Sunday Gazette-Mail from Charleston, West Virginia on September 3, 1972 · Page 17
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Sunday Gazette-Mail from Charleston, West Virginia · Page 17

Charleston, West Virginia
Issue Date:
Sunday, September 3, 1972
Page 17
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7B--Sept. 3, 1972 Sunday Gaaettc*MaU Chtrlwton, W«t Vlrflnl*-- TRADE Creating Competitiveness Commerce Boss 9 Goal By Brendan Jones © New York Times Service WASHINGTON-After only six months of being secretary of commerce, Peter G. Peterson seems well on the way to becoming the second holder of that office whose name and work may leave a lasting impression. · Such is the nature of this cabinet post. Though it deals with vital interests--business and trade--the only well-remembered secretary of commerce has been Herbert Hoover, who moved on to the White House: While Hoover won the name of the "great engineer," Peterson seems likely to be known as the "innovator"-- a reshaper of trade policies and initiator of new ways by which the government can spur productivity and technology. For Peterson, there is a great deal of what he calls "inter- t i on on a su bi ec t, analyzing it Innlr" nATwacm rhocja conarnfo _ _ j j _ · * n. - _ _ t - · _ _ _ j Miller Opens Headquarters Here Tuesday Arnold Miller, candidate lor the presidency of the United Mine Workers Union will open iu's national campaign headqua- ters in Charleston Tuesday. Miller, his running mate Mike Trbovich and Harry Patrick, candidate for secretary-treasurer, will attend the opening of the headquarters, Jocated at ment sources say the job of vice chief of staff of the Army may soon go to Maj. gen. Alexander Army Eyes Low Ranks for Top Spot 1222 Washington St. E. Miners in Kanawha County nave been invited to attend an open house from 10 a.m. to 9 p.m. By William Beecher © New York Time* Service WASHINGTON-Defense Department civilian leaders are seriously thinking of reaching into the White House for a two- star general of relatively junior rank to fill the second highest military post In the Army. Well-placed Defense Depart- security advisor to President Nixon. Melvin R. Laird and Secretary of the Army Robert F. Froehlke are understood to favor the nomination, if Henry A. Kissinger, President Nixon's national security advisor, can be persuaded to part with his deputy, and if Nixon approves the move. To name Haig, who has been a general less than three years, as vice chief of staff with four- star grade, the Army would M. Haig Jr., deputy national have to bypass the names of 243 Both Secretary of Defense|cause considerable muttering ticalate Haig. They believe generals with higher rank. His nomination could be expected to among ranking officers. The favorites in senior echelons for the position have been two three-star generals, Lt. Gen. Richard G. Stillwell, deputy chief of staff for operations, and Lt. Gen. Walter T. Kerwin Jr., deputy chief of staff for personnel. But i n f o r m e d Pentagon sources say that top civilians in the Defense Department want to reach deeply into the pool of about 500 general officers to promote the bright, young, ar- might bring fresh ideas to the position and might also be especially useful in dealing with Congress and the public during the difficult transition to an all- volunteer Army. Two other two-star generals also are said to be in the running: Maj. Gen. George S. Blanchard Jr., until recently commander of the 82nd Airborne Division and now in charge of personnel plans and budget, and Maj. Gen. Bernard W. Rogers, chief of Army liaison on Capitol R.L.LcadbetterJ.D. Gsn«r«l Svrf«ry-- Timwr Swr- l«r Swrf«ry AnnouMM ftw r»m»v«l ·* his «Hlc« (effective S*pt. 5) t* CRC IMf, 4711 MicC«rkl*l««.S.E. Chorl.fton, W. Vo. 25304 Offic* hours by appointment T«l«phon« 925-6669 PETER G. PETERSON "The Innovator" lock" between these separate activities, which now must be more deliberately synchronized to increase American competitiveness. Among the key words that the secretary uses to describe major aspects of the reshaped world economy he envisions are "flexibility" and "equilibrium." "Flexibility" refers to a further retooling of the world monetary system for quicker adjustments of exchange rates to actual currency values. "Countries," Peterson says, "will think in terms of revaluing, not devaluing." "Equilibrium" denotes whal and devising the policies and programs that he is convinced will result in solutions. At the age of 46, Peterson has had fair success in this kind of work. As a former advertising agency executive (director of McCann-Erickson's Chicago office), creating ideas comes naturally. He also is clearly great convin- ccr and shows not a flicker of doubt when he is expounding on such matters as the changed competitive order in international trade. This is the basic Peterson premise: The U.S. is no longer, as it may have seemed for the the secretary feels will be the future prevalence of a relatively even balance of exports anc imports for the big trading countries. In effect, there wili be no more big trading surpluses for very long for the United States, West Germany of Japan. This equilibrium of trade balances would be a natural consequence, not only of the more flexible money values but also of the spread of competition and technology in an increasingly open world market. "I think that big trade surpluses will be regarded as im moral," Peterson comments. · · * THESE WERE some of the views expressed by the secretary of commerce in an interview last week, mainly about prospects for an improvement in the nation's trade balance. Over recent months this balance appears to have been getting worse, with a deficit currently running at an annual rate of $4 billion. This is twice the amount of last year's trade deficit. Being secretary of commerce at a time when the country is experiencing its first trade deficits in this century, combined with other economic problems, may not seem the happiest of public occupations. But Pete, as he is known to intimates, seems to relish the problems and the complications. They are quite obviously a foil for his talents for bringing together all the pertinent informa- last 25 years, overwhelmingly the dominent, competitive technological giant of the world. Other nations--members of the European Common Market and Japan, especiall--have gained in economic strength. In trade they are virtual equals of the U.S. Therefore, there has to be a restructing of money and trading systems to accord with the new reality. And, Peterson emphasizes, this means that the U.S. no longer can convert other countries' trade surpluses for gold it no longer has. It also must bargain hard, he adds, for its own trading interests. Before assuming the commerce post, Peterson served for 11 months in the newly established job of special assistant to President Nixon on international economic affairs. When recruited for this job by Nixon, he had been for eight years the president of Bell i Howell, where he gave much attention to produc- jvity while quadrupling sales. As special assistant, Peterson was not merely an adviser to the president. His task was to prepare the basis for new policies in trade based on his concept of a changed world. Much of Nixon's new economic program in the international field--the tougher stand taken on gaining trade concessions Tom Japan and the Common Market, as well as the currency realighnments of last December --were prompted by the Peterson policy recommendations. Agnes Loan Bids Total $5.7 Million By Steve Shipp WHEELING, W. Va. (AP) Low-cost federal disaster loan requests totaling $5.7 million have been accepted by the Small Business Administration (SBA) for West Virginians whose h«mes and businesses suffered flood damage after Tropical Storm Agnes. But new loan applications continue to pour in . averaging two dozen daily. Figures released by Ike May field, SBA district manager for West Virginia showed 2,372 total inquiries for loan assistance through the close of business Friday in the 15 Mountain State counties declared eligible for federal asssistance. Hardest hit by the Agnes- spawned flooding were five Northern Panhandle counties along the Ohio River, accounting for more than 80 per cent of the inquiries filed to date. "It's hard to tell just how much longer we'll maintain a field office here in Wheeling," said Mykel Moore, loan assistant for the SBA. As of Sept. 1, the SBA had accepted 1,672 home loan applications in the 15 counties for $5,304,496 and 81 business loans for $454,820, Mayfield said. Moore said 1,279 of the home loans totaling $3,927,183 involved residences along the Ohio River in Hancock, Brooke, Ohio, Marshall and Wetzel counties. Business loans for the same five-county area total 58 for $318,710. Most of the loan applications accepted by the SBA eventually are approved, Mayfield said, citing only eight "declines" in requests finally reaching the acceptance stage. Each individual case requires a long, slow process starting with appraisal, followed by completion of necessary loan information, processing of ap- plications, clerical work and ending with disbursement of checks. Of the 1,672 home loan applications accepted, 1,300 hac been approved as of Friday and checks had been disbursed for 1,126, Mayfield said. Of the 81 business loans accepted, 65 have been approved and checks have been disbursed for 4*. The Wheeling office opened after President Nixon declared 15 West Virginia counties eligible for federal assistance under a Class B disaster order signed July 7. It operates now with a staff of eight. Another field office, with two persons, is located in Martinsburg in the Eastern Panhandle. 'When the business finally begins to slow down, we'll change to 'circuit riders,' Moore said. "An SBA representative will visit the Wheeling area once or twice a week to handle any additional applications." The law allows six months, dating from the July 7 presidential order, to apply for federal loan assistance. Moore said that under new legislation passed in August, homeowners can apply for loans up to $55,000 for real estate and personal property loss, while there is no limit on business loans. The area along the Panas flooded Pennsylvania rivers, pushed out of their banks by rain from Agnes, poured their water into the Ohio River. Nearly all of Wheeling Island was under water and much of dbwntown Wheeling's low-lying sections were flooded, as were riverbank towns up and down ;he river from Parkersburg to Pittsburgh. The Eastern Panhandle was hit by flooding a few days ear- ier as the heavy rain swelled tributaries of the Potomac River, inundating farm land and d a m a g i n g some summer homes. WEEK-END BONANZA SALE 4 BIG DAYS -- FRI. SAT. SUNDAY MONDAY OVER 500 LIVINGROOM-DINING ROOM BEDROOM SUITES-SOFAS CHAIRS mm. Reg. 129.95 7 PIECE Includes large rectangular ext. table with protective plastic top and six sturdy chairs in beautiful vinyl cover. All colors fff\ DINETTE SET $ KELVINATOR SALE SAVE UPTO 40 ON FAMOUS BRANDS SUCH AS · BASSETT · SCHWEIGER · JOHNSON CARPER · PRESTIGE · SAWYERS · FOREST KEMP · WEBB · CARTER ·SUPERIOR and many others. DOOR BUSTER No. 2 6-Pc. Budget BEDROOM SUITE Double Bed Double Dresser * 4 A/I Chest-Mirror *1 ft I Box Springs JLUv Mattress WE WON'T ROB YOU JUST IECAUSE YOU NEED OR PREFER 7-Pe. Sofa Not BOO GrOUp exactly as pictured Sofa, choir, 2 end tables, cocktail table, 2 lamps--while they last-- 50 139 NEVER-A-BARGAM LIKE-THIS-AGAIN Mattress B J*JJ P Box Springs 5 /0 Mattress Only 39.951 NATIONALLY FAMOUS Reg.i39.901 Flame Retardant SET Mattress Box Springs $QQ95| NATIONALLY FAMOUS NAMOPEDIC MATTRESS BOX SPRINGS Re?. 139.90 KELVINATOR FOODARAMA Model FSK200FN OUR PRICE 20 Cu. Ft--No Frost 247.21 Freezer List Price 559.95 KELVINATOR "NO FROST" REFRIGERATOR-FREEZER Model TSK16OFN 16 Cu. Ft. 150.2 Ib. Freezer Reg. $409 OUR PRICE DOOR BUSTER No. 1 Special Traditional Trio Reg. 89.50 RECLINER CHAIR sec Whil* Th*y last *J Big Selection of Beautiful Famous Name TABLES LAMPS Save up to 40% SPECIAL EARLY AMERICAN LIVING ROOM S 169 Reg. 339.95 Sale Price 10 Sets Only While They last TM 0hffl $99Q^ 3 pc. Group-80" Sofa, 50" Love Seat arm-covers £\7 and Matching Choir SAVE $110 OVER 1 ! 5,000 TABLE INVENTORY! SELL-OUT FAMOUS NAME BRANDS! SUC HAS:-- Bassett, Western Stickley, Phillip, Reisch, Athens, etc. All sizes-styles shapes including importedmar- ble tops--or carving under glass. SAVE20%-30% AND MORE Bassett or Bernhartl DINING ROOM SUITE Buffet, Hutch, Table with leaf, 1 arm chair 5 side chairs Reg. 499.95 399 951 r ~ 11301-03-05 WEST WASHINGTON SI FURNITURE APPLIANCES-PH. 346-0353 OPEN SUNDAYS 12-6, WEEKDAYS 9-9 «"« E-Z TERMS--BUY HERE, PAY HERE 9 to 9

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