Galesburg Register-Mail from Galesburg, Illinois on July 6, 1973 · Page 22
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Galesburg Register-Mail from Galesburg, Illinois · Page 22

Galesburg, Illinois
Issue Date:
Friday, July 6, 1973
Page 22
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Friday, July 6, 1973 Market Reports Today M«re«nHlt ixchang* CHICAGO (VPi) - Futures on the Chicago Mercantile Exchange today; High Low Close Prev. Live: Beef Cattle Aug 43.80 48.02 48.62 48.00 Oct 49.50 48.45 49.42 48.60 Dec 49.80 48.97 49.75 49.00 Feb 49.90 49.15 49.85 49.15 Apr 49.67 48.97 49.60 49.07 Jun 49.45 48.90 49.40 49.00 Aug .. - 48.75 48.77 48.90 Live Hogs Jly 43.67 42.90 43.62 43.25 Aug 46.10 44.32 45.50 44.85 Oct - 45.77 44.00 45.77 44.15 Dec 47.17 45.45 47.10 44.72 Feb 47.10 45.60 47.10 45.95 Apr 44.90 43.30 44.75 43.60 Jun 44.90 43.30 44.65 43.60 Jly 44.25 42.75 44.05 43.00 Aug 43.00 42.50 43.00 43.00 Frozen Pork Bellies Jly 58.20 58.20 58.20 58.20 Aug 58.20 58.20 58.20 58.20 Feb 68.00 66.30 68.00 66.70 Mar 67.60 65.85 67.50 66.00 May 67.10 65.20 67.10 65.60 Jly 66.35 66.35 66.35 64.85 Dow Jonts Averages NEW YORK (UPI) - Dow Jones 1 p.m. CDT stock averages: 30 indus 872.44 off 1.88 20 trans 156.03 off 0.96 15 utils 100.62 up 0,06 65 stocks 266.78 off 0.68 Chicago Produce CHICAGO (UPI)-Cheese: Processed loaf 70.25 - 79.25; single daisies 78 - 82; Swiss blocks 80-100 lb Grade A 8992.50, B 87-90.50. CHICAGO (UPI) - Midwest eggs: Steady; prices unchanged; extra large 62; large 59; medium 54; pullets 46; standard 49; checks 40. Grain Futures CHICAGO (UPI) - Grain range: HigB.Low-Ciose.Pfev. Mlieat Jly 282V 2 272 272 280% Sep 276% 266V4 269 275 Dec 275 265V2 267% 273% Mar 274y 4 285% 267 273 May 268 260% 261% 267 Corn Jly 218 210 212% 219 7 /* Sep 204 196 201% 2frM Dec 197 190% 197 194 Mar 200 193% 199% 196 May 200 194' 200 196% Oats (old) Jly 90 90 90 89% Oats (new) Jly 91% 89 91% 89% Sep 95% 93% 95% 95 Dec 101 99 101 100 Soybeans Jly 730 710 710 790 Aug 845 845 845 885 Sep 700 700 700 740 Nov 573 555 562 574 Jan 569 554. 557 568 Mar 569 555 558 570 May 568 551 557 567 New Prime Rate Is Set By 7 Banks NEW YORK (UPI) - Mid- atlantic Banks Inc. Thursday announced a new increase in the prime interest rate from the recently achieved 8 per cent to 8% per cent. The prime rate, the minimum banks change to loan money to major commercial customers, has steadily increased in recent months. Some experts say it is only a matter of time until it reaches 8% per cent, which it lasit hit during the credit crunch of 1969-70. Midatlantic said its seven member banks will go to 8% per cent Monday. The prime rate does not directly affect rates charged on loans to small business borrowers or personal and home mortgage loans. Bankers say the prime rate would have been higher sooner except that banks, in cooperation with the government'9 Committee on Interest and Dividends, have boosted their rates slowly to avoid disrupting the money markets. Last Friday the Federal Reserve Board lifted the discount rate, which is charged on loans to its member commercial banks, half a point to 7 per cent, the highest rate ever charged. A general increase of one- quanter point to 8 per cent followed this week in the prime rate. A number of banks will be reviewing their rates Friday and early next week. Industry sources said it is likely the move to 8% per cent will become general before long. Court Frees Jewish Defense League Leader JERUSALEM (UPI) - The Supreme Court overruled a lower court decision today and freed the leader of the Jewish Defense League, Rabbi Meir Kahane, from month-long imprisonment on kidnap-murder conspiracy charges. "It's good to be home again," Kahane said. The high court freed the rabbi on $24,000 bail, overturning a decision by the district court June 29 that remanded him back to jail at the government's request. Kahane had been in prison since June 7. Kahane, a U.S. citizen, is charged with conspiring to "kidnap and murder a foreign diplomat in the United States." He was scheduled to go on trial in district court July 20. He said he will contest the charges on grounds that they do not constitute a crime. Clarence Kelley To Be Sworn In SAN CLEMENTE, Calif, (UPI) — Former Kansas City Police Chief Clarence M. Kelley will be sworn in as the new FBI director in ceremonies in his home town Monday, and President Nixon will stop en route back to Washington to preside. A Western White House spokesman said Nixon will make remarks at the ceremony, to be held shortly after noon in front of the Kansas City federal building. Judge William Becker, chief judge of the U.S. District Court of Western Missouri, will administer the oath of office. Interest Rates On Savings, Loans Go Up WASHINGTON (UPI) Your savings account can now earn more interest, but the interest you will pay for an FHA or VA insured home mortgage is also about to go up. These were the results of a series of government actions announced Thursday. Debate has already begun as to whether they will be good or bad for the average citizen and the economy. Both the National Association of Home Builders and the National League of Insured Savings Associations denounced the actions as inflationary. Effective immediately, the government allowed commer cial banks to raise interest on passbook savings accounts from 4 .5 to. 5 per cent. There were similar increases for certifi cates of deposit. Savings and loan institutions were told they can soon raise their passbook rate from 5 to 5.25 per cent. The ceiling on interest for mortgages backed by the Federal Housing Administration (FHA) and the Veterans Administration (VA), will go from 7 to 7% per cent. In the case of FHA, this won't happen until Congress completes the technicality of renewing the government's mortgage au thority. Congress went off on its Fourth of July recess, letting this expire June 30. James T. Lynn, secretary of housing and urban development (HUD), says the FHA increase will be good for the average citizen because it will keep FHA money available for home buyers. He said it will also reduce the number of "points" involved in the sale of a home. A "point" is one per cent of the mortgage. It is a one-time fee charged by lenders to circumvent the interest rate ceiling. It is paid sometimes by the seller, sometimes by the buyer and sometimes both. In any case it, in effect, raises the cost of the house. HUD estimated that buyers, under the new FHA and VA rates, will end up paying about the same amount because of the reduction in points which it expects—but which it does not actually control. Theyll Bo It Ever/ Time ® The water in 22-mile-long Lake Tahoe could cover a flat area the size of the State of California to a depth of more than 14 inches. Italians Shun Chastity Belts MILAN, Italy (UPI) - After complaining that Italians, lack a sense of humor, Gualtiero Montebovi closed his chastity belt shop Thursday. "If a chastity belt is bought in London, it is a curious souvenir you can keep at home or present to a friend," Montebovi said. "If it is bought in Italy, it is obscene and in bad taste. In Italy, and in Milan in particular, there is no sense of humor." Montebovi, a 60-year-old pen sioner, opened the shop nearly one year ago after reading of a similar enterprise in London. "Despite all advertising efforts, I managed to sell only 30 pieces," Montebovi said. "They were made by a very skillful craftsman and were artistic objects in wrought iron and leather—all this for less than $4." NOTICE Applications For APPRENTICE ELECTRICIANS Will Be Accepted July 2 thru July 13 Apply At 687 Lincoln St Gdlesburg, III. Electricians Union 184 Company Makes Deal With China For Three Plants CHICAGO (UPI) - M.W. Kellogg Division of Pullman, Inc., has obtained a contract from the Republic of China to design, provide materials and build three 1,000-metric tons a day ammonia plants. Neither the dollar value of the contract nor the locations of the plants were revealed. ST. LOUIS-McDonnell Douglas Corp. has obtained a 300- million Swiss franc order from Swissair for 10 DC9 short haul aircraft to be delivered from 1975 to 1977. NEW YORK-The first Japa nese-style hotel in New York will be opened July 11 on Park Avenue in midtown. Although the hotel, to be called the Kitano, will have 124 western style rooms with kitchenettes, serv ice will be distinctly Japanese, according to the proprietor, Tsuguto Kitano. NEW YORK - The country has less chance of power blackouts this summer than last, the Edison Electric Institute reports. The margin of generating capability over normal summer demand stands at 20.4 per cent this year compared with 19.6 per cent last year. This should meet any foreseeable peak demand, the institute said, providing fuel is available for generating plants. Stocks Edge Lower In Light Trading NEW YORK (UPI) - Stock prices edged lower today in light trading on the New York Stock Exchange, reflecting the post holiday lull and the confusing economic picture at home and abroad. The two-hour turnover amounted to more than 4,200,000 shares, compared with 4,760,000 traded during the same period Thursday. American Telephone & Telegraph was the most active issue, unchanged at 51 on 69,800 shares. Federal National Mortgage was second, up % at 16% on 67,900 shares, and Carrier Corp. third, off % at 20 on 53,400 shares. Gold mining issues advanced as gold prices soared abroad. American-South African rose 2%, Campbell Red Lake 2%, Dome Mines 2 and Homestake Mining 1%. Electronics and computers were lower. Texas Instruments lost 1% and Burroughs lVs. Glamors were mixed. Xerox lost 2V2 and Polaroid and Upjohn around a point apiece. Oil issues moved in both directions. Superior Oil gained 2. Natomas and Getty lost V/t each and Atlantic Richfield 1. Chemicals and airlines eased. DuPont and Delta Airlnjes surrendered a point each. Steels, motors rails and aircrafts were mixed in fractions. Prices declined in slow trading on the American Stock Exchange. Two Workmen Die in Explosion Today at Plant MARION, 111. (UPI) - Two workmen were killed today in an explosion in an asphalt tank at the Wilson Asphalt Co. north of here. Williamson County Coroner James Wilson identified the victims as Loren Farris, 20, Johnston City, and William Hutchinson, 35, Marion. Wilson said he was told the two men were building a scaf fold on the tank when it blew up. Wilson said he was told that one man was blown about 200 feet and the other landed in a parking lot. Both were killed instantly, Wilson said. Fire departments from Marion, Johnston City, West Frankfort and Herrin were at the scene, West Frankfort with its snorkel unit, the Marion department said. A fire was burning in the asphalt tank that exploded. There was some fear that other nearby tanks might explode. Smoke from the blaze could be seen at least 10 miles away. Gates to the plant were locked and authorities urged persons to stay away. The firm is near the community of Cedar Grove, formerly Dog Walk, north of Marion on Illinois 37. Harness Horse Races Sat, July 7th 6:00 P.M. Sun., July 8th 1:30 P.M. MERCER COUNTY FAIRG0UND5 Aledo, III. Good CHance Profits Will Be U p: Firm NEW YORK (UPI) - "Wa tergate should prove to be to the U.S. stock market what the London blitz was to canny property developers," says Blyth Eastman Dillon & Co. Wall Street's selection of bargain basement buys is hardly sufficient reason for investor enthusiasm, the firm says, but there is a "good" chance corporate profits will expand by some 10 per cent in 1974 on top of a 16 per cent advance this year. L a i d 1 a w-Coggeshall says "The slow growth projected for the next two years does not fall into either the full or mini recession category and should not be of too much concern to the politicians running for re election in 1974." Despite the five postwar recessions between 1948 and 1970, on the demand side in 1974 only housing and the auto sector are expected to exhibit recession tendencies, the firm says. Inflation, Watergate, the pressure on the dollar and fears of a recession have helped "to create more pessimism in the financial community than we have witnessed during any comparable period of prosperity in the post World War II era, according to Eaton & Howard's The Outlook. Consumers and foreigners alike, the Boston firm's letter says, have lost confidence in the government's ability to control inflation. However, the firm says it does "not concede recession within the next 18 months." There is an enormous amount of cash and savings on the sidelines despite the fact that the rate of savings has ebbed a bit this year, says Walston & Co. The letter says this could be "bargain-hunting time" for the investor if he has "the patience to sit down and ferret out the proper vehicles, and find out where earnings will continue good." READ THE WANT ADS! FBI Probes Black Family's House Fire MILFORD, Conn. (UPI) The FBI today investigated the I burning of a house that had been set aside by the city for use by a black family. The federal agency said (Thursday it would check for civil rights violations in the burning of the $29,000 house, purchased by the city in a middle-income section to house a family of 11 that had been displaced by redevelopment. The house was damaged by fire Tuesday night and Milford fire official Francis Heenan Isaid a preliminary finding indicated arson. The house was vacant at the time of the blaze. The family was to move in next week. At a meeting last week in which the sale of the house to the city was discussed, opposition to the family moving into the neighborhood was expressed. Legal Notices 1 ANNUAL TAX ORDINANCE of Rio Fire Protection District, an Illinois Municipal Corpora* tion, Knox County, Illinois BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE RIO FIRE PROTECTION DISTRICT, AN ILLINOIS MUNICIPAL CORPORATION: That we do hereby find and declare that (there will be required to be raised by general (taxation for corporate purposes (upon all property taxable within the territorial limits of this Fire Protection District the sum of Five Thousand One Hundred Dollars ($5,100.00), and we hereby direct that said tax in such amount be and the same is hereby levied upon all taxable property for the fiscal year beginning May 1, 1973 and ending April 30, 1974, provided the said tax so levied for such purposes shall not exceed the rate prescribed by statute of the full, fair cash value as equalized or assessed by the Department of Revenue upon all property taxable within the territorial limits of this Fire Protection Distriot, i the money so voted'and directed |to be raised being for the following corporate purposes: 1. Fire Station repairs and equipment _„$1,000.00 2. Maintenance of fire house, purchase of fuel, electricity, janitor services and phone $1,000.00 3. Salaries of firemen and siren control .$1,100.00 4. Salaries of fire chief and assistant chief _ ...$ 200.00 5. Insurance on equipment, pubMc liability and premium on bOnds $1,000.00 6. Salaries of trustees $ 500.00 7. Legal services, dues, and publication expenses $ 200.00 £. Miscellaneous and contingent general expenses ....$ lOO.OO PUBLIC NOTICE PUBLIC NOTICE IS HEREBY GIVEN that a publte meeting will be held as to the Budget and Appropriation Ordinance for Henderson Township Fire Protection District, a municipal corporation, of Knox County, Illinois, for the fiscal year be* ginning June 1, 1973 and ending May 31, 1974 at the Fifc Station in the Village of Henderson, Krox County, Illinois, in said District, at 7:30 o'clock P.M., C.D.S.T., on the 6th day of August, 1973, which Budget and Appropriation Ordinance prepared in tentative form, Is now on file ana conveniently available to public inspection at the home of Harold M. Baker, President of said Fire Protection District, in the Village of Henderson, Knox County, Illinois, in said Distriot, as by statute required. DATED this 4th day of June, 1973. HAROLD M. BAKER, President Board of Trustees of Henderson Township Fire" Protection District 7-6-lt Mexican Arrested For Illegal Entry to U. S. ST. LOUIS (UPI)-Five Mexicans who had entered the United States illegally were held in the city jail today for return to Mexico. The five men were arrested by police in Wood River, 111., Thursday at the Illinois Terminal Railroad yards after they got off a freight train. Immigration officials were called when it was discovered the men could [speak no English. Federal authorities said the men told them they swam to the United States at El .Paso, Tex., and hopped freight trains, hoping to reach Chicago, where they wanted to find work. Authorities said the five got off the train at Wood River because they became hungry and want- led to find food. Immigration agents refused to reveal the men's names. The department uses the city jail to hold suspects because of a lack of other facilities. The first mill to roll copper in the United States was erected by Paul Revere at Canton, Mass., in 1801. We're MOVING To Our New Location AT Rt. 150 North Just North of Weaver-Yemm Chevrolet ON FRONTAGE ROAD Wl Will BE CLOSED ALL DAY SATURDAY, JULY 7th for Moving and will BE OPEN for business MONDAY, JULY 9th at our new Total :$5,100.00 ADOPTED this 18th day of June, 1973 by the Board of Trustees of the Rio Fire Protection District. WALTER G. LANDON President and Member ROY DOUGHERTY Member DALE L. JOHNSON Secretary-Treasurer and Member I hereby certify that the foregoing is a itrue copy of the Annual Tax Levy Ordinance of said Fire Protection Distriot for the fiscal year beginning May 1, 1973 and ending April 30, 1974; that said Ordinance was duly passed at a meeting of said Board of Trustees held on June 18, 1973 and now remains on file in my office. DALE L. JOHNSON Secretary of Rio Fire Protection District 7-6-lt Hospital Addition STAUNTON, 111. (UPI) Groundbreaking ceremonies will be held Monday for a $3 million expansion-renovation program at Staunton Community Memorial Hospital. The expansion project will include a 60-bed addition to the existing hospital. The first U.S. national auto show was held in 1900, at Madison Square Garden in New York City. Sterilization Operation Funds Frozen WASHINGTON ' (UPI) - A Cabinet officer has ordered a freeze on federal funds used for sterilization operations, responding to reports two young black girls in Alabama were sterilized involuntarily. Caspar W. Weinberger, Health, Education and Welfare (HEW) secretary, said Thursday funds will remain frozen until his agency works out new guidelines for their use. Weinberger said he had ordered. Charles C. Edwards, assistant secretary for health and welfare, to have new guidelines "compatible with state laws" ready by July 19. "My purpose in directing the preparation of guidelines is to insure that the rights of the individual are always paramount, always observed, and always secure," Weinberger said in a statement. How much money would be affected was not made clear. But Weinberger said he had ordered HEW's 10 regional directors in cooperation with state governors "to discontinue use of HEW funds to pay for sterilization of minors and other legally incompetent individuals until guidelines compatible with state laws can be developed to protect the rights of these persons." Earlier, Attorney General Elliot L. Richardson ordered the Justice Department's Civil Rights Division to investigate the Alabama sterilization by a family planning clinic which receives federal funds. HEW has estimated that 7 million Americans have been sterilized, including about 1 million men and women during 1972, most of them from middle and upper income groups. A great majority of the sterilizations were initiated voluntarily. store. Phone 343-2019 You don't shift gears on your car. Why should you on your tractor? At IH we think your lawn and garden tractor ought to work as easily as your car, , That's why we Introduced hydrostatic transmission. It's fully automatic, Go forward, stop, reverse, all with just one hand lever. Easy to drive as your car. Because we know a lot of Sunday drives are just around the yard, WESTBAY Equipment Co. Phone 309-342-8112 Knoxviile Road — Galesburg, III. International Harvester Sales & Service Any way you «rt it. INTERNATIONAL MJUIVfSTEII

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