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Show Millard County Chronicle Thursday, February 10, 1966 DELTA THIRD WARD AREA NEWS BRIEFS LaVEE TURNER The Millard County Chronicle Published Every Thursday at Delta, Utah By CHRONICLE PUBLISHING COMPANY E. H. (Bob) RIDING OWNER-PUBLISHES INEZ RIDING - EDITOR Entered as Second Class matter at the Postoffice at Delta, Utah, under the Act of Congress, March 3, 1879 Subscription Rate: $4.00 a year In advance; Six months, $2.25 Advertising Rates on Request NATIONAL EDITORIAL rbijj!nig'.n.'.iiifl GIVING OUR WORLD THE Once Over . By Dick Morrison THE $550,000 QUESTION When a little group of people concerned with the management of the Charitable Remainder Trust Funds of the West Millard Hospital were gathered together one morning morn-ing recently, Mr. Vic Cummings, accountant ac-countant by profession and attorney attorn-ey by educational qualification, who acts as auditor for the City of Delta and the West Millard Hospital Hos-pital among other institutions, and who had examined the trust instruments instru-ments which had been prepared by Eldon Eliason in the setting up of the Trust, remarked that they reminded re-minded him of a work of art. So may they be. The Trust has been created, and of it our Hospital stands to be the gainer. That part of the job is nearing completion, while the second, and equally vital part, is only begun. The matter of how to invest the $550,000 in such a way that it will earn enough to pay six percent to the settlors for an indeterminate number of years, and if possible earn something over and above that, is the chief concern con-cern of the Board of Trustees, which is made up of LaClead Nielson, Niel-son, Leo Day, Verdell Bishop, Loa Black, and chairman Homer Peterson. Peter-son. Of course the Trust does not have to earn six percent, if such a return would involve undue risks, because, by the acturial tables, it could lose between one and two percent a year and still, by overwhelming over-whelming probability, come out a-head a-head by the time the Settlors passed pass-ed away. But in any event, the more the fund earns, the better off the Hospital will be In the end. One of the first proposals for investment in-vestment was that the greater portion por-tion of the Trust be loaned to local men, who would use it to finance their business ventures, while paying pay-ing interest at the rate of 6V4 of 7. Applications were received from two local men and one local corporation for such loans, of $100,-000 $100,-000 each. The application of the corporation was subsequently withdrawn. with-drawn. Those who favored this course pointed out that the interest return was higher than could be realized from most fixed income investments; in-vestments; and held, furthermore, that these loans would promote the local economy. Other members and .advisors opposed the move on the grounds that such loans involved considerable risk, that they offered no chance for the Trust to realize capital gains, that they held little in the nature of liquidity, and that charges of favoritism might be raised by the public. The opponents held, furthermore, that the loans would not promote the local economy, econ-omy, because if, as was claimed, the borrowers were men of excellent excel-lent credit rating, they could surely sure-ly borrow from other sources and go ahead with their projects anyway; any-way; and that if they did not hold credit ratings sufficiently high to borrow from other sources, they certainly should not be loaned Hospital Hos-pital money. While this proposal was being tossed about, the first large installment install-ment of Trust money, some $300,-000, $300,-000, was being held in a bank checking account. Now, the money was safe enough in the checking account, even though it amounted to thirty times as much as the $10,000 limit for insured in-sured accounts by the F. D. I. C. But it wasn't earning any income. So, early in December, four members mem-bers of the Board of Trustees, Verdell Ver-dell Bishop being ill at the time, accompanied by Mr. Eliason and myself, attended two meetings in Salt Lake City; the first with Dr. El Ray Nelson, Mr. Cowan, and others of the First Security Bank, and the second with Arlyn Styler and Ned Bennion, of Goodbody & Co. At the first of these meetings, it was decided to invest most of the cash on hand temporarily in U.S. Treasury Bills. Once this decision de-cision was made, $280,000 worth of Bills, which will pay about 4.07 interest per annum, and mature in 90 days, were bought. The transaction transac-tion was completed in a matter of minutes, and some of those present were surprised how quickly such a large transaction could be consummated. consum-mated. But the matter of permanent investment in-vestment policy remained unsolved. And the Board of Trustees found itself concerned not only with various kinds and types of investment, invest-ment, but .also with the overall Investment In-vestment climate of our day. In an age of inflation, one type of investment in-vestment is better; if the near future fut-ure holds a threat of deflation, another an-other type would be advisable. In short, common stocks are usually best in the former climate; fixed income Investments such as loans and bonds in the latter. So, as all competent investment managers must do, the Trustees started trying try-ing to devine what the future, both near and far, holds. And for sure, if, as appears about as certain as anything can be, inflation will be the rule for the long pull, it is a must that investment managers look to capital gains in order to profit from it. At a meeting in Delta in January, Janu-ary, an Investment advisor and his attorney from San Francisco, along with two associates from Salt Lake, discussed the program with the same group as had attended the earlier meetings in Salt Lake, Mr. Bishop also being present at this meeting. This investment advisor pointed out that, if one had bought a share of every stock listed on the New York exchange in 1924, and had held them until the present pre-sent time, exercising no judgment whatever in trading to take advan tage of market conditions, he .J J u Ik-hnm vSEXr ""IT- they'll succeed . they're job corps trained WELL TRAINED BY A UNIQUE PARTNERSHIP PARTNER-SHIP OF BUSINESS AND GOVERNMENT. Many Job Corps graduates already are succeeding, working in business and industry in every part of the country. They are good workers . . . well trained by a working combination of business and government. govern-ment. Job Corps taught them not only how to do a job, but how to do it well . . . how to get along in a iob, how to go ahead in life. If you have jobs to fill, write to Jobs, Job Corps, Washington, D. C. HIRE A JOB CORPS GRADUATE is It was a short, pleasant, inrigo- rating walk this cold Feb. 3rd evening, ev-ening, as I made a call on a quite-spoken quite-spoken friend and neighbor, Mr. Frank Wood. One could not believe he has been a widower almost four years. His home is so cheerful and well-kept, lit looked as though a finical woman had just cleaned, most women would hang their heads in shame. I for one. Mr. Wood does all his house work, cooking and baking bread, "the frozen fro-zen kind", he said. His daughter Edith irons his white shirts. Laughingly Laugh-ingly he said, "I didn't realize house work was such a chore. Where does all the dust come from?" Mr. Wood was born in Holden. He came to Delta in 1906 to buy some land. The streets were railed of brush and the lots marked off and numbered. num-bered. The numbers were drawn. Mr. Wood drew two city lots and a 40 acre piece of ground on the South Tract. He built his house on one of the lots in 1911. All of his children were born there, except Wells and he was born in Holden. Mr. Wood married Lillie Johnson in 1906 and left soon after to go on a 32-month mission in the Western States. He has four sons and one would have realized a profit of nine percent compounded annually. This highlighted his recommendation that the money be placed in mutual funds, which represent intelligently managed diversified investments in, for the most part; common stocks. However, the possibility that the present coincidence of high stock market average prices and high interest rates might presage a decline de-cline in the stock market, perhaps in 1966, was cited to show that it might be best to postpone putting all of the money in mutual funds at this time. Records were also cited showing that, had a f u n d amounting to $550,000 been placed in certain mutual funds ten years ago, the Investment would have grown ten fold and have amounted to perhaps per-haps $5,000,000 today. But that hypothetical hy-pothetical investment would have been free from the necessity of paying six percent to the Settlors of this Trust. Even so, it would have shown a big profit. It has also been pointed out that high interest rates and today the Federal Reserve's discount rate, at 4, stands at the highest point since 1930 while causing some speculators to feel uncertainty for the near future of the stock market, mar-ket, have created a Duying opportunity oppor-tunity in the bond market. Bond prices adjust almost automatically auto-matically to changes in interest rates. So, if the Trustees want to take more time, and re-invest the cash for," say, another 90 days in Treasury Bills, they will be able to obtain an interest return higher than the first 4.07. Some government govern-ment bond issue are now selling so far below par that today's buyers buy-ers can realize 4.5 ; and if and when interest rates are again marked down, these would provide the buyers with capital gains as well as interest. Not all government govern-ment issues are comparable with the familiar government savings bonds, which are usually sold to "little fellows". Should the Trustees invest direct ly in a diversified portfolio of common com-mon stocks? I, for one, think this would pose too many difficulties, and that instead, they should invest in-vest in Mutual Funds at least that portion of the Trust not placed in fixed income securities. This, because be-cause the Five Trustees couldn't hope to do the job of managing the portfolio as well as one would expect the professional managers or the Mutual Funds to do it. Without going into too much additional ad-ditional detail, it would appear that, for the time being, the Trustees Trus-tees might very well place about half of the cash in high grade bonds, including both governments and corporates the latter carrying a little higher risk and paying a little higher return, and the other half in Mutual Funds whose records re-cords are the best. Then, if a sell off in the stock market materialized material-ized in coming months, it could be used as a buying opportunity for placing additional cash in Mutuals. But what, I have been asked, if no sell off in the stock market occurs? The answer is that, in that event, the income averaging about 4.75 from the bond investments, plus the normal expectancy of both investment income and capital capi-tal gains from the Mutual Funds, some of which in 19C5 brought returns re-turns of the the order of 16 altogether, al-together, would, in all probability, far exceed the 6 needed to pay the Settlors. This recommendation is predicted on the assumption that, except for a temporary selloff in stock prices which could occur in the reasonably reason-ably near future, the long range trend is up, and will continue to be so, because inflation has been made a way of life. And it is just as easy to make money in one investment in-vestment climate as in another, if one knows what that investment climate is going to be. It would be rash, indeed, to invest money in fixed income securities with the idea that our political set-up is going to change in such a way as to put a stop to inflation in the forseeable future. It is to be hoped that after the investments have been made and the profits for the hospital counted, it will be said of the Investment P'ogram as it has already been said of the Trust instruments, that it was a work of art. And that outcome out-come is not at all impossible. And, if we may look ahead a few years, with good management and a little luck, the Trust Funds may grow to a point where the income therefrom there-from could be used to subsidize hospital costs and ease the burden that people stricken by sickness have to pay. daughter living close by him, Wells, Lon, Reed, Rex and Mrs. Nels (Edith) Anderson. He has been a farmer most of his life. At times he did odd jobs to help out with the financial problems. He worked on the county for six years running the grader. He said, "When I was young we had horses to use on the farm. It wasn't like it is now". My eyes kept straying to a beautiful house plant, setting on a low table under his east window. It was covered cov-ered with delicate pink blossoms. Mr. Wood said it was given to he and his wife over ten years ago. Its a Cycaleum. It is stiil in its original ori-ginal pot and soil. The plant lies dormant all summer and , blooms during the winter months. There was a clock on a shelf still ticking away after 50 years. Mr. Wood made me promise not to brag on him.I am sure I haven't, but I want you to know Mr. Wood. I remember remem-ber 19 years ago one cold February morning when you knocked at my door and said you heard my husband hus-band was in the hospital and was wondering if there was any thing you could do to help. I thank you again for being so kind and thoughtful. I admire you Mr. Wood in all the things you do at the age of 83. I enjoyed having Jennie Miller of Salt Lake and her mother. Aunt Susie Sampson eat dinner with me while Jennie was here visiting her mother. Jennie and family lived for many years where the Delta Floral Shop is now. We watched our families fam-ilies grow up together, through the depression years and the more prosperous pro-sperous years. I hope you will come and visit again soon. I missed Maxine Mills when I would go into the Baker Pharmacy and I had to read it in the Chronicle Chroni-cle to learn she was ill. Hurry and get back to work Maxine. We miss your friendly personality. ....Mr. and Mrs. E. L. (Mary) Moody returned home Feb. 1 from a two-weeks two-weeks stay with their son Lester and wife and tiny baby daughter, Catherine, born Jan. 25. The grandparents grand-parents are bubbling over with hap piness. Mary said the little one was such a doll with lots of curly black hair. She is Lester and Wendy's first child and the third grandchild for E. L. and Mary. Lester's wife is the former Wendy Beloe from London, England. Congratulations to all. Barbara Abbott of Sutherland spent a short time visiting Jill Turner Tur-ner Feb. 3rd. Thanks for coming, Barbara, it cheered Jill up a lot. Come again soon. A party for the Project Temple Class was held at the home of Merlin Mer-lin Christensen Feb. 3. Present were Bishop and Mrs. Lem Lovell, Bishop and Mrs. Dean Black, Bishop and Mrs. Ward Stevenson, Bishop Ward Killpack, Jerry and Paige Hawley, Robert and Eleanor Dalton, Max and Claudia Terrell, Roger and Gay lyn Davis, Marilyn Stoddard, Nina and Jess Lee and Eldon and Mar-Genne Mar-Genne Rowley. These people have finished the classes of "Project Tern pie Marriage". Temple dates for most of them have been set for some time in March. Mr. and Mrs. Lee will go through the temple Feb. 11th with their granddaughte Darcia and Wendell E. Day who will be married at that time. Another An-other class will begin the first part of March. A lovely dinner was served ser-ved to all these people. Dennis Doris from Dixie College was home over the weekend and brot a friend John Payne, whos? home is in New Mexico. John is a convert to the Mormon Church. I hear Dennis was one of the young men from Dixie College chosen as the "Preferred Man". Congratulations, Congratula-tions, Dennis. Mr. and Mrs. Reed Wood made a trip to Salt Lake to see their son Wally who is recuperating at his sister Margaret Watson's home, from a leg infection. Wally was released from his mission where he was serving in Rapid City, South Dakota and Nebraska. Phyllis was k Afi i 7 ; . J Pv 1 7-- I iJ7M t tr7 7 ! - 1 W A I i ,j I r - : f 1 All Governor Calvin L. Rampton greeted industrial leader Alfred A. Bersted, president, McGraw-Edison; Ajax executives Nicholas L. and John L. Strike, and John Maragakis; and Milton L. Weilenmann, director, Utah Industrial Promotion Commission in the Governor's chambers. Utah Industrial Climate Good Says McGraw Edison President Alfred A. Bersted, president, McGraw-Edison Company, cited Utah's favorable industrial indus-trial climate as a key factor in the growth and continuing growth of Ajax Presses in Salt Lake City. Mr. Bersted made this comment while touring new Ajax facilities at 1045 West North Temple, Salt Lake City. $457 MILLION IN SALES Ajax Presses is a subdivision of American Laundry and Machinery Industries, one of fifteen divisions of McGraw-Edison. McGraw-Edison. The Elgin, Illinois, based firm manufactures electrical elec-trical products for homes, utilities, utili-ties, industries, and govern ment in 57 manufacturing plants located in 17 states and three foreign countries. According Ac-cording to Mr. Bersted, McGraw-Edison totaled $457 million mil-lion in sales during 1965. PHASE 3 PLANT ENLARGEMENT "The new Ajax facilities are phase one and phase two of a three-phase program," Mr. Bersted said. "Phase three will add another 87,000 square feet of fabricating, assembly, and office space." Ajax's expansion will provide pro-vide 50 to 100 new jobs, bringing bring-ing total employment to 600 workers. It now ranks as one of Utah's top 20 employers. AJAX MAJOR UTAH ASSET Mr. Bersted, accompanied by Ajax executives and Milton L. Weilenmann, director, Utah Industrial In-dustrial Promotion Commission, Commis-sion, also met with Governor Calvin L. Rampton. Governor Rampton said Ajax represents a major asset to the state. $60,000 GRANT GIVEN U OF U While in Salt Lake, Mr. Bersted Ber-sted also visited the University of Utah campus to discuss a $60,000 grant awarded the school in December by the McGraw Mc-Graw Foundation. The grant is to establish a professorial chair in economics. Alfalfa Growers: TREFLAH Learn the Latest Developments from . . . DR. LLOYD WARNER THURSDAY. FEB. 17, 1:30 p.m. American Legion HalL Delta Wilber-Ellis Co., Distributors expecting to get her glasses after having surgery on one eye last sum mer. The doctor had to send back east for the special kind she needed. need-ed. We hope the next trip to the city will be the one you can get your glasses Phyllis and they help also in restoring your vision back to normal. Mrs. Fred Hauman has been ill the past while. Was the stay in Colorado too much for you? We hope you get well soon and stay that way. Madeline, daughter of Mr. and Mrs. Carrel Drewry was one of the four winners in the 6th grade essa she wrote on Americanism. Madeline Made-line chose "Freedom" as her subject. sub-ject. These young people read their essays in the P.T.A. meeting. Mr. Thorpe Waddingham was the main speaker and he praised these students stu-dents high ly on their ability in being be-ing able to write such excellent essays. Mrs. Jennie Largent returned from Salt Lake where she has been since Christmas with her son Ted and family. She arrived Feb. 1st to help celebrate her daughter Bonnie's Bon-nie's birthday. Mrs. Lillian Ivie pre pared a lovely dinner for Bonnie, Rodney, their three children Kathy, Darwin and Debbie and Mrs. Largent, Lar-gent, also, Lillian's family. Helen Cook, Kathy's little friend was also there. While Jennie was in Salt Lake, She took care of Ted's family fam-ily while his wife, Elaine visited with her husband in Montana where he is working on a government govern-ment job. Mrs. Tommie Slater, Jennie L ar gent's sister, suffered a heart attack. at-tack. She lives in Downey, Calif. The last word Jennie received she was feeling much better. Tommie used to live where Jack Turner's residence is now. We all send our get well wishes to you, Tommie. Our friend, Mrs. Sterling Bennion has been quite ill. We all wish for a speedy recovery. Mrs. Merlin (Martha) Christensen and Mrs. James (Mary) Anderson of Salt Lake spent a week in St. George with their father, Don Bishop Bish-op and wife. While there they visited vis-ited friends and relatives. Mrs. John (Blanch) Ferry is home after spending a short stay in the hospital. Get well soon, Blanch. To all people who are ill: DON'T BE SICK it ain't HEALTHY. The All-Star basketball team from Delta won over Fillmore, 66 to 50. The game was played in Scipio. On the Delta team are Roger Rog-er Davis, Richard Hare, Max Terrell, Ter-rell, Harvy Ross, Jay Atkinson, Russell Rus-sell Greathouse and Darrell Tay lor. Congratulations. Feb. 10 they play Gunnison. We hope for victory there also. When I was a little girl and would go into the kitchen where mama was preparing breakfast, she always said, "Good morning Merry Sunshine, why did you wake so soon?" Now when I go into the kitchen a masculine voice says, "Good morning Merry Sunshine, do you know its d near noon." Mr. and Mrs. Piatt (Mae) Taylor attended a wedding reception in Salt Lake Feb. 4th for Mae's nephew, ne-phew, Richard Maxfield of Lyman, Wayne County, now living in Salt Lake. It was quite a treat for them as they had the chance to meet many old ime friends and relatives. Mae was born and raised in Lyman and she and Piatt lived thert for five years while Piatt was on a construction job. Mae also visited with my youngest sister, Mrs. Fern Holt Baker and husband Reed. They lived for many years in Bick-nell, Bick-nell, Utah. On the way home they stopped at the rest home where Piatt's father, Jimmy Taylor is. He was not so well they report. Mrs. Clinton Tolbert returned home Saturday, Feb. 5 after spending spend-ing a week helping to care for her son Stanley's family while his wife Beth was in the hospital after having hav-ing a back injury in a sleigh accident acci-dent where she and her neighbo were both hurt. Beth has a brace on and the neighbor lady is in a cast. They are both home now. Mrs. Tolbert also visited her other children child-ren and Mrs. Nell Watson's daughter, daugh-ter, Alta Jameson, who is ill. We received a letter from Mrs. Nora (Turner) Knight. Orval's sister. sis-ter. She is spending the winter with her daughter, Mrs. Truman (Clara) Clothier, 11 June Ave. Las Vegas, Nevada 89104; and her son Edwin Knight. Nora is enjoing the lovely warm sun-shinny weather. She said to tell all her friends Hi! Mr. and Mrs. Melvin Mitchell made a trip to Salt Lake for Melvin to have a check up with his doctor. Mrs. Fern Sampson went as far as Lehi with them to see a new little grandson. This boy makes two for her son Garry. Melvin Mitchell and his brother William went to Esclante on business. busi-ness. Then William made a trip to OAK CITY MAE H. SHIPLEY At Sacrament meeting following Sunday School Sunday Primary Pres. Mrs. Cherrie Finlinson invited all to help on the penny parade for the Primary Childrens Hospital in Salt Lake. Mira and Sonja Finlinson Fin-linson and Lisa Nielson s a n g a Birthday Penny song. David Harris and Jay Finlinson were graduated from Primary. Eddie Lovell was con firmed by his father, Mr. Ray Lovell. Lov-ell. He had been baptized Saturday Satur-day evening at the Stake House. Ward Sec. Gordon Nielson reported 80 attendance present at Sacrament Sacra-ment meetings through Jan., 1966. Last Tuesday night the MIA spon sored a dance and refreshments for the MIA people. All reported an enjoyable time. At the Grant Finlinson were their children, Mr. and Mrs. David Finlinson Finlin-son and children from Salt Lake. Mr. Reed Lovell received word of his brother Clisbee Lovell of Salt Lake was injured in an accident at his work. He is in the St. Marks Hospital. We hope and trust he will soon recover. Mr. and Mrs. Jess Peterson spent Saturday and Sunday in Oak City from Salt Lake City. Mr. and Mrs. Clarence East spent a few days last week visiting in Ogden with his relatives, especially to visit his sister who is in the hospital hos-pital following a serious accident. Mr. and Mrs. Victor Roberts from Salt Lake visited with Mr. and Mrs. Cloyd Talbot. Other visitors at the Talbot home were Mr. and Mrs. Clark Prisbrey and children from Nephi. Mr. Reed Lovell is at the West Millard Hospital following surgery Friday morning. Hope for a speedy recovery, Reed. Mr. Leo Finlinson went with Mr. Melvin Roper to Cedar City Sunday Cr,on;ok pi, . ... visn wun nis aauenier isoDei dentures. Have a lot of good, GOOD W,"iams a"d ff ml- D CHEWLY, William. He spends most I " n'C? l? have ayftFmIin-of ayftFmIin-of his time here in Delta with his'fnout again t0 church after his brother and sister Mrs. Clinton Tol bert. Mrs. Bill (Claudia) Edwards and four children of Salina visited her parents, Mr. and Mrs. Clarence Go-wers Go-wers and two sisters, Joyce Jenkins and Jean Yates. illness. We are proud of our Explorer boys who won the Deseret Stake basketball. They will play In Nephi Thursday night. Good luck to the boys. Mr. and Mrs. Leroy Anderson went to Oeden SattirrlAv tn ntlpnrt Clarence powers received wora trie baptisms of two grandchildren, that his brother E. E. Gowers of .Douglas Lovell and Kayleen Black. Lynwood, Calif, was seriously in-1 They also attended church Sunday jured in a fall off a scaffold while with them and returned home Mon-working Mon-working at his home. He is sufer- day. ing rom a fractured skull. I Mr. and Mrs. Harold Anderson Do we appreciate all the time left Monday, Feb. 7th for Salt Lake, and energy Nels and Nettie Clark , Tuesday he will commence treat- put . forth in keeping the Deseret ments with his doctor again this warm for all to enjoy the benefits ' j we receive, when we have need for' SHOP AT HOME SIIOP WITH I it. I wonder. Do we? I THE ADVERTISERS DOUBLE PROTECTION FROM FRIGIDAIRE! YEAR PROTECTION PLAN at no extra charge backed by General Motors! WASHER No belts to break, no pulleys to jam, no gears to wear out! One-year Warranty for repair of any defect de-fect without charge, plus four-year Protection Plan for furnishing replacement for any defective part in the complete transmission, drive motor, or large capacity water pump! 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