Estherville Daily News from Estherville, Iowa on January 7, 1972 · Page 3
Get access to this page with a Free Trial
Click to view larger version

Estherville Daily News from Estherville, Iowa · Page 3

Publication:
Location:
Estherville, Iowa
Issue Date:
Friday, January 7, 1972
Page:
Page 3
Cancel
Start Free Trial

Page 3 article text (OCR)

1971 an Up and Down Year ESTHERV1LLE DAILY NEWS, FRI., JAN. 7, 1972 Page Winds of Change Howl on Wall Street Landlady upset about unexpected tenant By Abigail Van Bureri tc lm b» CMcata Tribmt-N. V. Nmn twt .t lnc.1 DEAR ABBY: I recently rented an apartment I have in my back yard to a 19-year-old boy with the understanding that he would be living there alone. Since than I have seen him leave with his girl friend at 7:45 nearly every morning. The girl is 16 and a junior in high school, so I assume he is taking her to school. The girl's parents are divorced, and the girl is supposed to be living with her father. Several other people have told me they have seen her coming and going from my apartment just like she lives there, and this has me upset. Should I call her father and tell him what I suspect? Ask the boy I rented the apartment to if that girl is living with him? Ask him for the apartment and give him some other reason for wanting it? Or should I ignore the whole situation completely as none of my business? LANDLADY IN L. A. DEAR LANDLADY: Talk directly to the boy. After all, you and he did have an understanding that he would be living there alone. And their ages might also be a factor. DEAR ABBY: I have a neighbor who is driving me nuts. She is forever ringing my phone or doorbell. She does nothing but complain and she expects me to listen. I am sick of listening to her, and I have told her so. It does no good. She can't be insulted. Yesterday when she called, I told her I was busy and had to go, but she kept talking anyway. I finally had to hang up on her. She called me right back, and I wouldn't answer the phone. Next thing I knew this dingbat was at my front door, without a coat in the freezing weather, yelling and cursing and leaning on my bell. When I saw who it was I didn't pay any attention to her, so she tried the knob [thank God, it was bolted.] Then she went around and tried the back door. When she found that bolted, too, she threw stones at my window! Please tell me how I can get this pest to leave me alone? HAfiRASSED DEAR HARRASSED: The woman is obviously more than a "pest"—she is a sick pest. If she lives alone, let her family [if she has one] know of her irrational behavior. Yon don't have to tolerate her harrassment. but the poor soul needs help. If you can't locate her family or close friends, notify your local Mental Health Society. DEAR ABBY: The letter in your column concerning anonymous phone calls really hit home with me. I have been an employe of the telephone company for many years, and as such, J'-ve handled numerous complaints involving the misuse of Jthe phone. In most cases [not always] when these anonymous calls are traced, they are found to be made by mentally disturbed and very unhappy people who want to impose unhappiness on others. For example, one woman who tried to call her husband at his place of business and found his line busy, then attempted to call a lady she knew, and when HER line was also busy, this wife assumed that her husband and this lady were talking to each other! She then began to call this lady on the phone and harrass her with all sorts of vile accusations. You gave very sound advice to the woman who wanted to know what to do about a persistent anonymous caller who would phone and say, "Your husband wants a divorce," and then hang up: "Get an unpublished number!" STEADY READER NEW YORK (AP) - The winds of change howled through the canyons of Wall Street with unaccustomed fury In 1971. And while the securities industry was being buffeted by demands and proposals for radical revamping of its operations, investors were hard hit as the stock market slumped in the last half of the year after a strong gain in the early months. The January-April advance reflected investors' optimism that the economy was making good strides in pulling out of the recession. But as the year wore on, this attitude was supplanted by concern over inflation, rising interest rates and the international monetary crisis. Although pressures for change in Wall Street practices had been swelling for some time, the repeat by William McChesney Martin Jr., former chairman of the Federal Reserve Board, on his study of the securities industry prodded various concerned sectors of the industry into action. Martin, who made the study at the request of the New York Stock Exchange, recommended sweeping revisions not only in operations of the Big Board but in the whole area of stock trading. He proposed creation of a nation stock exchange system "to serve the interests of the public and the nation as well as the interests of the securites industry Itself." Such a system would in­ tegrate the New York, the American and the regional stock exchanges, and report their transactions on a consolidated ticker tape. Martin recommended reorganization of the New York Stock Exchange, including provision for greater representation of the public on the board of governors. The Securities and Exchange See Record National Output Gain WASHINGTON (AP) - There may be a record 9 per cent, $95-billion gain in national output in 1972. Thanks to price control, two thirds of it may be real. That would make the new year a considerably happier one than 1971, the year when the dollar ceased to be good as gold and a 7.5 per cent production rise turned out to be two- thirds inflation. After five such years in which inflation stole 25 cents out of every wage dollar and jobs grew increasingly insecure, Americans have approached 1972 with uncertainty and apprehension. Now two important new facts brighten an otherwise cloudy economic outlook. The first is wage-price control, with at least a 50-50 chance to curb inflation. The second is the December devaluation of the dollar, giving American industry what amounts to an average 12 per cent price cut to strengthen its hand in the rugged trade competition against Japan and the rest of Europe. It's the official guess of the Nixon administration that this tonic to expert-related industries will create between half a million and two-thirds of a million jobs—and few economists would argue with that estimate. But me economists still had misgivings on two scores: would the impact of revaluation on our trading rivals, by making their export sales more difficult, hasten and broaden what appeared to be an already spreading overseas recession? And second: Would the expansionary thrust of the devaluation at home— on top of new tax relief legislation and other election year stimulants—reinforce inflationary pressures and perhaps overpower the Phase 2 controls? Evidence was ample that the 90-day freeze from mid-August to mid-November had not broken the country's inflationary psychology. And the big pay and price increases with which Phase 2 was ushered in led many consumers and businesses to fear that the thaw was too fast for safety. National nervousness still was being reflected in the sinking spells of the stock market, cautious consumer attitudes shown in surveys of buying plans, a continued abnormally high rate of consumer savings as a hedge against hard times and high prices, continued high unemployment, and the wariness of industry about investing in new plants and equipment. If confidence is restored in the prospects for price stability, employment and profits, some economists believe the production rise can go as high as $100 billion, or even $105 billion, to a total gross national product of about $1.55 trillion. The rebuilding of confidence seemed to have begun Aug. 15 when—to rescue a wobbly, inflated dollar from heavy speculative assault— President Nixon stunned America and the world with announcement of his New Economic Policy. Nixon's 90-day freeze on Would Remunerate Crime Victims WASHINGTON (AP) - With strong bipartisan backing, a proposal is being readied for Senate action that would pay federal cash to victims of violent crime. The "Victims of Crime Act of 1972" would establish a three- member board to compensate innocent victims of violent crimes, or their survivors, with up to $50,000 for medical bills, loss of earning power and funeral expenses. Compensation would depend on financial need. The bill would apply primarily to crimes committed in the District of Columbia, on national parks and forests, Indian reservations and on airplanes and ships. But beyond this, and more far-reaching, is a provision under which the federal government would pay 75 per cent of the cost of compensation programs established by the states in accord with federal standards. Sponsors hope this would spur all states to have such programs within five or six years. Seven states already have. The bill would also: , — Subsidize life and disability insurance for policemen, firemen and prison guards, and provide a $50,000 federal death benefit for persons in those fields killed in line of duty. — Establish antitrust-type court remedies for business victims of organized crime, per- TV Tonight . . . 'Lost Flight' Depicts Survival Presented by COMMUNITY TV SIGNAL CO. FRIDAY JEANNE — Comedy: The Hollywood director assigned to film a NASA documentary is plagued by star-struck Roger. 6:30 p.m. Independent Cable Channel 7. MOVIE — Drama — Survival under stress is the subject of "The Lost Flight." 0970) During a violent thunderstorm, an airliner bound for Australia is forced down near small island far off its course. How the marooned passengers cope with nature— and each other— forms the core of the plot. 7:30 p.m. NBC. PERRY MASON - Mystery: "The Lame Canary." Walter Prescott is found dead — and his wife is holding the murder weapon. 8:30 p.m. Independent Cable Channel 7. MOVIE — Drama: "The Reluctant Astronaut." (1967) Admirers of Don Knotts will enjoy this tale of avertigo-prone young man who becomes an astronaut trainee. 10:30 p.m. Independent Cable Channel 7. SATURDAY • LAWRENCE WELK - Highlights: "I feel a Song Coming On," "Old Rugged Cross," "We Can Make Music," "My Blue Heaven," "Be My Love," "Edelweiss," "It's Impossible," "You Do SomethingtoMe." "PdRather Be Blue." 6 p.m. ABC. PARTNERS — Comedy— Jack Carter as a crooked used -car dealer in a comedy about the partners' efforts to bust a hot- car ring. 7 p.m. NBC. MOVIE - Drama — "The Astronaut," Sci-fi with a romantic twist. Monte Markham is the derelict whom unscrupulous space-agency officials draft to pose as an astronaut; Susan Clark is the wife he must fool in a fantastic scheme to protect the endangered space program. 7:30 p.m. ABC. DICK VAN DYKE -. One of the best shows in Dick's old series followed the chaos that broke loose when his wife went into labor. Same situation, different calamities, in this flashback episode. 8 p.m. CBS. MISSION: IMPOSSIBLE Brawford Dillman plays a convicted extortionist caught up in a prison break — the IMF's ploy to locate film that will incriminate a syndicate chief in murder. 9 p.m. CBS. DRAGNET — Crime Drama— "Get Involved" is the detectives' advice on how citizens may help crime prevention. 10 p.m. Independent Cable Channel 7. SUNDAY MOVIE - Comedy - "Stay Away Joe" (1968) Elvis Presley as a Navaho rodeo champ in trouble with girls and the Government. Songs: "Stay Away" and "U. S. Male." 6:30 p.m. CBS. DISNEY WORLD - The Scenic beauty of the Colorado Rockies dominates "Mountain Born," about the adventures of a young shepherd and his flock during summer and fall on a high mountain meadow. 6:30 p.m. NBC. JIMMY STEWART - Comedy — Drama — The dog's name is Calvin. He's a 89 pounds of love but pain in the professor's neck. Problem: how to get rid of Calvin without breaking little Jake's heart. 7:30 p.m. NBC. BONANZA - Joan Hackett as a minister's fiancee tormented by her psychic powers in "Second Sight," about desperate search for young Jamie, who's lost in the wilderness. 8 p.m. NBC. MOVIE - Adventure — "The Dirty Game" (French - German Italian-British; 1965) Four episodes of CIA intrigue in Europe are linked together. 10:30 p.m. Independent Cable Channel 7. MONDAY JEANNIE — Comedy - Spring Byington appears as Tony's mother, a blithe spirit who breezes happily through an unannounced visit with her son. 6:30 p.m. Independent Cable Channel 7. GUNSMOKE - Mexican film star Alfonso Arau makes his Amerian TV dramatic debut in this story of survival. Arau plays an arragant outlaw who leaves a wounded Matt Dillon to die in blazing desert of Northern Chihuahua. 7:30 p.m. CBS. MOVIE - Drama - "Vanished" (1971), conclusion. The disappearance of a top Presidential adviser ignites political drama. 8 p.m. NBC. SONNY AND CHER COMEDY HOUR — Carrol O'Connor sings his own lyrics to "All in the Family's" closing theme song. Other scheduled segments; Carrol explaining the price freeze; and animated satire on pollution; Cher vamping with Carrol; and, from last summer's show a comic opera — to the tune of TV com- mericals. 9 p.m. CBS. DICK CAVETT - Pearl Bailey subs for Johnny tonight. Tentatively scheduled: Author Maya Angelou. 10:30 p.m. ABC. Today's modern farmer, using a self-propelled automatic bale wagon, can pick up, haul and stack up to 232,500 pounds of hay in an eight-hour day, according to engineers of New Holland, the farm equipment division of Sperry Rand. mitting the federal government to intervene on behalf of victims in civil suits. Sen. John L. McClellan, D- Ark., who has steered all of the major anticrime bills through the Senate in recent years, introduced the legislation shortly before Congress adjourned. He said it consolidated the essential features of several measures on which his Senate Judiciary subcommittee on criminal laws and procedures has held hearings. Joining McClellan in sponsoring the bill are the Senate leaders of both parties, Democrat Mike Mansfield of Montana and Republican Hugh Scott of Pennsylvania; Judiciary Committee Chairman Sen. James O. East­ land, D-Miss., and the comm i 11 e e ' s ranking minority member, Sen. Roman L. Hruska of Nebraska. So far, the administration has hesitated in supporting compensation for violent crime victims, saying it is still studying the idea. But some sponsors say they believe the administration eventually will back the bill. Peace Remains Elusive SAIGON (AP) - If 1972 brings dramatic changes in Indochina they seem likely to be achieved by force of arms, not by the stroke of a. pen. Peace remains as elusive as at any time during a quarter century of bloodshed. More and more fighting has spilled over into Laos and Cambodia, which are North Vietnam's supply lines to South Vietnam. But this country remains Hanoi's prime target. The Saigon government enters 1972 facing the prospect of new enemy offensives and a steadily diminishing allied presence; if its ARVN forces did the bulk of ground fighting in 1971, they must do more of it in «72. U.S. troop strength will be down to 139,000.or less a month from now. A residual force of approximately 50,000 is projected for July 1. This will include advisers, helicopter units, logistics personnel and, to provide their security, about three infantry brigades. Those figures do not include some 13,000 Navy men of the 7th Fleet or some 30,000 Americans, mostly airmen, based in Thailand. Troops from Australia and New Zealand are virtually gone, with Thais and Koreans now making up the bulk of 56,000 in outside forces not counting the Americans. Both Thailand and Korea already have begun withdrawal of their troops. Despite the allied withdrawal, the military situation in the Mekong Delta and military region 3 surrounding Saigon seems relatively stable. The situation in military region 2, including the central highlands, and military region 1 below the demilitarized zone is considerably shakier. Military and diplomatic sources predict a North Vietnamese offensive in the central highlands, perhaps timed to coincide with President Nixon's trip to Peking. Intelligence reports indicate an ominous enemy buildup in the tri-border area opposite the highlands outposts of Kontum and Dak To. Diplomatic sources also predict a North Vietnamese drive into the two provinces below the demilitarized zone in late summer, when the U.S. presidential campaign is on. Still, the northernmost provinces are probably South Vietnam's most vulnerable. North Vietnamese troops operate almost with impunity in mountains running from the Laotian border to the narrow strip of populated coastal lowlands. hi addition, North Vietnamese supply lines across the DMZ and through Laos are shorter than those to other parts of South Vietnam. "The three North Vietnamese divisions now operating around the Plain of Jars in Laos may be diverted for a slashing attack aimed at taking Quang Tri and Thua Thien in late summer," one military source speculates. "Such an attack would be followed lmmeidately by a "North Vietnamese bid for a cease-fire and a negotiated settlement. The terms might be.- an end to the fighting in South Vietnam and release of American prisoners in return for the two northern provinces." Saigon's army faces one major disadvantage as American forces withdraw: it is conventionally trained, modeled on the U.S. Army—but without the helicopter mobility or tactical air support which the American Army has relied on. The South Vietnamese Air Force is ultimately programmed for 1,300 aircraft including 500 helicopters. Commanders operating in eastern Cambodia have found only a few helicopters available for trooplift, resupply, medical evacuation and command and control. Over-all, there's little doubt the South Vietnamese army and militia are better than ever. In most areas, they are operating without U.S. advisers at the battalion level, and in some cases with almost no U.S. direct support. But their effectiveness remains uneven, with good units and bad— and they have yet to fight a major battle against sizable units without massive U.S. air support. In Laos and Cambodia, the military situation remains critical. In the past two weeks, North Vietnamese forces have recaptured the Plain of Jars and the Bolovens Plateau from Laotian troops. Loss of the plain and positions to the south and west makes Long Cheng - the semisecret base of Gen. Vang Pao's CIA-backed guerrilla army extremely vulnerable. If Long Cheng falls, there is little to keep enemy forces from moving on Vientiane, the capital. While troops have pushed dangerously close to both capitals, military sources say North Vietnam neither needs nor wants to capture them. Their primary interest is in keeping Laotian and Cambodian forces off balance and preoccupied with protecting their capitals, thus keeping them away from supply routes and sanctuaries needed for attacks on South Vietnam. Politically, President Nguyen Van Thieu has proven himself Saigon's most astute and powerful politician since Ngo Dinh Diem. His grip on military and administrative machinery is beyond challenge for the foreseeable future. Although the one-man presidential election in October was widely regarded as a farce, there is no doubt Thieu would have won any election because he is the country's best known and most viable political figure. Even ranking U.S. officials here concede that it was at least naive to suggest to the American people that a U.S.- style democracy was possible or practical in today's South Vietnam. Thieu's major problems in 1972 will be the economy and building a working government at the village and hamlet level. A cutback hi U.S. military spending and the inevitable reduction in American foreign aid are posing grave problems for a country with virtually no exports or production. The Thieu regime has proposed sweeping economic reforms, designed to reduce imports, stimulate production and exports, attract foreign investment, increase tax revenue and reduce government expenditures. Sound as the aims may be, they are currently a political football. Even if they were fully effective it might be five years before the economy even approached self-sufficiency. The war has totally disrupted Cambodia's marginal economy. prices, wages and rents was a tonic to the stock market and consumer spirits. The freeze worked, moreover; despite unavoidable exemptions, wholesale price dropped sharply and the rise of consumer prices was cut to 2.4 per cent a year in September and October, half the previous rate. But as the Nov. 13 termination of the freeze drew near and the details of a lesser and largely voluntary Phase 2 emerged, the market sagged anew. It slumped further, back to the previous low of 1971, when early rulings of the Pay Board and Price Commission proved large increases. The public's mood became attuned to the news wires. The prolonged disruption of the world's currency and payments system— severing the dollar's tie with gold and clamping a temporary, protective 10 per cent surcharge on dutiable imports— had a progressively depressing effect on die foreign trade community. Six monthly deficits in merchandise trade, an unprecedented setback thickened the gloom. But the market perked up smartly for a time after word came from Rome on Dec. 1 that U.S. concessions had opened the way for possible agreement among the so-called "Group of Ten" richest industrial nations on a realignment of world currencies. Nixon's Aug. 15 suspension of the U.S. guarantee to pay out gold for dollars at the historic rate of $35 an ounce had wiped out the fixed exchange values for all the non Communist countries. Their currency values were "floating." The U.S. aim was to pressure them into raising the value of their currencies. That in effect would devalue the dollar and make American goods more competitive in price in world markets. On Dec. 18 the President announced the agreement of the Big Ten on a drastically changed currency realignment. The U.S. dollar was devalued, other non-Communist currencies were revalued upward by as much as the Japanese yen's 16.88 per cent, the surcharge was lifted and some assurances were given that old trade barriers would be dismantled. Foreign traders could again make contracts with foreknowledge that prices and payment terms will hold firm. So the skies brightened for overseas commerce. The forecast for the home front remained unsettled, subject to change. Commission * ana me Senate Banking Subcommittee also took long, hard looks at the securities industry's operations and problems to decide whether new legislation was needed. Negotiated commission rates on stock trades and the question of extending exchange membership to institutional investors—mutual funds, pension funds, banks and insurance companies— were among the knotty issues which split opinion in the Investment community. The New York Stock Exchange's tradition of fixed commission rates was broken with authorization for its member firms to negotiate commissions on the amount of trades exceeding $500,000. The Securities and Exchange Commission approved a new over-all commission rate structure proposed by the New York Stock Exchange. But the exchange wasn't able to put it into effect immediately because of the price freeze. The rate change—the first since 1958— would boost commissions on small transactions and trim them on big trades. A major Innovation during the year was NASDAQ, an automated quotation system established by the National Association of Securities Dealers to report transactions in stock traded on the over-the-counter market. The Dow Jones average of 30 blue chip industrial stocks stood at 838.92 when 1971 trading opened. By April 28 it had climbed to the year's high of 950.82, which was the average's loftiest peak since May 21, 1969. Then a decline set in as the economic outlook became cloudy. The slump was arrested Aug. 16, the first trading day after President Nixon ordered a wage-price freeze to combat inflation. The so-called Nixon rally reached a high of 920.93 on the industrial average on Sept 8. After that the market turned downward as doubts arose among investors about the effects of Phase 2 of the Nixon economic program. On Nov. 23 the industrial average, slipped below the 800- level for the first time since Dec. 1, 1970. But there was an upturn as work began on international monetary problems and some Wall Street analysts hinted at an end to the bear market. Trading on the bond market moved at a record pace throughout 1971. As the year neared an end, the value of bond trading on the New York Stock Exchange was more than 30 per cent above the record of $4.5 billion 1970. Dally bond trading on the exchange averaged a record $25.6 million in the first 11 months of the year, compared with the previous record of $17.7 million in 1970. Through November of this year, 283 new issues totaling $18.6 billion were listed, compared with 246 new bond listings totaling $17.7 billion in 1970. A total of 1,968 bond issues with a par value of more than $145 billion were listed on the exchange at the end of November, up from 1,729 issues valued at $135 billion at the end of 1970. Do you really want your brother-in-law to know how much you earned last year? Of course not. It's nobody's business but your own. However, annually millions of taxpayers bear this kind of per sonal information to people who really shouldn't know. For what? Just so they can save a few dollars doing their income tax. That's some price to pay. You see, for only a few dollars more than it costs to do it with any amateur who might not know that work clothes in some instances are deductible, or that income averaging might save tax dollars, you can have your tax return done by a specially trained member of the H & R Block team with complete confidentiality. There are thousands of them in over 6,000 conveniently located offices. H & R Block's fees start at $5 and the average cost was under $12.50 for the 7 million families we served last year. Furthermore, if your return is audited we will accompany you, at no extra cost, to the Internal Revenue Service and explain how your return was prepared, even though we will not act as your legal representative. This means that H & R Block is ready to offer you year 'round tax service for just one low fee a year, with no extra charge for audits and estimates. Yes, we cost a little bit more than your relatives or friends or neighbors but when you think of what we deliver, you can't afford anything less than H & R Block. DON'T LET AN AMATEUR DO HftR BLOCK'S JOB. H&R Block. The income tax people. Monday thru Saturday 9 a.m. to 9 p.m.-Phone 362-3351 NO APPOINTMENT NECESSARY 1126 CENTRAL

Get full access with a Free Trial

Start Free Trial

What members have found on this page