College Protests Spread To More Than Dozen Campuses Missing-$9 / 000 In Coins T. E. William!! (Mt), Fart Smith coin collector, and Criminal Sgt. Clint Hutchens check contents of Williams' automobile trunk, trim which a $9,OM coin collection w a s taken. Stolen Sunday night, the car was recovered Monday night after it was abandoned by thieves. Police be- lieve Williams was followed to Fayetteville by thieves equipped with keys to the automobile. (TIMESphoto by Ken Good) Marks Complete Reversal President Now Favors Repeal Of Tax Credit By STERLING F GREEN WASHINGTON (A?) -- Presi- d e n t Nixon's announcement Monday that he favors repeal of the investment ta; c r e d i t marked a complete flipflop from the administration's policy of just a week ago. One after another, top administration officials whj met with AF!,-CIO leaders in White Sulphur Springs, W.Va..Iast week recited to newsmen tie reasons why the credit should not be re pealed. The labor chiefs disagreed. So did Democratic leaders in Congress. They charged that the tax credit, created in 1962 as a stimulus to business investment, was stoking the furnice of inflation. OFFICIAL REPLIES Until the past weekend, when it became clear that President Nixon's advisers were having a rush of second thought?, the official replies were always the lame: --The credit, which lets a businessman chop from his tax bill 7 per cent of his oulays for new machinery and eqdpment, is a long-term inducement to investment and growth, ~n more years than not it will be needed as a job-creating stiumlant. --Its repeal would be equivalent to a $3 billion tax increase. On top of existing anti-inflation restraints, it would provide too much squeeze, might cause a recession. --A repeal would dirupt Industry's investment planning; it's not fair to change the tax rules in the middle of the game. And it would he an administrative nightmare for the Treasury. All those arguments could be heard from the secretary of the treasury, the budget director, the chairman of the Council of Economic Advisers--even from economist Arthur F. Burns, counselor to the President, when he talked to newsmen just one week ago. SO WHAT CHANGED? It wasn't last Thursday's report on national output. It showed, by a J16 billion rise in the first quarter, that the economy was still overheated: that was already known, and a few more recent indicators suggested that the long awaited slowdown is coming. Nor were there any doubts about the potential effectiveness of killing the tax credit. It was suspended in 1966, for the same Â·eason. The result was messy, nit the capital investment boom was quickly deflated. Everybody knew that, too. So what persuaded the White louse, finally, to move? Obviously, it occurred to Â·somebody that if you wiped out he investment credit, which vas no longer needed, you night persuade Congress to Â·eplace it with an incentive that is needed. Nixon's answer to the ills of the cities is central economic strategy, in fact--is a tax credit .0 induce private companies to mild plants in ghettos and give iob-training to idle slum dwellers. Stock Exchange Goes After Firms With Huge Debentures By JOHN CUNNIFF NEW YORK (AP )- Fewer miracles may be wroight in coming weeks by the ptwer of corporate debt, which Ins been the electricity charging t\e razzle-dazzle financing of sime recent mergers. In the past there hare been few limits to what couU be accomplished with someoie else's money, such as a pesnut-size upstart company taking over an elephant-size corporation. Now there is a big limitation The action, which is 3ertainly more important than some financial observers at frst realized, was taken within the past week by the New York Stock Exchange. First, it refused to lilt certain debt securities of twÂ« companies. And then it suggtsted that in the future, compaiies that use an abundance of birrowings to buy out other firms might, under certain circunstances. face delisting. MOTIVATION Motivating the action were requests by General Host Corp. and NVF Co. to list wme of these debt securities on the Big Board. General Host had issusd $16.3 million of debentrues as part of a financial plan to acqiire another company. NVF hat issued $102.6 million, also in connection with an attempted acquisition of an entirely separate firm. Now debentures. like bonds. are borrowings. But, wiereas bonds are claims on the assets of a company--its real tstate. for example--debentures are backed by little more than the ability of the borrower. In refusing to list these securities for trading, the exchange said it feared that earnings would not be great enough to pay the interest on the debt. In other words, the companies would show red ink. TEMPTATION ATTRACTIVE "We think it unsound," said Merle Wick, a NYSE vice president. "Here were companies making money and they issue this sort of security that throws them into a loss position." The exchange declined to de- list the common stock of the companies, which is the security most often traded by the public. But it warned that companies using such financing methods in the future might be tossed off the board. Why do companies issue such securities if impartial analysts feel them to be dangerous? "The temptation and the opportunity for a small company to take over a big company is certainly very attractive," Wick said. "From their point of view, the fact that earnings don't cover interest is not so important They feel they can work it out in the future." WE SELL OR RENT Crutches--Commode Chairs Wheel Chain--Walkers, Etc. HIS MESSAGE Said his tax reform message: The gradual increase in feder al revenues resulting from re leal of the investment tax cred it and the growth of the econo my will also facilitate a start during fiscal 1971 in funding .. tax credits to encourage invest ment in poverty areas and hir ing and training of the hart core unemployed." That was one reason. Then was still another, and it ma have been the decisive one: Congress probably was going to kill the investment credi anyway. Rep. Wilbur Mills, D-Ark., th man who makes tax policy a chairman of the House Ways and Means committee, said las week the credit was certainly inflationary and his committei would have to decide whethe its repeal would really have the oft predicted harmful effects. By THE ASSOCIATED PRESS Sit-ins, strikes and other pro- ests have spread to more than dozen campuses around the ation, including five Ivy ,eague universities. The pro- ests usually focus on racial or military issues. About 2,000 students at Yale University voted Monday night to bar the Reserve Officers 'raining Corps program from heir New Haven, Conn., cam- us. The resolution is not binding n the university, whose faculty nd trustees recently voted to vithdraw academic credit from he ROTC. Yale has 8,300 under- raduate and graduate students. At Harvard Univeriity, members of Students for a Demo- ratic Society and their supporters moved into the administra- ion building for the second time n two weeks. The five-hour sit n by 100 students ended quietly vhen the protesters left as the vorking day ended. SDS' announced purpose was o stop work in the building, and Harvard officials sent secreta- Â·ies home and stood about de- hating the militants. SDS called he "mill-in" after students voted Friday to end a week-long ,trike, aimed at the administra- ion's use of police to end an April 9 sit-in. The protesters want ROTC banned from campus. The Faculty of Liberal Arts and Sciences has voted to make the program an extracurricular ac- .ivity. FIGHTS BREAK OVT At Princeton University, scattered fistfights broke out when about 100 members of SDS jlockaded two Marine Corps, recruiters into, a campus building. The officers were permitted to eave Clio Hall for lunch, but were prevented from returning. Cornell University in Ithaca. .Y. remained in a "state of emergency" today, as tension of a demonstration by armed black militant students pervaded the campus. About 1.100 faculty members decided Monday night that the weekend seizure of a campus building by armed members of the Afro-American Society made discussion of discipline jroblems from earlier demonstrations impossible. Cornell President J a m e s perkins banned firearms from campus and said disruptive demonstrations would no longer be tolerated. REFUSES PACT The faculty refused to accepl a pact between the blacks anc Perkins that ended the sit in by dismissing charges against five black students stemming from December disorders. Dean o r Faculty Robert D. Miller, an au thor of the pact, submitted hi: resignation to Perkins after thi vote. About 70 high school student staged an hour-long sit-in at Co lumbia University, demanding that the college open its door unconditionally to graduates o four predominantly Negro high schools in New York City. Co lumbia officials promised tt meet with the students to dis cuss the issue, which has been backed by SDS. Columbia. Cornell. Harvard Princeton and Yale are mem hers of the Ivy League, an infor mal group of some of the East's op universities. Two campuses had a brighter utlook: students at Southern Jniversity in New Orleans. La., nd at Mount St. Mary's College n Emmitsburg. Md.. voted to nd class boycotts and return to lass. MCKEITHEN VISITS Militant blacks at Southern Jniversity went back to classes fter Gov. John McKeithen vis- ,ed the campus, said he thought icir demands were justified, nd promised to ask the district ttorney to drop criminal charg- s, against 21 students. Mount St. Mary's Board of leview voted to accept student lemands for changing curfew and dress requirements. Four other New York City col- eges--City College, Queens. Jrooklyn and Queensborough Community, all part of the City Jniversity--were hit by demon- itrations demanding open en rollment for all high school students and establishment of black studies programs in a separate school. ELSEWHERE At other campuses; Big Rapids. Mich.--The bn.ird of control of Ferris State Col- egc placed 261 students under 'strong disciplinary probation" 'or their role in a demonstration ast month. The students had been arrested and charged with criminal trespass. Albany, N.Y.---Gov. Nelson A. Rockefeller signed a bill requir- ng all colleges in New York State to establish clear rules for quelling campus disorders or 'ace the loss of state aid. Lafayette, Ind.--Purdue University officials granted amnes- ,y to 41 students arrested in the administration building, where .hey had gathered to protest an Increase in tuition. About 200 students had remained in the Building until amnesty was granted. Among those arrested was Leroy Keyes, the All-American halfback. POCKET MONEY Oneonta. N.Y. Black stu dents at Oneonta State College lave demanded a $35 weekly al towance. because their "spending habits are different." Kent. Ohio--student protest ers called a rally today to de mand reinstatement of students suspended in earlier protest: and official campus recognition for SDS. New York--Disorders broke out seven public high schools with seven fires set in three schools. Thirty-two students ant a dean of boys were arrestet and six students were suspended. The students were demanding an end to suspensions and involuntary transfers. ArfaMM TUMI, TÂ«M., April tt, 1HÂ» Â· 5 Business Notes DAYTON. Ohio - Will B. Rodemann has been elected vice president -- marketing for the Standard Register Company. He succeeds Mark A. mith who was elected vice resident Â· customer relations. oth appointments become cf- ective May I. CHARLES PUDLAS . . . FEA president FEA Installs New Officers, Board Members Charles Pudlas. recently elected president of the Fayetteville Education Association, assinn ed duties at a Wednesday night meeting held in the local high school. Othrr officers are Kohert Hughey. vice president a n d president-elect: Mrs. Dorothy Sullivan, secretary and Mrs. Beverly Reed, treasurer. In addition to the officers, members of the- executive hoard include Mrs. Irma Boycr. outgoing president; Mrs. Alice Reed. Mrs. Dorothy Joyce, Sid ney Cox and John Webb. A negotiation team, to serve as liaison between the assncia tion and the school board, if comprised of Mrs. Margaret Stephan. Mrs. Jo Eddy a n d Don Deweesc. Committee chairmen appoint ed are Mrs. Penny Fox. Teach er Education and Professional Standards: Mrs. Pauline Calloway. Professional Rights a n d Responsibilities: Don Williams Public Relations: Deweese Teacher Welfare and Salary: Mrs. Janel McCann. Socia Affairs and Orientation: Buehl Woods. Civic Responsibilities: Mrs. Mary Lou Miller. Im provemcnt of Instruction and Mrs. Helen Andrew. Advisory Panel for grievances. The association sponsored a special workshop Thursday af the high school with Ron Dal of the National Education As sociation as consultant. Hal Rohbins of the Arkansas Education Association was also present to discuss the role o the organization and to help identify problems and imple ment corrective actions. Calming The Beat GREAT YARMOOTH. Enand (AP) -- Dancing to beat roups has been banned in the reat Yarmouth ballroom be- ause the proprietors say they re "fed up with damage done y a rough element." Now they ave intoduced a policy of "soft ghts and sweet music" in opes of a calmer atmosphere. To Review Vested NORFOLK. Va. (AP) Queen Elizabeth II of Britain and her husband, Prince Phillip, have agreed to review 64 naval vessels of 12 NATO nations off Portsmouth, England, on May 16--20th anniversary of the western alliance. Announcing this Monday, headquarters of the Supremo Allied Command Atlantic said the royal couple would carry out the review from their yacht, Britannia. ADVERTISEMENT-Mates Eating With FALSE TEETH Up to 35% Easier Clinical tests prove you can now cat and chew better--make dentures averagi up to 35% more effective--If you Bprlnkle a little FASTEETH oa your plates. FASTEETH holds uppers and lowers more firmly ao they Iccl more comfortable. FASTEETH is not add--doesn't IOUT. No gummy, pasty taste. 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