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Show UniveraitfTof Ut.h Libraries Salt W Cttv, 8 M12 Uth VOLUME 15, NUMBER 89 UGAL NOTKB: Mm 4V-MS- FRIDAY, MAY 7, 1971 SALT LAKE 1 CITY, UTAH Municipal Bond Sales Hit High Point in 1970 Time for Youth Business Notes PEABODY GALION Corporation had the best second quarter in its history, John E. McConnaughy, Jr., the firm's chairman and chief executive, has reported. Second quarter earnings amounted to 1538,000, 34 per cent higher than in 1970. Earnings per share were listed at 22 cents, compared to 19 cents a year earlier. About 66 per cent of the first six months sales in fiscal 1971 were from the company's air, water and land pollution control groups. Sales of water and wastewater treatment groups provided 20 per cent of the first-ha- lf total. DELIVERY to Lee National Corporation of cash, securities and title to five parcels of industrial real estate in exchange for shares of Kansas City Southern Industries, WASHINGTON sales in Alvin Dworman, Lee president, said he was "particularly pleased that the Federal District Court in Kansas City saw fit to dismiss the nine-mont- were 39 h cents." Abide Court School Rulings -PWASHINGTON (UPI) Nixon has pledged to enforce the Supreme Court order on busing to integrate Southern schools with "cooperation" not "coercion" but he has stuck by his stand against busing pupils when segregation stems from housing patterns. He told a news conference April 29, that his strong antibusing, schools statement of March 24, 1970, was "moot and irrelevant" now in the South in light of the Supreme Court's unanimous rulings this past April 20. In a series of opinions by Chief Justice Warren E. Burger, Nixon's own appointee, the Court approved such weapons as busing and pupil pairing "to eliminate from the public schools all vestiges of resident state-impos- ed segregation." "Now that the Supreme Court has spoken," Nixon said, "whatever I have said that is inconsistent with the Supreme Court's decision is now moot and irrelevant because. . . nobody, including the President of the United States, is above the law as it is finally determined by the Supreme Court. . ." "And so we will comply," he pledged, "and we will work with the Southern School Districts, not a spirit of coercion but one of cooperation." secondary education, which experienced a $1.2 billion increase over 1969, and water and sewer financings, where there was a $1.1 billion jump. In both cases, the increases more than absorbed significant drops GOVERNOR CALVIN L. RAMPTON perienced Governor Calvin L. Rampton spoke to Clayton Junior High School students this week marking the importance of youth involvement in governmental affairs and favoring 18 year old voters. (People who make time for youth mark time for great Americans.) ABA Board Asks Revisions in Strike Bill WILLIAMSBURG, VA. (ACCN) -The board of governors of the American Bar Association has recommended adoption in principle of a number of proposed amendments to the Emergency Public Interest Protection Act of 1971 (S.560) now before Congress. The legislation outlines steps that may be taken by the federal government in case of an actual or threatened work stoppage in the railway, airline, trucking and To Supreme Court Decisions Capsule Municipal bond and elementary legislation involving the exchange. National Convenience Stores, Inc., for the period ending March 31. Profits of $697,000 before taxes replaced a loss of $322,000 for the corresponding period of the last fiscal year, according to F. J. Dyke, firm president of the Houston-base- d which is the operator of the nationwide chain of Stop N Go convenience grocery markets. Dyke said that "allowing for an estimated 40 per cent federal income tax rate," NCS earnings per share "on a fully diluted basis for the nine months 1970 Investment Bankers Association of America. New issues by state and local governments reached $18.1 billion, compared with $11.7 billion in 1969 and the previous record of $16.3 billion in 1968. Declining interest rates sparked an upsurge in the last half of 1970, the IBA noted in the newly released issue of its Municipal Statistical Bulletin. General Obligation General obiligation bonds issued in 1970 totalled $11.9 billion a 53 increase cent over while 1969, per revenue bonds increased by 70 per cent to $6.1 billion. The most substantial increases were in funds earmarked for National RICHFIELD Comnet income for the first quarter at $53,788,000, virtually unchanged from the restated $53354,000 earned in the same period of 1970. Per share earnings were 95 cents for both periods, assuming conversion of all outstanding convertible securities. AN 18 PERCENT INCREASE in sales and continued improvement in profit position have been reported by - 40-Mf- tl reached their highest level in history, according to the Inc., was completed April 26. In addition to $1,035,000 in cash, Lee National received securities which include 132,000 of MAPCO, 43,820 of Philadelphia ft Reading preferred, and 11,216 of the Boston Herald-Travele-r. multiplicity of both sides" to ATLANTIC pany reported LKAL NOTICB: TUm maritime industries. The amendments were proposed by the ABA special committee on national strikes in the transportation industries. The committee asked the board to support the bill as amended by the committee's resolutions. Would Add Alternatives One of the major changes calls for increasing the number of alternative procedures available to the President for handling a dispute, including binding arbitration and executive receivership. The committee endorsed the "final offer selection" procedure included in S.560, but added new provisions allowing more time for amendment bargaining. the parties would stipulates that exchange their "final positions" regarding matters still in dispute, and be allowed seven days in which to bargain. If they still cannot agree, they would submit their "final offers" to the Secretary of Labor, who would provide mediatory assistance period. If during another seven-da- y no is there agreement, the again final offers would be submitted to the final offer selector panel. This panel would then designate one of the final offers as the most reasonable, making it the final bargaining agreement between the parties. More Freedom Two other amendments are designed to give the President more freedom , in using alternative procedures. The bill now permits the ex President to declare a The 30-d- ay tension of the "cooling off" period after the injunctive period expires, but if no settlement is reached, the President may not then 80-d- ay choose another procedure. The amendment stales that extensions should be by private agreement, and the President should be free to choose another procedure if necessary. Partial operation, as an alternative available to the President, should not be included unless its feasibility can be substantiated. If partial operation of a company or industry is included however, and is first chosen as a procedure, but later proves not feasible for the particular dispute, the President should be permitted to select another alternative. Wants Body Revised Regarding the establishment of a National Special Industries Commission suggested in S.560, the committee slated that either the size of the commission should be expanded so that representatives of the specific industries and labor groups involved may sit, or individual industry commissions should be created. The committee also held that the seven-memb- er life of the commission (s) should be lengthened from two to three years to permit members sufficient lime to study problems and report to the ex- in 1969. Utilities and conservation bond sales as a group amounted to $3.5 billion more than a i00 per cent increase over 1969 and 25 per cent higher than the previous record of $2.8 billion in 1968. Other highlights of the IBA report: Six out of every seven states showed increases in bond sales over 1969. New York was far ahead with $2.7 billion, followed by California with $1.5 billion, Pennsylvania with $1.4 billion and Michigan with $997 million. Types Ranked of issuer, By type municipalities led with $4.5 billion, followed by statutory authorities with $4.4 billion, states with $4.2 billion, school districts with $2.1 billion, counties with $1.7 billion and special districts with $1.2 billion. Municipalities also showed the greatest gain with a 100 per cent increase. The leading municipal underwriters in terms of management credit were the Chase Manhattan Bank, Halsey, Stuart & Co., First National City Bank, and Morgan Guaranty Trust. In the management of revenue bonds alone, Halsey, Stuart was the leader, followed by Merrill, Lynch, Pierce, Fenner & Smith, Blyth & Co. and Smith, Barney & Co. Referenda The percentage of municipal bond elections in which voters expressed approval declined to 59.9 per cent in 1970, compared with 60.6 per cent in 1969 and 66.3 per cent in 1968. New Jersey OKs 18-Year-0- ld Vote Amendment Postal Complaints N.J. (UPI -- New became the 23rd state Jersey to Monday ratify the federal constitutional amendment letting vote in state and local WASHINGTON mericans now -A(UPI) have someone to listen lo their complaints about mail service. David L. Ordway, 36, was appointed by Postmaster General Winton M. Blount to be an ombudsman with the title of Consumer Advocate and the job of listening to complaints. Mail users can write him at the U.S. Postal Service, Washington, D.C.. 20260. vs. WESTLAND MINERALS INVESTMENT SHARES NOT ISTERED. REG- Defendant failed to answer petition requiring free trading stock rather than investment stock. TRIAL COURT: Granted plaintiff relief. SUPREME COURT: Appeal dismissed. Plaintiff Counsel: Hatch, McRae, Richardson Gerald Kinghorn, & King-hor- n, Boston Bldg. Defendant Counsel: Richard J. Leedy. 263 So. 2nd East. Page Eight Utility President. Now Will Be Heard KELLCH TRENTON, elections. The amendment, which must receive the approval of 38 states before it comes effective, was the Assembly subject of a two-hodebate which ended in a 47-- 9 vote in its favor. ur The measure was brought up for an Assembly vote twice previously but was withdrawn both times when the Republican leadership realized New York Makes Release On Bail Mandatory Rule NEW YORK - The chief (UPI; judge of New York state has announced new rules under which a defendant, except one accused of homicide, will be released on bail or his own recognizance if his trial does not begin within 90 days of arrest unless good cause is show n fur l:is continued detention. The rules, announced last week by Chief Judge Stanley H. Fuld, chairman of the Administrative Board of the Judicial Conference, go into effect a year from now. They conform with practices lo be adopted by federal courts in the Second Circuit this June. "The rules also provide," Fuld noted, "that a criminal defendant, whether in jail or at large, must b brought to trial within six months of his arrest. "If the prosecution is not ready to proceed to trial within six months, the case will be dismissed with prejudice unless such a time limit is extended by the court for good cause, as specified by the rules," Fuld said. Fuld cited as reasons for the new rules the U.S. Constitution's guarantee to right of speedy trial and recent state Court of Appeals rulings that delay in criminal cases "reflect on the efficiency and fairness of criminal law." The judge also pointed to "the jail disturbances which took place last summer and fall in New York City." Yet he noted these disturbances had other causes also. Only California, Illinois and the District of Columbia have rules attaching a specific time limit to the defendant's right to a quick trial. they did not have sufficient votes to pass it. Much of the credit for Monday's success was given Gov. William T. Cahill, who buttonholed assemblymen and urged the measure's passage. |