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Show E,) .. , As the decNEW YORK ade of the 19f3es is left behind, a difference of opthion exists as to whether Americans also left behind .- one good ideas of thrift. i 'f: - its extreme he argu rrent goes like this: e r to o . - ) b ' 1 6 The notion of individu,s11 .!.nrift has been dis, a nied. Consumers are in debt Ay over their heads and some d:iy there'll be an accouting, The country can't conttnue io on spending money ft hasn't yet earned. Nonsense. Sure there has been a lot of borreming during the ni;Os. But people are earning bigger and bigger incomes. They can afford to borrow on their futures. because their futures ate going to bring more money. LOW ESTIMATE Those who hold the first position are inclined to have a low estimate of this generation's ability and intention to act responsibly. They call it the Now" generation and claim it wants everything immediately. without pain, and ithout cash. This, they say, is bad nev.s for the country. They maintain it was the savings of individual Americans that built up the capital base that permitted economic expansion. . they say, ,AE are eating 1.7tt-- , the capital. CREDIT EXPLOSION There is no question whatever that consumer credit exploded allover the economic scene in the 1960s. Banks fought to lend money. By unsolicited credit mailing cards. they literally put hunOrc is of do'lars into tilt hands of strangers. No, to the--- e figures about S233 billion of consumer debt. a rise of about 5160 bi'- lion during the decade. No question about it, Americans went on a borrowing a spree in the 1960s. It revolutionary attitude, for Americans had a long tradition of pay as you go. There since 1962. POLICY LOAN Late in the 1960s. when the price 3f loans began rising sharply, many Americans discovered the policy loan. They borrowed on their life insurance policies to the tune of $12 t Tils111;,1111:4 o) - tt I Call us for your chemicals f:1 L)? , INDUSTRIAL AGRICULTURAL LABORATORY I L. to7.1.1,1 CHEMICAL CO. TAIPEI (UPI) Nationalist China plans to go into heavy industry by building its first steel mill with an annual What does the Man from Merrill Lynch do on his "night out"? , sound. He said the mill will be built in several stages over a five-yeperiod. He said the island's steel consumption is expected to increase from the present one million tons to 1.6 million tons annually. production capacity of two million tons. economic affairs n minister Sun said. Sun said a study of the Island's first steel mill project Yun-Sua- ,:,.. "0 p . NYSE AMEX OTC X .1 ot ,.. j t:1 HIGH LOW or V '' Io . ,. . INA ,., THANK YOU I FOR ANOTHER OUTSTANDING Zeics . , . 00 ,, "' ' e YEAR We are indeed appreciative of the business and support you gave us I 21. So BONDS it ,e.q.. 4,. 3 N, We think you'll be HAPPY .NEVil YEAR 0. ,.., - .' " 'R. zi -?' rt'r 0 Piece: Brigham Young U. Salt Lake fp. It Instructor: . Potte" 1 Merrill Lynch Account Executive Gene itellond At 328-032- . I ',.. t0". 4- t LI I I I LA Alva H. Parry W. James Mortimer steps up season." Manager Named At Deseret Book The appointment of a new general manager of Deseret Book Co., William James Mortimer, was to- - i M ortimer's a p p ointment will be effm- five Thursday, according to t,,, 1 .--- -- ''::.-- ,.,- J. Ashton. Defer-e-t ',.:',..,:'-t-if- Book presi- dent, who, at -, .., t Duane of appointment , G&G Leasing. has Inc.. L. I ;, ' 1 ' ,, 1 ,,,, ' i ' ij , , , --... It . t y , r,,, 's During this course you'll team: ::fr-- 15, 1970, to stockholders of rec- ord Dec. - There will be plenty of time for questions. V And you'll learn many of the elements, both theoretical and practical,needed to understand today's stock market. cALLE))364-779- : 1 . 1 tt I i .:',,,-..- A - :, -- - - ' .. ...'--c- DEEP FILE , 4m; 1.14,3A 4A:3 A ,44 40.e,,3 s Sig t STEEL DESK stag 11. autr istAs wadi Its got ESTABLISHED 1887 klernbars hew York Stock Enekaose sea Other Principal Etchinges MAIN HILI: j 3 117 , )i rre,,t i I) b4 11- IPS 44 STATE $ys TELEPHONE -- 7 é o . 6- -A I - ' 22..k Seminal 211. Irak lock i VS - ..m...m.wo"- li) 4 Steel Suspension c RUNG CABINCT $4,.95 ) trate type -- -t - sot Adiustable 121rir al Ust $14.95 1tolitt Inners to DO brew 'bed Ode Acties thimble Wee falai hank MOWS Cost Li Ispgar Aiwa ' r' I ) 11 t ), pit Alma laid 44,,euir file $2993 or filing cabinet for the home templets office.. er extra nccusionel pieces Ses Sewers first. EASY TERMSOpen Monday and Friday Till 9 pen. He end Mire Furniture E ) Pistol' i II rIgii 7.L 11 355-533- 6 L 1 r I L IS" ktra Woe and SON 638 SO. STATE ri 1 4 Ude YS.911 Similaros shown Nevgaisyde cover Adjustable Back ff3 Lae ZIP s lock A desk t w; !7:.1 Ise lact - CITY 1 kw. tree STENO CHAIN ) Z, 1. Sig- da ADDRESS J off.. Lana MS ?-- , FILES 4. loft in having my investment portfolio reviewed. W. Iron West Tempts to Mal Sol.SO r 1.:4 I am interested COLLEGE 1.111 Sat t, , 03:aitZ teA'4'eceetai 114 NAMF . legal , ?!.f. 1 1 ASALE $3t ,; i.....ti : :,: t - Ith Soma PLASTIC JUST LOOKING 7, 0 ''l 1 - Swanson Al Approved Sots Lek DRAWElt SELFEDGING TOP CHOICE OF MACK, DESERT TAN .. Why t 4 Wee or 8995 30x60" , .:..: MIND MADE UP i, P 2DRAWER New, trim Continental ',::: don't you ask one of our brokers to discuss your in estment objectives, review your present kidings, surest stocks for your consideration then apply your own common sense. .1 1 for Veetorts. troin,ng 2644 blvd. 394-779- 1 350 Sous 7tis lost 364-779- 1 lice Icas , ?;.1 dopsiIst Otfeko 9 3712 30.00 11.50 14 53 STEEL DESK i Inman& AUTOMATION INSTITUTE HELIAGET1 1' i 2100 3 Age STEVENS 8 T.71 Quality at a Fair Price ------- Zip 328-461- 150 g:r0 WHALE OF 13 Last School Year Completed 3.25 , 1, at L.,,, MILLIONAIRE t Address 1 4.62', r8".(7135 :ZionsLitanBancorp .E --- 328-461- Phone 4.1212 1150 MODEST FUNDS ... 9.00 17.50 RETIRED .,3:. 1162't insBalt ll j 5 00 .1. ' (OR WOMAN) 328-891- i It t i 1 Icti 61128.1001!P4 ZCMI YOUNG BUSINESSMAN Ail I . ,,4 3 4.00 a so Tracy-Co- ! NEW TO INVESTING .. ,, Sentine,Securits, !LitanCencretePip,, Val levBankS.Trost ,ViatronComPinerSYS Val lerN atiBang Vista I nil !Wa serBank&TrOst ! OLD HAND .. 11.2S SoutnwesiResegrch Stwetylite Triernationtrk ToissictAines IF YOU ARE: - - Silveri( irgisaintilev SAACOwestmpin , 174 SOUTH Phone: City 1,tt t ,,. Name like more information, call Account Executive :Gene Helland at Cash Grain Over The Counter r MATTER , i ", Or Com!lete and Mail This Coupon -- -- if you'd according 1969, 31, knotting , ,,. , to Frank B. Newman, president and chairman of the board. He also announced that as of the end of November net earnings were 44 per cent higher than for the same period last year. dividend payable Jan. stock NO I Answers Your Questions About: ,Aow Job Opportunities evi4 1 Starting Salaries tiL Career Advancement NII,C17. Training Requirements 4"" what stocks and bonds are how they are bought and sold how to read a financial report the risks and rewards of investing how to plan an investment program I4 Bank Announces Dividend Directors of the South Davis Bountiful, Bank, Security have declared a 15 per cent by a , ....z 4,....alort t. , ,,,.4 1932. 14 ellMiLli 7 ''' ,,,: :,,, .,. cele- 11. 4.. . will Association Loan Bank Clearings 1 t The firm was organized Feb. 10, 1920, and received its federal charter in 1937. It has been at the northwest corncr of Main and First South since brate its golden anniversary during the year 1970. according to M. L. Dye, president. I I rA '' ' ; - -,- 4 Golden Anniversary First Federal Savings and mercial and industrial equipment leasing accommodations together with all related services to clients throughout the Intermountain Area. The company was formed and is presently being operated by the officers and directors who are C. L. Gehring. president; W. L. "Mont" Gates, vice president; Richard W. Moyle. and Stesecretary-treasure- r. assistant phen H. Anderson secretary and counsel. r ,,, - Dedesethreatt Noitfe:tt:ahsseeerrfnifeoecnrteigove.uers.Dlyetchs.eta26t CHICAGO Cash grain sales. (UPI) Dec. 311, 196 mixed good and choice Producersi22.25-30.90; NORTH SALT LAKE No,. 2 soft rod Wheat uncrtabged; $ lo gooe Market auction): ,iti 'Livestock (Monday - 1.5Ci4N. NASD rear.or from the 0; CdOtat,ons 1 heifer calves lb and 2ichoice !Hogs: strong higher; U.S. serastive prices as of approx0 lb .190-24icrfoice good lb barrows and gilts torn unchanged to 2 cents higher; No. I Ina rkets imately pm. Inter-dealfeeoer cows sows 20.00-n.0lib cows on heiferelle oroer Change throughout the day. Prices do not 2No.yellow 1.19; No. 3 YellowNO. S feeder cows All .Y"9 of classes 4 yellow Cattle: yellow slaughters markdown or retail include markup. strong 50 to 75 higher; feeder cows fully sonlO,e grade Venda, CHICAGO Livestock: 50 higher; slaughter bulls 0 higher; 5Cri.00 4.043. and g41S, ! Barrco,S Mogi' 2 extra No. Oats heavy unchanged; feeder steers and heiters steady; heifer( l sorted lower, rather siow; No white APA. calves higher Securities around 120 head 29.25; NO lb 26 Cows: Canners and cutters ; NO 5 lb wilh'1-- 3 2035-Zi1Rye unthemled; No. 2 plump 1 utility and commercial 9 lb No 4 teed kind to 23.60; lb odd head of Rid Asked 1 Barley: Meit'no No , 34 635026.25; lb I No Yellow No. Soybeans unchanged; ;good to low choice fed heifers lo Atertoontioc NO 1 27'2 lb No. 2 yellow 2.451s; No. 3 yellow 23P2:2.etri; I 5 lb Choice sows uneven, weights under iA me msleer,meds: 30F.23.ell3e2or WOO track 15.00 12.10,wa arBonds Chicago. ..i.c : flood and CtIbuicle 635445150'9 ,D to 25 wow, weibllts bller to,tol, 270-b 1450 calves, lio 1150 2- :35." lb AmSavings&Load higher; No riSl),c120 lb choice lb 6.75 6.25 No 00. -- -I Choice 404415 lb Feeder heifers: boars !BeneficiaiStriLite 0 lb NO 2"allt ;e4.t0) . Bonsmis Lumber none. 1.75 2.50 Calves Slaughter !Bonnevilwarnntri Cache 1,000. 12.50 1150 steers and heifers slow. sleers steady to Browning Arms kurer. Prices is Monday market cows to 40.75 .53 weak. heifers 25 al lower. steaoy Corp seeCHrOurIC.EchNoic0; kCoHmetANIICcEolor relaters delivered to stores in cartons; 34.00 36.00 active strhog to 50 higher. bulls steady; !Chilton ing cases exchanged: Grade AA Extra Lame lb slavohier steers Continents 'Birk 17.00 11.00 loaos couple AA Large Grade AA first' Compare la every price urge 29.00; choice to 28 37.50 good DASACorp 38 50 MediumGrade Grade AA Small 0 and le every ilocation of our metrolb 9.75 good Data Design 9,00 and choice Prices to Producers:, Grade AA Large S- and cnoice lots few high Liataironerocessing 817,4' polital area. Select from hundreds of Prime 71,1 5pr Grade AA Medium 464914; Grace lb slaughter heifers 28.25; Denver R ealEstate AA Smell illuminated photos without ever choice lb 2 10.3.50 good arid Ernclekointi I utilitv Equity Oil 13.50 12.75 good leaving the Aldan Gallery Park in choicecommercial cows canner 33.00 34.53 and irstsecCorp front 9.01 utility and Com- F irstSecinv 150 and cutter mercial bulls 3.37 3.62;1 , IstsgesternFin f' it , 3 I. Sneed 200. Deck choice and prime 112 GpiasyCni 2.50 200 i .11a 1 6t:-,l- 1 " lb wooled slaughter lambs luny steady at GarrettEreight 29.75 28.75 9.00 29,e1 !HydroFiarneCorg e 4.03 3 00 icheaN ail . 1 11 1.25 intrrmtnGas 11.621t, , J.30 4,50 Magnainvestment 18 00 15.00 1 ,i Magna investo-7- 3 4 . 6.00 5.00 M.clnwCorp 0111, Morrison-Knudse- n 16.00 16.7S Dec. 30, 1069 SS1L311 257 Nati Amer Lite Bank Debits ' 5.121t 5.50 ist 1 SI 411,5311 NatiWesternLite Lase Year S21.60a0, Same 2.25 2.75 .NorthArriericanR E 9.8712 NW NatGas 9.62le ' . -.-. S, 150 0, R,Jsources 4' 1.75 PetroieumResourrel 225 I 2.00 1,50 Research inOustrws ' 2.75 3.12' l RovalE sec Inns .,....n4.... 21 00 2300 SaimaiseHow ' 41 1 ,,,,,,,, Kennecott Building SALT LAKE C:TY 84111 Telephone: - Wednesday of TZhieOnSmFmi,rse tisNaal itinni Bank. Livestock (fp .,,..... ... - - part of the merger of the No banks effective Wednesday . in ,a previous announcement Gregory E. Austin, president of Utah National Bank, Avill become a director announced the opening of their Mc-2-s at 2SSO S. Main. G&G Leasing is a new Utah corporation formed in October for the purpose of providing com- Mortimer was named assistant general manager of Deseret Book more than a year ago. He had been senior account executive at Wheelwright Lithographing Co. and was sales manager of the Deseret News Press. lie also T- ' 0 ,.,, 1 SMITH INC Banks Merge Wednesday New Firm Opens Meacham as controller of the firm succeeding Earl F. Hunter who has been with the company for nearly 25 years. Meacham has been data processing manager of the Deseret News Publishing Co. i 4,1 ,, 5 gMERRILL & - PROVO I r''"t.)., the Center or coil them ot LYNCH) iic,4 ) t , same i : y time, announced the retirement of Alva H. Parry, general manager since 1951. Also announced was the i has been elected a vice president of the firm. He I has been resident manager since 1965. ,,,,,,t of anoth- Formerly he was assistant manager er brokerage firm in Salt Lake City. He is a received graduate of the University of Utah and A 1 his MBA from the University of Southern California. Burbidge is a veteraiL of the Korean War. Mr. Burbidge Mortimer is president of ButChurch of Jesus Christ of Latter-daSaints. 1 mi.. Meacham 1 ,'i resident manager Jr.. Kenneth P. Burbidge ,:..----.- F of the Salt Lake office of Elyth an d Co., Inc., ler Stake. a, P - Named Vice President 0 '.- ,..,:Zo ! Marvin the . ..,,. p He also announced that the stores will close Sundays "Auerbach's feel t'at all genshould be eral merchants closed one day a week and since in essence Sunday has worked on the editorial staft of the Deseret News. He served two terms as president of the Printing Industries of Utah and has been a director of the Printing Industries of America, Inc. He has been a director of the 10:1 and is Salt Lake Lions member of the Kiwanis Cub. .! day. year-en- d two-da- y to retire announced always been our traditional closing day, we choose to re.. main closed on this day:' said. He stressed that he would prefer to remain closed Sundays throughout the year but, might find it necessary 70 (pm seven (Lys during peak retail seasons. Wo lfels Sportsman's 110aequarters also announced that they would close Sundays. Sears. ftoebucks and Co. indicated that they plan to re main open Sundays throughout the year and Penneys management said they were awaiting further word from headquarters on future Sunday opening policy. holiday was announced Monday by one Salt Lake retail store along with an anncuncement of a return to Sunday closing. Fred Auerbach. president of that his said Auerbach's. closed be would stores Wednesday in Salt Lake and Ogden. "just to give cur p9oholiday in apple a preciation for their cooperation during the Christmas An unusal 1 ' rL y ,...., 's Brigham Young University charges $12.50 for the cemplete course Registration: ar , 41 a. " -d i 7 1 I hit Lake Center for Continuing Education Cost: At Auerbach's 4 -- , 4",.,4 1 '.. sc , . ....t.,...: . Brigham Young U. Sponsor: , '..t - d . ' ir ,Pr La i i- - ''''''' 14."'''.f '. , Si k I r 4 --kT...-: Center ' VSO ' ,,,,,: :,.. 41,,- - f 11 t ., i th.rth Main St., Salt Lake City 200 ......: 11 1.,, - ..Nr-- ,0,00,) 10 successive Wednesday eweeings P.M. beginning Jan. 7, 7:00-9:0- 0 Time: - ?:", : Adult Education Course : ""''''-"'4"- t , ,...00,4, , ( I x - , - - .-- COMPUTER CAREERS One evening a week, for the next couple of months, a Merrill Lynch account executive will be teaching interested adults the basic facts about stocks, bonds, and investing. Don't 'miss our - - ,d : i FREE Booklet I interested. .3,,,-- I ., Holiday, 2-D- ay I ( .t IL:f - 4 tall a Prosperous, Safe and coac , t 1 Salt Lake Eggs FROM ALL OF US We Wish You k k i AK, 0 - CONTINENTAL AGENCY CO. IS PLEASED TO " : , I by Australian experts showed the project is technically onsimmoll r, , The real test of whether Americans are overestended won't come until there is a recession. Then, if Americans can lose buying power and even jobs and still continue to were less than one per cent. pay their bills, it would indicate that they are financially sound despite all that credit. 2 Million Ton Capacity Steel Mill BCC Wove had (1450 St 1900 7its0 hoot 430 7295 111.1.11.11116 I from the payback record. the situation 'doesn't look bad at all. And even the fundamentalist opponents of easy credit must concede that for many people credit was the means through which they developed capital. Viewed Nationalist China Plans To Build THATCHER - Personal bankruptcies had risen through much of the 1950s. but in the final year of decade they dropped the foreclosharply. Mortgage sures were at a rate of only three-tenth- s of one per cent and mortgage delinquencies were less than one per cent. was honorable something about paying your bills in cash, on time. STIFLE ECONOMY That same attitude. in the opinion of some economists. also tended to stifle enterprise. It represented a great deal of itrecurity; people did not want to take chances. Americans during the 1960s lost a lot of those old fears. They realized they were not as vulherable to financial blows because they had Social Security and health insurance and better education and a firmer grip on their jobs. And their government in effect told them that they need no longer fear a major depression because the economic cycle was being controlled. A recession perhaps, but nothing of any extended duration or great intensity. CORNER ON COMMERCE ....., I During the 1960s Americans also built up great assets. While they were buying on credit they were saving also, and now have more than S430 billion of liquid assets, such as bank deposits, to match against those liabilities. BANKRUPTCY UP on Add was outstanding at the end of the year, more than double the total at the beginning of the decade. o r automobiles alone. Americans owed $36 billion in December, again more than double the figure of 10 years earlier. More than ;29 billion was owed in personal loans. a jump of more than $16 billion (;) 1 billion. omparel w'th only S517 billion in 1960. Do( umenting the rise. about S120 billion in consumer credit i 4 Tuesday, December 30, 1969 13 , ' Although installment paynot including ments alone were taking mortgages more than 15 per cent of disposable income as the year ended. those bills were being paid precisely on time. At .. .4' .., ..- - .5 entirely clear that the freer us. of credit means that American have forsaken thrift. - , , .' less fearful of extending themselves. But it still isn't 4 '- -, ,,-- -- , 'his made Americans AU By JOHN CUNNIFF AP Business Analyst ' , Pdy ' PLENTY OF FREE PARKING SOUTH OF STOC .,. . , .1 - ,. .....0..4.0.....0,...... 1 1: 1 |