Sen. Wallace F. Bennett proposed that labor unions be deprived of tax exemption for misuse of funds. His proposal was aimed at practices attributed to the teamsters union in testimony before the special Senate committee investigating labor racketeering.

Chairman Olin E. Teague of the House Veterans Committee announced he will Introduce a bill to give veterans of World War II "at least" an extra year to use their GI home loan rights. The Texas Democrat said such legislation is needed to take care of ex-GIs who, he said, have been deprived of their loan rights recently by the shortage of mortgage funds. The Census Bureau said about one out of every four college students In the U.S, last fall was married. But the proportion of married persons is far higher among Americans of comparable ages who are not enrolled In college.

The bureau based its figures on a survey conducted last fall. intendent E. Z. Dixon, will be" directly supervised by H. W.

Benton, assistant district super- 7 intendent. In addition to consfructiofi'of the new Malibu Edison is spending about $100,000 this year to improve other dis- tribution facilities in the area Demarest said. Improvements and enlargements are scheduled for the Zuma Substation, the Rlndge Substation at the mouth. of Malibu Canyon and the Crater Substation In Los VIrgenes Canyon. Edison's generating capacity was virtually doubled during the years following World War II, Demarest pointed out.

While thal, capacity was 1,226,450 kilowatts on December 31, 1945, the figure had been increased to 2,658,420 kilowatts by the end of 1956. Pacific Finance Corp. Raises Dividend Pacific Finance Corp. directors raised the quarterly dividend on common stock to 60 cents from 50 cents, with a declaration payable June 1 to holders of record May 15. how unethical used-car dealers cars at -tremendous savings." He explained: "Once the prospect comes In, he is given the treatment.

He is bushed and bounced. This consists of high pressure methods sometimes a tegular sweatbox treatment fast talk, juggled figures on finance and padded prices oh insurance. Sometimes in the confusion the customer sighs a blank contract. Senior securities: These are the ecurities of a corporation that have first claim on interest, dividends and repayment. In general, bonds are senior to pre ferred and common stock, and preferred stock senior to common stock.

Sometimes one class of stock is senior to another, KNEE PADS AND MOTHERHOOD Steel magazine has rounded up these terms from the labor delations field: Having knee pads on: To ap peal for mercy or equity In a Mtuation rot clearly covered In a union contract. Motherhood case; Nothing to do with maternity, but a claim for back pay for a committeeman denied preferential overtime while on union representation business. The origin seems to be that representation, like mothcr-Types LA Diet 'l 0-2 00; 'Ban Dtego'co Ihood, IS Sacred. GnrtVi.75-2 0oMtrla l'75'2 25 I Prying up loose boards: Takfng advantage of a loophole in a com Beans: Kyi Pole Coach Vly 25-28 1b, Superior Savings Business Shows Healthy Increase A generally strong business condition during the first three months of 1957 in the north San Fernando Valley area, highlighted by continued home construction, indicated bright prospects for the remainder of the year In all business phases, according to Nathan Kates, president of Superior Savings and Loan Association, Earnings on Full Paid Certificate savings accounts for first quarter, ending March 31, 1957, amounting to $43,707.14 were paid by Superior Savings to 755 savers, it was revealed by Kates. Real estate loans during the save period totaled $1,207,200, same period lotaled $1,207,200, crease of 22 per cent over last years first quarter total of $988,000.

A total of 90 individual loans were made during the last MARKET REPORTS AT A GLANCE Thompson Fiber Glass Sales Up 15 Per Cent- II. I. Thompson Fiber Gtas Company of Los Angeles, manu-facturers of high temperature in--sulatlon materials and Industrial plastics, reported that nary talcs figures.for the.slx. L08 ANGELES lB (FRMN) Canta loupe firm Mexico, allghtly wkr other, strawberries wkr; beans allghtly wkr; lettuce beet firm, other dull; squash Italian slightly wkr, others about atdy tomatoes allghtly stronger. Cantaloupe: Crta Mexico Jbo 36 11.50 12 00; Imp Vly Jbo 36s 10 50-11 00 Strawberries 12 pint trays University MARKET SUMMARY NEW TORK (A3 Stocks Higher; oils advance, Bonds Mixed; government improve.

Cotton Irregular; liquidation and hedging. CHICAGO: Wheat lower; demand lacking. Corn Higher; curtailment et govern-ment sales expected. Oats Steady; fair demand. Ry-Lower; deliveries anticipated.

Soybeans Lower tn sympathy with vegetable oils. Hogs 25 to 69 centa higher. Cattle 25 to 75 centa higher. POULTRY, BUTTER EGGS 1,03 ANGELES Wl (FSMN) Receipt 11,600 ces; Wholesale: Uncan. dled-Producer graded for eiza Min.

40 per cent A A Large 34 5-35 Medium 29 Small 24 fi-26. To retailera fob distrlbutbra' plant Ex Larga AA 44 5-47 Large AA 39 6-41 Medium AA 33 5-35 Ex Large A 42 5-44 Large A 34 5-36 Medium A 29.5-31 6. Small A 25 5-26 5. To consumer! In large retail etorea Large A A 52-59; Medium A A 35-51; Large A 39-53; Medium A 35-45; Small A 33-39. Butter Recelpta 80S 000 lb: Jobbing prices to retailers in cartona Grade AA 1-70; Grade A 66-68: Grade 66-67, Cbeeae Recelpta 129.000 lbs.

Live poultry, paying prices. Loe An, (teles At ranch: Fryers 214 lhe and up 18-20: caponetta toe clipped 27-28; delivered: Hene It type ell wta 10-12, crow 414 lbs up 12-14 month ended April 30 were $3,100,000, a 15 per cent Increase-over sales of $2,700,000 In the same period last year. -in stores, customers and gross of this entire merchant-owned chain operation." Both men will attend the Board 'of Directors meeting tomorrow at the Beverly Hills Hotel, when the next dividend will be voted and announced. The nine members of the Board will spend three days here, touring the Butler Brothers Department Stores in Van Nuys, Lakewood, Ontario and Alhambra. three months.

The 1957 first quarter showed $610,300 in construction loans to development builder and individuals, compared to the 1956 first quarter of $629,425. The amount loaned on existing dwellings totaled $74,500, surpassing the 1956 first quarter total of $68,700. Refinancing for a Similar period in 1957 amounted to $252,600, a large increase over the 1956 total of $162,150. Wad Coach Vly 18-20 lb; Fava San Joe 6-7 lb. Lettuce: WGA ert and etna Santa Marta Diet 4a 1 50-2 00; Orange Co 4s 1 50-2 00; Oxnsrd 3-4s 1.60-2,00, 8a-linsa atd 2s 1 75-2 00; LA Diet 2-2i Bronte Type-Boetoa and Salad Bowl 1 00-1 25.

Squash: Fits Italian San Diego Co 2 50-75; LA Dlst higi 3.00-3 25; Coach Vly-Imp Vly 2 00-2 50; Summer Coach Vly 2 50-75; Yellow San Diego Co 3 50-4 00; Table Queen Art ctni 24s 6 00; LA Dlit Banana 2-2 5 lb; Hubbard 1b. Tomatoea: Fite 2-layer Imp Vly 6x8 and Igr 6.00; Coach Vly 8x6a and lgr 6 00; loose (Its and luga 75-1 25; Mexico 5x6a and lgr 4 60; cherry tomatoes 12 bskt trays Coach Vly 3 Imp Vly 3 50-75. tract. Balt: A poor case kept alive for trading purposes. Walking the last mile: Taking the final appeal In a dismissal case.

NEW KIND OF BUSINESS: PEELING POTATOES There are now about 150 establishments in a kind of business thats too new to get into gov- Margaret M. Preston .1 Member Of NACA Margaret M. Preston, 7756 Shadyspring Place, Burbapk, Cali---' fornia, was recently accepted member of the Los Angeles I-Chapter of the National Asso; FRESNO COTTON FRESNO, Calif. OR Frame Cotton Fxeltange quotation! all charges paid FOB compress: Strict Middling: 1 1-32 35.00; 11-16 36 00; 1 1-32 36 25. Middling: 1 1-32 34.00; 1 1-18 35.00; 1 1-32 35.25.

Strict Low Middling: 11-32 31.50; 11-18 32 25; 1 3-32 32 50. Sales In the Fresno area yesterday totaled 27 bales. elation of Cost Accountants, Fete Gollong, Hentschel At Retirement Dinner GRAIN AND LARD CHICAGO (Ul Grain range; WHEAT Prev. Open Open Low Cloi Clnie May 2 201 2 201 2 17 2 17 2 20(4 July 3 09 2 09 2 07 3 07 2 09 Sept. 2 11 2 11 2 09 2 09 2 11 Dec.

2 15 2 15 2 13 2 13 2 15 Mar. 2.16 2 17 2 16 2.16 2 17 (NEW) Till 2 09 2 07 2 07 2 07 2 09 Sept. 2 11 2 12 2 10 2 10 2 11 Dec. 2 16 2.16 2 11 2.14 2.16 CORN May 1.28 1 29 1 28 1.29 1 28 July 1 32 1 33 1 32 1.33 32 Sept, 1 33 1.34 1 33 1 33 1.33 Dec 1.26 26. 1.26 1.26 1.25 OATS v4 He had an accident, but he couldn pay bills! VALLEY BUSINESS AND INDUSTRY By CARL S.

HILLIKEN, Financial Editor Butler Brothers Expansion Acquisition of a warehouse and office building as part of its current 30 million dollar expansion program in Southern California was" announced by top officials of Butler Brothers. The purchase of certain assets of the pioneer Los Angeles firm of Ellis-Klatscher Co. was involved in a deal which, including leasehold, involves approximately $1,500,000. The transaction was announced by 'Emil Schram, chairman of the board, and Albert O. Steffey, president, of Butler Brothers.

Schram was President of the. New York Stock Exchange for ten years and was elected adirector of Butler Brothers over a year ago. He is now a consultant of the New York Stock Exchange and a director of Cities Service Coming Company. Steffey has been with Butler Brothers for the past (even years. A year ago he was named president.

Prior to that time he had been a vice presi- dent and director of the company. Ellis-Klatscher, in business in Los Angeles since 1912, were wholesale distributors of gfeneral merchandise. 'Involved was the one-story modern warehouse and office building, constructed less than four years ago, located at 5330 West 102nd St. The building has 92,000 square feet of space and complete switch-track facilities. Butler Brothers plans to take possession on May 17, and will immediately start a remodeling and re-stocking program so that merchandise and equipment will be identical with similar facilities in other parts of the country.

The new acquisition will be part of the Ben Franklin variety store division. Schram and Steffey outlined a plan of vigorous expansion in the Southern California area for the Ben Franklin chain, which now consists of 2,500 stores in all 48 states, 'Alaska and Hawaii. "The opportunity to purchase Ellis-Klatscher has allowed us to accelerate our West Coast schedule by two full years, Steffey stated. "We can now step Up the rest of the program, which calls for expansion moves in the central and northern portions of the Coast." The new warehouse will be able to service all stores in this area which are now, or will become, part of the Ben Franklin operation. All former Ellis-Klatscher customers have been Invited to a series of special meetings which will outline in-detail how they may become a part of this merchant-owned chain if they so desire.

Recent acquisitions in Kansas City and Memphis, as well as that In Los Angeles and a planned expansion in the Southeast and Upper West Coast area will not require additional financing, according to Steffey. Not -only is the entire program being financed out of earnings, but he stated that the company's present dividend rate should be maintained. Once the current program Is completed, the companys earning capacity will be greatly increased. "We are enthusiastic about the prospects tof the Ben Franklin operation in the Los Angel area," Schram concluded. "This te retailers and merchants in every field, offers the greatest potential in the country.

We fully expect this area to be the Henry L. Gollong and Albert C. Hentschel, veteran executives of the food and paper, brokerage firm of Johnson, Carvell Murphy were feted at a testimonial dinner held at the Jonathan Club, when retirement of both from business activities was announced. Gollong, vice president and grocery sales manager joined this firm in 1909 and has been closely associated with the Los Angeles grocery business these past 48 years. Hentschel, who vacates the position of vice president and paper sales manager, is a native born son of Los Angeles and has been associated with the paper industry and this firm for the past 39 years.

Gollong and Hentschel are both well known figures in all branches of the grocery and paper industries respectively, Gollong having been a long-time member of the Los Angeles Food Brokers Club and Hentschel charter member of the Paper Mill Mens Clmb of Southern California. Shell Oil Net Income Up 18 Pet. Over '56 Shell Oil Company's president II. S. M.

Burns, announced today at the annual shareholders meeting that the consolidated net income for the first Quarter of 1957 was $41,450,000 or $1.37 per share, up 18 per cent from the or $1.16 per share earnings for the same period in 1956. Burns attributed the quarterly improvement to a 16 per cent increase in sales and other operating revenue and an 8 per cent betterment in net crude oil production. 4 fl: 11 annual income RYE May 1.19 1 20 1 17 I 17 1 20 July .118 1 18 1.16 1.16)4 1 17 Sept. 1 19 120 119 1.19 119 Dec. 1 23 1.24 1 23 1.23 1.23 fcOYBEANS May 2 40 2 41 2 39 2 40 2 40 July 2 37 2 38 2 38 2 37 2 37 Sept.

2 27 2 27 2 26 2 27 22 7 Nov. 2 23 2 24 2 22 2 23 2 24 Jan. 2 26 2 26 2.25 2 26 2 27 LARD et 4 tM dividends each year ff 13 10 13 27 13 05 13 57 1 3 70 13 65 13 50 13 65 13.45 13 16 13 57 13 45 13 15 13 20 13 60 13 65 13 25 May July Sept. Oet AT CALIFORNIA FEDERAL LIVESTOCK LOS ANGELES IAS (FEMN) Cattle 1 400; steers and heifers modedately active, steady cows steady; bulla little change; high good and low choice 1050 lb steer 23 50; standard to good lightweights Including some Holeteins 19 00-22 00; choice 23 lb heifer 23 50; standard and good 19 00-21 50; atandard and good 3-year-old heifer type 1125 lb cowe 20 00; mixed utility and commercial 14 50-18 001 bulk Utility 13 50-14 50; tanner 8 and Cutteds 10 50-13 50: utility and commercial bulls 15-50-18 50; nothing dona on Stockers and feeders. Calves 275; slaughter calbea moderately active, eteady; etocker ecarce; good and choice slaughter calve and healers 20 00-23 50; mixed utility and atandard all weights 00.

Hogs 275; not fully established; few sales weak to 25 lowed, mixed grades 105-245 lb barrows and gilt 19 0-19 50; some held higher; low scarce; aalable downward from 16 00. CITRUS NOW OUR PERSONAL ACCIDENT PLAN HELPS COVER THE EXPENSES COSTS JUST 50c A MONTH Dont let yourself get caught short in case of an accident. It cm cost a lot of money. Find out how our Accident Protection Plan can help you. Absolutely no obligation.

We can allow only one policy per person renewable at the option of the company, of course. Cover you at home, at work, at play, whil traveling. Taya for almost any kind of aecident. Valley Times Underwritten by Inter-Ocean Insurance Company Policy Form No. L-20I6 EXCEPTIONS! Thi policy does not cover injurie fatal or non-fatal which are ausUined while racing or testing any vehicle; or while in a submarine or mine; dua to act of war; of which theit ahall be no visible marks or contusion on exterior of the body (except drowning); nor doe the policy cover hernia or back (train or carbon monoxide poisoning.

MK 'd y. IP" p. 4 -WAY PROTECTION 1 Same conservative management policy for over 30 years. 2 Every savings ac count insured up to $10,000. I 3 Unbroken record of 61 consecutive dividend payments since 1926.

4 Funds are invested in Americas safest first trust deeds of carefully selected homes. Open your savings account for any amount. Funds placed by the 10th of any month earn from the 1st, at the current rate of 4 per year. LOS ANGELES 156 The Federal State Market New Sedvir reported today oranges, lemons and grapefruit steady, prices unchanged. Scnkist Growers Inc reported today all auction markets California odanges were higher In spota.

Repreaentatve prices hy slie; Sunklst first grada 60s 3 24; 63s 3 17; 75s 3 22: ASe 3 38; 10Os 3 61; 11 0e 3 52; 126 3 15; 144s 3 03 Choice, second grade 80s 2 52 63 2 60 76s 2 61; 88s 2 60 100s 2 58, 110 2 46, 126s 2 32- 144s 2 33 HAY AND GRAIN LOS ANGELES CP! fFSMN) Alfalfa US No. 1 new 33 00-34 00; US. No. 2 leafy new 31 00-32 00; U.S. No 2 green 28 00-29 00; U.S No, 2 25 00-27 00.

Grain hay: No. 1 oats 32 00-33 00. Carlot arrivals: 2 wheat, 11 corn, 4 mlk), 14 flour, 1 bran, 3 cereal, 442 hay. UHJ- RESOURCES OVER $195,000,000 Help us celebrate! Yet, join vt in celebrating ur birthday and the opening of our new home. Everyone coming in between May 1st end May 10th will receive a FREE GIFT! i mm imu i CALIFORNIA FEDERAL SAVINGS .4 Convenient Offirn; Miracle mile: 5680Wilshire Boulevard WE 8-3471 reseda: 18260 Sherman Way DI 2-6161 rancho park: 10682 West Pico Boulevard VE 9-2366 lakewood-long eeach: 4248 Woodruff Avenue GA 9-5991 Register your birth montii and be eligible for contest prizes! 4 (Mtfitt por onmtW rr twt rot pod 4 timtt ytof fn peid ctrtifica.

Insurance Department Valley Tim 11109 Magnolia Blvd. North Hollywood, rd Ilk dotailt your Accident Protection jTnWpj.Q AM a LOAN ASSOCIATION ADDRESS- 13S45' Van Nuys Pacoima EMpire 9-9541 JTATl cmr..