The Times Herald from Port Huron, Michigan • Page 28

6D THE TIMES HERALD PORT HURON, MICH. Sunday, Auguif I 2, 1 979 Hip.hlKT 06 The New York Stock List 1.1, Market ciose4e6H6 20.90 Changes imminent in wage guidelines Analysis 001 I0MCS 31 INOISIRIUS NEW YORK (AP) New Vork Slock Exrhonge trading tor the week selected Issues: Sales PE hds High Low Last Chg. Gannett GDyn LenEI GnFds Gnlnst GnM'lls G20t GPU 1.76 1 20 2.80 2 .60 1.16 6 30e 1.40? 2 72 Week of hi 610 A A 13 2545 6 5168 u38' 9 6737 54 7 1844 34' 10 3659 U46 9 2521 27.8 4 X8897 60' 5 4739 10'. 7 7406 30 a 5x911 22'4 621 4 9 x5467 27 10 X4213 53 7 X1036 15 8 6704 27'a 4 390 2 1 'a 36'. 51 4 32 '4 43'.

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a 27' 2 'b 13' 2 24a- a sse soo 1.80 1.40 .40 5 1.20 2 80 1 60 2 18 1.50 12 x1227 20' 2 4 11866 Ul7! 5 9041 28'. 8 2154 13'. 11 6751 25 H- 115060 758 12 346 22'b 5 89 9-a 4670 20'a 9 1151 29-a 150 1.80 .56 40b 1.10 Hallibt HarteHk HortlZd Herculs Heubhn 80 AmHosp AmMotrs ANatR 3.20 I 52 Hcwltwok s.40 5328 u53' ottier, the inevitable result will be a massive increase in job hopping, unionization and title inflation which will only result in higher average labor costs." Taub said in a recent report. The Council on Wage and Price Stability has released an issue paper on both the wage and the price guidelines that asks business and labor to comment on plans to revise and extend the program. The price-wage program will mark its first anniversary Oct.

1. one suggestion in the report is that the wage standard be made more liberal than the 7 percent ceiling this year. One way of doing that could be to set a cumulative 15 5 percent two-year standard that would let workers who received raises of 7 percent or less In the first year make up the difference in 1980. The report also implies the council may attempt to take a stricter view of cost-of-living clauses in union contracts, a strategy that marks a reversal of administration policy a year ago. encouraging unions to rely more heavily on cost-of-living clauses, rather than fixed pay increases, the adminis-liation last year hoped that wage settlements would be less, largely because inflation was expected to be much less severe than it turned out.

'I he government calculated the cost of 15'a 26' 1, 30 9't 24 J. 15 18 16 27'. 13' 22-U 72 2Pa 9 19. 27' 4 46'a 18'4 32' a 69' 33' a 19'8 29a 29'4 12a 564 25'2 46' 12 24' 2 25 25 19 NKW YORK (AP) The Carter administration, attempting to revive its faltering anti-inflation guidelines acknowledged bluntly tins past week that sticking to a 7 percent wgo next year would be in the face of double-digit inflation But finding reasonable alternatives a proposed extension of the program is major dilemma for gov eminent polio-makers. The wage half of the wage-price pro gram apparently has been restraining wage gams this year Hut inflation, running at percent f.n-the first half of lt7 has uiu-n heavily on the W) percent of the labor force ihat is not umonimt and not covered by cost-of liv ing adiustiiu nt clauses.

This widening wage gap between non-unionized workers who have generally held to the first-year 7 percent ceiling and those protected by COLA clauses could create serious problems, notes eon Taub. economist for chase Kcono-metric Associates, "While the labor market is far from perfect, the laws of supply and demand still hold If the administration does not seek to widen the disparity between prices and unionized wages on the one hand, and noniiniomzed wages on Kn too 751 700 AStond ATT AMPInc Holiday .66 3 5 76 17 2092 38 36J 10 2989 168 14' 9 8277 20'. 600 1JS 9 2071 33'e 8 7582 u79'. 75'2 2 22'. 9b 20' a 29'b 2 53' 2 6' 20' -2 1 19 -33'nl 79'4 9 34a) 208 29'e 30 58'2 I6'a15 05e Ampex Hollyb Homsl Honwll 1.20a 1 i- 16'.

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Average wage Increases in major union contracts rose 8 2 percent compared with 7.6 percent in 1978 Wages combined with benefits rose 9.2 percent, up from 8.3 percent last year, the Citibank report finds. But the Citibank report also notes that while union wages are rising faster than non-union, "it would bo a mistake to attribute rising prices solely to gains in collective bargaining agreements." Instead it says that pricing, productivity, fluctuations in the money supply and shifts in the number of employed are essential elements of the inflation picture In other business developments this past week: The government reported a surge in wholesale prices of 1.1 percent in July. The Producer Price Index was more than double the 0.5 percent increase of Ihe previous month and marked a reversal of three months of price moderation at the wholesale level. The Labor Department report noted that the price of food at -wholesale remained unchanged from June to July but another big jump in fuel costs pushed the prices of non-food items up I 4 percent. Price increases at the wholesale level generally show up in a month or two at retail outlets.

President Carter promised to "mam-tain a steady course" in economic policy as two new financial chiefs were sworn in following his cabinet shakeup. U. William Miller, the former chairman the Federal Keserve, became secretary of the treasury. Paul Yolcker, formerly head of the New York Federal Reserve Hank, succeeded Miller as Fed chairman. Consumer credit an indicator consumer buying habits expanded by its smallest amount in more than a year, offering further evidence of an economic slowdown The Federal Keserve reported that consumer credit rose $2.88 billion in June, compared with a $3.88 billion rise in May That was the smallest rise since February PI78 when the increase was billion.

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J. Karcinnuth. both orthopedic surgeons in Mount Clemens, have been added to the Kiver District Hospital medical staff They are Ihe first bone surgeons on the hospital staff. A hospital spokeswoman saiil the two expect to establish offices in the St. Clair area soon.

Dr. Anderson received a bachelor's degree from the Cniversily of Michigan and graduated from Wayne State University Medical School. Dr. Karemount also received a medical degree from Wayne Stale and interned at Oakwood Hospital in Dearborn. He was the chief supervisor for a MASH medical unit in Southeast Asia for seven years Hard Johnson, commander of Ihe Michigan State Police Cam post, has retired after serving more than L'K years.

Johnson, who served in St. Clair from IIMili to 11171. enlisted in the state police in lie also served at the Flint. Sandusky and Bridgeport posts. Johnson was assigned to command the Cam post in He has a son and three daughters John Marlon, Brown City, was awarded a U.S.

Savings Bond for designing a letterhead to be used for the Brown City Area Health Center which is to open in October. Lesley Aini-slrong, also of Brown CAIy. won a $ail bond for the logo or corporate seal In be used by Ihe health center. Thirty-five entries were submitted in Ihe contest. The new center will offer medical, denial, nursing and nutrition services to the general public Itnheil A.

Moak and Waller have been named to the board of three-bus for Port Huron Hank, Moak is vice president and assistant secretary-Ireasurei ol Moak Machine and Kiiiimliv Poll Huron, Moak has served on Ihe boards ol the Detroit Chapter of the niericau Kniindi Society and the Port Huron Chamber ol Commerce, lb' is a past president of Ihe Blue Water Council Boy Si outs ol iueriea. Brooks is executive ice president and secretary anil treasurer of llunm uin inatic Screw and presnleiil and Ireasurer of King Tool Inc bolh of Port Huron Brooks has served as trustee of Ihe Port Huron Museum ol At Is and History and is a niembei ol the Port Huron Cily Planning Commission lleisapasl president of Hie Port Huron chapter of the a lional Association ol Accountants. also announced the appointed ol Ceralil I). Hales, Purl Huron, as vice president. As loan manager, Wales will oversee Mill's commercial, real eslale and installment loans.

Ualcs is Ireasurer and a board member of the American Cancer Society of St, Clair County, treasurer of the Optimistic (Tub of Port Huron and a county I luted Way volunteer Douglas W. Mires, has been named vice president for Michigan National Bank's legal department in Lansing Mires, a native of Port Huron, joined the bank in IlitiS, holding positions installment loans and Michigan Bank-Amencard departments betore ommg the legal staff as an assistant vice president in III7K Mores attended St. Clair County Community College and has a bachelor's degree from Walsh College. In 1(177. he was awarded a pins doctor degree from Thomas M.

Coolcy Law School. He is president of the Haslelt Hoard of Education, lie and Ins wife have two children. Michigan National also announced the appointment of Joan (i. Smith, an I blv native, to asssistanl vice president for human resources. Smith had been associate director for research and benefits in Michigan State University's personnel department.

Sin' received iier master's and bachelor's degrees from the university. She is a member of the American Man-agemenl Associates and has been active in numerous university organizations. She anil her husband live in Lansing, Peter Deegan, St. Clair County .68 1.40 1 2 1.80 1.72 6 97 29' 28 6 414' 8 66. 6 27 33' 0" 4 4 1 2 5 1420 10 3387 21' 26 21 25' 33 15 9 x460 3 2 3 1 83 19 4 532 33' 6 2214 055' 9 221 76 runsco I 24 2.08 DrPeppr DowCh Dressr duPo DukeP Duqlt EostAir EaMGF EsKod Eaton chlin EiPaso EmrsEI EnoMC Ensrch sun Ethyl Travtrs 4 678? 9': 12 2654 21 'b 9 6488 57' i 5 77 U431.

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The Dow Jones average ol industrials ruse 2H.90 to 867.00 in the past week, its best weekly showing since it picked up 27 11 points last March 5-9. That brought the average's gain ov or Ihe past three weeks to points. The New York Stock Exchange composite index picked up 1.31 to lill.M during the week and reached its highest levels of the year At the American Stock Exchange, the market value index gained to a record high of Big F.oard volume reached a high for Ihe vear as well, averaging 37.79 million shares a day against 33 119 million Ihe week before. Ot course, the idea that stock prices should rally al some poinl every summer simply because it is summer makes no logical sense. To cvnics.

il might well seem that summer rally like that other Wall Street cliche, "profit taking" can be dismissed as merely happy talk that sounds good but explains nothing. Still, the market has been rising steadily in recent weeks hen the news that is supposed to influence investors' decisions has ranged from bad to dreadful. Cold, after a brief setback, is back above $300 an ounce. The dollar is still struggling in foreign exchange, and a recession is widely presumed to be unfolding No sign has appeared of Ihe easing of inflation that so many experts have predicted for the second half of 1979. The government reported this past week that wholesale prices of finished goods climbed at a two-digit annual rate in July.

lint even Ihat news induced only a modest decline in the stock market on Thursday, and by Friday prices again were rising. For a possible explanation of this phenomenon, the Value Line Investment Survey suggested that one try to imagine vviiat is going through the minds of professional money managers these days. these money managers are awash with cash," the advisory service observed. "The ratio of stock purchases to other purchases by pension fund managers has dropped to its lowest level of Ihe past few decades. "Yet these managers are in many cases bullish on stocks on a long-term basis.

They believe a major bull market will begin once the seriousness of the current recession is gauged and interest rates begin to come down in earnest." The problem the institutions have to contend with, Value Line said, is that they cannot move substantially in or out of "the market on short notice. The amounts of money they deal in are simply too large for the market to accommodate in periods of only hours or ev en davs. 1.40 .920 125 1.76 1.60 80 I 1.12 1.20 1.26 1 84 2.32 2 1 92 1.40 3 10 1.76 5 1385 21 6 x.1293 U2t 6 3190 8 965 u39; sales representatives recently completed a lliree week license and product training program sponsored by the company's Midwestern office in iJayton, Ohio Attending were Jesse Arnold, Mark Older, Clarence Klolz, lllchard aw celt. Joseph Kalal. Jack I'loegcr.

Richard Vandeiibossrlio, Carol l.vcritl, all of Poll Huron. Hoy Wade, St. Clair, and John dreene, North Street Tim ITinkhniiser. 24, the son of Mary I'linkhoiiser, 121 (Tittle Itnad, Mary sville. as awarded a cilation from the Oklahoma Department of Mental Health tor outstanding sen Ire.

I unklioiiser. a psychiatric attendant at Ihe Jim Taliaferro Community Menial Health Center, received Ihe letter from the department for his assistance during a tornado thai hit the center Ihis spring. I'linkhoiiser attended Port Huron Northern High School. He enlisted in the U.S. Navy before graduation.

He has lived in Okla lioma lor three years. Southeastern Michigan ITigine Specialists Inc. has been purchased by Southeastern Michigan enterprises Inc. The company located at 152(1 Bus ha Highway, Marysiillc, does major auto repairs. Hubert s.

Mckenzie, Mount Clemens, has been elected by St. Clair ami Macomb County attorneys to represent lliein in Ihe Stale Bar of Michigan. Incumbent William J. Drillock. was reelected to repi event lawyers of the bar in Ihe 241 Judicial Circuit Court Drillock practices Sandusky.

MorlonN'orwicti. which owns the Morton sail plant in Marysville. has reported record earnings for its fiscal year and its fourth (piai ter. Net income per share for the year ended June 1979 was 14(1, up Pl'per-cent from a year ago. Total net income is $4li million, up 25 percent from a year ago.

Net sales were i'M million, up II percent. Nel earnings per share for the fourth iuartcr increased 2S percent to 51 cents. Net sales for the fourth quarter were S17S million, up 11 percent from year-ago figures. Officials said sail sales were up 9 percent from a year ago. In the fourth quarter, however, sales were up only 1 percent.

Officials said the small increase was tlue to the lower exchange rate for the Canadian dollar and the timing of sales promotions in the United Stales. A high earnings increase for salt principally is due to a a turn-around from a loss at the Bahamas sail plant in IH7S Hiversitle Metal Products Port Huron, has reported net sales of $4,5 million lor Ihe third quarter ended June compared with $4 2 million for the same period a year ago. Net earnings per share for the quarter were 74 cents compared with 25 cents a year ago for the same period. Port Huron Paper Pott Huron, lias declared a quarterly cash dividend of 17,5 cents per share te be paid Sept. 1 to shareholders ol record Aug.

22 Detroit Kdison Co. had a net income of $19 million for the fiscal year ending June SO. 179, from total operating revenues of $16 billion. Earnings for common stock were nearly $128 6 million. 66 USLIFE UtaPL 1.76 288 21s 31 2 3 a 22-a 20 a 14-8 9 27 30 53 32 Feddpi FedNM FedDSt FinSBar irpsln FtChrt FstChic FtlnBn Fleet Ent FlaPL FlaPow Fluor Fluor FordA ForMK FtankM FrotMn Fioehf OAF OK Tec P-Q 7 X829 32 6 5506 73 a 6 595 23 9 609 21-8 8 371 14 2 3 11620 8 7 452 u55 2 1.28 I 70 I 1.10 .80 1.20 1 40 52 2.40 2 76 1 50 4 1 56 .30 Si 20 2.40 68 110 5 880 7 1885 7 321 1 MS 16 3 3590 5 K6I72 78 2 26 28' 123 15 -IS 6 25.5.1 22 211 6 26 6 4449 41 .10 7 771 13 '3-, 4-115 39- 37 3'.

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lie is John Belushi, star of NBC-TV's "Saturday Night Live" and hero of the movie "Animal House," chronicling life in a chaotic college fratcnity. Belushi has signed a purchase and sales agreement to buy a $425.0110 home in C'hilmark on the Vineyard, according to the Boston herald-American. NEW YORK (API American Stock Goldf'eld 389 1' l'B l-s 'a Exchonge trading for the week selected Gdrich wt 136 1 issues GtBasinP 75 4366 13. 15 1b Sales GtLkCh .28 14 724 34 32' 2 33 'a PE hds High Low Last Chg. HollyCp 15 726 12 IO'b 12 P2 HouOM .80 14 3607 71 19-a 2' 1'- AealsCp 9 501 P.

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Prosecutor, has completed his term as president of the Prosecuting Attorneys Association of Michigan and was named to Ihe group's board of directors at its recent annual conference on Mackinac Island The group's national association held its annual conference on the island after the state meeting. Ten local Metropolitan Insurance Co. Sold Kslate jYvtrln Appnii-ci! Bought Cash Offer Huron 'j7-.