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U.S. industrial might
at stake, Rockwell says
By a Staff Writer
   LOS ANGELES- Two executives named Anderson sounded similar urgent warnings here last week that the U.S. is in grave danger of losing its industrial and technological leadership in the world. 
   Robert Anderson, president of North American Rockwell Corp., El Segundo, Calif., in his keynote talk to the Western Electronic
Show and Convention, complained of handicaps U.S. businessmen must contend with in efforts to recover sales lost to foreign companies. 
   He cited slowed investments in research and development, labor's opposition to removal of trade restrictions and tough competition from overseas by their governments.
   U.S. antitrust laws should be changed or reinterpreted to spur business with countries that "don't know about antitrust laws," he said. The American laws force U.S. industry to "fight with one hand tied behind its back."
   Charles Anderson, president of Stanford Research Institute, in a talk to Town Hall here called for a three-point program:
   First, he said, "significant and new incentives" should be provided to stimulate industrial research and development spending.
   "Second, government should utilize industrial research and development capabilities by contracting with industry for significant programs of national importance. 
   "Third, legal barriers which prohibit cooperative efforts by industry should be removed for they constrain technological progress," he said.
   Industry can provide the key energizing force to produce results, he added. "Unfortunately, this process has been permitted to 'wind down' in the past several years and it must be redeveloped if our nation is to maintain its position of 
[continued in next column, underneath a picture of Robert Anderson. Caption underneath picture says "NAR'S ANDERSON warns U.S. industry"]

[next column]
[[image]] 
Nar's Anderson warns U.S. industry

leadership in a fast moving and changing world."
   The U.S. must better develop and better utilize the huge resource of its science and technology to effectively deal with many of its most pressing problems," he said.
   "During the past several years," he declared, "it has become fashionable in some quarters to decry the influence of technology on society and to blame many of our ills on advances in technology.
   "I suggest this is a dangerous position to hold and what we need is order to effectively deal with many of our economic and social problems is more technology, not less," he said.

TV Re-Run Issue
(Continued from Page 4)
adds that "this is one of the reasons why 90 per cent of the actors in Hollywood are unemployed on any given day."
"This is only a vote getting decive," quips Terrence O'Flaherty, syndicated TV columnist for the San Francisco Chronicle. "There's nothing wrong with re-runs - besides it's none of the President's business."
Questioning why Mr. Nixon vetoed the public TV bill recently, O'Flaherty says, "if the real aim is to provide more TV, why veto such a bill?
"The public is getting more than thet deserve anyway," O'Flaherty adds. "If they want to eliminate re-runs, they should just lower the costs of production."
"Everybody would like to make new productions," says a member of the Los Angeles Assn. of Motion Pictures and Television Producers, "but the 
[[next column]]
costs are too high.
"Besides, I miss a lot of programs the first time around. I depend on those re-runs. An average TV series," he points out, "has to run two to three years before it can make a profit - some productions would have to be written off as losses without re-runs."
"I want to see the re-runs of a lot of shows I missed," agrees Bob Newgard, vice president of sales for Paramount Television. "The networks are stretched as far as they can on costs - the quality of productions wouldn't be good if re-runs were cut back. Prices keep going up, but the sales price has to stop somewhere."
Election year ploy, or not, the whole quagmire developing over the issue of TV re-runs has failed to gather a consensus. While everyone is in agreement unemployment among Hollywood film people is too high, the solution remains elusive.

Mitchum, Jones & Templeton
Incorporated
Underwriters [[symbol - point]] Distributors [[symbol - point]] Brokers
Specializing in West Coast Securities
Los Angeles  San Francisco
555 S. Flower - 972-3511  555 California St. - 391-3000
Established 1920  Members: New York, American & Pacific Coast Stock Exchanges

The Money Market
bond market continues up trend
LOS ANGELES - Bond and money market yields last week continued their upward movement with short-term issues showing various movements, Crocker bank said Friday in its weekly money market review.
While bill yields continued to move up and rates on certificates of deposit were raised, commercial paper rates remained at their previous levels as new issues were in small supply. Federal funds traded in the 5 - 5-1/4 range with little intervention by the Federal Reserve Board. 
On the bond side, long-term investors maintained their indifference to new corporate issues, causing a series of lower prices. The municipal marker also saw little retail interest, but prices held steady anyway with a slight upwards bias. [continues with chart in next column]

[Chart in next column]
Money Market for week ended Sept. 22

Maturity
                           | 1 Mo.| 2 Mo.| 3 Mo.| 6 Mo.| 12 Mo. |
U.S. Treasury Bills ...... | 4.50 | 4.55 | 4.60 | 5.15 | 5.45 |
Federal Agency Issues 
  (Approximate Yield) .... | 4.60 | 4.85 | 5.05 | 5.25 | 6.50 |
Commercial Paper:
  Finance Company ........ | 4 3/4| 4 7/8| 5    | 5 1/8|
  Industrial Company ..... | 5    | 5    | 5 1/8| 5 1/8|
Bankers' Acceptances ..... | 4 5/8| 4 3/4| 4 7/8| 5 1/8|
Time Certificate of Deposit
   ($100,000 or Over) .....|4 3/4| 4 7/8 | 5    | 5 1/2| 5 3/4|
Treasury Coupon Issues -- 1 year 4.90, 5 year 6.15.
Municipal Bond Buyer (20 Bond Index) -- Last 5.37, Range This Year 4.99-5.54.
Federal Funds Weeks' Close -- 5 1/16 bid, 5 3/16 ask.
Recent New Issues: 
   AAA 30 MM Dallas Power & Light 7 5/8 per cent due 9-1-02 at 101.845, 7.47 yield, sold out.
   AAA/AA 50 MM Baltimore Gas & Electric 7 1/2 per cent due 9-15-02 at 100.50, 7.47 yield, 10 per cent sold.

[[Image]]
Lakeside Home
In Pasadena
FISHING
BOATING
SAILING
30'x50'
Community
Swimming Pool
Only 15 minutes from Downtown Los Angeles and you are at one of the few privately owned lakes in Southern Calif. Private cul-de-sac road with 2-acre lake, baseball meadow and community swimming pool. Large hillside L-shaped home with commanding view of lake. 3-bdrm., 2-fireplace, 2-bath, liv. room, family room, formal dining room, adjacent outdoor patio and custom workshop combine to make this home truly exceptional. As one of 18 families, you will own over 5% of 3 acres plus home situated on 90'x190' lot. Current warm water fishery could be expanded to include Florida Bass. Owners business interests forcing out of state move. $85,000. Phone: (213)799-6553.

This announcement is neither an offer to sell nor the solicitation of an offer to buy any of these securities. The offering is made only by the Prospectus.
297,000 Shares
Hewlatt-Packard Company
Common Stock
($1 Par Value)
*
Price $67.875 per Share
Copies of the Prospectus may be obtained in any State only from such of the several underwriters as may lawfully offer these securities in such State.
White, Weld & Co. Incorporated
Blyth Eastman Dillon & Co. Incorporated
The First Boston Corporation
duPont Glore Forgan Incorporated
Goldman, Sachs & Co.
Hornblower & Weeks-Hemphill, Noyes
Kidder, Peabody & Co. Incorporated
Kuhn, Loeb & Co.
Lazard Freres & Co.
Lehman Brothers Incorporated
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Paine, Webber, Jackson & Curtis Incorporated
Salomon Brothers
Smith, Barney & Co. Incorporated
Stone & Webster Securities Corporation
Dean Witter & Co. Incorporated
Bache & Co. Incorporated
Bateman Eichler, Hill Richards Incorporated
Hambrecht & Quist
Mitchum, Jones & Templeton Incorporated
Shumanm, Agnew & Co., Inc.
Sutro & Co. Incorporated 
Birr, Wilson & Co., Inc.
Black & Company, Inc.
Bosworth, Sullivan & Company Incorporated
Davis, Skaggs & Co., Inc.
First California Company Incorporated
Stern, Frank, Meyer & Fox Incorporated
September 20, 1972

California Business  September 25, 1972









Transcription Notes:
Reading the story from top to bottom. Do not know how to include the picture caption from the top left story. Image noted above with accompanying text is of a house on a hill with bushes in front of the house.