THE SPRINGFIELD SUNDAY REPUBLICAN, SPRINGFIELD. DECEMBER 18, 1960 17C Strictly Business Durick, Malysz Elevated At Mass. Mutual Insurance Both Graduates of Technical High School; Former Named Assistant Secretary, Latter Manager of Benefit Department Richard H. Durick has appointed an assistant tary, and Thaddeus K. Malysz has been named manager of benefit department for the sachusetts Mutual Life ance COir Corps Veteran A native of Worcester, Durick was graduated from Springfield's Technical School, and received his degree in economics from Trinity lege.
He is currently doing graduate work at American ternational College. During World War II, Durick served for nearly three years with the Army Air Corps in the Pacific Theater, receiving the air medal with five clusters, and the Pacific theater ribbon with seven battle stars. He tained the rank of first lieutenant at the time his discharge. After a year of claim work with another insurance company. Mr.
Durick joined benefit department of Mass. Mutual and 1949. He was named department supervisor in 1954, assistant manager the following year, and manager in 1956. Active in YMCA work, Mr. Durick serves as a director the Springfield Metropolitan YMCA.
He is also treasurer the Sixteen Acres Lions Club. Mr. Mrs. Durick, the former Betty Jean Phillips Springfield, make their home 1537 Plumtree Rd. Mr.
Dalysz is a native Springfield, and was graduated from Technical High School. He received his undergraduate degree from American International College, his graduate degree from Boston College, and his law degree from Western New England College. During World War I he served with the U. S. Navy in the South Pacific.
Mr. Malysz joined Mass. Mutual in 1952, entering the benefit department later that year. Ie was named a benefit analyst in 1956 and assistant manager 1959. He successfully passed Mass.
Bar examination in July, 1959, and was sworn in as an attorney at law in November, 1959. He is a member, of Hampden County Association. and Mrs. Malysz, the forRose Mary Lazarz of Springfield, and their two children reside at 35 Devens Indian Orchard. Hamilton to Speak At NAA Session Wed.
Laurence K. Hamilton, vice- president in charge of. sales, LAWRENCE K. HAMILTON Technifax will be the guest speaker at the annual Christmas party Wednesday of the Springfield Chapter, RETURN ON INVESTMENT ANNUALLY with Coin Operated. TOTED WASH THE SELF SERVICE Commercial Laundry You may not bellove It but it's rue! machine coin Housewives operated prafer these laundries multi because week's washing can be done at one time, and up to on their laundry bill.
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RE 4-8284 Refinery Expansion In U. S. at Low Point HOUSTON (P--Oil refinery expansions in the United States in 1960 dropped to its lowest point in 15 years. The nation's oil refineries me currently are capable of processing record 9,922,350 barrels of crude a day. The 1960 gain, however, was only 10.000 barrels.
A gain of only 81.000 was recorded in 1959, compared to an annual post- war average of 325,000 barrels. Another drop in growth rate is indicated for 1961. The American Petroleum, Institute (API) new facilities capable of handling only 26.500 barrels daily will be placed into operation by the end of next September. The decline in expansion projocts results from the worldwide surplus of crude and products that began developing at the end of Suez crisis in 1957. Toledo Is Active Port On Seaway TOLEDO, O.
(P Toledo's early enthusiasm for the St. Lawrence Seaway is paying off. Four years before the Seaway's 1959 opening, Toledo and Lucas County established an independent port authority to take advantage of an expected increase in foreign trade. Funds for expansion and operation of the western Lake Erie port were provided by county voters, who approved $9 million in operating levies and bond issues. ledo's extensive grain interests.
Private industry, led by Tocommitted itself to more $6 million for new improved facilities. When the expansion started, Toledo already ranked third on the Great Lakes in total tonnage, primarily because of coal, grain and iron ore shipments. The current pride of the port is a free trade zone. The Federal Government granted permission Oct. 11 for operation of the zone.
The trade zone, first on Great Lakes and fifth in the nation, will include a warehouse and acres of the Presque Isle site. For many importers the trade zone offers a substantial savings in shipping costs and duty payments. Aggressive port development has resulted in a sharp increase in Toledo's overseas trade. Zimmerman Will Handle Investments Milton J. Zimmerman of 47 Gorman Lane, this city, has announced the recent opening of his investment brokerage firm from his home.
An Army veteran of the European theater, Mr. Zimmerman attended Classical High School. Northeastern and American International MILTON J. ZIMMERMAN lege. Prior to opening his own firm, which will handle tual funds, stocks and bonds, Mr.
Zimmerman was a registered representative in stocks and bonds. He is married and the father of two children. Hamilton Standard Completes First Stage Hamilton Standard said had completed first-stage tests of a new system for removing carbon dioxide from the air inside space capsules. The system, under development for two and one-half years, operated successfully for 100 hours in a simulated space-capsule Carbon dioxide, which is a heavy, colorless gas formed during respiration, must be removed from air to keep humans from. suffocating in small, airtight chambers.
Donald G. Richards, engineering of Hamilton Standard, said the new system processes air through canisters containing a regenerable solid adsorbent. The adsorbent consists of minutel crystals with pores only 15 to 20 billionths of an inch in diameter. These pores trap the carbon dioxide molecules. In the recent tests, two engineers were closed inside an airtight chamber called the "Moon Room." Carbon dioxide Promoted at Mass.
MutualC RICHARD H. DURICK THADDEUS K. MALYSZ New Chrysler Executive Is Confident of Future DETROIT (P) He has the build of a football end, a fondness for water skiing, an interest in history and a working knowledge of French sufficient to allow him to be a member of the board of directors of a French company. Direct Affairs Lynn Alfred Townsend is a young man (41) who has grown accustomed to getting places in a hurry. Today.
after less than four years with the company, he is the No. 2 man at Corp. 'On Dec. 1 he was named administrative and the company said he would "direct the current administrative affairs of the corporation." Townsend was asked just what this meant. means," he said with a grin, "that after Tex Colbert, and upon retirement of Ed Row (currently first vice-president) next month, I'm the boss." Colbert is president and chairman of the board.
He has been searching for a right hand man ever since the blow-up of last summer when William C. Newberg was named president, then fired 64 days later in a dispute over conflicts of interest. talent both and General Chrysler, which, had sought Motors. sat suddenly settled on Townsend. Vice-president in charge of international operations for the past two years, Townsend picked up the new ball without losing a step.
Confident dently of the future, own He speaks easily ands confiand Chrysler's. "Chrysler has a great Townsend said. "'That's the only reason I'm in this job. If I didn't think so I wouldn't be here." He disagreed with suggestions his advancement has been extremely rapid. "I've been associated with was then' fed into the room tot approximate the respiratory output of a third person.
At regular intervals, the gas collected the adsorbent was evacuated by a vacuum pump. simulating the action of the vacuum of space. Walter E. Arnoldi, senior technical specialist of advanced product planning. said more than 300 cubic feet of carbon dioxide, weighing about 36 pounds, were evacuated over! 100 hours.
The Hamilton system also maintains constant temperature and humidity inside a closed chamber. About a gallon of moisture from the breath and perspiration of the two engineers was removed from the air during the tests. Ad Club Entry Blanks Ready for Distribution Walter Ellis, chairman of the Merit Awards Committee of the Springfield Advertising WALTER ELLIS Club, announced this his committee has made final plans for the printing and mailing of information pamphlets and entry blanks to prospective trants. Assisting Chairman Ellis in the preparation of this informative. material are Graham King and Carl Wulff in 'HIGHER DIVIDENDS ON YOUR SAVINGS! NOW UP TO Per Annum DIVIDENDS 4 TIMES A YEAR Dividends Exempt From Mass.
Income Tax! WEST SPRINGFIELD Co-operative BANK 37 ELM ST. WEST SPRING FIELD. Business Outlook Moonward Movement See As Result of FRB Policy Unemployment Reaches Post- War High With Additional Increases Predicted for Future 0 OFFERS TO EXCHANGE STOCK FOR SHARES 'Chessie' Cat Waging Struggle With Central tional Association of Accountanis. The event will take place at the Shelton Hotel. Need for Effective Communication" will be his subject.
William W. Johnston, CPA, A partner of Scovell, Wellington will be meeting chairman. He is a past-president and active member of the local NAA chapter. Parking Progress Seen by Chamber Parking progress today is being accomplished chiefly through private enterprise, although frequently the publicity given municipal parking would lead the casual reader to believe otherwise. No less an authority Transportation and Communications Department of States Chamber of Commerce states that 94 per cent of all off-street parking in the United States today is represented by the billion which private investors have put into parking Even where parking programs have been undertaken by the city they have frequently fallen miserably short of the tions made for them.
Denver, is a notable example of this. Within recent months the municipal facilities in Denver, a financial white elephant to the city, were leased to a ate operator in the hopes that his specialized knowledge could pull them out of the red. The United States Census of Business for 1954 reported that there were in the United States 8588 privately owned and operated parking facilities. By 195s this number had grown to 11,016, an increase of 28.2 per cent. During this same period automobile registrations increased from 48.498,870 to 56,870,684.
an increase of 17.2 per cent. Since 1958 it is a known fact within the industry that the rate of increase has accelerated. Stock Split Suggested By Insurance Company to stockholders of the Lincoln National Life Insurance Co. stock split of two shares for one and a concurrent 25 per cent stock dividend was approved at the recent meeting of the board of directors at the company's home office in Fort Wayne, according to an announcement by Walter 0. Menge, president.
In explaining the action, Menge said that the company is now capitalized at $20 million shares of stock outstand. ing at a par value of $10 per share. If the stock split and stock dividend he's are approved, there would million shares outstanding, share, with a making par a value total capital of $25 million, and each two shares of stock owned as of thi- time would become five shares. This 1 resolution will be submitted for the approval of Lincoln Life stockholders at their regular annual meeting to be held Feh. 15.
A resolution recommending economy will start expanding again in the next six monthsbut unemployment also will be greater in 1961, predicts a UCLA faculty group. These predictions are the core of the ninth annual forecast by 23 professors of the UCLA Graduate School of Business Administration. The faculty group says it has accurately foreseen changes in total business activity during the past eight years. Although the group predicted record total business activity in 1961, it said stock prices and car output will be slightly lower next year. wither account group for said half price of a hikes $10 billion increase in gross national product, the value of the nation's total output of goods and services.
Therefore, the professors said, the physical output of goods and services will go up only $5 billion. absorbs normal figure is not additions enough to the to labor force," the group added, "and therefore unemployment will be greater in 1961 than in 1960." The professors also predicted for 1961: An all time high in industrial production in manufacturing, mining and utilities industries; increased housing construction spurred by liberalized mortgage credit, a slight increase in wholesale prices and bigger jump in consumer prices. Economy Should Expand by June LOS ANGELES (P -America's Real Estate Estate or Homes Appraisals Leases or Lease Backs Turnpike Locations Opportunities for Investment Reliability Since 1922. Macmillan Son REALTORS 100 Chestnut St. RE 6-8338 WHY PRODUCTION FALLS Manufacturers have begun to cut inventories as result of drop in sales since February.
60- -35 MANUFACTURERS' INVENTORIES ft Scale) DOLLARS 50- DOLLARS 8 8 SALES (Right Scale) 1 25 BLUONS CHANGE IN INVENTORIES 1955 1956 1957 1958 1959 1960 Source: Department of Commerce J. A. Livingston this for 13 years. The past compana, I've considered myself strictly a car and truck man," he said. "And I'm a native of this part of the country (Flint, Mich.) so I grew up with an interest in cars." Before coming to Chrysler in April, 1957, Townsend spent 10 years with the public accountant firm now known as Touche, Ross, Bailey Smart.
This firm is the independent auditor for Chrysler and Townsend had been assigned to the account. On the general automotive picture Townsend admits he is new enough that he is very willing to go along with the prevailing industry opinions about the coming year one in which sales should be about the same, or slightly better, than the 6.5 million of this year. Import Situation But on the import situationone he has dealt with directly in his association with Chrysler International Townsend becomes more specific. "Our agreement with Simca is working out very well," he declared firmly. Chrysler bought 25 per cent interest in the French auto company in 1958 and Townsend sits on the Simca board of directors.
"In the portions the world market where we represent Simca, sales are up. In this country we have been hurt just as almost all of the imports have been hurt by the compacts. I think we realized it sooner than some and I know we did something about it sooner. "But Simca is in the American market to stay. In the last two months have especially our prospects improved.
We sell Simcas just as long as the market, can any be foreign penetrated car. prof- And we expect continuing market of some proportion for these Women Can't Be Bartenders In Alton, Ill. ALTON, Ill. 4P-An amendment to the liquor control law which would have permitted women to tend bar has been rejected by the City Council. It decided they couldn't tain order.
And the council isn't alone on frowning on harmaids. Gerald Dalton, business agent of the Hotel ant Employees Bartenders local, said he felt. that if the amendment were inacted, in three months 50 per cent of the men bartenders would lose their jobs. charge of entries and Jay Cox and Robert Stirton in charge of printing and mailing. The competition is open to any individual or organization in the Western Massachusetts area served by the Advertising Club of Springfield.
All advertising managers, agencies, companies and others in West. ern Mass. are urged to begin now 10 select the best advertising material used by them during 1960. Chairman Ellis emphasized that entrants need not he members of the Advertising Club in order to enter the contest. How-Dee Is Member Of Associated Industries How 1156 State has become a member of Associated Industries of Massachusetts, according to an announcement from the 2000-member, business organization.
How-Dee, a division of Autonatic Retailers of America, is an automatic vending and in-plant feeding concern with 65 vehicles and 135 employees, occupying a modern of-! fice and commissary building here. It also has operations in the Boston area and Connecticut. Jack Levine is president of the How-Dee Co. NEW YORK (P) -The Ohio Railways's sym bolice cat, Chessie, this week swallowed a railroad. The Railroad was the famous, historic Baltimore Ohio.
"One-Upmanship" Chessie fought the mighty New York Central for the and won. She displayed unique abilities at the managerial art known as "one-upmanship." Now. Chessie's one up on the Central in the developing railroad merger pattern in the East and Midwest. The offered to exI change its stock. shares.
On Wednesday, Barter a six months campaign, owners of more than 50 per cent of the shares agreed. They thus turned down a competitive exchange offer from the New York Central. There are still possibilities that the exchange set. Each stockholder will have 30 days to withdraw his tender of stock after the accepts it. Also, the interstate Commerce Commission must approve.
The has applied to the ICC for approval and the central has acted to intervene in the case. It isn't expected that there will be any final decision until late next year. Assuming, however, that approval finally is obtained, what is the significance of Chessie's victory? Two Areas This significance can be found in two areas. First. there's the near-term gain: Operating economies and increased revenues that can be obtained by control and ual merger.
Second, there's the long term strategic importance in the development of two major rail systems in the East and Midwest. The immediate effect of consolidation would be the second largest railroad system in the nation with assets of 132. The Pennsylvania would still be first with $2,385.391,682. The combined railroad would coal become the nation's largest carrier, succeeding Pennsylvania. In fact, the combined road would be the biggest transporter of coal in the world.
The 0 moves coal from mines along its lines in Virginia and West Virginia eastward to Hampton Roads, Va, and westward to the Midwest. This is low volatile coal. also is a large coal carrier, mainly high volatile coal. The lines of the and the do not parrallel one another over any great stretch of territory and their connections are relatively few. Their combined mileage is in excess of 11,000 miles.
Biscotti Is Elected Exec. Vice-President Victor A. Biscotti was elected executive vice president of the Western Mass. A-sociation of Credit Executives, Inc. and the Credit Executives Collection and Adjustment Bureau, at a board of directors' meeting held last day at the Schine Inn, Chicopee.
Neil Bryson, Gilhert Barker Mfg. was elected president of the Collection and Adjustment Bureau, Donald H. Mudd, A. G. Spald.
ing vice and Clarence Valade, Forest Products director. Newly elected executive VICTOR A. BISCOTTI vice president Biscotti makes his home at 55 Judith this city, and has been with the Association of Credit Executives, for 10 years. Previously to that, he was with the Retail Credit Bureau, WITH A MAYTAG EQUIPPED COIN-A-MATIC LAUNDRY YOU DON'T HAVE TO DISCOUNT YOUR PRICES TO DO BUSINESS YOU DOUBLE YOUR INCOME OVER LARGE LOAD MACHINES Special Exclusive Features Automatic Soap And Bleach Dispenser Posittre Water Temperature Control Choice of colors, no Extra Charge $5000 Down. Balance Financed At for 3 years, provide vou with A.
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OF SPRING FIELD 90 STATE ST. REpublic 2-3147 By J. A. LIVINGSTON Maybe you didn't notice the moonward movement in bonds. Prices on long-term U.
S. jumped as much as two points within 10 days. That's good going. And many corporbonds, which investment bankers had trouble selling, suddenly "went out the demand is attributable.in of part the to Federal the easy- Reserve Board. Business is slack.
the board sees that bankers plenty of free reserves. they won't turn down borrowers. At the same time, banks short-term securities. This buying spills over into the bond market. But the rally in bonds could be "disaster" speculation.
a truism that when business bad, interest rates fall and prices rise. Some speculators undoubtedly have concluded: "Business is going worse. Now's the time to bonds." pression-since-'29 A lot talk of worst going around. Democrats for Easy Money Such speculators would have a two-ply First, on the genassumption that the DemoParty will insist on easy money as a matter of: policy. Perhaps, the new secretary of Treasury will shoot for a cent long-term-bond rate.
would mean further price advances since government bonds still yield as high as 3.8 cent. Second, on the possibility the industrial decline will gather momentum. If the slump deepens, business men cut inventories further. Expansion plans installing machinery, building new plants, etc. -will he postponed canceled.
This will reduce demand for Credit will in ample supply, and monrates will fall. Recent economic developdo not contradict this pessimistic point of view. The weather could hardly have been contrary. It was so warm the forepart of a December department store execuprayed for a cold snap. On East Coast.
the prayer was overfulfilled. Snow so tied up cities that shoppers couldn't get to stores. Hiring at 10-Near Low And unemployment has risen more than 4 million a posthigh for November. This not unexpected, but it uneasiness among workeven though employment is than a year ago. As work falls off in the next months, unemployment will further.
Internal employment statisare not comforting. Hours worked in manufacturing fell to per week, down from the He is president of the Particular Council, St. Vincent Society of Greater Springfield and past. commander of American Legion World War. Post 326.
Ile a member of the $0 of the Breakfast Club committee nf the Greater Springfield Chamber of merce. For the last five years, 84 executive secretary and manager of Credit Executive, Biscotti has won nittional awards for achieved top place in new members for the organization, on a percentage INSTALLMENT DEBT 6TH OF INCOME NEW YORK Installmentdebt repayment in the United States amounts to a billion dollars a week -about a sixth of all personal income after taxes. This is 30 per cent greater than the repayment sum in 1955 and more than double that of 1950. year's high of 40.3 in January. AV year ago workers put in 39.9 hours.
And the rate of hiring slipped to a 10-year low for the month of October. This is typical, as this column has noted before, of an inventory cycle, or de-cycle. sixty began with all the prefabricated expectations of a Broadway musical which lasts only three months. Soon it became apparent that manufacturers had over-anticipated the capacity of householders to buy and under-anticipated their own capacity to produce. Inventories kept piling up-long after.
118 hectic anxiety 10 "'beat" the steel strike. The industrial machine takes time to change direction. Stocks Vs. Bonds Again Manufacturers' sales have de clined 6 per cent the February peak, and inventories are now being reduced. Theory: "Let the other fellow carry the stocks." Capacity is ample.
Quick deliveries are counted on. So long as this tion persists, production will tend to drop and so will employment. Fortunately, personal come and retail volume have well. True, sales haven't come up to expectations, and Christmas in some cities may not meet last year's mark because of the snow. However, there's still time--if shoppers have the -to make up the loss.
The recent rise in bond prices has altered an important Wall Street relationship. At times during the year, yields on industrial stocks went as low ag 3 per cent, while yields on U. S. bonds got close to per cent. This presaged chin of stocks into bonds.
Now if bond prices keep advancing, a reversal will take place -switching from bonds to stocks- the economio slump goes much farther than I expect it to. tives the major to war was (causes ers higher door two rise tics 39.3 Inc. Paul is and ing basis. Mortgage Loans Prompt Service Ail Types of Property LOWEST RATES Henry M. Clark Co.
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