The Oregon statesman. (Salem, Or.) 1916-1980, December 21, 1956, Image 26

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The Oregon statesman., December 21, 1956, Page 26, Image 26

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Newspaper Page TextS-(Scc. Ill) Statesman, Salem, Ore.,' Frt. Dec. 21. 56j Portland Produce Business News ... fiabson, Reports: Depreciation Figures Vital in Annual Report ...... - - i ' Copyright 19SS Publishers financial Bureau, Incorporated , BABSON PARK, Mass., Dec 20-During my tummer vacatloa at C unices ter, Mas.. I read about forty 193 annual report! ot corpora tion listed oa the New York Exchange. I wai especially pleased with aome of these because they had been made very Interesting, illustrated by attractive pictures and charts. I assume that these Utter have been prepared by professional agencies ana public 1 relations men. I am very pleased to see so many of them with the data of the year in large type in tnt upper rlsht-hand corner on the outside cover. RELATION OP PRICE TO NET EARNINGS The common "quickie rule" for brokers to use in looking at annual reports is to study the relation of price to net earnings. When the price is 30 to 40 times earnings, it is usually a sign that the price is too high; while If the price is only I times net earnings after fair depreciation and taxes, it is looked upon as attractive. I hate to keep within the aiar w. range of 10-to-M times earnings. MIXED-HP FIGURES Some of the reports were unconsciously misleading. For instance, some would include the sale of land or securities with the gross Income, which, of course, should not have been done. Furthermore, depreciation of write-off" has been handled differently by different companies. The depreciation figure is very important to study for two reasons: First, heavy depreciation can reauce the net earnings to less than they really are; while small depreciation can indicate the reverse if not honestly treated. Second, under ordinary circumstances the government allows an average of about S per cent on depreciation, but en special military work 25 per cent is sometime allowed. 1 Oil companies have the largest writeoffs. My two favorites, are Continental Oil and Phillips Petroleum. Standard Oil of California Also rates well, with ever 10 per cent write-offs each year. The chemical companies also have a good record for writeoffs, leading with Dow Chemical at IS per cent and Monsanto Chemical at Dearly f per cent. Union Carbide also has a t per cent write-off. STEEL MANUFACTURERS AND MINING COMPANIES Upon studying the annual reports of the six leading steel com anies, it was evident that U. S. Steel led with a write-off of 7 per cent. although National Sted followed closely with IS per cent The lowest in my list as InlnM Steel, which showed only JJ per cent. On a replacement basis, probrbly U. S. Steel would amount to 1200 to $300 a share while today K 1 selling at 72. . Bethlehem Steel, its nearest competitor, writes off less than I per cent. Other reports were on aluminum and nickel companies, together witB the three leading copper companies, namely. Anaconda Company, Kennecott Copper, and Phelps Dodge. The aluminum companies encouraged by special government concessions lead, with writeoffs ot ever 7 per cent.- Anaconda, however, leads the copper companies iih write-off of about 4 per cent. International Nickel has a good write-off, but reader who purchase this stock should have the cer tificates stand in the name of some U. S. bank or stock exchange firm and not in their own names. Otherwise, such stock is quite embar rassing in the case of the death of an individual. Miscellaneous companies the write-offs range from about IS per cent for International Business Machines down to less than 1 per cent for several of the companies. One of my favorite stocks, westing- hou?e Electric, has a writeoff of 3 per cent The smallest writeofls are ia retail trade companies, due largely to the fact that they lease most of their stores. F. W. Woolworth has the largest writeoff of t per cent, while both Sears, Roebuck and Montgomery Ward write ff only a fraction of 1 per cent Caterpillar Tractor. Corning Glass. and Eastman Kodak have good writeoffs ot from 3tt per cent to Vt per cent General Electric writes off less than 3 per cent and Gen cral Motors less than lVt per cent. General Foods writes off less than 1 per cent. In giving these figures I do not mean that these are the best stocks to buy. as there are many imDortant thinu to consider besides annual reports figures. I do, however, urge my friends to PORTLAND Ul .-Butterfat Tentative, subject to Immediate change Premium . quality, deliv ered in Portland, C4o7 cents per lb; first quality, ei-64; second quality, 56-59. . Butter Wholesale, f.o.b. bulk cubes to wholesalers Grade AA, 93 score, 63; A grade, 02 score, 62; B grade, 90 score, 60H; C grade, W score, StVi. ' ! Cheese To wholesalers Oregon singles. 41-41 lb; Oregon Mb loaf, 43'4-53H. Eggs To retailers Grade AA. large, 51-53; A large, 4M9; AA medium. 4S-40; A medium. 45-47; A small, 37-38. Cartons, 11 cents additional. ' Eggs To wholesalers A large, 46-47 ; A medium, 43-45 V; . A small, 35-36K. Live poultry No. 1 quality, f.o.b. Portland Fryers, 2H-4 lbs, 15-16; light hens, 10-11 at farm; heavy hens, 13-14 at farm; old roosters, 7-9. Turkeys To producers L i v New York Closing Stocks . . port by ' Merrill Lynch. Pierce fnner and Beane M Admiral Core . A I Cham by A Iliad Sirs A I in Cham Alcoa Alulmtnum M4 Am Airllnaa . Am Can 'ford Motor . IS'4 o . M Can Dynamics , 4.1 . Can Elae , M", Can Foods ti'.'t Can Motors .. JTO'i oen lira Phllco Corp rnu Morria M'l Ph:l Patrol . k Plllsbury 44 Pro & Gam Am Cyan Am Motor Am mi rdr Am T T Am Tobacco Am Vlacoee Anae Copper Armco ....... Armour , Atchaaon Top . Avco .. Jtt'l Ceo Pac Ply 40s Gillette 1a Glldden uwiricn 3 Pu Ed P L , . 53i,i Pure Oil - a . 43 ., i n v. Radio Corp 72 Hayonler In. Stock Market Dip Sharpens . I's . v., . 51 i 40'i . H. . turnover increased a bit. NEW YORK. Dec. 20 W -Thel stock market's pre -Christmas de cline deepened slightly today as; " ...7 i- i ' it,Z Raoub Sll ZiiK ciiii "VnZZZZZ-Uk "yaw Mat - . H'i Grl l!o Ry .. 44', SfL".? - sv! C.rt Wait Su( 20 Blc-hfleM O Z tt. Greyhound 14", yl Dutch ... ss Cull Oil ... ... U0t, s 17 H Safeway Sir Bendlx Avla Beat Foods Bath 811 Boeinf Air .... Borden . orf Warn Bucyrui Homntake M w. St Joe Lead St L aV sr Ry St Rests Paper . ., lot Harveat SS'a Stnenley Ind . ira'a Scott Paper TVj Int Nickel T4 a i pMr ..1SS SJ'a S.T, Johnt-Mam 4.1 Jonea Si M Stl .. '"J4 K ' Kilter Alum .... Kennecott .. J'k Kern Land ..IOS Seaia Roe She'l Oil 47 Sln.-latr Oil weight fryers. 27-2; young turkey I Ccruin.d r 10;, hens, eviscerated. 35-30; young chi m & st p ts. toms to 24 lbs, 34-35; 1-2 premium cm Hy tnm k i Chi n Is My Chryaier nauoits Average w growers Live white, 3-44 lbs. 21-24; col ored pelts 4 cents less; old does, 10-12. few higher. Fresh killed fryers to retailers, 56-51; cut up, 60-63. ' . Wool-Nominal, clean base, Vonuiner . I UM. ,. L.I J. f A AO. li I w-' - oioou, i.uu-w; i uhjuu, i.w-w, ti blood. 1.12-11; fine. 1.17-23. Cavalry -dressed Meats, f.e.k. Pertland: Beef-Young cows, utility. 20-22 1 0.... lb; canners and cutters, i-is. Doug Air B'irra Adding C Calif Pack Campb Sniio ... Urn J I '.JZZZZ 13S L-bby McN Catarp Trae SS1 t-J Calaneaa 15', LOF Olmn L Loew'i Inc .. Lorlllard XS, SS1! Marsanov ... Wik Mrh Field Cities Serv Merck Co Climax Moly 5 Mont Chem . Cluett Pea 40", Mont Ward Cwca Cola Motorola Colgate 41 'i N Com Credit ... .; 41', f),t Blacuit .. Coma Eduon 3S', Wat Caah Ra( Cona EdlMn 44', n.ti Dairy . Natl Dlatlll ... Natl CvDium Cont Oil 1274 N,ti Le,a Crana Co. 33 N,t supply j-rown i,rii , central luruaa wr - w Soconr-Mnb Sou Cil Edi ... 4 Sou Pac Ry . is Sou Ry , 43 Snerrv Rand Sid Brand, it,c Bio ini lai fr.a ftfrf nil t Std Oil NJ mil Biuav-nc, 9jf Sunrav Otl isi! Sumhlne M " Swift & Co 37 sy,vanl Z 33 4 1 30 Taxat Co . .. 3511 Texaa Gulf 3SJi Textron JUJ, Tirie-Aira .. i ranaam Volume edged up to 2.060.000 MiJ shares from 1,990,000 on yester-; liif ' day's lesser decline. I Tax loss sellina and the ewitch- 41,4 Ing of stocks waa very much in progress as evidenced again by the comparatively wide market. In the market's sharpest dip this week, the Associated Press aVerage of 60 stocks dipped $1.00; to $178.80 with the industrials down $1.90, the rails down 90 cents and the utilities unchanged. Of 1.203 issues traded, declines outnumbered advances by 636 to 2zii311. There were 76 new lows for the year and 16 new highs. Stocks and Bonds Cemptled or Tka Aieec lated Pre,, nee. se BOND AVERAGES 2t It - 70 JS'i S'4 4i Ma. I 5 ?H I JJi : si'i 53', 4S, I 49 . A 171 Sll, ZZZ jt'4! T', MS 44, I Trana Wo Air 49'i Tw" Can Fox Z 3S, u . 2SJ, Union Car . S7i Union Oil ...lnsa Union Pac Ry . Ol'i tJnl Aircraft 33 I'nl Atr Lines . 39i Unl Coro 3S Unl Fruit JJ!' i Net Chans Jni Thuradav Prev. Day 21 ! Week Aso M.mth Ago 47U No Am Avia lln Pmf Rv - 3fl NW Airline, JTi tin r-iywooo jjij 0 US Rubber as nun M.ih SK US Steel Veal-Top quality WrtMfrr, ou. Ei.v .Z )pW Waih Water P !' -lH'i . 5S . so; - 3", . 42', - . . 44', . 47, Yeiir Ago 1954 High 1MM LOW VJSi High 1W LOW 1-Ntw ISM lows. 1 14 Ball, ladu, I'tll, Frga I D 3 Unrh D 2 A . I S7.1-I HO 7 R8.-I Sl.S I S7 4 SO 7 as 3 SI.4 S7 S HI 7 SU.S Sl.S ! sua i.4 ss 4 si.s ua on , ox . t m , iv? V aa A ' ! I S7 1 M7 Ml SOS (HI S 9 S 100 I H I 94.1 S.4 M S4.t STOCK AVERAGES 3 IS IS Faat Kodak . El Paao Gas Emer Radio . F Falrchlld Fllntkota read each annual report received. Chicago Livestock CHICAGO, Dae. St W (USD A) Hogs t.OOO; fairly actlva; study to ZS higher on butrhara; moat lata and cluig aalaa IS to IS higher; tool steady ta 35 higher; advance oa weight! over 4O0 lb; No. 3-3 p,iv-.f giad hHa 19U-34 IB butcher 17IHI7.5D; few lot, 1-1 IM-UO lb II u 17 S3: 13 I30-2M lb 14.50- 7 00; few 1M-SM lb moaily No. 1 18 00 14 3": larger lota My-iM lb aowa 14 i . 15 ,vi; liltle below 14 SO; wtlghu tin'T 30 lb scarce; shipper took l.if-'i. ( jille S.AnO; ealvas StW; ataera and heiirra mouerataiy acUvet generally steady; . canner and cutter cow a eie.v; tituity and eonunercial cow airanv to JJ lower; bull, fully steady; vealer ateady to etrong; in aiam i-a 1 ou hhar; stockera and lead er, vieariv; lw loada and kits food to avrrare choice ateera and yaar lin, n.Su-12 oo; latter prk-a for a part toad 1UJ lb; No high choice or prima ateera offered; atandard to low good trer 14.SO-17.ZS; lew loaoa good and choice heifer 17.00-10.00; ianrird to low good 14.1S-U 75; Uttl ity and commercial cows 1S.S0- I SO; atron weuht canners and cutters (-io.M): torn lirht cutters S.M and below; utility and commercial bulla 4 (ni ls on; good and choice vealer, 1 wi-23 00; odd heed H 00; light cull down to 7 00: good and choice 4S-S-:) lb ateer calvea lS.3S-lS.Sa. rxeeo 1.SO0: active; lamba strong fa i higher; full advance on wooled lamr5; aheep steadv; good to prime wooled lamb M-10S lb II 00-30 S3; prime native up to SO. SO; part deck choice and prima wooled lamba 131 lb at 34 00; choice and prime shorn ),-r.i., iM-iog lb with No. 1 pelt IS so la ij; cull to enoire ewea 4 Oo-S 00. Chicago Grain CHICAGO, Dec. SO U Grain; Opea . Clea WHEAT , Wrcy , l40,0, I" ay j S.M',.. Julv )!),.! I WH September 1.XS-3S . . 1.31, -CORN , . WUrch lwav Julv".. September OATS arcl, IY JulV t S5V! t.34Vi I.aa'i I 40 . 1.37',, .TS'l-li .70i, ' .71 1 3T.-3 1.40", .37i,-H ,TI .7V,, .TO, .71 'i Grains Note Routine Day CHICAGO, Dec. 10 ID Small losses outnumbered equally small gains In routine dealings on the Board of Trade today. Most consplcious weakness was in new crop wheat. It was down more than two cents at one time. Wheat closed 1H lower to 4 higher, corn H-14 lower, oats un changed to lower, rye un changed to higher, soybeans 4 lower to 4 higher and lard 7 cents lower to 10 cents a hundred pounds higher. R waa apparent many traders were disappointed ever the Agri culture Department's 1957 winter wheat crop estimate. After the close yesterday the department forecast a crop of 124.853,000 bu shels. While this would be 110.(142.000 bushels less than the" 1956 crop, many traders bad expected a sharper decline in view ot the fact nearly 11 million acres of winter wheat land had been put into the soil bank. March wheat provided quit a contrast with the new crop fu tures. Part of the demand for March wheat stemmed from the very strong manner in which the December wheat future was closed out in yesterday's market Grainmen did not consider Chi cago stocks of wheat as unduly large. - . . Pakistan purchased X. 600, 000 bu shels of wheat, but it was all the Pacific Coash white variety. m m. u 1 ; e ea ju-js; ruugn ucavica. ij-i. - nogs uest ugnt oioccers, zi-a; , East Air u lean light sows, :-20. Lambs Top grade, 34-36. Mutton Lightweight ewes and wethers, 10-12; rough neavies, 3-1. Fresh Predtsee Onions Idaho Yellows, SO lb, 2.35-50; med. 1.25-50; white. 3.00 50; Ore. Danvers, med, 1.50-2.00; 3 In. 2.J9-50. Potatoes Local Russets, No. 1, 100 lb 2.50-75; Central Oreg. Rus sets. 3.00-50: lee 6-14 os, 4.00-25; No. 2. 50 lb, 1.15-25; Idaho bales. 5-10 lb. 2.23-50; Wash. Russets, 100 lb, 3.00-25. Hay No. 2 green alfalfa, baled, f.o.b. Portland. 34.00-35.00 ton. Apples Boxes Oregon', Wash ington Red Delicious, extra fancy tray pack ana wrappea, meaiuni 6.50-7.00; large 5.50-6.25; loose pack 8.00-3.50; - regular Delicious tray pack 5.50-6.00; Red Romes tray pack, extra fancy, 4.25-4.50; Wincsapa wrapped extra fancy 5.50-6.00: loose 4.50-4.75; Newtons loose, extra fancy 4.25-4.50; Stay- mans loose 4.00-4.25. Celery Local 2 dos. 2-7S-3.2S; California 2-2 dos. 4.00-3.00; hearts 2.50-2.75 ., Pabco al . p,c G At El . Pac I I . ', pan Am Air . Penney J C Penn Hy 10 Pepal Cola ; 34e Phelps-Dodge " m Air Br l'l33. Western Air Western Elec Western Union , IB". . SOI, Si's , 17 . S3 I Zenith Net Change Thursday 71 , I Prev Day j weea Ago , Month Ago i Year Ago ima nigh RM Low IMS High 195S Low Woolworth M'i 3S' 18i ' , S4a IS. 43, Indus Rail, I'tU, Slks ! ni l D Unch Dl S ! 31.5 1301 71 1 17BI 334 131.0 71 1 179 1 Jlt I 1.13 71. S 17. 2.S1.S 129 71 3 174 4 234 4 137 S 73 J ITS 37S3 135.1 7S.S 191.1 il 244 6 121 Oa S 171 S I I57.S 141.4 75 7 1B1.S 303.1 114 I S7.I 14 .104', Portland Grain Portland Livestock . PORTTJiKD ( fUSDA) Cattle salable 200; cows steady-weak in cleanup trade; canners ana cut ten 4.0O-S.25, few 1.50. heavy cut tare OA.I V) shell dowl tO 5 00) utility cows 10.00 -11.00; utility bulls 13.00-14.50, light cutter duiis 1.00-12.00. Calves salable 50; no test on good and choice vealers: few atanrlarrl 14 00-19 00: cull and Util ity calves and vealers 6.00-12.00. Hogs salable 150; trade moder iai mrtivm full adeadv: sorted No 1-t erarla butchers 11.25-16.50. mixed No. 1-2-3 grade lots 17.50- 16.00, sorted off No. 3s 17.00; sows mixed No. 1-2-3 grd HO-5 'b 12.30-16.50. Shawn anlahln 100: market mod erately active, about steady; good and choice' wooled and shorn alaufhter lambs 16.00 17.50. no choice lots offered, utility ana iow good slaughter lambs 15.00-16.00, and medium liehtweinht feeders, 10.00-14.50; cull to good siaugnjter ewes x.uu-a.w. : Chicago Butter-Eggs -rtnrACO. TW. la u (USDA) nnttr ataadv? wholesale buying pricea unchanged to V, higher: S3 score aa a'.,-ae-,i wa avS'ea-X W B 5i-l,b; SS C SS-W,. Veka atead! wholesale buying pricea unchanged: SS per cent or better A wnii men mm a rib: Standaxde 19-38',: checks St- SSf... Chicago Onions CHICAGO, Dee. - Onion.: . OS High Lew Csese January ' .! 4 , M J February I I OS 1 01 1.01 March 1.11 IIS Ul MS Richard Rogers, composer of "Oklahoma!", and other musical hits, was the first freshman ever to compose the music for a Colum bia University varsity show. feptembtr .. March 1 471,. 1,471, . May MS i.4Vtfc Juiy . , 1.4a .4 (.eptember 1.48 1.4',. aOYnEANt, January 1.454, I4i,', March .4i,-'t 1 34-B0 lav , , t 51-51 1, I 51',-4 July J4v!s l4S',-, tiember .. S.4I .40!,., AH i r il :u wv ; JU y H'Sf';;;;;: ' I . "Wefl CASCADE QUALITY Country Smoked Sugar Cured ' Wh:!w cr Shznk Half P:r Pcund mm rprp M.D. tO Count NAPKINS Pkg. 5C Limit 1 Maxwell House mm COFFEE Jar I IV Limit 1 Downtown Shoppinf - ' " PORTLAND kfl Coarse grains. 15-day shipment, bulk, coast deliv ery: Oats No. 2. 38 lb white 37.00. Barley No. 2. 45 lb B. V7. 51.50. Corn No. 2, E. V. shipment 61.25. Wheat (bid to arrive market, basis No. 1 bulk, delivered coast: Soft White 2.49H: Soft White (ex cluding Rex) 2.49H; White Club 2.49H. . Hard red baart: Ordinary 2.49'i: 10 per cent 2.49H; 11 per cent 2.49; 12 per cent 2.49V.. Car receipts i Wheat 71; barley 2; flour 3; corn 2; oats 1; mill feed 2. Dow Jones Averages An electronic "eye" now permits blind operators to work on private telephone switchboards. The "eye" is attached to the index finger of the operator. HEW YORK. Dec. 30 UP Dow Jones cloetng stock averages: High Law Cieit 30 Industrials 4M.S7 4SS.Z 490.44 in Railroads 153 SI 131 SS 152.20 S Utilities 47 M 92 67.3 SS Stock 172 83 170 M 171 M Markets at a Glance NEW YORK. Dec. 20 U" Storks Lower; slow decline. Hoods 4 axed; government din. Cotton Steadv; alow trading CHICAGO: Wheat Old crop firm, new weak. corn F.asy; liquidation. Oats Easy with corn. Soybean a Mixed; (mail p r I c I cnanges. Cattle Steers steady. Hngs Steady to 23 cents higher. IT R iallvooi TOO I fJsrARTHIRt yfO are candled w'-fl1 care fvtry tint you buy Nufadt ggs you fcnov fhty'f frtshl Only car fatly candltd and gradtd f local iarm-frtsh ggs go info Nulad cartons. LCOX F0.1THE DUID AT YOUR GROCERS... SHORT GROCERY BUDGET THIS MONTH? SHOP OUR STORE AND MAKE IT STRETCH TO FIT 1940 Minion St. ? Phono EM 2-7661 NAUEY'S DEMONSTRATION SALE Freo Chili and Betf Sttw CHILI Beef Stew sss. $i.oo 3 ;. $i.oo 12-14 Lb. TURKEYS WHILE THEY LAST C4H Powdorod or Brown SUGAR i LIMIT lb. Pkg. Cottago Strained CRANBERRY SAUCE BULK XMAS CANDY Gum Drops or Orange Slices - Comt To 0 For A Nict Big Christmas Goose, or Duck, Or Capon, or Roasting Hen. Also Fine HAMS Whol. or Shank Half BONELESS ROLLED RUMP ROAST TENDER TASTY T-BOtlE STEAK LEAN ROUND STEAK ALL MEAT top simoin LAST CHANCE For Tickets On Our Big Free DRAWING To Be Held Sat. 1222 At 7 P.M. BLUE PLATE SWEET SPUDS . Ursa Tia Yk Pick PILLSBURY ANGEL FOOD MIX Itf, 53c rtf. 3D' DUBUQUE SMOKED PICNICS SUNSHINI KRISPY Crackers w i ALCOA ALUMINUM FOIL 25-Ft. Roll NAMELESS Is The Best Place In Town To Buy Produce CELLO BAG . CELERY HEARTS c Pkg. SNOWY WHITi CAULIFLOWER & lb. FRESH CRANBERRIES To Allow Our Employees, A Chance to Spend Christmas With Their Families We Will Close At 6 P.M. j Christmas Eve And Be Closed Christmas Day 1 Shop Early And Save! 7 -