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R Northwest Arkansas TIMES, Sunday, July 7, 1974 FAYETTEV1LLE, ARKANSAS ^^ Facts On Futures ejiiiiiiiiiiDiiiniiiiiiUHiiiuiinniii! [an iniinii [iiii niinniiii iiiiuuiii! inii Â«i in Â«M^ By WYL1E PARKER LAVERN IIOLIFIELD A. G. EDWARDS AND SONS, INC. ' Crops continue to have problems. Wheat yields are disappointing. Corn is suffering from excessive moisture and some replanting has been needed. Soybeans may not be completely planted and yield prospects are not optimal, The sharp rally in corn and soybeans late last week constituted a king size crop scare rally. Once this move runs its course, the outlook will become more questionable. There is reason to believe that the crops will not match up to USDA projections, that world buyers have been lulled to sleep, and that foreign events will eventually trigger major advances in the grains. This may be the case. However, we find it unlikely that these moves will take on the characteristics of those which occurred in 1373. Rather, they will tend to be very erratic and volatile moves which only those with great coolness and much capital will survive. THE SIARKETS may be spectacular but they will be most difficult. Volume in the New York markets has been on the low side, reflecting general speculative concern over the high prices and bearish outlook for many of those markets. If one is bearish there are plenty of crutches on which to rest: gold and silver prices, interest rates, genera economic news around the world, reselling of inventories etc. To compound the problem the Chicago Mercantile Ex change staged a most inter estihg hull move this past week with usually successful traders being the trapped shorts. This echoed the situation on the Board of Trade where the usually knowledgeable sources were caught sleeping first b; the bull move in wheat and later by the crop problem rally in corn and soybeans. The fac that the usually smart interest are losing money confirms the e x t r e m e confusion whicl surrounds the current commod fty outlook. SEVERAL POINTS seem appropriate at this point. First the markets are not demon strating the tendency to run t o g e t h e r . Rather ssparat groups of markets reflecting separate pockets of fundamen als are emerging. Each should be t r a d e d accordingly, econdly, in a period of rela- ively high volatility and low peculative participation, close top prelection is a must. With ong rim outlook so dim, one must trade on the short term ndicaUons. The hogs and pigs report eleased last week seemed to ntalyzc what the pork complex ad been attempting to do ilready -- advance. The result vas undoubtedly revenge for he overdone nature of the long pring decline and resulted in an even more sharp advance vith multi-limit up days. What tarted out as a rally quickly urncd into a monetary market of v i t h margin-call problems jecoming the dominant market actor. THOSE ELEMENTS which were short were highlighted by knowledgeable interests who usually manage to avoid predicaments. Knowledge .his only added to the ferocious enacity of the longs and any rading which occurred founc new longs waiting to get into he market. Needless to say, this situation will overdo the upside po'.enlia as the previous move overdic .he downside potential. In the longer run, hog and belly fun damentals are impressive fo. the bullish case. Also, as time passes, there will be tendency lo separate as much as possible the outlook for the dwindling supplies of choice cattle and the burdensome supplies of non-fed cattle. Which will be able to pul the other off its own course o: destiny is still an open question Hog slaughter in the month ahead will be higher on 197 levels than the recent pig croj data would suggest. This could be a rude awakening for th bulls once the current orgy ha ceased. For the present, it i impossible to trade hogs, bellie or cattle. We definitely woul not attempt to pioneer a top in any of these . markets. One trading resumes we would b very cautious. Three-Over 73 GLENAGLES. Scotland -Bill Zimmerman of Gree Island, Ga., fired a three-ore par 73 for a 292 total to win hi second International Senior golf title. The Capitol Report By Senator Morriss Henry One of the important issues durirtg this special session of the General Assembly is whether or not the Senate will vote to expel Sen. Guy "Mut" Jones. Senator Jones was found guilty of an income taxe law violation last year. The state Constitution prohibits a convicted felong from running for public office. Some of you may wonder why the Senate doesn't just vote to expel Senator Jones and get it over with. The principal reason is that a mjaority of senators believe the Jones matter should be resolved with.the same due process of law wh.ich is assured for every citizen under the Arkansas Constitution and the 14th Amendment to the U.S. Constitution. ..IF SENATOR JONES were expelled in some way inconsistent with due process of law, he could possibly appea' through the courts, saying his seat was taken away from him without a fair hearing and per haps he reinstated to the Sen ate. Therefore the Senate ha voted to continue in specia seat was taken away from hi: hearing evidence regarding th conviction of Senator Jone The Senate will sit as a jury presided over by a judge be selected for his impartia ness and assisted by an atto ney of high standards. Senato Jones will be allowed to hai his own attorney to represe him at the proceedings. One important reason fi for dealing with the issue no is that the people in his distri' would he without reprcsentatii if he were expelled during th regular 1975 session. If the Se ate votes to expel during th special session, there will time for candidates to file an seek election to fill this positic and assure constituents in lh district of having represent tion. The Vindale 14-wide Mobile House It adapts be-autifully for private lot placement The new deluxe exferior of the 14-wide mobile house makes it look like a conventional house. The residential Took is accomplished by a combinatipn of deluxe exterior featuring a pitched roof with shingles and overhang eight inch insulated wood grained lap siding... .house-type gutters and afso downspoufs... .and single hung* windows. The interiors have all the spaciousness and luxury that are traditionally associated with the Vindale name. See our complete selection of fine homes, ond get full information on the exciting Vindale 14-wide mobile house. Human Development Job MOBILE HOMES 2556 Mr. Comfort Road Fayetreville -- 442-6225 Black Bureaucrat Wears Variety Of Hats By RICHARD J. MALOY i TIMES Washington Bureau WASHINGTON - Stanley B. omas Jr. is a young black reaucrat with wide-ranging sponsibililics in the Depart- ent of Health, Education and clfare. 'The joke around our office that we look after people om the womb ito the tomb," ys Thomas,- who at 32 is sistant HEW secretary for man development. Under Thomas come HEW ograms concerned with the ing, child development, youth d Indians. Ho talked about his agency, 'lh its 12,000 employes and imial budeet of Â£740 million during a recent informal meeting with newsmen. More than half of the money Reports For Duly Marine Sgt. Bobby J. Hickman ot Chester, has reported for duty at the Marine Corps Air -Station at Cherry Point, N.C. He, is married to the former Sally Rhodes of Chester. Graduates Coast Guard Seaman Apprentice David L. Dean, son of Mr. and Mrs. Lendell Dean of Rogers, has graduated from recruit training at the Coast Guard Training Center, Ala- mccla. Calif. he spends is on child development and youth programs, which include everything from ;he -well-known Head Start Program to a - n e w effort aimed at reuniting runaway youths with their parents, Thomas estimates that anywhere from 500.000 to one million teenagers run away from home each year; some only for a few days after a spat with their : parents but others who are on the loose in society for . months because of deep-seated problems at home. His office is now spending $1.5 million to finance a network of "Runaway Houses" across the country where youths may seek counseling, and staff aides can try to talk them into returning half of which is being spent on program to improve nutrl- Thomas 1 .office is also about to launch a national "Runaway Hot Line" which a youth can :elephone for guidance and help after he has left home. Thomas has also stepped up federal efforts to combat child abuse by .financing various programs , aimed . at solving the problems of parents who; mistreat their children. At the other end of the spectrum, Thomas has charge of the Administration on the Aging which looks after the nation's elderly population. That office has a $200 million annual budget this year, about lion for addition needy to the oldsters. "Meals Wheels" program which brings food into the homes of. the elderly, the office spends most of its money on group feeding programs conducted for senior citizens in local churches arid housing projects. Another $100 million is being spent to setup a network of local offices to act as advocates for the elderly in communities across the nation. About 300 such local offices are already operating and there will be 400 by this time next year. Thomas, a native N e w Yorker and Yale graduate, entered government in 1969 and assumed his present sub-cabinet position last year when the office of human development was created. TERMITES ? CALL ADMIRAL PEST CONTROL Roaches, Ants, Spiders, etc. COMMERCIAL . RESIDENTIAL.' 442-7298 * DILL Â·NORTHWE PLAZA Â· SSZ1-T171 A. Pub. At $25. An Illustrated Treasury Of Bible Stories. Retold hy Owen S. Hach- leff. Two volume set. 12.98 B. Pub. at 6.95. . Outdoorsman's Fix-It Book. By Monte Burch. How to repair and maintain outdoor gear. 298 C. Pub. at 14.95. 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