Galesburg Register-Mail from Galesburg, Illinois on April 21, 1973 · Page 20
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Galesburg Register-Mail from Galesburg, Illinois · Page 20

Galesburg, Illinois
Issue Date:
Saturday, April 21, 1973
Page 20
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1 , 1 T fc- k J I t . 1 ' > ^ I SoturdO 1973 By RON SCHERen UPI Business Writer NEW YORK (UPl)'-WHh the E«ster Wheat Exports Strain Facilities Wheat streams down a gralii elevator fttimel into an open railway coal car, right, in the step of a iMg Joomey. Ship* ment of the Soviet Union's massive purchase of American grain Is straining U.S. transport facilities. Running short of grain hoppers, rail lines are pressing coal and other type cars tato service. Right center, a plastic sheet is placed over an open car, Improvised weather protection for the grain pouring out of Midwest and Plains states to Great Lakes, Gulf and Pacific ports. Below, the Soviet ship^ Vyostsic, loads at Longview, Wash,, while a Bnriington Northern Railroad train, largest of the grain shippers^ replenishes reserves in multimillion bushel elevators. NEA holiday a volume w^s light and prieeii moved irregularly on the Uew York Stpck Exchange for (he week. Week on Wall Street A healthy bunch of first-quarter earnings reports and a feeN ing among investors "things cani get much worse'' propped up prices late in the week. However, one analyst said a 30 to 50 per cent gain in volume is needed for any rally to sus* tain itself. The Dow Jones industrial av** erage of 30 selected blue - chip ttocks galfied 3 .M to m.» lot the week. Detjines topped ad-^ vatice$j however, 1^ to athoflfg the l,IS7 lisues m the fipe. Staitdird k Poor's 800^ sioek index, a broadef market barometer, gained ^.01 to UtAI while the NYSe iftdeit lost 0.06 to 50.50. Tumover Drops turnover for the four - day Week came to only 52,025,156 shares. Friday was a holiday on the exchange. Last week the volume came to 76,173,505 and last year 90,372,620 shares. Early in the week investors sat on the sidelines waiting for Washington action on the prob* lem of inflation. A published report said the economy was overheatirtgi" ami Analysts said action must be taken to cool off the surging eeohomy. however, action from Washington was not iorthOomiiil. Treasury Secretary (leorge Shultz said he did not think President Ptixon was plating any wage^price freezes. Late Wednesday the market lifted out of its doldrums. Some Analysts thought improved American Telephone & Telegraph earnings were respon* sible for the surge while others said President Nixon's energy Speech had put new life into the oil stocks. Nixon abolished oil import quotas. International Telephone & Telegraph was the rmt active is^ue m week, fallihg 6HS 35 ^4 on 732,900 shares. The company said Wednesday tH internal Revenue Service iimjf reconsider the favorelble titx tilling it miide in late 1969 that permitted the ITT^Hartford l^ire merger to be tax free. ITT iaid its maximum tax liability in the case could be |30 million, but said it would not affect earnings. American Telephone & Telegraph, the nation's most widely held stock, was second, up at 53% on 617,700 shares. The company reported .first quarter earnings of $1.19 a share compared with a restated 99 cents a share a year ago. Profit Outlook Poultry Trade WASHINGTON (UPI) Although poultry and egg prices are up sharply this year^ producer fears of lower profits in the future are holding back expansion of supplies, an Agriculture Department report said today. Lower Production '*High feed costs and produ- F Lisfs Sag Worst During Decade NEW YORK (UPI) - Wright Investors' Service calls the current sag in' the list's valuation "much more severe than at any time in more than a decade," Growth issues will continue to suffer and further distort many of the popular Wall Street Chatter cers* concerns over futufe profitability are contributing to reduced broiler and egg output and might lead to reduced turkey output in the second half of the year,'' economists said in a Poultry and Egg Situation summary. The report said eggs, now Market F Reports GALESBURG GRAIN MARKET Consumer Grain & Supply Co. Market may either go up or dowh by 1:30 p.m. when final bid arrives. 11:30 o'clock bid. No. 2 Corn (old) ...11.48 New Corn ._.$1.40 No. 1 Beans (old) J6.49 New - $4.10 market indexes, but "most equities of superior investment quality now offer outstanding opportunities for a period of unusually rewarding Investment growth during the next few years," the company says. Opening the floodgate on prime rates, stepped-up inflation and the specter of renewed bombing in Indochina ' tinued to keep the buyers on the sidelines," according tp E. F. Hutton. The real impact of con- Railroads By LEROY POPE NEW YORK (UPI) - Farm representatives from 12-grain growing states earlier this month pleaded with Congress for help in moving to market millions of tons of grain piled in elevator and storage fields. Business World The transportation snarl is so bad the May 1 deadline for shipping the last of the big Russian grain orders must be extended. And there's talk about another big s ale to Russia. The farm representatives were deeply upset over the shortage of railway cars to move the grain. Richard E. Briggs, public relations director of the Association of American Railroads, while admitting the carriers need more cars, told United Press International: **We couldn't have moved the grain any faster if we'd had the cars." Lack Modem Facilities Briggs said the real cause of the transportation snarl is the lack of modern handling facilities at the ports, especially the Gulf ports, plus the usual hazards of winter railroading, Banks Increase aggravated by heavy late spring snows in the grain belt. Briggs said the situation must improve now that sprifig is really here. Russian and other foreign ships can sail up the St. Lawrence and load grain at lake ports. Barge trlE ^ins on the Mississippi can handle more grain and the port of New Orleans more fully utilized, while railways will have no more snow and ice to fight. Railroads do much better now, thanks in part to the electronic computer. It enables them to keep much better track of rolling stock and direct empty cars to farm regions. The modern covered hopper car, which carries 3,200 bushels of grain, much more than box cars of ten years ago, also makes for greater efficiency. There's the Rub The rub is that the covered hopper car requires special unloading machinery and since our recent grain exports have been anything but exciting until this year, the port cities haven 't installed enough such machinery. The Midwest Governors Conference in Chicago in June is expected to hear complaints about the transportation snarl. It inevitably will cause many farmers and grain merchants to lose profits from this year's big corn and wheat exports. Freight cars are an.expensive lorig^erm investment.^ Railways have: not been prosperous enough to pay interest on loans to buy them unless they had immediate need for them, so there is very little surplu?. But the railroads are ordering and building new cars and buymg new locomotives at faster clip. 4 Nearing Completion Not only are the barge lines buying new vessels but a $1.75 billion construction program is nearing completion to equip the Ohio River with bigger locks and higher lift dams along the 981 niiles between Pittsburgh and the junction with ^the Mississippi at Cairo, 111. Transshipping freight from the barges to ocean-going vessels poses the same problem at the ports that railroads face. And that problem, Insisted the raih-pads' Briggs, is the real villain. these developments may soon be felt on the market. If it can be shrugged off, however, "it would be another sign of the limited downside momentum in the latest decline," the firm says. WEEKLY GRAIN REPORT CHICAGO (UPI) - Wheat, oats and soybeans were substantially higher and com mixed this week on the Board of Trade. Wheat was up 4% to V/A cents; corn off VA to up 5%; oats up 2V4 to 7%; and soy* beans up 5M to 14V4. DOW JONES AVERAGES NEW YORK (UPI) - Weekly Dow Jones averages, including intra-day highs and lows Open High Low Close 3D ind 963.20 970.93 944.39963.20 • H priced far above the unusually low levels of a year ago, will I 'emain sharply abpve last year's rates all year. Prices will decline seasonally this spring and then rise seasonally in the summer and fall with the customary August and October dips, the report added. Egg production in the first quarter of 1973 was six per cent below a year ago, and it probably will remain f>eIow year-ago rates until late in 1973, experts added. . Other Aspects The report also said that: —Broiler chicken supplies were slightly above 1972 in a record first quarter, but will average five per cent below a year earlier for April and May. Output could top last year's rate again in late sununer and fall, "but concern over high feed costs clouds the prospects" and prices will remain well over a year earlier all through 1973. —Production of baby turkey poults has been lagging because of high feed costs and uncertainty about the future. Output may pick up in late spring, but production of turkey from June through December may fall below last year's level. Prices are expected to weaken in the (Summer but to remain well sA )bve 1972. As of mid-March, the report added, average feed costs were up 38 per cent from a year earlier while phultrymeh were getting 48 per cent more for eggs and 60 per cent more for broilers. Farmer 1964 WILLY'S JEEP 4 Wheel Drive, New Tires, Top, Lock Out Hubs, Looks and Runs Great. 343-5775 History suggests what could iiappen with a runaway boom, especially when accompanied by equally rapid inflation, The 20 tran 199.55 201.60193.96 196.61 13 util 109.44 109.95 108.51 109.25 65 sties 303.83 305.63 297.90 302.66 Net changes Industrials up 3.84; transportations off 3.21; utilities up 0.10; stoclcs off 0.41. Letter says. OPEN EASTER MORNING 9-12 -URGE WHITE EGGS GERMAN SHEPHERD PUPPIES Extra nice women's, men's and boys clothes. Many misc. items. Born en at. P«|rl«l('i Day R«a4y ior Eutor ia$.00 Each Pur«br«d CALL BIGGSVILLE §27-2531 Discount Rates WASHINGTON (UPI) The Federal Reserve Board has authorized seven of its 12 banks to raise their discount rates from 5.5 per cent to 5.75 per cent Effective Monday. It is tlie third increase this year, TTie discount rate is the rate charged commercial banks when they borrow from federal reserve b^nks. Officials termed the move i Friday a "passive adjustment*' to increases that have already occurred in the money market Calif Firm Plans Oil Hunt OAKLAND, Calif. (UPI) Buttes Gas & Oil Co. said Thursday a group of companies of which it is a member has obtained a 550,000 - acre petroleum ejrploration. concession in the Mediterranean Sea from the Republic of Tunisia. The group is committed to drill a test well and is making plans to do so at once. Buttes has been conducting seismic exploitation in the area for a year. Get A Load Of This GILSON READY MIX 876-2291 LARHV JOHNSON Wtlcorti* Back AU Old k N«w Cualomtri Doz SQUIRT 10-Oz. Btls. Plus D«potit KELLY'S POTATO CHIPS ( Bag For DENNIS BONED CHICKEN 10 >/2 -Oz. Wonted to Reliable Gentleman with Son would like to rent home in country. Ph> 289-4995 Income Property FOR SALE Close to Town Call 343-3041 For Details rest are eaten by predators. FOR SALE 1115 FORD COMET Fair Condition $300. 20 INCH GIRL'S BICYCLE Brand New 150 one 342-2468 Or At 431 Monro* Call 343-6913 Phone 342-6430 No Charge If We Fail JGUARANTEED WORK r Mr. Contractor, too! Before you order CONCRETE for your next project .... we invite you to CHECK OUR PRICE J Phone Concrete Dispotcher 342-4155 for ?] QUALITY READY MIXED CONCRETE Prompt & relioble delivery V] CHECK GALESBURG idlders upply €o before you buy 600 E. Moin, Golesburg '4 t EXCELLENT NORTH LOCATION NEW SANDLER-BUILT BRICK and FRAME 3 bedrooms, fully carpeted, full dry basement, large double attached garage. Large trees and nicely landscaped. $31,500 Ph. 343-4907 or 343-5138 Galesburg Livestock East Fremont Road — 342-1416 Bonded For Your Protection Sale Every Tuesday 1973 1(1 expected AUSTIN, Tex. —Motorola, Inc. said Thursday it will build a multimillion-dollar factory east of Austin to make semiconductor oroducts. It will take three FOR SALE 965 PlYMOUTH Fury 4-door, air condition exceU^nt cpnditiQn aU pow- 1425 E. lOSEY TRADING Super Mlct. 1S15 E. MAIN WANTE cause lurther increases m me cost of boiTOWiOg money. jwill employ 2,500. However, "We're just following, not j part of the plant will be occu- leadiog pied next year. Unfurnished lower apartment near Cottage Hospital for retired gentlemen. Will sign lease and can furnish excellent references. Will pay premium rent for nice place Pleo$c coll 342-6787 or 342-0413 between 8:00 0*111. - 4:30 p.m. TUESDAY, APRIL 30 Mixed cows some with calves. 1 Registered Charolals Bull. 2 Hereford Bulls. 45 Angus steers and heifers, avg 400 lbs. 100 Holstein steers, avg. 400 lbs., pre-conditioned. 40 Mixed steers and heifers, avg. 550 lbs., all froin one farm. 25 Angus hejfers, avg. 600 lbs. 45 Hereford and Charolals steers, avg. 525 lbs. 40 Angus steers, avg. 650 lbs. 25 Mixed steers, avg. 775 lbs, 85 Bl, w/faced and Hereford heifers, avg. 650 lbs. 300 Mixed cattle to be sold in small lots. 350 Mixed pigs, avg. 40-100 lbs. 17 Hamp. gilts to farrov/ in 2 weeks WESTERN CATTLE ON HAND: 200 Angus and Bl. w/faced steers, 100 Hereford steers, avg. 650 lbs. 100 Hereford heifers, avg. 450 lbs. Last Tuesday Fat Steer top $4i40; Fat Heifer top $46.00; Butcher Bulls |40-|43.00; Butcher cows |30-09-$36.00 . MORE CATTLE & HQGS BY SALE TIME FAT CATTLE SALE At 9:00 A.M. Feeder Cattle ior Private Sale Daily Up UfltU Sale Ti Produclion Workers Needed Xqual Opportunity Etnployttr Good Working Conditions Good Wogo Rotos Paid Vocations and Holidays Paid Insuranco Apply At 801 No. MAIN ST. ABINGDON, ILL. JUST RRIVED Stiipment Illinois Grown Good Supply Shode Large Supply CALIFORNIA 600-700 lbs. Good Supply PUNT John Walters Richard Anderso: REPRESENTATIVES: Martin M. Swaason WUlia Robert Lindsey, Tom Kilcoin and Carl Steck Reynolds Auctioneers HOME LAWN GARDEN CENTER 1055 Grand Open 7 Dovi A Weak > i f (

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