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Independent Star-News from Pasadena, California • Page 36

Location:
Pasadena, California
Issue Date:
Page:
36
Extracted Article Text (OCR)

San Gabrit'l Valley Business Scene By CHARLES STERLING Hutinni ami Pittance jMtLltr Nash Co. Sets 79th Founder's Sale Somewhere around 73 years ago A. K. Nash, an Iowa merchant, carefully appraised a piece of property at Colorado Boulevard and Arroyo Parkway, decided tliis was the place, and gave Pasadena's business and community life a shot in the arm by opening a department store at 141 E. Col- orado'Blvd.

Today the store is headed by Ed wan! R. Meyers who has even improved on the quality of service, friendliness and community spirit presented by Nash management over the years. Out of respect for the initial founder, (lie store holds an annual Founder's Celebration and Meyers has scheduled the 79(h such event to begin on Monday. Buyers from the store have made recent trips to New York and other homes of fashion designers to provide an extremely exciting selections of men's, women's and children's clothing, housewares and all other departments of the store at Founder's Celebration bargain prices. Success of the Nash operation is reflected in tire recent opening of the Pomona Mail store which adds to tlie volume of (he Nash department stores.

Included in the store operation is the added bonus of S6H Green Stamps, so popular with housewives throughout the country. HONEYWELL INC. lias been awarded a $2.3 million contract to build an electronic training device to help teach Japanese sailors how to defend their ships against submarine at-. tack. The device will' be constructed at Honeywell's Marine I Systems Center in West Covina and will be installed at Eta- Hiroshima Kan, Japan in early 1970.

The dry-land training device teaches antisubmarine warfare ladies to cruiser and destroyer crews to significantly reduce costs of at-sea training. INDEPENDENT INSURANCE AGENTS OF PASADENA were well represented at the recent California convention in San Francisco. Attending from Pasan'ena were Wililiam F. Merfeld, president of the Pasadena group; Blair lHaynes, president; Jim Holing, secretary-treasurer; Blozan; Gerald Vessely; Bill Welsh and John Mee. elected to serve as stale director for the San Hayiies will serve on the state safety com- ihiitlec anil Holing will co-chair the state membership com- SECURITY PACIFIC NATIONAL BANK reports particularly strong gains in construction pushed 1 the Index of ness Activity for 'Southern California to another new high in The-index'(1957-'9 equal to 300) measured last month's at 183.4.

Prior index readings were 182.4 for 179.5 for July and 176.8 for June: A year ago the index registered nearly 11 per cent lower at 165.4. September was the eighth consecutive monjh in which construction activity has increased. A substantial upturn, in presidential building is primarily responsible, according to the Economic Research Department at Security Pacific. Southland dwelling units authorized by January-through-August building permits already had exceeded whole-year totals for '13G6 and 1967. Among other business indicators, all of which are adjusl- for seasonal fluctuations, department stores sales also rrose, but more moderately.

Both bank clearings and real estate sales declined. 11YCOX CO. in Monrovia reports three management ap: pointments. Philip 0. Robertson has been appointed assistant manager for advanced planning at Monrovia and George P.

Urias will be transferred to Washington, D.C. as manager of bead- quarters there. Thomas C. O'Connor of Monrovia will also be transferred to the Eastern Region office at Washington as sales manager. IWYAT, INDUSTRIES has acquired Safelile Companies of Wichita, Kansas for approximately $6 million worth of 'Royal common stock and will result in a 1968 pooling of interests.

Safelite Companies manufactures and distributes replacement glass for motor vehicles and laminated and tempered safety glass for industrial uses. Royal is a Pasadena; headquartered organization currently constructing a new corporate headquarters building on Arroyo Parkway. MICKODOT INC. of South Pasadena has completed a definitive agreement to merge Vare Corp of New York into its organization. Terms of the transaction call Jlicrodot to issue 0.8 share of common stock for each share of Varcs common stock.

Approximately 2,857 shares of Micro-dot common slock will be issued to Vare shareholders in exchange for 3,571,000 outstanding Vare shares. THE CAPITAL GROUP INC. has elected ames D. Fullerton of Pasadena to senior vice president. He is also senior vice president and director of Capital Research and Management Co.

having joined the organization in 1957. Capital Group is the parent company of Capital Research and Management one of (he nation's largest and oldest investment advisory firms. IN Hastings Theatre Opens tot Public SALUTE TO A THEATRE AND A LADY--Nat Levine, foreground, managing director of the now Pasadena Hastings Theatre, holds an official a a i saluting theatre and Mrs. George Danz, wife of chain's founder, seated, while, from left, --Slaff ptiolo by Norm Dcnlcn standing, Fred Danz, California Sterling Theatre president; Mdtl Appclman, vice president; Counly-Supervisor Warren born, and Pasadena Mayor C. Bernard Cooper, observe.

The document was prepared by Hie Los Angeles County Board of Supervisors. PAGE C-10 AND FINANCE PASADENA, SUNDAY, OCT. 6, 1968 By CHARLES STERLING Editor Last Wednesday night a new tlwatre opened in Pasadena, the first really new one in more than 25 years. It was a gala opening, there were all the dignitaries necessary to such an occasion. Searchlights stuck their beckoning beams higli in the air and a rock-n-roll band blared out a welcome to one and all.

In the midst of all this stood a gentle man, replete in his black tuxedo. He smiled and his guests smiled back. All of them knew something was wrong, but, like the good guests they were, they didn't tell the gentle man something he already knew everything was ready but the theatre! This state of unreadiness was not brought about by the gentle man. It was sort of engineered by fate and oilier circumstances beyond his control. The gentle man didn't scream and holler.

He didn't even show the frown his heart wore inside. He smiled and he meant a smile. There was some- searchlights, adding bis applause and seal of approval to the gentle man down there in front of his theatre. P. T.

Barnum always recognized an other good showman when lie saw one, even if he was competition and the gentle man was truly that. Extra, Elegant Sriils audience assembled and settled themselves down in their extra elegant io gaze upon a giant screen and the gentle man at the microphone in front of them. He spoke and those in the audience who really knew and love "show biz" thought they heard the voice of the well- known "Perfect Fool" Ed Wynn. The gentle man at the mike wasn't a perfect fool, neither was Wynn, he elegant. He joked with the audience because there was no carpeting on tlic aisles leading to the splendid seats.

i laughed with his audience about being unable to actually open the curtain by mechanical means because the equipment hadn't yet been in- Life Insurance Proving Major Investment Factor one else smiling, loo. He was stalled. He apologized for the up there somewhere above the beckoning fingers of the state of his theatre and ex- plained only that in his eager- Financial Whirl I.OU SCHNEIDER By GERALD LOER Life insurance is usually best bought solely for the insurance protection it gives. Yet, by far the majority of policies include an investment factor. It costs you more, and you stand to receive less, by paying insurance premiums to buy investments.

The average insurance buyer.is just starting to realize" this. It is undoubtedly an important reason for the recent of investment advisory and mutual fund distribution companies by leading insurance firms. Any insurance that includes an endowment, a cash siirren- iter or a level premium, -includes an investment feature. The simplest kind is life." Heinz has 57 varieties and Howard Johnson 28 but no computer has ever calculated the staggering assortment of insurance plans. One has to be an actuary to know what one is really paying, and which plan Ms the best.

Features always cost more than fundamentals. Insurance is basically affected by the elasticity of the dollar, the loss in real purchasing power of insurance dollars has, up to now, been largely (and stupidly) ig- miles. He also showed me the imjxirtiiiice of inventory. He told me lo quickly make one wilh a polaroirl camera. In this case, liis painstaking attention to detail paid off.

It will always be of advantage in this, as in other walks of life, to know enough" yourself lo buy your insurance and not have'it "sold" to you. In any it always pays to talk to several a before you decide which is the man lor yon. a i hank insurance, which is largely bought rather than sold, is a hetter buy as a result. It is only obtainable in a very few dren start to support themselves and the value of your savings increases. Many successful men need no life insurance at all in their retirement years, or some veal's before.

It is important in estimating needs to consider the use of loth capital and income. For example, if you wish to provide for your wife to live in a pre-determined style in the event of your death, you will have to consider her changing age. It is a needless sacrifice to carry enough insurance so that the income from the pro- nored. and Connecticut. If you learn to separate investment, factors from insurance factors' 'you 'will under.

stand why term life is in most, cases your best buy. However, term policies vary greatly in length of term, convertibility and renewabilily, and must be carefully checked. A vital provision is permission to renew without other than the first approval as being insurable medically and otherwise. Group term policies generally offer considerable advantages at'relatively low cost. Endowment policies are rarely the best" investments, both on a money rate basis or purchasing power- basis.

take her expectancy 'of life into consideration. Allow for a safe and sensible annual inva- sion of principal. A woman of 65 has a IC-year expectation of life, and certainly could spend 1-30 of her capital as well as her income. The amount would change with each year, and would be adjusted annually to her possibly shrinking fund. I say "possibly" a equity appreciation could offset part or all of her capital withdrawals.

KLs'mp; Gusts On the other hand, the pros-. Treasury Department (ax experts are currently writing and rewriting a series of proposed tax reforms. Aim: To make the tax burden more equitable. Part of the surtax legislation was a demand from Congress that the President prepare and submit tax suggestions and to do so prior to the close of 19G8. Meantime, the odds appear overwhelming that the President will recommend extension of the surtax through the 1969-70 fiscal year.

As is, it is scheduled to expire on July 1, 1969. Intimations are that the administration doesn't plan to recommend any changes concerning the present law involving oil 'and mineral depletion allowances. Reason: That section is too controversial and would jeopardize oth er tax reforms the Congress will have before it. It is to be noted, loo, that the Republican national convention platform has a plank endorsing oil, gas and mineral depletion allowance so as to encourage searching for new sources of supply, and, also, against excessive imports that work hardships on the domestic industries. But it is well point out Rate increases are being sought with greater frequency to offset higher operating and capital public utility commissions are reacting favorably.

And more efficient generating plants are counterbalancing tiie effecls of inflation. Investment managers pred- er audiences to come. ness to bring the San Gabriel Valley "An Adventure in Entertainment" he sort of overleaped himself by setting an Oct. 2 opening dale. By this time an apology wasn't necessary, he had them eating out of his hand.

The gentle man sat down. The house lights dimmed and the audience edged a litlle a in Ilicir splendid scuts. The cameras began to whir and the gentle man's screen came alive. Things Ik'gan In llupprn The thing everyone had been waiting for began to happen. Arshort bit of levity shone upon the screen.

Then there was the ripping and roaring of the waves as surfers around the world dashed themselves across the giant screen. "The Graduate" Hashed, upon the screen and a number of parents in the audience learned.a little more about "parental delinquency." in no a i terms. Enough about "The it speaks for itself and will continue to do so' for some time to come. Suddenly the screen flashed "The lind" and the gues.ts offered their a a and wound tlieir way to the exits to find that the elements too were adding their seal of approval via an early season thunderstorm. is known about what the gentle maji did after that but it wouldn't take a lot of guessing to think he hauled his now weary bones into the confines of his small office, said a little prayer of thanks, and settled down to plan his welcome for all of the oth- pect of a rising cost of living 1hat Democratic presidential nntVLinnn Lr.n-n two companies They are often bought as a are adding a "cost-of-living" escalator rider.

In one case, it affects the death benefit in a life policy. In the second, the cost of building in a fire policy. The "variable annuity" was introduced to combat inflation. The first consideration in buying insurance is the company. I favor the strongest and largest.

No policy is worth anything if tlie company cannot stand behind it and pay off. Good Agent Hard lo Find An experienced, competent, and trustworthy agent is a big help. You need sound advice. Such agents are difficult to find. I had one of the very but, even here, a small country man topped him.

The incident had to do with property insurance, but the point is the same. He showed me where my home was miles from a fire house. The rate was lower than the rate in my policy which covered over '6 form of "forced savings" plan. The cost to you of such disciplining comes high. Flexibility is.

very important. This can be obtained with minimum penalty only through term insurance. Your insurance needs are sure to change as time goes on. Needs Vary Obviously, if you take a fresh look at insurance, you will check over your old policies. Change in most policies needs to be considered.

The various welfare plans of the federal and state gov- somewhat reduce the provisions elderly people need to make for themselves. The net cost to them over a lifetime is far higher than if they had received tlieir full earnings in cash and provided for themselves. Understanding life insurance is no easy. The main points to examine can only be i pointed out here. There are good, unbiased, easy to read books that can ation.

The long-run savings may be worth while. The human tendency is to over-insure if you can stand the cost. Your insurance needs will vary with your age and the degree of success you have in your business life. They normally will bo higher while you are young and climbing the ladder. They also will be higher during the years your children need funds for schooling.

They will be less as your chil- is it is usually wise te pay as little us possible for the insurance you really require anti invest the money you save. You. find yourself ahead by doing this, even though your insurance coverage will seem to cost you more per dollar as you grow older. Your net cost, which is your premium less income and possible gains from money kept under your control, Should be less. Kunge (Continued) nominee Hubert H.

Humphrey, when a United Slates senator, voted against tax depletion allowance. So did his running male Sen. Edmund S. Muskie of Maine. They did so in 1962 and 1964.

Say corporate tax experts: a of what the treasury reform proposals include, it will be the next Congress and the next President who will take office Jan. 20 who will tackle the tax reforms. Their election campaign speeches will furnish tipoffs." Retailers wonder why no political office seeker, from the rank of President down, has as yet pointed out that inflation is making the poor poorer by the loss in dollar buying power. Tircre are mil- linns of votes available for he who promises action. Public utility shares have been giving a good account of themselves for several weeks.

Reason: Smart money lias been nibbling at that section of the list. id that profits of utilities will resume their normal growth patterns next year after being retarded in 1968 bccnuFe of the federal surtax. Question answered: Glen Aldcn, which recently stepped inside the door of Schcnley, is a holding company rather than a conglomerate. And a complicated one at that. Aldcn, with extensive textile, i building movie theatre interests, is controlled by UlcCrory Corp.

And McCrory Corp. is 53 per cent owned by Rapid-American Corp. whose hoard chairman is also president and chairman of McCrory. Colgate-Palmolive, producer of Colgate dental cream, Pal- molivc soap, the Ajax lino of detergents, Rapid Shave, Cold Power, Ultra'Britc and many other branded products, is one of the world's leading marketing organizations. Jts sales volume exceeds SI billion.

The company's earnings are good, and so is its dividend record. But 55 per cent of ils revenues are from foreign sales. It was by the devaluation of the British Pound Sterling, and might again if the French franc is cut. But it would gain if the West German D-Mark is rcvalualed up ward. Most Aclivc Slocks The gentle man had done Ins job.

He had offered the Snn Gabriel Valley a gift and it had been accepted With all the gratitude and grace with which it had been offered. Then, and only then did the gentle man truly smile anil the frown his heart had -worn turned to'a great big grin. FOR LEASE OFFICE or STORE 1000 Sq. E. Colorado 792-2011 446-2741 WOPSCHALL A I I 446-4431 BUY or LEASE '69 CADILLAC NOW! SVMKS CADJLUC, INC.

iii E. GREEN. 5-3381 Hlo?) Nig 1 Low Close Chg GrIAmH 31 1 75'i 79 Glen Aid 695,200 Wi 14 1 16 4Hi Cil lir.on 65 52 55 OccW Pel 713,200 474i 44V, --Vh AmMchFd 650,500 25V, AmTeTet 614,700 Hotl Gcnl 50V, 54V, 42 Unit Fruit 470,900 68 --IV, Boeing 469,900 61 41V, 44V, MGM 55 50 4 I INACOrp 441,500 50 50 47V. UnCorbWe 392,500 46V. 42ii 44 4 3i GIW Fin 375,100 241i --Hi ConlDuld 370,100 unil Util 331,400 39.

25.14 42Vi USIndusI 327,500 31V, 11 31 44V. 27Si 39V, 41V, A.VKCorp 314,100 46V, 4411 --4'; Pan Am 315.800 37V, LhingsOi lji.1 4 WHAT MARKET DID This Prev. Year yews wreck week 099 ago AdVones 990 951 759 191 Declines 579 617 7C5 1292 i Ur.charsf.- 133 133 155 Total issue! 1707 1493 T619 1 New yearly tiHjris 227 4 Mev; yearly poVrS ..11 015 111 'You are invited to enter The Value Line Contest in Stock Market Judgment -156 Cash Prizes Tolling $50,000.00 NO KISK NO OBLIGATION for details nnrj entry forms send your name, address and zip code 'on a postcard to: VALUE LINE CONTEST-J 'P BoxSJS.l -6t 'Grand Ccnlr.il Now York, N.Y. 10017 Ywrly tah Low SoeailP l.Cib SoiKTolE 1.43 1- SoulnCo t.Ci 27-1 So-JtnGE 1.43 ScaNGaj 1.40 Sou Pac l.O 4 4 Scjln Ry 2.W '5 Soy Sv pf 1 12:. PS 13 Sparron Ira SporiarA -60 Spsrfon ipcrry Hi.1 I Sptrryff Sales (Pds.l HtW LOW Lost 43 23'i 2Mi 2211 -1 X7M 327.

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About Independent Star-News Archive

Pages Available:
74,368
Years Available:
1957-1968