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The Daily Sentinel from Grand Junction, Colorado • Page 6
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The Daily Sentinel from Grand Junction, Colorado • Page 6

Grand Junction, Colorado
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rZZ' Vti'i it a 'f'M" 'r 'rr 'I ruge-1 ae uauy seounei meouMji, jnuimiy mi Democrats ready fo fresf strength in veto battles grams to help lower-income persons rent and buy homes through subsidies affecting 500,000 dwelling units, at the same time helping the lagging housing Ford sounds keynote for campaign (Continued from page 1) charged for covered services. The limit, he said, would protect them against catastrophic costs for serious illness. While Ford's message forshadowed clashes on a number of issues with the Democratic majority in Congress, it also staked out some positions that would set him apart from Reagan. While Reagan has proposed large-scale transfers of federal programs to the states, Ford came out for tightening rather than abolishing federal welfare programs. Ford also called for what he described as long overdue reform of the scandal-ridden food stamp program.

A major change would limit benefits to those whose net income is below the poverty level, currently $5,050 for a family of four. He said temporary extensions of special unemployment benefits will continue in 1976 and that he will ask for contin WASHINGTON (AP) President Ford has sounded the keynote of his campaign for the Republican presidential nomination, calling for curtailed federal spending and another 1976 tax cut while scoffing at Ronald Reagans budget-slicing proposals. Those are themes the President is expected to stress when he begins his personal hunt for votes in the presidential primary elections. While not mentioning his GOP challe-nger, Ford used his State of the Union platform Monday night to declare that Reagan's budget proposals go too far, saying at one point that the federal government cannot dump welfare onto the states. Fords address offered what seemed a multiple choice of possible campaign slogans: A New Realism, Common Sense, The Right Direction." And it also provided his most direct retort so far to the proposals of Reagan, who has advocated the phased elimination of more than $90 billion in federal social programs, with the states to be Profit taking leaves market mixed again Interim police chief to alliances vigorous, he said he will submit an increased defense budget.

Warning against the crippling of our foreign intelligence services, Ford revenue resources for $90 billion worth of federal programs to states, to run them or drop them. Among his targets more than $22 billion in welfare and other income security programs. Reagan has been emphasizing that he wants a phased and systematic transfer of authority, not an immediate slash of federal social programs. But his budget 'plan has become the major target of Fords campaign advocates. And the President outlined his own formula for handling these programs, pointedly covering many of the same areas involved in the Reagan plan.

So, too, with revenue-sharing. Ford urged its extension, to continue lumpsum grants to the cities and states. Reagan would end it, saying the money should stay at the local or state level in the first place. The difference boils down to Ford proposals that would maintain federal aid programs while streamlining them and giving state governments more leeway in use of the money. be named tain-designate is from outside the city, he would probably be on board with 30 days.

"The captain to be named will be selected for that slot. If he chooses to then apply for the chiefs job he would be considered by the unnamed screening committee, he said. Several of the final candidates meet the minimum standards, he said. GNP declines in WASHINGTON (AP) The government said today that the growth iin vol-umne of total economic output for the last three months of 1975 slipped to about half the rate of the previous three-month period. The Commerce Department said the volume of total output, or Gross National Product, dropped 2 per cent during 1975, compared with a 1.8 decline in 1974.

The result gave 1975 the biggest drop in output volume for the economy since World War II. The Commerce Department said GNP grew by an annual rate of 5.4 per cent in the final quarter of the year corn- si Couroc-Bowls Travsl AUTHENTIC INDIAN JEWELRY a specialty, Not a Sideline at BENNETT JEWELRY 132 So. 5th NEW YORK (AP) -The stock market was mixed today, running up against profit taking pressures in an extremely busy session on Wall Street. The noon Dow Jones average of 30 industrial stocks was down 2.13 at 941.59, while gainers maintained a moderate over-all lead over losers on the New York Stock Exchange. Analysts said the near-record pace of activity resulted from heavy profit taking piled on top of continued buying prompted by signs of an improving economy and the recent decline in interest rates.

There appeared to be no deci said, I will take actions to reform imd strengthen our intelligence community. I ask for your positive cooperation, te time to go beyond 1 1 4V tv A i It rS LA- 1 iV PRESIDENT FORD for another tax cut Jan. 30 He added that the new captain may not necessarily come from the six if be and the board (which includes Meyers, District Atty. Terrance Farina and City Personnel Director Pat Bittle) (lont feel they are fit for the job. I One or two applications have been held back for just such a circumstance, and those people could be interviewed if necessary, he said.

late 1975 pared to a 12 per cent annual rate growth in the previous quarter. The increase in the value of the tions economic production was $44.7 billion to an annual rate of $1,573.2 billion. ti The higher output was the product'of a 1.2 per cent advance in sales in the economy above and beyond sales goods withdrawn from inventorie A nine-month reduction in inventor had been a key factor in dampening I economic recovery earlier in the ye but business reduced inventories by an annual rate of only $200 million compared to a $2.1 billion annual rate reduction in the previous quarter. if FOR TV REPAIR CALL TOM HUMPHREYS 242-6639 CO. CLOSED Sat.

and Sun. RED WING shoes By RAY SULLIVAN Sentinel staff writer City manager Harvey Rose said this morning an interim police chief will be appointed by the end of the month. The person will replace Chief Ben Meyers who is leaving that day. "I have in mind a procedure to follow in the interim before a permanent appointment is made, which I will announce Jan. 30," Rose said.

He said he will make a number of movements within the department to serve the purposes of the interim status, which will also be announced Jan. 30. Rose said a permanent chief will be chosen by a four-member screening board, which would include himself, within six months. He declined to identify the other board members until the recruitment has begun. He feels pressure could build on them from being contacted by potential candidates and community members.

Two of the members have some law enforcement related experience, the city manager said. He also would not eliminate any names of people who might serve on the board. industry. Saying the country needs a strong defense posture to strengthen its hand in international negotiations and keep its responsible for continuing them if they choose. What Ford wants to do is hold the increase in federal spending to about 5 per cent in the new budget.

Democratic candidates for the White House chorused criticism of the President, saying he doesn't want to do enough to revive the economy and spur employment. But Fords first order of political business was Reagan, not the Democrats. Thus his defense of social programs, which he said "reflect our generosity as a even as he criticized Inequities and abuses. Complex welfare programs cannot be reformed overnight," he said. Surely we cannot simply dump welfare into the laps of the 50 states, their local taxpayers or private charities, and just walk away from it.

Nor is it the right time for massive and sweeping changes while we are still recovering from a recession." Reagan said in Chicago on Sept. 26 that he wants to transfer authority and The board is structured differently than when Meyers was chosen two years ago. Rose and City Atty. Gerald Ashby were the screening committee then. He said he will be placing ads in national journals and expects 100 applications for the post.

Qualifications haven't been drawn up in detail yet, Rose added, but expects they will include a combination of college and experience amounting to a minimum of 10 years of progressively responsible police work. Emphasis will be placed on administrative and community relations ability, he said. The hiring of a new captain to replace Capt. Robert Burnett, who resigned last fall to return to the West Coast, will not be affected appreciably by the new vacancy, Rose noted. Candidates for that slot have been narrowed to three lieutenants from within the Grand Junction police department and three from outside.

Rose said the last expected interview is scheduled for next Monday and an announcement of the selectee would be made within a couple of days. If the cap duce 50,000 barrels of oil from shale would cost at least $1 billion and couldn't be built until at least the early 1980s. Cameron said if the loan-guarantee bill could pass this year, it might permit Interior Department authorization of a shale plant by 1978. But Spence said it would likely take 6-10 years after authorization to construct the needed extraction plant. Hollis Dole, manager of Atlantic Richfields Colony Shale program, said his company dropped participation in one Colorado shale tract because Were pulling in our horns.

We have other places we can invest our money than in development of these costly synthetic Congress doesnt seem to realize the national energy crisis were in, he said. Earl Ramsey, program director of the White River Shale Project in Utah, said in addition to free market prices, the companies need government support before they can get oil from shale. He said they need initial support to develop technology, plus continuing government aid in the form of guaranteed loans, price supports or tax incentives. THE SPOT For Unfinished Furnitwro Phone 242-0417 2nd Colo. Complete Home Furnishers ued job training funds in 1977.

He renewed his call for a five-year extension of federal revenue-sharing with states and localities. Ford advanced two plans he said would stimulate needed business investment, One would provide fast depreciation of productive facilities, aimed especially at areas of high unemployment -which under present circumstances would cover much of the country. Another would be designed to encourage persons of moderate income to buy stock in U.S. firms. The purchase price for such long-term investments could be deducted for tax purposes, with the proceeds to be subject to tax only if cashed in later.

To make it easier for heirs to retain family farms and businesses, Ford said the estate tax on such inheritances should be postponed and stretched out. He also said he will propose pro- sive reaction in the market either way to President Fords State of the Union Message Monday night. Middle South Utilities was the most active issue on the Big Board, unchanged at 16. A 403100-share block traded at that price. The NYSEs composite index of all its listed common stocks slipped .06 to 52.01.

At the American Stock Exchange, the market value index was off .02 at 92.83. Volume on the Big Board reached 17.20 million shares over the first two hours. CHICAGO (AP) Futures trading on the Chicago Mercantile Exchange Monday: Open High Low Close Prev LIVE BEEF CATTLE 40.000 lbs Feb 36.90 39 35 36 85 39 02 38 80 Apr 39 5 5 39 57 38.92 39.10 39 05 Jun 41.35 41.45 40 60 40 75 41.10 Aug 42.2 5 42 2 5 41.65 41.65 42.10 Oct 41.77 41.95 41 60 841.65 b41.90 Dec 42.10 42.15 41 60 41.60 42 25 Sales: Feb 3048; April 2394; June 1440; Aug 480; Oct 60; Dec 30 Open interest: Feb 12012; April 7277; June 5666; Aug 2150; Oct 972; Dec 126. LIVE HOGS 1 30,000 lbs Feb 48.30 49.40 46 30 49.00 47.80 Apr 44 90 45 40 44 60 45.10 44 50 Jun 46 00 46.70 45 95 46 35 45 90 Jul 46.25 47.10 46.15 846 45 46 25 Oct 42.17 42 4 7 42 00 b42 40 b42 00 Dec 42 35 42.70 42.05 b42.70 b42 00 Sales: Feb 2130; April 2681; June 744; July 340; Aug 57; Oct 46; Dec 19 Open interest: Feb 6008; April 4815; June 2446; July 1769; Aug 486; Oct 314; Dec 107. PORK BELLIES 36.000 ibs Feb 75.50 76 75 75.50 D76.75 74.90 Mar 74 60 76.25 74 60 ,76.20 74.30 May 75 00 76 25 74.95 a 76 00 74.20 Jul 74.30 76 10 74 30 75.65 74.10 Aug 72 30 73 90 72.25 b73.65 72 00 Sales: Feb 2802; March 1800; May 752; July 557; Aug 206.

Open interest: Feb 3076; March 2005; May 1733; July 2110; Aug 770. b-Bid; a-Asked; n-Nomlnal. Denver Bean DENVER (AP) Most dealers at 13 00 for U.S. No 1 ptntos and 23 00 for S. No 1 Great Northerns; FOB Denver and Nebraska rate basis.

Denver Hogs DENVER (AP) Tuesday's quotations, hogs 75: barrows and gilts mostly steady; S. 1-3 200-2 JO lb 48 1-3 230-250 lb 46 00-48 00; 2-3 250-280 lb 43 5046 00; sows unevenly 1 00 lower; 1-3 300600 lb 35 00-39 00. Brush Hogs- BRUSH, Colo. (AP) Tuetday's quotations, hogs 700: barrows and gilts steady; U.S. 1-2 200-235 lb 49 50-50 50, a tew 50 7 2-3 200-250 lb 46 50-49 00; 2-4 250-280 lb 43 sows steady.

1-3 300600 lb 35.00-38.00. Coriv CHICAGO CA) Futures trading on the Chicago Board of Jade Monday: CORN 5,000 bu Mar 2.73 May 2.794 Jul 2 84 Sep 2 80 Dec 2 71 Mar 2.77 'v 70' 76', 004 774 2 69 1 2 73 2 79' 2 83 2 80' 271' 2 76' Omaha Livestock OMAHA, Neb -Livestock quotations Tuesday: Hogs: 3S00; barrowsand gills fairly active; 200-260-lbs weak to 25 lower, instances 50 lower; over 260 Ibs Steady to strong; 1-3 200-235 Ibs 50 $0-51 00, sows steady to 25 lower; 350-360 Ibs 40 5040 75. Cattle and calves: 5.000; trade on steers and heifers slow, 50 to 1 00 lower; cows firm to 50 higher; load choice with few orime 1.200 Ibs steers, 41 75; load of choice and prime 1,1 50 lbs 41.50; choice Ibs 39 75-41 00; load choice wih end prime 1,050 Ibs heiters 40 75; choice Ibs, 38 50-39 75, a small consignment 40 00; utility and commercial cows 21.00-23 00, a few 23.50; canner and cutter 16 50-2) 00 Sheep 100; hardly enough for an adequate price test; a tew slaughter lambs 50 higher; choice with a few prime 95-115 wooled lambs 49 00-49 50 Estimated receipts for Wednesday: Cattle and calves hogs 4,500 ffid sheep 200 Oil reps list blocks to shale development FOR THE FINEST IN FARM BUTCHERING CALL US! We have added new facilities and are 1 processing both farm, killed and USDA inspected animals. NEW HOURS 8:00 PM Mon. thru Fri.

TUDOrld MEAT st moil cno a i Fats' NUNN BUSH and Tuesday's quotations from the N.A.S.D. are representative infer -dealer prices as of approximately 10:30 a.m. inter -dealer markets change throughout the day. Prices do not include markup, markdown, or commissions. Affiliated Bankshares 13.50 14 50 Dixson, Inc 2.38 2.88 berime 2 63 3.13 First National Bancorp ....23.50 22.50 Monfort of Colorado.

6.75 7. 1 3 National Western Life 3.13 3.38 Nuclear Expi Dev 1.38 1.78 Oil hale Corp 2.75 3.00 Security Life 6 88 7 38 Vail Associates 7.25 Mutual Funds National Assn, ol Securities Dealers, Inc. Affiliated Fund 7.44 it Dreyfus Fund 11 34 Fid. Cap. Fund 8 99 Fid.

Trend Fund 20.64 I.F 4.01 Fin. Inc. Fd Find. Dynamics Fund 4.02 Fund, Hda 4.22 investors Mutual 8.64 802 12.43 9 83 22 56 4.01 6 79 402 4.62 9 39 19 81 11.42 10.73 11.03 10 85 6 83 11.24 Investors Stock Fund Mass. Inv.

Fidelity Puritan Fd. Putnam Growth Putnam Vista United Accumlative Washington Mutual ..16 22 ..10 59 ...9 62 ..10 09 993 6 23 10 26 Stocks of Local Interest Tuesday's quotations from Boettcher Co. High Low Close AMAX, Inc 53 50 52 00 53 50 Baidwin(DH) 9 25 9 00 9 00 Combustion Engineering 40.50 38 63 40 13 Deseret Pherm 16 63 15 75 15 75 Dillon 32 50 32 2 5 32 38 Mountain States Telephone 20 00 19 63 19 63 Public Serviced Colo 16.75 16 25 1663 RioGrande Industries ....16 88 16 63 16 88 Skaggs 34.50 34 00 34 13 Union Carbide 70.50 68.13 70.50 New York Sugar NEW YORK (AP) Domestic sugar futures Monday on the New York Coffee and Sugar Exchange. Sugar No. 12 50 tons No Trades.

SALT LAKE CITY (AP) Environmental pressure, congressional efforts to break up large oil companies and price controls on petroleum threaten development of oil from shale, industry spokesmen said Monday. Two dozen members of the Rocky Mountain Oil and Gas Association's Committee on Oil Shale, representing companies claiming to have invested $500 million in efforts to develop oil shale, spoke' at a news conference. They included representatives of Atlantic Richfield, Shell, Texaco, Ashland, Union and Skyline, a Utah oil company. Bob Meeker, manager of Shell's Mining Ventures Division, said even if Congress guarantees loans for synthetic fuel development, Shell couldnt go ahead until enviromental opposition and congressional attempts to break up major oil companies are decreased. He said the energy bill passed by Congress last month "kills oil shale by fixing the average per-barrel price of domestic crude oil at just under $8.

A consulting engineer, Russell Cameron of Denver, estimated the eventual cost per barrel of producing shale oil at $20. The price of imported oil, about $14 a barrel, is favorable compared with what it would cost to produce oil from shale now, said Mike Spence, vice president of the Denver-based Oil Shale partly owned by Skyline and Ashland. He said shale will be developed, but the question is when. The shale industry faces high capitalization costs, with extraction plants costing many times what conventional oil rigs do, he said, adding that the high cost of such a plant is "an unacceptable risk to most companies. He said a plant that daily would pro I VASQUE VIBRAM BOOTS PANHANDLE Wesgnhions LARGEST SELECTION OF BOOTS at all prices.

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