Galesburg Register-Mail from Galesburg, Illinois on June 9, 1973 · Page 20
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Galesburg Register-Mail from Galesburg, Illinois · Page 20

Galesburg, Illinois
Issue Date:
Saturday, June 9, 1973
Page 20
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20 falesbufa Register •Mo i I, Golesburg, Saturday, June 9, 1973 Inflation Good or Bad? Finding Answer Gets Harder By LEROY POPE UP! Business World . NEW YORK (UPI) - After two thousand years of argument about the matter, many statesmen and economists admit they still don't know whether inflation is good or bad. Business World Finding an answer to the question is getting ' harder Instead of easier, say Yale Professor Henry C, Wallich and Mable Wallich, a former economist for the New York Federal Reserve Bank. According to the Wallichs, only since the proclamation by a British economist of the Phillips Curve theory in 1958 has the dominant group of economists in the Western world begun to believe that inflation may toe good. Their view does not go unchallenged. Of course nobody thinks galloping inflation can be good. 'Best' Discovery In an article in "Challenge" magazine, the Wallichs say |flatly that the Phillips Curve theory is the most fruitful discovery yet about inflation. According to the Phillips 'Curve theory the vital relationship in the inflation problem is between inflation and unem ploymcnt. Phillips discovered over a long period in Britain) that whenever practically eV' erybody had a job wages increased rapidly. When jobs) were scarce wages remained] stable. The Wallichs said the Phillips] Curve theory on the relation ship of unemployed and wage inflation led naturally to similar theory on the relation-! ship between unemployment] and prices. Phillips Curve theorists began] to argue that "Unemployment Inflation." This means, the Wallichs said, a gain in output [as well as the benefits of fuller ••employment, and it can lead to gains for minority groups. Outweigh Problems Phillips Curve advocates argue that these advantages far outweigh the accompanying cost-push inflation. There was a lot of debate, though, over just how the Phillips Curve theory worked out—over what level of inflation was acceptable because it brought about some reduction of unemployment. This finally can be reduced by pushing thejappeared to settle down to the economy to a higher rate of simple conclusion that price stability would be achieved when wage increases were balanced by productivity gains. But that didn't work. Inflation began to accelerate ih spite of productivity gains. It exceeded all the forecasts and inflation and unemployment went up at the same time in apparent defiance of the Phillips Curve theory*. The Wallichs say this soon led to many "adjustments" in the Phillips Curve theory- adjustments to cover "hidden unemployment in the past," and to deal with varying rates of unemployment among different classes of the population. The details of all this controversy as explained by the Wallichs, are complicated. The only conclusions they reach arc that —"Overheating the economy, aside from the disproportionate costs it ' imposes on many people, is an inefficient and inadequate way of curing minority unemployment" and that the more we learn, the more we will have to seek varied and complex solutions to the problem of unemployment instead of relying on inflation to cure it. Market Reports Today Chicago Grain Range CHICAGO (UPI) - Wheat, oats and soybeans were substantially lower and corn mixed this week on the Board of Trade. Wheat was off 3 to 10 cents; corn off 2V4 to up 3%; oats off Vk to 4'/i; and soybeans off 39 to $1.16. Consumer Grain & Supply Co. Market may cllhor go un or down by J ::i0 p.m. when final fold t\t rives. 11:30 o'clock bid. No. 2 Corn (old) $2.15 Now Corn $1.81 No. 1 Beans (old) $9.30 New $5.50 READ THE WANT ADS! NI-Gas Investment Approved AURORA, 111. (UPI) - Northern Illinois Gas Co. says the Illinois Commerce Commission has approved its plan to invest up to $20 million in a cooperative program to bid for leases on potential gas-producing acreage in the Gulf of Mexico. The company announced Friday that the ICC approval permits it to participate June 19 in a lease sale involving blocks offshore Texas. The sale will be conducted by U. S. Department of the Interior, NI-Gas said. Hope for Neiv Wage-Price Controls Boost to Market By LEE MITGANG UPI Business Writer NEW YORK (UPI) - Hope for an imminent return to tougher wage-price controls— perhaps as soon as next week—d was the main fuel for an advance on the New York Stock Exchange this week. Week on Wall Street It was a nervous advance, however, as low volume figures showed investors were not about to leave the sidelines until the administration produced concrete new economic strategies. The Dow Jones industrial average rose 26.04 to 920.00, • regaining some of the ground lost in the previous week^s 36.88-point retreat. Standard and Poor's 500 stock index rose 3.10 to 107.03. The NYSE index climbed 1.43 to 56.29. Advancing issues outnumbered declines, 968 to 600, among 1,961 stocks traded. Turnover amounted to 66,615,440 shares in the week, compared to 45,621,167 the holiday week earlier, and 71,259,900 shares a year ago. Beneath the rumors of stronger controls was a depressing economic undercurrent. The week began with the year's steepest dollar decline abroad, and urgent requests to the Nixon administration from several European nations to support the sagging currency. In addition, a survey of purchasing agents indicated the nation's growth rate had slowed because industry production rates were at or near capacity. The survey renewed fears the economy had reached its upper limits, with the path of least resistance pointing down. The market, due for a technical rebound after losing 45 Dow points in five sessions, jumped almost 15 points Tuesday. Aiding the advance was word from Senate Republican Leader Hugh Scott that President Nixon was actively rethinking Phase III, and would meet with economic advisers on Wednesday. There also were signs Senate Democrats were ready to reimpose a wage-price freeze if the administration failed to act on its own. Wednesday's economic meeting failed to produce any concrete news, but Thursday saw the market rally late in the afternoon, due in part to short- covering in anticipation of a rise if stronger controls arrive next week. Thursday's performance, in which the Dow jumped over 11 points, was the more remarkable since the Bureau of Labor Statistics announced wholesale prices had jumped by 4.7 per cent in May, the largest monthly increase since December. In addition, many of the nation's major banks hiked their prime lending rate by %-point to. 7% per cent. The market scored another big advance Friday, tantalized again by hints from President Nixon that stiffer wage-price controls may come as soon as next week. Eastern Air Lines led the actives, and slipped % to 9^ on 935,200 shares. Winnebago Industries was second, off lVs to 5% on 923,300 shares. The troubled producer of mobile homes and campers announced a further production cutback, and job layoffs, laying blame on the part of potential cu& on the part of potential custO' tomers. New Farm Bill 'Help for Everybody' WASHINGTON (UPI) - Senate farm bloc leaders contend that the five-year farm support bill they passed Friday will help both farmers and consumers. But several House leaders talked angrily about the possibility of shelving the bill because it puts lower limits on subsidies to big farmers. New Support Plan By a 78-9 vote, the Senate overwhelmingly approved the omnibus bill built around a new "target price" support plan which automatically lowers subsidies to growers when market prices are high and reactivates payments if markets decline. At the same time, however, the Senate voted to limit producers of cotton, wheat and feed grains to combined per-farm incom e supplement payments of $20,000 annually instead of $55,000 per crop. Senate Agriculture Committee Chairman Herman E. Talmadge, D-Ga., who steered the bill to passage, said he hoped the strong Senate vote would prompt similar House action. Senate Mandate "Clearly we have a mandate from the Senate which I hope will insure that both farmers and consumers will get a bill (out of an eventual House- Senate conference) that provides equity for all," Talmadge said. But Rep. B. F. Sisk, D-Calif., chairman of a House subcom­ mittee currently at drafting the cotton section in the House version of the bill, said in a heated statement he would have to give "serious consideration" to letting ' the current farm law expire without action on the Senate's bill to extend and revise it. If no new law is passed, Sisk explained, an old 1958 act—now dormant — would automatically be revived and would provide high price supports for cotton growers with no use of direct payments, and thus no payment ceilings. Endorses Blast Chairman W. R. Poage, D- Tex., of the House Agriculture Committee, said he endorsed Sisk's blast against the $20,000 workiceiling. At present, under a 1970 law which expires this year, payments arc limited to $55,000 per farmer annually on each of the three major subsidized crops—cotton, wheat and feed grains. Most of the over-$20,000 payments, however, are concentrated in the cotton belt. The subsidy amendment was approved by the Senate on a 4£ 37 vote. Glider Mail Glider mail, was tested in 1934 when a plane took off from New York towing three gliders. As the sky train passed Philadelphia, Baltimore and Washington, the rearmost craft was cut free carrying mail for that city. Baby Gorilla Gets Pediatric House Calls CHICAGO (UPI) - Pat, a 7- month-old gorilla at Lincoln Park Zoo, will be getting what human beings only dream of anymore: House calls from a pediatrician. Dr. Ronald Jones, a pediatric neurosurgeon, said he will call on Pat at the zoo's nursery. Surgeons at Children's Memorial Hospital earlier this week removed a blood clot from the gorilla's brain in a two hour operation. The baby ape was released from the hospital Friday. The gorilla was taken to the hospital after a zoo keeper found it unconscious on the floor of the cage. Zoo officials think the baby fell from its sleeping shelf during a struggle between the parents, Otto and Lenore. Or, they said, one of the adults may have attacked Pat. Now the baby is moving and responding normally and doctors foresee no permanent damage. One important discovery emerged from Pat's accident. Doctors have now determined Pat is a female. Overprotective parents had kept zoo officials too far away from the bafoy for its gender to be accurately determined before. Thursday estimated receipts: 25 cattle, 800 hogs. STORE FIXTURES & RESTAURANT EQUIPMENT At PUBLIC AUCTION Tuesday, June 12, 1973 10:00 A.M. 1890 N. HENDERSON GALES BURG, ILLINOIS The KROGER COMPANY will sell all the remaining assets of the general merchandise section of the Kroger Family Center at Galeshurg, 111. on June 12, 1973, at 10:00 a.m. The following is a partial listing of assets to be sold at auction: App. 60--4'x8' sections of wall shelving, with adjustable shelves, App. 100 adjustable clothing racks (ideal for clothing, restaurant, church or club use, App. 65 merchandise display tables with bottom storage and adjustable shelves above, glass lighted show cases, 8 track tape cases, T-stands, approx. 100 units of stock room shelving with adjustable shelves, app. 50 sections of shoe display racks with adj. shelves, app. 125 sections of gondola units with adj. metal shelves, :i motorized checkout lanes, electric typewriters, manual typewriters, adding machines, complete snack bar-restaurant with Met machine, app. 44-ft. stainless steel buffet serving line, refrigerated salad or dessert unit, electric grill, deep fryer unit, steam table unit, sandwich refrigerated unit, several refrigerated storage units, 1 bunw armer unit, drink dispenser, ice dispenser, coffee maker, cream server. age tea dispenser, stainless steel sinks and many other items including restaurant supplies hood unit including fire extinguisher uniti. Store lighted signs (exterior), lighted lawn garden center sign, cash registers, misc. store mannequins, display signs, sign printing chine, and many other items too numerous to mention. Sole Effects General Merchandise Section Only. Kroger Food Section Will Remain in Operation Merchandise being sold will be open to inspection on Monday 9 a.m. to 6 p.m. Sale will begin promptly at 10 a.m. on Tuesday, June 13, 1973. For any information contact Kroger Engineering Dept., Peoria, Illinois, phone 309 699-6411, ext. 316. TERMS: CASH OR APPROVED CHECK. Sale conducted by: AMERICAN AUCTION COMPANY, Jay Smith - Auctioneer and ;md ma- Farm Bureau: Government's Trust Is Lost PARK RIDGE, 111. (UPI) Inflation and "undisciplined" government spending has resulted in a crisis of confidence in the government, directors of the American Farm Bureau Federation said Friday. The AFBF information division said its board has sent an open letter to President Nixon and to all members of Congress expressing its opinion and calling for the curbing of government spending and control of inflation. However, the AFBF said it rejected price controls as a method of solving the problem. "Our government is wracked with a crisis in confidence — a situation that cries out for responsible leadership," the letter said. "Political maneuvering must be replaced with responsible actions. "The imbalance in our international balance of payments and the wild fluctuations of the US. dollar are sobering reminders of government instability. Inflation and its consequences are the cause of wild and fluctuating prices and are evidence to the folly of undisciplined government spending." The letter suggested that the government should increase production of goods and services; give vigorous support to responsible monetary and fiscal policies; stop excessive government spending; reject efforts to "conceal the truth of inflation! by means of price controls"; and renew "our faith in the value of our institutions by rekindling the spirit of 1776 now." China Increases Grain Purchases From Americans WASHINGTON (UPI) China apparently is shifting a rising proportion of its grain import orders to the United States and recently ordered 2.5 million metric tons of U.S. wheat and 1 million tons of corn, Agriculture Department officials report. The now purchases are for delivery during the 1973-74 marketing season, which begins July 1, officials said Friday. The Agriculture Department said 1972-73 Chinese purchases in the United States totaled "at least" 1.2 million metric tons, including both corn and wheat. "The larger imports of U.S. grain in 1973-74 could be due to larger import needs but more likely simply represent an increase in the U.S. share of the Chinese market," one American official said. China apparently imported from 5.5 million to 6 million metric tons of grain from all sources during the 1972-73 season and so far is known to have ordered for 1973-74, in addition to the U.S. purchases, about 1.5 million tons of wheat from Canada and Australia. Dow Janes Averages NEW YORK (UPI) - Weekly) pow Jones averages, including 1 intra-day highs and lows: Open High, Low Close 30 Ind 889.60 926.85 880.72 920.00 20 Tran 160.86 163.92157.53 162.41 15 Util 106.72 107.81 105.67 107.33 65 Stks 274.51 283.15 271.23 281.09 Net changes: Industrials up 26.04; transportations up 0.89; utilities up 0.48; stocks up 5.46. Big Backyard Sale 1416 East Knox Street SUNDAY from S lo 5 MONDAY from 8 to 5 Patio furniture, baby clothes, furniture, men's & women's clothing of all sizes, many articles too numerous to mention. MOVING SALE 1767 INDIANA DR. Sun., 10 to 5 Mon., 10 to 4 Girls bike, aquariums, old end table, broom cabinet, Birdseye dresser chest, metal filing cabinet, Antique corner closet, tools, bottles, dishes, ice skates, clothing, shoes, 30 cup coffee urn, iron skillets, new G.E. elec. knife, boating accessories, shovels, hitches, gun rack, Ford hub caps, Crosley wheel & hub cap. Iii Hospital Mrs. W. !M. Kennedy, Rock Miawd, tameriy of 381 W. First Sit., G'ailesbwg, has been aidimiit- fced to Mercy Baspiibal, Davenport, Iioiwa. ANTIQUES FOR SALE Buggy, roll top desk, 2 wall phonos, brentwood chairs, rocking chair, enne bottom chairs, Iron kettle, cream can, copper boiler, wire wheel tire. 253 Cedar Ave. After 6 Thurs. it Frl. Saturday — 9 a.m. - 4 p.m. FOR SALE Farmall H With Loader 529-9431 529-9493 BACKYARD SALE 151 Walnut Ave. Sat. & Sun. 9 a.m. till ? Adult clothes, books, furniture, collectables and misc. items. Please Remove All PLASTIC FLOWERS From The Prairie City Cemetery Before June 12, 1973 Prairie City Cemetery Assoc. The average American eats 80 hot dogs a year. FOR SALE A Good Under Mount ROTARY MOWER A 5 Ft. Woods in good shape with good blades and bolts. Call Monmouth 734-7407 After 6 P.M. NOTICE Contrary to Malicious Rumor The AVONDALE TRAP RANGE Avon, III. Is Still OPEN and Operating The Hours Are: Tues. & Sun. Eve. Practice at 7:00 P.M. Program at 8:00 FURNITURE AUCTION 145 N. ELM ST., GALESBURG, ILL. SUNDAY, JUNE 10th, — 1 P.M. _ LOCATION—Go to end of Eait North St„ turn tight iecond house on left side. As I have moved to nursing home, Corbin's win sell the following. H.C.A. Portable TV; 2 pc. brown living room suite; long mahogany davenport table; Duncan Phyfe octagonal table; end tables; occ. chairs; platform rocker; console radio; mirrors; pictures and bric-a-brac; floor lamps; desk lamp; 2 matching 9x12 rugs; round dining room table with Queen Ann legs, 6 matching chairs; Duncan Phyfe drop leaf table; dishes including some antiques which Includes partial set of Homer Laughlin (in Sunrise pattern); 4 pc. bedroom suite, consisting of poster bed equipped with spring and mattress, chest of drawers, vanity and bench; cedar chest; oak chest of drawers; oak dresser; boudiour lamps; quilt tops; 2 pc. bedroom suite; roll-away bed; Kelvlnator double door rlftlgerator with deep freeze; Detroit Jewel gas stove; 5 pc. wooden drop-leaf dinette set; cabinet base; Cosco table; step-stool; window fan; dishes; pots; pans, PRIMITIVES AND MISC.—Copper boiler; clock shelf; wooden wheel barrel; Model "T" coil; depression glass; old dictionary; bail fruit jars; stone jars; 5 gal. water bottle; wicker basket; collection of license plates; garden and yard tools; Ro-Hoe; garden plow; extension ladder; small hand tools; misc. mdse. found at a closing out sale. MRS. BESSIE WILSON, Owner CORBIN'S AUCTION SERVICE — PHONE 343-9033 COOK and WOODS — Auctioneers DELENE COOK — Clerk Sale to Be Held Rain or Shine Auctioneers and owners assume no responsibility for accidents should any occur: ESTATE AUCTION TOOLS, GUNS, BOAT and MOTOR AND HOUSEHOLD GOODS Saturday, June 16, 1:00 P.M. 1555 Bareman St., Galesburg, III. To settle the estate of Earl Kness, the following will be sold lo the highest bidder: 14 cu. ft. Admiral 2 door front-free refrigerator; white G.E. electric range; 5 pc. red dinette set: pots, pans and dishes; 15' Admiral upright deep freeze in good condition; Homart exhaust fan; Admiral dehumidifier; Sears humidifier, not very old; Cosco step stool; table radio; gold with wood trim Luxury Lane Hidabed, 6 mos. old; maple platform rocker; Setchell Carlson 23' console color TV In good condition; 17" Admiral portable color TV, works good; Gold club chair; blond occasional table; walnut knee hold desk; beige club chair; brass table lamp; mahogany lamp tabic; Electrolux tank type sweeper; 2 brass wall plaques; floor lamps; sofa bed; several pictures; 5 pc. blond bedroom suite, complete with like new box spring and mattress; some bedding; 5 drawer maple chest. POWER TOOLS AND TOOLS: Small electric welding outfit; Dormeyer skill saw; small spray paint outfit; 10" Craftsman table saw with 220 motor; some extra blades and equipment for table saw to be sold separate; E-z-I Homelite chain saw, not very old; Saber saw; several electric drills; disk sander, like new; 50' heavy duty drop cord; carpenter tools; mechanics tools; sump pump; screws, nuts and bolts of all kinds; C-clamps; saw horses; rubber tired wheelbarrow; good martin bird house. BOAT, MOTOR AND TRAILER: 12 horse Buccaneer outboard motor, good condition; some rods and reels and fishing equipment; 14' wood Jon boat, like new; heavy duty factory built boat trailer; good home made two wheel trailer; lots of firewood; No, 77 pot belly heating stove. GUNS: Late model 12 ga. Hammerless shotgun; Westernfleld 22 bolt action rifle with scope; Sears 3 shot bolt action 410 ga. shotgun; some hardwood 2x4's and lots more misc. merchandise too numerous to mention. LAVERE KNESS, Administrator for Estate KENNETH PEEL, Att'y. Auctioneers—DALE and RALPH COFFEY—Ph. 343-8365 or 342-8S12 ROBERT STEWART, Clerk LORRAINE LYNN, Cashier Auctioneer's comment: This is a good sale with lots of good tools and household goods. Don't miss it. GARAGE SALE SUNDAY, June 10—9 lo 4 P.M. 1702 S. Seminary St. Clothing, dishes, table, barber muss, fern stand, primitives, candlestick, love seat, pictures, household & misc. items. GARAGE SALE 435 E. Second St. Sat. 2 to 8 PM Sun. All Day LOW PRICES YARD SALE 1879 INDIANA DRIVE Sun. 9:30 to 4:00 Children's clothes, infants to 4, Uidies clothes sz. O-IO, humidifier & dehumidifier, air conditioner, more misc. items. Out of BEAN SEED? PLANT O'S COLD TX95-DAY CORN Call 742-8390 342-6854 772-3502 DEALERS WELCOME For Sale WOODED MOBILE HOMESITE! Vi to 1 Acre in Size All Utilities Included. PH. 375-6712 WATAGA, ILL. BOY SCOUT TROOP No. 207 Ice Cream Social 1374 E. MAIN Mon., June 11-6-9 Sponsored by E. Main St. Church FOR SALE JUST NORTH OF ALTONA ON RT. 34 2 ACRES with itunU.-ni :s Wedrm. stoiy fraiiie hoinc. ilnu b;ise- iiu-nt, g.'tr.'tKi- & workshop. Will •ell ,,t 520.000. Will Show By Appointment LEO F. HAGER ALTONA 481-5993 For Sale Acreage BEST BUY On Black Top Just South from Allona f 6 Acre tract has utilities ;it $12,000 • 3 Bedroom Ranch — Cm peteil, 2 i-ur Ritruitu & biiscnu'iit, CI b;iths, m.Miiy cxlms on 2 ye res hindsi'iipud and fenced, $30,000 • 3 Bedroom Trl-Lovol - Cur- peted IJJ . Ijf.iutif ul f.nnily room, ceiitnil ;ilr. uni'nui: & tiitsvinent. p;itio. will 'ell for $32,500. Conli.ict'le. Call 484-5993 for Appt. Leo Hoger Broker. Auctioneer, Appraiser FOR SALE BY OWNER $23,000.00 it West edge of city. ie V/i Story—3 bedrooms, ilum. siding, S&S. 7k- 30 Ft. cedar paneled II v, rm„ carpeted, iireplace, sliding glass doors to covered patio. •it Paneled den or dining rm. •k Air-Cond., fenced yard, lot just under acre, landscaped. For Appointment 343-8452 aOTO-ROOTER FOR CLOGGED JEWERS ft DRAINS Don't Dig Up Your Sewei No Charge If We Fail or Call 343 69)3 Phone 342-6430 GUARANTEED WORK urg Livestock Sales Inc. East Fremont Iload - 342-1416 Bonded For Your Protection Sale Every Tuesday, TUESDAY, JUNE 12, 1973 20 Angus cows and calves. 33 Angus cows and 29 calves. 30 Angus steers, 425 lbs. 35 Angus heifers, 400 lbs. 41 Angus steers, 550 lbs. 35 Hereford heifers, 600 lbs. 65 Angus and bl w/faced heifers, 500 lbs, 35 Mixed steers and heifers, 775 lbs. 30 Mixed steers, 850 lbs. 200 Mixed cattle to be sold in small lots, 300 Mixed pigs. Last Tues. fat steer top $47.50, fat heifer top $46.10, Cows $30.-$34., Bulls $40.-$43., Feeder pigs $].-$3. per head lower, Bred gilts $150.-$180., 350-400 lbs. steer calves $60-$65. per hundred. Heifer calves $55.-$60. 600-700 lb. steers $50-$55. 700-800 lb. steers $46.-$50. Cows and calves $450.-$540. per pair. Western cattle on hand. 400 Angus and bl w/faced steers ave. 600-650 lbs. 300 Hereford steers, ave. 550-650 lbs. 150 Mixed heifers 500-600 lbs. Reg. Sale 7:00 P.M. Fat Cattle 9:00 A.M. MOUE CATTLE & HOGS BY SALE TIME Feeder Cattle for Private Sale Daily Up Until Sale Time HEP H ES EN T ATI V ES: John Wallers Martin M. Swanson Hichurd Anderson William Reynolds Robert Lindsey, Tom Kilcoln and Carl Stcck — Auctioneers > V

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