European Stars and Stripes (Newspaper) - September 11, 1977, Darmstadt, Hesse                                Page 16 the stars and stripes sunday september 11,1977 Mart s steady upswing comes to halt by Chet Currier  York a Wall Street s chronic Case of Money Supply worries flared up again last week putting the Stock Market Back on the sick list. In the first few Days of september the Market had put together a slow but steady upswing As it tried to recover some of it july and August losses. But the Advance collapsed this past thursday in the face of weekly Federal re serve statistics that showed a $3 billion jump in the Basic measure of the Money Supply. The Dow Jones average of 30 Industrial posted a 15.24 loss to 857.07 for the week All but wiping out the previous week s16.89-Point gain. The  York Stock Exchange Compo site Index dropped .69 to 52.74, and the american Stock Exchange Market value Index was Down .52 at 118.34. Big Board volume averaged 17.65 million shares a Day against 17.40 million the week before. Trying to draw sweeping conclusions fro the weekly data which the fed issues each thursday afternoon at the nose  a Good Many traders still watch the figures closely for possible clues to the future course of the fed s credit policy and interest rates. This summer the fed in its efforts to curb inflationary pressures responded Toa surge in the Money Supply with moves designed to encourage Short term interest rates to Rise. Hopes had been spreading of late that monetary growth would slow Al lowing the fed to follow a less restrictive approach. But those Hopes suffered a setback this past week. And investors seemed unmoved by assurances from a number of economic observers that no Sharp Rise in interest rates was Likely. The thrust is upward but the movement will be gradual Elmore c. Patterson chairman of  York s . Morgan andco., said Friday. Management firm of t. Rowe Price associates asserted recently we believe that both Short and Long term interest rates will Rise but Only modestly Over the next 18 months As the business Cycle  Market stubborn gloominess this year has been a source of frustration for politicians Bankers and others who want and feel they deserve better treatment from investors. Members of president Carter s administration have grumbled More than once about the Market s irrational  at Morgan guaranty Trust co. Of  York characterized the current value being placed on Stock prices As much More pessimistic than anything for which there is a precedent in the postwar period. For the Market s fears to be realistic alternatively for present Stock prices to be realistic the . Economy not Only would have to perform below its potential during the years ahead but also would have to steadily lose ground the Bank said. The prospects May in fact be that gloomy but very few analysts other than those directly involved in the Market fore see anything quite so bad. Investors7 guide Bysa Shulsky credit experts k aaa at frequently warn against Mist at the Baltimore based investment � Mutual funds Pri  York up following is a list of bid and asked prices on Mutual funds As quoted by the Nash in inc Friday september 9, 1977 bid ask Acorn cd 15.61 . Adv inv 9.74 . Aetna cd 7.23 7.90 Aetna in 13.07 14.28 future 9.15 . Age cd 5.70 5.12 Allstate 8.55 . Alpha cd 10.58 . Am birth 9.61 10.58 am qty 4.90 5.36 Amer funds Greup am bal 7.99 8.73 am Cap 5.80 6.34 am Mut 9.64 10.54 and a x14.94 16.33 Cap f a 6.43 7.03 Goth am 4.96 5.42 inc am 15.96 17.44 inv am 13.52 14.78  prs 16.27 17.78 Wash m 6.43 7.03 Amer Gen 1 Grep a Gabd 9.13 9.98 a a car 3.98 4.35 a in inc 6.57 7.18 a g Ven 12.69 13.87 qty or 6.48 7.08 and am 6.37 6.96 prove in 3.98 4.29 am Goth 5.52 5.95 am Insun 5.14 5.62 am invest 5.70 . A in inc 12.38 . Ant or 2.92 3.19 Anchor group Dally in 1.00 . Growth 6.34 6.84 income 7.34 7.91 Spectra 4.32 4.66 and inv 6.50 7.01 a Nat 990 10.67 Addax f 8.38 9.16 axe Houghton fund b 7.80 8.48 income 5.03 5.47 Stock 5.70 6.23 blk Goth 10.59 11.58 Babs inc 1.78 . Babs inv 9.12 . Bean i 8.41 . Beacon 9.49 . Berger group 100 and 7.25 . 101 and 8.96 . Berksh 7.64 8.35 Bond St 4.74 5.18 Best fun 9.37 10.24 Calvin Bullock Bull cd 12.45 13.61 can cd 7.35 8.03 div shr 2.95 3.22 income 14.88 16.26 Natad 9.55 10.44 by Ven 11.1012.13 cd fund 9.41 10.17 cd inc 8.73 9.44 Cap Prev 1.00 . Cent sons 11.48 12.38 Chal inv 9.85 10.77 Chart cd 13.67 14.94 Chase of Boston and bos 6.12 6.69 fron up 3.65 3.99 str is 7.27 7.95 specs 5.24 5.73 chem cd 6.96 7.61 Chep do 11.11 . La arty 4.24 4.63 Manet 2.41 2.63 Schus f 7.73 8.45 colonial funds conver 8j7 9.69 fund 9.13 9.98 growth 4.49 4.91 income 8.98 9.81 opt inc 11.2912.34 Colum g 15.04 .  a & b .99 1.07 c 1.46 1.58 comp by 8.66 9.31 by ask comp cd 7.29 7.84 Concord 12.32 . Cons inv 9.5010.00 in san go 5.74 . Cont in 6.20 . Country c 11.21 12.11 Dally inc z z a bldg 7.42 . Delaware Greup Decatur 11.95 13.06 Delch f 9.42 9.86 Del f 10.83 11.84 Delta t 4.81 5.26 Devegh 30.43 . Direct up 4.14 4.52 Dodg bal 21.61 . Dodge a 15.42 . Or Burh 9.49 . Dreyfus group dry cd 11.71 12.80 dry la 16.13 17.63 dry la 9.99 . Numb 9 5.48 . Up inc 7.26 . Tax be 16.12 . 3rd cent 12.69 . Eagle or 10.61 11.60 eaten & Howard Bain cd 8.07 8.70 fours 7.92 . Goth f 8.87 9.56 Stock cd 8.73 9.41 Edle pc 17.16 . Edson go 6.91 . Egret cd 10.45 11.36 elfin tit 14.31 z a Fjeld 9.10 9.89 Federated group a Leodry 7.81 7.93 Empire 18.45 z 4th pm 17.33 z opt inc 13.4614.71 tax for 13.41 . Fidelity group and Cut 8.85 . Capital 8.24 9.01 Contra 9.98 . Day inc 1.00 . Dest 8.06 z equity 1 15.40 . Fund 15.60 17.05 Maglyn 23.08 z. Munch 10.67 . Purlin 10.47 11.44 Salem f 4.76 5.20 Thrift 10.41 . Trend 20.s4 22.89 incl programs Fin Dyn 4.85 . Fin ind 4.09 . Fin inc 7.38 . First investors disc cd 5.23 5.72 Goth cd 6.60 7.21 income 8.85 9.67 Stock f 8.30 9.07 1st Multi 7.98 . Istl inc 10.00 . 44 Wall 16.74 . Dowl for t an a Iran or  4. Id founders group growth 4.36 4.77 income 12.1213.25 f aft Tual 8.34 9.11 f Specif 9.3210.19 Franklin group Brown 3.28 3.54 Ditc 6.79 7.32 Goth or 5.17 5.57 for inc 1.78 1.92 us go s 9.76 10.52 it litle 4.78 5.15 res cop 2.69 2.90 is qty 3.30 3.56 Fol Leq 8.27 9.04 of pack 8.21 8.34 fund inc group comm 8.59 9.39 Rimpoc 7.92 8.66 Indus to 10.3311.29 Dot soft m it muoi  0.83 Ges a p 25.32 z Gen Sec 8.97 . Goth ind 17.49 . Hamilton Greup fund 4.06 4.44 growth 6.75 7.37 income 7.59 . Hart Goth 12.07 . Hart la 8. 19 . Her luge 1.45 z of turf a Blu a5k hold to 1.00 . Horace 14.36 15.52 ind fam 2.94 z int Egon z z it invest 8.44 9.44 inv guld 8.70 . Inv indie 1.36 . Inv bos z z investors counsel Cap am 8.57 9.22 capt so 6.0 6.46 investors group ids and 5.89 6.10 ids Goth 5.50 z ids and 4.73 5.14 ids pro 3.10 3.37 ids tax 5.08 5.33 Mutual 9.06 9.84 Stock 18.04 19.61 select 9.54 10.26 Vor pay 6.37 6.92 inv Resh 5.29 5.78 Isi group growth 4.47 4.89 income x3.57 3.90 test it 2.86 z test so 10.61 11.60 Istel and 19.4720.07 Ivy fund 6.05 . J p Goth 9.91 10.77 Janas cd 17.65 . Johnstn 19.21 . John Hancock Blanc 8.84 9.61 and cd 19.7321.45 growth 5.38 5.85 Kemper funds income 10.79 11.48 growth 7.01 7.66 it ton my 1.00 . Mun by 10.85 11.39 opt inc 13.38 14.62 sult 10.63 11.62 techno 7.13 7.79 total r 9.86 10.78 Keystone funds Cust by 18.0318.84 Cust b2 19.8921.74 Cust b4 8.44 9.22 Cust Al 7.60 8.31 Cust k2 5.03 5.50 Cust is 17.08 18.67 Cust s3 7.50 8.20 Cust 54 3.76 4.11 Apollo 3.87 4.23 Polar 3.23 3.53 Lexington group up Ledr 13.11 14.42 growth 9.08 9.92 income 10.69 11.68 Rejch 14.3 15.69 life inv 7.91 8.65 Lincoln notional Selc am 7.05 . Selc spa 12.54 . Looms Sayles ads Cap do 10.33 . Mutual 12.73 . Lord Abbott a Filat 7.59 8.19 and Deb 11.42 12.48 income 3.57 3.85 lutheran brother Broil cd 10.17 11.11 Bra inc 9.44 10.32 by mid 10.48 11.45 Bro us 9.77 10.68 Massachusetts co Freem 7.90 8.63 ind f 7.33 8.01 mass f 10.5411.52mom Flanc l secs Mit 9.78 10.54 Mig 8.39 9.05 mid 14.67 15.82 Mfd 12.37 13.34 Mcd 13.89 14.98 mfg 15.66 uj8 mob f 9 to 10.29 Mather 13.59 . Merrill Lynch Basic i 9.45 9.94 capt cd 12.7513.28 Ray ast 1.00 . Mid am s.1s s.43 Money m 1.00 . Mony cd 8.98 9.81 mob cd 13.65 . Mil in f 8.91 9.74 Mif cd 8.07 8.72 Mif Gro 3.83 4.14 bid ask Mutual i Omeye Amer 11.80 12.36 growth 3.92 4.24 income 9.54 10.37 tax for 15.52 14.87 Mut hrs 29.10 . Nat indu 10.50 . Net l securities Balanc 9.30 10.03 Bond or 4.67 5.04 div Len 4.06 4.38 pref St 7.38 7.96 income 5.46 5.89 Stock or 7.85 8.46 growth 5.44 5.87  England life equity 16.33 17.77 growth 8.90 9.47 income 14.20 15.43 Side 13.16 14.30 Neuberger Energy 14.54 . Guard 27.42 . Partner 9.42 . Nea it 7.94 . Neuwith 8.23 . Newton g 11.67 . Newton in 9.93 . New old 10.84 . Nichlas 15.75 . Smuro 9.50 10.22 nest intr 14.91 . Nuveen 9.88 10.35 Omega 10.11 10.23 one will 13.78 . Oppenheimer aim cd 9.09 9.93 of and 5.74 6.27 income 8.80 9.62 Mony b 1.00 . Tax feb 10.72 . Time f 7.77 8.49 oct Sec 13.1914.34 Parott 8.48 9.44 Penn it 4.02 . Penn so 7.67 . Pella cd 7.24 7.91 Phonix c 7.84 8.57 Phonix f 9.5610.45 Pilgrim group poll from 12.46 13.12 capital 3.29 3.49 income 9.36 9.85 plug cd 8.96 9.43 Pine St 10.44 . Pioneer funds Plon cd 13.71 14.98 Pion ii 16.4517.98 planned 11.40 12.39 Ali Gro 10.6011.58 Ali trn 8.38 9.16 Price Rowe growth 10.20 . Income 10.13 . New Era 10.81 . New Hor 7.47 . Tax for 10.40 . Pro cd 6.01 . Proud it 7.83 8.56 or. A Cua q in fit Rud 5ys   Putnam funds conver 11.48 12.55 equity 9.93 10.85 growth 10.35 11.31 income 8.09 8.84 invest 7.44 8.13 option 13.57 14.83 tax sex 24.5625.78 Vlasto f 9.97 10.90 Oyog 12.49 13.65 a Lbw 1.95 . Reserve f 1.00 . Revere f 5.32 . Safe Seq 8.67 9.48 Safe co g 9.2510.11 St i cop 7.48 8.39 St i Goth 7.44 8.13 up Leda 1.00 . Sci Medof Stevens comon 9.40 . Income m.75 . Into and 12.97 . Mgt is 10.00 . Mun by 10.55 . Special 23.97 . Security funds and cd 10.2510.54 equity 4.00 4.37 invest 7.59 8.30 Ultra f 10.05 10.98 sentry f 12.35 13.42 q. I Don t understand the dynamics of Stock Price movements. If 10 Sellers Are asking 9% and 10 buyers Are bidding 9l/4 i 1 can understand a stable Price of 9vz. What of Cal 1 if two Sellers find it necessary to accept i w o 1 9v4? in t there still a stalemate bid ask a. It does t make any difference Wyeth Senmei group or there Are 10 Sellers and 10 buyers or one bo7xfnd 7 a seller and one buyer. I you Tell your broker com St r9i 1x02 to buy at the Market he will go to the so Renei or onr3 trading Post and bid 9 /4 and if he can t get Cost 6.21 6.79 Stock at that Price will raise it an eighth or finer or a a Quarter. If a seller is anxious enough he Hornbr s49 i m May let go his Stock at 9vfe or 9% or 9% b690 rrb it no or he May insist on 9%, and if you told your Poce cd 11.05 12.08i i i i i. Sneor sen funds broker to buy at the Market he might Paya ppr 16.22 17.73 the 9%. There is no stable Price. Each invent 9.89 Laai Deal is made separately. The next Deal a . May be made at 9v4 or 97/s or 9% depend a Fame funds ing upon the buying and Selling brokers in p"5 sous is solved and the instructions Given them by inv on 10.16 11,10 ,. Test so 8.73 9.54 their  i2.o i3.i8 Stock prices on the floor of the Exchange so i8.gr i2?9i346 Are arrived at by two Way open auction so Genf ii.24ii.77 the buyer s broker is trying to get the swat inv 7.86 8.50 so inv g 4.48 5.06 sour inv 11.44 12.72 state Bend group com cd 4.04 4.42 div self 4.88 5.33 Progris 3.82 4.17 car Rel o 1a Al 1ot re Bui  . St for or 5.95 . Site air 4 1.w4i./3 Aimee Man am und 2.31 . Asso cd 1.12 . Invest 1.38 . Ocean 6.32 . Stein ree funds Balanc 17.02 . F n\14f 0 Ochi 1capltl o.o3 . Stock  . C. I eau c r a o at Survey r  y.43 tempi g 12.42 13.57 temp in 1.00 . My of t 1 1 t Eltran Cap 7.11 7.73 Tran inv 9.36 10.17 travel Seq 9.96 10.89 Tudor h 13.93 . 20th cd 4.59 . 20th cd 6.29 . Unified 8.14 . Union service to Fol c it 11 9a 19 1oro 3 in i  a. 14 Kentl in a a a Allnott inv   in capt 11.26 12.14 Union in 12.82 13.82 United funds acc urn 6.11 6.68 and cd 7.53 8.23 cont go 8.57 9.37 cont inc 9.46 10.36 income 10.06 10.99 Mun by 10.30 10.63 Selene 5.53 6.04 Vang 5.32 5.81 Ltd Svca 1.79 . Usaa be 7.44 . Usaa in 11.69 . Us gets 9.78 9.93 value line funds Val lne 6.99 7.17 Val inc 5.13 5.26 lev Goth 10.51 10.78 Val pc 4.46 4.57 Vance Sanders income 13.79 15.07 lnua4 71c 7 Hin cwt /. 13 of is com 5.84 6.38 specs 8.48 9.27 vat Fard group explore 20.10 . 1st Index 13.32 . Vest 7.94 . Morgn 11.90 . Trust 9.08 . Wal Fly 12.30 . Wal Ltd 9.46 . A Stan 9.75 . Win Der 10.24 . Walls or 6.24 6.82 Welong Seq 12.20 . A sold or 6.92 7.52 Wise inc 5.17 5.66 no no Load sex div lend. A naval late. Stock pulse by United press International copyright 1977 Friday sept. 9, 1977 nose composite most actives by volume Stock div Vel close earns be old chem trn 12 333,000 48 Vij 1.82 27.0 3.1 Exxon can 3 242,800 48% 5.66 9.0 6.1 us steel 2.20 164x00 31% 3.60 9.0 6.9 into to 1.76 157,800 31 /4 4.29 7.0 5.1 Gemot 3.55b 153,500 67vi 11.10 6.0 9.7 Appl digital 146,600 17% 1.13 16.0texaco 2 142,400 27% 3.40 8.0 7.2 Citicorp 1.06 138,000 26 3.23 8.8 4.1 Elpaso 1.10 137,800 16vi 2.42 7.0 6.7 cat Ltd 1.50 136,800 53v 4.54 12.0 2.8 nose composite largest net changes Stock div close Cage earns be old sup Oil 1.80 211 6 15.15 14.0 .9 Dupont 5 107 4v4 9.63 11.0 4.7 Tel Edyne 3k 50v4 3 11.79 4.0 1.0 Getty 2.106 174% 3vfe 15.16 12.8 1.8 ism cup 10 262% 2% 16.43 16.0 3.8 sea Contr .60 424 a 4.89 9.8 1.4 St Sanf 22 42% 2% 5.66 8.0 5.9 car hot .36 36% 2va 2.83 13.0 1.0 Burl no 1.60 42% 2% 7.62 6.0 3.8 pig ind 1.60 30% 1% 4.86 6.0 5.2 amex composite most actives by volume Stock div vol close earns be old Champ he 107,500 2va Castleton in 106,000 2% .16 18.0houston Oil 85,500 38v4 1.9220.0u v ind was 67,200 Svi husky i .80 50,000 25% 3.60 7.0 3.1 Nat Pat Dev 45,000 12 a .3931.0kewanee .72 36,000 46ve 3.54 13.0 1.4 can 1 a .75b 29,900 21vb 1.81 12.0 7.1 Banister .40 28,200 13 a 1.50 9.0 3.0 Loewith it 25,200 7vi amex composite largest net changes Stock div close Chi be emits be old Goodwy .200 19 4 1v4 2.74 7.0 1.0 data term s 50% a 2.4920.0int Rwy Job 24% 1 5.12 5.0 1.2 Ford con so 79 1 10.77 7.0 6.3 Banner 1 .01 121 1.04 12.0 .7 Mexa .250 33 0% .26 127.0 .8 int Pool .05b 20% 0% 3.23 6.0 .2 u v ind was s i 0% o Oke cop 25 /4 0% 2.75 9.0it porn m 70% .98 7.0 5.7 be Price to earnings ratio yid dividend yield def deficit to yield in Stock k per cent dividend in Stock some dividends estimated earnings latest 12 month unaudited Stock As cheaply As he can the seller s broker is trying to get the highest Price for his client. There is always a stalemate suppose even if it exists for Only five seconds and until it is broken by one of the brokers accepting a bid or an offer. Imagine an Auto Saleroom with the one automobile you Are interested in being offered by three of four different salesmen and at the same time being sought by three or four potential customers. It could be hectic especially if they follow the Exchange rules of calling out each bid and offer in a loud voice so everyone interested can hear. Q. Who decides what Stock Price is flashed on the tape a. Every Sale is passed to a reporter who puts it on the tape. Q. I am 25, just getting started in invest ments about which i know very Little. I have $2,000 in a savings account at 5 /4 per cent. Could i reinvest elsewhere for in creased income with minimum risk a. You could put the Money into a 4-to-7-year savings certificate with no More risk than you Are assuming .however, since you open the door to fur ther suggestion by revealing that you Are just getting started and know very Little about investments let me urge you to leave this Money where it is a Safe Emer gency account ready for any purpose at a moment s notice. You could even double Itin its present Home. Thereafter you should aim not for Lingher income or lower risk but for lower or no income with As much risk As you can afford to assume. In other words growth stocks or real estate if you Are so minded All aimed at increasing capital for your future and not More income for the present. Q. Please suggest a company which would advise me on How to invest for retirement income. A. I cannot recommend such services anymore than i would want to recommend a doctor or a lawyer. If you want retire ment income from securities you naturally buy and hold Quality income securities. A stamped self addressed return envelope will bring you some suggestions. Q. We Are a Young couple with combined income of $18,000. What would be our Best investment we plan to buy a House in two years. Our Only debt is a $3,000 car . If you Are going House Hunting in two years it would be Best to pile up As much Cash As you can so As to make the Best Deal you can. Also it would t Hurt to get rid of that $3,000 car debt if you can do so and save on interest. You la have enough Bil Sonce you buy a Home without shelling out monthly on a car loan. Or. Shulsky welcomes written questions but he will be Able to provide an Swers Only through the  lists of growth and dividend stocks please include a self addressed stamped envelope no foreign Stamps please. Address your requests to Sam Shulsky car of the stars and stripes Apo 09175