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Show W.Y.S.E. Yoleme Profile ber 5.1974. Prove. Utah--Page 25) Business News DOW JONES AVERAGE 36 industrials Ciossd at inflation Spiral: How Does 187 DOWN By RON BARKER Bank in Sat Lake City. The pnces of these items are Heraid Business Editor Once each statistical quarter, surveyed at 50 jocations a federal employee slips throughout the U.S. with the unobtrusivelyinto Orem to check Bee of each area assigned weights in the calculation of prices of various consumer ilems on the Bureau of LaborStatistics theoveral index. In addition to the national list that is the basis for the index, consumer price indexes Consumer Price Index. the Orem is te only city in the are calculated and published for the 12 largest standard metropolitan statistical areas of the national average Consumer Price index. ‘The ConsumerPrice Indexis a sometimes misunderstood measure of how inflation is affecting the American consumer. It is not a general representation of the cost of living, but it is a good indicatorof retail price movements. Weighted Data The index is based on price changes of more than460 items, each weighted in proportion to ils importance in typical consumption patterns, according wu Kelly Matthews, assistant economist of First Security quarters in the same city. J. C. Penney Marks Local Anniversary was necessary te relocate to a larger building to accomodate more merchandise for a growing Provo and Utah Valley. The new location was ai 177 West Center, presently the location of Murray Music. On Sept. 7, 1910, the J.C. Growth at Penneys continued Penney Co. opened its doors in when, in 1951, they moved into Pmvo at 286 West Center, the present Provo location at 85 presently the B & H Pharmacy. West Center. The Provo store became the Inthe eaiiy 1960's, the Penney 15th store in the J.C. Penney Co. expanded its merchandise chain andis sti!l known asstore mix from the traditiona! apparel no. 18 among the 1,700 plus lines into departmentstore lines Penney stores throughout the of furniture and carpeting, country. The opening of the store appliances, automotive, home in Provo came only eight years entertainment, paint and after Mr. Penney opened his first hardware, sporting goods, and store in Kemmerer, Wyoming in many services. The Penney 1902 Company’splans for this type of Mr. Penney used the * Golden a department store in Utah Rule” as his businessphilosophy. Valley was realized in March His goal was‘‘to do all in his po- 1973 with the opening of the werto pack the customer'sdollar beautiful University Mall store. full of value, quality, and The corporate decision was satisfaction.” made at that time to The JC. Penney Co was merchandise both Penney stores recognized immediately as a to better accomodate the store with quality merchandise residents of Provo and Utah at reasonable prices. In 1938,it Valley. ‘This week, J.C. PenneyCo,will celebrate its 64th birthday in Provo with the anniversary of the Sept. 7, 1919 opening of « store at 286 West Center, now the location of B & H Pharmacy. Sept. 4, 1974 w DOW JONES AVERACE cf 38 industriats closed down 15.33 at 648.90 Wednesday. On a New York Stock Exchange volume of 16,928,008, there were 1,814 issues traded with 187 advances and 1,323 declines, There were 234 unchanged Lower Car Prices? Cut Safety, Pollution Controls ‘The catalytic muffleris not one of the devices he said should be removed since it has helped engineers get up te 24 per cent fuel economy improvement on some models. The company catalytic converter which helps. would provide nospecific figures control antipollution on 1975 a fuel economyof 1975 models, saying final results are not in models, aur present prices remains a question,” Gerstenberg said government mules have forced GMto add an average $270 to the price of cars since 1972, including $110 for the By EDWARD §, LECHTZIN ‘UPIAuto Weilier DETROIT (UPI) — The Ford administration should allow rs to remove some safety and emission equipment from cars if the government is serious about holding down auto prices, General Motors Chairman Richard C. Gerstenberg said Tuesday. “If this were done, we would cut the prices based on the cost savings that would be achieved," the GM chief executive said. He said there might be a saving of up to $40 if the controversial safety heltignition interlock Basically, this means that we might not be able to use these figures to see how much prices have risen in Salt Lake City and the rest of Utah, but at least we can tell whether we're feeling the same pressures here as felt elsewhere. In examining the second quarterfigures for this year, Salt Lake City ranked 93.6 on food, 115.1 in housing, 77.1 in utilities, 4.3 on transportation, 99 on health and 106.5 in miscellaneous services. However, Mr. Nelson system were removed. strongly questions the high ‘The House has already passed housing rating based on a measure which would take off mortgage data available to First the buckle-up-or-don’tdrive Security Bank. system thattourof every 10 1974Question Housing model car owners has already “We frankly don't believe that disconnected. The measure is figure,”he said, “‘and with that awaiting action in a conference brought lower, Salt Lake City’s committee. 100.5 rating would drop below the ‘The ignition interlock is an national average.” example, Gerstenberg said, ‘of An interesting observation in requirements for unpopular, the food area, however, would be unproductive and unneeded that Salt Lake City’s food prices equipment which the great may not be third highest in the majority of the car-buyingpublic nation, as had been previously does not want, but muststill pay claimed in somenewsstories. for." AnAssociated Press monthly Gerstenberg told newsmen marketbasket check of prices on attending the 50th anniversary 15 food and non-food items in 13 celebration of the GM proving cities, including Salt Lake, ground at nearby Milford, Mich indicates that Utah prices the No. 1 auto company may appear to be slightly above the have to follow its 1975 model national average introduction prices, averaging nearly $450 above 1974 models, with yet another round of increases. “There are many pressures on the business with respect to further cost increase," he said. ‘Howlong wewill be able to hold have to tasiness outlook may be weaker PanAm Aid Fought by labor, ManagementJoin than earlier estimates, but no Where near the last quarter of 1973) when Mansfield inventory WASHINGTON (UPI) — Senaccumulation nearly reached a whopping #9 billion, or the first ate Democratic Leader Mike Mansfield says he is opposed toa were about $11 billion above the original estimates. Now with this huge inventory accumulated, the pace seems to be drooping. ‘Most analysis seem convinced that the pace of inventory accumulation will decelerate during late 1974 and 1975,” the economist noted “An cart: ication was the drop in the 1974 second quarter inventory accurnulation rate to $15 billion. But there is disagreement about the size of subsidy for Pan American World Airways and suggested a merger with Trans World Airlines for overseas routes. Mansfield said Tuesday the Gvil Aeronautics Board should expiore the Possibility of “amalgamation” of Pai nd TWA before the CAB acts on Pan Am’spetition for a 316 million a month federalsubsidy. ‘The two are the nation’s only commercial airlines with major schedules across the North Atlant. Both face economic difficulties, the slowdown.” Mansfield said he generally What worries some is that there may be an inventory favers “a curiaiiment of too overhang. Too much inventory, manyairlines and too many of in other words, that may force the same routes.” heavy liquidation. This is traditionally a key element in costing the employer about $2500 business downturns, a year, Industry Week Interpreting ali these figuresis calculated. no easy task. And the impact of Analcoholic workeris about16 inflation has made a hard task times more often than workers even harder. Simply adjusting the value of inventory due to without an alcholic problem. skyrocketing prices so the Of the alcoholic employees, 45 figures are meaningful, is in per cent are executives, itself a monumentalcalculation metacrs, and professional Central Utah Whatdoes all this mean? people. Mrs. McElhattan said the insurance Agency Labor unions in Missouri offer inventory picture seems to 709 W. Center an excellent example of what can suggest that the near-term be done to identify and handle 375-1155 3735-1 alcoholics, the magazine said. They have formed the United Labor Member Assistance Program. Although this group will handle eny kind of problem, ,,,ne of its chief concerns is the problem alcoholic. Te Cembat Alcoholism Top labor and management leaders have joined forces to deal with alcoholism, a problem that’s costing the nation $25 billion a year, Industry Week reported this week. Asserting that alcoholism is a health threat that’s outranked nly by cancer and heart disease, the labor and managernent leaders met and took action aimed at establishing local committees throughout the naiion to concern themselves with the treatmentof alcoholics. All too often, labor and management have not worked cooperatively in dealing with alcholics, the magazine for managers pointed out, In a recent conference of labor and management leaders, they applied themselves to working out a cooperative plan and system for identifying and handling alcholics. An alcoholic or a problem drinker is one whose drinking interferes with his or her personallife, sociallife, or work performance. to alcohol and his or her absenteeism, poorperformance, accidents, and disease associated with the addiction are SPECIALISTS IN] COMMERCIAL BUSINESS LINE INSURANCE GQrcary This assistance is open to everyone, management and labor alike. “Third party” detoxification units, counseling, financial aid, and psychiatrict One of every 20 employees in assistance are being made offices and factories is addicted available. Special Casting Harder to Find PortuiltSpecial, Tjmulfed{me-Only” “The Army has had a great in the United States last year is deal of trouble buying small and undergoing an alarming medium sized quantities of shrinkage in numberof units and castings to replace heavy a more alarming shrinkage in equipment losses —tank and the numbers of workers and technicians who are rea! artillery castings in particular. ‘Many industriesfind it ney craftsmen, Fausel said. About 66 American foundries Bite fester outs that can take an order for a oneof-a-kind casting or a small quantity. This hampers design engineers and investors.” ‘The fountry industry, dating back some 6,000 years, admitkwardin some Fe said. It does manythings exactly as they were done centures ago and the numberof foundries,” Fausel American foundrymen spend a said piddling half a million dollars a veryupset over the shrinkagein Brake Problem may $12 billion. This was Small Foundaries Are Fewer, By LeROY POPE UPI Business Writer NEW YORK (UPI) — If you wantto cast a keel for a sailboat nowadays, chances are you will have to dig a hole in your backyard and do self. You aren't este ts find aerial nat will do the job, But the amaleit‘el builder is among those least hurt by the serious problems of the foundry industry, says Charles E. Fausel of Lester B. Knight Associates, tic., who also is president of the American Foundrymen’sScoety. “The Defense Department is \ 648.00 Utah Compare Nationally? Nelson, chief economist for First Secwity Bank, there is probably little difference between Salt Lake and the other Wasatch Front communities, such as Provo or Ogden. ‘The ACCRA data is based on 44 food and non-food items wiich are checked in the areas of food, housing.utilities, iransportation, health and miscellanecus services, The items are weighted the U.S. as to their relative importance. Unfortunately for Utah, points ‘The average figure is given a out Mr. Matthews, no index value of 100, and departures from figure is published forthe state, the average are indicated as and statistics are not kept to see figures above’ or below that how much,if any, Utah may vary number. from the national norm. Close te Average Comparison? Salt Lake City, it turns out, So how do Utahns compare averaged 100.5 in the second with the rest of the nation in quarter of the year, which inflation? reflects the relative price of Data compiled by the ifems in the cities surveyed in American Chamber of April. There is no way to (Commerce Research Association compare quarters, Mr. Neison indicates that Salt Lake City's points out, and comparisons can prices are quite comparable to only be drawn between cities the averagefor 156 cities across within any survey, and not the country. According to Elroy between averages for different Economists scramble back te the drawing than previouslyanticipated, boards again and modify their pryections for the economy tion in our because of dra: ie changes in present inventories with recent siatistics relez busi inessmen stocking on Commerce Depar materia! and According to econo prices rise even further. McEthsttanin the Busin But it seems unlikely that they Financial Letter of the Federai will continue te build up as rapidly as in the recent past. Reserve Bank of SanFraz With the key inventory sector oni weaneuing, the general outlook the supplies, aa Als could be somewhatless buoyant than projected earlier.” products that nationwide have “oi e There is a brighterside to this waiting to seli or to use in condition however. manufacturing. ‘The economist said the nation revised Commerce may experience less rapid inflation from this keysource. As a result, the banks and capitai McElhattan said. * were much more aggressive in markets could expect less their stockbuilding in late 1973 pressure from businesses, and early 1974 than had been financinglarge inventories. suspected or they found themsel javoluntarily accumulating substantia! amountsof unsold goods."” In the first three quarters of 1973, inventory accumulation stood somewhere between $i0 to 2, nea \ ce a ee he Bails Mtleraldrm sep year on development. research and have closed their doors avnuallyfor the past four years,he said, and the paceof failures of small foundries is accelerating. There still are about 4,200 foundries in the country and they employ375,000 persons but many of them are captive piants workingonly for one company. To bring the importance of castings home to the ordinary American, Fausel pointed out that your home probably contains two and a half tons of S. “If we spent the same Your autornobile's engine proportion of our sales on K and D as more progressive block and cylinder head, the industries, we'd be paying out crankcase, the transmission and $240 million a year forit,” Fausel rear-end housings and smaller parts are castings. The frames DETROIT (UPI) — General said. Butthis big basic industrythat and other heavy parts of must Motors Corp. todaysaid it has had a sales volumeof $13 billion machinery are castings begun reralling 42,000 mediumduty trucks and 500 school buses because of possible defects that could result in a full or partial oss of braking power. GM said the Chevrolet and GMC medium-duty tracks were built in the first six months of the While mortgage discriminaWASHINGTON (UPI) — year, There have been no accidents or injuries as a result Mortgage lending institutions tion against minorities is of the problem which was subtly discriminate against “subtle,” the report added, “against women it is more discovered during a routine minorities, but the bias is blatant when it comes to lending money blatant, with minority women to women, uecording to a report bearingtwice the brunt.”” bythe U.S. Commission on Civil ‘The commission said the study possibility exists revealed brokers and loan more of the hydraulic brake Rights. hoses may have been manufac- After a year-long study of officers can disapprove tured with an endfitting which mortgage lenders in Hartford, applications using on their own was nut properlyattached to the Conn... the enmmission con- biases and subjective criteria hose, This could result in hose cluded: “Minorities and women such as the character and separation andthe lass of brake face a formidable hurdieof white domestic life of the applicants male prejudice in obtaining and their mioti vation. fluid. Eversuchfacts as definition of On vehicles equipped with dual morigageloans dor minorities and women, income, credit standards and ny svstens, only a pardal loss nuidbe suffered. However, the mortgage finance system is a appraisals were applied incontacked sistently by the Hartford af the osc in 8 single stacked deck cou.d result in sometimes: inadvertently. often institution? and had theeffect of completelos of brake fluid and unthinkingly, but stacked none- screening out minority braking action, applicants, the report said theless.”" Prompts Recali Onedsx7ColorPor(riti( Of GM Vehicles Discrimination Charged In Mortgage Lending Brignt ideafor th e kids % ' om | - Piry SATISFACTION GUARANTEED . children and aduits per subject + Addi subjects—Groups or individuals in same family —$ per subject i + No proots—Choose from finished professional portraits (poses—our selection, You may select additional portraits offered at iow prices “ ABA basketball complete with red, white and blue colors, net and orange hoop. 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