Democrat and Chronicle from Rochester, New York • Page 46

Drraarralaaatninuuflf me 6D ROCHESTER, N.Y., WEDNESDAY, JANUARY 9, 1974 BusinessPeople i Go at Do LONDON (AP) The U.S. dollar made spectacular new gains in most European money markets yesterday hitting 11- month highs in some centers. The price fold, meanwhile, soared to an all-time high of $130.50 an ounce, reflecting uncertainty over the future value of European currencies, dealers said. Most attention, however, focused on the dollar, which has increased its value against leading European currencies by 3 per cent in the past two days alone. The big spurt came Monday after Japan in effect devalued the yen about 7 per cent, raising speculation that Europeans, too, might let their currencies drop against the dollar.

1 because of the strengthening dollar. Oil producers are paid in dollars and agreements take account of changing values in the U.S. currency. A possible 6 per cent drop would probably have little effect on consumers already hit by the approximately 400 per cent increase in the cost of Persian Gulf oil in the past year. A meeting of oil states in Geneva is now deciding whether the stronger dollar will allow oil price cuts.

Some Europeans were changing their own currencies for dollars, but others clearly were putting money into gold, a traditional hedge in times of monetary uncertainity. Dealers said money markets were again busy yesterday, but less chaotic. The dollar rose to an all-time high in Italy at 637 lira, up from 629.5, and to its best levels in Holland, Belgium and France since it was devalued in February 1973. The dollar also rose in Japan. But the dollar eased off in Britain and Germany, following its biggest advance of the year in both countries Monday.

Dealers said some technical setback had been expected. In addition, dealers said the Bank of England intervened to buy pounds and keep the dollar from rising further. There were mixed reports of state bank intervention in Germany, too. The over-all trend, however, continued to be a strongly recovering dollar. The dollar had lost 20 per cent of its value in Europe, floating down between the February devaluation and last July, when it began to turn around on improving U.S.

foreign trade figures. The big push came in October with the supply cutbacks and price increases by Arab oil producers. These moves were expected to hurt Europe and Japan primarily because they are far more dependent on Mideast oil than the United States. The dollar immediately benefited. One of the first benefits could well be on the oij front.

In Geneva, Iranian Finance Minister Jamshid Amouzegar told newsmen the price of oil could drop by 6 per cent from Feb. T. J. WESTBROOK R. D.

QUIGLEY Executives At Ward's Move Up William C. Gamble, president of Ward's Natural Science Establishment 3000 E. Ridge Road, Irondequoit, announced two major executive appointments at yesterday's opening session of the company's 1974 national sales meeting at The Depot Motor Inn in Pittsford. Robert D. Quigley of 129 Benedict Road, Pittsford, has been named vice president-sales.

He previously was director of systems and planning. Timothy J. Westbrook of 33 Holley Brook Drive, Penfield, vice president of Ward's, has been appointed to the new position of director of the product development program in audio-visual materials. Richards Wine Cellars, a subsidiary of the Canandaigua Wine has acquired the assets of the Southland Wine Richmond, for an undisclosed amount of cash. The Southland firm is more than 25 years old.

The Fisher Optical a subsidiary of the Bunnington will move from 645 Broad St. to a building at the rear of the former Wollensak plant, 850 Hudson which Fisher has sub-leased from Automation Gages occupant of the four-story building. The Fisher firm makes lens blanks. Joseph Fasino, operator of an automotive brake service at 291 Jay is buying Fisher's Broad Street property for $27,000, a Fisher spokesman said. Donald W.

Russell of 601 Pixley Road, Gates, was installed yesterday as president of the Gates-Chili Council of the Rochester Chamber of Commerce at a Sheraton Inn Airport luncheon. He is a planner with the Monroe County Division of the Pure Waters Agency. NEW YORK (AP)-Fears of escalating oil prices on the world's economics and worries about domestic inflation were blamed by some brokers for lower stock prices yesterday. Others attributed the heavy loss to technical factors after recent strong gains. The Dow Jones average of 30 industrials closed down 15.07 at 861.78, losing more than 5 points in the final half hour of trading.

Declining Big Board issues held a broad lead of 1,053 to 487 over losers in an active trading volume of 18.08 million shares. Running against the declining market were gold mining issues as the price of bullion 10 14 12 Worthwhile Waste If you read as many newspapers as shown on the scale issues of the Democrat and Chronicle, The Times-Union, the Sunday New York Times, a suburban weekly newspaper and a shopping guide you can amass almost 16 pounds of waste newsprint for recycling. In a year that would total more than 800 pounds of waste newsprint, which at current prices would be worth more than $8, according to Better Life Services 12 Cairn a recycling firm. Scout troops, churches and schools are some groups that collect, the firm says. Bank Chairman Predicts Saving ecession, 8 Pet Unemployment climbed on overseas markets amid reports that the Arabs were taking positions in gold bullion with their oil income.

A published report quoted an analyst saying that one way Europe could protect its draining reserves was by a sharp rise in the official price of gold. In other news yesterday, the Labor Department announced higher wholesale prices in December. Libya said it would charge $20 a barrel for some of its oil. Among the gold issues, Ho-mestake was up 1 to 93, falling back from bigger gains earlier in the trading session. Howard Johnson, down V2 to IIV4, was the Big Board volume leader as energy crisis fears had a negative effect on leisure-time issues dependent on auto travel and gasoline supplies.

Ramada Inns, third in Big Board volume, was down Vz to 5. Sony Corp. was No. 2 in Big Board trading, down 1 to 20 tion. 1 am 0 issues continued to tumble.

Avon was down 2 to 54'4; Walt Disney Productions, down 3 4to 37; Xerox, down Vs to 110. But IBM was up to 228. Disney reported lower attendance at its parks. Wright-Hargreaves Mines, a gold mining issue, was the American Stock Exchange volume leader, up V4 to 314. Giant Yellowknife, another Amex gold-mining issue, was third in volume, up 2 to 18.

Comptroller Requests Staff Study WASHINGTON (AP) The office of the Comptroller of the Currency, which is responsible for keeping watch on national banks, plans to open its own doors for a sweeping examination, Comptroller James E. Smith said yesterday. Smith said his office, part of the Treasury Department, is inviting bids from professional firms to conduct a comprehensive study of the compr troller offices' bank examination office and its internal operations. Smith said it will be the first full study in the 110-year history of the comptroller's office, which he said is one of the oldest regulatory agencies in the federal government. "Such a study is particularly needed now in view of the rapid and far-reaching changes that have taken place in the banking industry," he said in a statement.

The comptroller's office is responsible for chartering, examining and regulating more than 4,600 national banks and their 13,700 domestic branches and 560 overseas branches. He said he hoped the study can be started within the next few months and can be completed by the end of the year. J. R. ABERNETHY A.

D. MOORE recession will continue "until President Nixon leaves office, voluntarily or otherwise," adding: "The President cannot cure the credibility gap he helped create, and until the public regains confidence in our government and our economy, the recession will go on." Turning his crystal ball to Rochester, Schubert foresees: Reverse trends on unemployment for a few months. Some form of local income tax and a re-assessment By GEORGE MURPHY John E. Schubert, chairman of Community Savings Bank, predicts an "inflationary recession" throughout most of this year, a rise in U.S. unemployment to the 8 per cent level about mid-1975, and higher taxes at the local, state and federal levels.

In his forecasts, delivered at the bank's annual report dinner Monday night in the Flagship Rochester, Schubert said the adverse effects of the program that "may equalize assessments but still account for higher total real estate taxes in Monroe County." Further "decentralization of operations" by Eastman Kodak, Xerox and Sybron. The "pipsqueak" banks from New York City stepping up their activities and making "slow but certain inroads" toward a larger share of local deposits and loans. Corporate and bank net profits declining 15 to 25 per cent. Dime Banking Loan Schubert said that the local tight labor market will ease as more and more skilled workers move to this city looking for work. He forecast an improvement in downtown Rochester.

UDC's participation in the Edwards block, the Southeast Loop, the housing high-rise next to the Chamber of Commerce on St. Paul the start of the new First Federal office building on the Crossroads all point, he said, "to a revival of downtown." If the energy crisis continues, he said, it could result in 100 per cent occupancy of such developments "with rents budgeted to net the carrying charges." Schubert believes there will be an "oversupply of funds available for mortgages in this county" but Miat mortgage interest rates will remain around present levels: 8V2 per cent on residential loans to per cent on commercial loans. "Buyers will pay a premium," he said, "for locations convenient to public transportation and major shopping centers, and will seek out these areas well after the energy crisis is over." Community's total assets at year end were reported as $785 million, an increase of $67 million over the 1972 figure. It reported total deposits of $701 million, a gain of $62 million above 1972's total of $639 million. ames New President Techtran Industries 580 Jefferson Road, Henrietta, manufacturer of mag tape remote data terminals, has named J.

Robert Abernethy of Medfield, as director of marketing, a newly created position. For the past three years he has been New England marketing manager at the Boston office of the Genesis One Computer a subsidiary of Management Assistance Inc. Allan D. Moore of 70 Plaza Drive, Irondequoit, a partner in the Moore Bowles realty firm at 45 Exchange has been elected president of the Upstate New York Chapter, Society of Industrial Realtors. Realtor Allan S.

Klonick of 111 Rowland Parkway, Brighton, is the chapter's new treasurer. Edwin Mindlin of 1600 Elmwood Brighton, has joined the Genesee Valley Securities 300 Powers Building, as an account executive. John G. Malloy, Irish ambassador to the United States, will be host Feb. 6 at a Genesee Valley Club luncheon meeting of Rochester area business leaders.

The meeting will launch the Irish Industrial Development Authority's first trade mission to Western New York. The Rochester area economy in 1973 was sustained by more than $172.6 million in payrolls and payments to local suppliers by the Rochester Products and Delco Products plants of General Motors plant officials report in a year-end review. Payrolls for GM's 8,400 employes here totaled almost $121.4 million last year and the two plants paid more than $51.2 million to local suppliers for goods and services for production. The figures were supplied by John R. Wilson general manager for Rochester Products, and James F.

Blakeslee, Delco plant manager. Garlock Cuf backs Due Garlock Inc. yesterday said it plans to trim 50 to 60 jobs from the payroll at its Mechanical Rubber Division plant in Palmyra. The reduction primarily will affect administrative and service employes, the company said, but specific jobs and the termination dates won't be revealed for a few days. G.

Parry Wiess, the division's corporate vice president, said the cutbacks will not mean decreased production. Rather, he explained, it was part of a continuing effort to reduce expenses to offset higher costs. "We have to maintain our competitive position," he said, "and this is one of the essential steps that must be taken." have four children. Feldman is the son of Mr. and Mrs.

William A. Feldman of 60 Red Rock Road, Greece. The senior Feldman has been in the real estate business here many years. Dime Banking's four offices are at 941 N. Clinton Panorama Plaza in Penfield, Northgate Plaza in Greece and at Driving Park and Dewey avenues.

A merger is pending between Dime Banking and the Genesee County Savings and Loan Association in Batavia. win i iii in- liniinitMHa WILLIAM A. FELDMAN JR. New president of the Dime Banking and Loan Association here is William A. Feldman 39, a former vice president of Marine Midland Bank-Rochester.

Dime Banking's board of directors appointed Feldman to the post yesterday. He begins his new duties today as successor to Eugene M. Cal-nan, who recently accepted a federal banking position in Pittsburgh. Feldman joined the Genesee Valley Union Trust Co. (now Marine Midland Bank-Rochester) in August 1959.

His most recent assignment at Marine was coordinator of business development, concentrating on corporate and municipal relationships. Feldman is a former resident of Group II of the New York State Bankers' Association and a member of the finance committee of St. John of Rochester Catholic Church in Fairport. He also has served as a lieutenant in the U.S. Navy.

Born in Rochester, Feldman is a graduate of Aquinas Institute and St. Bonaventure University. He also has studied at the Graduate School of Credit and Financial Management at Tuck School, Dartmouth College. He and his wife, June, Tobin Counting on Lower Costs in 74 Local Stocks At a Glance 1973-74 High Low 151 Sales in 100s High 503 vv, 5 4 74? 107Va 50 29Vj 13 15 that finished product prices were closely controlled by government ceiling prices. Raw material costs increased by 22 per cent over the previous year, whereas dollar sales increased just under 15 per cent.

Tobin reported a net loss of $151,915 for the fiscal year, compared to a net loss of $107,818 the previous year. Tobin hiked however, to $110 million from $96 million. The company officers added: "Record grain harvests this past year should lead to more plentiful livestock supplies. In turn, hog production may increase in 1974 and should enable us to Despite a record net loss for its fiscal year ended Nov. 3, Tobin Packing Co.

Inc. said it is encouraged by a profitable last half and prospects of increased hog and grain production, which should lower costs in 1974. In the company's annual report mailed to stockholders yesterday Edward H. Carson, chairman, and John M. Watson, president, explained that reduced earnings were caused by strict ceilings on saies of meat and meat products but no ceilings on principal raw materials.

"Raw material costs this past year were the highest in our industry's history," they said. "This in spite of the fact process the volume of meat products we need to operate more profitably. "The company's financial conditions remained strong during the year," the officers continued, "and we were able to increase our working capital by $608,503 to $10,673,601." Retained earnings at year end amounted to $17,879,035 compared to $17,930,950 a year ago, they said. Tobin management also reported a reduction in total employment by 116 to 1,695 during 1973 "to keep expenses in line." In addition, operating expenses, exclusive of raw material costs, decreased $221,326 in the fiscal year. Tobin said capital expenditures for the year totaled $290,880 compared to $1,036,398 the previous year but the reduction was because "our heavy expenditures are behind us." It said its Albany plant is now in full compliance with environmental regulations and that the Rochester plant is "rapidly moving in that direction." "It is management's feeling," the pair concluded, "that under Phase 4 guidelines for 1974, more raw material expenses may be passed along than under previous government regulations.

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