The Miami Herald from Miami, Florida (2024)

December 12, 1956

Publication:

The Miami Heraldi

Location:

Miami, Florida

Issue Date:

Wednesday, December 12, 1956

Page:

73

Extracted Article Text (OCR)

Wednesday Die It THE MIAMI HZftALD 9-0 BUSINESS REPORT Sights Raised to 436 Million Dollars $13 Billion In A-Arins Produced FPL Again Hikes Its 10-Year Expansion Goal Aviation Prospects By SOMETIMES YOU CAX SX1FF the air nose out a few rumors peek behind a few speculative bushes and come to a point on the direction which industrial future seems in part to be taking been sniffing about in that manner recently and have picked up the following interesting scents: Florida Power Light whlrh ha Inrroaf it I ft fgn era ting capacity 56 per cent in the last three years already has generating equipment on order and under construction which will boost capacity another 64 per cent in the next three years Smith said the 640000-kilowatt generating capacity which FPL will add this year and in 1957-58 equals the entire power plant capacity in all Florida both public and private of 1945 That year capacity total was 215000 kilowatts It now totals a million kilowatts and will reach 2050000 by the end of 1961 Beyond that Smith Said US'Securities Bonds NEW YORK Dieting ever the Counter 8 Government Treasury Bonds bid asked net chime 10-year construction goal of 496 million dollars up 14 per cent from the 435-million-dollar figure previously announced for the decade ending in 1961 It was the fourth time the utility has had to raise its sights for the 10-year period from 1952 through 1961 When the period started four years ago the 10-year estimate was 332 million for expansion Two years later it was upped to 410 million and last year raised fo 435 McGregor Smith FPL chairman said the new figure is a of the long-range outlook for increased industrial expansion throughout Bank Trust Ins NEW YORK Natl Alta Securities Dfsl-rs Inc That Glenn Martin Co may be planning a third aircraft installation in Florida probably in the Greater Miami area That a Michigan small-plane maker is on the verge of establishing a manufacturing plant here That a New Jersey helicopter producer wants local space for demonstration and testing work and is thinking of shifting his manufacturing facilities here If our reports are true it adds up to aviation as one of the industrial bulwarks of future nothing new about that picture Air transport has long been one of South key industries and it has brought a wide variety of service industries into the area with it And wide publicity has been given to aviation's already-definite plans to move into Florida Huge Plants Already Planned THERE'S -THE-HUGE-Martin- production plant which is to be in operation near Orlando by next October There' Hr the big Pratt Whitney aircraft engine plant soon to be built near West Palm Beach with a jet aircraft factory as a possible later development And Howard indefinite jet-making plans Smith announced the record rnnfctrnrfinn ftnl In Vn-U City where a special meeting was held to act on bids on FPL's 15-million-dollar mortgage bond Issue The issue designed to obtain expansion funds was announced last month Successful bidders were Merrill Lynch Pierce Fenner Beane and Kidder PeRbody Co Their bid was $100591 on the 13 million dollars in 4 3-8 per cent first mortgage bonds resulting in a 433958 per cent net cost of the issue This is up substantially from the 360478 per cent obtained by the utility on a similar bond issue sold last April Eggs Poultry Supplied by the Florida Stata Marketing Bureau Ph FR 4-1537 DADE COUNTY locally produced grade A cartoned MARKET Bieady with pricea unchanged offertnai current floor atoeks generally in balance with needs Demand generally good PRICK It FT Alt IR- X-larst 87-71 noftw 88- 71 large 58- 71 mostly mfifttr 88- 71 large 58- 71 mostly medium 48- 58 mostly 50-54 small 42-45 mostly 42-44 EGGS Florida produced grade A cartoned (min 801 grade A) MAR NET- About steady Supplies adequate for a moderate to good demand Pricea unchanged PRICE TO Large 55-- 43-51 82 mostly 58- 81 madlum mostly 43 48 Few 50- 51 EGGS Bhlpped-in grad A (min 80V grade A) MARKE1 Steady Offerings present supplies sufficient for trade requirements Demand gen- with Jarge In best position PRICE TO RFTAILIRS LW 47-52 mostly 47- 49 LM 48- 50 mostly 46-42 MW 41-45 mostly 41-48 41- 45 mostly 41- 42 LOOSE EQGS- LW 47-51 mostly 49 LM 46-49 mostly 47- 48 MW 45- 48 mostly 45 40- 48 mostly 43-45 Standards 39-46 mostly 42- 43 POULTRY LIVE MARKET Steady Receipts light Demand spotty in early trade with mem 'merest on fryeri purchased reported POULTRY Grade A Ice-packed ready to cook poultry MARKET as prices rose It higher on frvers Otfenngs moderate At generally adequate for needs Movement continue satisfactory under a toed buying terest Hens steady Trading supplies equal to fair A tmnreved demand PRICE TO REAIlftR Fryers ail Weights 30-33 mostly 30-Jj hens (3-4 lcs 29- 34 hens (over 4 lbs) 34-40 mostly 35- 38 POULTRY Fresh dressed and drawn CB grad A or grade A frereiLJry-ers 32-37 mostly 32-35 hens (over 4 lbs 37- 42 most ly 38- 40 jcki 43-51 mostly 43-48 etvsnettei mostly 50- 53 URKEY8 froaen redv to 58 TU MARKET- Steady pricea slightly higher on most sires At classes supplies adequata in most quarters although tome ehortags excess on lighter weight Toms Demand slow to fair PRICES TO RETAILERS (including hotels) small Iota (1-5 boxes i F-R 4-8 lbs 48-51 mostly 48- 50 TH 8-14 lbs 47-51 mostly 47-49 Tams 18-20 loa 4438-47 mostly 45- 46 20-22 los 440-48 mostly 45-47 22-24 lbs 451-49 mostly 47- 48 24-26 lbs 47-511 mostly 49-50 26 lbs A up 49'a-52 mostly 50- 51 Commodities Cottonseed Oil Cotionseed Oil Soybean Oil Boibean Oil Coroa ocoa of too Coflee Hides Hides Ruober Rubber Sugar No 5 Sugar No 4 Sugar NO 4 Esgs Eggs Onions Onions Dee Mar Deo Mar Deo Mar Deo Dee Jan Anr Dee Mar Mar Mar Mar Dee Jan Jan Feb Jan Mar Dee Mar Dee Mar Dee Dee Doe Big But the reports which prompt this piece are and it might be stressed still untested They add to the picture of the future For some time the Martin people have been working with John Gibson economic development director for the Miami-Dade County Chamber of Commerce trying to get an idea of what South Florida firms can supply parts hydraulic fittings tools gauges electronic items Officially seeking suppliers for their missile testing facility at Cape Canaveral Private estimates are that they might make as much as $250000 a year in local purchases if they can line up the suppliers But Gibson who says the Martin people are secretive as to definite plans admits to a belief that are studying the area for a larger and the supplier search is part of the groundwork Because of the nature of their interest Gibson confides the plans appear to revolve about a research and development center in the southeast part of the state Estimates again unofficial private are that buying might top a million dollars a year Space Wanted for By JOHN BONNEIO Herald Financial Editor The Florida Power Light Co Tuesday announced a new Sets In Motion WASHINGTON The government Tuesday issued its master plan for the emergency oil lift to Europe and formally 15 American companies to get the oil flow mg Mobilization Director Arthur Flemming made public an agreement which exempts the firms temporarily from antitrust action-while-they voluntarily pool their Resources reroute tanker fleets and swap markets The pact bore the approval of Attorney General Herbert Brownell although Sen Joseph O'Mahoney Wyoming Democrat has charged that it creates an that will manage the country's oil policy Questioned by reporters Flemming said he the senator's over possible conflicts of Interest But he said he concurs with the Defense Interior and State departments that seriousness of the situation outweighs the anti-trust are not going to permit the companies to do anything that would be contrary to public Flemming said He stressed that the government makes the rules sets the tanker routes and polices the entire program Officials said the program would result in the of about 850000 barrels of oil in excess of the normal from US Gulf ports and to a small extent from Venezuela About 500000 barrels will go to Europe and the rest to US and Canadian East coast cities to replace oil cut off by the blockage of the Suez Canal and the damaging of the Iraq pipelines Earnings B- united prfss ALDEN8 INC 40 weeks net Income $617 832 or 89 cents a common share vs S60 762 or $113 a year aao I JACOBS CO vesr ended Julv 31 consol net loss $1980479 vs Si1 952-934 a year aao ClANTANAMO SUGAR CO -ear ended Bent 30 consol net income 1 -113 or 48 cents a common share vs 5120 312 or 29 cen's a year ato BANCO IV year ended Bent 30 net income $2 212 800 or $2 21 a com-mon (hare vs $2348140 or $2 35 a NY Butter Eggs NEW YORK Bntter about steady receipts 742 OCO Wholesale prices on hulk canons (fresh) Creamery 93 score (AA) 61V62 cents 92 Score (A) 90 score (B) 60'a-605t 89 score (Cl 59-591 Cheese steady Receipts 157000 Prices unchanged Wholesale egg prices were lull steady Tuesday Receipts 9 000 (Wholesale selling prces based on exchange and other volume sale New York spot ouotatiors follow (nolures midwestern: Mixed colors Extras (48-50 lbs) 38-39 et-as iarge iCo-4 8 lbs i 37-38 ext-cs medium 32-33 standards large 34-35 checks 28r-30 Extras (48-50 lbs 39-406 extras large '45-48 lbs I 38-39 extias medium 354-38 Browns Extras (48-50 lbs Livestock Receipts THOWABVILLF W--Esttmated receipts totaled 4400 bogs at malar packing plants at Albany 1 -trie Thomesvllle Tifton Dottisn and Jacksonville Hoes Active another 25 advance Most plants busing mixed lote No 1 2 and 3 180-240 lb barrows and gilts 15 75-16 00 a few 15 50 and some No 3 overfat and medium grade theae weights 15 00-15 75 In close aort lng for grad two or more plant buying No 1 and 2 200-230 lb acme to 240 lb 16 00-1625 Instances 16 50 and 1675 for No 1 selections Mixed grades 160-180 lb the area 14 50-15 25 Instances 15 75 and 140-160 lbs 13 25-14 50 a few up to 15 00 Small supply sows 8 No 1 2 and 3 and medium cranes a few mooth sows around 14 00 Certificates of Debt NEW YORK Closing certificates of indebtedness 4pprx Mbnth PrCt Year Btd Asked TieUT Feb 2 5-8 i8ry 99 27 99 29 3 10 Mar 2 3-4 1957 28 99 30 2 96 Jun 3 1-4 1957 100 2 100 4 3 02 Oct 31-4 1957 100 2 100 5 3 05 Bid and ashed prices quoted In dollars -wnd-thlrtv seconds Subieet to federal taxes but not to income raves Anproximaie yield to maturity SENSATIONAL 2710 perpJtETURN ON 249 INVESTMENT Hundred of offices report saving $3000 a year or more with a $240 Kodak Venfax Copier Phone today for booklet describing the 101 short cus this completely different copier makes possible JACKSOX CAMERA STORE 145 NW 34 St Ph PL 9-510 AEC Reports 24 Pet Hike WASHINGTON (UP) US production of nuclear weapons explosives and fuels jumped 24 per cent to $1300-000000 in the year ended June 30 This was disclosed Tuesday in an unprecedented public financial report by the Atomic Energy Commission for the 1956 fiscal year In the past such accountings have been included in the end-of-January report to Congress Overall cost of operations hit $1600000000 in 1956 a hike of 25 per cent over fiscal 1955 As of last June 30 the US taxpayer had put up $15200-000000 for atomics since June 1940 Costs increased last year in all major categories The most abrupt single jump was 119 per cent for development of atomic aircraft engines MULLEN DE MARZO Ttvo Stores To Open In Gables Two new stores a fashion salon and a shoe shop start operations this week on Coral Miracle Mile Opening today at 232 Miracle Mile is Don Mullen Inc the fashion salon featuring daytime and co*cktail dresses and accessories It is operated by Don Mullen 34 in association with Lee Goodman New York retailer Mullen formerly served with Allied Stores and in recent years has been general merchandising manager for Minna Lee Inc The store features oversize windows and French provincial decor Opening Thursday at 41 Miracle Mile is Coral Gables Thom McAn Inc featuring shoes for men women and children First McAn store in the Gables and the first in the area to offer women's and shoes as well as shoes for men and boys the shop will be eighth in Greater Miami and the biggest in Florida Customers through Saturday will receive free gifts with their purchases Manager of the Gables outlet will be 'Emile De Marzo who has been with McAn since 1942 and formerly was affiliated with the Orlando store Gem Mart Is Opened The first jewelry exchange in the South will open today at 220 NE 2nd Ave Some 30 diamond and watch dealers will display their new merchandise for retail dealers from throughout South Florida at the Pan American Jewelry Exchange Eventually the exchange is expected to accommodate more than 40 wholesalers Samuel Eetoff president said the exchange will centralize trade aswoclat-ed with the diamond auJ jewelry business under the one and will the wholesale buying capacity of dealers in this Other officers of the new organization are Charles Barl-ly executive vice president and Henry Cohan rice OBSERVERS REASON that not the big Martin plant at Orlando which is behind the search for local supplies For a manufacturing installation of that size parts would be bought in bulk from factories in other parts of the country John Bonner Strata biennia) Editor Copters heavily toward Miami that it models into the Orange Bowl Servlet Fight Credit Prices queted In dollars mg thirty seconds Subiset to federal taxes but net to state income taxes Treasury Notes NEW YORK Closing tl Treasury notes Approt Bid Asked Field Month PrCt Tear Mar 2 7-8 1957 Apr 11-2 157 May 15-8 1957 Aug 2 3-4 1957 Aug 2 1057 Oct 11-2 1957 Apr lit 19(8 Jun 2 7-8 1558 On li 1958 Feb 1 7-8 1959 Apr 11-2 1959 Oct 11-2 1059 Apr 11-2 1980 Oct 1 1-2 I960 Apr 1 1-2 Oct fl-2 1981 and asked 92 8 91 8 41 1 40 12 40 20 price queted dollar and thirty eeconda Bubiart to federal taxes but net to state income taxes Approximate yield to maturity Treasury Statement WASHINGTON Th cSh position of me treasury compared With (orrfpondtng dale a year ao Dee a 1858 flee I 1038 $3 812 600 776 69 $4 397247177 13 Deposits fiscal Year lulv I $27 501 372 141 83 $24 726 TOO 508 60 dt Withdrawals Fiscal 3 car $33114 122 976 98 $31345914322 80 Total Debt (a) $276 425734 363 12 5280 084 342-157 72 Gold $22 809 655 343 39 971 688 510 094 75 Includes $455 454 843 11 debt not lubtoet to statutory limit Men i5 7- Vi As for the private plane-maker Gibson again is a check-point He will say only that it is a well-established Michigan firm which wants to move into Greater Miami if it can get manufacturing space near an airport but is dickering with attractive lures at both St Petersburg and Jacksonville not making any guess- expansion is speeding Florida's Smith said nine states gained more new jobs in manufacturing employment from 1947 through 1954 than Florida did Florida stood second in the nation with a 56 per cent increase Miami led the state its widespread industrial expansion accounting for aboqt a third of increase ef 41235 jobs With a 107 per ceht gain it was second in the Nation for metropolitan areas with 25000 or more manufacturing Chicago Livestock CHICAGO uB- tallbl host II COO open slow later trade fairly at tins generally 25 lower an butefc-ers aewa Mostly 25 lawsr No 2-3 mixed grades 190-230 lb butebdra 18 7S 17 25 several lots No 1-2 that weights sorted for grade 17 40-1T50! No 2-3 2fi-270 lb 15 75: few No 2-3 280-310 lb 15 75-16 25 larger loll 350-550 lb sows 13 50-14 75 ft dr selected small lots 1-2 jjQ-350 lb 15 BO-15 25 Baable cattle ceipti larfest for a Tuesday with the exception ef the dara following holi days since July 1953 slaughter steerg uneven yearling steers under 1109 lb weak to 50 lower other steers jnsstly 50-75 lower heifers 25 to SO lower: cows fully steady bulla steady ts 25 higher up more vetlers steady to atrons few lotos prims Steers 26 75-27 50 few loads Bi4 above latter pnet hich choice and prims 24 00-28 50 good to average a 1 1 a 17 50-22 50 high choice and Brim a heifers 22 00-23 00 Choice heifers 19 59-20 75 good heifers 17 00-1? 08 util ily and commercial eowe 10 80-12 901 fatinara Sod Cutters 8 50-10 25 utility sod commercial bulls 13 25-14 58 t4 and choice veiled 18 00-22 80 Hint culls down ta 7 00 Balahle sheep 4000: trade opening moderately active but turned rather slow i market steady (M classes good tp prime wooied lambs 93-101 lb II 00-20 35 up to 2100 for prime pgttva lombs to city butchers cull ta law good wooied lambs 11 00-17 50 1 deck shorn lambs 100 lb With No 1 18 75 1 deck 103 lb 18 65 cull choice slaughter sheep 4 00-5 50 iim "Nine out of 10" successful men want custom- built life Some men of course can get by nicely with life insurance designed for average instead of individual needs But for most successful men at least 9 out of 10 life insurance is something personal that must be custom-made to meet personal needs To serve such men Mutual Benefit Life men have made lifetime full-time careers of planning life insurance instead of merely selling it The Mutual Benefit Life Insurance Company NewarkN hi MY -4 I- rta (- Walter Stokes Thoroughly trained in all of modern iifs insurance Alfred Lewallen CLU General Agent 880 SW 1st St Fit 3-739S If they do move in they'll be rolling executive type planes out of their factory within three months The helicopter producer is Para-copter Corp of Lindenhurst developers of one-majr rotary-wing planes Our reports are that they want not only immediate demonstration space again it has to be near an airfield but a strong segment of the top brass wants to move production here too BkAmNTASAl 80 Bk of NY ICa Bankers Tr 2 80 ChaseMan240 Ch Cn Bk 2xd Cont III Chi 4b Empire Tr 3 Fst Nat Bos 20 Pst Nat Chi 8 Fst Nat City 2 80 Guaranty Tr 3 20axd Hanover Bk 2b Irving Tr 180a Kings Cty Tr 4b Manuf Tr 2xd Morgan JP 10 NY Trust 8 Trust 3 Aetna As 2 40 Aenta Ins 2 80 Aetna Life 2 40a Agricultural 1 60gxd Am Equit 190 Am Fid Css 1 20 Am Home Assur Am Ins NJ 130a Am Mercury Am Re-In a la Am Buretx 0 40 Bonston Ins 1 80 Camden Fire 1 20 Co'omal Life 1 Colum I ife Conn Gen 1 80 Cont Assur 1 Con tin Cas 140b Crum For 2 Eagle Fre 5 Fmploy Gr 20 Federal Ins 80a Fire Aso Ph 2 20b Firem Fd 6F 180 Firem Nk 1 20 Franklin Life 9e Gen Remsur 1 80 Gir is Falls 2xd cte Rep 1 Gt Am Ins l'i Gulf Life Ins la Hanover Fire 2 Hartf Fire 3 Htfd St Blr 2 HKOME Ins 2 Ins Co NA Jer Ins NY 140 Life ns Va 2 40 Lincoln Nat i 40 Maryland Css 1' Mass Bond 1 80 March Fire At 180a 85 Nat Fire 3 Nat Un Fire 2 New Am Cas 1 SO New Hamp 2 NY File North River 1 40 Norlhest Ins 3e Northern Ins 2 80b NwstnNLife 1 Pacific Fne 2 20 pae Indem 2 SOxd Phoenix 3 Prov-Wash 1 Rein Cor NY 40a RepInsTex 1 40 20 BeabdBur 2 Securitv Ins 80 SpringfdFAM 2 StdAccid 180 Travelers la US 2 8 Fire 1 Life 10a U'estchest I 20 also extra ar extras pius stock dividend declared or paid so tit thll war paid list year Declared or paid after stock dividend or split-up Payable in stock during 1986 estimated cash value on ex-dividend dr cg-dlstribution date New York Cotton NEW YORK -0B- Cotton futures turned steady Tup-dav following eany easiness alow dealings Liquidation ai'd hedging extended early losses to 45 cents a bale When nearby December firmed on short revering the balance of the market moved UP tn sympathy There waa lone replacement buying in current crop months be traders who llautdated current December There were six December transferable notlcea issued at New York Tuesday By parly afternoon one three have been reported definitely stopped Trading in nearby December expires at 12 30 cn Wednesday Late afternoon price! irerp to 45 cents a bale hither than the previous close Deo 34 20 March 33 95 and May 33 86 Future closed 15 cents to $1 15 a ball higher than the previous else Open lllah tow Close 34 16 34 37 34 12 34 37 33 89 34 00 33 89 33 97 33 76 33 92 33 76 33 88 33 41 33 66 33 41 33 61 32 59 32 90 32 59 32 84 32 60 32 87 32 59 32 81 32 53 32 72 32 56 32 77B 32 65 31 68 34 55 32 74B December March May July October Decemoer March May INVEST in the FUTURE! Send for Freo Protp gcfiii booklet dettribing: The COLONIAL FUND Ine Feqadad at Intel 1984 Over 50 '(eon fqv stment Management tiperience A fully divartifiad invaitment la saeuritiai aalacfad for ineema and possible long-term growth WHITEHALL mm C8RF0TO 413 Instshsm Bldg Wm Phone F8 1-1411 OEflTLEHtN: Phase send at aa est or ebl g-Hen Infarmotiea aa Tbe Csleniol Fund lac Noma Address City 5ALI If there is space to be had Para-copter is leaning so plans to put three of its five parade a Business at a Glance Cost of Borrowing Whether ydu're in the department or exceptionally tall or both you'll like the way Jules Gillette eaters to the man ef bountiful proportions Hare you'll find suits to size 50 shirts to 36 inches in clothing for the guy who's as tall as an ale phant's eye Equally important is the wide array of fins styles and fabrics in these larger sizes You'll have a matchless asiortmont to choose from Hits 23-Year High Dow-Jonef WASHINGTON The cost of Treasury borrowing rose to a new 23-year high An issue oT 91-day bills was market' ed at 3268 per cent compared with a similar issue last week at 3102 per cent The latest climb was due in part to the billion-dollar offering of 95-day bills to be made tomorrow to raise funds for British financial aid 1 inyvy-MgTag 'arjw ff Motor Freight Rate Hike OKd YORK A general 10 per cent increase in motor carrier rates has been approved by the rate committee of the Central States Motor Freight Bureau Affected if protests lead to Interstate Commerce Commission suspension of the rate would be 850 trucking companies from New York to the Mississippi River tjSys 4 STRANGER1 Bankers Quit Mutual NEW YORK New York State Bankers Assn withdrew its traditional objections to more branches for mutual savings banks in New York State But the proposal to a joint legislative committee on banking law said that mutual branches should be required to meet the same tax and reserve requirements as commercial banks and should not be allowed where other banks exist Lincoln Reed Miami leaeh OPEN EVENINGS i ON AU MAKES MODELS Douglas Aircraft Gets IN TOWN? 9 xiWrifr There are a lot of strangers in Miami but UNGAR BUICK certainly isn't one of them No sir been selling Buicks in Miami ever since 1919 more than 38 years! watched Miami grow seen lots of new faces lots of new ideas but never changed the idea oh which we've built our business give every customer honest value lowest price and top-notch service always! Drive to UNGAR BUICK today and see just how little it costs to own the wonderful new 1957 Buick and if you are a stranger in town an especially warm welcome for you Stop by and get acquainted WASHINGTON The Export-Import Bank announced a $16500000 credit to help Douglas Aircraft Co finance sale of 29 million dollars worth of jet airliners to Japan BANKRUPTCY Change in Name Approved NEW YORK Consolidated Textile Co stockholders approved a change in name to Windsor Industries Inc effective Jan 2 They v-ere told the firm vhich is going out of the textile business is seeking a in another industrial field AH the osssts ef GREATER MIAMI ITAUAN-AMERICAH RES-TAURANT INC fee offered fer sale in pares! or in bulk free of cndcr subject io lisr-s end ta the highest end best bidder for cash FRIDAY 14 PM SECOND tLOCR FEDERAL MIAMI Inspection be held THURSDAY DEC 13 AM 991 NE 79th MIAMI FINEST SERVICE Sjlvanla Takes Site Option Ma WICK Said solo subject to confirmation by the Court JOHN NICHOLAS RECEIVER 3TEW YORK Sylvania Electric Products Inc has taken options on a 150-acre site in Andover Mass for an atomic research and production center which will cost as much as 20 million dollars 1201 I 24 AVINUIMIAMI 91A FHONt 94541 JA-S -W 6- 4 -V 1.

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