El Paso Times from El Paso, Texas • 38

Property Trust Reports Turnaround SI JJaso Tmsmniss Page 10-B Thursday, December 9, 1976 James H. Polk III. president, reported to shareholders that a key factor in this year's brighter financial picture was substantially improved profit generated from operations. Also, he said the trust has continued to sell its less Productive apartment properties, to increase net income from equity investments, to work out nonearning problem loans, to develop or sell raw land inventory and to invest available funds in proven in-come-producing properties. Property Trust of America has reported earnings of $1,159,790 or 46 cents a share on revenues of $4,250,160 for the first nine months of 1976.

This is compared to a loss during the corresponding 1975 period of $2,322,645 or 93 cents a share on revenues of $4,356,080. For the three months ended Sept. 30, 1976, the trust earned $35,959 or .01 cent a share on revenues of For the same period last year, the trust lost $534,668 or .21 cents a share on revenues of $1,578,957. Schaeffer Accused In Suit SEC Shell OK $500,000 Deal By JOHN POPE Timet Bullneu Editor El Paso-based SEC Corp. this fall will begin supplying about $500,000 worth of carbon dioxide for Shell Oil pilot project to flush more oil from a field near Denver City, Tex.

SEC President Edward Edmunds Jr. said the contract calls for delivery by truck of about 10,000 tons of liquid carbon dioxide 100 tons per day for 100 days. Edmunds said the gas will come from the company's two producing plants near Tucuincari, N.M. The injection of carbon dioxide or other chemicals into a nearly depleted oil field, a process called tertiary recovery, often results in gaining another 10 to 15 per cent from the reservoir. Edmonds "Carbon dioxide has been used ex-peiimentally for a number of years aud ha been quite successful," Edmunds said.

Shell officials, in successfully petitioning the Texas Railroad Commission last week for permission to inject the gas into the Denver Unit of Wasson Field, said ultimate oil recovery would be increased by at least 280 million barrels. Edmunds explained the pilot project as follows Liquid carbon dioxide will be injected into the reservoir. The carbon dioxide will turn into a gas, mixing with the crude and causing it to expand. Next, water will be pumped in to flush out the oil that has been drawn out of "pores" in the rock strata. It Wf were not specifically named in the suit but would be liable if the court finds In favor of the tenants.

Responding to the suit in a telephone interview late Wednesday, Schaeffer said, "Mr. Bykos was not authorized to enter into any advance rent agreements. Mr. and Mrs. Bykos were discharged from our employment on or about June 24 when it was determined that something was amiss.

"He was arrested for forgery and is out on bond in Indiana," Schaeffer said. "Bykos acted without authority and has since left El Paso and, at my request, the district attorney has brought the matter before the El Paso County Grand Jury. I don't feel it would be prudent for me to comment on the matter any further because I would not want to affect the grand jury's investigation," he said. The eight counter claims filed Wednesday came in answer to suits Sagewood Associates filed against the tenants Nov. 18 for failure to pay rent from July By ED KIMBLE T.mej BuiIomi Writer Former El rase mayor pro-tem Reuben Schaeffer was accused of conspiring "by fraud and deceit to swindle, embezzle, cheat and conven" noney paid as advance rent tenants of Sagewoed Apartments in eight counter claim suits filed in Comity Court of Lav.

Three Wed 'I he cauri'er cl; iin suits filed agaiastSageuood associates Ltd, allege thr-t the tight defendants paid advance tent to Nick Bykos, apartment manager of Sagewood Apartments, lWfiO Rushing, and that the advance rent agreements were not honored Schaeffer was specifically named in the suit as conspiring with Bykos to defraud the tenants. Schaeffer is a general partnor and managing director of Sagewood Associates a limited partnership of more than A persons owning Sagewood John B. Mason and Mason and Schaeffer also genera) partners of Sagewood Associates, through November. None of the tenants has been evicted. The position of the counter claims is that since Bykos was authorized to act as an agent for Sagewood Associates, the advance rent agreements must be honored whether the rent payments ever reached Sagewood Associates' treasury.

The counter claims allege Sagewood Associates violated those contract by falsely and fraudently claiming that the same was of no force and effect and bringing" lawsuits against the tenants claiming nonpayment of rent. According to the counter claims, "Bykos stated," in persuading people to make advance rent payments, "that the said Ruben Schaeffer, his employer, authorized this type of deal because he and the plaintiffs needed additional money to engage and speculate in future real estate transactions. The eight counter claims state that a total of $19,075 was paid by the eight tenants in advance rent payments. Try fvi. Victorian couple framed scroll woik White fee 3 625 1 Traditional hunting case $9995 Co'orful bouquet ut did AH ium uW ctior Lower Cost Of Living Ln EP Blunts Rising Hospital Charges 1 1 .1 3 Mt' Mil III I im eUgei trio irn mm By LAURIE MUIXER TiriH-i Htuimes Wnter hi Peso's hospitalization costs are rising, but because the city's Iowa cost of living they aren't as high as those in other prrts of the United States.

"The cost of living tracks the amount that employes are paid, and this tracks the costs that who are hospitalized must H.E. "Bud" nc of HospUa' Corp. of Anicric-i, said Wednesday in El Paso. Adams said that the amount paiil employes helps keep hi Paso just a little above the national average. blue and red 57995 that kiwss 8cci.irat time ENAMEL BACK PENDANT WATCHES We'll pin-point your classified ad for holiday items or services with a Santa to make it stand-out! IKE COST iS REASONABLE! ALL YOU DO IS ASK OUR AD VISOR TO PUT A SAflTA YOUR AD! All have 17-jfiwei n-iwirrtnt We Acct-pt Hink Americard i it 1 mil CLASSIFIED WAIT HERE.

IN Et PASO SHOP AT GORDON'S- W-Hs Stn Dowrunwn Norlhgate Shopping CentHr 'fox Plna Shopping Center 4904 Montana Street Olo Vista 10 at Hawkins Also 137 Mam Stieet, Las Cruces, Ne Mexico Shop Gordon's Coast to Coast. il 7. "Though some of the specialties are paid comparably, many of the employes are paid below the average paid to persons working on the West and East coasts. This is a big factor in hospital costs," he added. "Hospitals have just recently been placed under minimum wage and overtime laws, and so they have been playing 'catch up'," Adams said.

Benefits besides the average hourly rates have increased dramatically, he said. "Where benefits such as pay for sick leave, insurance and retirement used to be paid at a rate of 10 per cent, they are now being paid at about 21 or 22 per cent This has added to cost increases for the past five years." Adams said that the corporation's hospital costs have only risen between 8 and 10 per cent in the past 10 years, and will probably continue to rise at that rate. Hospital Corp. of America, which owns Sun Towers Hospital in El Paso, last year made a profit of $20 million from $392 million in revenues. Of this 5 per cent profit, Adams said, the Hospital which owns 84 hospitals and is the largest hospital management corporation in the world, put 4Mt per cent back into the business for improvements and new equipment.

The rest is paid to the stockholders. Adams explained that the biggest factor affecting hospitalization costs is the increasing number of patients entering hospitals under Medicare and Medicaid plans. "The portion of the hospital business being reimbursed by the government under these plans has increased greatly in the past five years," he said. Though the hospital is reimbursed for discounting to costs all services received by patients with this federally insured health protection, Adams said that what the government considers cost is really below the hospital actual costs. "In order for the hospital to maintain its surplus margin," he explained, "overall prices must be increased.

The more patients under these plans we receive, the faster the costs rise." He said the surplus margin at Sun Towers Hospital is about 5 per cent. The number of patients entering the hospital under Medicare or Medicaid has risen to 40 per cent of the overall patients. FROM NEW MEXICO CALL 800-351-1677 TOLL-FREE From 8 a.m. to 4:45 p.m. fjun JH(1 1 mA 11 0 SUSHTLY BUI 0 W0 1 liis announcement is neither an Oder to sell noi a sollcilafcn of an ottr-r lo buy these securities.

The oiler is made only by the Piospectus. 0 FLOOR SMSPLES New Issue December 9, 1 976 L.II $100,000,000 FACTORY MIS-MWiED DISGOIITIHUED COVERS 0 1 ili Southern Pacific Transportation Company First and Refunding Mortgage 8.20 Bonds, Series Due 2001 Interest payable June 1 and December 1 Price 100 and accrued interest from December 1, 1976 1 1 I I i 1 1 1 i lUL1! I fmm IU liiil Copies of the Prospeclus may be obtained in any State in which this announcement is circulated only from such of the undersigned as may legally offer these securities in such Slate. 'Ml wo ft iL Salomon Brothers The First Boston Corporation Bache HalseySiuartlnc. Kuhn, Lceb A Co. Merrill Lynch, Pierce, Fenner 4 Smith IneamorftlMl Blyth Eastman Dillon 4 Co.

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