Northwest Arkansas Times from Fayetteville, Arkansas on August 2, 1974 · Page 16
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 16

Fayetteville, Arkansas
Issue Date:
Friday, August 2, 1974
Page 16
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16 Northwest Arfcamat TIMES, Friday, Aug. 2, 1974 rAYITTIVILLt, ARKANSAS ' Tight Fit General Motors And United Auto Workers Year Long Negotiations, Still Stalled DETROIT (AP) -- Generaller of stalling tactics at the bar- Motors and the United Auto gaining table liri .'what* has be- Workers are accusing each oth-|comc the most drawn-out round Moscow Art Exhibit Oilers Soviet Socialist Realism' Stunlman Evel Knievel climbs Into his Skycycle X-2 tor a test firing of the engine he hopes will carry him across the Snake River Canyon of southern Idaho. At the t e s t left).'He said he'd shed his firing, it took Knievel about boots for tennis shoes in the 10 minutes to maneuver into Sept. 10 jump. (AP Wire- the cockpit wilh the help of photo) engineer Bob Traux (upper Government To Require Reports From Bank Trusts WASHINGTON . (AP) -- The nation's largest banks have been ordered by the government to begin making annual public reports of the stock transactions and holdings of their trust departments. Comptroller of the Currency James E. Smith estimated Wednesday the rule will apply to 90 per cent of the bank trust department holdings in the nation. .. Trust departments, whose activities are usually shielded from public view, can exert strong leverage over the stock market and corporate policies through the stocks they hold for pension funds and other trusts. . Institutional investors, such as bank trust departments, increased their share of dollar volume oh the New York Stock Exchange over the last decade from 39 per cent to 68 per cent. The new rule, applying to banks holding common or referred stock valued at m o r e than $75 million, will require, .annual, reports of trust depart' ment stock holdings beginning December 31. At the same time, the trust departments would have to start reporting every three months on stock trades involving more than 10.-000 shares or $500,000. Smith warned his agency will watch carefully to make sure that banks don't try to get around the rule by splitting big trades into smaller units. U.S. Treasury To Offer Notes In $1,000 Units Next Week MOSCOW (AP) - Th6. ; ;young tian and his small son stood in front of a painting, gazing at it for a-long time. "Do you like it?" the father finally asked. The little boy nodded his head. "It is beau- LifuV he replied. ; : The man was conducting his quickie course in art appreciation at a unique exhibit, showing off the works of more than 1,000 amateur artists from all parts .of the Spvietl Union. The artists, all members of trade unions-and^raiiging from teen-agers-to,;men' in their 70s, were exhibiting some 3,000 p a i n t i n g s , sculptures a n d graphics. . On a recent weekday morn ing, a time when one would think such a show would'be almost' deserted, a large crowd milled around the huge downtown exhibition hall,, leisurely examining the art. Admission was free. The study, and practice of arl are greatly the Soviet Union. · Manyr trade-unions, to which all workers must-belong, and youth organizations sponsor art clubs' and. painting classes. MUST CONFORM But the only kind of pictures which artists are encouraged to paint are those conforming to [he. official Soviet school of so cialist realism, · portraying only the heroic qualifies of the Soviet people and system. One gets the feeling, looking at the exhibit, however, tha the official line has not quit sunk in By JOHN CUNNIFF I NEW YORK (AP) ^-Depending upon your point of view, the decision by the U.S. Treasury to borrow $4.3 billion in the open market is either further confusion or greater opportunity. The Treasury, is .always doing something of the /'sort,. because wilh a debt burden of $400 billion or so there is the-constant need for refinancing. But there's a difference this time. In the past the Treasury issued its notes in minimum units of $10,000. But in this latest financing, scheduled for Tuesday through Thursday of next week, some notes will be in $1,000 units. , That means the small in-, yestor and small.saver can get in on the act, and quite likely collect in excess of 8 per cent Tucker Hits Exports LITTLE ROCK CAP) -- Atty. Geh. Jim Guy Tucker criticized tbe federal Commerce Department Thursday for increasing by 500,000 barrels the amount of liquefied petroleum that can be exported to other countries. Tucker told the department In a telegram that it was difficult to understand the justification of allowing increased exportation of the fuel to foreign countries when United States consumers are paying all-time high prices for propane. A July 31 survey showed that the retail price of propane in Arkansas averaged 33 cents a gallon. True, there are portrayals of luge mills with belching chimneys, square - jawed factory vorkers, steely - eyed soldiers jnd soberfaced Communist par- y officials. SIMPLE EVENTS But many more painting: deal with idyllic pastoral cenes, stili life, and simple, ordinary events -- an old ruinec bridge, grain fields, profusions,.a country fair, a vil- age wedding, an ancient monastery. , . ' . . - . . Hundreds of works are · painted, not in the 'stiff lifeless style isually associated with socialist realism, but in a light, delicate impressionistic style or in a primitive- genre, using a kalei doscope of bright colors. The paintings reflect the So viet people's great love of their and and give vivid insights into the ordinary life of f a r m and urban workers. OFFER WRY COMMENTS - Several of the paintings offer wry comments on ;the contrasts between the old-Russian rura way of life .which still exist and the modern, heavily indus trialized Soviet state. One shows a long-robed shep herd, his face lined with weari ness and age, resting against haystack. Sitting at his side i his assistant -- a small bo wearing tennis shoes and jeanb . In.a painting; by a Tadjikista artist, 'two .qjd women, thei heads, swathed in veils, sur rounded'by Oriental rugs and e samovar, listen attentively fo transistor radio held to t h e i f local negotiations In com- iany history. . : ' · . - · "The fact is, some of GM's o c a 1 plant management still re unwilling to -negotiate," ommented a ' somewhat exas- erated United Auto Workers /ice . President Irving Blue- tone. About five miles from UAW eadquarters,' George B. Morris .'r,, GM vice president of indus- rial relations, sat in his office a t · corporate headquarters numbing through a notebook of ocal strike reports. "The union sets the pace. If hey don't want to meet, there's lothing we can do," he said. One year after negotiations on new local contracts first got mder way, GM and the UAW ind themselves without agreements at more than a. dozen GM plants around the country. By .the end of July .14, 146 union'locals at GM-plants had et to settle on contracts to re)lace the old pacts which ex- )ired last September. Many of hese plants for the first time are completing a full year's production and are about to be- fm new model output with local labor disputes still-pending-. By contrast, Ford Motor Co. las reached contract agreements with all 97 of its UAW ocals. Chrysler Corp. reached tentative agreement with all 68 of its locals, although three of ;he pacts -were, later rejected ay rank-and-file members. The prospect. of strikes;.during the critical period of GM's new model buildup is relished by neither side. -But each, also refuses to predict when resolution of the disputes will come. Bluestone and Morris agree the issues involved in this year's local talks are about the same as in past years. It's the tempo of the talks that has made the difference this time. The national contract, signec Nov. 19, covers general issues involving wages and fringe ben efits. Local agreements, .which parallel the three-year nationa onditions, upkeep of facilities' nd seniority and shift prefer- nce agreements at each plant. Local talks also involve dis- ussion of worker grievances, /hich both sides will attempt to lear up before a final pact Is igned. Both GM and the UAW blame heir current labor headaches n the auto industry's sales lump, spurred by inflation and ohsumer fears over scarce uel; supplies. The slump, which reached its ow point this winter, caused production cutbacks and mass worker layoffs. Some plants were shut down and 65,000 of he firm's 470,000 workers remain on indefinite layoff. The situation produced uncer- ainty among union and company officials and an unwillingness to 'reach speedy settle- nents on local contracts until oth parties .."could determine he fate of the industry. "After the-first of the year, here was if terrible. inertia .hroughout th'e industry," Morris said. "You had plant shutdowns and layoffs which dampened the spirits of union lead- irs. They weren't interested in Agnew Gets Gun WASHINGTON -'(AP) -- Former Vice-President Spiro T. Agnew has won special govern ment permission to own a gun. Government approval, grant ed Wednesday by the .Treasury Department's Bureau of Alco hoi, Tobacco and Firearms was necessary because of Ag new's status, as a convicted fel on. solving issues seriously. "Since we were culling back oduclion anyway, the union gured threats of strikes would e m e a n i n g l e s s . Strikes ouldn't be-too demoralizing on anagement ..." ; Bluestone conceded local un- n officials have shown less nthusiasm i then in past years ) r e a c h speedy settlement ot eir contract disputes. But he aintained the company has een even slower to respond. Bluestone also n,oted that 3is- pline and work speedups have.' ecome- thornier problems in' ils year's round of talks than past sessions; ' ', He said management Increes- gly has turned to disciplinary ctions to "force its will on the orkers." : There have been 12 strikes at M plants this year, most of hem since May. · In 1970, when GM was struck ationally, 18 plants remained . n strike after the 10-week alkout ended In November, ot lat year.. But all local con: acts were reached by March 5. 1.971. ; Seven of the 18 facilities still ithout settlements are GM asi embly diviskn plants, tradi- onally the la.',t to settle. Morris arid Bluestone both aid negotiations at those lants are the most challenging ecaiise workers there are the rst to be affected by changing market conditions. TRI-LAKES ANTENNA Sales and Service New t. Uwd AittennM Color · Black whit* Boosters · Towers Free Estimates. 751-7927 ' 7S1-S4M 7S1-02S7 53/4% We have a saving! program and interest rate to meet your needs. Foyetteville Savings Loan Association JOIN. EutAvame Penn Centra! Begins Repair INDIANAPOLIS, Ind. (AP) -- Emergency crews will start repairs this weekend on 67 miles of unsafe track that have paralyzed north-south rail service through Indiana. More than two-thirds of the main Penn Central line, through Indiana, from Chipago to Louisville, Kyi, was ordered closed at 8 a.m. today after the Federal Railroad Administration declared it unsafe for travel at any speed. In addition to curtailment of freight service, the shutdown has forced the detouring of two Amtrak passenger trains, the Floridian running from Chicago to Florida and the James Whitcomb Riley between Washington and Chicago. ; The TIMES Is On Top of The News Seven Days a Week interest from Uncle Sam, a higher rate than they can get at any savings institution. That's great, you say, and in the opinion of many, you are correct. But others view the offering . as destructive. They say it threatens "the system." The savings banks and savings and-loan Associations fear they will- lose deposits. Their customers, s i t ' is. argued, will withdraw money from their accounts to buy the Treasury notes. While some small savers might sympathize with the plight of the so-called thrift institutions, they feel even more strongly- for .. themselves. Why should, they "accept 6 to 7 per cent from a : savings bank if Uncle-Sam-offers 8 plus? The savings institutions reply: If these same people want to obtain home mortgages they darn well better save with us. Npt:that a savings account is a requirement for . a .mortgage. It's a Tit .more .complicated. · 'Savings'; banks and associations ' : are the source of most home "mortgages-today. To facilitate this role, they are permitted to offer depositors a slightly higher interest rate on savings. The idea is to assure a flow of mortgage money. That technique worked for a long while. But commercial banks have become more innovative; through various techniques they have narrowed the savings-banks'" advantage. I " Moreover, , · "small investors and depositors discovered the high returns on corporate and municipal bonds, which have no limitation on the amounts of interest they can pay. Now, to the frustration of the savings institutions, the holding companies that run some commercial banks are planning to offer notes in small denominations at decidedly higher interest than anything the savings banks can offer. As a result of all this, the savings institutions are losing hundreds of millions of dollars in deposits, reducing drastically their..,'ability to .make, home mortgage loans.-No deposits, no mortgages. . HORN BROS. INTRODUCES THE ALL-NEW EXCITING 'INNOVATOR"-SOFA-LOUNGER-SLEEPER ;x Place Your Order Today Just Call: TRANSITIONAL STYLING In Springdale SEEBURG MUFFLER NQW OPEN HEAVY DUTY MUFFLER IDEAL FOR HOME, OFFICtS, CABINS, MOBILE HOMES, HOUSE BOATS A APARTMENTS Harvest Time Daniel Deraclry, 2, of Walcdn, N.V. carries an armful of dimmer squash from his mother 1 ! garden. 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