Cedar Rapids Gazette, December 1, 1974, Page 156

Cedar Rapids Gazette

December 01, 1974

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Issue date: Sunday, December 1, 1974

Pages available: 314

Previous edition: Saturday, November 30, 1974

Next edition: Monday, December 2, 1974

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All text in the Cedar Rapids Gazette December 1, 1974, Page 156.

Cedar Rapids Gazette (Newspaper) - December 1, 1974, Cedar Rapids, Iowa IOO TV Crdar Rapids Gazette: Sun , Dec. I, 1974 Weekly .Mutual FuimI Sn iii iii ii rv NEW VORK (AP) .... Weekly Inviting Camoanies giving *he high low cmd lost prices tor the week with the net chonge •rom th* previous week s lost price All quotations, spooned by the Notional Association of Securities Gaolers. Inc reflect net asset values, prices of which securities could hee been sold High Low Lost Chg age Fund    J 84    JBJ    I    BJ    +    fie Admiralty Or wt    .111    3 31    3    14    4.    fi4 Admiralty inc    7 Bo    J B«    ?    sc,    ♦    02 Admiralty Ins    7 >0    j o?    7    to    ♦    tg Advisership    3 36 Aetna Fund    5 20 AetnolncomShr    ll 21 IS OI Afuhjre Fd n All Arter F und AllstoteStk Fd Alpha Fund AMCAPFtind AmRirthrgnt f r AmOiverslnu AmEoulty Fd Artier F voress Cooitol income lnve*tment Spenol Stock AmGrowth Fd AmlnsAlnd Aminvestpr n AmkAntuoiFd AmNatGrowth Anchor Group Growth Fund Income Reserve Spectrum Pi mom In vest Washing Not AuOO> F jntl A *e Houghton FunoA F undB Stock Fund Soencef orp PLGGrowtr. 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Invest 7.17 7 »0 7 17 4 0* Shrmn Dean n ll 3? ll 03 ll 07 SideF und A 57 A SI A 57 4 OR Sigma F unds Cooitol 4 6.1 4 S4 4 63 7 OO 4 <0 invest 7 OO 6 89 4 to 7 rustSh A 09 A 03 A 09 4 04 VentureShr 4 7ft 4 S9 4 69 4 03 SmthBorEcjt a 7 5.1 I JA 7 SI 4 IS SmthBarIAG a I 98 7 90 7 96 4 04 SoGenlnt 8 89 8 85 8 88 4 9 Southwstnlnv 5 0? 4 Cl 502 3 51 4. SouthwnlnvGth 361 3 SI Ae cs ll Soveretgnlnv Sper.tr oF-d n 8 74 8 13 8 24 4- 7 96 7 87 I Ss <4 O'* S4P I nit on a 4 50 4 43 4 49 4 06 State BondOf Common Fd I 08 ? OO 3 07 4- 06 DiversitiedF 3 55 3 SI I Si 4 OI ProoressFd 7 85 2 79 I BS 4 04 StotFormGth a 3 It J IS 3 31 4 Os Stat Farm (ne a A 96 6 0? 6 96 4 07 S'ate St I nv IO TO 79 60 29 71 f 7? Steodmon F uads Ame- lag a 2 It 2 13 2 14 + 0) AssoF T rust a 93 97 91 4 OI Invest a I QI I OI 1 02 4 OI Oceonogro A 5 SA 5 79 5 86 4 07 Stein Roe Frts Balance a 14 OO 13 7? 13 97 4 24 Coo Od a 5 87 5 7$ 5 85 4 17 Stock A 9 39 9 i9 9 36 4 TO Super v ;sd lev (Vow**1 4 44 4 .IR 4 44 4 08 Income 6 5? 6 40 A 52 4- I? Summit 5 77 5 69 5 77 4 <w» T actinology 4 BJ 4 7« 4 84 ■4 IO SurveyorFd 7 0? A 85 I 02 4 19 temp Gth Con A 79 A 18 A *9 4- ll Temoinv*d n I OOO I.OOO l.ooo 4 I on T ronsomCop A 33 A ll A 17 4 *0 YrovpieryE cjFd I Al 7 54 I ftO 4 07 T unor Medoe n * 91 8 86 8 vt) 4 lf ?(tth ( anterin I 06 I 06 I 06 4 *0 ?0tn Cent inc 3 19 J 06 J >9 4 ll T wentyFive FO 4 ll 4 71 4 77 4 OI ll USAACopGth n A TO A >0 A TO 4 US GovtSecur 9 42 9 41 9 41 USLIF E runds Ane* F u-d I n 7 At I 73 4 06 Balanced Fd A ii A IO A 1.1 4 04 ( omn-on Sts 8 NI 8 Vi 8 NI 4 11 UmtMu*uol 5 A' 5 VI 5 61 4 08 Unrtgnd 4 90 4 84 I 90 Union Svc GrP Brood SUnv 8 >8 8 85 8 >8 4 .IJ No’iovesi 4 82 4 7? i III 4 OO UnionC omtni A It A OI 6 I? 4 IO Union inct-d IC 05 IO 03 IO 0J United Funds Acc urn u It I v 4 71 * A? I 6? Bonn A AS A st A 60 04 Con*Growtn A Aft A '>6 6 67 ■4 14 Comtncome I I) I 1*9 4 06 Income 8 63 8 V) 8 6? 4 1J Science 4 58 4 19 4 58 4 ll Vanguard 366 I 55 .3 61 4 .19 L'nitSvcsFd a 5 08 4 88 4 RA 4 Pl Volga Line Fd Voigecme .1 ^ I 0? I *7 4 0.1 Income 3 28 3 74 3 JA + OI iPvrgedGrth 4 I 2 J 96 4 ll 4 >4 Spec' Sit 201 I 99 701 4 OI Vance Sanders Invest 5 .IS S ’9 4 Common 5 02 4 94 4 07 Soecioi 4 68 4 65 4 68 Vanderbilt I 29 IV 7 >9 4 03 Vant TenNmty 4 76 4 76 4 76 OI Vgriedindust 2 69 ? 64 I 69 4 04 Viking Orth n Wall StGrowth 3 94 .3 9? 3 96 4 Oft 4 46 4 17 4 16 4 09 WoshtnMutuoll 8 80 8 71 8 BO 4> 06 Aemgrtn Ea a 7 42 7 19 7 19 4 JI Weiiingtn Group E xplorer F rid >4 0? 13 86 14 07 4 08 Ives! Fund I A9 5 6() 5 69 4 of MorganF und 7 SS 7 45 7 55 4 06 TrusteesEa 7 47 7 35 7 46 4 Wellesley inc 10 04 IO 0? 10 04 4 OI Wellington Fd 7 84 I Ii I 84 4 OR WestmmBd 9 IO 9 04 9 04 IM W ndsorFund 5 4? 5 35 4 Westernmdost 1,70 1 69 I 70 4 06 Wesrtlf toGrvyth 5 09 5 1)7 4 I)? Wi .crnstnFd I 85 3 7$ J is 4 2 logier f und I 53 I 41 4 14 n No load fund Per Share Earnings Up for Futures Fund Per sharp parnin*,'* for tho nine month period endod Oft 31 for Futuna Fund. Inc.. wore $2 compared to 7*j cents for thr same period in 1X73 The ta ta rd of the firm vs huh is headquartered in fedar Rapids has de< lured a regular 15-cent per share quarterly dividend, plus an extra IO cents per share dividend Payment will ta* made Dec. 31 to holders of ret Ord De* 12 The ex-dividend date is Dec H Future* Fund has paid total dividends of ll 2S |H*r share this year to date Futures Fund is a commodity and investment firm. and utilizes an investment technique known as “compu-trend" to analyze commodity market trend changes Leaders on the Amex OI os os NL A YORK (AR) - Wee* s ten A mer ran leader- A eoriy Wee* s High sr, Sates High LO Close r ng 4". im Derail A HOustOilM ifO.MO TTH 19 j IT 4 * r* 12 •7 7 like IIM, SOO Rf 25 ll 4 ♦Is ti9 Au 27*. Synte*C Of O '0? 800 JO . 37** 373, -J** I?1 * Se B IOO y nom 96 IOC 14 83' ll 7 ♦ I • I 04 I? • 1 , F ml Son*ft 93.000 6 . 5‘ 4 56* -I 4 l/H I* Georhort Ter roCh Int 81 IOO I7v» 14 i 17** ii 0 l/N» IO . 81 IOO 16*>» 148* ten ♦ He I 9 . }•, Rov*esrcs 8i OOO 9 . 14% I'- ♦ i • V < lyj An. Agr anes 60.600 9 . I 9 . ♦ I •a oi 5 • lift Mar rid,) B VI 400 J I I A I 4 Jfte — 1 :X:X:;:-:->x-SeX;-X%s>:->:.XXrXS;X:X*x The Big Five Logistics of World Grain Trade Bv Seth S. Kinu Nfw York TirnhA Service In this year of increasing concern over world food supplies, the international L'rain trade has become even more of a frantic logistics game in which the winner is the company whose intelligence gathering, communications, transportation and intuition are better than its competitors The t oited States is the world*s biggest exporter of food, most of it In the form of grams. Last year American dealers shipped 73 r> million metric tons (2.200 pounds eac h) of wheat. corn, sovbeans and other cereals, five times more than Canada and IO times more than Australia, the setond-ancl third largest exporters And OO percent of this tremendous outflow was handled bv inst five Amel uan-based concerns — the Cargill drain Co., the Continental Grain (At Cook Industries, Inc., Drevfus and the Bunge Co., in roughly that order of •a/e and volume. Thev are the only ones with enough capital, elevator space, and shipping facilities to acquire and move grain in the quantities foreign buyers need So whoever would feed the starving, or supply the paying customers in low-production nation^ — areas of concern so acute as to have sparked a world food conference that attracted participants from more than IOU countries to Rome last month — must deal with one or more of the lug five Ctmpetitivr World Theirs is a murderously competitive world, where each company watches the others like spies in the night and any obscure piece of information can make the difference (Between profit and loss 'Hie companies believe they cannot survive unless thev can operate in as much secrecy as thew can manage And thev can manage quite a hit. .Of the big five. ( *M>k Industries. Inc , headquartered here. in the only one that is publicly owned and tho- the orth one whose financial profile i> published Look. which originally merchandised only cotton. began cxjsirting grains in 1*#U By 1X70, the margin it made in grain Nales (the difference between purchase and handling costs and the sale price, not inc hiding company operating costs) totaled >4 4 million Bv mid-1X74. that margin had risen to SXI.3 million. In the fiscal year ending in 1111(1-1X73. Cook s net income was $22.7 million. That rose to $4H,2 million in fiscal 1X74, with the bulk earned in the gram trade. Revenue climbed to $47)7 million from $2X1 million. Hut in the first quarter of the* current fiscal year. starting in June, w ith exports slowing and the* American crop available for sale shrinking, net income has dropped to $2 3 million from $9 million in the vear-earlier period logistics Contest “Selling gram in the international market is really one big logistics contest,” said edward V\ C'wik. the lanky, informal, 52-vear-old chairman and chief executive officer of Cook “What money we make depends only in part on how much we have to pac a farmer or a country elevator man for his grain. The rest depends on how efficiently and cheaply we can pick it up. move it to the (oast, and get it aboard a ship. "And that depends on what transportation we can get our hands on when it is time to deliver the grain '* The very secrecy so lev (Hi by the industry, while it may protect them from snooping competitors, who might bid up (or down) the market to spoil a sale. also has allowed the shrewder international buyers to play one grain dealer against another and against the department of agriculture In the great grain purchases •if 1X72. for example, the Soviet (.mon bought nearly $12 billion worth of grains, including almost a quarter of the total American wheat supply, before either the companies or the farmers realized what was happening. In the wake of a second Soviet attempt this year to buy American gram, in which Continental and Cook were to lie the sellers, the Ford administration has ordered all exporters to get permission for eat Ii large export sale before it is culminated But each company still goes about its business in much the same manner. They differ from (*ach other most in the amount of storage and shipping thev have and in the subsidiary enterprises thev own. ( argill Biggest Cargill, a family-owned giant with headquarters in Minneapolis, has disclosed that in recent years it had an average annual profit of $14 million on more than $2 billion in transactions. The concern owns a fleet of river barges, a small fleet of ocean-going cargo earners, and more than IOO country grain elevators Cargill also leases a 115-car train to move its grains and owns a salt mine, chemical and soybean processing plants, and 35 animal feed manufacturing plants, as well as a fishing fleet in Peru and a fast-food restaurant in Antwerp, Belgium. The ancillary, or subsider-y. interests of Cook Industries are more modest and somewhat less varied. Mere handising and processing of grains and cotton produces nearly OO percent of Cook s gross income Cook owns 14 inland storage elevators and has or is building three large coastal elevators This year it leased 1.2IMI rail hopper cars and int) barges on the Mississippi river system to carry its grain and cotton Whether a company makes an export sale at all depends either on its shrewdness rn offering the lowest bid price in public tenders, the means through which many countries buy; or on its contacts with big buyers, like the Sov iet Union. the Japanese, and the Chinese, who prefer to bargain less openly, perhaps dealing separately with several of the big five. Buy More (train To protect themselves after a sale has been made, the big traders go immediately into the commodity futures market and ht*dge their sale by buying as many bushels as they are selling This at least establishes a MorAmerica Financial Corporation idh Can you afford to miss a $7500 tax deduction? lf you ore self-employed (sole proprietor or partner), you should know about the increased ta* benefits under the Revised Keogh Plan Keogh Plan Conference Thursday, Otc. 5. 1974 7:00 P.M. ■■■■■■■■■■■■■■■■■■■■■rn Coll for reservations lf out of town, coll collect. I'm sorry I con t make it, Please send me the information abou* self-Employed Retirement plans. (Keogh) NAME ADDRESS CITY    STATE ZIP PHONE SENO TO: GAMM FL DOG I f WMK MOAR RA Am IA SWI Telephone 363-8201 An oquoi opportunity wap!oyer M*mb«r Na* York Hock etrbang* Open TW viny N.gM & Saturday Morning sm 81/2% SUBORDINATED DEBENTURES DUE JUNE 30, 1984 Interest Payable May 31 and November 30. 71/2% MORAMERICA MONTHLY MONEY These 7-1 /2% THREE-YEAR certificates are issued in SI ,000 denominations. With a minimum investment of Sb.OOO you can elect to receive your interest monthly payable by check. FOR INSTANCE IS OOO returns $31 lb monthly $10000 returns $62.SO monthly $15 OOO returns $9J. 75 monthly 61/2% ONE YEAR THRIFT CERTIFICATES Interest Payable June IO and Decembet 11 Copies of th** Prospectuses covet mg the Thrift Certificates and/or the Subordinated Debentures mav be obtained from the undersigned as licensed dealer in the securities This is neither an offer to seii hoi a solicitation of an ofter to buy These securities are offered by Prospectus only to bona fide residents of ioea who purchase for investment and not for resale The Morns Plan Securities Company 100 Amen* an Building Cedar Rapids, Iowa bl AO i hast* asking pru t*. If I hey can later buy the same amount of grain from farm elevators at a lower price, they sell their futures contract and use the elevator grain instead “When we quote a foreign buyer a delivered pr ice, we’ve had to decide beforehand how much more, above our buying price, ii is going to cost us to get it there," said Gore Gary, one of the surprisingly young vice-presidents of Look's grain division It is widely believed in the grain trade that the money Continental, the biggest seller in the massive 1972 grain deal, made on that transaction came from the shipping rates it was able to charge the Soviet In ion. With so many projections involved in a grain export sale. the so many projections of net receipts from trading can swing wildly in a year’s time And. like the farmers the trading companies income varies with the weather, the size of the American crop, and how much grain the rest of the world is producing as well as which countries have the money with which to tiny Bank Clearings Monthly Hearings for November totaled $f>4.0XI.XX2. the clearing house reported Friday. Clearings for the same month in 1X73 were $56,581.-x:i4 Total-to-date for 1X74 is $711,0X8.319, compared with the total-to-date a year ago of $667,441,114 * * * Bank clearings for Ihe week ended Nov 29 totaled $12,503,-887. the clearing house has reported. This is down from the previous week s clearings of $16,858,491 That week ended Nov. 22. Clearings for the same week in 1X73. ending Nov. 3ft. were $12,755,510(oration Company. ;

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