Pittsburgh Post-Gazette from Pittsburgh, Pennsylvania • Page 44

Aug. l)78 Attitudes Becoming More Positive Toward Capitalism Bill Doyle Louis Rukcyscr Carter obviously has at least some ot the word: announcing this year that inflation really was a bigger problem than unemployment, and risking the wrath of Teddy Kennedy by abandoning any meaningful near-term (i.e., first-term) program for national health-insurance-an expensive bureaucratic boondoggle the country clearly no longer needs or wants. Just as the revivified spirit of capitalist competition has startled some businessmen, as in the airline industry, so it has sur- firised some union leaders. Their pet egislation for 1978, termed Labor Reform but more precisely describable as Union Expansion, was viewed as inappropriately anti-competitive for this year's mood -and was defeated. It was not the best of years for special interest blocs of any kind.

the new fashion for capitalism continues to progress, it could restore respectability to the disgraced U.S. dollar-ana replace the recent nervous animation on Wall Street with the unsullied elation of Al Jolson's "You ain't seen nuthin' yet." Adam Smith may have the last laugh after all. in other words, for the creation, not the destruction, of capital. Next thing you know, they might even put in a good word for profits. President Carter, battered by public opinion that deems his economic policies confused and confusing, finds that his most surprisingly successful appointment was a sturdy advocate of free-market capitalism: Alfred E.

Kahn, chairman of the Civil Aeronautics Board, who has acted from the start like a man who wanted to put himself out of business. Shocking the truly conservative including much of the industry he was assigned to regulate-Kahn called for less regulation and more competition; his CAB has yet to turn down a single airline request for a price reduction. The ordinary Americans, who traditionally have been assumed to want all the government they could get, began to cry an unmistakable "enough." The same disillusionment with big government that surfaced in the 1960s on the political side is now beginning to dominate the economic scene. NEW YORK Don't look now, but just possible capitalism is coming back into style. And if it makes it, that could be the biggest real economic story not just of 1978 but of the entire decade ahead.

It could help explain a bewildering variety of otherwise-unconnected recent events, all of which may Erofoundly alter the average American's fe. Many of these developments plainly have been puzzling to conventional observers, including conventional journalists and conventional economists. After half a century in which the dogma held that capitalism was inexorably on the wane, or at best in need of significant new government controls, the facts no longer seem to fit the theories. Frustrated critics, or discredited forecasters, either deny what is happening or else speak vaguely of a "conservative in truth capitalism is anything but conservative, being oriented to competition, change and growth. Exchanging Bonds Q.

I want to exchange my Series E. U.S. Savings Bonds, for Series bonds. I went to two banks and was told I bave to casb the bonds and then buy bonds. I don't want to cash my bonds.

I want to exchange them as you wrote about. How can I do this? A. You ran into two real dingbats, who don't know the first thing about U.S. Savings Bonds. Go back to any bank or savings and loan association and ask for the officer in charge of the savings bond program.

Just say that you want to exchange your bonds for bonds. If you still draw a blank, tell the person you are talking to to read Treasury Circular No. 1036 which spells out the details of the exchange. It could be a costly mistake for you to do what It's not only the increasingly undeniable worldwide evidence that the socialist alternative to capitalism is an economic and human flop: discouraging initiative, limiting production (in the fields at least as notably as in the factories), curbing individual freedom. What is happening in the United States this year is a good deal more specifically pro-capitalist than that.

Consider just some of the rapidly accumulating evidence: Congress, that ultra-sensitive reed in the political winds, suddenly discovers that tax policy can have impace far beyond immediate redistribution of the wealth. Resisting White House demands to continue the debilitating anti-investment pressures of the last decade, legislators call for cuts, not increases, in capital gains taxes- those two clowns at the banks suggested. Assuming that you have not declared and paid income tax on your bond interest as it has accrued each year, you would be stuck with a federal income tax bite on all that interest for the year in which you redeem the bonds. By exchanging the Es for Hs, however, you post pone the tax on the accrued Dona interest until some later date when you redeem the bonds. And you start receiving checks for your bond interest every six months.

The exchange of Es for Hs makes sense for people who want current income 6 percent on Donas held for their 10-year maturity periods and who want to defer federal income tax on accrued Dona interest. Tell that to those know-nothing bank MM I employees. TWA has just made Fall a lot more affordable. Because this Fall, our lowest airfares within the U.S. and to Europe are even lower.

Within the U.S. our lowest fares are lower even than last Fall. TWA's discounts to great destinations in America are up to 50 off regular Coach fares. And if you're traveling to Europe, you'll find TWA's lowest Fall fares are lower than this uue; una iuii pgJUUD TOWS Summer. In fact, most are lower even than last Fall.

Call TWA or your Travel Agent and find out how you can take advantage of the affordable Fall on TWA. Get going with TWA's ceta way Credit Card. lifts Word From EPA Awaited by Wheeling Wheeling-Pittsburgh Steel Corp. said it has not yet received official notice from the U.S. Environmental Protection Agency that it will get an extension of pollution cleanup deadlines at its plants in this district.

However, the company acknowledged that the informal signs through political channels are optimistic. "It would seem to be good news," said Kenneth F. Maxcy assistant to the chairman of the firm yesterday. He referred to a message from Gov. James A.

Rhodes of Ohio to President Carter yesterday thanking the president for helping save the jobs of 15,000 workers at the firm, which is the country's ninth largest steel producer. Rhodes said Carter's efforts "apparently have led to a more moderate stand" by EPA officials on a timetable for installing air and water cleanup equipment at company plants in Steubenville, Ohio, and elsewhere in the district. An original deadline of early 1981, which the firm said it could not meet, would be delayed until 1983 under certain conditions, EPA officials indicated to U. S. Sen.

John Glenn, D-Ohio. Maxcy said such an agreement from EPA would be "a key to getting our program moving," but that the firm has received "no formal communication The company seeks loan guarantees totalling $140 million for equipment to produce a new product line of steel rails as well as for numerous environmental facilities. Even if you don't have the cash now, you can still take advantage of our low Fall fares. Just use TWA's Getaway Credit Card. Applications for TWA's Getaway Credit Card are available from your Travel Agent or TWA.

It's yours free, there are no annual dues. In addition, of course, you can charge your trips on other major credit cards. 4 LOS ftaleall g3r Angeles S195 COMMODITIES round trip CHK4GO SUMMARY Wheat: Hioher. Corn: Mostly higher. Oats: Higher.

Soybeans: Mostly higher. CHICAGO BOARD Of TRADE Open High Low Cioie Prev. bu, I per bu Sep 3.05 J.0 3.M',, 3.07'j 3.05 60 Denver Dec Mar May JIv 101 M'i J.01 3.05'! 3.01 3.01 3.05Vi 3.004 3.04 3.01 3.03 3.00V, IMVt, VU'i M'k i.tl 3.90"j 3.87V, W3V, 2.90VJ round trip Sep tarn ou: i per mi Sep 3.14 J.H 2.13V, J.u Dec 3.71V, 2.34 j.K', Mar 2.30V. 2.J4'4 2.29'i 2.32", 2.30. 2.35.

2.3v, 2.35 2.37V. 2.3 May J. 2.42'. 3 2.3V 2.3 JIV Sep 2.40", 7.421, 7.40 2.41V 2.41 an uers po: per mi Sep I.J2V, 1.75V, 1.21 1.34 1.274 pec 1.7V 1.33 1.7 1.31", Mar 1.14V, 1.40V. I.M 1 40V.

JIV 1.43 1.41 Soybeans 5.000 bu: per bu ranc sco $204 Australia i.isu 1.1503 Austria 0695- .0684 0311 .0316 Brazil .0544 .0544 Britain 1.9385 1.9325 Canada .6777 J781 Egypt 2.53 7.53 .7205 .7797 Greece 0275 .0275 Holland .464 .4592 Israel .0551 .0551 Italy .001195 .001191 Japan .005331 .005313 Mexico .0438 .0438 .1365 .1365 Saudi Arab .2052 .7950 So. Africa 1.1517 1.1517 Spain .0137 .0131 Sweden .7756 .3246 Switzerland .5918 .5875 Venezuela .2328 .2378 W. .5034 .4984 Local O-T-C Quotations from NASD: Stocks Bid Ask Allied Security 3V, 4 A.S.G. Ind 44k AVM Cpr 3V, 4 BeckArnlev 31, 4V. Cloblr Corp Vk 3H Computer 1V 1H Duke Co llyj I7Vj Edgewater Corp 26 79 Federated Iny 5 5 Fortune Nat.

Corp 7 3', Funding Systems 7Vi 8'a Global R.E.l.T 3'i Hovermarlne Corp IV, 7 '4 industries 54Vi 75vi Mine Safety Appl 52 55 Morgans Restaurants. 3V. 4vi Mvlan 14', 15 Nat. Valve Mfg 40V. 42V.

Pgh. Brewing 1H Porter, H. K. 60 64 Present Co IV, Robroy Ind 9V 1014 Coal 53 57 Roffler Ind 2 Spang Industries 6 6. STV Inc I 1.

T.P.C. Com 5H 6V, Trlon Inc 10V, 11'-, Tyrone Hydraulics 19V, 20 vi Tyson Metals 7V. 3 Union Elec. Steel 20 Werner Confl 8 8 Youngwood 2'4 3 BANKS Mellon 28 McKeesport 13'4 Pgh. Nat 39V.

40vj Union Nat 51 23 U.S. Nat. 20 22 Aug 4M 6.11 601 6.04 6.0VV. Sep 6.0 1 6.04 6.01 6.01V. Nov 5.92V, 5.96V, 5.15V, 5.94 5.93 Jan 6.01 6.03 5.92V, 4.02 5.9914 Mar 6.60V, 6.13 6.02 6.10 6.08 May 6.11V, 6.17 6.06 6.16 4 JIv 6.14 6.70V, 6.10 6.19Vi 6.15V, Aug 6.12 6.17 6.08 6.17 6.13 Soybean Oil 40,000 cents per lb Aug 23.32 23.56 23.15 23.46 23.32 round trip 72.40 22.52 Sep 23.

Oct 21.90 21.40 21.45 21.45 71.50 22.8S 22.10 71.70 71.70 71.70 21.65 21.70 21.65 22.47 21.75 21.25 71.30 71.75 21.30 21.40 21.30 22.00 21.55 2155 21.55 21.40 21.40 71.60 21.88 21.38 21.42 21.45 21.50 21.50 21.50 Dec Jan Mar May JIv Aug 71.40 31.50 CHICAGO MERCANTILE Ooen Htah Low Close Prev. Live Beef lbs, cents per lb. Aug Oct 52.46 51.30 50.60 49.12 50.47 52.40 51.15 52.32 5190 49 75 52.10 53.05 51.90 52.858 5285 round trip Dec Jan Feu Apr 52.45 50.45 52.65 53.40 53,95 54.77 55.62 55.50 55.07 53.85 5275 53 11 54.70 53.65 54.65 55.50 54 60 55.40 53 50 54 50 55.50 Jun Aug 55.25 55.40 54.40 55.12 Oif 54.97 54.97 54.00 54.65 55 25 54 97 Estimated volume: 78,056 contracts, teener lbs, cents per lb. Aug 63 55 63 55 62 i 62. VO 6J.H Sep Oct rankfurt s39i 63.50 63.20 64.15 66.10 66.70 67.00 67.10 62 75 63.60 64 40 66.00 66.05 63.75 61.90 62.30 63.75 62 80 63.55 65 7 5 64 60 65.32 66 50 65 55 66.15 66.6S 65.70 66.30 66.65 65 60 66.25 Nov Jan Mar Aor 66.10 Mav Estimated volume: 1.269 contracts.

Dividends Declared round trip Ltve Hogs 30,000 cents per lb. Aug 48 90 49.20 48.70 48.80 49.17 Oct 46.20 46.40 45.40 45.87 46.62 Dec 47.30 47.30 46 25 46.55 47.65 Feb 45.40 45.40 44.60 44.80 45.82 Apr 43.10 43.10 4 2 20 4 2.50 4 3 4 5 Jun 44,77 44.77 44.05 44.I0B 45 20 Jly 44.65 44.90 44.00 4.25 45.70 Aug 43.60 43.10 43.15 43.95 Oct 42.00 42.30 41 40 41.70 42.30 Estimated volume: 4.728 cmntracts. Period Amt Pay I INCREASED 11-5 10-30 0 .10 .23 11-30 $358 Froien Part BeHies 36,000 lbs, cents Pans Fank Hall Hospital Cp Am Norton Simon Nucor Corp Preston Truck Sealed Power Terrvdale Rttv 3 fo WaS .09 11-10 .15 10-31 9-11 40 B'31 STOCK SPLITS Hospital Corp Amer 4-tor-3 Nucor Corp 7-for-5 USUAL round trip Aug 54.32 54.32 54 32 54.32A 56.32 Feb 60 35 60.35 59.37 59.37A 61.37 Mar 59 97 59.97 58.82 58.82A 60.82 May 59.50 59.50 58.15 58 ISA 60.15 Jly 59.50 59.50 58.00 58.00A 60.00 Aug 56 25 56.25A 58.25 Estimated volume: 72? contracts. PLYWOOD FUTURES so ft: per 1000 iq ft Open High Low Close Prev. 12 9-29 .07 11.1 Farts valid from Pittsburgh.

v-u 9-22 .02 220.50 220 50 214 10 217.00 220.00 204.40 205.30 200.20 701.70 204.40 20! 70 202.80 199.00 199.50 20 2 00 703.20 703.20 200 00 700.80 702.70 Sep NOV Jan Mar May Jiv Sep 703.80 203.50 9- 12 91 10- 6 8-25 8-18 8-25 8- 18 9- 1 8-18 821 821 915 8-18 8-18 8-18 818 8-21 9.15 8-2S 8-24 Allied Capital Antxter Bros Bristol-Myers CFSContl Dunlap Assoc Emerson Elect Gen Motors Grey Advertis Intl Paper Jerrko Inc MarooslaMode McDermott Ray Mt Fuel Supply Ntl Mine Sv Revco OS Robins A Slalev (A E) Wtg Sfuihers Wells Tampan Inc Utd Teiecomm 2UJ.8U I.W UI.OV U.DU 203.50 20 2 00 203.00 202 80 203.5ON 707.80 .30 1,00 .30 .50 .04 .25 .55 .14 13 .08 .25 .07 .55 .34 -11 9-9 9-15 915 9- 11 8- 29 10- 1 9- 11 9-8 9-19 9-11 9-11 979 9-15 9-30 Round-Trip Fares A. Annual; M-Monthly; O-Ouarterly; S- aemi-Annuai. Domestic Fare Conditions Super Savers. For the Super Saver fares noted in the chart you must make reservations and pick up tickets 30 days prior to the day of departure Then stay between 7 and 45 days. If you need to change your return flight reservations, you must do so at least 30 days before the new dale of your return Kids 2-11 traveling with you can save 50fo off the regular Coach fare.

While seats are limited and some days are sold out. there are still plenty of seats left. So call today. Regular Night Coach. If you can plan in advance you can still save off the regular Coach fare by traveling on a TWA Night Coach flight.

There are absolutely no restrictions. All you have to do is take a designated Night Coach flight between 9pm and 6am. International Fare Conditions Paris Midweek Excursion. This fare is combined with our midweek Super Saver fare to give you TWA's lowest fare to Hans. You must purchase and pick up your ticket when you make reservations at least 30 days prior to the day of departure.

Then take off for 14 to 45 days. This fare is for travel via New York only on Tuesdays. Wednesdays and Thursdays on designated flights. There is a penalty if you cancel. Super APEX ust buy your ticket at least 21 days before departure and stay a certain number of days.

APEX and Holiday, tickets must be purchased at least 21-30 days prior to departure depending on the destination, and no more than 7 days after reservations are confirmed. You must stay a certain number of days. If you cancel, there is a penalty Most APEX fares have a $15 weekend surcharge. Seats are limited. So call yourlravel Agent or TWA for details today.

All fares are subject to change. Money Rates I Super savers Pn.sT" Mon -Thur Fri -Sun All Yleek Save Save40 Save 40 I Save 30 Save 20 VighKoaih tlavCoarh Nig hi Coai It Day Com NishlCcach LOS Angeles s195 $234 34 $273 312 Denver S160 S186 San Francisco I s204 s245 I s245 I s286 s326 N-Nominai. LUMXER FUTURES ft; I per 1000 ft Open Hgh low Ciase Prev. Sep 2218O72t 80 2l7.0?l8 70 220 80 Nov 198 20 198.80 19 5 20 195.70 197.30 Jan 192.00 192 50 189 SO l0 40A 19' 20 Mar 193 20 193 80 191.30 191 40 193 20 Mav 19 3 80 193.80 193 00 191.00 1.3.00 Estimated volume: 1,777 contracts. A.Ask, B-Bid; N-Nominal.

SCRAP STEEL Pgh. No. I heavy: 177-78. SPOT NONFERROUS METALS Copper 65S-66'b cents a pound, U.S. destinations: lead 31 cents a pound.

New York; tin 6 7749 a pound. New York; gold 1707 20 per frov ounce. New York; silver 15.515 per troy ounce. New York; quicksilver 160.00 nominal per flask. New York.

PITTSBURGH EGGS ft POULTRY Shell Eggs: Price to retailers, cents per dozen, store delivery, cartoned, minimum one case. A etra large white, 67-73 cents; large white, 65-71 cents, medium white, 59-65 cents. Ready-to-cook poultry: Price to retailers, delivered. Grade A Prime rate 9. Discount rate: 7'4.

Broker call loan rate: 8. Federal funds market rate: 71316 high, 713-16 low, 713-16 close. Dealer's commercial paper 30-180 davs 7.55-8. Commercial paper by finance company: 30-270 days Bankers acceptances-dealer Indications: 30-59 days, 7.65-7.40. Certificates of deposit.

30-59 days. 7 90-119 days, 7.75-7.875; 180-360 days, 8.20-8.375. Telerate money market Index: 7.48, unch. Valid for Travel after Aug. 31.

Midweek Excursion Super Holiday APEX "APEX London S403t Frankfurt s399 $451 Paris I I $358 I 449 broilers and fryers, 2', to 3 pounds, 48 -50', cents; roasters, 4-6 pounds, 70-7? cents-hens, over 4 pounds, 59-69 cents; ducks, frozen, 4-6 pounds, (5-95 cents. TREASURY STATEMENT WASHINGTON Withdrawals and deposits in Treasury accounts for the fiscal vear through August 4 (rounded to the nearest million dollar-): THIS YEAR Withdrawals Deoosits S80I.JW Cash balance Public debt 1740.S44 internal Revenue collections on August 4 jere 52,604. Foreign Exchange Tua. Mon. Argentina ..0012 ..0012 'Designated Night Coach flights only These faxes are combined with our Midweek Super Saver fare.