The Fresno Bee from Fresno, California • 78

BUSINESS FINANCE The Fresno Bco C6 Sunday August 3 1980 3 US production of light trucks cars plummets Up 200 points in 4 months The stock market rally that nobody believed Kali Co a stockbroker for those who know what they want In his Investment advisory letter "The Professional Tape Reader" Stan Weinstein noted that the rally has been a textbook case for followers of the time-honored "Contrary school of market thinking which holds basically that stock prices will do whatever is necessary to prove most people wrong At a recent Investment seminar at which he spoke Weinstein said "Ev- erything 1 saw and heard made me feel more bullish a longtime contrarian it warmed my heart to hear so much 5 loom and doom crammed into four ays There is still plenty of worry about a coming depression potential bank failures and the need to continue to avoid the stock market of these fit in nicely with our bull market thesis which we have been stressing where the market climbs a wall of In view many of the buyers who have pushed prices up by 25 percent or more since early spring have been acting the belief that some important "fundamental changes in are taking dace For instance he said concern about the country's productivity By JAMES HIGGINS United Press International DETROIT Domestic automakers report car production in July fell 285'percent below the same period last year and light truck output sagged by 618 percent Reports from the five US automakers showed combined car output in the month dropped to 415 307 units from 580588 last year Light truck production for the month was only 79004 down from last July's figure of 206665 Plant changeovers and vacations combined with recession-related assembly line shutdowns to depress the nation's vehicle output a familiar pattern over the past year Although sales have improved slightly from a low point May automakers have not yet taken steps to boost production significantly and some sources say output will remain depressed through the balance of the year Nearly 250000 US autoworkers have beat placed on indefinite layoff because of the production cuts July car output compared with the same month last year breaks down like this: General Motors Core 315-501 down 157 percent Ford Motor Co 47340 down 628 percent Chrysler Corp 28951 down 514 percent American Motors Corp 3235 down 608 percent Volkswagen of America 20280 iq 805 percent Here Is a breakdown of the month's truck production: GM 48-743 down 588 percent Ford 24203 down 682 percent and Chrysler 3-179 down 664 percent By CHET CURRIER Associated Pres NEW YORK It's more than four -months now since the stock market began what might be called the rally that nobody believed From its low point of about 729 in the late afternoon of March 27 the climax of the silver crisis involving the Hunt brothers of Dallas the Dow Jones industrial average of 30 Industrials climbed 200 points by late July That put the Dow at its best level in three years Four other leading market indexes meanwhile reached all-time highs All the way up the advance was greeted with doubt and suspicion The market was and due for a many chartwatching technicians contended And a lot of the fundamental ana- for their part maintained that advance would wither once the effects of a steep recession began to show up in corporate earnings reports But to date it worked out that way In fact the advance has proceeded virtually without interruption even as the economy was slipping into the depths of the recession this has happened amid a tremendous amount of said Hugh Johnson at the firm of First Albany Corp Not all investing institutions missed the boat Johnson noted "But many of them never recognized a bull market when it was staring them In the David Kail standing discusses market with Peter Yeung very strongly we came to Fresno because it's an excellent business city and has a rapidly growing Kail said Kail who began his career in securities in 1959 with Dean Witter Co also has offices in Los Angeles and San Francisco Kali said his firms serve both large and small investors those who trade often and some who trade only once a year or so "The person we appeal to is knowledgeable and knows what he's doing and what he favor in the 1980s BusinessFinandal 441-6365 By MARK NAJARIAN Boo business writer Stockbroker Peter Young doesn't give advice But most people who go to him already know what they want Young manages the Fresno office of Kali A Co a firm offering discounts on commissions for stock market transactions The company like other discount brokers which have surfaced since 1975 doesn't employ a research department to provide recommendations on what stocks to buy and sell Therefore the firm doesn't have to charge for these services and can save investors as much os 80 percent on commissions compared with full-service brokers said Young Young who runs the Fresno office with Craig Attkisson says he is not trying to take over the investing market from the full-service firms are serving different types of people" said Young 25 a 1977 graduate of Fresno State University "We provide a service to the people who do their own thinking and research and don't need a salesman and don't want to pay for one "The full-service brokers are for people who don't have the time to follow the market and study it like they should They may need the full services and they pay for it in their Kali Co opened in Fresno June 16- But the boon for discount brokerages started in 1975 when the Securities and Exchange Commission deregulated commissions charged by brokers The Wall Street Journal recently reported that there are about 100 discount firms in the nation which compete with the big names in the business "Full-service firms may not be happy about having us here" Young said "But there are advantages ana disadvantages to both services And with discount brokers around the major brokers have had to offer some sorts of discounts They match discount brokers however and usually are for high-volume investors" An account executive at a full-service firm in Fresno said the major brokers generally don't discount as much because they offer a full range of investment services and the commissions help pay for them get what you pay he said someone knows what he wants and just needs a market execution I have no qualms with that" Young said the maximum charge for a transaction of 100 shares would be 510 at Kail If a client purchased 100 shares of IBM from a full-service firm there would be about an $80 commission he said If a client wanted 1000 shares of Guarantee Financial (selling for about $18 a share) it would cost him $96 at Kail and more than $300 at a full-service broker he said Young worked for Merrill Lynch Pierce Fenner Smith Inc from March 1979 until this June when David Kail of Los Angeles president New Names On The Door WOULD YOU BE INTERESTED IN HAVING THE CASH VALUE OF YOUR UFE INSURANCE EARN YOU A MINIMUM OF 15T To Loons How This Can Bo Don CAIU209)442-4163 of Kail Co came to Fresno looking into opening an office and was referred to Young "I had not considered working at a discount brokerage" Young said fact I had not had any contact with one But always open to opportunities that could improve my Young said that although he wasn't unhappy at Merrill Lynch he was ready for a change when Kail came along brokers who give advice rely on the firms' research departments If the recommendation didn't work the brokers often would get the blame But that wasn't the problem The problem was the sales aspect the constant selling and finding new clients enjoyed it for three-quarters of a year but then realized I was mainly a salesman I wanted to be more broker Joining him at Kail was Attkisson who previously worked for EF Hutton Co Inc in Visalia Attkisson 21 graduated from FSU in 1978 Young and Attkisson have the same training as the full-service brokers The first few weeks of operation have met his expectations he said been a little slow but just because people don't know about us the same with any new business getting exposure As soon as people find out about us they come in and talk and learn about our business" far the response has been said Young people often ask why there been a service like this in Fresno before" Kail who was in Fresno to meet' with Young and Attkisson said one reason may be that the financial areas of Los Angeles and San Francisco have somewhat overlooked Fresno Boyle Engineering Corp has appointed David Hardan as regional vice president Hardan will oversee the firm's operations in Fresno Bakersfield Lancaster and Ventura He joined Bovte in 1966 and specializes in planning design and construction administration of water development and wastewater projects A A A John Miner has been named western region marketing manager by Phillips Fibers Corp His office will be in San Jose He attended Modesto Junior College and Sacramento State University AAA 3 IN 1 BONUS PASSBOOK UNDER L0 2000 02 8 TRUST DEEDS Convert your T-biHs CD's and Passbook Savings A Ton offices in Northern California A No load or commissions to investor A 6 mas to 10 year terms A Invest from $5000 'A Member CIMBA (California Independent Mortgage Broker's Association) A Our 17th year serving investors 1 A Trust deads paid before maturity may have increased yields os allowed by stale law Guarantee Savings Loan Association has appointed Gil Chilton as vice president andsecon- dary marketing manager Chilton is a graduate of the University of San Francisco Guarantee also appointed Thomas Batch assistant vice president and senior loan officer Balch joined the staff of Guarantee in 1978 as a project appraiser AAA Kenneth Mattice has been appointed vice president finance of the California Growers Winery Inc The winery has corporate offices in San Francisco and a winery in Yettem in Tulare County INTEREST COMPUTED MONTHLY AND COMPOUNDED QUARTERLY FOR YOUR TAX-SHELTERED PENSION PLAN IRA'or KEOGH Brokerage Corp Business In Brief BEE Want Ads a thrifty habit! ii investors 12 Statewide Offices To Serve You 776 SHAW FRESNO 222-8443 Cutler MORTGAGE INC I 108 SHAW FRESNO CA 93704 Per edMenel MmoHee eel S2M517 write tir free IwQnlw eeee ee ee ee Address City eeeeeeeeeeeeeeeeet Zip eeeeeeeieeeMeete Phone VS JJ BEE Want Ads a thrifty habit! MEETINGS BANQUETS TfWEDDING RECEPTIONS PARTIES Reservations Phone (209)222-5641 A A A Grove Scientific Research of Fresno has licensed Mid-State Metal Casting and Manufacturing Co Inc to manufacture and distribute the accessories in connection with the Grove Boat-Lift The Grove Boat-Lift enables users to launch their boat directly from the top of their vehicles to the water AAA The Life Insurance Co of California a subsidiary of the EF Hutton Group Inc is changing its name to EF Hutton Life Insurance Co Hutton Life said the change was made to increase the company's identification as being part of the Hutton organization EF Hutton has an office in Fresno Interile Distributors Inc has been designated an authorized dealership for Metropolitan Ceramics Inc The company has outlets in Fresno San Francisco San Jose and Reno A A -The Fresno Chapter Society of Real Estate Appraisers will offer a course Introduction to Appraising Real on eight Saturdays Registration fee is $275 and deadline to register is Aug 29 Gasses' will be held Sept 27 to Nov 15 from 8:30 am to 4:30 pm at the Guarantee Savings Loan Association office at Blackstone and Ashlan avenues For further information telephone the chapter at 226-9400 Ext 576 THE NEW 4061 NBLACK STONE THEY ECONOMIZE ON EVERYTHING BUT FUN AN INVITATION Regency Seringa and Loan Aaeoclatloa plans to open In November 1980 or shortly thereafter Our location at 666 West Shaw has been approved and building improvement! are underway Ten percent of our stock la add available and our Board of Directors and Organizers invite you to become a stockholder You and your guests arc inrifed to an informal reception to hear the story of Regency Savings as an investment opportunity Wine and fruit punch will be served along with light hors cToeuvres DATE: August 5 1980 TIME: 7:00 9:00 pm (Presentation to begin at 7:30) PLACE: San Joaqbla Country Club 3484 Bluff Avenue Please cad us at 221-8441 If you can Join us 1 FIAT SPIDER 2000 F1ATXI9 24 on Trust Deeds Carefully Selected and Airanged By GOLDEN STATE HOME LOANS FULLY SECURED SHORT TERM INDIVIDUALS IRA KEOGH and PENSION FUNDS FULL PREPAYMENT BONUS GOLDEN STATE HOME LOANS LOCAL OFFICE 2519 Shaw1 10 Fresno 9371 1 209-225-4760 OFFICES THROUGHOUT NORTHERN i CENTRAL CALIFORNIA A CALIFORNIA LOAN BROKERAGE COMPANY Helping People Enjoy the Good Life in the San Joaquin Valley Votfw rare Von may qwcjrWwwftt tariff ft HA 1ST oeneeK WMieeraeiirieiFwgtfi iQ Actual gar mwa wm arcaaMebMPM I IMHWV Etwvuon NP9EM figyrto HARON MOTORS DOWNTOWN FRESNO 237-5533 -Tr-.