The Los Angeles Times from Los Angeles, California on April 16, 1969 · 60
Get access to this page with a Free Trial

A Publisher Extra Newspaper

The Los Angeles Times from Los Angeles, California · 60

Los Angeles, California
Issue Date:
Wednesday, April 16, 1969
Start Free Trial

rnj"injpi y 0 iiEraf"''syflair' jT'sji1""1 jaj" 'mf- j Parvin-Dohrmann's usiness & IHnance for 4th Casino Denied Bid g Partni WEDNESDAY, AFE11 National News The Justice Department questioned a Dallas bank's acquisition plan. The First National Bank in Dallas, and Lomas & Nettleton Financial Corp., Dallas, said they received a Justice Department request for information about the previously-announced plans for First National to acquire 80 of Lomas & Nettle-ton's outstanding voting shares. They said the department's antitrust division is seeking to determine the competitive effects of the exchange proposal, under the provisions of the Clayton Act. The pace of housing starts dropped for the second consecutive month. The Commerce Department said the activity in March fell 8 to a seasonally-adjusted annual rate of 1,539,000 units, down from February's downward - revised 1,673,000 units. The pace of building permits issued for future construction also dropped in March. Permits issued by the 13,000 localities requiring them were at a 1,370,000-unit annual rate last month, off from February's 1,477,000 rate. Northwest Industries acquired 10 of Interchemical Corp.'s stock. Interchemical, New York-based manufacturer of printing inks, other coloring products and industrial chemicals, said at its annual meeting that the Chicago holding company' had acquired just under 10 of Interchemical's common stock. Northwest confirmed the holding, but said it has no present intention of making an offer for Interchemical. All Northwest's purchases of Interchemical were made before Jan. 20, when Northwest announced its intention to bid for B. F. Goodrich Co., the company said. Interchemical said it would resist any takeover attempt by Northwest. Westec Corp. shareholders approved a plan to allow trading to resume. Stockholders of the Houston-based natural resources and aerospace company voted for a plan of reorganization which was approved by a federal judge in February. The firm filed a voluntary petition for reorganization in 1966 after trading in its shares was stopped. Trustee Orville S. Carpenter said acceptances already received from stockholders and creditors are more than enough, although the final vote count was not completed. Carpenter said he will report final results of the voting to the judge April 28. A securities industry group urged retention of the short market day. The top-level panel of industry leaders has recommended that the current 10 a.m.-to-2 p.m. (EST ) market schedule be retained for the immediate future. Apparently the panel yielded to pressure exerted by the Securities and Exchange Commission, which recently informed stock exchange officials that the Industry would have to make a convincing case for lengthening the TUIHOAT- NfW YORK-Sfonrfod (, rWi 500-x, tab kN4 of 101.5). oil 0 04. Hjh A. 14 6cf oi 105.15; r low, 100 7. Tfc Muttk)!i cWxH ot III 04, off 0 01; r wfi of 49.39, tomn 0 16; r Miiii t 45 47, Am 011. TK H500" 1969 high of 10) 99 t trt Jo 3. Th4 1969 kw ef 9791 t ftb. S5. Voino ph to 9,410,000 thvn, trii4 1.990,000. OVtl.TMI.COUMTtt.TKo tafiwwl Ou. tttiO IVoow W Ot 3) m&AlHol Kl (1 ol 39) 32, om 014, TVo 1919 ih ot 415 14 oi m Jon. 4. Tfc 1969 to ol 314 33 m f MonH 7. tCND0H-.T ryil TWt Mc ol 33 TVo 1949 KsjH ol )?0 I i OM Jv IS. TVo 1919 k ol 4ili o f MonS tl. 1 103 102 1 f- 101 J -- lr 100 - - ll'f! r- I "ptthzzzz v VM t Ol "lui',iilti"?i;i'i.".n1? 14 lit au fit !) 4-4 t 4"t 5, 1 569 current schedule. There had been reports that the industry panel would seriously consider recommending adding a half hour to the trading schedule, making it a 10 a.m.-2:30 p.m. (EST) trading day. Demand for executives reached a new high in the first quarter. Nationwide, the demand shown in newspaper advertisements for executive positions climbed to the highest level in nearly two years according to Executrend, a copyrighted survey by Heidrick and Struggles, management consulting firm. Total demand in the first quarter of 1969 rose 8 above the previous quarter and 23 above the same quarter of last year. Demand for general administration executives showed the greatest quarterly increase. The need increased in all functional categories except marketing, which slipped 2 from its all-time high of the previous quarter. The CAB disclaimed jurisdiction in United Air Lines' reorganization. The airline had applied to the Civil Aeronautics Board for approval of the previously proposed plan for United to become a wholly owned subsidiary of a holding company to be organized. Shareholders are scheduled to vote on the plan at the annual meeting in Chicago April 24. The proposal calls for preferred and common stock to be exchanged for stock in the new company. United said reorganization would allow it to diversify into non-transportation activities. The CAB Tuesday said federal law requiring CAB approval of airline mergers wasn't intended to apply to this type of reorganization plan. It said that "no regulatory purpose" would be served by asserting jurisdiction. Republic Steel set higher prices on carbon and alloy bar products. Base prices on hot rolled and cold finished carbon and alloy bars will be raised an average of 3.6 April 28, Republic said equal to about one - third cent per pound. The same increase was set for semifinished bars. Carbon and alloy semi-finished product prices will rise 25 cents per 100 pounds, hot rolled bar products 35 cents and cold finished products 45 cents. The steel maker said rising taxes, labor, material, freight and other costs necsitated the increases. The affected products represent less than lo of Republics shipments, the company said. California The economic growth of Southern California was vigorous in 1968. A strong rise In employment and a decline in unemployment to the lowest level in several years were cited in a report by Security Pacific National Bank as two major factors that sparked the eight-county region's progress last year. Employment averaged 4.5 million, an increase of 170,000 over 1967. The bank said the growth was aided by the success of major industries in enlarging their markets for products and services. A large segment of the population reached employable age last year, the report said, and there was an available pool of unemployed labor. Men at the Top William Mendelsohn new president of Hart Schaffncr fir Marx Clothes. Mendelsohn will replace James K. Wilson Jr., who was recently promoted to executive vice president of HS&M Clothes parent company, Hart Schaffncr & Marx. Mendelsohn was formerly executive vice president of wles and marketing for Louis Colditmlth Inc., Philadelphia. Briefly Told Radix Corp, Anaheim, expects ale of $3 million In 19G3, vs. 13 8 million In IDG. Conolldiicd Oil it C. entered a Joint venture exploration prpRam with four Independent oil companies In the Ilrljttot Bay region of AUka . . , Osdrn Dlopmnt Corp, subuldiary of Of don Corf, will buy the St Club In New York for about 110 million . . . Gonorol SIot agreed In rrinrlple to acquire Tee. body Enclooorlnf Corp. . . . MorrW lon-KnttdMa was awarded a 27.6 million contract to bulUI a power and Irrigation dam in the Dominican Hcpubllo . . . Brook!? t'aU CUt Co. and Now Jtmjr Natural Gas Co. agreed to merf . . . ACT Moitrlot tnrm a new rtnnpanr In f7anr In partnemhin with La rol;mfKaalot , to makt aviiomoUl tarburttori . Ttitai roilem Tfnmll Cora, was authorised hf tht rTC to liuiH 14.7 mimpn f ratine facUl-tl?i to fnnnxl Rh ffihert Lmui ana tulural pa rt mrt , . . Tfct rTC auihotlaH Tioikltoo Cos C. It bulM 1145 rsiXktn wnrth el natural fat fadtsuei In LuUina. 1 ! ..-' 'I Vf f ill II It, -:4 I m lgfe:-Mr Mniiinwn ii,,, , , fet am mr m ma i hum ii ,p ff DOUBLE DUTY- hibited by Dori patented device -Toothbrush with a hinged, double head is ex-Lundy. Invented by a German physician, the was exhibited at the inventors' show here. Times photo by Joe Kennedy Show Proves Inventors Still Seeking a Better Mousetrap BY ROBERT A. ROSENBLATT Timet Staff Writer Move over, Thomas Edison. Here comes competition for your inventor's laurel wreath Dr. Herbert Makowsky and his magical toothbrush, Allen Chun and his 23-carat gold weapon against evil tars and nicotine. Plus a host of others, all armed with patents for unique ideas that blossomed for the most part under the warm Southern California sun. At the second California Inventor's Exposition, this week at the Biltmore, one could see 55 gadgets in search of a buyer. From Bremen, Germany came Dr. Makowsky's ultimate in dental devices: a hinged, double-headed toothbrush. "Convenient, thorough and careful at the same time" was the legend on the physician's exhibit, which featured pictures of an eager consumer with a mouth agape during use of the two-headed brush. Makowsky, who has a U.S. patent on the device, remained behind In Germany and mailed his exhibit to the meeting. Smoking Protection Then there was Santa Monica inventor Allen Chun with his modestly titled 'World's Most Powerful Life Saving Protection Aid." The $9.95 "life saving smoke aid kit" includes: A combustion control device (a gold-plated copper sleeve slipped over the cigaret near the mouth end, so you can't take those nasty last few puffs). A power accessory (a 14-carat jewelry pin so you can poke holes in 40 Profit Boost for Quarter Posted by First Charter DY ROBERT E. WOOD First Charter Financial Corp., Beverly Hills. Tuesday reported net earnings of S3.1 million or 52 cents per share for the three months ended March 31, up 40 from firm-quarter profits fcut year of 13.6 million or 37 cents a ahare. S. Mark Taper, board chairman and preniJcnt, told the annual shareholders meeting at the Beverly WlUhlre that tout savings at the company's principal subsidiary, American Sav Intra & Iun Asn., increased by l2 million In the quarter to II5.TS billion. Total ecU as of March 31 were 12 -10 billion, up 137,4 million from the Dec. 31 fijrura of 12.319 billion. Taper said the SAL Industry U In the bot Potur 1 have seen In many years lie predicted federal emphasis on houiin? and 'the continuation of California's dramatic jrTowth" will generate an active mortgage housing roarVrt with the auUtanrt of burgeortln economic conditions. tn an Interview after the annual meellnjr. Taper said tnorUajr rate, whkh now ranet between T 34 and S 3 '44, may & MgVr, hit, be adedL 'Who fcnow-o what the mney market will da? Who wwi!4 have thnisht, a year that the fair wmiid be as high si they art now! Tap Mil mnU aft jen.JiPf rM nil continue b be available 'for wu: quality ml e?ue, nH fof lfifr? type prrt - There U no qyestim that r;r pkf wUl H e4 cr,irtUv, te',ctiTt ,rtch, MMt Tera t fatt IS, Ci 1 the cigaret to produce what' Chun calls "even oxidation"). For the pool shark with an urge to be different, George Barry offered "Lance," a combination of bowling and billiards. A pool cue is used to shoot the ball at 10 mini-duckpins. The playing field is felt-covered, 20 feet long and 11 inches wide. A spring-mounted escape ladder (ideal for eloping?) a plastic sled with a seat for lazy waterskiers and the inevitable rainmaking machine were also available. "About 10 or 15f0 of the devices exhibited are actually sold, and 90 get inquiries," said Harold Kleiman, who arranges inventors shows throughout the United States. "It's a good chance for the inventors to get some exposure. When they visit a company, they usually can't get past the secretary." SEC Asks Congress to Reject Compromises on Fund Controls WASHINGTON W The Securities and Exchange Commission advised Congress Tuesday against any further compromise in legislation to extend federal controls over sales of share3 in mutual funds. Commissioner Hugh F. Owens testified as the Senate Banking and Currency Committee opened a new round of hearings on control measures. The Senate approved last year a bill to limit sales charges paid by purchasers of mutual funds and eet guidelines for the amount funds would pay for outside consulting sen-ices. 10 Tears of Study The Senate action followed 10 years of study and hearings by various panels. Including its banking committee. SEC recommendations were substantially modified In the committee and on the Senate floor when the bill was passed. The measure died In the House. Owens testified that every reasonable effort had been made to resolve differences with the industry. The pending measure, Identical with the ona rejected by the Houxe In 106S, contained slgniacant compromises, Owens said. RENAULT SNIPES AT First Shots Fired in Small Car Ad Battle by dan i isnrrt While Ford Motor Cabas deckled to mlnimlie name calling in Its Maverick advertising, not all of the imported can at which Maverick U aimed. Intend to be so Kind. Renault Inc. has announced that in an advertising campaign, limed for Mavericks ahowroom introduction en Thursday, It will prtel the ford entry by saying: Frankly, Maverkk, with lh cftnpUUon we already g?l from VV, wt need another competitor like need a brttken kg. However, when we crmsidrr the average Delmt car, wt (at Renault) feel any Improvement --no matter how burabJe-Hdescnrti Tb ad 'aympathlit Hh Mavttkk'e failura to mature up to the standard Htab'.uhed by Re Slick Asks Court to Block Injunction Sought by Filfrol BY PAUL E. STEIGER Timts Stiff Wrtftr Denying that its planned acquisition of Filtrol Corp. would restrict competition, New York-based Slick Corp. has asked the U.S. District Court in Los Angeles to reject a request by Filtrol's management for a preliminary injunction. The injunction, sought through a civil antitrust suit filed by Filtrol April 1, would prohibit Slick from voting its recently acquired stock in Filtrol at the Los Angele3 company's annual meeting scheduled for April 29. Slick, which produces chemicals, food products and pollution control equipment, claims it obtained more than 50 of Filtrol's stock through a tender offer ended March 21. In papers filed with the court this week, it argues it should be permitted to use it3 holding to oust Filtrol's current management, headed by Chairman Myron A. Bantrell. Slick is both a customer and a competitor of Filtrol, which makes catalysts and refining agents for the oil and food industries. Filtrol's suit claims that if Slick gains control, it will derive unfair competitive advantages in the production of edible oils and fats, such as butter and margarine. Slick's answer to the suit disputes Filtrol's claims. Slick also asserts that the only purpose of the request for the preliminary injunction is to help keep Filtrol's current management in power. It argues that it should be allowed to go forward with plans to effect the merger, and if restraint of competition is proved, the court can order divestiture. Otherwise, Slick contends, present management (which it said controls less than 8 of Filtrol's stock) can use the corporation's money to frustrate the owner of a majority of its stock. Slick also contends that Filtrol should have filed its suit while the tender offer was in progress rather than waiting until after the New York concern obtained a majority interest. Slick says it spent $2 million conducting the offer and soliciting shares. "I respectfully submit that no further compromises ... are neces-sary," he testified. The SEC had called for abolition of the so-called "front-end load," under which substantial amounts of a first year's installments on fund payments were credited to sales commissions, rather than equity in the fund. It also asked that a 5 maximum be set on sales charges and that standards, subject to court enforcement, be set for payment of management fees to consultants. The bill as it reached the Senate floor provided for compromises under which: 1 The front-end load would be retained with a limit of 20 In one year and no more than 16 average over four years. 2 The National Assn. of Securities Dealers would control sales charges, subject to SEC oversight, with no maximum to be set. 3 Additional guidelines were set to weigh whether management fees were reasonable, with the views of directors as well as shareholders to be taken Into account. Owens said that the management fees "now seem to be the slicking point" In efforts to win agreement with the Industry. FORD'S MAVERICK nault end other Imports. It deals out "Small Car to Small Car Advice." such as: "... a small car should not gulp gasoline. That l bad manners." (Renault claims Its Model 10 rets 33 miles per gallon. Hi Model 16 gets 30 miles per gallon. Ford says Maverick's "average" fuel economy is 22.5 miles per gallon.) And adds the Renault ad, "If you are to be a modern car . . . put your engina where your drlvt Is, beeatiM you will gel better traction." In pethap the sharpest cut, the Renault ad concludes: Do not lake mr trltlrism too bard, Maverkk. For your first try at It, you have not doot badly." It points out that Ford will "hava Um to maVa needed mrmtioni next year, when, as U tha Detroit custom, last year'a model benmei huoleti." Tbt campaign wai deve!?! tyf Nevada Board Also Orders Swiss Fund to Divest Interest CARSON CITY, Nev. l-The Nevada Gaming Control Board told Parvin-Dohrmann Corp. Tuesday It -cannot buy its fourth Las Vegas hotel-casino and ordered the firm to make a Swiss mutual fund divest Its ' interests. In an order to the Los Angeles- -based hotel and hospital furnishings ; company, the board said Fund of Funds Ltd; of Geneva must sell its , 81,000 shares or be licensed by the : state for gambling. Not Eligible for License But since FOF has interests in Resorts International, which has gambling interests in the Bahamas, the firm isn't eligible for gambling ; licensing in Nevada, said Control Board Chairman Frank Johnson. Johnson said financier Bernard Cornfeld, formerly of Philadelphia, : owns or controls all the voting stock in FOF and is considered "persona non grata" by the Securities and Exchange Commission. FOF recently purchased its 81,000 shares in Parvin-Dohrmann from. Delbert Coleman, the firm's board chairman. Parvin-Dohrmann owns the Fremont, Aladdin and Stardust hotels in Las Vegas and has announced plans to buy the Riviera hotel. "The three members of the state gaming control board will not give favorable consideration at this time to further casino acquisition by the Parvin-Dohrmann Corp.," Johnson told a news conference. "Because of the possible effect of the disclosure on the publicly traded stocks of the Parvin-Dohrmann Corp., we felt it was in the public interest to make our stand known in advance of the receipt of a formal application," Johnson said. Johnson said the Riviera deal and the state's unhappiness with FOF were not related, but then added: "In all honesty, there's a threat Please Turn to Page 16, Col. 1 Great Western's Profits Up; Davis Sees Rates Rising BY ARELO SEDERBERG Tlmti Staff Wrlttr Mortgage interest rates havent quite reached their peak, Stuart Davis, chairman and chief executive officer of Great Western Financial Corp., said after the company's annual meeting here Tuesday. "I think they'll increase a little," he said. "And I don't think interest rates in general are going to go down for a while." S&L mortgage rates now average about 7.9, Davi3 said. The minimum or prime rate is about 7 34. Davis anticipates a prime rate of about 8 in coming months. The higher interest rates are In prospect despite a strong inflow of savings by the associations in the Great Western group. Davis told shareholders that the net savings gain in the first three months of 19G0 was $24.2 million, bringing the total for the five associations to $1.5 billion compared with $1.49 billion a year ago. Great Western's profits In the first quarter soared to $3,128,299, or 23 cents a share based on the 11.3 million outstanding shares. This compares with $2,444,930, or 25 cents a share, based on the then-outstanding 10 million shares. Gross Income was $30.5 million vs. $28.5 million. The Increase in outstanding shares resulted from the conversion of debentures Into stock. Davis said net loan volume In tha first quarter totaled $18 million, compared with $34 2 million a year ago. In part, he said, the decline was due to a decreased level of real estate activity In the period, dua to fie ait Turn te rage 13, CoL I Cilliert AdvertUlnff Inc.. New York. After earlier plans to aim Its Maverick advertising directly at Volkswagen, and Indirectly at alt Imports. Ford ads wert suddenly rhanjjrd on an edict from Henry Ford 11, chairman, The earlier plana highlighted such comments as "Than ill, Volks." Then, in special statement lat week, a Ford rlivlelon spokesman promised that Ford's aim Is good ta.ta tn all Its advertising. Though soma will ba "light and humoitnts," be said, they will not b mil-Volkswagen. That dnesnl mean that Maverkk ads will not mention Imported can by name. In fart, the Introductory Maverick ad for Thursday comparts tha car 1 directly with Volkswagen In terms 1 of whee'bae and powerpUnl. It ali l carries a picture nf the "bug" fiesta Tarn l Tn lt Cl 1 '

What members have found on this page

Get access to

  • The largest online newspaper archive
  • 15,600+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Publisher Extra Newspapers

  • Exclusive licensed content from premium publishers like the The Los Angeles Times
  • Archives through last month
  • Continually updated

Try it free