Newspaper Page Text
Page 28
I — Griffin Daily News Wednesday, November 12,1975
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Copley News Service
San Francisco will observe
its 200th birthday next year
on June 29, five days before
the rest of the United States.
That’s because while the
nation’s founders pored over
Thomas Jefferson’s draft in
Philadelphia, a party from
New Spain was establishing
an outpost near what its
members called “La Boca del
Puerto de San Francisco'*
3,000 miles to the west.
Lt. Col. Juan Bautista de
Anza, who led the expedition
from Sonora, Mexico, se
lected the site for the Presidio
of San Francisco on March
28, 1776, and the Mission San
Francisco de Asia the next
day.
Then on June 29 Father
Francisco Palou celebrated
the first Mass in the make
shift shelter which was to be
come the mission.
Hence San Francisco was a
tiny settlement on the far side
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Bicentennial early for San Francisco
of the wilderness when
the Continental Congress
adopted the Declaration of
Independence on July 4.
Its 200-year-old mission and
Presidio will be major points
for the city’s twin Bicentenni
al celebration. Here are some
of the highlights:
Jan. 24 — Dedication of Bi
centennial Redwoods. An
avenue of 200 California Se
quoia Gigantea redwood
saplings will be planted along
Park Presidio Drive from
Golden Gate Park to Lake
Street.
March 20 — Ben Franklin
Kite Day. Thousands of kites
will be flown from the Marine
Green on the bayfront east of
the Golden Gate Bridge.
March 27 — Anza Scouting
Party Commemoration. A re
enactment of the day Bau
tista de Anza, emissary of the
viceroy of Mexico, and his
soldiers reached San Fran
cisco in 1776, to plant a cross
on Ft. Point bluff to mark the
Sham battle
Taking just a few liberties with history,
Union blue and Confederate gray locked
horns once more to recreate a Civil War
skirmish just outside St. Louis. Though
the Confederacy never threatened
Missouri’s biggest city 110 years ago, their
contemporary counterparts not only
threatened but defeated the Union troops
in an afternoon battle. Approximately 10,*
000 spectators turned out near the Jeffer
son Barracks, now a national cemetery, to
witness the approach of authentically
garbed Union troops (top left). Awaiting
them with loaded muskets were the gray
clad minions of the Confederacy (top
right). Fantasy prevailed as Abe Lincoln
strolled through the crowds of onlookers
(left) and two youngsters (right) couldn’t
resist an opportunity to inspect a real Civil
War cannon used in the mock battle.
site of the Presidio.
April 17-18 — The Great
Earthquake and Fire Muster.
Saluting the Bicentennial and
the 70th anniversary of the
1906 San Francisco quake and
fire, presented under aus
pices of the city’s 125-year-old
St. Francis Hook & Ladder
Co. No. 1.
April 17-July 31 — Three
Centuries of Art In America.
Presenting 104 paintings
(1670-1967) from the collec
tion of John D. Rockefeller
HI, including works by John
Singleton Copley, Andrew
Wyeth and Thomas Eakins,
in the M. H. de Young Muse
um, Golden Gate Park.
April 24 — Golden Gate Pa
rade. An historical gathering
of covered wagons, horse
carriages, vintage cars and
costumed promenaders, from
the Polo Grounds to Stanyan
Street via the park’s main
drive.
May 27-June 6 — “America
Dreams On. ...” A science
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and industry fair dealing with
American values presented
by the California Museum of
Science and Industry, at Pier
2, Ft. Mason, Golden Gate
National Recreational Area.
June 27-29 — San Francisco
Birthday Celebration. Scores
of Mexicans and Americans
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co Bay. The largest Bicenten
nial event in West Coast wa
ters will combine a parade of
square-rigged vessels from
around the world with inter
national regattas of 12-meter
sailboats, older sailing ships,
40-foot high-speed power
boats and 10 classes of racing
sailboats.
set out from Hercasitas,
Mexico, on horses, mules and
burros last Sept. 29 to retrace
the 1,500-mile route of Anza
and his 177 followers to the
shores of San Francisco Bay.
They are to arrive at San
Francisco June 27 next year.
Escape stocks
real good buy?
By DONALD C. BAUDER
Copley News Service
Is it too late for the “es
cape” stocks?
The answer depends on how
you feel about the economy —
and how you feel about the
“escape” story.
The escape stocks are those
which are ideal for stagfla
tion — stocks of companies
providing a low-price product
or service for people who
want to escape from econom
ic reality: movies, radio-TV,
theme parks, book and peri
odical publishers, restau
rants, sports and entertain
ment. In short, the low-cost
leisure stocks, as distin
guished from the high-cost
leisure stocks (yachts, recre
ational vehicles, long-dis
tance travel, etc.).
Tlirough the first half of
this year, the earnings of the
escape companies were
hanging in very well. Take a
gander at these comparisons:
for the lagging 12 months
through the second quarter,
earnings-per -share of the
1,500-odd companies followed
by Denver’s Investors Man
agement Sciences were down
6 per cent. But the movies
were up a sensational 62 per
cent, book publishers were up
5 and radio-TV broadcasters
up 5, while restaurants were
down 2 and periodical pub
lishers down 12.
By contrast, the expensive
leisure companies (bowling
equipment makers AMF and
Brunswick, Chris-Craft,
Remington Arms, etc.) were
down 33 per cent.
But these escape stocks are
no longer cheap.
Look at some more com
parisons: for the last 52
weeks, Media General’s all
encompassing composite of
3,385 stocks, as well as its
composite of New York Stock
Exchange (1,550) stocks, are
both up 25 per cent.
But MG’s 24 recreation
broadcasting stocks are up a
collective 53.6 per cent; three
phono-records-tapes stocks
up 123.1; 33 recreation
movies-sports stocks up 120;
37 public publishing stocks up
43.5; and 40 restaurant stocks
up 78.6. Many of these stocks
never paid much of a divi
dend in the first place — thus,
now yield peanuts. And some
of the price-earnings multi
ples are awfully giddy for this
market.
And there is one other cau
tion: entertainment stocks
are classified as “specula
tive” because they tend to
run up and down with more
volatility than most stocks.
But there is more to that
speculative label: the owner
ship of companies involved in
entertainment and sports is
of constant fascination to in
vestigators looking for
tainted money. As a rule,
don’t buy many of these
stocks for your grandmother.
In interviews, analysts say
there is still money to be
made in the escape stocks —
but they urge caution
Arthur Rockwell of l>os An
geles; Sutro & Co., generally
recognized as the foremost
movie analyst, said, “Most
analysts have overempha
sized the contracyclicality of »
the movie stocks, contribut
ing the movie boom this year
to the recession.
“However, the reasons for
their success are more com
plex than that — strength has
been building for several
years.
“Actually, I see a slowdown
in movie earnings in 1976; the
box office will be up about 5 to
10 per cent, versus 12 to 15 per
cent this year. Movies aren’t
slowing down because the
economy is recovering; the
product cycle is running out
of steam.
“I would take profits in
(sell) MCA; two good buys
are Warner Communications
and Marvin Josephson (a tal
ent agency); Columbia and
20th Century-Fox are good
holds and I’d accumulate
Disney, but not aggressive
ly.”
Grant Hobson of Wall
Street’s Loeb, Rhoades
caught the escape stocks
early, but now “something
bothers me. There are no
great buys now;