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Show Page 30-T- HE HERALD, Provo, Utah, Sunday, August 25, 1974 Securities Radical Inflation Cure Suggested by Executive "The real cause of our serious inflation is that too many Americans who are paid well and live well are either nonproducers or lead underproductive lives," he added. "In the society of the beehive, the workers eventually kill off the drone bees so the honey supply will be sufficient to last the hive through the winter. Figuratively speaking, human society must put its drones to work or get rid of them " By definition, a human drone is a lazy person who won't work, not one who wants work but can't find it. But people who are willing and able to work but ByLEROYPOPE UPI Business Writer InflaNEW YORK (UPI) tion is a social and political problem, more than an economic matter, and the best cure for it is to reduce the number of nonproducers in society, ac- cording to Milton Mound, a mutual fund executive. of First Mound, president of America, Multifund Inc., presented this viewpoint in a letter to a dozen of the country's - . and economists consultants, management leading some presidential including advisers. The group participated recently in a forum on inflation sponsored . by The Conference Board, an independent business research organiza- are unemployed nonproducers 'and the cost of remain supporting them is a big factor in inflation, Mound said. Next to the. unemployed and tion. Mound told UPI inflation could the disabled, Mound said, the be controlled without the trauma biggest group of nonproducers retired persons, while of a depression. He said the best are many way to do it was to reduce the subproducers include millions who have jobs but do number of drones in society. "If money was paid only to little or nothing that increases producers for creating supplies the supply of useful goods and services. of goods and services, demand would never exceed supply and Among these are lackadaisiwe would never have real cal workers, many government bureaucrafts of all ranks. inflation," Mound commented. was for 61 North 800 Alasco Cameo Minerals Cox Electronics Energy Research Flying Diamond Federal Gold Fountain of Youth Gold Std. Hiko Bell January Mines Mercury Metals Med Mark Micron Major Oil Mtn. Sis. Res. Rocky Mtn. Nuc. Silver Metals Tuma Valtek Rex Montis Western United SKED 1.62 1.87 .04 .05 1.25 1.50 1.00 1.50 3.75 412 V .01 .20 .30 .14 .11. .15 .13 .025 .035 ,04 .37 .05 .50 .62 .87 162 1.87 .42 .45 l'4 1. .07 .08 125 1.50 .03 .035 .08 INTERMOUNTAIN EXCHANGE BIO AKKED 37 36 ; Bristol Silver .03 .02 Canyonlands Ur. .25 .18 Champion Silver 1.65 1.35 Chief Cons 1.05 .95 Clayton Silver .10 .05- Colorado Cons 08 .06 Combined Metals .50 .45 Comet Coalition .65 .50 Comstock Tunnel .23 .18 Cons. Eureka .25 .15 Crescent General .18 .16 Croff Oil .50 .30 Crown Point STOCK .01 Closing Stocks Friday's dosing Prices By United Press International Fordmo39 AbrxU37 Ad.Sllis4 Freptm21H Arcane ll' Akaral284 Fruehufl7Y . Alcoa 44 Amax367, AmhesUV Am Airlines 7S Am Can 25 Pernpil7'4 QiHec35'4 Pennzoil 174 Gnfoodl84 Gnmot384 Gen Port 5 Pepsico4I Pfizer 24' 4. Philiprno4i' Philpet41S Polaroid 19S PPGInd23'4 Proc4G84'4 PusCollO Pullman 4634 Ralston Gillette 24' 4 Goodric207 Amsmltm. GrartW4' AmStndlO4 AMT4Tx43l AMFInl2 Gtmek44 GtWestUn7'4 Gryhdll1 RCA Anacon21 Gulf Oil 18' RepbsU23i Reylnd43'2 ReynlMetl8'4 Robrtsnl6 Goodyrtirl5 13. HanzH38 Hoff Electa 4S ' Hollysu244 rfemstake61'i Armcos22' ArmsCk2B Ash! Oil 18 Atlrichf76s ; AvcoCorp4V BaMiW115'i Basic In 8 BKkmn24' BellHwI13 Bendix2234 BoeingC19' Burden 16'-- , BorgWK'i BrisMy41V Brunswk9 Burrghs77'4 CanpacUH Catertr46H CBS34 Cdanse31 It may be as late as November before some subscribers receive their securities, but the securities will be dated August 15, 1974, SheUOil39' investors ContlOii32'i CbopIn26' CPCIntl24 ' Crwnaz? Cyclops 22' Dun In 15'. DisnevWE'j Draw 33 Eastern Air5 EastKo75 MohilcJ36's Monsan55'j Mrtdk24J4 Triconl6'4 Twcfx5V UALlncl67. Uhcarb413i. 4 Unocal 34' MLstlel liroyaI7 1734 Gyp 13'. 10' 1 FlndFed6'n IknteJ NwMairi Firestone 14' FMCCpl3J'4 Foodfr5' ' m NCRCp27H Magmo9'4 Nortgs44' Nostpwl8'n Northrp24 Exxon 68S Fansteel 10' 4 UnoorpS' USGyp US Steel Norfoikws52 17 ainCpl7' i 27' Outbdm 15'. Owncf37 Ownill35'4 Otis FJ 4 lTDAircrf27 ITOBrandsS Natstel34'i BtraCp20 EvanspdS1!! UnFJecll'n MuiFueWS NUndustU'n Ethyl C2''4 TxPlt22' TransWAir7'j BpasCoIO1. Entexin 14'. Esmark2534 TeJeprwnp Tenecol8' Texacoinc23s Texlnstr73H MidsoulO' Nil Dupe! 15'j 4 McDmdlO'j MGM14', Natl Distil 1!934 38' TexguJf27 Textron 15' 1 Hmkn27l Transam6 ' 17 NaUsco25H NatCan7' DowCh aBmd48V adaiCa!23'. StokeJyVnl4' Stjdew Sunshine 14 TeJedyne 13'i Monpv.22'4 Motorola 46' CurUssWal8 Sopacif27'. Sp Rand 28'. Kraftco32' Magnv4 Mar Oil 313. Ntarcorincaehi CnCanB'4 SkaggG9V Srnthkline38'i. SCaled 16'. Southco9'i Stdoind72'. 44 't 124 UahP12534 UvlndustlB Walgreen US WashW17'-- 750 .50 1.55 .60 30 1.50 20 .20 15 Industrials 686.80, 17.83 Transportation 143.07, 3 67 Utilities 64.16, .77 2.00 2.37 65 Stocks 210.60, 10 .18 .90 85 .035 11 .13 07 .12 07 .09 4.00 06 4 50 .12 75 .90 6.25 6.75 .12 07 .30 25 ' 25 2.50 .09 15 11.75 12.25 .57 .65 .20 .25 VteagEIlOS WripiUgstll9H Wtmotll Wodwhll', Xerox Cp77'4 YngadrlO'a ZmithRie1 ig 16 Pound Model JET70 G.E. G.E.14CU.FT. 5.05 98 Skaggs Drug Syntex Ut. Ida. Sug. FREEZER-REFRIGERATOTBF-18D- P 36 Mi 9S 35' 124 12 NEW YORK STOCK EXCHANGE OPEN CLOSE R G.E. ELECTRONIC OVEN 12 Albertsons Black 4 Decker Boise Cascade Bramff Air 25 26 12' 13 7V. 7V 10 10 5'. 57- 19'i 19 30 30 20' 19 31 32 57 58 134 13 38 38 V 78 77V4 15V. 15 25 V. 25V4 MODEL GSC861 G.E. AMERICANA RANGE 12 12 OVER THE COUNTER BID ASKED 31 V4 30V4 First Sec. 13 11 Zions 4.66 4.55 469 Signetics 2 6 5 G.E. Overfly 19" COLOR PORTABLE T.V.1 Model 11. J856 G.E. BLACK & WHITE PERSONAL PORTABLE TV Mutual Funds Joliet Livestock JOUET.Dl. ock: Cattle 1 JOO; trade active: steers steady to 25 lower; heifers steady; high choice and prime steers 47 8 50, few 48.75; choice 44 1 load choice and prime heifers 46 75; choice Hogs 800; trade active, barrows and gilts . radv to 25, instances 50 higher; no lb. 39 lb 9 75; no. 3B CO- 39 50. no lb 37.50-3- 9 00. Monday's estimated receipts 2.000 cattle. 1.200 hogs Butter and Eggs CHICAGO (UPI) Bulk selling prices as reported by L'SDA: Eggi prices paid to delivery firm. Prices to retailers (grade A. in cartons delivered): Extra large mediums large Cheese Market se: 90 00 Five lb. processed loaf 76 75 Cheddar single daismuenster 40 lb. ies 85.50 - 98 00; longhoms 84 lb. 00; Swiss blocks blacks 8000-9103 O G. POT SCRUBBER Cattle grade B FILTER-FL- Automatic Washer 133 00 136.00 00; - im 4.54 Denver Livestock 105.50-10- -"- DISHWASHER STOCK EXCHANGE OPEN CLOSE 6 5'4 Brad Ragan Inc. 7 74 Day Mines 2Vs Federal Res. 24 4V4 4 Frontier Airlines Giant Yellowknife llTs V New Park Hercules, Inc. Ubby Owebs Ford McDonalds Merck & Co. Northwest pipe Ut. Internal. Xerox Thiokol Kresge Zales DENVER (UPI) Livestock: Hogs 50. Barrows and gilts steady, U.S. 355038.50; H, 34.00-3- 50. Sows steady, US. grade A H EXAMPLES Silver Price anCAGO(UPII-Chee- ' M G.E. INVENTORY AMERICAN .75 2.87 l I I DOW JONES AVERAGES Friday, August 23, 1974 .45 021 I i 11 I Furnished by Merrill lynch, Pierce, Fenner & Smith Inc., 43 N. University Ave. 125 17 1 Market Quotations 15 45 11 UTAH'S LARGEST EXCLUSIV Reach High 23 125 11 lwr I Mutual Funds United Press International Affiliated Fund 5 46 5 91 Anchor Fund Inv 5 20 5.70 Bullock Fund 9.07 9.93 Bullokc Div Shares 2.52 2.76 3 27 3 57 Channing Growth' Concord Fund 7 29 7.29 Delaware Mutual 7.63 8.34 Eaton&Howard Bal 6 96 7 61 11.14 12 17 Fidelity Fund Hamilton Hda 3 01 3 29 IDS Growth 3 69 IDS New Dimension 3 333 62 IDS Progressive 2 28 2 48 Investors Mutual 6.98 7 59 Investors Stocks 13 42 14 58 By Invest Select Inv Var Pay Life Ins Inv Mass Inv Growth Prudential sys Inv United Accumulated United Income Wellington Fund Wellington Invest Wisconsin Fund 8 28 5 35 28 4 68 7.63 8 34 4 6 91 7 55 4 55 4 99 8 39 8 09 50. 0 IV I Large Inventory of Slightly Railroad Damaged Merchandise. All G.E. Air Conditioners at Clearance Prices 8 90 4 92 25" Solid State TV Consoles from $498 and up G.E. 9.19 8 84 5 37 5 87 3 90 4 26 Wsbancl6-WUnxm 10' 11 11 I - Simnscol4 Salon purchase Treasury notes and bonds are encouraged to request them in registered form. Registration provides protection in case of loss or theft, whereas securities held in the unregistered form do not have this protection. MUTUAL FUNDS BID ASKED 5.91 546 Affiliated Fund 7.48 6.84 Chemical Fund CHICAGO Live cattle and (UPI I 8.65 7.89 Dreyfus frozen pork bellies: ' 7.41 678 Fidelity Cap. Low Latest 12.17 Sales Fidelity Fund Open High 11.14 Live Cattle 16.69 15.27 Fidelity Trend Oct 45.32 45.32 43 40 43.72 2178 5.70 520 Fundamental Inv. 10.67 Dec 43.75 43.75 42.35 42.65 2114 9.76 Invest co. of Am. 5.87 5.37 Feb 43.J7 43.37 42.70 43.10 725 Ivest 11.96 11 18 Edie Corp. Apr 44.52 44.52 43.70 43.90 335 1286 12.86 Edie Growth Frown pork bellies 8.34 7.63 Mass. inv. Growth Aug 57.17 57.17 55.95 56.50 300 8.97 8.21 Mass. Inv. Trust Feb 56 75 56.75 55 90 56 40 436 12.86 11.77 New PerspecUve Mar 56.50 56.50 55 60 56.20 87 996 9.11 Pioneer Fund 6.64 608 Putnam Investors 8.10 7.41 Putnam Growth 6.15 5.63 Windsor Fund NEWYORK (UPI) -Handy and Harman NEA 6.35 6.35 Mutual Fund Friday quoted silver at J4.50 cents per fine ounce, down 1 cent. Live ' KerrMcg?8 who Deseret Pharm. Gen. Refractories Co. Gen. Tele. & Ele. Barley ajo.6nrlx32' Kopper40:,4 Marehf 38 7.00 White wheat Soft white ' Sears55' LTVCorp9'4 LukenSU22Sr 181, CbrnmsoIvS' Cmwd215 CbmmSat24 Con Ed 7' 4 ContlAtrLn5 Dupont IngRndffl' Inlndstl31' Lockheed 4i. atsv39'4 Col StRegis2434 LehVallndl ,0x73' Gas .15 .40 PORTLAND Cash (UPI) coast delivery basis: grain, 3kiay 6frday RockweU21 and earn interest from that date, according to a Treasury spokesman. Despite the greater work that entails, and the registration initial delay in issuance, small .13 08 Portland Grain Ronson6 nioeninl4' LiggMy25'4 bttiin'trS. Chryslrl2?i .35 .15 Produce Corps's Royldffi SafewyMS Kencott Cerrocorp 15H Chess 42'. 25 10 Livestock, Raython28'. H3nywi35J4 Houslp20 IdahoP23H IdealbasicMS ffiMCorpMO lnharv20,4 Intnckl25', Intl Paper 40S IntT&TW Johnmvl6 Jones L 18' 8 Kaiser Alu 16 Beth Steel 30' BoobieBrks2' . GenDynaml9 Amcyan 18'4 Amrnot5S Ariz PS .10 .26 08 PetroSil Park City Cons Park Premier Prince Cons Sage Oil Sioux Mines South Standard Standard Metals Teletrans Ind. Tintic Mineral Triton Corp United Park City Utah Cons UUh-IdSugar (Com.S UUh-WyCons. Oil. Worldcom 09 22 Penney 473 GTE194 GaPaca1 AbrandX'i Com Tel Dragon Cons East Utah Empire Mines Eureka Bullion Eureka Lilly Cons Eureka Standard Golconda Gold Chain Great Western Justheim Petrol Love Oil Co. Louisana Pacific Res. Mammoth Moviematic New Park New Quincy North Lily SUIER CLEARANCE 1 - PennCentrl'4 GenatrSOS Gncable8'4 Aliegcp8'4 AUiedCh33?i AUisCha7 Pacgas20 Pacpwrl6 PanAmAir2iB END OF THE bonds because of the additional work required for registration. Closing Over Counter BROWN SECURITIES BID fflUAL to response subproducers been supported by so few producers as in present-da- y America," Mound said. this problem is "Solving Sales of mutual fund shares primarily a political task. The econoniists can give us very little increased to $441.7 million in useful advice about it." July, the highest level since last November, from $337.0 million in June. Sales in July a year ago amounted to $363.7 million. Taxing Redemptions by shareholders The in July totaled $352.3 million, LINCOLN, Neb. (UPI) up average American worker will from $275.6 million in June but work 2 hours and 38 minutes of slightly below the $356.6 million each day this year just to pay his in July last year. taxes or one minute per day Sales exceeded redemptions longer than in 1973. for the third consecutive month. Tax Foundation, Inc., which increasing to $89.4 million, the made the estimate, said it means highest level of net sales since that if that worker puts in a 40- - October 1971. This total reflects hour, week, he will work all net sales of market funds money of Monday and until 2 D.m. which more than doubled, to Tuesday just to get his tax bill $176.5 million in July from $81.5 paid. million in June. Total sales of money market funds in July were $210.0 million compared with $95.2 million in June. News The $2,000 remodelling of a commercial building at 67 W. Main Street, an industrial garage at 99 S. 700 E. for $13,000, a a carport, and garage, swimming pool complete the list of permits issued. public During July Building Permits in July an that atr AMERICAN FORK Eight building permits with a total valuation of $74,800 were issued during the month of July, according to a report released by Carl Hansen, city building inspector. The largest single valuation was $24,000 for a permit to build a duplex at 440 North 300 East. Only one residential permit was Heavy Treasury's August 15 refinancing may result in some delay in delivery of registered notes and and nonproducers many Am. Fork Issues Eight issued, and $18,000 home East. nonproductive business executives and other people who simply are not sufficiently motivated either by incentives or the threat of want to contribute their share to society's evergrowing need for more goods and services. The military and naval establishment also have their share of drones, he said. Mound said the Social Security Lawprovision that won't allow persons between 65 and 72 to earn as much money as they can while still drawing benefits is one of the more striking causes of inflation. "Many of these people would continue to be useful producers if they were allowed to draw their Social Security benefits with no restriction on their earnings," he said. Compulsory retirement rules, desirable on many jobs, are not desirable in others and add to the number of expensive drones society must support. "The blunt truth is that never before in human history have so Mil UTT APPLIANCE Delivery Delayed The language of the ancient African kingdom of Meroe was written in hieroglyphics that strongly resembled Egyptian ones. Meroe flourished between 600 B.C. and A D. 400. m M'lHiriii) MO |
