Northwest Arkansas Times from Fayetteville, Arkansas on June 27, 1974 · Page 10
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June 27, 1974

Northwest Arkansas Times from Fayetteville, Arkansas · Page 10

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Fayetteville, Arkansas
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Thursday, June 27, 1974
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Page 10
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Wavering Economic Policy Suggests Confusion Northwest Arkansas TIMES, Thun., Juiw 27, 1974 * rAvrrrtviLU, AUKAMSAS Inflation Control Is Source Of Mistrust NEW YORK (AP) -- Distrust is growing in American business circles about Ihe concepts and techniques of' economic management, especially in regard to inflation control. And with it grows a distrust of leadership also. While formal surveys may not as yet prove there is wide- concepts and leadership, there is little question in discussions with businessmen that many harbor deep distrusts. Many factors are involved, chief among them being: A wavering economic policy in Washington that suggests confusion rather than understanding. Repeated promises that conditions are bound to improve add to the doubts by suggesting hope rather than knowledge. --The documented failure monetary policy, as practiced today and on which the country now is relying heavily in the battle with inflation, to have a pronounced, prolonged impact. --The conviction among practical businessmen that high interest rates are merely adding to their costs, and their prices, rather than discouraging borrowing. TEXTBOOK THEORIES --A feeling that the minds of economic leaders may be closed to suggestions and differing opinions, in favor of "textbook" theories. The latter feeling is fueled to a great degree by the apparent determination of Arthur F. Burns, Federal Reserve Board chairman, to continue a rela- of lively tight money policy to the brink of depression. The refusal of the administration's new economic spokesman, Kenneth Rush, to discuss his views before congressional committees, adds to the feeling that the economic dialogue is being smothered at the very time it needs an airing. The necessity for discussion of monetary policy, for example, is made startlingly clear by the record, which shows that the prime rate now is more than double that of seven years ago, a period during which prices soared. The current rate varies from 11.5 per cent to 11.75 per cent, with one large bank at 11.8 per cent. In midyear 1967 the rate generally was about 5.5 per cent. It's' rise since then has seen accompanied by !h» worst : inflation in a generation. TIGHT MONEY There's no question about the ability ol tight money to create a depression," argues John Beckett, chairman of Transamerica Corp. He adds pointedly: "Whether it can cure inflation is a moot point." While Beckett U only one of scores of businessmen who hold such views, his opinions are particularly significant because his is a multibillion-doUar serv- company, heavily involved in insurance and consumer and commercial loans. Beckett says interest rat are usually passed on to customers in the form of higher prices. As do other businessmen, Beckett feels that monetary policy might work if it weren't aborted along the way. That is, if a depression were permitted -- and Beckett says he is willing to accept it -- inflation might be restrained. 'If a depression were permitted to run its course it would do the job, hut the politicians won't let it." When the going gets tough, he said, the deficit spenders will step in and stop the cure -- and add to future inflation. 'All inflation is, is the taxes you should have been paying all these years and didn't," he said. "The obvious answer is that you've got to run surpluses in government and pay back the debts we already have." Other businessmen and financiers hold that higher interest rates are frustrating rather than aiding the nalion's anti-in- Flation program. Some even maintain that an easy rather than tight money policy is the answer. Ernie Ford To Russia NASHVILLE, Tenn. (AP) -Singer Tennessee Ernie Ford and a dozen other performers from Opryland USA will entertain in Ihe Soviet Union during a month-long tour this September. The trip will be sponsored by the U. S. State Department, the stale of Tennessee and Opr- yland. Opryland officials said Wednesday. Turns To Politics Super salesman Glenn W. Tamer announced his candidacy for the U.S. Senate Wednesday. Turner joined a Held of seven other Democrats competing to challenge Republican incumbent Edward J. Gurney In t h « November g e n e r a l election. Turner Is under indictmeut on federal mail fraud charges. (AP Wirephotfl) Governors Discuss Foreign Investment Planned For Area LITTLE ROCK (AP) -- T h e governors of Arkansas. Tennessee and Mississippi met Wednesday night in Olive Branch, Miss, .reportedly to discuss the possibility of a large foreign business concern locating facilities in one or more of the states. Little Rock television station KARK reported that it had learned that the meeting concerned a presentation to attract p. foreign industry, possibly a German automobile manufacturing concern The station said the concern, recording to one source, was "so gigantic" that it would spavyn satellite industries. The station did not name the sources. Gov. Dale Bumpers of Arkansas sai bdefore leaving Little Rock to go to the meeting, "There is nothing all that secretive about it -- it's just one of tfiose things you don't discuss when it's in the planning stages." Bumpers met with Tennessee Gov. -Winfield Dunn and Mis- LEROY BAUGUS .. .DAV Commander Disabled Veterans To Install Officers Officers twill be installed by the Fayetteville Chapter of Disabled American Veterans tonight at 7:30 p.m. in the conference room in the mair building at the Veterans Ad ministration Hospital, Assuming duties of office wil he Leroy Baugus, a Vietnam veteran, commander; John Weir senior vice commander Millard Blevins, junior vice c o m m a n d e r ; B o b Keagan adjutant and service officer Wayne Millsap, sergeant-at arms; Gene Lajrson, legislative officer and Hoy Ballard chaplain. All veterans, wives, widows or orphans of veterans are invited to attend. "AH ton often widows and orphans find them selves in jeopardy of losing benefits due them because the veteran neglected to file proper claim or failed t leave information that woul allow his family to do so," said Baugus. The chapter will make available at the meeting in formation to help the veteran and dependents become aware of the benefits due them and take the necessary steps to insure these benefits are applied for at the proper time Bangui, also said Vietnam veterans are welcome urged to attend. issippi Gov. William Waller at [oliday Inn University, which s the complex used by Holiday nns of America to train i t s jersonnel. Dunn said prior to the meet- ng that speculation that the overnors were trying to organic an effort to get a Volkswagen manufacturing facility ocated in t h e Memphis area vas "embryonic." However, he did say the meeting concerned an "in- 'estment in this area with the ource funds being perhaps in- ernational i ature." Goetz Grimm, vice presidet wage of America, said the ompany is not discussin gput- ing a plant i n the Memphis irea and that he was not aware if the Olive Branch meeting. "I cannot comment on o u r .ilans," he said, "but there are no plans to put a plant in that area." Tti an interview with KARK, Jumpers said the meeting had 'wider implications" than just mo foreign industry, but he did not rule out the possibility that 1 single particular company voukl be the main topic at the neeting. "f would not be interested un- ess I knew Arkansas would enefit under it through satellite industries." Bumpers said. He said the meeting concerned the Memphis area and he Mississippi River Delta sec:ions of Arkansas a n d Mis- issippi. KARK reported that police lad cordoned off an a r e a iround the site of the meeting and that a Memphis television station film crew was escorted out of the atca. Ex-Undercover Agent Tells Of Gun Smuggling NEW ORLEANS (AP) -former government undercover agent Cesario Diosadado has testified that he dealt with [our of the five defendants on trial for plotting to smuggle weapons into Mexico. Diosdado, now a supervisor with the Drug Enforcement Administration in California, said Wednesday he infltrated the alleged smuggling ring with the help of Alfonso Cortina Ridriguez, who testified in the federal weapons smuggling case Tuesday- Both said they discussed purchasing shipments of rifles, submachine guns and ammunition during meetings in Eagle Pass, Tex. On trial are Richmond C. Harper, an Eagle Pass rancher and hanker: Murray Kessler of Brooklyn. N.Y.; and Adler B. Seal. James W, Miller Jr., and Joseph Mnzzuka all of Baton Rouge. Kessler was employed by Kent Steel Co, of New Jersey, and Seal and Miller are pilots. Another defendant, Clarion Hagler of Eagle Pass was granted a separate trial because of ill health. The men are accused of conspiring to smuggle weapons out of the United States for use in a scheme to overthrow a Latin American government, which f e d e r a l prosecutors have reluctantly identified as Cuba. TERMITES CALL A D M I R A L PEST CONTROL BESIDEVTlAi. Open Daily 9-10; Closed Sunday BAG OF POPCORN or COFFEE or COKES lOc ea. THURSDAY FRIDAY AND SATURDAY ONLY DOUBLE DISCOUNTS!! ····^^············IM^H TRUCKS COURTESY OF RYDER 0 TRUCK RENTAL Swing Time Hammocks Dove* BEAUTY SOAP Bar 23' Mens SS Chambrey SHIRTS REG. 4.47 3 47 Polyester Cotton and 100% Cotton Blue Chambey Men's STRAW HATS REG. 1.47 $ 1 High Crown Roll Brimj Straw in Assorted Men's Sizes. LAWN MOWER Model KM 1000 3 H.P., 22 Inch 24 Ounce ICE TEA GLASSES Construction WHEELBARROW 21 96 4 Cu Ft. Hwvy Duty Construction Men's Western SHIRTS REG. 6.44 4 Long or Short Sleeve Polyester Cotton. Solids and Fancies. Deluxe Velvef SWIVEL ROCKER 58 Men's WESTERN JEANS REG. 7.97 5' 7 T00% Cotton in 14'A Oz. Blue Denim. Waist Sizes 29-42. Deluxe LAWN CHAIRS Men's WESTERN JACKETS REG. 7.97 5 97 100% Gorton Blue Denim. Snap Front Asst. Men« Sizes. FOOD SPECIALS CHO'PPED PORK . . . . 88C 3H Oz. * +·, Kippered Herring ** for -r · 14 Oz. SALAMI $1.37 CANNED BACON I I.b. IxiaT BREAD . . . 3 f o r $l Wylers DRINK MIX $1.68 3 Oi. Nestles ICE TEA . . . . 99c Men's Cow-Hide GLOVES REG. 2.86 2 50 Grain Cowhide Palm. Plastic Back. Elastic Shirring. Sizes M-L. 3 Speed 20 INCH FAN 10 96 MIXING BOWL SET 47 LIMIT 1 4 PC- Plastic RUG YARN Girls 2 PC. SHORT SETS REG. 2.44 ,77 20 Piece Ironstone Dinnerwan Frigidaire* Air Conditioner " 99 5,000 BTU HIGHWAY 71 B. NORTH AND ROLLING HILLS DR. - FAYETTEVILLE

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