The Palm Beach Post from West Palm Beach, Florida on December 9, 1976 · Page 79
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The Palm Beach Post from West Palm Beach, Florida · Page 79

West Palm Beach, Florida
Issue Date:
Thursday, December 9, 1976
Page 79
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Page 79 article text (OCR)

"I - - Palm Beach Post, Thursday, December 9, 1976 D15 Oil, Bank and Gold Issues Lead Stock Market Climb bkeoune federa Proflb Dec. 8, 1976 FKEEP Volume 24.5 million f.m iff I-NXV1 JL 968 ELECTRONIC POCKET CALCULATOR n I YHr. -!r, ( W 1 1 rV . f l ' "l II I i . 1 s, Ka tnwtriJ oaigns-aaas, suotracts, 448 multiplies ana aiviaes- N floating decimal . (c) New York Times NEW YORK - Oil, bank and gold issues shared honors in a rising stock market yesterday. The Dow Jones industrial average, in a sense, was a weak sister as it climbed 2.49 points to finish at 963.18 after running slightly lower until the final half hour. .Meanwhile, advancing issues on the New York Stock Exchange outpaced the losers, 2-1. In the oil and gas sector, Superior Oil ran ahead 8 points to 236, its best price of the year. Apco Oil gained 2 points to 32 and a 1976 high. Climbing by a point or more were Belco Petroleum and Marathon Oil. General American Oil, the producer in which Mesa Petroleum announced the purchase of a 7.4 per cent stake early last month, rose 1 to 60V4. Oil and gas companies, particularly those with strong domestic operations, have been outstanding performers lately in the market, basically reflecting the rationale that prices for their products are headed higher. On the American Stock Exchange yesterday, oil and gas issues also continued to attract buying. In the banking group, Bank of New York rose 2'A to 34 and Southwest Bancshares added 1 to 21. Bank- unchanged 493 V' J 9 -r m m 6- x N Y.S.E .30 A S E .27 S & P .68 Dow Jones 2.49 Gl 1 CEt r tjpyf ms 12 1 1 tSAff 3 'Ml Ml i O ENT HI ti,n mA.K&eviw ACTUAL SIZE YOURS... WHEN YOU OPEN AN ACCOUNT OF $5,000 OR MORE. OR CHOOSE FROM THESE AND MANY OTHER BEAUTIFUL, EXCITING GIFTS America tacked on Vb to 285s, its high for the year, and Manufacturers Hanover moved up a point to 38. Dome Mines, the best gainer in the gold issues, rose 1 to 45, but the entire group moved ahead. This reflected the slightly higher prices for gold bullion in markets abroad just prior to the fifth gold auction this year by the International Monetary Fund in Washington. Among the market's largest percentage losers, Ex-Cell-0 dropped 2 to 23 and Bendix finished with a decline of 1 at 42. The companies called off a proposed merger. Proler International fell 1 to 29 after reporting a substantial drop in earnings. The company, formerly Proler Steel, is a processor of scrap metals. Bobbi Brooks, showing a loss against a yar-earlier profit, dropped V4 to 3. Holiday Inns, the volume leader, rose 1 to 12. Elsewhere on the active list, General Motors moved up 1 to 73, which gave a lift to the Dow industrials, and Xerox fell 1 to 56. E-Systems, a producer of electron- GOING I GROWING Join Weolco, i. Byroni, Publii, Stars, Ich rd's, Denny's, Ctn'l Nutrition, fayva, Ro dio Shock and 40 more specialty shops in Proctor-Silex Electric Blender Corning Automatic Electric Percolator Chrome-plated Director s Chair Mirro 11 -inch Covered Electric Fry Pan Van Wyck Can Opener, Clock, Bottle Opener 5-Piece Parquet Finish Tray Set ic systems and equipment, fell 2Vfe points to 42. The company said the Securities and Exchange Commission had filed suit against two employes of the South Korean representative of E-Systems to produce records on payments made to the Korean concern. Combined trading in all Big Board stocks amounted to 28.91 million shares, copmpared with the previous 30.37 million shares. Volume on the Big Board slipped to 24.56 million shares from Tuesday's 26.14 million shares, which had ranked as the busiest session in IVz months. The AMEX market value index, with stocks higher for the sixth session in a row, added 0.27 to 101.-69. Among the oil-oriented issues, Kewanee Industries climbed 11-2 to 33. Shenandoah Oil and Houston Oil & Mineral each gained . In options activity, a total of 31,774 contracts changed hands, compared with the previous day's 37,168. On the Chicago Board Options Exchange, options volume declined to 79,469 contracts from 86,544. Over-the-counter stocks also moved higher. The NASDAQ composite index rose 0.36 to 93.37 and its industrial index gained 0.50 to 95.07. Development Bank Pushed By Group WASHINGTON (UPI) - An advisory panel of businessmen, bankers and others outside the federal government called yesterday for creation of a National Development Bank to foster regional economic development throughout the country. The National Public Advisory Committee on Regional Economic Development, which made the proposal to Commerce Secretary Elliot L. Richardson, said the bank would finance development projects that now are not being funded by private lenders or public agencies. A delegation from the U.S. Conference of Mayors hopes to meet soon with President-elect Jimmy Carter and will propose a somewhat similar "Urban Development Bank," aimed specifically at developing economically-depressed inner cities. The advisory group did not give details of its bank proposal yesterday, because members couldn't agree on just what it would do. One working version stressed development of inner cities and depressed regions, but the final recommendation did not mention this. According to a working paper, the federal government would put up $5 billion to start the bank, which could then issue its own stock. All members agreed the bank would make loans to businesses or local governments only for develop-" ment projects, not to "bail out" local governments suffering from budget deficits. There was disagreement whether development loan programs now operated by the Commerce Department's Economic Development Administration and the Small Business Administration should be abolished as separate entities and merged into the bank. Richardson said the biggest hurdle in selling the bank to the new administration would be in showing it would accomplish things that cannot be done by private financing or existing programs. Palm leach County's newest IMAC. Still room for shoes, men's wear, tobacco, personal service, specialty shops, and whateverl EXPAD FOR '77 IH I IMV .WALL R. L. Burnham Assoc. R.g Real Iitatt Broker Eiclwliv. Agent, 100 E. linton Blvd. Delroy Beach, Fl. 33444 Ph: 272-1781 Hamilton Beach Electric Knife Hamilton Beach Steam Iron White Step Stool With Vinyl Seat McGraw-Edison Slim Line Heater With Thermostat Manning-Bowman Digi-Glo Electric Automatic 4-Siice Digital Alarm Clock Toaster With Luminous Dial Chrome Finish Now . . . Pension Fund money can earn nilARAMTFFn (Q) FOR 5 YEARS Miminum initial contribution: $50,000 Principal and interest FULLY GUARANTEED by Phoenix Mutual Life Insurance Company, the 16th largest mutual insurance company in the U.S. Phone 686-4171 For Details. Oneida Silver Hamilton Beach Fruit Bowl Electric Juicer Presto Burger Hamburger Cooker Regal Slow Cooker Backgammon Magnetic Travel Set Flight Bag with 4 Zippered Compartments Other Beautiful Q'fts available when you open a new account ol Si 000 and S250 Many other exciting gifts lo choose from Alt gifts sutyect to availability Only one grit ma (daw, pie,ise Su'n, we no! 1 1).'!' 'Joseph TMumenthal bkcaune federa MANUFACTURED HOUSING The elite in retirement -home . . . located in beautiful surroundings, with planned recreation, security guards, and a fine community of people ... to make this today's best home buy. You must see to believe. MODELS ON DISPLAY GUIDED TOURS w :ovinq; and loon OKociotion Assets in f-ncess of 400 million dollars E Albert Prfllo! P't'Suleni HIGHEST INTEREST RATES THE LAW ALLOWS SAVINGS CERTIFICATES 7;4.Elds 8.06 - 7 Ylf IDS 7.79 yV,'. '' 6 viuDs 6.98 " z,i " 1 6 vit i.Ds 6.72 """" 5vi(lis5.92 TWO CONVENIENT LOCATIONS TO SERVE YOU IN PALM BEACH 201 WORTH AVENUE-PHONE 659-5252 311 ROYAL P0INCIANA PLAZA-PHONE 659-6777 TEN OFFICES IN PALM BEACH, BROWARD AND DADE COUNTIES FREE TRANSFER OF FUNDS. We make no charge to transfer your savings from anywhere in the United States to Biscayne PASSBOOK SAVINGS 5 viu is 5.39 '. i-ederal. tach account is insured up to $40,000 00 & WOODALL 5 STAR RATED K. . ( iu i i ri..-- . .flTlr uy an ctyenuy ui n it? uiiiieu oiaies uuvernmeni vuinirflU ARROWHEAD? An Adult Retirement Mobile Home Community 6255 LAWRENCE ROAD, LANTANA, FLA. (305) 967-2626 REYNOLDS PRESENTS AN sstors mh INCOME SECURITIES SEMINAR Here is an opportunity to learn how to increase your return on investments by learning about old and new investment opportunities in utilities, tax free municipals, corporate bonds and U.S. government bonds. After attending Reynolds' seminar on income securities, you will know how to have your money working harder and smarter in line with your investment needs. Have you been in the market for a while? Do you understand its ups and downs? Recognize its risks and rewards? If you do, then come to our next Merrill Lynch Forum for seasoned investors. We'll tell you our interpretation of recent stock market trends.We'll go into ways you can evaluate your own investment program in terms of today's market. And we'll discuss a number of specific stocks which we regard as attractive for various investment goals. The forum is free, but space is limited. So reserve your seats now. Call. Or send in the coupon. But come. Monday DEC. 13, 7:45 PM - HOLIDAY INN 2770 S. OCEAN BLVD., PALM BEACH DEC. 14, 7:45 PM HOLIDAY INN PALM BEACH GARDENS, PGA BLVD. & 1-95 Tuesday Speaker LEON P. ENKEN There's no charge, of course, but seating is limited. So why not moke your reservation now? Call Mrs. Kenefick or Mr. Enken - 659-0600 for reservations. Tuesday, December 14th, 8:00 p.m. J Pltatt malt r.Mrvationf ) for mt for your lotluro on DEC IS OK. 14 J Sorry I can I como 10 rhoto locturoi. float invrra mo to your novl locturo soriot. .- Plool ind th nil 2 r 3 rocommndalioni rt Incomo acuntiot. Please reserve seats for your Experienced Investors Forum on . . J No, I cannot attend, but please send me information on this subject. Name , At the Breaker's Hotel, Palm Beach. For reservations, call Keith Skivington or Linda Lynn at 655-7720. City Address City & Suite. Telephone . . 2ip Zip Butinett Mail to: Merrill Lvnch, 401 S. County Road, Palm Beach, FLA 33180 Reyholds Securities Inc. Ill ilHHIs r Klllk SN K r l II WI.K IV:. l IIIIIKH I.MIIIM. "MM K KM IMV.h 250 ROYAL PALM WAY PALM BKACH, FLA. 334HO 659-0600 Merrill Lynch Pierce Fenner 8 Smith Inc.

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