THE SPRINGFIELD UNION, 'SPRINGFIELD, WEDNESDAY, SEPTEMBER 7, 1966 33 Industry 68-Year-Old F. A. Bassette Co. Honors W. L.
Kervick on 60th Anniversary The 75 employees of F. Tuesday afternoon--and St. composing room into The occasion was president William L. Kervick's 60th anniversary with the 63- year -old printing house. An Active 71 Not many men become presidents of the companies they started at as office boys, perhaps fewer 60 years work with no intention of retiring, and fewer still are working harder than ever at age 74.
Kerrick joined the firm on Sept. 5, 1906 at age 14 and wepkly pay of $3. He had been orphaned at about age 11, ac. cording to his son. Robert, vice-president of manufacturing.
Mass. Mutual Promotion WEST WARREN Pierce R. Culliton of West Warren has been named assistant director of group pension administration of the Massachusetts Mutual Life Insurance Co. In Springfield. Culliton in A graduate of Warren High School, a reteran and holds a in business administration from the College of the Holy Cross in Worcester.
He joined Mass. Mutual in the Group Pension Administration Department in 1951. was named a supervisor in Group Pension Administration in 1959, assistant manager in 1961 and manager in 1961. New CPA Seminars A series of five seminars and, two other sessions will be sponsored by the professional devel-1 opment and education committees of the 66-year-old Society of Certified Pubhir Accountants this fall. The sessions will be held in the Sheraton Boston, the set Hotel and the IBM Center, in September and October.
In charze the programs will be Gordon of. Nielsen of Needham, chairman of the society's educa tion committee. Among the leaders will be Richard R. Towle of Hingham: and Charles Weiss. James Kelly, Irving Kellogg and Hugh Gyllenhall, all of New York City.
Also, assisting in the plans are John W. Anderson of Hadley, and E. Louis Raverta of Springfield. Morse Chain Expansion ITHACA, N. Y.
(TPI) Morse Chain Division of Borg. Warner Corp. plans a st lion expansion program, Koh. ert 0. Bass, division president, said he expects a long range trend to front wheel drive cars using drive chains and the company intends to make these chains at Ithaca, He said the expansion ultimately will add 500 workers at the plant.
$100 Million Plane Credit NEW YORK (P) Eastern Airlines announced Tuesday a 01 finance new jet planes. Todd G. Cole, Eastern senior! vire-president-finance and administration, said the 6 per cent loan arrangements with institu-! tonal investors plus other loans arranged earlier will purchase $325 million in new planes through 1968. Cole, who made the announcement in Los Angeles, said the majority of the equipment on order is intermediate range trin-engine DC9 jets. These will; release Boeing 727s.
a larger three-jet aircraft, for longer haul. The DC9s are aimed at E. tern's Boston-Now YorkWashington shuttle run, among others. Pa The 65 DCIs to be delivered by 1968 are in addition to the 60 Boeing 727s and 9 series 61 DC3 Jumho Jets being placed into service up to 1068, Cole said. Assassination Reaction LONDON (-The assassination of South African Premier Hendrik Verwoerd sent the London Stock market into 3 plunge Tuesday, Hardest hit were South African gold ing shares.
Selling hit these shares hard the big companies fering the largest losses. But en lower priced golds slumped. Some dealers limitP4l the number of shares accopted. Copper and diamond mining stocks also suffered. British industrial stocks, however, rewReted mildly to the assassi.
nation news. Rut these shares alco slipped under small ing and for lack of buying port. Oi's declined. British ernment honds weakened. Plastics Acquisition PITTSBURGH -The Papercraft Corp.
announced Tuesday acquisition of Eastern Industrial Plastics Jersey City, N. Y. Official Hits Ad Copy of Some Banks in State A. Bassette Co. took a transformd the firm's Hillman near-banquet hall.
In that autumn of 1906, construction workers were erecting the Springfield Cold Storage building on Hillman St. across from Bassette's. This week demolition crews are knocking it down. Worker Not so for William Korvick, who puts in full, hardworking day's and reportedly runs circles around some of his younger salesmen. The firm was in 1898 on the day the battleship Maine was sunk off the coast of Cuba.
Over the years, the Hillman St. establishment has grown and prospered. IN. for an undisclosed sum of cash. Eastern Industrial Plastics will operate as a wholly-owned subsidiary under the American Universal Plastics.
Inc. No management changes are anticipated, Papercraft; said. The New Jersey firm manufactures vinyl tablecloths, place mats and doilies. Papercraft's products include gift wrappings, ribbons and greeting cards. Color TV Prices Up NEW YORK (P Motorola, Tuesday raised the sug.
rested price list of 30 models of its color television line an average of almost 3 per cent. The price changes on the 21 and 23-inch sets were attrihuted to rising production and component costs, a spokesman said. The new suggested list price for Motorola's least expensive 23-inch table model is $119.93, up $11.07 from the June level. The company noted however that an equivalent sot A year ago sold for $179.95. Prices of 15 sets in the color line remained unchanged.
Zenith Radio Corp. also announced increases ranging from slightly less than 1 per cent to about per cent on six 25-inch rectangular tube color sets. The sets affected are in the middle and upper part of Zenith's 40-model color line. Firestone Records AKRON, O. (-Firestone Tire Rubber Co.
said Tuesday its third quarter carnings of $24,865, or 93 cents a share, represented the most profitable three-month period in the comipany's 66-year history. The earnings in the quarter ended July 31 were on sales of $156,750,505, and compared with earnings of $22.736,941, or 79 cents a share, on sales of 287.196 in the similar quarter of 1965. Nine-month sales and earnings figures also established records for the company, with profits after tax up 17.8 per cent from a year ago. Nine-month net income was $70.755.495, or $2.45 a share on sales of $1,327,410,632. Year-ago comparative figures were $60,051.278, or $2.09 a share, net earnings on sales of $1,158,186,595.
SBIC Bill Okayed WASHINGTON IP- The Senate approved Tuesday A bill designed to give the Small Business Administration (SRA) more power to supervise the Small Business Investment Company (SBIC) program. The measure, sent to the House on a voice vote, would give the SBA what Sen. William Proxmire, D- de. scribed Ag "needed additional tools to regulate the SBIC program." The nicasure would authorizo the SPA to revoke SBIC licenses in addition to its present authority to suspend them; to issue cease and desist orders against SBIC 38 well as Individuals who are violating the Small Business Investment Co. act or regulations: and to remove or pend officers or directors of SBIC.
Aberdeen Agreement NEW YORK (UPI)-International Breweries, Tuesday announced it has agreed to purchase for an undisclosed cash sum 3 controlling equity interest in Aberdeen Management which manages the Aberdeen Fund. Aberdeen management is owned by its president, Charles L. Bailey, but the agreement is subject to the approval of sharcholders of Aberdeen Fund. Simmonds Purchase TARRYTOWN. N.
J. (UTI) -Simmonds Precision Products, said Tuesday it has agreed to buy Great Eastern Manufacturing, of North Springfield, maker of cision gear trains for the aerospace market, for an undis. closed amount of cash. He was chosen to be the firm's third president June, 1955, after having been named secretary in 1927, and a director in 1917. Success Story Shortly after being named president 11 years ago, Kervick said, "'The characters of the early founders of the company (Frederic A.
Bassette and (Villiam C. Lawton) has permeated the organizationthis is why we are successful." Tuesday, the employees had aL somewhat different ideathat the youthful, vigorous, Kervick is why the firm is successful. It has held accounts with nearly ev. ery major industrial concern in the Connerticut Valley from Greenfield to New York City. The Daily Investor By William A.
Doyle Q. For the life of nie, I cannot figure out brokerage commissions. Every time I buy or sell some stock, the commission seems to be at a different rate. Can you please tell me how to calculate the commission which must be paid when buying or selling stocks on a stock exchange or in the over-the-counter mar. ket? A.
All of a sudden the mailbag is bringing in more questions about commissions. My guess is that investors speculators are becoming more. cost as a result of the sharp drop in stock prices. Because your query touches just about all bases, an answer (should clear up things for many readers. Let's begin with the commissions a brokerage firm which is a member of a stock exchange must charge nonmembers for buying and selling stock through the exchange.
These are called "minimum" commissions. Actually, they are standard, because any broker who tries to charge more soon loses customers. The key thing in determining commissions is the amount of money involved in each "roundlot" unit of trading. For most stocks, this 100 shares. This commission schedule is up on the following slidingscale.
When the amount of money involved under $100, the commission is "as mutually agreed" (but seldom less than $6); from $100 to $399 it's 2 per cent plus from $400 to $2399 it's 1 per cent plus from $2100 to $4999 us it's one-half of 1 per cent plus $19; $5000 and above (it's one-tenth of 1 per cent plus $39. As you can see, as a percentage, the commission is er on high-priced stocks. And here's a point too many people overlook: The commission is based on the money involved in each round lot. So you pay a higher commission on a trade of 200 shares of a $25 stock than on 100 shares of a $50 stock. In an odd-lot transaction (for most stocks, fewer than 100 shares) you simply subtract $2 from the commission schedule outlined above.
But you are also hit with an "odd-lot differential." That fee cents a share for stock selling below $55 and 25 cents a share for is stock added selling at $55 or higher) to the price when you buy and is subtracted from the price when you sell. Now, for the over-the-counter market, where a broker can I The company now ranks among biggest printing houses on the East Coast. Kervick is credited with rounding out the growth of Bassotte's offset department in 1963 to a completely integrated operation- which has enabled the firm to stay on top of its trade. Unique Gift Tuesday, flowers and congratulations flowed into the building from many, many longtime friends and business acquaintances. Foremen presented Kervick with an oldfashioned but gold-plated type stick.
Kervick's daughter, Mrs. David Russell, is clerk of the company and cost supervisor. He resides in Wilbraham with his wife, Jane. act either as an "agent" or as a "principal." If the broker acts as your sell a stock for you at the best agent, he is supposed to buy or possible price and charge you a commission, which is usually equal to stock exchange commission rates. If the broker acts as a principal, he gets either a "markup" or a "markdown." When you buy, he buys the stock, for himself, at one price sells it to you at a higher price.
When you sell, he buys the stock from and sells it (or tries to) at a higher price. For a brokerage firm acting as a principal, the markup or is profit--in effect, commission. Sometimes it can be about equal to stock exchange commissions. But it can higher. To wrap up this whole subject, we should touch on mutual funds, where the commission is calculated as a percentage of the total amount of money put in, not on the number of shares.
For most mutual funds, the top commission is per cent. So if you invest $100, the commission is $8.50. You buy $91.50 worth of fund shares. Funds with such charges, however, scale down that percentage commission bite on larger investments. The formula varies from fund to fund but is spelled out in the prospectus of each mutual fund.
The exceptions to all this, of course, are the mutual funds, whose shares are sold directly to investors (not through brokers and salesmen) without any commission charge. (Readers are invited 10 send their questions to Mr. Doyle in care of The Union. He can answer only repre. sentative questions of general interest.) One Merger Off, One On HOUSTON (UPI) -Gult Corp.
and Gulf Western Industries, said Tuesday both companies have agreed to call off their proposed merger because present market conditions nave reduced the market value of the securities required to effectuate the merger. There was no provision in the agreement to adjust the ratio of the share exchange. However, president John Duncan of Gulf Western said the company is going ahead with the merger with Paramount Pictures which will be submitted to shareholders of the two companies Oct. 11. He said the Paramount merger agreement contained a provision that protected Paramount shareholders against declines in market values within limits.
A long head is fashionable on the Pacific island of New Britain. EARN THE HIGHEST PER ANNUM DIVIDEND IN WESTERN MASSACHUSETTS 2 per annum Regular (for the quarter beSavings PAID ginning July 1, COMPOUNDED 1966) QUARTERLY Accounts Dividends paid and compounded quarterly Savings insured by a U.S. Government agency All savings made by the 15th of the month earn a dividend from the first of the same month No 90 day and then wait for your money No Massachusetts Income Tax on dividends Open or add to your account today UNION Association 1341 Main Street, Springfield, Mass. 48 North Street, Pittsfield, Mass. John F.
Linnehan, left, foreman of bindery operations at F. A. Bassette presents William L. Kervick, 74-year-old president of the firm with goldplated compositor's type stick Tuesday on Kervick's 60th anniversary with the firm. Two- Month Study of SST Proposals Is Started WASHINGTON (T) Two hundred government experts on jet aircraft, pledged to secrecy, started Tuesday 8 two- month study of competing designs for an 1800-mile-anhour supersonic transport (SST).
The evaluation team is made up of experts from the Federal Aviation Agency, Civil Aeronautics Board, National Aeronautics and Space Administration, Navy and Air Force. The experts met in the FAA auditorium to receive detailed blueprints and specifications of the two air frames, and two types of jet engines vying for the multi-billion-dollar SST development program. At the same time the 10 TT. S. and 21 foreign airlines that have given the FA1 000-a-plane deposits to reserve delivery positions, or have indicated a strong interest in doing so, started their independent evaluation study in New York City.
They have about two months In which to make their recommendations. Toward the end of the year the White House is NEW YORK UPState Banking Superintendent Frank Wille has charged in a letter to New York's banks that the number of "deceptive and misleading" advertisem*nts by banks has been increasing in recent months. Read to Directors Wille directed that the letter be read at the next hoard meeting of the state's 399 commercial banks, savings banks and savings and loan institutions. He noted that the "directors and trustees are in a position to exercise active policy control over the contents of bank advertising." The rise in such advertising "clearly is the result of competition for savings deposits in a time of tight money." le said in an interview with the Wall Street Journal. "This competition is likely 10 increase just prior to the September dividend period." Savings account depositors under state law are given a grace period of three business days at the end of each quarter in which they may withdraw money without loss of interest.
As an example, Wille criticized advertisem*nts which emphasize interest rates on savings certificates, but fail to mention a penalty for withdrawing these deposits before maturity. He also critical of advertisem*nts that promote higher than average dividend rates and then qualify the offer by stating in fine print that the rates apply only 10 a special type of account or to a part of the depositor's total account. Savings Loan Firms Lose $1.5 Billion expected to announce a decision in the competition. Over the Labor Day weekend the two competing air frame manufacturers, Boeing and Lockheed, sent in or brought in to the FAA 8000- page summaries of their product some 1500 pounds of material each and the P11- gine manufacturers, General Electric and Pratt Whitney, submitted 3000-page reports. The government evaluators are assigned in six categories air frame technical, engine technical, systen: integration, management manufacturing, cost and economics.
The 300-passenger plane is expected to be about 400 miles an hour faster than the smaller Concorde supersonic transport being developed jointly by the British and French. U.S. Treasury Position Balance, deposits fiscal year July 1, withdrawals fiscal year. total debt, (x) $324,903,822,217.39. Includes $265,221,902.28 debt not subject to statutory limit.
WASHINGTON (P) Savings and Loan Associations lost a record $1.5 billion in during July because of strong competition elsewhere in the money market, the Federal Home Loan Bank Board reported Tuesday. New savings set a record at $5.9 billion at the 5936 insured but withdrawals were even higher at a record $7.4 billion, the board reported. Mortgage lending was also down sharply from July of last year. During the first seven months of the year, new mortgage loans for Savings and Loan Associations totalled about $11.3 billion, down $2.2 billion or 16 per cent from the corresponding period of 1965, the board reported. Figures for August won't be available for another month.
The board said both now savings and withdrawals are nor-! mally large in months such as July following the payment of quarterly dividends, but they were unusually heavy this past July. Some of the increased activity, the board said, may have been caused by a shifting of funds from regular savings ac- CONCORD, N. H. (P- J. H.
Driscoll of Burlington, was low bidder at $29.408 for a contract to improve the tabulating room at the state office building in Concord, the Department of Public Works said Tuesday. A $10.487 bid by Municipal Signal Supply Co. of Boston was low for installation of traffic control signals on the new Rte. 103 roadway now under construction in Newhury and Bradford, the department reported. N.
H. State House counts to variable dividend rate plans at the same associations. VICTOR FISCHEL INC. N.Y.C. CARSTAIRS BLENDED WHISKEY.
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