Galesburg Register-Mail from Galesburg, Illinois on July 26, 1973 · Page 19
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Galesburg Register-Mail from Galesburg, Illinois · Page 19

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Galesburg, Illinois
Issue Date:
Thursday, July 26, 1973
Page:
Page 19
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Speculators Blamed For Feed Prices Wid speoiaUve trading in soybean firtdrw last J$Hfig helped drive feed prices so high some farmers began killing baby chicks aftrt pfef- ftant sows became they ootid not mora teeo, a juMiwcrarn farm coop executive said Wednesday. L. c. Carpenter, vice president o* ihe Mfefcontinent Farmers Assn., Columbia, Mo., testified before a House siiRottHnittee investigating ^ftsJbuiffAtoijtchMoU,(5o.lesbu .ffl/ grain trading and marketing. He Mid both the Chicago BoUd Of Tttd* and the Agriculture DepafttTK>nt's Cofii- niodtty Exchange Authority 'Were at t»M for avowing unchecked speculation in May and June. THE SUBCOMMITTEE, headed by Hep. Neal Smith, D-Iowa, opened what Smith promised wouM be the most thorough investigation ever made into commodity futures trading and grain transport* tfen problems. Carpenter said tttat when it appeared soybean futures trading "was getting out of control'• several months ago, the Board of Trade —• where soybean futures contracts are bought and sold —> began raising the daily limits it sets on price increases or dc dines. "If it was the intent of the Chicago Board of Trade to discourage or reduce the ap­ parent heavy speculative trading, their action had just the opposite effect," Carpenter said. FROM EARLY May to June $, prices of soybeans — which furnish a high protein meat for feeding livestock and poultry — zoomed from $7 a bushel to $12.90. "These prices were artifi* rial" Carpenter said. "They were caused by excessive paper trading and did not, in anyway, represent the true Value of soybeans. Carpenter said "reasonable" daMy trading limits on commodity futures must be set so grain merchandisers and processors can use the futures market to "hedge" their inventories as a protection against price changes. Argie Hall, Des Moines, Iowa, an official of the Farmers Grain Dealers Assn. of Iowa, testified that with fu­ tures prices leaping, merchandisers had to tie up large sums in "margin" deposits. AS A REStFLT, he said, his co-op has had to cut the price it pays farmers in order to leave itself enough money to cover the increased cost of handling the marketing process. In hedging, a grain elevator operator sells a futures contract when he buys grain from a farmer. When the ele- IMtictav,. July 24 19?3 19 vator resetto the actual grain, it usually simultaneouMy buys back the fcitures cm- tract it sold. Any loss or profit on the cash transaction then is offset on the futures transaction, which means the use of the hedge has eliminated the risk of price changes between purchase and re-sale of the actual grain. Soviet Union Is Ready To Trade With West Rival MOSCOW (UPI) - The Soviet Union has signalled that the Communist version of the European Common Market is ready to do business with its richer, Western rival. Gaston Thorn, the foreign minister of Luxembourg, said Wednesday night after five hours of talks with Premier Alexei N. Kosygin and Foreign Minister Andrei A. Gromyko that the Communist trade bloc Comecon recognizes its Western rival as a "reality" and has appointed a negotiator to work out closer links. He said Kosygin and Gromyko told him Comecon wants to begin negotiations with the common market bloc. Thorn said the Soviets told him the move to go ahead and actually appoint a negotiator was only taken ait the Comecon annual session in Prague last month. Nikolai Fadeev, the Comecon secretary general, was picked to lead negotiations with the Brussels-based western bloc: .:;. " ' As Thorn described the Soviet proposal, initial cooperation would center on monetary, fiscal and investment questions. The Communist nations do millions oT dollars of business annually with market countries But dealings with the overall market itself have been taboo for years because East bloc propagandists considered it too closely linked with the North Atlantic Treaty Organization (NATO). Part of the apparent reason for the Communist shift Was the expansion of the common market last Jan. 1 from six tor) nine members, wrecking Eastern hopes it might quietly disappear. Five Teens Are Held for Damage DAVENPORT, Iowa (UPI)Five Quad Cities youths were charged with causing malicious damage to property here Wednesday in connection with a rash of vandalism at a stone quarry and barge terminal three weeks ago. Four of the five turned themselves in to Scott County authorities after charges were filed. They are Louis Wilson, 17, John Price, 16, and David Manley. 18. The fifth youth, Pat Eehr, 18, is reportedly in Florida where he is in the Navy and will report to authorities here the next time he is on leave. All five youths are from Rock Island, 111. Authorities said about $20,000 damage was caused to the stone quarry and barge terminal July 6 when two trucks and an end- loader were heavily damaged at the Linwood Stone Products Co. quarry southwest of here and utility lines were knocked down and a dynamite control box damaged at the nearby Pillsbury Co, terminal on the Mississippi River. Bettendorf Cop Demoted in Rank BETTENDORF, Iowa (UPI)- Eettendorf Police Chief Steve Tornetich said today he has demoted a policeman who had had four accidents with his squad car in the last four years. Tornetich said Richard Bettis, 29, has been demoted from corporal to patrolman, taking an annual pay cut of about $600. The chief said Bettis has displayed "poor judgment" in wrecking more squad cars than the rest of the Bettendorf police force put together. Bettis' most recent mishap, police said, was last weekend when his squad car struck a median strip as he pursued a speedier across the Memorial Bridge into Moline, HI. The wheels and tires of the car were damaged. An estimated 17.000 over-the- sand vehicles were driven on the sandy-barrier Assateague Island in Maryland in 1972. SONATA is the simplicity of high style in vivid solid colors, specially keyed to compliment your patterned Fielderest towels. Dobby bordered soft cotton terry available in Gold, Canary,. Pink, Champagne, Cerulian Blue, Marina Blue, Green, White, and Wisteria. Both Towel $2 75 $1.99 Hond Towel 185 1.39 Wosh Cloth „ _— .80 .59 SOFTII BATH FASHIONS in green, gold, hot pink, canary, sable vanilla, purple, blue, spearmint. Tonkottt $8.99 $6.99 Titsut Box Cover 2.50 2.29 Waste Basket 4.00 3.49 Lid Cover 2.00 1.79 24x36 Oval Rug & 800 6.99 24x25 Contour Rug 7.00 5.99 ESPANA tablecloth, the richness of the old world combined with the easy care of today. 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