Tucson Daily Citizen from Tucson, Arizona on March 9, 1966 · Page 37
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Tucson Daily Citizen from Tucson, Arizona · Page 37

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PAGE 31 T U C S O N D A I L Y C I T I Z E N WEDNESDAY, MARCH ?, 1966 BUSINESS OUTLOOK 3.2 Pet. Guidepqsts Prove Noble Failure By J. A. LIVINGSTON Ad hocism will work for a while, but ad hoc administration of prices and wages, if tried too often, will degenerate into ari hnkiim "That was said in mid-November, after President Johnson rolled back the price of aluminum, but before he intervened in copper and structural steel and in wages in the construction trades. Now, we can look back. The 3.2 per cent guideposts of the Council of Economic Advisers were a noble experiment in price- and-wage control. They failed for two reasons: First, they were too specific. In 1962, they originally were expressed by President Kennedy as a reliance on the "good sense and'public spirit of our business and labor leaders." No numbers. Later definitization, at 3.2 per cent, made the President the regulator of the marketplace. Second, economic growth and Viet Nam created market pressures which the guideposts could not contain. So long as unemployment ranged above 4 per cent and industry operated well below 90 per cent of capacity, excess supply restrained labor leaders in wage bargaining and business executives in pricing policy. The President undid himself. His grand design -- the "great society" -- was more than the guideposts could stand. the President's rollback of headline commodities--aluminum, «teel and copper--did not stay the advance in most prices. And miscellaneous wage contracts exceeded the formula. The White House couldn't be here, there and everywhere, geographically and industrially. The cost of living kept going up. The coup de grace was the 1966 Economic Report, itself. The Council of Economic Advisers held fast to the 3.2 per cent formula, even though big gains in productivity in recent years indicated a mathematical advance to 3.6 per cent. This outraged George Meany, head of the AFL-CIO. He said so. All labor leaders got the message. Moreover, the New York City subway strike was resolved by a breakthrough, whicn made national headlines. And Secretary~ of Labor Willard Wirtz failed to convince leaders of the building trades unions that acceptance of the guideposts was in the long-run interest of their members. Finally, the AFL-CIO Council declared formally that the guideposts'were "nothing less than an attempt to shortchange the worker." So, like 3.2 per cent beer, goes a noble experiment. Yet, some new guideposts or standards may be useful. What's good for a particular union or industry is not always good for the nation. Businessmen and labor leaders need some objective yardstick to afford perspective on their wage-price decisions. Maybe a tripartite board, representing labor, management and "the public will be established ultimately by Congress. Or perhaps Congress will set up a procedure for prior announcement of wage and price boosts--a one-month waiting period for public reaction. The guideposts were intended originally as a .standard for behavior, an outside conscience, by which all of us could measure--pro or con--the responsibility of business and labor leaders. The administration aspired too high: To increase demand and lift unemployment--to rid the nation of poverty. It couldn't-it didn't--suppress the symptoms of its own policy. Only by moderating fiscal expansion and adopting monetary policies to-curb demand could the guideposts have been made to work. Market forces--what men must do in their own self-interest-won't respond to moral suasion. Man's inner conscience--what is necessary for his business or his union--will be stronger ultimately than the outside, conscience a President can provide. --Citizen Photo MUTUAL FUNDS NEW YORK (AP) -- The following quotations, supplied by the National Association of Security Dealers Inc., are the prices at which the securities could have been sold (bid) or bought (asked). .oom Say Mut Mass Inv Grth . Wass Inv Trust Mass Life ..... Mutual Shrs Bid Asked 3.16 9.58 9.73 ·4.43 30.97 11.23 1.98 Aberdeen Fd 2.89 Advisers Fd 8.73 Affiliated Fd 8.99 Am Bus Shrs 4.09 Am Investors 30.97 Am Mutual Fd 10.28 Assoc Fd Trust 1-81 Axe-Houghton: Fund A 7.14 Fund B 10-41 Stock *.03 Boston Fund 9.68 Broad St Inv 15.44 Bullock Fund 15.47 Can Gen Fd 9.83 Canadian Fund 18.71 Capit Income 8.92 .Cap Life Ins Sh 7.86 Century Shrs Tr 12.18 Charming Funds: Balance 13-70 Com Stk 2.16 Growth 16-80 Income 8.88 Intl Grth 9.10 Special 2-93 Chase Fd Bos 10.31 Chemical Fd 16.42 Colonial Fund 13.23 Colonial Grth En 15.87 Com St Bd Mtse unavailable Commonwealth Funds: Income 10.37 Investmt 10.49 Stock 10.42 Consolidat Inv 10.00 Convert Grth 12.93 Corp Leaders 18.09 de Vegh Mut Fd 74.65 Decatur Income 12.77 Delaware Fd 16.06 Divers Gth Stk 13.13 Divers Invstmt 10.00 Dividend Shrs 3.71 Dow Th Inv Fd 7.37 Dreyfus Fund 25.72 Eaton H Bai 12.30 Eaton H Stk 16.18 Energy Fd 28.41 Fidelity Cap 14.88 Fidelity Fund 18.65 Fid Trend Fd 29.29 Fid Mut Inv Co 9.43 F.I.F 5.59 Founders Mut 8.43 Franklin Custodian: Utilities 7.46 Fundamtl Inv 12.33 Group Securities: Aerospace-Sci unavailable Fully Admin 10.36 11.35 Growth Indust 21.31 21.95 Guard Mut 25.80 25.80 Ham Fd HDA unavailable Imperial Cap Fd 9.72 10.57 imperial Fd 5.49 Income Found 2.66 Income Fd Bos 8.36 Incoro Income 9-84 Incorp Invest 7.42 Ind Trend 12.77 Ins Bank Stk Fd 5.99 Intl Resources no Invest Co Am 13.24 Invest Tr Bos 13.38 Investors Group Funds: Mutual Inc 11.79 . S t o c k 21.00 Selective, 10.06 Variable Pay 8.38 Intercontl 6.95 Invest Research 18.45 Istel Fund Inc 38.81 Ivest Fund Inc 14.57 Johnstn Mut Fd 17.91 Keystone Custodian Funds: Inco Fd K-l 9.84 Grth Fd K-2 6.79 Hi-Gr Cm S-l 23.36 Inco Stk S-2 13.53 Growth S-3 21.61 LoPr Cm S-4 6.88 Intl Fund 16.94 Knickrbck Fd 7.62 Knickrbck Gr F 9.60 Life Ins Inv 7.84 Life Ins Stk 5.94 Loom Say Can 30.77 7.76 11.53 t.S9 10.58 16.69 16.96 10.74 20.24 9.77 8.61 13.31 14.97 2.36 18.36 9.70 no 3.20 11.37 17.95 14.46 17.34 11.33 11.46 11.39 10.50 14.13 19.79 74.65 13.96 17.55 14.39 10.96 4.06 7.97 28.07 13.36 17.58 28.4 16.17 20.1 31.84 10.3 6.12 9.2 8.2' 13.5 5.97 2.9 9.14 10.75 8.1 13.96 6.55 no 14.47 14.62 12.81 22.83 10,62 9.11 no 20.15 40.0 15.92 17.9 10.7. 7.41 25.49 14.76 23.57 7.52 18.33 8.35 10.73 8.57 6.48 30.77 16.04 10.63 , 16.66 12.50 16.92 Mutual Trust 2.86 Nation-Wlde Sec 11.49 National Securities Series: Balanced 12.63 Bond 6.60 Dividend 5.43 Preferred 7.48 Income 6.49 Stock 9.36 Growth 10.17 New England 11.35 New Horiz RP 13.45 Noreast Inv 18.29 One William St 14.92 'enn Sq 21.00 'enn Sq 21.00 Phlla Fd ....: 14.44 Pine Street 12.45 Pioneer Fund 11.59 Price, TR Grth 20.88 Puritan Fund 11.24 utnam Geo 15.94 Putnam Grth 12.02 Rep Tech 5.15 Scudder Funds: Com Stk 12.53 Selected Amer 11.99 Sharehl Tr Bcs 11.95 Shares Am Ind 20.69 State St Inv 46.12 Stdmn Sci ,. 6.48 Televisn Elect 9.98 Texas Fund 13.41 United Funds: Accumulative 17.78 Income 14.10 Science 9-70 Unit Fd Can 5.71 Value Line Funds: Value Line 7.59 Income 6.34 Spec! Sit 5.12 Wall St Invest 11.08 Wash Mut Inv 12.78 Wellington Fd 14.07 Whitehall Fd 13.66 Windsor Fd 18.52 Wisconsin Fd 7.53 16.04 11.62 18.21 13.66 16.92 2.92 12.44 13.80 7.21 5.93 8.17 7.09 10.23 11.11 12.27 13.59 18.29 14.92 21.00 21.00 15.82 12.65 12.67 20.88 12.15 17.42 13.14 5.63 12.53 12.97 13.06 22.61 no 7.08 10.88 14.66 19.43 15.41 10.60 6.24 8.32 6.95 5.61 12.11 13.97 15.34 14.77 20.13 8.23 By WILLIAM L. RABY, CPA Member, Tax Court Bar Question -- Am I correct that .:he 1964 tax law eliminated deductions for taxes on the re- urns of persons who itemize their deductions? Answer -- The 1964 tax law .educed the allowable taxes that could be deducted on your federal income tax return, but did not substantially eliminate the ax deductions to which you are entitled. You cannot any longer deduct cigarette taxes, auto license fees and taxes on personal items such as liquor and Emissions. You still are left vith a substantial number of deductions. You Cc... deduct, for instance, the real estate and per- onal property taxes that you said, the city and state sales axes that you paid, that.portion if your Arizona auto registra- ion fees which represents the n lieu personal property tax, and your state gasoline taxes. Some of these taxes, like the sales and gas taxes, are usually estimated. You can get a table of the estimated state sales GOVT. BONDS NEW YORK (AP) -- Closing over the counter U.S. government Treasury bonds bid, asked, net change and vield: 3345 66 99.26 99.28 +.2 4.3' 3s 66 99.6 99.8 No 4.7 yijs 66 99.1 99.3 No 4.7 2Vis 67-62 97.16 97.20 +.2 4.4 35is 67 98 98.4 +.2 37/iS 68 97.26 97.30 +.2 4.8 3?is 68 97.2 97.6 +.2 3'/BS 68 NoV 97.4 97.8 No 4.9 2Vis 68-63 94.8 94.12 +.4 4.6 4s 69 Feb 97.16 97.20 +.2 4.8 2V« 69-64 Jun 93.12 93.16 +.2 4.6 4s 69 Oct 96.22 96.26 No 4.99 2Vis 69-64 Dec 92.12 92.16 +.2 4.7 4s 70 Feb 96.16 96.20 +.2 4.9 2VM 70-65 ......... 92 4s 70 Aug ......... 96.2 92.4 96.6 +.6 4.6 -f.2 4.9 2'/JS 71-66 ......... 90.26 90.30 +.8 4.5 4s 7) ............ 95.14 95.18 +.6 4.9 37',S 71 ............ 94.14 94.18 +.6 4.« 4s 72 Feb ......... 94.28 2Vis 72-67 Jun ..... 87.28 +.4 4.9 +.6 4.7 ..... 4s 72 Aug ....... 94.10 94.14 +.4 S.O" 2V:S 72-67 Sep 87.20 87.24 +.8 4.7 2Vis 72-67 Dec ..... 87.12 87.16 +.12 4.6E 4s 73 ............ 93.14 93.18 4Ves 73 ............ 93.30 94.2 +.4 5.0 +.4 5.0 4ij,S 74 ............ 93.28 94 +.6 5.0 4145 74 ............ 94.20 94.24 +.8 5.0 ?B 74 ............ 92.B 92.16 +.8 4.9 +.4 4.7 4s 80 ............. 92 92.8 87.8 +.4 4.7 3Vis 80 ............ 87 3V4s 83-78 ......... 82.12 82.20 +.8 4.7 3Vis 85 .......... 82.8 82.16 -K8 4.6 4' is 85-75 ......... 92,24 93 -f.4 4.8 31 -is 90 .......... 82.20 82.28 +.164.7 4Vis 92-87 ......... 92.20 29.28 +.124.7 4s 93-BB ........ 89.8 89.16 +.8 4.7 4"es 94-89 ......... 90.16 90.24 +.124.7 3s 95 ............ 79.4 79.12 NO 4.2 31,5 98 ............ 80.26 81.2 +.8 4.6 Prices quoted In dollars and thirty seconds. MORTGAGE LOANS · Unimproved Land · Offsite Improvements · Commercial and Industrial · Refinancing and Construction Kealtu Co. REALTORS--MORTGAGE BANKERS 2555 E. Broadway Ph. 325-2665 Heads New Bank Branch Irvin W. Rupert will manage the newest First National Bank of Arizona branch office in Tucson, at 6202 E. Broadway. It opens for business Monday and will hold open house the evening of March 18. John F. Betcher, district vice president, said the branch is the seventh First National office in Tucson and the 82nd in Arizona. TAX CLINIC Number Of Deductible Levies Reduced In '64 tax deductions from the office of the Internal Revenue Service, but bear in mind that this does not reflect the City of Tucson sales tax nor does it reflect sales tax on large purchases you might make such as the purchase of an automobile. You cannot deduct such payments for privileges or services as hunting licenses, dog licenses, driver's licenses or assessment for local impiovement, such as street paving, which increase property values. If you are a tenant stockholder in a cooperative type of setup, you may be able to deduct your proportionate share of the realty taxes paid by the co-op. If you bought or sold real estate during the year, the deduction for real estate taxes has to be allocated between you and the other party in proportion to the part of the year that each of you owned the property, even though your closing statement on the sale or purchase of the property may have shown a different allocation. The Daily Investor By WILLIAM A. DOYLE A. - I inherited $15,000, which is now in a savings account. I was considering investing about $5,000 of this money in common stocks -Coca-Cola, Consolidated Edison and Reynolds Tobacco. Some people tell me this idea is too conservative. Others say it is too risky. Since I remember the big depression, these conflicting opinions make me gun-shy. My wife thinks I should buy some Xerox and Fairchild Camera, hold them for a couple of months and switch to more stable stocks later on. To me, this sounds worse than playing the horses. Am I a square? A -- Sort of. But don't change. A square or a cube is less likely to go downhill in a falling stock market than a bouncing rubber ball. Your wife must be a real swinger -- suggesting that you put one-third of that inheritance in two high-flying stocks, for a fast turn. That could turn out to be mighty speculative -- especially considering the recent slump in the stock market. Your original choices are certainly more suited to a beginning investor. Those three companies have solid records of increased earnings and .dividend navments on their stocks. At this stage of the game thev must be considered far less risky than the two your spouse wants you to play around with. This doesn't mean that the market prices of those and any others you might consider will never fall. Reynolds Tobacco is now trading at less than half the high price it reached in 1961 -- when it was a favorite of the speculators. Coca-Cola and Con Edison are down in market price from last year. But, assuming that you are considering making relatively modest investments for the long pull, I'll stack my square reasoning up with yours. Mr. Doyle will answer only representative letters of general interest in his column. He cannot answer phone queries. Copyright 1964 It's Farming Industry CASPER, Wyo. - UPI-At 'a Wyoming Farm Bureau conference, Stanley Steer spoke on the cattle industry. tTurpin On Business* Home Builders Strive To Strengthen Setup By Ted Turpin, Business and Financial Writer The Tucson Home Builders Association is trying to make a comeback--and its chances of succeeding look pretty good. After a couple of years when the real estate market lay flat on its back and members drifted away, the association is slowly but surely pulling itself together again. Robert C. Caylor, the new president, is heading the effort, with aid and comfort from the national association. They have their work cut out for them. True, many of the marginal or speculative c o n s t r u e t i o n firms that flooded Tucson a few years ago have vanished--some went broke; some just moved on; some became other kinds of businesses. But that doesn't mean the remainder are easy to organize. And the home builders figure they've got to present a united front in many areas--such as EARNINGS i the year ended Dec. 31: I Mot inrnmo S 829.000 Veteran Financial Writer Dies At 80 NEW YORK -~W~ Oliver J. Gingold broke into financial reporting at a time when the only way to get company reports or dividend news was to attend the stockholder meetings. Gingold once recalled that the reports were often read hurriedly just to make it hard for reoorters to add the figures. "The present system of operating business in a fish bowl is much better for the neople and the country," he said. Gingold, 80. editor of the Wall Street Journal's "Abreast of the Market" column since 1933, died yesterday at his home of pneumonia. COFFEE NEW YORK (AP)--Coffee futures declined Tuesday following news .that Brazil had lowered Its minimum registration price for export coffee by one cent a pound. This followed reductions of V4 cent on Jan. 5 and one cent on Jan. 31. Dealers felt that the latest Brazilian reduction marked a further effort by Brazil to increase its share of the sreen coffee market. The spot coffee market was quiet. Coffee spot Santos No. 4 ex-dock closed at 41.50 N. Cost and freight offerings included Santos Bourbons 3s at 41.75N and 5s 40.75N. "B" futures closed 55 to 85 lower. Sales 14 contracts. Close May 40.89N; Sept. 38.74N; Oec. 38.15N. N-Nomlnal. HAY, FEED LOS ANGELES (FSMN)--Alfalfa prices unchanged. Carlot arrivals: 6 wheat, 2 corn, 16 sorshurn, 4 flour, 18 hay. FOR N. Y. STOCK EXCHANGE Study Of Alternate Site Urged NEW YORK -- UP) Keith Funston, president of the New York Stock Exchange, says it seems advisable to 'consider an alternate location outside New York City. This, he said in letters yesterday to exchange members, would be desirable even if the proposed increase in the sales tax on stock transfers were withdrawn. Such an alternate facility could be used, for example, "for exchange operations in case of emergencies and perhaps as a permanent site for some of'our activities such as electronic data processing, stock clearing, and records storage as well as some facets of our market making function," Funston suggested. "Such an auxiliary facility would give us more flexibility not only in case of hostile legislation in New York but also in the event of power failures, transportation emergencies, civil disturbances or a nuclear emergency affecting our New York headquarters." Funston called Mayor John Lindsay's proposed 50 per cent increase in the stock transfer tax "a grave threat to the securities industry." He had raised the possibility of the exchange moving elsewhere when the higher tax was first proposed. Funston said offers of potential new sites for the exchange "have been pouring into my of- Eice since our announcement last week that the exchange is un- NOW LEASING for April Occupancy " TUCSON FEDERAL SAVINGS TOWER alterably opposed to the mayor's request for a 50 per cent increase in the New York stock transfer tax." He said 40 letters and telegrams have been received from other communities inviting the exchange to establish new headquarters. The offers have come, he said, from such cities as Newark and Jersey City, N.J.; Greenwich and Stamford, Conn.; Cleveland and San Francisco. Funston said consultants have FOR UNBIASED ADVICE ON MUTUAL FUNDS WESTAMERIU SECURITIES INC. MUTUAL FUNDS Stocks Bonds MEMBER PACIFIC COAST STOCK EXCHANGE PRESENTS WILLIAM A. DOYLE Nationally Syndicated Financial Columnist Read Daily in the Sitrsnn Sailu GJittsnt LIBERAL ARTS AUDITORIUM University of Arizona MONDAY. MARCH 14, 1966 8:00 P.M. Question and Answer Period After Lecture Mail Coupon or Phone 792-2434 FOR FREE TICKETS Ac/mission by Tickef Only Westamirlca Securities, Inc. M30 E. Broadway Tucson, tsrif, Arizona PLEASE SEND ME ( J FREE TICKETS TO ATTEND THE WILLIAM A. DOYLE LECTURE. LIBERAL ARTS AUDITORIUM, U. OF A. MONDAY, MARCH 14, 19M NAME ... ADDRESS CITY PHONE been retained to consult with each area. The exchange's board of governors has voted to re-examine the plans for a new exchange building and to study whether part or all of the exchange's facilities should be moved out of New York. A share $1-30 Sales Jan. 1: Net Income A share S2.40 zoning restrictions and tough union demands. The Tucson group is bigger than it sounds. Organized in 1953, the builder organization represents 111 members in Pima, Cochlse, Final and Santa Cruz counties. They're serious about t h i s membership drive. Inside the THBA they've organized th,e Spike Club, a special membership recruiting group. The Spike Club has a goal of 101 new members. And they mean it. o o o A new 4-H Club has . been , Sweets Co/ AM formed to teach youths 16 to 19 about money management and investments. Of course, 4-H clubs are usually agriculturally oriented. But there's every reason that farmers and .ranchers should know tiow to manage their money, too. Gary Petterson, assistant agricultural agent for Pima County, says the 4-Hers will be operating somewhat like an investment club. But since they're minors, the "investment" money will be imaginary. Glen Aleten Corp. (tt*l mining) for the year endtd D*c. 31: 1965 1964 Netlncomt * 3,313,060 $ 9,777,000 A share .. 49 tents $2.04 Sales $ 79.170,000 S 95,421,000 Universal American Corp. (machinery) for the year ended Dec. 31: Net income . ... J 6,824,149 $ 5,256,894 A share $1-62 *'·» Sales $149,726,306 $133,219,938 E. R. Moore Co. (clothing industry) for SI .18 752,000 $ 11,455,000 $ 10,510,000 Morse Shoe Inc. for the year ended S 4,364,127 S 3,181,485 $1.76 Sales .'.'.'.'.'..'.'.. $ 80,147,139 $73,533,714 Belco Petroleum Corp. for the year ended Dec. 31: Net income .... A share $ 6,009,769 $ 5,009,893 .$1.08 90 cents «;uaic . ..... .«i.w · Sales $14,272,422 $12,883,617 DIVIDENDS NEW YORK (AP) - Rate, period, stock of record, payable. 0 0 0 BUSINESS BRIEFS: Arizona's business activity continued to move ahead "with undiminished vigor" during February, reports Dr. Harold Fearon of ASU, who makes a monthly survey of .purchasing agents, a good business barometer. . . . . . . General American Transportation Co., Chicago-based parent of Tucson's Infilco, will accelerate capital outlays for new plants and equipment this year, says T.M. Thompson, chairman, and Spencer D. Moseley, president.... . . . A larger share of corporate sales dollars is going into development of marketing research departments, says A. C. Nielsen Co.--to find out more about what people want to buy, and why ... . . . Jack Wise has transferred from Phoenix to the Tucson office of Western American Mortgage Co., local correspondent for Metropolitan Life Insurance Co.... . . . Dick Campbell, an Altoona, Pa. life insurance agent who has sold more than $40 million worth of life insurance in his lifetime, will speak to the Southern Arizona Association of Life Underwriters at noon torn o r r o w in the Executive Inn.... . . . Morey Kane and George Joch have been named Salesmen of the Month for January and February by the Arizona Sales Club . . . New York Life Insurance Co. paid more than $8.9 million to Arizona policyhold-' ers and beneficiaries in 1965, reports Robert E. Pope, Tucson general manager.... . . . Ramada Inns is starting a chain of "Chez Bon" specialty restaurants^ similar to the one that has proven successful in Phoenix... STOCK 3 PC IRREGULAR .45 . Suffalo Forge Kilembe Cop Cobalt .10 . RESUMED A P L Corp 12 . INCREASED Swwts Co. AM 10 . 3-21 4-12 3-21 3-31 3-18 3-31 3-18 4-15 3-21 4-6 REGULAR 'rovidence Gas 16 3 3-15 4-1 Island CreeK Coal . .375 Q 3-18 4-1 Lanvin, Chas, of Ritz 125 Q Bank of NeW York .1.40 Q Campbell Red Lake Mns 1125 Q Kilembe Cop Cobalt .20 Q Maremont Corp Nail Newark 8. Essex Bank .25 .4-20 3-18 3-28 3-18 3-18 5-11 4-1 4-28 3-31 3-31 Further Rise In Interest Rates Seen NEW Y O R K - m - A major New York bank predicts interest rates will rise still higher from their present levels which are at 40-year highs in some cases. Bankers Trust, the nation s seventh largest commercial bank, said in its annual investment outlook that the trend would be accentuated by diminishing bank investment in bonds and mortgages. That would leave it up to other types of investors to soak up the expected heavy supply of bonds and mortgages. But to attract such investors, said the bank, "it seems reasonable to conclude that yields will have to become convincingly attractive to individual investors." Inflationary pressures also would tend to steer investors from such investments, the report said, adding: "Thus, the preponderance of evidence is that the upward pressures on interest rales have not come to an end; interest rates do not yet appear to be at a level that will equilibrate demand and supply." · .40 Q 3-14 4-1 COTTONSEED OIL NEW YORK (AP) -- Bleachable cottonseed oil futures closed 4 to 7 higher. Sales 40 contracts. Close: May 14,606, Jul 14.54B. Closing bids: Mar 14.95, Sep 14.25, Oct 14.10, Dec 13.90. B-Bid. SUGAR NEW YORK (AP)--Domestic sugar futures No. 7 closed unchanged. Sales 14 contracts. Close -- May, 6.83B; July, 6.85; Sept., £.86. Raw sugar spot 6.85. World sugar No. 8 closed 8 to 13 lower. Sales 1,992 contracts. Close - May. 2.29; July, 2.41-42; Sept., 2.52; Oct., 2.59B; Nov., 2.65; Mar., 2.79; May, 2.85B; July, 2.91 N. N-Nominal; B-Bid. PRODUCE LOS ANGELES (FSMN) -- Eggs unchanged. Poultry, live, volume prices at ranch: fryers 35,900 head, 69 pet 19, 6 pet 20, 25 pet undetermined; roasters 8,600 head, 21-22; egg type hens 40,700 head delivered at plant 8-10, weighted avg 8.92, at ranch 53i-8, weighted avg 7.18. No turkey prices. COTTONSEED MEAL MEMPHIS (AP)-- Cottonseed meal bulk, future quotations. Prime 41 per cent protein basis. March 7th Prev. Close Mar 67.00-68.00 67.00-68.00 May 65.50-66.50 65.50-66.50 July .68.00-69.00 68.00-69.00 Light Plane Deliveries Take Spurt WASHINGTON - UP) - The Aerospace Industries Association said today manufacturers delivered 1,173 light planes valued at $31,125,000 last month, 55 per cent more than in February 1965. The association's utility airplane council said February was. the fifth consecutive month in which deliveries by U.S. manufacturers exceeded 1,100 units. . It marked completion of the third year in which deliveries each month were greater than the corresponding month of the preceding year. ' Alaska To Get Fertilizer Plant TOKYO -- UP)--A Japanese gas- chemical company says it has agreed with Collier Carbon Co. of the United States to build an urea-making fertilizer plant in Alaska. OFFICES-STORES 4500 BLOCK EAST BROADWAY GREATER BROADWAY DEVELOPMENT CO. 4535 E. BROADWAY EA 6 2464 LEASE 1966 CARS $ 95 MONTH LEASES A NEW CHEVROLET LEASE FROM A RENTAL COMPANY 59 AMERICAN AUTO RENTAL STONE AVE. at THIRD ST. 622-7677 YOUR AFTER-TAX INCOME CAN BE SUBSTANTIALLY INCREASED FROM MUNICIPAL BOND INVESTMENTS! Municipal bonds today are at their lowest price (highest yield) in the last five years. The tax-free income from a municipal bond yielding 3.6% is equal to a taxable investment yielding 6% in the 40% tax bracket. In cases where higher tax rates apply, municipal bond investments are even more advantageous. Quality municipal bonds are a sound investment. Maturities are available The Valley Bank is active in the underwriting and distribution of Municipal Bonds, and the full facilities and experienced personnel of our Investment Department are available to you. in uAwgona tJ/Utcipad Qontfs ·over a wide range and geographical distribution is obtainable. These bonds are actively bought and sold and are readily acceptable as collateral for borrowing purposes. Income from municipal bonds is exempt from Federal income tax. (Arizona municipals are exempt from both Federal and Arizona State income taxes.) Send for our Booklet: ·TAX-FREE MUNICIPAL BONDS" INVESTMENT DEPARTMENT Phoenix: Home Office Tucson: Downtown Office Phone: 261-2900 Phone: 624-8711

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