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Newspaper
Silver City Daily Press
Location
Silver City, New Mexico, United States of America
Date
Jun 07, 1977
Page
7
NYSE chairman William Batten notes many have funds and savings but few invest in stocks. Individual participation sits around 30 percent of volume as mutual funds face redemptions. Reasons include desire for guaranteed returns, taxes, rising institutional influence, and economy uncertainty.
Reserve resident Donal R. Weaver unveils the Swinging Tape Player Mount a three part metal holder for conventional tape players. It attaches to the dashboard keeps the player out of sight and reduces rattles and listening disruption. The Raymond Lee Organization assists its industry introduction with U.S. and Canadian patent activity. World of independent inventors gains industry exposure.
Los Alamos Scientific Laboratories in New Mexico reported the region’s largest energy production in 1975, totaling 4770 units with uranium accounting for 2599 units. Wlastimald a division of Amerace Corp reopened the Albuquerque plant and aims for full production within months, with about 200 workers expected by year end. Elas ia shut its $5 million facility in 1975 as housing starts fell during the recession. the division makes electrical underground distribution items for utilities.
Washington The Federal Home Loan Mortgage Corporation announced a switch from an administered price system to a weekly bid price system for conventional home mortgage purchases starting May 27 1977. Each Friday approved sellers may offer to enter into purchase contracts and Tuesday's release will state the minimum acceptable net yield to the corporation.
The Agriculture Department plans to buy barrel cheese to lift milk prices to the price support level, discontinuing purchases of process cheese. Barrel cheese will be bought at 95 cents a pound, matching the 9 per hundredweight milk support, with CCC handling purchases and possible donations or sales when market prices move.
A congressional energy plan would require homeowners to install insulation and meet federal efficiency guidelines before selling a home. The House subcommittee approved the mandatory proposal despite objections to privacy intrusion, with standards drafted by 1980 and possibly mandatory by 1982 or delayed to 1985. The rule would not apply to very poor buyers, business sales, or homes with little remaining value, and a tax deduction for insulation costs is urged by President Carter who favors voluntary measures.
The Texas industrial production index rose 4.7 percent at an annual rate in March, with mining output increasing enough to offset a fall in manufacturing. Oil production helped mining rebound but did not reach January levels, while drilling activity rose sharply. Durable goods fell due to lumber, furniture, transport equipment, and electrical machinery. Nondurables rose from textiles, petroleum refining, and food products. apparel and paper declined. Manufacturing capacity utilization slipped to 99.4 percent.
Pauley Petroleum Inc reports six months ending February 28 1977 net earnings of 57000 or 2 cents a share on 2621529 shares versus 1976 six months earnings of 1825000 or 70 cents on 2604336 shares. Operating loss 148000 against profit 1435000 last year with 205000 in extraordinary items.
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