Galesburg Register-Mail from Galesburg, Illinois on August 11, 1973 · Page 22
Get access to this page with a Free Trial
Click to view larger version

Galesburg Register-Mail from Galesburg, Illinois · Page 22

Publication:
Location:
Galesburg, Illinois
Issue Date:
Saturday, August 11, 1973
Page:
Page 22
Cancel
Start Free Trial

Page 22 article text (OCR)

V r *, -TO • \ • jBalwbufaRiflUtcr 'MQit, Golesbutg, HI, Saturday, Aug. 1 1, 1973 tocks Tumble for Second * ''lie*' By LEE MTTOANO UPt Business Writer NEW Y6RK (UPI) - Against a gloomy background of soaring Interest rates, stocks tumbled for the second Week in a row in sluggish trading on the New York Stock Exchange. . Week on Wall Street The Dow Jones industrial Average cracked through the 900 level at week's end, closing 16.49 lower at 892.38, its lowest level in a month. Standard & Poor's 500 stock index fell 1.72 to 104.77. The NYSE index declined 0.95 to 55.84, The list took a beating, with 1,283 declines, 480 advances, among 1,982 issues traded. Little Market News The'-' atmosphere remained cautious, with little in the news to inspire much interset in stocks. Turnover for the week totaled 62,029,790s hares, compared with 60,265,908 a week earlier, and 75,360,142 a year earlier. Many analysts said a slowing in the actioft is typical for this time of year. Wall Street appeared preoccupied with skyrocketing interest rates, as V4 -point increases in the prime lending rate have become virtually a weekly affair with the government's blessings. With the 9 per cent prime only seven days old, First National City Bank Friday kicked off the latest round of increases in the rate — another y4 -pointt o ft'.'t per cent, and many of the nation's leading lending institutions quickly followed, There was talk, too, tHe" federal reserve's 7 per cent discount rate - thi interest it charges on loans to member banks - soon would shoot higher. Key members of the Nixon administration believe the economy must cool down, and one traditional means to that end. is higher interest rates, starting with increases in the fed's discount rate. ' Following Friday's increase in the, prime rate, Treasury Secretary George Snulte called the per cent rate a "desirable" short * term measure In cooling the ec^tkflrny. With a prominent Nixon economic adviser on record applauding the new prime rate, a general increase by the nation's banks was virtually guaranteed. Investors in stocks could only be glpomy about the higher rate, however. Many tied Fri­ day's rise In the prime to a general climb in money rates and bond yields that now stand at historically high levels. Analysts have expressed the fear for some time that common stocks, in general, will be finding it difficult to compete with debt instruments, like commercial paper, which promise returns of more than 10 per cent, or bonds that yield 8 per cent or more. Levitz Furniture led ihe ac­ tives, and lost % to 714 on 598,700 shares. Curtiss<Wright, holder of North American rights on the Wankel auto engine, was second and dropped i% to 24Mi on 592,200 shares. The issue, a heavy gainer recently, lost ground on news General Motors would not bs paying a royalty to Curtiss for use of the rotary engine. RCA Corp. was third, off V4 to 24% on 573,200 shares, including a 372,400-share block at 24V4. | President Says Farm Bill Falls Short of His Goals WASHINGTON (UPI) — President Nixon signed a new farm bill Friday and hailed it as a weapon against inflation. But Nixon said the compromise "falls short" of his larger goal to get the government out of the agriculture business. Agriculture Secretary Earl L. Butz called the bill "an historic turning point," saying that for the first time in 40 years the government is encouraging farmers to expand production rather than restrict crop output. The four-year farm program, taking effect next year, is the result of what Nixon called "a realistic compromise" with Congress after months of wrangling. It provides government-supported "target prices" below current record levels, but above supports of past years. • The bill replaces an expiring law, which provided fixed minimum support payments to farmers no matter how high the market prices went. Nixon said, "It means that our farmers can expand production during the current period of worldwide food and fiber shortages without fear of a serious drop in farm income. "Indeed, this law should help in our battle against inflation by encouraging farmers to produce at full capacity." Nixon, who objected to some parts of the bill, said he signed it although "it falls short of the high standard I have set for reforming farm legislation and eventually moving the government out of agriculture." The law creates target price levels in 1974 and 1975 for wheat at $2.05 a bushel, corn at $1.30 a bushel and cotton at 38 cents a pound. It also reduces from $55,000 to $20,000 the maximum that any farmer can receive in grain-cotton subsidies. Other provisions increase minimum dairy supports to 80 per cent of "fair price" parity, liberalize food stamp benefits for needy families, ban food for peace aid to North Vietnam, and repeal a 75-cent-a-bushel "bread tax" for flour millers. Price of Money Going Up Surrounded by 55-pound bags of pre-1965 silver coins, Louis E. Carabini holds one of the bags which had an original face value of $1,000 but is now selling for $2,257. Carabini is president of Pacific Coast Coin Exchange, Long Beach, Calif. UNIFAX Fortune Made by Selling Money By DEAN C. MILLER UPI Business Editor NEW YORK (UPI) - Industries aire bom and fortunes made in strange ways. Take the pre-1965 solver coins commodity field which has bodied into a hatf-Mliion dollar business in recent months, and Business World Louis E. Carabini, 43, the man who started it afll. little did Cainafaini dream as a pre-miedioal graduate of UCLA that he ever would become president of the Pacific Coast Coin Exchange (PCCE), Long Beach, Calf., the first and biggest silver coin brokerage in the country. Hobbies, government tactions and his interest in economies steered Carabini away from medicine into becomilng a mffioroaiLre. When the government decided tio do away with .900 fee silver corns and mint the kind that "plunk" when dropped and silver prices started rising because ol increased industrial demand, Carabini decided to get into the sliver coin business. It all came together when Caralbini, Dr. Neil Ghaintfberiin, a urologist and fellow coin ccl'lector, and Joseph Baggette, who died a few years ago, met ait the Free Enterprise Institute in Los Angeles because oif a mu'.luail interest in economics. In 1963, they opened a small numismatic shop in Long Beach. Oanabini's investment was $5,000 in coins he had squirreled away. A 400-year old maxim of economies — Gresham's Law— probably lad Oaraibifii and his Mends into silver coins when all around them ignored or disbelieved it. Webster's definition of that law is: "When two coins are equal in defo.tHpay.ing valine but unequal in intrinsic value, the one having the less intrinsic value tends to remain in circulation and the other to be hoarded or exported as buiEon." That's exactly what happened to dimes, quarterns and half dotes of .900 fine vauie coined before 1985 when the government started making its "silver" coins out of nickel sandwiched with copper. True to Gresh'am's law, the pre-1965 coins started vanishing from circulhtdon. In 1968, when investment in bagged pre-1965 silver coins with a face value of $1,000 started moving, PCCE had MONMOUTH AUCTION REPORT August 9, 1973 BacalPti Cattla Calves Hogi Shaa; This Week 250 2 1450 Last Week 353 3 3429 0 CATTLE: Receipts mainly feeder steers and replacement cows. Demand good. Feeder steers 1.0O-3.00 higher. SLAUGHTER HEIFERS: Load Choice 625 lbs. 53.60. FEEDER STEERS: Choice 300-525 lbs. 67.00-70.00; 600-650 lbs. 64.4066 .25; 925-1150 lbs. 54.75-57.60. REPLACEMENT COWS: Choice 460 .00 per head. Choice with calves at side 535.00-636.00 per pair; Good 505.00-540.00 per pair. HOGS: Receipts mainly feeder pigs. Demand good. Prices 2.00-7.00 higher except 90 lbs. and up steady. SLAUGHTER BOARS: 375-500 lbs. 40.00-45.25. FEEDER PIGS: U.S. 1-2 30-40 lbs. 30.00-35.50; 45-50 lbs. 39.00-45.25; 5060 IDS. 45.00-48.25; 60-70 lbs. 48.00. 55 .00; 70 -80 lbs. 54.50-59.90; 95-100 lbs. 65.25-65.50; all sold by the head. BRED SOWS: 242.50-272.50 per head. BRED GILTS: 167.50-260.00 per bead. Dollar Rebounds Friday in Trading READ THE WANT AOS! LONDON (UPI) - The dollar, long in the doldrums of European money markets, scored its most spectacular improvement in several weeks Friday. The U.S. currency ended the week worth substantially more foreign money than when the week began. "We are surprised at the dollar's performance, especially on a Friday," said a U.S. banker in Frankfurt where the dollar for the first time since July 11 reached the 2.40 mark FOR SALE GALESBURG MASONIC TEMPLE ASSOCIATION. INC., will receive sealed bids until 5 o'clock P.M. on October 22, 1973. addressed to Irvin W. Spencer .Secretary, Masonic Temple Association, Inc., 49 North Prairie Street, Galesburg, Illinois, 61401, for the purchase of the building and land located at 49 North Prairie Street, Galesburg, Illinois, and legally described as: That part of Block 16 in the City of Galesburg, Knox County, Illinois, bounded by a line beginning at a point in the East Line ol North Prairie Street 100 feet North of the North Line of Main Street, running thence East parallel with the North Line of Main Street 150 feet, thence North parallel with the East Line of North Prairie Street 50 feet, thence West parallel with the North Line of Main Street 150 feet, thence South along the East line of North Prairie Street 50 feet to the place of beginning subject to easements of record. The Galesburg Masonic Temple Asosciation, Inc., reserves the right to reject any and all bids. TH| GAlESaURG MASONIC TEMPLE ASSOCIATION, INC. plateau to close at 2.4065 marks. "We tihink the little boom might continue awhile because of the technical market weakness of the mark in Germany," the banker said. "Also a major American bank has raised its prime interest rate to 9% per cent, and the technical effect of that should also strengthen tftie dollar." The First National City Bank of New York announced Friday it was raising its prime interest rates, th« interest that major businesses pay for loans, from 9 to 9'A uer cent. Several other | banks followed. It was the 13th safes of $1 million. It took off in the middle of 1972 when the dollar was being devalued'and the American economy was weakening. Sales that year hit $73 million, and Carabini expects to hit $300 million or better this year. Why did Americans get "sliver fever," and how does such an investment work? One answer is llhe desire to make money and protect existing money. Investors can buy bags outright at market price and hold them. Or they can buy on margin as 92 per cent of the PCCE customers do. "There never has been a margin call in.the history of the company's 'Pirotected Margin' account," Carabini said. PCCE's office-expansion Market Reports GALESBURG GRAIN MARKET Consumer Grain & Supply Co. Market may either go up or down • by 1:30 p.m. when final bid arrives. 11:30 o'clock bid. Corn ..$3.04 New Corn $2.86 Oats $1.15 Olds Beans $9.95 New Beans $8.04 Chicago Grain Range CHICAGO (UPI) - Wheat, corn, oats and soybeans were substantially higher this week on the Board of Trade. Wheat was up 59 to 60 cents; corn up 33^4 to 46 oats up tnates how recently the "silver fever" hit .(the country. After seven years of modest opera tions out of Long Beach, Caralbini opened a second office in Dallas in O^ober, 1972. Then, in rapid succession, PCCE opened offiices in New York, Atlanta, Chicago, San Francisco, Salt, Lake City, Taooma, Philadelphia, Denver, Toronto, London and Frankfurt. "As you may have noticed some of 'hose cities, like Salt Lake and Dallas are known for conservatism," said Caralbini. "People (here like the silver hedge in times such as we are going through. Footaffms also respond to the protection possibilities in precious metals." Schultz Says Americans To Blame for Meat Scare By MATH2S CHAZANOV United Press International Treasury Secretary George P. Shultz said Friday there is no shortage of meat in the nation except that created by people "going out and buying anything tfhey can lay their hands on." He warned that cattle raisers who keep their beef back from market now may find "they won't make out so well on Sept. 12 (when the beef price freeze is to be lifted) if there is a big surge in the supply. "If people will take it easy, we can get through to Sept. 12," he said. "We have a very extravagant diet in this country." Shultz said he expects automakers to be "first in line Monday," when business firms may begin asking for paproval for price increases under the Phase IV economic guidelines. Time Element Uncertain He staid he did not know if the price hikes will be approved before the introduction of 1974 models in September. General Motors, Ford, Chrysler and Americna Motors hrive all said they would seek "substantial" increases, which could reaiclh $150. In othlar developments: —Wheat futures alt the Midwestern commodities exchanges reached record heights again Friday, the 10th day in a row. In Chicago, all contracts for wheat futures advanced 20 cents, the maximum increase allowed. The bid for wheat to be delivered in September was $454 a 60-pound bushel. —The Independent Bakers Association asked for Immediate emergency epxort controls on wheat. A spokesman said telegrams were sent to Agriculture Secretary Earl Butz and Commerce Secretary Frederick Dent declaring the wheat scarcity has already shut down 100 large independent bakers and has the entire industry operating at a loss. Cocoa Beans Up —TEne Hershey Foods Corp. announced the price of cocoa beans has risen from 36 cents a pound last year to 80 cents, and the price of almonds has gone up 90 per cent. The firm said in its annual report that "it is apparent that prices and bar sizes also will be changed substantially," subject to government approval. —In Washington, the Agriculture Department said although beef production continued to decline (this week, pork supplies increased enough to record a 2 per cent weekly rise in the amount of meat going to market/ Pork is not subject to the price freeze. —The Army said its commissary at Ft. Ord, Calif., will stop selling beef Monday because there isn't any. Officials said bed for the 12,000 trainees and others who use the post's mess halls will not be affected. —In Lyniwood, Wash., buffalo meat has become a popular supermarket item even though it sells for about 20 cents a pound more than beef. The first Chamber of Commerce was established in New York, in 1768, "to" promote and extend Just and lawful commerce. CUP and SAVE SWEET CORN FOR SALE SOe DOZEN We Pick — Phoa* 342-7117 1969 JAVELIN S.S.T. Excellent Condition $1,000.00 343-6377 or 342-8457 FOR SALE VEGETABLES 2 Block* South of Handrlcki Funeral Homo ONEIDA, ILL. Phono 413-1124 BACKYARD SALE 1011 N. Broad FRIDAY—3-1 p.m. SATURDAY— I ajn .-l p.m. SUNDAY—I2-S p.m. Bicycles (Schwlnn Jr. Stingray girls & 3 sp. boys), furniture, refrigerator, dryer, oil space heater, TV set,-light fixtures, 4-D file cabinets, sm. appliances, bedspreads, clothes, wigs, toys. SIDE PORCH SALE 821 E, Berrien SUN., Aug. 12—1 a.m. - 1 p.m. Girls 26" bike, good cond.; 36" gas range, sm. wonder horse, sm. riding toy, clothing. Hauling WHITE ROCK, FILL DIRT, SAND, ETC. R. S. PURL 462-2028 Wanted TO RENT FARMLAND For 1974 Present farm sold. Cash or cash and grain. Write to Box 963, care Galesburg Register-Mail. MOVING SALE 1234 WILLOW LANE MONDAY^AUjf, 13th Baby furniture, furniture, clothing all size* from infants to adults, fresh garden vegeta- 16% to 20 to $1.17. and soybeans up 75 Oow Jones Averages NEW YORK (UPI) - Week- such hike this year and brought^ Dow J o nes averages,'includ- the prime rate to a record. in S »ntr*day highs and lows: Elsewhere in Europe the ^ n Hl S h u ™ a ° se doHatshowed bd 906.68 920.38 887.12 892.38 rejuvenation. It substantially increased in Zurich to close at 2.950 Swiss francs and moved up in Vienna to 17.60 schillings. While the dollar rose, gold 20 tran 162.49 164.00 157.23 158.35 15 util 97.26 98.00 95.35 98.08 65 stks 27113 277.38 267.05 269.38 Net changes: Industrials off 16.49 transportations off 3.94; fell. On the big London bullion I utilities off 131; stocks off 515 market both zig-zagged up and FOR SALE 3 Painted large A hog houses, hand corn sheller, chicken feeders, walnut gossip bench, weed sprayer, grill, double bed and used bed. PH. 462-2028 Galesburg Refrigeration, Heating and Air Conditioning 214Q Grand Ave. Phono 342-3479 - NOTICE BESERRA'S APARTMENTS 490 N. Cherry Pb. 343-1232 (Formerly Schrader'a Nursing Home) Now renting furnished apt'c, & sleeping rooms,' Room It Board AvaUable MICHIGAN PEACHES For Freeslng at Canning Goodwin's Market 1949 Grand Ave. YARD SALE SUNDAY—lb - S 667 S. SEMINARY Lots of glassware some old, some new. Depression glass, Fostoria, Carnival glass, almost complete set of Virginia Rose, mUk glass, a milk can, old commode, Occupied Japan collect- allies and Antique chairs. HOME KILLED FREEZER BEEF •tale Impeded, permit number (i, cut to your preference. Quick frown and delivered. Guar ant ted. Tt'mi. Danvers Pocking Co. Ph. 342-6854 down but both had moved back almost to their original starting positions at the close of trading. The value of forest products manufactured in Missouri each year tops $358 million. BACKYARD SALES Garage, Patio, Driveway, Basement, Front Room, type must be in our office by neon the day before Private Household Sale* and all ether solos of this ad is to be published. GALESBURG REGISTER-MAIL DISPLAY ADV. — Phono 343*7181 IN APPRECIATION To all that was involved in my discharge. Thank you, A. P. Ward Needed Immediately SECURITY GUARDS FULL or PART TIME Are you interested in seeking local employment with a fast moving and rapidly expanding mid* western security agency? If you're 21 or over, and no police record; come and see us at the Galesburg Holiday Inn, Suite 226 between 10 a .m. and 4 p .m. Aug. 14, 15, 16. — Ask for Jim Martin. Galesburg Livestock Sales Inc. East Fremont Road - 34M416 Bonded For Your Protection Sole Every Tuesday, TUESDAY, AUG. 14, 1973 25 Mixed cows, some with calves. 1 Charolais Bull. 45 Short horned and Angus steers and heifers, avg. 450 lbs. 31 Angus steers, avg. 475 lbs. 63 Angus heifers, avg. 525 lbs. 25 Charolais steers, avg. 600 lbs. 48 Mixed heifers, avg. 600 lbs. 52 Mixed steers, avg. 625 lbs. 32 Mixed steers, avg. 750 lbs. 150 Mixed cattle to be sold in small lots. 300 Mixed pigs. Last Tuesday Fat Steer top, $54.96; Heifer top $53.80; Butcher Cows $38-$46. Cows and calves $550.-8625. Pr. Feeder pigs steady, Feeder Cattle $1.0*-$2.©8 higher. FAT CATTLE SALE 8 AM GENERAL SALE 7 PM MORE CATTLE & HOGS BY SALE TIME Feeder Cattle for Private Sale Daily Up Until Sale Time REPRESENTATIVES: John Walters Martin M. Swanson Richard Anderson William Reynolds Robert Lindsey, Tom KUcoin and Carl Sleek - Auctioneers

Get full access with a Free Trial

Start Free Trial

What members have found on this page