Brownwood Bulletin from Brownwood, Texas on July 13, 1969 · Page 10
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Brownwood Bulletin from Brownwood, Texas · Page 10

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Brownwood, Texas
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Sunday, July 13, 1969
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Page 10
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BULLETIN Sundoy, July 13, Surtax Has Dominant Rofe In Drive Aaalnst Inflation % JACK LfiFLER NEW YORK (AP) - The income surtax has assumed the dominant role as the Nixon administration presses its fight against forces. Acfm/nlsfration Proposes Ouster of /nferesf C§l/ln§ Press Writer WASHINGTON (AP) - The administration plans to ask Congress to abolish a 51-year-old in- has said the administration was the civilian labor force from S.Sjterest rate ceiling it'says ham- opposed to controls. per cent in May. the Labor Do- pers the sale of savings bonds Kennedy's statement was blamed by some brokers for partment reported. Unemploy-1 and makes it impossible to sell ment totaled 2,762,000 in June, long-term Treasury bonds. sending the stock market into a j compared with 2,806,000 in May.! Announcement of the proposal stubborn inflationary tailspin to new lows for the I Chrysler Corp. said it was cut-j Friday by Paul A. Volcker, year. The market had rallied j ting back on its $300 million ex-; Treasury undersecretary for Earlier, the monetary policy last week after a steady decline J pansion program because of the ! monetary affairs, drew immedi- " ' <u ~ " r " "--•""">'•••-• i.--. —...... ,.i._.. _. . ^ \Vright Banking was in the eye of (he storm. From the 10S9 high point reached government's tight money poll-late fire from Chairman Wright rates and a limit- May 14. The market has been ' ey and a profit squeeze. ' \ Palman of the House Banking High interest rate ed supply of lendable money ap- under pressure because of in-> • The government's efforts (o Committee. pear lo be here lo stay for some vestors' worries about economic : roo! ih e "economy are delavingi The Texas Democrat, no fan considerable time uncertainties, lark of snbslan-' - •-• - • " Attention Focused this past' tial progress in the Vietnam week on (he prospects of legisla- peace talks and the rising tide (ion extending the surcharge of hostilities in the Middle Kasl. being passed by the Senate, 'u The Federal Reserve Bank of pr0fl ,; ction at j(s joo'Siiiion a^! surrender to a permanent siaie has been passed by the House New York reported the economy ; ,, , { , construction : of high interest rates in the U.S on the basis of continuing (he 10 remains vigorous and inflation- ' \™'L P '" cl p^TnKoi economy." uncertainties, lack of snbslan- i sonie O f the expected increases' of the Treasury Department or in the U.S. car market," a j Secretary David M. Kennedy, spokesman sail ! said "the removal of the 4' i per Chrysler said beginning of' cenl ceilin 8 is tantamount to a „.,! 11 _i : i _ t\r\i\ MI- , ' cilrt*cviirtor in a nftrttiationt c? -af o per cent extra levy until Jan. 1 ary expectations continue and a reduction lo 5 per cent tin- strong despite signs ot tnodera- til next June 30. tion. It said uncertainty over The surtax was to expire last continuation of the surcharge June 30. but the House extended may IIHVC strengthened expecta- the w i t h h o I d i n g provision lions of persistent inflation through this month and a fur- "Nevertheles thcr extension is expected to ed. "the extremely ,.„.., ..— carrv through untU the Senate cial situation—in part "the result vious week, which was acts.* of a highly restrictive monetary t>ncd b - v lhe * oun h of Jt % holi President Nixon intensified pplicy—should ultimately slow his pressure for speedy action the growth of rral economic ae- on the tax legislation and ex- livity sufficiently to lead to a pressed hope that it would not less inflationary environment " be delayed by coupling with tax H said the signs oi moderation reform provisions. include a further decline in new- Chairman Russel B Long of private housing starts, a slow- delayed two years. Plans to expand its Kokomo, Ind., transmission plant were cancelled. Automobile production this past week was estimated at .up i vin i. ,,,1,1 139,600 passenger cars, up 5.1 ., . . . i'h Hnan P^r cent from 139.635 in the pre- lhe current commercial money tight iman- [.^ uonL ^.^ ^ _ ^ t : ,market are far above that. Volcker said Congress would Under a 1918 law. extended to savings bonds in 1959. the government cannot pay more than 'M per cent interest on sccirri- ties that mature in more than seven years, interest rates in cent! bc ! not set a islation—to day, but down 20.3 per from 175.132 a year earlier. Steel production last week fell, . , ,, 5.1 per cent lo 2.6 million tons' Wlth lhe cpllm §' 1!e from 27 million tons the previous week as output at Jones & ; llo P es Laughlin Steel Corp.'s big Pitts he did for sumitting leg- do away i ceiling. j Chairman Wilbur D. Mills, t)- Ark., said Friday the committee : hopes to be finished with tax H| form before the August recess j begins nextVmonth. Although he said he expected , no sharp increase in the sale of ' savings bonds and intends no aggressive sales campaign, Volcker said (he Treasury < planned to set a new, lower limit of $5.000 in purchase value on the amount of bonds any individual can buy each year. The. limit would protect commercial institutions—such as savings and loans—which might suffer from the competition if savings bonds paid comparable interest. Under present limits, based on face value, individuals can buy $20,000 per year of Series E bonds and $30,000 of Series H. The purchase value of a Series E bond is only three-fourths of its face value. The increased interest rale would be effective retroactively to last June 1, and people who hold bonds now will draw the higher rate on them without having to cash them in. AT GATfSV/m SCHOOL .Soloiis Told Tsar Gas Ustd To Qubt Epileptic Inmate however, that the department the House Ways and Means Committee will gel gen- the Senate Finance Committee down in the growth of'personal ; burph works was knocked out : era! tax reform out of the way had announced plans lo hold ex- income, a leveling off of retail by a strike. i before taking up the interest tended hearings on tax reform, sales and some easing of the ' After this development. Nixon pressures in the labor market. ! called in his four top economic officials for discussions. After the meeting, Ronald L. Ziegler, While House press secretary said that while the President believes the surcharge will be extended, he feels "a delay will just continue to fan the flames of inflation." Secretary of the Treasury David M. Kennedy stirred things up by telling the Senate Finance Committee that wage and price controls would be considered if the surtax wasn't continued and inflation persisted. Dr. Artlv/r F. Burns, counselor to Nixon, Zebra stripes are like human fingerprints, the National Geo graphic says. No two markings are aleki. By PfeGOV SIMPSON Associated Press Writer WASHINGTON (AP) - A | Texas legislator told Congress ; that tear gas was used to quiet i an inmate suffering from epilep- i sy in his solitary confinement ' cell at a Texas correctional in' stitution for buys. I Rep. Curtis Graves, a Democratic slate legislator from Houston, testified before a Senale subcommittee investigating juvenile delinquency that a guard at the Gatesville Slale School told him he had used 'he gas in the belief it would calm the youth. Graves, who was very critical of institutional conditions in his state, told the subcommittee headed by Sen. Thomas J. Dodd, D-Conn., that he came lo Congress only after being convinced that Texas officials were not going to make any reforms He said inferior facilities are perpetuated by what he termed political incest. Many institutional officials or consultants are relatives of powerful state legislators, Graves said. Acknowledging that the Gatesville inmates would not be classified as "good buys," Graves said he triple checked t every complained-of instance ! before reporting it to the sub- i committee. j He said he had more than 200 i documented cases of what he ! termed brutality involving the | school. ' Parents of the epileptic in; mate, Richard Vargas, have ' prepared a suit against the i school, Graves said. ! He said another boy was ; forced lo sign a statement lhat he was a homosexual and thai he had been bruised when fend- i ing off advances from another i youth. i The truth was that the guards 1 had beaten the two youths, Graves said, after they didn't run fast enough in what was 1 termed the institution's game of punishment: carrying a shovel of dirt at a dead run between two holes. One boy was so badly hurt he remained unconscious in a Gatesville hospital for two weeks ard was then transferred to a Galveston hospital where hr stayed 56 days longer, (innes said. The legislator said Dr. James Turman. director of the Texas Youth Council which oversees the stale schools, "is either the , blindest fnaft in ¥e*a§ of th« j cleverest pefsofl t have e^«f ! seen to have covered up this activity." ; Graves also disapproved of having Texas Rangers investi* gate allegations of brutality at the schools. "To have the Texas Rangers investigate the Galesville School is (he same as having a chickefi snake investigate a henhouse," he said. "One stale agency is not qualified to investigate an* other." He said also lhat Texas relies i frequently on Dr. Austin Mac' Cormick of the Osborne Asso- i ciation of New York lo clear, as Graves put it, the state schools • of any charges. Dodd said he was particularly i intrigued by Graves' mention of 1 MacCormick. He said Arkansas ; state officials hired MacCormick to evaluate their prisons after bodies were found bur ied in the prison yard. 1 Graves said the National Council on Crime and Delinquency offered Texas officials their services as an impartial evaluation service. "When they started to uncover the truth, the stale quickly let them go." Graves said. A survey by the University of Michigan's Survey Research Center indicated that consumers have little confidence the rate of inflation will be reduced during the next 12 months. "The majority of people be- Ineve that interest rates will continue to go up during the next year." the center said. "There has been a small increase in the proportion expecting more unemployment. With respect to Vietnam, people are still waiting to see what happens." Tim unemployment rate dipped in June to 3.4 per cent of By CARL P. LEUBSDORF going to go for broke or go for a WASHINGTON (API — After ( modification. a ;week of Senate debate oppo- "They don't have the votes," nents of the Safeguard system pthe New Hampshire Democrat remain confident they can ei- said in an interview. •'They'll be ther win or force a compromise while backers of the administration's missile defense program insist there will be no retreat. "ff they don't compromise we've got them beat, 1 ' Sen. Philip A. Hart, D-Mich., cosponsor of one of two compromise j amendments introduced this week, said in an interview. But Sen. John G. Tower R- Tex., told the Senate: ''I'm con-, vinced that acceptance of either ; amendment would materially weaken our defense posture The administration is opposed to the two amendments." i The amendment proposed by Hart and Sen. John Sherman ' Cooper, R-Ky., would limit the program to research with no de-; ployment of any missile components and no authorization for site acquisition. Sen. Thomas J. , Melntyre, D-N.H., is pushing the other amendment to permit j deployment of radar and com-; puter elements while barring j the missiles. ! These amendments also were : rejected f riday * by the Pentagon. A spokesman jsaid Secre-; tary of Defense Melvin R. Laird hard-nosed this afternoon, but by next week they'll begin to crack." The latest Associated Press poll of the senators shows 50 opposing ABM. 48 supporting the administration and two uncommitted. One of the uncommitted is Sen. Winston L. Prouty, R-Vt. who plans to disclose his position in a speech Monday. Sen. John J. Williams;, R-Del., is the other uncommitted vote. One of the prime spokesman for Safeguard in ihe Senate on Friday was Sen. Barry Goldwater who said he had no doubts at all about the reliability of the ABM. i Mixup Irks Singing Star LOS ANGELES (AP) James Brown showed up, but Mayor Sam Yorty didn't, so the Negro soul singer stalked out of City Hall saying he wouldn't accept a "James Brown Day" proclamation from an "under- wis'hed to express his "unquali- ling." for the Safeguard j Brown said he. had been as- submitted by the j sured Yorty would be present I for the ceremony Friday, but the mayor's aides said they had previously informed the singer's public relations man he had another commitment. The mayor said later he regretted the up. BUY FOUR fied support proposal as President lo Congress." The spokesman, Jerry Friedheim, replied "that is correct" when asked if Laird opposes a compromise. During this first week of debate on the $20 billion military procurement authorization bill, which contains $759.1 million for Safeguard, there was no apparent efforts to try to work out an amendment that would fall between the Cooper-Hart and jVlc- Jntyre proposals. Some senators see this as, the most likely route to a successful compromise. JJut two and maybe more week? of debate lie ahead before .any votes take place, and most of those closely involved with the situation expect some discussions to take place in that period between the rival groups. "J expect to see another; amendment coming in here,": Mdntyre said, possibly from' the ranks of. some one domi Re-1 publicans who oppose Safeguard l and ajso are against the Cooper-Hart amendment. ., Mclntyre, suggesting that the administration faces rejection of ihe entire Safeguard' proposal if it pjishes ahead, said "the ad•" -' ^ration is going to have to mt'ttft'oUiri whether it is "I believe in the dignity of man," said Brown. "If I can take time to be here, I would assume he could too." Singer's Widow To Marry Writer LOS ANGELES (AP) - The widow of singer Nat "King" Co!e plans to marry a television writer this fall. Mrs. Cole arid writer Gary Devore-said Friday they plan a ceremony in the chapel of St. James Episcopal Church in Los Angeles, after she returns in October from a cultural exchange visit to Russia, Bulgaria and Yugoslavia, Devore is co-producer of a local television show on which Mrs, Cole has been hostess and moderator. She was a singer with Duke Ellington's band when Cole met and married her in 1948. She resumed her career after his death from cancer in •ft WARDS • m Kiversme WARD* RIVtRSIPE 4-SOUABC PASSENGER TIKI CUARANUt GUARANTEED AGAINST FAItURE du« to rood HoiarcU 4«ic»pt repairable punc. ture*) or frofn defect! in material) of workmamhip far the lite of >rw original lr«od In cow o< failure, Wordi *lll e*< change lire Jpr o now one, charging only thai portion* ol 'ttw cud on I price (plui Federal f.ffii* Tai) equivalent lo rhe percent of tread uwd GUARANTEED AGAINST TREAD WEAROUT (or mcmlhi ipecified or for milei ip«ified In cai« tread weori out. Wordi will exchange tire lor a new one, charging only the difference between the current price iplut Federal Eiciie 1a<| and a tpecifk dollar allowance (Tread wear guarantee doei not apply to !ire> wed commercially.) NATIONWIDE SERVICE, Guarantee honored at any Waidt Retail or Catalog, itore (12.50 OFF WHEN YOU BUY TWO!) Blaze new trails on H.S.T. whitewalls. 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