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Marketplace
TIMES
Bankers seek
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hours to 60 or more each month taking.ca
condo or co-op's business. And it's often tha
1 Yr. Ago
1 Wk. Ago
Today
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12 00
9.50
9 25
7 95
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10 74
10 05
8481
The First Boston Corp. is very opti-
mistic about the Christmas season
and thinks that almost all retail com-
panies will get swept away in general
business strengthening. First Boston
Research summarizes recent trends
12 00
9 50
9 25
8 11
8 76
989
11 06
969
8722
17.50
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14 00
13 16
13 84
1438
14 35
12 44
13869
Prime rate ......
Discount rate ...
Fed Funds......
3 mon T B......
6 mon T.B. .....
Trees note 2 yr. .
Treas bond 30 yr
Municipal bond ..
6 mon save cert
• Lenders must UM plain
English to detine certain terms in
closed-end [fixed loan amount]
credit documents
•ia consumer has a credit
balance meaning the merchant
owes the consumer money the
merchant must automatically pay
the money within six months
• Variable rate loans are now
covered by the ad The lender
must state the circumstances
under which the interest tale will
increase
• Lenders must separate
disclosures required by law from
all other information in loan
documents
• On home mortgages the
lender must state whether
anomer person can assume the
loan
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• 9
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GM recalling
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small autos
Ealum’asa
menes
by President Reagan in
October. The develop-
ment is part of a gradual
deregulation of interest
rates paid by banks and
the nation's ailing sav-
ings and loans to even
competition between
them and unregulated fi-
nancial institutions
Money market funds,
• The consumer s right to
cancel a credit contract within
three business days no longer
covers home mortgage contracts
although it does cover second
mortgages lor home
• improvements
• The lender has 20 days
rather than 10 to return money
to consumers who cancel credit
contracts within three days
• Advertising requirements are
less stringent in some cases,
the rules have been dropped m
others there are fewer
requsrements or more flexibiity
• The Federal Reserve Bank is
providing sample credit
transaction forms that companies
may use although they are not
required to use them
• In real estate transactions,
sellers do not have to include m
the finance charge the points
charged on the loan
Cncaqo Trtouhe Grapnc
Source Feoeral Taoe comms-en
duced prices continued. This may
have come to an end in October. So
The company's own dry-hole ex- ___________
penset jumped to $22 million last far it is still a mixed picture.
a sufficient reserve fund the directors had failed to
meet their fiduciary responsibilities
• The owners felt the resale value of their houses
had been damaged The jury agreed and awarded
them 1330,000
buying opportunity for serious and
patient investors.
Many hopes are riding on a buoy-
ant Christmas trade. The trend in Ju-
ly, August and September was down
and the better fashion stores did bad-
ly
The discount stores did much better
as inventory dumping at greatly re-
year.
Keeping all this in mind, the stock
is heavily oversold at $18 and should
do very well during the next 18
months The current overly depressed
level could be a once-in-a-lifetime
f
i,*
cent; and Montgomery Ward down 5.5
percent
Penney, however,, is continuing to
make strides in the soft goods busi-
ness while experiencing decreases in
the businesses it has opted to de-em-
phasize.
With Sears, we are waiting for a
pickup in the big ticket durables area
and with Montgomery Ward we are
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from new policy
From 1,500 to 1,800 Oklahoma veterans will be eli-
gible for up to 13 weeks of unemployment benefits
under a federal law effective Monday, the state Em-
ployment Security Commission says.
Veterans who have completed their first term of
service and have been discharged honorably on qr
after July 1,1981. will be eligible Benefits will onl
be payable on weeks of unemployment after Oct. 32,
1982
Under previous law, veterans were denied unem-
ployment benefits if they voluntarily left mitary
service. The maximum weekly benefit would be
$197, the same as the regular benefit scale
Harder employment conditions brought on by life
recession are responsible for the change in the vet-
eran benefit law, said an employment commission
official.                                                       * ■
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ates about 100 gasoline stations in California and
more than 300 nationwide, admitted no wrongdoing
in agreeing to the judgment.
By Johannes fl tod
Even by taking into account all the
oil industry's current negatives, the
shares of Helmerich A Payne (NYSE-
HP) are deeply oversold and grossly
undervalued at the current $17-$18
lvel.
• The stock is down from a high of
$44. The company, which will earn
about 13 a share this year or better,
has an excellent earnings record
which is simply being ignored by Wall
Street
The stock is laboring under the
'•Oklahoma City Financial Fallout" as
well as the dimmer prospects for deep
drilling in the Anadarko Basin where
the company is a major participant.
; Helmerich 4 Payne has a drilling
T.B. stands for Treasury Bills.
Dete compiled by Ubert»•
1 ■■                    9
from foreign sources) and bet of $75
million for a net profit margin of 24
percent.
Earnings for the first nine months
are still up but the quarter (June)
was down. Based on drilling revenues
alone, the earnings decline would
have been greater but gas sales were
surprisingly strong.
as follows:
The big chain stores continued
their lackluster showing, with Sears
up 2.2 percent; JC. Penney up 2.6 per-
Steel's Best Bets
Helmerich A Payne
... ► -
waiting for a survival strategy.
The good fortunes of John A. Brown
Co. in Oklahoma reversed list month
with the opening of Federated’s
Sanger Harris division in Its home
territory, and John A. Brown regis-
tered a 0.7 percent decline.
Walgreen reported September sales
up 16.2 percent, In line with recent
trends.
In the grocery business. Federated
had a 14.8 percent sales increase, out
excluding the acquired Market Bas-
ket'stores, the gain was only 3.3 per:
cent.
Food inflation is running less than 2
percent for most companies now, and
it is making sales gains more difficult
to achieve.
bil firm settles lawsuit
i LOS ANGELES (AP) - USA Petroleum Corp has
agreed to pay 173,000 in penalties and fees to settle
a lawsuit charging that it sold premium gasoline
with a lower octane rating than posted on pumps.
The stipulated judgment was approved Tuesday
by Loa Angeles Superior Court Commissioner Ber-
trand D Mouron Jr. in a civil suit filed by the dis-
trict attorney's office.
Santa Monica-based USA Petroleum, which oper-
• 0225 . . . ,
fleet of 59 rigs, substantial real estate
holdings in Tulsa, growing oil and gas
reserves and a 1176 million invest-
ment portfolio.
Last year, the company reported
revenues of $314 milllon (27 percent
Wall Street
Helmerich & Payne fine prospect for patient investors
Today’s HHAAM
Cost of Money
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$5,000 floor
By Kevin Laval whose interest rates are or a rate to be chosen by
The Oklahoma Bank- not regulated, currently each institution, or pay-
ers Association recom- total $225 billion dol- ment of no interest. Sev-
mends a $5,000 mini- lars. The enabling legis- eral respondents said no
mum opening deposit for ltion stipulates that the penalty should be re
an insured account that new account be directly quired.
is to be competitive with competitive with the The league recom-
money market funds.      funds, allowing banks  mends a maintenance •
That suggestion is one   and savings and loans to  balance of $2,500 and a :
of 12 that the associa-   pay unregulated interest  penalty interest rate :
/ tion is mailing to federal   rates on insured ac-  equal to that paid for •
banking and thrift in-   counts for the first time   passbook savings ac- -
dustry regulators this    And although some  counts, currently 5.5 .
week The Depository In-   say the legislation re-  percent,
stltutlons Deregulation   tains at least indirect _      minimum  re-
Committee is to consider rate regulation, they al- guirement for the
the recommendations in so say it is the most sig-   mount or the three
developing the account,   nificant development.to monthly checks that can
which is to be available date in making banks written on the ac
by the middle of Decem- and savings and loans                Arehrring
nil                       competitive with broker- sucn’a reqirement•
Bob Harris, executive age houses.,            gested minimums from
vice president of the as- The DIDC asked re- $100to $500
sociation, said the or- quested comments about
ganization sought com- several facets of the ac- The league recom-
ments about the account count. Following are mends that a minimum
from its 497 members A those submitted by the be the same as those re-
consensus of those who Oklahoma Bankers As- quired by competitive
responded is contained sociation as a consensus brokerage firm ac-
in a letter written Tues- of its members and the counts. which range'
day.                     corresponding recom- from $250 to $500. But.
Mike Toalson, execu- mendations of the U.S. the league recently sug-
tive vice president of the League of Savings Asso- gested a minimum of .
state's 56-member Okla- ciations.                    $100.
homa League of Savings _ a minimum initial _ No requirement 1
and Loan Associations, deposit of $5,000 Rec- that institutions demand
said that organization ommendations for initial a seven-day notice for
did not solicit recom- deposits from member withdrawal of the ac-
mendations for the ac- banks ranged from noth- count. Those favoring a
count from its members. ing to $20,000            notice said seven days
But he said most mem- The U.S. League rec- would be sufficient. i
bers probably agree ommends a minimum of Th .       .
with the sentiments of between $2,500 and -csde Ati0, for
the U.S. League of Sav- $5,000.                    withdrawal
ings and Loan Assoc ia- _ a maintenance bal-
tions, which recom- ance _ also $5,000 — Harris and Toalson
mends a minimum de- below which a penalty said they were uncertain
posit of $2,500 for the can be assessed The of how significantly
account                penalty recommended their organizations'
The two conventional by members included comments might influ-
financial industries payment of the NOW ence the DIDC, which
Harris and Toalson rep- checking account rate meets Nov 15 to struc-
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2:1 s’
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care of his How to collect money from delinquent members is
______                                 inkiess another vexing problem that every board faces at
So why would anyone volunteer to serve on a one time or another. Most levy fines - as much as
Manufacturers get more orders                                   or thepopctonna sadayoras nsueasiponesnanassocmissingeig-
is SXWSSJwfiS
mSentdrdussaltsrenraematafdameualdoma                        . perenniai ate payer
New orders fell 2.7 percent in August               ownersimeetirhgforsoneyea taorrtonnvtmsgvennu wtnspeculdtes in commodity futures. The building's
The gala was concentrated in orders for non-dura- oftwoorthreeyea rstTheres wwn or nine - to "te fesare tiny compared with the gains he thinks
ble goods such as food and oil-related products, with ber of .directors, t members select a president he can make ne board has decided that after three
orders declining tor durabie goods such as cm. the avoid. £ votesa Board members seec ‘            monthsmo "non payment, it wil post his name and
report said                                              Unit rwnerss interests ore boot served when what be owes on the lobby bulletin board .Sofar,he‛s
Banks’ I0U power upheld              poarnmemberanavraorrdnggtthenabondmonndm                              board can tell
awasmymazansanamagesatintcnporalsioun
InitsTyesdayruling, the U.S. Court of Appeals for  nessmen  -                                          force the sale of the property to recover what is
the Distrit of Columbia upheld a Federal Reserve    Says Andrew Stasio, board president and owner of owed
Board decision that let Bankers Trust Co. of New  a str ine or fried chicken franchises "We try to bal-   No mortgage holder would welcome such Adis
York offer the dotes, called commercial paper, to  anc t age of the directors, the length of time that  tress sale. The bank usually will try to persuade the
the bank’s customers A lower court had ruled they have lived here and their business experience " owner to pay up.
against the Fed and Bankers Trust.          07 - In condos or co-ops of onl a few dozen units o
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The new Truth-in-Lending Act
• g.gpberem
. DETROIT (AP) - General Motors Corp. says it is
recalling about 107,000 of its 1980, 1981 and 1982
model Chevrolet Chevettes and Pontiac T-1000 sub-
compact cars because of the possibility of fires un-
der the hood.
' The cars, equipped with 1.6-liter, four-cylinder
gasoline engines, could have a fuel inlet housing
plug that works loose off the carburetor, causing
gasoline to leak, the No. 1 U.S. carmaker said in a
statement Tuesday.
: The problem, discovered in customer complaints,
stemmed from "certain batches of carburetors,"
Catching Up_______
company spokesman Harold Jackson said.
. About 70 reports of underhood fires have been re-
ported. GM said, adding that it does not know of any
injuries.
Owners of the cars will be notified by letters and
will be asked to bring the cars to dealerships for
installation of a retaining clip at no charge.
: The National Highway Traffic Safety Administra-
tion in Washington, D.C., has been notified of the
problem but "was not involved in the determining of
ahe recall,” Jackson said.
ompany wins marriage suit
** SEATTLE (AP) — A Washington state court says
a company has no obligation to "monitor and safe-
guard" the marriages of its employees.
The ruling came in a suit filed against U.S. Steel
Corp. by a Montana woman who claimed her hus-
band divorced her to marry another woman after he
was transferred to Seattle by the company.
Veronica Parker said her former husband, James
Parker, was transferred to Seattle in 1975 or early
1976, while she remained behind in Billings, Mont.,
with their children
The Washington State Court of Appeals decision
Monday said "a relationship" that developed be-
tween Parker and a female colleague in Seattle
caused him to "lose affection for his then-wife Ay           gy                ■   ■      ■   ■      ■
Fezames and Veronica Parker were divorced in Condo boord holOs Key
1977. In 1978, Parker married the woman he met in                                                                                       •
Sattie.                     .               ‘If
Honeywell workers face cuts        to communal harmony resent also disagree (currently 5.5 percent) ture the account
2 -MINNEAPOLIS (AP) - Honeywell Inc., a maker           _                                                                                  features of the account.
‛d computers and other automated information sys-               By Sarah E. Battea                less, board members must perform the day-to-day Bt there is no disagree- ________ LG
apms,says it will reduce its workforce by about 1,850 You're awakened at 6 a.m. by a call from the man operations - pay routine bills, collect fees and su- between the two | tor(nnS 0)4100TUU
Employees by Dec. 2.                               next door: His bathroom sink has sprung a leak   pervise repairs. But most large associations can Alout the need for the in-                  ---* --
IWhe reductions will be achieved through a combi- when you get to the office at 9, you phone the man- hire a manager to do such chores                    strument to regain a
tjon of layoffs, early retirements and transfers to ager to ask that he get three bids for a new boiler Major repair work - present and future .should portion of the billions of
'other Honeywell operations, the company said Tues- You arrive home at 6 p.m., leaving you just enough be one of any board s biggest concerns. When re- dollars that have been
day.                                               time to go over the month's correspondence before pairs do come up, directors willfind hard to pay deposited in stock bro-
< James J. Renier, Honeywell vice chairman and the 8 o'clock meeting. After it adjourns at 10:30, you for the work if they haven t saved enough money for kerage house money
Bresident of Ite information systems divisions. said go home to type a notice to your neighbors of an a rainy (and leaky) day.                               market funds during re-
the reduction was necessary to improve Honeywell's increase in their monthly maintenance fees.            Many boards have ignored the need for such re. cent years
competitive pos                         ys Cong atu^ wona Anchorage, condominiums and             arouna                   ‘amnyddy
anagsignen
directors elected by the unit owners.                  tance of adequate reserves But as condo and co-op --        -
Serving on such a board takes considerable time, ownership grows, buyers are becoming wiser about
energy and patience. A director caa spend from two looking over an association s finances before they
°     "                                    agree to purchase.
The                          Some copdo owners in Alameda, Calif., took their
Money -....."
Service*
Gas sales ia the fourth quarter will
reflect the supply side economy and
the overflowing storage facilities.
Management says the outlook for
overall industry activity remains ten-
uous and especially in the Anadarko
Basin additional downward pressure
will develop if a majority of deep ef-
forts currently under way prove un-
successful.
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Wednesday, November 3, 1962 •••31
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