European Stars and Stripes (Newspaper) - May 27, 1963, Darmstadt, Hesse Monday May 27, 1963 the stars and stripes Page 23 wheat sugar take Over spotlight in business picture by Roger to be new York a Wheil and sugar moved front and Center inthe drama of business and finance Lait week. The spotlight fell on a variety of sugar that sold in 1961 for 2 cents a Pound unrefined and on wheat which accounts for Littlemore than that in the Price of a loaf of bread. Wholesale sugar prices climbing in recent months because of a. De to eloping Pinch in Supply spurted wildly upward setting a Succes Slon of 43-year highs. Sugar com Pany shores moved sharply higher on the Stock markets. J other Milder effects rippled out toward far Corner of the Economy reflecting in markups of sugar it song items on supermarket breadbasket was jolted when banners rebelled against administration backed strict 1964 growing and marketing controls on wheat agriculture s no. 1 Cash crop valued at roughly $z5 Bil lion. Government experts said the farm uprising in a referendum tuesday Liren lined n Steep Rise in Whent planting next year a co Lapue in prices and International Trade complication. The picture was confused by political mane vering and the possibility of congressional intercession later on that could materially change the Outlook. Meantime the main engines of the Economy hummed along wit new reports and statistics piling up confirming horsepower not foreseen a few months ago. Walter w. Heller president Ken Nedy s chief economic adviser pronounced the pickup a notch or two better Thun had been hoped for in january. Some observers then viewed administration projections As Overly optimistic. One of the few trouble spot appeared in the High flying Auto Mobile Industry slowing a drive by automakers for a record production year. Output fell off 4 per cent week before last and seemed headed for another Small decline last week chiefly to cause of a labor dispute at a Chicago Heights iii., Ford parts Plant that had ramifications elsewhere. Reynolds Dupont buying Kidder old broker firm new York up one of the oldest brokerage houses in Wall Street 98-year-old a. M. Kid Der it co., announced it hat sold Iii business to two other Ilams stronger steel is developed by Inland Chicago up Inland steel co. Has announced the develop ment of & new steel which it said is More than twice As Strong a Ordinary structural steel. The new steel called inx70, has a minimum yield strength of70,000 pounds per Square Inch com pared with 33.000 pounds for the conventional Type. Inland said. Yield strength is a measure of the stress or Load that can be applied to a steel without causing permanent deformation. Inert used potential Robert w. Rost manager of Market development said careful chemical composition o the now steel increases it potential for welding forming and fabricating and makes it available for Copper to be added As an alloying element for improved corrosion resistance. The new steel is More expensive than Ordinary structural he sold but its strength makes greater economies possible in construction. of firm okd Chicago up Universal Oil products co. Announced the formation of a company in Japan which it will own jointly with Japan gasoline co., to manufacture catalysts or use by the Petroleum and chemical p. Venema Universal chairman told stockholders that the japanese government recently authorized the now company s formation. New detergents Universal also plans to make chemical for the manufacture of new detergents that will not survive conventional sewage treat ment. Venema Quarter earnings for uni Versal totalled 1010543, or 21 cents a share compared with 1171.333, or 6 cents a share for the same period lost year Venema estimated this year s capita expenditures at 3 million to 4 million. Business finance and will quit the securities Busi Ness. Reynolds & co. Will buy 26 of Cadder s brokerage offices Andt Ronels i. Dupont it co., the other 13, the announcement said the Deal is effective june 3, according to the announcement. Reynolds will get i cider s 24 Hurlda offices and one each i Newark and Detroit. Dupont will Toko Over Kidder offices in new York. Georgia ten Nessee now Hampshire Vermont and is anticipated that All Kidder employees will be taken Over by Reynolds and Dupont. The announcement was made byc. Michael Paul chairman of kid Der Edmond Dupont senior part Ner in Dupont and John d. Baker jr., senior partner in Rey nolds. 660 executives Reynolds whose Headquarters arc at 120 Broadway will have about 650 account executives after the Doal u completed. The Kidder offices Reynolds is taking Over in Florida Are in Bocar a t o a Bradenton Clearwater Cocoa Beach Cora Gables de and it Lauderdale Hollywood Jacksonville. Lakeland Miami. Miami Beach Oscola. Pompano Beach. St. Petersburg St Peters Burg Beach Sarto us South Miami Stuart Tallahassee Tampa Tarpon Springs and Winter Park. Dupont which presently oper ates 81 branches in the unite states and abroad acquires kid Der offices in Atlanta . Burlington. Rutland and St. Johnsbury it Claremont . Chattanooga Tenn. New York City great neck Roslyn an Plattsburg . And in Montreal and Pont will have More than 1,000 account executives registered representatives after the Deal $2 million Export pact won by be new York up International general i c t r i c co. Announced it has been awarded a$3 million contract to Supply a West German Al Frame manufacturer with Power generating sys tems and instruments or a new executive to in Jet aircraft a spokesman for be said the order is the largest for this Typ of equipment or Export overseas and Marks the first International application of its aircraft package systems. Amex s week \ most Active in months new York up stocks were regularly higher on the american Exchange last week and trading was the most Active in Many months As turnover in secondary sues continued to expand. Trading for the period swelled to 7,154,810 shares against 6,760,910 to week before and 6,947,458 shares a year earlier. Michigan sugar topped the amex in turnover with a gain of 2% to Flat but closed Well below is weekly High when the Market Icord the Senate finance commit tee was setting up an investigation of Tho soaring sugar Price situation. It was followed in sales by Sig Nal Oil a up i to 28t4 despite denial of rumours of three Way assets takeover Utah Idaho sugar up i be to 16h, Occidental Petro Leum up h to 25%, and Mccrory warrants up it to 4 on talk control of the store Chain would be bought by Glen Alden the food sector Armour War rants gained 2i, but Bohack slipped of news that directors had Gal passed the dividend. Kirby Petroleum gained 2u in Tho oils but sane juju venezuelan shaded the same amount. Syntax showed renewed strengthen the drugs with a gain of 314, and new y6rk a Honduras Rosarlo shined in the metals with a Rise of Atlantic coast line led the rails with a jump of Driver Morris scored Hie largest gain in the list up 7 to 23h, and spokesmen for the company explain the sudden leap. Gulf states land fell 3-% on Light Trad ing and gains running past 2 included Rayotte new process an Star industries. New York up the 10 most Active stocks traded on the american Stock Exchange last weeks in com chm or ot.400 in is Muoiba us.7m w. Utah 14th in counter stocks closed mixed last week new York up Stocka traded Over the counter closed mixed St week. The National quotation Bureau Index of 35 representative Indus trial stocks closed at 134.33, of 0.43 from the close a week previous. Among Industrial shares c. D. Searle was clipped for 7h at 11gubrown & Sharpe mfg. 4u at 38 and american greeting 2v4 at 37.in the plus column new Jersey natural Gas tacked on 4 at 41u.South Shore Oil development corp. Added 4tt. 0m�ui put mar new Csc put pm cow soft to at Bolh Frt Seth wry w am 114.000 i1s.sm 11.000 Texas Gulf Socony Oil merger expected in 64 Houston up the merger of Texas Gulf producing co. Into Socony Mobil Oil co. Is expected to a completed sometime next year. The disclosure of merger negotiations was made by Texas Gulf chairman Gordon a Reed at the annual mooting. Reed explained that Tho High cos of doing business was behind the move. In the 22 Vears that the present management has headed this company he sold Tho Cost of producing Oil has gone from 10cents a barrel to 51.75." at the same time he said the Price foil has dropped about 20 cents a barrel in recent years. The Oil official declined to go into details about the merger talk other than that the company is seeking a tax free Exchange Ostock. Reed estimated to x a s Gull earned $2 million or 50 cents a share in the hot Quarter up from $1,550.000 or 38 cents a share year earlier. Hey bachelors want to play it Cool for a while Washington up want Roget away from it All far far away wont to slay Cool Cool Cool this summer and pull in a salary an allowances totalling $10,000 a year or More if you Are on electronic technician or a meteorologist the weather Bureau my have just the Job for you at the North or South poles. You can have your Choice of Bureau s personnel depart ment has sent out an urgent Call for applicants for these promised annual salaries rang ing from $7.290 to $9,475 plus about$2,800 in annual Polar allowance along with free room Board transportation and Polar Are two hitches to the offer. The Bureau said applicants must have Bachelor status and to prepared to spend one to two years on the Job. But if you re interested the Bureau said just pick up form 57 at your local Post office tilt tout and airmail it to chief personnel management division. Bureau. Washington 25. . In april government agencies reported new a Trig were established by housing starts new Ord ers for durable goods and personal income. Up 7 per cent from March and6 per cent from a year earlier housing starts reached a seasonally adjusted annual rate of 1.827,000 units. Personal income hit an an Nual level of s455.7 billion and durable goods orders an annual rate of 917.9 billion both adjusted for seasonal factors. Steel production rounding out nearly four months of steady gains set another three year High top Ping the 2,6 Millton tons a week Mark. The recent surge of steel ordering subsided somewhat but held at a High level the order bulge partly due to strike hedging by consuming industries also reflected the econ omy s faster Pace steel company executives sold. They Hope to avoid any work stoppage and View prospects As reasonably encouraging. Tax Reform Bill in Washington the House ways my Means committee buckled Lown to writing a tax reduction ind Reform Bill based on Presl Lentol recommendations although t was anybody s guess How the Bill might emerge. The committee gave preliminary approval to the averaging of re ported income Over period of ears by authors actors athletes and other whose incomes Fluett Ite widely. Abroad negotiators for the United states and the european com Mon Market worked out a com Promise on Mutual Tariff cutting averting a split of free world a Lons that seemed in the making and enhancing the Outlook for re sults from the 1962 Trade expansion act. Lower dividends two big savings and loan associations the largest in Alabam and Arizona s biggest announced reductions in their dividend in Erest rates to 4 per cent from 4 ,4 per cent the moves were said to reflect a downtrend in the Price of Mort Gage Money. Briefly around the business scene a. A Kidder a co. Announced its impending disappearance from he Wall Street scene after 98fears, with agreement to have its 39 offices taken Over by two other brokerage firms. Monroe j. Rathbone Board chairman told stockholders that Standard Oil co new Jersey profits Are headed for a new High in 1903 Jersey Standard cleared $840.9 million in1962. Foremost dairies react ing to a Federal antitrust action said it will sell its Northeast Divi Sion properties to two other firms for $14.4 million. Pan Ameri can world airways ordered five More Boeing Jet cargo liners for 1u expanding air freight business. More cigarette hikes announced new York up three major tobacco companies have raised wholesale prices on their top Selling non filter regular sized cigarettes. Bringing the total brands to do so recently to Price boosts wore announce by Luck y strike. Philip Morris and Kool cigarettes. Last month. Came und Chesterfield prices were raised the actions Aro expected to Acca Penny a pack to the brands a the retail level. . Exchange s most Active list new York up Tho 20 most Active stocks traded on i new York Exchange last weeks i Mich Uci Sci Kwh Cheryil Ilid 440.in m us i7u it pm enl 0u 112.100 us i2h 17ft Ift Htmat relm u3,m lift ii 13 % tin 111.100 17v, 4% us Ift an Shiu Xvi my 17u ump. . Stat 1 4,000 ii 41% 11% h it Lump i�4, lift 4114 not of Nail Durtt in 10 10 it a us i a 4 in. 11% 4 it Ull Felt i4c.10i to 20 2fftlft 144.000 my t�4 11 in olm amm 141,100 4 14 ii h pm ten 41.000 a i is i7h � ohm 01 in i us 44ft f4tt k fm4 ij5.000 4ltk Btij 4iv Ift . Sum Tom 113.400 71 a i t7li h4 Phillip pit i2t.f a fac �j4 a. Frt a Lotta ii4.im ii 4a 1
