The Palm Beach Post from West Palm Beach, Florida on November 16, 1968 · Page 18
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November 16, 1968

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The Palm Beach Post from West Palm Beach, Florida · Page 18

West Palm Beach, Florida
Issue Date:
Saturday, November 16, 1968
Page 18
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. x "i-" IS Palm Beac h Post-Times, Saturday, Nov. 16, 19liS Excesses Feared In Speculative New Mutual Funds BY .1. A. LIVINGSTON Mrlvin A. Heftier, a Philadelphia certified puhlic accountant, is bothered. He has receiver! a prospectus from Afuture I-'und, Inc., a no-load mutual lund organized in April. The investment objective is "appreciation ol capital." lift-Her wonders il it's an indication ol i ommon slock fever. Aluture Fund is an out growth of an investment club, whose members were associ ated with the Hospital of the University of Pennsylvania. Kdward Asher Wilson, director of purchases at the Hospital, is piesident. At present, Richard Carlisle McKenie Jr., who had been controller at the U. of V. Hospital, is the only fulltimc officer. And the prospectus notes nunc of the officers or directors had prev iously made his livelihood as a investor. Mc Kenie and Wilson used their middle names to christen the firm which manages the portfolio Carlisle-Asher Management Co. Wilson is its president, McKen.ic its vice-president and treasurer. Soon Carlisle-Asher will take on a comptroller. He'll be the second lull-time officer. Afuture Fund was founded on faith: America will prosper. Wilson and McKenzie look for young and growing companies which have not won widespread acceptance by investors. Therefore, their stocks sell at low reasonable price-earnings ratios. Since March future's net asset value has increased more than 40 per cent. McKenzie says: "We're optimistic. If we weren't, we wouldn't have started a fund." Such optimism disturbs Heftier. And he has company. The weekly staff letter of the David L. Babson Co., investment counsel, makes these observations about mutual funds: 1. When the lyf7-r8 recession failed to "snowball into a major depression," people stopped worrying about 1929. They decided that inflation, not deflation, was the trend to guard against. This inspired faith in common stocks. Interest in mutual funds increased. Soon new funds with spectacular short-term results captured public fancy. 2. Older funds found it "increasingly difficult to sell shares in competition with new 'go-go' funds." They set up funds of their own to buy "what are euphemistically called 'special situations." .1. Life and casualty insurance companies boarded the bandwagon by launching their own funds or acquiring existing ones. And brokerage firms also started funds; "principally of the highly speculative type. Neither they nor buyers have been deterred by a potentially serious conflict of interest." The broker as an advisor to the fund derives commissions on purchases and sales of securities for the fund. 4. An excellent long term investment has been contorted into a speculative vehicle. In the bear markets of 1949 and 1962. mutual fund shareholders did not dump shares. They were a steadying influence in Wall Street. Many new mutual fund buyers are not "true investors." Their purpose is to "buy something that is going up." They try to pick the fund "best able to speculate, trade. and gamble with their money." Babson fears that in a declining market, shareholders "may redeem shares as impulsively as they bought them." Instead of being a stabilizing influence in Wall Street, they'll deepen a decline. Thus new funds and new investors could make a dangerous combination in Wall Street. And Heftier agrees. He asks: "Isn't it time to warn people about these excesses"" "'Ki' Volume Breaks Mark On Mart s Late Spurt II alt Street Shares In Selected Mutual Fund Favored As Yule Gift For Child refused, however, to comment on the reports Saigon soon may send delegation to the French capital. Some initial market strength apparently stemmed from high automobile production schedules, although below those of recent weeks, and increased business borrowing from major New York City banks. In addition, car manufacturers are planning much overtime this week. The I'PI stock market indicator, measuring all stocks traded, rose (1,15 per cent on NKW YORK (I'I'Ii Stocks shot forward in late trailing Friday as volume smashed the annual record. The late spurt followed rumors that Saigon may be on the verge of lilting ils boycott ol the Vietnam peace conference. Some reports said the government may announce its decision within 21 hours. Also encouraging investors was word f rom President .lohnson that Ihe I'nited States was using every effort to persuade South Vietnam to participate in Ihe Palis talks. He our to consult your lawyer, banker, CPA or tax adviser. The savings in possible inheritance, gift and income taxes on dividends can be considerable. In some cases, by-giving securities instead of cash, capital gain faxes can be postponed and shifted to the recipient who will probably be in a lower bracket. Tax laws are constantly changing, and this should be watched. An early start should be made to put the program on a regular annual basis. If the donor should die within three S:ate (v.ift taxes and exclusions vary. The possibilities ol regular jvifts, hopefully combined with slock appreciation, dividends, re-inveslment. and tax savings are fabulous. Something like $1! billion to SI billion a year are spent ejv-ittH toys to children. They can be just as happy with less expensive toys and grow up with a better altitude towards life. A portion ol these funds, channeled into a worthwhile nesl crk for ,'iKC 21. will brine, far U'reater net rewards. years of a gift, it would tend to be disallowed by Internal Revenue as made in contemplation of death. A record over Ihe years of regular contributions would help overcome this. The fortunate child who has all his parents and grandparents alive over a period of years can attain majority with a tidy estate. The federal gift tax regulations provide that each of the six can give up to $.'i,0(K) a year in addition to a lifetime exemption of $30,000 Heart Of Fuel System Is Pump 1 ,5Kr) issues crossing the tape. Advances held an X0: to ."itia margin over declines. The Dow Jones average of 111 blue chip industrials showed a gain of l.HH to5.8S. The New York Stock Kx-change index mirrored a rise of cents in the average common share price. Volume totaled 15.040.000 shares against U.HHI.OUO in the previous session. As a result, the number of shares changing hands so far lhis year swept to 2,538.H7,417, breaking last year's record of 2,r2!t,-2, 472 shares. American Telephone, the nation's most widely held issue, topped the list of la most active issues, rising 1 7-X to frti 3-8 on 2.r)l,2(K) shares, including threeblocks totaling 56,(100 shares at 55 to 56. ITF Imperial was in second place, gaining 14 to .'i.i .'1-4 on 209,100 shares, most of which involved a block of 206,900 shares at X! in a cross-transaction. CIT Financial rounded out the three most active issues, losing 8 to 47 .'i-8 on 2011,400 shares. CIT and Xerox recently agreed fo terminate merger discussions. The latter fell 4 1-4. As to the remainder of the glamor issues. Teledyne added .'1 5-8. Itek2 5-8. and City Investing 2 12. American Research & Development advanced 1 1-2. Steels worked higher as steel orders continued to move upward. U.S. Steel rose 1-2, while Armco gained a full point, lie-public and Bethlehem added 7-8 and :i-4, respectively. (ieneral Motors topped the mixed auto group, rising 5 8. Ford increased 12, but Chrysler fell 1-4. American Motors was oil 1-8. Auto sales were said to be slipping from Ihe recent record pace. Bath Industries rose 9 1-8 following a favorable corporate financial statement. Corning dlass added 4, while Host International gained 2 .'i-8 in response to a bright earnings projection for the firm. Chemicals were narrowlv mixed as were rails. KLM and Northwest topped the firmer airlines, rising 2 and 1 1-2, respectively. United and (irumman led the irregular aerospace group, each adding a point or better. Atlantic Richfield and Sinclair were standouts in the oils. The former gained 4 7 8, while Sinclair, seventh most active, rose ;) 1 2. Both companies agreed to sell some of their holdings to British ByKK.hNKB.MILMOK The heart of the fuel system U Ihe pump. It keeps the engine alive and running by drawing gas from the tank and rli livering it to the carburetor, as needed. When il grows weak in pressure, it cannot supply sufficient fuel, and the resulting lean mixture brings on engine headaches. In summer, this condition promotes vapor lock. In winter, it causes hard starling, stalling and missing. Normally, weak pump action is due to wear on one or more parts, but sometimes it's caused by leakage at the diaphragm or filter bowl. In the latter case, looseness or a defective gasket is usually at fault. Suppose fuel starvation is the symptom, but a pressure test shows thai Ihe pump is operating properly'.' Dirt, water and ice in Ihe system then become prime suspects, (.rain Table GENEE. MARTIN New Southern Bell Position Is Created I ''f ' ELECTED Donald K. Edge of Palm Beach was elected president of the Florida State Board ol Architecture at its meeting in Jacksonville last week. He will fill the unexpired term of Wahl J. Synder, resigned. Reactor Fuel Plant Proposed WASHINGTON (AP) - Allied Chemical Nuclear Pro-duds, Inc., has applied fo the Atomic Energy Commission for authority to build a plant near Barnwell, S.C., that would reprocess irradiated reactor fuel elements. The Morristown, N.J., firm said the proposed plant would be built on a l,7;i(l-ucre site on property which is now a pari of the AKC's Savannah River Plant. The proposal calls for transfer of the site to Barnwell County which, in turn, would sell or lease it to Allied Chemical. The plant would be used to recover uranium plutonium and neptunium from fuel elements previously irradiated in reactors. The recovered material can be reused in fabrication of new fuel elements. Florida Vegetables llrllr (II. iilr. Nv r, roil Shippini: poinl 111!, ,1 111. ill,, I! In. Fild.u irpnrln! In l-'rilrt alSlalr M.n kc! Nrus Sin irr I 'in m, lint; IVMr.i. I.aki-c Jk-i 'i-hiihi',' Ser-I inn : IIKANS: Mkl. Sliaimrr lju llarvrslris 'l in- lli.Hittaili's. I IVI.IVUY: Mkl. Slrailv 111" ills V tlpv-I m v iv tin. :i iki ,1 ,1,, :i mi 4 ii,,,, i.ihi ii ,1,, IllllllrailsVIs l .l'. lj I lllMVSI'.'I'AHIIAia:: HVnls 1 "ill (OI!: Mkl slighllv wrakrr I'rls P , il,,. Yril'iH .KKlWIlilr IVMlU t Mkl. Slr.nh 1 H Inlrlls V. ,11 IVSl AHOI.K: Mkl Slisnh 1 1 'I liurils i.l-Vn'ICI-:: U'.ni.iinr Mkl Slraih I I'l V "'II Vi. I ". Iiurrls V II" 7'i. ',( S1.I7V Mkl Slraih rils "i ilii. ruiK I V. 'l HI I 'ill l!.IIISlll-:s Mkl slraih likls ,s- i Ins li-,ls 111 I,,, lihiis 1 'ill l'..t M.'ls llliririk ilrrSri Iimi (111 .Ml II I! Mkl SI Sli-niir.'i lit, 'I HI IK ' l-'aii iU.iln li 7'm I'l l'l'l IIS Mkl sin.nri r liu I al Won iin Km- i, miMril II M ( li s Mkl him in Hi i ins 7li V, in I i-nl Itl'.l r I'S 1 h Ii Iri s in IKI I, 7 7 s- in, 7 71, 1, ",li F"l I I 'in rr Sri ' mil IUMA H U S Mkl I'iiiii in Hi i Nn 7n 7", pri rrn! ni.ilr I 'S 1 'i Ii I, Ii S 'I Id I I, 7 7 V IM! 7 l"" Market! Co.isl localh produced ( irade A e.iitoits diiect Mom producer in ret.nlcr. Kxtr.i lame "iS. most K Yt "iX L'e X 'i.i, mosilv i0 , MediiiMs Iti Mi, mosiK Hi IV. Smails i.l u, mosiK Hi M.nkci siroturei, siip.lies .miple, ti aditit; fan inyood l-'loiida f'iL'Lis. direel truin producer in r.'t.nler im luduu! hoi. -Is and resi.iurants. f-.xiia l,irt;i' IS "i7, rtiosllx "! "iti I .'Ulo'4i l. m.istlv ISM) Mediums IU I1', nuisiK tl h. SfTialls i"), ninslK -il Maikt't slltifilier; siiptics ample; liadiniv; tan . M I July Aug, Spt. Oct. By GERALD M. I.OEB NEW YORK -What to give the children or grandchildren for Christmas'.' It seems early, but merchants keep advancing the season. Soon I expect Santa Claus lo appear right after Labor Day. Ciifts of toys for children should be economical. They cannot be expected to know the cost in money of expensive items. There is much to be said for making securities the principal gift. Their value can be expected to grow. The tax savings can be impressive. (Jiffs of real property such as money or securities do involve legal problems which a little care can avoid. My experience has been that clients will ask for something very exotic and out of the nex'. world in the way of a slock gift for a child. Something small that will be big, and something cheap that will be worth a fortune when the child is 21. I always advise against this. The odds against such a choice that makes good are very long. Shifts generally are kept minimal in a minor's account. My advice is to buy funds. This way you get the management, diversification and turnover difficult to get otherwise for a minor. Look over the list of open-and-closed-end funds. Look over the load and no-load issues. Look over the open market funds that sell at discounts and premiums. These factors of cost should be considered, but the primary considerations are the suitability and quality. You arc planning for the long term, 'file type of holdings and the character of the management are all important. Short time, so-called "perfor mance" is completely meaningless. Five-year records have some validity. Buy into a fund where, as management is changed over Ihe year s, if is likely to be a continuation of the kind you select now. I would buy investment quality of all. As the years go by, you can diversify by adding a growth-oriented fund, a special situations fund, and possibly a fund specializing in unregistered securities. Always star! with quality and keep the quality proportion high. V,o lo a New York Slock K'x-change member firm that handles all and every type of fund and make your selection. You should investigate, pick and choose, and be a buyer and nol have something sold to you. The legal aspects arc very important. They vary in different stat(s. Securities should never be registered in Ihe name of a minor, (iuardians appointed by a court, and living Irusls, can be costly. The Association of Stock Exchange Firms has been working to get the states to adopl a model law titled "The Uniform (Jilt to Minors Act." The association publishes a booklet on Ihe subject that should be available al any NYSE member firm office. However, il is wise uWi- Nov. Dc. i fMAMJ 950 m 900 S50 too 750 Mon. Tu. 0ien MIkIi Low lose I're. Hill I n,. 1 :v . 1 i:. Ml , 1 i.' I U Mm I m . i : 1 17 U I K', I T' 1 in IIP 1 in'. 1 II 1 I"1 I, .. I in-, 111-. 1 I1' . I II 1 In ; I I!', I II I I.". Ill I I." I OHN i. , i rv. i iv . i il' i iv . i il' ,1 ! Jl 1 VI' 1 VI . 1 VP, 1 -HI m . i -'i', i vi-. I v; . i vk ) v-i s. 1 1. 1 . 1 VI , I VI I "'!! 1 VI I I Vi s in-, ;ni. -,i 7m, vi vii M ii iv . . ; iv v;n iv.i M,i bsv ,l.'i liS i I.'l' , iiS II- I,!,1 . i.'i ', Iili1. lib1, '''I id i : I I, r 1 IV . If,, I IV I IV . 1 IV VI il I I'l' i I 1'H , I IK', I I1''. I I'' Mil I VI I'l I Vii' . 1 Vin - I VI ii, I vi . i vi , fvi . i vi , I :i SOVI1H VNS M ii ; hi . v ii i ' i.i i v nf , ' 'ii M i-. v i,v , v i.i, i .: i..i v i.. ,V;l- V'.V , J i.i ; Vn I s.j. i, ' I1' v r. -, iv, : is sovnrw on. 1, l V Ml 7 H V ,S V si, V fin V s. V "I, . M' V V s "1 M -V, suv . 'il V',', M , V Is s 1 1 , ''I. 'N, V ', -. -I IIV S li S ll'i S US S 111 .VlC T '"' " " ' '" '"' ' Si ji V v' V ', SV V s , V sli In V VI V -n 7 VI 7 '."11 V i.T Car with fuel-line leaks or loose connections nexl on the checkout lisl. Q How can I cure tire squeal on turns and sharp curves? Kven at slow speeds, with four new tires properly inflated to 21 lbs., it still happens. L.S. A Wheel misalignment is a likely cause. Q About 'i'2 months ago I installed new points and they burned up in six weeks. Assuming the condenser was shol, I replaced it, plus the points. This set burned out in two months. S.F. A Are you sure you're not setting the points too close? Q What causes leakage from a thread-on type oil filter, outside of looseness'.' R.P. A As recently mentioned, overtightening is the common mistake. It should be screwed on by hand only no tools. Another possibility is dirt which prevents the filter I rom scaling properly. Q My PCV valve is the type (which you wrote about i that can't be taken apart and cleaned. What does a replacement cost.' N.B.F. A It can't he taken apart, hut it t un he cleaned by soaking in solvent and blowing dry with compressed air. Many motorists feel this is impractical, since il can he replaced for about "l. TIP OF TIIK WKKK: Cold-morning slarting troubles are ol ii'ii due to flooding via loo much pedal-pumping. iKl'liKNK Ii. MIl.MOK's new Hi page booklet, "Your Car," answers fill common car problems. Send 2.r cents In coin to Your Car, The Palm lieach Post Times, Box Hi72, (irand Central Station, New York.N.Y. MKI17. i HiH'afjo LiestM'k ( UK ALII ' I I'l . - ' I'SDA . -l.lM sl.irk I-1 I'l l'. II, .rs ,,m' ll.ini.Hs ,,inl rills V'li II) .1,1,1 il.'Uii si, . nil ..'..'I VVll III si, a,K Ii, V7, !,., ! Ill.'.l. I -!-. a. Hvr Ni. I V sniirii .:. VV". Ii, l'i V". I'l tvn hra.l i" i,-. I'i -.. ir. ii.miI vii:, vin iii -"ii"1. N ,, 1 i Vi. i Vin Iti Is l'i V i. Nn v t .:.'", ' ,11 111 IS ,Ki Is ;-, ,,,..! Is V, Is V,. V. I Vin II, 17 7'. Is V",: .. 1 I Vi.ll .Ni II, li. V. 17 7',. mosiK 17 K' 17 Mi. S.i 1 I .Ml IVII ill 1,. 'Hi It, ,". S.iws Inlh slr.nh I. ii, Iv .1, tl-.r ,, I I 1'.' Hl Hi r, ' ., iki. V, 1 1 ,im .i III l'i mi I'. id. N" V I Mm ii'"' Hi 1 1 nil !' mi. h s 1 I '' li mi I a'l'r I 'M.', i . 1 1 vr s nnrir 'l'i ailim- i.n si.UH-hlrr slrns ,,,ll lll,'l at, h arllvr. i.itrl ratlin sliiw. rrnrralK slraih Si.iintlllri t:rilrls I .III I ailivr; tllll slr.nh Cus niiulri atrl', .u llvr anil sira'l'. C"Ws ni.nlri ali'K 'U ll'.r, slraih iull ThuistlaVs tin lllir I'llllli' IVV'i 1 iV'i III sl.inclilri slrrrs Nil I I VII Im U Ml t hr -' I'.ads at lattrr pi t, r. niixnl hli'li i lioii r anil prime lT'li 1 IMi Hi V'I mi in IKI: hour 'IMI l lim II, Nn V I VS ml: V'i IN', hum , I nni'il and i linli r 27 Vri Vs mi. i',.1,,1 Vl,IHlV7 V'i. a Irw slaiiilanl and Inw r,in(! Vltm VtilKl: t'ouplr ,,t I,, a, Is ,,l pi une lull InVti Hi siauithtrr hrilr, s Nail V7 7', V7 'HI. mixrd hirh rhim r and pi tmr a Mi lllV'i 111 27 2r V7 Ml; rhnlrr HV". lnV'i lli No 2 1 Vi. V'i 27 2'i. Kl and rrioii-r 27i 2r, Vh V'i: U'i"il VI mi Vi Ml. rommrrrial n,w 1V7M7 Vri; iinlilv Id Mi 17 7',: .-.inner and culler 1'. mi 17 ml Shrrp Km Wi'nlril slautthlel latlllis and ewrs stradv ( hiilt e -mil it line 'Hi llTi III ttimlci slaughter l.urilis Vh Mi V7 Va. kiihI and chnlce so Urn lb 2'rmiVhMl. cull Ii, Kiind w-nolcd slauntller ewes i mi 7 ml O J Future) NKW VOHK il'l'l' - Kmen oranee Juice fuhni's Knil.n closed h.t hirhei to 211 points lower. Sales totaled 1 7mi run trarts. The ranee- Open HlKh Low Clone 411 Ml "il Ml 41 III M, h-. Prey. I" XI riec Mai Ma. III 211 lh,7ll l'i Ml 4h l'i 4Ml In 1'. (5 2", I,,,.. 4b HI lb "la 4'. Ml 4l. n'. lb iki 4b VII 4b 2KB .IK 4'i MlR lb Ml lb Ml lb mill h VIIH SeL I i 2 ill 17. iki 47 mi lb m.H lb VHH Bid. Your Social Security By R.C. (.E1IKKKN JR. District Manai;er Wl'BSocial Security Office Q. Are any changes going to be made in the amounts Medicare patients have to pay under hospital insurance? A. Yes, there will he some changes in the hospital insurance part of Medicare lor benefit periods that begin January 1, 19 or later. The Medicare law provides that the various dollar amounts for which the patient is responsible under hospital insurance he reviewed annually. These dollar amounts include the first $1(1 of hospital charges and the different per-day amounts after certain periods of care in hospitals and extended care facilities. I nder the law, if the review shows that hospital costs have changed significantly, these amounts are adjusted for the following year. The IWH review has been completed, and the following changes have been announced. If you enter a hospital and start a new benefit period in I'm, Medicare hospital insurance pays the cost of all co vered services except as shown below: For the first 0 days in the hospital all hut the first $41. Kor the 61st through fWlth day in the hospital all but $11 a day. For Lifetime Reserve days used all hut i 'i a day. For the 21st through IIHIth day in an extended care facility all but $5.5(1 a day. Q. Are there any special provisions in Ihe Medicare law whkh pertain to the payment of the costs of blood? A. Yes, costs of blood and packed red hlood cells are covered under both the hospital insurance and the medical insurance parts of Medicare. If you are hospitalized, your hospital insurance w ill pay for the cost of all the hlood you need except the first three pints in each benefit period. If you are enrolled for medical Insurance, it will help pay for the costs of all the hlood you receive outside the hospital except the first three pints in each calendar year. (Medical insurance pays X0 percent of blood costs after you have met the $50 annual deductible.) These are separate rules which operate independently ol each other. For example, if the patient receives hlood under both hospital and medical insurance, Medicare cannot pay for the first three pints of hlood under either program. Some people are able to arrange for replacement of these first three pints of blood to avoid having to pay for them. There are two ways this can be done. First, the patient may arrange for replacement by a friend or relative, or he may be a member of a blood donor group that will replace these first three, pints for him. Secondly, and this Is often overlooked, one of the patient's children (or son In-law or daughter-in-law) may belong to a blood replacement plan that Includes the patient as a beneficiary. In this case, the patient would eligible for blood on the basis of the child's membership. In almost all blood donor plans, blood replacement credit can be arranged anywhere in the United .States. Patients should cheek with their children and children in law about this so they'll have the Information handy if they ever need it. The creation of the new post of area accounting manager by Southern Bell Company marks the utility's latest effort to keep apace with the growing South Florida area. Lawrence B. Sheffey, the company's vice president for South Florida named J. L. Bryan to fill Ihe new position, effective Dec. 1. Bryan is currently division accounting manager in Orlando. The new area accounting manager will assume responsibility for all Ihe company's billing and accounting functions from Sebastian Inlet to Key West, an area of about 1.4 million telephones. Bryan is a native of Atlanta, and a graduate of the University of Georgia. As an Air Force pilot during World War II, he was twice awarded Ihe Distinguished Flying Cross. Bryan began his telephone career in Memphis in 1947. In the intervening years he has served in accounting deparl- (.onimotlities ' Krmn Th.inisiin & MrKinnon i Huhhi-1 Man hV in'i linl No KSulnii Mairh 7 No Ma lnri Woul I'c.psMal-rhll.r, IliWi (,11'asrWui.l March 1VII7 mi I.railM.irrh IVi,n Cuppi'l Man n lliWVI' Zinr Mairh IV5DN t-'inrn I'oik Brlllcs Ml. TVHI.IIKV .822 ia Salrs 2-l'H Man 11 TV ill ,1110 ,IV:lll l'i' Salrs m Mav :,r, .121(1 IV 17 "i'i Salrs 221 .lull .TV'HI .12.111 TV7', afi Sales IMP Auk 12.111 'IIIKl V12:m Salrs IK mum J A S O N 0 Wd.Thur. Pri. I. L. BRYAN men! positions of increasing responsibility in Tennessee, North Carolina and, finally, Florida. Also effective Dec. 1, C. F. Hamff, now division accounting manager in this area will become general accounting manager for Alabama. Replacing Hamff will be Gene F,. Martin, promoted from his previous position as a district accounting manager in Southern Bell's Coral Gables accounting center. Martin, a native of South Carolina and a graduate of The Citadel, began his telephone career n l!)r'2, in Columbia, S.C. Both Bryan and Martin will be headquartered in Coral Gables. Wheat Sold To Red China OTTAWA (AIM Sale of f8.5 million bushels of wheal to Communist China was announced Friday in Ihe House of Commons by Trade Minister Jean-Luc 1'epin. No price was given. H(i s;1j,i tot al sales under the three-year agreement begun in VMS now will amount to 2.J5 million bushels. The latest purchase will be delivered between next month and July ltt, mainly from Pacific ports. I'epin said Ihe sale was negotiated by representatives of Ihe Canadian wheal board in Canton. Payment will be 2! per cent cash and Ihe balance In 18 months, with interest. Sujar Futures NKW YOKK ((.'I'll Ihe world suuar futures ri,nll.H't rinsed l.'l points higher lo 1 point lou-er on the New Ymk tx rhanife 1- riday on a. I 11 sales The dnmcstir contract closed 1 point to unchanged on 4(1 ennttarts traded VtorltlSuxttr TheKiMReH: Opil Hli(h Low (lose Prev. Jan. 2.7HI) .... -- 2 MS 2.M Mar 2'W 2W J.SO 2 l'i 17 2 HH May :i ii:hm :l (17 2 V i ns mi 2 IK Jul. ins .1 12 :ii)4 :i.KJ ii im Sep. .1 III 12 I I" .UN 1 1.1-14 .1 IIH Oil. I II 1.1" 1 IV i r 1 11 Nov. .1.17 l(i .1.1(1 3.1 j l l'.B 3 16 Jan. 11-H 312N 3.11 Mar. .1 23 3,2' 3.22 3.W26 3,21 Sales 5.133. Spot price 2 4HN. Open tnleresl 23.1(17 Domestic SiiKar The Kong.".: Open Hlh laiw ("loe Prev. Mar. 7S7H 7kH 1W 7 b7B 7 HH Mav 7 61H 7.1.1 7 hi 7 (.SB Sales 40. Open interest fi7(i. Spot price 7 4aN Kfifi Futures CHI( A(.() U IMi Km Iuluro Krldav: Open Hlch Low Cltne Sh, ils ria's: Nov IK 111 W Vi 17 Ml IK HI I lei- II 2d II 211 KI li 4n Ml Jan H7(l 3H'i It (II 31 K) Apr . 37 mi 37 (KI 17 IKI 37 IKI Sen 17 23 37.2'i 17 HI .17. HB Kmen wholr rtfKs: Ore ... 2HIKI 2KIKI 2" KI 2 IKI Jan 27.7a 27.73 27 MIA 27.MIA A Asked; II Hid, In.l ,i lit;.' . II l ! . I' VI, f 1'iiiiip'ii ImiiA Itullls'I I. lis l ntnsp": t mini.- i,V I'l ".I, I , 17 117 r MXKKKT ISDKNKS NVSK I'l li'i Ul $11 VK uj 1 l'i l''iir up il 'Hi". HS U lll'l 7M Ui SK tn.lrx I I'l lii.lli.iliii I ),m ,1,,11,'s In'l SX-I' 'm SI, irks Tampa Kjs TAMI'A . 1 7 1 I Ttir Wi sl Oiasl and Norllit'., i'i:k and pnillln' rnal ki-ts Krr i,ill salrs In relaili'isi l-ixlia I.HIVC' 1KVi2 tTt'is., Ill rjiloned. l.aii', lli 7(l rnns . 47 rarlnni'il. Mrilium, II 17 tnos . . -12 '-, rarliincil. Small :il .17 S rnns., .Ifirarliini'il. Kluilila hi'ii inarkrls: Urns, llivht Ivpr. all wrlrhts live at lanp, 07 OH miis .lW 'j. J f M A 360 358 356 354 352 350 348 346 344 375 350 3" Tmf 300 P 275 13V i Man, Hollday , , I Hfr! rrr SI1IIIKW MKM. 71, in 7,, I . 71 'in ,1, 7 ,i s,ii : Jneksom illc (latllc I M KSUWIl.l K 'Al'i - Kerrlals .11. VI lll.l ' kr ' s I I, mill riimuaivil 111, 1KI 1. 1st urrkand IV.'.IKl.ral rallli r Slaurhtr, st,,,, is rll'il, r Kim 1VIKI Ills ,'t. V"' vs wi, rood Him mi ii,s viiMijvim Hrili-i , Lin-Hi 'kki Mm li's VV im vi, im. st ,n il.inl Is m w im l iiw-s unlit. ti mvnim ( UHi'l 1 1 'mi IV in B'llK uiiIik fi mi Win. i ii;',-, Iti'ml'tim C.iht's i hune 2V kki ids V'.'mVlim, t-,11,,1 VV ill 'l. "11 V. alili i - .mil fm Urn III ,-alvrs rbiilro turn l'i '. t I V ii If"'. V,, ,,(,,, -, V.I im V'i im fl-fl,'! -!.-, ! ilW's .-hull-,' Iimi m il,-J', irnVsV, .,,,,1 V IKi.'i. hi Chi.lri' HI uki u,s " i m iv ".ii v.'hki Hum Hril.-i talus k'i'"fl uni "hni II, s Vii fm VI i". sl,tn daid isimvvi' i. "nil I 'll urn Ills V'lin jvim su-t-rs r,,...d fi" 7'm !tis VV i(i Vri 'ill w.'h I, '11 i -hell ' Vl.'l im 11,'ilrrs K'."il Iin, -,m ihs V" im V I 'm .!.i'nl..:il lirtihs ISO' VI wi ( otton I iiturr I'U , I'l -' ..r. 11,1, I V- I i l isfil 111,, il.tll: 0lt II, til I." VI 'mo VI J"'. il lull.' Am: ' II 'N ' ,li funon lulu, I li.un In is lli'i' Vi. S. nmll ." I Ills llulllt'l M.ii M.n Jul (Il I II,',- M it ril Vs f. VS f, vs 'm i ;i vs iv , I" V7 "SI t If V7 'mil i-f-V7 v,l f ". vt mi ' n V7 l"H V7 id; N M.n l; Uu Chicago Grain l HK'.;o i ITI ' Cut n. o.tls ami mi lv,tns wen fr.n'iion.ilK hii;tii'r. whtt tin-tirr ,tril ii' mivti .it tlis cIom' Kit ii,t on the I'hH.iuo fltiini of Tr.nlr Wh Ml w ki up I to 1 1 j cents; min up J. to . up ', to 1 rye o!f I. lo Up ' . S(Htt',HlS up ' to 1 he! fitm fu strong under ii M e of j mixed i h.ii ;u ter. h. ido ienri.ith i.ilhed .irmind conmiis M"ti htnise and Uu .i pi' buMnt- l iirn .ith.tneed one full eent e,n l in ihe session I hen e.ised under profit i. ifctnK. nnlx to r.ilh .ic-nn ne.n the close :o Ue!s fraclittn.dU .I'lmc pnmus rinses. Sov beans held fi.iction;il advances ur iter moderate commission house and local demand i i ' i i j Tux. Wd, Thurt, frl High0$t Sine fb. 7, )966.- I ,UVT - 950 J 94Q -J I 9301 I I 1 . 1 Z 354.6 a week ago. The Dow Jones average of 30 industrials also advanced, closing Friday at 963.88, up from 358.98 last week. STOCKS AVERAGE ADVANCES - The Associated Press average of 60 stocks advanced sharply for the second week, closing Friday at 339.4, up frorr

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