Alton Evening Telegraph from Alton, Illinois on July 8, 1968 · Page 19
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July 8, 1968

Alton Evening Telegraph from Alton, Illinois · Page 19

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Alton, Illinois
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Monday, July 8, 1968
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Page 19
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ALTON EVENING TELEGRAPH MONDAY, JULY 8, 1968 Stocks Surge Up After 4-Day Rest; D-J Rises by 8.36 NEW YORK (AP)-ln a vig oftrtis rally after a four-day lay off, the stock market made in creasing progress late this aft ernoon. Trading was active. Bobbie Brooks, up a fraction WAS boosted to the top of thi most'active list by a blck o 227,500 shares. Also very active, Contro Data leaped about 7 points and Commercial Credit 4, while gains of about 2 were made bj INA Corp., Standard Oil New Jersey), Hooker Chemical, and Pan American Sulhpur. Associates Investment and Gulf & Western were heavily traded and off more than point apiece. Lily-Tulip spurted more than 4 points and Owens-Illinois more than 3 in the wake of news that they planned to merge. Blue chips and speculative is sues joined in the advance, cued to July reinvestment demand, according to brokers. Standard Oil of Indiana add ed 3, as did Phelps Dodge. DEARCY: I have never been in the stock market. Lately, however, a friend of mine bought some MacDonald hamburgers shares. Now I Inve picked out a good stock and a lot would depend on how America spends its money during the last half of this year. I mean if Americans are going to spend more freely, I will by the stock which depends on consumer spending. Can you help me with a forecast? MRS. J. A. DEAR MRS J. A.: This column is ho sure-fire forecast of economic ups and downs, but let's give some expert a try. Dean Witter and Company, a stock brokerage house and a member of the New York Stock Exchange, has a battery of economists on its staff. In their recent analysis, they state, "The consumer mainspring of the economy . . . having been tightened by an historically high rate of consumer saving can now be expected to power a high volume of spending in the months ahead." Witter's economists say. "The ability of tie consumer to buy is highlighted in statistics covering national income which show that personal savings in 1967 amounted to $38.7 billion annual rate but declined to 6.8 per cent of disposable income, suggesting that the consumer was again becoming willing to spend." If Americans loosen the purse strings, you may wish to recall how they spend their money. According to studies by the bureau of labor statistics, the typical urban homeowner, family of four, would spend $100 this way: Food ($22.70); shelter ($20.10); home furnishings ($2.80); household operation ($2.30); transportation ($870); clothing ($8.10); personal care ($2.30); medical care, including medical insurance ($5.00); gift and contri-bu- tions ($2.70); life insurance ($1.70); occupational expenses ($.90); payroll deductions, such as social security, etc. ($3.10); personal taxes ($11.90); and miscellaneous ($7.70). The trick at any time is to get more of that good old miscellan eous, because you can never count on what psychology will motivate what. That the consumer will open the pocketbook wider or 'et the bottom fall out is still no sure bet. Uncertain ty of the dollar, inflation, a rampaging gold market, unfore seen political influences, bal ance of payments, the Vietnam War and any light wind shift can change the situation consid erably. About the only thing certain these days is that Frenchmen will always join to gether in singing the Marseit False. CY P1ARCV: I lost a lot of money lately and my "friends" vanished in to thin air. Money will buy a lot of things but it will never buy friend*, T can tell you. FAX DEAR FAX: Money won't but friends, but It can sure rent them for awhile. CY Du Pont advanced about and IBM 4. Gains of a point or better were scored by a wide range o stocks, including Chrysler Montgomery Ward, Raytheon Alcoa, General Electric, Pola roid, Procter & Gamble, Xerox Standard Oil (New Jersey) am Pfizer. Prices advanced on the American Stock Exchange. 12 Selected Stocks Following are today's i p.m. quotations of New York Stock Exchange issues research has indicated are widely held in the Alton area as supplied to the Alton Telegraph by Newhard Cook & Co., from its Alton branch office. The New York Exchange closes daily at 2:30 p.m. (Alton time), so these are not the closing quotations: AT&T 51% General Motors 81 Granite City Steel 22% Olin Mathieson 37% Owens-Illinois 63 Shell Oil 65% Sinclair Oil 82% Mobil Oil 47% Standard Oil (Ind.) 57% Standard Oil (NJ) 69% U.S. Steel 39% Sears 70% lark Oil 62% Squibb Beechnut 45% Grain, Bean Prices Are Off Again CHICAGO (AP) - Corn and oybean future prices declined more than 1 cent a bushel on fie Chicago board of trade to- ay. Trade was mixed and moved riskly. Seasonal lows were set wheat, corn, soybeans and oybean oil futures. Several factors caused the ower prices. Weather over most if the country was favorable or growth, field work and bar resting. Prev. High Low Close Close Wheat 1.25%1.24% 1.24% 1.24% 1.29% 1.28% 1.28% 1.28% 1.36% 1.34% 1.34% 1.35% 1.41% 1.40% 1.40% 1.40% 1.437 8 1-42% 1.42% 1.43% BOOKl-FT yours free while they last "The Wonderful Power of Enthusiasm." Write Cy Barrett, care of this newspaper, eacloslnjf a self •addressed and tamped envelope. , Jul :ep )ec fiar May Corn 'ul Sep )ec War May Oats ul Sep )ec Jar May RVG Jul Sep Dec Mar May 1.12 1.10% 1.11% 1.12y 4 1.12% 1.11% 1.11% 1.2% .12% 1.12 1.12% 1.12% 1.17% 1.16% 1.17 1.17% 1.20% 1.19% 1.20 1.20% .67% .67% .67% .67% .63% .62% .63 .63% .651/4 .64% .64% .65% .67 .66% .66% .67% .67% .66% .66% .67% 1.09^1.09 1.0914 1.0914 1.11% 1.10% 1.10% 1.11 1.15% 1.14% 1.14% 1.147/8 1.19% 1.18% 1.18% 1.187/s 1.2iy 4 1.20% 1.20% 1.20% Soybeans Jul 2.66% 1.65% 2.65% 2.66% Aug 2.65% 2.655 2.65 2.65% Sep 2.577/8 2.56% 2.56% 2.58 Nov 2.54% 2.53% 2.53% 2.543,6 Jan 2.58 2.57% 2.57% 2.58% Mar 2.61% 2.60% 2.60% 2.62 May 2.64% 2.63% 2.63% 2.64% Livestock Prices At East St. Louis NATIONAL STOCKYARDS, 111 A. — Estimated for Tuesday; Hogs 7,000; cattle 3,500; calves 150; sheep 500. Hogs 8,000; U.S. 2-3 210-230 bs 22.75-23.25; 3-4 220-260 Ibs 22.00-22.75; sows; 1-3 300-450 Ibs 18.00-19.25; 2-3 450-650 Ibs 17.0018.00; boars 16.00-18.00. Cattle 4,500; calves 150; steers choice and prime, 950-1,250 Ibs 27.00-28.00; good and choice 25.00-27.00; heifers, choice and prime, 800-1,000 Ibs 26.00-26.75 good and choice 23.00-25.75 :ows, utility and commercial 17.00-19.00; good and choice vealers 26.00-34.00; good and choice slaughter calves 19.0024.00. Sheep 700; spring lambs choice and prime, 27.50-28.50 good and choice 25.CO-27.50 shorn slaughter ewes 5.50-8.00. Produce Prices At St. Louis ST. LOUIS (AP) ~ Eggs and poultry: Eggs, consumer grades: A arge 30-83, A medium 23-27, a mall 18-15, B large 23-24; whole ate grades, standard 19-21, un classified 18-19, Hens, heavy 1142, llgbt over & Ibs 8; under 5% Ibs S; broil ers and fryers 28>4-29. Five Killed in Floods on Texas Border EL PASO, Tex. (AP) - Torrential weekend downpours of up to 6.29 inches—almost as much as the average annual rainfall—claimed five lives and caused widespread flooding in El Paso and Juarez just across the Rio Grande in Mexico. An estimated 40 homes were swept away by floodwateTS in Juarez and 125 persons were evacuated. The rainstorms, termed the worst since 1913, caused an estimated $4 million in damage at Juarez. Flood waters temporarily halted the international street car line which runs between El Paso and Juafte. several CMS were stranded on El Paso streets and the ear bams were under water. El Paso City Engineer Charles Davis said it will be several days before an assessment can be made of flood dam* ages in the city. fcafael Reyes, 41, of Canutillo, died when his ear skidded oft a wet El Paso street and over* turned. Pour others died in Juarez during the downpours- one youth was killed by a bolt of lightning and three other sons drowned. Asst Police Chief Ted Vogel said 45 persons were evacuated from their homes in El Paso by police Saturday. Trucks from nearby Ft. Bliss evacuated several dozen more. Dozens of homes were damaged as flood waters three feet deep swept low sections of El Paso and rocks and silt rolled down from Mt. Franklin. Silt piled up two feet deep in some stores and the El Paso fire department was kept busy Sunday pumping water from store and home basements. "If we don't get any more Jet Crash Sets House on Fire, Girl, 13, Killed GLENVIEW, 111. (AP) - A Navy Skyhawk jet, whose pilot moments before radioed "I'm losing power," smashed a two story Glenview home Sunday killing the lone occupant, a 13- year-old girl. Cynthia Masters was watching television in the den when fire caused by the crash engulfed ;he family's $50,000 suburban aome. Her mother. Jean, was cutting the lawn and her father and brother were playing golf at a nearby country club. Witnesses said the plane, piloted by Navy Lt. Wilpam T. Reinders, a Vietnam veteran, crashed moments after taking off on a training flight from the nearby Glenview Naval Air Station. It was barely 500 feet in the air when it lost power and began falling. Reinders, 32, who suffered serious injuries, banked the craft sharply trying to turn back toward the airfield, but it plum- metted into the home of Benamin C. Masters, an acoustical ,ile contractor. "I couldn't believe what I was eeing; it was so spectacular and horrible," said Robert S. Alexander of Flossmoor who was flying his single-engine plane to a nearby airport. "It was like a nightmare," said Alexander, vice president of a South Chicago packing company. "I never thought I'd ever see anything so horrible. That entire house went up in a ball of fire in what seemed like seconds. I never saw anything burn so fast." Reinders, who lives in Harvey, a suburb south of Chicago, took off on a training flight in the attack fighter at 9.18 a.m. A Navy spokesman sud he radioed the control tower, I'm losing power." Seconds later, Reinders ejected and landed in a tall willow tree 400 feet east of the Masters home, his parachute snarl in the branches, He suffered broken legs and a broken left arm. "If the tfee his parachute caught in had not been there, I doubt if he would have made it," a Navy spokesman said. "He would have crashed into an apartment building 30 feet away." A fuel tank on the single-engine jet exploded after the crash and the home was a mass of flames within seconds. The flames shot more than 50 feet in the air. The victim, an eighth grade pupil, was watching television in the first floor den at the rear of the home when the plane struck. A Navy spokesman said the plane passed 10 feet from Mrs. Masters before ripping through the home, continuing across the yard and striking an embankment which separates the backyard from a street. Mrs. Masters ran to the home and called her daughter to leave, but flames kept her from entering. Glenview firemen rushed to the scene about a half mile southeast of the end of the airfield runway and extinguished the blaze. Reinders, who flew combat missions over Vietnam for 12 months in the last two years, was listed in satisfactory condition at a hospital. He was not mmediately told of the girl's death. Baby Found on Church Steps MINNEAPOLIS, Minn. (AP) — A janitor arriving to open a church for Sunday services discovered a newborn baby on the front steps. Hospital authorities said the baby is in good health. Police were trying to locate the mother. Daley, Phone Union Meet By STUART J. PAHN CHICAGO (AP) -Mayor Richard J. Daley met with a union leader today in a step toward settling a strike that is holding up preparations for the Dem ocratic National Convention. Robert A. Nickey, chairman of Sytsem Council T-4 of the International Brotherhood of Electrical Workers, went to the may or's office. The union of instal< lers and repair specialists has been on strike for two months against the Illinois Bell Telephone Co. The outcome of the session Daley's fourth attempt to mediate the dispute — could decide whether the International Am phitheatre in Chicago will remain the site of the August Democratic National Convention. Almost from the outset, Chi' cago has been plagued by ru mors of the convention being moved, possibly to Miami Beach, Pla., where the Republican Convention is set to begin Aug. 5. Beside the threat of massive anti-war demonstrations against the Democrats, the Chicago convention is threatened by an im pending taxi cab walkout set for Aug. 16 and, finally, the stiffen' ing strike by Illinois Bell Telephone Co. electrical workers. The telephone strike appears to be the crucial issue at this point, however. Unless it is overcome, installation of telephones, teletype lines and television cir cuits will not be completed at the amphitheatre and news coverage of the convention will be deeply impaired. This is a dilemma both to the news media, the Democratic Party and Daley seem anxious to evade. The issues are clear. James Invest in Tax-Free Municipal Bonds MUNICIPAL BOND CORP. First National Bank Rid),'. Alton YOUR SAVINGS GIFT This aluminum folding chair IB your Germania Savings gift* when you start a new account with $200.00 or more or add $200.00 or more to your present account. This attractive chair is an ideal extra for outdoor picnics, camping, riverbank fishing, patio parties and carrying in your car. You will enjoy our lawn chair gift. Besides, at Germania Savings your passbook accounts earn the most with 4 3/4% daily dividends. Ask about our bonus accounts that earn 51/4%. Offer ends July 15th. Be the first to join the happy parade of green chairs from Germania Savings. *One chair to an account, none mailed This Handy Lawn Chair ^•^^ ^^l^p ^MMMV^^MMMMMPV ^H&W&f w w&tmfj^pbtr i and Low Association m Bo* Broadway, Alton, IMiwto 62002 Phone: 618/465-0543 W. Cook, Bell president, has set today as the deadline for installers to enter the convention hall it full communications facilities are to be set up. If we're not In the hall by Monday, the total number of video channels we will be able to provide will be reduced," Cook said last week. As time passes, he said, it will be possible to handle less and less work. Bell supervisory personnel have been handling the work normally done by the 11,800 striking members of the International Brotherhood of Electrical Workers. Work outside the convention hall and at the 28 central telephone exchange been comlpeted. buildings' has Remaining is the installation of television cables, 6,000 telephones, 20 switchboards and more than 400 teletype machines. The manpower and equipment to complete the job in time are available, Bell officials contend. What they fear is that picket lines will be thrown around the amphitheatre to deny them and other craftsmen access to the hall. There is also a fear picket lines would force nonstriking union workers — such as paint ers and carpenters — to walk off the Job when Bell supervisory employes walk on. Such fears are not unfounded. Robert A. Nickey, chief union negotiator, has said picket lines will be set up immediately ii management personnel try to in stall equipment at the rambling building. Nickey told union members at a rally over the weekend, been completed. Remaining is "There will be no communica tions preparation for the convention without a contract settlement." And there will be no settle ment, Nickey says, unless the union's demands are met. Money is the big issue. The union is asking a raise of $19.50 a week for the first year of a new contract and an additional $10 a week for the remaining six months of the existing contract The company has offered increases totaling $26 over three years, plus more fringe benefits It says it cannot and will not top the offer. If Illinois Bell gives in, Cook GODWIN'S The Department Store For Your Office You'll Find All Your Office Supply Needs FOR HOME OR OFFICE AT GODWIN OFFICE SUPPLY "Alton's Commercial Stationer" 114 E. Broadway Ph. 4flS-7756 Open Daily 9 to 5 — Fridays 9 to 9 Saturday 9 to 1 has said, it could cause a walk* out of other union locals across the country, all of whom have settled for lesser contracts. As the Bell president's deadline draws near, his warnings became more ominous. Last Friday, he forewarned that "it will be extremely difficult if not impossible" to hold convention if the strike continues. Joining Cook in foreboding I statements is John Monahan, j amphitheatre assistant manager, who proclaimed recently: "If it is not settled soon there is a possibility we cannot hold the convention." Democratic National Committee Chairman John M. Bailey is quick to deny rumors the convention might be moved. So is Daley, who rules one of the nations strongest Democratic machines with an iron fist. rain, we'll be to real gotJd shape," Police Lt. K.C. Moeile? said late Sunday night. "We ate pretty well cleaned up now. We still have some people who haven't returned home because their houses are still waterlogged. Quite a few streets have been blocked by mud and debris but we have them all open now." skies were still cloudy over El Paso and Juarez today although the rains had stopped. The Texas Experimental Station near El Paso during the three-day period recorded 6.25 Inches—only one inch less than El Paso's annual rainfall. The heavy rains caused heavy flooding downstream on the Rio Grande in the vicinity of Presidio. DON'T LET INTEREST STOP YOU FROM BUYING A HOME! fite Citizens Savings & I Mt"M OWN YOUR SHARE OF AMERICAN BUSINESS IF YOU WOULD LIKE TO HAVE A FEW MORE FACTS ABOUT THE COMPANY YOU HAVE IN MIND, COME IN AND ASK IF WE CAN SUPPLY THEM. THAT'S WHAT WE'RE HERE FOR. Serving Alton Investors /or Over 36 Year* NEWHARD?COOK & Co- Nrtt NuioMi Bok Phone 485-5S88 John E. Greenwood Registered Representative Onr Of/ice Is Open Saturday Mornings Eugene B. Shultz Resident Manager *. • • SOMETHING TO SPOUT ABOUT! We've got a whale of a story when it comes to earning the most on your dollars. Money deposited at the sign of the BIG "A" earns 5 */4 % through our 6-months Bonus Certificates. This is the highest dividend allowed by Federal Regulation. No one can pay more. Stop in to see the friendly folks at ALTON SAVINGS... let your money earn 5 J /4 % ... safely I AND LOANA88OCIAT I O N 0SO EAST THIRD STREET* ALTON, ILLINOIS t PHONE 465-4483 \

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