Press and Sun-Bulletin from Binghamton, New York • 41

Pipeline Just a 'String' to Alaskan The Evening Phess Business SECTION May 22, 1974 on the North Slope in 1969. "There will be development in the state, no doubt about it," says Pavitt. He believes, however, that Alaska is so vast it can still retain its rugged wilderness character despite the change. Most Alaskans, he is quick to point out, came to the state because of its expanses and solitude. They won't let it go down the drain.

"Alaska has always had the incredible potential. It always has been 'on the This (Continued on Page 9C Aleutian Islands spread westward into the Pacific off San Francisco. "If Alaska's incredible size were more understood, people wouldn't be so uptight about a 200-foot swath across the state, which is something like being worried about a string on the ground in your backyard," says Pavitt. Pavitt's string is the Trans-Alaska Pipeline, the $4.5 billion private venture to move oil 800 miles from the Arctic Ocean to the Gulf of Alaska. Alaska's coastline is longer than all the seashores of the By KEITH TILLSTROM $pcil to Tht Pr JUNEAU.

Alaska "Every time you see a map of the United States, there is an inset at the bottom with Alaska no bigger than Ohio," says an irritated Bob Pavitt. Pavitt, Alaska's director of planning and research, pulled out "his" map of the "lower 48" on top of which is laid to scale a map of Alaska. Seen in this perspective. Alaska's eastern border stretches from the Great Lakes to Florida, and the room for industry," says planner Pavitt. Alaska's North Slope oil field, the largest petroleum" find on the continent, is by no means the first boom to hit Alaska, but it stands a good chance of propelling the state into the age of heavy industry.

Alaska's wealth has long been a target. The Russians, British and Americans over the past two centuries plundered the Alaskan coast for otter, seal, and whales. The great Klondike rush to the Alaska gold fields in 1898 lower 48 combined. Its mountains are higher and wider. Its oil and mineral deposits greater.

Some say its trees are greener and its fish fatter. Most of Alaska is untouched by man, it is that vast. "North to the future," say the state's license plates. Many environmentalists feel the oil boom is only the beginning of rapid and unbridled industrial growth for the state. In a state where land is considered in millions of acres, most Alaskans welcome the growth.

"There's a lot of Business Beat was replaced in the 20th Century with a booming fish industry that has left the state's marine resources depleted and in need of-help. The oil boom started tn Alaska in the 1950s, when a substantial field of oil and gas was found below the waters of Cook Inlet and the mountains of the Kenai Peninsula, southwest of Anchorage. That field still is producing, and exploration is expanding into other southern coastal reaches. No one was prepared, however, for the mammoth finds know whether the const in- crease wduld be enough to cut consumption. Forrest said he was reluc- Ssnmo Vnltnoo Rpdiirtinn v-H -1 i.

rff s' lir.M milium T' i 1 Sears Income Rises Sears. Roebuck Co. reported for the first quarter ended April 30 net income increased 9.7 per cent above the same period a year earlier. The company said that net income was $131.1 million Or 83 cents a share on sales of $2.89 billion. During the same period in 1973 net income was $1.19 million or 76 cents a share on sales of $2.66 billion.

Sears operates a retail outlet in downtown Bingham-ton. Fay's Shows Profit Fay's Drug Co. which operates stores in the Binghamton area, reported that net income for the first quarter ended April 30 was $17,801 or 2 cents a share on sales of $12.39 million. During the same period a year earlier Fay's lost $85,725 or 8 cents a share on sales of $9,899 million. Fay's group consists of 34 drugstores.

Standard Income Up Standard Electronics Inc. reported that for the nine months ended March 31 net income was $67,171 or 20 cents a share on sales of $5,276 million. During the same period in fiscal 1973 the company said net income was $51,658 or 15 cents a share on sales of $4,825 million. Standard Electronics has a branch at 107 Duane Endicott. In The Tier Wilmer J.

Lowe 196 Hudson Johnson City, has been promoted to news director of WNBF Radio, succeeding John Leslie, who has taken a job with New York State Electric Gas Corp. Lowe has been with WNBF for 4' years as morning newsman. He will be host of the Viewpoint program. Michael A. Towers, 314 East Edwards Endicott.

has been named innkeeper at the Owego Treadway Inn. He replaces Gary Valentin'e. who has joined another organization. Towers formerly was assistant innkeeper at the Owego Treadway Inn. Peter A.

Katz, 5 Riverside Drive. Binghamton. has been appointed vice president of operations at Kason Hardware Corp. in Binghamton. Katz, who was personnel director, succeeds the late Valdimir Putkowski.

Jerome Hoffman 401 Crescent Lane, Vestal, was promoted to senior planner at the IBM Corp. Endicott laboratory. He continues in his management position in the Recognition Systems advanced planning area. Dr. Eugene Donnelly 205 Rano Boulevard, Vestal, has been named a fellow in the Academy of General Dentristry of the American Dental Association.

Public Loan based in Binghamton. has filed for permission to open a branch office in the Town of Cheektowaga in Erie County. The application was filed with the New York State Department of Banking. SOMETHING FOR NOTHING Burton Stasko, 24 Elizabeth Johnson City, hands in $18 worth of pennies from his daughter's piggy bank accumulated over a three year period. First City National Bank will be paying $1.05 for 100 pennies until June 7.

Most Banks Shy From Penny 'Premium' Plan i i VV Vi I 4 a I i' 1 what it costs to cool one room because of the variables, did say that the cost would be above that of last summer. -PRESS PHOTO Southern Tier residents won't have to sweat out the summer hut New York State Electric Gas Corp. officials say people will have to use electricity wisely if they want to avoid voltage cuts. expects to have a good reserve situation as far as electrical capacity is concerned. F.

Eugene Forrest, Binghamton area general manager of said the forecast load for the summer is 1520 megawatts, with a 560 megawatts installed reserve over demand. That traslates into a reserve of about 30 per cent gen-; erating capacity from generating stations, the New York State Power Authority and the pump and storage plant of the Power Au-: thority at Gilboa. near Stam- ford. "This doesn't mean we won't have voltage reductions during peak periods," Forrest said. He explained that voltage reductions could come from I the need for electricity in oth-: er cities which are served by utilities in the cooperative ef-: fort of the New York Power Pool, the agency which con- trols power distribution in New York State.

Forrest said that th utility experienced an unsuusal slow-: down in the electrical growth rate. "Last winter the load growth rate was 11 per cent below our forecast because of conservation efforts." He added that the winter electrical demand is usually higher than during the summer, but doesn't know what affect it will have on the summer peak electrical use. The normal growth rate is about 7 per cent a year, he said. For commercial applications Forrest recommends that inside temperatures should be no more than 10 degrees below the outside temperature. He said that office temperatures should be set at about 76 degrees Fahrenheit, and that air conditioning units should be turned off at night or any other time when employes are not in the building.

A spokesman for the New England Power Pool said it would cost about $19 more to air condition one room in Massachusetts this summer than First C'tJ National bank's offer yesterday to pay $105 for every 100 pennies returned to the bank appears to be a one-of-a-kind offer in the Binghamton area. "We've talked about it (paying for pennies off the cuff." said Charles Bender of Bankers Trust of Binghamton yesterday, "but no decision has been made yet." Bender explained that pennies still are available sometimes from the Federal Re PHeSS PHOlUBt KAUlf KONtCNY No plans for any sort of "bring back the pennies" program have been formulated by the Binghamton Savings Bank or the Endicott Trust Mrs. Lois Pedro, head teller at Endicott Bank of New York, said no plans have been made to induce penny savers to turn pennies over to the bank. However, she said the situation is bad and not expected to get much better. Gordon' R.

Wackett. senior vice president of First City National Bank, said that the bank's 100 pennies for $1.05 is working. He said that during the first two hours of business today the bank collected 20.000 pennies. "At the rate we're going we should collect about 50,000 pennies a day," he said. The bank plans to keep the $1.05 offering until June 7.

The largest single load of pennies brought into the bank today was $55 worth. "We have no specific goal." Wackett said. The needs of the bank were not being met by the Federal Reserve, which was supplying about 50 per cent of our demand. "We decided to put a 5 per cent premium on the return of pennies just as an inducement to get people to look around their homes and bring in what they have." he said. Bradlee's to Open In Oakdale Mall serve System, but the shipping cost for a load of pennies may seem a little steeo.

"I guess that why First City feels it is worth it to pay the extra money. They'd only have to pay it in shipping fees." he said. According to Richard Oakley, the Marine Midland Bank is not ready to start paying for pennies. "We are soliciting pennies from customers and employes, however." Oakley said. The second phase is scheduled for completion in August 1975, and will include Fowler, Dick and Walker Wight said.

William McCarthy, director of press relations- at Stop Shop parent company of Bradlee's. said that corporate sales for 1973 were $1.08 billion, of which the 63 Bradlee's stores contributed $2.56 million. Stop Shop Inc. has corporate headquarters in Boston and is a diversified retailer in the Northeast. About 105 stores will be included in the completed Oakdale Mall project.

Wight said. Market Barometer if In Bradlee's Department Store Co. has signed a lease to open a discount department store in the Oakdale Mall in Johnson City. Russel Wight, one of the owners of Interstate Properties. of Clifton.

N.J.. developer of the 57-acre mall at Reynolds Road and Harry L. Drive, said Bradlee's will occupy an store. He said that Bradlee's is part of the second phase of development of the Oakdale Mall, which will include about 5 stores. The first phase was completed with the opening of Montgomery Ward.

Check POWER ON THE LINE New York State Electric Gas Corp. power lines lope across the landscape north of the utility's Oakdale Substation, northwest of Johnson City. The summer should prove to be little problem for electrical capacity. Reserves are estimated to be about 30 per cent above expected demand. The New TrapsPart 3 Out Your Commodity Options Firm 1 I The underworld and organized crime elements have infiltrated trading in commodity options, a field as of today subject to virtually no government regulations.

While of course there are reputable and nationally respected houses dealing in commodity options a very sophisticated form of speculation which permits you to gamble in commodities with relatively little capital and only superficial knowledge firms also have sprung up from coast to coast which are defrauding the gullible speculator out of millions of dollars. Investigations by New York state's crusading Atty. Gen. Louis J. Lefkowitz have disclosed these dreadful facts: Sylvia Porter sa.

'iMaw United Gas Pipe Line led the actives, unchanged at 5' 4 on 121.000 shares, including a 96.200-share block at 5. Gillette was second, off 's to 33'2 on 117.300 shares, including a 111.400-share package at 33V2. Area Firms The following quotations are furnished by F. Hutton Co. and represent an indication ol current market value in trading as of about 10:30 a today Bid Asked Allegheny Bank of NY Bankers Trust NY Champion Products Charter NY Columbia Gas Crowley's Fays Drugs GAF Gannett GE Gladding IBM Keith-Clark Kroehler Lincoln First Good Maple Press Marine Midland McDonough Melville Shoe Morton-Norwich NYSES.G Raymond Robmtech Sears Roebuck Singer Soauldmg Subaru of America Union Universal Instruments Victory 7 28 45 3T 4 77 141 11 23-' 2 1 1 2 3 3'.

33' 48 2's 219'i IP.4 13' 7 I9' 3 3'4 20 9 7's 18'i 2T4 14 43'8 81'4 30 7'4 2 5'B 18' -i 28', 37- 7T 134 19H 1 84 19 4 Standard, Poors NEW YORK (UPI). Stanoard Poor's hourly indexes tor Wednesday. (1441-43 equals 10). 42S-lnd 15-RB 60-Util SOO-Stks 11am. loil 36 03 38 61 88 Noon 19 40 35 98 38 56 88 07 Pry.

close 21 35 97 38 54 87 91 Dow-Jones 30-lnd 20-Tr 15-Util 45-Slki 11 am. 812 19 164 23 -75 25 246 90 Noon 811 17 164 07 75 15 246 61 Net chg. 1 64 0 30 0 22 0 Pet. chg. 0.20 0 18 0 29 0 21 Treasury Balance WASHINGTON (AP) The cash bal-3ri! of the Treasury May 17 was $8 514 059.249 29.

NEW YORK (UPI) -Stocks edged higher in cautious trading on the New York Stock Exchange Wednesday, with bargain hunting the prime factor following recent heavy losses. The Dow. Jones industrial average had climbed 2.27 to 811.80 a few minutes before noon EDT. Advances and declines' were closely balanced. 544 to 511.

among the 1.484 stocks traded-. Only a handful of stocks showed significant change either way. and most of those were in the higher-priced sector. Volume through noon totaled roughly 6.000.000 shares, compared with 5.490,000 shares the previous session. In the last five trading days, concern over inflation, Watergate and climbing interest rates has pulled the Dow 38.33 points lower.

Analysts said light bargain hunting was to be expected following that drop. Some of the buying may have been sparked by news Congressman Wilbur Mills (D-Ark.) is pressing for lower capital gains taxes, including those that affect stock transactions. Among higher-priced issues forging ahead. ARA Services rose 2'4, IBM 12. and ASA Ltd.

IV In the blue chip chemical group, Eastman Kodak added IV while Allied Chemical dropped 1 1 2. Kxxon gained l' among generally higher oil stocks. The group was helped by news he House of Representatives apparently has killed a measure that would have rolled back oil prices to pre-Arab oil embargo levels. to company checks and received more than $80,000 based on the forged checks without being detected. In many cases, customers who did receive payments due them actually were receiving moneys that had been put into the firm by more recent customers a modern-day version of one of the oldest swindles in finance.

The pervasive influence of the underworld is unmistakable. Lefkowitz warned. In one firm, a salesperson with ties to these. elements was able to get preferential treatment for customers when it appeared that the firm was going under. While accounts of the customers were liquidated and fully paid, customers of other salespeople were refused payment or given bad checks.

In some instances, the customers favored by organized crime were paid wihout regard to the actual amounts due them (overpaid). PERSONS ASSOCIATED with commodity options firms take the self-serving position that no registration is required with any government agency by the firm, its principals or salespeople. But Lefkowitz insists that legislation is desperately needed at the federal level to impose new and strict regulation on those operating in this area. One favorable omen here is recent passage of a bill by the House that would do this. Meanwhile, be on guard! Deal only with firms with established reputations which you can check to your own satisfaction.

Investigate the background of salespeople to whom you are entrusting your moeny. Don't fall for the glib, blatantly misleading literature about quick, easy profits. At the very least, demand and be sure to get a certified financial statement from the firm. TOMORROW: New homebuvers' nightmares. out revealing that she had been permanently enjoined previously from offering or selling securities and commodities within and from New York State.

In another, an individual who had been convicted for stealing securities first went to work as a salesman for an options house and when it folded, formed his own options firm which failed a few months later. He "accomplished" all of this while on parole! pattern seems to be this: the salespeople travel from options house to options house after the particular firm for which they are working goes out of business leaving large debts to customers. Often their first entrance into commodity options was when the marginal securities house in which they had been employed went out of business. Record keeping' at these firms is. says Lefkowitz, at best "inadequate," and at worst "horrendous" and "chaotic." Investigators have discovered that even normal books of accounts used by any business aren't even established or maintained.

Getting confirmations to customers and getting checks to customers are often delayed for unreasonable periods or, in many instances, never sent. In one firm, an employe was able to forge his signature AS GAMBLING in commodities has skyrocketed in recent months, high-pressure promoters have moved in on a major scale. "These firms are generally founded with very thin capitalization." Lefkowitz told me. "No additional capital contributions are made and their track record of remaining in business is very poor. The investor can lose and has lost more than his intial stake millions of dollars have been lost in fact." Salesmen for the firms are practicing "boiler room" techniques swindles that most of us thought were past history by now.

Individuals who had been permanently enjoined from dealing in the offer or sale of commodities and securities have been found working for commodity options firms. Some salesmen have had records of felony convictions for interstate transportation of stolen securities, arson, bad cheeks, assault charges, etc. In one case. Tanya Kaye of Massapequa Park. N.Y..

a former salesperson for a New York options firm, now bankrupt, pleaded guilty in N.Y. State Supreme Court to a felony arising from her securing her salesman's registration with-.