Panama City News-Herald from Panama City, Florida on June 27, 1974 · Page 18
Get access to this page with a Free Trial

Panama City News-Herald from Panama City, Florida · Page 18

Publication:
Location:
Panama City, Florida
Issue Date:
Thursday, June 27, 1974
Page:
Page 18
Start Free Trial
Cancel

in en Sink GREELEY, Colo. (UPI) — you are going to have beer cans. Richard A. Slater could open a There are beer cans as deep as pawn shop with the litter he fin-. a thousand feet in every body of ds while swimming. The oceanographer has spotted two airplanes, trucks, cars and even a kitchen sink. "I found the kitchen sink about 400 feet off San Diego," he saldi"It was just a regular old __ kitchen sink out of somebody's War II vintage but house with a faucet and water wreckage was In such taps." Slater Is an assistant professor of oceanography at the University of Northern Colorado in Greeley, located more than a thousand miles from either the Atlantic or Pacific oceans. But he has made more than 350 dives in submersible crafts and has dived a thousand times with scuba gear. There's a tremendous amount of stuff on the bottom of the ocean," he said. "Whenever I dive beneath the areas worked by Japanese fishing boats, I always find a lot of rubber shower shoes. "And.beer cans are classics. Anywhere you have fishermen, water I've dived. And I've found them (In lakes) 13,000 feet high in the Colorado Rockies." . Slater said he found the two airplanes off the California coast. He said one appeared to be a Japanese Zero of World the bad' shape that confirmation was impossible. The second plane was "one of those World War II Navy Hellcat fighter planes in perfect condition. It had been ditched by Its pilot and they brought it up. The machlnegun was taken out and still worked." He plans to sigh on this summer for a federally -sponsored search off the coast of New England for deep water lobster. Slater said shallow water lobster enjoyed in restaurants were nearly fished out in. the area. Slater said litter In the ocean Is not especially harmful to sea animals and often serves as habltates for fish. NEWS-HERALD, Panama City, Fla., Thursday, June 21,1974 PaRplD reetPangs Sharp NEW YORK - (LENS) The New York brokerage community is going through its worst pangs since the Patient's Needs Called A Problem OCEAN FIND--Oceanographer Richard A. Slater, a professor at the University of Northerrn Colorado., is pictured with one of his ocean finds, a crab claw- Slater lives many miles from either ocean has found two airplanes, beer cans, and even a common kitchen sink. (BuUPI) Big Store R.H. Macy & Co., Inc., covering 46.2 acres on a block in New York City, is the world's largest store: sales of the company for' 1972-73 exceeded one billion dollars. The remaining 518 member firms of the Big Board are suffering from an excruciating exercise In consolidations, recapitalizations and hardnosed cost-cutting to cope with the bear market's low turnover, and they all live in the fear of worse to come: fixed-rate commissions on all transactions must end by next April 1. The revolution on Wall Street will not be bloodless. Already, duPont Walston has been divided up and has disappeared. Now, Hayden Stone's merger with Shear- son, Hammill will show whether greater size and massive cuts in overheads will work. Ironically, the largest saving will be in the paperwork end of the business. This is where costly computers were installed to prevent the recurrence of the back-office seizure of 1968. The computers were expected to deal with a steady dose of 20 million share trading sessions, but volume is down from an average of 16 million shares daily last year to 14 million so far this. Much capacity has already been reduced. Brokerage house losses of the 1973 kind were avoided until April, when $48 million was lost, wiping out the black ink of the first three months and setting off a hew wave of merger talks. Kidder, Peabody intends to swallow Clark, Dodge; Shields intends to acquire Model, Roland. So far this year 13 firms have gone out of business and five have been merged. Last year, 73 firms shut their doors, and 33 were taken over. The decline in volume and the bear market fall in the value of shares on which the percentage commissions are based caused a 17 per cent fall in commission income last year compared with 1972 - and that was in spite of a 10 per cent increase in commission rates. American brokers are major capitalraisers, and the number of public offerings is down to 160 last year. The public is shy of locking its money away in new or old stocks and bonds. To some extent, the newer games in options trading, the newly fashionable one of commodity trading, and the straight banking profit of earning interest on- customers' credit accounts stemmed the losses. The capital-raising mechanism of Wall Street would be seriously injured by the sort of rationalization that a helter-skelter collapse would bring. The brokerage infrastructure is too big Tor the amount of business done, but must slim gently. Yet Washington goes blithely on toward a brave new World of pure competition, propelled DV an archaic dislike of the old. arrogant and cartelized Wall Street that was. But competition among the weak might mean the destruction of all. Stocks are not carrots. The value of a stock depends on the existence of a healthy market. Destroy the health of the market by over-competition, and the cheapness of the commission will be overshadowed by the cheapness of the stock. Unhappily, the securities industry is riven by internal dissension. One of the few legislative victories won by a clumsy Big Board over some of its rivals was that the Senate accepted a provision to ban the third market - the trading in listed securities on the over-the-counter market - if the auction market is threatened with destruction. Negotiated commissions, the central market place and a composite tape with all the nation s trades in securities all seemed like blueberry pie and .motherhood a few years ago. But today, as attrition besets the securities industry and half a generation of investors are numb from a long bear market, these innovations seem much ado about nothing. Merrill Lynch, Pierce, Fenner and Smith has just raised commissions by an average of 5 per cent on trades between $5,000 and $300,000, which investors would be glad to pay if only they could make some money in the market. Last week the chairman of Merrill Lynch, Donald T. Regan, predicted an increase of a third in the number of common stock owners to 42 million by 1980, assuming inflation is controlled and the, capital gains tax is lowered to release stock holdings that people will not sell now. That was the bull of the weak award-winner, but he also quoted a study which shows that the public prefers real estate, insurance and bank savings accounts to common stock. Wall Street, is poor, miserable and unloved, CtRAFFITr WASHINGTON (UPI) - The president of the American Medical Association (AMA) said Sunday many doctors have not been paying enough attention to the needs of their patients. Dr. Malcolm C. Todd said the medical profession has an image problem, part of it brought on by the doctors themselves. "We've probably paid too much attention to scientific, economic and political affairs and not enough to the human needs of people," Todd said. "Changing this situation is one of my priority goals." He was interviewed by U.S. News & World Report. Todd said som£ medical schools are emphasizing new computer testing procedures at the expense of the patient relationship. "The result," he said, "is the doctor'sends the patient in for a bunch of tests, hands him the result, and — boom —he's out of the office carrying a prescription. He's really had only a few minutes of the doctor's time." The AMA president said only about one-third of the association's members take advantage of programs keeping them up- to-date on new medical procedures. He said this is not enough since "about half of medical knowledge is outdated every 10 years." "If that is true," he added, "then a doctor who has not taken any postgraduate courses since he left medical school in, say, 1950, would really be practicing back in the Dark Ages." Todd also said there has been only mixed success in self- policing the profession to get rid of bad doctors. He said the process was time-consuming and complicated by malpractice suits and lawyers who are paid a percentage of the settlement. Todd was optimistic about the supply of doctors, and said there would be enough for this country by 1980. He said there are enough hospital beds, but the main problem is getting the beds and the doctors to rural and inner city areas where there is a shortage. GRASS CUT-Officers off the U.S. Drug Enforcement Administration chop up some of the 15,000 lbs. of compressed marijuana which was seized at Chester, S.C. June 23. Workers at rear unload the truck which was to have picked up the drug from a plane which landed at the Chester airport. The marijuana was later set fire. (By UPI) Nestea SAVE 1(K 10<t off on any size jar or polybag of Nestea' Iced Tea Mix. Choose and clip ONLY ONE complete coupon including tab stating "present to your grocer/' SAVE 1 (H off on any size jar of Nestea' Instant Tea or Nestea" Lemon Flavor. 5368-10 Cut along bjokori llna pordar for 10* Nattea TO THE DEALER: Thla coupon will be redeemed only as follows. For amount specified plus 3r for handling, provided coupon Is received from customer on purchase of listed merchandise. Proof of purchase of sufficient stock of merchandise to cover coupons submitted must be shown on request. (Failure to comply may void all coupons submitted for redemption.) Redemptions not honored through brokers or other outside ugencies. Coupons are nontransferable and void if use is prohibited, taxed, restricted, or license is required. Customer must pay Any sales tax. For redemption, present to our salesman or mall to: Tho Nestle Company, Inc., P.O. Box 1500, Elm City, H.C. 27898. Offer u.ood only in U.S.A. Limit: 1 coupon per family. Expires Documber 31, 1974. STORE COUPON nsau twOiMaW ttttotttt •WWW fflauaM* rotuuu HHMPMI HMfe :ii tin £5 o « • " Z 2«3s 8:es LU « P in O r™ (IT) Free from BurgerKln$ with the purchase of a Whopper, your copy of what all the fireworks are about This Fourth of July Burger King would like to give your child a piece of American history... a beautiful 12" x 18" Inatant coupon. , 4 Taa'or Nastaa lamon.Flavor flora * ................ f ..... PRESENT TO YOUR GROCER 10<f 5367-70 s suifable for framing. And it's free (while they last) with the purchase of a Whopper,® at all participating Burger King restaurants. So come to Burger King. Have a delicious meal and a bit of history. And let your child find out what all the fireworks are about.

What members have found on this page

Get access to Newspapers.com

  • The largest online newspaper archive
  • 11,100+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free