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Show Serials Order Department University of Utah City 04112 YIESIERN AMERICA Over $1 Million in Back Wages to Employees The U.S. Department of Labor announced today that 7,970 workers received $1,265,227 in wages found due them in 1973. The workers are from Colorado, Montana, North and South Dakota, Utah, and Wyoming. The Wage-Hou- r Division of the Employment Stand-- ; ards Administration recovered these wages for employees whose employers failed to pay them the legal minimum or overtime wage or discriminated against them on the basis of age or sex. Henry T. White, Jr., the Labor Department's Acting Ass't. Regional Director for Employment Standards covering the six states headquartered in Denver, said, "The job of the Wage-Mbu- r staff is to insure fair and equal opportunity in the work place for all r a priority in the Labor Aarnera Department." He also noted that in 1973 Wage-Hou- r investigations revealed that 12,450 workers were owed $2,144,097 by their employers. The money actually recovered and returned to workers does not include cases discovered in 1973 and awaiting court settlement, but it does include amounts discovered before the start of the year and recovered during 1973. Wilbur J. Olson, Wage-Hou- r area director, in Denver for Colorado, North Dakota, and South Dakota, estimates t hat about 90 percent of the recovered funds are voluntarily returned by employers, and the remainder comes from court settlements. Overall, 5,109 workers in these three states received V'S01 ,991 . ! le breaks down the recovered funds according to the type of pay violation: Minimum wage 1,361 workers; $141,311 to ' Overtime compensation $580,676 to 3,1 70 workers; Minimum wage under Government contracts $28,624 to 105 workers; Overtime under Government contracts $9,043 to 108 workers: $41,937 to 364 Equal pay workers; and $400 to Age discrimination - one worker. In Salt Lake City, Wage-Hou- r act- - Hockey News The Golden Eagles have been doing it the hard way, but doing it they have. With a pair of overtime thrillers last weekend against San Diego and Denver the latter on the road the Lake Salt game sextet moved into undisputed possession of first place for the first time this season. After the Eagles had culminated a long drive to the top with a victory in Seattle Tuesday, thus tying for league lead, the Gulls outskated Salt take Wednesday in the Salt Palace again moving ahead by' two points. Friday night, however, the Eagles rebounded from and deficits to the furiously-playe- d edge the Gulls, contest ending at 4:22 of sudden-deatovertime on rookie center tarry Patey's goal. Patey, just eight days earlier, had also potted the winning overtime tally against Portland in a 2 Salt Lake triumph. The Friday victory again forged a tie for the lop spot, and after San Diego bowed in Denver Saturday evening, the Eagles nipped the Spurs Sunday night in as dramatic fashion as is . ; ( $56,571 to 581 workers: Overtime pay. $226,420 to 1,364 workers; Minimum wage under Government contracts $25,298 to 128 - - workers; Overtime under Government contracts $252 to 12 workers; $152,764 to 175 Equal pay workers; and - Age discrimination $1,931 to one worker. Davis adds. "These amounts still don't reflect the agreements reached with employers to voluntarily comply such as with Federal regulations those against illegal advertisements that do not involve money settlements or court actions." , A current dilemma facing the Federal Reserve is how best to control the money supply when information on this aggregate is subject to so much uncertainty and measurement error. The problem reached the headlines recently, when the annual revision of series raised the the money-suppl- y 1973 growth rate from 5.0 to 5.7 percent, mostly because of the largest nonmember-ban- k adjustment in the series. the of Adjustments of history this size bring into question what can be done to gain greater control of the money supply. In its monthly deliberations, the Federal Open Market Committee ( FOMC ) establishes desired longer-ru- n growth rates for the monetary aggretargets for gates. Short- - and long-ru-n the money supply, bank credit and other aggregates are written into the monthly operating instructions to the Manager of the System Open Market AJA To Study Decorum of Attorneys The American JudgesN Association (AJA), the national association of American courts representing over 1 500 courts in the United States, Puerto Rico, the Virgin Islands and Guam, has undertaken a study of the causes of the lack of legal ethics of attorneys in the practice of law and the lack of proper courtroom decorum which have developed in the last decade, according to Municipal Judge George G. Crawford of San Diego, AJA National President. "The gradual erosion in the matter of ethics of attorneys in the practice of law and the lack of proper courtroom decorum of attorneys practicing at the bar have become matters of concern to the judges in the United States," Judge Crawford stated, "and the American Judges Association has determined that a study should be made of the causes. The first step will be a survey of the teaching methods of our law schools in the matters of legal ethics and courtroom decorum to see whether the American law scht. A are giving proper emphasis to these all important matters in the training of future lawyers." Judge Crawford has appointed Judge Joseph P. Nadeau of Dover, New Hampshire, as chairman of the American Judges Association Legal Ethics and Courtroom Procedure Com mittee which will make a study of the problem. Serving with Judge Nadeau will be Judge Nathaniel H. Roth of Jackson, New Jersey; Judge Edward D.. Deake of Ann Arbor, Michigan; Judge Bernie Weinman of Memphis, Tennessee, Judge W. Harry Wilson of St. Joseph Missouri. 21, 1974 is Ooffffctuillt CoynDDDiig IMoimey ing area director Jesse Davis reports totals of $463,236 to 2,261 workers in Utah, Montana, and Wyoming; Minimum wage ratr RSDAY. FEBRUARY " SALT LAKE CITY, UTAH VOLUME 17, NUMBER 273 money supply, shifts between Trea ager has only a rough knowledge of sury and private demand deposits run cause erratic movements in the basic what the money supply is on any series. Because the flows of Treasury in ticular day, operations Account. Given the fact open-mark- the government-securitie- that the Man- et market receipts and expenditures are s must be carried out in a environment of uncertainty. In addition, because the Federal Reserve obserobtains weekly money-suppl- y vations on member banks, but only four annual observations on nonmem-be- r commercial banks, one must wait until at least the end of each year to discover what the year's money supply day-to-da- y really was. There are a variety of concepts of the money supply, or money stock. In recent years, the FOMC generally has given most attention to the narrowly defined money supply, Mi, defined to include demand deposits (other than U.S. Government and domestic interbank deposits, less cash items in process of collection), plus currency hi the hands of the nonbank public. Broader concepts include Ms, defined as Mi time deposits phis commercial-ban- k (other than large certificates of 'deposit), and Ms, composed of-- Ms plus n deposits. - thrift-institutio- Move Revisions Movements in the money supply may sometimes be caused by rapid changes in Treasury demand deposits at commercial banks. Although sury deposits are not included in the irregu- lar, they can wreak havoc with season al adjustment factors. Measuring Pottcy In its deliberations during the last several years, the FOMC has given increased emphasis to the control of the monetary aggregates, such as th1 money supply, although it has continued to consider conditions in the money and capital markets. This shifting emphasis in monetary policy has been influenced by the weight of the academic evidence, which suggests that "money" has a very substantial effect on the major output and price variables. In the short run, inflationary pressures can develop from temporury market-Clearinmechanisms, such as the adjustment of the internal price level to a change in world prices -witness the petroleum price upsurge. But for the long run, most schools of thought agree that inflation is a monetary phenomenon. - What Measure to Choose? Different observers choose different indicators in attempting to analyse the future direction of the money supply. Some watch interest rates; some watch bank reserve figures, such a nonborrowed reserves and net free (the difference between excess borrow reserves and member-ban- k ing); and others choose he monetae base (essentially, Federal Reserve assets). Whatever the virtues of the various monetary indicators, Federal Reserve policymakers are determined to improve the quality of current data. This helps account for the proposal to extend the present system of reserve requirements to all institutions issuing deposits that perform function. any type of checking-accoun- t Under the present system of reporting, money-suppl- y estimating is quite diffi be cult, as can seen from the size of the data n changes in nonmember-banthe latest revisions. More frequent redeposits, porting of nonmember-ban- k in accordance with the Fed's proposal, would improve the accuracy of monetary data and thereby help in monetaryformulation. -policy g money-suppl- Y Lou SchneVch INFLATION LIMITS FED MONEY ACTION NEW YORK Monetary policy teems to have taken a hesitant step in the direction of ease, says the highly respected Morgan Guaranty Trust of New York. y But adds the bank, "with the pace of inflation, and with so many question marks littering the economic landscape, this is a time when the monetary authorities can be expected to move with even more than their customary caution." The fear sweeping the financial community is that if the Fed doesn't control the supply of new money to stimulate the g rescession. economy, it could result in a - near-runawa- energy-crisis-relate- d y k Joseph Bisignano hair-curlin- come-from-behi- Price inflations coupled with increasing unemployment will modify consumer spending patterns. It will have an adverse impact on the national economy. Business spending for new plant and equipment may cushion the consumer-reduce- d spending impact. That's the major hope of optimistic government economists. , . 6-- 0 5-- 2 2-- 0 3--1 5-- 4, h 3-- ' possible. San Diego has a good opportunity to move back into a tie for the lead Tuesday hosting Phoenix. Friday night the Golden Eagles visit the Seattle Totems, seeking to extend the flub "away" winning streak to five straight, Heading into this week, the The Morgan Guaranty Bank says corporate financing of business capital outlays this year will show important changes. With sluggish growth in the economy, profits this year are likely to dip below last year's level, thereby causing companies' external needs for funds to remain strong. Says the bank: "But the money this year will probably be raised to a greater extent in the bond and stock markets and somewhat less through bank loans, which was by far the most popular route in 1973" as previously predicted in this column. Given the political . environment in which the monetary authorities are forced to operate, there is an easing of interest rates. But it will, not go far. FRB Governor Brimmer says that in the choice between inflationary pressures or aid to the economic downturn, "I come out on the side of continuing the fight against inflation." FRB Chairman Arthur Burns is of the same mind. . Utah Supreme Court Decisions See. .detail page 4. Salt Lakers have copped 11 road games, within one of the seasonal club record set two years ago. A RARE MONDAY GAME IS SLATED FOR THE BEGINNING FEB. 25 -OF NEXT WEEK - WHEN THE GOLDEN EAGLES HOST THE CHALLENGING PHOENIX ROADRUNNERS, THE CLUB DESTINED TO JOIN THE WHA NEXT SEASON AND STILL HOPING. TO DEPART AS REPEAT CHAMPIONS. the financial community is that the White House is going all out to win voting friends and influence people. President-Nixohas practically dropped his antispending policies and is ready, in an inflationary way, to aid education, oreign war veterans, health programs, mass transit, more' "..'Li' '.: Tiohey for home mortgages, jpje., ttfy Opinion in n , Look Out ABA! The Utah Stars, who have won 14 straight games, have their sights set on one of the longest standing and most prestigious records on the league books, the 16 consecutive victories posted back during the 1968-6- 9 campaign by the Oakland Oaks. The Stars have to take to the road in an effort to achieve their goal. They play at San Diego Wednesday night in seeking No. 15 and if they're successful there they will be after No. 16 Thursday at San Antonio. Providing they tie the league mark against the Spurs Thursday no tougher task could stand in the way of a new league standard of 17 then the Stars will face in Louisville's Freedom Hall against the powerful Kentucky Colonels Saturday night. The Stars wind e road excursion on up the Sunday against the Rockets in Denver. It goes without saying that the Stars are playing extremely well and while it may sound hackneyed, the simple answer the club gives to numerous calls coming from major media representatives from around the nation to the question, "Who is mainly responsible for the streak?", is "It's a super team effort!" four-gam- |