Northwest Arkansas Times from Fayetteville, Arkansas on June 12, 1974 · Page 14
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June 12, 1974

Northwest Arkansas Times from Fayetteville, Arkansas · Page 14

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Fayetteville, Arkansas
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Wednesday, June 12, 1974
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g±a?.L^"aajap- Wtd - *«· ia - w4 · is Roll Coil Report For May 30-June 5 How Arkansas Congressmen. Voted On Major Bills WASHINGTON - Here's how monetary policy -- the supply [ Oponents were recorded on major roll Arkansas members of Congress call votes May 30 through June HOUSE FEDERAL RESERVE AUDIT _ Passed. 224 for and 139 against, an amendment to limit, congressional audits of the Federal Reserve Board to the agency's operating expenses. in approving the amendment, the House weakened a section of a bill to audit all Federal Reserve Board operations, including credit and securities transactions. The board is an independent agency that regulates national of money -- by buying and selling dollars to banks. The audit would be conducted by the General Accounting Office, an arm of Congress. The House later approved the overall bill (H.R. 10265) and sent it to the Senate. Supporters argued that broad audit powers would undermine the board's independence. They said technical banking decisions should be left to the experts. Rep. Margaret Heckler (R Mass) said monetary policy should not "be publicly judged on short - term political cri- tria." argued that board is too independent and should be subjected to the con- Chamber Economist Believes Firms Overestimate Profits By JOHN CUNNIFF Business Analyst NEW YORK (AP -- Almost everyone overestimates corporate profits, said Carl Madden, chief economist of the Chamber of Commerce of the United Stales. Poll resulls support his contention. One study showed that people believe the average m a n u f a c t u r e r earns 28 per cent on sales, after taxes, when (he actual profit last year was 4.7 per cent. Madden blames journalists for some of the misunderstanding, hut there is also reason to suspect that many corpn rate officers brag a b o u I their profits to some audiences and scale them (town to others S p e a k i n g to investment analysts, an executive is inclined to emphasize profitability. But for other audiences he may stress rising labor ant material costs. An extreme example of the dichotomy is that of a large corporation t h a t recently de clarod a regular quarterly divi dentl. based on what it told stakeholders was a ^olid profi for the year. But it reported l loss to the Internal Reveiuu Service. Profits artn'l simply ex plained. They may seem high in one quarter because Iht; were depressed the quarter be fore. They may foe due to ex traordinary conditions lha won't recur. They may indeec be huge, but only because th company is loo. But what seemed to bothe Madden most as he talked prio to addressing The Confercnc Board, is that no mailer wha usincss docs loday, somehow goodly number of people will alegorize it as inimical to the unlic interest. The air. he said, is "filled ilh conspiratorial philosijphy trol of Congress. Rep. Henry Reuss (D Wis) said the issue was "whether Congress would be a toothless tiger ,or whether it will be keeping tabs" on monetary policy. Reps. John Hammerschmidt (R-3), Ray Thornton (D-4) and Wilber Mills (D-2) voted "yea." Rep. Bill Alexander (D-l) voied HOSPITAL, LABOR UNIONS -- Rejected 152 for and 161 against, an amendment giving pre-eminence to state laws that are "substantially equivalent" to a proposed federal law permitting employees of non-profit hospitals to form labor unions. The amendment was offered lo a bill (H. R. 13678) that, would grant such employees the right to unionize, which was later passed and sent to confer ence. The bill would-prohibil wild- cal strikes and other inlorrup lions in palicnt care. One supporter of Ihe amend ment.Rep. Albert Quie (R Minn), argued against preempting state laws that are demonstrabty superior to fed Uie unions. Alexander, Harnmerschmidt, 'hornton and Mills voted nay SUGAR Rejected. 175 for and 209 against, a bill to extend or five years the federal program of price supports and im- lort quotas for the benefit of domestic sugar producers. In rejecting the Bill H. R. 14747). the House voted to kill he 40-year-old program. Th? Senate could attempt to revive t. The subsidies have encourag lat Ihinks business is a rinoff ·hen really it is an engine of veryone's wellbeing," an en- ine of wages, pensions, divi- ends, fringe benefits, security. Why a r c businessmtn sus- ct, he asked rhetorically? 'People forget that business is .reative. Actors, dramatists and writers are creative." he laid, "but the guy who produc- *s a $100 calculator somehow sn't." Suggesting that journalists contribute to the misunderstanding. Madden asked, how many of them know that- among he 500 largesl industrial concerns, as measured by Fortune M a g a z i n e , 2 1 companies showed a net loss on iheir sales. "Compare that with the per cent profil cslimale in .he survey." Madden is concerned also thai the public doesn't under stand lhal inflalion exaggerates profits, adds to business costs, makes it difficult to replace worn facilities and inventories, ami adds lo capital-raising problems. He deplores the widespread notion that somehow corporate income goes into the pocknls of a select few instead of into dividends, wages, salaries, benefits, expansion. !Ic appears appalled at results of a survey that shows 43 per cent believe the most practical xvay for workers to increase Iheir living standard is to take a bigger piece of the pie ralher t h a n making a bigger pie^ eral regulations. Opimnents argued that then must be uniformity in nationa laws with respect to labor ed domestic production and have been paid for by taxes on imported sugar. About 50 per cent of the nation's sugar needs come from foreign sources. Supporters argued that without price supports domestic producers would turn from su- ;ar to more profitable crops, thus forcing more dependence on imported sugar. Rep. W. R. Poage (D-Texas) said unlimited imports could "completely destroy both the cane and beet industries in this country." Opponents argued that prograrn creates artificially high prices for sugar. Rep William Broomfield (R-Mich) said American consumers pay "over $600 million annually. a noncompetitive . to support industry." Alexander and Thornton voted yea. nay Hammerschmidt voted Mills did not vote. SENATE FBI FILES -- Passed, 51 for and 33 against, an amendment to open the files of the FBI and other investigatory agcn- :ies, except when a person's rial rights would be jeopardized. The amendment was offered o S. 2543, a bill to perfect the freedom of Information Act. of 1966. The overall bill was later passed and sent to conference. Under . the amendmenl. the FBI could protect its informers by deleting names from released material. Supporters argued that the public deserves to know how the FBI operates, and that public access to such files would protect against abuses ol power such as those associalec with Watergate. Sen. Lowell Weicker (R-Conn) said it is Congress' responsibility lo ercise supervision over all agencies of government." Opponents argued lhal public access to FBI files would scare off informants. They said not survive if we are not able deal with the lawless elements." Sen. John voted "nay. 1 McClellan Sen. J.W. (D) Kul- Freedom Information Act originally was intended to focus on regulatory agencies, not in- vestigatory a g e n c i e s . Sen. Roman Hruska (R.Neb) said, "The first duty of a nation is to survive . . . This nation can- bright (D) did not vote. CIA BUDGET -- Rejected, 33 for and 55 against, an amendment to require yearly publication of Ihc tolal -- but not itemized -- Central Inlell- gence Agency b u d g e t . In rejecling the amendment, the Senate voted to keep the CIA's budget secret. At present, a congressional oversight com mittee can learn how much the CIA spends, but it cannot make the information public. The amendment was offered to S.B. 3000, a bill lo authorize money for procuring military weapons. Supporters argued that the public should know how many billions are spent each year for intelligence gathering. Sen. William Proxmire (D-Wre.) said, "We have to nm other in- lelligency agencies in a demo cratic environment." Opponents argued that publishing the CIA's budget would permit the Soviets to " where money said confidential disclos permits a congressional check on waste, without jeopardizing national security. Sen. Hubert Humphrey (D-Minn) said dis- closure would be "like loose string on a ball of twin* . . . .hat starts to unravel." McCleland voted "nay" and ''ulbright did not vote. B-l BOMBER -- Rejected. 1 for and 59 against, an amendment lo slice funds for levcloping the controversial 3-1 Bomber. The amendment vas offered to the military veapons bill. It called for reducing the bomber's fiscal 1975 authorization from $455 million to $200 million, and for further study of the Bomber's effective- less. The B-l is designed to je America's manned strategic bomber of the fulure, and operational by 1980. Those voling to slice funds argued that cost overruns have made the bomber a white elephant. They said existing strategic bombers are good enough to allow more lime to study the B-l. Sen George McGovern (D-S.D.) said Ihe cutback "wif save us a quarter of a billion dollars of urgently needed funds." Opponents argued thai, studies have shown the bomber wil work and lhal delaying its production endangers the nations security. They said much of the cost overrun results from infla lion, not mismanagement. Sen Barry Gotdwater (R-Ariz) said "There are so many advantages of the B-l( that I trunk w» have to go on wilh it." McClellan voted "nay" and Fulbright did not vote. . . V I E T P O L I T I C A L RISONERS --Rejected. 32 for and 57 against, an amendment o cut off military aid to the government of South Vietnam until it "has released all persons" who have been imprisoned without trials. The Stale Department has said that South Vietnam does not have such prisoners. Other sources report that up to 200,000 persons have been locked up n South Vietnamese jails without being tried in court. The amendment was offered to the military weapons hill. In supporting the amendment Sen. James Abourczk (D-S.D.) said. "If the government of South Vietnam is guilty of such acts... I believe we have no choice but to stop our military support of lhal government." In opposing the amendment. Sen. John Tower (R-Texas) said the measure would set a precedent "which is totally impractical in terms of the formulation atid conduct of American foreign policy." Other opponents argued against cutting aid to a nation that has fought so long for its independence. McClellan voted "nay" and Fulbrighl did nol vote. WE QUIT! UNITED · - ·« ?%LT^'~ "· : r y · · - r ' ·* ^ · : " ·· k - - ^.|y ! .m?'-ft *........ .^,, ..·· " -- r ·-. jft ' , KNIT LADIES- PANTS MEN'S WORK SHIRTS $137 Meet With Nixon's Domestic Advisor Has An Unreal Air LADIES' UNIFORMS BOYS' SHIRTS By KENNETH B. DALECKI TIMES Washington Bureau WASHINGTON -- The hour- long session with Kenneth R. Cole Jr., President Nixon's chief advisor on domestic policy, had an air of unreality about i t . Cole, a handsome 36-year-old ex-ad agency executive whose silver-gray hair is raxor-cut into a mod style, sat jacketless in a high-backed red chair for an informa I question -anrl-a nswcr period with a dozen reporlers in the Executive Office Building next to the White House. It was one of a series of chats high level administration offi ciais have had recently wilh reporters in an effort lo open the White House more to Hie news media. The meeting witii Cole produced very lit.tlo of wha I reporters call "hard news" and there were no accounts of the session in the next day's daily press. But it did give a glimpse of the unrealistic climate ir which at least part of Mr. Nixon's official family now lives. As head of Ihc Domestic Council which molds adminis tration policy on domestic lation. Cole was expected lo talk about how the Prc.sidcn plans to carry forward his con cept of "New Federalism' while at the same lime t r y i n j to fight off impeachment. Between occassional h a n d f u l of salted mils, Cole arliculalw Ihe Republican Parly philoso phy of opposition to big govern ment and the Washington knows-best attitude. REMAINING TERM He said Nixon will use hi remaining term to return powc lo state and local govcrnmcn and increase the role of prival enterprise in public issues. An effort will be mailc I broaden revenue sharing b "folding in" other federal gran programs. The President ha ordered the drafting of a nei welfare reform proposal lha will win congressional approva Allhough pressed by rcpoi lers. Cole gave no details o these issues. He was asked numerous qucs lions about Ihe impeachmer proceeding's impact on Ai ministration-back legislalio before Congress. "If impeachment has had a effect, I have not seen it," h said. Cole dismissed report that the President's lega battles have caused at least partial paralysis of dccisioi making on domestic policy. He said the naming by federal grand jury of the Pres dent as a co-conspirator in Ihe Walergale coverup will hav "no effecl" on his abilily win support for his legislaliv policies. According lo Cole, everything on track and on time -- imething members of Mr. ixon's own party in Congress oncedc is not the case. Cole told reporters he had inner recently with John Ehr- chman. his predecessor as ead of the Domestic Council 'ho is now under criminal in- iclmcnt in two Watergate ases. Did he 'talk about his prob- ^ms?" asked one reporter. "No we didn't talk aboul that ,, all," Cole replied. "It was ust a very pleasant evening.' Computer System LITTLE ROCK (AP) -- The Executive Con;mittce of Hie Ar ansas Health Planning Council pproved a $275,000 computer yslcin for the Sparks Regional ledical Center at Fort Smith Tuesday. · , . Richard Delp, a slate health ilanner, said the computer vould be used to develop clini- al information on patients, He aid the number of clinical examinations al' Sparks had increased by 25 per cent in each of the last two years. In other business, the com- millce adopted a resolulion supporting proposed legislation o standardize Medicare pay- menls to doctors in the slate. The purpose of the legislation 's to insure t h a t doctors in rural areas are paid as much as .hose in metropolitan areas. ?£ Fotol Accident HUGHES, Ark. CAP) -- Morris W. Oslroy, 71, of Memphis. Tenn.. was killed Tuesday when nis car made a left turn within the city Irmils of Hughes and was struck head-on by a traclor trailer rig, State Police said. Robert L. Blalock of Bolivar, Tenn., Ihe driver of the tractor trailer, was injured. Hughes is located in St. Francis County near West Memphis. 20% OFF! OR MORE ON EVERY ITEM! WILL BE DEDUCTED . AT THE REGISTER! OPEN 9 A.M. TO 6 P.M. pS^SlpTr ... UNIT ED 1 0 U A R S T O R E S Eostgafe Shopping Center (Hwy. 16 East, Fayctteville) WORLD'S G R E A I E S T DOHA* V A I U E S Killed In Wrwk OTTAWA. Kan. (AP) -- I.ec Likes, 43, of Rogers, Ark., was killed late Monday night when his pickup truck and another truck collided head-on near here, police said. A couple In the oiher truck were taken to a hospital, where they were declared to be in satisfactory condition. The accident happened on U.S. 50 three miles southwest ol Ottawa.

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