Estherville Daily News from Estherville, Iowa on January 24, 1972 · Page 4
Get access to this page with a Free Trial
Click to view larger version

Estherville Daily News from Estherville, Iowa · Page 4

Publication:
Location:
Estherville, Iowa
Issue Date:
Monday, January 24, 1972
Page:
Page 4
Cancel
Start Free Trial

Page 4 article text (OCR)

the small society by Brick man Business Mirror ESTHERVILLE DAILY NEWS, MON., JAN. 24, 1972 Page 4 IS JUST A WITH HAAA- / Watch the Market Maverick Mtethtnfion Star Syndics^ BY JOHN CUNNIFF AP Business Analyst NEW YORK (AP) - There is an old tradition on Wall Street, where you can't be sure of anything, that it is unwise to ignore contrary opinion. When the herd instinct is strongest, keep an eye on the maverick. He might know something. Merrill Lynch, Pierce, Fenner & Smith hardly can be called a maverick—not Little Snow, Much Dough ics gat the wrong auto. Seaton has a free $500 repair job. CREDIT for this morning's snow must go to this column. I arrived at the office a bit earlier than normal, knowing that I had a little space to fill, and sat down to list a number of unusual appeals that could be made for new snow, or ways of finding substitutes. Without a batch of new snow or substitute, it will be very challenging to construct snow sculptures. I had just finished listing these items when I looked out and saw billions of falling flakes. I crushed up my list of appeals and tossed them into the wastebasket. There may be some others about the city who intend to take responsibility or credit for the snow. If this is true they may simply demand equal time in this column and I shall be glad to grant it. This is the year of equal time, you know. With so many candidates seeking so many People with too much money made a few ripples last week. The Who's Hughes thing sorta got out of hand and no one seems to know who or when or how a book will ever be published. Howard's continuing episode became the Soap Opera of the Month and poor old Reese Palley, a millionaire New York, San FranciSco and Atlantic City art deal 7 er had to take the back seat. The back seat, apparently was on one of two 747 jets he chartered to carry 735 friends and customers to Paris for a big bash. He had to rent 370 hotel rooms, which sounds somewhat suspicious, and the whole bill came to a cool quarter of a million rocks. "If I had any sensibility or good taste, I'd be embarrassed," said Palley. Things like that bug me. The party I don't mind. It was probably a highlight of a lifetime for a lot of those people. But old Palley had to shell out $250,000, most of it in Paris and where most of it will stay and we'll have another dollar deficit. Assuming, then, that the fun was worth the chips, Palley should be embarrassed enough to earmark $250,000 for a good charitable cause for the wellbeing of all humanity. "I figure somewhere along the line I'll get it refunded," the art dealer said of his Parisian caper. He'd be repaid in kind to a greater extent if he'd do a good turn for the less fortunate in the human race. AH WELL, I don't like to get too serious in this space. There was some happy news down in Oklahoma City for young Jerry Eaton, a police recruit, who thought someone stole his car. Eaton had parked his car next to a garage and when he returned the car was gone. Police began tracing the "stolen" car. A car of the same make and model was scheduled for repair and the mechan- yilNUIIIIIIUUHIimHIIIIIIHIHIIIINIIIIHIIimilllllllMIIIIIMIIIIIIIIIIIIIIM An independent newspaper published § "Monday through Friday," except prin- = cipal holidays, excluding February 22 and 1 Veterans Day. Second class postage paid § at Estherville, Iowa. | offices there is going to be so much equal time demanded that television and radio logs will merely scrap their programs and schedule full time equal time. The symbol for equal time will be two hands upraised, palms up, in submissionandsup­ plication. By THE ASSOCIATED PRESS Monday, Jan. 24, the 24th There are 342 days left in AILY NEWS Published by the Estherville Daily News, Division of Mid-America Publishing Corp., 10 N. 7th St., Estherville, Iowa 51334. Subscription rates: City of Estherville, Armstrong, Ringsted, T e r r i 1, Graettinger and Superior, delivered by carrier, 60 cents per week; $7.80 for 3 months, $15.60 for 6 months, $29.70 year. By mail in Emmet and bordering counties: $14.00 year, Zones 1-8, $19.50 year. Fred E. Williams, Publisher; Stan Brotherton, Managing Editor; Richard Myers, Advertising Director; Gladys Streiff, Business Manager; Donald Stoffel, Production Manager; Randy Shierk, Shopper Manager. Member of Associated Press, Iowa Daily Press Association, Iowa Press Association. Photos submitted to this newspaper will not be returned by mail. However, they may be picked up at the Daily News Office. nillllllllllllllllllllllllllllllllllllllllllllllllllllllllMIIIIIIIIIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIHIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIlfl AND LOIS Today is day of 1972. the year. Today's highlight in history: On this date in 1965, Sir Winston Churchill, one of England's greatest statesmen, died at his home in London at the age of 90. On this date: In 1848, James Marshall found a gold nugget in California's Sierra Nevada. The discovery touched off the California gold rush. In 1898, the battleship Maine was ordered to Havana, Cuba. In 1908, the first Boy Scout troops were organized by Sir Robert Baden- Powell in England. In 1915, the British defeated the Germans in a World War I battle off Dogger Bank in the North Sea. In 1924, Petrograd was renamed Leningrad in honor of the founder of the Soviet Union. In 1946, the U. N. General Assembly voted to create a U. N. Atomic Energy Commission! Ten years ago: It became apparent, ata Meeting of the Organization of American: States, in Uruguay, that it would not be possible to get a majority vote for collective sanctions against Cuba. Five years ago: Premier Ky of South Vietnam ran into a wild antiwar demonstration on a visit to New Zealand. One year ago: The city office of the Cambodian electric power utility inPhnom Penh was destroyed by an explosion. It was the fourth terrorist incident in the city in three days. when it is a herd in itself, the biggest underwriter, the biggest seller of stocks, mutual funds, government bonds and commodities. But its thinking is contrary to that of much of the brokerage community. It doesn't believe the small investor is leaving the market, it does believe that brokers can make money on small orders. It doesn't believe the Dow Jones Industrial Average is as significant as the street makes it out to be. In a luncheon with AP executives, Donald Regan, chairman of the international brokerage house that made more than $40 million on gross revenue of $473 million in 1970, gave his views on these controversial aspects of the marketplace. Figures contradict the notion that the small investor is leaving, Regan said. The percentage of activity by individual investors might be smaller, he said, but this is largely because of the growth in institutional volume. If you go back to 1960 when average daily volume was million you'll find that 65 per cent was in individual trades. That meant about 2 million shares a day. Now only 40 per cent of volume is by individuals but, Regan noted, it is based on 15.4 million transactions a day. The number of shareholders also has taken a sharp rise to 32 million and seems destined to approach 50 million by 1980, and these totals do not include those who invest through mutual funds. But, he was asked, don't the odd-lot figures show that small orders during the past year were hardly on the sell side? Yes, he conceded, but added that many people who can be described as small investors are capable of buying in round lots, and they are doing so. Odd lot theories, he feels, should be suspect. Perhaps the most convincing of Regan's arguments involves Merrill Lynch* s own experience. It is investing heavily in new accounts and opened 400,000 during the past year at the very time some brokers were discouraging such business. Regan maintains that small accounts can be profitable not only for Merrill Lynch but for other brokers too. "We can make a profit on a $500 order," he said, adding it wasn't size alone that permitted this. Proper management, he suggested, was an equally important factor. Regan was asked if he thought the Dow Jones industrial Average would reach 1,000 points. "I don't think the Dow is indicative of the state of the market," he said. "Were International Business Machines in the average it would be at about 1,500today." The market, he suggested, is in much better shape than indicated by the industrial average, which is made up of 30 stocks. "I don't think it matters whether the Dow goes over 1,000, but the market is going much higher than currently." AILY NEWS Around Iowa The Rotary Club of Osage recently honored Mr. and Mrs. W. W. Martin for their over 50 years in business. Their children and grandchildren were present at the banquet where the Martins were presented a plaque. Mrs. Walter Linge of Storm Lake has made a giant "Raggedy Ann" doll which measures 6 feet, 4 inches tall. Mrs. Linge used four yards of material for the doll's clothing, and 300 yards of yarn for her hair, plus numerous amount of stuffing material. It will be on display at Santa's Workshop during the Christmas season. Monday Graffitti Enjoy yourself. These are the good old days you'll soon be missing. "In Focus," Humboldt Republican. Twenty inches in length and about three pounds was the measurements of a giant cucumber grown on the farm of Mr. and Mrs. Reinard Wulkow near Lytton. Mrs. Anna A. Peterson of Decorah celebrated her 100th birthday as guest of honor at two festive occasions. Mrs. Peterson was born in Edselskog, Sweden and formerly. lived in Scandinavia and Waupaca, Wis., before coming to Decorah in 1949. Designed to Begrin Your Week Right RIP KIRBY M Letters to the editor are welcome. They should be brief, legible, written on one side of the paper, and include signature, address. All letters are subject to condensation. WHEW/THAT WAS LIKE HITTING) A STONE v WALL / LOIS MADE ME WATCH THAT WOMEN5 LIB SPEAKER ON TELEVISION LAST NISHT. DID YOU AND IRMA HAPPEN TO CATCH HER ? ARCHIE BEETLE BAILEY BOY, I'M PED UP WITH ALL THIS MICKEY MOU&E RlTUAL THE ARMY INSISTS ON i §j Kinf Future, Syndicate, Inc., 1972. VorM riant, reierved. "How could I catch the measles, mumps, chicken pox and a cold all at once? I'll tell you how—I'm a school bus driver!" Well, if you don't want to talk about ecology, women's lib, taxes, films, friends, Twiggy, books, kids, crime politics, sports, food, astronauts, or golf... what DO you want to talk about?" Esther Maid Grade A Dairy Products Y1 B 6% H XO! 4 Ml

Get full access with a Free Trial

Start Free Trial

What members have found on this page