The Daily Journal from Fergus Falls, Minnesota on May 21, 1974 · Page 1
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The Daily Journal from Fergus Falls, Minnesota · Page 1

Fergus Falls, Minnesota
Issue Date:
Tuesday, May 21, 1974
Page 1
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Security credit reviewed By JOHN CUNNUT AP DM!MCS AMlyst NEW YORK (AP)-lbe latest signal of a deterioration in the quality of credit comes from the N«w York Stock Exchange, where margin customers increased their debt to brokers by $40 million in April. This figure in itself may have only minor significance to all but those involved, but when placed in context the point is quickly understood: It is the fourth straight monthly rise and it brings to at least $5.4 billion the amount of borrowed money supporting stock prices. It is hardly safe to assume that the total amount of money owed on corporate shares isn't even higher, because margin customers sometimes borrow from other lenders too and are known even to mortgage their homes. Margin in the stock market is like a down payment in the automobile or housing market. At the moment it takes 50 per cent down to become a margin customer of a broker, who lends the buyer the remaining funds. However, as anyone knows who has ever played the stock market game, the price per share of a company can fall as well as rise, and the former has been the case for hundreds of stocks in the past few months. The effective margin rate, therefore, often drops below 50 per cent. In April, the exchange noted Edward Klingler services Wednesday Edward H. Klingler, 97, Winona, formerly of Perham and Richville, died Monday in Winona. Services will be held Wednesday at 11:15 a.m. at St. Henry's Catholic Church, Perham, with the Rev. Robert Landsberger officiating. Burial will be in St. Lawrence Cemetery, Rush Lake. He was born April 24,1877, in Norwood, a son of David and Elizabeth Klingler. He married Alice Tummers June 13,1905, in Plato. A retired farmer, his wife died in 1962. Surviving are a daughter, Sister Johnita Klingler, Winona; two brothers, Frank, Vancouver, Wash.; and Joseph, Salem, Ore. Friends may call at the Schoeneberger Funeral Chapel in Perham today from 2-5 and 79 p.m. with a rosary at 8. that "the quality of security credit deteriorated noticeably." Margin debt in accounts under 40 per cent equity rose to $1.98 billion. And the percentage of such accounts rose to 16 per cent from 12 per cent of all margined portfolios. As the prices of many stocks continued to decline, the collateral left in margin accounts shrank, of course, by about 1680 million, to a total of $13.2 billion. The signal that flashes from such statistics is the likelihood of more margin calls, or demands by brokers for customers to put up more funds in order to maintain a certain level of equity. If, for instance, a customer has $10,000 credit on $20,000 worth of stock, he has 50 per cent margin and 50 per cent equity. But if the marker value shrinks to $15,000, he now has 67 per cent margin, 33 per cent equity. To safeguard his loan, the broker sends off a telegram to his customer, notifying him that if he doesn't produce a certain additional amount of collateral by a certain date he will sell some of the securities. Nobody is ringing the alarm bells about the condition of stock market credit at the moment, but concern is rising, just as it is in other credit areas where deterioration is showing up. If the rend continues, the alarms will go off. Mideast peace hopes renewed JERUSALEM (AP) - Hopes remain high for a quick agreement to separate the warring Syrian and Israeli forces on the Golan Heights, despite reports that some "extremely complex" details were still to be worked out. Aides to Secretary of State Henry A. Kissinger said he was planning daily shuttles between the two countries at least until Friday and added that whether a pact is signed or not, Kissinger is returning to Washington next weekend. United States officials said that for all practical purposes Kissinger had succeeded in working out a disengagement line, but State Department spokesman Robert Anderson told newsmen, "There isn't a line yet." Anderson commented Monday night after a two-hour meeting in Jerusalem between Kissinger and the Israeli negotiating team. "There are some minor issues to be resolved, the other collateral issues to go into a disengagement agreement, some of them extremely complex," Anderson said. Kissinger later met privately with Premier Golda Meir. He scheduled further talks with Israeli leaders today before flying back to Damascus for a ninth round of discussions with President Haf az Assad of Syria. Israeli Information Minister Shimon Peres told newsmen he hoped an agreement could be FIRST TIME at a REDUCED PRICE! SALE for 3 days oily § 288 Regular $349 Sears directional behiml-llic-car hearing aid *. * Helps to diminish interferring background noises • Helps you hear the conversation you want to hear Come IB for a Free Hearing Test Don Pitchford, Hearing Aid Consultant, Will be at Sears in Fergus Falls, Thursday, May 23rd from 9 a.m. to noon. Sears Service Offers Free Cleaning and Adjustment; Hearing Aid Batteries; Repairs on All Hearing Aid Makes. Use Sears Easy Payment Plan Hearing Aids at a price you can afford. Backed by a Company You Can Trust worked out by the end of the week. Asked if a snag had developed, Peres said: "There are some differences that had been expected, and some that had not been expected." Earlier, as Kissinger returned to Israel from a four- hour session with Assad, the American diplomat said he and Assad had made "good progress" on several aspects of the hoped-for disengagement. The main subject of negotiation now is said to be thinning Israeli forces immediately behind a demilitarized zone that would serve as a buffer between the separated armies. Mrs. Jennie Cross services Friday Mrs. Jennie Cross, 89, Tenney, died Sunday in Fergus Falls. Services will be held Friday at 11 a.m. at Faith Community Church, Campbell, with the Rev. Ed Wilshire officiating. Burial will be in Pleasant Hill Cemetery. She was born Aug. 8, 1884, a daughter of Charles and Jennie Mullen, at Tenney. She taught school for six years at schools in Fairmont and Tenney. She married Bernard Cross Nov. 17, 1909 in Tenney. They farmed there for many years. Her husband died in 1968. Surviving is a sister, Mrs. Florence Hunt, Grandville, N.D. Visitation begins Thursday at 4 p.m. at Joseph Vertin and Sons Chapel in Breckenridge. Mrs. Caulkins dies in Fargo Mrs. Kenneth (Alma) Caulkins, 58,815 N. Union, died Monday at St. John's Hospital, Fargo. Services will be held Wednesday at 11 a.m. at Bethlehem Lutheran Church, Fergus Falls, with the Rev. Otto Dale officiating. Burial will be in Graceland Cemetery, White Rock, S.D. She was born March 21,1916, in Canada, a daughter of Mr. and Mrs. Otto Janke. She married Kenneth Caulkins in Fargo in 1937. They lived in the Fergus Falls community for many years. Her husband died June 6", 1973. Surviving are a son, Philip, Metuchen, N.J.; and a brother, Arthur Janke, West Fargo. Arrangements by Glende- Johnson-Nelson Funeral Home. SHOP AT SKA Its AND SAVK ion Guaranteed or Your Afonfy Rack 2»5 West Lincoln Avenue Fergus Falls, Minn. PHONE 73C-S404 SEARS. ROEBUCK AND CO. "We built the worlds largest car insurance company on low rates and good service..: Drop by or g ve rre a call Yc-j'i:?ina a\\c-:a of rji''erence \v th S'ate Farm. MM YOUNGREN 109 NORTH COURT FERGUS FALLS Business: 734-7551 Home: 736-3456 Lite a good neighbor, State Farm is there. SUlEFifiVVufJAL AUTOWOBit iSSUSASCE CO ^i-*- O. f E* •.v-rtjV r ->.* SCENE OFSHOOTOUT-TTiisairview shows the burned remains of a south-central Los Angeles house where six suspected members of the Symbionese Liberation Army died last weekend during a sbootout with police and FBI agents. Several adjofniig houses were badly damaged in the fire that destroyed the hideout house. (AP Wirephoto) Cronkite testifies at court hearing In Europe ferry service links almost every coastal country on the continent, the National Geographic Society says. LOS ANGELES (AP) Three top newsmen, including anchorman Walter Cronkite, have testified that reporter William Farr's refusal to identify confidential sources of a Manson murder trial story is an action necessary for freedom of the press. They testified at a court hearing in the Farr case. Another journalist, Pulitzer Prizewinner Gene Miller of the Miami Herald, is scheduled to take the stand today. Superior Court Judge William H. Levit has said he will hear arguments from attorneys before deciding whether Farr should be jailed again in an effort to make him reveal his sources. Cronkite, the CBS anchorman, told the judge Monday that Farr is acting in the best tradition of journalism and "I should think that any journalist worth his salt would hold to his confidence." He added that if Farr were forced to name his source, "It would be another nail in the coffin of freedom of speech and press. It's that serious." Farr, 36, who has served 46 days in jail for refusing to answer questions of Manson trial judge Charles H. Older, contends that no length of time in jail will force him to break the promise of confidentiality he gave to his sources. He has said they were two Mansion trial attorneys, but has not identified them further. Cronkite said he would advise any reporter to go to jail — though "it sounds like martyrdom" — rather than violate a promise of secrecy. He said that only with such promises can newsmen frequently ferret out corruption and crime which might be otherwise hidden. "This is so fundamental to our system that I cannot see how our system can function without it," Cronkite said. "I think we are going to get much fairer justice in this country by Pauline Stielow services Wednesday Pauline M. Stielow, 86, Wahpeton, died in Breckenridge Monday. Services will be held at the Vertin Funeral Chapel in Wahpeton Wednesday at 11 a.m. with the Rev. Edward J. Rutter officiating. Burial will be in Fainiew Cemetery, Wahpeton. She was born Nov. 29,1887, in St. Paul, a daughter of Mr. and Mrs. Albert Stielow. She operated a millinery shop in Aberdeen, S.D., for a time and in 1938 moved to Fergus Falls where she ran a hat shop. In 1954 she moved to Wahpeton where she managed the Valley Motel. Later, she moved to Mesa, Ariz., for a few years, coming back to Wahpeton in 1962. Surviving are four sisters, Mrs. A. J. (Florence) Hausauer, Wahpeton; Mrs. Delia Harseman, Browns Valley; Mrs. Anna Martinson, Edgemont, S.D.; and Mrs. Gustie Lane, Sisseton, S.D. Visitation all day and evening Tuesday at the funeral chapel and for an hour before sen-ices Wednesday at the church. protecting freedom of the press." NBC-TV White House correspondent Tom Brokaw told Levit that a decision by Farr now to violate his promise "would have an effect of avalanche proportions" on journalism — "I think the profession of journalism is counting a great deal on Bill Farr." Farr, testifying in his own defense, told the judge, "I think that if sources see that a reporter only says he will go to jail, and then he yields, the tendency of sources will be to say, 'Well, reporters only talk that game; they don't really mean it.'" Another witness, Los Angeles Times Washington correspondent Jack Nelson, said the bulk of his confidential sources — including members of the House Judiciary Committee handling the impeachment inquiry — are dependent on confidentiality. "In Washington today, you could not do investigative reporting if you could not deal with confidential sources," Nelson said. Deputy County JOHN JOHNSON Counsel William Stewart, representing Judge Older, sought to prove that the witnesses were encouraging a commission of a crime. He said the two attorneys who gave Farr information violated a court-imposed gag order. But Cronkite, Brokaw and Nelson said the gag order does not cover reporters and it is a matter for attorneys to decide whether they are in violation. Services Thursday for John Johnson Services for John M. 0. Johnson, 81, 517 N. Court, who died Saturday at Lake Region Hospital, will be held Thursday at 2 p.m. at the Vukku Lutheran Church with the Rev. Lowell 0. Berg officiating. Burial will be in the church cemetery. He was born in Wilkin County July 18, 1892, a son of John 0. and Mette Johnson. On June 15, 1914, he married Susan H. Brockway in Lawrence Township, Grant County. They farmed in Wilkin County until 1949 when they moved into Fergus Falls where Mr. Johnson continued to be active in farming for several years. He had been a Bradford Township assessor, served on the District 16 School Board, and was on the Vukku T Aitheran Church Board. Surviving are his wife; an adopted son, Willard Glud, Fergus Falls; a sister, Mrs. Lena Karlgaard, Doran. Visitation Wednesday, Wednesday evening and Thursday morning with a prayer service Wednesday evening at 8:00 at the Nilson Funeral Home, Fergus Falls. Feriis Falls (Mi.) JiirMl Tues.,May21,1974 2 Foraer Fergus iai dies in Detroit Lakes William L. McAUster, 63, Lake Park, died Sunday at St. Mary's Hospital in Detroit Lakes. Services will be held Wednesday at 2 p.m. at the West-Kjos Funeral Chapel in Detroit Lakes with the Rev. Harold Erickson officiating. Burial will be in Oak Grove Cemetery, Detroit Lakes. He was born Aug. 3, 1910, in Bartelsville, Okla. On July 6, 1933, he married Grace Richie in Shenandoah, la. He was in the auto mechanics business in Fergus Falls for a time and then moved to Detroit Lakes in 1959. Surviving are his wife; a son, Gene, Burlington, la.; three daughters, Mrs. Robert (Shirley) Jones, Ottertaii; Mrs. Kenneth (Maxine) Washek, Apple Valley; Mrs. James (Darlene) Anderson, Hitterdal; three brothers, George and Wesley, both of Blackwell, Okla.; and Archie, Healdton, Okla.; a sister, Mrs. Jess (Jeanie) Damrill, Los Angeles; and 18 grandchildren. Mrs. Millie Kissell services Saturday Mrs. Millie KisseH, 77, Gresham, Ore., formerly of Breckenridge, died Sunday at Gresham. Services will be held Saturday at 2 p.m. at the Doran Presbyterian Church, with the Rev. Ed Wilshire officiating. Burial will be at Riverside Cemetery, Campbell. She was born June 15,1896, in Buffalo Center, Iowa, and moved to Campbell with her family as a child. She married Albert Kissell there Sept. 17, 1917, and they farmed near Doran until he retired in 1926. They moved to Breckenridge in 1937 and her husband died in 1943. In 1954 she moved to Oregon. She was a member of the VFW and American Legion Auxiliary.' Surviving are four sons, Orval, Foxhome; Lyle and Dennis, both of Gresham; Lester, Terrebonne, Ore.; 21 grandchildren and 23 great- grandchildren; a sister, Mrs. Minnie Christenson, Breckenridge; and a brother, Thomas Wiflemssen, Foxhome. Visitation beginning Friday at 1 p.m., with a prayer service at 8 p.m. at Joseph Vertin and Sons Chapel, Breckenridge. Mrs. Minnie Evavold dies in Evansville Mrs. Minnie Evavold, 87, Battle Lake, died Monday evening at the Crestview Manor Nursing Home in Evansville. Funeral arrangements are pending with the Nilson Funeral Home of Battle Lake. TELEVISION SCHEDULES KXJB Ch. 4 Tuesday Night 6:30 Wild Wild West 7:00 Wild Wild West 7:30 Hawaii Five-O 8:00 Hawaii Five-O 8:30 Movie: 9:00 "Cry Rape" 9:30 Movie 10:00 News 4 Tonight 10:30 Movie: 11:00 "If He Hollers, 11:30 Ut Him Go" 12:00 Final Edition WDAY Ch. 6 Tuesday Night 6:30 Jimmy Dean 7:00 Adam 12 7:30 Mystery Movie: 8:00 "Horse of a 8:30 Different Color" 9:00 Police Story 9:30 Police Story 10:00 News-wthr-spts. 10:30 Tonight Show 11:00 Tonight Show 11:30 Tonight Show 12:00 Tomorrow KCMT Ch. 7 Tuesday Night 6:30 Hee Haw 7:00 Hee Haw 7:30 Mystery Movie: 8:00 "Horse of a 8:30 Different Color" 9:00 Police Story 9:30 Police Story 10:00 10 PM Report 10:30 Tonight Show 11:00 Tonight Show 11:30 Tonight Show 12:00 Tomorrow KTHI Ch. 11 Tuesday Night 6:30 Make a Deal 7:00 Happy Days 7:30 Movie: 8:00 "I Love You 8:30 — Goodbye" 9:00 Marcus Welby 9:30 Marcus Welby 10:00 Mod Squad 10:30 Mod Squad 11:00 Scene Tonight 11:30 W. W. Entertain. 12:00 "Death to Sister News News Wednesday 7:00 CBS Morn 7:30 CBS Morn 8:00 Captain 8:30 Kangaroo 9:00 Joker's Wild 9:30 Gambit 10:00 Now You See It 10:30 Uve of Life 11:00 Young & Restless Wednesday 7:00 Today Show 7:30 Today Show 8:00 Today Show 8:30 Today Show 9:00 Dinah's Place 9:30 Jeopardy 10:00 Wizard of Odds Wednesday 7:00 Farm Report 7:30 Farm Report 8:00 New Zoo Revue 8:30 Good Morning 9:00 Good Morning 9:30 Mike Douglas 10:00 Mike Douglas Wednesday 7:00 Today Show 7:30 Today Show 8:00 Today Shows' Today Show 9:00 Dinah's Place 9:30 Jeopardy 10:00 Wizard of Odds 10:30 Hollywood Squares 10:30 Hollywood Squares 10:30 Brady Bunch 11:00 Jackpot 11:00 Jackpot 11:00 Password 11:30 Search for Tomorr 11:30 Celebrity Sweeping Celebrity Sweepll:30 Split Second 12:00 News 4 Today 12:00 Noonday 12:00 Farm Today 12:00 Dialing Dollars 12:30 Three on Match 12:30 Three on Match 12:30 Make a Deal 1:00 Days of Our Lives i : ofl Days of Our Lives 1:00 Newly wed Game 1:30 The Doctors 1:30 The Doctors 1:30 Girl in my Life 2:00 Another World 2:00 Another World 2:00 General Hospital 2:38 Survive a Marriag 2:30 Survive a Marriag 2:30 One Life to Live KFME Ch. 13 Tuesday Night 6:30 Joan Sutherland 7:00 Bill Moyer's 7:30 Journal 8:00 Black Journal 8:30 "I See the Future 1 9:00 War and Peace Stations responsible for changes. Wednesday 12:30 As World Turns 1:00 Guiding Lighl 1:30 Edge of Night 2:00 Price is Right 2:30 Match Game 3:00 Tattletales 3:30 Coffee Time 4:00 Coffee Time 4:30 Beat the Clock 5:00 Tell the Truth 5:30 CBS News 6:00 News 4 Tonight Wednesday Night 6:30 Bob'Newharl 7:00 Sonny & Cher 7:30 Sonny & Cher 8:00 Cannon 8:30 Cannon 9:00 Koiak 9:30 Kojak 10:00 News 4 Tonight 10:30 Movie: 11:00 "Puppet on 11:30 a Chain" 12:00 Final Edition 3:00 Partyline 3:30 Partyline 4:00 Somerset 4:30 Addams Family 5:00 Hogan's Heros 5:30 NBC News 6:00 News-wthr-spts. Wednesday Night 6:30 Porter Wagoner 7:00 Chase 7:30 Chase 8:00 Movie: 8:30 "Crisis" 9:00 Movie 9:30 Movie 10:00 News-wthr-spts. 10:30 Tonight Show 11:00 Tonight Show 11:30 Tonight Show 12:00 Tomorrow Show 3:00 Somerset 3:30 Make a Deal 4:00 Welcome Inn 4:30 Super Frienc 5:00 Super Friend 5:30 NBC News 6:00 6 PM Report Wednesday Night 6:30 Santord & Son 7:00 Chase 7:30 Chase 8:00 Movie: 8:30 "Crisis" 9:00 Movie 9:30 Movie 10:00 10 PM Report 10:30 Tonight Show 11:00 Tonight Show 11:30 Tonight Show 12:00 Tomorrow 3:00 $10,000 Pyramid 3:30 Movie 4:00 "Zulu" 4:30 Movie 5:00 Scene Tonight 5:30 ABC News 6:00 New Lucy Show Wednesday Night 6:30 Hollywood Squares 7:00 Jane Goodall 7:30 Jane Goodall 8:00 Julie Andrews 8:30 Julie Andrews 9:00 Doc Elliot 9:30 Doc Elliot 10:00 Mod Squad 10:30 Mod Squad 11:00 Scene at Ten 11:30 W. W. Entertain. 12:00 "Candid Camera" 4:00 Misterogers 4:30 Sesame Street 5:30 Electric Co. 6:00 ZOOM Wednesday Night 6:30 Consultation 7:00 Washington Conn 7:30 Theatre in 8:00 America 8:30 Theatre 9:00 Theatre Thirteen 9:30 "The Harvey Girls Stations responsible for changes. Can't find a good TV program? THB We sound better Try Mis! The very finest in Stereo & Quadraphonic Caipwests! PHOTO 216 NEST UKCOIK - FERGUS FALLS

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