Messenger-Inquirer from Owensboro, Kentucky • 66

2F MESSENGER INQUIRER. Owareboro. Dk. 16. 1979 vjookDy mac-Cioff copoci? Big traders cause run on silver was not the only one, sources said.

Sources say another chunk of Comex stocks may be controlled by a group of cli-; ents of Norton Waltuch, a New York bro-" ker affiliated with Chicago-based Conti- regional sQocEx Commodity services inc. Waltuch is believed to handle a large part of the trading for a group of well-heeled, primarily Kuwaiti investors who aViMmVii ti hflva thallrotfl im OIC WIUC1J UlUUgllfc wmuim.w -J quarter of a billion (billion) dollars in su- metal that fell to a Depression low of 24 cents and cost only $1.29 an ounce in 1971. "He doesn't keep track of those things," said a source close to Bunker Hunt in a telephone interview this week. "He doesn't go around with a balance sheet in his pocket. And he wouldn't say anything about his profits." But there are tremendous profits to be made on the right side of a five-month, 158 percent price increase- on the Chicago Board of Trade and New York's Commodity Exchange the nation's two primary silver futures markets.

Informed sources estimate Hunt may control, at least on paper, about one-third of the Board of Trade's stocks of 58 million ounces of silver and about one-fourth of the Comex's $1.4 billion supplies of 70 million ounces. Although he was among the first to call the silver market correctly, Bunker Hunt like atmosphere of commodity trading floors, where the Hunt name is linked in hushed tones, often inaccurately, to nearly every puzzling bull market. In connection with silver, the Hunt name has been heard more frequently than at any time since 1977, when the federal government said seven members of the Hunt family, including Bunker, had bought too many soybean futures. Officials said the Hunts' activities pushed prices higher and put the unfortunate traders opposite them in an untenable financial position. The Hunts have resisted the government findings, but federal courts have said the family did indeed buy more soybean futures than permitted by federal regulations.

There is no such federal limit on holdings in silver futures. No one knows for sure how much money Bunker Hunt has made in this latest bull market in silver, a Nelson Bunker Hunt is a trading man's trader. He likes silver, he was right in calling the market, and he's not easily turned aside by efforts to quell his trading. Hunt, an heir of Texas oil billionaire H. L.

Hunt, is one of the biggest and certainly the best-known of several large buyers who have developed an increased liking for silver as an investment. The effects of their large purchases on the thin silver market has been similar to that of five elephants trying to pass through the same door together. The resulting J21-an-ounee silver prices have become as almost as prominent in today's headlines as $460-an-ounce gold. When a commodity triples in price in less than a year as silver has, the shock waves spread far and wide from the club ver profits since August. The silver frenzy reached such a pitch this fall that Waltuch's mere presence in the Comex silver ring could create a ner-; vous rally.

Moreover, exchange records show that Conti since has taken delivery of about 2.3 1 -a iL -J BAB million at today's prices, against Decem- oer contracts on me vximex ana me ouaru of Trade. SOUR GRAPES Louisville Gas 197 20' Marathon Oil 51 V4 -48 Martin Marietta 43' -407 Merck Co 73' -73' 3-M 51 501 Mobil Oil 57 -51 Monsanto Co 58 58 National Steel 27 26 Occidental Petro 267 27 Olin 17'A 17 Owens-Illinois 20 "7 Penney, J. 26' 25'A Pepsico, Inc 26 25 Pfizer 40 39 Phillips Petroleum 49 48 Procter 8, Gamble 74' 74' RCA 22 227 Raytheon 65 63 Republic Steel 24 24' R.J.Reynolds 35' 67'A Reynolds Metals 31 30 Seaboard CL. Ind 28' 27 Sears, Roebuck 1 8 1 8 Shell Oil 59 56 Southern Co 11 12 perry Rand 50 49 Standard Brands 25 26V4 Standard Oil Calif 58 56 Standard Oil Ind 81 83' Standard Oil Ohio 87 81 Sterling Drug 20' 19' Tenneco 38' 40' Texaco 29' 29'A Texas Gas 26 26 Texas Gas prfd Texasgulf 33'A 30 Texas Instruments 92V 89 Union Carbide 42 41 United Tech ....43 41 U.S. Steel 18 17 Uplohn 49 47' Westinghouse 19' 19'A Whirlpool Corp 18 IB Wickes 167 16 Woolworth 25 26' Xerox 63 62 Zenith Radio 97 9' AMERICAN STOCK EXCHANGE Brown-Forman 40 FelmontOil 54 1' GlmrClss'B' 33 1'A Closing prices, with comparisons from the 'Previous week, are provided by J.J.B.

LYONS INC. NEW YORK STOCK EXCHANGE -4ssue This Week Last Week Alcoa .55 52'4 -Allied Chemical aiy Amax 4'4 42 American Brands 66V 6S'k Amer. Can 34H 34'A Amer. Cyanamid 32H 29V4 Amer. Home 28'4 251 American Motors 7 6V 53' 54 Armco Steel 25' 24 Ashland Oil 40H 41 Athlone Ind 19 19' Atlantic-Richfield.

81 80'i AVCO 26 26 Bethlehem Steel 21' 20 Capital Holding 17 20 Chrysler 6 5 Coca-Cola 357 34 Vi Corning 58' SFt Deere 37' 37 Dow Chemical 32 31 v4 DuPont 39' 39 Eastman Kodak 49V4 48 Esmark 27' 26 Exxon 56 567 Ford Motor 33 32 General Dynamics 59'A 55' General Electric. 48 Vi 46' General Foods 35' 35 General Motors 52 52' General Tire 20 21 Goodyear 13 12 Grace, W.R 39' 37' Gulf Oil 35 34 Holiday Inns 1814 1714 Honeywell 84 82 Houston Natl. Gas 40 38 Hueblein 32' 30V4 rJBM 66 66 Intl. Harvester 37 37 Intl. Paper 38 MVi Johns-Manviile 23V 24 Kennecott Copper 29'A 26 Kentucky Utilities 18 18 mart 24V4 24 Kroger 187 is Liggett Group 39V 39 Continued from front page aire today.

That's because you can get control of i large amounts of commodities with a rela-jtively small margin, which acts like a surety bond, and end up collecting profits on the whole amount. With many commodities, for example, you need to put down only 10 percent in initial margin, which is designed to guarantee that you are good for the value of the whole contract if it is held to the delivery date. Making a profit assumes that prices move in the direction you want. But if the price moves against you and the value of your contract shrinks, you will be required to put up more money as your surety bond or lose your contract. Even under fairly conservative as-' sumptions, you could have increased your $50,000 about 13 times to $645,500 by first buying gold futures in January and then switching in May to silver futures for silver's amazing 130 percent runup between May and early December.

If you used about half your stake as initial margin and kept the rest in reserve for margin calls, you could have purchased 11 contracts of gold for June delivery at about $225 a troy ounce on the Commodity Exchange of New York in mid- the week of Jan. 26 and sold at $45.75, their highest trade during the week of Sept. 21, for a profit of about $80,670 and a 3,200 per-cent appreciation in the value of the warrants. If you're tired of eating your heart out, the following may ease the pain: If you bought gold on Oct. 10 and sold on Nov.

2 you would have lost about $245 on your $2,500 when gold fell about $40 an ounce. On a comparable silver investment bought on Oct. 1 and sold Nov. 15 you would have lost about $295. If you put your $2,500 into shares of Chrysler preferred stock during the week of Feb.

2 when they traded as high as $22.37 apiece, you would have lost about $1,590 by selling your 111 shares at $8.12 during the Nov. 23 week. If you bought Itel Corp. with your money at its high during the week of Jan. 12 and sold it low during the Nov.

23 week, your original $2,500 investment would have dwindled to $311. If you did manage to earn a million dollars on precious metals or stock investments in 1979, you might have to hand as much as 70 percent of it over to the government for taxes. That's maximum tax rate on unearned income. composite index of all its listed stock, for instance, rose 12.5 percent in the first 11 months of the year, indicating that on average stock traders didn't quite keep up with inflation, which was about 13 percent. But enough grim statistics.

Here are some examples of what you could have done in stock investments with a nest egg of $2,500 at the start of the year, if you bought low and sold high. Brokers fees are not included. Purchased 714 shares of Beker In-, dustries at $3.50 a share, their lowest trading price during the week of Jan. 5, and sold at $13.50 the highest trading price during the week of Nov. 30.

Your profit is $7,140 on your $2,500 investment. Bought 312 shares of Webb Resources at $8 a share during the week of Jan. 5 and sold at $42 during the Nov. 30th week for a profit of about $10,600. Bought 500 shares of Charter Co.

stock at $5 a share during the week of Jan. 5 and sold during the week of Sept. 21 at $49.75 a share. That's a profits of around $22,375. Charter Co.

warrants were even better. You could have purchased 1818 at their lqwest trading price of $1.37 during January. Each contract represents 100 ounces of gold. By selling the contracts in mid-May when the price rose to $255, you collect $30 profit on all 1,100 ounces of gold covered by the contracts for a profit of $33,000 plus return of your original $50,000. You now have $83,000.

Using the same strategy with December silver futures, you could have purchased about 10 contracts representing ounces each with your $83,000 nest egg and collected $562,500 in profit in early December as prices rose from $8.75 an ounce in mid-May to above $20 early this month. If you didn't follow the buy-low, sell-high strategy this year, you can take some comfort in the fact that you have lots of company. Particularly in the risky futures markets. Experts say small individual investors almost always lose when they try to speculate on price turns. And many are wiped out completely by calls for additional money to keep up the margin requirements if the price moves against them for even short time.

Even in the more traditional stock market, most people didn't do all that -well. The New York Stock Exchange's Kfll HI 751 No securities trading below S3 art Included. Nt and percentage changas are difference between latt week's closing price and this week's dosing price. UPS The 1 lrH33.70 general ITIdlnCl CHw4l42 75l Nome Last Che Pet. lAmlsreeiis 24t 34k Up 90.9 Up Ml 2RETlncFd 9.56 27w IV, 44fc 1U Analysis III HIES 31 IIIISTIIIIS eel if: Dec.

1 14 AsMciotod Preee NEW YORK APtftteck 351 4 12.1 Come, All Ye Faithful! 042.74 9J9 101 93 1.41 42 35 140.41 LIS NYSE ...1 ti fl Up 34.1 UP 31.4 Up 31.4 Up 292 UP 290 Up 20 7 Up 23.7 Up 25.0 UP 23.5 Up 23.1 Up 22.1 Up 211 Up 20 4 Up 20.0 UP 20.0 UP 200 UP 20.0 Up 19.3 UP 110 Up 11.4 IK 3V. 4 im 34 744 Ilk 23 5' SVe 11 144 44 24 4 44 1914 544 1 99V 17 3 44k 13-14 1 Vi 1 4 li lt IVk 7 IV 4V 4k enjoy the music of Christmas with us Mta Tn. He. Tin Fri. i1979r -tr" HEW YORK Dew Mas ram of prices ear DM Dec 14.

STOCK AVSRA4ES Oeea twgk Lew CM On. MOaS 337 M2.71 133 70 142 754 .5 Tree 2S4J7 2S4.7 2521 254 34005 UN. 10144 104.47 100 44 104.471.21 42 Sets 12 311.11 211 301.112.45 tone avermes aao tjo 7 jo nr 75.37-1.01 Utka. 74.71 770 75 05 75.07-1.51 Mda 340 74 4) 751 KM-tM coMMOorrr futures index 4XM 424 14 417.71 424 7.00 NEW YORK Standard and Poor's Weekly 500 IDey Mines SFelrTexfnll SSunelrEI tWellecSem IVelmeclnd IRialOiln OCeektslnA lOCKPet HComouOyne HFeirmntCh llGHousewer 14 Lodge Shie lSAvondelMil 14 Pionoer Sy 17GuHCene IIAIbeWeldn 19 Aloha Airl 20Concrd Feb 21 REDMCp 22LakeShreg nwedellEe 24 ReeanBred ISFamlyRecd DOWNS Nome Last Chg Pet. 1 Jetnoniclnd 2ToposGum 2 Johnson Pd Seaport of SPennsvEng 4 Garland Ce 7 Hasbro ind IFiaCeeitel SGrangerA lOUSAirlTwt UComdoreCp llElecAudDy llMershellFd 14 Spectre Ind 15RltylncTr lOWhleoeny 17WestnFinl IISFMCora 19 Ronco Telcp 20TreadwyCe 21WstnPacRRn 22FiddaiGth 23 Hotfn Ind 24Wlncorp 25 Berne Eng 245CE140PI 550 Ml 7QQ1 I Off 14.3 Oft 12 5 Tranept Hot Law Cteae CM.

122 JO 1BJ4 122.3019 1SJ5 15.15 15150.04 30 00 50.30 50.54-014 12 54 12 1141-022 2 wm io.m a Off 114 Off IM Off 10.7 Off 10 5 Off Off Off Off Off Off Oft 24 44k 34k Hk 3Vk 2 tv 2Vk 34k 24 24 24 444 7A ev 234 -4 24 44k 4. i 24k 20 54 4 r. ej si: Off 4i Off 9k Off Vk Off 4k Off It Off Off 9k Off 4k Oft Off I4t Oft Off 4k Off Aeeactaeed Proee STOCKS III TNI SPOTLK3HT MW YORK Seles, closing erica and net cnenge of the fifteen most ac New Yen Stack Eicnange issues, trade notkmlly at mere man si. 534400 Nome Last Che Pet. I Collins Fd 13V -m Off H.2 IGlbrltFIn 11 lt Off 10.7 3DvqU2.70pf 17 2 Off 10.5 4CinS7J4ot 43 71 Off 10.1 5KaisrAI4tpf nvt -I Off 10.2 OPuerRCem 3k Off 0.4 7GF SusEat 344 40 Off (.1 ODPFInc 7t Off 1.7 eKroehler 74e Off 1.7 lOOuqLtl.eTaf 14 moft 14 II Fidelity Flo 9a 4k Off 14 12RltyRefTr 10 I Off 14 UGtfWnptC 744 Off 1.4 UAmAlrlnwt 4t 40 Off 1.1 ISComoEoR 94 Off 1.3 MWestcstTrg 124 lve OH 1.3 17GAFCppf 14 Off 1.2 IIUnEIMlPf 17 Off 1.1 ltlowaEIUP 124k -m Off 10 20Reybestee 22 14a Off 7.9 21UnEIJJ0pl 29 lVi Off 7.9 22 UnlvFos 14H 1A Off 7.9 23PSEG4.1tef 35' -3 Off 7.1 24PSEG2.17PI 19H 1 Off 7.1 2SIUIntCll I0V Off 7.7 24 Thorn Ind 10 Off 77 DweilFar IS I Off 7.7 574 11 154 141 44 1 sue vt 154s It It 49 iva 521 1 22 -4k el Vt II Vl Mtk Ik RatstnPur GuTOh FstChiCp ISMS Eoen NOFrWI SvHI SeanRoeO EaetJiodek Gtn Motors Occident Pet AvceCore Stdoa ind Testtta CoelSraUt 456400 4ii.no 412JO0 moo 354400 332J00 312.900 307400 305.100 29.700 392400 as a commodities UPS AND DOWNS NEW YORK The Mkjwlitj liat shews the Hew York Stock EKhange most in me amex Your friends at Owensboro National Bank cordially invite you to visit our Main Office and enjoy with us the Music of Christmas, Associcttod Proas Trend el Stat Prtoaa NEW YORK The Associated Press weighted whoieseie price index of 35 commodities Fridev ea 07, previous day 4(3 91.

Weak ego 42.52. Month ago 4140. Year ago all 34. 1474 1971 en 1971 High 4107 421.21 39490 307 40 Low 310 09 3HJ7 35 20 351.14 (I92t ever age eeuets 100) STOCK AVERAGES Camelled by The AssecleM Press of change regardless of volume. No sscurtttes trading low t2 ere axl-ge changes are the week's doling Net Change Fri.

30 IS IS lad. Reus UtH. Stacks 5.2 0.1 0.7 3.5 473.4 271.0 122.1 151.4 443.7 271.5 123 4 349.1 452 2 21.4 1119 337 7 421.) 201 114 7 299 9 SOS 4 2W.0 125.9 34 4 305 192.1 1111 2139 495.1 at 132.1 330 9 305.5 ltt.9 117 2S3 0 Year age 1979 High 1979 LOW 1971 High Aseociatod Press AMERICAN LEADERS NEW YORK Sales, dosing price end net change of the ten most active American Stock Exchange issues, treeing nationally at more than SI HouOilM 345 J00 23V 4 GuttCeng 299400 99V Vk TiAosMeis 244.100 IV NetKmney 252J00 tit 4 AsemereOe let.900 19Vk 4 OomePetrts 15.500 a)l 4 Amisrariis 141J00 24k 4k Bowvallevg 150.900 3SVk vt intrCtyGst 130.900 II 4k CKPet 12400 23 1971 LOW erid end Ms week's UPT Neme Last Che Pet. IGambl.TSpt 2 Net Stand IWarSwasey 42apataCpe SLibryLoen OTransoiLKi 7 Pofrtcfc Pett IGambSkag 9fruttiwells lOGiddLewia llTeknCarp 12 Ehhnl UMeuPeta 14 Frigltronc 15 Rde Betes 14 Global Mar 17Varelnc llCaooCerp tkZaaeieCe 20 Newark Res 21 Lynch CSys 22HecleMns 23Compugr 24Quanaxs 25 Surah Mne BOND AVERAGES CemanadeYThelaiiLlilal Put We think you'll love the beautiful Christmas tree Earl Eger decorated and the Christmas music performed on instruments provided by MeVs Music, Allan Quinn Music, Dale Guyer and Mary UP 41.1 UP 471 UP 159 Up 35.0 UP 34 UP 29.1 UP 294 UP 24 2 UP 27 0 UP 343 Up 24.1 UP 23 0 Up 22.4 UP 22.0 UP 20.7 UP 20.1 Up 19.1 Up 192 UP 191 UP Hi UP 11.5 UP 10.2 UP III UP 17.2 Brief concerts of Christmas music are planned at 12:00 noon and at 2:00 each day between now and Christmas, featuring Mary Sublett on the harp, Pat Noble on the harpsichord, Virgil Ford on the organ, Jean Bratcher and Cathy Blanch' ard on the piano, and others. 30 944 20t 44 79V 21 135 35 34k 1 91 21 i44t 54k 341k 74k 24Vk 5V S4 54 4V 1 im iv tiv 12V 2 TVl 40 44 124 1 144 24 2M 44k 204 IVk 244 14 244 4Vt av tv 25V 34 2M 14 I 10 It II Reus lag.

um. Fee. Ye. -0 .1 0 .1 0.1 01 541 714 U.I 971 7.J 55 2 74 7 11.4 91.0 710 55.4 7i.t II 90.4 79 2 57.1 114 19.7 103.0 57 .5 14 0 91.1 103.0 II 9 S5. 70.3 931 92.3 79i 54.0 lij 9i.l 104.3 05 1 53.1 B3J 93.0 94.0 CJ Net Change Fri.

Month ago Year ego 1979 High 1979 Low t97IHigh 971 Low K-Weektv eeroM essden, UPS AND DOWNS NEW YORK The tuiowlne lot shows the American Stock Eacnanga stocks and warrants mat have gone up the most and down the most in me aest weak based on percent at change regerdless el volume. Iran, OPEC shake market Just our way of saying "We Wish You A Merry Christmas!" "Our kind of people make us your kind of Member FD1C Fahnstock Co. But he suggested that Friday's market, when the Dow Jones industrial index gained 6.66 to 842.75 for its best showing of the week, may signal that "year-end tax-switching has about run its course." The Amex market value index posted a strong 8.35 gain for the week to 240.61, its highest closing ever. Its previous high of 235.15 was reached in early October and initially topped last Wednesday. In the past week the Dow Jones average of 30 industrials posted 9.59 gain to 842.75.

But in three of the five sessions the blue chip index changed by less than a point. Other readings for the past week showed the NYSE composite index gained .79 to 62.35. Big Board volume averaged 36.31 million shares a day, against 36.34 million the week before. HEW YORK With members of the Organization of Petroleum Exporting Countries set to open their pricing meeting on Monday and continued uncertainty in the Iranian confrontation this past week, the market adopted a wait-and-see position fop-much of the week. 3s continued interest in lower-priced oil and re-soqfces development stocks helped push the America Stock Exchange's market value index to its highest levels ever.

But trading was fragmented on thfNew York Stock Exchange through most of the week. Institutional adjustments of portfolio's as the end of the year approaches also created cross currents that kept the market from "getting anywhere" for most of the week, said John J. Smith, of.