The Palm Beach Post from West Palm Beach, Florida on November 23, 1968 · Page 18
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November 23, 1968

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

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Saturday, November 23, 1968
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18 Palm Beach Post-Times, Saturday, Nov. 23, 1968 Mart Moves Ahead Wall Street Investment Letter Stocks Attracting Mutual Funds On Lower Volume i By HOWARD LLXENBERG I'PI Business Writer NEW YORK i UPI ) - Stocks Friday moved ahead smartly as major non-Communist monetary powers made a last ditch effort to head off devaluation of the French franc. France was granted $3 billion in emergency credits $2 billion from the group ot ten Western nations and $950 million from the Interna-ster its currency. But while rarely known until after their happening. There is a big risk that the current, supercharged appetite for new issues will normalize. Despite the hazards, there is a place for this kind of investment fund. The investor basically is up against the oft-repeated advice to "buy management." This is easier said than done. It is here more difficult than usual because of the newness of the concept and the lack of track records. are mostly initially sold net. including underwriting costs. They also involve management fees and operating expenses. They need to be closed-end. Letter stock has insufficient liquidity to provide for redemption on' demand. After the initial offering, the shares sell in the open auction market. To the extent that funds hold investment letter stock of an issue also publicly quoted, there are many possible ways .of valuing their holdings. Each fund uses a different method that can vary from over-conservatism to putting one's best foot very far forward. Where no stock is publicly quoted, the difficulties of fair valuation increase. Determining the true relationship between real liquidating value and market quotations is next to impossible. Changes for the better or worse of important holdings, or decisions to go public are Y our Car Automatic Choke Check Important Newspapers Lose Job Listing Suit 7 WILLIAM P. WALDECK Specialist To Discuss Salesmanship William P. Waldeck. a specialist in practical education, will discuss customer relations and salesmanship Tuesday and Wednesday at the Public Utilities Buiiding, 401 S. Dixie Hwy., according to Jean Parker, educational chairman of the West Palm Beach Board of Realtors. Each session will be from 8 a in. to 10 p.m. "Mr. Waldeck was on the Columbia University Stall as educational advisor in the Home Study Department." Mrs. Parker said. "He has conducted his own program lor the last 20 years on salesmanship, human relations and merchandising," Members of the local board and associates and neighboring boards and associates are invited. Reservations may be made by calling the local board office, she said. Herbert Wilkenleld, West Palm Beach Landscape architect, and Robert Neal, Palm Beach landscape architect, attended the hearings of the Florida Board of Landscape architects in Fort Lauderdale last Saturday. Regulations of ethics were discussed. Firm Offers Citrus Plan HIGHLAND CITY (API -A new citrus processing company based on a do-it-yourself marketing concept of growers is scheduled to begin operations here soon, an official of the firmsaid Friday. E. E. Cook of Haines City, president of Growers Processing Service, Inc., said the company will take in growers' fruit, convert it to frozen concentrated orange juice or other finished products, and return it to the grower. The grower will be charged a processing fee and will retain title to the fruit. Cook said the process is aimed at those growers trading in the orange concentrate futures market. A grower can determine at any hour exactly what his product is worth and can make instant sales decisions rather than relying on an intermediate organization, Cook said. Boca Hotel Labor Stoppage Ended BOCA RATON - A two-day labor stoppage on the construction of the guest tower at the Boca Raton Hotel and Club ended Friday morning after apparent settlement was made. No details of the walkout of workers belonging to the International Laborers Union of North American, Local 767, were available. A job spokesman at the site said Friday the dispute apparently was over contract clarification concerning union benefits. Li ll cator. measuring all stocks traded, showed a gain of 0 53 per cent on 1.575 issues crossing the tape. Advances held an 825 to 531 margin over declines. There were 137 new highs and 12 new lows. The Dow Jones averages of 30 blue chip industrials rose 1.93 to 967.06. DJ rails also gained ground, but utilities backed off. The York Stock Ex change index mirrored a rise of 21 cents in the average common share price. Volume totaled 15.420.000 shares, compared to 18.320.000 shares in the previous session. Chrysler topped the list of 15 most active issues, which included 14 winners and one loser. The auto issue gained 3-4 to 61 1-2 on 343.500 shares. Car manufacturers have set higher production schedules this week. As to the remainder of the auto group. Ford rose a point. General Motors 3-4. and American Motors 1-4. Auto issues fell quite sharply in the previous session following word that output would be cut back in December, marking the first reduction in the month of December since 1963. Curtiss Wright jumped into the runner up spot among the actives, rising 2 3-8 to 33 3-4 on 152.600 shares. A spokesman for the firm had no comment on the stock's activity. Lionel Corp., high on the active list in recent sessions, rounded out the three most heavily traded issues. It picked up 5-8 to 13 3-4 on 151,-100 shares. The company was reported to be a takeover prospect. Other sizable winners among the active issues included Parke Davis up 3 5-8: Avnet up 1 1-8; General Time 1; Maytag, ex-dividend, 3 higher, and Automatic Sprinkler up 1 1-4. Iowa Beef Packers was the lone loser among the actives, dipping 1-8. Rubber issues generally followed a narrowly mixed pattern, although tire manufacturers painted a bright picture for the coming year in sales and production. B.F. Goodrich picked up 1-4. while General Tire added 1-8. Uniroyal gave up 1-2. Armeo Steel led its group, climbing 1 5-8. The industry expects stepped-up steel ordering during next vear's first quarter. U.S. Steel' added 1-8. Republic 3-8 and Jones & Laughlin 1-4. Allied Chemical rose 2 1-8 among the chemicals, with Union Carbide up 1 1-2. The latter announced price advances on some products. Phillips fell 1 1-4 in the oils, while the remainder of the group moved in small fractions. Pennzoil added 1-2 following recent announcement of an oil discovery in Montana. Northwest Industries dipped 1 3-4 in the mixed rails, while Branil'f, National and California rose a point or better in the mostly higher airlines. Aircrafts were narrowly mixed. In the electronics Burroughs rose 5 5-8, IBM 1 3-4, Honeywell 1 3-8, Control Data 7 1-4, Scientific Data 5 1-8, Motorola 2 1-4, Texas Instruments 1 7-8, and National Cash Register 1 3 8. In the glamors, Teledync gained 5 1-2. American Research & Development 4. and City Investing 3. Itek fell 3. Prices on the American Stock Exchange were higher Fridav in brisk turnover. Volume totaled 7.743,665 shares, as against 8,827.235 shares Thursday. Of the 1.026 issues traded, 505 advanced. 368 declined, and 153 .were unchanged. The Amex index moved up 21 cents to $31.81. By EUGENE B. MILMOE During winter, tow trucks are constantly answering distress signals from motorists stranded by weak or dead batteries. In many cases, it's the result of automatic choke trouble. Efficient choke operation is not enough. It must be properly adjusted for cold weather requirements, otherwise hard starting (or no starting) will become a daily dilemma. Even if you have the choke adjusted as part of the fall changeover, it may not be pro- Embattled Director Of IIF Resigns TALLAHASSEE (I'PI I -Robert C. Parker, embattled director of the state Internal Improvement Fund Trustees, resigned Fridav with the explanation that he could not work in a climate of "uncertainty and contusion." Parker was cleared of wrong-doing earlier this week in an investigation of charges brought bv State Rep. Ted Randell. D-Fort Myers, that he misled the trustees on certain land matters. Parker. 611. and 20 months away from the minimum 10 year service requirement for state retirement, said he would leave Dec. 31. "I have no immediate plans." Parker said. "I'm looking around for something." He said "highly emotional outbursts of criticism'- that have been directed at him following controversial decisions of the trustees on submerged land matters made it impossible for him to stick it out for two mnrevears. But he said that all he did was carry out the policies approved by the trustees, comprised of Gov. Claude Kirk and the Cabinet, and that he handled business in accordance with law. "In submitting my resignation." he said. "I do so with the satisfying feeling that I continue to enjoy the dence and support of 'most' of the trustees." Gov. Claude Kirk has also called for Parker's resignation, and Parker has gotten the brunt of much of the recent controversy over whether or not the state should ever again sell any submerged lands or allow dredging along WASHINGTON (UPI I - A Federal Court judge denied a equest to block federal guide-mes requiring newspapers to ibolish the practice of listing lassified job advertisements separately for men and wom-n. U.S. District Court Judge Howard F. Corcoran ruled that the Equal Employment Dollar Seen Ok Despite Franc Cut NEW YORK (AP) - U.S. economists said Friday that devaluation of the French franc probably would be felt more sharply by the shaky British pound than other currencies. They expressed the opinion that the U.S. dollar would be relatively unaffected unless the British found it necessary to again devalue the pound. The dollar, after being weak a year ago during a monetary crisis, has gained strength through an improvement in the U.S. balance of payments and a flow of foreign money into U.S. securities. The economists pointed out that the probable impact can't be assessed until the amount of the franc's devaluation is known. Speculation is that the franc's value, now 20 cents, would be reduced about 10 per cent. "If there is a big devaluation of the franc, I think it is immediately going to put pressure on Britain," said Dr. James Cooper, director of economic research for Irving Turst Co. of New York. "If this happens, I would like to see Britain also given a large line of credit if they are to hold the line on the pound." He said that so far there is no threat to the dollar but that a large devaluation of the franc "would set off a chain reaction in other currencies and this eventually could put the dollar in trouble." ()J Futures NEW YORK (UPI) Frozen orange juice futures Friday closed 45 to 95 points higher. Sales totaled 350 contracts. The range: Open High Low Close Prev. Dec Jan Mar May Jiy Sep B-Bid 51 00 51 60 50 75 51 60 47 00 4 7 90 46 80 47 90 46 20B 46 90 46.15 46.60 50 90 46 95 46 15 46.30 4 7 00 46 30 47 DOB 46 40B 46 50 B 46 75 46 7 5 47 00 B 46 45B 46 00 B 47 20 47.00 47.I0B 46 25B Indexes NYSE INOEXES Close Change Common Index 60 09 0.23 Industrials 62.52 0.32 Transport 56 34 0 28 Utilities 4 29 -0.16 Finance 80.35 0 38 MARKET INDEXES NYSE Index 60 09 up 0 23 ASE Index (32 80 up 0 20 UPI Indicator 137 03 pc up 0 53 pc Dow Jones Ind. 967.06 up 1.93 S8.P 500 Stocks 106.30 up 0.33 MAM J J A $ O N D By GERALD M. LOEB NEW YORK (NANA) -"Today the pits, tomorrow the wrinkles" goes the current ad for pitted prunes. In the mutual fund field the reverse is true. A new wrinkle is sure to pop any minute. The latest wrinkle to gain popularity are funds speciali-' zing in what is known on Wall Street as "Investment letter" stock, This kind of stock has been available practically since the 1933 SEC. Act. It was probably first bought by General Doriot's highly successful American Reasearch and Development Company starting in 1946. Now, new closed-end mutual funds, which primarily will purchase investment letter shares, are beginning to be merchandised to the investor. "Investment Letter" stocks are shares not registered with the S E C. As a consequence, their resale is restricted. Information concerning them is relatively meager. Such stocks can only be bought privately. A letter is signed, signifying that they were bought for "investment purposes" only and not for public resale. Until they become registered (some do some do not I, they can only be resold privately to a buyer who signs the same type of agreement. There are some exceptions, but the rules are vague. Many believe that if held for over two years this is sufficient proof that the original purpose was for investment only. This cannot always be assumed to be true. Registration can only be done by the company itself. Investment letter stock can consist of shares of a company with no stock in public hands. It could also consist of unregistered shares in a company that has registered stock publicly held and quoted. In the former case, the purchase price is wholly a matter of bargaining. In the latter, The investment letter stock tends to sell at a discount. This often runs from 25 per cent to 50 per cent of the going price of their publicly-traded shares, or even more. New and small promotional companies save time and costs by doing their initial financing with investment letter stock. The attraction to the buyer varies. Sometimes it is the discount. At other times it is the hope of getting in "on the ground floor." In a successful situation, there is always a substantial profit between the original speculative limited or non-marketable stock and a public offering. Worthwhile blocks of investment letter stock can usually be bought prior to a public offering. In the current climate, public offerings involve many small allotments and immediate large premiums. Very often, part of the investment letter deal calls for future registration, the company's fortunes permitting. This is a logical field for the funds. Professional fund managers should be able to analyze, price, select and follow such situations to much better advantage than the ordinary small investor. Some can be helpful in the management. The risk lies in the great pools of capital now becoming available, and the limited number of meritorious opportunities. We saw something of this same kind of situation when the S.B.I.C. was formed to help small business. The amount of money exceeded the ability to get sound management and good buys. As in most funds, these new investment letter corporations J f 750 970 960 95CI 940 930 920 I Mon. this appeared encouraging to Wall Street, there was belief both here and in Paris that-the De Gaulle government would still be forced to devalue the franc. The French cabinet will hold an emergency session Saturday, and speculation is that a devaluation of some 7 to 10 per cent will be announced at that time. The franc is currently valued at 20 U.S. cents. The I'PI stock market indi- vided enough fuel when icy temperatures arrive thus, a slight readjustment in midwinter would solve hard-starting problems. Incidentally, choke ad justments should only be made when the engine is cold. Whenever the choke isn't opening or closing correctly, dirt or gum on the linkage or butterfly is generally the offender. Other common causes are a corroded or leaking heat tube, condensation and-or carbon inside the choke cover or a weak thermostatic spring. Q Why do cars with power steering, including mine, squeal when they're making a sharp turn? W.P. A This is a normal condition, caused by opening of the pressure relief valve. Q If I put in hotter spark plugs to get a stronger spark, would this improve engine pep and economy? T.C. A No a hot plug doesn't produce a fatter spark it just retains heat longer. Q During winter, should a car air-conditioner be operated weekly for a brief period? -L.M. A Yes, at least every other week. This will keep oil around the compressor seal and prevent leakage of refrigerant when the system is put into operation next spring or summer. Q I just bought a used '66 and discovered there's a cutout in the distributor cap. What's the purpose of this? LB. A This window enables your mechanic to adjust the points with the engine running, since it's not necessary to remove the cap. TIP OF THE WEEK: The driver is the last to know when his headlights are mis-aimed. i EUGENE B. MILMOE s new 16-page booklet, "Your Car," answers 50 common car problems. Send 25 cents in coin to Your Car. The Palm Beach Post-Times, Box 1672. Grand Central Station. New York. N.Y. 10017.) Florida Vegetables Belle Glade - Nov. 22 FOB Shipping point information for Friday as reported by Federal-State Market News Service. Pre-cooling Extra. Lake Okeec hobee Section : BEANS: Mkt. Steady, bu. Harvesters -9.50. CELERY: Mkt Steady, 16" crts. 2 doz 2 50. 2"i doz 2 75. 3 doz 3 00, 4 doz 3.00, 8 doz 2 75, Hearts 24S4 35 45 CHINESE CABBAGE : 16" crts 1 50 CORN: Mkt. Steady, Crts. 4"i-5 doz. Yellow 3 00, While 4 00 ENOIVE: Mkt. Steady 11-9 bucrts. 2.50. ESCAROLE: Mkt. Steady 11-9 bucrti. 2 25 LETTUCE Romalne -Mkt. Steady, 11-f bucrts 3 00. Boston crts 24s 3 .50, Bibb 12 qt bkts 1 75. PARSLEY: Mkt. Steady crts 5 doz curly 6 00, Plain 5 00 RADISHES: Mkt. steady bkts S. ctns reds 30 6oz films I 50 Fort Myers-lmmokalee Section: CUCUMBER: Mkt. Steady, bu. 13 00, Fair quality 8-10 00. PEPPERS: Mkt. SI. Weaker, bu. Col-Wonder Ige 4 50-5 DO, Med. 3-3.50. TOMATOES: Mkt Steady, 40 lb ctns, 70-75 per cent more US No. I 6 6 Igr. 10 00, 6-7 8 00. 7-7 6 SO Fort PierceSection: TOMATOES: Mkt. Steady 40 lb ctns. 70-75 per cent more US No. 1 5-6 9-10.00, 6-0 9.00, 6-7 8 00,7-7 7.00 Tax Free Bonds Selected daily quotations of tax exempt public authority bonds furnished by the Palm Beach oltico of Goodbody and Co. 832-6331. Chesa Bay Br Fla Turnp III Tull Rd III Toll Rd Ind Toll Rd Jvilie Exp Jvilie Exp Ka Turnp Ky Turnp W Mack Br Auth Mt Turnp Mass Turnp Mass Turnp N J Turnp N J Turnp O Turnp W Va Turnp 54 '00 41' 44' 1 41 '01 96"4 98", 4 96 3". 4-4 3"i 95 824 85"i 5 00 98 ' 100 5 08 '94 76H 70 5 6 97 80 84") 5 23 4 4 10 '03 SO 84"i 5 23 V '94 74 1'4 77 5 07 92', 5 46 88 'i 4 70 97 4 25 4 85 '00 " 4 '94 84 t 4 '89 94" 3 30 '94 75U 71 4 85 4 15 '02 791 3'7 5 29 3' '85 B' 91 4 11 4-H, '06 90 93" 5 04 3"4 '92 871 90"l 3 93 3 '89 68 ' 71 '1 flat Eg Market Lower East Coast locally produced Grade A cartons direct from producer to retailer. Extra large 59-0. mostty 60. Large 53-57, mostly 57 Mediums 46-51, mostly 49-50. Smalls 36-40, mostty 40 Market steady; supplies ample; trading fair to good Florida Eggs, direct from producer to retailer including hotels and restaurants. E Ktra targe 57 0, mostly 56-56 Large 49-56, mostly 50-52 Mediums 45-50, mostly 47-46. Smalls 34-39, mostly 38-39 Loose eggs in small tots. Extra large 59-60, mostly 60. Large 51-57, mostly 55-57. Mourns 48-51, mostly 48-50. Smalls 39-40, mostly 40 hMar-ket firm, supplies ample, trading fair to good Your Social Security By R. C. Gehrken, Jr., District Manager Wot Pilm Btacti Social Security Office Q. I am 43 years old and recently had to quit working because of heart trouble. I am married and have three children in school. My employer told me to go to the social security office and file a claim for disabled benefits. The social security representative told me that my disability had to be in effect for six months before I could expect any payments. But the representative helped me in filing a claim for myself and my family. If no payments can be made for six months, why is it so important to file a claim before the six-month waiting period has ended? A. There are many advantages for filing a claim as soon as possible after you become disabled. Several items of proofs and evidence are needed, such as birth certificates for the children, a record of your past earnings, medical reports from doctors and hospitals, etc. During the six-month waiting period we can help you get the necessary proofs so that your disability payments can start without any delay after the six months. Q. My mother is 83 years old and can no longer care for her own personal needs, We are considering placing her in a nursing home. If the nursing home participates in the Medicare program will Medicare help pay the bill? A. No. From your question, it appears your mother does not need medical and professional nursing care, but simply care to meet her everyday personal needs. Medicare does not pay for this kind of care. .' Medicare does pay for care in the kind of specially-qualified nursing home which is called an extended care facility but only where: 1. The patient has been in a hospital for at least 3 days and a doctor orders transfer to an extended care facility; 2. The patient is admitted within 14 days of the hospital discharge; 3. The patient primarily requires skilled services; and 4. The admission is for further treatment of a condition for which the patient was treated while in the hospital. When these conditions are met, the hospital insurance part of Medicare can pay for all covered services in a participating extended care facility for the first 20 days in a benefit period, and all but $5 a day for up to 80 more days in that same benefit period. (lotion Futures NEW YORK (UPI ) - Cotton futur contract No. 1 closed unchanged across the board. Open High Low Close eng. Jan . 20 75B 20 75B .. Apr II 50N J) SON Jun 23 30A . 21 50N Aug . 22 40N . . . 22 40N Nov 22 SON 22 50N . Jan . 22 SON 22 SON .. Apr ... 22 SON 22. SON .. NEW YORK (UPI! - Cotton futures No 2 closed I to I points contract higher. Dec . War Way Jul Oct Dec War May A Asked, Open High Low 26 55 24 98 26 55 Close Chg. 26 79 13 27 70 8 26 18 -f 14 28 40B 13 27 63BI9 27 50 16 27 60BI6 27 60BI6 27 60 27 90 21 01 28 33 28 35 28 45 27 4SB 27 70 27 45B 27 65 27 40 28 06 28 35 27 60 27 50 27 55B 27 55B B Bid; N-Nominal Sugar Futures NEW YORK (UPI) - The world sugar lutures contract closed 5 lower to 2 points higher on the New York Sugar Exchange Friday There were 2,430 contracts traded The domestic contract closed unchanged and untraded World Sugar Ranges Open High Low Close Prev. Jan 2 8IB 2 82 2 62 2 82 2 87 Mar 3 00 01 3 05 2 95 2 97 96 2 98 May 3 1046 3 12 3 03 3 07 06 3 06 Jul 3 12 3 17 3 09 3 11 3 11 Sep 3 1617 3 20 3.13 3 16 3 14 Oct 3 19 3 22 3 14 3 I6B 3 15 Nov. 3 20B 3 22 3 18 3 ISA 3 18 Jan. 3 22 8 3 20 3 20 3 20 B 3 21 Mar 3 27B 3 31 3 23 3 23 24 3 26 Sales 2 430 Spot Price 2 50 Open Interest 32,544 Domestic Sugar Ranges Close Prev. Mar. 7 68 B 7 66 May 7 7IB 7 71 Sales - none Open interest 741. Spot Price 7.62 Tampa Eggs TAMPA (UPI) - The West Control and Northeast Florida egg and poultry markets. Eggs (oil sales foretellers) Florida Grade A: Eitre large, 52 56 mn.. il'ft cartoned. Large, 49'-S3'4 mot., SOU cartoned. Medium, 45-49 mot., 46 cartoned. Small, 35-42 mo J6 cartoned. Florida hen markets: Hons, light type, all weights, live at term, 0tV-09 mo., 06'. Opportunities Commission guidelines on classified ads were a reasonable interpreta-lon of the 1964 Civil Rights vet and that the Guidelines hould go into effect Dec. 1, as eheduled. The Evening Star Newspa-r Co. of Washington and the merican Newspapers Pub-shers Association (ANPA) sked Corcoran last week to top the guidelines from going nto effect. In denying the request, Cor-oran said that the commis-ion had not exceeded its authority in drawing up the guidelines. He said the commission's interpretation of the guidelines was consistent with '.he statutory powers given it jy Congress. Attorneys for the commission, in arguing against the ANPA request, said that all the G-iidelines require is that the words "Men" and "Women" be eliminated from the top of the classified help wanted columns,. In denying the ANPA request. Corcoran did rule that the guidelines are "not a regulation having the force or effect of law." This left open the question of whether newspapers could be prosecuted under law if they ignored the commission guidelines for eliminating separate job opportunities for men and women. Meeting Set Over Roads VERO BEACH - Closing of two roads in two separate subdivisions will be discussed in a public meeting set for 7:30 p.m. Tuesday at the Indian River County Courthouse. Closing of the roads, which enter State Road 60 near the main canal, was protested before county commissioners Wednesday by approximately 20 residents in the Tropicolony and Albrecht Acres subdivisions. The State Road Department requested the roads be closed because they constitute a serious traffic hazard. The department's plan was presented to the commissioners and interested parties by Ed Powell and Carrol Saunders of theSRD. Traffic will, according to the present plan, be re-routed in and out of the subdivisions. Residents claim the change will prevent them from having direct access toSR 60. Merchants Unit Slates Session STUART - The first meeting of the new year for the Stuart Retail Merchants Association will be Monday at Holiday Inn beginning at 12:30 p.m., the Stuart Chamber of Commerce announced Friday. A division of the chamber, the association is expected to get its membership drive under way shortly. A pre-requi-site to joining the association is membership in the Stuart chamber. Officers are expected to recommend to merchants that window posters be purchased to welcome golfers and spectators to the Pro-Am Golf Tournament which will be held next month at the St. Lucie Country Club. Planning Averts Power Failure TALLAHASSEE (API - A fire which damaged a Tampa Electric Co. plant earlier this week proved the effectiveness of a statewide emergency plan to avoid a mass power failure, the State Public Service Commission said Friday. "The fact that power companies had prepared for the day when one of the group might have a disaster of the kind that hit the Tampa Electric Co. prevented a catastrophe," Chairman Williams Mayo said. He said the interconnected power system was designed to protect Florida from a blackout of the type that hit northwestern states two years ago. J F M A M J July Aup.Sopt. Oct. Nov. 0t. I I I I I rr-il I I I I 1 375 "BStVXSr 350 95Q 325 jpr 900 300 -f4 850 275 soo I' I llTjjf J- L I I f 1 " llll Tur Wd.T' wr. Fri. the shore line. Parker said most of the problem stems from the competing and "often conflicting" interests which are inherent in applications lor approval of bulkhead lines, purchase of submerged lands and approval or issuance of dredge and fill permits submitted" to the trustees. "The atmosphere of conflict and the antagonism thus created has been keenly felt bv me during the past several months," Parker said. "The attacks upon me are unjustified in my opinion and since it appears unlikely the situation will materially improve in the near future. I have reluctantly concluded that it would be difficult for me to continue to discharge my responsibilities as director in such a climate of uncertainty and confusion." Technical Center Semester To Start RIVIERA BEACH - The North Technical Education Center is beginning a new semester in evening vocational education. Classes are offered in technical, industrial, home economics and office occupational areas. Com modi ties (From Thomson & McK innon) Rubber March 2260-2310 No 8 Sugar March 297 No 8 Sugar May 307 Wool Tops March 164-1653 Grease Wool March 2 120 3 1 208 Lead March 1275N Copper March 4460-4670 Z.nc March I2I5N Frozen Pork Bellies Feb 3247-3195 3235-47 Sales 3637 March 3245-3200-3230-20 Sales 1 1 19 May 3260-32 1 7-3235-47 Sales 429 July 3285-3257-3265 Sales 120 Aug. 3232BIO-3I85-32I0 Sales 52 250 Men. Tu.t. WttJ. Thun. Fri. High if Sine fli Soh$ fb. 2 J, )966. - . Sliid Ocf. 17 . 1 - I, A , r I ' Chitd 360 35S 356 354 352 350 34S 346 344 Ctofd 359.4 a week ago. The Dow Jones average of 30 industrials also advanced closing at 967.06 Friday, up from 965.88 last week. STOCKS AVERAGES UP AGAIN - For the third straight week, the Associated Press average of 60 stocks moved higher, closing Friday at 359.8, up from

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