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U ft Northwest Arkantai TIMES, WÂ«d., July 17, T974 FAYETTEVILLI. ARKANSAS Reserve Board Head Proposes Voluntary Wage-Price Controls By JOHN CUNNIFF NEW YORK (AP) -- While tentative signs are appearing that the fires of inflation might be cooling, economists in business and government are keeping a wary eye on the smoulder- ing labor situation. Wages have trailed price increases for many months now, and some economists believe labor won't be content merely to make up lost ground. Fearing such a move, Arthur F. Burns, Federal Reserve Board chairman, already has suggested a return to voluntary wage-price controls to restrain increases considered dangerous to economic stability.. Labor, however, is likely to strenuously oppose any reimpo- sition of controls, blaming them for its weakened position rela live to prices. : Spendable earnings in May were 4.6 per cent lower than a year earlier, and per capita disposable income was 'lower in the first quarter of 1974 than a any time in well over a year. Some indicators already re fleet an acceleration in wage increases. Average hourly earn ings for the private, nonfarm economy, to cite an example rose at a yearly rate of 11.7 per cent in the second quarter double the first-quarter rale. Increasing wage pressures might be felt as the year wears on. The First National City Bank notes that fewer than 10 per cent of some 5.2 million workers scheduled for .collec five bargaining this year set tied in the first quarter. Ironically, higher wage: Medical Aid To Working Poor Set For January LITTLE ROCK (AP) James B. Carlwright, state so cial services commissioner said Tuesday that it probablj would be January before Ar kansas. begins paying the med: cal bills of the working poor. The legislature approved . bill to extend Medicaid benefit to an additional-128,000 peopl during a special session caller by Go'v. Dale Bumpers. Cartwright said it would take until the first of the year to es tablish the procedures guidelines for. the program contract for the processing o claims and receive "federal ap proval of the plan. Â· Â·Â· He said the plajis s h o u l d ' b ready to submit to the Health Education and Welfare Depart menl soon. , , The stale and federal govcrr merits will spend about $30 mi lion a year on the medical bill of persons whose incomes pi them above the level lha would qualify them 'for welfar 'assistance. The state now only provide assistance to persons oh Hi welfare rolls." Carlwright sai' the stale would conlracl wilh private firm to handle the proi essiflg of claims, but his offic would determine the eligibilil of persons for assistance an would monitor the program. Damage Suit Filed LITTLE ROCK (AP) --Mo tie Bailey, 24. of Jacksonvil filed 3 $5.7 million lawsuit i U.S. District Court here Tues day for injuries rece ; ved whe a mobile home fell off a jac and left him paralyzed fro the waist down. Named as defendanls wer Randall Ingram, the owner the mobile home; Green Acre Mobile Home Sales, Inc. i Jacksonville, the relailei Greenville Mobile Home Co. Greenville, Ala., the manu/ai turer; and BL of Georgia an Dayton-Wallher Co. of Dayto Ohio, the manufacturer and d signer of the jack. ould be bolh cause 'and effect higher prices, Â·ing increases since cost of already . arc British Shelter Makarios From Greek Coup riften into' many major con- acts. First City estimates that calator Â· clauses alone could dd 5 per cenl to, wages Ihis ear. : , - : Â· . While pressure increases for gher. incomes, the bargaining ower. of labor.i..Is. Â·Â·Â·'somewhat eakened by over-all economic onditions, and it is widely be- eved in -business circles that le pobless rale'may'i rise to 6 cr cenl by December, In fact/, the present 5.2. potent rate is considered by Â·'some i be misleading..'They, note lat for the first four, months of e year the -labor force .failed expand,, suggesting a large umber of dropnuts. ' ' Â· - . : Â· One statistic shows : the job- ess ^rate among married men t 2.6 per' cenl, the highest ince Oclober 1972: Another hows the manufacturing work T eck and the amount of over- me declining for about a year. In terms of bargaining pow- r, therefore, labor might not lave the strongest position. But D what it considers to be just- hat is, to at- least keep"pace vilh rising prices --it is strong- motivated. ; that has thrust him jcclcd, the In broac night and charged that LEX EFTY d Press Writer ars Arclibishop Mahe spiritual and po- Â· of the Greek Cythe military coup deposed him may into a role he re- rallying point of jsed to the military in Athens, casts on Monday Tuesday, Makarios t the Greek junta was responsible (or his over- .hrow. It is a charge he is certain to repeat over and over. Al a news conference three jays before his overthrow, Makarios, his long beard beginning to gray, accused the junta of plotting his assassination or overthrow. But at the same time he rejected efforts by some Greek politicians displaced by the 1967 coup to declare him "Leader of all the Greeks." He repealed that M accepted only two titles-- president of Cyprus and archbishop of Cyprus. It was 'rumored that Makarios had rejected other offers from Greek opposition politicians, and some said he had even been approached by former King Constantino. To opponents of the junta, the popular Makarios seemed a perfect leader: He had been elected by the people, and he was internationally respected. Although Makarios said no to the offere. there was little doubt among Greek Cypriols that the approaches were the reason why the military junta in Greece had been trying to get rid of Makarios since an abortive assassination attempt in 1970. However, the archbishop Â· always sought to maintain what he termed a proper "mother- daughler" relationship between Greece and Cyprus by cooperating closely with each successive regime in Athens. Â· Even when he accused the junta at his last news conference, he said he was still ready to cooperate with the generals. The role of a leader in exile will not be new for the 60-year- old archbishop. In the 1950s, when he led the resistance to British rule over Cyprus, British newspapers referred to him as "Black Mak, the terrorist leader." In 1956, the British exiled him to the tiny Seychelles Islands in the Indian Ocean. He returned in 1959 to become the first -president of independent Cyprus. Now it is the British who have sheltered Makarios and have flown him off the embattled island while the Greek Army officers who command the Cypriot National Guard proclaimed a new "government or salvation." Proposed Interest Bill Said Not Adequate LITTLE 1 HOCK (AP) .-- A bill iroposed by Sen: William . E. 3rbck III, R-Terin., 'does not go enough in neitralizing. the effects of slale-imposed limits n interest rates, according 1 to irthur F. Burns; chairman ot he Federal Reserve Board. The bill to which Burns re- erred would allow national Â»anks and federally 'insured tate banks and savings and oaii .associations to charge tat erest rates of up to 5 per cent more than the federal discount Â·ate on commercial;-loans .and in loans of SIOO.MO or more, re- jardless of a' state usury; law iuch .as Arkansas, has. ; -.., , Burns .had been asued by.,'the Senate Banking - Committee to comment on the Brock bill, itirns said the board reacted avorably to, the. proposal but uggested some modifications o mak'e it more effective. He said the bill should cover all federally insured lending in- titutibns, and that the 'min- mum eligible loan size should le dropped to $50,000 for non- lorpprale customers. Burns 1 said that was "neces- ;ary. to prevent small business irom being shut out entirely from credit markets because oj greater allocations' of funds to nigher -: yielding corporate loans.*' ' ' ' By selling the*limit! at 550,- 000,.Burns'said the federal government would not -be interfering with state interest ceilings -- such as the 10 per cent limit in Arkansas -- because those ceilings would . apply, to smaller loans to consumers and for residential Â· mortgages? Â·Â·' On. the subject of Arkansas' constitutionally Â·:established . i n - terest limit, Burns said' banks in the state apparently have not been "losing deposils at an alarming rate 'and ' their loans have not been seriously reduced." That contradicts slalemenls made by the "Arkansas Credit Requirements Committee, an organization that is pushing for approval of an amendment to. Ihe Constitution allowing (he legislature to set inleresl rates in Arkansas. State Ally. Gen; .Jim Guy Tucker is preparing an-opinion as to whether the Brock bill would be constitutional and would override the Arkansas Constitution. Save $ 40 on this sewing machine Sale 149.95 Reg.189.95. Lightweight stretch stitch sewing machine has lour decorative stHcher, buitt-in button holer. Three-position needle control, posh button reverse. Foot control and carrying case included. Shop 9-9 Mon., Thurs,, Fri. 9-530 Tues., Wed., Sat. 20% off aH regular weight blankets and quilts. OÂ«tlÂ« C QQ twin'size ^^"H'^^lLc^v sale 5.99 R eg . 7 .4 9 /Â£* :^eii\ twin size Reg. 7.49 FuH size, reg. 9.49, Sale 7.59 Â·' Printed polyester Wanket in goM, blue, or , Klac with nylon satin binding. Comes in clear : vinyt storage bag. Machine washabte. Sale 6.39 Full size, reg. 9.99, Sate 7.9? Queen, reg. $12, Sate 9.60 King, reg. $15, Sale 12.40 Acrylic thermal-weave blanket helps keep you warmer in winter, cooter in summer. Choose from six soAd colors. 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