Tucson Daily Citizen from Tucson, Arizona on February 11, 1976 · Page 34
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Tucson Daily Citizen from Tucson, Arizona · Page 34

Tucson, Arizona
Issue Date:
Wednesday, February 11, 1976
Page 34
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1076 Business T U C S O N D A I L Y C I T I Z E N $86.3 million in 1975 Outstanding Marvin L. Reynolds, president and founder of Central TV Appliance Service Inc in Tucson, has been named the outstanding appliance service dealer in Souther Arizona by the Electric League of Arizona. Reynolds, an Oklahoma native who is a past president of the- Tucson Appliance Merchandisers Association, was named one of five recipients of the association's 1976 Leadership Award. The other winners are from Phoenix. Pool supply David Steger Sr. has opened a retail pool supply store at 5004 E. Broadway, specializing in water analysis for swimming pools. Active in the industry here for nearly two decades, Steger helped charter the Tucson Swimming Pool Association and its statewide counterpart, having served as president of both. He was formerly affiliated with Whitaker Pools as service and retail store manager. Board chairman Albert W. Gibson, president emeritus of Tucson Realty Trust Co., has been named board chairman of the firm. He succeeds the late George H. Amos Sr. New Board members include A. Lee Mut!ins of Tucson and Robert E. ' Lamar of Casa Grande. Gibson retired as president last December. Award Timothy Creedon, senior vice president for Valley National Bank's Southern Division, has been chosen to receive the Chairman's Award for Community Service in recognition of contributions to the Tucson area. The annual award will be presented Wednesday to Creedon by VNB Board Chairman James B. Mayer of Phoenix. The bank will donate a large check to the Southern Arizona Division of the American Heart Association inc., the community service agency designated by Creedon. In addition to his work with the Heart Association, Creedon is president of the Arizona Council on Economic Education, a director of Junior Achievement of Tucson Inc. and a board member of the St. Mary's Hospital Foundation. Realty sales Denton Real Estate Co. has reported that its four Tucson offices had combined sales of $45 million in 1375, an increase of more than $4 million compared to 1974 sales. Dentoh's three residential sales offices generated $27 million in about 780 transactions while the commercial brokerage office had total sales of $18 million in 199 transactions. The firm's largest commercial sale was Tucson Sand Soil Co. for $2.7 million, a spokesman said. TWA reports record loss NEW YORK (AP) - Trans World Airlines has reported a deficit of $86.3 million of $6.68 per share for 1975, a record loss for the industry. TWA's loss was greater than its $23.6 million or $2.01 per share net loss in 1974. TWA's chairman and chief executive officer, Charles C. Tillinghast Jr., commented, "TWA's 1975 Financial performance was a product of inade- quate airline revenue growth in the face of continued cost escalation. "Airline revenues were inhibited by depressed traffic volume, especially daring the first half of the year, and by the Civil Aeronautics Board's failure to grant adequate fare relief. The result was that total airline operating revenues in 1975 were only 2.8 per cent above those of 1974." Tillinghast called the out- look for 1976 more encouraging. In the fourth quarter of 1975, TWA reported a preliminary corporate net loss of $29.6 million or $2.25 per share. In 1974's fourth quarter, the company showed a corporate net loss of $28.4 million or $2.27 per share, TWA's major subsidiaries, Canteen Corp. and Hilton International, taken together, made money. Pre-tax income of Canteen Corp. was $3 million in 1975 and $2.2 million in 1974, an improvement of 35.7 per cent. Hilton's pro-tax loss was $400,000 in 1975 against a profit of $100,000 in 1974. Timothy Creedon Valley National Bank Regional office Brown Caldwell, a California-based firm of consulting engineers, has opened a regional office in Tucson at 5055 E. Broadway. Eric Mische, vice president of the sanitary and environmental engineering specialty firm, is manager of the new office. The company is designing improvements to the Roger Road Waslewater Treatment Plant here and is preparing a plan for wastewater facilities to serve the Canyon del Oro area. Equity Funding fraud is termed r biggest 9 LOS ANGELES (AP) -- The block of slock -- 36,500 shares -- crossed the ticker tape at a price of $26.50. Boston Co. Institutional Investors was getting out. Four days later, on March 19, 1973, a block of 100,000 shares changed hands at $23.50. Banker's Trust of New York was selling. For six days the pace of trading grew heavier as more and more investors got out from under what would be called the biggest securities fraud in American financial history. When the New York Stock Exchange finally suspended trading in the stock of Equity Funding Corp. of America, the price was at $14.37 a share, far below the prices reached when the company was the darling of investment analysts looking for "hot issues." Now, Equity Funding, as it existed when it sold mutual funds and life insurance, is gone. Some of the men who ran it are in prison and its holdings, which at one time included a bank in the Bahamas and a spaghetti factory in Italy, have been painstakingly dismembered by the firm's court-appointed bankruptcy trustee, Robert M. Loefler. "It was the biggest financial fraud in history," said Loefler, a vice president of Minneapolis-based Investors Diversified Services called in the wake of the scandal to unscramble Equity's books. "Life insurance fraud was a part," Loeffler said in an interview. "But it really was a securities fraud. The people who will have suffered, who were victimized, were the people who bought the stock and debt instruments. Those who bought the life insurance policies are all whole." Loefler, an affable, low key man who was a Wall Street attorney before going to Inventors, has worked out a complex reorganization plan that will give Equity's shareholders 24 shares of stock in a company that hasn't been named yet for every 100 shares of stock they held in Equity Funding. Loefler has picked Allan R. Gruber, 48, vice president of International Basic Economy Corp. of New York, a Rockefeller family holding company, to head the new concern. VALENTINE 14KGOLO DIAMOND EARRINGS FOR PIERCED EARS. -HELZBERC- STOP PAYING TAXES ON YOUR SAVINGS INCOME! CLASS SCHEDULE This money's yours. It's what you've earned and saved. You've already paid taxes on it. Now to invest these savings tax-free, talk with the people at J. Milton Newton, Inc. As an investment banking firm specializing in individual investors, they practically wrote the book on protecting savings income from taxes. Start by attending one of their regular classes on tax-free bonds*. No cost to you, but please call ahead. Call any business day and talk with the experts who can tell you how tax- free bonds can work for you. 'Auaihbte in $1,000 and $5,000 denominations, tax-free municipal bonds are now earning at record interest rales -- current issues offer as much as 9Vi% interest annually, exempt from all present Federal Income Taxes TSC211/SI95 6330 East Speedway Wednesday, February 11 7:05 P.M. TUCSON WESTWARD LOOK RESORT 245 East Ina Road Thursday, February 12 3:35 7:35 P.M. 1 J. Milton Newton, Inc. · TAX-FREE BONDS · Tucson Office Plaza I 6245 East Broadway, Suite 550 Tucson, Arizona 85711 Fordservatianx CaflCoUect (602)7904045 Please send me information on how I can "stop paying taxes..." Name I I I H * Tucson ^1975 J. Milton Newton, Inc.JH Address- City State. · Zip- Phone ---Investment Banking Offices In St. Petersburg · Tampa · Miami · Ft. Lauderdale · Orlando · Oaytona Beach · Jacksonville · Houston · Phoenix · Jackson. Miss. Agricultural J LOariS tor your production needs-- ;rop, dairy, livestock, ot's talk! Call Joe I l i r r e l s , . Arizona Farmers PCA Willeox (602) 384-2211 Wanted By Mfg. Distributor or Salespersons calling on Gift Shops, Hotels and Boutiques to Introduce NEW line of inexpensive Bob Ties. Write to Sfar-Citiiwi Box 566-8 TYPEWRITERS IBM -- IBM -- IBM Satiric - SCmdiri - Rtcond. Stkw -- S«vfe -- RuiUli PRYDE BUSINESS MACH. ^4865 E. Speedway 795-9050 J PAGE 35 ^^KP^M^MUKft 5$ TP American 5 f I Auto 5 ' R « ntal Automatic Transmission { 80 IN. Stone Ave, ! 623-8686 It out-ofn mri^w idverris Pag The local Yellow Pages help your business grow locally. But the Yellow Pases can also expand your marketing and sales range. Place an ad in other directory areas and you automatically reach a lot of new customers. After all, your best sales growth may come from people who can't find your product or service in their own aTM» Your ad in different Mountain Bell Yellow Pages will point them in your direction. And point you in the direction of higher sales. Call collect-(602) 264-4387 today- the new directory goes to press soon. ThcYellow Rages. An advertising bargain for businessmen I Mountain Bed · 77",. of . i l l nilnlls use ihcYdlnwPiijies! W,,»f .ill references c followed hy ;iclion' iir rnevs;ijv is hamly urs ;i chiy! present cusiomers find er! he firsi few puces of Pajjcs for more

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