The Los Angeles Times from Los Angeles, California on May 23, 1970 · Page 57
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The Los Angeles Times from Los Angeles, California · Page 57

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Saturday, May 23, 1970
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The New York Stock Exchange Transactions for Friday, May 22, 1970 NEW YORK STOCK EXCHANGE INDEX , mi , , NITCHANOI , . HIOH LOW HIOH LOW CLOSi POINTS PCRCCNT 11A.M. 32.3 39.4 Composite . . . 39.80 39.22 1 39.44 0.02 0.05 39.72 SS.43 40.98 Industries ... 41.25 40.79 41.00 0.02 0.03 41.25 39.39 28.14 Transportation . 28.38 27.84 V27.86 0.30 1.07 28.38 41.38 34.28 UtHIHe 34.43 34.03 V34.12 - 0.14 0.47 34.43 49.45 31.31 Finnic 51.79 51.00 YS1.22 - 0.14 0.31 51.79 A Nsw WTI hlih y Nsw l;o low 'HOURLY FLUCTUATIONS-NOON 1P.M. tP.M. 39.24 40.79 27.84 34.03 51.22 39.47 41.02 28.01 34.17 51.49 39.34 40.89 27.84 34.08 31.00 J P.M. 39.45 41.02 27.89 34.10 51.23 HIOH 811.31 183.31 118.71 249.15 LOW 443.25 140.47 100.34 219.67 SALES: 30 Induitriati . 20 Transp. . . . ISUtilititi ... 45 Stocks .... 30 Industrials, 'Averages HIOH LOW" 473.11 433.27 142.44 137.47 102.15 99.31 222.93 213.74 DOW JONES STOCK AVERAGES . NIT CHANGE , r CLOSI POINTS PERCENT 0 Y 461.17 - 3.08 Yl 39.25 HOURLY FLUCTUATION II A.M. NOON 1 P.M. S P.M. 0.44 447.58 447.92 445.12 458.34 458.89 1.42 1.00 140.98 141.24 139.93 138.93 138.85 100.52 0.14 0.15 100.42 101.42 100.72 100.54 100.49 218.59 1.08 0.49 220.33 220.82 219.48 217.77 217.81 847,400 shares; 20 Transp., 419,300; 15 Utilities, 224,800; 45 Stocks, 1,711,900. el Ills Hlgla and lows reached at any lima furlne the oay sy trie individual slocks. S P.M. 442.99 139.19 100,45 218.77 WHAT THE MARKET DID PRI. THURS. WED. TUES. MON. WEEK AOO Volume 12,170 14,713 13,020 9,483 8,284 14,580 Issues Traded . 1,589 1,412 1,578 1,544 1,575 1,575 Advances .... 515 230 140 252 735 935 Declines 797 l,19C 1,258 1,042 588 415 Unchanged ... 277 192 140 250 252 225 Now Highs ... 0 1 2 1 4 3 New Lows.... 519 873 417 289 144 324 11 A.M. NOON 3,340,000 2,290,000 Thousands of shares HOURLY VOLUME 1 P.M. J P.M. 1 P.M. l:ja p.M, 1,830,000 1,480,000 1,910,000 1,300,000 ODD LOT TRANSACTIONS THURS. WED. TUES. MON. PRI. THURS. Purchases 562,094 410,425 354,423 398,552 459,373 439,444 Soles .... 537,084 391,409 291,523 282,282 344,270 453,480 Short Sales 27,318 14,253 10,785 7,911 14,324 17,134 -1170 HUh Low Sales Net ln lots) Open Hlih Lew Clesa Che. S3 IIVi ItH tO'i A&acul .lit 71' i 5t' Abbtlab 1.10 Sill 3T4. ACF Ind 2.40 24 17 AcmiCIv U U S74. Acme MM 3b !. ll'l AdmEx 1.144 ISV. tts Ad Mlllll .10 11 a Addrtli 1.40 lit, TU Admiral 4S4a 4V Aemal.il 1.40 41 SJVi AatnaLII of 1 It t Aeulrra Co 4S4 344. Air Prod 10b 1 ICtl'i Air Pd pll.71 Wt 144. Air Red .40a 1IW 44 AJ Industries 1IV lift Ala Oas MS 37 lli Alaska inters 41' 154. AlbartoC .IS II v,l Aioamns je WM M AlcanAlo 1.10 tS4 144. AlcoSland .14 IPa iT4t Aiamdrs -JOr mi 7 A lee CO .toe STH SIVi AilieLud 1.40 44Vi 174 AlltOLUd .1 J nvi irft Alias Pw ua It 1s AllladCh I.n STVi IS AllldMnl .40b 41 UVi AllladMIII .75 3141 IZVt AIII0O Pd .4S ts 34 AiilodPd all ST 111. AlllodStr 1.40 SI AlllodSt pi 4 SH AII4SUP .150 14V. Atlls Chalm SIVe IS AlphaPC .lea 74 StV. Alcoa I SO 14H MVi AmalSue 1 M Vt TH AMOAt. . Mi llVa AmarEs l. 14a 14Vi AmrEs 011.40 Se4e so Am Hiss .isr 47 4S AmaH pfl.so 4J 14 AAlrPlltr JO SIV. 11 AmAlrlln ,S0 IS rt Am lakir 14V. so ABrands lit IrVa 1SH Amldcst 1.10 45V4 trit Am Can 1.M 14H 10V4 Am cam .40 i. 11 A Chain 1.40 1SH 174. AmCredlt .to 14 II ACrrSus 1.40 H't 154. AmCyan 1.1s JO'.i 17a Am Distill 1 31'. ISA. AOlitTil .10a 10'. Hi Am Du.IV.5l U ll'i ADual pi. Ma n in. AmElPw 1.44 11U i7i, Am Enka la 1U. 14. Am Eso Ind 41 AExIM 0IA4 im 114. AGinlni :o 14V. 14V. AOnin PH.SO 15'i 10. AmH.Ut .70 71'. Sit. A Horn. 1 JO lojv. 71 A Home pi 1 tVi ' Am ho;p .24 lit. 14. Amlnvnt .30 41 11 AMetClx 1.40 NVi 15'. AMelClx pi 4 Ilia 44. Am Motors 17H S04. ANalOas 1.10 144. 44 Am pneto .n Ifi 411 AReaDv .0a UVt 1711 Am Seat 1 J4. is Am Ship .40 SiVi 24 A Smalt l.N 4JU, JT4. AmSOAIr .71 14Vi 14V4 Am Sid 1 111 II AmStd pie.75 isvt 14 Am siem .m It' a 21 A Sugar 1.10 i. s. Amsue pi .40 1 I' .. A TIT Wl Ml 51'. 414 Am TtT 140 IB7. 14. AmWWKS .44 141. aw erei i.u 111. 104. Am Zinc 2iVi 14 Ameron .40 117. 11 Ametek .40a ttv lTV'j AMF Inc .to 507. 13 Ainjac -so II lix. AMK CP M 57'. 41 AMP Inc .30 41' 1 lit. Ampex Corp If., is Amitea z.ea is. 7'.. Amid .n n' t 14V. Anaamd l.to 44. 25Vi Ancn tiecK 1 Vi. 14 AneorpNSv 1 lift HV. AoacluCp 15 114. 11V. ApcoOII 1.171 21'. 11V. APL Corp IIVi 1144 APL el C1.SS 21 11 APL Ptl.St II 744a ARA SVC . 41". lev. ArcataN .10 37 31 ArcataN oil sn& StH arcb Dan I 11 1 ArltPSvc i ce in. Ar ant'DS JO II'. if . ArmcoSI 1.44 2I 1SV. Armca pR.ll 441,-1 40 Armour 1.40 41 314. Armr ol 4.7S SSH IS ArmstCk .(3 34 -1 4 ArmCk Dt).7S 41 ll'i ArmRub 1.40 Wit ISVi Aro Corp .to 2SV. 177 Arvln Ind 1 1S4. ir4 Ashld Oil 1.20 14 S'i Aisd Brow 434. 24. Al4d DO UO StVi U4t Assd SPf 1.10 12 TV. AsdTran .030 14 M4. AIICtvEl 1.14 toH 444t All Rlcbfld 1 34 4SVi AIIRdl 011.75 131 71V. All Rich Pi 1 41 3TV1 AIIRCn PR.PD 14'. in. 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Memorex ANNUAL TRANSACTIONS LEADERS NET SALES CLOSE CHANOE 304,600 ll'i Hi 290,700 15 Vz Vi 270,500 12 1 191,200 302 1 133,500 435a s( 120,700 24's I's 102,400 12' 4 98,900 40 8Ve 94,400 24 "a 4 i 82,700 2IVe V's 77,000 I03'j 1 'i 74,800 84 Ve 9H 75,700 29'e I Vi 74,900 12 , 73,900 47 'a 14 lf70 Hlsh Low Sales Net (In loos) Open Htili Lew Close CM. -Jan. 1 to Dale ltll 1770 ltll ltll 1,053,389 1,127,153 1,163,790 Thousands of shares . -lfTO- Hlsh Low (iVioos) Open High Lew Close CM. 371 307 144 174 lHl tV 5t4 474 75V 40V, 434 14 114 TV itv. 31" iii. 341 iri ii4 ioh 1 im uv 17V. 11 34 13 187 in 111. 174. uv. low 44'. 51. 7'a 47 a If tl. 31 Ifi. 31' 151. 141, 61. 411. 15'. 41H 111. 411. Ill ', 44a 11 lSVl 1714. 1004 lfV 14 BosEdls IM Bourns Inc IranllAIr .30 arieest tele Brill Mr 1.20 BristMy all Brit Pat Jla Br Pal m.B. 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L ,n " 17H 1T44 Vi FluarCp l.ltt il 111 HV HH 2SV4 14 SHJ'V m ISH-Vk SS CS:.H " ,n " - FMC bfl.23 I 12H 32H 1244 IIH -V FeedFllr .ft 14 1SH ISH 1444 11 - 1 Foata CE .at I Vh IVi IVi lli Vk Foate Mlti li ItH II Itl ir-H feali i etui i MV. 14V 24H 2IVi H PerdMel l.U 1U 3fV SfH Sf B V JerMeKt.!! 117 It IIV IIH IH- Vi r,"-r pilot i. . i ae ii i POlt Whl .at 41 1144 IIH IS II - Vi Poll Wn pf 1 I ItH 14H 14V4 14V4- H Paiboro ,M II IM tl IS IS - H Pleif e turn to Fife 0, Col. 1 Dusiness inance 7 PART III SATURDAY, MAY 23, 1970 The Markets in Brief NEW YORK Standard & Poor's 500-stock index closed at 72.25, up 0. 09 above the 1970 low of 72.16 set Thursday. High during the day was 73.42; the low, 71.42. The Industrials closed at 7S.88, up 0.09; the rails at 29.27, down 0.23; the utilities at 49.49, up 0.17. The "500" high of 93.46 was set Jan. 5. Volume declined to 12,170,000 shares, compared to 16,710,000. OVER-THE-COUNTER The National Quotation Bureau index of 35 industrial stocks closed at a new consecutive 1970 low of 284.59, down 6.44. The 1970 high of 432.07 was set Jan. 14. LONDON The Financial Times index of 30 industrial stocks closed at 329.3, up 2.0 from the 1970 low of 327.3 set Thursday. The 1970 high of 423.4 was set Jan. 14. Total public and private debt rote last year by $131.7 billion. The Commerce Department reported that total net debt reached SI. 7 trillion. However, the increase during 1969 fell below the 1968 rise of $132.3 billion. Private debt jumped by $115.9 billion last year to reach a total of $1.25 trillion. In this area, corporate debt climbed $81.3 billion while individual obligations moved $34.6 billion. The federal government's net debt declined, but this was offset by a raise in the debt of federal financial agencies and the obligations of state and local governments. Meyenon tr Co. said it stopped general public brokerage work. Future of the San Francisco-based firm i. in doubt. A spokesman said the public brokerage business ended Friday was "uneconomical." He also warned that "there mightn't be enough business remaining in corporate finance and mergers and acquisitions to make continuation of the firm worthwhile." Customer accounts are protected, said the spokesman, and are being ordered out to Francis I. DuPont & Co. or the clients, depending on the clients' request. Meyerson is solvent and will not need help from the trust fund nf Hie N'ew York Stock Exchange, said the spokesman. Kaiier Steel railed prices 4.5 on some sheet and strip products. The Oakland-based steel corporation said the increases will be effective with shipments on or after June 1. Higher prices will be charged for high strength, hot rolled strip and sheet, cold rolled sheet and galvanized sheet products. Base prices and extras will be increased. The company's action followed similar moves by other steel makers. Mean-while.Northwestern Steel & Wire Co. said its base price for some reinforcing bars will be increased 50 cents per hundredweight effective June 1. Ford and Chrysler soles slumped during the mid-May telling period. Although there were nine selling days in 1970 and only eight for the same period last year, Ford sales totaled 66,382, down from 67,266. Chrysler sold 41,567 cars, compared with 43,337 a year ago. General Motors sold 138,897 passenger cars, an increase over the 115,322 sold In the same May period during 1969. American Motors sales totaled 7,652, up from 6.936 last year. For the industry, sales in the 1970 period were 254,498, up from 232,861 in 1969. Kerkorian May Sell Off Part of Vegas Holdings Pentagon Deposits Lockheed Problems Back in Firm's Lap BY JAMES FLANIGAN Timet Staff Wrllar The Department of Defense said Friday it is awaiting a proposal from Lockheed Aircraft Corp. on how the firm's "overall financial problems" might be solved. In mentioning "overall financial problems" the Pentagon included a reference to Lockheed's L-1011 commercial jet airliner development as well as to the military contracts on which the company has appealed for government financing. The Pentagon issued a three-paragraph statement late Friday afternoon in Washington in response, it said, to a question relating to statements made Wednesday by Sen. William Proxmire (D-Wis.). Prox-mire told a congressional hearing that Defense Department officials had told him Lockheed's financial plight is caused by the commercial L-1011 venture and not the military work. Firm Won't Elaborate Lockheed had no comment Friday on the Pentagon statement. Lockheed and Pentagon officials have consulted repeatedly since the March 2 letter in which the compa-. ny asked for some $600 million to enable it to complete work on four military programs. But the Pentagon statement Friday that it is "awaiting a proposal from Lockheed for a possible solution" to the company's problems seems to indicate a request for new information. After all, the original Lockheed letter was a request to the Pentagon to come up with a solution to the company's financial troubles, which it has blamed on disputes over cost increases on the military programs. The Pentagon statement Friday said that the company does not have "a cash flow problem on military programs through calendar year 1970." It said that next year money would be needed for the C-5A commercial transport plane. The Pentagon went on to say that "Lockheed could have other needs on their commercial business, since we understand their investment on the L-1011 will be increasing during the next year." The Pentagon has referred before to Lockheed's commercial program. Deputy Secretary of Defense David Packard in testimony to the House Armed Sen-ices Committee on March 9 spoke of the L-1011 pro-Please Turn to Page 11, Col. 3 Officials of Firm and Hyatt Talking. Attorney Concedes BY PAUL E. STEIGER Timet Sttll Wrllar Entertainment and airline mag- .;; n nate Kirk Kerkorian may be about . . to sell all or a portion of his Las Ve- ' gas hotel-casino holdings. William Singleton, an attorney for , Kerkorian, said Friday that "explor- ; atory meetings" have been held be- :; tween the principals of Kerkorian's .. 83-owned International Leisure Corp. and Hyatt Corp. of Burlin-game. He said that, contrary to a published report, there has been no agreement to sell International Insure or the two hotel-casinos it ojirns and operates on the Vegas Stritl, the ? . International and the Flamingo. 'No Agreements' "There have been no agreements and no commitments of any kind," Singleton said. International Leisure was bid at : 10, unchanged, Friday on the over- 1 ,., the-counter market, giving Kerkori- '.' an's 5.4 million shares an indicated current market value of $54 million. ; . . A spokesman for Hyatt Corp., ' which operates and franchises Hyatt House hotels and motels, said that only Donald Pritzker, president, could make any comment regarding possible acquisition discussions. He i said Pritzker couldn't immediately be reached for comment. Singleton said the discussions have not looked toward acquisition ; of International Leisure or its assets by Hyatt. He would not say, howev-j. er, whether Kerkorian is considering selling as much as a majority of the stock in the Las Vegas company to Hyatt. May Need Cash Question have been raised fre-' quently in recent months about multimillionaire Kerkorian's possible needs for cash to maintain loans j used to acquire in late 1968 and early last year controlling blocks of stock in Western Air Lines and in Metro-Goldwyn-Mayer Inc., the movie company. On Thursday, International Leisure declared an initial dividend- -r amounting to $1 a share. The company said it will consider paying dividends quarterly. However, the ini- ; ' tial payout precisely equaled the company's per-share earnings for all of 1969. Kerkorian's share of the di- vidend would amount to about $5.4. million. Lack of Confidence Cited as Market Drops Another 3.08 NEW YORK ffl Stock prices dropped again Friday, but at a much slower clip than in the previous sessions. The Dow Jones average of 30 industrials closed off 3.08 at 662.17, its lowest level since March 1, 1963, , when it stood at 659.72. Friday's decline brought the total loss in the Dow average since Tuesday to 40.64 points. One analyst, who appeared to voice the opinions of many financial observers, said that "the lack of confidence in the White House is reflected in the stock market. If people had the confidence in the White House that they should have, they would start buying." The market, in the course of Friday's session, fluctuated rather widely, with the Dow Jones average ahead as much as 4.59 points early in the session and behind as much as 8.08 in the afternoon session. Analysts attributed the market's wide-ranging movements to spotty technical buying interest, offset bv a general lack of confidence. Campaign GM Loses on Ballot but Claims Victory for Ideas BY BBYCE NELSON Timet SltH Wrllar DETROIT Representatives of the Campaign to Make General Motors Responsible were . overwhelmingly defeated at GM's six-and-a-half-hour long annual meeting Friday and then declared they had won a "substantial" victory. They said they felt they had made progress in their attempt to force American industries to accept the idea of public responsibility for their corporate actions. Board Chairman James M. Roche indicated that the corporate leadership had "a gratifying expression of confidence" but said also that GM directors left the meeting even more committed to Ufa Ideas of accepting GM's social responsibilities. Campaign GM received about 7 of the votes of all GM stockholders. Their holdings represented slightly less than 3 of the total shares voted. These were approximately the figures predicted Thursday by Campaign GM's leaders. The members of Campaign GM, wearing red "Tame GM" buttons, insisted that this was merely the "harbinger of things to come." They said the campaign would be back next year to attempt to give GM "a social conscience." One of the campaign's more substantial sources of support at the meeting was the United Auto Work-Pleas Tnrn to Pago 11, Col. i Of the 1,599 issues traded on the New York Stock Exchange, 515 advanced, and 797 declined. New year-; ly lows were touched by 519 isp'Ca ' and highs by none. Volume on the Big Board declined to 12.17 million shares from 16.71 . million shares Thursday. The New York Stock Exchanged Index of some 1,200 common stocks ' declined 0.02 to 39.44. The Associated Press 60-stock average slipped 1.1 : to 233.2, its lowest level since Nov.'' Please Turn to Patje 11, CoL T! Continental Loses Route to Pan Am, Trade Paper Claims WASHINGTON UFI Aviation Daily, an industry publication, said Friday the Civil Aeronautics Board has reversed an examiner's reconx mendation and voted 3 to 2 to grant a Pacific Trust Territory route to. Pan American World Airways rathT er than to Continental Airlines of Los Angeles. The CAB said any release of information on foreign route decisions must come from the President. The White House declined comment. So did Continental in Los Angeles. Aviation Daily said the CAB decision went to the White House sever- ' al weeks ago. It added that Con-" tinental had strong backing from the Interior Department and ap-d, parently also from the Justice, State,. Defense and Transportation Depart, ments. CAB chairman Secor D. Browne favored Pan American from the' start of his chairmanship, and mem- ' bers Whitney Gillilland and John' Adams, the two other Republican, members, switched their views to. conform with Browne's. The two Democratic members of the CAB re-, mained on Continental's side, the publication said.

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