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The Los Angeles Times from Los Angeles, California • 88
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The Los Angeles Times from Los Angeles, California • 88

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Los Angeles, California
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88
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'fyjuyiju'tj1 ray "Tiipr-'HiyHjy Sunkist Gross J. Morgan, Wildcat to Seek Gas Field Near Shafter 0 I Stock Market Rises to Another Record Peak List Propelled Upward by Spurt on News of 3-for-l Split and Dividend Hike Gains in '58 Guaranty Trust BY ROBERT J. SULLIVAN, Times Oil Editor Golden Bear Oil Co, shortly, Acid was discovered in 1935 by will start exploring for a Standard Oil Co. of California, now natural gas field in with production for 21 yean to $183 Million in Merger Deal confined to dry gas. In 195B, Kern County.

Sunkist Growers marketed NEW YORK, Dec. 17 (IP) hour and 35 minutes the stock resumed trading at 225, on The company will drill of the Semitropic field and Humble Oil Refining Co. proved up a small oil pool lit the Ktchecoln sand, completing $183,000,000 (f.o.b.) of citrus The famous banking house of approximately six miles west during the fiscal year ended J. I Morgan and two wells for a present produc of the town of Shatter. Hopes NEW YORK, Dec.

17 tfl American Telephone's proposed 3-for-l stock split and raised dividend boosted 21 points and propelled an otherwise ragged stock market to another rec 10 PartlV. THURSDAY MORNING, DECEMBER 18, 1958 Oct. 31, last, an increase of a mock of snares lor a gain of 23 points. trading continued heavy until the Guaranty Trust Co. today an for a discovery hinge on Gold nounced a merger Into one firm en Bear's Garrison City Unit 000,000 over the previous year and second highest since World close.

under the name of Morgan No. 1 on the northwest quarter Of Sec. 9, 28-24. Guaranty Trust Co. of New Advance in Sympathy Other communications Issues ord peak today.

York. The objective horizon Js the Etchecoin series, and a depth The merger plan is subject! of about 6000 feet is anticipated War II, F. Ft. Wilcox, general manager, reported yesterday at the annual meeting. Of this total, $145,000,000 came from the sale of fresh fruit and $38,000,000 from the sales of numerous citrus prod The proposals were a dream come true for Telephone's 1,625,800 stockhold to approval of the Superintend rose in sympathy, boosting the utility average to a new high and virtually dragging the overall average to a new record.

ent of Banks of New York and tion of about 40 barrels a nay. Tradewlnds Deal Tradewlnds Exploration, has acquired from Timor Oils, of Sidney, Australia, an option to drill 15,000 feet on a 7000-square-miIe concession on the island of Timor. Sunset In-ternational Petroleum Corp. it a major stockholder of Trade winds. If Tradewlnds exerclsei tn drilling commitment, it will earn a 50 Interest in the entire Timor Oils concession.

Tha 15,000 feet may be drilled 'in not less than two wells. In the transaction. Trade- ersAmerica's biggest fam the Federal Reserve Board. It as enough to prove or disprove productive possibilities. The wildcat is located about four miles southeast of nearest production in the Semitropic field.

Initially, the Semitropic The Associated Press aver ucts manufactured by the lemon products division and orange also must be submitted to stock holders for their approval. products division of Sunkist, he said. The higher value ob ily of shareholders who have been hearing stock-split rumors and receiving their famous $9-a-share dividend since the 1920s. The action was a millenni age of 60 stocks advanced 1.1 points to 208.9, the second record peak in two days. The in Morgan is the 22nd largest bank in the country and Guaranty Trust rates ninth.

The tained last season was largely due to a scarcity of oranges on the market because of sharply dustrials were down .6, the rails down .1 and the utilities merged institution would have um for Wall Street as direc up 2.5 to a new peak. capital funds of more than reduced harvests in California and Florida. Firestone Tire Earnings OK The Dow-Jones industrial av winds ac ouired 250.000 shares $500,000,000 and total resources of about 4 billion dollars. erage rose 4.20 to 569.38, a rec tors proposed the split and a boost in the dividend on the new stock which would of the common stock of Timor ord high, topping the previous nils in exchange for 3rd in X.Y. closing record of 567.44 shares of Tradewinda common.

This would make the mercedibe equivalent to $9,90 a reached Nov. 17. is in Tradewinds, under its agreement, has the right to acquira institution the third largest share, eluded in the Dow industrials but is in the AP utilities, thus rose 3 points on the another 250,000 shares of Timor There was an oversupply of lemons last year and, coupled with a generally cool summer, values were down, Wilcox said. Had it not been for very heavy exports of lemons, returns would have been lower than they were, he pointed out. Total exports of all citrus varieties by Sunkist amounted to over 6,000,000 cartons, with lemons making up 4,250,000 cartons of this volume.

news before such a flood of buy accounting for the jump in the bank in New York City and the fourth largest in the nation. Under terms of the merger plan, holders of Morgan stock ers came that trading had to be lorraer. halted while New York Stock will receive four and two-fifths Exchange officials strived fran A number of other features were included in the market which saw a decline in most aircrafts, oils and drugs and a tically to match orders. After shares of stock of the merged bank for each share now held. Holders of Guaranty stock will NEW YORK, Dec.

17 Fire- stone Tire Rubber Co. reported today for the fiscal year ended Oct. 31, last, net income of $53,751,650, equal to $6.36 a common share, compared with $61,692,152, or $7.49 a share In the previous year. Sales amounted to against 1.304 in mi. San Jose Water Works 12 months to Nov.

3.0 net $911,034, or S3. 75 a share vs. $855,517, or $3,76 in .1957. mixed pattern among motors, nonferrous metals and receive one share for each share Pacific Gas The general range of gains May Shopping now held. Henry C.

Alexander, chairman of Morgan, will be chairman and chief executive officer of the merged bank. J. Luther Cleveland, chairman of Guar was from fractions to about aCenterS NaiTieS Centers Name Hikes Dividend anty Trust, will be chairman of Getz Manager Robert E. Getz has been ap Hupp Most Active Hupp common responding to news that want to retire the Series Other earnings follow: American Steel Foundries fiscal year the executive committee, Directors of Pacific Gas Electric Co. yesterday declared net or $3.50 a share vs.

or in 1957. a bo-cent dividend on the com pointed vice-president and general manager of May Shopping Centers, it was announced yesterday by David May II, Kroehler Manufacturing 40 wwki to Oct. 5, net or 51 cents a share mon stock at a meeting in San A preferred, was the most active stock, rising to 5 on 169,300 shares. Second was Francisco. The dividend, paya VS.

12,951,907, Or S2.Z8 in 193. Roval Bank of Canada, fiscal vear net Oils stock ty a simitar ex change, if the company exercises its drilling option. Ventura County Franco Western Oil Co. haa staked location for a wildcat north of Fillmore in Ventura County. The new test will be Burson No.

112 on Sec. 12, 4N-20W. It is programed for a depth of about 6000 feet. Location falls about a mil south of the Little Sespe Creek area in the Sespe field and two to three miles north of deep production in the Fillmore field, Belgian Anticline Getty Oil Co. is redrilling for another look at shows in Sleg-fus No.

33X on Sec. 26, 30-21 in the R-K area of the Belgian Anticline field. Present depth is somewhert below 5794 feet. Total depth the first time down was 7023 feet Getty's test well Is located two-thirds of a mile south of present production in tht R-K area. Oil Note Bandinl Petroleum operator, is prospecting below feet at Bandini-Hamilton Dome-Johnson No.

-88-32 after halting the San F.midio Nost extension test at that depth to) log. ble Jan. 15 to stock of record president. a final 21-point gain put 515,868.329, or $2.63 a share on 6,042,195 Dee. 26, boosts the annual divi Business News Briefs snares vs.

or on shares In 1957. ting the stock at a 28-vear high of 223 on volume of 110,200 dend from $2.40 to $2.60 a May Shopping Centers was established last month as a wholly owned real estate subsidiary of the May Department Stores Co. Financing of the San Dleso Water Works, 12 months to Nov. 30, net $911,034, or S3.75 a share shares. share.

Ihiconimun Metals and Sup had a 1930 high of 274V and a 1929 high of vs. $855,517, or $3.76 In 1957. Telechroma Manufacturing September ouarter net $54,888, or 20 cents a shara vs. $37,994, or 14 cents a share MARCH OF FINANCE Split Rumor Finally Confirmed BY HAROLD WALSH, Times Financial Editor After a great many years of recurrent rumors and urging by special stockholder groups to take such action, the world's largest corporation has at last decided on splitting its common stock and raising the dividend. Catching the financial world completely flat-footed, American Telephone Telegraph surprising dis- closure yesterday that it plans to split its common stock -on a 3-for-l basis and boost the annual dividend rate on the new stock to $3.30 per share created one of the big-, gest commotions of the year on the floor of the New I York' Stock Exchange.

Suspension Called in Trading Buying orders poured in in such volume that trading had to be suspended for more than one and one-half hours before an orderly market could be established for the shares. Before suspension it had sold at 203, three points above the year's previous high, and after trading re- 1 'sumed it soared to a peak of 225 on a block of 75,000 shares and closed with a gain of 21 points at 223 on a turnover of 110,200 shares to establish it as the second most active stock of the day. It's been a great many years since America's most popular equity experienced a turnover of this size. After the New York close there were around 1500 of traded on the Pacific Coast Stock Ex- change with the final price at 223. Total volume for the Coast market was 4541 shares.

Influences Dow Average alone was largely responsible for a climb in the Dow-Jones industrial average of 4.20 to a new all-time high of 569.38. Standard Poor's industrial aver- which does not contain this utility stock, was ahead only .12 to 57.33. Incidentally, this column has never -iad it adequately explained just why this stock is car-jfried in the Dow-Jones 30 industrial issues. With its business preponderantly in the regulated communica-vtions field, it would appear that it more properly belongs in a utility average. The action of was also sharply reflected in its convertible 44 c0h debentures of 1973 which were also suspended from trading and after resumption of dealings rose 15T49i to a new high of 180.

Pacific Telephone common was also suspended, both In New York and on the Pacific Coast Stock Exchange. After resumed trading it reached a high of 150 and closed at 146Vi for a gain of 7 points. Other subsidiaries were similarly affected by the parent company's action. had quite an upside splurge last September on rumors of a split and higher dividend, jumping about 4 points in one day. After that it quieted down and with a revival of the rumor early last month it jumped to 202.

Since then it backed away and then began another advance on Tuesday. First Split in History The stock of the world's most widely held corporation has never been split and its $9 annual dividend rate has been maintained without interruption for the past 36 years. At $3.30 a share, the new rate on the split stock would amount to $9.90 a share on the old stock or an annual increase of 90 cents per share. In making the announcement the company said if its huge construction programs are to continue "a broader market for the company's stock is essential." But up to date it has done awfully well in getting stock distribu- Please Turn to Pg. 1 1, Col.

company's $75,000,000 expan ply Co. declared a special dividend of 25 cents a share, plus a 2 stock dividend, both pay- 310V4. in 1957. sion program over the next Third most active was Frue- Sylvester (Pat) Weaver has become consultant on special four years will be done through hauf Trailer, up at 197s on Name Change Voted ame Jan. la to stocK of record Dec.

26. Van Camp Sea Food shares. Shopping Centers. Frank W. Clark Jr.

is execu television projects to McCann Erickson, it was an Of 1236 issues traded, 497 NEW YORK, Dec. 17 Share declared a regular quarterly rose and 482 fell. There were nounced by the -advertising tive vice-president of the subsidiary, which has headquarters in Los Angeles. dividend ot 25 cents a share on holders of McColl Frontenac Oil Co. approved a change in the 101 new highs for the year and agency and the former presi-Lh' common stock, payable 4 new lows.

company's name to Texaco ormerly senior vice-presi- Volume was 3,900.000 shares 1-eD. i to stock of record Jan 13. ling Co. dent of Union Bank. Getz's new! Canada, effective Feb.

rnmnawrt with 3 970 000 John M. Martin has been ap responsibilities will deal with! Texas Co. of the United States pointed assistant manager of "5 "1 'SlW Dublic relations for the Los An- financing, leasing and manage- owns a majority of the com merit of May propertiesipany's common stock, throughout the United States. i-lls-WP usual extra dividend of 15 cents Debentures a snare on the common stock. zeles Chamber of Commerce, odd H.

Fast, manager, an in addition to the regular quar Soar in Heavy Trading NEW YORK. Dec. 17 (P) terly of 10 cents a share, both nounced. Martin, who joined the Chamber in April of this WALL Moody Rating payable Jan. 10 to stock of record Dec.

21. Golden State Bank directors year, will continue as editor of Southern California Business, weekly Chamber business pub Sharp demand for convertible debentures of American Telephone Telegraph Co. enlivened an otherwise listless bond market today. lication, ast said. yesterday declared an extra dividend of 25 cents and a stock dividend of 10 on the capital stock, in addition to the regu Word that directors of A I Baldwin Sayings lar quarterly 50 cents.

The regular and extra dividends will had voted to split the company's common stock sent demand for the convertible 4V4s of 1973 soaring. $310,000 ORANGE COUNTY CALIFORNIA SANITATION DISTRICTS Non-Callable General Obligation Bonds Votes Dividend be paid Dec. 31 to stockholders of record Dec. 22 and the stock Truman Johnson, president Trading was so fast and fu of Baldwin Park Savings and rious that dealings on the New dividend to stockholders of record Dec. 23, it was announced by W.

G. Ross, president. Beverly Hills Productions, Vork Stock Exchange were suspended for a time. When trad Loan Association, reports that dividends at the rate of 4 per annum have been declared for the period ending Dec. 31.

The yesterday declared an ini Due January 1, 197082 Dated January 1, 1939 same quarterly interest earn tial dividend of 5 cents a share Please Turn to Pg. 12, Col. 6 ing resumed the 4Ws crossed; the tape at 180, up 15. The' issue closed at 180VS, up lSvs.j after debentures with a total; par value of $941,000 had beenj traded. The rest of the corporate list, was mixed, i General Telephone converti-i ings will be continued through March, 1959, he said.

The association this month marks its first year of growth. Its total assets now are in ex Crude Output Off Crude oil produced in California for the week ended Dec. 12 is estimated by the Ameri cess of $4,500,000, a gain of over $2,300,000 since June of this year. Johnson reports that in the year since its opening the Baldwin Park Savings and can Petroleum Institute at ble 4s was a feature, gaining at 130. The company, which operates in areas not served by Bell system, would benefit from any general increase in telephone business.

100 barrels daily, against 930. Loan has made loans totalingj300 barrels daily for the like more than $4,500.000. 1 1957 period. Sanitation District No. 2 Amount Coupon Maturity Yield Amount Coupon Maturity Yield $45,000 4fo 1971 3.557o $150,000 3fo 1976 3.657a Sanitation District No.

3 Amount Coupon Maturity Yield Amount Coupon Maturity Yield $60,000 1979 3.75ft $10,000 34ft 1981 3.807o 55,000 1980 3.73 50,000 3 1982 3.80 Sanitation District No. 11 Amount Coupon Maturity Yield Amount Coupon Maturity Yield $30,000 67o 1970 3.507o $35,000 67, 1973 3.657 45,000 6 1971 3.53 20.000 4 1973 3.65 30,000 6 1972 3.60 10,000 3 1981 3.80 Descriptive Circulars Upon Request TAYLOR and COMPANY 439 No. Bedford Drive Beverly Hills, California BR 2-8011 CR 4-5381 Why Buy Municipals? These days that's easy to answer. Yields on these bonds are near a thirty-year high. The income you get is tax-free.

Take an individual, for example, who finds himself in a 50 tax bracket. He can realize the same return ter taxes from a municipal yielding 34 as he can from a taxable security paying 7. Lots of investors, of course, are thoroughly familiar with the tax-free features of municipal bonds. They've been buying them for years to increase the net income from their holdings. But lots of other people ho might benefit in the same way have never bought a single municipal simply because they don't know enough about them.

That's why we've just published a brand-new booklet called "Investing fob Tax-Exempt IcoMr-The Story of Municipal Bonds." It begins with four good reasons for buying municipals and ends 32 pages later with a glossary of important terms. In between, it covers in layman's language all the essential points about municipal bonds fl cordially invitei "'-V A 77li 1 EFHunon Company's It; fU SSWiknirtBoulevard I 'tlJXa tnlmmvm-lifX I WEbsteT 4-8511 I Interim by Helen Conway. A. ID. 14 I ft.

1 1 what they are, how they are bought and sold, how they are rated, what the buyer should know about ThU announcement it neither an offer to tell nor a tolicilaium of on offer to haf theno Kcuritin. The offering made only by the Prospoetut. Kewhmo December 17, 95 700,000 Shares Ambassador Oil Corporation Common Stock (tlPuVilue) Price $4.00 per share opie oj the Pnupectue may be ohtainei from any of the under-ngneH or other dealert or broken only in states in tihich such under writere, dealert or broken art qualified to act at dealert in tecuritiet, and in vchirh the Prmpeetut may bt legally distributed. Dempsey-Tegekr Co. Lester, Ryont Co.

Bear, Steam Co. Gregory Soot Mitcfcum, Jones Templetoa Jack M. Bast Company First California Company Incofporatotl H. Henta Co. Daniel Rmtm A Co.

Scherck, Richter Company Straus, Blotter A McDowell Fairman A Co. Toboco Inc. Maloney A Ino. Kenneth ElHs Co. Blewer, Glynn Co.

Fridley Frederking Hill, Darlington Co. Kroeee, McLarty and Company Ints, Newton Co. McCarley Company, Inc. Muir Investment Corp. McKendrick, Haseltine Wilson, Inc.

Miller 4 Company Howard E. Pill 4 May, Inc. Sad A Co. Harold S. Stewart Company interest rates and maturi Ultra modern and complete investment facilities, superbly styled for comfort and convenience; are graciously yours in E.

F. Hutton Company's new WilsLire ties, other key points to check. Tou'll find twenty-year charts on yields and prices and table highlighting the spread between the net return from taxable and non-taxable securities at various income levels. If you're in an upper tax bracket yourself, we think youH want to read "Investinc foe Tax-Exempt Income The Story of Municipal Bonds." A copy it yours for the asking. Merrill Lynch, Pierce, Fenner Smith Members Sew Yori Sleek Exchange and ell other Principal Exchange! Loj Angeles.

52 West Sixth Street Milbanfc McFie, Ptnr, Hollywood, 6353 Hollywood Sim Grodrn, Ptnr. Beverly Hills, 434 N. Camden Drive Danilj Bell. Mgr. LA.

1013 Broxton M. Hornbedcer, Mgr. San Diego, 311 Street William Barker, Mgr. la JoIIa, 7918 Ivaohoe Avenue Edwin A. Stephan, Mgr.

Pasadena, 373 E. Green Street Gilbert F. Olson. Mgr. Boulevard Offices at WilsUre and Crenshaw in the new Tidewater Building.

Here in the most beautiful of surroundings investors are invited to enjoy the ultimate in brokerage service. F. Hutton Company takes pride in this latest advancement in over half a century of outstanding service to investors throughout the nation. E. F.

HUTTON COMPANY Member Nft Tori Stock Exchange Pacific Cotut Stock Exchange mi AO Oilier Leading Exchange NEW TOIK CHICAGO 10S ANGELES SAN FKANCISCO HEW OKISANS KANSAS CUT DAtlAS ATLANTA Fresno, 1123 Van Ness Avenue A. Andrews, JrMgr..

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