The Daily Times-News from Burlington, North Carolina • Page 15

ISA Burlington (N.C.) jjjvjgJMonclay. July 3,1972 Lockheed's Situation Still A Critical One (Editprs's Note: A year ago the nation faced the possibility that its biggest defense contractor could go into bankruptcy. Then Lockheed Aircraft Corp. received federal help. The following report by Donald M.

Rothberg of The AP Special tant to the Tristar's future are due, probably this fall, from British European Airways and Japan's All Nipon Airways. But Lockheed has not lost any interest in the defense business. The company is competing for contracts on several defense projects including a design competition for a transport plane that could operate from short runways. Its Air Force contract for the world's biggest transport plane, the C5A, nearly put Lockheed out of business. Former Defense Secretary David Packard summed up the C5A issue for a congressional committee: "Obviously, there is a-, problem when a program on which the original target cost for 115 airplanes was $1,768 million ends up in a now projected cost of $3,248 million for 81 airplanes." When the C5A contract was rewritten, Lockheed was forced to take a $200 million loss and finish the work on a no-additional-loss, no-profit basis, of Rolls Royce Ltd, British I But not all the C5A work is Assignment Team looks at Lockheed today.) By DONALD ROTHBERG Associated Press Writer WASHINGTON (AP) A healthy flow of Pentagon business, a huge federal loan guarantee and a helping hand from Britain so far have failed to lift Lockheed Aircraft Corp.

above financial storm clouds that threatened it with bankruptcy. The nation's No. 1 defense contractor, heavily in debt, has pegged its commercial future to jet, the its big Tristar L1011. But the airline business is in a slump and orders for the $18 million plane are below expectations. A year ago, Lockheed 1 was reeling from $484 million in losses on four government projects and from the bankruptcy builder of the engines for the Tristr.

Lockheed owed consortium of 24 banks $400 million. Its net worth, according to a Pentagon study, was $240 million. The banks wouldn't lend any more money. -Lockheed Chairman Daniel J. Haughton appealed for government help, declaring that without it the Tristar program would be scuttled.

"If that happens, I know of absolutely no way to keep of bankruptcy," administration Lockheed out he said. The Nixon backed Haughton's appeal and after a long and bitter fight, Congress voted to pledge government credit for up to $250 million in new bank loans. So Lockheed kept alive. The British government provided the money to enable Rolls Royce to stay in business and offered airlines separate financing for 90 per cent of the cost of the engines with which Rolls still is having problems. Where is Lockheed today? It used S100 million of the loan guarantee to obtain extra financing and now owes the done under that no-profit contract.

Pentagon figures obtained by The Associated Press show that from 1969 through 1972. million was spent for C5A modifications, spares and component improvement. Lockheed was prime contractor for nearly all that work. The projection for 1973-1977 is for expenditure of $278.8 million. Pentagon officials say that these costs are part of the continuing maintenance of any weapons system and that orly time will tell if they will be higher or lower than usual witn the C5A.

So far, says the Air Force, the plane has performed well with lower than normal maintenance. A check of Defense Department computer printouts listing nearly 3,000 transactions with Lockheed during the last two fiscal years disclosed the following: --Despite administration predictions before congressional committees that Lockheed would have to expect a drop in its defense business in the mid- 1970s, the trend for the past two fiscal years appears to be in banks a total of $500 million, ithe opposite direction. It delivered the first three-engine Tnstars tins spring to Eastern and Trans World Airlines. But since obtaining the loan backing during the airline slump, it has sold only two more of the 272-passenger planes. The Tristar's main competition Douglas is the DC10, an McDonald- American- built three engine jumbo, and a twin-engine European airbus.

Available earlier, the DC10 so far has outsold the Tristar 170 Graham PCA Guts Rate On Interest GRAHAM Graham Production Credit Association is reducing its interest rate on all conventional loans to six per cent. The lower rate was effective July 1, and will benefit approximately 2,700 member borrowers within a nine count area. Graham Production Credit Association is one of the associations in the Third Farm Credit District which is com- persed of 60 associations in North Carolina, South Carolina, Florida and Georgia. This past year the Third District had farm loans in excess of $735 million to over 53,000 farmers. The following is a partial list of farm items eligible for PCA financing: Cars and trucks, college educations, all kinds of livestock and poultry, farm supplies, household improvements and refinancing of other short term liabilities.

V.W. Coltrane, chairman of the board and B. Graham Rogers, president of the association stated that Graham PCA will continue to provide a dependable source of credit to its member borrowers in the nine county area'qf Alamance, Gaswell, Orange, Durham, Guilford, Chatham, Randolph and Rockingham. Office Design Harmful Fun At Work Is Better Production Burlington Patents Licensed NEW YORK (AP) If you could take a break from your officework to swim, tend a garden, or just reflect, you'd probably also do more work, a motivational research expert says. Ernest Dichter, president of the Motivational Research Institute of Croton-on-Hudson, N.Y., says, "Once people realize they can have fun at their job, they'll be better producers." Dichter, who serves as a consultant to corporations, blames part of what he says is the alienation of office workers toward their jobs on the design the offices themselves.

"We used to build offices and then try to fit people into he says. The research executive predicts the office building of the future will be much like a home or apartment. "I don't see anything wrong with a boss dictating to his secretary on a balcony or having a place on the roof or on the grounds where an employe can plant radishes in his free he says. from the main office space, might have a couch, bar, leie- vision set, or dictation equipment, but no telephone or clock, he says. "In most offices today there's no place where an executive can withdraw," Dichter says.

The permanently sealed windows of modern buildings need be no deterrent to installing flower boxes outside offices, says Dichter, who proposed that employes water the boxes from inside by a tube that would go through the window. He feels the ideal location for an office building is a campus setting in the country or sub- urbs, where both trees and parking space is in abundance. "There's no reason for people to work in city offices," Dichter says. For those who must remain in urban skyscrapers, life could be made more pleasant if swimming pools and gardens were put on office building roofs, he says. whichhe a as dt COnSUIIdlH.

28 ar- iO-acr nicfrirf Of ani otftc Chemicals Corporation Schwartz a 26-room fieldstone mansion perched on the top of a hill The patents relate to pile Even a big building can be'overlooking the Hudson rics having woven synthetic designed in a way that pre- hen he wants to take a break lastlc backings, serves its human scale, says work he can visit a I Thiokol and Amoco Fabrics tower" adjacent to Company have taken licenses Dichter. -'You can divide the building into three sections and paint them in different colors." At least some of Dichter's visions will be transformed into his office, stroll through an orchard located on the building grounds, or take a swim in ou under the Burlington patents. A companion suit in Bucks i i institute's pool. Burlington Industries and Thio- kol has also been dismissed. Welcome Finance Opens Neiv Site MEBANE e-1 in the consumer finance field, Dichter proposes that off ice of building designs include "thinking tower," a sort "womb" into which frazzled executives can retreat.

The tower, which would be separate Finance Company" has announced the opening of a new branch office in Albermarle, N.C., effective July 6. Mrs. Phyllis Maner Morgan; of Albermarle has been apointed manager of the new office and has already begun her duties ai with the company. Mrs. Morgan was previously employed by another consumer i a company in Albermarle.

She has more than nine years experience having worked as cashier, field auditor and manager with her previous employer. Welcome Finance Company is a locally company operating in four localities in North Carolina. All of the offices are licensed by the State Banking Department a operate under the Department's supervision. Welcome Finance Company was organized and chartered in October of 1969. Officers of the company are C.W.

Lee, president; G. Crawford Amick, vice president; D.R. Fonville, secretary; and J.J. Schopp, treasurer. you get continuous service.

General Insurance Jock R. Lindley 2333 S. Church St. Dial 227-2797 Rail Merger Approved By Stockholders Todays Stock Market Report From The "Wires Of United Press International NEW YORK (UPD--Selected stocks on the New York Stock Exchange. Sales(hds) High Low Last Chg A A --During the first nine months of the fiscal year ending June 30, Lockheed received $1,418 million in business from the Pentagon.

That is less than $100 million below the total for all of the previous year and the last three months are often the busiest for awarding military contracts. --Less than half the dollar value of Lockheed contracts was awarded on the basis of price competition, a situation congressional testimony has in defense to 104. shown is common Lockheed says it will starticontracting, making money once it sells be-j --A large chunk of the Lock- tween 255 265 Tnstars. A classified Pentagon study puts the figure at 370, an estimate Lockheed steadfastly denies. Plane- buying decisions vitally impor- won the job.

heed contracts listed as price competitive was for the C5A where the final cost ended up far higher than the bid that Hanrahan Trial Slated To Open Wednesday CHICAGO (AP) The long delayed trial cf State's Atty. Edward V. Hanrahan of Cook County, accused with 13 others of conspiracy to obstruct justice, is scheduled to open a before Circuit Judge Phillip J. Romiti. Hanrahan, one of his assistants and 12 policemen are accused of attempting to block the prosecution of policemen who participated in a Dec.

4, 1939, weapons raid on a Black Panther party apartment. Two Panther leaders, Mark Clark, 21, Peoria, 111., and Fred Hampton, 20, Chicago, were fatally shot in a fusilade of gunfire during the raid. The police raid was reviewed by a coroner's jury, a regular county grand jury and a federal grand jury, but there were no indictments. A special grand jury convened in December 1970, however, inclined Hanrahan and the others in June 1971. The Illinois Supreme Court subsequently rejected arguments by Hanrahan and his codefendants that the indictments were invalid because of publicity.

Hanrahan also contended that the special prosecutor, Barnabas F. Sears, unduly in. fluenced the grand jurors. Hanrahan also made an unsuccessful attempt to have the U.S. Supreme Court hear his argument that the indictments were invalid.

The Illinois Supreme Court and Judge Romiti did find some fault with the clarity of the indictments and Sears was ordered to specify certain charges against the defendants. Fischer Not Present For Chess Match REYKJAVIK, Iceland (AP) The International Chess Federation postponed the start of the Bobby Fischer-Boris Spassy world championship series until Tuesday after Fischer failed to arrive in Iceland over the weekend. The American champion was believed still in New York. Fischer's 24-game match with the Russian world's champion was to have begun Sunday, and the president of the world federation, Dr. Max Euwe, announced if the American challenger failed to show up by noon Tuesday he would risk forfeiting his chance at the title.

Fischer's representatives in Iceland requested the postponement on the grounds that he was unable to play because of fatigue. But it was generally assumed that the request was part of Fischer's campaign to get more money out of the Icelanders. Fischer and Spassy have agreed to split a $125.000 purse, with the winner taking five- eights, and are also to each get 30 per cent of the sale of film and television rights. But Fischer is seeking an additional 30 per cent of the gate receipts, and his representatives have been negotiating this point with sponsors of the match, the Ice- Tandic Chess Federation. AcmeMk 2g Address .60 Admiral Cp AetnaLf 1.68 Air Prd Airco 40d Allg Pw 1.40 AlhdCh 1 20 AlliedSt 1 40 Alcoa 1.80 Am Hss Arn Airlines A Brnd 2.29 Am Can 2 20 AmCyan IVi AmElec 1 74 Am Export Ann Hois .40 A Home 1.77 AmHosp .27 AMetCx 1 40 Amer Motor AmNGs 230 A Smelt 1 20 AmTT 2 oO Ametek AMF Incp 1 Arnpex Cp Amstar 1 70 Apeco 12d Armco Stl 1 Ashl Oil I 20 Assoc Tarns At Richfld 2 Atlas Corp Avco Corp Avnet BabWil .55 BakerOil .70 Bath Ind .20 Beat Fd 1.16 Beckm BellHII .60 Benguet In Beth Stl 1 20 Black Dkr 1 Boeing .40 Boise Ca 25 Borden 1.20 Borg Wr 1 Bost Ed 2 44 Bourns Inc Braniff 3k Bris My 1 20 BritPet BrGroup l'i Brunswk 16 Bucy 1 20 Burl In 1 40 Burrghs .64 Camp 1 10 CanPac Car 1.46 CarnerC .60 CaterTr 1.40 Celanese 2 Centl Soya 1 Cerro Certain .80 Chmplnt 84 ChmSpr 1 24 Chase Mn 2 ChesOh Chris Craft Chrysler 1 Cin Gas 1.56 CIT flncl 2 CitiesSv 2.20 City Inv 52 CleveEl 2 2 8 CocaCol 1 64 Colgate 1.46 Collntst 1 60 1.40g Col Gas 1 82 Cm Solv .40 CmwEd 2 20 Comsat 56 Con Ed 1 80 Cons Fd Con Freight ConsNG 1.95 Consm Pw 2 Contl Air Ln Cn Can 1 60 Contl Oil IVj Contrl Data Corn Cox Brd .30 CPCIntl 1.70 CraneCo .80 Crowell 4i Crwn Zl 1 20 Curtiss Wrt Cyprus Ms 1 DanRiver DanaCp 1.30 Dart In 30g Dayco 1 14 Deere Co 2 Del Mnt 1 10 DstEdis 1 ,0 Diam Shm 1 Dlebold OisnyW Dr Pepr .40 DomeMn 80 Dow Ch 81 0 Dresser 1.40 Duke 1 40 DuPont DuqneL 1.64 EasioC .500 Eastern Air EaKod 1.04a Eaton 1.40 EIPasoNG 1 Essxlnt 1.20 Ethyl Cp .84 ExCcIl 0 .80 Factor F-airch Cam Fairlnd FairmtF .50 FarahMf .44 Fcrro Cp .70 F'reston ,83 FstNtSt FMC Cp 85 FoodFr Ford 2.70 ForMcK .84 FreptMn .80 Fruehuf 1.70 GAC Corp OAF Cp .40 GamSk 1.30 20 31'i 31 Vi 3 41 Vz 41 41 Vz-- 1 22 58 2 73 8 20 S7V4 57V2- 73 73 'A i7Va 21 7 29 3 A Vt 2 33V2 33'A 33V4 10 48V4 48V4 3 Vt 3 36 36 Vt 9 47Va 47 47 8 307s -44 34 34 32 26V2 15 4 1 10 4 1 8 Gannett .48 Gn AOI 60g Gen Dynam Gn Elec 1 40 GnFood 1.40 Gen Instr 2i Gen Mills 1 GnMot 1 95d PubU I 60 Gn Steel Ind 1.52 Gen Tire 1g 5 1 8 0 4 50 50 50 enn Centr 5 27 27 FennDix 12 34 66li PennPL 1.60 79 Vs 7 281A 28 XT 7 50 50 57 75 41 21'A 20 67s 28 50 21'A 65 26 5 Vt Ga Pac Gerber Gillette Glen AI 7 43V2 48V2-- 3 30 30 39 87s 10 35V2 35V2 35V2 i 25 19V8 19V4-- 1 109 Vi 1 18 62V8 62 62 7 10 31 31 31 -i- 7 11 11 V4 13 20V2 33 25V2 13 27 55Vo 55 Va 14 2V4 2V4 53 7 3 28V4 2 Vs 34 38V2 23 45V4 45 45V4 1 51 Vt 51V4 Vi 4 14 6 6 6 i 62 12 100V2 Vi 24 21 21 Va 19 13 12's 23 26V4 26V4 12 32'a Vs 5 34Va 34 34 1 18V2 1 8 2 29 I 38 62V2 62V? 6 2 2 4 13V2 1 3 3 4 33V4 2 1 18 13 8 183 --C 6 17 10 26V4 26 26 3 4414 24 59 59V4 J- V4 29 VB 5 251 2 25 2 20 54 54 Va 2 22Vi 22V4 22V4 12 47'A 9 54 54 10 Vt 15 7Vs 189 7Va Vt 23Va 2314 23Vs 10 Vs 14 36 14 4 V2 333A 13 1333,4 18 74V8 74 74Vti VB 2 VB 12 28V4 Va 3 2334 23V2 233,4 27 33 Vt 14 56V4 38 2434 2434-- 28 25 12 3 8 12 25 25 28' s-- Va 13 28 28 28i a 31 22 4 29Va 29Va 21 47 73 73 5 235 235 235 1 42 7 a 42 7 a 42 7 4 31 3 4 9 19Va 19 19 Vi 34 3 'A 2 31V2 --D 9 9 28 38V2 11 X5 11 59 6 20V.

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Terms of the merger call for Norfolk Southern shareholders to receive seven-tenths of a share of a new $3 Three Year Cumulative Convertible Serial Preference Stock, Series A of the Southern Railway for each share of Norfolk Southern stock. 59 7 '8 59V2 Vi XeroxCp .84 ZalcCorp 64 ZenithR 1 40 5 3 37'A 29 343,4 3 28V4 28 28 11 17 17 Vs 7 -9 116V2 116V2 203V2 6 163-8 11 VB 27 1 A i 4 22V2 22V2 Am Pet 55d 2 A A a 130 2 4 Beverly Ent 103 59V4 59 59V4-J- Brascan lg 15 24 24 BundyCp la 58 19'4 19V'8 4 Clary Corp 2 48 48 4E 30 44 7 447 IB Creole 2 2 0 4 11 3 8 IPs IPs-- i DayMn 05b 11 3 8 Frontier Air 50V2 Vt 46 3 i 46 3 4 46 3 Va 21'4 20 20 2 9 834 9 J- 35 30 51 V2 51 51 10 37W XYZ-- 20 100 43V4 'A 7 In all races, an average of 106 males are born for every 100 females, according to En- cyclopaedia Bntannica. SPECIAL (Limited Supply) Bates STAPLER $4.75 Staple Remover 75c 5 Boxes Standard Chisel Point Staples $1.50 Box Total Value $13.00 As Long As They Last Plus Sales Tax Call Howard Chandler At 227-0332 CHANDLER OFFICE PRODUCTS, INC. 523 -N. Graham-Hopedale Rd.

Burlington, N. C. AMERICAN STOCK EXCHANGE Sales(hds) High Low Last Chg 1 23'i 233 7 25Vz 12 23 7 83 I 55 21 2 a 1 1 2334 23V4 3 1 5 5 21 19V. 20 10 9'n .60 84 Tex Gulf Texlnstr Tx PLT 52d Tex Utilities Textron Thiokol Timken Transa Tra Un .90 40 1 80 55g 1 28 Trans Air TriCon 1.8d TRW Incp 1 20thCen Fox UAL Incorp UnCarbide 2 Un Elec 1 28 UnOCal 1 60 26 97i 2 98 i. 19 49's 2 534 37 60'2- l.

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33V. 5 193,4 1 Vt 1 42V4 V4 77 31'a 3 153 19V. 5 23'A 19 18 18 18 20 53 53 2 22 22 22 2 Vi 10 15Vj 11 2 Vt 3 31V 2 4314 42V4-- Vt 25V4 25V4 2SV4 3 46 46 46 124 Vi 74 Ifli'n 1 14V. "6 21V4 21 Vl 22 2 18 18 Vt 6 1 lUi 11 9 17 17 17 x2 37V'j 37V. V4 10 45V4 44 7 Vt --P 34 11 23H 23 23 4 37H 22 22 3 34 16Vi 16 Attacked Guard Is Critical 425-1 nd 20-RR 55-Util 500 Stks 11 a 12008 4 2 4 3 5 3 3 6 1 0 7 2 9 Pry, close 119.91 4 2 3 5 5330 10714 ADVERTISEMENT FOR BIDS Sealed Proposals will be received by The Alamance County Board of Commissioners in the Office of the County Manager the Courthouse Annex, Graham, North Carolina, until 3.00 Thursday, July 13, 1972, for the furnishing of labor, materials, and equipment en- lenng into the construction and alteration of the existing 5000 sq.

ft. cafeteria building at 610 N. Mam Graham, N. C. (formerly North Graham Ele- ementary School) for use as a Data Processing and Recreation Department Office.

Expect more than the baby. hxpcct sofne babic changes in your way of i And what it takes to protect it. Because each i addition is re.ilK another 18 or 20 each parent laces special problems it an i happens to the other. Call the I istener Tel! him in protection for today, preparation tor tomorrow. He'll tell how to program it i Integon's many i i and uses of insurance and related financial services.

those submitting a be returned to bona fide Proposal MORGANTON, N.C. (AP) Separate Proposals will be received for: A guard in a prison complex General Construction 0 2 Plumbing llOUSing 'youthful offenders was 3. Heating and Air Conditioning in critical condition late Sunday 1 Elcctncai after being attacked by several Plans and specifications are available, 0 at the i of Alley, Williams, Carmen, 1 Kmq, Inc Engineers and Architects, fnr Mnrth Torn Burlin 9ton, N. Plans and Specifications lui ixuiiu i a be obtained by those qualified, Baptist Hospital at Win- ancf who 1 1 make a bid, upon deposit ston-Salem said Jack S10CO in TM sh or Ccrt Chcck 25, of Morganton, had emergency surgery earlier Sunday. Dr.

James C. White superintendent of the Western Correctional Center at Morganton, said Ledford had been beaten on the head with a metal mop bucket handle. The superintendnet said he did not know what caused the incident. He said about 25 inmates were watching a late show on TV early Sunday at the time. White said most of those present went to Ledford's aid.

The superintendent said an investigation is not complete but that the youths believed to have been involved had been placed in tighter security. Fmr.CIAl SERVICES Talk to the Listener. provided Plans and Specifications are returned to the Architect in good condition within days after the date set for receiving bids. Bidders are notified that each Contractor must have proper license under the State laws governing his trade. Each Proposal shall be accompanied with suitable 5 per cent Bid Security.

Performance Bond will be required for 100 per cent of the Contract price. The Owner reserves the right to i any or all such Proposals and to waive any informalities in bids received when- evar such rejection or waiver is in the interest of the Owner. I No Proposal may be withdrawn a the closing time for the receipt i bids for a period of 30 days. BOARD OF COMMISSIONERS ALAMANCE COUNTY, NORTH CAROLINA D. J.

WALKER. JR COUNTY MANAGER ALLEY, WILLIAMS, CARMEN, KING, INC. ARCHITECTS ENGINEERS OURLINOTON, N. C. R.

ParKer Dave Edwards Integon Financial Services 420 Suite Executive Village Alamance Road Burlington, N. C. Phone 227-7477 fSPA-PERI.