Galesburg Register-Mail from Galesburg, Illinois on July 7, 1973 · Page 24
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Galesburg Register-Mail from Galesburg, Illinois · Page 24

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Galesburg, Illinois
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Saturday, July 7, 1973
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24 ^ Saturday, Jujy 7, 1973 Market Reports Dew Jonti Avtrag«t NEW YORK (UPI)- Weekly Dow Jones Averages, including intfa-day highs and lows: Open ttigti Low Close 30 ind 886.59 890.20865.82 870.11 20 tran 155.80157.98153.74 155.83 15 util 101.64101.96 99.88100.62 65 stks 269.82271.04 264.81266.27 Net changes: Industrials off 21.60; transportations off 0.35; utilities off 1.50; stocks off 4.87. Grain Futures CHICAGO (UPI)-Wheat was substantially higher, corn and oats rhixed and soybeans substantially lower this week on the Chicago Board of Trade. Wheat was unchanged to 3^4 cents higher; corn was off 3 to up 5%; oats were off V* to up 2%, and soybeans were off 29 to 290. Turkeys Held For Chemical Level Tests ST. LOUIS (UPI) - The Ralston Purina Co. in St. Louis said it is retaining turkeys, pending testing for an above tolerance level of PCB's, a chemical compound. The company Friday informed the U.S. Department of Ag riculture and the Animal and Plant Inspection Service that its quality control system has detected an above tolerance level of the chemical in turkeys recently slaughtered at its California, Mo^ plant. APIS officials said the birds are being held in cold storage and about 120,000 other turkeys are being retained pending the testing. A USDA spokesman said that less than 10 growers using feed from a single mill may be involved. He said PCB's is not a pesticide and that its presence in the feed is accidental. The Food and Drug Administration Friday banned the industrial use of PCB's in plants where food, animal feed and food packaging materials are made, handled or stored. Stock Market Trading Dull') During Week By FRANK W. SLUSSER UPI Business Writer NEW YORK (UPI) - The Fourth of July came along during the middle of the week, but there were no fireworks on Wall Street. Trading on the New York Stock Exchange was dull, prices lower. Week on Wall Street Momence Plant Shut by Owners MOMENCE, 111. (UPI) Citing reduced profits and an inadequate supply of hogs, the Momence Pork Packers Co., closed down Friday. Plant officials said the firm, which employed 290 persons, •would be closed for an indefinite period. Fred W. Trenkle. vice president of the plant's parent company, Bluebird, said the plant would not resume operations until ceilings on meat prices were removed. BACKYARD SALE 1186 GARDEN LANE Sat. & Sunday 12:00- 5:00 P.M. Men's, women's and children's clothes, miscellaneous. Volume, light most of the year, was sharply reduced dur ing the four - day trading week as many investors apparently took five days off to celebrate one. Trading during the first hour Thursday was the slowest since last October. Turnover for the four sessions totaled 40,857,460 shares, com pared with 61,911,540 the week before and with 55,275,002 the year before. The Dow Jones industrial average, measuring 30 blue chips, lost 21.60 on the week, closing at 870.11. Standard & Poor's 500 stock index fell 2.98 to 101.28, its low for ithe year. The NYSE common stock index declined 1.48 to 53.36. Few Higher Of a total 1,935 issues traded, 1,106 finished lower, only 565 higher. The economic news did not encourage investors. Prime lending rates went to %V\ per cent, the second rise in a week, following the Federal Reserve Board's hike to 7 percent in the discount irate, and raising the specter of a money crunch. The government reported the unemployment rate in June fell to 4.8 per cent — the first time it had been under the 5 per cent level in three years. But a record 27.6 per cent rise in wholesale prices overshadowed this. Meanwhile, the dollar came under heavy attack again on foreign markets, setting record lows in some countries. Gold prices, at the same time rose strongly. The speculation in gold has been going on for most of the year, intensifying within the past several weeks. Confusion Results The uncertainties at home and abroad, analysts said, have led to confusion and reluctance on Wall Street. The Watergate hearings have produced uneasiness, not only on Wall Street, but abroad, and many see this as one of the reasons the dollar has been weak, although most experts believe it is undervalued. S.S. Kresge was the most active issue for the week, off Vk at 32% on 400,100 shares. International Telephone & Telegraph was second, up % at 30% on 394,900 shares, and Federal National Mortgage third, up % at 16% on 374,600 shares. Financial Experts Predict Interest Rate Will Go Up NW YORK (UPI) - Financial observers predict that most commercial banks throughout the nation will jump their rate for prime business loans to 3 '/4 per cent next week. The new rate was first adopted last Thursday by the Midatlantic group of smaller banks headquartered in Newark, N.J. A few of the nation's biggest banks followed suit the next day, including First National City of New York, Continental Illinois, Harris Trust of Chicago and Girard Bank of Philadelphia. French Rate Up The move was echoed in France, where the comparable bank rate zoomed Friday from 1% per cent to ftk per cent. Not since the 1969 credit emergency has the American prime rate been as high as it is now. The new boost is the second hike in the prime rate within seven days and the ninth this year. It provoked an angry outcry from Rep. Wright Patman, D-Tex., chairman of the House Banking and Currency Committee. He said in Texarkana, Tex. Friday that the increase is a fraud and an "illegal conspiracy." The congressman said: "They are trying to get away from being accused of a conspiracy to raise interest Dollar Plunges to New Lows in Europe LONDON (UPI) -Bankers said wild rumors that the dollar would be devalued again caused it to plunge to record lows in 10 overseas money centers Friday but the United States said it was giving no thought to another devaluation. It was the ninth consecutive day the value of the dollar has slumped on European markets It hit new lows against the Belgian and Swiss franc, Finnish mark, Austrian schilling, Norwegian and Danish kroner, Dutch guilder, West German mark, Japanese yen and the Hong Kong dollar. The dollar also hit a 16-year low against the French franc. Gold Goes Up While the dollar was losing ground, the price of gold— which reflects the dollar's performance—jumped $4 to $127 an ounce in London, home of the world's most important bullion market. Friday's figure was only $2 off the record high in London reached last May. European and Asian bankers said rampant rumors of another dollar devaluation, which would be the third in 19 months, were the main cause of Friday's crisis. But Paul A Volcker, U.S. Treasury under secretary for monetary affairs, said in Washington the United States has no intention of devaluing the dollar again. The bankers said they, likewise, did not anticipate such a move Asked if the government was contemplating a new devaluation to help offset the latest assault on the dollar, Volcker replied: "It doesn't even enter our thinking. We have no intention on that score." British government and bank ing officials also discounted the possibility of a new devaluation. They said the dollar was much under-valued against other major currencies and could still easily recover from the lows. The big question was when this would happen. Some financial experts, /Yen? Farm 'Hotline 9 Number The SPRINGFIELD Department of Agriculture's Farmers Hotline" telephone number, 217-525-2444, should now be used exclusively for questions other than those relating to the fuel shortage. An additional number, 217-5252898, should be used for questions other than those relating to the fuel shortage. With the establishment of the hotline in early April, the department initiated a program to provide quick and efficient attention to farmers' problems, Director Robert J. "Pud" Williams said. "To date," he said, "the hotline has been instrumental in identifying a varied range of problems common to many members of the agricultural community.' He continued: We did not, however, anticipate the magnitude of the fuel Illinois i shortage and its effect on the agricultural community. "For this reason I am establishing a separate hotline for the purpose of responding to all agricultural problems other than those relating to the fuel shortage." The telephone number for this additional hotline is 217-525-2893, and "the farmer can expect the same immediate attention and the best answer possible to his problem that he received through the previous hotline," Williams said. meanwhile, were focusing attention on the monthly central bankers meeting from the major Western countries this >weekend in Basel, Switzerland. The session,' while regularly scheduled, could take on special significance in view of the chaos in the markets. American officials could come under pressure at the Basel session to devise some kind of support arrangements, but one British banker said he doubted that much would emerge from the conference. rates against the public interest which would be in violation of the anti-trust laws." Boost Savings Rate The move to lift the prime interest rate was accompanied Friday by steps to boost from 4V2 to 5 per cent the rate banks will pay on passbook savings deposits. Among the larger banks which increased the yield to savings depositors were Bankers Trust in New York, Cleveland Trust in Cleveland, Continental Illinois in Chicago and Mellon Bank in Pittsburgh. The new higher prime rate came in the wake of a rise to 7 per cent ordered last week by the Federal Reserve Board in the discount rate, the interest Icommercial banks must pay the reserve banks for money. This is the top discount rate ever charged, except for a brief period in the 1920s. The Federal Reserve acted to check a swift upsurge of lendable funds available, which was deemed inflationary. FOR SALE - By Owner 8 room, 4 bedrm., 2 full baths FAMILY HOME on large lot in Willard School District. Low 20's For Appointment Call 342-4064 - WANTED Concrete & Block Work Phone 289-4630 FOR SALE 1964 CADILLAC Sedan DeVille Excellent condition, fully equipped. Moving—Must Sacrifice. PHONE 342-4682 YARD SALE 1782 WILLARD Monday, July 9 9 A.M. - 3 P.M. Lots of clothing — infants and up, misc. The cockroach, which reached its greatest development during the coal ages, is the oldest winged insect. 4 FAMILY FRONT YARD SALE 1423 LANE AVE. SUN., July 8—9 a.m .-3 p.m. Manifold pipes for Chrysler products, women's clothing size 8-18, men's clothing sm-xlg, childrens & infants clothing, Hoover upright vacuum, hair dryer, dishes & misc. BACKYARD SALE 1659 W. MAIN ST. Sunday, July 8 10-5 Avons, coins, clothing, books, Bar-B-Q grill, nic-nacs, Antiques, dog beds, art foam and lady's bicycle. Park on Edwards Ave. CARPORT SALE 808 S. CEDAR ST. Sat. & Sun. 9:30 — 3:00 Clothes, all sizes, jewelry, lamps and other household goods and many misc. items. BACKYARD SALE 1033 N. KELLOGG ' Sat. Evening 'Til Dark Wringer washer, wooden Ironing board, good clean clothes, infants to adult, dishes, curtains, drapes, army clothes, baby items & much more. OPEN HOUSE 527 BURGLAND AVE. 12 to 5 Sat., July 7 — Sun., July 8 FOR SALE — By Owner Priced in Upper Teens CAN CALL 342-3843 Weekdays after 5 — Weekends anytime. Entry living room, dining room, large kitchen with disposal, pantry, 2 or 3 bedrooms, large bath, plenty of closet space, full basement with 1 room for recreation, garage, fence around yard, good location, near schools. PATIO It BACKYARD SALE 837 E. MAIN (back of Ann's Resale Shop) Bun., July 8 — 10-1 Paperbacks, clothing all sizes, display racks, misc. BACK YARD SALE 1746 MEADOW DR. Mon.-Tues.-Wed. 9 A.M. til ? Children's clothes, men's and women's clothing, some furniture, etc. Canceled in Caia of Rain 3 FAMILY BACKYARD It GARAGE SALE 701 DAY ST. SATURDAY AFTERNOON fcSUNDAY Youth bed, metal cabinets, odds & ends on furniture, children's clothes — all sizes, adult clothing. 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 ESTATE AUaiON AUTOMOBILES — ANTIQUES — TOOLS CORBIN'S DISCOUNT FURNITURE STORE 565 NORTH WEST STREET Sat., July 14th - 10:00 A.M. To settle (he Estate of Burton LeRoy Staats, deceased, we will sell the following Chattle Property, AUTOMOBILES: 1970 Gremlin 2 door 6 cylinder automobile with automatic transmission, radio and heater, only 1,510 miles, 1967 Impala S.S. Chevrolet 8 cyclinder 2 door sedan. This is a super- sport automatic with 4 on the floor. 1063 Chevrolet Green Briar 6 cylinder sports wagon built into a camper. Only has 26,000 miles, Has radio, heater and stick 6htft. 1960 Falcon 6 cylinder 4 door station wagon with radio and heater. A home made 1940 single axle 2 wheel box trailer 1500 lb. load capacity with hydraulic hand op erated dump. NOTE: Mr. Staat always kept thes« cars In top condition arid have low mileage. The cars must be seen to be appreciated. They will all be on display at the store Friday, July 13th from 8:30 a .m. till 9:00 p.m. ANTIQUES: Roll top desk, old bicycle, office chair, anvil, misc. tools, set of drawers, metal hall tree, spool thread box, other primitive pieces. TOOLS: Norseman snow blower; 20 ft. aluminium extension ladder; 20 ft. wood extension ladder; step ladders, drill press and stand; like new 3" belt sander; battery charger; drill press stand and tilt table; grinders; welding equipment; Dunlap table saw and stand; pedistal grinder; Mall saw; Craftsman sander; Zip sabre saw; Sunbeam drill; Craftsman table saw; Craftsman planer and attachments; pipe vises, pipe threader and die sets; tool storage cabinet and contents; large vise, Craftsman bench grinder; electric welder; drop cords; all kinds of wrenches including sets; very complete line of hand tools including end wrenches, pipe wrecnhes, socket sets, pliers, screw drivers, Va" and 3 /a" drills, furniture clamps, block and tackles, floor creepers; 100's of other items including boys bicycle, garden and yard tools, floor jacks, saw horses, metal desk, camp stove, metal cabinets, new boiler tubes, tool boxes, glider. MRS. MARGARET STAATS. Adm. ol the E»tale of BURTON L.ROY STAATS, Deceased DONALD L. STOFFEL, Attorney for the Administrator PHONE 343-3117 CORBINS AUCTION SERVICE—Phone 343-9033 DELENE COOK—Clerk M. W. KENT—Cashier COOK and WOODS—Auctioneers Mr. Staat had a very complete shop and most of his equipment is in top condition. It was impossible to list each and every item. If you need tools, plan on attending this auction. The automobiles will be sold at 10:00 A.M. Sharp. ROOFING & CEMENT WORK WANTED VERY REASONABLE 343-2523 or 289-2821 [Don't Dig Up Your Sewer No Charge If We Fail Call 343-6913 — or Phone 342-6430 GUARANTEED WORK FOR SALE Good Woodi tinder Mount MOWER Cuts 5 ft. Model 62, Extra blades and belts. Hook up for Ford or Ferguson. Call 734-7497 after 6 P.M. QUALITY PRECAST CONCRETE Manufactured In Galesburg • Modern Concrete Benches • Canadian Made Urns and Pots Available on Special Order • Call for Garden Designing. Make an Appointment Today. NOTICE Application! For APPRENTICE ELECTRICIANS Will Bt Accepted July 2 thru July 13 Apply At 687 Lincoln St. Galesburg, III. Electricians Union 184 GALESBURG CONCRETE MATERIAL CO. 1050 Monmouth Blvd. Ph. 343-3181 Production Workers Needed Equal Opportunity Employer • Good Working Conditions • Good Woge Rotes • Paid Vacations and Holidays • Paid Insurance Apply At — DIVIUW ABINGDON, ILL. Galesburg Livestock Sales Inc. East Fremont Road — 342-1416 Bonded For Your Protection Sale Every Tuesday TUESDAY, JULY 10, 1973 8 Angus cows & calves. 1 Charolais Bull. 20 Angus Springer cows, pregnancy checked. 15 Young Charolais Springer cows, pregnancy checked. 3 Charolais Bulls. 1 Angus Bull. 30 Whitefaced steer and heifer calves, avg. 350 -400 lbs. 22 Whiteface steers, avg. 625 lbs. 50 Angus and Whiteface heifers, avg. 475 lbs. 30 Angus and Charolais heifers, avg. 500 lbs. 46 Angus steer calves, avg. 450 lbs. 35 Angus steer calves, avg. 525 lbs. 34 Angus steers, avg. 750 lbs. 46 Whiteface steers, avg. 700 lbs. 34 Mixed steers, avg. 925 lbs. 200 Mixed cattle to be sold in small lots. 300 Mixed pigs. Fat Steer top $48; Fat Heifer top $46.80; Butcher Cows $30$36; Bulls $40-$44; Pigs $2 r $4 per head higher; Gilts $160-$175 per head; Cow and Calve pairs $450-$500; Springer Cows $400$450; Calves and Yearlings fully steady. MORE CATTLE & HOGS BY SALE TIME Feeder Cattle ior 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 Information Call (309)342-0144 Collect Calls Accepted For No Obligation Shop-At-Home Service

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