The Los Angeles Times from Los Angeles, California on April 9, 1974 · 56
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The Los Angeles Times from Los Angeles, California · 56

Los Angeles, California
Issue Date:
Tuesday, April 9, 1974
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ri g9t 1 1 af -'p yii Mir nii1" (nlr i ' T' 'J , ' FT'Jl ' '"r " IB IH-Tues., April 9, 1974 2 toi 2nq,tti Zmi EXCHANGE TO DEAL :IN OIL CONTRACTS It was bound to happen. When anything gets ; scarce a futures market for buying and selling it is ; quickly opened. It happened in plywood and dia- ; rnonds. Now it's oil. ; Within a matter of weeks, the New York Mercan-" ; tile Exchange says it will begin trading in futures contracts for two widely used petroleum products ts ' lieavv industrial fuel oil used in electric generating ; plants and the "lighter" heating oil used in buildings and factories. j The New York exchange, which already makes a ! : futures market in Maine potatoes, silver dollars and : . platinum, says it will also begin a futures market for t ' the tanker freight charges associated with transport-' . ing the two oil products. '. . The futures contracts will enable producers, dis-; tributors and customers who regularly buy or sell ; ,'large amounts of fuel and heating oil to set prices for a future transaction up to 18 months in advance. ; Initially, the exchange says it will trade contracts in fuel oil and heating oil in units of 100 metric tons (equal to 750 barrels). If these are successful, it may later begin trading in gasoline and crude petroleum. The tanker freight futures contracts, which would ; fix the cost of transporting fuel and heating oil be-' tween specific points, would be the first such con-, tracts to involve a service instead of an actual com-1 ' xnodity. STOCK MARKET Continued from 7th Page ; 4 Standard Oil'of California was the Big Board's most-'active stock, dipping to 2778. Gold issues, which are usually strong in a weak market, were among the most pronounced losers Monday as bullion prices dropped in Europe. Dome Mines tumbled 12 to 173V&, Campbell Red Lake lost 6ss to 84, ASA Ltd. was down 6 at 86, and Homestake fell 47s to835s. Steels, farm implements, oils and most forest-products issues were also weak, while autos were mixed and some airlines turned up with fractional gains. Recrion, a Nevada hotel and casino operator, climbed 4V& to 34V& on the American Stock Exchange. A plan was announced for the sale of all the Recrion shares held by Delbert W. Coleman and his family, contingent on a tender offer for all the outstanding stock at $44 a share by San Diego real estate developer Allen R.Glick. Mountain Fuel Supply gained 2 to 7 on the NYSE after the company reported an oil find in Wyoming. Watkins-Johnson, which said it might show a profit drop in the first quarter, was off 2V2 to 25, and a report of lower quarterly earnings depressed Rite Aid34to6V8. The Amex market-value index fell 1.18 to 94.73, and the Nasdaq composite index for the over-the-counter market was off 0.78 at 89.92. The preliminary count on large block trades of 10,000 or more shares, traded on the NYSE, was 62 compared with a revised total of 104 for Friday. Big-block trades included: Gulf Oil, 26,600 shares at 22, off Vc Texas Oil & Gas, 20,000 shares at 14V4, off W, First Mortgage Investors, 79.000 shares at 5, off ; Continental Illinois, 20,200 shares at 50V1 off Vi, Scott Paper. 30.000 shares at 16. per annum on minimum investment of $10,000.00. Full Paid Thrift Certificates with terms of Three Months. California Residents Only. Los Angeles 442-1193 .4620 W.Beverly Blvd. Santo Monica 395-3248 1218 Fifth Street Inglewood ... 674-3501 502 So. La Brea Ave. Downey 927-2666 7340 E. Florence Long Beoeh 426-5564 3609 Long Beach Blvd. Temple Cty 287-5281 9666 E. Las Tumos Blvd. VonNuys 981-5500 5424 Van Nuys Blvd. Pomona 629-4134 113 W. Center Street Santa Ana 546-8811 230 W. Warner Ave. Canoga Park 347-2560 ' 6379 Topanga Canyon Bl. FIRST THRIFT El 1MERICA off Vi, and National Union Electric, 38,200 shares at 27V'2,upV4. Other block trades included: Consolidated. Edison, .25,000 shares at 18, off Vs; Electronic Data Systems, 127,000 shares at 14V4, off lVs; Syntex, 49,900-shares at 43 Vi, off 25i ITT, 42,900 shares at 21, off Vi, and Ecodyne, 49,900 shares atl0,offlV4. ) On the Amex, losers outnumbered gainers 502 to' 191 among the 987 issues traded. Volume eased to 1.86 million shares from 2.06 million shares on Friday. There were four block trades Monday, compared with five Friday. , In bond trading, municipals, which dipped as much as Vi point at midday, ended the day about where they started. But a new, small S25-mil-lion Kentucky .Utility came to market, priced with a 9Vb coupon at 101.29 to yield 97c the highest yield on a double-A rated utility since Oct. 28, 1970, Federal funds, which represent the interest rates member banks pay to the Federal Reserve Bank for short-term . funds, continued to rise. Attorney Will Make Bid tor Recrion Stock Continued from 7th Page Glick has deposited $2 million in an escrow account to be paid to, Recrion "as liquidated damages," according to the statement. If he makes the offer later than four months from now, he will make further escrow deposits of $600,000 for each additional month to be used as "liquidated damages" should he then fail to make an offer, the release states. Click's secretary in San Diego confirmed that he intends to make the Recrion offer but declined to give further details. She said Glick was on an airplane and would not return to San Diego until this morning. Recrion would not comment on the press release. A secretary said no com-pany officers were available. No answer was received Monday afternoon at the offices of Milton Fen-ster Associates, the New York public relations firm which issued the press release. Las Vegas sources indicated that Glick, through a private firm he controls, bought the Hacienda about two years ago and recently embarked on a $4 million expansion at the aging hotel, which is located at the west end of the Las Vegas Strip. There was no immediate explanation of how Glick will finance the proposed Recrion tender offer. Last fall, according to reliable sources, Glick and another businessman offered to buy the King's Castle casino at the north end of Lake Tahoe, but that deal fell through. Coleman, the former Recrion chairman, was reported to be in Atlanta, where he owns a portion of the Atlanta Braves baseball team. He made no comment on the Glick purchase offer. On the American Stock Exchange . Monday, Recrion shares jumped S4.12VS to S34.12Vion sales of 14,600 shares. Previous--ly this year, Recrion shares have" hovered between $20 and S30. . In January, Recrion accepted one million of its own common shares tendered in response to a company offer. Those shareholders received a new Recrion 10 sinking fund subordinated debenture due in 1984 with face value of $38 in exchange for each share of their stock. Last July, New York-based Goodrich Realty & development Group Inc. had offered approximately S53 million in cash and securities to buy all of Recrion. ' In August, however, it was reported that Coleman had rejected the Goodrich offer ! PRICE WAR ! 100 Desks - 500 Chairs - Files . Draft Tables - Adders 688-8700 for Sale 8260,000 at ' .'4,000 sq. ft. warehouse Brick & roncrete. AC offices.' Truck hi loddinR, Rail Spur, Mm: lo Pdsjrlpna f rwy. Nrjr Coltlrn Stole f rwv. I Philip A. Homme Co. Industrial Realtors 213685-9090 LOANS TO S50.000 . . . REAL ISTATI"""""" On iny type property . . . Fist Ciurteous Service ... No Red Tape Don't elisturk your iow int. 1st Bended Mtq. Corp. Broker 386-1660 - 714773-8181 I 4 ph I.I III ... its like puling sue one in your pocket Answer Page "beeper" isn't a phone, but it's the next best thing. It alerts you to important calls anytime, anywhere in Los Angeles and Orange counties, all for one low monthly rate. There's no limit to the number of "beeps" you can receive. No extra phone charges or special equipment to install, either. If someone wants you, they dial your number on any phone and your "beeper" gives you the signal. It's as easy as that. Call us today for your Answer Page "beeper" - it's like hauincr a nhnne in vnnr nnrketl u rwi.v ... r l-v An 0H .... if mi . inim.nir-fc in. iiiir S.-Sriiiiirrt PAGE 1801 South ta Cienega Boulevard los Angeles, Ca. 90035 (213) 559-5244 San Fernando Valley: 994-1600 San Gabriel Valley: 284-2550 Airport Area: 649-1588 South Bay Area: 542-4692 South Central Area: 971-1345 "asadena: 258-4141 I. ft. Downtown: 622-5434 Hollywood: 463-7007 Southwest L.A.: 293-7424 Compton: 635-4260 Harbor Area: 830-8161 Santa Monica: 393-4248 Orange County: (714) 542-2222 We also offer complete answering service everywhere for a nominal charge. 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Take advantage of one of the rewards of being a good driver and mail in the coupon below now! Note: Even if you do not meet GEICO's underwriting requirements due to your driving record or other rating factors, you may still obtain high-quality protection and the same reliable countrywide claim service from our affiliate, Criterion Insurance Company, at somewhat higher rates ...and with a wide variety of payment plans to suit your budget. Criterion is licensed in the District of Columbia and every state except Massachusetts. To find out exactly how much you may save mail the coupon at right or Phone 381-3441 or visit one of these convenient local offices Los Angeles: 3660 Wilshire Boulevard . ..... Long Beach: 222 East Ocean Boulevard Anaheim: 2165 South Manchester Avenue ... Port Hueneme: 550 East Pleasant Valley Rd.. . Riverside: 22810 Alessandro Boulevard San Bernardino: 1 725 E. Highland Avenue . . . Victorville: 14681 Seventh Street MAIL THIS COUPON NOW. NO OBLIGATION-NO SALESMAN WILL CALL 6B8 ; Name Mail to: GEICO and Affiliates, 3660 Wilshire Boulevard, Los Angeles, Cal. 90010 -Age. Mal Q Single Married Residence Address. City -Apt.. 381-3441 432-0911 633-2311 488-3535 653-1131 884-0421 245-8602 .State S Zip. Occupation. .Spouse's Occupation. HAS ANY DRIVER WITHIN THE LAST 3 YEARS: Been involved in an accident? YesQ NoQ How many?.. Had license suspended or revoked? Yes No O Been convicted of traffic violation? YesQ NoQ How roany? Give brief details about any "yes" answers above: Rank or Grade (If Military or Gov't) AND AFFILIATES GOVERNMENT EMPLOYEES INSURANCE COMPANY CRITERION INSURANCE COMPANY Home Office: Washington, D C. Capital steel companies not affiliated witti the U S. Government J I 1 I Model I No. 1 Body Style Car Yr. Make (Impala. Dart, etc ) Cyl, (sedan. 2-dr., etc.) 1 ' I 1 2 I I I I List all additional drivers in your household: , Male or . I Married I of Use 9e Female Relation or Single Car1 Car II I I I Days per week driven to work: Cer 1 Car 2 . One way mileage: Carl Car2 Is car used in business (except to and from work)? Car 1 Car If student away at school, show distance from hm- m,i.. Driver Training Education YesQ NoQ 'Complete only if drivers am under age 25. .STMIISHE! 112. V

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