The Baltimore Sun from Baltimore, Maryland • 13

THE SUN Business 1 reimportation A 13 1 Wednesday, December 17, 1975 Price firm shows cautious cofidence Market moves "f' I higher By JAMES A. ROUSMAN1ERE, JR. paritime aide now fn Soviet Mite By HAL PIPER Moscow Bureau of The Sun Moscow Facing a 15-day deadline, Robert J. Blackwell, assistant secretary of commerce for maritime affairs, re-tiflned here yesterday to resume negotiations for a new shipping agreement between tU United States and the Soviet Union. -Sources close to the negotiations were confident that the Soviet Union would sign a new agreement "on whatever terms they have" because the United Ilim-iftAniirirlMirtA Sunpapers photos Carl D.

Harris and Richard Childress The famous watchdogs in place at new building, movers complete the transfer of Koppers Company office equipment. British pledge millions to bail out Chrysler States "holds all the cards." But the sources did not know wheth-ei-Mr. Blackwell was likely to wrap up the deal. Washington, sources close to. Mr.

Blackwell said he received a call from Soviet negotiators late last week asking hi'm to come to Moscow to resume talks, and presumably sign a tentative agreement. wouldn't have flSwn over there If he didn't think the meeting would be fruitful," the source said. "He must have gotten the impression they were ready to sign an agreement." the shipping talks broke off earlier this month after the Soviet Union presented unacceptable demands to the United States, Mr. Blackwell, on," his return home, said the next meeting would take place in Washington. The sudden change in the meeting place also; indicated that the Soviet Union was eager to resume negotiations.

iThe current shipping agreement, signed in October, 1972, expires December 31. It opened 40 ports in each nation, including Baltimore, to ships from the other and provided that a third of the trade between the two countries would move in ships of each country. Mr. Blackwellhas been shut tling between Washington and Moscow since autumn. His May Stores profit rise indicated Dow Jones News Service St.

Louis May Department Stores Company is experiencing "a fabulous Christmas season," Stanley J. Goodman, chair man of the executive committee and chief executive officer, said yesterday. While pointing out that the company usually "stays away from earnings predictions, Mr. Goodman indicated that be cause of "very dynamic sales trends" it's apparent fourth quarter profits will top the $26.6 million or $1.76 a share earned the year before. The executive who normally speaks in conservative terms said "We're very optimistic on profits for the fourth quarter.

The quarter will be very strong." In the year-ago fourth quarter sales were $545.7 mil lion. Mr. Goodman noted that so far the sales gain in the fourth quarter "is exceeding by far the 13.7 per cent increase regis tered in the third quarter. As previously reported for the nine months net income climbed 27 per cent to $25.7 million or $1.68 a share from $20.2 million or $1.32 a share while sales rose nearly 13 per cent to $33 billion from $1.18 billion. "Very strong sales are being recorded by department stores, discount stores and catalog showrooms alike," Mr.

Goodman said. "The consumer is coming through and is vigorously leading the country out of the recession." From Wirt London The British gov ernment announced yesterday a total potential commitment to the British subsidiary of Chrysler Corporation of approximately $325 million to save the troubled firm. The government's commit ment was announced in the House of Commons by Industry Secretary Eric Varley, who said Chrysler would streamline its British operations by mov ing assembly of its Avenger models from Ryton in Coventry to the company plant at Lin-wood, Scotland. Mr. Varley said there would have to be a reduction of about 8,000 in the work force of Chrysler United Kingdom, Ltd.

Chrysler, Corporation made clear throughout its talks with the British government the company was not in a position to advance necessary further funds to its British subsidiary. Therefore, Mr. Varley said, "We have devised with them scheme to share risks and ex penditures." He said the aid could total $325 million. Chrysler, Mr. Varley said, had forecast a loss of $80 million next year in its British unit.

And the government, he said, offered to meet this loss and make a total commitment to provide up to $145 million over four years to cover some of Chrysler's possible losses. "But together we aim to Services turn these losses into profits, and we shall share equally with them in any profits which accrue in these years." Mr. Varley said the govern ment also undertook to provide a loan of $110million to finance capital expenditure on plant and model development by Chrysler. This loan is to be at an interest rate no less than the Bank of England's minimum lending rate. Kirk reports loss in quarter The Kirk Corporation yesterday reported unaudited figures for the quarter ended October 31, showing a loss of or less than 1 cent a share, after provision for income tax es.

Sales for the quarter were $2,745,992, which is 37 per cent lower than the sales figure for the corresponding quarter of 1974 when the company reported earnings of 18 cents a share. Kirk reported a pre-tax loss from operations in the recent quarter of $129,218, which was offset by a reported $131,455 in realized gams on silver com' modity contracts. S. Kirk Millspaugh, presi dent, reported to the firm's stockholders that losses in the firm's trailer-construction sub sidiary, Coastal Mobile and Modular Corporation, had off set profits earned by Kirk's metals division. it ii-': Koppers completes its move The Koppers Company's metal products division, which employs more than 2.900 persons at its several locations here, has completed it3 move to the new six-story office building the company has built in Southwest Baltimore.

The transfer of the last pieces of office equipment was completed weeks after the manufacturing concern moved the famous cast-iron dogs which stood outside its former Baltimore headquarters on Scott street for more than a century. The dogs, named "Canton" and "Sailor," founded the line of Chesapeake Bay retrievers. They were cast in the 1850's by Bartlett-Hayward Company, makers of iron stoves and now a part of Koppers. The' new office building is headquarters for Donald De-Vries, the Koppers vice president in charge of the metal products division, the compa- See KOPPERS, A17, Col. 6 LTD, 'aeons vestments, and this "alarms" him, he said.

The New York Stock Ex change said the number of indi vidual investors had dropped more than 18 per cent since 1970. Given the growing size and growing conservativism of private pension funds struggling with vague new liability provisions, Mr. Bowman said he is concerned over the absence of the "entrepreneurial" sup port that individual investors can bring to smaller, less See PRICE, A15, Col. 6 GE plans largest merger New York (NYT In one of the largest acquisition propos als in the nation's history, Gen' eral Electric Company, the largest maker of electric prod ucts and power equipment, has announced that it is planning to take over Utah International a major United States mining company. The merger would be in the form of a tax-free exchange of stock in which about $1.9 billion of General Electric common stock would be exchanged for all the outstanding common shares of Utah International.

The move represents the first major effort toward diver sification in GE's 83-year histo ry. The electrical product mak er's bid to move into the natural resources field is in line, however, with a pattern of such expansions by many of the na tion other major companies. Coal and uranium mining are Utah International major op erations. The two companies said in their announcement that the directors of both companies had authorized the negotiation of a definitive merger agreement. A mutually satisfactory plan would then have to be ap proved by directors of each company and their respective shareholders.

The plan would also be subject to government approval, and officials at Gen eral Electric said that the Department of Justice had been asked for an opinion on the merger plan. Under the preliminary merger terms, 1.3 shares of General Electric common stock would be exchanged for each share of Utah International common stock. Since 1873 PETTING GIFTS OF A LIFETIME The heirlooms of tomorrow are at Fetting today. Gifts of gold, silver, precious stones, porcelains and so much more. All major credit cards welcome.

314 N. Charles Street752-1832 Open daily 9:30 Towson Plaza825-1325 Open daily 10:00 ELECTION NOTICES AND MEETINGS Tht rwuUr Annul MmUiu of Uw ttock- holden of Heritage Snngi Allocution will bt htld at th Aasocutioii't offm. North Avenue tnd St Ftul Street on Monday. Jtnuirv 19. 1976 it P.M.

for the election of director! to erve for toe ntuim year and for the traiaac- tion of auch other buiineee that nay be properly brought beiore the meetuif D. EDWARD LAUTERBACH, JR. Aasiatant Secretary New York (AP) -Bargain" hunters getting into position for what they hope will be a yeart, end rally provided the impetus for a good-sized gain in the stock market Tuesday. The Dow Jones PX, 30 Industrial stocks moved to 844.30. Advancing issues outs-u tripped declines 968 to 46L among the 1.901 traded on the New York Stock Exchange.

Big; Board volume was a moderate ly active 18,350,000 shares, up-from 13,960,000 yesterday. Standard Poor's 500-stock. index climbed 0.84 to 88.93. and the NYSE's composite index, rose .46 to 46.84. Analysts said the upswing' didn't seem to stem from any.

special change in the nation's, economic picture. Rather, they-said, some investors appeared. to be buying on the thesis that stocks might be artifically de pressed at the moment because of selling dictated by end-of the-year tax considerations. The buyers appeared to be recalling, and hoping for a re peat of, last winter's develop! ments in the market, when heavy tax selling in December was followed by the start of a. vigorous rally at New Year's.

Brokers said recent declines in interest rates also might; have given the market a lift. Long-term interest rates- dropped in a continued rally in" prices in the bond markt yes-, terday. Texaco was the day's most. active issue, up at block of the stock traded at 23. Utah International climbed' 2V4 to 49V and General Electric slipped to 46 in trading after opening delays jrjc; both issues.

Late Monday the two com pames announced a merge proposal that calls for an ex- change of 1.3 GE shares for each Utah International, with" the deal carrying a total value oi aDout i. Dimon. Citicorp, also active, picked up to 27. The company; said it expected to post record earnings for the year in spite of some large loan write-offs on, the current quarter. Du Pont added 3 to 125..

The company said it had deveK oped a new, tougher plastic, which it described as "a major-breakthrough in research." The Amex market value dex gained .41 to 82.31. The NASDAQ composite index 'for. the over-the-counter market closed at 75.19, up .65. Bond prices advanced -in: fairly active trading yesterday the investment banking firm Salomon Brothers said. Treasury bill yields declined 2 basis points.

411:7, Federal funds were quoted- at 4 bid, 5 asked. your BUSINESS IS DYING -I AND I CAN SAVE -3 ITS LIFE Your business is your- baby. You gave it life. You-' nursed it. You helped it grow.

Now its failing perhaps dying. I can save it. No gimmicks, just sound business expertise." You Have Nothing to Lose But Your Problems. Meet with me and I will show -you why. Call Mr.

stein at 461-2122 oc; Write co Profits Inc. Plaza Suite Columbia, Md. 21044. riS i ii T. Rowe Price Associates, Inc.

is preparing to take its cus tomers' and its mutual funds' $5 billion portfolios into the bi centennial year with a cautious confidence in the economy's continued recovery. Top Rowe Price officials said yesterday they see the recovery progressing on schedule, but they also warned that though there may not be any rocks in the channel out of the recession, there are at least a few small sandbars. Most economic indicators, they said, give reason to hope for lower inflation and borrowing rates, greater consumer higher corporate profits and more promising securities markets. Rising holiday retail sales are one evidence of this improvement. But an end to the federal in come tax cut, or a loss of consumer confidence could seriously slow the recovery, they said.

The chances of Washington's ending the tax cut on a Christmastime eve of an election year is seen as slim. But an unseen jolt to the consumer con fidence is possible and danger ous, according to Donald E. Bowman, the president of Rowe Price Associates. "The consumer needs a peri od without emotional shocks," he said. "If more negative shocks come along, you could send him back into his cave." There has already been Wall Street speculation that inves tors have in fact lost confid ence.

The signal was the 41 point drop in the Dow index a few weeks ago. But Mr. Bowman, who is not given to public annoyance, described that speculation as a "feeble excuse in trying to ra tionalize what's happening. "You don't scare people as the consumer was scared in 1973 and 1974 and then hope they 11 snap back," he said. He said there are attractions for the investing public today.

"There are many stocks fairly valued now. There a prepon derance of weight on the buy side. His investment advice, in keeping with the Rowe Price growth stock philosophy, is to look at earnings growth first, and then prices, before stepping into the market. According to an announce' ment last week, fewer and fewer individuals are interested in hearing what Mr. Bowman, or anyone else has to say about in- Zip.

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