Independent from Long Beach, California on March 31, 1962 · Page 2
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Independent from Long Beach, California · Page 2

Long Beach, California
Issue Date:
Saturday, March 31, 1962
Page 2
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p«g. A.Z-INDEPENOENT i ~ ·»··· r--L.A.C. SAYS:Out tor a Fast Buck IWWLK IN Till-: NEWS Bewildered Mother Starts Paret Vigil '.': \Vc have great sympathy for the many people Ayho have lost their life iavinps in 10-pcr-ccntcr and ' similar unsound investments. But we also feel many cf these people have askeJ for disaster because they ·were out for a fast buck. They refused to accept advice of their bankers or attorneys. They took the word of smooth-talking salesmen offering them in- Icrest rates hiph above what is normal. * ft ft ft ·'. It is hard to understand how people who have been smart enotiph to make and save considerable money will then throw it away nn illogical investments". It is one thing to pambie on stocks or horse races with money you can afford to lose. It is quite different to take chances you cannot afford. Certainly expecting 10 per cent income with safety from promoters is a pambie. ; One trapic example of poor judgment was disclosed recently in the Los Anpclcs courts. A promoter offered people inflated prices for their homes. A 25-per-cent down payment was made with a promise that the balance would be covered by a first trust deed. There was no escrow to protect the seller. The promoters took title to the property--then borrowed all they could on it and pocketed the difference. The owner found the first trust deed was held by the loan company which had advanced the money to the promoters. He had no recourse because he had no first trust deed. ; ft ft * '· The court case shows some 200 homeowners were so victimized. The promoters are said to have cleared some S2 million in two years of such operations. It was split among seven individuals who are now being sued. But it is doubtful much--if any--of the original owners' money will be salvaged. It is said the largest number of the victims are older people who may lose (heir homes and receive only the 25 per cent down payment. ·"· None of this would have happened if the sellers had placed the entire transaction in escrow -- had aikcd the advice of their own banks or attorneys. The investors in the 10 per cent schemes were much the same as the hundreds of thousands of people who turned over their money to other wildcat promoters in the past who promised to pay them fabulous returns. : * * * .:·'. Punishing those who take advantage of such ignorance--or cupidity--does not return the lost money. It is not the great banks or corporations that are responsible for such promotions. It is the normal percentage of "fast buck" artists who arc willing to promise anything to make money. They are usually n'jcn with no experience in sound financing. But every generation and every community lias them. They prey on the people who are seeking to get rich quickly r-Kind who ignore the safeguards every prudent buyer Or seller should take. They have made money--but don't know how to keep it.--L.A.C. ll.A.Ci e-'.--. t:: r- r f r-'::*il d»'f H r'- -i r f ' . lit i^Vikc-Zcus Inlcrccpts i;Missile Over Desert '· WASHINGTON Ml -- The] intercontinental ballistics mis Army announced Friday that!*' 1 ?- TM s project will be car ' it's Nike - Xcus anti - missile:"" 1 ? ut in lllc Paci(ic - · ·-. ., , ,, . ably late this spring. m . s s . l c - successfully , n con(rast ((j ( , 1C Nifcc Copied a 3,WVrri!!!V2n-h'"jr.|T l . Icu i t .,, ^ vt ^\ () f 3.000 antiaircraft missile above t h c ; m p n , hc Atlas travels about A bewildenJ, f,i-.,-!.u;rrd woman arrivcj in New Vcrk almqst penniless Friday from Cuba to set up a vigil at the bedside of a stricken son she known a? llemardo Caret. Mrs. .Maxima Crespo was near tears as she stepped from the huge jet plane and told reporters in her native Spanish "I never wanted him to fight." "I will stay here until my son will be petting well." she vowed, and then was taken by automobile to Roosevelt Hospital where the son. known to the boxing world as Benny (Kid) I'arct, lay near death. Paret lost his welterweight boxing crown to Fmilc Griffith last Saturday in a 12tli round burst of savagery that left him in a coma and suffering critical injuries. On her arrival earlier in Miami on the first leg of her mission of mercy, Mrs. Crespo was found to be without funds. The Catholic Relief Services paid her faro to New York City. Attendants at the Miami Airport collected $G which they gave her for traveling money. The paltry sum stuck safely away in the pocket of her dress, the saddened mother set out to see a son who will not recognize her or even be able to speak to her. I'aret, a 25-year-old fast puncher known as a "kid with .in iron chin," has uttered nothing intelligible since the fight than a few- grunts of obvious pain. Physicians b o l d little hope for his life and even less for his chances of complete recover} 1 . EILEEN ANDERSON A'/iir TRIAL A Un Angeles judge ruled Friday that a pretty model who appeared before a jury in a red bathing suit to show scars she suffered in an automobile accident must go to court again. Red-haired Eileen Anderson, 25, won an S18.29S judgment, but it was set aside by Superior Court Judge Richard C. Flldeiv. He said a new trial was necessary' because of errors she committed while acting as her own attorney. DKFIMTIOX Prime Minister Nfhru gave his definition of democracy Friday to the closing session of the Indian parliament: "It is not mere voting by millions of people. It is ultimately a way fo life, a way of thinking, a way of reacting to circumstances and a way of putting up with things we dislike." SCHOOL A new primary school in Rio dc Janeiro state wilt be named "the John F. Kennedy school." Gov. Celso I'ecanha said the school was being named after the U.S. President "in honor of a friendly country" and because of the forthcoming visit to Washington by Brazilian President Joao Goulart. LEAl'ING Mis. Connie Nicholas leaves the Indiana Women's Prison Wednesday w i t h hopes of finding "filcncc" and eventually resuming a normal life here. Mrs. Nicholas was convicted in 195S of manslaughter in the death of her millionaire sweetheart, Forrest Teel. She said she has no immediate plans to find a job. mil Mickey Itooncy'* fifth wife, the former Itaibara Ann Thoma- ton. gave birth Friday to the cou- pie's third Otiitd. u |H\'. The baby weighed S pounds 2 ounces. BARBARA Mother and child were re- · ported doing well by offi- ' cials at St. John's Hospital in Santa Monica. The Kooncys have two daughters--Kelly Ann, 2\'j, and i Kerry Yule, 1. The actor j lus thire tons by earlier marriages--Mickey it* 16. and Timothy, 15, by hi] second wife, Betty Jane Kasr; and Ted, II, by his ;:.i.-d v.-:fr. M"* 1 -* Vlckcrs. REWARD II (·· Mod- i-9 Ikll od vrlll vilit lk« M» and t i c i t t n g Motherhood Shop Juitoptflidat 523 Pint A»o» iho »ill t» li-ord«d by btif? obU to purchot* th« ir ( and ticltinj faiMoftt for S p r i n g o*d Ealtir. C o n v i c ted wife-slayer Sam Shcppard brought suit Friday in Columbia. Ohio, seeking the right to have a hypnotic test which he hopes will enable him to recall the appearance of the intruder he says killed his wife in their Bay Village home in 1954. rn Diiuxr American actor Jose Ferrer will direct a $4 million Yugoslav-British film ba?cd on a book about the life of the Vikings, "The Long Ships." The movie will be made in Yugoslavia. DAME FONTEYN EXKRCISK British Ballerina Dame Margot Fonteyn, -12, said Friday there is nothing like the twist for fun or exercise and "I dance it whenever I can." Argentina's Guido Repeats Oath Amid Jeers, Tears BUF.NOS AIRES OO--Jose Maria Guido glumly swore his oath again as president Friday, with Argentina's military coup-makers at his elbow and cries of "usurper" in his cars. There were some tears, too, at the chilly six-minute cere mony in the w h i t e salon of Government House which failed to disptl fears of civil strife and economic hardship that have harassed the nation lor 13 days. "1 am crying for my coun try," said one man as he watched. As the Til-year-old former senate president t«)k the oath for the second time some on lookers shouted for in ph. In addition, New Mexico desert. I17.MK) ;.Thc interception was car-'fimling the space-traveling tlfd out at an undiscloscdjICIIM will present a far dif- height a g a i n s t a Nikc-,fcrent problem from plotting Hercules missile two days]the antiaircraft missile in the ago. It was the second (irrelatively limited area above! its kind by the Nikr-Zcu.s'thc White Sands M i s s i l e |rhich the army wants to de-|langr. Velnp into a full-scale anti-| ------ i missile defense system. I INOEPKNDtNT j - l i t encouraged the Army in' Sl [* 1 " hbl 'JJ' dJ 'J^ ll *p*"J' r J^ nd !' cn ' 1 ; ft! long and so far futilejri'jcn ir. CJM. enteredi «' «cond j itrugglc for full Pentagon, Jacking of the Nike-Xfus sys-| tern. But it was hardly com-' pSrable with the test which Will come when an effort i Blade to inlcru'pt an Atlas' Arturo Frondizi who was dc posed and escorted to a navy prison home on Martin Garcia Island Thursday. Fhe lii|)-r. inking generals! who opposed the coup a«kcd for retirement and three of Ihcm were reported under house arrest. Intransigent Radical partisans of the deposed president in congress--where they arc still the hirrcst bloc--charged sad-eyed 5-foot-t Guido with being a "usurper." The n a t i o n ' s provincial governors, likewise Frondizi adherents, proclaimed that Frondizi should be restored. The deposed president him self, in a letter written on the eve of his downfall declared "an institutional parody is being prepared on the basis of a restricted demoo racy" and predicted "social warfare." The letter, apparently prepared as a sort of political I will and testament, suggested that Frondizfs friend Guido | may have betrayed his trust by agreeing to step into his shoes. The letter was written to Intransigent Radical president, Sen. Alfredo Garcia, to be made public only if "they eliminate me physically they take me prisoner. In rule. four years of stormy I Frondizi had a steady I round of crises, with military leaders fearing the return of | former dictator Juan Pcron whom they deposed in 1955. 0 YEARS IN LONG BSflC DO SO MANY MORE CUSTOMERS BUY THEIR HOME LAUNDRY FROM A-l HOME APPLIANCE CO. Because. , W E Hm OUR OWH SERVICE * fl( . (Mill tflCtl WE HAVE THE PRICE It's thi linil prici that coants AND WE ARE FACTORY AUTHORIZED FOR MAYTAG SALES SERVICE BIG CAPACITY MAYTAG WASHER NO CASH DOWN line cJJillcnil Co Sc-ttkinj" fcturis cj:crr.ct- b-jttci ccitrcl · Ai tc-.!f;l · IVcler lerv f erstae control · Cc!J v.-:tr wssh tr.i tru . Tc? Issiinj · Un- U'oite J»;uh · li-.t T.:itr t.b NO PAYMENTS 'TIL MAY 15th also MAYTAG Halo-of-Heaf Dryers and Famous Wringer Models at Rock Bottom Prices! OPEN MON. FRI. EVES. 'TIL 9 PLENTY of FREE PARKING WE AHE FAMOUS FOR OUR SERVIC Delivery .._ . Pff Per Month VtJr JTM. *"% popular priced rooms T..-slrcnJIO J-itesliMlJS ·£ftc:j! rc'^1 ti't! f;t Srticcrci ESTERN'S BREAKS THE PRICE BARRIER WITH CURTIS MATHES STEREO . . . TH · A r Moi.l 4 J J T I N W A I N U T AVAILAUE WITH CHOICE OF P[AKll COMIINATIONS Uf TO t srcAdss. rowii TO to WAns. DIAMOND NtCOlf. MULTI-riEX. StfARATf lASS-KFUI SOUND CHAMKRS. CHOICE OF 3 CHAS. SIS--U. ti. It TUIES . . . from -HOURS- OrEN EVES. 'TIL 9 P.M. SAT. anil SUN. 'TIL 5 P.M. With AM-FM Tuner THROW AWAY YOUR DISCOUNT CARDS! WE DON'T CHARGE YOU HIGH DISCOUNT PRICES! 7hit Beautiful Stereo Comet Complete With . . . · ^ SPEAKERS, INCLUDING 2 GIGANTIC 12" WOOFERS. 2 HARD CONE S" TWEETERS. · IN '«" REAL WOOD CABINETS. · 4-SPEED AUTOMATIC STEREO CHANGER WITH MANUAL POSITION. CO 1 3344 E. Pacific Csf. Hwy. Long Beach riVJIJo GE 4-7457 VV« Optrotr Oir OKU Jmict Dcpertmtit ARROW Inventory · the Week! DtGELOW WOOL Cabin Crafrs ·*· Bifjelow Mohawk ·*· Mogee * Philadelphia * Wunda Weve ·'XM?*»^ll^hlftH^tf«?^l^rJ. : r.S 1 . 1 Tie L:r i C.^tft: Stoit ri i l t . l i f j JlUILJIL ROSECRJNS AVE ps»~ CarEn's 1 1 9 I J ! K. KOSKCfiANS AVE. NORWAI.K 0,-ta M.ti.ijv, TucUm. n-.jrs.iay. Fn.!.-y 10 ') I'.M. U-.!nc,!.n. .S^ut.Mv Id t, I'.M. NO MONET DOWN 1 TEACt TO FAY

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