Tucson Daily Citizen from Tucson, Arizona • Page 31

PAGE 32 A I I I FRIDAY, JULY 1966 U.S. Economic Picture Confused In First Half BySAMDAWSON AP Business News Analyst NEW YORK-Sound, fury and confusion swirled through the nation's economy in the first half of 1966. Almost everything got bigger, although as the first half ends there's some doubt if everything got better. The long economic upswing suddenly became a boom in the first three months of the year. Then just as suddenly the emphasis changed from the danger of overheating to the threat of a chilling slowdown, even the possibility of an incipient turndown.

An inflation debate raged, chaftged direction, and now is bogged In confusion: Is inflation a lr ad here? A continuing threat? A receding bugaboo? THE TAX A still swirls: Is a federal tax in- crea'se needed to cool down a still bubbling economy? To pay for a more expensive war in Viet Nam than so far officially admitted? And gaining in intensity and confusion as the first half moves into history is the battle of tight money. Interest rates are rising, both those that borrowers must pay and those that savers can command. Is the economy, or a part of it, being hurt? Or is the prosperous economic expansion being saved? The year started with a clash between the administration and the steel industry over a price hike. This ended in a compromise, with the increases cut in half. And as first six months unfolded, compromises seemed to be taking most of the zip out of the administration's attempt to guide wage and price policies.

The stock market bounced over the place, to the confusion of the investing public. The Dow Jones industrial average stood at 969.26 last Dec. 31, hit a high of 995.15 on Feb. 9, a low of 864.14 on May 17, and in the closing week of June was below 890. Talk of the "magic 1,000" dominated Wall Street early in the year, then faded into bewilderment.

Trading volume on the exchanges set records earlier in the year, then sank into perplexed doldrums. CAR SALES and output boomed in the first three months, then went into a decline that chilled both the stock traders and the general public. But in dollars and cents the economy looked far from sick. The Gross National Product was running at an annual rate of billion in the final three months of 1965. This measure of the nation's output of goods and services jumped to billion in the first quarter of 1966, and despite all the talk about slowdowns is running at an estimated $725 billion annual rate at midyear.

Most people are doing all right. Personal income rose from an annual rate of $552 billion in January to $565 billion in May. Personal consumption outlays Went from an annual rate of $441 billion in the fourth quarter of 1965 to $453 billion in the first quarter of 1966. Part of this was due to a drop in the rate of savings. But part was due to the rise in the cost of living.

The index stood at 111 per cent of the 1957-59 average in January, but by May had risen to 112.6 per cent. EMPLOYMENT CLIMBED in the first half of this year, but so did the size of the labor force. The jobless rate was 4 per cent in January and In May, but in February and April it had sunk to 3.7 per cent. In ail of 1966 so far the rate has been well below the earlier years of this decade. Soaring incomes, spending, and employment also show up in the steady rise in industrial output.

In January the index stood at 150 per cent of the 195759 average. It rose month by month to 154.8 per cent in May. Corporate profits set records in the first half of 1966. Cash dividend payments were running 12 per cent ahead of last year. And business said it planned to spend 17 per cent more this year than last for plant and equipment.

All these figures spell record prosperity and general good times. But at midyear business and public alike are crossing fingers, turning cautious, wondering. The trends have become confusing and some folk are scurrying for the sidelines. AT TROUBLED GREEN VALLEY Residents Probably Can Continue Using Facilities By CECIL JAMES Citizen Business Writer Green Valley home and townhouse owners have been told they probably can continue using the development's recreational and commercial facilities even though the "core" area of the project is in financial trouble. Executive board members of the two property groups yesterday discussed this problem with Charles Johnston, state Federal Housing Administration director, at Green Valley's community center.

The "core" of Green Valley, located 25 miles from downtown Tucson, is a 300-acre area which contains 1,150 rental apartments, a shopping center, fire protection facilities, golf course and the community center. It was built by the Maxon Construction Co. during 1961-63. Maxpn later managed it for a subsidiary of the University of Arizona Foundation. The $12.4 million mortgage, insured by the FHA, has been foreclosed and "core" development has been placed in receivership.

Sale of the development is expected to take place in five or six weeks. Owners of the $9 million home and townhouse development on the perimeter are concerned that their use of the recreational facilities and fire protection might be denied by the new owners. Donald Finch, vice president of the Green Valley Home Owners Association, told Johnston that some property owners were given deed restrictions which included use of recreational and fire protection facilities. Johnston said the restrictions were only approved by the FHA on the Fairway 1 homesites. He said restrictions on Fairway 2 and the townhouse areas were not approved by FHA.

"This is not to say that Fairway 2 and the townhouses are in disfavor of the FHA," Johnston said. "I personally feel as you do that Green Valley is a total development and the good of one section depends upon the good of the other," he said. He added, however, that this is his opinion and not necessarily that of FHA. "We have an obligation to every FHA mortgage holder to do the things that are best for the preservation and enhancement of FHA property," Johnston said. J.R.

Henderson Rounds Up Talent For Valley Bank More than a quarter-century agOj a Willcox banker spent a week of his annual vacation in the saddle as a cowboy, helping a friend round up a herd for shipment. He was taking part in the last cattle drives in an area then rapidly shifting to over-the-road trucking. Today, that same banker-J. K. Henderson, a vice president of Valley National Bank- spends his full time in another kind of roundup.

As the bank's Tucson personnel officer, he searches for candidates qualified for banking careers. Looking back over 30 years as a Valley Banker, Henderson has seen many changes in banking in Arizona and many changes in qualifications for potential bankers- "When I took my first job as a part-time clerk with the old Bank of Willcox early in 1933, one of the 'open-sesames' for a bank job was a knowledge of bookkeeping," Henderson recalls. "Today, computer banking the bookkeeper job description from our employment manual. All of our bookkeepers are doing other things." J. R.

Henderson Henderson emphasizes that "we still need applicants with an academic preparation in business and finance." In addition, the bank has an extensive training program, supplemented with courses offered by the American Institute of Banking. Even so, human relations is a vital part of the bank's personnel training program. And once a month, new employes receive a half-day orientation in which a major theme is dealing with people. 1 "Each office also has bimonthly staff meetings in which these principles are taught and discussed," he adds. "But probably the most important training factor is the day-to-day example set by veterans on the job." Underlining the Valley Bank's people to people approach, Henderson says, is the fact that every executive answers his own telephone, not letting a secretary "screen" calls.

Henderson started his own banking career in Willcox as a janitor and part-time clerk. By 1936, when the Bank of Willcox became part of the fast-growing Valley Bank system, he was a fulltime teller and bookkeeper. He became a vice president in 1960, in Tucson. Last week, Henderson quietly celebrated with his wife and son his 30th Valley Bank anniversary with dinner at home, and prepared to go on a long weekend fishing trip the next day. AMC Ends 1966 Model Production Output Totaled 300,000 Cars DETROIT --American Motors yesterday became the first U.S.

auto company to complete its 1966 model production. AMC built 300,000 cars compared with 391,000 in the 1965 model run. Industry output for the week was estimated at 177,299 units by the trade publication Automotive News. This compared with 187,725 last week and 191,046 in the corresponding week last year. For the calendar year, production climbed to 4,953,491 cars compared with 5,239,797 in the same period of: 1965.

Truck output for the week was estimated at 38,490 units, versus 39,006 last week and 36,595 in the same week a year ago. Year-tp-date output rose to 988,180 units compared with 946,187 at this point in 1965. MUTUAL FUNDS NEW YORK (AP) followtno Quotations, suoplltd bv Ihe National Association of Security Dealers are the crices at which the securities could have been sold (bid) or bouaht (asked). Aberdeen Fd AHxIsers Fd Afllliated Fd Am Bus Shrs Am Bid xd 7.87 J.17 8.64 -I rn JV1 11.71 Am Mutual Fd 10.05 Assoe Fd Trust 1.61 Axe-Hnuahton: Fund A TU9 Stock 5.S5 Boston Fund Cifl Gen Fd 9.31 Canadian Fund Canit Income 8.43 Can Ufe Ins Sh 4.99 Centurv Shrs Tr Channlno Funds: Balance 13.43 Com JJ Growth Income I 8.78 Soeclnl 3.on Chase Fd Bos 10.57 Chemical Fd Colonial Fund 12.82 Colonial Grth 8, En 15.87 Com'St Bd Mtae 4.39 Commonwealth Funds: Income Investmt 10.25 Asked 3 OS 9.19 9.35 4.13 33.75 in.os 1.77 7.59 11 ns 4i39 10.17 16.19 1IV17 19.A4 9.74 7.44 11.97 14.48 7.37 18.82 9.TO Kin 1L55 18.55 14.01 10.78 11.20 GOVT. BONDS NEW YORK fAPI Closlna over the -counter U.S.

Government Treasury Bonds. bid, asked, net cnanae and vleld. 7'As 67-62 '67 48 SVts 48 68 Nov 2VJS 68-63 45 69 Feb 49-44JUn 99.25 ..99.15 ..97.24 ..98 .97.22 .97.2 ..97.2 94.S. 99.17 97.30 93.4 97.26 97.6 97.6 No 97.2 97.4 .:..93.2 93.4 --J W.12. 2'As 49-44 Dee ....92.4 92.1 4s 70 Feb 94 9 6 4 2'As 70-45 91.16 91.22 4s 70 AUS 95.50 2'AS 71-44 90.1 4s 71 95 3 7 71 94 4s 72 Feb 94.12.

Vfa 72-47 Jud 88.2 4s 72 Auo 94.6 2Vjs 72-47 Sea ....87.24 72-67 Dec 87.20 4s 73 93.14 94.2 95.34 90.8 95.4 94.4 94.T6 88.6 94.10 73 74 74 a -74 4s 80 3'As BO 83-71 5.2 91 85.24 .81.28 94.4 94.6 95.4 92.8 91.8 84 82.4 4.34 4.67 4.76 5.04 5.15 .8 5 18 5.14 5.U 4.80 5.10 4.78 ,73 5.09 5.03 --16 5.05 --14 S.CO 5.02 4.89 4.87 17.28 4. 17.24 4. i.l 31AS 1.4 4Vis 92-87 4s 93-88 89 4V4s 90.16 89.8 So:" 3'AS 98 11.12 81.20 Prices auoted In dollars and thlrtv seconds. DIVIDENDS NEW YORK fAP) -Rate Period Slock of Record -INCREASED Will Ross Inc 11 Carilsl. Corn Ml Manhattan Sht Nw .14 1 REGULAR Glnn Co.

7-5 8-1 7-34 8-15 8-14 9-1 ParXe Davis West istern RR Restaurants .05 part, Alfred 10 Krojer Co .325 McGreoor Donloer A .25 Phi la Reading .30 Trinsamenca Corn .225 8-15 1-t 8-1 7-14 7-1J 7-29 7-15 8-12 7-12 9-1 7-29 8-TS 7-30 8-S 9-1 7-30 8-31 7-29 PRODUCE LOS ANGELES (FSMN) E05 to reloliers unchanged. Eggs to consumers: AA 45-53, other! uncnanged. Poultry prlcts at ranch: 22.000 34 PC, 1 8 2 4 7 pet i ew type 39,200 head, t-f'-'r, weighted at rin.n weighted ava 6.62. ConsoHdat Inv 9.62 Convert Grth 12.82 Corp Leaders 14.83 de Veoh Mut Fd 46.14 Decatur Income 1211 Delaware Fd 16.04 Divers Gtti Stk 13.24 Divers Invstmt 9.50 Dividend Shrs 358 Dow Th Inv Fd 7.34 Drevfus Fund 26.00 Eaton Bal 11.85 Eaton Stk 15.75 Enerqv Fd (V) 14.00 Fidel ty Can 15.64 Fidelity Fund 18.69 Fid Trend Fd 29.91 Fid Mut Inv Co 8.89 in stk Gro (V) :io.aa 4.41 No 7.95 No .10.47 21.10 25.64 5.31 .14.00 Fst Fla Growth Fla Mut Fd Founders Founders Mut Franklin Custodian: Utilities 7.14 Fund of Am 10.71 Fundamtl Inv i2.23 Grouo Securities: Aerosoace-STc Common Stk Fullv Admin Growth Indust Guard Mut Ham Fd HDA Mann Imoerlal CEO Fd 9.63 Imoerlal Fd 5.57 Income Found 12.84 Fd Bos 7.98 Ind Trend VJns Ins Bank Stk Fd 5.40 Invest Co Am 13.08 Invest Tr Bos 12.28 Investors Grouo Funds: Mutual Inc 11.24 Stock. 20.19 Selective 9.fl7 Variable Pav 8.37 Intcrcontl No Invest Research Una Istet Fund Inc 19.10 Ivest Fund Inc 14.69 Johnstn Mut Fd (VI 18 43 Kevslone Custodian Funds- Invest Bd B-1 23 47 Med Bd B-2 xd23.43 Low Pr Bd B-3 Inco Fd K-l 9.53 Grlh Fd K-2 4.90 HI-Gr Cm S-1 23 56 Inco Stk 5-2 Xdl2.97 Growth S-3 21.28 LoPr Cm S-4 xd 5.94 Intl Fund 14.71 Knlckrbck Fd 7 3 4 Knickrfcek Gr xd 9.70 Lartrd Fund 14,50 Lexnatn Inc Tr 10.42 Life Ins tnv 4.87 Lite Ins Stk 5.11 Loom sav Can 2924 Loem Sav Mut (V) 15.33 Manhtn 9.24 Mass Inv Grlh 11.04 Mass Inv Trust Mass Life 1 1 7 1 Mutual Shrs (V) 14.13 Mutual Trust 2.45 Nation.WIde Sec 11.09 Mall Investors 4.75 National Securities Series: Balanced xdll.13 Bond xd 4.22 Dividend xd 4.B3 Preferred 7.10 Income 5.98 Stock 8.44 Growth 9.85 10.32 11.38 10.00 14.05 18.43 44.14 13.53 17.53 14.51 10.41 3.93 7.94 23.38 12.88 17.11 14.00 17.00 32'j 1 9.72 9.47 4.05 11.27 7.00 No 8.49 No 7.85 11.70 13.40 11.69 15.40 10.84 91.73 5.en 16.67 10.47 6.05 14.04 8.72 New Enaland New Horlz RP Nortst Jnv One William St Fd Penn So PhiH Fd Pine Street Ptoneer Fund Price.

TR Grfh Puritan Fund Putnam Putnam Income Putnam Grth Invest Reo Tech Research Inv Sucdder Funds: Com Stk Sec Eojltv Selected Amer Sharehl Tr Bos Snares Am ind State St Inv Steadmnn Scl Stdmn Shr Televlsn Elect Texas Fund United Funds: Accumulative 11.15 1 4 5 7 17.8! 14.78 34.11 14.31 11.75 1 1 70.B2 ....10.75 1 3 ....12.21 7.49 4.44 4 7 7 5.90 14.30 13.42 12.24 21.95 10.41 9.09 No Unavailable 19.49 15.95 18.43 14.a 25.54 la.Bi 10.40 7.54 55 JO 14.16 73.21 18.07 8.04 10.42 14.75 29.26 15.38 10.13 12.07 17.52 12.SH 14.13 2.70 12.06 7.30 12.16 4.80 7j! 4.54 9.27 10.77 12.05 14,41 17.81 14.78 24.4.1 18.24 15,48 11.75 17.34 20.82 11. 17.30 10.03 1 N. 5.07 14.09 12.20 12.41 Income Sclcnc 30.30 No 49.00 7.29 32.11 10.92 Unit Fd Can a ue Line Fu Value I.Tne Value Line Funds: Income 7.44 4.01 19.44 15.11 10.44 5.7J 8.11 Wasli Mut Inv Ijl.70 Wellinoton Fd 13.71 Whitehall Fd 1.1.40 Windsor, Fd 18.47 Wisconsin Fd 7.M V1 Net asset value. The Daily Investor Exploration For Arctic Oil Under Way Again CALGARY, Alta (AP)- The search for oil in the Actic islands is on again after a pause by exploration firms. Their goals: "The big one--the billion barrel pool." "It's there all right," says one exploration engineer.

"That big or bigger. It's just a question of who finds it first and when and where." The exploration picture to date, however, has been all dollars and no barrels. Among major projects are a $30 million joint exploration program being considered by more than two dozen companies and a 1.1 million-acre exploration survey started by a French firm in March. Geologists first moved into the islands in 1959. By 1964 three costly wells had been drilled, then abandoned.

Then companies paused and land holdings dropped to 41 million acres in what Dr. J. C. Sproule describes as "one of the largest, if not the largest, known untapped oil and gas basins on earth." His company, J. C.

Sproule Associates, proposed the joint exploration group which would hold a reported 70 per cent of the barren land now covered by permits. Sproule predicts that the cost of finding oil will be cheap in the end because of expected rich discoveries. But some oil men are less confident that the problem of moving oil will be easily solved. They point to the abandonment of Mobile Oil's $10 million project on the arctic mainland, 100 miles north of Dawson Consolidation Of Rail Merger Hearings Asked By WILLIAM A. DOYLE Q.

It it. my belief that the stock option plans given to directors of various companies are nothing more than schemes for bilking the average stockholders. Most directors are paid good salaries. But that's peanuts compared to the they rake in from their stock option plans. It seems to me that I get cheated every time one of the privileged few exercises a stock option.

I have always voted against stock option plans--to no avail, I might add. Am I wrong or do option plans really benefit me and other stockholders? A. Sometimes they do. Sometimes they don't. The answer depends on three things--the company, the details of the particular stock option plan and the value to the company of the people who get stock options.

There's one point that should be cleared up. You and many other readers seem to think that all directors of a company with a stock option plan get such options. That's not true. Unless a director is an officer (president, vice-president antf such) he seldom, if ever, participates in the company's stock option plan. Many company officers, of course, are also directors.

A stock option plan is basically an incentive. A company officer or other top official who is granted an option gets the right to buy a certain number of shares of the company's stock, usually at a fixed price, for a certain period of time. The price is normally the market price of the stock at the time the option is granted. If the stock goes up in market value, he can exercise his option by buying the stock at the old (lower) price. Sure, over the long run, he can get rich this way.

But the idea is that he is supposed to work harder, because he has the option, thereby increasing the company's profits and the value of Us stock--to the benefit of al! stockholders. Because of high income taxes, a stock option is about the only way a company can pass on real "keeping wealth" to officers and key employees. Do stock option plans benefit you? Sometimes! Some corporate officials are worth every stock option they get and more. Some aren't. Q.

As a retired widow my income depends on the dividends from stocks, mutual fund shares and a few bonds. I read that, when inflation comes, blue-chip stocks will be hard hit. I'm terribly worried. Can you give me any information along that line? A. I don't know where you read that statement a inflation comes.

It sounds like some of the "new economics" i preached nowadays. For more than 30 years, now, we have had almost constant monetary inflation--an increase in the supply of money, brought about by Federal government deficit spending. This has resulted (as it always has) in price inflation--the declining purchasing power of the dollar. In the past, good common stocks and mutual fund shares have increased in a and have protected their owners against the ravages of inflation. There's no reason to believe that the situation will be any different in the future.

Think back. Haven't the dividend payments on your stocks increased--while the interest on your bonds has remained unchanged? Q--If the "no-load mutual funds" did more advertising a the fact that their shares are sold without any commission charge, wouldn't many of the funds which charge big commissions be forced out of business? A--I doubt it very much. The no-load do advertise. That's about the only way they have of reaching the investing public. Through this method, the no-load funds have grown substantially.

The other funds advertise, too. They also have salesmen to follow up. The commission as it is called) pays the salesmen. These funds have grown even faster and larger. There's nothing with sales commissions.

Salesmanship has always been a major factor in the growth of our economic system. Mr. Doyle will answer only representative letters of general interest in his column. He cannot answer ho queries. CcpyrlflM 196i CHICAGO W) Attorneys for three railroads have petitioned the Interstate Commerce Commission to consolidate hearings on two railroad merger proposals.

The petition was filed by attorneys for the Union Pacific, the Southern Pacific and the Rock Island railroads. It asked that hearings of a proposal by the Chicago North Western Railroad Co. to merge with the Milwaukee Road be consolidated with hearings now being held on the Union Pacific's merger proposal with the Rock Island Lines. Paramount Involved In Merger Plan NEW YORK W-- The directors of Gulf Western Industries Inc. and the Paramount Picture Corp.

have proposed a merger through an exchange of $125 million in stock. Under the terms of the agreement, shareholders of Paramount would receive for each share of common stock the following Gulf Western securities: The equivalent of $35 of market value of common, the equivalent of $35 of its class $3.50 cumulative convertible preferred stock and .21 of a share of a new $5.75 preferred stock haying a redemption and liquida- dation value of $100. The agreement is subject to approval of shai-ehcWers of both companies. It provides that independent consultants be hired to determine whether the stock exchange is fair and that Paramount holders get stock worth $90 for each share. Paramount would become a wholly owned subsidiary of Gulf Western and will operate under its own management.

COFFEE NEW YORK A Coffee Marti were hlpher In quiet dealings. Roaster demand for green cofftt remained jlow. Coffee spot Santos No. 4 ex-dock closed at 41.00A. Cost and freight offerings Include 1 Santos Bourbons 35 at 4I.75N iS 40.75N.

futures ctoied 30 fo 3t hlsher 1 contracts. Close Sept. 40.31N; May 38.00N. The petition termed the various merger proposals so "inseparably interrelated and interdependent" that consideration of one is not possible without considering the others. "It is perfectly obvious," the petition said, "that control of the Rock Island by a merged North Western Milwaukee System is quite a different matter from control of Rock Island by North Western alone The ultimate objective of the North Western, the petition said, was a merged North Western- Rock Island Great Western- Milwaukee Railroad System.

Such a merger, it claimed, would "give the North Western virtual monopoly over railroad transportation in an important part of the Ben W. Heineman, North Western president and board chairman, termed the petition "a public concession of weakness" in the Union Pacific's bid to merge with the Rock Island. "It seems apparent that the Union Pacific recognizes it has a hopeless cause under the present conditions," Heineman said. "I think the UP is in trouble City, as an example. Mobil quit in October, deciding it wasn't worth building a pipeline.

"And they were a lot nearer civilization than we would be up in the islands," said one engineer. "That's the only trouble with the islands, you've got to make a good find to make it worth it." However, the mines and technical surveys department has said i i construction appears feasible and, because of the short shipping season, seems' to be the only solution. Petropar Canada a company controlled by the French government and the largesl landholder in the islands with more than 14.4 million acres, has a i i underground mapping survey under way on Mackenzie King Island. It conducted preliminary in 1964 and 1965 and plans to wrap up the present survey in mid-August. Burmah Oil, Great Plains Development Co.

of Canada and other companies sank a near Resolute on CornwallL Island in 1963. It ate up $1.3 million--the total budget for two wells--and then was abandoned Transportation costs were a major fact in the Cornwallis Island well. Oil engineers now are counting on lighter driHing rigs and use of freighter air craft to hold down the bills. Plans for formation of two new companies for the joint exploration program are under negotiation. So is a $6 million loan requested from the federa government for the venture.

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ISM E. (ttl Sf. JJWJ7, COTTONSEED OIL NEW YORK (AP) Blitchiblt cot- onsetd ell futures controls) ctostd I to 15 lower. Sales II contracts. Close: Jul 14.42; Sep 16,30: Dec 15.258; 15.18B.

Closlnm; Oct. 15.S5B. Jan. 15.MN. Mav 1J.01B.

To Build Addition NEW YORK -art- Union Carbide Corp's Linde Division said it will build an addition to its Huntsville, air separation plant to raise daily capacity to 530 tons of liquid oxygen and nitrogen. The addition, to be completed by 1967, will be for 200 tons daily. Hallcraft Homes 1 Merger PHOENIX Hallcraft Homes announced its merger last night with Ashton Xies Co. of Phoenix and San Diego, under Hatlcraft's name. 7 John C.

Hall, president arid board chairman of said J. R. Ashton, president of Ashton Kies, would become executive vice president and general manager. Hall said stockholders and directors of both companies ar proved the merger. He said it will allow Hallcraft; a 16-year- old firm, to move into California.

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