The Palm Beach Post from West Palm Beach, Florida on December 8, 1976 · Page 50
Get access to this page with a Free Trial
Click to view larger version

A Publisher Extra Newspaper

The Palm Beach Post from West Palm Beach, Florida · Page 50

West Palm Beach, Florida
Issue Date:
Wednesday, December 8, 1976
Page 50
Start Free Trial

Page 50 article text (OCR)

Palm Beach Post, Wednesday, December 8, 1976 E9 Profile Merger Plans Make Deseret a Rising Star Dec. 7, 1976 Volume 30.3 million (c) New York Times NEW YORK - Stock prices leveled off in active trading yesterday to consolidate their sharp gains of Monday. The star issue of the session and its most active stock was Deseret Pharmaceutical, rising 6 points to 37V4 on merger plans. The Dow Jones industrial average eased 1.08 points to 960.69 after bounding ahead 11 points in the previous session. However, the rest of the market continued to outperform the blue-chip Dow as advancing issues ran ahead of the decliners by a ratio of 8-6. Trading volume ' of 26.14 million shares ranked as the heaviest since Sept. 22, when nearly 33 million shares changed hands and the Dow hovered above 1,014 at virtually its highest mark this year. Deseret had not traded since Tuesday of last week, but in recent days the maker of disposable surgical products has been the object of takeover rumors on Wall Street. Yesterday, Warner-Lambert, a giant in the drug and health-care field, said it was commencing a cash tender offer to buy all of De-seret's common stock at $38 a share. Deseret's directors unanimously approved the tender offer and recommended its acceptance to shareholders. As for the 30 components of the Dow industrial average, none of these stocks showed a price change of as much as a point. Some oil issues and hospital-operator companies displayed strength in a market that was generally devoid of broad group movements. General American Oil climbed 3 to 58, while Getty Oil added 2 points to 196 and sold at its highest price of the year. Southland Royalty, an oil and gas producer, fell 1 to 36. On the American Stock Exchange, oil issues were among the best performers. The market-value index, closing at its best level since early October, rose .45 to 101.42. Volume fell to 2.85 million shares from Monday's 3.06 million shares. ' Price improvement also showed in the over-the-counter market. The NASDAQ industrial index climbed .14 to 94.57, while the composite index moved ahead .38 to 93.01. On the Chicago Board Options Exchange, a total of 75,714 contracts changed hands, compared with 57,803 on Monday. r 835 453 BUSINESS unchanged 622 NYSE -.01 ASE .45 S & P -.07 Dtfto Jones -l.oa V Mandel Case Mistrial Declared After Jury Tampering Reports New Automobile Projection Queried DETROIT - Despite strong end-of-November sales, trade sources said the auto industry's plans to build nearly 2.6 million cars in the first three months of next year may be a bit optimistic. The trade publication Ward's Automotive Reports said the industry will exceed the 2,179,000 cars built in the first quarter of 1976 but not by the presently forecast 18 per cent. If the four U.S. automakers build the 2,578,000 cars they project, the first quarter of 1977 will rank as the second highest January-March quarter in history. The record was the 2,708,000 cars the U.S. automakers built in the first three months of 1973. Lynch, a New York City fireman, who testified he was a homosexual coerced by Bronfman to take part in a phony kidnaping scheme to bilk a $2.3 million ransom from his father, Seagram Co. Ltd. Chairman Edgar Bronfman. The ransom was paid and recovered. Bronfman has denied he knew Lynch, who claimed the two were engaged in a homosexual love affair. Bronfman was found in Lynch' s Brooklyn apartment bound and blindfolded nine days after he was reported missing in August 1975. Stronger Laws Curbing False Identities Urged WASHINGTON - A Justice De Special Seminar for Income Oriented Investors ARE YOU INTERESTED IN A U.S. GOVERNMENT GUARANTEED SECURITY THAT PAYS INTEREST AND REPAYS PRINCIPAL MONTHLY? If your investment goal is high current income, don't miss this informative Loeb. Rhoades seminar. Well tell you about GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) modified pass-through securities, often called Ginnie Mae. These mortgage based securities have been attracting income oriented investors since their inception in 1968. If you'd like to know more about Ginnie Maes, plan to attend our special seminar. It's free, but seats are limited, so please reserve as soon as possible. Call Mrs. Ruth Austin at 655-7850 for your reservation. DATE: Wednesday, Dec. 15 TIME: 7:30 P.M. PLACE: Sheraton Inn Palm Bch. Lakes Bv. W. Palm Bch., Fl. oil A Nioit iCVU: WANT TO SELL IT? WE PURCHASE 1st, 2nd or 3rd MORTGAGES! CASH? NO INSPECTION FEE CONFIDENTIAL 24 HR. SERVICE COME IN OR CAU J. C. SLATON GEORGE C. SLATON LICENSED MORTGAGE BROKERS SLATON, INC. 600 S Olive, W P B. 655-8666 From Post Wire Services BALTIMORE - A mistrial was declared yesterday in the political corruption case of Gov. Marvin Mandel and four others, but federal prosecutors said they "will naturally seek a prompt retrial." U.S, Dist. Judge John H. Pratt agreed with defense lawyers who argued jurors might be affected by a television newscast they saw about alleged attempts at jury tampering in favor of the defendants. Pratt's decision came as proceedings entered the 92nd day. There may have been other instances in which jurors heard of the alleged fixing, Pratt said, and that, combined with the television incident Friday night, made it impossible for Mandel and the others to get a fair trial. Mandel and co-defendants W. Dale Hess, Ernest N. Cory Jr. and brothers William A. and Harry W. Rodgers III were accused of violating the federal anti-racketeering statute in a purported scheme involving mail fraud and bribery. The co-defendants provided Mandel gifts and business interests in return for his alleged effort to get the 1972 General Assembly to legislate benefits for Marlboro Race Track, which the others secretly purchased on Dec. 31, 1971, prosecutors charged. Moderate Quake Jolts Yuma Area YUMA, Ariz. - Residents were jolted awake yesterday by a moderate earthquake centered in the Gulf of California about 90 miles south of Yuma. No damage or injuries were reported, and most residents treated the incident lightly. Geophysicist Waverly Person of the National Earthquake Information Center in Golden, Colo., described the quake as moderate and said it had a magnitude of 5.5 on the Richter scale. He said his office also received reports the quake was felt in parts of San Diego. Pesticide Danger Provokes Testings HOUSTON - Occupational health experts yesterday planned tests for production workers exposed to a nerve-attacking pesticide, fearing the 10 persons already reporting nervous disorders might be the visible few among many. The National Institute of Occupational Safety and Health has opened headquarters in Houston to search for the estimated 230 past or present employes of Velsicol Chemical Corp. involved in the production of Phosv-el until last January. Exposure to the substance, known to chemists as leptophos, is feared to have caused nervous problems ranging from depression to paralysis in workers at Velsicol's Bayport plant. Bronfman Case Goes to Jury WHITE PLAINS, N.Y. - The trial of two men accused of kidnaping Seagram liquor heir Samuel Bronfman II went to the jury yesterday with the defense contending the case was' a homosexual extortion pact .and the prosecution insisting the alleged abductors were for real. InT his summation before the seven-woman, five-man jury, prosecutor-Geoffrey Orlando attacked the testimony of defendant Mel Patrick ACT NOW!!! WHIM ELSE CAN YOU GET A BETTER BUVTIII Immediate Occupancy -For a Limited Time Only 2,000 OFF REGULAR PRICE Directly On The INTRACOASTAL Excellent location Adult Community Close to Oieon Beaches Short Walk lo 2 Shopping (enters Lush Tropical Selling (Former Nursery) stale Club Atmosphere. 4 Sly lev. I-int. Concrete, Soundproof, Quality Const. Very Convenient lo 195 2 Bedroom, 2 Bath tf $27,000 J!". 1 Bedroom, 1 Bath Start at partment study group yesterday urged passage of stronger laws to counteract the increasing use of false identities by white-collar criminals, smugglers, illegal aliens and fugitives. The report by the Federal Advisory Committee on False Identification said bogus identity papers are used in smuggling operations estimated to cost the government $1 billion a year - by illegal aliens whose activities cost the nation $12 billion a year and in business frauds costing $3 billion a year. The committee proposed federal and state laws making it a crime to make, sell, possess, alter, transfer, advertise for sale, use or even apply for federal and state documents for a fraudulent purpose. PaderewskTs Piano Given to Smithsonian WASHINGTON - The Smithsonian Institution yesterday acquired the travel-scarred Steinway piano that Ignace Jan Paderewski hauled across America in a railroad car during a 75-concert tour in 1892-93. Eight members of the Steinway family came to Washington for the presentation. Among them were Henry Z., John and Theodore Steinway, the three brothers whose great grandfather founded Steinway and Sons and who run the firm (now a subsidiary of the Columbia Broadcasting System), and William Steinway, 28, who represents the fifth and next generation, and is learning the business. Van Cliburn also was scheduled to perform on the piano at a ceremony. 650 SQ. FT. 19,600 UPE! OVER 85 SOLD Full Title Insurance by American Title (o. Don't Let This Opportunity Pass You By. Come See It. You'll like It!! MODEL OPEN DAILY 9:30-6:00 P.M. Seagate oJGui&lteaK PLAZA CENTER EAST, ROYAL PALM WAY PALM BEACH, FLORIDA 33480 PHONE: 655-7850 2020 $. Fed. Hwy., Boynton Beach 31435 PALM BEACH COUNTY: 732-3711 BROWARD COUNTY: 427 424 fiuildn of prttigiu Sagalt of Highland, Sagat. Manor and S.agol. Tewtn. Dlray. Want our current market outlook? if Guaranteed Issue life 9 Tax Sheltered Flex-Annuity Guaranteed Issue Health 2250 Palm Beach Lakes Blvd. Suite 104 Ph. 686-5550 Plan to come to our next Merrill Lynch Forum. We'll present our analysts' latest findings. Trends they've spotted. Their future projections. Then we'll name some industries whose prospects for the coming months look bright. And, within those industries, specific stocks that could outpace the market. Afterward, there will be ample time for questions. The forum is free, but space is limited. So make your reservations now. Call. Or send in the coupon. But come. Tliesday, December 14th, 8:00 p.m. At the Breaker's Hotel, Palm Beach. EVERYTHING YOU NEED FOR A REAL ESTATE LICENSE FOR SALESMAN OR BROKER INCLUDING THE REQUIRED ; EDUCATIONAL COURSE : IS jUST A PHONE CALLAWAY. far Bert Rodgers Schools of Real Estate, Inc. 1919 Premier Row Orlando, Florida 32809 Local Classes Throughout Florida CALL TOLL FREE 800-432-0320 In Orlando Call (305) 855-5441 Please reserve. .seats for your Market Outlook Forum. No, I cannot attend, but please send me current Merrill Lynch opinion on Name. Address. City .State. -Zip- Please send me information concerning: Salesman License Course Broker License Course Telephone Merrill Lynch customers, please give name and office address of Account Executive: NAME Merrill Lynch Pierce Fenner G Smith Inc. ADDRESS .IIP CODE CITY .STATE Mail to: Men-ill Lynch, 401 S. County Road, I'alm Beach, FLA 33480 TELEPHONE J

Get full access with a Free Trial

Start Free Trial

What members have found on this page