Galesburg Register-Mail from Galesburg, Illinois on May 12, 1973 · Page 10
Get access to this page with a Free Trial
Click to view larger version

Galesburg Register-Mail from Galesburg, Illinois · Page 10

Publication:
Location:
Galesburg, Illinois
Issue Date:
Saturday, May 12, 1973
Page:
Page 10
Cancel
Start Free Trial

Page 10 article text (OCR)

10. J3gMsbura Regi^ter-MaM, Golesj^rfl, III! Soturdoy, Mqy 12, 1973 Prices Down This Week on By LEE MITGANG UPI BUSif)«S$ Writer NEW YORK (UPI) - Stock prices beat a downward path this week, retreating from a strong technical rally the week before, although on light volume. Breakdown of talks between oil companies and the world's Week en Wall Street boost to 6 per cent in the Federal Reserve's discount rate helped undermine investor confidence. The popular Dow Jones indus­ trial average fell 25.89 to 927.98 after climbing 31.68 the previous week. Standard & Poor's 500 stock index, wider market barometer, was off 2.83 for the week to 108.17. The NYSE index declined 1.34 to 57.43. Losses were general through' out the list; losers outnumbered gainers, 1,188 to 583. among 1,074 issues traded. Turnover dwindled to 83,787,053 shares from 81,851,372 the week before, and 71,942,040 a year earlier. The technical, rally of the previous week spilled oyer into the first two trading days, hui market strength deteriorated Wednesday on news the organization of petroleum countries* talks with western oil producers had broken down. The prospect of extensive fuel rationing began to make itself felt on parts of the list, particularly the weakening airlines, and the oils themselves. Airline executives began talking about slower flying speeds in order to conserve increasingly tight fuel supplies.' Oil stocks also smarted from a report the Federal Trade Commission was stepping up its investigation of the indus­ try's competitive practices, with an eye toward possible antitrust action. On the plus side, the cost of living council 3aid it might ease some of the pricing restrictions placed on oil g -oducts. Mobil Oil Chairman awleigh Warner Jr., called such restrictions "counterproductive," and a negative factor in the worsening fuel supply problem. Brokers called the jump Thursday in the Federal Reserve's discount rate ''unpleasant" for the stock market. They laid much of the blame for Friday's sharp decline on that single happening. The rise in the interest rate charged the Federa 1 Reserve's member banks was the fourth in a row, and brought the discount rate to its highest level since the so- called "credit crunch" of 19891970. American Airlines was the most active, off 3VA to IW* on 843,300 shares. Suave Shoe was second, falling from 4% to 4% on 820,500 shares. The company reported Sharply lower earnings for the current quarter. Mobil Oil followed, off 6% to 64 on 734,100 shares. Market Keports Today* OALBS1URG GRAIN MARKET Container Grain A Supply Co. Martat may either get up or down . by 1:90 p.m. when flnni bid ittjvet il:3d o'clock bid. No. 2 Corn (old) $1.87 New Corn ..,..<_/___ fi.49 No. 1 Beans (old) ...18.41 New „.. $4.42: Bis Labor Takes On Multinational Firms By LeROY POPE. UPI Business Writer NEW YORK (UPI) One of the biggest economic donnybrooks in American history is getting under way in Congress; It may occupy the limelight the rest of 1973. '• Organized labor and the congressional trade protection ists want to clip the wings of American-controlled multina Business World tional corporations. They be lieve that's the way to wipe out the nation's large trade deficit and create several million more jobs in domestic industry. They claim multinational corporations export American jobs and open the gates for a flood of imports that also take away domestic jobs. While jobs are the immediate issue, also at stake is the protectionists' determination to reverse the nation's long-term policy on taxing foreign earnings of American companies. They would like to tax this overseas income as earned, to a large degree, instead of deferring , the taxes until the profits are brought home. Billions at Stake Billions of dollars are at stake. One estimate says a sampling of 83 American multinational companies shows that Iheir \after-tax profits - would be slashed $355 million a year if they paid U.S. taxes on their foreign earnings as earned. Other observers said the American multinationals would have to sell off some profitable foreign subsidies if the U.S. changed its tax policy because the foreign governments simply won't allow them to repatriate enough money to pay the taxes. That could lead to big losses in the companies' share of global markets. President Nixon has offered to compromise. He proposed that income of American companies abroad be taxed "as earned" if it is generated in those countries commonly regarded as long-term tax shelters. The President also suggested that U.S. companies abroad be deprived of all tax deferrals on income from ventures which exported to theUnited States in recent years. United States more than 25 peri and had' impoverished many] cent of their business. Give Up Citizenship A Georgia congressman, Sam Gibbons, told a financial trade paper that some multinational companies would give up their American citizenship and pay no taxes except on their American business if congressional pressure got too heavy. If multinational companies and their allies in business, the banks, the National Association of Manufacturers and similar groups succeed in eliminating the income-tax issue from the foreign trade bill as finally adopted, the whole issue probably will be fought all over again when the national tax bill comes up later in the year. The AFL-CIO strongly supports the Burke-Hartke trade bill that would restrain the export of American capital and of American technology and would remove the tax subsidies and other incentives that encourage American companies to establish and expand foreign operations. The bill also would set quotas on imports on various commodities related to their American output. Comprehensive Measure Nathaniel Goldfinger, AFL- CIO research director, claims that "only such a comprehensive measure tailored to deal with the major causes of the United States' problems can halt the deterioration" in the nation's foreign trade and restore jobs at home. Gold fin g e r charged that President Nixon's two devaluations of the x dollar have accomplished virtually nothing to reduce imports, increase exports or create jobs. He insisted that the activities of the American multinational companies in transferring capital, technology and know-how abroad caused the country's present crisis. He also accused multinational companies of having profited during th recent monetary crises by speculating against the dollar buying West German marks or Japanese yen. He said these policies had cost thousands of jobs in the communities. ^ Llvet Disrupted , Goldfinger said that unlike the big business'firms, who can move 'about freely, relocate their plants and cultivate new markets, the U.S. workers whose jobs are destroyed usually cannot mdve. Even if they can, says Goldfinger, their lives are disrupted by the breaking of family, church and school ties and special relation ships. The towns where the jobs are destroyed; suffer a tragic erosion of their tax bases leading to serious decay, Goldfinger added The trade protectionists—and there are many of them in the business world as well as'in Congress and in organized labor—note that Japan, the European countries and even some underdeveloped lands have put up more than 800 different kinds of nontariff barriers against American exports. These include subsidies for their own commodities, border taxes, rigid license requirements, rigged health and safety standards, unusual product content requirements and outright import quotas set up in defiance of the General Agreement on Trade and Tariffs. They charge that Japan is the biggest offender. Rebut Arguments Naturally, American multinational companies and their allies in finance and government rebut such arguments. They contend that the activities of American corporations abroad have cheated many times as many jobs in the United States as they have destroyed They say that the American companies operating abroad ship only minimal quantities of their output back to the U.S. They contend that they cannot possibly compete in world markets with products turned out in the United States under its high wage standards On the specific proposal to tax foreign earnings "as earned, 1 ' the multinational companies and their allies present interesting arguments. For example, many foreign coun tries have such strict. regula tions on the retention in the country of earnings of foreign subsidiaries that American [companies operating there might be obliged to pay U.S. taxes on the subsidiaries' profits out of income earned in the United States, thus reducing domestic earnings. Dr. N. R. Danielian of the International Economic Policy -Association said he knew of one company that would be forced to borrow $23 million a year to pay U .s! taxes; on its foreign subsidiary earnings because ' the country where the subsidiary is located would not permit export of the money. Could Cut Earnings The National Association of Manufacturers said, on the basis of a study of 83 U.S. multinational companies, that passage of the Burke-Hartke Bill could cut earnings available for their dividends paid in the United States by $355 million a year and knock $10 billion off shareholder values. President Malcolm Lovell of the Rubber Manufacturers As sociation said the U.S. tire industry could be driven out of much of the world's markets by such a policy of protectionism- Chairman Harry Heltzer of 3M Co. said recently that one eighth of his company's domes tic jobs now depend on foreign operations. What will happen? One thing certain is that the era of liberal world trade that WANTED TO RENT Well Established Nursery School Needs New Location. Coll 343-5544 CASH BUYERS Wants Houses With or Without Furniture. Call 343-4205 Davenport Gets Major Factory MOLINE, 111. (UPI) - Plans for a new major factory to bs located on the northern edge of Davenport, Iowa, were announced by Deere and Co. day. A company spokesman the plans were part of a tinued expansion of Deere's to its industrial equipment plant at Dubuque, Iowa The Davenport plant will be located on 960 acres of land adjacent to Interstate 80, the spokesman said. The facility will produce component parts said'for industrial equipment manu .jfactured at Dubuque. The spokesman said the plant Fri- con in L ...... 1 initially will employe 700 persons dustnal equipment facilities. ; and 0 ' approximately 500,Earlier, the company began a; 000 square f8et The expansion of the Dubuque factory will add an estimated 2,000 jobs to the 6,500 currently one million square foot addition; FOR SALE Lot at Lake Camotot Call 343-4788 After 5 p.m. WASHOUT Fill Material $"| 75 Ton Picked Up %'l 25 Ton Delivered GALESBURG Builders Supply Co 600 t. MAIN STREET Phone 342-4155 READ THE WANT ADS! filled at the facility, the spokesman said. Deere is the largest private employer in Iowa, with about 20,000 employes in plants at Des Moines, Ottumwa, Water loo and Dubuque. PLANTS Farm fresh, Land of Lincoln grown. Vegetables and flowers, sweet potatoes. Beautiful hanging baskets. Half mile Ewt of KaoxvilU on Rie. 150. 289-2728 Fresh Catfish BUFFALO and SCORED CARP While They Last COFFEY'S FISH MARKET 1280 S. HENDERSON FOR SALE JOHN DEERE 110 Garden Trqctor Mower, snow plowf, chains. $600 S24 N. Funham GALESBURG, ILL. 343-MSO RUMMAGE SALE „ 433ft N. PLEASANT Sal.. May 12 - 1 p. m . i 0 3 p.m. Sun., May 13 - 1 p.m. to 5 p.m. No Mornings PUBM Mens sport coats, suits and mlsc size 44 long, boys clothes size 14 to 16, ladies and girls clothes size 12 to 14, misc. articles, owners are moving. WANTED TO BUY used furni- All kinds of good, ture St appliances. Highest Prtctt Paid COFFEY'S FURNITURE 145 E. Water* Phone 343-1313 LOTS FOR SALE 1 Acre to 1 1/6 Acre Lett 4 miles West of Abingdon, III. 1—6 Room All Modern Country Home on 1 Acre ot Ground. Phone 462-3766 HILLVIEW STAB! ES 1800 WEST MAIN Ph. 343-4012 Riding Lessons Horses For Rent Boarding Several Horses For Sale Also Tack Shop HIRING Current Openings For Men and Women Modern. Air Conditioned Pliant. APPL1 At OFFICE PR0TEXAIL UK. 77 S. HENDERSON ST. grew up after World War II has come to an end. Everywhere now,- business leaders, economists and,statesmen who believe in liberal expansion of trade are on {he defensive against attacks by protectionists. This would appear to indicate that the Nixon administration will haze to make more compromises with the protectionists. That could mean more restraints on the activities of American multinational corporations, a wrench in today's world economy. GARAGE SALE 1450 Bridge Ave. SATURDAY—I to S SUNDAY — t to 5 12,000 BTU air conditioner, coke machine, clothing, iurniture, misc. items. OTO-ROOTIR FOR •ROT n — SPECIAL — FRI. & SAT. ONLY PEPSI 1.68 PER CASE „^ PLUS DEPOSIT NO PURCHASE NECESSARY CLARK SUPER 100 5M W. Main St. ^IWERSP DRAINS [Don't Dig Up Your Sewer Call 343 6913 — or Phone 342-6430 No Charge If We Fail GUARANTEED WORK SAKRETE • Mortar • Sand • Gravel GALESBURG Builders Supply Co 600 E. MAIN STREET Phone 342-4155 TRADING POST Garden & Flower CENTER FLOWERS FOR MOTHER BUDDING ROSE BUSHES In Dirt. Load Just In. Beautiful GERANIUMS Each 49c Petunias, Marigold Pansy, Begonias Many More Plants TOMATO, CABBAGE, PEPPER PLANTS Red ft White Seed POTATOES PEPSI COLA 6 Bti* or ' 39c Plus Deposit JIMMY DEAN SAUSAGE 89c Lb. BUDDIG Chipped Beef 3 pkfl $ 1 TRADING POST Super Mkt. 1515 E. MAIN ST. EVENING AUCTION ANTIQUE AND HOUSEHOLD T20 South 10th Street, Monmouth, III. Tuesday, May 15 -- 5:30 P.M. Will Include 10 H.P. AC garden tractor; antique furniture; lamps; pottery; iron; trunk; large dinner bell and bracket; 2 hand guns like new; lots of miscellaneous. MR. ond MRS. A. H. CONGER, Owners SIMPSON'S AUCTION SERVICE ALEXIS, 482-3266 W. H»v. Sold Our Horn* Need 3 Bedroom Home In Knootville School District To buy or rent by June 15th. Excellent references. Price range to buy not over $18,000. C»H •ii«x 4 P.M. 342-1598 REAL ESTATE WANTED TO SELL FARMS. I seed buyers for any size, large or small. Can G.t Mark*! Valu. Financing AvailabU Call for Appointment — LEO F. HAGER Altona - 484-5993 Auctioneer-Appraiser Broker If You're Considering A Garage Consider Quality • Studs 16 O.C. • 1' Overhang at Eaves with • Insulated Sheathing On Side Walls Soffitt (Not Paper) e 3 Windows e Service Door • 2 x 6 Rafters 24 O.C. Standard • %" Roof Sheathing (Not %" As • Full 7' Head Room at Used by Others) Overhead Door • Seal Down Shingles (Nailed e Floor Drain Standard Not Stapled) e As Low as $1970.00 t Primed Siding 16 x 22 BILL BLOYD -- Builder 342-3074 MOHM6UTH AtlCftoN REPOBT Mar 10. IW4 HjttleM CaliU Cahraa Hop • Shop •This Week 808 6 1784 0 Last Week 284 6 2121 0 Ladt Year 300 3 689 0 CATTLE: Receipts mainly feeder cattle. Demand good. Feeder steers and heifers 1.00-1.80 higher. Cows 25c higher. FEEDER CATTLE: Choice 250-400 lb. steers 63.50-70.00: 400*880 lb. 55.5063.75; 580-800 lb. 51.00-55.75; mixed Good and Choice 580-900 lb. 47.7551,25; Good 600-" 950 lb. 44.OO-48.00; Choice 300-580 lb. heifers 80.00-56.80; 550-700 lb. 48.75-50.28; mixed Good and Choice 380-550 lb. 47.78-50.28; Choice bred replacement cows 380.00-420.00 per head. , COWS AND BULLS: Cutter and Utility COWS 30.00-36.40. HOGS: Receipts mainly feeder pigs. Demand good. Prices 1.00-1.50 per head lower. SLAUGHTER BOARS: 280-550 lb, 28.28-31.30. ' ; FEEDER PIGS: U.S. 1-2. 30-40 lb. 24.00-29.50; 40-80 lb. 29.28-36.00; 50 60 lb. 38,78-40.00: 60-70 lb. 39.7544.50; 70-80 lb. 44.28-48.00; 80-90 lb 47.75-81.00; 115-130 lb. 55.00-57.00; U.S. 1-3 40-50 lb. 28.00-34.25; 50-60 lb. 34.00-37.75; all sold by the head; bred sows 170.00-210.00 per head. Chkaoo Orelfi Kanfe CHICAGO (UPI) - Wheat and oats were mixed, cirn irregularly higher And soybeans substantially higher this> week on the Board of Trade. Wheat was off Vh to up 5V< cents; corn up ft W> 3w: oats off 2 ] 4 to up 2Vi; and soybeans up 20 to 90. f Dow Jones Averages NEW YORK (UPI) - Weekly Dow Jones averages including intra-day highs and lows: Open High Low Close 30 ind 952.97 965.16 924.14 927.98 20 trn 187.79 188.18 178.93 179.51 15 Util 108.77 109.41 107.71 108.29. 65 stks 297.27 300.00 288.18 289.30 Net changes: Industrials off 25.89; transportations off 8.55; utilities off 0.32; stocks off 8.17. JOHNSON BLACKTOPPING DRIVEWAYS, PARKING AREAS * ETC. Phone 876-2291 Per FREE Ettlmatts LOST DOG ' $50 REWARD Miniature Fox Terrier answer* to name of "Butch". Bl. & Wh. — no tail. Missing since May 3rd. If found please call Call 343-2284 Days or 342-7051 after 4:30 PM Disappeared from Lake Brackaq area. East Fremoat Road — 342-1416 fialesbyrg Livestock Sales Inc. Bonded For Your Protection So le Every Tuesday, TUESDAY, MAY 15, 1973 15 Mixed cows & calves. 20 Mixed cows & bred heifers. 1 2-yr.-old Simmental Bull. 6 Angus & Hereford Bulls. 3 Simmental Bulls. 30 Angus steers & heifers, 475 lbs. 75 Angus steers, 575 lbs. 80 Purebred steers & heifers, 600-650 lbs. 30 Angus heifers, 600 lbs. 25 Angus steers, 800 lbs. 20 Mixed steers, 850 lbs. 150 Mixed steers & heifers to be sold in small lots. < 200 Mixed pigs, 40-50 lbs. ' 150 Mixed pigs, 60-70 lbs. WESTERN CATTLE ON HAND:600 Angus steers, 550-750 lbs. 300 WF steers,'550-700,:lbs. ' .! Last Tuesday Fat Steer Top $46.46; Fat Heifer Top $46.10; Butcher Cows $33 to $37.50; Butcher Bulls $41 to $43; Bred Gilts $140-$180; Feeder Pigs strong demand,-steady'market Feeder cattle steady. Reg. Sole 7:00 P.M. For Cattle 9:00 A.M. MORE CATTLE & HOGS BY SALE TIME Feeder Cattle for Private Sale Daily Up Until Sale Time REPRESENTATIVES: John Walters Martin M. Swanson Richard Anderson William Reynolds Robert Lindsey, Tom Kilcoin and Carl Steck — Auctioneers HILLMAN'S HOME LAWN & GARDEN CENTER Blue Spruces — 3' to 4' $29.95 Norway Spruces — 4' $21.95 We Have The Largest Selection Around of Upright and Spreader Yews. Evergreens from $8.00 Up DWARF FRUIT and SHADE TREES All Vegetables and Flowers ..- 59c Tray Onion Plants, While They Last 19c Onion Sets 39c & 49c Lb. Big Boy Potted Tomato Plants ...19c Each Humus and Organic Peat $1.29 Geraniums . 79c & 99c — Potted Roses Grade #1 .$2.99 Package Rosee ..$2.25 or 3 for $6.00 Get Rid of Crab Grass at Special Prices Get rid of weeds and dandelions, plus' fertilize your yard, with Weed and Feed. Speciol ot $3.95 Covers 5,000 sq. ft. HILLMAN'S HOMI LAWN AND GARDEN (ENTER 1055 Grand —Open 7 Doys A Week GALESBURG REGISTER-MAIL BACKYARD SALES Garage, Patio, Driveway, Basement, Front Room, Private Household Sales and all other sales of this type must be in our office by noon the day before ad is to be published. DISPLAY ADV. -r Phone 343-7181

Get full access with a Free Trial

Start Free Trial

What members have found on this page