Galesburg Register-Mail from Galesburg, Illinois on May 17, 1973 · Page 4
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May 17, 1973

Galesburg Register-Mail from Galesburg, Illinois · Page 4

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Thursday, May 17, 1973
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"4 Golcsburo Register-MoiL Galesburg, 111. Thurs., Moy 17,1973 *rf"lf It's Good Enough for the White House, It's Good Enough for You!" EDITORIAL Comment and Review Trouble on Big Board The big board, as the New York Stock Exchange is commonly known, has turned ;into the institutional equivalent of the In;•; credible Shrinking Man. The Dow Jones average is in another prolonged slump. , The volume of shares traded has declined sharply, and in February no less than 56 per cent of the exchange's member firms were running in the red. Most disheartening of ay, perhaps, the going price for a .seat on the exchange has dropped below ; $100,000—one-fifth as much as a seat cost only four years ago. Perhaps this is merely another tempo• rary slump for the securities industry, ; which is accustomed to alternating star turns by the bear and the bull. Or perhaps not. Many Wall Street observers believe that the present method of trading stocks and bonds is antiquated and that a new system is needed. Asked to account for the industry's current troubles, NYSE Chairman James J. Needham told Business Week: "You've got to look at transactions. The volume isn't really the key. When you know who's doing business with whom, you see how many transactions are between institutions—and negotiated rates have knocked $80 million a year out of our member firms' revenues from institutional business .... Brokers' interest costs have gone up. Occupancy costs have gone up. Salary costs have gone up. Underwritings are down substantially." Bad as conditions are today on Wall Street, they pale in comparison with the near-debacle of 1970. At that time, many brokerage houses did not have proper accounting. "They didn't know if they were making or losing money," Forbes magazine recently noted. "Brokerage houses on the verge of bankruptcy merged with other houses to save themselves only to discover the other houses were on the verge of bankruptcy, tod, but hadn't realized it." When the crisis passed, Congress approved a law creating a Securities Investor Protection Corp. to safeguard investors' interests. In addition, the New York Stock Exchange greatly strengthened its rules on capital requirements for member firms. And so, when the exchange posted a record total of 4.14 billion shares traded in 1972 (an average of 16.5 million a day), happy times seemed to have returned to Wall Street. The euphoria has since faded. At the end of March, the NYSE announced an 800,000 drop in the number of individual shareholders, the first such decline since it began keeping records 20 years ago. The "little guy" investor, badly burned in the 1969-70 bear market, is now putting his money into savings accounts, bonds, and commodity futures. Another cause for gloom is proposed federal legislation that would end fixed stock-brokerage commission rates by April 30, 1974. At present, stock commissions are fixed on the first $300,000 of a transaction but are negotiated on the balance of a large trade. The institutional traders that now dominate the stock market may eventually overwhelm it. Chris Welles predicted in New York magazine that, "We will very soon begin to see examples of institutions owning enough stock in a company to influence corporate policy, dominating trading in that company's stock, and controlling the Wall Street house which is the company's investment banker or which is the major marketmaster in its stock." No wonder Wall Street is gloomy. Moral Rehabilitation Maoist China, which once imprisoned or expelled missionaries, has set some sort of record for moral rehabilitation. As a result of China's entry into the United Nations and the resumption of relations between Peking and Washington, there is now hope in Western missionary circles of renewing contact with Chinese Christians. A recent article in the bulletin of the Sacred Congregation for the Evangelization of the Peoples, the Vatican's missionary department, is seen as a move toward this goal. Although Maoism is atheistic and prejudiced against Christianity, it is also, said the article, "a moral socialism of thought and conduct" reflecting Christian values and is in some ways similar to the system of social thought of Pope John XXIII and Pope Paul VI. Maoist China, it held, "is devoted to a mystique of disinterested work for others, to inspiration by justice, to exaltation of simple and frugal life, to rehabilitation of the rural masses and to a mixing of social classes." At the rate Maoism is making a comeback, one hesitates to contemplate what may happen when Mao Tse-tung dies—and on the third day . . . Today's Criminals Doing Shoddy Job N Here's a new slant on the crime problem: The reason people don't feel safe hi their own neighborhoods any more has nothing to do with the increase in crime, submits ore Ira Mothner. "It has to do, Instead, with the shameful decrease in professionalism among criminals — or more precisely, the entry of unskilled workers into the criminal callings." Writing in Intellectual Digest — with tongue well up in cheek — Mothner notes that as more and more jobs demand credentials, the unemployed and minimally schooled face a solid wall of requirements in the form of degrees, certificates and licenses. "A proliferation of professional, semiprofessional and simply self - protective syndicates — boards, associations, unions and the like — restricts the plucking of their particular pigeons to duly elected, selected or qualified members . . . Just about everybody is licensed to steal — except thieves." And that is exactly what we need to do, says Mothner — li­ cense thieves and Credential criminals, if we hope "to raise the professionalism in these fields." Nobody, he notes, trusts just anybody with a sharp knife to open up an abdomen. We check our surgeons carefully, insist-, ing that they be credentialled. But we permit any lout to mug us. And then we wonder why so many people get hurt, why the streets arerf't safe. "It's because," he says, "all those unqualified louts are practicing a trade for which they are simply unprepared." Mothner is weary of all the complaints that our prisons have become "crime academies." The trouble, in his opinion, is that they haven't. Criminals are returning to crime as poorly prepared as when they left it. What he proposes is some "real job training" for those who have chosen the criminal trades, an opportunity to move out of low-yield high-risk undertakings into more profitable and more acceptable ones. "Let the prisons do the job they are capable of doing — Comment By Don Oakley training criminals, turning clumsy muggers into adequate burglars, safecrackers, forgers and the like. In time this would come close to eliminating individual, violent crime and our streets would be safe to walk again." Our homes, of course, would be somewhat less secure, he admits. But the federal government could underwrite burglary insurance as an investment In safer streets or as a subsidy for the criminally self-employed. The current disorganized system of "fences" could be replaced with government-fran- chlsed "hot shops," each handling merchandise acquired In a specific area. The victim of a burglary would need only to go to his local shop, Identify the missing valuables, fill out insurance forms and depart with his tape recorder, TV, deep freeze or whatever. Professionalizing crime would also raise the income of the average criminal's family, keeping it off welfare, argues Mothner. With the rise of crim- ir a! professionalism, police would arrest fewer culprits and as a result the courts would be less crowded. Convicted criminals would still do time, but their crime would be a failure of competence rather than morality. Their prison terms would be regarded as further professional training. As noted, it's all tongue-in- check. Or is it? (Newspaper Enterprise Assn.) Political System Will Survive Watergate "But I can swear now that I had no advance knowledge (of Watergate). If I did, I certainly wouldn't be stating it for the press because criminal proceedings are going on." —John N. Mitchell, Ang. 31, 1972. By his own admission, John N. Mitchell, former attorney general of the United States and former head of the Committee to Re-Elect the President, lied when he made that statement. Today, Mr. Mitchell and Maurice Stans, a former cabinet member and former finance < chairman of the Nixon campaign, are under indictment for obstructing a federal investigation. They, and a long list of other high-ranking federal officials, have been caught in contradiction or otherwise tainted by an investigation of what the White House once called a "third-rate burglary" of Democratic t Na-^ tional headquarters in ' the Watergate 11 months ago today. That third-rate burglary attempt has mushroomed into one of the most bizarre and frightening indictments of our system of government and the political process in this century. The cast of characters in this dime-novel charade that would have had George Orwell screaming 'I told you so' is awesome: John Ehrlichman, adviser to the President; H. R. Haldeman, White House chief of staff; Jeb Stuart Magruder, presidential aide; John Dean, chief White House counsel; Dwight Comment By Michael Johnson Chapin, White House aide; Mitchell and Stans; Egil Krogh, undersecretary of transportation; Charles W. Colson, presidential aide; Hugh Sloan, campaign treasurer; Herbert W. Kalmbach, head of the Nixon Foundation; Fred C. LaRue, director of the Nixon campaign: L. Patrick Gray, FBI director and Richard KJeindienst, attorney general, to name just a few. None of the above has been found guilty of any crime, but outside the courtroom where the electorate sits in judgment, those men and others like them in public life do not benefit from the sanctuary of innocence until proven guilty; when charged they are considered guilty until proven innocent. Most citizens watching the Watergate affair, especially from a politically hyper-active state like Illinois, reflect either the pessimist's point of view that no politician can be trusted and incidents similar to Watergate occur all the time but the participants don't get caught, or the Republican National Committee's view that the press is making a mountain out of a molehill. Neither could be further from the truth. There is no doubt that the government and the political profession have suffered greatly because of Watergate and related incidents, but the damage is not irreparable. More importantly, during times of crisis, we forget those in political life who have served government with honesty and integrity for many years without so much as a pat on the back. Even Illinois has produced onany, among the most notable, Richard Ogilvie, Paul Douglas, Adlai Stevenson II, and Paul Simon. Closer to home, there are many who are never praised for being honest because that is expected of them. But they prove false the theory that politics is irreversibly corrupted. Democrat Craig Lovitt, chairman of the Knox County Central Committee and an aide to Mayor Daley's intellectual puppet in the Senate, Cecil Partee, is a good example. Lovitt knows politics well and is a master of the trade. He can function effectively, yet maintain the level of integrity THE MAILBOX Bridgehouse Editor, Register-Mail: I wish to call to the attention of your readers the May 20 open house of Bridgehouse, Inc., the alcohol and drug center located in Galesburg and serving a six county area. The open house will include both Bridgehouse on North Seminary Street and the alcohol and drug information center on the first floor of St. Mary's Hospital. Lynn B. Carroll who is recognized as a pioneer in the treatment of alcoholics and Robert Flanagan of the IHinois Department of Mental Health will be speakers at the 2 p.m. program. There is no charge for the open house but tickets for the speaker portion of tbj afternoon are $5 each and Mm be obtained by calling 343-1181. I'm concerned that many Letters to the Editor readers in this "age of Noninvolvement" will not be interested in the five dollar donation to Bridgehouse. However, as an educator in this community I am constantly asked, "What is being done about the drug problem in the schools?" or "Isn't it awful that we have teen-age alcoholics?" I can only ask such persons what they have done or ask them how involved they have become. I have served on the Board of Directors since the inception of Bridgehouse, Inc. and can assure you that the execu- See 'Letters'- (Continued on Page 9) we expect from all public offi- cicils Another is Keith Peterson, manager of the driver license examining station in Galesburg. Peterson is seasoned in the art of politics and able to distinguish and adhere to that fine line that separates the good from the bad. The courthouses and city halls throughout Western Illinois are filled with public officials who work long hours, make decisions conscientiously and maintain high standards for themselves. The late Holland C. Wise was that kind of politician. So is Galesburg Mayor Robert Cabeen, who has been playing the political game for nearly two decades. The political system will survive because of participants like the above who maintain some balance when their colleagues seem hopelessly mired in their own human weaknesses. And the system will survive as long as there is an effective, free press peeking over the shoulders of the Mitchells and the Magruders. That is, a free press that can maintain public support, open doors dictatorial politicians close behind them, and ward off the efforts of pompous overcome by power and prestige who believe the media's role is to print their propaganda without question and stay out of their domain unless invited in. This whole sordid affair will likely get worse before it gets better and that makes an optimistic observer feel very alone and naive. But I suspect when it is over, that ivory tower on Pennsylvania Avenue will again be open to the public and honest politicians who thought their careers stagnated, will find some excellent opportunities for advancement. Crossword Puzzle Finishing Touch Aniwirs to Pnvioni Funic EDITOR'S NOTE: The Galesburg Register-Mail welcomes tempered, constructive -expressions of opinion from its subscribers on current topics of interest, in the form of a letter to the editor. The Register- Mail, however, assumes no responsibility for opinions therein expressed. Because of space limitations, letters should not exceed 200 words in length. They wlU be subject to condensation. The Register- Mail would prefer letters typed and double-spaced. Letters must include the writer's signature and address. Defamatory material will be rejected. No letters can be returned. Qalesburg Register-Mail Office 140 South Prairie Street Galesburg. Illinois. 61401 TELEPHONE NUMBER Register-Mall Exchange 343-7181 Entered as Second Class Matter at the Post Office at Galesburg, Illinois, under Act of Congress of March 3, 1879. Daily except Sundays and Holidays other than Washington's Birthday, Columbus Day and Veterans Day. Ethel Custer Pritchard, publisher: Charles Morrow, editor and general manager; Robert Harrison, managing editor; Michael Johnson, assistant to the editor; James O'Connor, assistant managing editor. National Advertising Representatives; Ward Griffith Co.. Inc.. New York, Chicago, Detroit, Los Angeles. San Francisco, Atlanta, Minneapolis, Pittsburgh, Boston, Charlotte MEMBER AUDIT BUREAU OF CIRCULATION SUBSCRIPTION RATES By Carrier in City of Galesburg 50c a Week By RFD mail in our retail trading zone: 1 Year 116.00 3 Months $5 25 6 Months $ 9.00 1 Month $2.00 No mail subscriptions accepted in towns where there is established newspaper boy delivery service. By Carrier In retail trading zona outside City of Galesburg 50c a Week By mail outside retail trading zone in Illinois, Iowa and Missouri and by motor route in retail trading zone: 1 Year $22 00 3 Months $6 00 6 Months $12.00 1 Month $2.50 By mail outside Illinois, Iowa and Missouri: 1 Year $26 00 3 Months $7.50 6 Months JJ4.50 1 Month $3.1*1 ACROSS 1' fora compliment Sin of emergency 9 Cleopatra's 22 Operatic solo 13 Of the shoulder (anat) .14 Genus of grasses 15 Wavering 17 Small chili 18 Flout 19 Stone implement 21— at home plate. 23 Make lace 24 Conducted 27 Fountain concoction 29 Food fish 22 Kitchen gadget 34 Incursionlst 26 Chemistry vessel 37 Boy's name 38 SUSS Warbled 41 Streets (ab.) 42 Devotee 44 Praise 46 store 49 Weird 53 Fruit drink £4 Antipathies 56 Through 57 Jumping stilt 58 Twirl 59 Bitter vetch 60Koko's weapon 61 Head (Fr.) DOWN 1 Greasy substances 2 Curtain 3 Building locale 4 Detests 5 Family— 6 Arrange in a row 7 Safe and-— Fourth 8 Fungoid disease of rye 9 Talents 10 Black substance 26 Legal writs 28 Sphere of ,, action n!£u°?, den y a y 30Robin's-— 16 Chalk and 31 Crafts the Creator 46 State of •wonder 47 European stream vn « v L 3 , Seand »navian 48 Bard of— m tv? 01 subject « lan euaga 50 Hangman** 22 Mditary areas 35 Disputes 2« and against master 40 Declare 25 Fencing 43 Snares sword 45 Believer In 51 Initial (ab,) 52 Domestic slave i r 3 i & t> 7 r I w T 12 • c J3 if 15 16 tr 18 19 ar 21 2T 23 24 25 26 H 2T 29 30 31 32 33 ST 35 38 37 38~ W 40 38~ W 40 4> 42 4T 42 4T 46 47 W 49 SO SI 62 53 EC 54 55 QO CQ 57 58 99 60 «1 IT

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