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Show 0 1. ' y-- i jy-- ti nynaijrrii)'nriyr'iy''y'T'iQr,i:-p)i"i- rg- - niiiirlimiir'rJ DESERET NEWS, WEDNESDAY, JUNE 1, Brokers qear for 'puis' i By Arnold Irvine Deseret News business editor Puts," the other side of the stock options coin, are scheduled to start trading Friday, and a Tuesday seminar helped gear Salt Lake stock brokers for the inaugural. Daniel Skelton, marketing vice president of the Chicago Board Options Exchange (CBOE), conducted the seminar at the Hotel Utah with over 100 brokers attending. A of of pwp fool thay SOt in on the ground floor of the call option business and want to make sure they get the right start in puts, Skelton told the Deseret News. The call option market started in April 1973, with 16 stocks as a pilot program. After four years, there are 220 stocks involved in the options market which is handled by five exchanges. The prestigious New York Stock Exchange is gearing up to begin I Although "puts" trading will be only a pilot program to liegin with, Inning just 25 stocks listed, the program could double the business of the options tfit-n,- - Thousands motivated Futures prices slide Strike jitters hit copper By Margaret Gordy NEW YORK (UPD Doubts about the possibility of a strike by U.S. copper workers when their contract expires June 30 are pushing the copper futures market towards lows, according to copper traders on the Commodity Exchange Inc. And these doubts may well be rooted in reality. A spokesman for the United Steelworkers of America's (USW) copper bargaining unit in Tucson, Ariz., told commodity news service that copper miners and refinery workers are much less anxious to go on strike than they were several months ago. "I dont think union officials would be reluctant lo lead workers into a strike the workers will strike if they are not satisfied with management proposals, the USW official cautioned. But at first, everyone is eager to talk tough in front of a gang, and as time goes by and you get down to concrete bargaining, people begin to calm down. Nobody here wants a strike, he said. 1 Intermountain Stock Exchange Wednesday's Quotations Bid .16 Bristol .OM Cnylnds ChiefCon 3 37a .85 Clayton .05 CombMet Comet 80 .50 Comstock ComTellnc 06 V 1.05 ConsEur Croft .24 Crown .60 CrsttOil 15.00 39 Dragon .22 Ea&tUtah Bristol. 1000 at .17 Cnylnds, 15,000 at .07V ConsEur: ,500 at .05; 3,200 at 1 CroH. 12,000 at .25 Dragon. 3,500 at .40; 1X100 at .39 PetroSilver. 86X100 at .07 10 Not only is PMA big m Salt Lake City. Its appeal is international. lows. The market had hovered around 73 cents about two months ago. The July contract hit its on July 6, 1976. high 83.10 cents Arnold Weber, dean of the Carncgie-Mello- n Graduate School of Industrial Relations noted that the copper industry has a history of poor management-labor relations, with every contract negotiation since 1961 resulting in a strike. With the current 71 cents per pound copper price barely covering producer costs, the chances for management generosity are slim, he told Commodity News Service. But USW officials say workers are taking a cautious stance, because they believe U.S. producers would use a breakdown in negotiations as an opportunity to work off burgeoning warehouse stocks and if there is a strike, it is going to be a long one. n (metric) ton When you have a strike wouldnt overhang of supply, a three-mont- h even cause a dent in the market, Joseph Zimmerman, vice president of Miles Metals Corp. said. For that very reason, many U.S. producers also may be anxious to avert a strike. Our overhead costs dont disappear just because we have a strike, an Asarco Inc. executive said. Vhy should we shut down and let foreign producers flood the market? In addition, many copper consumers have been buying preshipped copper since January in anticipation of a strike, further mitigating the effect a strike would have on oversupply. Some thronged Tuesday evening Wednetdays Quotations Interdealer prices as of Quotations from the NASD are representative p.m. Interdealer markets etiange throughout the day. Prices do approximately not include markup, markdown or commission. Securities 13,000 Utahns the Salt Palace afternoon and to have their motivational batteries charged by a high vol- tage team of speakers at the Positive Mental Attitude Rally. Sam Cooper, president of American Sales Training Association, Mem- phis, Tenn., the organization which is sponsoring the PMA rallies nationwide, said he is planning to take the program to Japan, Australia and New Zealand in the two-millio- future. He said the rallies have drawn large crowds so far in Dallas, Kansas City, Los Angeles, Day-to- n and Birmingham. After Salt Lake City, the program is scheduled in Phoenix, Chicago, Tulsa, and Minneapolis Memphis. Cooper's company holds sales training ses- the sions throughout country and the PMA Rallies are an outgrowth of that activity. BOISE (AP) Directors of Albertsons, Inc., have declared a quarterly cash dividend of 20 cents, payable Sept. 1 to shareholders of record Aug. 5. Addressing the annual shareholders meeting, Board Chairman Warren E. McCain predicted sales of the Boise-base- d supermarket chain would approach $1.7 billion in 1977. the We decided to give general Suamir Dean Deseret News business w riter "Either you're going to have to get involved and speak year will for the private sector or youre not going to have a business." Sen. Orrin G. Hatch warned the Utah Subcontractors Associaton Tuesday Hatch, who addressed the associations annual luncheon meeting a the Ramada Inn said, however, that lie is encouraged because he finds more U S senators responding to what he said is a mood of fiscal conservatism in the country. The subcontractors association includes carpenters, plumbers, electricians and other building tradesmen and firms. The senator hailed defeat of the common situs picketing act, which would have allowed secondary boycotts on job sites, as evidence that businessmen can accomplish their aims by writing and contacting their representatives. If someone had conducted an economic impact analysis of the bill. Hatch said, it could have been shown that the measure would have hurt the very men whose unions were backing it. Never' heless, he said, come 19S2, I expect to have a pretty hard time in Utah because of his votes against common situs and other measures. labor-backe- d to create a subsidiary AT&T byPAAA Although some copper exports predicted the futures market would rally this week as USW officials begin bargaining with major U.S. copper producers, July copper opened Tuesday at 60 cents, down 120 points and just 140 points above the Albertson's votes 20 cents Over the counter By markets, he predicted. Trading "puts options will stimulate more "calls" volume, in time, because of the combinations that can be worked out using both kinds of options. Skelton said he is urging the brokers to IcuHi to handle "puts" by selves, however, before getting into of the combinations. Any problems that arise will come in the attempts to work out complex combinations. He conceded that options can bo an extremely risky investment instrument but insisted they also can be a conservative vehicle. "It depends on how they're used," he said. The directors of fVtOF h?.'. e up proved a rules package for stock trading which will be filed with the Securities and Exchange Commission. The SEC will have to make some changes in the securities market regulations before both stocks and options of a given company can be traded on the same floor, he explained. The industry is expecting that the changes will be made. Otherwise, the NYSE wont be able to handle options B public an opportunity to benefit from this type of program, he explained. WASHINGTON (UP1) The American Telephone and Telegraph Co. said Tuesday it will establish a subsidiary to Hatch said the next business vs labor battle could be over the proposed National Labor Relations Reform Act. The measure would eliminate the automatic" right to appeal labor relations disputes to the National Labor Relations Board and permit administrative law judges, who traditionally have been favorable towaid labor, to decide most cases, Hatch said. Under another provision, he said, a union could gain the right to be a bargaining ?gif for an employ-grouby getting 55 percent of the workers to sign a IHtition. Presently a secret ballot is required. Hatch said many workers would practically be forced to sign because of peer group pressure. Hatch contended that because of the difficulties of raising capital, small business is almost dead in this country . . . at least from a startup standpoint." He added that he is sponsoring legislation to exempt securities offerings of up to $3 million from the more stringent sections of securities fraud law. Currently, the exemption applies on offerings of up to p $300,000. Hatch said more senators are wondering how President Carter is going to finance his programs and still live up to his reputation as a fiscal conservative. The Presidents social security program, Hatch charged, would merely raise w orkers taxes and "put which the an additional burden on employers, employers would pass on to every consumer in America. The senator said he favors an economic policy tax cut would be under which an The enacted along with a spending ceiling. to income would thus produce generated prosperity pay off the national debt, he said. During the meeting, Robert I. Merrill, of Lauren Burt. Inc., was installed as association president. Other new officers are Jerry Ilofheins, first vice president; Newel Linford, second vice president; WUford D. Whitehead, treasurer and Lowell Gillette, across-the-boar- ufacturers. The new braneh will lie headed by an officer of equal rank to Bell telephone presidents, AT&T said. secretary. buy communications equipment from non-Bemanufacturers, for use by Bell Telephone companies. ll The Federal Communi-cation- s Commission ruled March 1 it would seek no changes in the Bell systems vertically structure, integrated but ordered AT&T which owns the Bell system to find a way to insure that Bell companies can buy from the indegeneral trade pendent manufacturers. The FCC, which regulates U.S. communications, noted that another AT&T subsidiary, Western Electric, makes communications equipment and sells to Bell. The FCC said Bell should have the autonomy to buy from independents as well as Western Electric, and ordered AT&T to file a proposal to that end. Tuesday, AT&T told the FCC it would establish a subsidiary that would buy telecommunications products and supman plies from non-Bell 7PrcsF EXCLUSIVE 1" WIDE RULE SELLING SYSTEMS too Livestock market Remains Rigid ior T Ryan Plaza Dr Suite 545 Arlington T 76011 611 TELEPHONE CALLS .PER HOUR (817) 7 a Wednesdays Quotations - Feed lot NORTH SALT LAKE and ranoe sales tor Tuesday, Hay 31, in Utah, Idaho and eastern Nev.: Holiday weekend trade r ether slow and very little done on Tuesday moml no. Few sales slaughter steers steady. No new confirmed sales slaughter heifers. Feed kits have firm grid on available supplies and many pricing cattle higher. Slaughter Steers: good to mostly 50. good 4 1,075,1,280 lb 40 Slaughter cattle sold f.o.b. weighing oomt feedtot Slaughter Cattle: Several loads standard to mostly good;. 1,300 lb Heshy Holstein steers 35 00 sold l.o.b. weighing point 4 per cent strain Current delivery. ) ST PAUL, Minn SOUTH Came end celves 4,300; slaughter steers end heifers steady; cows and Duils fairly active, steady; lb slaughter choice SO. poor) and choice stews 30 3 3 30 50 30 SO, good 000 1,400 lbs. lb 37 00. choice 50; good and Holsteint 34 35 50; choice 850-,0S0 lb. slaughter ctxxe JO; shipment choice heifers 30 and prime 4 1,135 lbs. 30 SO; flood 37 0030 SO; 3 good and choice 33 00 37 00; utility and commarcial 00; lew slaughter cows 27.S0-330 00; cutter 34 increased showing of U S. 300450 lb 38 0039 00; boars 30 50; 200300 lb 34 0030 00 Sheep 400. slaughter lambs active, steady to firm; slaughter ewes and feeder lambs steady; choice and lb. spring slaughter prime 5 lb. lambs 53 0055 00; some 50 0053 00; cull to choice slaughter ewes 5 00 12 00; choice and fancy 4090 lb. spring feeder lambs 48 OO Bank clearings 33 Todaysclearings Same day last year & roaiiASi caomsssf a BATRON raua Free Estimates! SCJ-A- O Heating ft Air Cond. 1 33 W. Stratford 467-828-9 Rule $10.49 PL412 12' Rule $8.49 PL416-- 16 S. i 449 So. Main fX' 521-410- 0 ptertzi The fast way to solve your KETCHUMS 400 Youll like the better deal you get from transportation problems 800 w. Peal out for Southern California. Wow 7 non-stop- s OFFICES MFG. PLANTS WAREHOUSES RID Parts) $3,024,833,193 00 $139,333.343 64 $112,085,734 43 EU1LMUS8 00; Grain futures (Pack a AS $319,954.772 00 Tuesdays debits Same day last year $179,94 349 00 $3,774,391,340.00 Month's debits Same month last year lb slaugh0 yield grade 00; ter bulls 310036 00; tew 34 lb. Quotations Wednesdays r COMET! 50 00 00; 00; veelers steedy; lbs. 30 lbs 50 00 choice and prime tew 54 0040 00; individual 55 00. Ob-- 80 lbs. 43 35(0 00; chore heed 00. SO 00; good 35 and gilts slow, Hoot 4,300, barrows fully 50 lower; overall demand lighl; lbs. 43 00, around 300 head 3 00; 300 250 lbs 43 43 SO; lb 43 0043 50, 340300 lbs 41 310 Wl It 41 5042 00 , 50, sows steady to 50 higher , improved, sharply overall quality a Weve got 6 good things going. (ioinu to Denver: Iv: daily. FACILITIES 7:(HI a.m. 10:0(1 a.m. 'rr: kills a. in. Nonstop ( Breuklust! APARTMENTS Leave Salt Lake I 4b am We Dotil Have What You We Will Build It Need H ... 1 0 CAPITOL INDUSTRIES, INC. 801 486-840- 9 's, i.J Cut loose your Tuesday's Quotations )0;m Leave Salt Lake boom I I bb am b 40 pm 0 Ob Din Leave Salt Lake 9 00 am 4 b pm Leave Salt Lake bU am Arrive Burbank ? D. pm 7 00 Non : tor Nongoi pm Arrive Los Angeles am Non g.r 8 17 34 pm Non ok p Non 'Vo 0 b4 pm I 30 pm O c tu Arrive Orange County 9b3jm bO m 1 Non uN ; Non .tup ( Arrive San Diogo 0 38 am 8 08 pm O 00 pm Operated by hontn-- Airlim tc. part ot nu chantie of piane set vu e I CdH r) Aqc't or Hughe. Airv .ay you want to tly the lop Banana Dt five' Ooi. O' i. ! r.' CAPITAL Western Airlines has six nonstop Hights to Denver every cl.iv Morning, noon and night, vou can llv from Salt Lake Citv to Denver. And on all of Western's Ihghtx you'll enjoy our fine hospitality, spacious cabins, and complimentary Champagne for every adult who ! w Duni'-v.- ? So take olf lor Denver knows just sa vou want to llv Western. Or call us at visit our ticket ofliee in the Hotel Itah and the Salt Lake Hilton Intel. 2hS-ll5- 1 :2s p.m. 6:20 p.m. Mi , :t(l p.m. Nonstop (1 um lil CE 2:30 p.m. Nonstop 7 Cl :2s p.m. Nonslop I Dinner) 1 ... fop Banana in the West. Hughes Airwest. I l our Travel Agent fcBfW 297-558- M. 12:05 p.m. 0:00 p.m. Industrial Auctioneets Suite 422 6443 SW Beaverton Hwy Portland, Ore 97221 7 (503) Hills a.m. Nonslop Snack ixliex it. CONTACT: Wwvr 7 Speak up for yourselves. Hatch tells subcontractors rv on it x premier stock and its options business won't be viable, Skelton noted optioni trading, a move which CBOE considers dangerous to its health. As a result, CBOE officials said last week they are considering the possibility of trading in stocks as well as options. CBOE would prefer to remain an options market exclusively leaving the stock trading to others but the threat of the NYSE moving into options is forcing CBOE to move into the stock market in order to survive, Skelton said. 1977 S'Mb 10:0s p.m. Nonstop A! wing going. r.'zstcrn Airiin IJ |