Alton Evening Telegraph from Alton, Illinois • Page 39

WEDNESDAY, DECEMBER 17, 1969 Active Issues, Stock Market Take Losses ALTON EVENING TELEGRAPH NEW YORK (AP) The stock market continued its losing way in moderately active trading this afternoon, with declines leading advances by better than 100 issues. Some analysts said that in an oversold market there might be some temporary holding at certain levels, but over all there was no basis for a sustained upward drive. The Dow Jones industrial average, ahead by a point in early trading, slipped back to 773.30, off 0.53, at noon. Motors, rubber issues, metals, rails, oils, and drugs were mostly up, while steels, aircrafts, electronics, airlines and tobaccos were off, and farm imple- Livestock Prices At East St. Louis NATIONAL STOCKYARDS, 111.

(AP) Estimates for Thursday: Hogs cattle calves 200; sheep 200. Hogs barrows and gilts strong; U.S. 1-2 200-230 Ibs 28.0028.25; 1-3 200-240 Ibs 27.75-28.00; 2-3 220-250 Ibs 27.25-27.75; 2-4 240-260 Ibs 6.25-7.25; 1-2 270180 Ibs 6.526.50; sows uneven- 1-3 300-350 22.75-23.50; 350-400 Ibs 22.00-22.75; 2-3 400-500 Ibs 21.00-21.50; boars 19.25-22.00. Cattle calves 100; uneven; 1 steers choice and prime 1,075 Ibs 29.25; high choice and prime near 1,250 Ibs 28.00; and choice Ibs 28.50-29.00; heifers choice Ibs 27.00-27.25; small lots 27.50; co utility 18.00-20.00; bulls 23.00; 25.50; choice vealers 28.00-40.00; choice calves 24.00-28.00. Sheep 450; choice and prime 27.00-28.00; ewes good and choic 6.50-7.00.

Eggs Poultry At St. Louis ST. LOUIS (AP) eggs, consumer grades; A large 58-63, A medium 55-60, A small 39-43, large 50-54; wholesale grades: standard 50-52, medium 45-47, unclassified 34-35, large 50-54, wholesale grades: standard 5052, medium 45-47, unclassified 34-35. Hens: heavy 15; light, over Ibs 11; under broilers and fryers this week's delivery. IRREGULAR? DUE TO LACK OF FOOD BULK IN VOUR DIET BRAN BUDS" ments, utilities, chemicals, and building materials were mixed in midday trading.

Eleven of the New York Stock Exchange's 20 most-active issues lost ground, 8 advanced, and 1 was unchanged. Leading the list of active issues around noon was the Jim Walter off to on volume of 173,700 shares. American Stock Exchange issues fell over a wide range, with 8 of the 20 most-active issues on the down side, 9 were ahead, and 3 unchanged. 12 Selected Stocks Following are today's noon quotations of New York Stock Exchange issues research has indicated are widely held in the Alton as supplied to the Alton Telegraph by Newhard Cook from its Alton branch office. The New York Exchange closes daily at 1 p.m.

(Alton time), so these are not the closing quotations: 8 Clark Oil General Motors 6614 Granite City Steel 11 Mobil Oil 45 Olin Mathieson Owens-Illinois Sears 0734 Shell Oil Co Squibb Beechnut Standard Oil (Ind.) 4514 Standard Oil (NJ) U.S. Steel 33 Poor Luck With Gift LOUISVILLE, Ky. (AP) A truck crushed the Christmas present and the teachers were the children of Southwick Elementary School without a ping pong table. Bobby Thomas and Woody Schwartz, interns in the federal ly financed Teachers Corps, had bought the table with money do nated by them and the school's six other intern teachers. But as they drove to the school with the table on top of a car, it flew off onto an expressway.

They stopped, but before they reached the table a truck had smashed it. Then two policemen issued them a ticket for illegally park ing on the expressway. They returned to the school, table-less, and the interns made new collect money to pay the traffic ticket Wheat Futures Down CHICAGO (AP) Wheat futures advanced today more than 1 cent a bushel on the Chicago Board of Trade. Other grains and soybeans, which had been weak on the opening, strengthened in a kind of reflective activity from the wheat pit. The buying of wheat futures was generally influenced by trade reports that Russia's crop this year fell 10 million bushels under expectations.

The trade envisioned Russia a good customer of Canada for wheat, thus possibly making U.S. wheat more available for export. After prices had ad vanced cents there was small profit taking. There was a small amount of hedging in the corn pit on the opening but it was easily absorbed by processor and commission house buying. After about an hour, wheat was to cent a bushel higher, December 1.45%; corn was unchanged to higher, December 1.16%; oats were lower to higher, December cents; rye was lower lo higher, December 1.12% and soybeans were unchanged to 4 higher, January 2.4714 Emergency For Santa PHILADELPHIA (APP) Th 19th Police District station had been decorated by neighbors for a neighborhood Christmas party Tuesday, but then word came that the expected Santa Glaus couldn't make it.

A quick call by Capt. Joseph Holden solved the problem. A veteran Santa showed up to the delight of the 400 waiting children. The substitute Santa looked a bit like Mrs. Cecelia Falcone, 68, who has played Santa 19 years at children's homes and at schools, churches and homes for the elderly.

Coward Is LONDON (AP) Noel Coward, just turned 70, was lauded by Lord Mountbatten of Burma as "14 different people" at a dinner in the playwright's honor Tuesday night. Mountbatten noted that Coward had written 27 plays and 281 songs so far. Actor Sir Laurence Olivier, in another speech, described Coward as "utterly unspoiled." "That's what you think," muttered Coward. PAGE D-5 stf PRIMITIVE two-horse funnanka is driven through the gray, wet streets of the Baltic port of Gdynia in Poland. Such carts are often used to transport coal in Polish cities.

Very few peasants have tractors or automobiles. (AP Wircphoto) Recommendations Ready on Petroleum Product Import By JEAN HELLER Associated Press Writer WASHINGTON (AP) A presidential task force has all 3ut wrapped up a series of recommendations which would drop the basic price of American oil by permitting a substantial increase in imports of cheaper foreign petroleum products. Sources close to the cabinet- level task force say there are just two major decisions to be made before the recommendations go to the White House. The target date for delivery is Jan. 1, but it probably would be some time after that until the report is released.

Basically, these sources said, the task force will recommend to President Nixon that he junk the present import quota system, which permits individual companies to bring in specific amounts of foreign oil each year. In its place, they added, the task force will recommend a tariff system which would bring up the price of foreign oil delivered to the United States. In addition, more foreign oil would be approved for import. The two factors, the task force believes, would bring down the price of American oil. The plan would cover a three-year span, from July 1,1970 to July 1, 1973.

Just how far down American oil prices should come is one of the final decisions yet to be made. It was learned that members of the task force have pro- posed $3.10, $3 and $2.51) a barrel. The price now is about $3.25, and it is understood that the $3 mce is favored by most task force members. Foreign oil delivered to this country presently costs about $1.25 a barrel less than U. S.

oil. The second decision yet to be made is the exact level of tariffs on Latin American oil, most of which comes from Venezuela. The task force recommenda- are understood to be that 600,000 barrels a day of Latin American oil be imported into the United States at the beginning of the three-year program and 690,000 by 1973. The mostly likely tariffs on thai oil, sources said, would be about 80 cents a barrel for crude oil, 90 cents a barrel for finished petroleum products and ".25 cents for residual oil. Nixon has promised Latin America preferential treatment on trade matters, and the tariff system is in line with that promise.

But some members of the task force say these tariffs are FREE HOLIDAY GIFTS WHEN YOU EKROLl III OW 1970 tub NOW JOIN THE ONLY CHRISTMAS SAVINGS PLAN IN THE AREA THAT GROWS EVERY DAY! PER YEAR INSTANT INTEREST COMPOUNDED DAILY! Get all the details of this growing savings plan. your FREE from one of our savings counselors when you open or re-open a Kris Kringle Klub Savings Account, felt ANP LOAN ASSOCIATION EAST THIRD STREET'ALTON, ILLINOIS.PHONE 465-4483 not preferential enough. Under recommendations apparently already firm, oil imports from Canada would be permitted at a rate of 600,000 barrels a day in 1970 and 690,000 in 1973, the same as Latin America. Mexican imports would be 30.000 barrels in 1970 and 34,000 in 1973. Tariffs on both would be 10,5 cents a barrel for crude oil.

Middle East imports would be based on demand within the United Stales. Imports would be 8 per cent of demand in 1970 and 10 per cent in 1973. Tariffs on this oil would be about $1 per ban-el on crude oil, $1.10 on finished petroleum producls and 35.25 cents on residual oil. In addition, because Middle East oil is so much cheaper, the privilege of importing it would be auctioned off to the highest bidder and the bid prices added to the tariffs. Only the winning bidders would be permitted to imporl Middle East oil.

With other foreign oil, any company with the price of the tariff could bring it into the United States. Desertions Serious Threat to Plan For Vietnamizing By FRED S. HOFFMAN Associated Press Writer WASHINGTON (AP) Desertions from the South Vietnamese armed forces increased this fall despite efforts to solve what officials say is the second most serious problem in Viet- namizing. The rise was relatively slight nine desertions per 1,000 men in September to 10 per thousand in officials are concerned because the rate is not dropping. With more than one million men enrolled in the South Vietnamese forces, the rate of 10 desertions per one thousand men adds up to a loss of 10,000 men a month.

Defense Secretary Melvin R. Laird recently told Congress desertion ranks second only to development of Vietnamese mili- leadership as major problems in "Vietnamizing" the war. "With the exception of those two problems the forces are well ahead of schedule in train- ng, in their combat responsibility, and in taking over this responsibility," Laird said. U.S. officials took some comfort in the fact the desertion rate this fall is still below last year's high of 14 desertions per one thousand men in October 1968.

They said the main problem lies in the regular South Vietnamese army. The record of the elite units such as Ihe Vietnamese marines, airborne and air force Is said to be extremely good. Also, desertions are reported low in militia forces, apparently because these men serve close to their homes. As far back as 1965, the U.S. command in the war zone was working with Saigon's military leadership on various approaches to improving the lot of the Vietnamese soldiers and their families as a way of curing a chronic desertion problem.

Apparently, these programs either fell short in concept or execution, probably the latter. Laird described the desertion problem to the Senate Foreign Relations Committee this way: "It is attributed largely to the fact that many of these soldiers in the South Vietnamese forces did not have adequate contact with their family. Most of these desertions, when we traced them out and checked them out, are the South Vietnamese returning to their families. "There is no way right now for them to deliver money to their families Many times, after they have been gone, after four or five months, they begin to worry how the family is getting along so Ihey just pick up and leave. Many of them might show up later in the regional forces or the popular forces "We are trying lo sel up places where families can stay together.

"We are also encouraging them to go forward with a means of seeing that the families can receive some allowances so that the men who are in the service do not have that particular concern." Personal Million More For School Lunch Program Planned By DON KKNDAU, school year. AP Farm Writer A chief concern of many dele- WASHINttTON (AP) The I Rales to the recent White House Finance B.v CARLTON SMITH ant! RICHARD PUTNAM PRATT Suppose you could invest in mutual fund shares with the assurance in the form of an nsurance policy that you voukln't lose money on a 10- a invest merit program. Would that alter your outlook in investing and your behavior is an investor? Such insurance against loss is ibout to become a reality one U.S. and one British company have announced 1 a i 1 of their "capital guarantee plans" and the 'implications for the future of, he mutual fund industry arc mormons." in the opinion of one knowledgeable professional. The "capital guarantee" plan means that your mutual fund shares, -together with dividends larnecl over the 10 years (and must be worth at oast as much as your total oiit- of-pockcl costs, including both nitial sales charges and the insurance premium itself.

For example, you hand a broker $10,000 for the XYZ Fund. There is an 2 per cent "load," so you actually acquire only $9,150 worth of shares. Insurance cost is based on 3 per cent of the face amount, or $300. You've therefore laid out a total of $10,300, and your guarantee says thai your investment will be worth at least this much at the end of 10 years, or the insurer will make up the loss to you. Those arc figures for a lump sum investment; the insurance will also be available on monthly premium in connection with a monthly investment program.

The question that has to be answered (or should be) by any purchaser of insurance is: What's the risk I'm insuring against and is it worth the cost? Dr. Harold Oberg heads up mutual fund research for the Arthur Lipper an institutional brokerage firm that numbers many funds among its clients. Here's how he went about calculating the investor'; risk: The data used covered 88 years of price changes (1871 to 1958) in Standard Poor's 500 Stocks. Into these 88 years you can fit 322 investmen periods of 10, 15, 20 or 2f years. For example, one 10-yeai period is 1949-58; another ii 1948-57, etc.

Keep moving your decade back one year at a time, and you get 88 of these 10-year periods. Of the longer periods, 15 to 25 years, there are 234. All together they add up to 322 possible periods of investment, Oberg assumes that in any of these periods a mutual fund, with the advantage of professional management, will do at least as well as an unmanaged group of 500 stocks, whose average is used as a broad market index. And in the 322 investment periods considered, the average recorded "gains, frequently substantial, in 300 periods," Oberg reports. In short, 93 per cent of the time, a period of 10 years or more worked out to a gain.

The longer the period, however, the greater the probability of gain. Among the 25-year periods (72 of them), only one showed a decline. Bui the average fell over a 10-year period in 11 of the 88. The i' data included no dividends, though, and Oberg notes that their inclusion would have "materially reduced" the number of loss periods. To sum il up, equity investments in general average out very well over a period of years.

Nixon administration plans to put an extra $100 million into school lunch programs. The intention, officials say, is a free or modestly priced meal for every needy youngster by the end of Obituaries House JEHSKYVILLE Mrs. Dica Vt. Antrobus House, 77, died at :10 a.m. today at Yingcr Nursing Home, Alton.

A retired employe of Beverly Farm, was a daughter of he late Mr. and Mrs. Isam II. Anlrobus. Her only survivors are nieces ind nephews.

Friends may call after 4 p.m. Thursday at Jacoby Brothers Home, villc, where services will be con- lucted at 1:31) p.m. Friday Burial will be in Oak Grove Cemetery. The Jerscyvillc Order of Eastern which she was a member, will conduct memorial services at 8 p.m. Thursday.

House, Senate Settling Tax Reform Differences By EDMOND LeBIlETON Associated Press Writer WASHINGTON (AP) House and Senate conferees have set- lied aboul half Iheir differences written into separate tax reform versions, but still face such sticky issues as the oil depletion allowance and increasing the personal income tax exemption. These indications came on the third day of the conference to resolve about 400 variations be- Iween Ihe lax measures passed by the two chambers. Rep. Wilbur D. Mills, conference chairman, told newsmen the work is running ahead of schedule.

He said the negotiators may have all their decisions made as early as Thursday night. This could permit a final vote in the House by Saturday. But Monday appeared a more likely date. In either case, prompt Senate action was expected, releasing the legislators to go home for Christmas. Tuesday's conference session strelched over 11 hours, wilh breaks for lunch and House and Senale roll calls.

Members observed a secrecy agreemenl on decisions. Most of the agreements reached so far apparently are on minor and technical matters, although Mills insisted "we have handled some of the lough ones." One of Ihese apparently was the limit on farm deductions by persons not primarily engaged in farming. Bolh versions of Ihe bill as passed would apply only to relatively large amounts of farm income, but the method of limiting deductions against other income differs in the two. Johnson Warren Johnson of Larsen, husband of the former Audabellc Peach, formerly of Wood River, died at 3:30 p.m. Monday.

Besides his widow, he leaves his mother; a son, James of Rockford; two daughters, Mrs. Larry Secley of Riverfalls, Wis. and Joan at home; sisters and brothers; and a grandson. Funeral services will be held at 2 p.m. Thursday at the Lutheran Church of Winchester, Wis.

The Kessler Funeral Home, Meenah, Wis. is in charge of arrangements. Bramian CARROLLTON Melvin W. Brannan, 36, died at 7:30 a.m. today at Lincoln, 111., where he had been hospitalized for the past two months.

He was born Oct. 2, 1933 in Carrollton, a son of the late Charles and Florence Brannan. Before moving to Carrollton, he lived in Greenfield for Ifi years. Surviving are brother, Elmer Brannan of White Hall; and five sisters, Mrs. John Smith of Carrollton, Mrs.

Jame Boal of Clarkston, Mrs. Jake Herring of Jerseyville, Mrs. Harold Herring of Fidelity and Mrs. William Bailey of Medora. Visitation at the Hires Funeral Chapel, Carrollton, will be after 2 p.m.

Thursday. Funeral services will be held at 2 p.m. Friday at the funeral home followed by burial in Richwoods Cemetery, near Eldred. Wickcnhauser Rites Father Lawrence Auda was celebrant of a Funeral Mass Tuesday morning at St. Matthew's Catholic Church for Leo Wickenhauser, a retired building contractor.

Father Auda delivered the sermon and officiated at committal at St. Joseph's Cemetery. Pallbearers were Joseph Wickenhauser Dale Wickenhauser, Frank Wickenhauser, R. L. Hudson, Michael Parsons and William Thompson.

hunger conference was free lunch and breakfast school programs. To dramatize their concern more than 500 delegates turned in their $18 a day conference meal tickets. The Agriculture Department figures there are 6,6 million needy youngsters when it comes to school meals. To enroll all of these in the school lunch program is now the department goal, says school lunch director Herbert D. Rorex.

Last year 3.1 million took part. Of the total of needy children some 80 per cent are expected lo get a lunch, and in a few cases, a breakfast too, free. The rest will get meals costing more than 30 cents at 15 cents off. Meals costing 25 cents or less would be available at a dime less. There are problem areas.

Rorex said of the 6.6 million needy youngsters about 1.6 million attend schools where kitchens are inadequate or do not exist. Efforts are being made to iring these schools into the fold, ie said, and one plan is letting contracts to caterers to provide unches. Another approach is federal grants for facilities at inner city schools. All told, Congress appropriated $608.7 million for school feed- ng programs last year. Rorex said the total this year could top more than $700 million.

The department released a preliminary report Tuesday on how school feeding programs were working. The report, based on a study in March last year, found: million or 39 per cent of the nation's elementary and secondary school enrollment received meals at school. were available at 76,000 of the nation's 105,150 public and private schools; 61 per cent of schools in the Northeast had meal programs compared lo 95 per cent in the Southeast. Eisenhotvers Planning Trip WASHINGTON (AP) Julie and David Eisenhower will make a first wedding anniversary trip lo Europe starting Saturday, taking advantage of a low- cost student air fare to Brussels. As studenls al Smilh and Amherst respectively, they qualify for a $200 round trip fare.

The regular tourist round trip rate is $464. With them on the visit to David's parents, Ambassador and Mrs. John Eisenhower, will be David's sisler, Susan. STREEPER Funeral Home 1620 Washington Alton, Wood River, Bcthalto PEARL BAILEY Services 2 pm Thursday, Gent Chapel Rev. Owen C.

Carr officiating Burial Upper Alton Cemetery In state at the chapel after 5 pin today. ROSEMARIE SCHULMEISTER Services 10:30 am Thursday, Gent Chapel Rev. Father John M. Young officiating Burial Benld Cemetery In stale at the chapel after p.m. Wednesday.