Galesburg Register-Mail from Galesburg, Illinois on June 23, 1973 · Page 21
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Galesburg Register-Mail from Galesburg, Illinois · Page 21

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Saturday, June 23, 1973
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21 Gatesbtira RegisM-Mail,Gatesbuirg, HI, Saturday, June 23, 1973 New Senate 'No-Fault' Battle By LEROY POPE DPI Business Writer NEW YORK (UPI) - A new battle is brewing in Congress to force expansion of no-fault autxjimobi'le insurance protection for about 100,000 victims of major accfldenits each year. Business World "The drive is being led by Sen. Warren Magnuson, D.-Wash., and Sen. Philip Hart, D.-Mich. Magnuson says they land their House allies intend to fight to the finish for a national no-fault law that will raise sharply benefits recoverable without a lawsuit. Advocates of this measure said they will press itfhe fight at once even though the Nixon Administration has Indicated it is content to leave no-fault insurance up to the states, Magwuson and Hart face bitter opposition from the nation's trial lawyers. Most of itihem say they can live with no- fault laws passed by 19 states so far but thait the Magnuson- Hart bill would be unfair to accident victims by depriving them of the right to sue. That, of course, would drain a lot of money out of trial lawyers' auto accident practice. Rural Opposition Opposition lailso may develop from some rural states where insurance rates are low because accident claims are rates and force rural motorists to pay part of the high urban area accident costs. Magnuson agrees that insurance companies are veering toward state no^fault laws that, if enacted in all -states, would cover 98 per cent of all injury claims. But Magnuson contends that the real problem involves the other 2 per cent—the 100,000 major claims. He says state no-fault laws give only token immediate reimbursement to such victims and that, under the present system, it often takes years to recover anything. Maignuson told United Press Inlternational many victims of "It is a disgraceful fact," Magnuson said, "that the average settlement in deaths growing out of auto accidents is only $2,000." Loss of Income Leonard Ring of Chicago, first vice president of the Association of Trial Lawyers, said the Magnuson-Hart bill's benefits are based largely on paying for loss of income and many accident victims have no income loss. Ring also said advocates of the bill fail (to take into account how much protection from other insurance, Medicare, Medicaid and other sources, is available to the majority of major accident victims. As for these disastrous accidents can't relatively infrequent. It has recover because the person who the"$2,000 average death benefit been contended that a national caused the accident hasn't for auto victims, Ring said no-fault law would level out sufficient assets or insurance, count awards for auto deaths run from $30,000 to $100,000— but conceded these can't always be collected. No-fault already is in opera' tion in 11 states and the legislatures of eight others have passed no-fault laws. These 19 states contain about one-third of the country's population. The new laws have brought about immediate payment of personai injury claims without regard to which driver caused the accident. They also have resulted in some substantial rate cuts and reductions in insurance costs. Big variations in state no- fault laws are largely responsible for the battle brewing in Congress. The variations are in the lamounlts recoverable at once under the required no- fault coverage and the degree to which the laws restrict the right of an accident victim to sue the involved drivers and their insurance companies. Big Argument One big argument for a national no-fault law is that without one, motorists could not be protected when they drove from states with no-fault laws into states without them or vice-versa. However, most insurance companies have moved to avert this problem. As of June 1, the 500 companies belonging to the Insurance Services Office and many other companies have adopted rules under which the terms of their policies are automatically adjusted to conform to all state laws. Thus benefits may be collected regardless of where an accident occurs. Unsure About Nixon Policies, Investors Shun Market By LEE MITGANG UPI Business Writer NEW YORK (UPI) - Investors, uncertain whether President Nixon's economic policies are helping or hurting the fight against inflation, stayed away Week on Walt Street from the stock market again this week. Prices on the New York Stock Exchange sagged under their own weight. Only a burst of enthusiasm Friday over prospects for higher dividend payouts by many corporations under relaxed government restraints provided momentary relief from the general depression. The Dow Jones industrial average lost 8.73 to 879.82, following the previous week's 31.45 - point fall. The widely followed average set an 18 month low Thursday at 873.65. Standard & Poor's 500 stock index dropped 1.39 to 103.71. The NYSE index declined 0.80 to 54.56. Almost all major market sectors lost ground, as 1,398 issues declined, and only 495 advanced among 1,967 traded. There were 616 new lows set, 4 new highs. Volume remained light, totaling 65,125,449 shares, compared with 64,666,515 the week earlier, and 69,503,680 a year earlier. The overriding concerns again this week on Wall Street were inflation, and what effect President Nixon's economic programs would have on it. Investors seemed especially fearful the 60-day price freeze would create a critical demand- pull situation as consumers stock up on goods in anticipation of a renewed round of inflationary price hikes — possibly worse than ever — after the freeze is lifted. In terms of the stock market, there was concern the results would be- a far - reaching squeeze on corporate profits, unless prices were entirely free of governmental constraint — a most unlikely prospect. S.S. Kresge was the week's volume leader, losing SVi to 33 on 715,800 shares. Chrysler was second, off 1% to 23% on 715,200 shares, followed by Western Air Lines, which fell 1 to 7 on 642,000 shares. No New Trend In Dollar's Slip LONDON (UPI) - Money dealers said today the latest decline of the dollar in European money markets was i due to pre-iweekend doldrums and tourists rather than a new downward trend. "It was mainly tourists swapping in their dollars that pushed the doter down Friday," one dealer said., "They needed local currencies to pay their hotel bills and dealers were unwilling to soak up the selling pressure in front of the weekend." • This professional inactivity dropped the dollar's value .60 per cent to a new low at 2.5458 Wesfr German imiarics on the Frankfurt market. The dollar also slipped in Brussels, Paris, Milan and Vienna, but gained fractionally in London. Gold dropped $2 an ounce on the big London bullion market to close at $119.75 an ounce. But it climbed $2.40 to $120.68 an ounce in Frankfurt and 66 cents an ounce to $120.90 in Paris. 2 FAMILY GARAGE SALE 836 Maple Ave. MON., JUNE 25 9 AM - 4 PM Wringer type washer Jike new, bikes, broiler oven, movie camera, goli clubs & misc. YARD SALE 1401 E. North MON. k TUES 9 AM - ? Furniture, lots of clothing, a little bit of everything — Nothing sold before 9 AM Mon. BACKYARD SALE 122 Garfield MON., JUNE 251h 9 AM - 1 PM Adult, childrens & toddlers clothing, toys, lots of records (collectors items), tools, glass figurines, pictures & frames, living room chair, kitchen table & lots of junk. Free coffee. USDA Postpones Report On Outlook for Soybeans WASHINGTON (UPI) - The Agriculture Department Friday postponed a scheduled outlook report on soybeans because its experts want more time to assess the uncertain outlook for this key raw material in meat and poultry production. In place of the scheduled summary of the quarterly "Fats and Oils Situation" report, newsmen were handed a brief statement saying release of the material "is being postponed pending clarification of the effects of recent developments." Officials said in response to quaries the new developments included restrictions imposed this week in trading of some soybean and soybean meal futures contracts, and President Nixon's request for new export control authority. The official statement said these and other developments "could significantly aiffect the supply disposition and prices of soybeans and products for the remainder of this marketing season." More Electronic Parts Expected on New Cars Federal Agency Would Halt Dog Food Firm's Monopoly WASHINGTON (UPI) - The Federal Trade Commission (FC) said today the dog food industry, is threatened with domination by a handful of manufacturers, and it proposed legal action to force one big company to sell one of its subsidiaries. The agency issued a notice of intention to file a complaint against Liggett & Myers Inc., the tobacco company that got into the dog food business in 1964 by buying Allen Products GARAGE SALE 1668 N Cherry Sun., June 24 ONLY WANTED MAN, PART TIME TO HELP BUILD FENCE CALL 342-7785 Between 7 a.m.-8 p.m. Z p.m.-4 p.m. BACKYARD SALE 250 S. Pearl MOM., JUNE 25 9 A.M. - 5 P.M. MRS. LANE Palm Reader and Advisor 189 N. HENDERSON ST. (Next to Seuiedt Realty) 9 a.m. to 9 p.m. If you have any problems MRS. LANE can help you! All readings confidential. For appointment* Call 349-6639 Watch lor *ign BACKYARD SALE 179 Fulton MON., June 25—10 111 4 TUES., June 26—9 111 12 Kor .Sale, This and that. Them unci those. Dozens of items from 5c to 25c. Cancelled in caie of rain Co., makers of. "Alpo" brand dog food. The draft complaint seeks to force L&M to divest itself of . Perk Foods Inc., makers of "Vets" and "Perk" dog food, which L&M acquired in 1969. "There has been a trend toward concentration in the dog food industry,", which rang up total sales of $682.5 million in 1969, the FTC said. "Between the years 1964 and 1970 there were at least 19 mergers in this industry. L&M has been a leading participant in the dog food merger movement." The FTC also noted that L&M owns a manufacturer of dog "treats," Liv-A-Snaps, Inc., although it proposed no action involving that firm. The industry is so concentrated, the agency added, that in 1969 the four largest dog food makers accounted for about 61 per cent of all sales, and the eight largest did about 80 per cent of all the business. In addition to ordering L&M to divest Perk, the complaint seeks a 10-year ban on any other dog food industry acquisitions by the company. In oil FOR SALE J0x50 RJCHARDEON MOBILE HOME real good clean condition, heat, S1.S9S.00, furnished 1966 PLYMOUTH FURY STATION WAGON Looks like new -- runs like new 5695.00 Call 343-8365 Between 8:30 a.m. - S p.m. BENELL1 World Champion FULLER CYCLE SALES 624 S. CHAMBERS ST. 342-1514 or 343-3595 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 if IP be published. GALESBURG REGISTER-MAIL DISPLAY ADV. — Phone 343 7181 NOTICE TO BID The City of Oneida is asking for TV inspection bids for a portion of its sanitary ,s e w e r .system, interested parlies should contact either of t li e following regarding specifications. Don Mofiitt m-ma Milt Marquith 483-8161 Bids will be accepted up to July lOtb, 1973. NEW YORK (UPI) - By 1980, electronic equipment on the average automobile may represent a bigger investment by the manufacturer than the engine. This is the opinion of Bernard V. Vonderschmitt, general manager of RCA's solid state division. Vonderschmitt said solid state electronics is rapidly making the family car safer, more reliable and more economical to operate. "Solid state ignition can eliminate many motor tune-up jobs and improve fuel mileage significantly," he pointed out. It does that by eliminating distributor points and the condenser. But that's only a beginning, Vonderschmitt said. By the end of the decade, Detroit should be using $3 billion worth of electronic components for such systems as obstacle detectors, antiskid braking sensors, rear- end collision preventers, safety- belt interlocks and even a small central computer that will monitor engine performance, continuously warn of potential failure in time to get into a repair garage and avoid a breakdown on the road. Diagnosis Simplified Vonderschmitt said this central computer also would enable a mechanic to diagnose an ailing car's trouble almost instantaneously. The mechanic simply would plug a pair of wires into the computer unit, start the engine and find the trouble reported on a dial. At the same time, the computer would show other things that needed adjustment. Vonderschmitt believes the central computer will be standard equipment on many cars by 1980 and that it will save motorists considerably in repair bills. They presently average about $140 a year per car or $15 billion for the nation, in addition to tire repairs and replacements. Senate Approves Water Standards \ WASHINGTON (UPI) - The 'Senate has passed a bill to establish minimum federal standards for drinking water and finance state-level programs to meet those standards, j The bill, approved by voice I vote Friday, would authorize up to $165.3 million over a three- year period to establish the program. But it was estimated the cost of implamenting the j measure completely over five years would be $334.3 million. Under the bill, a special clean water office would be established within the Environmental Protection Agency (EPA) to set iwbral standards. EPA also would provide grants to the .slates to meet the costs of establishing .state clean water programs and enforcing the federal standards. The electronic safety belt interlock system making it impossible to start a car unless the driver's v safety belt is fastened will be required equipment under federal law starting next year. The electronic antiskid or adaptive braking system will be required on 1974. model trucks under federal law and is already being installed on some luxury passenger cars. Von­ derschmitt believes it will find its way into passenger cars on a large scale by 1980. This solid state electronic device employs sensors that detect a skid in advance and automatically adjusts the car's brake pressure to control skids. To increase the efficiency of the antiskid braking system, Vonderschmitt said RCA has successfully tested an electronic speedometer that works like, radar. Instead of mechanically recording the spinning wheel velocity, the new speedometer records the true over-the- ground speed of the vehicle. This information is • communicated to the automatic j antiskid braking system. RCA believes such a speed­ ometer eventually will replace the mechanical speedometer because it has another tremendous advantage. A single model could be used on any vehicle of any size. It would not have to be engineered to fit the wheel and gear ratios of a particular model car or truck. FOR SALE 1 double bed, 1 twin bed, kitchen table & chairs, coffee table ,misc. kitchen equipment. 342-4509 CALL AFTER 8 P.M. FOR SALE 1972 CAPRICE 2 Door Hardtop, Silver Gray, Black Vinyl top, Air Cond., Cruisematic, P.S., & P,B., 33,645 Call 342-1239 After 4 P.M. HOUSE FOR SALE BY OWNER: 2 story beautiful 3 or 4 bedroom, living room, c'ining room, family room, large kitchen, 1 Va baths, fireplace, and lot more extras. Home shown by appointment only at 1388 N. Broad. 343-6479. Mid 20's. PAINTING INTERIOR and EXTERIOR also Dry Wall & Paper Hanging Free Estimates Fully Insured R. W. La Rose PAINTING INC. Phone 342-7129 Autos, Utility, Oil Dividends Future Good NEW YORK (UPI) - WnM Street analysts said Friday that stockholders in the automobile, oil and utility industries can look forward to increased dividends as a result of relaxed government restrictions. However, they said most companies probably will not take full advantage of a decision by 1)hc Federal Re serve System's Committee on Interest and Dividends allowing them to choose between an annual dividend increase of no more than 4 per cent or one based on payout ratios from 1968 to 1972. "Most industries experiencing unusually high' levels of earnings without too many debt commitments will raise dividends," said Harry Laufoscher of Walston & Co. He mentioned the heavy capital goods sector, including steel and railroad equipment, and the chemical industries. "The committee's move in creases the attraction of many issues already oversold and sufficiently appealing," Laubscher said, "but it also helps provide a floor for many issues." "The obvious first candidate for a dividend hike is General Motors with its historic payout of 70 per cent," said Joseph S. Phillippi, a vice president and automotive analyst of Blyth Eastman Dillon & Co. "The auto industry, however, is conservative by nature," he said, "and will hold back on boosting dividends to the maximum because of the high probability of a downturn in sales next year." Market Report* GALESBURG GRAIN MARKET Consumer Grain & Supply Co. Mnrket may either Rn tip or flown by 1:30 p.m. when final bid ' arrives, 11:3(1 o'clock bid. No. 2 Corn (old) $2.35 New Corn $1.80 Chicago Grain Range CHICAGO (UPI)— Wheat was substantially lower, corn and soybeans substantially higher and oats irregularly, lower this week on the Board of Trade. Wheat was off VA to 13Vi cents; corn was up 6 to 2(1; oats were otfif l '/t to SVz, and soybeans were up 64 to 1.32. Dow Jones Averages NEW YORK (UPI) - Weekly Dow Jones averages, including intra-day higfe and lows: Open High Low Close 30 ind 884.86 897.58 868.08 879.82 20 tran 162.53 163.03 154.71 155.91 15 utii 105.92 106.37 103.14 103.82 65 stks 273.87 274.99 267.68 269.55 Net changes: Industrials off 8.73; transportations off 6.07; Utilities off 2.30; stacks off 5.23. FOR SALE 2-Year-Old Apariment Size REFRIGERATOR Good Condition Phone 289-4936 After 5:00 p.m. FOR SALE 1964 VW BUS 1000 miles on overhaul, needs body work, QA 50 Honda Mini Bike, golden oak antique cocktail library table. Phone 342-0572 MONMOUTH AUCTION REPORT June 21, 1973 Receipts 'Cattle Calves Hogs Sheep This Week 548 1 1878 0 Last Week 248 2 1708 11 Last Year 268 4 .055 O CATTLE: Receipts, mainly feeder cattle. Demand good. Feeder steers and heifers 25-50c higher. Cows 50c higher. FEEDER CATTLE: Choice 350-550 lb. steers 55.50-62.00; 550-700 lb. 51.50-55.75; mixed Good and Choice 550-850 lb, 47.00-51.75; Good 600-050 lb. 43.25-47.25; mixed Good and Choice 550-800 lb. heifers 44.50-48.00. COWS AND BULLS: Utility and Commercial cows 31.50-37.70; Canner and Cutter 28.00-35.75, HOGS: Receipts mainly feeder pigs. Demand fairly good. Prices 2.00-2.50 per head lower. SLAUGHTER BOARS: 250-550 lb. 33.50-36.60. FEEDER PIGS: U.S. 1-2 30-40 lb. 20.50-25.00; 40-50 lb. 24.75.30.00 ; 5060 lb. 29.75-33.00; 60-70 lb. 32.75 35.25; 70-80 lb. 35.00-41.50; 80-90 lb. 41.2544.00; 90-100 lb. 43.75-48.00; some 135 lb. 55.25; U.S. 1-3 40-50 lb. 23.0027.50; 70-80 lb. 33.50-37.75; all sold by the head; bred gilts 125.00-135.00 per head. C&H Market Across From Dick Blick NEW RED POTATOES 10 Lb. 1.59 Cabbage 12c lb. Onions 15c lb. Gr. Peppers __10c ea. Cucumbers 10c ea. Watermelon & Canteloupe IftOTO-ROOTER FOR CLOGGED 'SEWERS, A DRAINS |Oon't Dig Up Your Sewer No Charge If We Fail Call 343-6913 — or Phone 342-6430 GUARANTEED WORK For Sale Acreage BEST BUY On Black Top Just South from Altona on Walnut St. » 8 Acre tract has utilities at $12,000 t 3 Bedroom Ranch —Carpeted, 2 car garage & basement, (2 baths, many extras on 2 acres landscaped and fenced. S30.000 t Buy Now — Make an Otter, Possible to purchase with 10 Acres. Call 484-5993 for Appt. Leo Hager Broker, Auctioneer, Appraiser Farm Listings Needed AUCTION ANTIQUES FURNITURE TOOLS SUNDAY, JUNE 24th — 1:00 PM LOCATION — Go East from Galesburg out Route 150 to the Deep Rock Gas Station — turn South IVi miles. As we have sold our home and moving out of the State, Cor- bln's Auction Service will sell the following merchandise: ANTIQUES: Square oak lamp table, Spool settee, Oak bookshelves, Solid round oak table 54'' pedestal. Several Antique dishes, Austria sugar and creamer, Milk glass, Old boo!;s, Antique cupboard in Pine, Several old telephones. Hall tree, Milk can with mushroom top, Kerosene lantern, Piece, of marble, Corn sheller, Grinding wheel, 2 Antique sorghum pans. FURNITURE: Curved front Kroehler Sofa in crushed velvot, Step end tables and lamp table, Drum top Duncan Phyfe table, Thlnline G.E. TV in black and white, Kneehole desk and chair, Singer console sewing machine, bookshelves, Maple couch with wooden arms, Mahogany Chippendale 5 piece bedroom suite complete, bedding and linen. Hollywood bed, Vanity lamps, Luggage, Credenza buffet, 6 Chippendale chairs; Large dining room table, Hoover upright sweeper, Metal filing cabinets, Lots of books, 5 piece Bronzetone dropleaf dinette set, 13 cubic ft. G.E. refrigerator-freezer, Ironing board, Whirlpool automatic washer, pots, pans and dishes, Ping pong table, Folding cot, Storage trunk, Humidifier, Window fan, Army cots, Coolers, Milk Cooler, Roll around sweeper. TOOLS: 8" Table Saw, Jig Saw, Motor, Level, Lots of small hand tools, Remington chain saw. Work bench—solid walnut, 275 gal. tank, Hayrack—rubber tired, Garden and yard tools, Picnic table—large, Bike parts, 14' wood & fiberglass runabout, boat trailer. Lots of other misc. merchandise too numerous to mention. Mr. and Mrs. Rolland (Rollie) Eckman Sr., Owners CORBIN'S AUCTION SERVICE • COOK and WOODS, Auctioneers - Phone 343-9033 DELENE COOK, Clerk SALE TO BE HELD RAIN OR SHINE A^ I °4 Wn . er iu and . J li ucli S neora assum6 No Responsibility in Case of Accidents Should Any Occur. NOTICE We Will Be Closed The Month of July For VACATION OPEN AUG. 1st WEST MAIN COAL YARD 476 W. Moin — Golesburg, III. NIGHT AUCTION NOTICE TOOLS and FURNITURE CORBIN'S FURNITURE STORE 565 N. WEST ST. Thursday, June 28 — 7 PM Wr; will have ;t tool ;md furniture Auction. Anyone having lool.'i or furniture lliey would like to convert to ci.sh bung it to Coiblns by noon Tliuisday. If you will t-iill li.'. by noon Monday we will have time to list your article., In our complete llMiiij; ad Wednt -Ml .iy night. PHONE 343-9033 CORBIN'S AUCTION SERVICE COOK & WOODS-Aucllonoers Oalesburg Livestock Sales Inc. East Fremont Boad — 342-1416 Bonded For Your Protection Sale Every Tuesday TUESDAY, JUNE 26, 1973 20 Angus cows and calves. 10 Hereford cows and calves. 1 Purebred two-yr.-olcl Charolais Bull. 3 Yr.-old Charolais Bulls. 5 Two-yr.-old Angus Bulls. 2 Hereford Bulls. 50 Angus heifers, avg. 400 lbs. (50 Angus steers, avg. 450 lbs. 38 Mixed calves, avg. 450 lbs. 20 Holstein steers, avg. 650 lbs. 15 Holstein steers, avg. 475 lbs. 16 Hereford steers, avg. 625 lbs. 30 Hereford steers, avg. 675 lbs. 50 Angus steers, avg. 750 lbs. 150 Mixed cattle to be sold in small lots. 300 Mixed pigs. Last Tuesday, Fat Steer top $47 .50; Heifer top $46.90; Butcher cows $30 -$36; Bulls $40-$43. Feeder Pigs $2 -$5 Higher, Bred Gilts 143-$165 per head, Cow and Calf Pr. $450 -$500. Calves and Yearlings steady. Arriving Monday for Private Sale:— COO Bl. w/faced steers, avg. 700-850 lbs.; Have been on silage all winter, are strictly choice quality, origin from Neb. as calves. Reg. Sale 7:00 P.M. Fat Cattle 9:00 A.M. MOHE CATTLE & HOGS BY SALE TIME Feeder Cattle ior Private Sale Dally Up Until Sale Time HEPHESENTATl VKS: John Wallers Martin M. Swansea Itlcbard Anderson William Heynoids Hubert Lindscy, Tom Kilcoin aud Carl Sleek — Auctioneer!

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