Tucson Daily Citizen from Tucson, Arizona on May 16, 1967 · Page 24
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Tucson Daily Citizen from Tucson, Arizona · Page 24

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Tuesday, May 16, 1967
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TUESDAY) MAY 16.1967 T U C S O N D A U Y C I T I Z E N PAGE 25 Turpi n On Business Want Bigger Say-So? Then Buy More Stock J By Ted Turpin, Citizen Business Editor ^S^^t^T 3 ^ mana S« J»d nominated its ;±£ - -·- - -s;. s But this one-man, one-vote a l slate - providing she followed the bylaws of the company charter dures set by business isn't part of them, and almost certainly never will be. That's something a few of the and the proce- shareholders at the Tucson Gas Electric Co. annual meeting couldn't seem to understand. And although President Luther Davis was pretty patient in trying to explain the game to them, there "were still a number who left disgruntled. Several complained that they "aren't given any choice" in voting for directors - that only nine men are nominated by management to fill the nine board positions. One lady wanted management to nominate 18, and let the shareholders elect the nine, they like best from that. Davis tried to explain that rities the U. S. Secu- it's just logical that you're not going to have as much to say about how it's run as does the man who owns 200,000 shares -- or one-fifth of the company If you want a bigger voice, RD Outlay Estimated At 16;6 Billion and Exchange Commission, But that didn't satisfy some of the critics. "Why should we have to put up that slate? Why can't management do it? After all, you're working for us," were typical comments. Well, one hates to squelch shareholder participation -- but more than a few persons in the audience were wishing the protesters had boned up a little on the basic idea of corporate ownership and structure. If a company has a million common shares and you own ten of them, you own one ten- millionth of that company. And you can buy more shares. Every shareholder is entitled to be heard, of course, and to be advised of the company's progress. But in the frequen case of officers who own con siderable stock and are also di rectors (such as at Tucson Gas), to say that they're "working for" the shareholder is a gross oversimplication. What Luther Davis didn' point out to share^lde th other day -- but could have -at Grain NEW YORK (AP) - American industry plans to spend $16.fi billion in research and development this year compared to $15.5 billion in 1966 according to a McGnw-Hill Inc. survey. The survey, by the publishing firm's economics department, said industry's research and development spending will climb to $20.8 billion by 1970. This ."suggests a renewed emphasis on an area which had begun to lag during the last three years," said Douglas Greenwald, the firm's chief economist. More Chat half the research and development -- RD in the trade -- is concentrated in two industries, aerospace and electrical machinery and communications, the survey said. Federal financing accounted for 54 per cent or $8.4 billion of total industry RD in 1966, the survey said. ' Other findings of the survey: Industry subcontracted over $500 million in RD to other organizations last year and spent $400 million for overseas RD. Industry expects 17 per cent, or $117.8 billion, of its 1970 sales will be in products not produced in 1966. Sixteen per cent of the companies survey answered yes and 84 per cent no when asked if they had been able to take advantage of new technology resulting from federally-financed HD. CHICAGO (AP) -- Grain futures prices were mostly mixed and trade was slow on the Chicago Board of Trade Monday. The weather was a factor in the decline of corn prices. The nearby May delivery was more than two cents a bushel under the previous close at one time. Reports that sunshine had dried up fields to permit planting of Spring grains turned corn prices weak shortly after the opening. Near the close, corn futures made a comeback but could not recapture the loss entirely. Wheat futures lacked support and were mostly lower tnroughout the session. Within minutes of the close, however, prices firmed up. The gain, best of the day, moved prices up to a cent above the previous close on short covering action. Trade in soybeans was slow and prices closed about a cent and a half under the previous close in the May delivery. Oats and rye trade was slow and prices were mostly mixed. Choice steers closed higher on good commission house buying. At the close wheat was % to 1 cent a bushel higher, May $1.65; corn was % to VA lower, May $1.32Vs-y4; oats were unchanged to Vz cent lower, May YO cents; rye was Vz lower to % higher, May $1.23 nominal and soybeans is that in TGE's case, least, the officers are partners in the company, as well as being employes of it. That doesn't mean they can run things exactly as they wish, naturally, since their stock ownership falls short of numerical control. But it does mean that an individual shareholder, unless he's a pretty big one- such as Adam Schantz (and Schantz ruefully points out that he doesn't always get what he wants, either), is going to have to round up some other votes before management will rush to do his bidding. 0 0 0 BUSINESS BRIEFS: G. B. Studebaker, Worthington Talk Merger NEW YORK (AP)- Merger talks are under way between Studebaker Corp. and Worthington Corp., according to top officials of the two firms. Frank J. Nunlist and Randolph H. Guthrie, chairmen respectively of Worthington and Studebaker, jointly announced the merger discussions were being held but said no agreement had been reached on terms. Any agreement would have to be approved by shareholders and directors of both firms. Studebaker, based in South Bend, Ind. earned $16,465,000, or $5.80 a share, on sales of §172,887,000 last year. Worth- i n g t o n , based in Harrison, N. J . , h a d earnings of $14,514,650, or $4.27 a share, on sales of $376,033,743 last year. Studebaker makes auto oil additives, applicances, floor cleaners and small tractors. Worthington designs and makes mechanical equipment for in- d u s t r i a 1 manufacturing and road building. Studebaker, which gave up its U. S. auto production in 1963 and its Canadian car building operations in 1966, has eight operating divisions. Last week its shareholders approved the acquisition of the assets of Wagner Electric Corp. of Newark, Is. J. Wagner produces auto and electrical parts for the auto replacement market. SLs Urged To Increase Size Of Their Reserves WASHINGTON (AP) - John E. Home, chairman of the Federal Home Loan Bank board, urged the nation's savings and loan industry to carry larger reserves to help offset the future effects of tight mooney. If the industry had built up its reserves during the 1961-64 period, Home said it could have pumped an additional $4 billion into the mortgage market last year and reduced the impact of tight money by 80 per cent. He made the remarks in a talk before the annual stockholders' meeting in Washington of the Federal Home Loan Bank of Greensboro, N.C. Home had earlier urged the industry to rebuild its reserves now for a possible bout with tight money later this year. His l a t e s t comments, however, were aimed generally at any future tight money periods. Savings and loan associations are now required to hold 7 per cent of their savings capital as a reserve. They can lend the rest to home buyers. But Home said the industry should build its reserves in cash and short-term securities beyond the required 7 per cent level when money is plentiful to help offset a squeeze similar to last year's. If associations had built their reserves to 9 per cent with four of those percentage points in cash and securities maturing in less than one year, the industry could have pumped $4 billion more into the mortgage market than it did last year, Home said. "Overall, the impact on the mortgage market would have been a reduction in lending ot only about one-fifth of what was experienced," he added. This scheme would have cul earnings about 10 per cent but "this is a small price to pay as i n s u r a n c e f o r flexibility,' Home said. Much if not all the cost o this plan, he added, can be off set through the higher interes Tom Inglis FLOWERS 2362 E.BROADWAY The Daily Investor Govt. Bonds NEW YORK {AP -- Closing over the counter U.S. Government Treasury bonds, bid, asked, net change and yield for Monday. ,, , 2%5 67-42 99.17 99.29 . . . 3.64 3Hs 67 99.28 99.30 . . . 3.75 3?ks 68 . . . . . 9 9 . 2 4 99.28 ... 4.00 3%s 68 9 9 1 2 99.16 --.2 4.16 3'/es 68 Nov 99.14 99.18 -.2 4.18 2%5 «-43 97.IS 97.22 --.2 4.03 4s 69 Feb 99.14 99.18 . 4.26 2%s 69-64 Jun ... 96.18 96.22 --.2 4.1J 45 49 Oct . . . . -8.28 99 -.2 4.45 2%s 69-64 Dec . . 95.20 95.24 -.2 4.24 4s 70 Feb .. . . . 98.16 98.20 -.2 4.M 2%s 70-65 S5.6 95.14 -.4 4.32 4s 70 Aug =8.6 98.12 --.4 4.54 2%s 71-66 . . . . . . . . 93.28 94.4 --.4 4.17 4s 7) . . . 97.24 98 -.« 4.52 3%!, / I ' " . . . 9 6 . 2 6 97.2 -.8 4.M 4s 72 Feb 97.8 97.16 --.6 4.59 2'/z? 72-67 Jun ... 91.8 91.16 -.8 fj» 4s 72 AUH ' . . - . 96.28 97.4 -.2 4/2 2%S'72-47 Sep . . . 9 0 . 3 0 91.6 -.6 4.37 2%s 72-67 Dec ... 90.18 90.26 --.6 4.37 4s 73 95.28 95.4 --.10 4.72 4%s 73 74.16 94.24-.10 4.71 4'/«s 74 ,..,,..... 96.16 96.24--.10 4.69 4'As 74 97.4 97.12-.10 4.69 3%s 74 94.20 94.28--.10 4.69 4s 80 ..!..; 91.4 91.20 --.4 4.69 3'/s 80 8 6 . 4 86.20 --4 4.85 3V45 83-78 81 24 82.8 --.4 4.85 3'As 85 81.24 82.8 -.4 4.71 4V4s 85-75 92 92,16 -.8 4.8? 3V2S 90 . ....... 81.16 82 -.8 4.81 4'/S 92-87 . . . . . . . . 90.24 91.8 -.8 4.86 4s 93-88 ...;,... 88.20 89.4 -.4 4.74 4%s 14-89 88.58 89.12 --.4 4,84 3s 95 80.28 61.12 --.4 4,14 TAs 98 81.12 81.28 --.8 4.60 were 1% lower to May $2.821/8. CHICAGO (AP) Open High WHEAT cent higher, Pond, vice president of the Valley National Bank's office in Tucson, has been named to represent the Arizona Bankers Association for agricultural activities . Oscar E. Pearson, western manager of the South African Tourist Corp, will be in Tucson May 23 and 24 . . Tucson's M. M. Sundt Construction Co, ranked 136th nationally during 1966 in the volume of total contracts ($33.7 m i l l i o n ) , . . . . . . . Anaconda Co. had a full page ad in the recent issue of Time magazine, calling attention to "the industry's most advanced extractive metallurgical research center," which the company is building at Tuc- s o n . . . . . . , Tucson life insurance specialists Kenneth J. Bayly and John E. Mora were honored recently by Mutual of New York at a special sales development meeting in Hot Springs, Va. . S. Using Less Silk NEW YORK (AP)- A reduction in American consumption of silk has been pointed up by figures showing that silk stocks are growing despite lower imports. The American Silk Council reported that imports in the first four months of this year were 21 percent below the total for the same period in 1966. Stocks on hand at the end of April were 27 percent higher than on April 30,1966, however. Dealers said the reduction in consumption was accompanying a rise in silk prices. At $9.25 per pound, silk is near its high for recent years. The price rise, however, is not due to scarcity, but to a higher price demanded by overseas producers. Factors in the pricing situation are a greater domestic demand in Japan for silk and the fact that fewer Japanese families are now raising silkworms. Close Way Jul SEP Dec War CORN May Jul ^pp be Mar OATS May Jul Sen Dec Jul Sen Dec May Jul Auq Sen Nov Jan Mar May jui Aug Sen Ocf Dec Jan 1.64 ii'i* 1.77 1.80% 1.33V4 1.35V* 1.37'A 1 36 A 1.40% 72* 1.23 1.27% 1.35 2.83'/a J.M'A 2.82W 1 7 "/j 2.77V3 1.65 1 MVt 1.71% 1 .77% 1.81% Low 1.63W UO'A :m» iSivI . 1,40% 70% 711* 72% 75 l- M 1.31 1.34 1.35'A 1.35V4 1.39% 70 70% 71% ·evious Close l'.6TVt 1.71'A 1.76% 1.32'A 1.34% 1.33% 70 71 72Vs 74V* 1.33'A 1.35% 1.3W4 1.3S14 1.40V4 70 '/2 7)W 72Va 75Vi 1.24'A 1.27% J.30% A.35 2.83% 2.R3% 2.82VI! 2.79% 2.77% 2.81 W 2.841/2 2.84% AH OIL 10.03 10.03 in M in.'Ji 10.25 10.25 10 75 10.25 10." 15 10.15 Mar SOYBEAN May Jul Auq Sep n c t Dec Jan Mar ^HO Jim Auq Oct riff. Feb Aor . . 10.07 10.07 HVJJ "HI MEAL. . 70.75 7V10 70.50 7ft K 70.25 70.10 70.50 F ST 24.20 9 7 1" 27. a · sn 28.00 28.20 70.75 70'55 7(1 .n 5 70.25 70.20 _7_0.55 ' 26.37 2772 28 .'22 28.45 1.22 3 .4 1.2544 1.29'A 1.33W 2.82 2.R3V4 2.81% r7«% 2.77 2.80'A 2.83% 10.00 1(1.17 10.22 in 73 10.13 in.n 1 ; 10.07 10.08 M .61 70.45 70.75 70.35 *9.R"i 70.00 70.10 70.50 26.20 97.5.S 27.47 11 If) 28.00 28.20 1.23 1.73% 1.26 1.2«4 1.33'A 2.82Vs 2.IV% 2.82 2.7? 2.77Vj 2.81V4 2.84Vz 10.00 in. 20 10.24 10.75 10.16 lvn» in.nfl 10.09 1.22H 1 .21V, 1.25V, 1.29'/j 1.34 2.83V, 7 S3", 2.82% ?.7BV 8 2.77V., 2.80 3 ,i 2.84 10.05 10.73 10.27 in if. 10.17 Ifl.M IfUl 10.12 WITH SALES UP Auto Industry Feels Worst Is Behind It 70.50 7n.nn 70.35 A9.9": 70.25 70.2(1 70.60 26.37 27.4S 27.72 If. M 2fl.'22 28.45 . 70.55 7H.OT 70.45 M.9S 70.10 711.50 70.50 26.00 27.10 27.40 97. Ti 27.95 28.15 28.57 28.35 28.57 28.30 Mutual Funds NEW YORK (AP) Fund A 7.68 8.35 --The (oils-wins quo- Fund B 10-J2 11.54 titlcns. supplied by Stock S.99 7.64 the National Assocl- Scl Elec 21.90 23,80 atlon of Securities Blue Rid 14,05 15.34 Dealers. Inc., are Bondstk \.n /··» the prices et which Best Fd ,H* 10 -I? ihese securities Broad f r 15-7817.06 could have been Bullock '?-;t,n?i sold (bid) or bought Can Gen ,'-8210.73 «sked: Cdn Fd 18.6520.18 Bid ASK Capit Inc 3.77 9,62 Aberdeen i.09 3.38 Capil Shr ',09 7.77 Advise Fd S.78 9.64 r» n t Shr 10.9011.91 Affli Fd 8.98 9.72;nannln9 Fungs: Am Bus J.aT 4.12 Balan 13.4414.69 AmDiV In TIM 12.9? Com Stic 2.13 2.33 \m Dualvesf: Grwlh 16.5B 20.31 Cap Shr 13.0013.50 incom, ' · 3 4 9 . 1 1 !nc PfSh 13.50 14.00 Special 1.02 3.30 Am Grth 7.11 7.73 Chase Fd 12.0013.1 m Iny 38.58 38.58 Chem Fd 18.««j; ,^, 14.07 15.38 Am Mut 10.6511.44 Citadel Am Pac '.09 7.09 Cst Sec Asso Fd 1.56 1.71 Co'oniaf: Assn InFd 7.60 7.60 Eauity Grwlh 17.7919.44 Fund .,- _ . , ComSI Bd 4.97 5.40 Lo"ti!s Say'es Fds. '.ommonwDh Funds: Canad 30.3630.36 fncom" loll ll'Oi caoit 12.48 12.48 Invest 10731l'.73 Mut 10.73 tock 11.2612.31 Manhtn :om" TrAB i.'T* -'·"" Mew "GUI J2.7£I IXW EomTr CD 1.88 Mass Tr ".041862 Comp Bd 10.1711.05 Mass Life 12.61 13.78 Comp Fd 10,78 II.7J MidA Mut '.55 8.25 Concord 14.28 16.28 Moodys 16.49 .. . . Cons Inv 13.12 13.50 Morton Funds: Consm Inv 4:,99 5.45 Grwth 11.81 15.94 Cony Sec 10.7711.77 Incom j-23 4.64 Corp Ld M.91 18.50 Insur '.26 7.96 Crown W 6.49 7.32 MlF Fd 18.36 19.8S rf»V*at M «,)S 69.15 MlF Gth i.04 6.53 Decaf Inc 12.78 13.97 Mut Snrs i/.o7 l/.u7 Dtla Fd H.84 18.40 Mu1 Trust 4.71 2.77 Olv Gr \4.15 1S.S1 Nat WSec 11.2 12.13 Dlv Iny .78 10.72 Nat Invest 7.84 8.48 DlvW Shr 3.74 4.10 Nat Sec Sf DowTn In 7.67 fl.2? Balan grexel 15.9? 15.97 Bopd Dreyfus '14.71 16.05 Dlvlrt Eatn B»l 12,00 JJ.04 pt Slk tastn Itfc U.77 18.22 incom Smpl Or O.05 29.40 Slock Ener«y "l.24 1^.24 Grwth Entpf M 17.17 19.64 N»l West iHuirr-' * "·" -" EA - uj 4'.il li.01 NEW Eno 'ff.42 12.48 );?i fife * ':» 10.8911.90 S.26 6.86 11.75 lt.99 1.69 12.64 Fid Mu) F.I.F. Fn (no'lne Fst InGth Fst instk Fletcher Fla Gth Fnd Lf Founders Foursq 18.24 18.24 1 1.43 10.31 Penn So . . S.B4 6.39 Peoples 11.91 13.05 S.7 7.40 hits Fd 15.09 14.54 9.69 10.62 Pine St 12.95 12.95 11.56 12.67 Pioneer 12.32 13.46 12.38 14.08 Price TR 23.86 23.86 1,61 7.23 Providnt (.97 5,43 5.12 5.59 Puritan 11.4712.40 8.48 9.27 Putnam Funds: 1 4 5 7 1 5 . 9 7 Georg 16.2417.75 Fr"ankTln Cus'ldn: Grth 13.37 14.61 Com Slk J.73 8.49 Incom J.56 10.45 Incom 1.10 3.41 Invest 4.06 B.S1 Pf Stk t.63 2.89 Rep Tech J.93 5.39 Utll '.711 6.« Revere '0415.56 Fund Am 10.22 11.17 Scud Duo-Vest: DETROIT (AP) -- There was general belief in the auto industry today that the rockiest part of its 1967 sales road had been passed. Strong early May sales reports from virtually every segment of the auto market were reflected in production quotas set in most auto factories. The preliminary report for last week showed auto output in U.S. plants reached nearly 175,000 units, the best showing cf calendar 1967. The old 1967 mark was set in the week of April 17-22 when 172,996 cars were built. A n o t h e r strong production week appeared on tap this time around with American Motors adding a second shift to bring its output of its lowest price American line to 2,400 a week, compared with 1,200 built last week. While increasing its output of its American line, AMC made some cuts in its production rate for its other lines so the 1,200 added Americans was not all plus, insofar as AMC output was concerned. Cadillac, only car line whose production is running ahead of its 1966 model pace, worked overtime last Saturday to keep up with demand. Cadillac had built 88,049 of the 1967s through last weekend, compared with 87,496 at this point a year ago. Through last week, auto companies had built 2,872,740 cars in the calendar year, far behind the 1966 pace which showed 3,668,656 cars built in the comparable span. The 3-millionth car of calendar 1967 is due to roll off an assembly line next Thursday, ust four weeks behind its 1966 counterpart which was built April 20, 1966. Grih Ind Gryphon Guardn 23.07 23.76 Sped -.B.79 it : 35.49 35.49 . . . . 16.76 18.32 Ser Eauit 14.69 14.05 Inv 8.03 8.78 . . 28.26 28.26 Sec . . nc Bot . h 22.17 24.23 Iste Fd ivj£t Fd jahnstn Keystone rus Bl Cuo B2. ".47 ll'.67 New Hor 21.15 21.15 : n? K.42 New Wld 13.?5 '?-?5 K.20 New Wlu° Noreast !.02 i.»o . .74 20.26 One WmS . . 17.6317.63 I 14 33.t5 Opptn . 17.631 16.39 I ii.WJ Cus B4 Cus Kl Cus K2 Cus SI Cus S2 Cus S3 Cus S3 int Fd nicVerB ri.70 27.37 United Funds: 15 96 17.24 Accm 18.25 19.95 21.0421.04 incom '··iiJX'YS Funds: Men 7.7710.43 J2.87 23.87 UnFd Can 5.52 6.03 23.3515.48 Value L ne Funds: 10.26 II.20 '/al l.lne 8.29 9.W ?.2410.08 Incom S.30 6.90 r.16 7.82 Sol S(t 4.63 7.27 70 61 24 66 Vangd i.04 6.60 lOJS lliW VaV"lndPI 5.76 6.26 ^'25 7 91 A'allSt In 12144 13.'60 14:05 15:20 W a t h M U 12.7613,95 !,54 8.27 Wei' Fd 13.97 15.18 - -- --· Ind ).77 9.58 Dividends Rate STOCK Greyhound Un»s, Can ( [ X ) _ A 2 for 1 slock approval Woods Pt- StK. ol Pay- r!od Record able split subiect to I.ex -- , ., Life Inv i.92 L (e Stk . «.89 Xxc Houshton: 7:57 Wlnfleld 5.34 Wlscon Worlh lllH 12!57 1.05 8.80 . 7J3 Spraoue 01 new 15 Toro AMp new 17i IRR6GULAR Delaware Fund 25 INCREASED Greyhound On "!5 . Miss Valler Gas .2: . Stokely-Van Camo 25 WallacrBus News 175 Duncan Elec AB .20 Heileman Brewing .10 REGULAR Ches8.0hio RY 1.00 Chris-Craft Ind .. .25 Christiana Secur 1 1.25 Defiance trd B 04 Detroit Ed'fin .. .35 Duncan El A8.B .30 du Pont de Nem 1.25 E(ison Bros Sirs .35 Elk Horn Coai . .3 Fla Pow Lt . . . .41 Gt Western SUB .40 Heiieman Brewing 25 J9m.iir,i Pub Sv .25 KellosB Co . .. .355 Kimberlv-Clark .5S Merchants Refrl? 275 NorAm VanLlnes .15 Northw Airlines . .175 Pac Tin Cons . . 15 Reynolds t Reyn .20 Sears Roebuck . .25 Sheratofi CP Am 125 Slick Corp . . .08 Std Pruden Unit 165 Tenna Corp . . . 16 Union Sugar 25 Unishops Inc . . . . 18 United Calif BX . .59 Wash Water Pow .29 Western ^Bancorp .275 16 5-26 5-29 6-15 6-14 7-14 5-29 6-15 .Woods Corp 6-1 6-15 6-9 6-1 S-26 6-1 6-1 6-12 5-22 5-25 6-22 5-36 5-22 5-31 6-1 S-U 6-10 6-1 5-31 4-1 6-f 4-1 7-JO 6-15 S-26 5-25 5-26 6-3(1 6-15 6-15 5-M 5-31 5-29 -» 5-« 6-2 7-1 7-1 6-10 6-15 6-20 6-29 6-12 6-15 7-15 4-10 6-12 6-11 A-30 6-15 7-3 6-15 7-3 6-15 6-9 6-13 7-1 8-1 6-1 4-9 6-1 4-2 6-1 4-30 4-1 Livestock CHICAGO (AP) -- Butcher hoos were generally 50 to 75 cents a hundredweight higher a the Chicago stockyards Monday. Receipts were 4,500 hogs and shippers took 3,100 head. Mixed 1-2 butchers welshing 200 to 250 pounds brouflht $23.50 to $24.00 and 200 head topped at S24.25 Mixed 1-3 butchers scaling 190 to 230 pounds sold at S22.75 to 523.75 vvhllc 230 \z 250 Fsund kind; went at $22.25 to S23.00. Mixed 1-3 sows welah- Tig 350 to 400 pounds sold at S18.75 to 119.50. Slaughter steers and hellers were steady to 25 cents hlsher. Cattle receipts totaled 9,000 head. Prime 1,200 to 1,425 pound slaughter steers brought M6.75 to S27.00, but a load ot crime 1,313 pound kinds sold at $27.25. High choice and prime Mfo to 1,450 count) kinds went at S26.00 To SJ6.75 and a load of choice 1,475 pound weighls brought S26.00. Hioh choice and prime slaughter heifers weighing 900 to 1,100 pounds sold at $25.00 to «5 50 and choice kinds weighing 600 to 1,075 pounds brought 523.75 to J25.00 Sheep receipts totaled only 100 head and there were not enough of any class for a test of the market. A few sales were about steady. A package of choice and prime 90 pound Spring slaughter lambs sold at 530.00 PHOENIX -- Inquiry at local feed lots for slaughter steers fair Monday morn- Ins however completed sales rather stow In developing; scattered sales nn slaughter steers and heifers over the weekend mostly steady with last week's upturn. Slaughter steers, confirmed 2JO. Three loads sood to mostly choice 1000-1035 !bs, 25.25; mostly good with end of standard 875-900 Ibs, 23.50. Slaughter heifers: Confirmed 260. Good to mostly choice 7iO-950 Ibs. 73,5024.00; load mostly good with end of choice 90(1 Ibs, 23.00. KANSAS CITY -- Hogs 5,000; Barrows ·nd gilts 1.00-1.25 higher; sows 5075 higher; Barrows and sills 1 - 2 195 ·230 Ibs 23. CO - 25; No. 1 200 IBS 23.50; 1 3 200 - 260 tbj M.50 23.00; 2 - S 260 -- 295 I bs 21.50 - , 2T50; sows 1 - 3 300 - 400 Ibs 18.50 - 19.00; J - 1 400 - 400 Ibs U.7S -' 19.50. By WILLIAM A. DOYLE Q. As I understand it, when investors buy shares of a mutual fund all the money they pay in (except commissions) go into the fund and become the prop-' erty of all the shareholders of that particular fund. If this is the case, what about mutual fund management companies? The stocks of. those companies are traded in the over-the-counter market and pay dividends. I don't understand this, at all. A. You're not alone. Most people -- including the majority of mutual fund shareholders -don't even know about fund management companies. You evidently just found out that such outfits exist. Your first statement about mutual funds is correct. Say that you put $1,000 in a mutual fund. With a typical fund the commission charge is $85 -leaving $915 of your money to be invested in shares of the fund. Your $915 then is mingled with the money put in by other investors and your shares represent ownership of everything the fund has -- cash, stocks, bonds and such. Now, here's where the management companies come in. Most mutual funds have contracts with outside advisers. These are the fund management companies. Typically, a fund will pay to its management company an annual fee based on the fund's total size. The usual fee used to be one-half of one per cent of the fund's assets. But for many funds it has been reduced. In return for the fee the management company provides investment advice (telling the fund what securities to buy and sell), office space, clerical help and various other services. This is the "professional management" fund people are always [ talking about. Besides the money it collects from the advisory fee, the management company normally acts as underwriter for the fund -meaning that it gets part of the commission on every share sold. It takes no imagination to realize that a fund management company can be a very profitable business -- especially when a management company is handling one or more big mutual funds. Most mutual fund management companies are privately owned. But about 20 of them are publicly owned and have stock outstanding. Those stocks can be bought and sold, just as any other stocks can be. Some are listed on stock exchanges. Most are traded in the over-the- counter market. Like any other companies, these management firms pay dividends to their shareholders out of their profits -- the money they make managing mutual funds. Mattel To Buy British Firm HAWTHORNE, Calif. (AP) Mattel Inc.. says it plans to purchase a British dol! manufacturing firm for an undisclosed amount of cash. Company spokesman pictured the purchase of Rosebud Dolls Ltd. as part of a worldwide expansion program. The toy company recently bought another doll manufacturing firm in West Germany. 622-4643 ates prevailing during periods f tight money. This change would require xceedingly close discipline by 11 savings institutions or a hange in the board's regula- ions and authority, Home said. He did not indicate whether the joard would seek this authority rom Congress. Luckies WOULD Rather Switch NEW YORK (AP) - American Tobacco Co.'s |14 million a year Lucky Strike advertising account Richard York. The change came after nearly 20 years of advertising cam- is being switched to K. Manoff Inc., New paigns by Batten, Barton, Durstine Osborne Inc., the na- tior's third largest agency. Manoff, according to trade publications, is 54th in billings. BBDO will retain American Tobacco's Tareyton and Tennyson accounts. LANCER'S for *ll your floral meeds 60 E. Penrtingeon MA. 2-4638 FLOWERS BY HAL BURNS 3600 E. SPEEDWAY MMMOAMJSUVKI FOIOVU4S YIAK FAMILIES WE HAVE SERVED call us again whenever the need occurs.They KNOW from experience that an Arizona Mortuary Service goes far beyond what il normally expected. They know too, that our prices are the lowest in thisare.i. Services available to all regardless of financial condition 2 LOCATIONS 7 East Third Street at North Slonc Avenue A FAMILY AFFAIR Three sons of Mr. and Mrs. Louis A. Fre«hill. All Star-Citizen honor carriers. "Believe me .... Our family knows that being a carrier boy for the Star and Citizen is ... · PROFITABLE · HEALTHFUL · EDUCATIONAL \ \ Our three boys, Kenneth, age 1 6, Mark, age 1 5, and Kevin, age 14, together have over five years experience they have savings because of daily as c a r r e r s over for the Star-Citizen . . . in the bank . . . they are healthier and they earn top exercise grades in school. Because of the experience gained, I would recommend a Star-Citizen route for any boy/ Mrs. Louis A. Freehill, Tucson, Ariz. Give your boy the opportunity to be a Star-Citizen independent businessman. It's the best experience any boy can get for his future. Call our Circulation Department today ... 622-5855. ffijeArcana ^mla Star ftucsotx WORKING i r d SUNDAY E V E N I N G The Stor end Citizen hove seporote ond independent editoriol operation* and policies although both use the same publishing facilities.

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