Independent Star-News from Pasadena, California • Page 28

Gabriel Valley Business Scene By CHARLES STRUNG an. Finance CALIFORNIA BANKERS elected William E. Siegel, executive vice president First National Bank, lo serve as president of; the association representing 176 banking and company head offices throughout the state which have a total of more' than 2,600 branches. The was' Held the 77th anniversary convention of the California'' Bankers Association held in San Francisco. NEW INSURANCE.

CO. recently honored Lawrence of -Pasadena for his having led all southern California, Arizona and representatives of the company in a special "atomic energy" sales campaign. AiNew York Life represeritatiye) since is a consistent jnembp of the', company's honor clubs and the Million Dollar Table. ELECTR(MJPTICAL SYSTEHS'has formed an Illumination Systems Division to meet rapidly expanding opportunities in high radiance technology and has named Alfred Landau, former chief engineer for high radiance illumination systems, to manage the venture. The new division will manufacture a family highly efficient xenon searchlights ranging in size from 100 watts to 40 kilowatts for commercial as well as military markets.

TANGER.INDUSTRIES of South El Monte hus acquired Inc. of Los Angeles, a closely held company in the hunting, fishing and other related snorting equipment field. The 'firm will continue to operate under its present management as a subsidiary of Tanger. Organized in summer of 1967, Tanger previously ac-. quired Natio.Corp.

in -December of last year and became publicly-held in January this The company pldces special emphasis in the areas of sports equipment and MARSHALL INDUSTRIES of'San Marino next month will commence marketing of a disc storage drive which is interchangeable with the IBM 2311 without any change of system, program or computer hardware. Developed by Marshall Laboratories, a subsidiary, marketing be to theiend users market as well as to original equipment, manufacturers. ROYAL INDUSTRIES, headquartered Pasadena, has Frank T. Grady a corporate vice president arid will work, closely with Royal's automotive operations, Krasne and 'Achorjok, to coordinate their industry activities and with the Mitchell Division, manufacturers of molded rubber and plus- Grady formerly was marketing manager for Alloys Unlimited and prevously was Fail-child, Camera Co. as operating manager of their Semi-Cpnductor division.

-v GLASSCO INSTRUMENT CO. of Pasadena has acquired Welch Relay Co: of Los Angeles which will continue as an autonomous division under the general managership of Ezra Mintz. Terms of the acquisition incluled an initial payment of 2,486 shares of Glassco stock with provisions made for addi-" tional shares to be paid one year Mater. -'JACOBS ENGINEERING Pasadena has named Stanley L. a widely recosnized leader in" process industiy administrative management, to executive vice president.

He was formerly vice president and general manager for the past six years. ELECTRODYNAMICS CORP. of Pasadena has been awarded a $278,000 contract to produce electronic counter measure system spare parts for the U.S. Navy Aviation Supply office in Philadelphia. SPECIALTY COATINGS INC.

of Plymouth, Mich, is establishing a Pasadena office and has appointed Charles E. Wilcox to western regional manager with responsibilities for and dealer sales of the company's sensitized.and drafting film product lines for the 10 western states. For the past 15 years Wilcox has been associated with Driazo and Pasadena Blueprint Co. as general manager-'of sales and production. HERBERT HAWKINS CO.

has named Robert Hessibn of Pasadena to the staff of the real estate firm's Pasadena office. Formerly with the Broadway-Hale stores, Hession has been in the real estate business for the past two years and has studied real estate law and appraising at Pasadena City College. POSTAL FINANCE with a branch office in Pasadena, has acquired Planned Credit Inc. of Tuscon, Consumer Credit; Corp. of Dallas, and Inter-City Finance Co.

of St. Paul, Minn. Loans receivable for the three concerns total over $900,000.. Postal-currentlyoperates a total.of 68 offices in 16 states: with receivables in excess of $46 DIGFTRAN CO. of Pasadena is expanding the size of its plant location oh South Arroyo Parkway to a total of 22,000 square feet.

The expansion will allow a 30 per cent increase in production facilities and an estimated 50 per cent increase in en-. gineering accommodations as well as an increase in sales office space and storage capability. A leading manufacturer of thumbwheel switches, Digtran is a subsidiary of Becton, Dickinson and Co. PAGE C-12 PASADENA, MAYU.26, Unique Operation COMPUTER WIZARDY--Optical Research Associates of imall Ifens-designing firm, has installed a icie'ntific computer' that may give it more, computing power for ploye than any other company I two sole full-time employes and co- owners -are'Darryl'Gustafson, left, and Thomas Harris with the IBM System'360 used to design precision optic lenses for.commercial ond military applications. Relative Trend Becoming Important Buying Eactor By GEEALD M.

LOEB. ml is. the i year is 'standpoint of improve your market price 'and- The A-small firm, in Pasadena may. have more computer than any other company.in the world-' Optical Research Associates, a- two-man company with limited floor space and only a part-time secretary, has installed an' IBM System- Model 44. This scientific computing system is so powerful it is capable of controlling an atomic reactor, tracking a missile or controlling a satellite in orbit.

Information stored' in the 44 can be reached by ittie computer in a millionth of a second.and then processed through its' internal circuits in billionths of a second. Optical liesbafch' Associates their-IBM 'cofn'pUt'cr. uses'the high-speed arithme- The company has used coni: tic its to system: to. perform; the complex, mathematical' computations necessary in the exacting design 'of precision optical lenses for military and commercial use. Comprising i a Research Associates are: Thomas I.

Harris, 37, with an M.S. degree in physics and optics from the University of Rochester, who Irolds several patents in his and Darryl E. Gustafson, his partner, 32, with a B.S. degree from Northwestern University. mechanical' engineering--and when 'you get most -an- look, which necessarily hasjo corhple'te -and-'lip-to-- -be stocks date information on most of 'end to.

fluctuate between the companies by which you tn eir own traditional low and own stock: i steadily growing more conscious of the' market price of its stock; This is because of high, Jprice-earn ings'ratio. For the merger and ac- This you example, IBM varies roughly quisition rh a t. the basis-fir a compre-- -around 30 times when people herisive-thari-usual check: 60 times; when January' are Very Qptiirustic. Such- that and-September, 'g ures re very the December tax -considerations, 1 seem to be the most popular months for portfolio review. In many ways the spring of the.year is better.

For all the stocks'you own, andubjec.t to'change. It pays to bear, them i rriind and think about buying in the lower, ranges and selling in the higher. Relative trend is-becoming reporting'on a calendar year -a very popjila.r'-factor to-check basis there, will an annual meeting, an annual and worthwhile. Stocks with a poor relative and a proxy-statement. An in- should examined creasing number, of compa- carefully, for possible coming ments a i more money 'on- elaborate, reports that sometimes, are more beautiful than factual.

roles of their advertising' and public relations departments are being greatly The press- is slowly but gradually -beginning- to. look behind-the press release for the real facts. The accounting profession is also gradually improving standards. Com- Insurance Firms Wooing Mutuals Ten years ago members of the upstart mutual fund industry and the old-line insurance industry, being clearly of different hardly had a word to say to each other. Now they are ihter-marrying.

More than; CO affiliations already have been consummated' and several large involving assets iivtherhundreds of millions of dollars, are like- lenses for recohiial sance, visual fire control sys- night vision devices, laser mechanisms and other military In the commercial area', ORA i the creating the single-lens Ciheiy ama technique, high quality zoom lenses and other precision camera lenses movie industry. "ORA is-a product computer age," said "Oiir.business could not exist; without a computer. "What we offer Is our'ex-, tensive knowledge of of otpics, programs 'we have written that instruct our in design work, our computer-oriented research, ancl our computing capacity. "In minutes, the'com- puter, we solve design problems that formerly would have taken years, and the quality we achieve far. exceeds that which we could get by non-automatic methods;" said Harris.

Evaliiafc Performance nies will. 1 a post-' voume. it generally pays meeting report. h'ighilghlin'g. own stocks that perform bet- ter than at the the-annual meeting'Jon those'' ter than at Uie who cannot attend: th'e'finan- to of a market these can be porting to stockholders.

cial press bn'thef least temporarily very These, official reports are riot be announced. Several Companies, after a few years, well known insurers' are-plari- nhig tlieir funds. 'Presently engaged to enter some sort of -financial arrangement are Tsai Management Research oper- ments diminished in value. As a result of this achnowl- edgmeht, a new. and still not fully formulated sales concept is developing.

Howard Reoder, CNA head, explains'it this way: "When, somebody, calls -you to. talk'-' a 'insurance, immediately you are likely to cote-. a expensi stiffen But if I-call, you grinding operations, and say to talk about about: finan- Once an optimum design has been created and before a client actually starts (lie intri- lens computer programs written 'by Gustafson are.used quickly become recognized for their- of accuracy, frankness and clarity in re- larger concerns or on ahy'im-'' portant controversy. Compare Competition Mosl Hkely-you will need professional You start with a study.on your own. This will give you about as 'much -factual information as you are likely to receive from management.

Your investment adviser or broker can explain what is not clear to you. also has a file of back annual reports of your company and those of-competing' ones in the same industry. These are'important in shed-' ding pight on man-' agement tends to overstate or understate things. A.compari- ii-'itf-J Fujidl-ani time" it deserves, and "if you securities. '1does'l- i company more than receive' intelligent, assistance; more infonria By LOU SCHNEIDER The April frantic stock mar- takes place-to ease the na- ket "peace 1 rally ran into lion's May profit-taking when inves- stock fiscal the a k.e position tors suddenly that the 'doesn't look too promising 'at old problems returned.

The- Vietnam peace talks have settled down to a.series of accusations. Now it is evident, -as ipreviously reported in these near- son with the competition is es- aerm optimism, was overdone sentlal the Paris-talks will I am often asked where to i 0 out. look i order single important facts. The source varies with the industry and company. Never miss looking at the to financial statements" at the bottom of the balance sheet and income account.

This is sometimes in fine print, but can be more important than the headline in the press releaase sent to financial editors. Sales and a i per share, are more, revealing than aggregate totals. They expose equity dilution. Non-recurring items and charges to surplus should be checked so that earnings from regular operations can be estimated. The balance sheet will sug- gest whether finances are.

strong enough for survival or for financing greater business. The comparison of results over, the years gives a picture of'growth or lack of it, stability or instability. Finally' you will need to a a your, conclusions And the- surtax to iron out the federal budget ills has run into hard political Now there are fears not be; enacted. a new gold rush has started in Europe. price in the free market zoomed to its highest levels ever; Thus another run on.

the the present Experienced' investment managers say Wall Street will Have; to exercize a good deal of 'patience before the overhanging fiscal! difficulties are satisfactorily: But that's what' 'customer's men, accpunt'executives, commission or they call themselves haven't need trading'vol- ume, to earn: a living 1 And it is up to the securities certified financial 'Analysts market experts, or whatever they call them- each other; personalities; arc evolving in both insurance, with more than 52CO billion in assets, and the funds, whose assets recently reached S4G billion. For example, seeking to avoid rigid limitations on investments and to bring mutual funds into the family, insurers are reforming as holding companies. And some funds which never had their own sales forces are seeking now to capitalize on the existing salts force's of the insurers. The most basic change, however, is in the attitude of insurers, through the years have argued that a guaranteed, fixed-dollar re- cial much evaluate performance to guarantee that the finished product will meet tile- customer's specifications. Firial designs can be printed fo'rnrand plotted by the computer.

"We're probably, Harris said. "We know of no other independent optical de-. more likely to see 'Added Recder: "The Fuller Brush Man has to have a complete And so, should CNA-. merge with it will earn i from real estate, health-casualty-life insurance, and stocks. computer ficcs.

1 in their own' of- CNA and''other' sign firm doing autom.at.tc holding-companies' and; insur- lens design work with a large ers will market their products is another matter. Indications are that Manhattan Fund, for example, will continue to operate'independent of CNA insurance companies. however, it is expected that insurance salesmen will offer to customers package deals involving funds and insurance, the ratio to be worked out not by a rigid formula but after consulting with the customer. Most Actiyp Stacks Offer Snlei HEgh Low Cloie Chjj. Glen 1.134,70) 13V.

T-! McOMlD 55 51 iWi Wn Un 4M.WO An Tel 3UJO) Wi Vi Seob "Fin KVt Mrt 27(i AclUin pT 473.WO lUfc ICHi HVi 4- llooktr S3ii Pet Bsnguel XW.OM HH 13 HVi V'l turn to -investors was the bed- AJ izw Yngll Sh W2.9CO 37V. iK'i British pound 'sterling and.the selv to the'securities U.S. dollar. The balanced-payment deficit Is still around, to haunt Washington, with the probability that.it will increase during the tourist months. tile Federal Reserve continues'to push its.

credit restraint policy with coirimer- cial loan interest rates steadily stiffening. Now there is talk of added credit restrictions if Congress doesn't enact" the something dramatic salesman stock data to encourage buying and selling of shares. They are doing it. VVhat it- spells out is that more -attention is now being given speculative go go stocks than during the April have acknowledged the value recovery the most active', is-' of investments with a variable sues substantial Money is to-continue tight, coupled with. high interest rates.

The treasury will rieed $12 billion in hew cash for the rock of thejr business. Increasingly, these in: have found it more difficult to sell fixed-doll a policies, which are eroded by inflation. As -a result, insurance sales continue to rise each year but the industry's percentage of the savings dollars shrinks. In. i the mutual funds, whose values rise and fall with the stock market and 'thus are considered a hedge, against inflation, 'the Insurers Coml Cr 385,300 SB4 AtchlSMl Sid NJ Sunaico' 2CVi 18 Lo 359,400 78 7614 Plllstn Co 344.4CO 5414 Dresser I 35 Am Molr 315400 13W 12V4 Colltai 310.300 514 77W O'A WHAT A DID Advances Unchonopd 6S5 134 1473 highs.

235 Two week wfllK 090 ago B57 Wl 414 1071 8M 1027 35S 121 133 138 279 last half of.this year, even if the surtax becomes law. It willneed at least $20 billion if the new tax isn't enactedj return. "They have validated the mutual fund industry," said Fred Carr, portfolio manager of The i Fund, whose swift; growth in assets results largely from earning a return of 113 per cent last year while fixed-return invest- DOOTSON I I FRANCHISE AVAILABLE Phone 2874766 MttwFirstfctiwalC.tr Travelers Checks yen want, up tt $5,000 worth, DM: 449-3535 Locally Ountd- Indtf'tnient Citizens Savings Bank ofPasadehi HtidOffidf: w.i Ctillinj Gfficij 1011 E. UCANADA Weekly Kange (Continued) JSVi ixn -43H 37! i 23 5314 rty soltt Nel LOW (Ml.I Ltw Lnl OX 18'A SportbnA .40 497 23 23.r 14 94 Sporton Corn 111', I04 111; 14 311', SPerrY Kul 1 37W 35V. 3554 -Wt 4114 SperrvR 2302 54" X339 35 SouorcD KV Sq-JibbB SqulbtB pi Stoltv IMa StB u- skJBm i3.a Sid Kixll iTV, SlOilCol J.73 SWl StOIIInd 2.10 tlft SIOilHJ 1.7M 45 SlOOh PU.75 SldOUOh OH Wt St Pockojlng SI Pig 27 34V4 2- i 110 3414 375 StarfJ- SlaUfC H'4 Merrtlfir .10 4274 Sterl Drug-1 55 SlerlD pff.50 52 SfevensJ 2.25 2814 StewWar, 3JW Stoke VonC 1 15fi SlokeVC IX 1 33 SloneW Tw 14 sioneConl .34 14 StorcrBdul I tutleWorlh 1 14 'Pf.

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