Chicago Tribune from Chicago, Illinois • 101

Section 3 CHICAGO TRIBUNE, THURSDAY, DECEMBER 16, 1965 Dividends ill Blackface type Indicate! unusual eetlon 'Bottoming Out1 of Hotel Marked by 'Bottoms Up1 STREETS ON THE Payment of date record UNITED BUYS AUNIVACFOR 56 MILLIONS 12-31 12-31 WAIL UUUf 1-15 1-15 1- 15 2- 1 1-14 1-15 1-15 12-31 1-15 12-31 12-31 12-11 MEXICO LEGAL SWORD FEARED BY SOME BANKS BY JULES DUBOIS Latin America Correspondent Chicago Tribune Press Service MEXICO CITY, Dec. 1S-A sword of Damocles will legally dangle over the foreigners in Record Flight 1-10 12-27 Yields a'Yippee PREDICT BOOM CONTINUING IN 1st HALF OF '66 Only Exception Seen in Steel Output Continued from page 7, col. 3 1965. Assuming continuation of improved product prices a further increase in earnings of 5 to 10 per cent for the oil industry can be expected during the first half of 1966. Stock Rata Parted Amer Bakeries, 25c a Do, 45c cum prior Oo, $1.25 5 pet cum conv Amer Nat Gas, 45c a IPd 42Vjc in prev q'sl Anchor, CI 30c Aro, 25c Banaor Hydro-EleC, 27c 4 Pd 25C in prev q'sj Bk of Comm 30c Bk of the Common- wealth Det, ext 40c Bobbies Brooks, 15c Central Nat Bk Cho, ext 10c Do, 15c Columbia Pc, Vh Pd stk sa Consol Nat Gas, 57 Vac 4 Com Prod, 40c a Pd 37Vc In prev q'sl Discount, $1 Dominion Tex Ltd, 25c Doyle Dane Bernach, CI A 22VC Edward Hlnes Lum, 35c a.

United Air Lines announced yesterday that it has ordered a 39 million dollar computerized information system from the Univac division of Sperry Rand corporation. Another 17 millions required for installation of the system and a five-year lease on transmission lines will bring the air line's total outlay to 56 million dollars. 1-4 1- 17 12-31. 12-31 2- 16 2-15 1-25 12-28 1-15 1-15 1-10 the commercial banking, invest 12-17 12-31 12-31 12 1-17 1-3 12-21 12-23 12-31 12-27 1-4 1- 3 12-29' 12-31 2- 4 1-0 "Bottoming out" ceremonies for the 46-story Morrison hotel were held yesterday, just one week before the first anniversary of the start of demolition. Before work starts upward on the 60-story skyscraper of the First National Bank of Chicago, it was directed downward, reducing the building at Clark and Madison streets to rubble.

After the tapering bank tower rises to its 850-foot height, workmen will turn around and begin knocking down the present bank structure. At this point in the up and down project, officials of the bank and Harvey Wrecking company paused for a celebration at the Bismarck hotel. Bottoms up. Frisch's Rest, 15C 1-15 1-27 The Tribune's financial department received a press release yesterday from Trans World Airlines. Here it is, verbatim: FOR FLIGHT TIME RECORD KEEPERS "New record Chicago to New York set Dec.

15 by T. W. A. flight 422 Boeing 727 tri-jet of one hour nine minutes. Previous record by T.

W. A. Con-vair 880 on Dec. 24, 1962, was one hour 10 minutes. One minute better.

Yippee." Hayes ina, Hebrew Nat Kosher Fds, 10c 1-11 2-1 2-21 1-31 12-15 12-31 12-31 1-J 1-14 1-18 12-11 12-17 The nation's industrial production continued to expand at a fairly, high rate in November with almost every sector registering gains, the federal reserve board reported yesterday. Production reached 145.5 on the federal reserve's index, moving upward for the second consecutive month after a slight slump after settlement of the steel labor dispute in September. This means that production is 45.5 per cent higher than the average level during the 1957-59 period. The November production level, a record, was 7.5 per cent above November, 1964. Braniff International, Dallas, agreed yesterday to boy W.

R. Grace 50 per cent interest in Pan Anierican-Grace Airways, Inc. Panagra for 15 million dollars cash. Braniff said it also had offered to buy the other half of Panagra from Pan American World Airways for the same price. Judge Abraham L.

Marovitz in federal District court has continued to Feb. 18 the government anti-trust suit against the merger of the City National Bank and Trust Company of Chicago into the Continental Illinois National Bank and Trust Company of Chicago, it was Fred Goldberg of Harvey Wrecking company cuti thru steel beam at Sidney Smith, city building commissioner, watches. POINT OF VIEW JANEWAY wheat market and prevent wild fluctuation of prices." The Export-Import bank announced yesterday that it made long-term loans totaling in the fiscal year ended June 30 to finance export sales Hussman Refrig, 20c Joy Mfg, 100 pet stk Do, 2Vjc Pd 50c in prev q's Lib Nat Bk Tr Okla City, 12c mo MacAndr Forbes, 30c Marlene Ind, Mercantile Nat Bl Dallas, 38c Pd 36c in prev q'sl Mich Seamless Tube, Nat Equities, 10 pet stk Nat Fuel Gas, 37c Nat Periodical Pub, 20c Nor States Pwr, 36c Nunn-Bush Shoe, 30c Okla Gas Elec 23c (Pd. 21c in prev. Portland Gen Elec, 24c Puritan Fash, 10c Rail-Trailer, 10c Redman.

Indl 10c Security Title 8, Guar, 5c Shatterproof Glass, 12Vjc Sterling Elec 2 pet tk Do, 5c sa Strawbridge 8. Clothier, 25e Struthers Scien Intl, CI 2Vi pet stk. Do, 25c Struthers Wells, pet stk US Ceramic Tile, Tx Shoe, 30c Pd in prev q's. Uniyis, ext I2V2C Do, 12' 2C Weyenhaeuser, 35c Pd 30c in prev q's. Zurn Ind, 6c IPd 5c in prev q'sl q-Quarterly.

p-Preferred. mo-Monthly. The system will be in operation in early 1968, capable of handling all of United's reservations, operations, and management information. The. system will be built around three large-scale integrated series 1108 computers.

These will be housed in a new building at United's headquarters in Elk Grove Village. The new system, which will link all 116 United cities thru an 18,000 route structure, will replace the air line's present Instamatic reservations system. The vast capacity of the Univac system includes the ability to handle more than 140,000 transactions an hour. Sperry Rand stock traded at $24.50 on the Pacific Coast Stock exchange. This was up $1.75 from the closing price in New York, where the market closed before United made the announcement.

1-20 1-31 12-31 12-27 12-31 1-10 1-10 12-31 1-4 1-12 1-17 1-1 1-14 12-20 12-20 1-31 1-7 1-7 1-14 1- 5 12-31 12-31 12 31 2- 14 2-71 2-21 1-14 1-11 1-20 1-28 1-28 1-15 1-14 1- 25 2- 4 1-10 1-21 1-4 1- 4 2- 1 1-21 1- 21 2- 15 1-14 1-17 1-14 1-14 1-7 by Illinois companies. Under the program the bank lends the money to foreign companies to Wilson Is Rebuilding British Trade Power BY ELIOT JANEWAY Consulting Economist Chicago Tribune Press Service New York, Dec. 15 The representative American reaction to the news that British Prime Minister Harold Wilson is here to visit President Johnson is to say, "Let's enable them to buy products in the United States. The foreign businesses then repay the loans, ment banking, bonds, and insurance businesses here after the bills introduced by President Gustavo Diaz-Ordaz are passed by the congress by the end of this month. This is the opinion of veteran business men here as well as some bank directors.

Ortiz-Mena Has Sword The sword will be in the hands of Antonio Ortiz-Mena, secretary of finance and public credit. With Diaz, he signed the bills that created the flurry in the diplomatic and banking community last week-end. He has kept a discreet silence about their real intent. Instead, he has let Mexican bankers and one congresswoman supposedly release explanations some of them quite unclear and give the assurances that those institutions currently operating will not be affected. There is a lack of unanimity of opinion about this in the banking and investment community.

Whether any of the aforementioned is effected is the big question mark. But Oritz-Mena will be free to grant those exemptions provided for by the law when enacted. These will be entirely discretionary and he is the man who is to make the decision in each case. Executives Are Optimistic Among the exemptions that he will be allowed to grant will be the continued operations of the First National City Bank, New York City, whose executives are most optimistic about that, as well as for Sears, Roe plus interest, over periods rang ing from 5 to 20 years. The 1-17 12-28 sa-Seml-annual.

bank added that the total of such loans issued in the last fiscal year was 435.2 million CHICAGO LIVE STOCK dollars. lock up the checkbook." It's a new thought that Wilson may have worked himself into a position to deal from strength. If so, he'll be free to talk policy Instead of just asking for more help. Coir dollar advances to save the pound accounted for the biggest part of the bulge in the 1964 dollar payments deficit. Everyone knows that Harold Wilson is the Socialist leader of a Socialist party whose governing majority is slim.

Everyone knows, too, that England's conservative opposition has been playing me-too Curtis-Wright corporation directors approved purchase by the company of up to one million shares of its common stock at $32 a share in. a previously announced tender offer. Final plans to merge St. Louis-based Pet Milk company and Hussmann Refrigerator company were approved yesterday in St. Louis by directors of both companies.

disclosed yesterday. The continuance is in line with actions in other federal courts where bank anti-trust suits are pending. The courts are waiting to see if Congress approves a bank merger bill giving immunity to anti-trust suits for certain banks. Atty. Harold Z.

Kaplan, plaintiff in a law suit charging the New York Stock exchange with violating the anti-trust laws, yesterday filed a reply in federal District court to motions by the exchange's lawyers that the suit be dismissed. Construction James W. Walter, chairman, Jim Walter corporation Very close to 71 billion dollars of construction will be put in place in 1966. That will represent an increase of about 4 per cent over 1965. It will also set a new record, just as 1965 set a new record; but when the growth figure is discounted for inflation it's not very dramatic For the full year 1966, spending for new homes should approach 21 billion dollars, up 5 per cent from 1965 but most of this growth will show up in the second half of the year Commercial building will continue to expand in line with the economy.

But the steam, I think, is running out of the industrial construction boom. Plant capacity is being added at a very high rate now and this will continue into the early months of 1966, but it should ease off as the year goes along. Appliances Joseph S. Wright, president, Zenith Radio corporation I am going to go along with a prediction that the appliance industry in the first six months of 1966 will show another period of good growth and progress In the major appliance field of white goods, total sales for the industry thru September were up about 5 per cent it is expected that a similar 5 per cent gain can be achieved in the first half of 1966 Color television has had an increase of more than 100 per cent so far in 1965, and we see the further gain in the first half of 1966 limited only by the industry's capacity to produce color tubes So, we are looking forward in our consumer electronics industry to a very busy first half 1966, with lots of second and third shift operations and overtime employment here in Chicago. I find it difficult to put a precise percentage figure on what the industry will do by way of an increase, but it should be a good solid 20 per cent.

Janeway politics all century long. "Tory socialism" has paid political dividends for conserva CENTRAL NATL tism in Britain. Turnabout being the first rule of fair play in politics, Wilson has pioneered his own version of "pink cap H09 Quotations Barrows and Gilts: Selected, aorted fof weiqht uniformity, meat type, end hlgli 200-220 220-240 S28-29, 240-260 S27.50-28.25, 260-280 280-300 170-190 $28-29, Mixed: uneven weight and of mixed grade 200-220 220-240 240-260 260-280 280-300 300-325 325-375 170-190 $27-28, 140-160 inferior to fair 50-130 $3-17, Most sows 300-350 350-400 400-450 450-500 500-550 550-600 600-750 boars $19-21. Cattle quotations Steers: Prime Choice Good Standard all weights $22-24, Utility $20-22, Heifers: Prime 700-900 Choice 700-900 Good 600-800 Standard all weights Utility Cows: Commercial few of high yield Utility Cutters, Canners Shelly light canners $9.50 and less. Bulls: Commercial Utility Cutters fat bulls $16-17.

Sheep Quotations Wooled slaughter lambs: Prima 85-105 shorn 113 lbs. No. 1 pelts $26, Mixed good-choice Wooled slaughter ewes cull-good $5-10. Comparative prices per 100 pounds HOGS Receipts, shipments, 3,100. Bulk of sales Month ago 22.75-25.50 Year ago 13.50-16.25 Top yesterday, average, $26.60.

CATTLE Receipts, shpmts. 10,000 Bulk of sales Month ago 25.00-27.00 Year ago 22.50-24.2J Top yesterday, average $26.25. SHEEP Receipts, 1,300. Bulk of sales 25.00-26.50 Month ago 23.00-25.00 Year ago 19.00-21.00 Too yesterday, average $25.85. Receipts included 500 hogs, and 300 sheep direct to packers.

VOTES QUARTER, EXTRA PAYOUTS Vote Change in Name of Data Firm Stockholders of Financial Data corporation voted yesterday to change the company's name to Indiana Industries, Inc. The vote came at the annual share owners meeting in Gary. The company was formed to provide data processing service for banks, but this has become a small part of its business, which now encompasses banking and manufacturing. Raymond E. Daly, president, reported that profits reached a record high of $113,711, or 30 cents a share, in the fiscal first quarter ended Oct.

31. This is 78 per cent of the company's total earnings of $144,000 in the fiscal year ended July 31. Stockholders also approved a 1-for -10 reverse stock split, pending approval of regulatory authorities. Tastee Freez Tastee Freez Industries, reported that earnings in the first nine months of the year totaled $437,965, or 31 cents a share. Comparable 1964 figures are not available because the company was in receivership then.

In his reply, Kaplan said the stock exchange is "nothing more or less than a gigantic price-fixing conspiracy with the prestige of a Wall street address." He added that thru the "organization and structural solidity" of the exchange its members "enjoy a monopoly in trading on tie New York Stock exchange, a monopoly on the commissions from trading on the exchange, price-fixing com missions, self -regulation, and Directors of the Central National Bank in Chicago yesterday declared a 10 cents a share extra dividend in addition to the regular quarterly cash distribution of 15 cents a share. Both dividends are payable to shareholders of record Dec. 31. Frank Bauder, president, said the board's action "recognized the improved earnings trend evident during the year and believed the new dividend rate could be comfortably sustained in the future." At the same meeting, the board elected Norbert Kash and Robert Norrish assistant cashiers in the commercial department. Harry Holmes was promoted to 2d vice president in the trust department.

virtually no regulation by the Securities and Exchange com and his reputation for socialism, is doing more to make British business competitive in the payoff contest for export markets than Johnson is doing for our side altho Johnson has lopsided legislative majorities going for him, plus a reputation for the know-how needed 10 make the business system work. Wilson's First Move Wilson's first move was to establish export tax credit incentives. Our new freeze on tax cuts bars this road to competitiveness for American exports. Wilson has since followed thru by giving the British banking system the same deal that Europe has, and that we need; namely, incentive interest rates to exporters and correspondingly low rediscount rates at the Bank of England for banks holding customers' export paper. Wilson went along with lenders' interest rates at home be CASH GRAIN CHICAGO Corn: No.

2 yel. No. 3 yel. No. 4 yel.

No. 5 KANSAS CITY Wheat No. 2 hd. $1.644.1 No. 3 hd.

$1.61 'A; Corn No. 2 yel. No. 3 yel. No.

4 yel. MINNEAPOLIS Wheat No. 1 hd. amb. dur.

No. 1 dk. no. sp. Flaxseed No.

1 $2.98. buck Co. to continue its credit financing to manufacturers who produce goods for sale in their local stores. Credito Panamericano, the wholly-owned industry financing subsidiary of Sears, received official authorization for a limited expansion of its capital investment two days ago. The official gazette published a decree which granted that permission.

Some Mexicans and Americans believe that sooner or later, the sword will fall in a legal manner and the Mexican money market will be nationalized. Entire Town for Sale by Agency Continued from page 7, col. 4 assets and liabilities of the association. In the merger of Hillside Savings and Loan association with Oak Park Federal Savings and Loan association, the FSLIC agreed to purchase those assets of Hillside which Oak Park did not want. This gave the FSLIC the remainder of its holdings, almost all of the real estate in Westhaven.

About 25 homes then were occupied. The bulk of the remainder was, in time, severely Credit and Interest Rates Homer J. Livingston, chair NEW YORK BOND TRANSACTIONS mission." Judge Julius J. Hoffman has taken the motions under advisement. General Box company, Des Plaines, yesterday announced the acquisition of Chem-Foam Engineering company.

The Geneva company, whose plant was destroyed by fire in October, will be a General Box subsidiary operating in a plant in Addison Industrial park. The department of agriculture announced yesterday in Washington that all qualities of wheat from Commodity Credit corporation stocks are being offered for sale for unrestricted use to assure adequate market supplies at reasonable and stable prices. A department official said the purpose of the move was to "stabilize the Sales, fin $1,0001 High Net Low Close chg. 50 Averages fore Johnson did. but then he Erie 3S2000G 25 50 16 98 98 98 17 Compiled by the Associated Press! used the rifle technique on the critical export financing target.

20 rails 10 inds. 10 utils. 10 fsn. We're still plugging away with Net change Unch. Wednesday 79.9 1965 high 83.7 Unch.

0.1 0.J 100.8 87.8 91.7 102.5 88.9 95.0 99.9 86.6 91.4 26 112 111 112 36 97 96 96 3 135 1 35 135 37a 11 113 113 113 39 90 89 90 71 101 100 100 46 101 100'? 100 51 101 100 100 21 95 95 95 FamFin 5s81 Fanst cv4s76 FoodFr CV4S79 ForeDal 5' 80 GAOil cv4s84 GenElec 3s76 GMotAcc 5s77 GMotAcc 5s80 GMotAcc 5s81 GMACC 4HS82 GMAcc 4HS83 SALES App final total $17,360,000 Year ego $7,876,000 Jan 1 to data $2,825,654,000 1964 to data $2,440,245,200 DOMESTIC Sales, Net fin $1,0001 High Low Closa chg. AlrRed 37s87 319 1 27Va 124 127Vi 3' AlleghL cv4s81 127 116 1101 116 5 AlliedCh 3V2s78 4 tVt 871 Vj AlliSt cv4'is81 75 125 1 24 125 Alcoa 4'4s82 9 06 95 9634 1 Alcoa 3'As83 5 89V 89Vi Am Airl CV4S90 790 140 136 140 6 Am Airlin 3s66 95 100 5-16 100 5-16 100 5-16 1965 low 79.9 Ten low yield bonds wendesday, 90.9) 1965 high, 94.3; low, 90.7. 18 GMAcc 4s85 138 GMotAcc 4s79 34 our outworn shotgun. We ve raised interest rates at home and, consequently, both dollar exports and the dollar are going to get hit, too. Johnson is known as the "can-do" man, but No.

2 man Wilson, like the Avis ad says, looks to be trying harder. 95 95 93 93 90 90 88 88 91 91 Vi 93' 93 93 93 95 93 90 88 91 94 93' 31 9 67 italism" in order to rebuild Britain's trading power in world affairs. He is a formidable operator whom it is easy and dangerous to underestimate. Salutes Old Slogans Political success often salutes old slogans in order to change them. Roosevelt thrashed Hoover by blaming the depression on Republican deficits; and promising to balance the budget.

Johnson scared the country off Gold-water by branding him trigger-happy while Viet Nam was still a skirmish. In the same way, Wilson paid lip service at the outset to the shopworn call for steel nationalization. When he made the promise, he established his credentials with the Socialist left wing. When he broke it, he gave the rest of the country a plausible basis for coming to terms with him. He also demonstrated his own independence of labor's vociferous left-wing idealogues, and their dependence on his pragmatic instinct for practical compromise.

Wilson's shrewdest essay in pragmatism has evolved with his strategy for sterling. His first decision was to play our side of the street against de Gaulle, who offered Britain nothing and demanded devaluation of her currency. We offered cash, and Wilson took it on the gamble that it would be enough to see him thru the crisis. It was; and devaluation is no longer a danger for the pound. Relies on Direct Action Instead, Wilson has continued to outdo the classic capitalist theory of devaluation.

It cheapens the trading power of a currency; and, therefore, it is supposed eventually to penalize imports and to subsidize exports. But Wilson didn't gamble on the gradual workings of a static market place. He relied on direct action to penalize imports by levying surcharges on them. He also relied on direct action to subsidize exports by offering business rich incentives to step up its selling efforts abroad. The classic argument for devaluation can be said to recommend the use of a shotgun where a rifle is needed.

The rifle target is exports, but the shotgun victim is capital. Wilson has managed both to finance exports and save capital. Wilson's improvised version of "pink capitalism" is giving Britain the advantage of devaluation without its The fact is that Wilson, despite his chancy grip on office GMAcc 3fes75 GMAcc 3s72 GMotAcc 3S69 GMotCp 3V4S79 GenTEl cv4s90 GTIm cv4s79 A Dist CV4BS86 18 1 0434 104 104 Sales, Net Tin $1,0001 High Low Clns cha. ShellUn 15 88' 88' 88 Sinclr cv4fes86 267 110 109 110 SmithC 5'is79 319 318 311 311 3V Socony 4'4s93 2 94 94 94 Socony 6 82 82 82 SoBell TT 3s79 1 81 81 81 SoCalEd 3s80 338 103 103 103 6 AmFP 5S2030 78'- 19 78VJ 78 86 119 118 119 1 28 119 118 118 82 'A 97 58 72 6 7 994 99 99 Gdrich 4S85 100 4 100 100 100 3 SoPac 5s83 SoPac 4s69 Grace cv4'4S90 126 112 111 111 GrUn cv4s78 23 119 117 119 1 GranS Cv4his94 274 1 06 104 1 06 2 Grant cv4s90 20 124 124 124V 21 yMvfc yvv, -4-1 WARDS REPORTS SALES RECORDS FOR TWO PERIODS 92 TREASURY SECURITIES Wednesday, December 15, 1965 GtNoRy 4s76 5 96 96 96 92 96 66 98 92 96 66 98 82'A 95V4 99b 997' 93'i 85Vj 89 80'j 74 91 827a 78 76Vi 72 87 7 11 10 20 1 96 66 98 1 82'4 14 95 '4 1 99' 99' 94 86 Vj 89 80's 2 74 91 82 78 Vi 76' 73 1 87 1 96 GNRy 3s90N GWFIn CV5S74 5 73 73 73 34 125 122 124 man. The First National Bank of Chicago As our unprecedented peace time expansion completes its fifth year, the productive resources of the nationplant, equipment, labor force, and capital are approaching maximum utilization In these circumstances, price stability is being threatened by demand pressures.

The board of governors of the federal reserve system has quite properly, in my judgment, gradually diminished the credit expanding powers of the nation's banks by limiting the reserves of the banking system In addition, the federal reserve has increased the discount rate three times in the 1961-65 period, the most recent being the increase from 4 to 4Vfe per cent early this month Confronted with a growing demand for funds, the cost of which has risen steadily, commercial banks increased the prime rate on Dec. 6, the first change since August, 1960, and the first increase in over six years In my judgment, demand for funds in the first half of next year will continue strong. I therefore believe the interest rate structure will remain firm in the months that lie ahead. 1 2 98 23 46 14 5 3 8 34 5 20 2 1 99T'e 94 86'j 90 8 l'j 74 91 83'A 78Vj 77'4 73 87 96'A 73 73 133 1 73 2'A 55 134 133 lAlli. 1AH SoPac 4s81 SPacOr 4Vis77 SoPac 2s96 SouthRy 4s88 SwBellT 2s85 Spiegel 5s 83 Spiegl CV4VS90 StdOCal 4S83 StdOInd StdONJ 2s71 StPkg cv5s90 4 5 81 81 81 89 100 98 100 76 127 126 127 1 AmFP 4.80s87 AMF CV4'4S81 AmSuq 5.30s93 AmSug 5.3s93r Hs85 AmTSrT 3s90 AmT4T 3s73 3'4s84 2s87 2s71 2s75 2s80 2s82 Am Tob 3V4577 Am Tob 3s69 ApcoOil 534s81 Armco 4.35S84 Armour 5s84f Armr cv4Vis83 AshO cv37l8S93 Assolnv 5V4S77 Atchison 4s95 Atchis 4s95reg Atchison 4s95st AtlRef 2fcs66 iuiv iviyi IVI'3 42 122 122 122 15 95 95 95 6 96 96 96 27 89 89 89 100 Hooker cv5s84 IMBellTel 3s78 Hunt cv4s86 Int Silv cv4s85 4.90S87 ITE cv4V4s82 LehVHT 5s84 LehV 4SA2003 LlbMc CV5S76 6 100.

100 1 178 23 86 83 86 79 1 102 101 101 50 1 78 174 1 79 79 1 58 58 41 123 122 25 89 88 2 5 2 Stevens cv4s90 142 140 Stoke CV4V4S82 103 128 6 4 16 136 140 123 123 78 78 94 97 94 94 96 96 1 78 3 Ling TV 5s76 TerASL 4S219 TexP 3s85 15 116V4 115' 116'4 80 80 LingT cv5s76 136 171 164 1 80' 4 85 TPMPT 3s74 85 85 Llonl cv5s80 5 81 81 ThomPd 4s82 1 40 1 51 58 123 1 88 171 7 81 182'j 2 105 1 99 155 1 87 88 17 14V 151 2 96 181 177 177 2 101 101 101 5 89 88 88 10 87 87 87 6 82 82 82 TWA 6Vs78f 68 103 103 103 TwenCn 4'js90 253 134 1 28 131 2, 223 186 182 10 105 105 2 99 99 35 1 57 155 33 88 87 1 88 88 13 94 94 unucal 4'4591 45 262 260 262 4 UnPac 2s91 3 68 68 68 UnAirL Cv4s90 1 03 193 191 193 1 1877 997 99i 99 11-16 1-32 AutoC cv4s81 30 1217a 121' 1217t uirc CV4V3500 a I 2 278 7 Avco cv 5s79 94 93 NOTES Issue Bid Ask Yield Feb 3 1966 99.27 99.29 4.15 Feb 3 1966 99.28 99.30 4.21 APT 1 1966 99.2 99.4 4.56 May 4 1966 99.23 99.25 4.53 Aug 4 1966 99.17 99.19 4.62 Oct 1 1966 97.30 98.2 4.02 Nov 4 1966 99.12 99.14 4.63 Feb 3 1967 98.23 98.27 4.65 Feb 4 1967 99.6 99.10 4.61 Apr 11 1967 96.16 96.24 4.11 May 4 1967 99.10 99.14 4.66 Aug 3 1967 98.8 98.12 4.78 Oct 1 1967 95.12 95.20 4.06 Apr 1 1968 94 94.8 4.16 Oct 1 1968 93 93. 4.08 Apr 1 1969 92 92.8 4.04 Oct 1 1969 91 91.8 4.01 Apr 1 1970 89.28 90.4 4.03 Oct IV 1970 89 89.8 3.99 Subject to Federal taxes but not to State income taxes. BONDS Net Issue Bid Ask chge. Yield 3S 66 99.19 99.21 4.59 3s 66 99.1 99.3 .1 4.40 3S 66 98.29 99.31 4.54 2S 67-62 97.4 97.8 4.42 3S 67 98 93.4 4.66 3s 68 97.28 98 .2 4.76 3s 68 97.8 97.12 .2 4.81 3S 68 Nov 97.14 97.18 .2 4.78 68-63 94.10 94.14 .2 4.50 4s 69 Feb 97.18 97.22 4.80 2Vi 69-64 Jun 93.14 93.18 .2 4.51 4s 69 Oct 97.8 97.12 4.77 8 93 93 8 102 102 102 Litton cv3s87 MacAn cv5s87 MayS Real 5s77 McCall 4s92 McCror 5s76 MichCe 4s79 MichCG 3s69 MplHon 3s76 MplsStL 6s85 MSPSSM 4s91f MKT in5s33f MoKanT 4s90 MoPac 5s2045f MoP 4s2020f MoP 4s2030f MoPac 4V4S90 MoP 4'4S2005 5 100' 100 100 16 93 93 93 a 4 92 92 92 93 113 112 112 Vj 15 244 241 Vj 241 ij V2 3 160 1 60 160 2 94' 94' 94 1 80Vi 80'i 80V4 1 82 82 82 2 92V -92Vi 92'A UnGasC 5s80 UnGasC 4'4S78 UnGasC 3'2S72 Unit Merc 4s90 USFroh cv5s81 67 2 2 67 67 BalG cv4'4S74 cv4sl0f BO cv4s10A 4V4S95 3s70 BaxLab cv4s82 Montgomery Ward Co. set sales peaks in the five weeks ended Dec.

8 and in the first 10 months of its fiscal year, the company said yesterday. In the 10 months, sales rose 5.7 per cent to an estimated $1,458,033,000 from in the corresponding period of the preceding fiscal year, the report said. A sharp increase of 24.6 per cent in the five week period reflected in part the fact that the reporting period this year included seven December selling days, compared with only two December days in the 1964 period, the company said. Estimated sales in the five weeks were $239,585,000 against $192,358,125 last year. There were 29 selling days in each year's reporting period.

111 IBU lS 18 3 USSmelt 5Hs95 188 134 134 134 -t-Z USSteel 4s96 40 112 113 32 62 78 78 76 84 81 48 13 17 29 10 16 15 32 62 78 78 76' 84 82 32 62 78 78 76 V2 84 81 1 Beaunit 4'As90 106 113 Berman 5s83 15 97 6 88' 87 88 1 94 94 94 91 91 91 90 90 90 99 98 99 96 96 36 Ubbteel 4s83 Vanad 4'4s76 Vanad 13s69 VaEPw 2s7S VirgRy Inc6s08 WPenP 3s66 7 4 10 95V4 95'4 14 83 82 5 91 91 93 278'i 277 Beth St 4s90 Beth Stl 3V4S80 Beth Stl 2s70 Boeing 4s80 BostonMe 6s67 83 83' 83 1 MonRy 3V4S66 4 113 113V 113 3 98 5-16 98 5-16 98 5-169-16 12 78 78 95 83 911 14 278 1 78 62 1 81 Vi 81 3 96 MorEs 3s200O 1493 100 BosMe 4s70f 30 47 54 53 54 1 21 110 109 109V 9911-16 99 31-321-31 68 68 68 1 wsnor 4s2361r 2 62 81 8214 BrkUnG 2s76 61 81 81 96 118 Bruns cv4s81 1 100 lOO'a 100 30 155 154 155 1 PUBLIC AUTHORITY BONDS 96VH 6 BudgetF 6S2010 18 97 96 97 116 117 1 54 117 Bulova 4s84 NAFI CV5V4S80 NatBisc 4s87 Cyl cv5s77 NatDist 4s83 NatLead 4s88 Nat Tea 3s80 NEngTT 3s74 NY Cent 6s90 west Lt 3s67 WnUn 5'4SE7 WestgEI 2s71 Wheels 3s75 WlsCen 4s2004 Xerox cv 4s84 7 98 98 98 10 101 101 101 1 5 89 89 89 38 80 79 80 1 10 77 77' 77 103230 224' 228 -t-SV 1 96 Burro CV4S81 283 142 141 142 2 96 96 76 76 Vi 21 76 2 88 30 103 88 8B'4 CanDry 4s90 1 96 96 96 'A Case 5s90 1 91 91 91 Celanes cv4s90 234 111 110 111 1 CenNYPw 3s74 1 84 84 84 1 102 102 2 69-64 Dee 92.20 92.24 4.50 NYCent 5s2013 32 90 89V4 90 NEW YORK CITY 11 87.16 87.16 87.16 3s 80 230 NYC 4152013 CRRNJ 3V4S87 2 45 45V 45 '4 98 1 54 1 49 154 4 damaged by vandals. The FSLIC instituted a repair and improvement project and began leasing the homes on a month to month basis. Today, all homes are occupied. Half Sold on Contract About half of the homes in the village of Weston has been sold on contract. The village was a development project of Tinley Park Savings.

The FSLIC sells the real estate as soon as possible after the liquidation. However, much of it is in "distressed condition," causing a delay in bringing it to market. The title has to be cleared and, sometimes, repairs made. Sughrua said all homes are being sold at market value. In addition, the FSLIC has had to depend on the "winds of the market" in selling its holdings of home mortgages.

The FSLIC, under the direction of Jerry D. Worthy, recently consolidated its midwest offices in what was the quarters of Service Savings and Loan association in Summit. NATIONAL TEA NAMES FOUR V. PRESIDENTS The promotion of four National Tea company executives to vice presidents was announced yesterday by Norman A. Stepelton, president.

They are James E. Colloton, vice president-warehouse and transportation; Robert S. Klegon, vice president-drug operations; Wayne Maxwell, vice president-real estate; and Robert E. Swain, vice president-store plans and equipment. NY Cent 4s9 8 113 NYCLS 31S98 20 NYConn 2s75 2 FOREIGN Austrl fn5s85 4 97 97 97 1 126 126 126 109 32 109 109 11 78 78 78 Cerro 5s79 Chad cv6s74xw ChamP 4s84 3s 96E Chi El II 5s2054f Chi El II 3s85 CMSP 5s2055f CMSP cv4s44 NYLackW 4s73 5 viNH 4s2022f 135 viNH 4S207M 180 CORPORATION EARNINGS 69 Austr fn5s79 Austr fn5s81 Aust 5s82Jul Aust 5s820ct 3 2 100 100V 100 2 96 96 96 1 97 97 97 1 4 96 96 96 114 85 69 69 85 85 76 76 81 80 80 74 74 74 65 65 657 77 77 77 59 59 59 18 17 18 38 38 38 79V '9 79 1 96 96 96 5 101 101 101 90' 90 90 84 84 84 59 59 59 78 78 78 2 10 6 10 76 Quarter Ended Nov.

30 1 Austrl fn5s85 110 95 94 94 15 82 81 82 Austr fn5V4s80 3 185 -1 ChiNW 4s99f 227 186 185 4S 70 Feb 96.30 97.2 4.78 70-65 92.12 92.16 .2 4.46 4s 70 Aug 96.22 96.26 4.77 2's 71-66 91 91.4 4.41 4s 71 96.18 96.22 4.67 3S 71 95.20 95.24 4.71 4s 72 Feb 95.30 96.2 4.75 2S 72-67 Jun 89.6 89.10 4.41 4s 72 Aug 95.24 95.28 4.73 2S 72-67 Sep 88.22 88.26 4.44 2V2S 72-67 Dec 88.20 88.24 4.39 4s 73 95.16 95.20 4.69 4S 73 96 96.4 4.72 4s 74 95.31 96.3 .1 4.71 4s 74 96.31 97.3 .1 4.68 3S 74 94.8 94.12 .2 4.65 4s 80 94.16 94.24 4.70 3s 80 88.12 88.20 4.56 3'iS 83-78 84.20 84.28 4.51 34S 85 84.4 84.12 4.46 4V4s 85-75 96.8 96.16 4.52 3Vjs 90 85.4 85.12 4.50 ChoCkF 4s81 39 92V 91 1964 511,562 .34 1,088,362 91 84 35 5 5 23 3 5 14 5 2 97 97 97 97 97 97H 98 98 98 93 93 93 1 96 95 96 1 96 96 96 95 95 95 2 99 99 99 84 84 96 93 10 84 84 96 93 69 35 1 11 15 4 84 96 'A 93 69 2 136 2s75 CinUnT 2s74 CIT Fin 4As71 CIT Fin 3s70 CCCCWM 4s91 Cluett cv4 S84 CollinsR 4S80 CollinsR 4s83 69 50 172 167 167 3 4 85 85 85 78 128 1 27 127 8 128 128 128 25 129 129 129 1 8 3 136 136 38 1 02 101 101 5 117 117 117 1 NYTel 3s81 orC en 5s74 Nor NG 5s79 Nor NG 3s74 NorPac 4s97 NorPac 3s2047 NorSt 3s84 Northrp cv5s79 Ohio Edis 3s74 OHnM cv5s82 OlinM cv5s83 OxfP cv4s78 5s91 Pac GE 4s92 Pac GE 3s78 Pac GE 34fas87 PaGE 3s84X 3s71 3s74 3s79 Pac GE 2s81 4s88 2s85 62 191 188 188 5 42 42 42 4t BOARD OF TRADE SALES 6 101 101 101 C0I0F CV4S77 1 43 102 100 101 1 1965 Kelsey-Hayes 1,849,020 Per share 1.24 9 Months Ended Nov. 79 Proctor-Sllex 1,872,575 Per share .76 Quarter Ended Nov. 27 West Point Pep 5,508,000 Per share 1.16 Quarter Ended Oct. 31 Chock Full O'Nuts 812,600 Per share .23 Pall zl 57,623 Per share .00 6 Months Ended Oct. II Castle Cook 5,545,000 Per share 2.16 Ehrenrelch Photo-Op 548,100 Per share .80 Fields Plastics Chem 79,795 Per share .14 Savin Bus Mach 3,246 True Temper 1,811,671 Per share .70 97 Col Gas Vfes83 97 88 Issue Rate Maturity Bid Ask Chgo Cal Sxvway 3 '95 48' 50 Do 4 '9S 54 57 Chqo O'Hare Intl Airpt 4 107 Chgo Transit Authy 3 '78 99 100 Do 4 '8 102 103 Ch90 Res Port Dist 4 '95 99 101 Columbia Storage Power Exae Rev 3 '03 103' 103 Douglas County Wash Pub Util Dist 1 Elec Rev 4 '18 103 104 Florida Turnpike 44 '01 1064 107 Great New Orl Expwy 4 '94 ....102 104 Illinois Toll Road 3 '95 99 99' Do 4 '08 106 107 Indian.

Toll Rd Com 3' '94 90 91 Kansas Turnpike 3 '94 90 91 Mackinac Bridge 4 94 100 102 Mass Turnpike 3.30 -94 95V4 95 Memphis Elec Pit Rev 4.40 105 New Jersey Turnpike 3 '88 99 99 Pwr Authy 3.20 '95 92 93 Do 4.20 06 104 105 New York Thruway 3.10 '94 90 91' Ohio Turnpike 3'4 "92 98 98 penn Turnpike 3.10 '93 97 97 FOREIGN EXCHANGE Quoted la American cents! Dec 15 Dec. 15 Yr. Ago England 290.25 280.25 279.04 Do. note 281.50 281.50 292.50 Canada 92.813 92.80 93.094 Argentina -515 .535 .6631 Belgium 101 45 2 0142 10147 Brazil 0452 .0452 .0641 Denmark 14.53 1 4.53 1 4.47 Franc 20 41 2a 408 20.41 German west 25.008 35.004 25.163 Holland 27.733 27.733 27.838 Indi 21.018 21.011 20.928 Italy -16011 .16011 .1600 Mexico 801 1-01 101 Norway 14.00 14.005 13.995 Portugal 3-48 3-48 3.50 Sw.n 1.68 16 148 Sweo 19.338 1 9.333 W.421 Switzerland 23.17 23.17 23.178 4V4S 92-87 96 96.4 4.50 61 61 61 51 51 51 87 87 87 98 98 98 95 95 95 IGraln and soybeans In bushels 000 Omitted omer 5 15 16 15 3 2 9 9 88 80 79 91 Vi 86 81 95 95 95 4S 93-88 93 VJ.B 4.4J 4s 94-89 94.4 94.12 4.48 3s 95 82.28 83.4 3.98 3S 98 83.28 84.4 .4 4.41 Prices quoted In dollars and thirty seconds. 97 88 81 79 91 86 81 77 94 72 March months 16,714 22,406 102 102 102 Vi 80 79 91 86 81 77 94 72 IUJ ioj 10? Dec 5 898 9,300 374 51 1 12 97 332 20 5 4 16 92 90 92 Wheef Do.

Corn Oats Rye Soybeans .43 4,547,000 .96 721,500 .20 2212,589 J22 4,419,000 1.73 538,855 .79 49,546 .09 1692,525 1,746453 .68 589,303 .38 882,000 .37 702,143 .99 1489,000 988,000 1.48 77 1 94 72 11 93 93 93 2 9 208 207 208 4 7 83 83 83 5 102 102 102 7 90 90 90 2 7 90 90'4 90 10 88 88a 88 4 78 78 78 44 128' 127 127 2 99 99 99 1 100 1 00 100 3 84 84 84 10 104 103 103 21 127 125 126 2 5 98 98 98 2 95 95 95 1 29 129 127 129 3 14,746 429 1,842 34.826 Aust fnS'AsSOn Austral fn5s78 Austral 5s83 Austral 4V2S71 Austr fn4s71 Austral 3s69 Austral 3s66 Austrta fn5Vs BelgC 5'4S73f CaucaV 3s78 Chile 3s93 Colom 3s70 Denm fnSs74 Finland 6V2S8O Finland 6s79 German 5V2S69 Germ Helsinki 6V4S77 ItalPUt fn3s77 ItalRep 3s77 ItalRep fn3s77 viKreug 5s59xf Mexico 6s 79 Mexico 6V2S8O Mexico 6'4s 79 Milan fn5578 NZeal fn5s85 NewZea fn5s NewZea fn5s Nippon fn6s77 Norw fn5's76 Norw fn5' s77 Norw fn5s73 Philipp 6s80 Pol as 4s63xf Portu fn5s85 UnSoAf fnSV2S UnSAf fn5s 3 2 17,210 652 1,176 15,203 Comb cvSfcsBl Comw Ed 3s77 Con Edis 5s87 ConEdls 4s86 Con Edis 4s88 ConEdis 3s2 Con Edis 2s82 CEIectr 4s84 Con NG 4s86 ConsPw 4s87 ConsPw 2s75 Ct Bk CepwSt CV5S79 CornPd 4s83 Cresc cv5'2s80 CrowCol 4s81 213,049 PAA cv4s79 452 356 336 356 23 Grand tot. PAA cv 4s84 442 190 181 190 9 Total 39,125 898 40,256 1,455 3,069 63,078 147,881 144,180 2,503 160,246 15,218 11,086 276,489 609,622 84 84 84 84 84 84 2 84 84 84 1 1 1 99 99 99 7, 97 97 9Ti 94 94'a 94 Va 90 90 90 Open Grain Trades Penn RR 5s68 21 101 100 101 9 Months Ended Oct. 91 51 59,049 85,060 5 86 828,294 Caldor Wheat Do, new 9 86 81 95 94 96 86 81 96 1 94 4 97 Pen RR 4s81 PerMar 3s80 PhilaEl 4s94 PhilaEI 44S86 PhilaEl 2s67 PhilaEI 2s81 1 5 10 37 2,503 12,761 1,222 296 59,332 81 96 94 97 75 4 98 97 98 78.297 6,341 5,878 130,403 Oats Rye 69,188 7,655 4,912 76,654 .51 1,011,000 .42 870,300 1.22 2,356,000 1,060,000 Per share Gale Ind Per stare Marlene Ind Per share McCrory Wm Gluckln Per share 5 75 75 1 PhilMor 4s79 1 100 100 100V4 1 Grand tot. z-January. PhillipP 4'4S87 249 121 120 121 1 5S70 WORLD BANK BONDS NEW YORK AP Closing Over the Counter World International Bank Reconstruction Development bonds Wednes- Bid '5ked Net Chg.

Yield 4'4s 64 9.i 100 4.25 345 68 96.24 97.16 4.89 3V2S 69 96 96.16 4.70 3VjS 71 93 94 4.70 3s 72 89 24 90.24 4.70 73 98.8 99 4.62 3s 75 88.24 89.24 4.74 3s 76 86 87 4.60 412S 77 98 99 4.61 4Us 78 93.24 94.24 4.82 4'AS 79 93.24 94.24 4.80 434s 80 99 100 4.75 3'AS 81 86 87 4.40 4V4S 82 19 97 4.76 5S 85 101.16 102.16 4.80 4's 90 96 97 4.72 Bid and asked prices quoted in dollars 3 99 99 99 1.60 2 100 100 100 3 96 96 96 5 95 94 95 1 98' 98 98 14 98 Va 97 98 1 99 99 99 18 90 90 90 10 9 9 9 9 95'4 95 95V4 8 99V4 99 99 5 99 99 99 PACIFIC STOCKS CrucStl 3s66 54 100 3-16 100 3-16 100 3-16 Cur Pub 6s86f 4 73 72 73 Deere 4s83 1 94 94 94 DRGW 3s-4s93 3 83 83 83 DetEd 3s70 1 92 92 92 DougAirc 5s78 3 100 100 100 DouAir CV4S77 143 131 126 131 3 DowCh 4.35S88 15 95 95 95 DowCh CV3S82 1 3 172 170 172 4 Dress cv4s77 42 124 124 124 Duq Lt 5S2010 1 100 100 100 EastSSt cv5s73 37 1 08 1 04 108 4 Erie 5s 2020f 109 38 36 37 1 Eri5s2020f red 2 36 36 36 PubSEG 3s75 Richfl cv4s83 Rohr cv5s77 Ryder cv5s83 SLSF 5s2006f StLSF 4s97 ScottPa CV3S71 5 88 88 88 27 214 214 214 26 239 237 239 2 61 154 151 154 5 2 89 89 89 1 81 81 81 25 148 147 147 Vt the Closinf prices ef selected Issues I Case 10,741,440 13,158457 Lau Blower 1,131,360 1,031,686 Per share 1.48 1.35 Shoe 6,385,982 6,310,137 Per share 2.09 2.06 9 Months Ended Sept. 30 Highway Trailer Ind 11475,883 2,181,535 Year Ended Jelr 31 Central Aguirrs Susar 338.049 2,149,307 In bankruptcy or receivership or bain Seagrm 2s66 pacific taasi block txciungi. Net Net Stock Close disc. Stock Close chge. USNatGas 9 SCalGPA 29344- HolOil 1.95 .05 UnSuoar 33 1 MerPet 56 .02 let opt 64 1 PacClay 26 'Quoted in dollars and cents.

reorganized under the bankruptcy act, or securities assumed by such companies, xl Ex-interest, ct Certificates, st Stamped, Matured bonds, negotiability Impaired PLANS JET PROPOSAL Trans Caribbean airways has announced plans for a 50 million dollar equipment program, including purchase of two Douglas extended fuselage DC -9 jetliners. 939 100 100 5-16 10OH1-16 Sears 4S83 49 99 99 9 i SearsRAc 5s82 9 101 101 10' ShellO. 4s86 15 98 98 98 Erie cv4sl5f 189 41 38 40 1 AGREE TO MERGE Directors of Gulf and Western Industries, Inc. end New Jersey Zinc company have axjned an agreement to merge. Gulf and tcstern would be the survivor.

-A Per share .46 .89 Z-Net loss. 1 51 51 51 by maturity, no Next oay oe 11 very. Erie 3s90F and thirty seconds..