The Des Moines Register from Des Moines, Iowa on July 24, 1969 · Page 21
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July 24, 1969

A Publisher Extra Newspaper

The Des Moines Register from Des Moines, Iowa · Page 21

Des Moines, Iowa
Issue Date:
Thursday, July 24, 1969
Page 21
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Page 21 article text (OCR)

LIVESTOCK MARKETS r«*rtt.«ate Mart* NMI Thurt., July 14, S-S HOG RECEIPTS Y 6 SHEEP RECEIPTS 71 CORN, SOYBEAN FUTURES DOWN THE BUSINESS TIDE Union Pacific to Expand Land, Mining BOO QUOTATIONS •HICAOO <AP» - WNU Iftffi jJtMMHTIIt CATTLI AND CALVBI IK. ,*«'Mmn. ChKtw litmcitv |l»*—'-- -A'" 1. • - - ! I - M.55 J7.W J7.70 J7.47 27.47 J7.7J CHICAGO, ILL. (AP) - Mar il.<XH».7S JLLS (yaarllnis ixclud«d)-(tll wefchls) lower on the Board FEEDER CATTLE CHV iiwxcity ft SHEEP Int. li. '» OTATIONS Leased Wire From Dow Jones Union Pacific Corp.'s future course will involve expanded ownership of land, natural resources and mining operations, Frank E. Barnett, chairman, told Dowries. The company was formed ast month through a stock prices closed nearly 2 cents a bushel - - - - Trade liquidation that had some trouble locating uyers. Corn and soybean selling was attributed to reports of good crop growth. The decline of wheat futures, mainly in new crops months, was attributed to a slowdown in exports and the possibility ol some new competition abroad from countries that may have a surplus. Corn closed 1 to IMi cents a bushel lower; soybeans % to cari Securities to buy shares of Holly Sugar through an American Securities account allegedly opened through falN statements. per cent increase in inter-(hat iie is. "negotiating" for the _ national revenue traffic during' post and to a subsequent state- j Matsey-Fergusoil, Ltd., Tfr> the second quarter." ment of Sen. William Proxmire r onto, Ontario, Canada, which (foes, coupled with less-than-an-;there would have been nothing t i c i p a t e d domestic traffic! improper in accepting the posl- growth and increasing use of tion. discount fares, more than offset The statement was Budge's ! the favorable impact of the 18.6 first public response to reports swap with stockholders of the Union Pacific Railroad, which is now operated as a subsidiary with three divisions — transportation, land and natural resources. 'At the proper time," Barnett said, "these divisions will be organized as three separate of of its oil and gas exploration (Dem., Wis.) charging him with "gross conflict of interest in negotiating" with a mutual fund while mutual fund-related are pending at the venture with Husky Oil Co. Further, Union Pacific is preparing to bid for Alaskan oil and gas leases when the government opens bids in October. One of the company's partners' already has a "substantial position" on Alaskan north slope properties where oil and gas has been discovered, Barnett said. The company's stock, traded on the New York Stock Exchange, has a 1969 range from $48,75 and to Wednesday's close of $26, off $1.75 on the day. Air Redaction cot Its quarterly dividend to 20 cents from; t n Jig, « men « 37W cents paid previously ln ;'nflicfmenf order to conserve capita! and j A federal grand jury Wednes to provide for future growth, ! day indicted the brokerage house matters SEC. the company said. of First Hanover Corp., a Hous- The 20-cent dividend is pay-ton. Tex., conglomerate, and its: 5? ccnt able Sept. 5, to stock of record president, and a Uruguayan has its North American head* quarters and a plant at Dei Moines, declared the regular quarterly dividend of 25 cents • common share payable Sept. 15, to stock of record Aug. 15. The company's stock, traded on the New York Stock Ex* change, has a 19W range of $16.50 to $25.75 and closed Wednesday at $17.25 where the rate Is Aug. 15. wholly-owned subsidiaries Union Pacific Corp." T.W.A. Omits Union Pacific's expansion in the transportation field "will come about when we acquire the Rock Island Railroad," Barnett said. He is "optimistic" that an Interstate Com? merce Commission examiner will soon recommend approval of this long-pending acquisition. "We have no idea of becoming a conglomerate," Barnett said, "we will carry out a natural expansion of the business we've been in some years. There are no present negotiations for acquisitions of other companies," he added. Production from a new copper mine in southwest Colorado is slated to begin this fall, and, in cooperation with a chemical company, a new soda ash producing facility will be "on stream" in three years. Developments from drilling on a uranium ore find on Union Pacific property in Wyoming is continuing. In addition, Union Pacific is in the process of acquiring a land position in Alberta and Saskatchewan, Canada, as part Dividend Trans World Airlines directors reporting an $8.7 million loss in the first half of 1969, took no action to declare the usual quarterly dividend of 25 cents on common stock because of continuing capital needs, the tightness and high cost of money and increasing inflationary pressures on costs. The regular quarterly dividend of 50 cents was declared! El Paso Contract .. . El Paso Natural Gas Co. said ov ^, r atjlem . pt , it signed an agreement with So brokerage house and its president, on charges of conspiring to violate Federal Reserve i margin rules in a corporate take- natrach, the Algerian national gas and oil company, for El Paso to import a billion cubic feet of Algerian liquefied natural gas daily to. the cast coast of the United States. Total expenditures for all facilities required for the project, which is subject to approval of both governments, were estimated to be about $900 million. Howard Boyd, El Paso chair- on T.W.A. preferred stock, pay-j man, said the contract will cost able Aug. 31 to stock of record El paso about * 30 ° million ln Aug. 1. The, airline reported a net facility costs with the remaining $600 million hornc by the Thc defendants were accused of taking part in a scheme whereby HOMCO, Houston Oilfield Material Co., now known as International Systems and Controls Corp. (I.S.C.C.) would acquire the Holly Sugar Corp. Later, an official of I.S.C.C. said the firm would plead guilty, although Its belief was "(hat its actions were In accordance with all laws and regulations." Named defendants in the indictment were: First Hanover Corp., a mem- Chris-Craft Industries, Inc., said it filed a motion in federal court in New York for a preliminary injunction against the Bangor Punta Corp. offer for Piper Aircraft Corp. common shares. Both Chris-Craft and Bangor Punta have outstanding tender offers for Piper shares and are battling for control of Piper. The Florida Public Service Commission ordered Southern Bell Telephone & Telegraph Co., a subsidiary of American Telephone & Telegraph Co., to reduce rates by $2 million and to refund $1.5 million to customers. The telephone company was loss for the six months ended June 30 of $8,690,000 compared with a net loss of $1,783,000 in the same period a year ago. For the three months ended June 30, the company had net income of $6,221,000 or 57 cents a share, down sharply from $13,724,000 or $1.33 a year earlier. Charles E. Tillinghast, jr., chairman, said "sharply rising costs of labor, fuel and landing Algerian government. He dc- j can stock exchanges; Alfred clined to estimate the cost of M. Lcrner, its president; Amcr- the gas to El Paso. " " Declined l.D.S.Job Hamer H. Budge," chairman of the Securities and Exchange Commission (SEC) since last February, said he declined an offer to become president of the mutual fund complex managed by Investors Diversified Services, Inc.,. but he asserted hrr of the New York and Amer-, granted a temporary rate In- ican Securities Co., a brokerage in Montevideo. Uurguay, and its president, Horacio Raggio; and I.S.C.C. The indictment alleged that Homco, which is traded over- the-counter, decided in 1966 to try and acquire Holly Sugar, which is traded on the New York Stock Exchange, and Homco made arrangements with First Hanover and Ameri- crease six months ago for $3,190,000 provided service was improved by June 30. Eaton, Yale A Towne, Inc., and McQuay-Norris Mfg. Co. said they agreed in principle to merge. Under the proposal 0.8 of a share of Eaton, Yale & Towne common stock would be exchanged for each of the 704,000 common shares of McQuay- Norris. American Stocks Save up to $ 144 on specially painted, specially equipped big Fords- and that's before we start to deal! •bet Com* Elact Baacli •wctrofitc VA cents lower; wheat IV* to cents lower; oate H to cent lower and rye ft to V* cent Des Moines Grain Molnn prlM, KM man ctrlot Wed ots—earn, N earn soybeans. 30 Wheat-farmers No. i M.M. FeSoT prices are sup ect to wide varl- lont ind itterent sections of Tin state Sue ^IranspertatkxvTiandlTng and storage Central Iowa Market County tttvator bid* on corn, oats, soy- Mar Des Moines shows Chicago Cash ICAGO, WEDNESDAY . (AP) » Wednesday; cars, none for receipts 53 unchanged; ard amber .durum, < MT MJc; KaniM City IAS CITY. WEDNESDAY (AP) - FOREIGN EXCHANGE 1969 FORD LTD COLOR •But*) on manufacturer 1 * tuggMtMl r«UH prlOM for Oaltxi* 500't INDIX (AP) - American flock WORLD BANK BONDS U. S. Treasury 17th & INGERSOLL WASHINGTON. WEDNESDAY (AP)Treasury Ji The cash position of the Treasury July 17. mi compared to July 17, IMI In dollars: fl* NEW YORK, WEDNESDAY 500 Mid-America Specials for this area only. Custom colors: Golden Rod Yellow, Dakota Green, Sioux Bluel Specially equipped Galaxies Include ONE COLOR whitewalls, wheel covers. Add air conditioning, tinted glass and V-8 at up to $144 savings on Galaxie 500'*. Special savings onLTD'sandXl'stoo. July only, Act now. July only at Mid-America Ford Dealer METRO FORD PHONE 282-9III DEWEY FORD SALES, INC. DES MOINES, IOWA 444 E. 4th STREET PHONE 288-2273 DES MOINES, IOWA CHARLES GABUS FORD 333 FIFTH STREET PHONE 274-0427 WEST DES MOINIS

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