The Bakersfield Californian from Bakersfield, California • Page 30

lQ Dec. 4, 1974 fat lakrrsfirlh (f altfarnian Kuwait buys Daimler-Benz share Hammer to fight Oxy's takeover WASHINGTON Dr. Armand Hammer, board chairman of the Occidental Petroleum said today he will sue in federal court to prevent his company's takeover by Standard Oil of Indiana. "We will exert every effort to stop this takeover attempt and avert its injurious impact on the Public, and on our shareholders, employes, suppliers and told the Senate Interior Committee. John E.

Swearingen, Standard's board chairman, testified he believes a Standard-Occidental merger makes sense and is in the public interest. But Swearingen said no final decision has been made to try an exchange for Occidental stock. He said Standard of Indianaa has not bought any Occidental stock at this point. Swearingen said his company believes a merger would speed up the development of Occidental's energy resources without diverting any of Standard's capital. Hammer disagreed on every point.

He said Occidental's suit against Standard will be filed Wednesday. Sen. Floyd K. Haskell, chahed the hearing and noted that a successful merger would mean that the nation's sixth largest oil company would be buying out the 11th largest. "The surviving giant, with assets of $10.8 billion, would be larger than all other oil companies in the U.S.

except Exxon. Texaco, Mobile and Gulf." Haskell said. Haskell said he believed the proposed meerger carries with it the potential for the suppression by Standard of new and rival technology being developed by Occidental. Under questioning, Hammer said he has received tions that Arab interests have purchased about one million shares of Occidental's common stock. He did not elaborate or give details of who might be making the purchase.

Hammer made the comment when asked if he could explain what Chairman Haskell called an unusual rate of activicy in Occidental stock just prior to the announcement of Standard Oil of Indiana that it was interested in taking over the company. Another witness, Joseph E. Baird. Occidental's president, said the company has large petroleum and other mineral reserves in the United States and abroad. Baird said an inference by Standard that Occidental does not have a strong enough financial base to develop those reserves effectively is a case of "playing fast and loose with the tacts." "The truth is that Occidental's financial base is growing Truth act affects cash HUD Cuts price consumer pacts SAN FRANCISCO (AP) CAsh price consumer contracts involving four or more payments which are sold to a finance company at a discount are subject to the federal Truth in Lending Act, the California Supreme Court has ruled.

The court said Monday the difference between the cash price quoted consumers and the price which the contract is discounted amounts to a finance charge which must be disclosed. The unanimous decision was on a class action brought in Los Angeles Superior Court by Linda I. Glaire against La Lanne-Paris health spas and Universial Guardian Acceptance Corp. and other health clubs and finance firms. The suit claimed La Lanne did not disclose finance charges involved in the woman's purchase of a seven- year membership in a health club.

The trial court dismissed the suit and it was appealed. Kern oilfields By BILL RINTOUL Californian Oil Editor Another operator plans to join a shallow play developing on the west flank of the Asphalto field. Getty Oil Co. filed notice for Asphalto No. 1 on Sec.

26. 30S- 22E. located from the west quarter corner of the section 200 feet south and 250 feet east. The drill site offsets to the east Standard Oil Co. of California's No.

12-7, which was completed last July for a new pool discovery in the Tulare sands of Pleistocene age. If Getty gets production, another operator may be drawn into the play. The location offsets to the south a 40- acre parcel held by Bob Ferguson Independent. Standard opened the play last summer by completing No. 12-7 for 11 barrels a day of 14.1-gravity oil, cutting 21.4 per cent.

The well was completed from intervals at and 1.663-1.717 feet in the Tulare sands. The company steamed the well with a portable generator and succeeded in boosting production over the 100 barrels-per-day mark. Standard since has drilled three additional wells that shape up as producers, includ- ing No. 10-6, one-quarter mile northwest of the discovery, which went to 1,755 feet; No. 11-7, a westerly offset to the discovery, which bottomed at 1.702 feet; and No.

12-8, a southerly offset to the discovery, which halted at 1,621 feet. At last report, the company was preparing to complete the three follow-up wells on the pump. Standard drilled one additional well to the Tulare, moving out one mile southeast of the discovery. The company's No. 10-2 on Sec.

35, 30S- 22E, was abandoned as a dry hole at 1,800 feet. At Asphalto, the original find in 1962 came in Stevens sand at 5,600 feet, and a later deeper pool discovery came in 1967 in the Caneros sand at 8,500 feet. Cumulative production from the field stands at 29.5 million barrels, with the bulk of the oil some 28 million barrels from the Stevens sands. The field's 52 wells produce about 1,400 barrels a day. Standard has a core hole drilling program on tap for the Cymric and McKiltrick fields.

The company filed notices for four holes, including two in each field. On the southwest flank of the Wciport area of the ric IirId, Standard plans to drill Core Hole No. 1 on Sec. 35. 29S-21E.

located from the southeast corner 1,880 feet north and 135 feet west: and Core Hole No. 1 on Sec. 36, 29S-21E, located from the southeast corner 280 feet north and 1.635 feet west. On the southeast end of the main area of the McKiltrick field. Standard proposes to drill Core Hole No.

1 on Sec. 20, 30S-22E. located from the south quarter corner of the section 190 feet north and 580 feet east; and Core Hole No. 1 on Sec. 28.

30S-22E, located from the northwest corner 560 feet south and 780 feet east. New work for the Midway- Sunset field includes Chaparral Petroleum Nos. 2-C. 3-C. 4-C and 5-C on Sec.

15. 31S-22E; Chanslor Western Oil Development No. 85 on Sec. 17. 32S23E: and Standard's Virginia No.

229 on Sec. 25, 32S-23E. Gettv filed for Giant No. 275 on Sec. 19, 30S-22E in the McKittrick field; Lenhart No.

39 on Sec. 14, 28S-27E at Kern Front: and two additional development wells on Sec. 33, 28S-28E in the Kern River mortgage interest WASHINGTON (AP) Department of Housing and Urban Development has announced a reduction in the interest rate on reduced-cost home mortgage under a special federal program. The program initially had charged interest rates of 8.5 per cent plus extra fees and charges which raised the effective rate to 9.5 per cent. James T.

Lynn, secretary of housing and urban development, said that during the month of December the contract rate on the loans will be 8.25 per cent plus fees and charges, which will make the effective rate 8.895 per cent. The interest rate is pegt to the rates the government pays on the money it borrows. The program, which was initiated with President Ford's approval of the Emergency Home Purchase Assistance Act in October, functions through purchases of home mortgages by federal agencies. Lynn noted that the December rate for the federally backed loans compares with a 9.92 per cent rate on loans the Federal National Mortgage Association or Fannie May is committed to buy over the next four months. Lynn estimated the special rate will save home buyers $36 a month on a $30,000 loan retired over 30 years when compared to the Fannie May rate.

The federal program is funded with S3 billion about enough money for 75.000 home buyers. BEST CAR INSURANCE BUY BERNARD KAWOflSRI. C.l.U. 701 St. Business: 32d.d077 Residence: 871-5813 a g-pud ncrj'lhor.

Sf.tfe farm is ff-erp NO LIMIT NO RESERVE OBLIC AUCTION Voluntary Sale by Order of Owners THURSDAY DEC. 12 9:30 A.M. Formerly Equipment of Oregon Nulade Oregon Egg 315 Madison Street EUGENE, OREGON $300,000.00 Evaluation IB BREAKING DEPT. BULK FEED TEtKS. PMUm PELLET MILLS: (2j Sgiout-Vlallfron, Moos.

501D, 75 h.p. 1W h.p. HAMHEB MILL: Blue Streak Size 6AC h.p.; Blue Streak Size 7AC h.p.! ATTRITION MILL, Sprout-WaW- ron 40 h.p. Mlis.r (4) SHAKERS: (3) Sprout-WaltKim, 5' DM. Beet-, 3' 6' Single Deck; (2) PELLET COOLERS: (2) Sprout-Waldfon's-, GRAIN CLEANER, Lureta 6', 3-Deck; SEPARATOR, Carter Disc Slyle 2527; GRANULAT0R, Eureka Type G-h ROLLER MILL, Allis h.p., Steam Chamber Twin (2) GRAIN CUTTERS.

(2) Symon's, Mod. G-ll: (2) ASPIRATORS, (2) Carter DUO; GRAIN SIFTERS: SCALPER SCREEN, All Sleel 54" FILTER SYSTEMS, (2) Day CS Day Rotary Valve-, BAGGERS, (2) Rich- arflscn's, Pneu. Manual, Ea. Complete MOLASSES MIXER I PUMP: All Steel 10' Miner, 3" Pump-, MIXERS I CONTROL PANEL: (2) All Steel M.xers 0. Hardy St3le Control Panel; 13) AIR u.nncy 111 h.p.; Wayne 5 Wo'th.

3 ti (6) BLGWEHS, Arerican Spiout-WairlKin, h.p. to 40 (11) BUCKET ELEVATORS, 20 to US'; (43) SCREW C0HVEY0RS, 4' to 85' 6" to (12) BELT CONVEYORS, 24' to 60' 20" (4) DRAG CONVEYORS, 10' to 40' 6" to MICRO BIN, All Sleel 10 Drop Syntron feeders; ALL STEEL STORAGE BINS 8 TANKS: (2) Butler 632-Ton Grain Storage Bins; All Sleel rat Storage Tank; 12) All Steel Storage Tanks; (61 ASST. STEEL STORAGE HOPPERS; EGG BREAKING fleet, fpg Grading CandlinR De Laval Pasteurizer; Dunhnm-Busli Pkg. Chiller; Tri-Clover Rotary Pump; Kenlcn Sunset S.S. Mixing Vats; 2I)-Gal.

S.S. Tank: Ssni-Matic S.S. Tanks; Gill SS. Pump; (J) SCALES: 330M Mixing Scale Steel Sloiage Bin; Huvie 50', 100-Ton Rail Scale; P.M. 31', 30-Ton Truck Scales; (3) F.M.

Home Plattorm Scales; (5) REFRIG. UNITS: Fiig- Dual Copeland, to 5 (3) BULK FEED TRUCKS: Ford, 19S1 Inl'l. 5 1958 ta. 3-Axlc, 12-ljn Self Unloading; SHOP OFFICE BUILDINGS FOR SALE 011 LEASE, by SALE UNDER SUPERVISION OF Write I jot Free DeHcriptwe Brochure Auctioneers I MO S.W. FIFTH PORTLAND, OREGON 57204 (503) 222 9151 Milton J.

WERSHOWCo, Auctioneers 629 La Brea Los Angeles, Caiif. 60036 tj'jj 9S3 2171 stronger with each passing month," Baird asserted. "Standard may feel we are financially inferior, but we will continue to demonstrate to them that we are fiercely independent," Baird said. BONN. Germany (AP) The West German government Monday idenlilied oil-iich Kuwait as the purchaser or close to a 14 per cent share of the giant Daimler-Benz automotive company.

While insisting that Bonn neither welcomed nor condemned what was essentially a "private enterprise affair," a spokesman lor the Economics Ministry said it would expedite a draft law to require West German firms to report pending transactions involving foreign stock purchasers. The spokesman. Dieter Vogel, said Economics Minister Hans Friderichs was informed of the identity of the new DaimlerBenz shareholder in a telephone call Monday from Juergen Ponto. a member of the board of the Dresdner Bank, which served as middleman in the deal. Ponto, according to the spokesman, assured the minister that the government of Kuwait made the purchase from the Quandt holding group as a "capital-gains investment" and had no intention of interfering in the management of West Germany's second- largest automobile company, which produces Mercedes cars, trucks and buses.

The Economics Ministry said it had no information on the value of the transaction. Financial sources estimate the value at up to $400 million. DaimlerBenz had total sales of $5.7 billion last year and a profit of $102.6 million. The Quant group, which is controlled by industrialist Herbert Quandt, said Friday only that it had sold a major part of its approximately 14 to 15 per cent minority share in the automotive company to an unnamed "foreign party." Reminded of this, Vogel told a news conference that the government had "no direct strategic reservations" about the deal, adding that it, of course, wants to know who owns shares in the defense industry. CHOOSE FROM: OUGLAS HEARED GOTGH PI PRICED LOW FROM HEALTHY, LIVE IN 6" POT REG.

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