European Stars and Stripes (Newspaper) - October 23, 1977, Darmstadt, Hesse                                Page 16 the stars and stripes sunday october 23, 1977 Market continues wow re trend by Frank w. Slusser new York up stocks fell to a two year Low this week As government re ports confirmed the Economy had slowed Down and the Carter administration blamed the Federal Reserve Board for some of the trouble. Trading was Active. The Dow Jones Industrial average which plunged 18.71 Points last week fell another 13.34 Points to 808.30, the lowest level since it finished at 794.55 on oct. 2, 1975. The Dow now has lost 196.35 Points for the year. The new York Stock Exchange common Stock Index dropped 0.63 to 50.61, the lowest Mark since 50.29 on Jan. 6, 1976. Standard & poor s 500-Stock Index con Taining some Over the counter issues fell 1.24 to 92.32, its lowest level since 90.90 on Jan. 2,1976. Declines routed advances 1,176 to 655, among the 2,088 issues crossing the Compo site tape. Big Board volume totalled 100,248,000 shares compared with 95,167,250 last week and 83,613,570 traded during the same week a year ago. Composite volume of nose issues listed on All . Exchanges and Over the counter totalled 114,503,510 shares compared with 109,125,590 last week. Much Selling surrounded some disappointing earnings results and the com Merce department s report that the third Quarter Gross National product adjusted for inflation Rose 3.8 per cent Down from 6.2 per cent in the second Quarter and 7.5 per cent in the first. While the report did not Surprise Many economists former president Ford called for an immediate tax Cut to stimulate the Economy. Commerce Secretary Juanita Kreps said she thought the third Quarter 1978 might be appropriate. President Carter reiterated earlier statements that he would not consider tax Cut measures until next january or february. And Treasury Secretary a Michael Blumenthal said the Gnu slowdown should not obscure the underlying strength and Mutual fund prices 9.30 . 7.06 7.72 12.95 14.15 8.98 . 5.56 5.67 8.29 . 10.09 . 9.56 10.45 4.65 5.08 new York up following is a list of bid and asked prices on Mutual funds As quoted by the Nash inc. Friday october 21, 1977 by ask Acorn cd 14.84 . Adv inv Aetna cd Aetna in future age cd Allstate Alpha cd am birth am qty Amer funds group am bal 7.91 8.64 am Cap 5.69 6.22 am Mut 9.00 9.84 and a 14.87 16.25 Cap f a 6.46 7.06 Goth am 4.89 5.34 inc am 15.4216.85 i c a 13.1214.34 new prs 14.94 16.33 Wash m 6.20 6.78 Amer Gen l group a Gabd 8.94 9.77 a a car a in inc a Ven qty grand am prove in am Goth am Insun am invest air inc ant or Anchor group Dally in 1.00 . Growth income Spectra and inv a Natl Addax f axe Houghton fund b 7.43 income Stock blk Goth Babs inc Babs inv bean i Beacon can cd div shr income noted by Ven cd fund cd inc Cap Prev cent she Chat inv Chart cd la arty 4.04 4.42 Manet 2.32 2.54 Schus f 7.49 8.19 colonial funds conver 8.62 9.42 fund 1.74 9.55 growth 4.28 4.68 income 8.81 9.63 opt inc 10.9812.00 Colum g 1440 . Comp cd Concord cons inv in san go cont in country c Dally inc a bldg bid ask 6.87 7.39 12.31 . 9.00 9.37 5.39 . 6.03 . 10.93 11.82 1.00 . 7.18 . Delaware group Decatur 11.6312.71 her luge hid Sec hold to Horace ind fam it invest inv guid inv indic inv bos bid ask 1.40 z 11.98 z 1.00 . 13.92 15.05 2.77 z 9.12 9.97 8.38 . 1.31 . 9.06 9.77 Delch f Del f Delta t Devegh direct up Dodg bal Dodge a or Burh 9.23 9.66 10.38 11.34 4.65 5.08 29.49 . 3.78 4.13 20.95 . 14.82 . 9.18 . Dreyfus group dry cd 11.2212.28 3.77 4.12 6.35 6.94 12.41 13.56 6.31 6.90 6.18 6.75 3.85 4.15 5.52 5.95 5.11 5.58 5.24 . 11.92 . 2.89 3.16 6.10 6.58 7.23 7.80 4.19 4.52 6.29 6.78 9.52 10.26 7.96 8.70 15.60 17.05 9.98 . 5.24 . 7.20 . 15.91 . 12.27 . 10.24 11.19 7.57 . 8.69 9.37 6.03 6.50 6.20 6.68 8.41 9.07 16.80 . 8.52 . 10.11 w.99 13.75 z 8.80 9.57 5.01 5.45 5.43 5.93 10.24 11.20 1.77 . 8.74 . 8.34 . 8.91 . Berger group 100 and 7.15 . 101 and 8.80 . Berksh 7.33 8.01 Bond St 4.54 4.96 Bost fan 9.28 10.14 Calvin Bullock Bull cd 11.87 12.97 7.01 7.66 2.68 2.92 14.66 16.02 9.29 10.15 10.74 11.74 9.09 9.83 8.57 9.26 1.00 . 10.79 11.63 9.4910.37 13.5214.78 Chase of Boston / and bos 5.83 6.37 fron up 3.60 3.93 str is 6.96 7.61 spec 5.05 5.52 chem cd 641 7.22 Chep do 10.62 . Dry la Oryx la numb 9 up inc tax be 3rd cent Eagle or Eaton & Howard Bain cd 7.76 8.37 fours Goth f income spell f Stock cd Edle pc Edson go egret cd elfin try fal fld Federated group a Leodry 7.60 7.72 Empire 18.15 z 4th pm 17.16 z opt inc 13.2814.51 tax for 13.27 . Fidelity group and Cut 8.74 . Capital Contra Day dest equity fund Molln Munch Purlin Salem f Thrift trend inc i 7.78 8.50 9.56 . 1.00 . 7.70 z 14.81 . 14.99 16.38 22.29 z 10.58 . 10.04 10.97 4.58 5.01 10.33 . 19.88 21.73 Fin cd programs Fin Dyn 4.68 . Fin ind 4.03 . Fin inc 7.19 . First investors disc cd 5.11 5.58 6.41 7.01 8.69 9.50 8.13 8.89 7.76 . 10.00 . 16.14 . 3.70 4.04 founders group growth 4.21 4.60 income 11.77 12.86 f Mutual 7.79 8.51 f spell 9.07 9.91 Franklin group Brown 3.16 3.41 Ditc 6.55 7.06 Goth or 4.92 5.30 1.76 1.90 9.63 10.38 4.74 5.11 2.77 2.99 3.24 3.49 z z 7.79 7.91 funds inc grew comm 8.33 9.10 Rimpoc 7.84 8.57 Indus Pilot investors counsel Cap am 8.31 8.94 capt so 5.74 6.17 investors group ids and 5.82 6.03 ids Goth ids no ids pro ids tax Mutual Stock select Var pay inv Resh Isi group growth income test it test Shistel and Ivy fund j p Goth Janus cd Johnstn John Hancock Blanc xs.57 9.32 and cd 19.3621.04 growth 5.09 5.53 Kemper funds income 10.7911.48 growth Mon my Mun by opt inc Sumit techno total r Keystone funds Cust by 17.8518.64 Cust b2 19.4321.24 8.36 9.14 7.48 8.18 4.88 5.33 16.32 17.84 7.15 7.81 3.60 3.93 3.72 4.07 3.11 3.40 5.34 z 4.58 4.98 3.02 3.29 5.03 5.29 8.75 9.51 17.24 18.74 9.43 10.14 6.09 6.62 5.00 5.46 4.36 4.77 3.58 3.91 2.88 z 10.67 11.66 18.47 19.04 5.84 . 9.36 10.17 17.18 . 18.56 . 6.80 7.43 1.00 . 10.79 11.33 13.17 14.39 10.37 11.33 6.83 7.46 9.64 10.54 b4 Al k2 is s3 s4 Goth cd income Stock f 1st Mutt Istl inc 44 Wall fun or for inc a sgt s it Llytle res Cap is qty Fol Leq of Dock True is p Gen Sec Goth ind 10.07 11.01 7.87 840 24.24 � 8.s4 . 16.87 . Hamilton group a a .96 1.04 c 1.42 1.53 comp by 8.45 9.09 fund growth income Hart Goth Hart la 3.90 4.27 649 7.31 7.25 . 1145  743 . Cust Cust Cust Cust Cust Cust Apollo Polar Lexington group up Ledr 12.46 13.73 growth 8.80 9.62 income 10.47 11.44 Resich 14.0615.36 life inv 7.66 8.37 Lincoln National Selc am 6.84 . Selc  12.05 . Loom is Sayles ads Cap do 9.93 . Mutual 12.31 . Lord Abbett aft lat 7.29 7.86 and Deb 11.07 12.10 income 3.45 3.72 lutheran brother Broh cd 9.88 10.80 Bro inc 9.2310.09 by mid 10.3511.31 Bro us 9.71 10.61 Massachusetts co Freem 7.75 8.47 ind f 7.09 7.75 mass f 10.19 11.14 mass Flanc l secs Mit 9.23 9.95 Mig 8.05 848 mid 14.1315.23 Mfd 11.731245 Mcd 13.1714.20 mfg 15.631645 mob f 9.7210.20 Mather 13.02 . Merrill Lynch Basic i 9.41 Copal cd Ray ast mid am Money m Mony cd mob cd Mil in f Mif Mif cd Gro 940 12.28 12.79 1.00 . 5.08 5.55 1.00 . 8.49 9.28 13.00 . 841 9.41 7.74 8.37 3.69 3-98 bid ask Mutual of Omaha Amer 11.61 12.16 growth 3.79 4.12 inane 9.2910.10 tax for 15.3316.66 Mut hrs 29.5329.55 Nat indu 10.09 . Nat l securities Balanc 9.04 9.75 Bond or 4.56 4.92 div Len 3.92 4.23 pref St 7.25 7.82 income 5.36 5.78 Stock or 7.57 8.16 growth 5.16 5.56 new England life equity 15.78 17.15 growth 8.40 9.13 income 13.88 15.09 Side 12.47 13.55 Neuberger Energy 13.11 . Guard 26.42 26.51 partner 9.31 . Nea it 7.73 . Neuwith 8.01 . Newton g 11.47 . Newton in 9.76 . New old 10.28 . Nichlas 15.78 . Nomura 9.76 10.49 nest intr 14.91 . Nuveen 9.68 10.14 Omega 9.79 9.91 one will x3.13 . Oppenheimer aim cd 8.78 9.60 of and 5.50 6.01 income 8.59 9.39 Mony b 1.00 . Tax feb 10.49 . Time f 7.54 8.24 oct Sec 13.17 14.32 Paramo 8.54 9.28 Enn it 3.92 . Penn so 7.21 . Phi la cd 6.97 7.62 Phonix c 7.57 8.27 Phonix f x9.30 10.16 Pilgrim group poll from 11.87 12.49 capital 3.18 3.37 income 9.34 9.83 plug cd 8.75 9.21 Pine St 10.22 . Pioneer funds plan cd x13.11 14.33 plonk ii 15.5016.94 planned 11.07 12.03 Ali Gro 10.14 11.08 Ali trn 8.34 9.11 Price Howe growth 9.78n.l. Income 9.92 . New Era 10.44 . New Hor 7.35 . Tax for 10.28 . Pro cd 5.80 . Proud it 7.49 8.19 prud sys 8.77 9.59 Putnam funds conver 11.05 12.08 equity 9.75 10.66 Georg 12.46 13.62 growth 10.13 11.07 income 7.96 8.70 invest 7.21 7.88 option 13.26 14.49 tax sex 24.4625.68 Vista f 9.61 10.50 voyage 10.58 11.56 a Lbw 1.92 . Reserve f 1.00 . Revere f 5.16 . Safe Seq 8.35 9.13 Safe co g 8.95 9.71 St i Cap 7.36 8.04 St i pm 7.13 7.79 Scudder Stevens comon 9.05 . Income 14.66 . Into and 12.95 . Mat is 9.99 . Mun by 10.37 . Special 23.75 . Security funds and cd 10,31 10.60 equity 3.13 4.19 invest 7.39 8.08 Ultra f 9.57 10.46 sentry f 12.0313.08 bid ask Sentinel funds growth 7.76 8.43 Trust 9.71 10.55 Sentinel group Apex f 3.31 3.62 bal and 7.68 8.39 com St 11.5012.57 shareholders Gap Cost 6.00 6.56 enter or 4.90 5.36 Flet cd 5.43 z Harar 8.38 9.16 Legal l 6.22 6.80 Pace cd 10.97 11.99 Shearson funds a ppr 15.68 17.14 income 18.26 19.96 invest 9.39 10.26 so Dean 17.98 . Serra or 8.26 . Sigma funds Cap shr 8.53 9.32 inv so 9.79 10.70 test so 8.63 9.43 Ventur 11.94 13.05 Smith b 9.30 9.79 sol or 12.3513.00 so Genf 10.7511.26 swat inv 7.65 8.27 so inv g 4.55 4.92 sour inv 11.08 12.11 Spectra 4.58  up Leda z z state Bond group com cd 3.86 4.22 div self 4.70 5.14 Progris 3.63 3.97 St for bal 9.13 . St for or 5.77 . State str 39.7740.13 Steadman funds am ind 2.28 . Asso cd 1.08 . Invest 1.31 . Ocean 6.16 . Stein Roe funds Balanc 16.30 . Cape Al 8.63 . Stock 11.11 . Survey f 8.27 9.04 tempi g 12.37 13.52 temp in 1.00 . Tran Cap 6.82 7.41 Tran inv 9.2010.00 travel Seq 9.7010.60 Tudor h 13.44 . Unified 7.98 . Union service bids in 10.7711.61 not inv 5.91 6.37 in capt 10.95 11.81 Union in 12.4313.40 United funds a cum 5.94 6.49 and cd 7.38 8.07 cont go 8.31 9.08 cont inc 9.12 �.97 income 9.66 10.56 Mun by 10.17 10.59 Selene 5.31 5.80 Vang 5.18 5.66 Ltd Svca 1.96 . Usaa Ca x7.21 . Usaa in 11.64 . Us gets 9.65 9.80 value line funds Val lne 6.85 7.03 Val inc 4.97 5.10 lev Goth 10.52 10.79 Val pc 4.15 4.26 Vance Sanders income 13.50 14.75 invest 6.87 7.51 is com 5.65 6.17 sped s.22 8.98 Vanguard group emptor 19.44 . 1st Index 12.66 . Vest 7.53 . Morgn 11.49 . Trust 8.73 . Welly 12,01 . Wellton 9.09 . A Stan 9.66 . Win Der 10.10  Walls or $.83 6.37 Welong Seq 11.80 . A sold or 044 7.22 Wise inc 4.99 5.45 no no Load sex div lend. I Unava Loble. Health of the .  monthly government reports tended to confirm some economic strength. September housing starts were Strong although permits were Down 4 percent. Personal income Rose 0.8 per cent the largest increase since a 1 per cent risen july. Business inventories and sales continued to increase. Consumer prices edged up Only 0.3 per cent Matching the August Rise that was the smallest since last november. However Citicorp s latest Survey showed consumer Confidence at a 15-month Low. Because there was no change in the nation s Basic Money Supply during the latest reporting period following a $4.9 billion surge the week before Money watchers said the fed might raise the discount rate it charges member Banks. Citibank Friday raised its prime lending rate a Quarter Point to 7% per cent its highest level in two  thursday the White House startled Wall Street when it warned fed chairman Arthur f. Burns not to tighten credit any More. The White House statement said recent monetary growth rates have not been  Wall Street journal editorial Friday said the statement was clearly aimed Atka boning the fed into easier Money. It complained about High Short term interest rates and blithely added that fast Money growth should t worry anyone so Long As the Economy is not breaking records. I blames the fed not the administration s Energy package or dithering Over tax Reform for the recent weakness in the Stock  said the statement just about shattered what was left of Wall Street Confidence in the Carter administration. Nobody would predict what lies ahead especially since the White House statement raised questions whether Carter would re appoint Burns As fed chairman. American Telephone & Telegraph Fellis to 59% in heavy trading after the com Pany announced it planned to sell 12 Mil lion new shares. Wall Street was stunned that at to would choose to sell those shares with the Market in such poor Condi  was the most Active nose listed Issue off v2 to 22 on 1,602,000  Bank holding company said its fourth Quarter Outlook is not the  laboratories the second most Active Issue soared 8% to 38% on 1,481,500shares after Nestle . Of Switzerland offered $42-a-share for its . Pepper the third most Active Issue Rose % to 16 amid persistent speculation the firm was a takeover target. But the company denied the rumours. Investors1 guide Bysa Shulsky q. What do you think about mortgage companies that offer 10 to 12 per cent on second mortgages combined first and second mortgages never to exceed 80 per Stock pulse by United press International copyright 1977 Friday oct. 21, 1977 nose composite most actives by volume Stock div vol close earns be old Citicorp 1.06 493,200 22 $ 3.16 7.0 4.8 Rorberg .60g 338,400 15% 0.73 22.0 3.8 East 140a 334,000 52ft 3.96 13.0 3.0 a stub .88 327,900 30 a 2.43 12.0 2.9 Sambo s .48 276,100 26ft 1.86 14.0 1.8 Dow cd 1.20 271,300 26% 3.24 8.0 3.7 Gemot 3.55b 237,900 70 11.10 6.0 9.4 Lon Gilt 1.63 192,700 18 2.58 7.0 9.0 Mcd nip .20 181,400 4t i 3.01 15.0 0.4 amt to 4.20 171,700 59% 6.79 9.0 7.1 nose composite largest net changes close Cage e Sopfe 2 a 3 26% 2 /4 35% 2 a 43% 2 32 we52% 1% 35 1% 36% 1%497/ 8 _ 1% 30 if 1% warns 2.43 1.86 5.03 6.23 3.96 6.41 9.60 6.73 2.33 be 12.0 14.0 7.0 7.0 13.0 5.0 4.0 7.0 13.0 old 2.9 1.8 5.0 3.7 3.0 6.3 4.6 3.6 1.3 Stock div a stub .88 Sambo s .48 in Publ 1.80 a leu 1.60a Shaklee .50 East. 1.60o Nwe it 2.20 Cumins 1.68 cd bldg 1.80 big3lnd .40g amex composite most actives by volume Stock div Hycel inc Houston Oil Susque up syntax ,50g Solen at .12 a tape .10b log con inc Hart fld ads Nat Pat Dev us filter .28 amex composite largest net changes vol close 128,200 103,600 76,500 45,100 37,800 37,300 32,700 28400 27,100 23,400  29% 7va 16% 25% 15ve 12 5% 12% 13 /4 earns $ 0.27 1.92 0.49 1.83 1.73 1.66 1.54 0.37 0.39 1.67 be 22.0 16.0 16.0 9.0 15.0 9.0 8.0 15.0 32.0 8.0 old 2.4 0.5 0.7 2.1 Stock div Solen at j2 grow c .32g autos Hud Bol Homo a to mob Ford in Comdr us filter Petro 1.20 1.52 .75 .75 so into .28 Lewis close 25% 8% 46 39% 34 a 30ft 73 14v4 134 30% Cage 2 /4 2 2 Ivi i 1% 1v4 1v4 Ink earns s 1.73 1.40 4.57 4.77 4.17 4.17 10.77 1.13 147 4.45 be old 15.0 0.5 6.0 3.7 10.0 24 8.0 3.8 8.0 2.2 7.0 2.4 7.0 6.8 13.0 8.0 2.1 7.0 be Price to earnings ratio old dividend yield Dot deficit St & yield in Stock k per cent dividend in Stock some dividends estimated earning latest 12 month unaudited cent of appraised value would t this appear to be a Safe anti inflation invest ment a. I Don t know what you mean by an anti inflation investment. The rate is fixed and the amount of dollars you Hope will be returned to you is  secondly real estate investments Are highly individual matters. Mortgages of 80 per cent of appraised value May be of some places and dangerous in others. I be known of larger equity figures which did not stand up in a crunch. Q. How can a Stock pay no dividends while the president of the company continues to get a fabulous salary plus retire ment benefits a. There s no Rule which says shareholders must receive dividends. If the company is a Young aggressively growing outfit All earnings Are being slowed Back into the business and the management May feel that the Progress being made warrants its handsome rewards. The annual meeting is the place and time for you to ask your question. Q. I put in an order to buy at the Market 100 shares of a Stock then Cross ing the tape at 28 /4, and wound up with 100 shares costing me 28vfe, plus commissions. How come a. Because the lowest offering Price was 28v2 when your broker went into the crowd trading the Stock. You had told him to buy at the Market so he did. If you had wanted to limit your bid to 28v4, you should have placed a limit order not a Market order. Far too Many investors i am discovering in recent mail Are glibly using Market terms without fully understanding their exact meaning. It leads Only to dissatisfaction with the broker. Q. I am a woman with a Small personal savings account of $1,000. I m considering buying As Large a Diamond As i can get for $1,000. Would this be a Wise investment a. I can t endorse such a plan. In the first place i Don t see How you can wipe out an emergency savings account. Secondly you would be buying a $1,000diamond at retail and then Hope to make a profit reselling after some time interval at wholesale. I m no Diamond expert but i have the distinct impression that a Diamond trader would Tell you that you Haven t a Chance