Northwest Arkansas Times from Fayetteville, Arkansas on July 8, 1974 · Page 9
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 9

Fayetteville, Arkansas
Issue Date:
Monday, July 8, 1974
Page 9
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National Thrift Institutions Alarmed Over Floating Interest By JOHN CUNNIFF NEW .YORK (AP) -- The nation's thrift institutions think .. they're getting a raw deal from ,. their big competitors, the com.. mercial banks, and to some ex- ,· tent also from the Securities and Exchange Commission and the Federal Reserve. The troubles have been developing for many months, but they are now coming to a head over what the thrifts--savings banks and savings and loan associations--feel is a direct ; threat to their very existence. The immediate issue is .- whether the holding companies " that operate commercial banks -·· should be permitted to offer millions of dollars of debt securities in small amounts, with floating interest rates. . The thrifts claim such offerings are aimed at attracting . the holdings of individuals who ordinarily would keep their cash on deposit with them, al interest rates higher than avail a'ble at commercial banks. The thrifts, whose deposits supply the basic support for the home mortgage market, claim they already are in poor condi lion as matters stand, and can nol fulfill their role in the hous- ng market. The nation's mutual savings larks, for example, suffered a net deposit outflow of more han $800 million in April and Way because of what they consider to be unfair regulatory re- s t r a i n t s on their competitiveness. They claim that the one-quar ter interest rate advantage they enjoy over commercial bank iavings accounts is hardly inough o f . an inducement to savers. They want broader service powers, such as the right to offer checking accounts. When Citicorp, parent of First National City Bank, announced plans to offer corporate lOUs in denominations of $1,000, with interest at I per cent over the average rate of Treasury hills, the thrifts were alarmed. They fired off letters of protest in every direction--to the head of Citicorp, the chairman of the Federal Reserve Board, the Securities and Exchange Commission. Such activity by a commercial bank, they stated, was aimed at attracting the very customers that support Ihe thrifts. Norman Strunk, executive vice president of the United States League of Savings Associations, said the offering "is a flagrant attempt to cirr cumvent Regulations Q, establishes a dangerous precedent, and poses a serious threat to the stability of our nation s savings market." Regulation Q is the Federal Reserve requirement on interest rates permitted to be offered on savings accounts rently a top rate from the ohn Robinson, who rose from Sl-a-day field hand to run a arb'ecue business grossing iOO,000 a year, doesn't believe 10 American, Dream is dead. "It can be done," said Robinon. "You see it can be done. 1 id it and my wife did it. Work -- 1 believe that's the only way get ahead if you wasn't born HARD WORKING DREAMER (AP Wircpholo) . . . Big John Robinson stands in front of his restaurant in Peoria, III., left, and tends barbecued ribs from his ovens, right. Navy Plans Major Reductions In WWII'Mothball Fleet' RECALLED American Ambassador Wil- llani Macomber has been recalled to Washington for con- tullatlons because of Indignation in America over Tur. key's recent decision to lift a han on opium poppy cultivation, an Informed source has said. (AP Wirepholo) thrifts of 7.5 per cent on four-to seven-year deposits. So far, neither the Federal Reserve nor the SEC feels em- jowered to lake any action to withhold the Citibank offering, or a $200 million offering by Chase Manhattan Bank. If these two big commercial institutions are successful in their offerings, many more are likely to follow. And if that happens, t h e thrifts warn, it could mean that they are going to lose billions o fdollars in deposits, as their customers withdraw from their accounts to buy higher yielding corporate notes. In that ecen, they warn, few Americans aim to get mortgage loans. WASHINGTON (AP) -- The Navy is scrapping nearly 300 old carriers, cruisers and other ships in She first major reduction of its "mothball fleet" since World .War II. Describing them as either worn-out or outdated, the Navy said the 291 ships being sold for scrap "can no longer be economically utilized." Most were built more than 3C years ago to fight in World War II and the increasingly sophisticated missile systems, electronics, and other . adyancec equipment are incompatible to such old ships, the Navy said. Their scrapping will leave 536 ships and smaller craft in the Navy's reserve fleet, including many retired in the past five years as the active fleet was cut back sharply. The Navy said it expects to Young Oklahoma Mayor Has Expanded Service And Surplus MINCO, Okla. (AP) -- At a time when most cities are short of funds. Minco's 23-year-old ;: mayor has come up with a £ budget surplus while expanding city services. When Mayor James Richard Branum was elected in May 1973, he inherited a $90,000 budget, a $5.934 deficit and plenty of problems. The budget represented all of the revenue the city expected to generate for fiscal 1973-74. But Branum collected $96,000 and wound up with $26,121 left over. Branum, a tall, curlyJiaired law student at the University of Oklahoma, says a great deal of credit must go to the city'i residents. " · "We only have 1,000 to 1,5(1C people in Minco and we've got 91 people involved in govern- «· . ...................... .. ............................ Today In History By The Associated Press Today is Monday. July 8, the 189th day of 1974. There are 176 days left in the year. Today's highlight in history: On this date in 1940, the gov ernment of Norway moved to London after 62 days of fierce fighting a'gainst Nazi invaders in World War II. On this dale: In 1663, King Charles the Sec ond of England granted a char ter lo Rhode Island. In 1822, the English poet Percy Shelley, drowned when his boat capsized in the Italian Gulf of Spezzia. In 1898, William Jenning Bryan 'pleaded for his silve money policy in his famou "cross of gold" speech in Chi cago. In 1919, President Woodrov Wilson received a tumultuou welcome in New York as he re turned from the peace confer ence at Versailles. In 1944, the World War battle of Saipan was won b American forces. In 1951, the city of Paris cele brated the 2,000th anniversar of its foundiirg. Ten years ago: It was an nounced that U.S. casualties i Vietnam had reached almos 1,400. Five years ago: Bishops an priests of the Church ot Eng land defeated a proposal fo reunification wilh the Methodis Church. One year ago: The U.S. Pos al Service announced that pa eel post service with China ha been restored after a lapse 25 years. Today's birthdays: Forme New York Governor Nelso Rockefeller is 66. Singer Ste Lawrence is 39. Thought for loday: Pr vention Is belter lhan cure Erasmus, Dutch scholar, abo 1466-1536. ent. Only 10 of those are em- oyed and only four are full- me employes," he said. But residents said a lot of the edit has to go to Branum, nee most of now work- g in government weren't ac- ve until he took over. Al! testioned said they liked Ihe oung mayor. AGE NO PROBLEM Branum said his age has een no problem because he Presbyterian Leader Stresses 'Shared Power 1 DECATUR, Ga. (AP) - The new moderator. of the Presbyterian Church in the U.S. says he will seek to give local churches more decision-making power in the 900,000-member denomination. 'If people feel they are not being heard, they feel it's necessary to break off," said Dr Lawrence Wendell Bottoms black minister of the pre net" about $20 million, which will buy about one-third of a new patrol frigate. The Navy developed scientific corooning techniques around the end of World War II which permitted the layup of much of the then-huge fleet for future emergencies. Machinery, guns and other equipment were preserved while the ships were moored like ghosts along the Atlantic and Pacific coasts and in the Gulf of Mexico. RECALLED SIX TIMES Ships were demothballed and recalled to active duty in six crises and wars after 1945. The biggest such recall came during the Korean War when 549 ships and craft were recommis- sioned. This was only five years after World War II and many of the .ships still were young, : By the time the United Slates launched into" large-scale war in Vietnam, many of the mothballed ships were more than 2d years old. But 50 vessels were reactivated for duty, which included naval shelling of North Vietnam. It took many months to get them ready for sea, and there were reports during the war that some elderly destroyers showed signs of breaking up under structural strain caused y the heavy firing of their gun batteries. The battleship New Jersey Yalmac Plants Said Running At Half Speed KUSSELLVILLE, Ark. (AP) -- Charles Stark of Hector, an official of the Broiler Growers Service of the Arkansas Farm Bureau, said Saturday he was trying to recruit workers for Valmac Industries, Arkansas 1 argest poultry processing firm Stark said he was recruiting lelp from other broiler growerj ;o assist in the firms' plants a Russellville and Dardanelle where union employes have been on strike since last Mon day. The striking employes members of Food Handlers Lo cal 425. as born and raised in the iwn. A stint as a municipal udge--the state's youngest-- elped people get used to the ea of a 'young official, he dded. Branum said some additional evenue came when he dis- overed that of 260 of 550 cus- imers on the city water line ere paying minimal bills be- ause their water meters eren't working. As of last weekend, revenues rom water meters accounted or 45 per cent of the increase i city collections. Other savings from his ad- linistration include: --Some $4,800 in water depos- s was discovered sitting idle n a checking account. All but 400 was transferred to an in- erest-bearing account and the esult was an increase of $200 a ear in city income. --A check of old records re- ealed $6,200 was owed lo Mino by the federal government rom a water supply project. --An unspecified sum was aveB by reusing road building naterials to repair holes in city Stark said personnel were needed to assist on the oper aling lines at the two plants. "We have chickens ready tc kill," Stark said. "The only way I know to get rid of them is to pitch in and get them killed." Stark said he had sent tw persons from his farm to wor at the plants and that ther probably were 40 or 50 broile growers working Saturday. He said he had received n reaction so far from the strik ing employes and' added, hope I don't." Stark said the two processin plants were running half speed. "Anythin kill Is helping them," ing ," h dpminantly white Oakhursl Presbyterian Church here. Under his administration, he said, the denomination will say to local churches, "Come, le us reason together,'' and not, Come, let me tell you what to do." The denomination recently lost' 55,000 members to a new. Southern conservative group called the National Presbyterian Church. The dissenting group said the older denomination was becoming too involved in social issues. Bottoms, 66, was elected as the denomination's first black moderator at a recent meeting in Louisville, Ky. He has been was brought out of mothballs, jut more than eight months and about $22 million were spent to get it in shape for bombardment duty off Vietnam. Critics said It was a waste of money. The Navy said none of the remaining four battleships, the New Jersey, Iowa, Wisconsin, and Missouri -- is on the list to be scrapped. The list docs include five aircraft carriers and 10 cruis- al abou we car e said He said his birds actual! were about a week away froi selling, but that "if we wou! get a 100-degree day they wou' die like flies. There'ye bee some birds that have died." Valmac is having to destro about 200,000 eggs each day th ntii Jorthw«st Arkansas TIMES, Monday, July 8, 1974 AYITTIVILLI, ABKANS**_i__ Enterprising Farm Hand Wins Businessman Of Year PEORIA, III. ( A P ) Big ,, learned a recipe' for bar- jecue sauce from an aging one- eyed cook. In 1949, working as ch." As a teen-ager, Robinson Athens Readies For Pea jamboree ATHENS, Tex. (AP) Pla re under way in Ihis Ea jxas city for the fourth annu lack Eyed Pea .Jambor »S- 2-4. During 'the three-day festi es black-eye pea chefs ompete for $1,500 in prizes a Fficionados of [he Southern ume will have a chance ample their efforts. | On Friday, Aug. 2, five final- sts will be selected in each of iree categories in the Black- Eyed Pea Cookoff -- appetizers, alads and vegetables. Final udging will he Saturday, Aug. in Henderson County Junior College student union. On Sun- lay, Aug. 4, each of .the-15, li- .alists will prepare large, Quan- ities of their winning recipes or the public Black-Eyed Pea Taste-In. Other feslivities will . include beauty contest, pea shelling and pea popping contests, wa- ermelon eating contest and the rand Prix Terrapin race. Also planned is a western show, an arts and crafls show and a swimming meet, i wealed in the Mississippi cot- oilfields from sunup lo sunset. came lo Peoria in the 1940s, enlcd a small room for $7 a r eek, and got a job as a bnleh- r for 05 cents an hour. Today,. Robinson owns Ihe iiiilding containing his old oom. He buys two new custom uxury cars a year; has his nils made by a Chicago tailor, and displays wilh pride his 19 oom living quarters. Robinson was recently named llinois small businessman oi he year by Ihe federal Small Business Administration. "I like nice things," he says 'I like nice cars, nice suits. I like to build things, And ni. wife, that was my whole life working hard to get her things she really wanted. So she's doing il loday." Robinson was born on a Mis sissippi farm . to a l4-year-ol' mother who'died w h e n ' h e wa five. He was brought up by th white owner of the farm, wher Robinson, .while a 'butcher,! spent Bicycle Stolen A 10-speed bicycle was reported stolen at Wilson Park sometime Sunday night. The like had been left at a foot bridge wliiile its owner, Mark "Swing of 279 Nonamaker Drive, was playing baseball, Fayctte- ville police said. Purse Stolen Mrs. Carol Godfrey, 2575 W. 6th St., told Fayelteville police Sunday that her purse was stolen from her unlocked car Sun- clay morning while parked at the First Christian Chuch on Norlh College Avenue during church services. Honored Mrs. Marcia Swell Arnin of Itoufe 2, West Fork was recently named Ihe person wilh Ihe "longest, most con- linuoiis anil most valuable record of service in Ihe country (o ilic Republican Parfy" uy members of the Counly Republican Committee. She w*s Ihe party's nominee' 'for 1 Itlie Winthrop Rockefeller "Republican Founder" award lo be given hy Ihe Rockefeller family and ihe Pualskl Counly and State Cohimiltccs as a memorial lo the lale \Vln- Ihrop Rockefeller. ibout six months and $300 con- ,lructing a small lake-out .res- aurant in Peoria. At first ne only had enough money, to buy 5 pounds of ribs at a Itime, vhich he picked u p . b y bicycle, 'The hours have been long ,and n 25 years Robinson has taken only three weeks of vacation. But today Big John's Bar-B-Q it employs 11 persons, has hrec delivery trucks, a largB catering van, dining facilities id on a good day sells 900 junds of ribs. . Although he is black, Robinson generally , has refrained from,' joining black community organizalions. He said that had srought some criticism. "If I don't lean to one organization or race then no one's got nothing to point at me and say, 'You're just a one-race guy," he said. He also disagrees with Ihe argument that the disadvantaged have no chance to get ahead. "I found out some of them are actually lazy. They really don't want to work," he said. "That's the problem wilh Ihe whole world. Today peopls want something for nothing." Fisk Released BOSTON ( A P ) -- Ace Boston Red Sox catcher Carlton : . Fisk was released from Hahnemann Hospital Sunday, a week afler underwent knee surgery. Fisk was injured June 28 ten he collided at home .plata Ih Lcron Lee. · ' Red Sox team physician Dr. ramas Tierney says it is ex- emely unlikely Fisk will re- rn to Ihe line-up this season. WE PAY TOP MONEY For : JUNK BATTERIES Our 20th Year ip Fayettevilie. 442-9567 605 South School Hi way 71 South! VAUGHN BATTERY called conservative thco- Ireels. B r a n u m , whose under- :raduate degree was in busi- icss, says services also are ex- landed. Minco has bought its first po- ice car and is getting ready to xpand its police prelection rom eight hours a day to 18. Branum, Oklahoma's youngest mayor, said his year of lard work appears lo be paying iff. Unlike many small towns, Uinco is growing at Ihe rale of hree of four new houses per month. "Things are really picking up," Branum says. "It seems slow to me but people who have een around for 50 years say logically, but he rejects labels. "A lot of people say if you begin with the Bible, you are a conservative. I think the Bible is very liberal because you deal with freedom," he said in an interview. "A lot of people say we're not close enough lo the Bible, (hat we deal too much with social involvement, but if you listen to the Bible, it's a very socially involved book." Bottoms said he would seek to overcome controversies in the denomination by stressing a concept of shared power. "Christ moved more in the sharing principle of power. He called people of all classes together," he said. ' The new moderator said conflicts in the church should be approached from jioinls on which we agree" and not on differences. hey can change." see an abrupt Noise Doubling AUSTIN.(AP) - "Health officials estimate the over-all loudness of environmental noise is doubling every decade," said a report from the State Department. The report said the' normal person can comfortably tolerate sound levels of 80 decibels, a measure of the strength pressure of sound. A quiet residential area may measure 40 decibels and normal speech 60. But a busy office is typically 80, heavy cily traffic 100, a discotheque 120, a jet flyover 103, power lawn mower %, television set 70 clothes washer 78 and a rock band from 103 to 114, Abilities Unlimited Fund Drive To Open The drive to finance a build- Tig and equipment for Abilities Unlimiled of Northwest Arkansas will open with a noon lunch- con July 15 at the Holiday Inn in Fayettevilie. The opening of the campaign was announced today by Wesley J. Gordon, campaign chairman. The goal has been set for $23,000, the community's share of matching funds for federal and state grants which have already been approved. Approximately 50 workers have agreed to participate in the drive and it is hoped to complete the driv« in a week, Gordon said. Holiday Weekend Claims 11 lives In Arkansas by The Associated Press Lt. Ken MeFerran, State Police public information officer, said Sunday that the 55 mile- per-hour speed limit apparently has helped keep the number of Arkansas traffic accidents down during the Fourth of July weekend. Eleven persons were killed in traffic accidents in the state during the holiday period which .began at 6 p.m. Wednesday and ended at midnight Sunday. The victims were identified as Kufus Fleming, 77, of Helena; James Hampton, 47, of Hot Springs; John Morgan, 10, of Also in Stone County; Floyd Mason Loftin Jr. 24, of Ft. Leonard Wood, Mo.; Reggie Tedder, 38, of Corning; Woody Cole Tippett, 64, of Bassell in Mississippi Counly; Cathy Vincint, 21, of Monlicello; Katherine Latson 69, of Malvern; Gary R. Patterson, 15, of Malvern; Ricky Paul Howard, 25, of Perryville and Jo Ann Gray, 23, of Little Rock. Only one dealh occurred during the Fourth of July weekend in 1973. However the 1973 count lasted only 30 hours, while this year's count lasted 78 hours. MeFerran said that speed apparently was a factor in this year's accidents. He noted that speed may not necessarily cause an accident and yet it may add to the severity of one. He also said alcohol could be involved in two of the accidents. Many motorists traveling are forgctt- conservalion If you want a better car, you couldn't pick a better time to buy it. through Arkansas ing their energy measures and exceeding the 55 m.p.h. limit, MeFerran said. He said speeding arrests tn Arkansas rose 33 per cent during the first six months of 1974, as compared with the first six months of 1973. TS1-LAKES ANTENNA Solas and Servic* New * U«* AnttnnM C«« · Btoek * Whit* ·»«ton · T»w*n rrt» CtHnutM 751-7*17 TERMITES ? CAU ADMIRAL PEST CONTROL ! Rooehej, Ants, Spider*, e COMMERCIAL I RESIDENTIAL 442-7298 CDdsCuHassS Oldsmobile dealers are more anxious lhan ever to slir up business. They are in a generous ' mood for a couple of reasons. First, the 1974 model year is drawing to a close. So your Olds dealer can offer you especially generous year-end savings now--on compact Omega,; mid-size Cutlass, family-size Delia 88 or luxurious Ninety-Eight or Toronado. Second, used cars are in short supply, particularly mid-size and full-size models. So your Olds dealer can offer you a very atlraclive trade allowance. Your savings may never be grealer than now. All in all, you 1Ime 10 S6e Y° Ur «^^^^«--f^,L, ^L^.. .,.«^. .: ,. OHsOraago SEE YOUR OLDS DEALER NOW, DURING HIS "GOOD OLDS SUMMERTIME DEALS!"

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