Independent Star-News from Pasadena, California • Page 44

San Gabriel Valley Business Scene STEtljNG BulMH wt UiUff i lias named' Ll'nn E. Magoffin to tlie San Gabriel Valley Division with headquarters In San Marino. The company: provides public utility water service in San Marino, San Rosemead, Temple City, El Jloiile, Duarte, Bradbury, and intervening unincorporated areas ns well as in the Baldwin Hills area o( Los Angeles County. JTagoffin, a resident of Arcadia, succeeds Dave Fiscus wlw has been transferred to the Monterey Peninsula Division of the company. VAN DE KAMT'S RESTAURANTS named I-awrence Browning of Pasadena one of two new western district supervisors for the Southland food services firm.

In addition to overseeing the, operations of the current Van de Ramp's installations, Browning will be responsible for managers'of many 6f.the-30 to 40 new "windmill 1 coffee shops scheduled for in; Southern California area within the next three years. i ALTADEN'A FEDERAL SAVINGS has announced a new simple method of receiving monthly checks to coordinate with budget planning. The new plan, called clicck-a-montli plan or CHAMP, makes it possible for participants to receive a pro-determined amount each month for the next 10, 20 or 30 years. For example, a basic account of $5,000, set up for a payment of $50 a month, will last 129 months or almost 11 years when earnings are paid at the rate of 5 per cent per annum and compounded daily. Total amount returned will be $6,450, accounting for $1,450 in earnings over that period.

BURROUGHS CORP. has received a $500,000 order for a Pasadena-made B2500 computer system to handle customer portfolio evaluation, investment research and analysis and by Kiicat and Aitken of London, one of the 10 leading firms on the London Stock Market. Burroughs' Pasadena facility is one of the world's largest producers of systems and auxiliary equipment for business, science and Industry. AJIERICAN INSTITUTE OF BANKING, Pasadena Chapter, will install Robert E. Smith as president at the 44th annual banquet scheduled for May 9 at the Hiintington-Slieraton Hotel.

Other officers to be installed include Airs. Opal Mikkel. son, first vice president, Security First National Bank, Temple City; Harry Clark, second vice president, Crocker Citizens, South Arcadia; Mrs. Harlan Thompson, treasurer, First Western Bank, and Mrs. Harlowe Dumont, Women's committee chairman, Security First National Bank, San Marino.

ITT CANNON ELECTRIC has named James F. Somers of Altadena to a vice presidency. He joined TTT in 19G4 as an administrative assistant and since then has been a cost and budget coordinator, manager-manufacturing cost and budget control and controller and will continue in the latter position, SOUTHERN CALIFORNIA EDISON CO. has elected Jack K. Hprtqn, president since' 1959, to chairman of tlie boardt Succeeding Harold Quinton who was elected chairman of thelexecutive committee.

Horton will continue to serve as chief executive officer of the company, he has held since 1965. T. M. McDaniel executive'vice president since 1962, was elected president of the utility. AND PACE C-12 i i .1 PASADENA, I Creeping Inflation Rising Economy Breeds Chagrin By CHARLES STEELING liitn photo-by Morsar'eJ Stovall NEWEST OF'EVERYTHING --Clarke Serdan, left, manager of trie newly-opened Pasa- dena stock brokerage office of Merrill Lynch, Pierce, Fenner and Smith in the Union Bank Plaza, shows off the new Trans Lux Jet of slock reporting to George Shinn, divisional vice president In charge of sales, center, and Graham Gill, right, as- sistant manager.

The office contains the latest electronic reporting systems for keeping in touch wilh major markets throughout the world. Sound Dollar? Definition Rests With Translations AMERICAN CEMENT CORP. has "named William M. Caldwell of Arcadia to president of the company's recently established Cement-Concrete in addition Ib his. duties of senior.

vice president of the parent organization. The" Cement-Concrete Group currently consists of five cement divisions within the continental U.S. and operations in Greece, and Hawaii. included are the Rock Products division in Southern California and other interests and investments in cement-related products. THRIFTY DRUG STORES has reported sales of $142,879,000 for the first six month period ended Feb.

29, compared to $131,747,000 for the same period of 1967. Common: share earnings were 84 cents per share compared to 80 cents a share for the first half of fiscal 1967 based on 4,663,414 common shares outstanding. During the first half of fiscal 1968 the company opened 12 new stores bringing a total of 303 stores in operation. it CPYRESS INSURANCE CO. has announced beginning of construction of the new corporate headquarters to.be located at 830 Mission St.

'in South Pasadena. Planned and built by The O.K. PJarl the single story 4,900 square foot structure is scheduled to be completed in August. MICRODOT INC. of South Pasadena has completed acquisition of Adams Supply a Los Angeles based supplier of fastening devices.

The addition of Adams Suppy enhances Microdot's growing fastener group operating under its wholly owned Kaynar Mfg. subsidiary. Earlier this year Kaynar purchased Aircrafts Threaded Products of Los Angeles also a supplier of fastening devices. GOODYEAR TIRE RUBBER CO. presented a necklace with a diamond setting and a check for $100 to Mrs.

Careta R. Lewis of Pasadena in recognition of 25 years continuous service with the company. Mrs. joined Goodyear in 1943 and has spent her entire career in accounts payable where she is presenlly employed. SOUTHERN CALIFORNIA GAS CO.

has named W. M. Jacobs of Pasadena to chief executive' officer of the'ulility succeeding F. M. Banks, chairman of the board and chief executive officer wlw retired April 1.

Jacobs' title will now be president and chief executive officer, having been named president in February of 1907 upon rejoining the firm after serving as president and director of Pacific Lighting Service and Supply Co. subsidiary of the parent company, Pacific Lighting Corp. By GERALD M. LOEB What do people really mean when they talk a a "sound'dollar?" It takes special abilities to translate this and other words and phrases often used mainly to obscurate. A sound dollar means a dollar with sustained-purchasing power.

A sound dollar buys material and labor at fair prices. It requires competitive labor cos's. ma'-x: for an unsoiind dollar. The ideal dollar is a stable and unchanging one. This is fair to It thirds' equal between debtors and i It -makes for equable long-term.

Unfortunately, dollar stability -will 1 never he achieved. managed to favor the debtor. Most -people favor'a' sound dollar when they, buy and "an unsound one, when they sell. In other words, they want, to buy low and sell high. When we see Brown-B i i.

in Switzerland and Rolls-Royce in England taking orders from American manufacturers, it means that- our prices are too high. Spending Not Reducer! Will a tax increase strengthen or weaken the dollar? The answer you get depends on who is doing the talking and when he is doing it. A tax i a transfers moriey from your pocket to the government's pocket. Spending is not spending and what it is spent for is changed. Government never gets the value for its spending as you do for.

yourself. They are spending, your money, not their own. ft costs money to do it. Taxes are a cost of doing' business, and are always added to selling prices. Looked' at in this way, the dollar is weakened because it buys less when higher taxes are added.

Another popular phrase that rarely means what It says is "tax relief." In my dictionary, it generally means shifting the tax from one shoulder Most Active Stocks to another, but ever taking it off. What do politicians and builders mean when they talk a "excessive interest rates'?" Six per cent used to be the magic figure. A rate of 6 per cent or less was OK. Anything above was called "usurious." Governments a to keep, interest rates unreallsti- cally low. This' is popular because" 'debtors.

exceed creditors in voting power. The government itself, is always in debt. It reduces tlie cost of borrowing. It is supposed to stimulate such' industries as home- building. Eighteen per cent money doesn't stop people from using credit cards.

Highcr.i iH rates are called' Higher wa'gcp plumb-- and electricians, etc. are Borrower' Break If you loan money at 6 per cent and in the 25 per. cent tax bracket, you keep only per cent. If- it loses 4 per cent in purchasing power in a you have" next to nothing left as pay for the use arid risk of your money. The borrower gets the breaks.

He deducts his interst cost from his taxes, and repays with cheaper dollars most of the time. 1 see many institutions advertising for savers' dollars, stressing the supposed safety in having "assets over one billion" or whatever. What does this mean? It means nothing at all unless you know kind and and.extent of the liabilities that have a claim'on them. Some savings and loan folks use nice term in many of i labelled 's assets." This means assets. You might'ask what in the world does "volume variations from plan" in a recent corporate report.

Tlie answer is very simple 'you look at 1 pointing sales. We are in a world of gobbledygook, careless semantics and obscuration. It is important that you realize this-and look for the facts behind the headlines and the high-sounding words and phrases. Read the footnotes and fine- print. In Wall Street, experienced professionals "look at the record." Have previous state- been trustworthy? Have they been exaggerated or toned down? Are' the cur- utterances "plausible? These are "the first tests in weighing information.

We are also in a world of misleading by omission. It is important for you to consider what has been omitted or glossed over. "Things are seldom what they seem. Skimmed milk often masquerades as cream." A very good for investors to remember. Trie record $20-biUion growth of the.American 'economy in the quarter, of 1968 is phenomenal.

If the figure were to be taken at face value it would mean that the expansion of the American economy in just months the expansion alone woulrj be more than the gross national product of Brazil for an entire year. It would be the equivalent of creating an economy the size of Belgium's. The figures cannot be taken at face value, however. About $8 billion of the "growth" was just inflation. Since the value of the dollar shrank in those three months, it simply took more dollars to measure output.

To assume that inflated figures represent true growth is to delude. It would be the same thing as a carpenter measuring feet.with an inch clipped off his" ruler, or a butcher weighing meat with his thumb on the scale. Nevertheless, the 512 billion real growth still was enormous by any measure. It was bigger the entire economy of Norway or Austria or And it came on top of a record long expansion of the American economy. It is clear, however, that economists greeted these figures with chagrin.

This is a giant with disorders, with ailments that result from trying to produce beyond its capacity and with failing to watch the signals that tell any growing body to take some medicine or relax or change its way of life. Military Spending The same report from the Department shows that 'defense spending once again rose sharply arousing the suspicion that whatever is said about slowing the rate of military spending, what is done is something different. The report disclosed also that the surplus in foreign would 'transfer power from, the consumer to the federal government and permit it to pay its bills. Pressure also will continue for cuts in federal spending. This would have immediate and wholesome financial effects.

a i wITI ts spught'in'an intensification ot peace efforts. Peace could re- 3 suit in a large cutback in federal spending, thus lessening the threat of more inflation and offering immediate prospects for a reduction in the balance of payments deficit. -The Technical Situation- Report Reading Important Investor Tool By ALLAN MuDOUGALL JR. Since a majority of publicly- held companies are releasing their annual reports at this time, of year, we thought it might be helpful to give you a quick refresher course on the annual report and a few pointers for analyzing its contents. The annual report is tlie one most important tool an investor can have In making a judgement about, a company.

It is also management's most important communications link with its shareholders by which it may communicate its current situation, its past performance, and its plans for the future. The ability.to read an annual report properly gives the shareholder a means of visualizing the company as a whole and checking on how well management is handling his investments. Search For Facts When you receive an annual report, scan it first for the important facts its sales for the year; its net income; dividends paid; and earnings per share, all compared with the previous year. Then you can see, basically, how big the company is and whether it is making progress in increasing its sales -and earnings. Many companies now include a summary of financial highlights at the beginning of the trade was off," a condition thati report which will capsulize all cannot be permitted to contin- this data for you.

ue for long, without confidence in the dollar deteriorating even more. It showed the were stepping up Ocd Pit 1,492,300 40V. Sunosco 1.474,830 13'A McDonD 1.K5.600 43V: Gull IH.800 47 We sin. AB 573400 43W Chlvsfer 537,500 Benouel 531.6W Am Ttl SJ5.700 Ford Mel 508400 Lib Me -19V. Carbide 47V.

Polaroid 411,00 IIS'A Schenly 389,600 CrMd Pd 380,500 2914 Cruc'SII 353400 43 LehVal In 353.6CO Folrch 357,500 KHi Ed si Air 355,700 36V. Am Alrli 28 MOSIWYOX 350,000 I 34V. 43'A 45'A 16' 477. Hi 107. 5W.

SOV. 17 ii UVi 53Si 1 BV. ll'A 32V. -Mil 33Vi li WORKSHOP SPEAKERS--Principal speakers at the Ameri-. can Gas Association's annual home-service workshop held recently the HufiUnglon-Sheralon Hotel, were, left lo.

right, Bbyd P. Whelan, mayor of Pasadena; Sheila Caslellarin, chairman of the home service commit- tee; C. R. Rikel, Northeast Division manager for (he gas company in Pasadena, and W. M.

Jacobs, president of Southern California Gas Co. Some 300 home service representatives from gas utility companies across the country attended the annual gathering. consumers their commitments, that after prolonged restraint they were beginning to buy their long postponed needs and luxuries, which in the present state of things can only be inflationary. Although inflation is damaging domestically because it shrinks the value of the dol- -lar, the real danger is in what it does to the nation's exports. If American prices are inflated, how are U.S.

goods to compete overseas? If U.S. goods cannot compete effectively overseas, how is the nation to correct its imbalance of payments, how is it to bring info balance the amount exported and the amounted imported. Foreign car sales are at a record high in the United States now, and the total is expected to reach about one million for the year, or a minimum of $2 billion. All these disorders, no matter how serious can be remedied. Tax Increase Pressure 'Tlie first reaction to the latest Gross National Product figures will be additional pressure for a tax increase.

Next, read tlie president's message and compare it with what he said the previous year or at least with what he projected in his last quarterly report. You may find a rehash of promises never fulfilled or over-optimstic forecasts which fell far short of performance. If this happens consistently, it is a warning that management is not realistic in its goals. There are some things an annual report should and should not be. Primarily it should be a financial statement of condition and a re.

port on the Just-ended fiscal year's operations. It may give some history about the company and it should describe management's plans for the future in specifics not in high-flown generalties. The annual report should not be a sales catalog. Investors should know a company's general area of business, and in what industries they find acceptance for their products; but most Investors do not wish to take the time to understand all of the technical details of each of the company's products, Those who are interested can get sales material from the company. Now looking at the income statemeni, compare sales figures with previous years.

A rise in sales is enc'ouraging, of course, but if profits i proportionately. You should know also about how much growth the entire experienced to judge whether tlie company is keeping pace. Net After There are ways, to judge net, after-tax income. The first is In relation to' sales. Again the average var-.

ies among different industries. For a food chains earn less than two cents on the dollar while man: ufacturing i average about six cents. The second and most impor- tant test is to relate net earn- ings to the total stockholders' investment. In other worts, how miich profit was made on -the money invested by the shareholders? should know what other companies in the same line of business earned as. a comparison be- fore you can judgi; how.

well the company is keeping pace. Next, if the information is i available, look at the source and application of funds; that is, where the company derives its income and how It uses these revenues in ex- panding the business and rewarding its investors. a quickly through the accountant's opinion to be sure there are no exceptions to portions of the financial on which he will not render an opinion of accuracy. And finally, don't overlook the notes to the financial statements, which may contain valuable information and explanations of such things as convertible debentures, tax and so forth. You can see from all this that the real genesis of the correct analysis of stocks and bonds lies in the ability of the investor and the broker to synthesize all the facts about.

1 a company; its position in its industry; the national and international business and political climate; and the future direction of the market. The market is merely a reflection of public confidence in the future of whatever area of investment is being considered. WHAT MARKET DID Two This Yeorl. WMkwwkao 931 1211 752 ill yu 47t (It Ill Hi UO 142 list U3 isn I5i3 New yearly highs .337 273 373 1B7 New yearly lows 55 22 153 Declines Unchanged WOPSCHALL A I I 446-4431 Weekly Kange (Continued) YMrly Kll HEgli Lrw Ihdf.l Hiqfc Latl Chq Slevens; uffi a Slonev; 78 3Kl Wt Vi 34tt ink SloneCcnt J7 31'A i 43 34 SlomBtfCSt 1 423 6 42 3 It'l StucttVttrlh 1 1100 IKl 5R1 tl'fi 110 S7'AStuWor p(B5 11. 5 34 -SluW 130 IS Vl 17(i 11-A StburSos 54 Prop 1.60 1W K'h UV.

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