Oakland Tribune from Oakland, California • 12

Billion Boost $20 1 BUSINESS A AN List Mostly Up; Blue Chips Soft rd Sets GNP Reco 12 ES 0aUittb2ftTribtme April 17, 1968 e's Not Content economy while $8 billion represented price increases. The previous dollar record of $18.4 billion came during the height of the Vietnam war buildup in late 1965. The first quarter performance followed identical $16.1 billion increases in both the third and fourth quarters of last year. request for a 10 per cent tax surcharge to help stem inflation. 7 Earlier this month the government reported the third straight record for retail sales and a drop in the unemployment rate to 3.6 per cent of the working force.

Officials said $12 billion represented real growth in the Occidental Pete Tops On Volume Rules for Drawing Rights Completed To Just Hold On By WILLIAM DOYLE Tribune Financial Editor NEW YORK (AP) Gains Em a Two of the cases have been Iar ouinumoered losses at the close of the stock market to resolved in its favor, others Kaiser Steel Profit More Than Doubles made effective at the close of WASHINGTON (AP) The government reports a record dollar increase in the nation's economy during the first three months of this year. In reporting the record-shattering performance for gross national product the value of all goods and services produced in the economy "the Commerce Department said prices rose in the January-March quarter at an annual rate of 4 per cent. GNP, the broadcast yardstick of economic activity, accelerated to a $20 billion advance in the first quarter to a record annual rate ef $827.3 billion, the Department said. Consumer spending led the advance. Automobile sales increased sharply and sales of imported cars exceeded one million units at an annual rate for the first time.

At the same time, the Federal Reserve Board said its index of industrial production, led partly by increased domestic auto output, rose to a record 162.1 per cent of the 1957-59 ba period. This was the second straight monthly advance. Administration officials had predicted a record expansion in GNP in urging Congress earlier this year to adopt quickly President Johnson's business on March 29. Comparable figures for the first quarter of 1967, after adjustment for the stock split, are 50 cents per share on average shares. Kaiser Steel's earnings in Record first quarter earnings of $8,974,000 on record sales of $107,431,000 were an-nounced for Kaiser Steel Corp.

by Jack L. Ashby, president and chief executive officer. These earnings compare with $3,247,000 for the first quarter a year ago. governors by May 31 as the next step in creating the new money for use when and as is needed to keep world trade" flowing smoothly. A weighted majority vote of the governors is required before the amendments can be submitted for ratification by member governments.

officials anticipate approval by Congress this year. Ratification will require acceptance by an 80 per cent weighted vote of IMF members with at least 65 nations agreeing to the contingency plan. Weighted votes are calculated according to the amount of money each country has contributed to the fund. This sets up the plan but does not put it into operation. This latter step will require an 85 per cent weighted a percentage which gives the European Common Market a veto with its 16 per cent.

-fited from $1.5 million of in Earnings per common share after providing for dividends on preferred stock amounted to $1.36 on 6,200,000 average shares. This number of shares reflects the common stock split of three shares of every two shares outstanding which was approved by Kaiser Steel stockholders on March 25 and vestment tax credit applied to reduce federal taxes. Application of the investment tax credit had been suspended during most of the first quarter of last year. Shipments are expected to remain at a high level during the second quarter with demand continuing strong for most products, Ashby said. day but, again, weakness in blue chips dampened the Dow Jones" industrial average.

A poor showing was made by such stocks as du Pont, General Motors, Eastman Kodak, Owens-Illinois and IBM. On the- other hand, considerable speculative activity boosted a wide range of stocks enough to give rise to the broadly based New York Stock Exchange index which represents common stocks on the Big Board. It was an uncertain performance, based on profit taking among some of the key industrials, which in some previous sessions have been very strong. Wall Street seemed to draw new encouragement from news that U.N. Secretary General Thant had intervened in the matter of selecting a site for the North Vietnam peace talks.

Occidental Petroleum, off a fraction, took the lead as most active issue. Prices on the American Stock Exchange were mostly higher. Bunker-Ramo and Gulf American were active gainers of a point or more. Mohawk Data Sciences lost 6. Levin-Townsend Computer and Woods Corp.

dropped about a point each. are pending and Heuat says the company feels it has valid patent that will be enforced in court. Earnings for 1967 were ap-proximately $2,192,000, amounting to $1.09 a share, compared with $3,860,660 or. $1.91 a share the previous year. Ronald McLennan, financial vice president and treasurer, told the brokers that earnings for the fourth quarter of 1967 were 26 cents a share compared with 22 cents for the previous year and that he feels the downtrend which began in 1966 has been reversed.

McLennan said, too, that management and product changes in connection with the acquisitions of Broadway and Blairmoor were factors in reduced earnings, but that he marked Improvement in those areas this year. The treasurer aid that over the years the company has financed its programs through profits generated by the firm. The company, in view of its desire to acquire as much as possible for cash, has changed this policy and has now lines of credit wjth area banks. Other long term avenues such as debenture and equity financing and preferred stock are being considered, McLennan said. WASHINGTON (AP) The International Monetary Fund says its executive' board has drafted, the technical language for the new international money plan adopted at.

Stockholm last month by the non-communist world's richest nations. Included in the proposed amendments to the fund's articles of agreement are basic reforms which would give the European Common Market a veto over some operations. The fund said the language is being forwarded to the board of governors comprising representatives from each of the 107 member nations for approval. It requested action by the $100 Million Sears Issue In the Offing NEW YORK Sears, Roebuck and the world's largest retailer, will make a public offering of $100 million sinking fund debentures. Goldman, Sachs and and Halsey, Stuart and Co.

Inc. will be joint managers of the underwriting group for the 6 per cent issue due April 1, 1993 at 100- per cent and accrued interest. The offering marks the first public financing by the company since 1958 When it sold an issue of $250,000,000 of debentures, the largest underwritten industrial debt issue ever marketed to the public. Net proceeds from the sale of the new debentures will be added to the general funds of the company and will be used initially to increase working capital. If we can just hold our present position we have a future because of the growth of the; permanent press clothing the president of Sai Francisco-based Kor a-carp Industries Inc.

But it was quite evident from other comments made by Jere N. Helfat, president of Koracorp, yesterday that his plans are far more ambitious than "holding his present position," Helfat told the Eastbay Street Club, an organization of securities brokers meeting in Oakland, that Koracorp has a "minimum target" of $100 million in sates by 1971. 1967 figure was $32.2 million. He said, "For the present out direction is to be a major fashion-oriented, consumer prpducts company. We know this type of operation and hve the people to handle it." An acquisition program has bepn in progress and will be continued, but concentration wiH be on what Helfat describes as the company's "un-icenters," the fields of women's apparel, men's apparel and Koratron (the permanent press process which the company now licenses to more than 900 firms around the world).

The women's division includes three Koret of California operations, one with headquarters in San Francisco, another in Vancouver, B.C. and a third in South Africa; Blair-mtor Knitwear Corp. of New Yrk City) and Broadway Kitting Mills of Montreal. the women's division had sates of $15 million in 1964 and Hefat predicts (37.5 million thh year. He describes the men's divi-s I made up of Byer-Rolnick, a hat manufacturer, and Oxford Clothes a quality ready-made suit and sportswear operation, as embryonic Helfat says he uses that term because Koratron intends to build a large, diversi Fruehauf Gains Stock DETROltt-yPI) Fruehauf Corp.

announced it has obtained about 88 per cent of the shares of Maryland Shipbuilding Drydock Co. as a result of its recent tender offer of 1.05 shares of Fruehauf common for each share of Maryland Shipbuilding Odd Lot Transactions NEW YORK (AP) The New York Stock Exchange reported these odd lot transactions by principal dealers for April 16: purchases of 676,052 shares; sales of 894.376 shares including 11,587 shares sold short. Walston now uptown at 20th and Franklin 0. fied men's operation which Dl produce the entire range of, men'i apparel. The combined men's operations yielded (15 million in last year but 'Byer-RjJnick was not included in o4rall Koratron figures of its Dec.

27 acquisition date. It will be included in 19C8. The number of fabrics to which Koratron can be applied has been expanded to include wool and linen blends and the company Is Just getting into men and women's uniforms a field which it considers a rich one. Koracorp has been involved in considerable litigation during the past two years in controversies stemming from its patent on Koratron. Our kert it Portly, aufutt in tht moment of decision; he smokes the last of the Havana; the tack of kis suit has an affinity for leather club chairs; at tke ate of 119 ke is venerable, but doddering.

WhileSutro ACo. i110 year old, there it no one on the staff who can claim quite that many years of continuous experience in the securities business. Why then, should the firm make much of its history? Is there anything that happened in 1858 that has meaning for 1968 1 7, f--v We are, being the oldest brokerage firm in the West, seemingly constrained to make a total defense of tradition. Well, we're not going to. Firms can get bogged down in tradition.

The old-fashioned way isn't always best The repetition of bad habit doesn't make it a virtue. We make it a practice to examine our traditions ind to cast off those that are no longer useful; new ideas, new patterns replace the old. The Sutro broker of 1858 would not feel at home in the firm today. However, some of our ways of doing business survive the test of time and are passed down from one set of partners and brokers to) another. We do have continuity: there have been only four managing partnera in Sutro'a 110 years.

In the daily con tact between men, some of the unwritten secrets of success are passed on. Although none of our brokers is 110 years old, and we have not sees good Havana cigar in the board room for quite some time, we find it reassuring (in the sense of doing our Job well) to know that all of our brokers have access to Sutro's 110 years of experience. i Planning Ho Retire? Then you owe it to yourself fo see For useful wealth-seeking ideavyisit Walston in Oakland's newest and largest investment facility. V-3HCU The free offer: i IBM, Consolidated Foods, and I sutro er co. I Nm if Tot Mwtin; our research library will give you facts on most any stock.

All of which adds up to greater convenience and comfort for you when doing business with Walston in Oakland, Stop in and look us over. On, hand to greet you will be Vice President and Resident Manager David S. Tucker. Adolph rcucr, Manager, Commodity Department, and Account Executives J. Howard Burgess, Malcolm Burgess, Dallas Cason, Bruce Qcment, Thomas Cay, J.

Hubert Hynes, Al Masters, Robert MUlinieh, Pauline (Scotiic) NcDson, Edward Pavone, Robert Picrri, Henry Pong. Jack P. Schmidt, Water Wong, John Mitchell," Jr, ind Leonard Winger. Don't leave without copies of Weston's After 1 7 years cn 1 4th Street, Walston has moved uptown to the Fidelity Savings Loan Building at 2000 Franllin Street in the heart of Oakland's new financial banking center. Our new office in Oakland is the place to get investment news while it's still news.

Quotations are provided instantaneously by our Ultronic desk units. Our New York and American Stock Exchange Loctrascans keep you up-to-the-minute on reported market transactions. Commodity traders can follow trading on our Telcquotc III four panel commodity board. An extra attraction is our Ultronic Trcndicator which keeps track of the puke of the market. Walstoa's spacious new off.ee is fully car- pctcd and there are plenty of seats for clients.

If you're looking for information in depth, Kn Vtrt taw EKMn The Money Crisis Reviewed I I I tzn as stMTw SS74S11 Our 110-veeroOld firm has tackled some very 4 Cm.M.I. I AM hhM A ff I Mr.a.a.ummn.jt, The Mobile Home Par That The Whole Country Is Talking About I Eeca.se Ua'qae Cesija-All Har.s 5 fici lndscjpeirw.de S-fe- A3 Hones V.mitnl ttr-'O Ca Wa'k From to Ta MficTBW.tta4TakjriA I'? Or CBWe-sici-As'cmcbiles DrinAPjrt Behind Hcrnes. tes Des pei For In Ccc-ty iKjclrttartStl Strut Vrst TiIbeVj-ieyCfTBeVxi; Dear Sirtt Please send roe your current review on IBM, Consolidated Foods and The Money Crisis, famed market letter. tikes a look at the most recent developments at IBM and what tbey mean for its future. It looks into the widely diversified Consolidated Foods Compcny, ippniin tti manijeinent, current pro ects and prospect.

The review also look into several stpects of the money crisis, relitin the current U.S. situation to problems of foreiia nations. It's worth reading. We hope it will help to convince you that Sutro is worth knowing. Name, Walston Co.

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