Galesburg Register-Mail from Galesburg, Illinois on July 18, 1973 · Page 28
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Galesburg Register-Mail from Galesburg, Illinois · Page 28

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Galesburg, Illinois
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Wednesday, July 18, 1973
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'8t ^lesburfl„Re9i$teT*Moil # .Ctolesbwfl*. HI. W^fiesdQy, July 18, 1973 arket Reports Today Sep _, •** Jly Sep- Jly Aug Sep Nov Oriln Futures CAGO ftJttHWheat was intially higher and corn soybeans mixed at noon on the Board of Trade. Prices at Noon Wheat 2.96V4 up 5Y4 2.83% up 37s 2.76V4 up 4% Cora 2 .46% up 1 2.23% off Vi 2.13% off % Soybeans 9.55 off 72 9.15 up 15 8.00 unch. 6.98 off 4% Chicago Produce CHICAGO (UPI)-Cheese: Processed loaf 70.25-79.25; single daisies 70-82; Swiss blocks Grade A 89-92.50, B 8790.56. CHICAGO (UPI) - Midwest eggs: Steady; prices unchanged; extra large 66; large 63; medium 54; ...pullets 46; standards 55; checks 42. Treasury Accounts WASHINGTON (UPI)Treasury accounts for the fiscal year through July 13: Wthdrwls $14,577,726,733.40 Deposits 9,550,604,361.20 Cash balance 7,383,110,836.81 Public debt 455,948,985,106.51 Markets at a Glance B&tJnited Press International Stocks higher in moderate trading. Bonds lower. U.S. government bonds slightly lower in quiet trading. American stocks lower in moderate trading. Cotton futures mixed. Chicago grain futures mixed. Cattle 25-50 higher; top 50.50. Mercantile txehanpe CHICAGO (UPI) - Futures on the Chicago Mercantile Ex* change today: High Low Close Prev. Live Beef Cattle Aug 50.87 50 .50 50.60 50.40 Oct 50.90 50.57 50.60 50.45 Dec 51.42 51.05 51.35 50.00 Feb 51.62 51 .30 51.50 51.12 Apr 50.62 50.27 50.62 50.25 Jun 50.55 50 .15 50.55 50.00 Aug 49.90 49.45 49.90 49.32 Live Hogs Jly Aug Oct Dec Feb Banking Genius Notes Way To Make Dollar King Again By DEAN C. MILLER UPI Business Editor NEW YORK (UPI) - Truth in the form of the present world monetary crisis can be stranger than the fiction Banker-Economist Paul Erdman wove into a best - seller while spending a year in a 17th Century Swiss jail. BuslnessToda^ 47.62 46.40 47 .62 46 .201 mu„ « AM W 49.00 43.40 48 .60 48.02 ™* ^ow off ^2 49.40 48.75 48.75 48 .55^""/' 50.15 49.10 49.35 49.02 cnage 49.95 49.05 49.15 49.00 of Apr 48.00 47.50 47.80 47 45 Jan 48.10 47.60 47.80 47.55 Jly 47.30 46.85 47.00 46.70 Aug 46.50 45.80 46.20 45.80 Frozen Pork Bellies Jly Aug Feb Mar May Jly Aug 58.20 58.20 „ 58.20 58.20 71.60 70.30 70.9? 70.60 70.65 69.50 70.20 69.85 69.70 68.55 69.40 69.02 68.30 67.35 68.30 67.70 67.55 . ._ 67.55 66.95 Dollar Value Down Today On Markets St. Louis Livestock ST..LOUIS (UPI)-Livestock: Hogs 4,000; 1 .25 -1 .75 higher; No 1 -2 200-230 lb 45.00-45.25; No 14 *200-240 lb 44.50-44.75. Cattle 600; slaughter steers aifOeifers 25-50 higher; choice steers 1000-1100 lb 48.00-48.75, package 49.25; package choice heifers 46.50; mixed good and choice 770-810 lb 45.50-45.75; cHSice vealers 53.00-58.00; good 48;OO-53.00. Sheep 100. ST. LOUIS (UPI) - Missouri produce: Eggs consumer Grade A large medium 44-55, small 3042; "B large 47-58. Hens ice-packed broiler-fryers 46.25.49 for this week 's delivery. 53-63, PORCH SALE 1673 N. KELLOGG WED. fc THURS. Garage door & hdw., copper wash boiler, chairs, dishes, tools, apple picker, nic nacs. Not Responsible for Accidents LONDON (UPI) - The dollar slid downward in value again today on most European money markets and experts said something must happen soon to halt the slide. In Tokyo and London, the dollar moved slightly upward against the strong Japanese yen and the weak British pound. But in other European markets, the movement was downward. In Paris, the dollar fell below four francs for the fourth time in less than two weeks. In Frankfurt, the dollar dipped from 2.3200 marks at the close of business Tuesday to 2.3040 marks. One banker said he, could think of no special reason for the dip. The dollar slid nearly one half per cent in Amsterdam. Many experts said freeing gold from the official price of $42.22 an ounce set by Washington might help stabilize the dollar. The London Financial Times said today many money men believe government banks may start selling gold on the free market in the "very near future." "The impression has been growing," the newspaper said, "that the 1968 ban on official gold sal^s could be scrapped formally in the course of this month." For five years banking bail on allegedly frittering away $30 million in cocoa futures speculation while heading the United California Bank of Basel, spins an eerily topical tale in the "Billion Dollar Sure Thing." In it, the U.S. president laces a crisis like the one today. World speculators snap savagely at the dollar because it no longer is convertible into gold. Russian sharpies plan to rape the dollar by making its currency gold-convertible, but U.S. diplomats learn of the plan and decide to counter by making the dollar gold convertible at $135 per ounce. That amount, more than three times the Central Bank price today, would foil the dirty Stock Prices Move Higher Today at Noon NEW YORK (UPI) - The stock market, down in early trading, moved higher around noon today with indications the new Phase IV economic program would amount to a return to the Phase II level. Trading accelerated on the New York Stock Exchange. The Dow Jones industrial average, off more than 4 points ait the outset, was ahead 3.91 at 901.94 shortly before noon. Advances led declines, 719 to 478, among 1,562 issues traded. Twc4iour turnover amounted to more than 6,700,000 shares, compared with 8,700,000 in the same period Tuesday. Cardura Corp. was the most active issue, unchanged at 6% on 193,100 shares. Metromedia was second, up V» at 13 on 136,800 shares, including a block of 114,900 shares at 12. American Telephone & Tele- praph warrants were third, up Ya at 6 on 133,600. Oils were mixed. Halliburton gained 2% and Natomas lVa. Ohio Standard lost 2 and Getty Oil 1%. Exxon and California Standard lost % apiece. Both a international plot and make the dollar supreme again. Find Jail Boring The suspense and timeliness of the novel have made it a best-sel\er in Great Britain, its author a much-sought guest on major television shows and resulted in translation into a dozen foreign languages: "We're going into paperback, of course," said Erdman, now living with his family and parents ia Fort Lauderdale, Fla.,' "and there's a chance Hollywood may pick it up." Erdman, who said he decided to write because "it was a bit boring, you know, in jail," started his novel by setting gold at $100 per ounce but had to go up to $135 "just to keep up with the times." He told UPI that in the foreign editions he may change the figure to "$150 per ounce." Must Get Off Dime , Erdman, who advised several governments on monetary matters before his bank got caught short in cocoa futures, was asked what he thought about the "real" monetary crisis. "Well, for one thing," he said, "the United States has been playing a very smart game. It let other countries take the brunt of it while making U.S. goods more valuable Which is the name of the trading game. But now the U.S. must get off the dime, I think." How would this be done? Charts Correction Course "Very simple," said Erdman. "But let's put it in the proper framework. The U.S. has been spending more than it sells, so a lot of dollars are floating around the world. About $100 billion are out now; maybe up to $60 billion in government hands." Normally, with the U.S. prestige behind them, dollars in that amount wouldn't cause a monetary ripple. But Water­ gate, an imbalance in trade and nagging inflation have caused many speculators to look to the yen and the D-mark as safer havens. So they have dumped dollars. How do we correct this? Erdman asked rhetorically. You sop up a lot of them through the international "swaps" system—using foreign currencies on tap or credit to buy up unwanted dollars, thus strengthening them. On July 10 the Federal , Reserve increased its "swaps" arrangement with other Central Banks by $6.25 billion so that, it now has almost $18 billion to play with. v Strategic intervention to support the dollar, says Erdman, also would help correct the dollar situation. Apparently the U.S., through other countries,' has been doing just that since July 8. But Erdman thinks that, realistically as well as fictionally, the biggest U.S. weapon would be to re-link the dollar to gold at a premium price, in the $125 to $150 an ounce range. "That not only would make dollar king again," he said, "it also would raise the value of that gold in Fort Knox to about $35 billion. If that were done, and currencies again were pegged to dollar values as< in the past, I'll bet the Dow Jones would go up 100 points in three days." Socialist Groups File Lawsuit Against Nixon mm Yoftk (upiy - The Socialist Workers Party and the Young Socialist Alliance filed a $27.3 million damage suit today against President Nixon and several principals in the Watergate case. the suit said the SWP and YSA and their supporters and candidates had suffered years of "illegal acts of blacklisting, harassment, electronic surveil* lance, burglary, mail tamper ing and terrorism." Among those named as defendants in the case, in addition to; Nixon, were Robert C. Mardian, John N. Mitchell, John W. Dean III, , H. R Haldeman, John D. Ehrlichman and Tom C. Huston. The class action suit, on behalf of all members and supporters of the two socialist organizations, asks that the defendants be permanently prohibited from wiretapping, burglarizing or monitoring of the groups' mail or offices. It asks that the defendants pay compensatory damages of $16.7 million and punitive damages of $10 million to the SWP and its members. READ THE WANT ADS! J-J Painting Contractors Free Estimates Reference Phono 342-6036 Gulesburg Youth In Baton Book Lorraine K. Harris, who will be a seventh grader at Lombard junior High School, this fall, Will be featured in this year 's edition of "Who's Who in Baton twirling." Miss Harris has been featured in the book for the past six years. She has accumulated more than 400 awards for her proficiency in baton twirling. She is the daughter of Mr. and Mrs. William Jack Harris, 569 Rio St. Official Tongues the official language in aM but three Lathv-American re* publics is Spanish. Brazil uses Portuguese; French is spoken in Haiti; English is spoken in Guyana. Wonted CONCRETE WORK PHONE 343-1494 375-6590 Earthquake In Manila MANILA (UPI) - An earth* quake measuring four on the nine»poiftt ffosstforel Scale shook tall buildings in downtown Manila today 1 : the Manila Weather Bureau said the tremor occured at 11:54 a.m., the lunch hour in most offices, but said there were no immediate reports of damage or casualties. the bureau estimated the center of the tremor at 103 miles west northwest of Manila or somewhere in the South China Sea. FOR SALE Complete M# ft »ool ihatptriing equipment, like ntw condition. Ov*» 11*00 woflh of maehlflttr for $1000. Phono 667.2100 wr Attic"/ Auction ' EVEHY WEDNESDAY . TV 7 (1:30 P.M.) TV 7 SPECIAL SLEEPER SALE CORBIN'S DISCOUNT FURNITURE STORE 565 N. West St. OPEN DAILY 8:30 AM to 5:30 PM FRIDAYS TILL 9:00 P.M. ' As we are overstocked on hide-a-way beds, we will allow 20% Trade-In on your utad hidc-a-way bed or useable 2-pc. living room suite on any sleeper we have In stock. Queen Size — Regular Size — or Single Size. EXTRA SPECIAL Your choice of Korth hexagon, square commode or door cocktail tables in maple, walnut or oak finish at only $27.95 ea. or set of 3 at $73.00. < LIBERAL CREDIT TERMS TO RESPONSIBLE PARTIES FLEA MARKET COURTHOUSE PARK — KNOXVILLE, ILL SAT,, JULY 21 — 8:30 a.m. - ? ? ? HORSE and BUGGY DAYS CHUCKWAGON MEALS Serving 11 AM - 1 PM and 5 PM - ? PARADE - 3PM Horsemen — Ponies — Wagons — Mules — Etc. Welcome For Information Phone 309/289-2731 FOR RENT 2 OFFICES — 20'x24' Can Be Used Separately or Jointly ... NEWLY DECORATED and CARPETED Located At: 929 N. HENDERSON ST. PHONE 343-1139 ...... NEIGHBORHOOD GARAGE SALE 1145 BRIDGE AVE. THUR. & FRIDAY , J Ply 19 & 20 9 a.m. - 5 p.m. tigis of clothing, toys & misc. i$ms . . . GARAGE SALE ZZ.' JULY 19-20-21 Thursday, Friday, Saturday 9 till ? 1665 Bluebird Dr. Singer sewing machine and attachments, wagon, jr. pool table, electric train, lg. picture, toy factor, stirring wheel bike, Qhjjds picnic table, hair dryer, lafSB chair, toys, school desks, Stauffer reducing couch, vibrator belt, girls 26' bike, jewelry, bedspreads, curtains, ice cream freezer, clothes, men's women, boys. nnvprnmpnt we re named witih others in i'ui nvt jvuu, {juvcimucin i , . . banks have agreed to sell gold Federal Trade Commission only to each other, and then .complaint charging antitrust only at the official U.S. price, actions. Gold opened on the big London Electronics and computers free market today at $122 an moved ^regularly Honeywell gained 2%, IBM and Fairchild ; Camera 2 apiece and Texas Instruments lVa. ounce. MOVING SALE 1080 N. Prairie THURSDAY and FRIDAY JULY 19 and 20 9 a.m. - 5 p.m. Used 2"x8" lumber, bicycles, stoves, cabinet base sink, misc.. BACKYARD SALE - • 305 E. NEWMAN " ,(JUST OFF S. BROAD) ~ KNOXVILLE, ILL. "'''THURSDAY EVE 6-9 P.M. FRIDAY 9 A.M.-B P.M. •-SATURDAY 9 A.M-12 NOON " 'HALF PRICE ON SAT. Tjiis sale has some very unusual offerings — many things not found at most sales, twin bed frame / maple headboard, hand painted cold ceramics, draftsmans tools, nice selection qt pld coins — we also buy old (fpins & silver — grow lamp, Iftts of curtains, all sizes cloth- \ng and misc. Garage Sale 418 W. South St. KNOXVILLE, ILL. Wed. 4-9, Thur. 9-5 12 ft. fiberglass boat with motor, old oak ice box, 3 element beam, floral couch, TV, antiques, dishes, old bottles, picture frames, nic-nacs, nice ladies clothing, kids clothing, shoes, toys and rugs. GIGANTIC TREASURE HOUSE BASEMENT SALE 476 N. Pleasant Ave. THURS., JULY 19 6 A.M. - 6 P.M. Excellent selection of childrens clothes, also adults, record player, H. O. train set, rock tumbling set, oak card table, car stereo, dolls & doll clothes, sleeping bags, large rocking horse, many misc. treasures, velvet bedspreads: twin & full. 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 Polaroid gained 2 and Curtiss Wright VA in (the glamors. Coming Glass lost. 1%. Chemicals were mixed. DuPont rose VA and Dow Chemical lost 1%. Steels, motors, rails, airlines and aircrafts were mixed in fractions.- Prices were higher in fairly higher trading on the American Stock Exchange. Racing Board Awards Season To Balmoral CHICAGO (UPI)-The Illinois Racing Board Wednesday awarded 27 days for thoroughbred racing and a 60-day harness racing season to the new owners of Balmoral Racetrack. The board voted to give the dates to Edward J. De Bartolo, owner of Thistledown Racetrack in Ohio, who calls himself the world's largest builder of shopping plazas. De Bartolo purchased Balmoral conditionally from William S. Miller and Associates. Both meets are subject to conditions of the sale becoming final. The thoroughbred meet will, be run at Sportsman's Park in suburban Cicero from Oct. 6 through Nov. 15 and the harness racing at Balmoral in suburban Crete from Dec. 8 through iFeb. 21, 1974. I Frank J. Liddy, a spokesman 'for De Bartolo, thanked the 'board for its vote and said he I was "extremely pleased. j DUBUQUE BACON ENDS & PA PIECES jVC LB. lb. c OPEN - 10 A.M. CLOSE - TO P.M. Ad Dote July 18 - 22 PORK CHOPS 99 CENTER CUTS First Cut Shops LONGHORN LOIN END O.M. FRESH LINK CHEESE PORK ROAST HAM STEAKS SAUSAGES 89c » 3-is. Ave. 39c lB ° 1.39 * 89c * Dole PINEAPPLE l'/a .Size 3/1 00 Bartlett PEARS ReJoyce 303 Size 3/1 00 W.K. Corn CS CORN ReJoyce 303 Size 5/1 00 ReJoyce 303 Size 4/1 Wagner qt. 29' Kraft MACARONI DINNER, 7-" 21' Pringles POTATO CHIPS - 99* Stalttst CHOC. MILK 2 o, 49' LETTUCE 24 SIZE 29c ILL. PEACHES 29c LB. Large ORANGES 72 SIZE 10c EA. BING CHERRIES 59c» Ideal CATSUP " 23* Dennis CHICKEN BROTH 39' T\ J «• B U Y M KG. PRICE Salad Vinegar Get one FREE T\ , A . BUY ONE KEG. PRICE SpiCed OniOnS Get One FREE Brach Circus PEANUTS 35' Kraft ORANGE JUICE : 79< Pet Whip T0PPIN0 , 3C Sealtest ICE CREAM 20' »l Folger's Coffee $239 Lb. Can With Coupon JERRY'S July 18-22 i 10 Coffee INSTANT FOLGERS 1" With Coupon JERRY'S July 18-22 oz. I! OPEN PIT BARB-Q SAUCE 2849' With Coupon JERRY'S July 18-22 I I COUPON Polmolive Liquid 59' King Size With Coupon JERRY'S July 18-22 I I D-CON Plying Insect SPRAY 11.-7* With Coupon JERRY'S July 18-22

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