Tucson Daily Citizen from Tucson, Arizona on May 12, 1967 · Page 35
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Tucson Daily Citizen from Tucson, Arizona · Page 35

Tucson, Arizona
Issue Date:
Friday, May 12, 1967
Page 35
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FRIDAY, MAY 12, 1967 T U C S O N D A I L Y C I T I Z E N PAGE 35 James On Business Car Insurance Rates On Their Way Up By Cecil James, Citizen Business Writer Several weeks ago, insurance newed after July 1. He pre- KERN COIMTY LAND agents around the city were predicting auto rates would be icies "going up and their forecasts cent, 'are proving true. "· William Maceyko of Kuhn In- 'surance Agency relayed to us the new base rates drawn from National Bureau of Casualty 'Underwriters figures. Although the standard companies, which rely on National Bureau's computations, probably write less than half the yearly volume, other competitors still are affected by them. They, too, have to make money "in order to survive. '· M Vc e y k o noted that the ·growth of the auto . insurance business since World War II ·has been tremendous. State Farm Mutual, he said, received -$941 million in premiums during 1966, compared to $60 mil,lion 20 years ago. All-State was paid $671 million last year. ·-_ What are the new rates and -when will the insurance policy holder start feeling their ef- iect? .., The base premium for bodily .injury liability, providing $10,- QOO-$20,OOQ coverage, has increased from $47 in September, 1965, to $55 on May 3, 1967. The dieted total fees for most policies will increase by 10 per cent. Increased fees, needless to say, are tied to the growing n u m b e r of accidents and awards made by juries in damage suits. Reasons for the higher number of accidents are many, the most important probably being the steady increase in traffic. Still, blind intersections, driving under the influence of alcohol, nonsychronization of signal lights, nonaligned intersections and speeding remain factors of consequence. And, Maceyko said, "The frustrated driver, is a dangerous driver. Too many times he tries to make the green light and gets caught in the interse- cion when it is red." However you toss the saiad or burn the candle, you automobile drivers are going to have to pay higher premiums. Which, by the way, reminds me mine is due. o o o . BUSINESS BRIEFS: Hudgin Appraisals and Assessments, is returning to private real estate and mortgage investment con- ulting with Leo Rich, 201 N. Stone Ave. . . Continental Ttailways will hold a safety award dinner for 20 bus operators and their wives icxt week. Special hon- will be driver E. F. Occidental Now Making Bid For Million Shares or Hahn. latter is $2 higher than the Phoenix rate. . ; The cost of property damage coverage of $5,000 has moved from $19 to $20 for Tucson and from $20 to $24 for Phoenix. Medical coverage for $1,000 has -increased from $10 to $12, the same as for the Phoenix area. Maceyko said the new rates will affect most newly written policies and those to be re- A i r Service, 1732 Valencia Road, is offering a special introductory lesson "to show the n o n-flier the rudiments of flight," says Louis Hudgin, secretary of the company. . . . . . . Hal Gettler, Tucson real estate broker and salesman who for the past two years has worked for the State Division of . Davis-Monthan AFB has awarded an §8,475 contract to Wilmot Sand Gravel Inc. for ready-mix concrete, and a $3,762 contract to the Mt. Lemmon Ski Area for transporting food to the Mt. Lemmon Air Force Station. . . . . . . Three Tucson area representatives of John Hancock Mutual Life Insurance.Co. who will be honored in San Diego next week for sales performance are Don Golos, Dick Patterson and Bill Collins. . . . . . . F. W. Dodge Co. reports that March contracts for future construction in Arizona totaled $39.6 million, down from $42.9 million a year earlier. For the first quarter, total construction was valued at $98.1 million, SAN FRANCISCO (AP) -· Occidental Petroleum Corp. says it has received more than the 500,000 shares of Kern County Land Co. stock it has offered to buy -- a move KCL calls a "raid" and a "power grab" -- and has increased the number it will buy to at least one million. President Dwight M. Cochran and Board Chairman George C. Montgomery of Kern said in a letter to KCL share owners that Occidental's tender offer to buy 500,000 of the company's 4.3 million shares was a "raid, and o b v i o u s a n d transparent scheme aimed at control of your company." They said the KCL board is considering merger offers from "reputable corporations" thai could result in tax-free exchanges of stocks rather than the taxable proposal by Ar mand Hammer, president o Occidental. The KCL officers said too that they believe the shares will be worth more in five compared with $117.2 million in the first three months of 1966. . , . . . . Revenue passenger miles for Frontier Airlines rose 35 per cent during the first four m o n t h s of 1967. There were 6,199 boardings at T u c s o n alone . . . years as Kern County Land Co shares than they will be worth as shares of a company raide by Occidental. The letter urged stockholders, ; Do not tender your shares. We will use every legitimate means o frustrate Hammer's ambition o take over your company." Hammer, in New York City, ssued a statement that "Occidental does not intend to en- jage in a mud-slinging contest ut would like to point out that Mr. Dwight M. Cochran. . .is isted in their proxy statement in connection with the annual meeting March 2, 1967, as beinp, the owner of only 1,250 shares of KCL, although his aggregate remuneration amounted to $142,900." "Occidental has been deluged with stock under its tender offer for Kern County Land Co.," Hammer continued. "We have received in excess of 500,000 shares. Occidental will accept all stock tendered to date and pay for it immediately. "This offer is increased to at least one million shares from the original 500,000 shares at the same price -- $83.50 -- and under the same terms." The Hammer offer was $20 a share over the market price when it was made last Friday. FUEL OIL RESEARCH Social Security Aid $33 Million " Puna County residents received some $33 million in Social Security benefits last year, according to district manager Douglas Carter. Of the 37,142 persons receiving benefits, Carter said, 32,176 were retired workers, or surviving widows and parents of workers who died. The total amount included $431,275 payments made to 7,778 young widows and children in the Tucson area. Some 700 disabled workers and their dependants received monthly benefits totalling $44,723. Cleaner Air Is Goal Of Creole Petroleum 'NOT EQUAL OR EQUITABLE' IL S. Steel Boss Raps Foreign Competition Mutual Funds Ind Fund 7.80 8.52 InsBk Stk 5.40 5.90 NEW YORK (API Inv CoAm 14.53 5.88 .-- Tha following ^ · Inves Bos 13.B8 15.17 ti lions, supplied by Invest Group: .tht National Assqef- Mut \\ J A\VA ·tTon of Securities Stock 21.66 23,55 Dealers, Inc.. r.re Select 9.93 10.68 the prices at which Vsr Pay 8.96 9.74 th:.se securities Inv Resh 19.03 M BO could have been Islcl Fd 21.6622.33 so ibid) or bousht Ivest Fd Jf'8".48 («sked): Johns n 21.1521.15 .* ' Bid Ask Keystone Funds: Aberdesn 3.14 3.43 £us Bl 22.8723.87 .Advise Fd U.X4 9.6U Cus B2 23.33 25.46 Affll Fd ».04 9.7B A. Amer ur.avallan Am BUS 3.82 4.13 Ar,.Div m 11.96 13.07 1 Am Duvalest: .ap ihr 13. 0 14.00 - Inc PfS 13.75 14.25 - At»i Grlh /.i/ ' 'V IHI ( u '%",n 'ft'-ic . Am Inv 33.80 33.eO-KnicKerb 7.62 8.35 . Am Inv 38.80 38.80 Knlck_G1h 12.23 13.40 ^a B4 10'.27 11.21 Cus Kl 9.2510.10 SBffi Cus S3 10.43U.39 fnt* Fd 13:«M5$ , Fund B 10.66 \\A ' Stock 7.05 7.70 sir Mut . ( Cdn Fd ( r Inc alt lh h r r Hrmd St 15.9rfl7.V'MldA Mut 7.44 8.13 Bullock 15.57 17.07 Moodvss 16.67 'ien '»./' '" 1r| Morton 18.6820.21 Grwth 8.61 9.65 Incom 1 0 - ' 8 n s u r .-,iini 11.88 13.02 4.24 4.65 i 7 .: i : i : NEW YORK (AP)- Creole Petroleum Corp. has undertaken extensive research on the problem of lowering the sulphur content of fuel oil to meet a growing public demand for cleaner air, stockholders have been told. Leo E. Lowry, president of Creole -- which is 95 percent owned by Standard Oil Co. of New Jersey -- told the annual meeting: "We have undertaken extensive research on this problem. The facts are that the cost of desulphurizing fuel oil varies according to the physical characteristics of the crude processed and the sulphur specifications to be met." Creole has already made plans to meet New York City's new regulations which will require sulphur content in fuel oil used inside the city to be no greater than 1 percent by May 1971. ' "Creole fully appreciates and shares the desire on the part of the public for cleaner air," Lowry said. "We are prepared to make sizable investments to Mutual Fund Group Set For Battle NEW YORK (AP) - The Investment Company Institute will "vigorously oppose" the legislative recommendations the Securities and Exchange Commission submitted to Congress, says Robert L. Augenbl- reduce the sulphur content of our fuel oil to the minimum possible within the limits of time, technology and economic feasibility." Govt. Bonds NEW YORK [API -- Closlnfl over tht counter U.S. Government Treasury bonds, bid, esked, net change and Yield for SAN FRANCISCO (AP) U.S. Steel Corp. President Lesie B. Worthington says that competition with foreign steel producers is "not equal or equi- ta b 1 e " because U.S. steel- makers "must compete against both the producers in other countries and their governments. Worthington spoke of what he called the "relentless increase in the imports of foreign steel," calling it "a very dangerous trend." / Thursday. 2Vas 47-62 r. :::::: 4s 69 Feb ........ . 90.2B . 90.16 . 95.28 a"t 94 i'/2s ii-au «·« an* 71"::::;:;:; w:TM avis 72-47 jun';;;; 9uo 4s 72 Auo .. 21/ss 72^7 Sep 2'/25 72-47 Dec 4s 73 4V«S 73 li V :: . :: :::: : . ? Cv : ;;::;;::;;il i it 78 .;;:;;:;: gS 41/45 85-75 « V/js 90 81.16 ·4192-87 ·:;;::...90.28 4s 93-58 ff.24 4'/65 94-89 B8.24 "5e . OC .... 81 avis 98 ::::.,;... BU* 99.29 99.30 99.28 99.18 99.18 97.24 99.18 96.24 V9 95.24 94 ... 3.57 . . . 3.75 -K2 4.00 -f.2 4.11 . 4.18 +.2 3.98 +.2 4.26 +.2 4.14 · K 4 4.45 +.2 4.25 ,, T.8 4.21 97.30 --.6 4.53 97.2 -I-.* 4.60 97.12 +.2 4.62 91.18 -M 4.36 97.2 K6 4.64 71 4 KB 4.38 90.24 +.8 4.39 96.4 K6 4.72 96.24 +.6 4.71 96.24 --.6 4.69 97 ' 12 ti 1.8 --.4 4.9! --.4 4.88 --.4 4.84 --.4 X.70 K8 .«8 -.4 4.B1 95 91.12 86.8 82.12 82.12 92.16 82 91.12 +.4 89.8 -.4 89.8 --.4 B1.16 --.4 82 4.85 4.72 4.B4 4.1? 4.5) l/»5 98 . . . 01.la a * · ' · Prices'quoted In dollars and thnty sec- He said steelmakers in Europe and Asia "are compelled to maintain their exports at the highest practical level. If this means they must ship their excess tons across the seas at whatever price is necessary to get the business, then they do so-- and eventually their governments or their home market customers must subsidize these exports in one way or another. "In effect, foreign governments use their steel industries as instruments of national policy. They use tax rebates, subsidies, special depreciation allowances and other measures to protect their domestic markets and stimulate exports." U.S. producers are meeting the problem, Worthington said, by installing equipment that "can and already has made us the most efficient steel producing nation in the world, with the broadest line of products and the most consistent quality." He made his remarks at the annual meeting of the Steel Service Center Institute. I Worthington said there is a | greater potential for growth for the nation's steel industry now than at "any previous time." "All the developments of the past 50 years are going to be dwarfed, in my view," he declared, "by those that are to come. . .in the next JO or 20." The Dailv Investor ,1:7312:6, ick, president. The institute's 185 members west 10.76 11. 71 Noreast 7.63 n, A3 Corp Ld Crown W 7.10 18, u r a n . 6.72 7J5 Putnam Funds: . M 49.71 49 71 ' 0 l 12 44 «." 7 JS 'I.' tt Efitn Bui i^.v* '-*· '** ^^v«--· Batn Slk 16.S718.32 Ral Rf ,';·£{ ^Jf Iflllfll Founders «-« 134 Temp ?». '5-« Ji-V. claim to represent 93 per cent of the assets of all mutual funds in the United States. The SEC recommendations would slice sales charges almost in half, abolish the front- end load in which up to half the first year's payments may be applied to sales charges, and make other changes. Augenblick said a mandatory cut in sales commission would drive thousands of salesmen and small broker-dealers out of By WILLIAM A. DOYLE ' Q. For many years the company in which I own some preferred stock sent me a dividend check for $300 every June 30 and every Dec. 31. But the latest dividend check didn't arrive unti: Jan. 1. And the copy of Form 1099 the company sent me showed that I received only $300 in dividends in 1966. The company claims that I didn't lose anything and that I actually gained, taxwise, by the delay in payment of the latest dividend. I still feel I am out $300. What do you think? A. I go along with the com- par.y on this one. By delaying the payment of the dividend only one day, that payment was put off from last year to this year. That meant that you had to pay income taxes on $300 of dividends for 1966 -- rather than ?600 a year. A number of companies have done just this. By putting of the payment of dividends for "The proposed legislation in our view threatens the continuing healthy growth of the mutual fund business, and involves serious questions of public policy," Augenblick said in a statement. day or two they have shifted the payments from one year into the next. As a result, stock Fuller Heads Erie NEW YORK (AP) -- Robert G. Fuller, 63, has been elected e r i e Lackawanna Railroad chairman, succeeding the late William White. Fuller retired in April as senior vice president of First National City Bank. Grain Wen i w M l f t 7-0 Value Lint Gr $r B o Ic'fl »«» mwm Sin tw Com St 1439 1? ** Sol Slf 4.65 1 « TM Ad 9.75 l(j.?S Vannd un»v«l I MID WAY PLAST'C PATIO PANELS . , : 5;i " «.15 '/* 7.00 7J Foi Roots. Awnlnes. etc. ph. . . MTm«*lJ:« 15.1 1 Worth i LUMBER ciders save money on taxes. That tax saving, of course, is ust for one year. You'll get ?600 n dividends this year. Assuming hat nothing goes wrong with he company, you'll receive that amount every year. Look at it this way. Suppose hat, in 1965, you hadn't opened your mailbox on Dec. 31. When you finally got that check in :and, it would have been 1966. Would you then say that you were out $300 in dividends? Of course, you wouldn't. Q. If the figures are available can you tell me the percentage o f drop in the average market price of stocks during 1966? A. The Dow - Jones Industrial Stock Average fell 18.94 per cent and the Standard Poor's 500 Stock Index slumped 13.09 per cent last year. Remember, these are averages -- not an indica- cation of every stock's performance. (Mr. Doyle will answer only representative letters of general interest in his column. He cannot answer phone queries.) Copyright 1967 Old Earl Says! If the grass looks greener on the other side--You'd better see us about ORTHO SPECIALS Buy a Gal. Get a Gal. For 1 c All Other Orlho Specials BANKS1A ROSES (REMEMBER TOMBSTONE) YELLOW BLOSSOMS--$1.75 Ea. TORO SUNBEAM MOWERS WE SELL SERVICE AND TRADE Don't cuss--see Gus when they won't run-Grant Store REMEMBER! WE DON'T WANT ALL THE BUSINESS IN TOWN* * JUST YOURS! UPHAIri NURSERIES 915 N.'SWAN A lygus bug that attacks cotton treated with Bidrin gets a lethal dose when he tries to feed on succulent new growth. Lygus can't attack cotton for weeks when you put on a Bidrin spray Bidrin® Insecticide also gives you lasting control of other damaging cotton insects. Helps free you from worry about drift and other problems. It's a phosphate insecticide. Can be used on seed crops of alfalfa and clover plus many other crops. '"T^HE unique way Bidrin works ex- JL plains its special effectiveness against insects. First, Bidrin acts as a contact insecticide, giving you immediate control of lygus (nymphs and adults), aphids, thrigs, flcahoppers, spider mites and other pests. Then, it actually enters the cotton plants, making leaves, stems and growing tips toxic to insects. For up to 3 Bidrin is available in gallon jugs and quart bottles that cut down work and waste. weeks the treated cotton plants "kill" insects that attempt to feed. Enters cotton leaves fast In about 24 hours more than 80% of the Bidrin spray is inside the leaves, beyond the reach of beneficial insects and weather. For the rest of the control period Bidrin works along with bene- ficials to stop the attack of insects that pierce foliage or chew into plants. Ready for migrating insects Sudden lygus migrations from newly cut alfalfa fields or neighboring cotton can't take your cotton by surprise iF you've sprayed with Bidrin. It's inside your crop, won't give insects a chance to build up. Lasting control means economy Bidrin helps you reduce expense as well as insects. Its length of control spreads your cost for both insecticide and application. Compare costs for Bidrin to costs for other good insecticides. Then compare the recommended frequency of application. The'econ- omy of Bidrin will show up clearly. Where to get Bidrin Your pesticide supplier has Bidrin. It's easy to identify. Just look for the distinctive blue and white Shell label. For more information write Shell Chemical Company, Agricultural Chemicals Division, 100 Bush Street, San Francisco 6, California. 1.30'/« l'.35Vi . . 4 l.i*'/» 1.39V. 1.40V4 . 10 '.:. 10.14 10.14 In in 10-09 10.06 10.09 o IU. I/ . SOYBEAN MEAL II i J8.10 TODAY'S SPECIAL 1962 CHEVY P.U. 4 SPD. WIDE BED FULL PRICE EASIEST PLACE IN TOWN TO BUY A CAR! MAC MCGINNS 2SM S. «th Ave. MA 2-Mfll y ( * * 0 S ) $ ^ ^ £ \ £ Attow W "4 Zif f *" 3 The sleek new Arrow-Jet is here. And that means you can enjoy some of trie lowest jet fares in the industry. Our amazing Standby Plan lets you jet to Denver for only $29*and even guarantees you the next available seat if you can't be accommodated. Compare our low Family Plan fares, too. Good any day of the week. Thai's Frontier. That's the Arrow-Jet. Coach and First Class accommodations. TUCSON TO Arrow-let 'Arrow-Jet Family Plan Coach Fare Standby Fare Jnd Member Others to Age 23 DENVER $48.40 $29.00 524.20 $12.10 COLORADO SPRINGS 40.40 20.20 10.10 PHOENIX 10.70 6.00 6.00- ALBUQUERQUE 24.25 12.15 i.10 FRONTIER^ AIRLINES

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