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Southern Illinoisan (Newspaper) - December 31, 1974, Carbondale, Illinois PUBLICATION OFFICI CtrbendaU Murphyiboro Htrrin 719 N Illinois 1113 Walnut 212 N Southern Illinoisan Hrrln Jouriil Murphybore IMWMM 010176 LIBRARY LS NEWSPAPERS BOX 62535 MNo 315lSc Copy Two Sietlon SUCOMHT to Cirbondlt Frt Htrrln Jouriil Murphybore TUESDAY DEC 31 1974 Gold futures trade wild New York AP initial public response today to the first day of legal gold bullion trading in the United States in 41 years was rather quiet banks and brok erage houses reported But at various commodities exchanges dealing in contracts for future delivery of gold ac tivity was unusually brisk Trading on both the New York Mercantile Exchange and at the Commodity Exchange Inc also in New York was halted only minutes after it began to allow traders to catch up with an influx of orders Its a wild house here a But public response is quief on first day of legal trading spokesman at the New York Mercantile Exchange said January 1975 contracts opened at per troy ounce on the New York Mercantile and at at the Com modity Exchange On the Mercantile contracts are for one kilogram 32151 ounces On the Commodity Exchange contracts are for 100 troy ounces At the opening price one Mercantile contract would cost about One Commodity Exchange contract at the price would cost At Merrill Lynch Pierce Fenner Smith Co in New York the nations largest brokerage a spokesman said there appeared to be wide spread interest in futures trading but he added that most of the early buying was being done by professionals in cluding jewelers and dentists with experience in the metal At a Merrill Lynch office in Providence R L however commodities specialist Charlie Sedlak said People arent knocking any doors down to purchase gold Its no land rush business The inquiries have been good but purchases have been low A spokesman for a brokerage house in Springfield Mass i Things have been very quiet here so far Weve had several small orders but theres been no stampede In New York Sen James L Buckley was among the early bird purchasers buying 2 ounces at am EDTi In Los Angeles actor Dean Jones purchased a twoounce gold bar and promptly bit it to see if it was good He left teeth marks In Scuthfield Mich Carlen ne Brown 12 purchased quarter of an ounce of gold for S5279 It was part of a ship ment brought in by helicopter from Canada Area has no gold rush Its all yours son Renewed under amendment he backed Choate denies conflict on brokers license Springfield AP Rep Clyde Choate DAnna a principal contender for speaker of the Illinois House has denied any conflict of interest in leg islation which allowed him to renew his real estate brokers license without an examina tion May 2 1973 the House amended and passed a bill to permit brokers whose licenses had expired for more than five years but less than seven years to be reinstated without exam ination by paying a year and a penalty payment Choate the House Demo cratic leader voted present on the final bill in the House but voted in favor of an amend ment to the bill that moved the deadline for reinstatement from five to seven years ac cording to records Choate said Monday that he field a brokers license for more than 20 years until it expired five to six years ago Choate added that hes been inactive in the past 15 to 17 years in real estate affairs The veteran Southern Illinois legislator paid the sum after the lawwent into effect Oct 1 1973 and received his new li cense last January I cant remember whether voted on the amendment or not Choate said I certainly wouldnt be hanging out for something from a selfish standpoint As far as needing a license I sure as hell didnt need one so badly as to be concerned with this bill Ive got a lot of prop erty and I havent been selling any lots but some day Im going to retire and subdivide and I dont need a license to sell my own property Clean NYHijfJi Honor student arraigned in sniper slayings of 3 Clean N Y AP An honor student who was one of the best marksmen on his high school rifle team was arraigned on three counts of seconddegree murder today in the sniper slayings of three persons at Olean High School Anthony Barbaro 17 dressed In jeans and a white Tshirt stood between two guards while being arraigned in a heavily guarded courtroom Barbaro said nothing during the brief session as a lawyer entered an innocent plea for him A hearing on the charges was scheduled for Friday Barbaro a senior at Olean High was accused of killing the three hi a shooting spree from a room on the third floor of the hiizh school Monday Eleven other persons were taken to hospitals with wounds or cuts from flying glass Police captured Barbaro aft er storming the room with tear gas They found him on the Antisniper team planned PAGE 3 floor wearing an apparently defective gas mask They said he was not injured but was overcome by tear gas The courtroom was jammed with reporters and spectators many of them young people as Barbaro was led in for ar raignment before Judge James Crowley of City Court Defense lawyer James Kehoe entered innocent pleas for the youth and waived a reading of the charges Kehoe said he was reserving the right to challenge the validity of the information or facts upon which the charges were based Walker orders hiring halted Dist Atty Richard Dawson of Cattaraugus County told re porters that seconddegree murder was the most serious charge that could be filed against Barbaro at this time Dawson said this was be cause of Barbaras age and because no police officer was killed He indicated that a grand jury would be able to consider other charges After the shooting began Monday police cordoned off the neighborhood They also brought in a National Guard tank to shield rescuers trying to reach wounded while the sniper was still holed up in the school Authorities said they did not know why the youth a son of a manufacturing firm executive went on the shooting ram page No pa per Wednesday The Southern Illinoisan will not be published on Wednesday Jan 1 New Years Day a national holiday Gold is not one of your hot selling items in Southern Illi nois today the first day of legal sale of the metal Some banks in the area say they can order it for you from another bank in St Louis but theyre not pushing it In fact they warn against it A sampling of banks and stock brokers this morning re vealed little public interest in purchasing gold The First National Bank and Trust Co of Carbondale report ed no sales or even inquiries about gold today Gilbert Logel vice president and trust officer at the bank said he received two inquiries Monday but only of an ex ploratory nature He said no one had approach ed him about gold by late this morning Rowland and Co of Carbon dale which handles gold fu tures reported no trading acti vity by late morning Bankers are advising inves tors to be cautious about buy ing gold The yellow metal is a highly speculative investment they say and may not be profitable unless it is bought in large quantities The First National Bank and Trust Co of Carbondale will not keep gold in stock but will sell it through its correspondent banks in St Louis the First National and the Mercantile Bank bank President Charles Renfro said Were not a bit enthused about it he said but the bank will sell it if customers want it The bank is not recommend ing gold as an investment be cause it is a high risk item An officer of the University Bank of Carbondale said his bank will discourage buyers from investing in gold Its kind of a risky business The officer who asked that his name not be used said the price is often higher than people think A troy ounce of gold that cost can often actually cost the buyer about Besides the 5 per cent sales tax there is the safe keeping fee and insurance then when the customer wants to sell a to assay has to be made he said Both o Carbondales stock brokerage firms I M Simon and Rowland and Co plan to sell gold S R Schoen a partner in Rowland and Co said the firm will be selling gold futures on the Chicago Board of Trade the international monetary market and the London Mar ket Gold futures will be sold like other commodities such ai wheat and corn The buyer takes contract for delivery of the goods in a certain month when the contract is due the buyer can take possession or sell Schoen said Charles Lerner a senior part ner in I M Simon and Co said his firm probably will break into the gold business within the next few weeks Murphysboro banks do not plan to handle gold as a coun ter product City National Bank President Raymond Burroughs said the bank does not intend to have any gold on hand but can spe cial order it Ernest Miller vice president of First National Bank said his bank will follow the same policy making special orders only on request Both bank officials anticipate minimum interest in gold Lewis Grit Berkbigler of Berkbigler Jewelry said he does not plan to handle any raw gold for sale but can ob tain gold on special order re quests Berkbigler said he does not anticipate any great demand for gold due to the price Apparently no banks in Marion will be stocking gold for sale to the public However t h e Bank of Marion will order gold for customers and Bainbridge Jewelry Co of Marion is con sidering ordering gold for cus tomers The Du Quoin National Bank is not handling gold directly either says C G Bauer bank president We wouldnt touch the stuff with a 10foot pole he said If they want it well get it for them but only through a correspondent bank in St Louis Bauer said The Bank of Benton will not be handling the sale of gold according to Howard L Payne president We just dont have the man power to cope with this type of situation Payne said Charles Helleny executive vice president of the Herrin Security Bank said the bank is not handling gold because of the security risk and the fluctuation of the market prices ofgold There are two banks in St Louis First National Mer cantile and Bank of St Louis who are selling it but I dont know of any banks around here that will get involved Helleny said Gold drops sharply in European markets London AP The price of gold fell sharply on Europes major bullion markets today as dealers awaited returns from the first legal gold dealing in the United States in 41 years In New York the initial pub lic response was quiet But it was brisk at commodities ex changes dealing in contracts for future delivery of gold January 1975 contracts opened at an ounce on the New York Mercantile Exchange and at at the Commodity Exchange In London the price was fix ed for afternoon trading at an ounce down from at the morning fixing and down almost from Monday afternoons fixing of S195 25 In Zurich Europes other major bullion market the year end closing gold price was an ounce a flat below the Monday record level It opened at this morning Zurich dealers said the mar ket seemed to have been over bought in the past few days London dealers said the drop was due more to profit taking than to any direct reaction to the legalization of gold trading by American citizens They said the market will remain cautious until the trend of American trading develops later n the day RAIN Springfield AP Gov Daniel Walker has an nounced he will stop hiring new state employes for all but a few essential jobs in agencies under his control The new Walker costcutting program an attempt to avoid future state tax increases stops short of the layoffs of state employes that the governor had said were im minent earlier in the mon ii But Walker said Monday layoffs might yet come if the recession deepens and revenues decline sharply The governor said the freeze go hiring and other economy measures would save mil lion in the current fiscal year and a similar amount in the fiscal year beginning July He said the total number of employes under his control an estimated 55000 would not be allowed to exceed the Dec 31 1974 level Older employes will be encouraged to retire and they and other employes who quit or are fired will not be re placed the governor said The only new employes to be hired Walker said will be in critical people service areas such as corrections casework ers and direct patient care personnel Ford vetoes strip mining regulations war after the act bill by mid Occasional rain tonight low in the 40s Cloudywith rain likely Wednesday high in the 40si Partly cloudy and colder Thursday through Saturday with highs in the 40s INDEX Classified 11 Comics TV Bridgt Crossword 15 Editorials 4 Family MviBfl Rcord 134 Sports Wwrtfctr dtfilli New York Times News Service And Associated Press Van Colo President Ford pocketvetoed two highly controversial bills Monday One would have re quired that 20 per cent of the oil imported into the United Statesbe carried on U S ships The other would have put stringent new restrictions on coal strip mining On the mining control and reclamation bill Ford said he was withholding his approval because it would have an ad verse impact on domestic coal production it a time when nation can ill afford significant losses from this critical energy source Hevsaid he could not ap prove the measure giving pre ference to American ships be cause it would have an adverse impacton the U S economy and its foreign relations and would create serious inflation ary pressure by increasing the price of oil He said it also would serve as a precedent for Bother countries to increase protection of their industries Ford rejected both measures by withholding his approval The pocket veto is a miiner form of disapproval than tht outright veto The White House had an nounced earlier that Ford would reject the stripmining bill Ford rejected the strip mining bill over the objections of both his interior secretary and chief energy adviser Rogers C B Morton and his director of the environmental protection agency Russell Train Morton had said that unlessthe President signed this bill an even more restrictive measure would be passed by Congress next year In his memorandum of dis approval Ford Mid by 1977 the first year after the act would take full effect the Federal Energy Administration has estimated that coal pro duction losses would range from a minimum of 48 million tons to a maximum of 141 mil lion tons Of 115 bills stffi awaiting Fords attention fewer than a dozen qualify as major legisla tion Ford plans to sign one of the measures the admin istrations longsought trade bill after returning to Wash ington Thursday from his work andski holiday in tee Rockies The President must sign the bill by midnight Saturday Two other major pieces of legislation with the same sign ing deadline may be dealt with at Washington ceremonies These are emergency anti recession bills to create public service jobs and extend unem ployment compensation bene fits Other pending major measures with varying dead lines would permit bigger trucks on Interstate highways increase the floor under dairy price supports create a com mission to look into federal in vasions of privacy and define a national health policy
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