THE TAMPA TRIBUNE 5-B Thursday, October 4, 1973 Stocks Gain Again Roy Bertke On Business BUSINESS and FINANCE By JACK BRAXNAN NEW YORK (UPI) Stock prices moved upward again in the second consecutive day of heavy trading yesterday on the New York Stock Exchange, change. The Dow Jones Industrial Average advanced 7.75 to 964.55, recording its 12th gain in the last 14 sessions and closing at its highest level since last April 11. Standard Poor's 500-stock index was off 001 at 108.78, and the average price of a Big BoarjJ share rose 2 cents. There were 943 advances and 597 declines among the 1,849 issues traded, and 88 closed at new highs and 12 at new lows for the year. VOLUME TOTALED 000 shares, compared with 20,770,000 that changed hands Tuesday.
Analysts said the market still was encountering currents of' profittaking, which began toward the end of last week after seven consecutive gains. They said the market's ability to weather profit taking and continue its upward trend indicated underlying strength and consolidation at around its present level. Analysts also pointed to the strength of stocks with lower price-to-earnings ratios as compared to the high-multiple glamor issues, most of which have fallen back in the latest rally. They said it indicated big buyers such as the institutions were revising portfolios to place more emphasis on issues that trade at prices nearer their annual earnings range than high above earnings. MAGIC INVESTMENTS was the most actively traded stock, off 2 at 46Va on 270,000 shares that included a block at 44.
Warner-Lambert was the second most active, off li at 42 on 255,100 shares. A block of 171,300 shares of the pharmaceutical firm traded at 40. Coastal States Gas was third at 10, up on 242,000 shares. Chemicals surged ahead with most of the major issues advancing around 2 points or more in a move analysts and brokers attributed to prospects of generally higher earnings and increasing demands for synthetics. DUPONT, a leader of the group, added 4Vs to 194 and maintained an almost daily multipoint advance that has carried it upward WM points in the last seven sessions.
Stocks also advanced in heavy trading on the American Stock Exchange. Volume totaled 4,300,000 shares, almost equal to Tuesday's 4,310,000, and the average price of an AMEX common share increased 9 cents. Office Building Goes Up On Waters Construction has started on a three-story professional of-Jgje; building on West Waters Avenue at Twin Lakes Boule-ggrd across from the Carroll wood Golf Course in Tampa. ZS Uhe fl-million structure which will have square fttet'Df rental space is being developed by Southeastern Equities Corp. of Miami which has office buildings under co; struction of already open in Stuart, Gainesville and Orlando.
Occupancy is scheduled for April next year and Howard L. Dutkin Associates of Miami is the architect for the center core design building which will have an exterior of concrete and bronze glass. SETROPICANA SETS RECORDS Tropicana Products Jnc, of Bradenton yesterday reported earnings for fiscal 1973 increased more than $1.2 million over 1972. The big citrus products firm whose stock is traded on the New York Exchange, said net income for the fiscal year ending Aug. 31 totaled $9,994 million or $1.06 per share versus $8,769 million or 93 cents for 1972.
Sales for the year totaled $121,223 million compared to $104,957 million in 1972. For the fourth quarter, Tropicana said earnings were $3,245 million or 35 cents per share compared to $2,963 million or 32 cents, on sales of $32-683 million versus $28.06 million in the fourth quarter of last year. BRANIFF AND ORLANDO HOTEL Braniff International Airways of Dallas yesterday signed a contract to operate and manage the 650-room Carlton House Resort Inn in Orlando. John S. Lanahan, former president of the Carlton House, has been named vice president for operations for Braniff hotel company which already has hotels operating in New Orleans, Miami, Mexico, Peru, Texas, and on Padre Island in the Gulf of Mexico.
"The agreement was made with Carlton Industries of Richmond, and is for 20 years with rights of renewal for five-year increments Braniff said. Braniff, which flies into Tampa and Miami at present, is seeking additional routes into Orlando, and in announcing yesterday's agreement said it plans to work in developing the Latin American market in the area of tour packages for the Orlando hotel operation. Carlton House opened in Orlando this past April. PROTECTION DOGS EXPANDS Protection Dogs Inc. of Tampa which supplies security and patrol dogs for business and job sites will open a branch operation in Pinellas County next week located on 114th Avenue, North near Pinellas Park.
POE'S INCOME UP Poe Associates Inc. of Tampa, insurance firm, yesterday reported net income increased 25 per cent for the nine months ending Sept. 30. Income was $278,400 or 28 cents per share versus $223,200 or 22 cents in the same period a year ago. Revenues were up 22 per cent and totaled $1,558 million compared with $1,278 million.
NEW ARCADIA BANK BUILDING Ground was broken Tuesday in Arcadia for a new $l-million, two-story Business News Briefs building for the DeSoto National Bank. Completion of the facility is expected in August next year. Chartered in 1907, DeSoto National's deposits grew 73 per cent from 1970 to July of this year and now total over $22.5 million. MORTGAGE FffiMS MAY MERGE Associated Mortgage Investors of Coral Gables and North American Mortgage Investors said they have tentatively agreed on a. merger.
Proposed terms call for exchange of one share of North American preferred for each share of Associated's beneficial interest. CAN RECYCLING Over 36.6 million aluminum cans were recycled by Reynolds Reclamation Center in Tampa in the first half of this year. Area residents who collected the cans and turned them into the center received $159,172 for their efforts from Reynolds which pays 10 cents a pound for the old cans. Across Florida, at the Reynolds centers which are located in Tampa, Miami, Jacksonville in addition to three mobile collection units, over 91 million cans were collected for recycling and Reynolds paid out over $395,600 for the cans. Reynolds said it is currently recycling cans at the rate of five cans per capita per month in Florida.
NAMES IN THE NEWS Five new directors have been elected to the Greater Brandon Chamber of Commerce. They are Don Hart, Joseph Martin, Robert White, the Rev. J. C. Powell and Robert Bryan.
New executive director is Richard T. Smith. Hal C. Flowers, formerly with Adams-Cate Co. of Atlanta, a real estate and leasing firm, has been named general manager of Lincoln Center in Tampa, the new 10-story office building under construction on Kennedy Boulevard at Interstate 75.
Florida Power of St. Petersburg has announced a series of top-level personnel realignments. Alfred J. Ormston, formerly vice president power, is now vice president and assistant to the senior vice president; Billy L. Griffin, past assistant vice president for construction, maintenance and operating.
becomes assistant vice president, system operations; Philip Henry, director of construction management now is director of system construction; and H. G. 'Pat" Wells who had been director of system planning is now director of system research and development. The Justice Department has under study possible antitrust action against independent gasoline station operators who declare a moratorium. Mark Anderson, trial attorney for the department's antitrust division, said Tuesday his office is studying the possiblility that such a moratorium might violate the Clayton Act, which prohibits group boycotts, more General Electric has agreed to screen its director candidates to prevent the election of directors who might also serve in the same position on boards of competitors.
The Federal Trade Commission had issued a complaint against GE and Chrysler because Edmund W. Littlefield served on both boards and both firms produce home air conditioners. Littlefield has resigned from Chrysler. The American Stock Exchange said it plans to begin trading in stock call options Dec. 10, subject to approval of the Securities and Exchaneg Commission.
The Amex said 10 stocks will be selected for trading in the initial pilot program. Meanwhile, the Philadelphia-Baltimore-Washington Stock Exchange said it has filed with the SEC plans to begin option trading also. And the New York Exchange is actively considering options trading. Only the Chicago Board Options Exchange trades in stock options with volume up 65 per cent since going into operation last April. Concentrate Sales Still Set Records LAKELANP (UPI) Retail purchases of frozen concentrated orange juice are 10 per cent ahead of last year's record movement, the Florida Department of Citrus said yesterday.
Edward A. Taylor, executive director, said statistics through Sept. 22 showed chilled juice sales were running 24 per cent ahead of last year. Through Sept. 22 consumers had purchased 91,989,000 gallons of concentrate and gallons of chilled juice.
Taylor said the average re tail price of juice for the week ending Sept. 22 was 19 cents for a six-ounce container of frozen concentrate, a drop 1.1 cents from the same week a year ago, and 38.7 cents per quart of chilled juice, a drop of two-tenths of a cent from Salomon Brothers, a prestigious Wall Street investment house, yesterday reported a $6.6 million pretax loss for the year ending Sept. 30 in sharp contrast with a $37 million profit a year earlier. Revenues plunged from $203 million to $154 million. The Commonwealth government of Puerto Rico and ITT Corp.
have reached an agreement in principle for the sale of ITT's Puerto Rico Telephone Co. to the govern ment. ITT is said to be seeking $100 million for the company. The government purchase was motivated by a desire to hold down rates. ITT has been seeking a 50 per cent rate hike over the next four years.
The Commonwealth government is reported planning creation of a public corporation to buy the company through a $100 million bond issue with operation of the company to be contracted through another U.S. firm. the same week a year ago. A federal hearing is under way in Santa Barbara, Calif, to determine whether Exxon Oil will be able to sink the first new offshore oil well in the Santa Barbara Channel since the 1969 big oil spill. A provincial conciliator called representatives of Canadian International Paper and its striking workers back to the bargaining table for next Tuesday in an attempt to break a long strike.
Meanwhile, five major newsprint producers and three divisions of another in Canada reached tentative contract settlements subject to ratification by striking workers. No details were announced. The agreements cover 3,500 of some 8,000 workers in the strike-torn Canadian paper industry. WE NEED TRADES! UP TO $100.00 TRADE ALLOWANCE ON YOUR OLD TV! FREE! ROOFTOP ANTENNA WITH EVERY COLOR CONSOLE PURCHASED! San Antonio Central Park Bank of Texas cut its prime lending rate to nine per cent from 93i per cent yesterday and Fort Worth's Northeast National Bank cuts its prime to 9 from 10 per cent. Industry officials called the cuts a maverick move.
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