The Los Angeles Times from Los Angeles, California • 53

IF Itsi Sfnstlrf Zimti Tues May 21, 1974-Port III development firms in Lake Havasu City, Ariz, and elsewhere. The restatement resulted in a $58 million reduction of net profits previously Reported for the 10-year 15 I i' i If What it take In Mar. 1973, McCulloch Oil restated its financial results for the previous 10 years, noting that the restatement was made necessary by newly adopted accounting rules for companies engaged in land sales. McCulloch operates land J. K.

LEEQ OFfERS TO BUY Stli. GOLD coins Investigate com pices before you buy. Our prices have to be food told corns tre our primary business. Check VSt 0.8.J0'i ilVw MEX SO AUSTRIAN 4 AUSTRIAN 100 UNITEO KINGDOM SOVEREIGN 60 financing available. Minimum IC.

count $2000. Phone (213) 278-2033 K. LEED CO. LTD. 8844 West Olympic Blvd.

Beverly Hills. Calif 10211 during a period of about three years prior to the release of the company's 1972 financial statement, McCulloch Oil's financial statements and publicly released data were false and misleading, McCulloch said. The suit also charges that the misleading statements resulted in artificially inflated market prices for McCulloch securities, the company added. Edward F. Olivier, Mc-Culloch's financial vice president and treasurer, said the company considers the suit "entirely without merit." CAL STANDARD WINS FUEL-SAVING AWARD Standard Oil of California received a government award Monday for saving energy.

Standard said it cut down consumption at refineries, office buildings, service stations and on oil tankers. The big savings were at refineries, where employes saved enough fuel to produce the annual needs of 211,000 homes. Cal Standard said it was the first oil company to get a Department of Commerce citation for energy conservation. SEC Charges Group Operated 'Shell Game' one million dollars of life insurance protection in a single year? A professional like Etna's James E. Miller McCulloch Oil Profit Report Triggers Suit McCulloch Oil Corp, Los Angeles, Monday said it has been named in a class action lawsuit arising from its 1973 restatement of financial results for the years 1963-1972.

The civil suit, filed in a Los Angeles U.S. District Court, also names as defendants certain members of McCulloch Oil management and the independent accounting firm of Arthur Young Co. McCulloch said the plaintiff, Julian Gottlieb, claims to be a stockholder of the company, although McCulloch officials have been unable to find his name among shareholder records. The suit alleges that ii; it PS A i By placing over protect ion in 1973 recognition as a member of Etna's coveted President's Club. 1 It's an outstanding record that reflects his total does to sell one million dollars of he has earned national General Agent CASUALTY Mch Mar, Calif.

Our new lease-option sales nrnnratn allnvAfC vnil jivi Din uiiwiiu ww -option 3 ii dedication to professionalism and continuing client service. The Company and his associates salute him for a job well done. R. M. Harpster, 2404 Wilshire Boulevard Los Angeles, California to Stockton i i in Or go with the unofficial state bird to San Francisco, Oakland, Sacramento, San Jose, Fresno, and San Diego.

Come and get 'em. Call your travel agent or PSA. PSA gives you a lift Corporate Earnings Continued from 13th Page TELECOMMUNICATIONS INC. Year Dec. 31: 173 SIMM000 17J Revenues Net Income (loss) Per share UNITEO DOLLAR STORES 13 wvs.

May 4: 174 171 Revenues $9,200,000 Net Income 7,434 Per thar .01 .11 U.S. HOME Year Feb, 21: 1974 aim Revenues miMUM Net Income 11,047,000 1l.4W.0O0 Per shar 1.11 1.30 full dilution 1.00 1.25 4th qtr. per share .01 .04 full dilution .02 .05 Restated UNIVERSAL INSTRUMENTS CORP. lnd qtr. May 174 Sales 171 $4,47,580 481,251 .11 .51 Net income Per share .54 4 mo.

per share 1.04 VIRCO MFC. CORP. 3 mo. April 30: 174 Sales cont. opers.

Net cont. open. 204,005 Per shore .01 Net Income (loss) Per share (loss). .08 WALTER JIM CORP, me. April 30; 174 Net Income 11,291,182 Per share is WESTWOOD INC lnd atr.

March 10: 174 171 17,01,414 271,111 .11 (31,701) (.03) 171 1798,411 .77 171 Sales 13,304,41 Net Income (loss) (245,131) Per share 4 mo. net (loss) (340,344) $5,14,437 54,757 .04 7,077 WOODWARD LOTHROP 13 WKS. Me 4: 174 171 Sales 140,303,584 138,040,40 Net income 827,474 107,743 Per share .34 .22 F. W. WOOLWORTH CO, (52.7 owned by U.S.

company of seme name) 1st qtr. le April 10: 174 Sales 1227,000,000 Net income 2,700,000 XTRA INC. lnd qtr. March 11: 174 Revenue 121,307,000 Net Income 2,445,000 Per share .78 171 1221,000,000 8,400,000 171 117,741000 2,147,000 .84 1.78 I mo. per snare i.n LIFE 8.

The -near Del I NLVj Need space and location? Los Angeles Industrial Center has a 234,000 square foot building ready now. Continued from 9th Page Inc, said to be controlled by Curtis and his wife; Nevada Securities Transfer Corp, I listed as transfer agent of World Mint and Ships i Stores stock; and Canon Drive allegedly con-' trolled by Debin and his wife. The complaint says that after gaining control oi World Mint an alleged corporate "shell" with little or no business, assets or prospects, according to the suit Curtis and Silene first increased the amount of outstanding stock to 2 million shares from placed large amounts i'f the stock with broker-dealers through various nominees, made "material- ly fraudulent" statements about the company to investors, and ordered the nominees to sell the stock after the price climbed. Among the allegedly false and fraudulent statements made to investors were that World Mint was pursuing acquisitions when its actually wasn't, and that it had certain officers and directors "when, in fact, these persons were figureheads placed there by defendants Curtis and Silene- who controlled the company." The suit accuses Curtis of intimidating and threatening persons to stop them from reporting the alleged "shell gane" to the SEC and law enforcement officials. At least 200,000 shares of World Mint stock were thus sold to the public through fraudulent inducement, the complaint alleges.

The complaint says Curtis told the nominees, who purportedly sold stock for him after a market for it had been created, they could reap "great profits" from their activities. In the Ships Stores case, the complaint says the defendants acquired a controlling interest 'in a defunct, publicly traded "shell" company called Clayloon Mining Fertilizer Inc. Shortly thereafter, it was merged with Ships Stores, a private firm. The other Clayloon shareholders, the com- "plaint alleges, were told they would receive shares of the surviving company. But all the Clayloon stock was placed in Curtis' name or those of his nominees, it says.

By delaying the transfer of new Ships Stores stock to the former Clayloon shareholders and by "manipulating and inflating" the market for its stock, the defendants falsely inflated the value of their Ship Stores' stock, the suit alleges. The SEC complaint says Curtis made "fraudulent misrepresentations" to elderly persons, many of whom put their life savings in Ships Stores stock. He was alleged to have told them that the market price would go up while he himself was selling the stock. The suit seeks an injunction barring the defendants from engaging in further "shell games," from selling unregistered shares of their stock, and from making fraudulent misrepresentations or untrue statements concerning the stock of companies or their operations. None of the defendants could be reached for comment Monday.

STORES Continued from 9th Page The company, whose largest subsidiary is May Co. of California based in Los Angeles, said sales for the latest quarter totaled $348.6 million, up about 8 from $321.8 million in the first quarter of 1973. May Department Stores' return on sales was equal to about 1.5 in the first quarter this year, down slightly from approximately 1.6 in the year-ago period. The St. Louis concern, which operates well over 100 major department stores from coast to coast, said year-ago profits were restated to allocate quarterly the estimated reduction of earnings resulting from the effect of inflation in the cost of goods sold.

May Department Stores said the estimated effect of inflation in the cost of goods sold reduced earnings by about 10 cents a share in the latest quarter, compared with a reduction of 8 cents a share last year. Cabot, Cabot Forbes, real estate developers to the American business community. nenon. BOB SPREEN CADILLAC 161-9931 PJ. we'll friy ele ynr trait, mm PRICES III 900 Wilshire Boulevard, Los Angeles, California 90017 (213) 626-8171 CTPH PnlnT to take your pick JUU 0f choice beach- side townhomes NOW and freeze the price for as long as one year.

When you exercise your option the guaranteed price will be only 1 ,000 more than today's selling price. These are spacious and luxurious multi-level townhomes, each with an ocean view, private balconies, wood-burning fireplaces and over-sized master baths. Enjoy the elegant Sea Point Club and recreation center with swimming pool, whirlpool bath and lighted tennis courts. Two bedrooms from $350 month Three bedrooms from S500 month Interstate 5 to Carmel Valley Rd. exit.

West on Carmel Valley Rd. imm: i-i miim JMk -lm t. -mm Wtpfmm Um---: rmy-nm m-mimw mmt if m. Bmm 'm -I Prices and terms subject to change without notice and do not include optional extras. ROBERT BARBER ASSOCIATES Sales Agents 13056 Caminito del Rocio, Del Mar, California 92041 Phone: collect (714) 276-2270 or (714) 753-2303.

CHIEF DUNES TAXES MAHGTHS ETCGB2EER We are one of the nation's leading manufacturers of high technology commercial products, located In Orange County. We need a results oriented Manufacturing Engineer to be responsible for guiding new product lines through production, oversee ing existing product lines, and supervising Manufacturing Engineers. You should have a college degree and at least five years experience in Manufacturing Engineering, with a demonstrated ability to manage complex problems. Please call John Riegel, 714871-4848, Ext 1233, or send resume along with salary INSTRUMENTS, INC. 2S0O HARBOR IIVD.

rULURTON, CALIF. 92634 (N. Of IMPERIAL HWY.) ANjqUAl OPPORTUNITY EMPLOYERllMPfril 1973 and $32 million in 1972. As a sidelight on the style of "comping" high rollers at Las Vegas gaming palaces, the report disci os that its "complimentary services" to customers in 1973 added up to $10.6 million including $3.5 million value on rooms and $7.1 million on food and beverages. Instant delivery DATSUN 260-Zs MERCEDES-BENZ 450-Sts All colors and models.Cash for your present car.

Executive Car Leasing LniAnirlaa Encino (valley) 654-5000 783-3220 7107 Santa Monica Wll Vantura San Bernardino fiinta Ana 884-5000 547-3011 Street S20J Em lit Street Continued from 9th Fage Continental Connector said in a footnote to the financial statement in its 10-K report that the IRS audit and intelligence divisions had made joint examinations of Dunes tax returns for the fiscal years of 1965 through 1968. The returns were for Continental's subsidiary, Corp. The expected deficiency assessment for taxes and penalties was based on "discussions held with the examining agents and on the issues raised by them," Continental stated. Adding that the major portion of the assessment would be based on alleged under-reporting of casino revenue, the footnote said it was "management's position that all of revenue had been properly reported for income tax purposes." Continental Connector reported 1973 net earnings of $3.7 million on $116.6 million sales, and 1972 net income of $3.6 million of $100.9 million sales. Income tax expense was reported at $3.8 million and million, respectively; The figures included casino revenues described as gambling winnings less losses of $37.2 million in Office of the President Chase Manhattan International Banking Corporation 600 Wilshire Boulevard Los Angeles, California 90017 Yes, I think CMIBC may have a role to play in my importexport business.

Please contact me to arrange an appointment. ATTENTION Do you have sleepless nites over your present investments? Are you worried about market fluctuations? Do you catch cold evertime the Kremlin sneezes? Does your heart skip a beat everytime the Mideast says "No. Does "buy" or "sell" affect your investments? If your answer is. "yes" to any of the above, then you should be putting your money to work through CALIFORNIA HOME LOAN CORPORATION. We have need for to $250,000 for safe, sound and steady returns of 10 to 14 on well-screened and well-secured Trust Deeds.

California Home Loan Corporation has serviced private capital for more than 8 years and no client has ever earned less than 10 on any of their investments. When it comes to choosing a bank to meet your international trade needs-for your present level of business and as it expands-you have two choices. Either a big bank where trade finance is only a part of what they do, or a smaller international bank which specializes in the importexport business. At Chase Manhattan International Banking Corporation, importexport business is all we do. That's our role.

As part of the Chase group, we offer'you a global network that can put you in touch with the world's markets in seventy-six countries. CMIBC also offers a full range of international trade services: letters of credit, collections, tailored financing packages for short- and medium-term transactions. And don't overlook our expertise in FCIA and Export-Import Bank programs. CMIBC is just the right size to play an important role in your international business. It's a tough aqt for any other bank to follow.

Name. Title- IPIi-dsePriniJ Company. City. Telephone It you want i placid, safe, and steady investment, then pick up your phone now and call 278-5626, or write to us for our Free brochure and "start relax- California immr moan tiuirp. 341 N.

Maple Drive, Beverly Hills, Calif. 9021O CHASE MANHATTAN INTERNATIONAL BANKING CORPORATION 800 Wilshire Boulevard, Los Angeles, California 90017. Tel. 689-5200 n. jsum jMaatfyNkMl.