The Winona Daily News from Winona, Minnesota • 14

lwinona Dally News Wednesday, May 26, 1976 2b Commodity futures plan in danger ordered inquiries. Levine, president of the exchange who called the default "as rare as hailstones in India," heard charges of unethical maybe illegal trading practices by speculators and their brokers as the deadline Does your Swimsuit look said. "We have told that exchange at the very least there will have to be major changes and very soon so that trading doesn't go on under the present circumstances." Robert Cornfeld, a spokesman for the Mercantile Exchange, said, "This is a very serious matter. The exchange doesn'tpermlt default. Not even one.

Action will be severe, The position of the exchange is that even a single default is a serious violation of exchange rules and regulations." Cornfeld estimated 15 to 20 persons or firms held the contracts involved, but he wouldn't speculate where the investigation would begin. All were subject to severe financial and legal penalties. The exchange had been concerned since trading on May delivery of Maine potatoes closed May 7 with 1,911 contracts 95.55 million 1 pounds outstanding, and had tried to enforce delivery on all of them, Cornfeld said. The potato market for May had experienced wide price movement, and speculative activity was intense. Richard But because default is so rare on the exchange, the industry was without precedent as it considered recovery.

Calls for swift action and promises of it were without specifics. "The magnitude of the default raises serious questions concerning application, compliances and enforcement of the rules of the New York Mercantile Exchange," said William T. Bagley, chairman oi the federal regulatory agency. "It is obvious that there it something drastically wrong with that marketplace," he like it's the end of the season already? IF SO, MAYBE WE CAN HELP YOU! SCAKfcOROUQlT FAiR There were charges, among others, that certain elements in the industry had tied up available railroad cars in an effort to prevent delivery of the Maine potatoes and of an effort by some buyers to squeeze supply by rejecting acceptable deliveries as inferior. Is Having A By MARY CAMPBELL (AP)-Failure by speculators to deliver nearly 56 ''million pounds of Maine potatoes has rocked the 104-year-old New York Mercantile Exchange.

One broker says that if (hose who caused the default get away unpunished it could "destroy the traditional fabric of commodity futures trading system." Ii was clear that default on the potato contracts could have widespread ramifications on the exchange that gives farmers and others a chance to gamble on future production of several types of raw materials against price fluctuation. Some brokers estimated the default could cost the exchange $4 million or more. The consumer potato market, though, appeared safe, since (upply is adequate. Default on 997 contracts for delivery of 49.85 million pounds of potatoes was official at 3 p.m. Tuesday.

Within hours after the default, officials of both the Mercantile Exchange and the Commodity Futures Trading Commission, the federal agency that regulates such trading, had Suddenly, the chief believes swimsuit repeated ever again." Helmer said. Now he says that he is not The police officer was not the only a believer in UFOs, but Save (- On Swimwear ELMWOOD. Wis. (AP) George Wheeler, a police officer in this small Pierce County community who says be used to think that unidentified flying objects were figments of others' imaginations, recently reported seeing his second tIFQ- in slightly more than a year. "I don't know what I saw," ho said.

"But all 1 know is that I don't want that experience UFO. occurred April 7, 1975, when he initially thought he saw a huge plane on fire heading toward the ground north of Elmwood. He also described that object as flaming orange, and said it was about the size of a football field, Wheeler said he detected a hose dangling from the latest UFO he saw, and noted that both sightings were near a 69,000 volt power line which is located in the area. He speculated that the craft might possibly be using the vicinity as a recharging site, only person to see a UFO in the area that night. Another was Paul Frederickson, administrator of a nursing home where Helmer works part-time.

He lives near the field where Wheeler was found, and was notified of the officer's sighting by a nurse after a call was placed to the home in an effort to locate the chief. 4I got up and looked out the window and saw this flaming orange object in the sky," Frederickson said. Wheeler's first sighting of a 13! THURSDAY-FRIDAY-SATURDAY, MAY 27-28-29 Our Suits Can Be Bought Separately Sizes A-B-C BOTTOMS Sizes 5 SCARBOROUGH FAIR Corner 2nd Center Sts. BIG FUil! 11 Mflv per night Gilmanton graduation scheduled tonight thinks the occupants of such craft are "out to kill us." Wheeler, a veteran of 30 years in law enforcement work, said he made his latest sighting late on the evening of April 22 when he went to the area of a quarry just sooth of Elmwood to investigate what he thought was a fire. He said he found a flaming orange object, about 250 feet across and as large as a two-story building, hovering about the ground.

He said he could see shadowy figures inside. Elmwood Police Chief Gene Helmer said Wheeler's police radio went dead as he was decribing the object, and Wheeler was found semiconscious in his squad car a short time later. The car, which had been working well, was found to har burned out spark plugs and points. Three area residents reported that their television sets went off for about 10 minutes about the time Wheeler said he saw the UFO. Wheeler said he had been struck by a bluish-white light which came from the craft.

He developed severe headaches several days later, and was hospitalized in Menomonie and Eau Claire for tests. Helmer said he had never seen Wheeler as shaken as he was the night of the sighting. "George saw something all right, or he never would have shut off the squad car engine nor kept the lights off, except under extreme circumstances," Any room. 1-2 occupants with coupon Make the Radisson Downtown your base for marvelous metropolitan adventures In Minneapolis! Twins tickets lor 2 and your room only $23.51 Valley Fair Amusement Park $1 off each ticket (opens May 25) (regular price $6-adults, $5 children under 12) Fort Spelling Historical Tours Arboretum in the Spring Orchestra Live Theater Sightseeing Shopping Special Events SUMMEHFUN iL.radisson daumtoujn hotel. I 4o S.

ih Minneapolis, MN bb4fj fhoim u'2 JJ J1B1 -i GILMANTON, Wis. "Count Each Day as a New Blessing" will be the theme of graduation exercises this evening at 8 for 29 students at Gilmanton High School. Gayle Steiner will be the student speaker at the commencement program. Gene Laehn, school board clerk, will distribute the diplomas. Supt.

Vern O. Peterson announced that honor students are Gayle Steiner, Mike Severson, Jane Anderson, Kathy Edgar Weitep) and Emmy Weiss. Emmy Weiss, daughter of Mr. and Mrs. Robert Weiss, Alma, Rt.

2, has been active in band, forensics, Pep Club, chorus, cheerleading, girls athletics, Student Council, senior play, GAA, newspaper staff, 4-H, Teen Institute on 4 I'd love to visit the big city! vete 2 tickets to t. wis. gams, taw! cost Oom liCktli S2J.bl cU 0' dt-'wry by to ut oV-yK SHOPPE Mlff (UU Fairyland of Fabrics Lf uilioV Moduli- 0 cxt't'ig metro dtea wrenu so wtiTndk my ptdns. i 1 I V-- orttur W'fcv Jl' t'Ckoh 0'jduUs Good tor1 lb Ties, 4 swad! oroMiams. (Al'ow beta.

dt'live'V by mat! to out dtfsti li I III fa.11 SPORTSWEAR JAMBOREE Join our annual Jamboree) Save on new tops and bottoms from our summer collection and on special purchases. JrM.jUjJUJ JUL ii! Attractive new patterns. For tablecloths and home Also great for 52" wide. VINYLS Alcohol 'planning committee and Family Leader of Tomorrow representative. Emmy plans to attend the university at Eau Claire, majoring in computer science.

Kathy Edgar (Weilep) has been active in chorus, forensics, drama, class play, cheerleading, Pep Club, Hi-Times staff, girls athletics, annual staff and librarian. She was a member of the Buffalo Electric Junior Board and State Youth Board. She is the daughter of Mr. and Mrs. Darwin Edgar, Alma Rt.

1. Jane Anderson, daughter of Mr. and Mrs. Galen Alma Rt 2, has been active in band, chorus, cheerleading, Pep Club, girls athletics, school play, music, Badger Girls State, editor school newspaper and Student Council representative. She plans to major in music at the University of Wisconsin-Eau Claire.

Gayle Steiner's activities include Pep Club, GAA, Librarians Club, Hi-Times staff, annual staff, band, forensics, county homemaker scholarship alternate and member of Swiss Girls Polka Band. Gayle plans to attend University of La Crosse and major in elementary education. She is the daughter of Gary Steiner, Mondovi Rt. 3. Mike Severson, son of Mr.

and Mrs. Oscar Severson, Mondovi Rt 3, activities include cross country, wrestling, FFA, Pep Club, Hi-Time staff, 4-H, Student Council, class president and art. Mike plans to attend University of Wisconsin-Superior and major in art. Other graduates are: Ed Bauer, Kay Bloom, Michelle Burnetle, Jennifer Gllman, Don Helgeson, Douglas Helgeson, Holly i (Julson) Meier, Debbie Kahler, Kendall Klevgard, James. Lowenhagen, Darcey Loom Is, Ivy Lovely, Scott Lublnsky, James Meier, Larry Michaels, Violet Ottum, Bryan Reidt, Kevin Risler, Brian Sather, Rebecca Severson, Cindy Vollmer, Ronald Vollmer, Mike Weiss and Beth Winsand.

Summer band program slated HOUSTON, Minn. (Special) The summer band program in Houston will begin Tuesday. The senior band will meet Thursday evenings at 7:30 and Monday mornings at 9 a. m. The band will present a concert or will march in a parade each week.

Junior band will meet Tuesday and Thursday mornings at 9. Students will give a concert at the nursing home at the end of the session. Students will also participate in private lessons each week until July 9. Teacher retires after 35 years. BLAIR, Wis.

Mrs. Philip (Muriel) Dahl, Blair, will retire at the end of this school year after 35 years of teaching. She has taught in the Blair schools for the past 14 years and is currently the elementary school librarian. She began her teaching carrer in 1929 in La Crosse County and continued to teach in rural schools there until 1933 when she left teaching for a time to raise her family. She returned to teaching in 1944 and taught at the Alma Center Grade School before coming to Blair.

Mrs. Dahl was honored on her retirement with a plaque from Governor Patrick Lucey and State Superintendent Barbara Big new selection of solids and prints in a wide range of colors. Ideal for chair seats, boat cush ions, handbags, furniture, etc if -T-JrifTinTTIr i i VWYL OILCLOTH i 20 OFF! I wiTHTHiirniipnu I 0 i W' I CINDERELLA SHOPPE-COUPON GOOD THRU JUNE 2 NYLON: Easy to apply, waterproof and water repellant. Many uses in colors to match tents, back packs, boots, ski clothing to name just a few. CANVAS: Eliminate expensive repair costs by using this quick, easy and permanent repair canvas.

Easy to apply use a dry iron. (Two repair patches per pkg. PER PKG. Summer Tops Shorfs a99, 4.99, 5.99 Lace trim t's, tanks, tubes and denim or knit shorts regularly $5 to $8. Coordinates 9.99-1799 Jackets, pants, skirts reg.

to $25. Gauze Shirts 7.99 Short sleeve plaids, reg. $11. Parts Print shirts, Calcutta gab pants reg. to $16.

Denims 5.99 Reg. to $18. Jeans and skirts in prewashed tan, rust, green or red denim. at- OPEN 9 TO 9 SAT. 9 TO 5:30.

SUN. 12 TO 5.30 CORNER MANKATO AVE. 9TH ST. 71 PLAZA WEST DOWNTOWN Thompson..