TUESDAY, JANUARY 26, 1982 THE HERALD-PALLADIUM, BenUn Hartor St, Jtseph, Michigan PAGE TWENTY-FIVE NEWS OF MARKETS New York Stocks TTTw As quoted by WM. C. RONEY 119 MAIN ST. JOSEPH 1981 Yesterday's Close Flurries. I fl 1 pef oluf et tj ol Worm 40i Showers Stot.onory Occluded 50" NATIONAL WIATMER StRVICI.
JKfYtttfl NOAA. Dept of Commerce, TODAY'S WEATHER MAP Rain is expected until Wednesday morning from Minnesota and the upper Great Lakes into the lower Midwest. Snow flurries are forecast for the northern Plains. Cold weather is forecast from Minnesota to the Northeast. Warm weather is expected for the southern half of the country.
(AP Laserphoto) Chance Of Snow Tonight By ASSOCIATED PRESS Southwestern Michigan: Tonight, mostly cloudy and windy with a chance of light snow late. Lows in the low to mid teens. Wednesday, continued cloudy and windy with a chance of snow possibly mixed with rain. Highs in the mid 20 to near 30. Winds 10 to 15 mph today becoming southwesterly 15 to 20 tonight and Wednesday.
Probability of measurable precipitation: 30 percent tonight and 40 percent Wednesday. LAKE MICHIGAN Gale warnings issued. Northwesterly winds 15 to 25 knots, becoming southwesterly during the day and southerly, increasing to 35 to 45 knots tonight. Snow showers. Waves increasing to 7 to 14 feet late tonight.
EXTENDED OUTLOOK Lower Peninsula Widely scattered show showers each day Thursday through Saturday. Highs in the 30s Thursday and in the 20s Friday and Saturday. Lows from 5 above north to the teens south. WEATHER PCITURE The highest temperature Monday in Michigan was 20 at Grand Rapids. The lowest temperature overnight was minus 11 at Sault Ste.
Marie. The normal high temperature in Detroit for Jan. 26 is 1981 High Low 26 51 23 35 23 27 49 65 31 27 36 59 49 54 32 11 39 53 20. 59 11 65 51 80 14 174 38 28 63 62 3 10 35 25 37 34 27 21 6 35 12 25 15 19 22 48 18 19 21 33 23 33 16 3 21 40 15 36 8 29 35 45 8 118 24 13 44 45 1 5 23 17 19 23 17 10 Yesterday's Close Alcoa 23 Allied Ch 39 Am Can 32 Amer Elec Pwr 16 Am Motors 2 Am Tel 4 Tel 59 Am Brands 36 A.M.F. 22 Atlanta Richfld 41 Avco Ball Corp.
30 Beth Steel 21 Boeing 20 Brunswick 24 Burroughs 31 CSX 53 Chrysler 4 Cities Svc 7 Comsat 60 Consumers Pwr 16 Contl' Group Inc. 30 Curtice Burns A 24 Dow Chem 23 DuPont 35 East Kod 71 Esmark, 47 Exxon 29 Ford Mot 17 Gen Elec 58 Gen Fds 29 General Mills 33 Gen Motor 38 Gtm Tel Elec 30 Gen Tire 19 Gillette 31 Goodyear 18 IC Ind. 31 Int Bus Mchs 62 High Low 37 '22 59H 39 45 28 18 15 4 2 61 47 46 17 28 19 66 38 32 16 36 24 32 19 44 20 25 13 55 27 60 41 7 3 69 35 67 41 19 15V 40 30 28 15 39 23 56 35 85 60 57 38 41 29 26 15 69 51 35 27 39 26 58 33 34 24 29 18 5 27 20 15 41 28 71 48 Firm Petitions Under Chapter 11 LOCAL LISTED SECURITIES Supplied by FIRST OF MICH. CORPORATION, 810 Ship St. Joe.
1981 Yesterday's High Low Close 69 37 36 67 52 54 38 26 27 34 23 30 24 16 18 35 24 26 10 5 6 15 10 11 16 13 14 78 48 49 30 18 24 17 8 8 American Metals-Climax Bendix Corp Clark Equip Consolidated Foods Hoover Universal Inc. Hammermill Paper Hayes-Albion Corp Mich Gas Utilities National Standard Schlumberger Whirlpool Corp Wickes Corp INVESTORS' GUIDE Capital Gains Tax No Mind-Bender 32. The normal low is 17. The record high for this date in Detroit was 64 in 1944. The record low was minus 9 in 1897.
The sun sets today at 5:40 p.m., rises Wednesday at 7:52 a.m. and sets Wednesday at 5:41 p.m. Here are highs, overnight lows and precipitation amounts in cities across the state: Hi Lo Pep. 14 9 tr 17 6 tr 17 -3 0.00 16 6 tr 20 0.01 9 5 tr 17 5 tr 14 9 0.17 16 10 tr 11 -8 0.00 18 13 0.01 15 3 tr 14 7 0.00 11 -11 tr 19 8 0.01 Alpena, snow Detroit, ptcldy Escanaba, clr Flint, cldy GRapids, cldy Houghton, snow H'ton Lke, cdy Jackson, clr Lansing, cldy Marquette, clr Muskegon, cldy Pellston, snow Saginaw, clr SS Marie, cldy Trav Cty, snow Buy Bell, Ferrency Asks State LANSING Mich. (AP) Michigan Bell, facing divestiture from American Telephone and Telegraph should be bought by the state, one candidate for governor says.
Liberal Democrat Zolton Ferency, a Michigan State University professor, activist lawyer, Ingham County commissioner and frequent political candidate, says the state could make Bell a "true public service" utility. Michigan Bell is one of 22 subsidiaries the giant communications company is due to shed to settle the U.S. government's 13-year-old anti-trust case against it. Ferency said Monday the pending divestiture represents a "golden opportunity" for the state to provide better telephone service at less cost to its residents. Low-income, elderly and unemployed people in Michigan "who have the greatest need for telephone service" could have it guaranteed by the state, Ferency said.
The state has condemnation powers which would enable it to take over the company, Ferency said. He would have the state buy out stockholders with revenue from government-backed bonds, and pay off the bonds with Bell profits. Told of the Ferency proposal; Bell news relations manager William Hensley said: "World travelers consistently report that where governments own the phone company, rates are higher and the quality of service is lower." Michigan Bell, with nearly three million customers, is by far the state's largest provider of telephone service. State utility regulators have warned that the pending divestiture, which is to cut Bell off from revenues for long-distance calls and yellow pages advertising, could mean a doubling or tripling of Bell rates to keep the utility financially healthy. Michigan Bell is worth an estimated $5 billion.
IntHarv Int Pap Inco LTD Int Tel Tel art Kroger MacDn'l Doug Minn. Mining Nat Gypsum Olin Corp. Penney, JC Phill Pet Polatch Corp. Raytheon RCA Republic Air Reyn Met Reyn Ind Sears Roeb Shell Oil Simplicity Pat Sperry Rd StdOUCal Std Oil Ind Sta-Rite Teledyne Textron TWA Union-Camp Un-Carbide United Foods Uniroyal US Steel Warn Lambert West Un Tel Westinghouse Woolworth Zenith Rad 7 35 13 28 15 25 29 54 19 20 28 39 25 34 16 4 21 45 16 36 9 32 35 45 10 131 24 14 44 45 2 6 25 21 33 23 17 10 Dollar Mixed; Gold Up LONDON (AP) The dollar was mixed against major foreign currencies, in early trading today. Cold prices edged up.
In Tokyo, where trading ends just as it begins in Europe, the dollar strengthened for the fifth consecutive day, closing at 229.30 yen, up from Monday's finish of 228.65 yen. The British pound edged up to $1.8555 from Monday's late rate of $1.8518. Other morning dollar rates in Europe compared with Monday's late rates: 2.3365 West German marks, down from 2.3410 1.8682 Swiss francs, down from 1.8717 5.9525 French francs, up from 5.9470 2.5605 Dutch guilders, down from 2.5635 1,250.50 Italian lire, down from 1,252.25 1.1973 Canadian dollars, down from 1.1984 London's five major gold dealers fixed their recommended midmorning sales price at $373.50 an ounce, a gain of $1.50 an ounce from Monday's late rate. Bullion traded around $373.50 an ounce in Zurich, up $2 an ounce from the previous session. Silver was quoted at $7.80 'an ounce in London, up 4 cents from Monday's late rate.
Local Grain BUCHANAN CO-OP BUCHANAN, MICH. New Soybeans, $6.10, down 2c. New Corn, $2.37, down 2c. New Wheat, $3.43, down 3c. Soybeans, $5.90, down 4c.
Shelled Corn, $2.35, down 3c. Ear Corn, $2.35, down 3c. Wheat, $3.35, down 6c: Oats, $1.75, steady. These are markets as of this morning prior to the opening of the Chicago Board of Trade. NAZI WAR CRIMES WASHINGTON Twenty-two Nazi leaders were convicted of war crimes by the International Tribunal ifNuremberg in 1946.
stock at current high financing and energy costs. During the past two years, Hughes Hatcher has conducted a major streamlining program, including closing unprofitable stores and remodeling some older stores, Doktor has said. The clothing chain has been sold twice in the past four years. A hearing on the bankruptcy proceeding would be set for late February before Judge Joel Lewittes, Ms. Filipiuk said.
Officials at United Department Stores were not available for comment late Monday. Del Bright, vice president at Hughes Hatcher in Detroit, declined comment. Besides Hughes Hatcher, the subsidiaries of United are Denby Stores Sattler's Outlet Department Stores, Rothschild Brothers, and S.P. Dunham Zirinsky said. John Przybysz Named Division Sales Manager John T.
Przybysz has been promoted to general sales manager of the Jack Division at Auto Specialties Manufaturing St. Joseph. In an announcement of the promotion in Saturday's Herald-Palladium, the word "sales" was inadvertently omitted. Earnings Dip For Edison DETROIT (AP) Detroit Edison Co. earned $38.5 million in the final three months of 1981, down 10.1 percent from the fourth quarter last year, the electric utility says.
An Edison statement attributed the decline primarily to lower kilowat-thour sales, higher operating expenses and financial costs and a substantial increase in the average number of common shares NEW YORK (AP) The parent firm of a Detroit-based clothing store chain has asked for court protection from its creditors while it reorganizes under federal bankruptcy laws, court officials said. Irene Filipiuk, deputy clerk at the U.S. Bankruptcy Court in New York, said United Department Stores Inc. filed a petition Monday for reorganization under Chapter 11 of the Federal Bankruptcy Act. Detroit-based Hughes Hatcher Inc.
and five department store operations in the Midwest and Northeast are subsidiaries of United, Bruce Zirinsky, a lawyer the firm, said Monday. Hughes Hatcher is a men's and women's apparel store and the largest of the subsidiaries, Zirinsky said. Under Chapter 11, a company seeks court protection from creditors' lawsuits while it proposes a plan of reorganization. The 72-year-old Hughes Hatcher, which recently announced the closing of six Michigan stores, owes creditors $9.7 million, Zirinsky said. Hughes 4c Hatcher President Thomas Doktor has said the chain has been plagued by outmoded, too-large stores which it could not afford to maintain and Mrs.
Darda, the suit claims, incurred "pain, suffering and mental anguish, physical distress and embarrassment, and continues to have nightmares" about "foreign matter" in the bottle. Her attorney, Frederick Royce of Kalamazoo, said he had the bottle analyzed and found that it contained extensive bacterial growth. He said the bacteria was yellowish in color, and shaped like a nickel. Royce said that when Mrs. Darda picked up the bottle, the cap was partially ajar, indicating that air had leaked into the bottle, causing the bacteria to form.
Stocks Open Higher NEW YORK (AP) The stock market headed higher today, following through on Monday's late upswing. The Dow Jones average of 30 industrials rose 2.28 to 845.03 in the first half hour. Gainers took a 5-4 lead over losers in the early tally of New York Stock Exchange-listed issues. Traders appeared to have been encouraged by a decline in interest rates in the bond and short-term money markets Monday. But analysts said several obstacles remained in the path of any significant rally in stock prices.
For one thing, they said, investors were likely to proceed cautiously as they waited for President Reagan's State of the Union message tonight. Also looming in the immediate future was the federal government's quarterly announcement, expected Wednesday, of its borrowing plans. Today's early prices included Phillips Petroleum, up at 39 Weyerhaues-er, off at 25ft, and Schlumberger, unchanged at 49. On Monday the Dow Jones industrial average recovered from a drop of almost 9 points at noontime to finish with a 2.28 loss at 842.75. Declines held a 5-2 edge on advances at the NYSE.
Rig Board volume totaled 43.17 million shares, against 44.37 million in the previous session. The NYSE's composite index slipped .14 to 66.64. At the American Stock Exchange, the market value index was down .39 at 282.62. Market In Brief N.Y.S.fc. issues Consolidated Trading Monday.
Jan. 25 Volume Shares 49,295,000 Issues Traded 1,883 Up 428 Unchanged 399 Down 1,056 N.Y.S.E. Index 66.64- .14 Corrip. 115.41 .03 Dow Jones Ind. 4p 842.75 2.28 RETREAT: Stock market lost more ground Monday amid new concern over interest-rate outlook.
Trading was moderate. Dow Jones average of 30 industrial stocks, off almost 9 points at noontime, finished with a 2.28 loss at 842.75. Declines held 5-2 edge on advances at New York Stock Exchange. (AP Laserphoto) Japan's Output Up Slightly TOKYO (AP) A weak domestic market and res trictions on exriorts to the United States, Canada and Western Europe held Japan's vehicle production to 11.18 million in 1981, up only 1.2 percent from the previous year, the Japan Automobile Manufacturers' Association said today. JAMA said the pace of production for cars, trucks and buses slowed sharply from 1980, when the number of units produced was up 14.6 percent from the year before.
Total production of passenger cars was 6.97 million, down 0.9 percent from 1980, they said. Output of the small car models which have earned Japan a dominant position in the world auto market dipped by 2.2 Percent to 6.3 million. Other Hospital Admissions On Following Page A. The first answer is "yes." The second answer is "no." When you move an investment from one mutual fund to another, you redeem your shares in the first fund and then buy shares of the second fund. The redemption of mutual fund shares is a sale.
If you have a profit on the sale, you have a capital gain. You are required to report it as such on your income tax return and pay whatever tax is due. It makes no difference whether you switch from one mutual fund organization to another or stay within the same so-called "family of funds." Many mutual Suit Blames Beer For Nightmares fund organisations hay The Hong Kong gold mar-groups or "families" of ket remained closed for the funds and make it easy foriunarNew Year's holidays. Sell with ClaulflKb Ph: ttt-MM By BILL DOYLE Q. I am baffled by the 20 percent capital gains aspect of the new federal tax law.
I bought 240 shares of bank stock many years ago for $2,800. Last year, that bank was bought by a larger bank and I received $25,200 for my stock giving me a $22,400 profit. Because I had owned the stock for more than a year, my profit was a long-term capital gain. I am in the 32 percent federal income tax bracket. Do I pay tax on 20 percent of the $22,400 profit? Or, must I assume the new tax law is only for the truly disgustingly rich? A.
You pay federal tax on 40 percent of your long-term capital gain, just as everyone rich or otherwise is required to do. What you call "the 20 percent aspect" comes into play only for people in 50 percent of their long-term capital gains in tax and now pay 20 percent. People in lower tax brackets including you pay less. When you file your 1981 federal tax return, you add $8,960 40 percent of your $22,400 long-term gain to your other taxable income and pay tax at whatever rate applies to the total number. If you're in the 32 percent bracket without the capital gain, adding $8,960 to your other taxable income will probably put you in the 37 percent bracket.
So, you should end up paying a tax of 14.8 percent 37 percent of 40 percent on your long-term gain. Those rich folks you men tion have to pay tax of up to 28 percent 70 percent of 40 oercent on long-term capital gains realized be- fore June 10, 1981. The new tax law limits the tax on long-term gains taken on and after that date to 20 percent 50 percent of 40 percent. That change is in line with the reduction in the top federal income bracket from 70 percent to 50 percent, effective Jan. 1.
The new tax law, however, made the reduction in the maximum tax on long-term capital gains retroactive to June 10. Q. I Invested in a mutual fund some years ago. The fund has done reasonably well and my investment Is now worth somewhat more than the money I put in. But other mutual funds seem to be doing much better.
Will I be taxed, if I transfer my in- vestment from this mutual fund to another? If the answer is "yes," can I avoid the tax by transferring to a different mutual fund in the game "family of funds?" By DENNIS COGSWELL Paw Paw Bureau PAW PAW Nightmares have been known to drive some people to drinking. A Decatur woman is claiming that a bad bottle of Miller High Life beer has caused her nightmares. Georgiana Darda claims in a lawsuit filed in Van Buren Circuit Court that she became "violently ill" after looking at a contaminated bottle of beer she bought at a Keeler grocery store last Oct. 18. The suit asks for unspecified damages against the Miller Brewing Co.
of Milwaukee and J.L. LaPine Enterprises, operator of Fosters Grocery Store. Lee Memorial Hosp. DOWAOIAC ADMISSIONS Dowagiac Peter Allen; Brooke Castman; Mrs. Erwin Hall; Harmon Ferguson; Theresa Thomas; Jodie Carpenter.
Casso-polis Mrs. Lloyd Edgar. Decatur Sadie Feen-stra; Irma Raspin. PAY per annum ISE the 1 Peoples State Bank investors to transfer from one to another with the family. But that doesn't change the investors' tax.
When you redeem shares of one mutual fund at a profit, you have a tax liability no matter what you do with the money. Q. A municipal bond I owned matured last year and I receved the $5,000 par value. When I bought the bond, I paid $5,125. On my income tax return, can I report the $125 "premium" as a capital loss? A.
Nope. The total amount you paid for the bond par value plus premium was the price you paid to receive interest free of federal income tax over the life of the bond. Doyle welcomes written questions, but he will be able to provide answers only through the column. Patcating Hospital NILE ADMISSIONS Niles Mary McCarthy; Jane McMichael; Matthew Pod jan; Mrs. Jose Rodri-quez; Emma Schram; Mrs.
Emerick VanLue; David Wilson; Marie Winston. Buchanan William Baker; William Holliway; Sylvia Horvath; Amy John- son; Roy Naragon; Robert Travis Cassopolis Barbara Dungey. Dowagiac Angela Gar- relts. Galien Eugene Draper. Jones Augusta Wilson.
South Bend, Ind. Charles Donica. BIRTHS Niles Girl, 8 pounds 4 ounces, Mr. and Mrs. David Lingle, 7:07 p.m.
Monday, Eau Claire Boy, 7 pounds 3 ounces, Mr. and Mrs. Timothy Ferry, 1:35 p.m. Monday. The Peoples State Bank NTOW MADE IT WILL 3.780 VISA ON 6-MONTH MONEY MARKET CERTIFICATES Effective Jan.
2S, 1S32 tfiru Mb. 1, 1S32 A PSB 6-month Money Market Certificate earns the maximum current interest allowed by law and matures in iust 182 days. Compounding of interest on these certificates is prohibited by Federal regulations, and a minimum of $10,000 is required. Withdrawal prior to maturity requires a substantial interest penalty. All deposits at PSB are insured up to $100,000 by the F.D.I.C.
NOW PAYING 10.76 ON ALL SAVER CERTIFICATES Yes. Now You Can use Your Master Card Visa For newspaper Subscriptions and All Your Herald-Palladium Advertising 1 1 FOR COMPLETE INFORMATION CALL teroUMioUaMum it)e Ph. 429-2400 ST JOSEPH. MICHIGAN MEMBER I Downtown Coloma Millburg Napier Ave. Scottdale South St, Joseph Watervliet.
