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Star Tribune from Minneapolis, Minnesota • Page 5
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Star Tribune from Minneapolis, Minnesota • Page 5

Publication:
Star Tribunei
Location:
Minneapolis, Minnesota
Issue Date:
Page:
5
Extracted Article Text (OCR)

7 he jUfaneapolts Mbmt Rutledge Named Minneapolis COMPANY EARNINGS Finance TUESDAY, JULY 21, 1970 Mills Merger Challenged vet. 31. ia 23S 29.47 29M 2 1 23.95 f.4fl 19 95 19K 19.40 19 40 11.40 11.42 II e.oc s.a 5. 4.5; 6. rx and may have strengthened Gorton's predominant position in that field.

Further increased "already high levels of concentration" of ownership in the food industry in General Mills and its frozen seafood segment in particular. May have denied consumers the benefits of "free and open competition" in the settling the. case through such a "consent order," FTC would issue the formal complaint and the case would go before an FTC hearing examiner. The proposed complaint describes General Mills as "a leading producer of packaged consumer foods," which in 1968 ranked as the nation's 16th largest advertiser and third largest advertiser of food products. "For many years prior to 1968," the proposed complaint states, "General Mills sought entry Into the frozen foods industry, which is a large and expanding field." Gorton, described as "an established and respected New England seafood company," had sales of $72 million and assets of about $30 million in 1968, when it ranked first in the nation in prdducing frozen fish sticks and packaged fish portions, which constitute major seg ments of the frozen packaged seafood Jndustry.

James P. McFarland, board chairman of General Mills, said, "We have not received a copy of the formal complaint. The company has been aware, however, that the Federal Trade Commission has been investigating the merger. "At the time of the merger, General Mills considered the legal problem at length and concluded that the merger would not violate any existing laws. This is still our opinion.

Until the formal complaint has been received and studied, we can make no further comment." General Mills' acquisition of Gorton may have violated the Clayton Antitrust Act, the FTC contends, in that it: Eliminated General Mills as a potential competitor in the manufacture and sale of frozen packaged seafood, per Advertising Executives in Minneapolis. Dayton's comments indicate that the company's discount stores will be expanding at a very rapid pace in the next several years. In 1969, the company's department-store sales totaled $607.7 million, while discount-store sales totaled $233.5 million. Dayton Hudson's discount operations presently include 19 Target department stores and two Lechmere hard-goods stores in the Boston, area. Because of the growth of low-margin operations, Dayton, told his audience, "My guess is that in the years to come you will be dealing Discount Stores Expected to Top Dayton Hudson Retail Operation May have heightened barriers to entry of other firms into the frozen packaged seafood Industry by the strengthening of an existing firm achieved through the General Mills-Gorton Com bination.

The proposed FTC com plaint noted that the Gor ton's brand, sometimes styled "Gorton's of Glouces ter," is among the nation's oldest seafood names and has been "virtually synonymous with seafood prod ucts." with relatively fewer, but re latively larger, advertisers." And noting that opera tions such as Target have re latively meager advertising budgets, he said that "you will be dealing more and more with retailers that spend relatively less on ad vertising." He also said that retailers are very likely to rely more heavily on television adver using in the future. "Totally, of course, our newspaper advertising ex- penditures will continue to rise," Dayton said. "Newspa pers will continue to be our prime advertising channel, but a greater percentage our advertising budgets wil be going into broadcast." Pillsbury Co. Pillsbury Co. reported earnings for the year rrwf-ed May 31 of $16,997,000, or $3.31 per share, compared with 1969 earnings of $16,179,000, or $3,16 per share, after restatement to reflect the acquisition of three companies during fiscal 1970.

Before restatement, the 1969 earnings were or $2.96 per share. Fiscal 1970 earnings were reduced by an extraordinary charge of arising from cos'ts incurred when the federal government restrained the use of cyclamates as an Ingredient of food products in October 1969. This charge reduced earnings per share by 40 cents. Sales for fiscal 1970 of $674,363,000 were 9.4 per- cent greater than the restated sales of $616,139,000 for fiscal 1969. Robert J.

Keith, chairman, said Pillsbury's consumer products business and Burger King were major contributors to the gain in sales. He said those areas and the agri-products area (flour milling, bakery mix and commodity merchandising group) were primarily responsible for the improved earnings. Fourth quarter earnings ran behind last year's results. Margins in Pillsbury's broiler chicken business during the fourth quarter were substantially under the figures for 'the same quarter in the previous year. 4 Pillsbury's flour mijlinj; business continued its seven-year record of profitable growth and the grain merchandising operation had an exceptionally good year, Keith said.

The company's capital expenditures for property, plant and equipment reached a record level of approximately $52 million during 1970. Of this amount, $22 million Was for 122 Burger King Bfore properties. Pillsbury Farms directed a major portion of Its efforts during the yeaf toward the diversification of outlets for chicken products, with special emphasis on pre-cooked, branded consumer and hotel and restaurant products. To further this the J-M Poultry Packing Co. was acquired.

Cornelius Co. The Cornelius Anoka manufacturer of beverage vending and dispens-ing equipment, reported earnings of $638,000 the second quarter ended June 21, compared with earnings of $730,437 in the same quarter last Sales were $12,226,078, against $12,916,000 for, the second quarter last year. W. Joseph Blood, president, attributed the decline to management to dampen Cornelius' business cycles and Jo economic conditions. Earnings rose nearly 60 percent, from $516,855 to $825,295.

a i per Earnings Continued on Page 7 Stock Rally Fades; Prices Rise Slightly WHAT STOCKS DID ev. Monday clnv Advnnr gl0 ,057 Primes 510 339 Unchanaerl 2j I'605 New 1 90 hlqhi 0 I New 1970 lowt 0 24 New York Times Service NEW YORK, N.Y. Slock prices continued to advance Monday, although buying interest simmered down in the blue-chip issues that led last week's upward move. Prices on the New York Stock Exchange reached their highest levels around noon, and then subsided steadily until the close. At the final bell, advances led declines by 810 to 510.

Volume was 11.66 million shares, compared the high for the month of 13.87 million shares posted Friday. Despite the over-alf pattern of gains, the Dow Jones industrial average finished with a loss of 1.17 points, at 733.91. The principal weak spot in the average, which advanced 34.98 points last week, was Du Pont, which slipped 218, to 121. With the exception of American Can, which rose a point, to 4iy4, price changes in other stocks averaged by Dow Jones were limited to fractions. Broad-based market indexes finished with slight gains that were well below the highest levels of the day.

The big board's composite Index finished at 42.21, up 0.06. Standard Poor's 500-stock index closed at 77.72, up 0.03 point. The New York Times combined average was off 0.75 point, at 402.63. Losers topped winners among the 15 most active stocks as eight finished with declines, five rose and two were unchanged. The volume leader was Plessey, a newly listed British electronics and telephone-equipment company, which closed at 2l on trades of 132,000 shares.

The closing price was about a point below the price in London, which reflected the fact that the American shares being traded here cannot be sold in London for five years. Armstrong Cork, down to 24, was the second most active issue, withh turnover of 119,400. Becton Dickinson, which closed down 1 at 36Jjj, was the third most active issue with volume of 114,500 shares. Other closing prices on the Big Board included: RCA, ahead vl at 20 Continental Telephone, down to 19; International Telephone, up lA to 37; Kraftco, down at 37; Gulf Oil, up Vi to 25; Reynolds Industries, down 2 at 39; and Texaco, up at 29'8. Sixty-five blocks of 10,000 or more shares were traded on the Big Board yesterday, compared with 98 blocks Friday.

On the American Stock Exchange, advances led declines 442 to 339 among 1,026 issues traded. There were 2.27-million shares traded yesterday on the compared with 2.62 million shares Friday. The Amex price-change Index closed ahead 0.05 at 20.24. Closing Amex prices included: Equity i down I'ji; Milgo Electronics, off to 18; Rockower Broth NAB President Henry T. Rutlcdce, presi dent of Northwest Bancor- poration, has been appointed chairman of the Minneapolis unit of the National Alliance of Businessmen (NAB).

He will succeed Donald Dayton, a director of Dayton Rutledge Hudson Corporation, who has held the position since the NAB was formed about 22 years ago. The appointment was made by the NAB's national office in Washington, D.C. Rutlege is expected to assume the office about Aug. 1. The NAB was organized at the urging of former President Lyndon B.

Johnson to find jobs for the poor in private industry. Factory Output Hits Low Point Dow Jones News Service WASHINGTON, D.C. Factories operated at an average 77 and 910 percent of capacity in the second quarter, the lowest level in over nine years, the Federal Reserve Board reported Monday. The seasonally adjusted operating rate recorded its fourth straight quarterly decline falling from the slight-lv UDward revised 79 810 percent in the first quarter and was well below tne 85 510 percent of a year earlier. Factory output in the second quarter rose to 168 710 of the 1957-59 average from the first Quarter's 170 510 percent and the year earlier 173 910 oercent.

Capacity climbed to 217 percent of the base period from the first quarters 214, 310 percent and 206 310 percent a year earlier. Salei 1100,1 High Net Low Close Chg. Kauf Brd wt Kavanau .60 Kay Jwly KentonCp .3 Ketchm Kewane .90 Key Co 39 6 2 41 8 4 8 21 16 7 3 10 9 20 15 15-', 7 7 4- 37, 37, 10 10'. 4- 97, 9'. 4- 19 19 Ve 4V.

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5 4- 7 4- 1 4- Honeywell Inc. Honeywell, Inc. Monday reported record sales and earnings for the second quarter and first half ended June 30. It attributed the performance to strength in computers and good business conditions overseas. Earnings for the second quarter were $15.1 million, an increase of 6 percent over the $14,2 million in the same quarter of 1969.

Per share earnings of 96 cents on a larger number of shares outstanding compared with 95 cents last year. Second-quarter sales and rental revenues were $381.3 million, compared with $346.4 million a year ago, a gain of 10 percent. For the six months, Honeywell 's earnings were $28.9 million, up from $26 million last year. Earnings per share increased to $1.86 from $1.75 a year ago. Average number of shares outstanding in the first half was 15,593,355, compared with 14,913,244 for the same period last year.

Six-months sales were $746 million, compared with $671.4 million a year ago. James H. Binger, chairman, told stockholders that "very satisfactory progress" is being made in the transaction to combine Honeywell's computer operations and General Elec-tric's business computer interests. Binger said the company's business in residential and larger building markets was mixed. Sales and bookings for automation systems and controls for industry have increased only modestly this year.

Revenues from aerospace and defense for the first six months are approximately equal to last year, while orders and backlog are off as expected, he said. Minnesota Mining Minnesota Mining Manufacturing Co. (3M) reported record second-quarter and first-half sales and earnings. In the second quarter ended June 30, earnings were $47.1 million, or 84 cents a share, on sales of $425 miHion, up from earnings of $45.9 million, or 82 cents per share, on sales of $406.6 million in the second quarter a year ago. For the six months, earnings climbed to $90.6 million, or $1.62 per share, from $86.5 million, or $1.55 per share, in the same period last year.

Six-month sales were $832.4 million, up from $785.6 million a year ago. Bert S. Cross, chairman and chief executive officer, said second-quarter results reflect in part the company's continued strong growth in international markets. "Growth in international markets," he said, "continues at a more rapid pace than in the United States where over-all demand for the company's products continue to reflect the slowdown in the domestic economy." The strongest areas of the firm's business cover a wide range of markets including copying, printing, microfilming, pharmaceuticals, health-care, highway safety and recreation, Cross said. STOCK EXCHANGE TABLE Business General By RICHARD P.

KLEEMAN Minneapolis Tribune Staff Correspondent WASHINGTON, D.C. The Federal Trade Commission (FTC) moved Monday to force General Mills, to divest itself of a New England frozen seafood firm It acquired In 1968. The Minneapolis compa ny's acquisition of the Gor ton Gloucester, in a $30-million transaction two years ago may have substantially lessened competition or tended to create a monopoly in the manufac ture, distribution and sale of frozen packaged seafood, the FTC claimed in a proposed complaint. General Mills has the op tion of agreeing to divest itself of the Gorton firm within six months without admitting that the ac-quistion constituted a viola tion of law. If the Minneapo lis firm does not agree to Steel Business Continues to Lag New York Timet Service PITTSBURGH, Pa There is still no pickup in demand for steel.

With mills ap proaching the time when any fall improvement should start showing up In orders, new business continues to lag. "There's a slight down ward bias," said a mill analyst last week. He said his own company's order intake was off about 8 percent from June. He said this was not unusual for July but he add ed that management would feel better if orders started moving up a little. In the present situation, the need for compensating strength is considered particularly urgent.

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His company will be a "vastly changed corporation at the end of this decade," Dayton said in a speech at the summer sales conference of the International Newspa AMERICAN Sales (100.) Bow Vail .10 0 Bradfrd 6 Bronch In .5 1 Net Hiah Low Cloia Cha. ll'. 10 11 10 97. 97, 7 7 5 5V, 7 7 7 57, BronAirw wt 113 BrnfAirA .35 17 BraicanLtd Braun En reeze BrkPerk .20 BrwnFB BsownF pf.4 Bruce Rober BTB Corp BTU Eng .28 Buehler Cp Buelllnd Bundy Corp Burgeu .20 BurmWJ .6 Burr JP .05 55 1 26 2 14 1 1 53 9 1 13', 13 13 IV. 137.

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41 17 16 16 V. Fab Indust Fablen Fabrics Natl FalrNob Falrmnt .129 Falcon Sbd 16 9 9V, 9 4- 3 6 6 6 4 37. 3 37, 4- 6 37, 3 37, 4- 1 47, i 6 6', 6 67, 4- 3 5 5 5'. FamRecd .60 Fanny .50 1 147, 14 147, Fed Resrces 28 4 4 4 FedMart .40 3 10 10 10 4- V. Felmont Oil 13 97, 9', 97, 4- 25 16 15 15V, V.

Felsway .32 Fibrebordwt 30 7V. 7 7 Field Plasti 1 6 67 67. FUmways 65 7 77, 7 4- V. FiltrDyn .01 2 0 10 10 FlnSanBa .20 12 16 15 16 4. V.

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Foodrama .3 8 11 117, 11 Ford Can 100 55 55 4- V. Forest it .25 5 12 12 12 4- V. Fore.tl.b .27 18 12V, 12 12V, 4- V. FrnnklMt .10 17 2177, 21', 21 V. FrankIR 21 9 9 9 p-innkiNU .6 3 It in It -r Vi FienchP Ca 8 4 15 164 13-164 15 164-1-14 Sales Ntt (100s) High Low Cleie Chg.

Gen Battery 179 15 14 157, 4- Gen Build 5 47, 4 4', 4. Cinema .3 7 J5 25 25 Employ .2 4 7 7 7 4- Gen Interior 10 4's 4 4 4- Gen Plywoo 8 37, 3 3 4- Genge Ind 189 uS 177, 18 4-1 Genisco Tec 6 2 2 2 4- GerberSe In 24 14 14 14 GiantFd 6 22V, 22 22 4- Giant Yel .40 17 8 8 8V, GiibrtCo .10 4 3 3 3 Gilbert Flexl21 12V, 11M GL Ind 13 16 16 16 Gladding 11 7 7V, 7-2 Glasrgck Pr 23 5V, 5 57. 4- GlenGAR 2 6 i 6 4- Goldogatt .3 1 6 6 Goodway 4 57, 57, 57, Gorinswstr 3 77, 7 77, Goula wt 63 5 57j 8 4- Granger As 1 27s 27 27, GranMgt .76 14 10 97, 9 Grass Vol 6 8V, 87, 87, Gray Mfg 3 6 6 6 Gt Am Ind 34 17. 1 17. Gt Basn Pet 9 3 277.

277, GtLak Chem 16 7 7 7 4- GtLakRe .38 1 37, 37, 37. Greenman 7 16 16 16 GreyhC 8 6 57, 6 Griesdck .50 1 13 13 13 4- GrossTlcs .7 10 9 97, GrowChm .3 1 b'U 6V, 4 Gruen I 4 GSC Ent.rpr 20 2 2 2 4- GTI Corp 5 3 27, 27. Guardian In 2 30 30 30 4- GuarMI 2 07 3 23 23 23 4- Guerdon Ind 66 117f HV, Gulf Can .60 1 14 14 147, 4- Gulf St Lan 6 3 37. 3, Gulf Wind 41 3 3V. 3'.

HB Amer 74 17, 16 16 -1 HallsMtr .30 2 8V, 8 8s Hampsh Des 16 5', 5 5 HamptSh .3 4 4 4 4', Harltnd 5 19 18 19 4- Harnlschfr 1 10 137, ,13 13 V. Hartfld Zody' 2 10 10 10 Harvard Ind 11 4 4V, 4 HarvyGr .06 17 4 4, 4 Harvey St .2 41 7 6 7 4-1 Hastings .40 5 6', 6V, 6V1 HeadXkICo 5 67, Her Mai 2 7 7 Hi Ine 25 87, 7 7 -1 HI Shear .40 5 12 12 12 4- Hlgbi.Mf .8 4 19 19 HiltonHot wt 5 27 26 26 -1 Hofm Indust 4 27. 27i 27, Holly Corp 20 1 1 'V. Holoph 1.20a 2 9 9 9 HomeOA .50 186 4'. 13, 4 HomeO .5 3 15 14 15; 4- Hormel 1.40 4 28 277, 27, Horn Hardrt 5 11 117, Ho.kin, 11 17 12 12 Host Enterp 8 7 7 VI.

4- House Fabrl 53 27 27 27 House VI. .4 1 237, 23 53, 4- HubbellA .9 1 23 23 23 4- HubbellB .9 2 23 23 23 Hubbel pfl.7 11 35 34V, 35 4-1 Hudson Leas 16 117, 117, 117, Huffman .60 16 7 77. 7 4- Husky Oil .1 57 8,, 7 7-, Huyck Cp .40 10 34 34 34 4- Vs Hycon Mfg 13 3'ft 3 3 4- Hydromeil 14 57, 57, 57. 4- Hydrom pf.4 2 117, 11 117. 4- Hygrad Foo 9 12 127, 4- HygrdFdpf 2 31 31 31 4- I-J-K Ideal Toy 25 16 16 16 4- HC Inc 15 9 8 8 IMC Magnet 2 47, 47, 47, 4- V.

Imoco 2 67, 67, 4 ImpChm 1 57, Imp Oil 75 16 15V, 157, TGrp .06 1 1 11-16 1 11-11 11-14 Indian Hd wt 11 7'. 77. 7 4- V. Ind El Hard 22 1 i IntllghtP 4 A 57, 57, 4- V. Inland Credl 16 4 47, 47 Insiron Corp 25 5 5 5 Insirum Sys 22 67, 6 6 V.

Int Controls 89 7 47, 67, Int Cont A 13 2 2 2 V. IntProteln .1 9 11 11 11 4- IntSlrtch .15 2 6V, 6 47, 4- V. Interphoto 7 91, 97, 97, 4-'. Intel state 43167, 6V, 4 4- Inlersystm I 11 11 11 InvDiv A I 8 20 227, 227, 22 InvDiv .45 8 67, 6V. 6 4- 7.

InvFund 8 11 11 11 7. Iny Roy 12 5 5 5 Iroquois Ind 23 87, 7 4-1 rvln Ind I 67, 6V, 6 ISO Ind 3 5 4V, 4 11 EL Corp 18 9 87, 8'', V. ITI CorP 4 2V, 27. 8 Jaclyn 1 4 47, 47. Jameswy .43 1 14 14 14 4- Vs Jrannelle Gl 7 K'7, 12', Jeff Lk, Pet 15 8 Tit 4.

Jeffer.n StrS 4 87, 8 1 7, Jetronle Ind 10 2 2 4- JohniBara I 1 4 4 4 4- Vs Jupiter CP 1J 8', 7 77, 4- Kaiser In .31 68 15 147, 14 4. Kalvex 102 5 5 5 Kane Miller 114 9V, 8 9 4. Kaneb PL .7 1 16 16', 16 4- 7. MUDru .50 72 l's 167, 16 'I, 'RAISED PRINT! BUSINESS CARDS locally Printed For fail Service) "While you welt" icrvh slightly higher stricee BUSINESS CARD SERVICE 7QOI CUHtON Ml.e79 witii If you can't st ay withyour family in Pittsburgh, stay ours. Macrod Chat 26 3 2V, JV, 4- Mallory Ran 30 3 3V, 3V, MamMrl .28 19 177, 16 17 4- Magmf D0ta 7 97, 97, 9V, Mangel St .3 3 67, 6V, 67, Mangood .60 10 17, 167, 16V, 4- Mangunan 4 107, 107, 107, 4- MansfTR .5 10 12 127, 127.

4- 7. Marinduq .60 2 9 9 9 Marlene 3 4', 4 4', 4- 7. MarleyCo .4 21 30 29 30 4-1 Marshall Ind 65 16 157, 15 V. MasldSon .40 1 97, 9V, 9V, MaulBro. .2 2 13', 137.

13', 4- McCrorwt 22 4', 47, 4 4- McCulO 1.12 160 237, 22 227, 4- McDonoh .30 8 147, 14 14 Means FW 1 3 13 13 13 4- Medalist .30 2 12 12V, 127, MEM Co .72 12 11 11V, 117, Menasco 14 107, 10 V. Merrill Isl 32 2 17. 2 4-1-16 MlchChm .20 10 77, 7 7 4- Mich Genl 17 4 3 4 Mich Sug ,10 1 4 4', 4V, 4- Mich Sa pf.2 9 3V, 3 3 V. Microwave 14 12', 12 4- V. Midi Co .60 4 9 8 87, 4- MldlMtg .90 17 10 107, 107, MidwRu JBp 2 67, 6 6V, 7, Mldwr-lnl .32 2 17 12 12 Mllgo Elect 383 207, 18 18 MllfiWohl .3 14 6 5', 6 4- V.

MlllOnyx .54 14 10 10 10 Milton Roy 2 19', 19 19', MoReef Pkr 18 18 177, 18 4- 'It MoKanTex 2 4 4V, 4 Mite Corp 51 5 4 4 4- V. Mobile Horn 14 11 10 10 Mohawk Airl 9 37, 3 3 Molybd. Con 3 3', 3 37, 4- V. Molyhd 1 96f 168 31 4-1 Molvb pf 2.5 3 38V, 38V, 4- Morse El Pd 15 UV, 11 17, Moog nc 3 4 4V, 47, Mon 4 z0 51 S0 51 4-IV. MattsSMk ,1 I 7 7 7', 4.

V. MorlonSh .32 7 8 8 8 4- Mouldings 18 7 7 77, 4- V. Mt Vem 1.50 3 18 18 18 7. Mov Stnr .50 6 9 7, 9 9 Mnvielab 11 7 27, 2 7, MPB Co 30 14 9 97, 9 7, MPO Video 8 57, 57, 5 4- MultiAm .501 1 12 12 7, Muter Co I 7', 27, 2V, MWA Co .40 4 7', 7V, 77, TO 9 ers, down Vi to 8'g; baxon Industries, off at VA Syntex, down to 238; and McCulloch Oil, ahead Ys at 22. Corporate bonds were slightly higher and U.S.

government bonds were slightly lower. Air Freight Increases I WASHINGTON, D.C. U.S. scheduled airlines carried 10.6 percent more cargo last year than in 1968, flying 2.5 billion ton-miles of freight compared with 2.3 billion. TORONTO STOCKS SumIImI by lhe Ce.

AblliW Pwt Pa 7.63Kerr Add'son 10.25 Alb.ilaGaiTik 41 73 mer luduc ,08 labrador .58.51 Asbestos Corp) 34,75 llltlt Una Lai 2.21 Mnk ol Montr H.lJMarassa Iralorne 2.05 Forest 23.50Mistango Rlv Power 21 .00 Moore l.orp Cda C.erntim 36.00 Norortdo 1.30 22.13 .23 29.38 27.25 CdalronFound Cdn Bk otCoro 13 SBOpemiska 19.13PatinoMnqCrp 13.25 37,50 ton Hydcihm Cdn Industries tassnir Ashsts Canil Del Rio Chemcell Com Paper Caniumri Ool Conwest n.OORovrock 1.30 21.00 18.75 7.00 3.00 5.80 0.75Roynl CkCda 20 OOSherrlttGoidon 9.05 S'd Povina 4.855'MBioi-k IJ 00 Sullivan Com 16 00 Turk Corp O.WTexaeo l.do 5.90 21.50 15. A3 Don i ion Mm J7.QQTransmount 1.27T Trunxanada 27.00 Dom Hound Si I 20.38 Uld Asbestos 3.15 ait Sullivan 5 HOU'd Kerno i.ni alcortbrldae 145.1 3 Walker 41.25 Qunnar Mm 1.70 West Const 16,: HawkerSiddely 1 4.0 IndAaoot 13 75WMion Oao 8 31.: l5rr Our Pittsburgh family member is the Pick-Roosevelt. Adjacent Gateway Center, with 500 attractive rooms. And we really do pay extra, personal attention to our guests. So much that you'll get a better value in comfort nd mency.

There just isn't a nicer family for a traveler to know than Pick xcept maybe hi own. See for yourself soon, at any of 28 Albert Pick Hotels and Motor Inns, In Minneapolii call 333-3177 (Pick-NkoUet HottOor Quick Pick reservations. Affdiatii with Amirlcan Exprtst Space Bank, Nnpro bind 4 4 4 Nnrdn Micr 1 4 4 4 NAT AllOIIfl 4 .7, 4-', 47. -t- 7, NatBellos 14 2 27. 2V, Fieinlllo .20 22 S7.

I5wl 157, 4- Friend Frost 1 47, 47, 4V, 4- Frier Ind .30 I 5', JV, Frontier Air 12 4 4V, 4', -V. Gabriel 5 47,7 5 Garland 1 4 4 4 GateSoGd 2. 15 51 5 5 GayldNat 30 50 1 9 4- C.earhrt Cen Allevi 1 4 4 4 Dalfch 17 7 6 6 Damon Co'O 23 257, 257, 257, 4. DnmonCr .40 I 77, 77, 7 4- Drtnlelln 3 10 10 10 4. Dry Indus 1 27, JV 4- ASE Continued on Page 7 Rowmar Init 12 1 3 3 3 nlorprov Pip 21 1.45 llroy loknllt 1 4t Inv Oreu liar 4.

20 Bon 11 i 17..

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