Sunday Gazette-Mail from Charleston, West Virginia on July 18, 1976 · Page 64
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July 18, 1976

Sunday Gazette-Mail from Charleston, West Virginia · Page 64

Charleston, West Virginia
Issue Date:
Sunday, July 18, 1976
Page 64
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Page 64 article text (OCR)

7E -July 18, 1976 Sunday Ch»fl«ftn, Wnl VlrglnU Still Strong at 92, Industrialist's Goal Is Better U.S. Ties CLEVELAND (AP)-At 92, industrialist Cyrus S. Eaton still pursues his goal of better relations for the United States with Communist countries-a quest that keeps him in regular contact with Communist leaders. He observed his birthday in Havana last Dec. 27 as a Christmas holiday guest of Fidel Castro. He keeps in touch with the Chinese government through its United Nations ambassador, Huang Hua. And he says he communicates regularly by phone and letter with Leonid I. Brezhnev, Alexei N. Kosygin and Andrei A. Gromyko of Russia, as well as with leaders of Poland, Romania, Hungary and Bulgaria. For 20 years Eaton has criticized anti- Communist aspects of U.S. policy. His statements, especially in support of Castro, once brought him headlines. They seemed strange utterances for an American businessman whose aides say he's worth close to $2 billion. * « * EATON SAYS he takes for granted "that the CIA and the FBI have in the past tapped my phone and spied on me"-- a charge the FBI denies. The CIA says, "We have never commented as a matter of policy on allegations of this sort." The' billionaire sees himself as an advocate jpf te free enterprise system who nevertheless is a link with the Communist worlf; and an advocate, in frequent contacts with American leaders, of a foreign policy based on "commerce and friendship with all nations of whatever religious or political persuasion." His day is still a long one. He arises at 6 a.m., reads three newspapers in bed, and by 9:30 is in his office suite on the. 36th floor of a building oveflooking the Flats, Cleleland's industrial heart. The office is for business-until just after lunch-and the rest of the day is for detente, conducted by telephone, telegram and letter from his home on an 800-acre farm in nearby Northfield. He won't, however, discuss the details of his contacts with world leaders. "Doctors say that I'm good probably for another eight years," Eaton says. "But one doesn't want to rely too much on that. When you get to be 92, the inevitable might be just around the corner. I have no fear of death", so that I'm not uneasy, about it. I'm going: to keep going as long as I'm pyysi- calliable." His VOICE is raspy. There are long pauses, and unfinished sentences. The rumpled dark blue suit, with lint on it, matches the crinkled blue eyes. His hair is snow white. There is a hearing aid and Eaton acknowledges that he sometimes reads lips to understand. A cane lies on a chair nearby. It waswcquired a year ago, after Eaton suffered a painful back injury when he stepped into a whwt while tramping · through woods in NWa Scotia. He was born there in 1883 and still psends summers in Nova Scotia-- at Thinkers Lodge, his ancestral home, or at his cattle farm there. "I feel", he says, "that no matter what your differences may be philosphically, religiously, economically, politically, that you can't use force to change people's minds." For this reason, he is critical of Secretary of State Henry A. Kissinger, who Eaton sees as an advocate of a foreign policy based on force. He first met Kissinger when the secretary of state was a Harvard professor participating Th annual Pugwash conferences. It was in 1955 that Eaton first invited scientists, authors, scholars and s|ptes- men from both Communist and non-Communist countries to a conference at Thinkers Lodge in Pugwash to promote international understanding and to consider ways to lessen the hazards of nuclear, biological and cherrlical warfare. The Pugwash conferences are still held, but in various cities around the world. "Kissinger has 1 been a great expert in covering up his recommendations in Vietnam, Cambodia, Laos, Cuba and Chile," Eaton says. "And if they're ever paraded and backed up with the facts, the American people will be through with Mr. Kissinger." HE BLAMES U.S. foreign policy for Cuba's decision to send troops to Angola, although Castro wasn't sure he was doing the right thing. "I think," Eaton says, "the Cubans themselves have some question in their minds as to whether that was the wise thing, but they were put in this position. They are a small country right close to us and the most powerful nation in the world is endeavoring to destroy them economically and the question is what can they do back. "Now they can't do anything back to endanger the United States economically. They haven't got the strength or the power to do it, but here is a chance where they've found out the United States is secretly backing an element in Angola to be sure that Angola didn't go Communist. "The one way in which they could be effective was to send some of their troops there. Now whethar that was wise or not is another question. But it was the one way they could do something to thwart the most powerful nation in the world. "So they yielded to human nature to the extent of doing thai. I'm not sure it was a wise thing to do. That's their reason. There's no secret about it. They discussed it very frankly with me and they raised ' questions in their own mind that they weren't sure they were doing the right thing. "But here is this powerful giant trying to snuff them out. What could they do hack? It WH a verHiny thing they could 7 do to get world attention and world influence." EATON SAYS Kissinger's advocacy of detente with the Soviet Union and China is well advised "to the extent that he has gone in for understanding with the Soviets and with China." "I fear, though, that he belongs to the same school that Hitler belonged to-force is something to use. I think he was deadly wrong in his advocating of bombing in Vietnam and in the throwing out of the prince Sihanouk in Cambodia, the invasion of Laos, and I think he was deadly wrong in Chile opposing Salvadore Allende and Cuba. He ought to have resigned along with Nixon and Agnew." The State Department declined to comment on Eaton's statements. An official said the department never responds to such remarks. The walls of Eaton's office are covered with paintings given to him by heads of state of Communist countries. Above a mantle is a Russian winter scene of birch trees presented by Nikita Kruschev in 1964. Eaton's interest in Russia goes back 75 years. He had just come to the United States from Canada and had started in business as an employe of John D. Rockefeller Sr. who then lived in Cleveland. They were visited by Dr. William Harper," then president of Chicago Universigty. Harper had spent a vaction in Russia and he was impressed by its size and natural 'resources, Eaton recalls. * » » HARPER'S ENTHUSIASM for Russia's possibilities as a mighty nation intrigued Eaton, so when the Russian government came to Cleveland during World War I to make military purchases, Eaton became their prinicpal contact. "I was helping the Russians finance their purchases here and they were looking to me for advice as to with whom they should deal," Eaton says. Thus started a lifetime of contacts with the Communist world while at the same time Eaton built a personal fortune through investment in utilities, gas, steel, iron ore, coal, paint, rubber and lake shipping. He was a millionaire at 27 and had $100 million by age 48. "I'm not likely to go on welfare," he once quipped. . Age has forced him to resign from the boards of many of the companies in which he has interests. Three years ago he had to leave the board chairmanship of the Chessie System Inc., the parent company of the Chesapeake and Ohio Railway Co. and the Baltimore and Ohio Railroad Co. He's now emeritus board chairman. * * * "I HAVE LIVED a crowded life," says Eaton, who had seven children and now lives with his second wife, Anne Kinder Eaton, who is in her 50s. "I've enjoyed good health.. .but 50 years ago, I was working very hard. I had sleepless nights and indigestion. "I went to a great specialist and he said, 'You're working too hard, you're under too much strain. There is nothing I can do for you. You'll have to take six months complete vacation.' "I fortunately went to another doctor and he said, 'You don't need to take any vacation, you just need to change your way of life. You've got to give up tobacco, alcohol, coffee, tea; you've got to give up eating all those indigestible things you're so fond of and you've got to get a reasonable amount of outdoor exercise, physical exercize. Don't put yourself under strain by going out to theaters and things that keep you up till midnight. After your dinner, take a good walk or read a good book.' "I would have died 40 years ago without that change." HE WAS 5UEEPIN6 .MARTIN'S pON'T 6ET CAU6HT NAPPIW5 i SELL OUR EXTRA* NOW WITH FAST- ACTION WANT IN Tin: Gazette-Mail 3484848 Businessmen Cautious Of Jamaican Interests Cyrus Eaton at Cleveland Office Continues Quest for World Peace (c) N.V, Timei Service KINGSTON, Jamaica-Uneasy over the Jamaica government's leftward course and recent political violence, American businessmen are taking a cautious approach to any new investment on the troubled Caribbean island. "We don't want to get caught like the boys in Cuba, where they could take out a suitcase and that's it," said the financial officer for a large American corporation with extensive interests here, summing up the overriding concern. The approach has a sinister ring to Prime Minister Michael Manley, who has accused business elements of conspiring to "destabilize" Jamaica by undercutting its economy. American businessmen deride the allegation. "We say it's like saving yourself by cutting your throat," said an entrepreneur with nearly two decades of business involvement on this small island 90 miles south of Cuba. Like other Americans here who are nervous about antagonizing the Democratic Socialist government and losing their visitor status, he spoke on condition that his name would be withheld. The apprehension of many businessmen was further heightened by the government's assumption June 19 of emergency powers designed to curb political strife and street crime. Violence has since, dropped under the threat of mass detentions, but the more conservative political opposition has also been cowed. Several weeks ago, a half-dozen executives of leading American corporations with interests here met with a United States Embassy official to discuss the outlook for.continued investment. ' The executives received little comfort and left with a grim assessment of the situation. Announces his Association with HofmaiW.Sch««te,01S. hthePrcKtketf Central Dentistry 12111yefsA»t,Dunbar,W.Vj. ' Phone 768-1991 Statement of Condition DEFINED FOR THE CUSTOMER REPORT OF CONDITION Consolidating domestic subsidiaries of Kanawha Valley Bank, N.A. of Charleston, in (he state of West Virginia, a t the close of business on June :)(), I97K, published in response to call made by Comptroller of the Currency, undertitle 12. United States Code, Section 161. Charter number 16433 National Bank Region Number 5 ASSETS Everything we own! ^- I .(·. treasury securities hU'M.tXKI.IX) Obligationsofotherr.S.Cov't.agenciesanricorps ; 19.5:|:!.(HX).I)II OblioalionsofStatesandpoliticalsubdtvisions. n'2.ti:!9.(XXI.OO · " Other bonds, notes, and debentures :UX38.(XX).()fl · . ' Federal Reserve stock and corporate stock - nK\ (XX) (X) This is how your money is Federalfundssoldandsecuritiespurchased '"' -.-· " ' " invented. We invest it soundly by /k^^ under agreements tti resell . . 5 100 (XXI (X) ' This amounl o! V°" r deposits has making loans to people and busi- -^, Loans. Total(excludingunearnedincome) l:W.IXI8.000.(XI ' ' . b e e n invested in-tens and mon- S^SZ'K l^Resetveforpossibleloanlosses. L728..XXI.IX, States and the U.S. Governmeni I - n n n s - N e t i:«5.2HlUXK).(in - helping us all to prosper. f)ire( ,, |eas( , ^^^ :UiHI.(XXUX) Bank premises. furnitureand fixtures, andotherassets · . representing hank premises S.4li8.(HHUIll OustomersMiabiiitytothisbankonacceplancesinitstandint! littMXXUXI Otherassets ' . . : jum.ixm.lX) TOTAL ASSETS ,_ -. . · HKlmiXKum · f What the bank owes to others. : -- ^- LIABILITIES l)emanddepositsiil'individuals.prtnshps..andcnrps 72.8.'t2.(XH).IX) Timeanrisavingdepositsofindividuals. . prtnshps.. and corps 1:I0.87S.(H«,UXI · · DepositsotTnited States Government 1.9S8.IXXUX) DepositsnfStatesand political subdivisions I2.S87.IXXI.IX) Depositsof'cnmmercialbanks 7.948.(XX).(XI" K.-\\.A\\IIA\.-\I.I.K\ HANK rertifiedandofficers'checks 2.SIH.IXXUHI hns m " n ' di'l'""'"'^ lhan Money on deposit in checking a, ^ TOTAL DEPOSITS -8.7(1,.mm + '--^"^^ ^ counts, savings accounts and Intaldemanddeposits insured up m NIII.IIHI in certificates of deposit by indi- '" ta l time and savings deposits I40.427.IXXI.IXI t h e FEDERAL DKI'OSIT viduals, businesses, other banks Federal funds purchased and securities sold . I X S I ' H A N C K I ' O R I ' O plus Federal. State and Local under agreements to repurchase 95.I90.1XXUXI RATION'. governments. I.labilities for bormwed money 2.1SS.IXXUX) Acceptances executed by or lor account ofthis bank and outstanding I89.IXXUX) Otherliabilities 284IKXXHK) ·TOTAL LIABILITIES :i2! Stockholders' invested funds are additional strength to the bank. ' *. EQUITY CAPITAL KVB capital accounts are the largest m West Virginia. rommonstocka.N'o.srwresaulhorized I.OlintXI b. No. shares outstanding b'7o.(XX) (par value) III fi.7S().IXXI.(H) Surplus I2.IXXI.IXXI.IX) Earnings in excess ol dividends t'ndivided profits ln.S.'l4.(KiO.(K) -^ that we use to keep improving TOTAL EQl-ITYCAHTAJ :U.284.IXX) (X) KANAWHA VALLEY BANK. TOTALLIABILITIESANDEQlTnTAPrrAI..- MEMORANDA Average for IS. or 30 calendardays ending with call date: Cash and duel'mm hanks . . . . 37.157.IXXUX) '" Fed. funds sold and securities purchased under agreements to resell : .·f5.84b'.(XXU)0 . ' i 1 Total loans ' ]:!:!. lli7.(XX).()() Timedeposit.sofSHXI.nOOormnreindomesticnlfices 24.i9:).(XXl.OO Total deposits 229.21 l.OtXI.Ili) Fed. funds purchased and securities sold under agreements lo repurchase 89.727.XX).(Xl Liahilitiesforbomiwedmoney 2.1SS.(XK).(X) Standby letters of credit outstanding S16.IXXI.IXI Time depositsot'SlOO.OOOor more in domestic offices: Time certificates of deposit in denominations nl'SIOO.(XX) or more.. . 16.1In'.fXXUKl Othertimedepositsinamountsof.SlOfl.OOOormore 8.(W4.000.(X) I, LauranceG. Jones, Controlleroftheabovenamed bank do hereby declare that this Report ol'Cnndition is true and correct to the best of my knowledge and belief. I.auranceG..loncs » .Iulyl4.1976 · U'e. the Undersigned directors attesl Ihe correctness of this statement of resources and liabilities. We declare i hat it has been examined by us. and to t h e best of our knowledge and belief is I rue and correct. Robert F. Barc.nner ; ·lames F. Brown HI KliuerA. Braun Directors People ImUI^RMllCl . Organized! 8« 7 MwnterFDIC Where Gipjtol Crosses Lee Charleston, W \fe.25326 Phone:348-7000 1

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