Here's to 1974; Beginning Hope'sCentenniol, and 76th year for Star. • -• An all-time high Our Daily Bread SHeed Thin by The Editor Alex. H, Washburn Foreign policy 1, more important than you think While the average reader takes in the local, state, and national news of his newspaper not so many attach importance to the dispatches on foreign affairs. And yet Americans with a long memory will recall that the Great Depression of 1929-33 originated in Europe and jumped the Atlantic to devastate industry, agriculture, and finance for millions of our citizens. The signs are ominous that something of the same type of disaster is building up worldwide today. Because of uncertain foreign relations around the globe there is a persistant and costly instability in the rate of exchange between the various national currencies. Bankers call it "foreign exchange"—and because of the wild and uncontrolled fluctuations in the exchange , rate some of the central banks of the world have sustained unbelievable losses. These losses are not the ones customary in buying or selling for a profit. They are losses inherent to the non-profit business of swapping, say, U.S. dollars for European currency, or vice versa. To simplify matters, the banks lose money in making necessary foreign exchange transactions forced on them by their customers. Under normal conditions, with minor fluctuations in the foreign exchange rate, central banks protect themselves by :-.. "hedging"-that is, if they bought a certain foreign '\ currency because of an in- \ternational transaction, they _ u *sold an 'equal amount for $* "future delivery," meaning W that whatever happened to the - currency in q~uestion-tn6-bank neither gained nor lost. * ". But when foreign exchange fluctuates widely from day to day it isn't always possible for a central bank to protect itself— as evidenced by several major disasters during the current year. The second-largest bank in Belgium, the Banque de Bruxelles, on Monday was reported to have taken a loss of between $20 and $25 million on the sale of German marks for U.S. dollars. The bank itself, and the Belgian Finance Ministry, refused to confirm the report- but the rumored disaster is merely another in a series of confirmed foreign exchange losses sustained by central banks. Last month the international unit of Lloyds Bank, Ltd., of London, said it sustained $75 million loss in exchange dealings at its Switzerland branch. Earlier in the year a smaller bank in West Germany collapsed and is now being liquidated by the German government due to foreign exchange dealings. The foregoing disasters were restricted to Europe. But the shock wave has reached the United States. Last month New York's Franklin National Bank collapsed because of a foreign exchange loss estimated at upward of $40 million and the bank was taken over by European-American Bank & Trust Co., an affiliate of six major European banks. None of this should be disturbing news to the American people, for the present. But it does suggest that united and drastic action should be taken to put into effect between nations the same inter- banking support which governments give to banks within their boundaries. Despite international conferences on the matter of foreign exchange there has as yet been no agreement between the world's financial powers. And unless such agreement is reached in the next few months there is an ominous chance that depression, starting in Europe may cross the Atlantic and engulf our own country. Foreign news? You'd do well to keep up with it. Hempsteod touhfy VOL. 76-^No. 4 —14 Pages Member of the Associated Press Newspaper Enterprise Ass'n. Features Home of the Bowie Knife HOPE, ARKANSAS THURSDAY, OCTOBER 17; 1974 Av, tot I ,§fpt II. Av. net paid circulation 6 months endlnp Sept, W, 1*74-4,11* As filed with Audit Bureau of Circulations, mb)««t to «ndK. with AbdH ftttea* ftf lifcjitt PRICE lOc Tanya Tucker marks 16th biirtKtlay *' - i, •>>%/> —Hope (Ark.) Star photo by Pod Rogers/ BRAD ROGERS, Hope Star supervisor, is shown congratulating Tanya Tucker, country western singing star, backstage just after her performance at the Arkansas Livestock Rodeo October 5th in Little Rock. The famous young singer of "Delta Dawn" and many other favorites drew an all time record crowd at the Rodeo. Excerpts from her performances were shown Wednesday, October 16, which was her 16th birthday, on the Harry Reasoner Special ABC-TV Report from 9 to 10 p.m. Brad was shown walking along with her after the October 5th show performance. There was no deal Ford tells panel WASHINGTON (AP) - President Ford personally told investigating congressmen today that there was no deal behind his controversial pardon of Richard M. Nixon. But he acknowledged discussing with a Nixon aide on Aug. 1 the possibility that the then-president might be pardoned should he resign. In a lengthy opening statement he read at a House Judiciary subcommittee hearing broadcast nationally by television and radio Ford said: "I assure you that there never was at any time any agreement whatsoever concerning a pardon to Mr. Nixon if he were to resign and I were to become President." Ford detailed repeated contacts he had as vice president with Nixon's staff chief, Alexander M. Haig Jr.,.and defense attorney James D. St. Clair on Aug. 1 and 2. In one 45-minute session with Haig on Aug. 1, Ford said, Nixon's staff chief reviewed a variety of options that included "the question of whether the President could pardon himself ... pardoning various Watergate defendants, then himself, fol- lowed by resignation ... a pardon to the President should he resign." Ford said: "Gen. Haig wanted my views on the various courses of action as well as my attitude on the options of resignation. However, he indicated he was not advocating any of the options." Ford went voluntarily before the subcommittee on criminal justice and the chairman, Rep. William Hungate, D-Mo., said the presidential testimony "demonstrates his commitment to be open and candid with the American people." Hungate said it was the first documented appearance by a sitting president before a committee of the Congress, although tradition holds there was an unconfirmed appearance by Abraham Lincoln before a House committee during the Civil War. George Washington appeared before the first Congress in 1789, visiting the Senate chamber to discuss arrangements for Indian treaties. The President said he met shortly after 8 a.m. on Aug. 2 with St. Clair, who told him of impending new revelations the Nixon files complaint WASHINGTON (AP) — Former President Richard M. Nixon filed a suit in federal court today to retain custody of millions of documents from his administration. Nixon asked the court to order presidential counsel Philip W. Buchen and two other government officials not to produce or disclose any presidential materials to anyone other than himself. In the complaint Nixon said that he had entered into an agreement with the Ford administration to house his presidential materials and personal records in California but that the White House has not honored the agreement. lawyer regarded as "so damaging that impeachment in the House was a certainty and conviction in the Senate a high probability." On the afternoon of that day, Ford said he telephoned Haig and "told him I wanted him to understand that I had no intention of recommending what President Nixon should do about resigning or not resigning, and that nothing we had talked about the previous afternoon should be given any consideration in whatever decision the President might take." Ford said he had decided that, as vice president, he "should endeavor not to do or say anything which might affect his President's tenure in office." At another point in his statement, Ford said: "At no time after I became President on Aug. 9, 1974, was the subject of a pardon for Richard M. Nixon raised by the former president or by anyone representing him. Also, no one on my staff brought up the subject until the day before my first press conference on Aug. 28,1974. At that time, I was advised that questions on that subject might be raised by media reporters at the press conference." ic re ions must be H are told Action will be taken against violators By ROGER HEAD Star Feature Writer In a speech to students at Mope High School Wednesday, Municipal Judge John Wilson .said that persons found guilty of "a first offense for a moving Violation in any school zone will have their licenses suspended for not less than thirty days. Wilson and Mayor Sam Strong appeared before the segment of the student body to warn of the consequences of .their failure to follow traffic regulations. In addressing the students in an assembly, Strong said that they were not singling out the students as primary offenders, but that the problem involved the whole community. He said his remarks applied to everyone in town. Strong said that because of complaints by citizens and groups of racing on city streets and other traffic violations, something needed to be done. Commenting about the situation, Strong said, "I was talking to a man the other day from Texarkana and he said to me, 'You sure have a good drag strip in Hope.' We're getting a reputation^ other cities," Strong adii|B. Stronajsail^that he had the v speed IjJmt raised frong25 miles per hour;. toljlijfcHo msike it a •v/orking law; ^ ; f^' • """ The mayor appealed to students to follow the traffic laws and practice safe driving habits. Wilson addressed the students next and told them that he was issuing a caveat, or slatementof his intended future actions concerning the prosecution of persons who commit moving violations. "The first time you get caught committing a moving traffic violation in a school zone, it's not going to cost you a thing. I'm just going to suspend your license for not less than 30 days," he said. Later, he said a second-time offender would have his license suspended for not less than 60 days. A third- tune offender would have his license revoked. The difference between a suspension and a revocation is the license could be returned before the full suspension is up, but in a revocation, the designated time must pass before the driver can get his license back." In his remarks, Wilson said that he was directing his statements at about three per cent of the student population. "Thank goodness, the rest of you know how to operate a car," he said. Wilson also said that he was not placing the blame on the students entirely because his statements were aimed at the entire population of Hempstead County. Wilson also related to the students that when a person has a traffic violation, a record of it is sent'io Little Rock where it is put into a computer. This in turn transmits the information to Washington, D.C. Wilson said lhat when that person had three ^ violations, the federal government could tell the state that this person was not fit to operate a car and to take his license away. Wilson also appealed to the students to take more care in the operation of theiir cars and motorcycles, Rep. Mills denies any romantic involvement Miss your paper i City Subscribers: If you fail to receive, your Star please phone 777-3431 between 6 and 6:30 p.m.—Saturday before or by 5 p.m. and a carrier will deliver your paper. PB A suit opens today LITTLE ROCK (AP) - A suit challenging the proposed Capitol mall construction project begins in Pulaski County Chancery Court today. Meanwhile, the question of whether Secretary of State Kelly Bryant has a right to hire a private lawyer to represent him in the suit remains undecided. Atty. Gen. Jim Guy Tucker has refused to authorize Bryant to hire a private attorney. Tucker said Bryant had not given him a precise reason why Tucker's staff could not represent both Bryant and the state Public Building Authority. Bryant contended that there is a conflict of interest because Tucker is committed to support ihe PBA's position and that the 1973 law creating it and authorizing construction of a $75 million office complex requires the PBA to proceed with the project. Bryant said laws approved later in the 1973 session authorized him to make some improvements on the mall behind ihe Capilol that would conflict wilh the PBA's work. LITTLE ROCK (AP) - Rep. Wilbur D. Mills, D-Ark., emerging Wednesday from nine days of seclusion, denied any romantic involvement with an ex- stripper who was with him during an encounter with Washington Park Police on Oct. 7. Mills also said he may have had "a little too much" to drink before the incident. Mills is opposed in his bid for a 19th term in Congress by Republican Judy Petty of Little Rock. Mills said he believed the incident would be a factor in that race, but he thought he would win. "I don't think there's any question about that," Mills said in an interview with John .Meyer of CBS News. • ' Police said 'Mills, was in- toxicatejj i .when,they stopped his speeding, unughted car at 2 a.m. Mills was not driving. One of the four other persons in the,,car, Annabel Battistella, later identified as an ex-stripper, got out of the car and plunged into the Tidal Basin, a backwater of the Potomac River at Washington. Police pulled her from the water. Mills, chairman of the Ways and Means Committee, arrived at the Little Rock Airport Wednesday afternoon and told about 75 persons, mostly newsmen: "I said I was embarrassed. I'm still embarrassed." Meyer, who interviewed Mills aboard an airplane returning to Arkansas, asked Mills: "Was there anything between you and the young lady?" "No," Mills replied, "I ought to be flattered at my age of 65 for anybody to ask me such a question, but, uh, I know the impression is trying to be created that there was, but she said herself that Mrs. Mills was with us whenever we went out except one or two occasions when she was at home with her foot broken, but we were not by ourselves on any of those occasions." Mills was asked by CBS if it was true that some of the people in his car on Oct. 7 were intoxicated. "I don't know frankly," the congressman replied. "I didn't think anybody was. I didn't think I was. I felt like I was high." He laughed, then added, "And, we'd been celebrating this lady's departure back to Argentina. And, maybe we did have a little too much. I'm not going to say we did or didn't, but I didn't feel it. I didn't feel lhat we did." Mills said he wasn't sure how long he had known Mrs. Battis- lella. He said he might have known her "a year at least." Asked if he expected any adverse reaction to the incident, Mills said, "Oh, it will to some people who want to be prone to criticize or find fault or make something big." Mills said his face was scratched when someone's elbow struck him while he was in the car. "I don't know whose it was," he said. "It may have been this lady's. But my glasses were broken in the process, and the glasses scratched the side of my eye and underneath my eye and on my nose. I think it's pretty well healed now it wasn't deep — jusl enough of a scratch to bleed...." Mills was wearing dark glasses Wednesday, but he did l; not appear to have any scars on his face. He briefly discussed what happened after Park -Police stopped his car. He said thev asked the driver "why he didn't have his (car) lights on. "Well, frankly," Mills explained, "the streets were so bright themselves I didn't know the lights weren't on, and the car was strange to him. He'd never driven it — probably didn't know where the light switch was." While at the airport, Mills said little about the incident exf cefl^o reaffjji^ a statomefl^ issued' through an aide -four days after the incident. He said the reason for the delay in issuing the explanation was be- cause he ha'd been in bed with ihe flu. Mrs. Mills had a cast on her left foot Wednesday and clung to Mills and an aide. She has said she had broken her ankle in a fall at the couple's home last month. Mills has said this , was why his wife was not with him oil Oct. 7. When the congressman met reporters at the airport, he said, Thank you for \ welcoming me back , to Arkansas." At one point, his wife tried to pull him toward the car away from reporters. \ While he spoke, an unidentified airplane 1 passenger held a sign above his head which said, "Support the Kennedy-Mills Water Safety Bill." Mills is scheduled to address ^theLUOe, Rock 'Jaycees tonight, ..^to^rPetty^said^Wednesday that Mills 1 return to Arkansas would make no difference and that she would continue to campaign six days a week. V :, , ; I Texas oil operator raps Jackson policy HOUSTON (AP) — A top spokesman for the Texas petroleum industry said today Sen. Henry M. Jackson, D-Wash., reminds him "of the Indian who said the white man speaks with a forked tongue." Sherman Hunt, president of the Texas Mid-Continent Oil & Gas Association, said Jackson wants to take incentives away from domestic producers while expecting them to increase production and reserves. "The American consumer is being told by Senator Jackson the way to scare the Arabs into reducing the price of their oil is to kick the American oil producer in the teeth," said the Dallas independent operator. Hunt spoke at the concluding session of the annual meeting of the trade group that represents about 90 per cent of all segments of the Texas oil and gas industry. Hunt said Jackson sent President Ford a Sept. 27 letter saying he wants to increase domestic production and develop a capability to withstand another cutoff of supplies from exporting countries. "In the next paragraph he says he would increase production by maintaining federal price controls on the domestic producers and increase their taxes by abolition of percentage depletion and other income tax provisions which make it possible for investors to risk their money in oil and gas ventures," Hunt said. "Then he would tell the exporting countries they could expect up to $25 billion a year from us , but he wouldn't allow them to increase the volume of the oil they would ship us until they reduced the price." Hunt said Jackson is offering the exporting countries incentives not to reduce their prices. "Why should they?" he asked. "He plans to allow them the same amount of money regardless of volume." Hunt suid it is typically misleading for Jackson to speak authoritatively about domestic producers getting $10 or $11 a barrel for crude oil. "This is the approximate price of uncontrolled oil, but two-thirds of the oil supply is controlled at $5.25," he said. "It may surprise the Senator, and maybe some people in Texas, to know that tax payments to the state of Texas indicate Texas producers are averaging $6.80 per barrel and this represents a reduction of approximately $1 a barrel since the first of the year." (Continued on Page Two) Four local businesses burglarized Hope authorities reported four burglaries during the night that were discovered Thursday morning. Hope Builders was entered through the back door. Some tools were reported missing. Hope Builders is located at 300 West Third. Moore Brothers Grocery at 1116 South Main reported that some money and cigarettes were taken in a burglary. B&R Builders reported a small amount of change was taken from the cash register. The store is located at 422 East Avenue A. Oklahoma Tire and Supply Company was burglarized of some money and possibly firearms. The inventory is still being checked. Bulletin NEW YORK (AP) - Vice President-designate Nelson A. Rockefeller announced today that his wife, Happy, was undergoing surgery for breast cancer.
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