2 7' 1 THE SPRINGFIELD UNION, SPRINGFIELD, MASS." SATURDAY, DECEMBER 16, 1967 25 Business Industry Food Distribution Said Key to Living Standards Federal Marketing Official Describes Role of Regional Centers in Economy Efficient distribution of food is as important production technology in achieving a high standard of living, a marketing expert of the U. S. Department of Agriculture said here Friday, For Dedication "In Springfield to dedicate the city's now regional food market, William C. Crow, director of the transportation and research division of the 'federal department, put it this way: "I submit that the greatest success story in this or aby. in this age or at any time in history, That is being done in producing and distributing Crow pointed out that "in many parts of the world, threefourths of the population trying to' produce enough food to 'avoid starvation, and they are failing." contrast, Crow said, that 18 per cent disposable income, the consumers of this nation the most dependable food supply, of the greatest variety, the most completely processed.
and the highest quality food ever known in -this or. any country "So successful is the TT. 1. S. in meeting its fond a needs, Gruff said, that while large part of the world worries about starving.
worry about getting fat." And this country's success story in food production isn't due entirely to an abundance of natural resources. the federal official said. Individual Initiative Creator gave us the raw. materials to start creating. but He expected man to continue creating and not sitting there waiting for one else to do everything." And Crow added: "We have had, a system where every individual was stimulated to do his a best to find a better way.
We have operated under a law-abiding system of individual, initiative, where change Referring to this city's new food distribution center, Crow had this to say: new market facilities In "Springfield are but one of thousands of examples of improvements in our marketing system." It it were not for these improvements made during the past 15 years throughout the t'. S. food bill of this nation would he. $10 billion per year greater than it is," Crow said. He said a national network of regional markets permits the kind of "specialized farming" that, has made this country the envy of the world.
Marketing System" "Our large cities are fed by farms of every state in the union. We have built the best marketing system ever known to. tie producers and consumers together. Each depends on that system for its way of life." In response to a later query, Crow said this city's new distribution center should serve "not only all of Western Massachusetts but well info Vermont and New Hampshire." Eventually, it is hoped that all wholesale food dealers will locate in the new center. Asked if.
of limited financial respurces will be able to ob.tain- assistance in making the transition, Paul J. Greeley, executive vice-president of the Joint Civic Agencies, said aid will be made available through the Springfield Area Development Corp. (SADC). i At Rotary topic was "Modern marketing and modern markets." His talk was given to the Rotary Club of Springfield at the Sheraton Motor Inn as part of the dedication program. In describing the sequence of events by which the SADC purchased land for the food center from the Springfield Newspapers: Sidney R.
Cook, treasurer, of the newspaper company, said the center is in a very real sense tribute to the memory of Sherman Bowles." Cook said it was "his (Bowles') vision that this was an ideal place for A food center." The new regional market is located on land formerly comprising parts of Hampden and Pynchon parks. Bank Branches Approved The state Board of Bank Incorporation has approved added time, to next June 15. for the Valley Bank and Trust Co. of this city to establish a branch at. Boston and Fernbank Rds.
Approved was establishing a Valley Bank branch from 618 to 599 Page Blvd. Establishing a branch of the Western Bank Trust Co. -of West Springfield at 1340 Springfield Feeding Hills, was also approved. Mergers, Sales Wean Merger Favored for Engineering Co. PITTSBURGH (UPI) A Directors of United Engineering and Foundry Co.
Friday in principle to a merger with Wean Industries, of Warren, 0. The action came durasling a meeting at which United rejected takeover proposal by Vernitron, of Farmingdale, N. Y. Vernitron Big Stock Buyer The board said it had "terminated all discussions with Vernitron." However, the possibility of a proxy fight still exists. Vernitron has been buying large amounts of United stock lover the last month.
United directors the firm's management to negotiate with Wean with a view consolidation "properly related arriving, at a plan of to the present market value of United's common stock." United stock has increased about 33 per cent in value since word of Vernitron's overture was revealed. It. closed at 30, off in Friday's trading. Wean closed at unchanged. The plan is to be submitted to the boards and stockholders of both companies.
Make Mill Machinery Both Wean and United make mill machinery, primarily for steel United also factures equipment for paper land rubber plants. In 1966 United had sales $97 million and profits $1,474,000, equivalent to $1.75 a share, while Wean had profits of $5,070,000 or $2.02 a share on sales of $9,190,000. BSF Faces Foreclosure DALLAS Financier Victor Muscat's BSF Co. is facing foreclosure sale of large blocks its stock in four companies it owns. Dallas Transit Co.
Trust No. 1 has advertised that it will start selling the collateral in Dallas Tuesday debt. resulting from BSF's desault on a $985,000 to buy 59,500 shares of Fifth Avenue Coach Co. from Dallas Transit, which controlled by Nathan Weinberg. The collateral to be sold cludes stock in Mercantile Na-.
tional Bank of Chicago. American Steel Pump Fifth Avenue Coach Lines, and Line Tours. Sunheam, Vacuum Engineering CHICAGO 2P. Sunbeam Corp. announced it has acquired Vacuum Engineering Co.
North Billerica, Mass. The transaction involved, an exchange of all Vacuum, Engineering capital stock for 7750 shares of Sunbeam common. Sunbeam is a portable appliance manufacturer. Vacuum Engineering designs and makes high and ultra high vacuum instruments and pumping equipment for industrial and laboratory uses. Litton, Dentist Supply NEW YORK (P).
Den- tists'. Supply Co. of New York Your Daily Investor Most Brokers Don't Sell No-Load Mutual Funds By MILLIAM A. DOYLE Q. I'lease explain your statement.
load mutual funds sell their shares directLy 10 investors without salesmen com mission charges." You imply that there is no difference between the buying price and the selling price. If this is true, how are brokerage houses able to sell shares of no-load funds? A brokerage house has 10 make a commission or a profit. somewhere, or it wouldn't be in business. Right? A. Absoultely.
And that's exactly the reason why brokerage firms never sell shares of no ever. Some funds. brokerage Well, hardly firms do participate in the sale of Ino-load fund shares for a reason I'll explain in just a little bit. But most af them you walk into a brokerage house fund and ask there' to 'is buy no some commis- noabout 99-to-one you will be told that the brokerage firm doesn't handle them. Naturally, a brokerage firm is in business to make money.
And, when it funds sells it can shares makela of most mutual fat commissions. With a noload fund there is. no commission charge. I more than implied that WMEC Sets Plan For Automatic Payment of Bills Western Mass. Electric Co.
announced Friday that it will launch a program which will make it possible for custoniers to have their electric bills paid automatically by their banks, through their checking accounts. Paul J. Sullivan, vice-president of WMECO, said that agreements have been reached with commercial banks in Western Massachusetts which indicate the plan will be in operation shortly after the first of the year. Under the system, a customer of the utility will receive memorandum bill notifying him of the current status of his account with the utility. One week later, the amount due will be automatically deducted from his checking account.
Thus. the customer will I have nO check to write, no stamp to buy, no letter to mail. and 10 chance of forgetting to pay the bill. "This will he the first time in New England and aniong the first in the nation that utility. customers, may, in effect, pay their bills without writing checks or making a personal visit to a business office with payment," Sullivan said.
Executives Confident Executives Confident NEW YORK (P A survey of 749 business executive they "take in stride show's call ey are confident both all income tax surcharge and rising interest Dun Bradstreet. said Friday. The research firm said it asked the businessmen to consider the possible impact of a 10 per cent surcharge on federal income taxes in 1968. It said "two out of three exno change in their companies' sales and three out of five forsee a slight decrease or n10 change in their profits after taxes." The businessmen genrally felt rising interest rates would have slight effect on their ability to borrow. it said.
with three out of four saying it would not change their firms' ability to borrow and another 14 per cent saying the effect would be slight. "Only four per cent antici-! pate: a serious problem in borrowing," it said. there. is no and difference selling, between prices (the buying of shares of a. no-load fund.
I meant. flat' out, that those prices are exactly the same. When you invest a noload fund you pay t'ne "net; asset value per share" the actual dollars-and-cents value behind each share. And, if you (sell) your shares, you also receive the net asset value per share. With most mutual funds, set however, value per share plus al you pay the net Package Machinery Sells 100,000 Shares to Dow Co.
Sale of 100,000 shares. of common stock of Package Machinery Co. of East meadow to Dow Chemical Co. of Midland, Mich. was an: nounced Friday by Roger I.
Putnam, president of Package Machinery. Putnam said the shares, au thorized but previously unis sued, will be sold to Dow at $30 per share. Dow's purchase of the shares will be for purposes. Putnam said proceeds of the sale will be added to the working capital of: Package Machinery and that further details of the agreement will be announced later. said Friday it had agreed' to sell its dental retail division to Litton Industries, Inc.
The division consists of 18 retail stores diversified in 12 states. Litton is a firm. Crescent Corp. Sells' Interest NEW YORK (UPI) Cresof its 85 per cent interest in cent Corp. announced the sale Eastern Air Devices to a group of investors headed by Siegfried Susskind, president of Eastern.
Crescent also sold its 100 per cent interests in Acton Environmental Testing Corp. land General Switch Co. and its 80 per cent interest in National (Tel-Tronics Corp. to Eastern. Friendly Pays Yule Bonuses Christmas bonuses averaging three weeks' pay have been distributed to plant and maintenance.
employees of the Friendly Ice Cream according to an announcement by Curtis L. Blake, president of the firm. Blake stated that the bonusbeing awarded for the 16th consecutive year, reflect the growth and progress realized by the company during the past 12 months. amount of each bonus been determined by careful evaluation of cach employee's record. The criteria of individual bonuses are attitude and effort," he said.
"Our system of awarding bonuses grew out of our desire to maintain the unfaltering interest that now exists among our. personnel," he added. Pound at New Low In Confused Session LONDON (UPI) -The pound Friday slumped to a new low of 2.4005 against the dollar in what dealers called "the most confused session since devaluation." The currency fell victim to the worries about the world's monetary system, which mirrored dramatically by the scramble to buy gold. Wild fluctuations marked the pound's afternoon trading and market men gave a wide spread between buying and selling quotations. Europcan currencies generally moved sharply higher against the pound.
The rush to buy gold which was hitting the dollar also contributed to the pound's weakness. The dollar was reported to be propped up in some European markets. The pound closed the day at at 2.400614. Bill Signed to Give Euratom Uranium 235 WASHINGTON (P) -Reflecting the growth of nuclear power in Europe, A bill signed by President Johnson Friday authorizes the transfer of an additional 145,000 kilograms of contained uranium 235 to the European Atomic Energy Community. It also would authorize the transfer.
of a 11 additional 1000 kilograms. of plutonium Euratom and permit the Atomic Energy Commission to perform uranium enrichment services for Euratom. PRENTICE-HALL CENTER NEW YORK PrenticeHall, book publishers, plans to build a new book distribution center in Salt Lake City. The firm, headquartered in. Englewood Cliffs, N.J., said Friday it had bought an 80-acre tract south of U.S.
40 in the suburban community of: Kearns, Utah. Construction is expected to begin next spring. some risk, think about hanging on to that stock. It must be counted as a speculation but it might turn out to be a good one. I hope you understand that this column cannot give advice to buy, sell or hold individual stocks.
Each person must make his own investment decisions. Readers are invited to send their questions to Mr. Doyle in care of The Union. He can answer only representative questions of general interest. Rush for Gold Continues in Europe As More Pressure Is Put on Dollar LONDON (AP) -Rising fears about the spurred Europe's gold rush Friday.
European gold trading that was more hectic than the earlier gold tion of the British pound Nov. 18. As foreseen by U.S. Gold sales in while they were backing the peasants traditionally stuff pound during its vain struggle into their mattresses as a against devaluation, the pres-fense against inflation-reached sure has been turned full force a record 12 tons or about on the dollar. million.
The dollar fell to the ficial base and the Bank 'The dollar and gold are in- France 'had to buy dollars extricably linked. The S. maintain the price. government is pledged to sell gold at $35 an ounce. If the In Frankfurt, West German price is raised, the speculators commercial banks dumped take their profits but the dol- estimated $1M million to is in effect devaluated, government Bundesbank in with unforeseen results for the change for other European stability of the international currencies.
monetary system. Only in London did the For this reason, U.S. officials price of the pound rise. have said they are determined pound fell to a few to defend the dollar "down tolof a cent above the new the last ounce of gold." But of $2.40. 1 fears arose in Europe this week Less Hectic in Brussels that the United States will give Demand in Milan was up the fight.
but not exceptional. In Plan Is Indicated the market was heavy but Some reports from Washing- hectic than earlier in the ton indicated that the U.S. ad- and prices eased by fractions. ministration has a plan to com- In the London bullion bine the gold reserves of the which supplies most of United States and Western Eu- gold. at least 100 tons was "rope into one huge pool totaling Friday: about stration $26 to billion speculators as a that their The gold rush had demonwould not increase in building up during the gold (value.
hoard The U.S. treasury re- starting Monday at only fused to comment. 10 tons double the normal The West European nations turnover. 'The Weekly were reported reluctant to join omist estimated sales the plan, but rumors flew across $300 million in gold was (Europe that U.S. and European Tuesday, Wednesday, central bankers would meet in Thursday.
Frankfurt this weekend to discuss it. All of this could have come from the monetary The U. S. Federal Reserve come from the monetary Bank called this nonsense. serves of the nations in But, even if the bankers were International Gold Pool meeting, they would probably United States, Britain, deny it, lest word of a failure Germany, the Netherlands, leak out and damage Switzerland, Belgium and dence further.
The United States is Gold dealers in London ex- responsible for about 60 per pected some important develop- of the pool's quota. ment during the weekend, sim- Unprecedented in Zurich ply because they doubted the The Federal Resrve Bank gold market could withstand an- ported Thursday that the other week of speculation like gold stock was unchanged the past one. $12.434 billion for the weekendIn major Kuropean financialling Wednesday. But in the centers, gold was in before that, the stock and dollars were not. The price $175 million.
of the dollar fell in relation to In Zurich, Western Europe's continental currencies. largest center for gold stability. of the U.S. dollar central banks would not spend closed out a week of their defend last the $35 ounce price. of As gold for the tc markets rush touched off by devalua-(U.
they pointed out that $1.1 billion of its $13 billion reserve w'as gold held for the the gold rush reached unprece- International Monetary fund. it dented proportions. Swiss bank- which incidentally was being de-ers said the pressure came counted also in the reserves of mostly from Middle East sheiks, other countries. $19 converting their oil rovalties! With $10 billion of gold comof- from dollars into gold for fearimitted by law as backing for of the dollar would be devalued. (the dollar, less than $2 billion to Swiss bankers, confident that is left to meet the market international substantial amount of this (secret would bear fruit, advised demnd, the experts said.
and clients to sit tight. must have vanished in the an the Pr. dollar The parity heavy Brussels, less week, market, Europe's brou week, about about sold and only rere- the the West Italy. believed cent reU.S. at week declined Gold Markets Await Weekend Developments PARIS The expectation of important monetary developover the weekend sent gold trading to an historic of $17 million here today.
With the London gold pool continuing to meet the worldwide demand, prices overall held steady. Napoleon coins. the favorite of small hoarders, cased off but 2.2-pound ingots set a high, as the supply of this size fell of demand. The market had to impose a delay on deliveries. According brokers and gold dealers, 'the bulk of de(mand was coming from private (banks and other large holders of! liquid funds, both in Europe and the Middle East.
These interests have been stocking gold in anticipation of restrictions on the London market, which have been widely rumored since the Basel meeting of central bankers last Sunday. The byword in the market has been that, this happens, "gold has nowhere to go but up." Separate Rumors The gold rush was spurred by separate rumors that the dollar and the franc would be devalued over the weekend. But brokers and sellers based (their buying on an arithmetical analysis of the situation. American suggestions that $26 billion in reserves of the gold pool members were able to defend the dollar caused exasperated shrugs among market professionals here. They said the European gold rush of recent days.
That is why financial intertests looked for some major development this weekend. It was accepted that A suspension or repeal of the statutory gold coverage of dollar. which would free billion more, would dampen But there was doubt here whether that was politically possible. (c) 1967 New York Times News Service Rep. Staggers Objects to TV Transfers WASHINGTON (P Feder.
al Communications Commis. sion approval of transter. of construction permits for five UHF television stations drew criticism from a House committee chairman Friday. Chairman Harley O. Stag.
gers. D-W. of the Commerce Committee, yups. tioned the procedures followed in the case and said he plans to hold hearings and summon the principles to testify. Staggers voiced his displeasure at a hearing atten.lei by six of the seven members ci the FOC.
FCC Chairman Rosel H. Hyde defended the 4-3 3 decision announced Monday in which the FCC approved the transfer of construction permits of the five UHF TV stations from D. H. Overmyer of Toledo, 0., to the U. S.
Communications 2 subsidiary of the diversified investment company, A. V. C. Corp. There was no opposition to the transfer of the stations, and that financial difficulties made Overmyer unable to g' ahead with the stations.
commission as -it'o known) of up to 9.3 per when buy. And, if you re deem, you receive the net asset value per share. So, it stands to reason that a brokerage firm will sell the funds with commissions. When you want to buy shares of no load fund you normally deal directly with that fund. But some brokerage firms will arrange for their customers to buy shares of no-load funds.
Even then, the brokerage firms don't collect commissions on those sales. They do, however, 'get commissions when they buy and sell stocks for the no There's funds. nothing unusual about that. All mutual funds (load a and and no pay load) buy, commissions and sell to stocks brokers. Q.
I was given five shares of Texas Gulf Sulphur stock. sell this a stock and put the Friends are advising me to money in a savings account. saying I would get more in-. terest. What is your opinion? I don't know a thing about stocks.
A. For someone who doesn't know stocks, you surely fell into nice As pound this through the typewriter," Texas Gulf Sulphur- stock is selling above $130 a share. It's "been one of the high flyers the market- trading as low as $96.75 and as high as $160 just this year. The dividend on this stock. however, is now only 40 cents a year.
That works out to a current yield of only 3-10th of one per cent on its current market If you need income the natural move would be to sell and put it. in a nice, safe savings account where you can get good interest. But, if you don't need extra cash and can afford to run Mobit Oil Corporation Void whor* prohibited Only licensed el gibe bi We pay cash on the line. When we set up our "Winning Line" game, them so far. Which means we've been giving we decided to keep things as simple as possible.
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