Show 14— Dm Herald Journal Logan Utah Sunday Nov 15 1970 Demand Up For Logan Housing Starts SAN FRANCISCO — Two top Logan savings and loan executives attending a national convention hen foresee a growing demand for new housing in Cache Valley in 1971 They also predict an increase in savings gains in Logan’s insured associations next year Ous making more money available for families to buy homes Ken Sorensen manager of First Federal Savings and Loan Association and Eldred L Waldron manager of Logan Savins and Loan Association this week have been attending the 78th annual convention of the United States Savings and Loan League here The league is the trade organization of the 9170 billion savings and loan business which provides over 50 percent of the nation’s home financing “With foe new industries in our Logan area there will be a bigger demand for housing" Sorensen said “I believe that 1971 will be one of the best years we shall see economically in Utah More and more people are looking to our state as a place to settle Also good new industry is moving in” "Demand for more housing has been building in the Logan area” said Waldron "As money becomes more available housing starts will increase during 1971 There is a heavy demand for the FHA 235 home also mobile homes A new mobile home park is being constructed I expect a good improvement in our Utah economy in 1971” One of the concluding speakers at the convention here Thursday was Banking Congressman Wright Patman Texarkana Texas chairmsn of the House Banking and Currency Committee He made an appeal for a better deal for the savings and loan business in the deposit of publh monies "This includes foe public funds of the federal government as well as those of the local and state govern- ments" “Faced with a mounting shortage of housing it makes little sense to continue to hamstring an industry whose sole function is to provide loans for home construction and home mortages" No Inflation Check Seen outlook for both Utah and the nation Clissold said: “I see no real check in inflation and as a result the cost of money in 1971 - SAN FRANCKOO-- L Eugene : Elissold Salt Lake City president State Savings and : Loan Association on Thursday I Was elected to represent Utah on 3foe board of directors of the United States Savings and Loan League with headquarters in 7- -- util probably remain where it now "There should be an improvement in Utah’s economy next year provided there are no major strikes There should he more money available 'at Utah associations for home purchases in 1971 as savings gains continue rOiirago league is the trade I organization of the nation’s $170 Trillion savings and loan business S Mr CUsadd succeeds on the ' board executive vice president and manager Logan Savings land Loon Association Clissold's term is for two years Commenting on the economic : -- is The to L Eugene CUssold rise” CUssokl Joined State Savings in its Hawaii offices in 1939 While on the islands he served as president of the Hawaii Savings and Loan League PERSONAL FINANCE Save on Insurance Premium Payment RICHARD PUTNAM PRATT : ' It was only a couple of years ago that one of the biggest life insurers in the United States stopped sell-in- g what the trade called “industrial" policies These their name from the fact Sot they were commonly sold in factory neighbor-- : fami-lie- s hoods to low-inco- Industrial policies were of the poorest bargains in foe history of life insur--- 1 a nee Premiums were col-- 1 lected weekly on a door-to- door basis and the costs of collection were staggering Much of foe premium went to pay the collector leaving that much less to pay for actual coverage Obviously you wouldn't buy an industrial policy even if you were offered one but : have you taken a good look I lately at the economics of I the premium payment meth- od you do use? Maybe you’re paying more than you need me to For example let's say you out a $10000 ordinary life policy 10 years ago when - you were 35 and youTve paid Z your premiums faithfully : ever since Let's see what you would have paid for this 1 coverage under each of the four payment systems avail- able to you: Annually— Paying the pre- I mium annually is the least expensive way In our ex- ample you would have paid I about $200 once each for a total of $2000 Semiannually— Your next best bet would be to split the payment down the middle paying it on a semiannual basis But it costs more to : do it this way Semiannual ' premiums on your $10000 policy are $102 Total cost I over 10 years is $2040 or I took ar $40 more than you would have paid on a yearly basis Quarterly— Probably the most common arrangement is to pay quarterly With a payment every three months you’d be charged $2080 over the period At this rate you’d be paying $80 more than you would have on an annual basis Monthly— If you’re the type who likes every expense neatly divided into 12 payments each year you're going to have to pay for the privilege The monthly premium on this policy is $1750 or a total of $2100 for 10 years This is $100 more than you’d have spent if you'd paid it annually So there it is Of course the difference between an annual payment and one covering a shorter period is not all gravy Since premiums are paid in advance you give up the use of the money for a year if you pay it on an annual basis And an adept investor could probaoly put this money to work at a rate that would earn him more than he could save by paying his premiums yearly Realistically though most of us would do no such thing Instead we'd spend it as we went scratching hard at the last minute to get the payment in on time When you look at it that way annual prepayment looks like a pretty fair bargain (Ntwipaper iMupritt Au a) $52 a Tk quarter or autkor i Mriaoally mmUs to iadhrMofll qocitioM Question of foflcrol iotomt will bo onwtrtd okoo possiblo io him Business Business Editor — ft C Naylor imparts Utah’s Economy Still Continues In Slump Utah’s economy has continued in its recent slowdown to match that of foe US in general according to a report released by foe Utah Department of Employment Security Unemployment in Utah has remained at a record level 68 per cent near the 7 per cent 21 year record and foe nation’s economy has stayed firmly in a slump says foe employment newsletter Last July says foe report' many US economic indicators turned up sharply and many observers felt the worst was over But August figures failed to show strength and foe latest data saya the employment bureau confirms a continued wi decline The Commerce Department's composite index of key leading indicators fell 1 per cent in September and third quarter fell profits corporate significantly after GM reported Recent cut in the Lynn H Hodson son of Rich- a sizeable loss mond residents Mr and Mrs prime interest rate didn’t seem has been apAian Hodson of foe pointed virapresident United Banks of California Hodson a 1954 graduate of North Cache High School is married to the former Kathryn Thurston daughter of Mr and Mrs Ross Thurston of Hyde Park The couple have four NEW YORK (UPI) --The children After graduation Hodson was airlines of the United State employed by the Rohr Aircraft suffering from severely reduced and traffic and rising costs have Cto in San Diego Calif later accepted a position with laid off 7000 workers so far foe San Diego City offices He this year That doesn't seem enormous also worked for the Marble Mortgage Co and attended out of a working force of UCLA while there and obtained 311000 at the start of the year his degree in Business Ad- but according to the Air ministration Transportation Association in Following the purchase of Former Valley Man Is Vice President to affect the trend either says the report Last year the Utah work force was swelled by new Job seekers during the summer and foil pattern continued this year only worse says the employment office The greatest increase was in Utah's youth and among new entrants New Job openings listed with Utah’s Employment Security Offices are also reported running sharply below the number listed last year The decrease has been spread among all industrial sectors with manufacturing and government employment being hardest hit With this wage and salary Jobs have risen only 24 per cent over the past year whereas the average year’s growth haa been 32 ner cent Utah’s total work force is reported to be rising at about a 32 per cent rate and consequently unemployment has been rising and is now said to be one-thirover Its year earlier level CAPT WAYNE OLSEN of Sargent Security left and Wayne Barlow president of Wescor ' f I ft WURUTZER to Logan at Keith Jorgensen’s left to right Paul Quarino Wurlltzer staff organist y who performed last Tuesday in a grand opening day Jorgensen WE1XX)M1NG - Magnavoi are manufacturing company view new security equipment mode by Wesor for nse by Sargent Herald Journal Photo Logan Manufacturing Co Builds Detection Device A new method of combating the increasing crime problem has been devised by a local manufacturing company to be used by a local commercial security business Wescor with headquarters at 458 South Main waa asked last January to manufacture "a good reliable security protection system” for Sargent Security Capt Frank Olsen of Sargent Security stressed the need for such equipment because "crime haa become such big business” Sargent currently patrols approximately 55 local businesses and each of these buslnesaea will have an installation which interlocks There is a control box in each instance and a module in the master consuL The system is tested each day If the system is working Wescor President Wayne Barlow explains “there will be a pilot light between the business and headquarters” After the businessman testa the equipment he “arms" it and after that no one can enter foe building without setting of a red blinker and an audible alarm The equipment however is silent at foe place of business and foe Intruder does not know that there is a system working Sargent Security officers win immediately inform the poUce and according to Wescor and Sargent officials “it is almost like having a guard in your business M hours a day" The equipment can be installed at most small businesses at a cost far less than most burglar alarm systems Sargent wfil lease the service to foe customer and according to Capt Olsen "foe service Includes patrol phis this internal security" This is the first system of this type In the area It win be installed first at Ogden's Sargent Security business then in Logan as soon after as passible Wescor of Logan formerly known as Lepco has been operating here since 1968 and is strictly a feral concern Numerous products are manufactured at the fecal plant including efectrooptical instruments Barlow notes that Wescor has contracted with Thiokol Chemical Co on ozone sensors that an being built on a sub contract for NASA The growing company also has a big line of psyefarometers being used in research a3 over the world "As far as we know we are the only commercial manufacturers of that product” Barlow indicated Both Barlow and Capt Olsen are enthused about the Logan operation of the new security equipment Sargent has headquarters at Ellendale in Login 1549 Airline Problems Unemployment Worse Than Appears them and was made assistant to the vice president He served in that position until his present appointment Hobson has been active in the IDS Church in Calif having served as Sunday School superintendent superintendent of foe YMMIA secretary of the Elders Quorum and ward clerk He is presently counselor for the West Covina YMMIA stake superintendency the employment have been abandoned” an ATA situation in the industry is pnkinman uM much worse than the lay-of- f United Air Lines for exam- figure indicates "In addition to the layoffs an unknown number of Jobs running into the thousands simply have been lost by attrition because expansion plans made last year that contemplated many new Jobs Washington pie told United Press Interna- - 1 waa 2000 below foe number tional that although it has laid budgeted for this time at the off only 408 workers its total start of foe year United laid working force of 51687 on Nov off 100 pilots last spring v t V w MARKET REPORT - NEW YORK (UPI) Settle- - three sessions backed down merit of the General Motors sharply once the news apstrike and the long - awaited peared reduction in key Wiing For the week the NYSE finally came through this week Common Stock Index showed a but you wouldn’t have known it feu of 047 at 4538 Standard It on Wall Street Poor’s 500 Stock Index dropped The news came as no 085 to 8137 and the Dow surprise to investors because Jones Industrial Average measthey had been expecting it for uring 30 blue chips fell 1118 to several weeks In fact foe 75079 Of foe 1785 issues crossmarket higher during foe first ing the tape declines topped advances 932 to 674 Turnover for the five days aggregated 60874060 shares up from 54196030 shares traded a week earlier and also above the 57733070 shares traded diving the year ago period Monte Gordon analyst for Bache fc Co said the three events — the GM agreement a point drop to 5 fo per cent in the Federal Reserve discount rate and a similar reduction in the prime interest rate to 7 tk per cent by many commercial banks — all have disappointing characteristics He noted that the GM settlement carries with it major inflationary implications which are likely to affect settlements in other industries including aluminum steel and can manufacturing Lurien Hooper of WE Hutton A Cb said the market had discounted the fewer interest rates He said the reductions w’’did not mark a new step h ward easier money but merely reflected what has been happening all along" When the Federal Reserve trimmed the discount rate government sources said "the move was in recognition of reductions that have taken place recently in other short term inand Bob Wegher district represents for foe Wurlitier terest rates and is designed to Jorgensen will be foe re is 11 outlet for the northern Utah and bring the discount rate into betmx iLern Idaho area for Wnriitzer Co which has located a ter alignment with short term manufacturing plant In Logan rates generally" McKAY K GUNN P O Box 125 Utah 84317 Huntsville 9 Voters of Utah1 Distr First Congressional To The Please accept one-quart- f J Herald Journal support I hitting my thaidta for your huubl “‘- at tl poll la3t comnend my a opponent for fair and hard- - campaign I pledge to do my best as your Congressman the and to represent all confidence to merit your people of the District Sincerely yours K W Gunn McKay Q |