OCR Text |
Show H il By NORMAN KEMPSTER erally blamed on efforts by the Federal Reserve to combat inflation by clamping a tight lid on the money supply. WASHINGTON (UPI) -After two bleak years, the outlook for housing in 1971 is good. It should be easier this year to obtain a place to live. The National Association of Home Builders predicts private housing starts will total between 1.6 and 1.C5 million units for 1971 as a whole. That would be about 14 per cent better than 197us annual total of 1.45 million units and could be the second highest total on record, exceeded only by 1.95 million units in 1950. forecasters expect Most home building to increase, possibly to the highest level in 20 years. Mortgage interest rates are expected to decline somewhat and the supply of money for home loans should be greater. Mortgage money was scarce for most of 1969 and during the first part of 1970. Last February, only 39 per cent of the regional offices of the Federal Housing Administration (FHA) reported adequate supplies of funds available in their areas. By No It makes a happy contrast to 1969 and early 1970, whan housing construction plummeted and mortgage money either was not available at all or was more expensive than it ever had been. The Mutual Funds Had Moments s two-yea- slump is gen r vember, the figure was 81 per cent. The Interest ceiling on FHA and Veterans Administration home loans was cut from 8V6 to 8 per cent on Dec. 1. Allen P. Stults, vice president of the American Bankers Association that predicts housing funds will become more readily available this year and that interest rates will decline a bit more. Strangely enough, one reason for optimism about housing and mortgage finance is the recession jitters which affect the rest of the economy. Consumers, as they usually do wher they fear a recession, are saving more of their money. Government figures indicate about 7.5 per cent of personal income is being set CORNER ON COMMERCE aside as savings, about 1.5 above points percentage normal. The Nixon Administration had been counting on a wave of consumer buying to buoy up the economy and help combat a business slump and the unemployment which accompanied it. If predictions of higher than normal savings next year are accurate, it would hinder administration efforts to stimulate the overall economy. But a high savings rate would be a bonanza for housing. With money piling jp in banks and savings and loan associations, lenders would be under increasing pressure to make mortgage loans. That should push down interest rates. By SYLVIA PORTER Q. How did mutual fund shares perform on average in the wildly gyrating markets of 1970 in comparison with stocks in general and with other familiar stock market aver- llllllllinilll!!!llllllllli A. Very poorly, 0. What about individual mutual funds? A. Thats a vary different question, of e course. One small mutual fund in the No. 1 spot in performance chalked up a gain of roughly 13 per cent in the past 12 months, better than any stock average. Several others came close to that and more than ICO funds out of 467 came out on the plus side in 1970 despite the violent slump of the first five months. growth-incom- At the bottom end of the scale, though, one fund lost 56 per cent in value in the period and several were almost as bad. More than 120 funds recorded losses ranging from 20 to 56 per cent despite the major price recove; y of the last half of 1970. This was much, much worse than any Sell Goods Thats a simply horrible performance In view of the funds claim that they are managed by professionals, of the hefty fee they charge for their management, of the fact that at a minimum their goal is preservation of and at a maximum, their aim is significant enhancement of Datacap Subsidiary Sold Abroad, and software, information controls, data processing and computer assisted design work. Merrell said that Datacap International will now be known as C. S. A. Corp. and operate as a wholly-owne- d subsidiary of Federal Gold & Silver. The new subsidiary has also negotated a marketing contract with Martec which is itself a Corp., wholly-owne- subsidiary d Fo 7 f X Vv.4vVA v f c ' M Va B 11 Woman Elected Assistant V.P. Mrs. Esther S. Harris, Tremonton, has been elected assistant vice president of First Security Bank of Utah, N.A., Tremonton. A native of Tremonton, Mrs. Harris began her banking career in 1939 at Bear River State Bank which was later acquired by First Security Bank. She is secretary of the Box Elder County March of Dimes and cancer campaign. She has been a member of the National Association of Bank Women for 4 years and past president of the Tremonton Business and Professional Womens Club. of Coding equipment and marking machines for Netherlands packaging and metalworking industries Waterproof ing, of The fifth Claras Wig Shoppe Parking Stops (UPI) Ramada Inns, Inc., and Bryn Inc. have Mawr Group, agreed to establish a chain of overnight parking stops for motor homes and recreational y. pitch-polyme- r, Clara Tiliotson, Brigham City, owner of the wig chain, vehicles. The companies expect others to enter the business and that several hundred such facilities will be available within five years. Bryn Mawr said it will acquire a $7.5 million interest in the new project, which will be operated under the Ramada name. Mrs Harris - states amounted to during October, $1,027,010,000 An offshoot of the sales venture has been the development of special conditioning and styling techniques for the ClarTech conditioning and Clarstyl styling techniques have been created by Clara for the proper management of modacrylic fibers. one per cent below the October 1969 figure, it was reported today by the F. W. Dodge Division of McGraw-Hi- ll Information Systems Co. Mutual Funds SALT Monday's Quotation not of bid and asked Followlnt I NEW YORK (UPlt ss quoted by the NASD Inc prh-e- e Diesen engines, 20 HP, for water pumping and generator use in Paraguav. Crime detection and security equipment of all kinds are needed in the Netherlands. Western Construction Tops National LOS ANGELES The total value of contracts for new construction in the 11 western bitumen- or similar compounds, for use as a iiner in under ground and aboveground German building started in 1962 selling synthetic fiber wigs in her home. wig. sheet- -polymer Fifth Wig Shop Opened is now open at Ballifs, 60 E. South Temple. A new shop area serving the Provo-Orewas recently opened and other shops are located in Ogden, Bountiful and Holla-da- flexible LAKE i Planting, seeding, and 1 i z i n g machinery t are fer-- requested by French industry. For information concerning these and other trade opportunities contact the Department of Commerce, 1203 Federal Building, 125 S. State, Sait Lake City, 84111. CAB Chairman WASHINGTON -S(UPI) ecor D. Browne and Whitney Gillilland will serve again this year as chairman and vice chairman, respectively, of the Civil Aeronautics Board, President Nixon has announced. STOCK EXCHANGE Tuesday's Quotations an Mutual Funm 6io Bid Ask 19.87W Empire .12 19.25 .09 Banner Bid Ask BIO ASK .07 .14 .13Va EurBull .10 ' .21 .23 .30 .25 EurLitl 11.09 12.12 nv Inc (Z) (Z) Decat Aberdn .50 .60 .03Va ,04Vr EurStand 6.50 7.10 nv Boreul.75 15.84 Delta ADMIRALTY: .30 .27 5.25 5.00 Golconda Champ 92 6.49 Dodsu Cx 13.80 13.80 INVEST GROUP: Gwth .14 .16 2.1 2 va 2.25 GoidChain ChiefCons iror.iro 4.17 12.6112.61 X3.84 4.15!Drexel 379 .28 ,87Vfr GreatWest Inc .80 .24 11.26 12.34 X3.99 4.34 72 8.46 Dreyfus .20 .15 .10 Ins CoioCons Justheim 9.45 10.27 I 5.65 Dryfs Lv 12.3713.56 .06V .07Va LoveOil .33 .35 CombMet Adv Fd 18.01 19.58 9.21 10.07 EATON A .31 3.50 .33 3.75 Mammoth Comet Aetna 8.89 9.56 6.84 7.40 .HOWARD: .50 .45 .50 .40 !Moviematic Atfil Fd .31 X9.52 10.40 , Var Pay 6.70 7.28 7.53 7.53 3.75 .30 425 iNevPark sal A Future .13 .18 .85 .80 10.10 10.86 Gwlh xll.30 12.35i "V Res ;NewQuincy Allstate stel Fd .18 16Va 6.26: x5.75 10.6011.58 'NoLily Income Alpha .21 1.00 .18 1.95 5.76 6.30 ParkCity AMCAP Spec Fd X7.63 8.34 IvyFd 19. .28 7.00 5.50 iParkPrem .2' 3.18 3.44 Stk Fd X12.64 13.81 Jhnstn Am Bus 7. .13 .20 .40 Hanck EastUtah Prince 12.44 13.60 30.14 11.08 Eberst Am Div 11.8412.87 4.79 5.24 Egret KEYSTONE: Am Eqt Ssls 8.62 9.46 5.31 5.80 AM EXPRESS FDS: Emerg Apollo Chltf Cons., 500 at 2.12,i. 11.78 11.78 7.76 8.48 Energy Cust B1 18.63 19.45 Cap East Utah, 2,000 at 40c. 8.89 9.72 !Ent Fd 5.70 6.23 Cust B2 X18.78 20.44 Inc 8.72 9.53 8.44 9.22, Equity Cust B4 7.95 8.68 Inv Park Pram., 1,000 at S6.50. NORTH SALT LAKE 7.47 8.15 8.29 9 .08 Cust K1 Produce! 's 8.22 Eqt Gr Spec Sioux, 1,000 at Sc. . 3.63 3.98 8.54 9.33 Eqt Prog Cust K2 4.62 5.05 Stk Cattle: Fodder cows 25 instances .25 9.02 9.86 6.09 6.66 Fairftd CuSt SI 17.41 19.00 Am Grth V.35 9.35 higner; feeder cows steady to strong; 5.25 5.25 Fm Bur Am inv Cust S2 X9.92 10.83 7.13 7.79 slaughter buiis fully steady; slaughter Cust S3 Am Mut X8.59 9.39 FIDELITY steers and heifers strong to .50 higher, 4.07 2.69 3.16 GROUP; Cust S4 Am Nat feeder cattle firm to .25 higher. 3.25 3.56 12.6413.81 Polaris GROUP: Essex ANCHOR 1 7.43 6.68 Cows: Canner and cutter cows sold 8.32 11.18 192.3 Knikr 7.59 Cap CHICAGO Cap Fnd (UPI) -O- Closing with odd huads of 8.26 9.05 6.46 mostly trom Knk Gth 10.27 11.25 Sest Gwth canners range: 8.29 9.06 16.36 14.97 Gth 8.55 Lex 7.80 Fund Inc Low High pen cows commercial end utility 14.48 15.83 21.64 23.65 'Lex Res 8.33 9.13 Trend Vent 19 with young commercial cows1.. WHEAT 5.52 6.03 9.79 lO.OLibrty Fnd Inv 38.20 41.86 Puritan 1.68 1.68H UV 1.68H to 22.10; buds slaughter jj 4.86 5.31 4.93 5.39 Life Gr Salem 1.22 1.34 1.667 1.671 Asso Fd 1,66 V Fed cattle: Choice lb slaughter jiy 6.75 7.38 Life Ins 4.14 4.52;RNANCIAL 1.6! '"4 1.623A 1.61 Astron steers 1 .64' a Line Nat 9.62 10.51 1.63-good to low choice eo 1.63 AXE HOUGHTON: PROGRAMS: 16 lb choice 3.93 4.30 1.66 1.69 1.68 5.23 5.68 1.69 Fnd A ?.89 4.26 Ling Fd Dyn Swstn Inv .54 9.23 slaughter heifer LOOMIS good to low; corn 7.23 7.86 Fnd B 3 03 Ind 27.40-2J5y 6.07 Swinv Choice 6.56 G SAYLES 1.571 1.56 1.57 6.10 5.58 Stk Fnd 5.50 6.02 Inc Feeder lb steers: Choice 12.5113.70 1.60V Can Int 32.69 32.69 ;?ovr4in 1.60U 1.59 M 4.21 4.58 Axe Sci 3.88 4.25 Vent lb mixed goodi 6.75 3150-31.61 ' 1.611 1.61 8.72 8.72 1st F Va 10.31 11.27 Cap Dv 10.33 10.33 ;pKtra Babson 26.20-29- ; choice and lb goodielL 4.56 4.56: Farm ".?70i7olSt 1.61 1.56 Mut 1.59i 8.15 8.91 1st InvD Eavroek 7.0 7.73 Hblsieln feeder lb 42 24 42 49 1.56 1.5634 1,551 11.29 12.34 Stafe St 12.78 1 2.78 jS ,g beacon 8.20 8.99 Luthern 1.60 1.61 1.60 1.61 Mar 1.37 9.14 STEADMAN 0 Choice heifers: C.74 9.58 Magna Berger K 8.23 8.23 ist nS Feeder OATS Manhtn 4.73 5.17 FUNDS: 5.55 4.07 list Multi 640-9Berkslir lb 8.36 8.49 .773 ,787 .733 i Mkt Gwt 5.63 5.63 Am Ind 3.36 3.68 5.79 4.33 1st km Calves: lb Choice Blair Fd Tz. 7.00 7.45 steers, 78 .79' 6.04 6.62 .?9'J mixed good and choice 5.79 6.33 1st SI err 39.31 43.10 Mass tS 10.52 US Fidcy End Stk STEIN ROE FDS: .7J1 .74 .74'2 u 2 lb 2V.10-37.85 8.58 Fietchr C 5.62 ib Bost St good .75 Bal .74 734 18.16 18.16 choice J4H Sep Mass 10.9711.99 Gr 3 Ib heifers 11.45 mixed Bost Fdn 10.47 Fletchr F 5.20 -- OYBEANS 8.14 6.14 Cap 5 Ib heifer calves1 Bost Fd .8.16 .8.92 Fi, Grth 5.34 5 85 Mass Tr 13.33 14.57 Stock ' 12.68 12.68 good and choice 2.9534 2.93i 2.93,2 355472 Ib 3.47 14.60 Fd'n Gr .3.67 good Broad St 13.34 Il4 4.53 5? t?1 SIS GROUP: 3.00a 2.9tfVs Stocker and feeder cows: Feeder cows 11.9511.95 3.51 3.85 Brown 3.03V 3.03 3.05 Gr FOUNDERS 6M 7.06 sold mostly from with young Mid Am (z) (z) FDS: BULLOCK 3.08 3.05 3.05 V Sum GROUP: 4 9.41 10.31 cows year old feeder Mdy's Cp 11.30 12.35 13.51 14.80 tiuick 3.041 3.fv 3.017 Gwth X13.63 14.90 Mdy's Fd 12.31 13.45 Tech 6.87 7.48 choice oalvy stock cows 222.50-24per Set 9 18.78 20.57 Cdn 2.88V4 2.89, 2.88V 2.89 incm head. 8. 8.86 X12.56 13.73 MFdGv S 10.5311.69 Syncro 3.55 3.89 Div Sh 2.80V 2.78Va 2.7834 Nov Mutl 0.04 8.79 MIF Fd 8.23 8.90 TMR Ap 10.9812.00 10.0310.98 Nat 2.827s 2.S3 164 arl OGDEN Cattle and at (AP) 9.33 Tchers calves 9.72 X8.45 9.23 MIF Gth 4.89 S.29 NY Ven 13.7515.06 Special com425, including 50 calves, Frs F X9.34 10.21 MuOm Gr (z) 3.52 3.85 auction (z) Technic Bus Fnd 608 6M 23,28 25.44 pared with 450 last week and 750 last Tmpltn MuOm In (z) 8.80 9.51 FRANKLIN CG Fund cows mostly 50 higher; 4.87 5m2 year. Slaughter Towr 4.19 b',jCU5TOOiAN: 14.11 7 Shrs 52 Mut Capamer DNTC 7.0 7 68 bulls steedy; feeder steers and heifers 17.45 8.16 Mut Tr 1.95 19.5i9ramm 3.19 3.49 Cap Inv 9.23 10.09 steady; steer calves steady; heifer calves Gwth 4.71 6.26 NEA Mut 9.51 9.70 Jrav Etl Cap Shrs 5 .88 6.44 Util weak to 1.00 lower. 11.23 12.27 6.35 6.96 Nat Ind 9.88 9.88 Judor Cent Shr x10.91 11.92 CHICAGO (UPI) Cash grain sales: Slaughter classes: Individual standard 2.82 3.09 1.98 2.17 Nat Inv 7.14 7.1 CHANNING FDS: Inc 0 and lb Holstein steers 4.01 Freedom 4.39 7.96 8.72 NAT SEC SER: 11.101 2.13 Baian cows and commercial utility 9.06 9.90 FdMt dp 9.53 9.53 Baian Cnrn unchanged to Vb cent higher Com St $.59 1.74 few young high dressing indi- 2 8.98 9.81 yellow 1.58 Vs. Bond Gwth X4.75 canner and cutter 8.88 9.70 viduals 7 )f 7Q c FUNDS INCP Divid No. 2 extra heavy tneom Oats unchanged 240-27.5cows bulls utility UNITED FUNDS: 1 59 1 74 Pf Stk white JlViN. GrR0UP; Sped 6.66 7.30 Accu 9.05 9.89 5.38 4.92 Incom CHASE B0ST0N: ) CHICAGO Livestock: feed Incom 7.20 7.87 z) (z) Impact 7.81 8.54 Stock 6.21 6.79 Cattle 5,000. Calves rone. Steers and 95-- 1 .05M. Cap Scien 11.72 12.81 (z) (z) heifers 8.62 9.42 Gwth Fnd Bos 8.34 9.11 ind steers Soybeans 1 cent active; slaughter fairly 1 yellow No. Van Pilot 8.31 9.11 higher; 6.B! 7.44 iNel Gr 8.49 9.23 ront 72.35 75.56 mostly 25 to 50 lower? betters steady to 7.71 8.35 'Neu Cent 4.99 5.45 Un F Ch 7.08 7 .4 mostly 25 lower; few late sales 50 lower; 2. 92, Cnicago high rate; No. 2 yellow 1ol32 1L28 ST BOS 9.3? 9.32 Neuwth cows and bulls steady; slauahter steers 2.91, Chicago export. 9.46 9.46 VALUE LINE FD 8.37 9.15 Gen Sec Speci Val Lne 5.56 6.09 0 4 Ib No. 4 6.o0 6.67 New Wld 12.2013.33 Ciiem Fd 16.9518.52 GibrGr Val Inc loads 29.75; 13.93 15.22 Newton high choice and prime COLONIAL 0 Ib choice ib 11.02 11.02 Va! Spc Nicholas 7.81 4.05 3.71 Eqt Vance mixed good and choice No, Ba; e.46 9.25 Neast IT 14.6614.66 Col 10.3511.31 Vndrblt Com St 12.34 13.49 good 26.00 7.25; standard and 5.61 6.13 Gwth low Gth good Vangrd slaughter heifers FdAm 7.38 8.07 Iomega Inc 9.45 10.33 5 Ib. No. Varied fn high choice and prime Grth Ind 18.28'8.28I101 Fnd By United Press International Vent 4.30 4.70 28.25-29.- 0 2 29.00; at loads choice 0; 5.81 Gr Grd 6.32 Viking 'ICu 14 23.90 11.02 93 Fnd 23.90 Colum G 11.74 11.74 4 No. Stxks Higher in moderate trading. Ib mixed good St M 10.21 CmSt Fd 4.64 5.07 Ham HDA 4.25 4.65 One Wm 13.69 3 69 iW811 and choice good Bonds Higher. Ham Gr 11.46 II 46 Wash Ml 12.00 13.11 cows 6.86 7 49 ONetl .50; commonwlth utility and commercial 19.00-2WELLINGTON Harbor 7.67 8.33 !Cpd AIM 9.98 10 U.S. government bonds Unchanged to TRUST: bulls utility canner and cutter 11.34 7.60 11.34 Opph 8.31 lower In quiet trading. A&B and commercial 18.18 19.34 Expir 9.19 9.19'OTC See 9.34 1015 200. Shipment good and choice C8.D 1.57 1.7C Sheep American stock Higher In moderate Ivest 14.32 15.65 111 Ib wool 7.73 7.22 Pace Fd 7.00 7.55 siaughter lambs 24.00; pack-ao- e trading. Comp As 8.76 9.60 9.54 10.43 Morgan 9.94 10.89 Paul Rev 7.36 I.Os of oood 90 Ib 22.00; 30 head wool Como Cp 6.34 London stocks Steady to firm. 7.60 . . slaughter ewes uneven in weight averag-- I 2.06 2. 15 Penn Sq X7.55 7.55 Tchniy 59.6Como Bd 8.84 10.56 11.54 ing 125 Ib 6.C3. 3.86 3.36 Trust 14.46 1 5,06" Penh M Cotton futures Lower. Comp Fd 9.30 10.11 11.24 12.25 Welsiy Phil 13.1514.41 Fd 3.17 3.46 Comstk Chicago grain futures Mixed. 3 77 4:34 12 04 13.16 V'elitn 8.73 9. (z) Concrd (z) Pl'ptm 11.1511.15 Wndsr 9.42 10.30 Pine St 11.0511.05 3.86 Cons Inv 11. 'S 11.75 4.22. We-ind 5.64 6.16 4.14 4.52 Pion Fnt 6. 9 6.87 Con Mtln 7.20 7.23 Whthl 12.08 13.20 Pion Fd 3.0? Contrail 8.37 8.45 4.51 4.93 9.8910.81 Wincap 8.65 9.45 P'sni.d 14.59 16.02 Curp Ld 3.88 4.2-Wool Wlnfld YORK (AP) futures 11.93 r 13.04 R 6.53 7.14 11.75 12.70 "P Cntry 7.21 closed .8 of I cent lower. Dec 1971 83.0 6.6 Wiscon Bo! 6.63 yiriPPICE ROWE: Cwn Dal (z) (z), Jsnuary , 1971 .83.0 Z83.0. 2.61 2.61 Worth Gwth 22.81 5.65 22.1,' 6.19 Cwn Div (z) (z) "J $99,635,973.0(3 9.73 10.641 Nw Er 9.45 9.45 Ziegler Am 4.43 4.65 certificated yool spot $75.0. Wool tops Yesterday' benk debits 62.98 62.98 deVghM Same day last year $79,106,633.00 Ex dividend; Mures ciosed ouiet. No ale$, 8.24 8 92! Na9 Hor 24.15 24.15 X intagon DELAWARE $48,103,750.99 Pr0 Fd InvC Am 12.4113.56 Today's clearings Certifl ited spot wool too SH7 9.56 9.56 Z Unevslldb's; GROUP; I Z bid; s nominal. Same Uy last year Stock split, $45809626.29, Port (z) (z! S 8.24 1.24 Pro Dt 11.73 T2.821 ,nv Gui, Bid Asked 1.93 Sno-Flin- 2.12 Enough of my words, heres the tale in the statistics covering 467 mutual funds compiled by the New York Stock Exchange firm of Arthur Lipper Corp. These statistics are prepared for the use of professional money managers and are not distributed to the public. 1970s figures are to late Gain New Lease On Life Sno-Flin- gs With plenty of white stuff spread over the country, inventor Duane Erickson is expecting to sell a million this year. Sno-Flin- full He recently rights to the plastic toy, a sort of automated snowball maker and thrower. Erickson is in the process of organizing the Corp. under Utah law and is devoting his full time to the marketing the product throughout the U.S. and Canada. Sno-Flin- g s are being manufactured in Salt Lake City by Rider Plastics Co. A plant in Calgary, Alberta, Canada, also is turning out the toys. g The 1971 version of the is being made of more durable plastic. It is a bright fluorescent orange color, according to Erickson. Sno-Flin- Erickson expects the 1971 gross sales to reach nearly $700,000. g He has patented the in nine foreign countries and is in the process of securing additional foreign patents. full rights to He manufacture the toy from a group he licensed in 1967, Sno-Flin- after he had invented the More than a million have been sold to date, he said. Sno-Flin- Sno-Flin- Would Hit Management With New Penalty Taxes labor, and pass (AP) higher suggested the added costs An Amer-- i LONDON c a n professor today that the best way to fight inflation is by a new tax on business management. on He biamed inflation managements which give way to unrealistic wage demands Over The Counter Tuesday's Quotations Asked Statistics Tell Story Duane Erickson and Max Rider pull from molding machine in S.L. plant. ev- seeking e dieerything from sel engines to crime detection equipment. A list of trade opportunities published by the Salt Lake City office of the H.S. Department of Commerce notes the following export possibilities for Mountain West businesses; v Tuesday, January 5, 1971 2 Firms Plan 'igners are U.S.-mad- Datacap Inc. PHOENIX capital-plus-incorn- ' jointly. Paul D. Gambles, president of NC Sciences, the parent corporation of Datacap Inc., and Arthur L. Merrell, president of Federal Gold, said the transaction was for an undisclosed number of shares of Federal Golds common stock. Datacap International is engaged in the business of prohardware computer ducing capital-plus-inco- Utah Told Datacap International Inc., a wholly-owne- d subsidiary of Datacap Inc., has been sold to Federal Gold & Silver Inc., the two firms announced aes? Quotations from the NASD are represe native mlei dealer prices as of I Inter-dealmarkets p.m. tne day. Prices do change throughout notindude retail markup, markdown ot commission. then in from on prices. The way to stop the spiral, he said, is to tax managements which grant inflationary wage settlements. Prof. Sidney Weintraub of the University of Pennsylvania was writing in the January issue of Lloyd's Bank Review. he must Management made to resist or be penalized for its retreat," he argued. Its hardly an ad for the mutual fund industry. And actually, a New Yo.k Stock Exchange official insisted during an conversation the other day, youd make out better just buying the Dow Jones average. In fact, I cant understand why a mutual fund doesnt exist which simply gives you this n of 30 stocks. That would be superior management." Whats more, even the mutual fund industrys performance in the stock market boom of 1968 was not sufficient to absorb the recent disasters. On average, mutual funds rose 18.05 per cent, a bigger rise than that of any other average except the 33.44 per cent gain recorded by the speculative American Stock Miss Porter Exchanges index, but as you can see from 69 and 70. the chart above, not big enough to offset cross-sectio- , Does this mean you should not buy mutual funds? No, it does not mean that, for mutual fund shares will rise over the long-teralong with the U.S. economy; they will be an excellent hedge against anything but a virulent inflation in our country; and they will be a comparatively inexpensive way to buy a diversified list of stocks. Sales commissions on mutual funds are heading down, no load shares are available without any sales commissions and sales commissions on small orders of individual corporation stocks are on the way up and up. But what this absolutely abysmal performance tale does shout to you is that you must decide on your investment objective in buying a fund and be consistent in pursuing it. You must select a fund not on the basis of short-terperformance but on the basis of its long-terrecord and the demonstrated quality of its management. There are many, many funds through which you can build up your nest egg over the years ahead. And if the disaster really did destroy the cult of performance" of the young, arrogant geniuses, maybe well all come out ahead. 69-7- 0 Skaggs Companies, Inc, j (formerly Skaggs Drug Centers, Inc.) Livestock Market has acquired by merger Grain Futures Katz Drug Company lightweight tire undersigned assisted Skaggs Companies, Inc. in the negotiation of this transaction. 7y ' 'r- DeanINCORPORATED Witter "r January r Co. , 1971 i z. Cash Grain Skaggs Companies, Inc. (formerly Skaggs Drug Centers, Inc.) Barley malting MMaxP SE,J has acquired by merger Katz Drug Company Markets In Brief Wool Market Bank Clearings Cs the undersigned assisted Katz Drug Company in the negotiation of this transaction . for your chemicals INDUSTRIAL AGRICULTURAL LABORATORY A.G. Becker & Co. THATCHER CHEMICAL CO. 1900 fortune toad (1450 $e. 1900 West) Phone 4667295 INCORPORATED Jannarji, 1971 |