The Los Angeles Times from Los Angeles, California on October 1, 1963 · 46
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The Los Angeles Times from Los Angeles, California · 46

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Los Angeles, California
Issue Date:
Tuesday, October 1, 1963
Page:
46
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ii ltS2ingtlt$Zimt6 artlll-TUE$.,OCT. 1,1963 Market Basket, Kroger Chain Finish Merger Affiliation of Market Basket, Los Angeles market chain, with the Kroger Co., of Cincinnati, was complet ed Monday with the accept ance of a Kroner stock ex. change offer by owners of 80fi of Market Basket com mon shares. The exchange oi'icr has been extended to Dec. 4, for the convenience of the remaining share owners, but no further extension of the offer is planned, Kroger rep resentatives said. Dividend Offer Ail holders of Market Basket common stock who pxchanse their shares for Kroger preferred by Dec. 4 will receive the tuu quarterly dividend of 53?i cents per share, payable Jan. 1, 1964, on the new Kroger pre ferred stock. . Kroger shareholders authorized 750,000 of a new class of $50 par-value cumulative preferred stock at a special meeting in August. A total of 491,276 shares of the new issue was earmarked for use in acquiring the 56-store Market Basket chain. Stock Exchange Market Basket shareown crs received one share of the Kroger 4.3 voting preferred stock for two shares of Market Basket common Unless previously redeemed this stock is convertible to Kroner common stock during a 10-year period at the rate of IV2 shares of common stock to one share of pre f erred stock. . Combined sales of Kroger 's 1,375 food stores and tjie Market Basket chain are estimated at more than $2 billion a year. Kroger's 19G2 sales were $1,947,570,909 and Market Basket's sales last year were $121,303,000. nTcrrwrrp- otto ?t iriuTvivr tbxit STOCKS Continued from 7th Page generally weak auto group Ford was 5334, down te American Motors, 19 U, down ; General Motors, 7b, down 1, and Studeba- ker, unchanged at 7V2. Four auto stocks Ford, GM, Studebaker and Chrysler appeared in the most active list. Electronics Up . It wa3 not a particularly active day for the glamour stocks, nor did appreciable price changes show. Recently booming Control Data, sometimes called the poor man's IBM, was ninth most active and gained Ya to 97Mj. IBM itself added 3V2 to 452. Data Control, sometimes called the poor man's Control Data, added 9 a to 29? 8 on the American Exchange. Savings and loan associations got both good and bad news, reacting with confu- sion. Extension of their home mortgage lending rights across state lines was discussed in Washington. But a clampdown on their recent interest rate boosts also was discussed. Financial Federation dropped ?s to 52? 8, First Charter was unchanged at 4134, and Wesco lost $8 to 43?8. Among the stocks hitting new lows for the year were Beckman Instruments, 67? 3, down l7a; Hoffman, 67s, down Ik; Kern County Land, 65V, down Vi, and Grumman, 40?8, down 1V4. Market Ahead Analysts explain the current decline in the face of good business reports by the orizing that the market runs about six months ahead of business conditions. It is not reflecting current business today, so goes the argument, but that of next spring. "This stock drop is a cor rection rather than a col lapse," comments Sidney B. Lurie, a partner of Joseph- thai & Co. "It's healthy and long overdue, but it's not a eell-off of major importance, and we look for sharply higher prices by the end of the year." View Disputed This view is disputed by Bradbury K. Thurlow, vice president of Winslow, Cohu & Stetson, Inc.: "I think we have hit an important top and I'm inclined to be bearish." Thurlow is disturbed by the weak technical condition of th market, surge of low-priced stocks. Thurlow's conclusion: He wouldn't be surprised to see a 100-point or steeper drop in the Dow-Jones industrial average over the next year or two. ' ! Ill teT. WC'rHv ir M litot&w 'w A : I I sip .- i " - . 4 a M l ; tew C L WWf V AA:fiHi&v i; h - ' 1 VIA I H- VJIM1 FORTREL POLYESTER... 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