The San Francisco Examiner from San Francisco, California on June 5, 1969 · 67
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The San Francisco Examiner from San Francisco, California · 67

San Francisco, California
Issue Date:
Thursday, June 5, 1969
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I) 3SXAMMM BUSINESS PAGES Tkvndsy. Jm 5. 1969 -.Page 67 Business editor: Jack Miller BRIEFINGS How to Spot Geraine Salesman BY THE EXAMINER BUSINESS STAFF Continental Can Still Setting Records L L HAZARD Continental Can Co. expects a sixth straight year of record sales in 1969, Ellison L. Hazard, chairman and chief executive officer, told San Francisco Security Ana- lysts today. Moreover, Hazard pre-dieted Continental's annual sales should approach $15 billion by 1974, compared to $1.5 billion in 1968, even without further acquisitions. He noted that half of Continental's business is in the fastest-growing packaging markets, those where real growth exceeds 6 percent annually. One of these the packaged beer and soft drink can market is growing by more than $130 million annually. Hazard reported the company is investing a record $100 mil lion in capital expenditures this year to expand manufacturing capacity. While Hazard was speaking here, Continental announced in New York it plans to offer 1 million shares of Brockway Glass Co. stock to its shareholders in exchange for their shares of Continental. Tourism Volume Gains at Slower Paee Tourism in San Francisco kept going up in 1968, but at a slower pace than in previous years, the Convention & Tourist Bureau reported. The number of visitors was up 4.9 percent, compared to between 10 and 11 percent the year before. Officials say the slowdown is caused partly by increasing competition from other cities. Last year, 527,000 delegates attended 740 conventions and spent $115,739,000. A year earlier, 514.000 delegates attended 684 conventions and spent $112,800,000. Individual tourists totaled 2,222,000 last year and spent $127,732,000. In 1967, individual visitors totaled 2,113,000 and spent $121,533,000. - ' - "... ' ' Consolidated Foods to Sell Stores Consolidated Foods Corp. is selling its food stores operations and a related dairy business to corporations formed by two groups of Minneapolis businessmen for $5 million in cash and notes. Included in the sale are several Piggly-Wiggly stores in the Midwest. Economic Indicators-Both Up and Down Economic Indicators: Retail sales last week totaled $6,848,000,000, up 1 percent from the preceding week and 5 percent ahead of the 1968 week . . . U.S. auto makers, still affected by strikes at three General Motors plants, expect to build 187,548 cars this week, down 5.1 percent from a year ago .. . . Rail freight traffic last week dropped 7.1 percent from the previous week, but was 4.4 percent over Tyear earlier. Last week's and the year earlier figures both included Memorial Day holidays. Mountain View Project Under Way Data Memory, Inc., announced construction has begun in Mountain View on a 24,000-square-foot headquarters and factory. The company said the faciUty will be occupied by August. The move to the -new budding marks the-company's second plant expansion in less than a year. New Book Explains Securities Laws It's back to the books for many of California's 17,000 lawyers if they want the last word on the State s new complex securities law. The law, which takes 79 pages to SCI lOrUI, 15 1UUJ Fw"" pages of a book just published. The authors know of what they speak. They are Robert H. Volk, former corporation commissioner and now president of Union Bank Corp., and Harold Marsh, law professor at University of California, Los Angeles. Volk is credited with guiding the new law through the Legislature. Marsh was its chief draftsman. The book, which sells for $30, has a total of 799 pages and is introduced by Anthony R. Pierno, Volk's successor who helped guide the securities law ROBERT VOLK as commissioner through to fruition. - Yuba to Resume Utah Uranium Mining - Yuba Industries Inc., a subsidiary of Standard Prudential Corp., said it is resuming uranium-mining operations on its Utah claims. Mining had ceased following a fire at Atlas Corp.'s Moab, Utah, processing plant m January, Yuba said miners located new ore bodies during the shutdown. . ' Kodak to Introduce New Camera ' Eastman Kodak Co. will introduce a new instamatic camera priced at less than $10 at the Photo Expo Show, m New York City, which opens Saturday. Eastman will also introduce five new instamatic movie cameras and projection cartridges interchangeable on three new projectors. Uncle John's to Acquire Units Here Uncle John's Restaurants Inc., agreed to acquire ownership of three of its California franchise operations with an annual volume of approximately $1 million to regain full franchising rights in San Mateo and Santa Clara counties. John C. O'Donnell, president said a nationwide subsidiary, Uncle John's Family Restaurants Pancake Houses, will assume full ownership and operation of facilities in San Jose, Santa Clara and Palo Alto June 15. , ' Shreve's Branch Exceeds Expectations Dayton Corp. reports its Shreve's store in Stanford Shopping Center in Palo Alto "has exceeded expectations." It's the first Shreve's branch store in the company's 116-year history. A second branch is scheduled to open in late 1969 or early 1970. . People on the Move NEW YORK - (UPI) Although swindling house-to-house peddlers can appear at anytime, they're more active in summer. So now is the time you should learn how to spot them. According to President J. S. Hamilton of Wear-Ever Aluminum, Inc., of Chilli-cothe, Ohio, trying to spot the phonies among the direct selling canvassers is going about it the wrong way. Many Better Business Bureau warnings offer giveaway clues to the chiselers, but Hamilton says it's a lot easier to prove out the genuine salesmen than to spot the phony. "Actually the best house-to-house salesman is a direct descendant of the prairie wagon peddler of frontier days," Hamilton said. "He knew his customers, and they knew his wares so well they awaited his monthly visit eagerly and felt confidence in what be sold them. The good modern house-to-house salesman does a steady repeat business and becomes well known in the neighborhoods he canvasses." Canvassers do call on new people and enlarge their territory. How does a relatively inexperienced housewife recognize the substantial salesman? Four new directors were elected to the board of directors of the Rudolph Schaeffer School of Design. They are Joseph L. Brotherton, Alec Yulll-Thornton, El wood T. Starbuck and Morton Rader. Cameron V. Jarret was named vice president and chief auditor for Bank of America. Blake, Moffitt & Towne appointed Kenneth R. Schaap to the San Francisco headquar ters position of disposables marketing $ p e c i all s t and named Donald J. Bruce merchandise . merchandising manager, industrial prod ucts, San Francisco division Bruce succeeds C. J. Zane, retired. Michael M. Papadopoulos was appointed a vice presi dent of Shell Development Co.. in charge of the firm's Emeryville research center. Coast Mart To Add 20 Members Creation of 20 memberships in the Pacific Coast Stock Exchange and the sale of seven seats at a record $65,000 each, up $9500 from the previous sale, were announced today. Of the seven sales, four were from the newly created supply of seats, and three were by members. The previous record for a Pacific Coast Stock Exchange membership was $58,500. Members approved the increase of 20 memberships to a total of 220 because of the continuing demand for seats by broker-dealers. It marked the third consecutive year that membership has been expanded. The number was raised 15 to 175 in 1967, and 25 to 200 in 1968. . , Contributing largely to the demand for membership is the continuing increase in volume to record levels. May was the busiest month in his tory for the exchange, ex ceeding 17 million shares. Turnover for the five months ended May 31 was 35 percent ahead of the like period last year despite the fact trading hours have been reduced 90 minutes each day. Broker Accused In Manipulating Egg Future List WASHINGTON - (DJ) - David G. Henner, a registered floor broker of the Chi cago Mercantile Exchange, has been charged by the Commodity Exchange Au thority with manipulating shell egg future prices. The agency ordered a pub lic hearing on the complaint to be held July 23 m Chicago. In a separate proceeding, the CEA accused American Commodity ' Brokers, Inc., Oak Park, Mich., and its president, Phyllis C. Demp ster, of having failed to meet financial requirements ' prescribed for futures commis sion merchants. A public hearing on that case has been scheduled for July 10 in Detroit. Grading Factor To Limit New Crocker Offices NEW YORK - Crocker- Citizens National Bank is more, interested in quality and potential of its new branches than it is in playing the numbers game, Emmett G. Solomon,' chairman, said today. The San Francisco banker spoke at a luncheon of the New York Society of Security Analysts. ' "We propose to expand by opening fewer branches than formerly but of a more important character," he said. The statewide bank oper ates 276 branches. Solomon said five months' earnings through May were $1.23 a share vs. $1.08 a year earlier. He said a strong second half is anticipated. What's New : CL , Iju Mm. i; , miml Ewm ! -W Jl !; Lawn Trimmer j! A lawn trimmer that looks like a golf club, j (' weighs only 2 pounds and operates with a nickel-cadmium battery, has been designed by i the Toro Manufacturing Co., Minneapolis, Minn. The Key-Lectric Whirlwind it is claimed, will j j do trimming chores around flower beds, trees, , walks and drives in one third the time required ' for a hand job while eliminating bending, kneel- Ji ing and stooping. Price: $19.95. Mbrlan Votes 2 for i Split Directors of Morlan Pacific Corp., formerly Morris Plan Co., authorized a 2 for 1 split, subject to holder approval at a special meeting June 30. t Howmet Unit Gets Contract NEW YORK - (DJ) -Howmet Corp. said today its Misco Divsion was awarded a contract from General Electric Co. to cast and machine turbine vanes for the TF 39 engine. Howmet said the contract covers 500 engines and is valued at $7 million. The engine is used to power the C-5A transport being produced by Lockheed Air craft. Mineral Rights In Ethiopia Granted Duval HOUSTON - (DJ) - Duval Corp. said today its sub-sidiary, Duval Corp. of Ethiopia, has entered into an agreement with an agency of the Ethiopian government to conduct an exploration program on a mineral concession in that country. Duval is the mining subsidiary of Pennzoil United, Inc. "F'irst, test him for cora-monsense and knowledge of his line" said Hamilton. "A good salesman is not going to try to sell you something you can't afford or can't use. In our line, kitchenware, he won't try to sell you pots and pans that don't fit with your cooking habits." Next, Hamilton said, ask the salesman about servicing and guaranties. The reputable salesmen will be very ex- Wall Street List Gains On Average NEW YORK - (AP) The stock market, as meas ured by the averages. scored its first gain of the week today. But there were more dec-clines and advances among individual issues on the New York Stock Exchange. Trading was active with a considerable number of large blocks crossing the ticker. The Dow Jones average of 30 industrials closed with a gain of 1.87 after having been up 3.17 around mid-day. 700 Declines Of 1597 issues traded, 700 declined and 612 advanced. Volume increased to 12.35 million shares from 10.84 million shares yesterday. A block of 463,300 shares of Goodyear was traded at 30, off . Closing prices included Benguet, up 2V'8 at 28; Reading & Bates off 1 at 41; Sanders, up IVi at 35; Pacific Petroleums, off at 38; GAF, off 1 at 24, and Carter Wallace, up IV2 at 234. Amex Leader Warner Bros.-Seven Arts, unchanged at 53, was the most active stock on the American Stock Exchange with a volume of 261,100 shares, including a block of 246,100 shares. Oils were mixed with Asa-mera gaining more than 2 points and Austral losing more than 2. Condec Gets Army Order OLD GREENWICH (Conn.) (DJ) Condec Corp. said today its Consolidated Diesel Delectric division, received a fixed-price contract in excess of $6 million for production of Pershing wheel-mounted erector launchers for the Army Missile Command, Redstone Arsenal, Huntsville, Ala. plicit about these. The housewife should question the salesman about both his company and himself. Find out where be lives and how long he's been selling for the company, for example. If it's a small company and you don't recognize the name, find out if it's a subsidiary of a bigger company whose name you may recognize. Other advice Don't hesitate to ask a house-to-house salesman for personal identification and references. Make him leave behind some literature with this identification. If you want to buy from him but feel some doubt, tell him to come back in a few days. Meanwhile telephone your local Better Business Bureau and check on the salesman and his company. Builders Conference 50 Can't Afford To Buy New Home By R. L. Revenaugh Reel Estatt Editor : About 4000 of the nation's builders, attending the Pacific Coast Builders Conference in San Francisco today got down to the hard facts of building housing despite inflation and the lack of money. Z'.'SZ The builders heard several explanations of the 1968 Fed eral Housing Act, how some of the larger builders approach sales and the use of computers in planning housing. The three day conference ends tomorrow. More than 226 exhibitors took part in the conference at the Fairmont and the Mark Hopkins hotels. The featured speaker yesterday was Eugene A. Gul-ledge, president of the National Association of Home Builders, who said it now is impossible to build homes for half the people of America. Because the median income of Americans today is $7000 a year, they can't qualify for anything more than a $15,000 house. "And who do you know that's building a $15.000 ' house?" Gulledge asked. Civil War "This country is involved in a civil war with housing in the middle. It's a war against poverty, against crime, against social injustice," Gulledge said impatiently. "The time for study, for thinking is already past. Now is the time for action." Gulledge is the president of an organization which represents most of the country's home builders in Washington. Earlier he blamed Congress for the nation failing to fulfill its housing goals. He p r e d i c t e d, however, that some $50 million would be allocated for housing for . the poor during the next two weeks. But this is only. 'a start. Action Urged "We are not going to sleep well unless we do something. Only the comfortable "you and I are capable of taking care of those who are- uncomfortable. We have to implement, work out, a plan to take care of the housing needs of America. We have the capability." He assured builders that they are willing to meet the desperate needs of the nation, but they won't be able to unless "a lot of sacred cows are booted out the window." '? "Until this basic need for decent housing is met, "the causes for the civil war we are experiencing in our cities .will multiply," he said. New Codes He said building codes have to be changed in spite of trade union complaints. Zoning laws have to be changed so there is land enough on which to build decent housing for all Americans. And the control of money has to be altered so it's available for the job that has to be done. Problem of Plant Location By Lindsay Arthur Every site Consolidated Edison of New York selects for a power plant draws some protest, Charles F. Luce, chairman, said today. A conventional fossil fuel plant brings protests , from the people who are interested in the air pollution problem. A nuclear energy plant brings protests from another group. "We are concerned with protection of environment, but we do have to provide electric energy for the New York City area," he said. Top executives of the company were in San Francisco to speak at a luncheon sponsored by Merrill Lynch, Pierce, Fenner & Smith, Inc., in the St. Francis Hotel. On the question of clean air, Luce commented preceding the luncheon: "During the coming five years about 40 percent of new generating capacity will be nuclear power. Our principal reliance for, the future will be upon nuclear power." At the luncheon, attended by security analysts and in stitutional investors, Luce said Consolidated Edison' construction during the next five years is forecast at $1.5 billion. , Of this, he said, $700 million will be generated internally from earnings and depreciation and the other $800 million will be raised through financing. The chairman said the util ity, which matches Pacific Gas & Electric Co. in the power business, will raise the next new money through sale of equities, although not necessarily common stock. " The latest financing was sale of $93 million in convertible preferred stock last year. Luce said this year's construction will cost about $280 million, vs. $246 million in 1968. To equal demand, the company is adding 350,000 kilowatts annually to generating capacity, which now is 8.2 million kilowatts. Officers here with Luce were Walter R. Grant, execu tive vice president; Bernard E. Gallagher, senior vice president; Emanuel Toder, vice president, and James G. Stark, treasurer. Denny's to Make Bid For Parvin-Dohrmann NEW YORK - (DJ) - Harold Butler, president of D e n n y 's Restaurants, Inc., said today he has met with William C. Scott, president of Parvin-Dohrmann Co., and that based on their discus sions Denny's intends to make an exchange offer to the stockholders of Parvin-Dohrmann. Terms of the proposed transaction call for Denny's to offer four shares of its stock for each share of Parvin-Dohrmann. After full conversion of residual securities and exercise of stock warrants, Parvin Dohrmann has a total of; a)'-; proximately 1.40 million, shares outstanding. On a fully converted basis, Denny's has 7.060 million shares. ."I'" Completion of the transaction is subject among other things to the approval : ,pf Denny's directors and shareholders and to the approval of various regulatory bodies including the Nevada gaming authorities. .-X"- Jny Ccrucny est stuffed fcr ElXRSSl Ct TK3 FCltCd JCS 2U CaWomia Street 441 Pine StreerjO Rent a compact office in the big Wells Fargo I 175mdL. up it- u--AV- and get all these fringe benefits: ; , 1. Beautiful- reception office with matching girl. 2. Telephone $r swerlng service with personalized listing. 3. Fully-equipped, 50-man conference room. Plus available secretarial service, reproduction-facilities even catering. Fact is, our compact offices are such success they now fill an entire floor at the Financial District's posh-new address. We call H our "Elye Carpet Service". You ara Invited' to call Mrs. Marc and ask for the tour. Phone (415) 433-2683 DILLINGHAM'S WELLS FARGO BUILDING. OWNED AND MANAGED BY THE I DILLINGHAM CORPORATION OF SAN FRANCISCO, 44 MONTGOMERY ST. i

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