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Page 9
— Griffin Dally News Tuesday, JuJyJ9,J977
v''
SI million tag
FORMER South Korean in
telligence chief Kim Hyung
Wook puts a price tag of
millions of dollars on the ef
forts of his country’s Presi
dent Park Chung Hee to in
fluence the U.S. Congress.
He says $3 million alone
went into the financing of
the exclusive George Town
Club to which key
Washington political figures
belonged.
New phase
beginning
in stocks
By JOHN CUNNIFF
AP Business Analyst
NEW YORK (AP) - A new
phase may be beginning in the
stock market, say those who
study long-term trends.
Nothing unexpected. Just a
shift of awareness by investors
who try to stay ahead of the
game. The new phase, they say,
is growth.
If that sounds familiar, it is.
In 1971 growth stocks were
“in,” as investors piled on a
relatively small number of
companies with high profit
ability and low dividend yields.
As happens so often, they
overdid it. They pushed up the
prices of a favorite 50 to 100
growth stocks far beyond what
are now felt to have been rea
listic prices.
Just as these stocks reached
their peaks, business began to
get tougher, and growth stocks
proved they were just as ungla
morous as any other stocks.
When the economy slowed, they
slowed with it.
A new phase began: investors
sought current income, or high
dividend return. They played
safe; they took their money
rather than waiting for future
capital gains, which were be
coming less and less certain.
Utilities, which paid relative
ly high dividends, became at
tractive to the new, con
servative investor. And growth
stocks, which paid very low
dividends, were dumped.
Now, just as they were over
valued in 1973, growth stocks
are felt by some investors to be
badly undervalued, a con
sequence of the market’s ten
dency to exaggerate the eco
nomic conditions it supposedly
reflects.
Once again investors are
wondering if they might not be
shortchanging themselves by
seeking current income rather
than future growth. Not only
might growth companies come
back into favor as vehicles for
capital gains, but there’s the
prospect they also might pay
better dividends.
John Wright, chairman of
Wright Investors’ Service,
which advises individual and
institutional accounts worth
several hundred million dollars,
reasons it this way:
“We believe that this shift re
flects not only a broad, if some
what belated, recognition of the
excessively depressed price
level of growth issues, but also a
realization that postrecovery,
future dividend growth ... will
be much faster and, in the end,
more rewarding than the cur
rent high income of less profit
able cyclical and utility
stocks.”
Moore ends
training
Navy Fireman Recruit Daniel
E. Moore, son Annette Fain of
130 Second avenue., Griffin, has
completed recruit training at
the Naval Training Center, San
Diego.
During the eight-week
training cycle, he studied
general military subjects
designed to prepare him for
further academic and on-the
job training in one of the Navy’s
85 basic occupational fields.
Included in his studies were
seamanship, close-order drill,
Naval history and first aid.
A 1976 graduate of Griffin
High School, he joined the Navy
in April 1977.
