The Miami Herald from Miami, Florida • 22

Borrowing Costs May Start Up Need a Loan? Better Get It Now tern done a massive job in a few months If it keeps flooding the market with funds only make money sloppily easy and the task of curbing inflationary forces In the future will be much Now homebuUdlng is perking up and so is the demand for mortgage money Now if consumers keep spending as they have businessmen will be compelled to stop slashing inventories and will have to start easier money has become stronger -k NOW THOUGH there are signs that the 1957-58 recession is wearing out and that the next move of the economy will by upward Now there are significant hints that Federal Reserve authorities believe that they have pushed the easy money policy as far as feasible The attitude emerging is: "The central bank has pumped billions Into the banking ays- rebuilding on borrowed money Now there are indications that lenders are resisting further moves toward lower interest rates on loans and new bonds The trend is not going to change overnight but the big-gest decline in borrowing costs is behind us the greatest flood of lending funds already has been made available You much if anything to gain by delaying if a potential borrower Nine Railroads Say They May Not Meet Taxes TRENTON NJ Nine railroads hard-hit by sliding revenues Thursday warned the State of New Jersey that they may be unable to pay more than $18 million in state and local taxes due Dec 1 In a joint letter to Gov Robert Meyner presidents of the railroads asked for legislation that would permit them to pay their taxes in monthly installments during 1959 without penalty The taxes "will present an insurmountable and "unusual measures are needed to preserve the existence of the railroad industry in New the letter said The railroads noted that their total net deficit for the first five months of 1958 was more than (61 million and probability of a pickup In freight volume before the fourth quarter is EAGER EYES ON TIIE FUTURE of the Jordan Marsh department store are those of Robert Macht left vice president of the Allied Stores unit and Donald Miller chairman of the board They were on hand when construction workers laid in place the first structural members for the three-story stores $3 million addition The two-story expansion will add 115000 square feet It is to be completed in September birthday celebration AT GREATER MIAMI FEDERAl continues thru July 11 i Accounts opened by July 10 earn a full six dividend at the generous rate of per year Open your account now! Dew-Joiui gcrtico CONSTRUCTION outlays rose seasonally in June the government reported Expenditures topped $43 billion a gain of $322 million over May but still $49 million under the year-ago level Financial Section Complete Market Tables Full Business Coverage They proposed elimination of all taxes on passenger trackage and facilities Gov Mayncr said he believes the $18 million due in taxes is a small factor in the plight but declined to take an immediate stand He set July 11 as the date for a hearing among public officials on the proposal Railroads involved are New York Central Pennsylvania Erie Reading Co Lehigh Val-ley Central of New Jersey Pennsylvania-R a i Seashore Delaware Lackawanna and Western and New York Susquehanna and Western By SYLVIA PORTER Ftnsaelnl Anoint Get that loan now If you are going to need a loan in the next several months for your business arrange the terms now If you plan to build or buy a house soon arrange for your mortgage now If you are an executive of a corporation which has been considering selling new bonds to raise funds go ahead with the bond sale now If your community intends to finance some project in the near future the time for borrowing is now And even if you expect to use the brrowed funds immediately check your lending sources in these weeks see if it's possible to work out a firm agreement on totals and terms now For while the money trend is still strongly in favor of you the borrower the odds are against your getting much more favorable terms on a loan than you can get today even a slight chance for the first time since last fall that by delaying your borrowing get less favorable terms find it tougher to borrow than today Since the 1957-58 business recession was officially admitted to be a fact this past November about every basio force there is has been operating to knock down borrowing costs make loans easier to get To combat the recession the Federal Reserve System has been following an aggressive policy of easy money It has poured billions of dollars of funds into the banking system forced interest rates way down from the lofty levels of 1957 At the same time savings have been mounting in financial institutions and lenders from coast to coast have become more eager to put the deposits to work in the form of loans Also there been so many borrowers competing for available funds It has been a made-to-order situation for the borrower a rarity in the post-World War II period In the past seven months instead of hiking rates to bor-rowers lending institutions have been slicing them Week after week since the closing days of 1957 the trend toward Friday July 4 1958 THE MIAMI HERALD 7-B BUSINESS REPORT Federals Grow Less i By John Bonner Herald Financial Editor TnE DAMPENING EFFECTS of and particularly the past lag in are clearly apparent in the June 30 figures of Dade 13 federal savings and loan associations All the associations reported gains over year-ago levels in total assets savings and fipst mortgage loans But in every area the increases were at sharply lower rates than they were last year fill AH-oluminum 2'x qt FRII Ingraham tledrie oplta ialad Ml Mil Aluminum taty Sutoft iouc pan fcitchaft clock Also other stunning gifts to choose from! Sorry-limit of one gift to a family I We will transfer your out-of-town account ATTENTION NEW RESIDENTS! WITHOUT CHARGE Just bring in your passbook handle the details Ups and Dotcns JOBLESS pay claims in 12 industrial states last week rose by 41000 over the previous week to 257857 Carload-ings by railroads last week totaled 626673 cars a decline of 02 per cent from the preceding week and 145 per cent under last year Class I railroads net income in May was set at $24 million best month this year but $37 million under the 1957 month Truck output this is estimated at 7392 units compared with 16510 last week Bethlehem Steel has closed its 12th open hearth furnace at the Lackawanna plant Company News ANTITRUST action was filed against Revlon by the FTC which said the firm conspired with other cosmetic firms to fix prices and eliminate competition Trading in Mengel Co stock will be suspended on the New York Stock Exchange July 14 because too few shares are in the hands Diners Club is negotiating to buy the 100000 member Esquire Club Jefferson Lake and Duval Sulphur and Potash have joined the Sulphur Export Corp to market overseas Emerson Radio will buy Allen consumer products division for an undisclosed amount of cash but Dumont will complete its 1959 TV-radio line American Marietta bought Southern Dyestuff of Charlotte in a stock swap Financing BUSINESS loans at New York banks rose $14 million last week against a $3 million drop the week before and a $161 million drop in the same 1957 week Laclede Gas postponed indefinitely its sale of $10 million in 25-year mortgage bonds Asked for TV Station ThreeNew York firms asked Federal-' Court here Thursday to put Gerico Investment Co Inc owner of the now-closed television station WITV (Ch 17) into involuntary bankruptcy The petitioners are American Research Bureau which claims Gerico owes it $392 Sterling Television Co Inc claiming $3287 and Teleprompter Equipment claiming $2061 WITV located in Hallandale went off the air last May 11 It was the last of this ultra high frequency television stations principal stockholders are Fort Lauderdale residents Comdr Mortimer Loewi is the president and founder He suspended operation after five years contending that it could no longer compete against WTVJ WCKT and WPST-TV Gerico is however one of four contestants for Channel 6 the only unallocated VHF channel The case is pending before the Federal Communications Commission I X- First mortgage loans for instance totaled an estimated $579439751 for the 13 associations an increase of $43364812 or 807 per cent over the June 30 1957 total But a year ago the increase 6ver 1956 was 24 uer cent ms flif ISfi B2EJLMI FEDEKilEi SAVINGS AND LOAN ASSOCIATION Ground Floor Ingraham Building 211 SEIst Street Phona FR 1-5631 OUR NEW HOMS located just across SJSFirstSt R08ERT MORGAN Pratldtnt a H0K8 MAROON Chslrms (formerly Sevtn Seas Restau rant) now under construction Member of Federal Home Loan Bank System Member of Federal Savings St Loan Insurance CorpAwfivt CURRENT nil oL dividend (i ftllly 5 1 72 S9 Savings inaurad FREE PARKINO In th Ingraham Garagat to 10000 Doubles Space Plastikool Awning Corp announced it has doubled its floor space by leasing the building adjacent to its present location The firm located at 125-131 NE 54th St is Florida distributor for Alsynite fiberglass and a manufacturer of awnings patio covers and carports In assets the same trend was reflected For the 13 'sociations they totaled an estimated $729544931 up 71488107 or 1085 per cent over last year compared ith the 1956-57 gain of 23 per cent In savings the associations reported an estimated total of $636986878 up $55834228 or 96 per cent for the year The 1956-57 increase was 26 per cent They Rose Less Than Banks THE IMPORTANCE OF THE housing lag in the savings and loan picture is illustrated by comparison of the gains with those reported on June 30 by 32 banks which increased their total assets 109 per cent and their deposits 103 per cent over last year The year-to-year Increases were greater than in the preceding six-month period We termed the savings and loan totals because as of Thursday afternoon one of the small new Community had no June 30 report For comparison totals we used that 1957 figures STATEMENT OF CONDITION June 30 1358 ASSETS Brokerage Manager DIRECTORS GENERAL HENRY BAIRD US Army fell red Miami Sharon Florida CHARLES I BUKER freildeet JAMES GARNER President little Klvar Sank Trait Ca Miami flarlda HERRELL President The Miami Settle Creek ROBERT HESTERBERO Eineutve Vice Preildent DOUGLAS MeGOON Praildent Nopint Federal Savings 6 Lean Noplet flarlda HENRY MARTIN President Martin Bulldnrt Supply Co Hialeah flarlda LAZEAR MURPHY fraildeat PWnterattert Hlaleek Fiends CLAUD NOWLIN Comptroller Dodo County Parti Dept ANDREW I PLASSEY Builder DAVIDSON JOHNSON Easiness Briefs On a dollar basis by far the biggest gain among the 13 was scored by First Federal of Miami the oldest association Its assets were up $16612327 over the year-ago level a gain of eight per cent American Savings Up 65 ON A PERCENTAGE BASIS however the best advance wa scored by American Savings Building and Loan whose $4450370 asset increase was a climb of 656 per cent South Miami Federal was up about 45 per cent Cash and Due From Banka Securities: Government State Municipal TOTAL SECURITIES Loans and Discounts Banking House and Real Estate Furniture Fixtures and Equipment Accrued Income and Other Assets TOTAL ASSETS 297641533 $1672561687 100954728 1773516415 950848697 41829631 22779671 23293073 $3109909020 Appointment of Benjamin Gould as manager of the Ml ami Beach branch office has been announced by Cecil Pepper resident a of Thomson and McKinnon national stock brokerage firm Gould a Jbeen associated with the firm since 1948 is a graduate of Chi- I- ca go Law School GOULD and Loyola University and a Florida resident since 1947 LIABILITIES AND CAPITAL Among the more impressive dollar-percentage mixtures were those of Miami Beach's Washington Federal which raised Its assets by $8046910 or nearly 28 per cent and Citizens Federal whose assets climbed by $4705312 or nearly 29 per cent Not a single one of the associations reported a decline in assets or savings and only one Miami Beach Federal a slim dip in mortgage loans The 13 associations held the same rank based on assets that they held the year before 1 Deposits: Demand $2152498429 Time 714372993 TOTAL DEPOSITS Quarterly Dividend Payable July 1 1958 Unearned Discount and Accruals OFFICERS CHARLES SUKER Pretldent ROBERT I HESTERBERG Eiecutive Tice President STEWART I PRICE Site President Comptroller VICC PRESIDENTS EDMUND ECKERT CHARLES OWENS WILLIAM REMPE LLOYD SHUMAKER CASHIER JOHN MORANOR ASSISTANT VICE PRESIDENTS JACK COPELAND WILLIAM FORD MARY MIELOCH WILLIAM MURRAY ASSISTANT CASHIERS WILLIAM BURCH WILLIAM DAVID GLADYS CLEASBY NPLLIB CRAWFORD DOROTHY EDDLEMAN DORIS ELLISON RAYMOND GOEBEL EUNICE HUBERT WILFRED NEALE JR HERBERT VOLLRATH 2866871127 1600000 53067676 Direct Mail Unit Elects New officers and directors of Direct Mail Advertising Association of Greater Miami are Ben Wakes president Donald Kuhn vice president Jack Durant secretary Stan Rat-ner treasurer Robert Whit-ford auditor and Frank Evans and Joe Schaffel directors DAVID DAVIDSON formerly with the New York accounting firm of Leidesdorf and Co has been appointed comptroller of Florida Water and Utilities Co RALFII JOHNSON has been named sales manager of the South Florida area by Reichhold Chemicals Inc manufacturers of inorganic chemical colors and synthetic resins He has been with the firm since 1931 Seasonal Drop In Acceptances NEW YORK (UPI) Bankers dollar acceptances fell seasonally during May by $38817000 the Federal Reserve Bank of New York reported This compared with drops of $49830000 in April and $34125000 in May 1957 The total of $1440600000 outstanding at the end of May was $456845000 greater than year ago How They Rank by Assets IIOW THEY STACK UP with figures representing assets savings and mortgage loans for June 30 1958 and 1957: EAL Ups Griffith Beverly Griffith Eastern Air Lines director of public relations for the past 23 years was elected assistant vice president Thursday Capt Eddie Rickenbacker Eastern's board chairman said Griffith will continue in his present assignment Widely known in Miami Griffith recently observed his 50th anniversary in public relations Capital Funds: Capital Stock $80000000 Surplus 60000000 Undivided Profits 48370217 FIRST FEDERAL OF $223 280 383 from S206668056i S192783260 0D S108783994 from S101 from S110015508i S98110412 from 316926 $97887 020 from $95 421602 MIAMI BEACH $11 TOTAL CAPITAL FUNDS 188370217 TOTAL LIABILITIES AND CAPITAL $3109909020 97 CHAE Ordm S72867137i S74781197 from S65423- ESlf FLAL 577 372 248 from S72112865i $68912367 from vl ah i GTO 8 DER A 3 927 from S29449077i S31337446 from 'cmz0ENiti)FRsifoafnm S16323018i S16380413 from S13- B2'GRE4TlRaMI4MFEDE1RVl-513714713 from S10424050i Sll229413 from 'LEREDER'Al-sfSoOO from S9090069: S10262687 from S7716-205: $9 449 160 fro-n $7266413 Store Dividend Directors of City Stores Co parent company of Richards Department Stores have declared a regular quarterly dividend of $10625 per share of convertible preferred stock and I 35 cents per common share both payable Aug 1 I EbERU-511 836520 from S7497171: $10432503 from $6152-003AMfRKANrMVlNCl-fSU230553 from S6780183: S10601705 from S6030-2S0 sor TH1M I 4C $4241153 from S2927353i S4 004161 from S27C08MCnWv EEDERASEfu30 1957: SI 046 9SIi S767320: 5270 541 Turnover Takes Dip CONTROLLER seekt ob whtrt ki ca apply 14 yparp af experience at trnaserer far large leilll-plont apparel company and provide eionogtinonl with bedgeting coifing Inventory mannfactaring centrals and planning Salary $200 Miami Herald lox R-32 ed index of demand deposit turnover for New York City fell to 2004 per cent of the 1947-49 average hut was still 814 per eent higher than May 1957 In 343 centers outside New York City the May Index dipped to 1382 or the lowest level since December 1956 NEW YORK (UPI) Demand deposit turnover or the number of times the average checking account dollar was used fell Sis per cent in New York City and two per cent in the rest of the country during May the Federal Reserve Eank of New York reported The seasonally adjust Pays Dividend Directors of Miami Window Corp have declared the regular five cent quarterly dividend payable July 15 to stockholders of record July 2 The Friendly Bank Established 1925 FIRST AYE AND HIALEAH DR (NW 54th ST) HIALEAH MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION.