Florida Today from Cocoa, Florida • Page 12C

4, Wt, i''tfj fe.r a' I 1 vvv A A New York Stocks IOC A dMjmxi'M i 4 Hir1 a IT Over the Counter; New York Bonds American Exchange HC Kbu vHr TOM MYERS )DAY Business Editor Chamber Plans SMOflOO 'Push' Within the next few months, the Cape Kennedy Area Chamber of Commerce expects to raise $100,000 and spend to remote Central Brevard's business, in ustrial and tourism growth. President George Lewis unveiled the plan at the annual dinner meeting of the chamber. The campaign to collect the money will get under way within three or four weeks, Lewis said Tuesday. "First, we have to decide how we're going to earn it," the Cocoa Beach florist said. "I don't think we'll have much problem finding advantageous ways to spend it.

We will, of, course, give some of our plans on how it will be spent to make it more feasible to go out after the money. The main thing now is to raise the As one idea, the chamber's directors have approved a test mailing to owners of Brevard property who live outside of the county, They will be asked to become "booster" members of the chamber at $10 each. Thereover letter will explain how the chamber.plans to usethismoneyto promote the area, thus making their property more Valuable. The car windovrvdecal, the letter and postage costs will run to about so the campaign will be in the black even if a property owner contributes only'Jl or $5, Lewis pointed A test mailing of 2,000 pieces has been approved by chamber if it proves successful, the campaign will go out to all of the 200,000 "persons living outside, Brevard who own property here, according to Lewis. Lewis has asked for ideas from the members on other methods of raising the money and suggestions for effective ways of spending it.

The chamber president looks on the campaign as one of education not only for telling the nation about Brevard's attractions but as an example to the county and weshowithem'what can be doneJ'he said, thepubliobodies may decide Ha put U.S. MOTES 3 Producers Hike Prices OfSteel their mpney'intolisuch efforts in greatefcrft months. 'The rate; which i this area would match the per 'determine how mfich the U.S. Steel Corp. said Tuesday it's increasing prices on two types of steel sheets used in making electrical and generators.

The steel giant said prices on non oriented sheets will be increased $10 a net ton and non oriented sheets hiked $15 a net ton, effective April 1. Two other steel makers, Armco Steel Corp. and AUegheny Ludlum Steel Co. have announced similar increases. U.S.

Steel said it will raise prices on the same products in similar amounts effective Oct. 1, two months after wage increases for steelworkers go into effect. The products account for less than 1 per cent of total industry steel industry shipments a spokesman said. PERU'S PLANS to nationalize all domestic and international Communications will be completed Wednesday with the signing of a $17.9 million agreement with International Telephone Telegraph Corp. "Under Terms of the agreement, ITT turnsover itsJ3.4 million shares in the Peruvian Telephone Company representing 69.11 per cent control of the firm to the Peruvian government.

ITT took $2.5 million in cash after the agreement was reached last Oct. 29. It agreed to reinvest $8.2 million in Peru, building a 400 bed luxury hotel and constructing a telephone plant in which the Peruvian government will have 40 per cent initial INTEREST RATES on the government's weekly offering of treasury bills declined to the lowest in more, than nine this would match the per capita amounts spent oy sucn resorts as Miami and Daytona Beach, Lewis contends, the beaches here would be crowded with "so many people, you couldn't stir them with a stick." And, he believes, "The whole county is going to thrive if Cocoa Beach thrives." Apollo 8Crew ldnorecT Apollo 8 crewmen' Frank Borman, James Lovell and William Anders will receive the 1970 Haley Astronautics Award of "the American Institute of Aeronautics and Astronautics, honoring" them for making man's first orbital trip to the moon. McDonnell Douglas Astronautics Co. has named Frank E.

Conley of Merritt Island assistant manager, Saturn Workshop Planning Group, at its Florida Test Center Ralph S. Duff has sold Southern Finance Titusville, to GAC the parent of GAC Properties. GM Donates Tools General Motors Corp', has contributed auto components and tools to Eau Gallie High School's vocational education shop, says Chet West of West Pontiac Buick Opel. The gift was presented by Buick's service representative, J. E.

Miller, to R. Eastin on behalf of the school. Also on hand at the presentation was Jim Bagwell of the Eau Gallie dealership. determine how much the government must pay for its borrowed money, dropped to 6 262 per cent for $1.8 billion of three month bills and 6.183 per cent for $1.3 billion of six month bills. AIR WEST stockholders have approved a series of financial actions to permit the sale, of the airline to Nevada billionaire Howard Hughes.

The Hughes interests have announced they will take over the financially troubled airline March 31. provided Air West then meets net worth requirements. The purchase agreement requires a net worth at the time of sale be T5 per cent of the level at the time Hughes offerer $95 million for all outstanding shares. That means a net worth of about $16.2 million is necessary. YOUNGSTOWN Corp.

has announced a agreement with several major stockholders of United Fidelity Life Insurance Co. of Dallas to acquire the controlling interest in the insurance firm. 'Population Curbs Wont End I By CAROLE MARTIN AP Butlnm Wrlttr NEW YORK How half the (nation's families will commitant Increase In pollu Social Ills' 777 i "i the "population uses its wealth is more, important than the size of the population in determining whether America will solve its social problems, federal official said Tuesday. Herman P. Miller, chief of the population division of the U.S.

Bureau of the Census, played down the Importance of curbing population growth in his remarks for a conference on the consumer market in the 1970s. While there is some connection between social ills such as pollution, high crime rates and transportation problems, have incomes over $15,000 in tion, transportation and other Miller Mid factors suchas of today's purchasing problems that will accompany" power. it would take place even a our geographic distribution people, their customs and morals, Underlying social and economic conditions and the intensity of effort matte to cope with the social problems probably are more important. "Trying to deal with the social problems we now have by persuading women not to have babies is like treating cancer with a sedative. It might relieve the pain, but it won't make the problem go away," he said.

said that by 1985, Only about 30 per cent of the increase in expenditures for housing, transportation and recreation during the next 15 years will be due to population growth, he said. Miller said the rest of the increase will come about because' of affluence, higher Incomes and greater demand for more, and for more luxurious goods and services. "The great bulk of the rise in expenditures for these items and it he ton population stopped growing tomorrow, but we continued our past income growth and we continued to spend our money in the same old way," be observed. "Our basic problems will not be solved simply by trying to control the numbers of people we will have in this nation by a certain time or by trying to stop our rate of growth completely," he' said. "What we have to do is to "i Space Station Simulator Takes a Whirl This giant rotational facility at North American Rockwell's Downey, plant is being used for a 10 month, $225,000 study of a space station environment.

The spinning laboratory, believed to be the world's largest, will examine astronauts' reactions to the rotating environment of future space stations, under a contract from NASA's Langley Research Center. MONTH'S BEST ADVANCE Credit Easing Lifts NEW YORK (AP) The stock market, bolstered by hopes of easier credit and of a solution to the postal strike, Tuesday in its best performance in almost a month. The Dow Jones Industrial Average spurted 10.16 points to 773.76. That was the largest advance since Feb. 27 when the average rose 13.14 points.

"What you're seeing here," said one analyst, "is an ebullience from the, drop short term interest rates and from the expectation that the postal strike is going to be settled He referred to a sharp decline in short term interest rates Monday. The drop could be preliminarylo a lowering of the prime rate by banks Tight "money has held the market down for several months. Hopes of a solution to the strike were apparently based on reports that many striking workers were returning to work The strike bad helped to lower the volume to 7.33 million shares Monday, the Japan U.S. Textile Pact Scored TOKYO UP) The Japanese Textile Federation has decided to reject any compromise arrangement that provides for comprehensive voluntary controls on the growth of Japanese exports of man made fiber and woolen products to the United States. The federation said, "We will fight it out to the bitter end to push our claims through." The federation announced its position as the Japanese and U.S.

governments appeared to be nearing agreement on bow to solve the longstanding textile trade problems. However, the textile federation has said repeatedly that the Japanese government cannot commit itself to restrictions without the consent of the Japanese textile industry. lowest since Dec. 26, Volume rose to 8 83 million shares Tuesday, still low by Wall Street 'standards. Gainers led losers 827 to 449 with 1,569 issues trade Tuesday on theBigBoard.

Gains were registered by rails, oils, tobaccos, building materials, drugs, rubber issues, motors, and steels. Glamor issues were generally higher. Prices of glamors included up SVt at 126! Xerox, up 2 at 92; Control Data, up at 4,1 tf; Burroughs, up 3 at 142; and Avon Products, up 3 at 162. Bucking Jthe trend in the' glamors were University Computing, off 2Vi at 42Vi, and Memorex, off 5V at 113. The most active Big Board issue was McLouth Steel, off 1ft at 23 on a volume of 145,200 shares.

A 138,700 share block of the issue, the largest block of the session, traded at 23. The American Stock Exchange index Increased 0.08 to StoW 24 60. Advances led declines, 429 to 351. Volume rose to 2.34 million shares from 2 3 million shares Monday. decide how we want' to use 'our wealth." Miller suggested that money spent on public services sace exploration and more material goods "might buy pure air and water, cleaner and more efficient transportation systems, better schools, the eliminathonof hunger and the reductjon of poverty." Miller's remarks were made at a panel session on the consumer environment at the conference sponsored by the National Industrial Conference, Board.

Casino Goes 'Bust' In Vegas LAS VEGAS (AP) The Bonanza Hotel's casino was closed Tuesday. Levin Townsend Computer which acquired the hotel and casino on the glittering Vegas Strip for $10 million early last year, issued a statement saying the casino closing was "in line with the corporate policy of concentration in computer leasing and real estate operations." Burton Brown, Bonanza vice 'president and general manager, said the casino closing would' not affect operation of the 160 room hotel However, some observers wondered if a hotel could survive without gambling. The casino at the Bonanza was closed for five months in 1967 and was sold in 1968 to financier Kirk Kerkorian. Levin Townsend reopened it last May. The corporation was soon involved Iri a dispute with Nathan 'Jacobson.

"a Las Vegas gaming" 'flgtee' with a 15'per'cent Interest 'who 'wis'1' hired to run it. Jacobson wass i ousted. The company reported a continuing series operating losses on the Bonanza. RBtlBackrHlnf Needed Si xl il WRIGHT PATMAN 'Nixon holds key' WASHINGTON (AP) Big banks would roll back interest rates before nightfall if 'President Nixon would "walk out on the front porch of the White House and make a strong suggestion," contends RepT, Wright Patman, Tex Patman, chairman of the House Banking Committee said Nixon missed an opportunity when some smaller banks rolled back prime rates. "He could have simply urged the money center banks to follow a trend already started," Patman told an AFL CIO construction trade ,0 legislative "meeting.

"But he remained silent and the big banks got the message they saw that, they didn't have to act. They saw that the President wasn't, going to force their hand, 'Y I OIO Looks to Wall Street By EVE EDSTROM TOOAY WMMngton port Nm iarvlc The" Office "of Eeraom! Dnrvirflinftv fntpnHs in "digging for that money on WaU Street" to spur economic development in selected poor 1 neighborhoods. The experimental projects such'as guaranteeing loans i to finance community Wned ahopplng centers, lnner dty busf'service or day "care facilities will be conducted Opportunity Funding' Corp. fv 'Toll 'new private non profit arm of OEO Is expected to be established In a 'matter of weefci and, will receive, up million In nt4verty fidxbOEODlrector Donald r' r. fe tMt wheiher, limited number ffoJfite larger amounts; of "i hM 'ti I VlIvH4yow.lncpme sl providing guarantees agalnstxcessive loss! if WiCtlmainGi could encourage the bondmg ofnovertvjarea contractors anTlhe sale of fire ancTtheft J.Wwil ite3S visirftpm aV utl ii in it I' i in i 'i i i ii i.

un i i1 ar mflwnv 'n jHHjMl zJfiLt? 'ik i t(A styKsSt i rk P9 9 And Offbeat insurance to merchants. poverty area new national program, but will be financing small experimental projects culled from a "shopping list" of 20 or more Ideas. Some "of the projects, he may "fall flat on their kissers," but others' could lead Nto federal legislation aimed at Increasing the capital and credit resources of low income' cofnmunities. i 4 For example, thenew Op portunity' Funding Corp. will include a "unit known' aithe Opportunity Guarantee Component It will operate only in high risx situations where similar The guaranty program also could be used to provide equipment loans and start up costs for community owned 'city bus companies.

Poverty area residents then could be transported to areas, where jobs are more plentiful. Special incentives also, may be offered, under the Opportunity Finding "Corp. to draw disadvantaged businessmen, out' of' poverty area! and place them in more favorable economic neighborhoods. Rumsfeld irtressed" bat "the new" program, to attract private capital' Til sup plement 'and not pur tall How CosecfrEnd Funds Work By CARLTON SMITH and BJCJlMIiUjmMJERAII 'nalaWnrtniir fin Mi'nti guaranty arrangemenU 'are uunw iU' rWSkff fromexbtlng OEOj currentl nt pro vmtulM W.I f'ffOBO k. not mbirkin otTa iftf louuu, nic or privaif oureei.

gram, 'which aupports several community based businesses. Mrs! Lois' W. Appleby 'has joined1 the Vero Beach office of Goodbody Co.v as an account Mrs. Appleby, wife of Frank M. Appleby, Indian River County 'prosecutor, Is secretary and director of both the county library and, Vero Beach Concert Association.

A mutual 'fund, 'properly. Is aniopen end fundr Addition: shares are sold continuously, and this new, money is added to tne common pool, me fund's net asset the' total sum available fpr Investment grow continuously if the fund attracts Another type of Investment company is the closed end fund. When it's a fixed number of shares Is sold to create investment capital. Thereafter, that's it. No more shares sold (they, are traded 'through brokers, like common stocks), no more money coming in.

Therefore, if the 'net assets of a closed end increase from say $1 millioni to $1.5 million. It's because the fund's portfolio Increased that much In market value, not because of additions' of, new investors' money. The Arthur Lipper an bstkuthmat brokerage firm that serves 'many funds and, supplies 'performance data'as. one service, recently began following the closed end Junds 26 of them, with assets of CSl al it UA $3 4 billion and nearly, half a million shareholder accounts. suffered, in the same fate as most mutual funds' declines In the value of the stocks they held and in some strange things happen in the case of closed end funds; One, Tr I Continental, managed a Small Increase per cent) in the value of its portfolio yet the market of shares declined 7.4 per Lehman oir showed a per 'cent decline la portfolio Walue yet.

investors bid the price: of a per, cent during the'yearv lfc Athlrd, Japan increased 'portfolio value by 122.6 I yet the price "of shares went up only, (onlyl) 111,1 per cent. Becausei closed jend prices reacting to buyer demand, or 'of ft 98 "tq "i I fh iK I 4 irt mJkfSs Jfiwr the Value irepresente4 in the portfolid these funds, are generally selling 'at either a premium or a discount. At year's 'fehd the funds mentioned' anove 'were seUinff at:" Trl Contlnental. S.4 Ber'1 cent discount Lehman." Corp. 3 1 15.6 per cent premium Japan Fund, 6.5 si How does an investor interpret all this, to take advantage of it? Says Dr.

Harold Oberg, who heads fund research at, Lipper: "The closed end it funds contain flnancfaT, mystery i stories which, If solved, can make for profitable But, he points out, reven rerT among, the uWaIl tO wbor'stud'i'tbese crj lunos, "tney may suspect but no, one for why share prices, behave asjthey 00.1 So, vqm coulo; have, doubled' jodrlnvestaejmoneyj in ni jiip.