December 19, 1976 PAC.K 22 HAYS DAILY NEWS Wall Street Unsure Of Arab Oil Cartel Price Decisions By FRANK W. SLUSSEK UPI Business Writer NEW YORK — Prices closed little changed this week in active trading on the New York Stock Exchange as Wall Street tried to determine the effect and real meaning of the oil cartel's rale increases. The Dow Jones industrial average finished with a gain of 5.91 points to 979.06. Its close of 983.79 Wednesday was the highest since it finished at 990.19 on Sept. 30. The blue- chip average encounted profit taking all week, having climbed nearly 60 points in the previous month and a half. On a broader scale, the NYSE common stock index lost 0.09 to 56.24 and Standard & Poor's 500-stock index, which includes some over-the- counter stocks, eased 0.44 to 104.26. However, advances topped declines, 1,040 to 826, among the 2,118 issues crossing the tape. This indicated a large number of low-priced stocks were traded by investors not wanting to be left out of the three-week-old yearend rally. Volume totaled 126,070,030 shares, down from the 133,299,690, but up from the 84,625,390 traded during the same week a year ago. Investors were elated and then mystified when Saudi Arabia—the West's largest oil Carter Urged Not To Give Draft Amnesty WASHINGTON (UPI) — A bipartisan group of 106 current and incoming House members has told President- elect Jimmy Carter that pardoning all Vietnam War draft evaders would be a "serious mistake." "As those responsible for instituting or eliminating the Selective Service System law, we feel it is important for you to know there is a large body of bipartisan opposition to the pardon," the 67 Republicans and 39 Democrats said in a letter to Carter, released Friday. The letter was circulated by Rep. G.V. Montgomery, D-Miss. "While we each have our own individual reasons for opposing what amounts to a blanket pardon for those who evaded the draft during the Vietnam conflict, we are united in asking for your reconsideration of this decision." supplier — and the United Arab Emirates raised their prices 5 per cent while the other members of the Organization 6f Petroleum Exporting Countries hiked theirs by 10 per cent effective Jan. 1. The 11 plan another 5 per cent jump for July 1. Saudi Arabia, which unsuccessfully pushed for a six- month freeze, also removed its oil production ceiling, which will make it difficult for the others to maintain their higher prices; that is, if Saudi Arabia can gear up quickly enough to produce more to meet an expected increased demand. Sheikh Ahmed Zaki Yamani said he didn't think the others could make their prices stick. He also termed as ."wishful thinking" speculation that the cartel had been broken. President-elect Carter indicated he was grateful for Saudi Arabia's efforts. Yamani said, in effect, "you owe me one." President Ford denounced the, higher price increases as inflatinary and "irresponsible." A northeast utility director shouted "burglary." Oil executives said didn't know what to make of the decisions until they see price lists. And economists said the hikes were ill-timed because the world hasn't fully recovered from its recent recession. OPEC's meeting in Qatar this week overshadowed government reports, some of them favorable. Commerce Department revisions showed its economic 1 indicators didn't fare as badly during the past several months as had been thought. Personal income rose 1.1 per cent in November, the largest jump since August 1975; industrial production increased 1.2 per cent in the same month, and factory operating capacity improved. However^ retail sales fell 2 per cent last week. Business inventories grew uncomfortably large and sales were slipping. Housing starts dropped 6 per cent in November. But building permits climbed a sharp 6 per cent. The nation's basic money supply increased and loan demand at New York's leading banks rose $479 million. In a step that could buoy the market next week, the Federal Reserve Board late Friday lowered bank reserve requirements slightly, signaling a continuing effort to ease credit. Interest rates should decline even more than they have recently and make higheryielding stocks more attractive. Carter, who believes the nation's "severe" economic problems are worse than he envisioned six months ago, promised to unveil a booster program before he takes office Jan. 20. He said he leans toward job-creating actions, with a tax cut added if needed. He'll also try to balance the budget by 1981. At the end of the week, several analysts said OPEC has given Carter the justification to propose a tough energy program on a nation that, in spite of rising prices, has increased its consumption of oil. Banking Progress This automated terminal will b» located at Farmers State Bonk and Trust Company's branch at 29th and Plain and will allow the bank's customers to conduct business 24-hour* a day. Bank Terminal Introduced Automated banking Is .being introduced-to Hays by the Farmers State Bank and Trust Company. . Under the automated system, bank customers will receive a plastic card with which they can withdraw cash, make deposits, loan payments or transfer fund&24- hours a day. The automated terminal will be located at the bank's drive up branch .at 29"th and Plaza. Patience Essential In Developing China Trade SAN DIEGO (UPI) — Good contacts and patience are essential in developing trade with the People's Republic of China, according to American delegates to the November trade fair in Canton. , "Trade with China is based on friendship, patience and then trade," said Remi O'Connor, trade division manager for the San Diego Chamber of Commerce. "We learned the ropes on business with China," said Lee Grissom, another member of the chamber . I Family Lawyer "We Are Not Responsible" Marvin decided he had a good claim for damages after hurling his shoulder in a golfing mishap. He had been thrown out of a golf cart when it tipped over. The cause: grabhy brakes. But in a court hearing, the rental company brought out the By Justin Gottscnalk EFFECTIVE CONTRAST has as much to do with achieving individuality and dlstinc- tlvonets In home furnishings ai the harmony of the various elements. Time was when there was more of a tendency to feature living room sets with everything matching. The design and finish was the same for every table, as well as for the visible framing on chairs and sofa. Chairs and sofa also matched, not only In style but In identical fabrics. While this kind of total harmony can be pleasing, It's like having an orchestra made up entirely of string Instruments. That too can be pleasing, but full orchestration comes with introducing other Instruments. Wise decorators today suggest greater variety In your furnishings. It's not necessary to have wood tables all In the same color and finish — many smart tables are now being made with two different finishes in the same unit. Periods can also be mixed. A traditional piece can be extremely effective In a modern room. Even where several periods are blended, the room can achieve unity through the harmony of colors and textures In carpeting, wallpaint, draperies and furniture fabrics. Whether you're looking for a fine individual piece of furniture that will live happily together In your entire home, our decorator-salesmen will be happy to help you. Come In toon. JUSTIN'S FURNITURE th< Main 625-7318 contract form which Marvin had signed. "It says we are not responsible for any injuries even if we are negligent," said the, company. "That puts us in the clear." However, the court pointed out that the "not responsible" clause was buried in a thicket of legal verbiage. Finding it invalid, the court ruled in Marvin's favor. Suc!h clauses are often used in sports and entertainment activities to protect the management against lawsuits. Bui generally speaking, the law is reluctant to let management—or anyone else, for that matter—escape responsibility for negligence. Hence, the courts tend to disregard these clauses if they reasonably can. In another case such a statement appeared on the tickets sold at a rollei' skating rink. But the tickets were immediately collected at the door. A jury decided this arrangement did not give patrons fair warning of the management's claim of non-liability. On the other hand, such a clause will usually stand up in court if the message gets across successfully. At a gym, a woman skidded on a slippery spot in the locker room. Hut when she sued for damages, the management pointed to her membership contract, excusing it' from any and all liability. The contract language was perfectly clear. Furthermore, the woman had had plenty of time to read it. Accordingly, a court upheld its validity and turned down her claim. "She voluntarily applied for membership and agreed to the terms upon which this membership was bestowed," said the court. "She may not repudiate them now." A public service feature of the American Bur Association and the Kansas Bur Association. Texas Gas Production Exceeds Expectations AUSTIN, Tex. (UPI) — The for this year, but he estimated decline in natural gas produc- oil production will decline 2 tion in the nation's leading per cent in fiscal 1978 rather petroleum producing state has than the 1 per cent expected not been as steep as the in- originally. dustry said it would be, according to the state comptroller. Consequently, Comptroller Bob Bullock has increased by $49 million his'estimate" of the amount of revenue Texas will earn from natural gas taxes in the year ending Aug. 31, 1977. The state is the top oil and gas producer in the nation and a major supplier of natural gas to non-producing states. Using industry assessments, Bullock originally estimated Texas natural gas production would decline by 5 per cent in the current fiscal year, by 4.5 per cent in fiscal 1978 and by 4 per cent in fiscal 1979. He revised those figures last month, predicting a decline of 4 per cent in gas production this year, 3 per cent in fiscal 1978, and 2 per cent in fiscal 1979. "These decline rates are more optimistic than what you will find in most of the industry," said Ken Huff, director of revenue estimates in the comptroller's office. "One reason we're more optimistic is simply because the decline rate of last year hasn't been of the magnitude they said it would be." Bullock's estimates on the rate of decline in oil production were unchanged Mack Wallace, a member of the petroleum'governing Texas Railroad Commission, and a representative of a major state gas producers organization agrees with Bullock's new assessment showing Texas' gas production is on at least a temporary upswing — primarily because of higher prices. "Our projection is the same. We are slowing the decline and making significant strides in gas production," said Earl Turner of the Texas Independent Producers and Royalty Owners Association. "If the incentive is there, we're going to shock a lot of people by the amount of gas we make available. We're finding new gas. We're drilling a lot of new gas wells. Historically, oil men didn't drill for gas, they found it coincidental to the search for oil. But now that the price of gas has reached profitable levels, we're looking for gas." Wallace acknowledged there is increased drilling for gas in Texas. "In the event of production will stop. It (deregulation) will result in an increase in production based on the fact much gas lies in offshore federal waters and is covered by the interstate price." He said the number of gas wells completed in Texas during ,the first n ,months of 1976 was up 24 pet cent over 1975. "Certainly that additional drilling is based on price, so again we can' make the ob- delegation to the fair "We learned what's available, we learned who's who in business in China and we learned how to get invitations to the (semiannual) fair." "The key point is that the process of trading with China as a very slow and meticulous one that, can be cranked up or turned off, depending on the political feelings of the leaders of China," said Richard G. Capen Jr., who led the delegation. He suggested that firms wishing to set up trade relations make contact with Chinese leaders to "get in on the ground floor" because "the Chinese will deal with familiar faces." Capen, chamber vice president and senior vice president of Copley Newspapers, Grissom, the chamber executive vice president and general manager, and O'Connor represented the chamber on a special invitation to the Chinese Export Commodities Fair. "We were the only chamber of commerce invited to this fair," Grissom said. He-said he the group made important contacts with Chi- ne'se busifiess leaders -and gained "a • three-dimensional view of China" as to its life style, its products and "the way they do business." An elaborate committee Peking, he said. The travelers cautioned that quick results could not be expected. "Trade with China is in its infancy," Grissom said. "There are going to be lots of starts and stops." He said the Chinese business leaders and progressive American corporations realize it can take a long time to build a trade bridge between the two nations. Capen said the Chinese would be "very cautious of how they open this (trade) door" because of historical differences with the United States. "Mutual benefit in trade" was a theme that was expressed often to the Americans during their visit, he said. "It's going to be a trade servation that while others are system is used to dea , with dragging their feet, Texas is doing its job." Wallace and Turner say significant steps still are needed to reverse the decline in oil production, however. Wallace advocated restoration of the 27.5 per cent depletion allowance and curbs on oil imports to encourage domestic oil exploration, and said Americans must be encouraged either through legislation or tax breaks to conserve energy. Turner said the number of drilling rigs would have trvbe doubled to stop the decline in oil production. "It won't be done as long as there are so many uncertainties in regard to the deregulation of prices, in my wellhead price and the tax opinion, the decline in picture," he said. Real Estate Transfers Estate By BOB FINCH REALTOR THE MONEY TREE In my experience, money and elbow grease spent wisely on landscaping will pay off handsomely in adding value to your property - in dollars - not just in impression. Some go as far as to say a mature tree in the right place is worth a thousand dollars. Landscaping gives a house personality. It is exterior decoration. Landscaping and the house facade greet the visitor and give them that important first impression of the owner as well as the home. It can work both ways, too. A plain house can be made attractive with the right landscaping. A beautiful house can become ugly with the wrong landscaping. In fact, a prospective buyer will have a pretty good opinion of what the inside of the house will look like by the time he has finished pursuing the appearance of the exterior decoration. Aside from increasing value, good landscaping pays dividends in other ways. It adds pleasure to your family's life. And it's not all that difficult to achieve and maintain. . (NOTb) We're here to help you should you have a question regarding the sale, exchange or purchase of real estate. Phone or drop in at Bob Finch & Associates, Inc. Realtors. 625-7313. Hays Kansas REAL ESTATE TRANSKERS JTWD Glen A Curtis etux to Dr. F Rodman Landon etux E-2 & SW-4 of 2515-16 ESTATE PLANNING A Financial Art •BUILDING: Assets •PRESERVING: liquidity •TRANSFERRING Minimizing Taxes •Appraisals •Farm & Commercial Property Management •Administrators For more Information contact Financial Planners: R. Edwards Allen I. J. (Bud) Brwngardt 2T07Vln*#13 H«yi, KMIU tll-tll-Mll ESTATE PLANNING & MANAGEMENT Bonded for your protection JTWD Darwin L Ashbaugh etux to Darrell E Zachman etux Lot 14 & N 13' of 13 Blk 2 Hesse Bros. Add. Special WD Sun Oil Company of Pa to E.ll. Janzen Lots 23,25,27 Blk 88 D Gottschalks Add Less Tract Corp D Western Plains Service Corp to Gary J. Schmidt & Ralph P. Gottschalk Lots 5 & 6 Blk 9 Golden Belt Add 1st JTWD Lola M Hinkhouse etvir to Hobert M Ortli Lot 13 Blk Replat Sunrise Add. WD T Joe Martin ctux to James E Hyabik etal W-2 of 13 Blk 17 Fairview Add. WD T Joe Martin etux to James E Kyabik etal Lots 12,14, Blk 17 Fairview Add. WD Donald L Gottschalk etux to Gottschalk Bros. S-2 SE^I 12-14-20 Corp D MPS Construction Inc to Stephen T. Knopp etux Lot 26 Blk 15 Sunrise Add Replat WD Jake Pfannenstiel etux to James L. Pfannenstiel W 2 Lot 12 Blk 1 St Mary's Add Ellis WDJT Michael E. Palmer etal to . Timothy A. Dreiling etux E 50' Lots 7 & 8 and E 50' of S 35 Lot 8 Blk 17 Fairview Add JTWD Van Doren Development Co to Duane F. Bieker etux Lot 4 Blk 3 Seven Hills First Add JTWD Marvin F. Gross etux to T. Joe Martin elux E 45' Lot 12 and W 25' lots 16, 17,18 Blk 18 Fairview JTWD Marvin D. Goetz etux to Winfred D. Goetz etux N2 SE4 15-14-16 JTWD Paul Molleker elal to James A. Glassman etux Lot 10 Blk 2 P.C. Dechanl 2nd Add JTWD Jacob Molleker Jr elal to James A. Glassman etux Lot 10 Blk 2 P.C 1 Uechant2ndAdd WD Allen Schoenthaler etux to Bob Finch & Associates Inc Lot 4 Blk 1 Seven Hills Add WD Leo Stramel etux to Earl J Leiker Lot4BlklPfeifer WD Henry T Marcotte etux to Olive M Marcotte Lot 13 Bk 4 Northridge Add WD Henry K Marcotte etux to Henry T Marcotte Lot a & N-2 of 10 School Add. WD Henry T Marcotte etux to Henry T Marcotte Lot 206 Castillian Gardens 1st Add. balance between China and the United States, or in their favor," he said. "They're not going to run a deficit." The trio said they were led to believe the present $500 million trade flow between the United States and China could be multiplied by 10 or 12 times in years to come. Present commodities to.be obtained from China include antiques, laces and handicraft items, pharmaceutical chemicals and raw materials of the bulk type, the delegates said. Supplying machinery and light industry are areas in which the United States can aid China, Grissom said. He added the United States could supply some foodstuffs to the Chinese who, in turn, could export some of their homeproduced foodstuffs to the Far East. requests for invitations to attend the fair, Grissom said. The primary agency is the China Council for Promotion 'of International Trade. "The United States doesn't have full diplomatic relations with China," Capen explained. "You deal with Peking." Requests involving specific industries "filter down" from Peking to the various industrial corporations operating in China, and reponses are returned via The U.S. Department of Agriculture publication Farm Index reports that early indications point to a record consumption of'beef and veal this year — 123 pounds per person, three more than in 1975. Averages Dow Jones Average of 30 industrials closed Friday at 979.06, up 5.91 from last week's close. WD Henry T Marcotte ctux to Henry T Marcotte Lot 4 Blk 14 Hill P Wilsons Add. WD Henry T Marcotte elux to Henry T Marcotte Lot 6 Blk 14 Hill P Wilsons Add. WD Henry T Marcotte etux to Henry T Marcotte Lots 11, 13, 15, 17, Except N 16.2' Blk 43 Hays Orig. WD Nellie M Evans to Virgil J Staab SW-4 20-12-lBV.i Min Resv. WD Albert Weigel Jr etux to Kenneth C. Havnor etux Lot 11 Blk 6 Seven Hills Add QCD Ruth R. Harris to Julia Harris Garrigues Lot 5 & 6 Halstead & Baxter Add WD Edith M. Hall 4 Sweetwater Ranch Rec Inc to Robert E. Schmidt NE 4 Sec 10, E 2 Sec 11, S2 Sec 1, S2 & Ne 4 Sec 2 All of Sec 12 All in Twsp 12, Range 17 JTWD Shirley D Hobbs to Dorothy P Shook & Arthur M Shook W 17' of 39 & E 59' of 41 Blk 5 Northridge 3rd Add. WD E J Kessler etux to Pepsi Cola Bottling Co Lots 22,24,26, Blk 1 Beverly Slopes Add WD Andy Kindsvater etux to Pepsi Cola Bottling Co Lots 2,4,6,8,10,12,14,16,18,20 Blk 1 Lots 1,3,5,7,9,11,13,15,17,19,21,23,25, Blk 2 Beverlv Slopes Add. JTWD Mike Befort etux to Alvin J. Sanders etux Lot 16 Blk 16 Sunrise Add Replat WD S. T. Schicktanz etux to Gene Baird E 22>Y Lot 29 and All Lots 31,33,35 BlklJ.E. Wilson Add » WD S. T. Schicktanz etux to Gene Baird Lot 34 and 36 Blk 1 J. E. Wilson Add Co-ExcD Anna Shade elal, Co Exec to A A Coors Inc Tract NE 4 4-14-18 WD Anna Shade eta! to A A Coors Inc , Tract NE 4 4-14-18 The largest commercial bank in the U.S. is the Bank of America, with more than $54 billion worth of deposits. Bus/ness Briefs Bank Employe Farmers State Bank and Trust has hired Chis Lear to serve as commercial loan officer. Prior to joining Farmers State, Lear was employed by First Union, Inc.) a bank holding company whose head bank was First National Bank in St. Louis. Lear received a Bachelor of Science degree in Business Administration from the University of Kansas in 1971. The'Salina native and his wife, Cindy, have one daughter, Carly. Auctioneer Roger W. Legleiter, Route 1 McCracken, recently graduate for. the Auctioneering and Auction Sales Management at Missouri Auction School, Kansas City, Missouri. Legleiter received his diploma and the honorary title of Colonel along with auctioneers from throughout the United States and Canada. He participated in selling numerous public auctions in Missouri and Kansas. Bank Construction Construction has begun on a new office complex for the Federal Land bank Association, currently located at 207 W. 12th.' Ron Hallagin, president, said the pew brick facility should be completed by late Summer of 1977. It's located on North Vine Street. Energy Seminar Midwest dealers of Lennox Industries Inc., recently attended a three-day meeting and seminar in Colorado Springs to examine solar heating and energy saving innovations. Wasinger Plumbing and Heating, of Hays, was represented by Mr. and Mrs. Tom Wasinger and Mr. and Mrs. Tim Wasinger. ASC Elections Ellis County farmers recently elected 1977 County ASC Committee members and alternates. Ejected were: Marvin O. Dreiling, to a three year term; Clarence Dinkel, McCracken, as first alternate; and Isaidore P. Kisner, Rt. 2, Hays, as second alternate.
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