Valley Times from North Hollywood, California • 19

j' June 7, 1961 IS Valley Times TODAY Business' Banks Enter In-Plant Fieldf Competing With Credit Unions Spurs Service fht following bid and asked price ara obtained from fhe National Assn, of Securities Dealers, but ara unofficial. They do not represent actual transactions. They ara intended as a guide to the approximate range within which these securities could have bean sold or bought at the time of compilation today Securities of Business and Industry Represented in Valley Bid Ask Anheuser-Busch a 52 55 Pocff Merc TV Arden Forms 17 18 Pocif Mutual Bk Am Nt SO 59 62 Citiz NB LA 57 81 Consol Rock Prds 23 25 Sec First Nat LA Sees Cndy Shops Telecomputing Circles By DAVE SIDDON Powerful New Computer Thrifty Drugs By SAM DAWSON AP Business News Analyst The competition for your savings and the competition for the loans you seek is building up fast today in the place where you work. Impressive growth of cred it unions in offices and factories is now being challenged by an increasing number of commercial banks also offering on-the-job services. The banks are out after the estimated 40 per cent of Americas 65 million wage earners who make little If any use of bank facilities.

The bank at-work plan, started in the West only three years ago by the Bank of America, now is offered by some 300 banks across Business Editor Vons Grocery Empire Financial 20 22 Lytton Financial 23 25 Pac Alrmot 44 Bin Ask Insurance Stocks Microdot Inc Miles Labs MIDDAY QUOTATIONS Morrison Knud National Prop Do Pf Neimao Marcus Netwks Electror Nevada Nt Gs Eng GS ft El North Ind Ps Oregon Metal lui Pabst Brew Pac Airmotive Pac Automa Following or. quotations on tti. New York Stock Exchange at at I g.m. (EDTi todov. Opening pneee are listed with plus and minus changes at midday.

Outbrd Marina 20 Owens III Glass 93 DEVELOPMENT of a new computer system, claimed to be the fastest and most powerful in the world, has been announced by General Precisions Librascope Division, W. E. Bratton, president, said that a typical configuration of the digital, multiple-computer L-3060 system will perform 2,480,000 operations per second and retrieve information from memory in less than a millionth of a. second. The transistorized system has high-speed core memory access to 144,000 words, random access to 3,230,000 words stored in magnetic disc files and magnetic tape storage files of 9,000,000 words.

The L-3060 is designed specifically to meet the growing space age problem of converting large volumes tf, raw data into usable information, Bratton said. Command control of rocket launching, a satellite tracking net or a central military command post, he pointed out, cannot exist without some medium of processing the heavy flow of data from associated communications equipment A capability of expanding the system by adding computers and other units is provided by a modular trunk line that allows additional units to be plugged into the network. BASIC speed characteristics of the system are augmented by a high reliability factor, Bratton said. Pac Gas ft El 79 Pac Tel ft Tel 39 Pan Am 19 Paramount Pic 79 Penney 40 Penn RR 14 Pepsi Cola xd 53 Pfizer (Chas) 42 Philco 24 Philip Morris 100 Phillips Pet 59 Piper Air 57 Pitts PI Gl 69 Proct ft Gamb 78 Poc Merc TV Pac Outdr Adv Poc Pwr ft Lt Park Hannl Pouley Pet Palomor Mrt Co Pendleton Tl Performer Bt Permanent Filt Permannte Cm Petrolane Gas Phaostron Pion Electro NEW YORK, June 1 (UPO Stock market midday prices: Abbott Labs Acme 5tl Admiral Air Reduction Allegh Cp Allegh Ludlum 44 Allied Chem 45 Allied Stores 58 Allis Chalmers 27 Aluminium Ltd 36 Alcoa 76 Am Airlines 25 Am Brdcstg Pr 554k Am Can 41 Am Com Barge 24 Am Cyanamid 47 Am Mch It Fdy Am Motors 17 Am Smelt 7m Am Std 14 Am Tel Tel 122 Am Tob 14 Anaconda 60 Argo Oil 4 Armco Steel 77 Armour 47 Asso Oil A Gas 6 Atchison 25 Atlantic Ref 55 Avco 14 14 VS V2 20 14 Pullman Pure Oil 41 37 Poly Indus Pomona Tile Portld Gn El Producing Prop Pub Svc NM Purex Corp Purolator Prd Rabin Winters Rodiatromcs Regan Indus Republic Sup RCA Roytheon Republic 'Avia Repub Steel Revlon xd Rexall Drug Reynolds Met Reynolds Tob 118 Royal Dtuch 34 Reliability Safeway St R9is Pap Schenley Schering Seaboard Alrl 46 38V 33 56 31 16 36 Sears Roebuck 66 1 14 14 1 Vi 14 14 14 38 60 54 51 45 Ve 8 28 43V 41 29 42 56V2 47 56 23 54ia 30 21 63 45 43 12 Consul Outlines Trade Values Yukio Hasumi, Consul General of Japan, told members of the Burbank Rotary Club Tuesday that the United States should reciprocate with equal trade relations with his country so a fair balance of economy could be realized. We are buying a lot (from the U.S.), therefore, we have to sell a lot," the gray-haired and bespectacled Hasumi said.

We are trying very hard to increase our exports, yet our balance is always in the red. The diplomat of 25 years experience complemented the U.S. for the financial aid given Japan after the war. The money we received from you was never. wasted.

Ninety-nine per cent of all our factories were wiped out during the war, and we had to start from scratch. Realizing the effect of volume importation in country, Hasumi noted that Japan stopped exporting transistor radios recently, because if we continued, it would damage the U.S. market. He said Japan, at present, is doing business with Communist China, but we do not recognize their government. Commenting on trade with the Asian nations, he said his country would be glad to do business, but the countries there cannot pay in dollars.

We are not willing to run a charity business, and we want to see dollars. We dont like to see TOUS." Ending, Hasumi said, We ask the friends of the Japanese in the- United States to buy more Japanese goods, a- we are always willing to buy American goods. Thus far, our imports have always been larger than our exports. 1 V2 Baldwin Lima Balt I. Ohio Basic Inc Bendfx Beth Steel Bobbie Brooks Boeing Air Borden Borg Warner Briggs Mfg Brunswick Cp Bullock Burroughs Case Catplr Ceianese Celotex Central Soya Shell Oil Siegler Sinclair Skelly Socony Mobil Southern Co So Pac So Rwy Sperry Rand Square Std Brands Std Oil Cal Std Oil Ind Std Oil NJ Stude Pack Snry Md Ct Swift ft Co 43 63 41 10 55 44 31 10 39 37 28 28 Western Banks Arizona Bank 38 41 Bk of A NT SA 59 42 Bk of Cal SF 59 64 Citiz NB LA 57 6m City NB of BH 35 37 Crock Ang Bank 62 66 First NT SD 40 43 First Western 42 45 Poe Nat Bk SF 50 54 Sec First LA 78 82 Union Bank LA 75 79 Unit Cal Bk 56 60 US Nat Bk SD 40 44 Val NB Phoen 60 63: Wells Am TR 73 77 Savings and Loons Holdings Companies 14 14 Vs Royal Indus Santas Village Scott Foresmn Scrn Gems Inc G.

D. Searle Sees Cndy Shps Shel Ure Ind Sierra Pac Pwi Smith Indus So Cal Wat So Nev Pwr So Nev Tei So Union Gas Southwst Gas Speedee Mart Sprague Eng State Explr Straza Indus Strolee of Calif Sunset House Dis 16 Systron Dower 39 Tappan Co 37 40 Teion Ranch 39 43 Telecomputing 7 Tex East Trans 19 Thermal Power 6 Thompson Gl 20 22 Three St Nat Gas 3 Thrifty Drugs 57V Time 14 Time Inc 86 Times Mirror 41 Tool Res ft Eng 12 Transcon Lines 18 Transcont Gas 24 Transval Elect 3 Traveiodge Corp 10 Tucson Gas 43 Unilever NV 50 117 61 15 93 45 13 2C 25 4 11 45 123 Louisiana Land 75 Louisv 6i Nash 50 14 Tenn Os Tc Texaco Texas Gs Tr Tex Gulf Prod 43 Tex Gulf Sul 26 Tex Inst Trwest Pipe Trl Conti 108V4 35 183 16 23- 1 V. 2 45V4 the land, with 200 more reported about ready to make the jump into self-service banking. The in-plant banking facilities are offering in thousands of business establishments with payrolls ranging from 30 to more than 10,000 persons. The banks are thus moving to meet the challenge by the fastest growing of any of the savings forms the credit union.

More than 12 million, workers are members of these worker-run facilities. The Credit Union National Association1 reports a membership gain last year of 781,072 with savings up 11.5 per cent to nearly $5 billion. Loans-to members rose 16.8 per cent to $4.3 billion. Assets were reported as $5.6 billion, up 11.6 per cent over 1959. The fast spreading credit union plan has profited by low operating costs usually free desk space from the company, much volunteer labor by members, and exemption from federal and most state income taxes.

As a result the credit unions usually can pay higher interest on savings and charge less for loans than most out-of-plant competitors. -After several years of striking growth assets totaled $2.2 billion in 1954, as against $5.6 billion today the credit unions are now being challenged by the banks on their home ground, the office or factory. The American Bankers Association is helping members with an operational blueprint. Usually all thats called for is a display rack, supplied by the bank, in some convenient plant or office location. There the worker can get deposit slips, loan application forms, explanatory folders and preaddressed envelopes.

-Talking points of the banks for their form of service is that it appeals to workers who may not want their fellows to know a their financial problems, and that the company isnt involved in any way. All credit decisions are made by the bank. When a loan Is approved, the bank credits the employes bank account, mails a check or pays out cash. Neither the boss nor fellow workers are in the picture. Some of the nations biggest banks are offering in-plant service.

In addition to the biggest, the Bank of America, these include the First National City Bank of New York, Chicago National Bank, Mellon National Bank of Pittsburgh, First National Bank of Atlanta, and Republic National Bank of Dallas. There are still some three million industrial and commercial establishments without any on-the-job financial services. It is on these that the competition will center. All those seeking to get workers to save more (and do their borrowing from them) will stress the ease of in-plant services which spreads the savings habit One person who might take a dim view is the keeper of the tavern where many workers now stop to cash their pay checks before going home. The L-3060 evolved from Librascopes central data processor built for the Federal Aviation Administration in which reliability was a prime factor in the design.

A distributed design concept was incorporated in the system which links a series of large, fast computers into an ultra-fast intercommunications network. The intercommunications capability allows even distribution of a work load throughout the system, lowering processing time. A portion of a problem can be shifted to an idle machine through the shared memory. Data needed for solution of that portion is then transferred between computer memories through the shared memory. Shareholders Approve ACQUISITION of two Los Angeles firms in the medical nucleonics field has been Approved by shareholders of Landsverk Electrometer Company, Glendale.

Landsverk shareholders voted to exchange 143,000 shares of the companys common stock for C. Reed Company, manufacturers representatives, and Atoma-tion, developers and manufacturers of nucleonic Instruments used in medical diagnosis and therapy. The diversification by Landsverk Electrometer is expected to increase its sales this year to $1,300,000, Don L. Collins, executive vice president, said. Business Notes APPOINTMENT of C.

F. BURNAP and P. R. KEEP as sales directors of general products and power systems, respectively, for Atomics International, has been announced by company officials. WESLEY T.

WILSON has been named manager of the Corbin Village office of First Western Bank and Trust Company. ELLIOTT A. GREEN has been appointed manager of a new value engineering division at Lockheeds California Division. Appointment of ROBERT R. WILLIAMS to the new position of general sales manager of Cal-Tech Systems, Glendale, has been announced by FRANK J.

SCHNOOR, president 4 12 14 Un Carbide Un Elec Un Oil Cal Utd Air Lns Utd Corp Utd Fruit Utd Gas CP US Gypsum US Lines 143 47 59 48 8 23 35 101 36 29 Hilton Credit Cp 3 Houston eFarless 8 Intnl Electron 18 Interst Bake Do pf Interstate Eng 18 Interst Motor Fr 9 Itek Corp 56 Jurgensen Groc 5 Kaiser Steel 36 Do pf 21 v2 Kentucky Utils Knuds Cream Koehnng Co 12 Kramer Amenc 7 15 LA Drug Co 33 85 42 31 4 9 19 35 90 20 10 60 6 38 22 43 33 13 16 14V 26 4 12 Cal Flnanc Emp Finan Finan Federal Fin of Gibralt Flnanc Hawth Flnanc Lvtton Finan Midwest Finan 35 38 Trans-W Fin 19 21 Unit Fin Cp Cat 36 39 Wesco Financ 36 38 Common and Preferred Acme Electric 28 31 Air Products 73 78 Altamil 33 4 Amer Cem 12 13 Amer Express 56 60s Amer Mariet 34 36 Amer and 40V 44 Anadite Inc 27 Anheuser Busch 52 55 Arden aFrms 17 18 Do pf 55 59 Arizon Bancorp 26 28 Anz and Ch 6 7 Arlz Pub Svc 34 36 Arrowh Puritas 21 23 Automat Retail 64 4 9 Automat Indus 7 7 Avery Adhes Pr 26 28 Avon Products 98 105 Aztec Oil and 26 28 Babcock Electr 31 33 Baker Oil Tool 8 8 Bayiess Mkts 25 27 26 33 24 Utd Electrodyn US Chem Mill US Leasing US Servaferia Utd Utils Inc 25 27 Urethane 13 14 Do 3 Utah Const ft 57 Utility Appl 10 Van Camps 25 Voi Shan Indus 20 Vons Grocery 23 25 Worner ft Swos 35 37 Warren Bros 30 Wash Nat Gas Waste King 14 Wayne Mfg Co 23 Weatherfd 14 Western Nat Gas 14 Western Pub Co 76 Witco Chem 39 42 Wyle Labs 34 38 Yuba Con Indus 5 Zero Mfg Co 6 Sec Ins 65 32 30 25 16 15 81 Laguna Niguel Langend Bak Lasco Industr Libert Records Lone Star St Lucky Lager Lucky Stores and St Fix 6 Macco Corp Macmillan Pet Market Basket Marshall Indus Mattel! Inc Maxson WL Mayfair Mkts McLouth Steel Mektrols Labs 13 24 3 11 24 30 23 13 5 36 14 43 26 53 1 a 32m 16m 14 6 39 15 45 27 9 10 26 2 Romm amm a mviml Matthews To Speak Auto Sales In May Top Year's Peak GRAIN AND LARD CHICAGO, June 0 (UPI1 Grain range: Prev. Richards Matthews, president of Commonwealth Savings and Loan Association, North Hollywood, will actively participate in the management conference of the National League of Insured Savings Associations currently 'being held in Denver, Colo. Matthews is a member of the operational problems forum panel and will speak on the subject of The Delinquent Mortgagor. League sponsored conferences are widely attended and provide the managers of insured savings and loan associations an opportunity to keep abreast of new developments in the field. the highest for any similar period since last June.

Studebaker-Packard said its dealers sold 7,214 cars last month, topping- all previous monthly marks this year. Chrysler reported May sales of 56,117, compared with 69,584 in April. POULTRY, BUTTER, EGGS LOS ANGELES (AP)-(FSMNI-Esg and butter prices unchanged. Live poultry, volume prices, at ranch: fryers 57.500 head, 45 pet 12.5, 4 pet 3 pet 15, 4 pet 15 5 4 pet 10, 40 pet undetermined; roosters 16,400 head, 14 pet 21, 19 pet 22, 11 PCt 23, 10 pet 24, 38 pet undetermined; delivered- hens It wts, 23,500 head, 7 pet 7, 13 pet 7.5, 13 pet 67 pet undetermined; crosses 20.500 head, 3 pet 9, 3 pet 9.5, I pet 10, 4 pet 10 5, 02 pet undetermined. Turkeys: young toms 10-19; young hens 21-22.

PRODUCE LOS ANGELES (AP) (FSMN)-Strow-berries slightly weaker, 12 pint trays LA Dlst-Orange Co-Oxnard-Sonta Marla 1.75- 2 25; cantaloupsslightly weaker, erts Imp Vly Jbo 27s 4 grapes, best Perishes slightly stronger. Coach Vly Perl-ettes 24 lb lugs 4.50-5 00; peaches slightly weaker, SJ Vly lugs 2-layer Blazing Gold-Cardlnals-Gold Dust-Royal Mav-DIxlereds-Merrill Gems-Gem Free 64s and Igr 2 00- 3 00; beans slightly weaker, Kys Pole SD Co 15-17 lb; cucumbers dull, SD Co to lues 2.75-3.00; lettuce dull and slightly weaker, std ctns 24s Salinas 1 onions dull, slightly weaker, SO lb sacks GraneX med Blythe-lmp Vly mostly 2 50; potatoes, Long Whites slightly weaker, 100 lb sacks Long Whites Kern Dlst US1A 1.90-2.15; tomatoes, dull, slightly wekaer, flats 2-layer Coach Vly 5x6s and ler 3.50. I rJ rJ rJ rJ rJ rtr-i rJ rJ rJ rJ rJ rJ rJ rJ rJ rJ rJ rJ rJ rJ r-i rJ rJ rJ rJ rJ rJr-l r-i rJr-i rJ SURETY SAVINGS IN BURBANK OFFERS LIVESTOCK LOS ANGELES tAP)-(DSMN) Arto-sia: Cottlo 1200, general market fairly active, fully steady, 59 cents higher; slaughter steers: low to avg choice 24 00; high good and law choice 23 good 21.50-22.50; heifers low and avg choice 23.00-23.25; cows: high commercial and std range type 17.50-18.25; hl9h utility and low commercial 16.50-17 50; other utility 15 Conner and cutter 13.00-15.00; bulls: utility and commercial range 19.00-21 utility hoi-stein 19 stockers and feeders, steers, high good to choice 26 00; high good and choice 23.00; low good 20 calves 125, daughter dosses, good to low choice 25.50-27.25; stockers, good and choice, 150-275 lbs steers, 26 heifers 25.75; good and low choice, mostly good steers 23 heifers 21.50-24 00; ohgs 100, No 1 and 2 10 00; sheep, 25, lot choice 70 lb feeder spring lambs 15 50. City of Industry: Cattle 700; slaughter steers: low to high good 21 heifers mostly avg std 19 cows, commercial 16.5007.00; utility 15.00- 16 50; canner and cutter 13 bulls: utility-19 few cutter of 10.00; stockers and feeders, steers, low good 21.00; calves 50, not enough tod test; hogs 75, grain ltd butchers 11.00; sheep none. MARKET SUMMARY UNITED PRESS INTERNATIONAL Stocks easier In moderately actlv trading.

Bands Irregular. U. S. government bonds higher In moderately active trading. American etecks Irregularly lower, Midwest stocks easier.

London stocks closed firm. Cotton futures steady. Grains In Chicago: Wheat closed off Ve to to cent; corn off to to 1 cent; oats unchanged to off to cent; rye off Ito to lto cents; soybeans off to to 0' cents, -and lard futures unchanged ts off 30 points. TO SAVERS! INVESTMENT FUNDS BLUE CHIP STAMPS Up to maximum of 1,000 stamps for new accounts or additions. For New Accounts of $1000 or More or Like Additions FREE Corningwar 1 Qt.

Saucepan With Cover DETROIT (AP) The nations auto dealers sold more new cars in May than in any previous month this year. And the daily selling rate also was the highest of 1961. The five automakers have reported that May sales totaled 537,825 cars with a daily sales rate of 20,686. November of 1960 was the last month in which daily sales went over the 20,000 mark. Chrysler was the only one with lower sales in' May.

The industry made no comment whether or not the May sales would influence production schedules for the future. The May sales total represented an increase of Sor.e 77,000 units over April when 460,138 cars were sold. But last months upturn still failed to match the pace of May, 1960, when sales totaled 566,650 and the daily rate was 22,665. Sales had been gagging nealy 100,000 units per month below 1960, but the gap was cut to less than 30,000 in Ford said its sales totaled 179,760 last month compared with 137,560 In April. Ford division sold 147,115 cars, its best May figure-since 1929.

Gener Motors reported with 215,507 in April. GM May total was within 3 per cent of year-ago -sales and less than 1,000 units below last November, high point of the 1961 model year. American Motors reportec gales of 33,515 compared with 31,006 in April. AMC said its daily selling rate in the last 10 days of May was CITRUS Club Will Hear Of Deep Dive The scientist who directed the worlds record dive to the bottom of the Pacific Ocean (almost seven miles down) will be the guest speaker at the Lockheed Missiles Management Club dinner meeting June 8. On the program will be Dr.

Andreas B. Andy" Rechnitzer, director of the Navys -bathyscaph vehicle project. He conducted the history-making manned plunge 'of 35,800 feet to the sea bottom near Guam last year. The meeting will be held at the Knollwood Country Club in Granada Hills! at 6:30 p.m. Dr.

Rechnitzers topic will be Exploration of Inner Space." Films, taken on the ocean floor, will be shown. Tax Credit Plan Hit NEW YORK (UPI)-Op-position to President Kennedys tax credit plan, as a substitute for more liberal depreciation allowances, was expressed vigorously by the First National City Bank of New York. Bank officials said the plan was discrimi natory. LOS ANGELES (API-Tht Federal State Market News Service reported today grapelfult dull; lemons steady and unchanged; oranges dull. Grapefruit: Coach Vly Ruby Reds 36s to 40s 1.7S-2.25; deleft Choice.

Oranges: Valencias Sou Calif 80s 1.0-7.00. HAY AND GRAIN LOS ANGELES (API-(FSMN)-AI-falfa and groin hay prices unchanged. Carlot arrivals: 4 wheat, 6 barley, corn, 32 mild, 17 Hour, 4 cereal, 147 hay, aD EQQB tam? FREE Sandwich or Bread Tray by International Silver FREE Heating Pad by General Electric FOR NEW ACCOUNTS OF $500 OR MORE OR LIKE ADDITIONS FREE STAMRS Desk Secretary Beautifully embossed dUe'dit iiijjCi 131 AIRTRONIX 10904 Vonowen, No. Hollywood, Col. June 9th Starting 10 A.M.

FREE Desk lemp' UL Approved PEN TOUR ACCOUNT N0WI Each account Insured to $10,000 by in Agency of the U.S. Government Save by mail postage FREE. Accounts opened by ths 10th earn from the 1st-. i JP4 FUEL TEST STAND currant yearly rats Insured Snyton 2000 Otlgtr Counters 1 end Oicillstqrs In Carrying Cists R.ady 9a Oo Isiutlful Pscksgg TKSxcuan analysis EXPERIENCED JUDGMENT Velvet ft fining 6 Di9cennect Fittings Urge ftuanHtles ef AN-NAJ Hardware Qwentltiee ef Misiile Cem gen ents Hydraulics end Pressure Gauges Transformers Itlayi-Circurt Iraakar, Rheostats, etc. TEST EQUIPMENT 6 Celt Winding Machinery ft.

feti-Metert-Oeuges Dynamometer Scale Tergue Teat Unite COMPLETE FACILITIES FOR INVESTORS (I) McCwileugh 71 P. 4 Cyl -1 Cycle AIRCRAFT ENGINES wPrept, Plugs, etc. Stamps for smaller amounts, tool DIVIDENDS PAID QUARTERLY CALIFORNIA FEDERAL SAVINGS AND LOAN ASSOCIATION NATION'S LARGEST FEDERAL SAVINGS Offices In downtown los Angeles. Miracle Mile, Hollywood, Ganchd Perk, Reseda, Lakewood, Granada Hills, Inglewood, Anaheim, Echo Park, Eagle Rock Hcndqmrtirt Other, 611 Wilshlre Blvd Los Angeles 54 lor cy SURETY SAVINGS a WIRI CAM PIUOS CONNICTOM IAM9I CINIXAL NAKOWAM-Nun, she, W.ih.rl, tic, CHKMICAIS PACKAOINO AAATIRI ALS a TOOL Wll-Cepesr, Irns 1 I f. Tubing ft Hum Stick" NYLON THMAD- lb.

Speel-I Colon Dean Witter Co. Members Nsw Ygrlc Stock Ixchsngo Pacific Cosst Slock Exchange 17002 Vantura Boulavird, Encino STala 8-92S0 Optn Saturdays t.00 A.M. la 12.00 No.n Send fer free Illustrated circular MILTON J. WERSH0W leading Auctieneers en the Pacific Ceaat MU Melreie WI. 91541 1130 SW.

5th CA. 9-9151 lea Angeles 46 Pertland 1, Oregon and Loan Association 237 East Olivt Ava, Burbank, Calif Victoria 9-H61 THornwall 5-3564 A KTr.li:-.