Galesburg Register-Mail from Galesburg, Illinois on June 2, 1973 · Page 20
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Galesburg Register-Mail from Galesburg, Illinois · Page 20

Galesburg, Illinois
Issue Date:
Saturday, June 2, 1973
Page 20
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SO GalesbUfg Register^Mail; Galegburg, III, Saturday, June 2,1973 President of Firm Blasts Harvard Business Grads By LEROY POPE UPI Business Writer NEW YORK (UPI) - It's rare to find a corporation head who is downright hostile to Harvard MBAs and to masters of business administration in general, but President Jay Monroe of Tensor Corp. is one. i mmamwmmmtmmmmmmmmmmmmm,mmmmmmmw^m { Business Today Monroe's the man who created the boom in high intensity lamps a few years ago iamd followed up by pioneering steel and aluminum tennis rackets. He now is working on a coverless, complex plastic tennis ball he says will revolutionize amateur Hennis. Monroe admits that his dislike of MBAs is partly emotional. One tiling that (turned him against them was the comment by Chairman David Rockefeller of the Chase Manhattan Bank that "America Dollar Drop Gold Rockets To New High LONDON (UPI) - The price of gold rocketed to an all-time high for the London market Friday as the dollar plunged to a 30-year low in West Germany and bullion dealers today predicted gold would go even higher next week. Market dealers attributed gold's soaring price, which progressed from $90 an ounce a month ago to Friday's brief .record London high of $120 before closing at $117.75, to nagging, doubts about currency stability and President Nixon's meeting with French President Georges Pompidou. The spokesman at a Swiss bank, forecasting further problems for the dollar, said gold "could go even higher next week." The official buying price of gold, set by the United States, is still $42 an ounce. The price of gold hit $128 on the Paris market at one point last month. .'. As gold was climbing Friday, the dollar crumbled again on European markets and lost nearly 1 per cent of its fast- eroding value against major European currencies. Dealers said buyers would continue to I look to gold for stability until the shaky dollar situation is resolved. The dollar closed in Frankfurt at 2.6750 marks, its lowest selling price since the end of World War II. Wednesday, the dollar closed on the West German market at 2.6975 marks. Frankfurt and most other European money centers were closed Thursday for the Ascension Day holiday. should readh some accommoda tion with the Arabs." Monroe blamed that on some of Rockefeller's MBA advisers, but he promptly took Tensor's (account out of Rockefeller's bank. Verbal Tongue Lashing He followed up by making a speech before the New Enterprise Club of the Harvard Business School that gave the whole MBA concept a verbal lashing. He charged that teachers ®t Harvard and other business schools routinely put profits ahead of morality and even ahead of sound management. "It's wishful thinking to believe that a young MBA from Harvard can help a business What's in trouble or even if it isn't in trouble," Monroe said.' "What they learn in the MBA course is useless to mdst businesses. It's almost like expecting a boy to go out and play wrsity football just on the basis of reading about the game, without coaching or practice." Monroe told United Press International that the trouble with MBAs is they have an exaggerated ideia of the importance of their obligation to the stockholders. "I don't think management's obligation to the stockholders is any greater than its obligation to the employes and customers," he said, "and not as great as the obligation to follow sound long- range (policies." 'The Breath of Life' He said the "bottom line" (net earnings) preoccupation of MBAs, especially the Harvard breed, made themi overcautious and inclined them to unwise penury in management. "They always want to skimp on advertising and on research and development costs," he said, "and the plain truth is that for many companies, sound and adequate spending on advertising and research and development is the very breath of life." Maximizing profits sounds fine and may work for a few years but it also can put a company on the road to the cemetery, he said. Tensor currently does about $3.5 million with its metal tennis racket business. Monroe feels that his plastic tennis ball, wWch "bounces higher but flies slower" than the standard covered ball will prove to be what "the Softball is to the hardball in baseball" and ultimately will cause a lot more people to take up tennis—a game which Monroe himself plays avidly. Market Reports GALESBUUG GRAIN MARKET Consumer Grain & Supply Co. Market may elUier go up or down by 5:30 p.m. when final hid arrives. 11:30 o'clock bid. No. 2 Corn (old) $2.18 New Com $1.82 No. 1 Beans (old) $11.10 New $6.03 NEW YORK (UPI) - Weekly Dow Jones averages, including intra-day highs and lows: Close High Low Close 30 ind 930.61 934.68 887.27 893.86 20 trans 170.50 171.54 160.01 106.52 15 util 107.46 108.06 106.02 106.85 65 stks 286.12 287.43 273.49 275.63 Net changes: Industrials off 36.88; transportations off 8.78; utilities off 0.67; stocks off 10.49. Chicago Grain Range CHICAGO (UPI) - Wheat was substantially lower, corn and soybeans substantially higher and oats mixed this week on the Board of Trade. Wheat was off 7% to 15% cents; corn up 3% to 18 7 /a; oats off % to up Vh\ and soybeans up 32 to 1.97. Stocks Fall During Week By LEE MITGANG UPI Business Writer NEW YORK (UPI) - Stocks tumbled over a broad front in sharply reduced activity this week on the New York Stock Exchange as Wall Street failed to sustain the brief exuberance that carried the Dow sharply higher the week before. Week on Wall Street The Dow Jones average of 30 industrials skidded 36.88 to 893.86, wiping out the previous week's gains of over 35 points. Standard & Poor's 500 stock index, a broader barometer also fared badly, losing 4.01. to 103.93 The NYSE index slid 0.12 to 54.86. The list was hit hard: 1,423 issues declined, only 337 advanced, among 1,946 traded. Turnover slid to 45,621,167 Shows Resume At Marinelaud Homegrown Gas Encouraged NEW YORK (UPI) - A top fuel industry official called on thle government Thursday to make "every effort" to encourage the development of domestic oil and gas by the major oil companies and independent producers. Louis A. Beeroharl Jr., chairman and chief executive officer of Texas Oil and Gas Corp., said in a speech to a financial community group that one way would be to boost gas prices at the source. He said it "makes no sense" to import liquefied natural gas from abroad at prices well above that of domestically produced natural gas. WOODBRIDGE, N.J. - Ron- son Corp. announced Thursday development of ia new "flame ignition" device, utilizing space age exotic fuel which provides the ispa/rk for the butane gas coming from the burner valve. The fuel is sealed in a miniature disposable cartridge. Ronson said it expects the lighter will carry a price tag of at least $25. MIDLAND, Mich.—Dow Corning has announced price increases for its high temperature coating resins and two other mesin lines. Single drums of the coating resins will rise as much as 10 cents a pound with increases of 7 to 16 cents for the others. 'Hot Peppers' Women Guilty SACRAMENTO, Calif. (UPI) — Two women have been convicted in Sacramento's "hot peppers" brotihd case. Hazel H. Sanfond, 31, was found guilty of residing in a house of ill fame, and Pat Patterson, 46, pleaded guilty to keeping a house of ill fame. They will be sentenced next week. Sheriff's investigators testified that "when the girls were working, there would be a string of colored peppers hanging from a mailbox." They said "peppers" was also the code word allowing customers to enter and pay fees ranging from $10 to $20. In 1969, the U.S. destroyer Frank Evans was cut in half by an Australian aircraft carrier during maneuvers in the South China Sea. Seventy-four American sailors were lost. Hot Dogs More Complicated BASEMENT SALE 785 S. Academy Street Sunday, 9 a.m. - 5 p.m. Yes (again) at rock bottom prices dress form, baby Items old buttons, 6heet music, cook books, lots of misc. Old post cards given with every sale. WASHINGTON (UPI) - Buying 'hot dogs will be more complicated after Sept. 7. The Agriculture Department Friday adopted new labeling and ingredient requirements which will give consumers three types of frankfurters and other cooked sausages. Meat] processors have until Sept. 7 to 1 comply. that will be on the label—for example, "beef frankfurter." Products containing meat byproducts, such as hearts or tongues, will also be labeled •that way—"frankfurters with by-products" or "franks with variety meats." NOTICE Property on Morton Ave. 1362 and 1372 ANYONE TRESPASSING WILL BE PROSECUTED LOS ANGELES (UPI) Porpoises, whales and seals- laid off by an eight-weeks trainers' strike—begin performing for the public again Monday following settlement of the dispute at Marineland of the| Pacific. The animals and fish had missed the public applause since the oceanarium was closed April 7,~ but management personnel kept their routines fresh through daily exercises. Trail way America's most famous recreational wilderness pathway, the 2,015-mile Appalachian Trail, traces through 14 states, 8 national forests, 2 national parks and several state preserves. I shares, about half last week's •90,247,740 shares. Volume was 61,367,420 a year earlier. Friday's volume totaled only 10,405,000 shares, the smallest since Oct. 9, 1972. Investor confidence, both public and institutional, departed from Wall Street this week and had several analysts worrying, out low. Lucicn Hooper of W. E. Hutton said, "Morale here is as bas as I've ever seen it." Ralph Aacampona of Harris, Upham said, "The lack of volume reminds us more and more of the 1969 bear market—A slow insidious fall." Several others indicated a crucial test of the low Dow 800's is in the offing. A number of developments weighed on investor confidence. The dollar slid steedily on European currency markets, and Greenbush Folk Visit at Miuonk GREENBUSH - Mrs. Harriet Oannon and Mr. and Mrs. Charles Cannon and children visited during the Memorial Day weekend ait the home of Mr. and Mrs. Walter Danekas, Minonk. WANTED Housekeeping Personnel Immediately Will consider all applications. Applyl In Person 565 W. Main St. Mrs. Jean Saul and Ricky and Mr. and Mrs. Albert Simmons, Galesburg, visited relatives in Southern Illinois and Kentucky during the Memorial Day weekend. reached post World War II lows by mid-week. Gold prices look a corresponding leap, soaring to all time highs on bullion markets. These only mirrored and magnified the larger questions of Watergate, and an administrat- tlon that to many now seems ineffectual in its fight to curb inflation. Observers said in vestors are worried a "tight' money" strategy will prove inadequate. Some said the dramatic surge in short - term interest rates—with the blessing of the federal reserve — has been counterproductive. Dollar woes overseas were viewed by many as a European vote of no confidence in the United States' ability to tame its booming economy and fire balling inflation. The Commerce Department reported several indications the economy is indeed slowing down. It said an index of leading economic indicators had dropped in April for the first time in 30 months. A later report said factory orders in April slipped 0.5 per cent, the first such drop in six months On Friday, the department said construction spending fell one per cent in April: Nixon .Relaxing OnMountaintop, Talks Successful THURMONT, Md. (UPI) President Nixon relaxed at his , mounts in top retreat today after putting a "highly successful" label on his summit talks in Iceland will? French President Georges Pompidou. Nixon has not made a public statement on his two days of intensive friendly consultations with Pompidou. But White House Press Secretary Ronald L. Ziegler said Nixon viewed his meeting with the French leader as "highly successful." Nixon's sentiments were echoed by his chief foreign policy advisers, Henry A. Kissinger . and Secretary of State William P. Rogers. WANTED Roofing, Siding and Cement Work Reasonable Prices Phone 289-4630 or 289-2821 FOR SALE 1971 HAH LEY 350 SPHINT Bed color, good condition, $500 Call After 5:00 P.M. 342-7677 Waitress Wanted Part Time or Full Time Apply in Person MARTI E'S 57 S. CHERRY ST. PATIO SALE 529 IOWA COURT Mon., June 4th Tues., June 5th 9 a.m. io 6 p.m. Clothing & misc. items Under the new regulations, products made from more than! one kind of meat—for example, part beef, pork and poultry- will be labeled with their traditional generic names such as "frankfurter," "bologna," or j "knackwurst." ! If all Uie meat is of one kind, ACREAGES FOR SALE In Altona 8 acres has utilities 2 story 3 bedroom home 3 bedroom ranch Tri level with air LEO HAGER Broker, Auctioneer, Appraiser Ph. 484-5993 ANDY HORN Salesman 343-1738 WANTED Experienced Operator For Beauty Shop APPLY IN PERSON BEAUTY LAND 95 E. Simmons St. For Sale WOODED MOBILE H0MESITES Vi to 1 Acre in Size All Utilities Included. PH. 375-6712 WATAGA, ILL. MOBILE HOME FOR SALE 10x50 Richardson, 2 Bedroom Mobile Home in real gool condition. Completely furnished. Oil furnace with fuel tank. PRICED S1.595 Phone 343-8365 9 a.m. — 5:30 p.m. 342-2751 After 6 p.m. PUBLIC AUCTION SUNDAY, JUNE 3 1:00 P.M. 1782 Robertson Ave. Galesburg, 111. 342-5494 (Complete listing in Friday's Register-Mail) OWNER L. A. UNMAN HANNAM'S AUCTION SERVICE Galesburg, Illinois HENDERSON TOWNSHIP Knox County, Illinois Federal Revenue Sharing Funds Planned Use Report January 1, 1973 to June 30, 1973 Period. Estimated Funds to be $8,432.00 — to be used for Gravel for Road Improvements. RALPH ANDERSON Supervisor RAY MOBERG Town Clerk May 31, 1973 IftOTO-ROOTER FOR CLOGGED SEWERS, A DRAINS SE3' Don't Dig Up Your Sewer Call 343-6913 — or Phone 342-6430 GUARANTEED WORK No Charge If We Fail Blaine Gorham CARPET WAREHOUSE 216 S. CHAMBERS CLOSED ALL DAY MONDAY, JUNE 4 Due to Inventory. Main St. Store Open As Usual. HOT SHOT SPECIALS SAT. NIGHT & TILL NOON SUN. GRADUATION GIFTS • ••••••liii TIM EX WATCHES $^95 And / Up m m mart mm mm m RADIOS $0 95 And JT Up JIMMY DEAN SAUSAGE l-Lb. QA. Pkg. OTC NEW FLORIDA POTATOES 10-Lb. Bag WILSON THRIFT BACON Lb. 69c MOVING SALE Mon. & Tues. Evening JUNE 4 & 5 5 p.m. io S p.m. Hard rock maple twin beds complete, new red shag carpet, 12x18; new baby crib mattress; chlldrens clothing & many other items. 748 BATEMAN ST. FRONT YARD SALE 819 South 7th Street Monmouth .Saturday 10:00-6:00 Sunday 11:00-3:00 Maple bunk beds, complete bassinet, formats, wedding dress, maternity clothes, clothes of all nUes and misc. HUGE GARAGE SALE SATURDAY, JUNK 2 8-? SUNDAY, JUNE 3 »-? 1559 W. MAIN ST. Men and womens clothing, baby clothes, dishes, new adjustable ilicss form, pictures, elec. ap- Ijlunces, drapes, tripod stereo camera, modgts podge pictures, tiiru board pictures, tap & die set. rollaway tool box and wrenches, belt bander, sabre uw, circular saw, elcc. motors, *nd many misc. items. Galesburg Livestock Sales Inc. East Fremont Road — 342-1416 Bonded For Your Protection Sale Every Tuesday TUESDAY, JUNE 5, 1973 25 Angus and Hercfords with big calves, 20 Angus cows and calves. 25 Angus steers, 425 lbs. 32 Angus heifers, 425 lbs. 20 Angus steers, avg. 425 lbs. 20 Angus steers, avg. 650 lbs, 51 Mixed heifers, avg. 500 lbs. 39 Mixed steers, avg. 850 lbs., on feed. 35 Angus, avg. 775 lbs., on feed. 200 Mixed cattle to be sold in small lots. 300 Mixed pigs. Tuesday morning Fat Steer top, $47; Fat Heifer top, $-16.80; butcher Cows, $30 to $36; Bulls, $40 to $43. WESTERN CATTLE ON HAND:— 800 Choice Hereford and black white face steers, avg. 600 lbs. to 650 lbs., from Kansas. 500 Choice Angus and Hereford heifers, avg. 500 to 600 lbs., from Kansas. 64 Choice Charolais Angus cross steers, avg. 600 lbs., from Nebraska. 70 Choice Angus steers, avg. 725 lbs., from Nebraska. Reg. Sale 7:00 P.M. Fat Cattle 9:00 A.M. MORE CATTLE & HOGS BV SALE TIME Feeder Cattle iur Private Sale DaiJy Up Until Sale Time REPRESENTATIVES: John Walters Martin M. Swansoo Hichard Andersuu William Reynolds Robert Lindscy, Tom Kileoin and Carl Sleek — Auctioneers MAN'S Lawn & Garden Center 1055 GRAND AVE. — PHONE 342-0613 GALESBURG, ILL. CLOSEOUT SPECIALS All Trays of Flowers and Vegetables (except Calif, green peppers.) 39c Geraniums from 39e to 69c Grade No. 1 Calif, grown Potted Roses with buds $2.29 A few Packaged Grade No. I Roses $1.00 If you want Patterned Roses talk to us about prices. We have on hand a large supply of Pin Oaks, Crab Apple ,Sugar Maples, Trees, from 1" dia. up to 3" dia. We have lots of Yew Evergreens, Blue Spruces, Dwarf Fruit Trees. Open 7 Days A Week From 9 A.M. 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. GALESBURG REGISTER-MAIL DISPLAY ADV. — Phone 343-7181 Royal Crown COLA 8 'tSt 59* Plus Deposit CHARCOAL 59c 10-Lb. Bag Plenty of Good Quality FLOWER PLANTS BOX 49c m m m n Mi m m m m ALSO BLOOMING ROSE BUSHES BERMUDA ONION PLANTS TRADING POST Super Mkt. 1515 E. MAIN ST. STORE FIXTURES & RESTAURANT EQUIPMENT At PUBLIC AUCTION Tuesday, June 12, 1973 10:00 A.M. 1890 N. HENDERSON GALESBURG, ILLINOIS P.m. Sale Sale Effects General Merchandise Section Only. Kroger Food Section Will Remain in Operation Merchandise being sold will be open to inspection on Monday 9 a to 6 r aic will begin promptly at 10 a.m. on Tuesday, June 13, 1974. tor any miormuUon contact Kroger Engineering Dept., Peoria. Illinois, phone M 699-6411, ext. 316. TERMS: CASH OH APPROVED CHECK. Sale conducted by: AMERICAN AUCTION COMPANY, Jay Smith - Auctioneer T T

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