Northwest Arkansas Times from Fayetteville, Arkansas on May 13, 1974 · Page 3
Get access to this page with a Free Trial
Click to view larger version

Northwest Arkansas Times from Fayetteville, Arkansas · Page 3

Fayetteville, Arkansas
Issue Date:
Monday, May 13, 1974
Page 3
Start Free Trial

Page 3 article text (OCR)

Three Evil I's Disturb Market By JOHN CUNN1FF NEW YORK (AP) - A spell has been cast over the stock market by three evil I's that have produced in it · state of near paralysis. Inflation, interest rates a n d impeachment have stared down investors. They're afraid to m o v e . On Thursday of last week, for example, the market showed some signs of courage, advancing nearly 15 points as measured by Dow Jones' industria index. The evil I's seemed briefly to have lost their con centration. But the spell returned Friday. Early in the day the big national banks begain raising their prime lending rate again, this time to 11.25 per cent. As quickly as the prime rose, stock prices fell. By the close of the day the industrial index lost every point t had gained the day before, back to within a fraction of 850. And as the day wore on the evil ['s seemed to be focused more sharply than before. Impeachment talk grew in volume, most significantly among members of the President's own party, leading to conclusions in the markets that a continuation of political unrest .was certain. The market never ignores political issues, because the latter almost always impinge on economic issues. Moreover, so long as controversy embroiled t h e President, uncertainty would prevail. The market cannot tolerate uncertainty. Impeachment talk is unsettl- C. CARNEY SMITH .. .national officer to make keynote address at installation banquet today Underwriters To Install Officers C. Carney Smith, executive vice president of National Association of Life Underwriters is featured speaker at the installation banquet today for Northwest Arkansas Life Underwri ter's Association. Weather Forecast Rain and showers are fitre- cast Monday for Minnesota, the Great Lakes and for most of the Midwest (o the upper Mississippi Valley. Showers are also expected for the w e s t e r n Plains. Warmer weather Is forecast for t h e Southeast and cooler weather for the rest of the country. (AP Wirephoto Map) ing; it is an evil I. Some fair news about in- The banquet will be held at the Fayetteville Holiday Inn. Officers to be installed are Thomas R. Cornwell Jr., presi dent; Eugene W. Setty, firs vice president; Dr. Bob E Hall, second vice president and Gary Chancy, secertary - treas Nothing Bui Clear Skies For Most Of Nation By The Associated Vm» Occasional showers sprinkled the northern part of the continent from the Rockies to the New England states today, while clear skies ruled elsewhere. Rain lessened along most of the central and north Atlantic as a cold front moved off the coast. But Mt. Washington, N.H., was soaked by more than an inch of rain during the night, and gale-strength winds continued to sweep the eastern Great akes. Overcast skies lingered west to the Ohio Valley and Great ikes areas. And cold air from inada chilled the upper Mis ssippi Valley, prompting frost arnings in southern Wisconsin nd Minnesota. Showers that developed in yoming spread into thi orthern Plains, while snow as reported at higher eleva ons of the Rockies and parts eastern Montana. Fair skies prevailed west of le Rockies and from the outhern Plains east to the low r Atlantic Coast. Temperatures before da mgcd from a high of 82 de- rees at Phoenix. Ariz.. Nee les, Calif., El Paso, Tex., an 't. Lauderdale, Fla., to a low f 30 at Hibbing and Duluth in Minnesota. Tinj Cut Barry Barkley of 3Z3 W. rlng St. told Fayetteville itice that a right rear tire on s car was cut over the week- nd while the car was parked Despite Kissinger's Report* Syrian Negotiations Gap Still Unresolved JERUSALEM (AP) -- Israeli sources say the gap in the disengagement, negotiations with Syria is as wide as ever despite a report by Secretary of State Henry A. Kissinger of some progress toward an agreement. Kissinger reported progress ic-hoiir visit Sunday about 200 demon- alter .. to Damascus, saying "we have passed from the state of general discussion and consideration to a detailed and complete examination of all the elements of disengagement." But alter a 214-hour meeting between the American secretary and Israeli leaders, au.- thorilntive Israeli sources said Kissinger lolil Premier Golda I\leir and her aides that the differences between the Syrian and Israeli terms for an Israeli withdrawal on the Golan Heights were as wide as before although the Syrians were showing a new readiness for a separation of forces. Tlie sources said Kissinger dwelt on "the alternatives to group s; Hebrew, lust. disengagement," evidently morning said moaning another full-scale war. But Israeli Information Minister Shimon Peres indicated his government is not prepared In e;ise its terms. He lolci newsmen: "I don't think that any change is needed in Israel's basic attiude.' Tlie Israeli cabinet called into session today to discuss the latest outline of the Syrian position, and Kissinger was to confer with government leaders afterward. He returns to Syria on Tuesday. Kissinger told newsmen he w;js wiiling Lo continue commuting lieLweL'n Jerusalem and Damascus "as long as there is hope of making progress." If a disengagement agreement can be reached, it is expected to provide for an Israeli withdrawal from most or all of the territory captured in the war last October plus part of Quncilra, the devastated capi- al of the Golan Heights half a mile on the Israeli side of the 19f7 cease-fire line. Three strategic hills around Quneitra which the Israelis insisted on retaining probably would be turned over to the Uniled Nations force that would man a buffer zone between the two armies. There were more demonstrations from small groups of Is- the bus ree tin Police At fi:35 against work warning pOSDtt 10 surrender UL ie captured Syrian ter- bout 50 demonstrators "Boo to Killinger!"-- tig Killinger for Kisis he left Mrs. Meir's midnight Sunday. The ing patriotic songs in and some camped : to continue their pro- Kissinger visited Mrs. rlier Sunday before his ce Lose pect In alary Try 9 m f i in his early 20's eluded 'ille p o l i c e Sunday I a f t e r being caught urglarizing Sound City N. College Ave. Police he man was found d under a work table olice hat! responded to sincss' burglar alarm mes. said Patrolman Bill answered the first alarm a.m. Sunday morning ow on the north side ol ding was found to have ierl open, but entry hat n gained at that point. 15 a.m. the alarm again 1 and police Sgt. B u d found the same windov out. Several tires and had also been piled u j the building, whici emoved and Ihe alarm gain. THIRD ALARM rd alarm sounded at 9:25 find Foster again an the call backed up b; nan Larry McCawley ilding was searched and in was found under the ?r's report said the man en searched for weapons hen Foster attempted t ff him he fled through oors. Foster said severa rip 10 oyrid, auuui, iuw uciuun tutors gathered at the pre- » Tiler's office and shouted: d 'Kissinger go home!" s Artillery duels intensified Sunday along the 40-mile Golan = rent, and a Syrian report ' :laimed several Israeli soldiers r were killed and a number of Is- ' raeli tanks and halftracks were l destroyed on Mt. Hermon. But ' Israel did not confirm the loss- s es. \ Red Square Is I Closed For Repairs MOSCOW AP) -- Red Square will be closed until November for repairs including a tlock- by-block restoration of Lenin's tomb, the Soviet news agency Tass reports. Numbers have been painted on the red granite blocks of the 14-year-old mausoleum so it can be put back together after it is dismantled. The work also will include reinforcement of the earth beneath the cobblestone square and a facelift for the Spassky Tower, the main lower of the Kremlin. Canoe Stolen Mrs. T. W. Cotton told Fay? etteville police this morning that a 14 foot aluminum canoe had been stolen from her home on Zion Road someli m e over the weekend. the man continued to rim through a field and a wooded area east of the building where police lost sight of him. A search of the area lasting about four hours failed to locate the subject who is described as five foot 10 inches tall, about 140 pounds, with dark blonde, medium length wavy hair and a blonde mustache. He was wearing blue jeans, a dark green long sleeved shirt and flation occurred Thursday when the government announced that wholesale prices rose in April by 8.4 per cent, less sharply than in any of the previous six months. And farm prices dropped too. But on Friday the influential Business Council, made up of the leaders of major corporations, heard their own advisers tell them that unemployment was due to rise sharply and that prices would continue their upward climb. And so the market shrank back to a lower reading, to an average price more in keeping with the realities. Investors fear to commit their money when inflation, impeachment and high interest r a t e s are staring them in the eye. Inflation forces up business costs, which can only be recovered by raising prices. These higher prices in turn force buyers to seek equality and they too demand an increase in the number of dollars they get to spend. High interest rates also increase the costs of business, which cut into profits. But even more significant for the stock markets, high interest draws money away from equity investments. Impeachment, when looked upon in the historical perspective of 1980, might prove to be the least evil of the I's because, eventually, it will go away. But inflation and high interest seem to be like stationary satellites in the sky, set to stay, a long, long while. Indian Festival Set This Weekend Part of America's history and Police Seeking Man Wanted In Kidnap Attempt F a y e t t e v i l l e police a searching for a black man believed in his mid-20s, who wanted for questioning connection with the attempte abduction of a 14 month o Fayetteville boy Sunday night Police described Ihe man a five feet 10 inches tall, slende build, 25 or 26 years of ag clean shaven, with a large Af haircut. The man was last see wearing a white shirt with dark colored print and tan light brown pants. An unidentified Fayettevil woman told police that the ma opened the passenger door her car on West Rock Sire and told her "I'm going to take your kid." The woman told police the man attempted to pull the baby from its car seat, but the baby was strapped in, preventing the man from taking him. The woman said reached for her son. AffamM TIMES, MMI., May 13, 1*74 · I Boat Theft Evelyn Powell of Elkins tok heriff's deputies Sunday that ;r father's 14 foot flat bot- imed fishing boat had been tolen from the White River. Her father, Beryl Beyth. said te had hidden the boat behinc bush on the west side of the ver, near tt» bridge on ounty Road 44. the intersection of Center treet and College Avenue. W« ·**· · uvtefs profran Merest rate to MM Foyetteyilk Savings Loan Association Ml N. Ent Aveow. NOTICE I hav« b*«n confronted with · question of whom would m«k« Hw bott sheriff. Thor* is only on* man that can fulfill the duties and obligation* of the sheriffs office. PAUL D. PEEVY i* the only man that can fulfill those duties and responsibilities. He is the man you can reach at all times. He has done more for under privileged people than any person who has ever existed. ALLEN SWEETEN Pol. ad paid tor by Allen Sweeten, Cave Springs she then at which heritage be on display Saturday, May 18 at Louisiana State University in Baton Rouge as the fifth Southeastern Indian F e s t i v a l begins. Featuring authentic Indian dancing and costuming, public performance will be held at 7:00 p.m. on May 1R. Over 400 participants from ten states will be vying for top honors in individual and team dancing competition. and costuming Sponsored by the "Order of the Arrow", a Boy Scout service organization, the Festival is the only one of its kind in the world. An authentic replica of an Indian village will be constructed on the Coliseum floor to provide a backdrop for the Festival's activities. Spectators are invited to come early or stay late and walk through the village to view exhibits, take pictures, or talk to the dancers. time the man struck her on the back of the head. The woman said she took her purse (described by police as t wooden box type purse) and hit the assailant, possibly cutting him under the right eye. At that point, the woman said, the man jumped from the car, and she and the baby fled in the car, s t o p p i n g at City Hospital to call police. Fayetteville Police Chief ·follis Spencer asks that anyone \nowing the identity or whereabouts of this man contact the Police Department at 521-8050 or call the department's Confidential Line at 521-4549. Windows Broken An unidentified motorist notified Fayetteville police late Saturday night that five windows and a door at the Fayetteville High School agricultural building had been damaged by vandals. Police said rocks had been thrown through the five windows and that several holes had been punched through a wooden door. ·/ -y ^_ SWIFTS nutarik Wn^% St. Left work it off together Won't Step Down NEW HAVEN, Conn. (AP) -Kingman Brewsler says he'd like the chance to "light up a pipe and read Plutarch" but won't step down as Yale president until the university's financial situation is secure. But he hinted that both may come with the completion of Yale's current three-year, $370 million fund-raising drive. "A university can't stand still to the rapidly changing demands of society. The lead o u g h t t o b e renewed frequently," he said. "The time to change leadership is when the financial situation is secure so the new president can have a chance to have his own impact." Complete 4-moifA program. RESIGN SPECIAL! $ only 20 Call Williams Co. "CANCERCAK" Insurance Mm\\tt visits hr tk* reaairier «f U74. Offer wilablt to all firmer ·i«btrs. Atagic Alirror figure salons Spring Shade A most beautiful way to shade the sun. Dress up or for fun in these summer felt or straw hats. Luscious summer shades from natural to pale blue. $5.00 to $10.98 Accessory Dept. Street Floor from David Warren Left. Sleeveless piped cotton with striped vest ot neck, and A-Line skirt in navy/white, pink/brown. $48.98 Right. Sleeveless A-Line dress with diamond stitched trim front pleated skirt, print scarf in yellow or green. $44.98 GfoellTai Better Fashion* Second Floor

Get full access with a Free Trial

Start Free Trial

What members have found on this page