Northwest Arkansas Times from Fayetteville, Arkansas on August 26, 1974 · Page 3
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 3

Fayetteville, Arkansas
Issue Date:
Monday, August 26, 1974
Page 3
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Page 3 article text (OCR)

July Shows Third Largest Trade Deficit WASHINGTON (AP) welling imported oil bills and hrinking exports of machinery nd raw materials tumbled the U.S. trade balance into its third iggest monthly deficit last month, the government report- Bracing Smile John F. Kennedy Jr., son of the late president, breaks out lit a big smile Saturday as he watches' a match during the Robert F. Kennedy Pro- Celebrity Tennis tournament at New York's Forest H i l l s Stadium. The third annual benefit tournament matched numerous tennis pros and celebrities. (AP Wirephoto) Home Builders Foresee New Way Of Life For Americans By THE ASSOCIATED PRESS Contractor John Mixon of Trimble, Mo., usually builds about 30 new houses a year.! Right now, he doesn't have a single home under construction. Mixon is caught in the tight money squeeze that has hit buyers, builders and bankers and caused some industry sources to forecast that Americans will have to change their way of life. The Commerce Department reported recently that the number of new houses started in July was the smallest in more than four years. At the same time, the government raised the maximum allowable rate on federally insured home loans to a record 9.5 per cent. An Associated Press survey showed that mortgage - rates vary from area to area, depending on state laws. The amount of money needed for a down payment also varies, up to 40 per cent, in some regions. Throughout the country, however, available houses are more expensive and loans are harder to get, Mixon says there is very little construction-.-going,, on right now. "There's not much point in even giving a prospect a price estimate on a house he wants to build unless he's gol the financing pretty well lined up," he said. Bankers say they don't have money to loan. They say deposits are down because investors can get more interest by putting their money in things like treasury notes than they can from savings accounts. James T. Lynn, secretary of Housing and Urban Develop ment, said on Sunday that the report that housing starts slipped to just under an annual rate of 1.34 million units in July, 16 per cent below J u n e and the lowest .figure since 1970, was disheartening. Arthur Rheingold, a 32-year old attorney with the New York State Public Service Commis sion, is one of the would - be home owners affected by the shortage of mortgage money. Hheingold makes " o v e r $30,000" a year. His wife works as a graphic artist and togethe they have what Rheingold calls a "healthy" income. Since their marriage five years ago, they have rented the top two floors of a two-family, house. They spent six month, searching for a home of thei own and found one they liked -a $50,000 townhouse. The firs bank they tried wouldn't give them a mortgage. " T h e y wouldn't even consider it,' Rheingold said. The second bank finallj Valued Art Stolen NEWTON, Mass. (AP) - Th FBI said today it has joined th investigation of the theft of a; estimated $500,000 to $1 millio in rare," 17th century Dutc! paintings and drawings from . lawyer's home. George S. Abrams said Sun day his art works all are ove 350 years old but are "relative ly unsalable" because they ar well known by collectors. Police said thieves entere Abrams' home in this Bosto suburb sometime over th weekend. The theft was dis covered Sunday when a patro man spotted a white pillo' case on a road near the lav rer's home. Ozark Home and Garden Center HERE NOW! Crimson Sweet WATERMELON $1.49 ea. ICE COLD 7c LB. Vi ml. West «Till Chevy " "W» G:v« Your! Green Thumb A : Helping Hand" : reed to a 25-year, $38,00 ortgage at B'/i per cent, an officer at the bank tol leingold it was the first mor ge he had seen all year. Rheingold was lucky; he go e money. Tom and Jane Sisi i have been looking for use in the Fort Worth, Tex ea since spring. But the ey can afford or a mortgage a rate they can pay. The solaks, who are in their early s and have been married scv- i years, are still living in an partment. d today. The Commerce Department aid imports rose 4.9 per cenl n July while exports droppec six-tenths of one per cent, re suiting in a deficit of $723.4 mil ion. The monthly deficit was the hird in a row and the fourth so ar this year. The only larger deficits recorded have been W6.9 million last May and $800 million in October 1971. The Commerce Departmen' said the value of imported oi umped 15.3 per cent to' j record level of 52.3 billion. The quantity of oil importe( -- 200.7 million barrels -- wa: the highest in any month thi: year, although there were threi months last year when thi quantity was higher. Increased prices for foreign oil since then ivere resppsible for pushing th ird. monthly bill to a reco The figures showed that th sharpest drops from June's record level of exports were in raw materials and manufactured goods. Tiie value of raw materials exported dropped by $52.2 million, or 9.6 per cent, to $492.5 million. Manufactured goods dropped by $84 million, or 5.4 per cent, to $1.5 billion. Coon Sees Danger In Big Campaign ConlribuHonr HOT SPRINGS, Ark. (AP) Cen Coon of Comvay, the Re publican gubernatorial nominee, told the Arkansas state AFL-CIO Saturday that the greatest threat to the nation's jovernmental system was large contributions to political campaigns by special interest groups. Coon urged the AFL-CIO to disclose all contributions it has made or will make to the gov crnor's race. "The best way Ib clean up the system is to re quire full disclosure of all con tributions," he said. He said one of the gubernato rial candidates had been beled "labor's- man." Coon opposed by David H. Pryor o Little Rock, the Demoratii nominee for governor. Coon said that it would be an injustice to Arkansans if th AFL-CIO didn't make full dis closure of its contributions. Coon said that he was no seeking the endorsement o AFL-CIO, but that he was seek ing the support of individua AFL-CIO members, accordin to Larry Monk, an aide t Coon. "He wanted the individua help, the individual contrib tions, but not if their vote wa gotten by coercion or if some one said ccrta said they [in vote," could deliver Monk said refer NEW YORK STOCKS Opening Prlcn FurrtUhed by A. G. Edward* Sort irk-'BesV'feoVp ............ IV, \rner Tel Tel .......... 43V4 .rk La Gas ................ 18 laldwin ................ -. 7'A iampbcll Soup ......... *.. 25?s Central S W ............ IZVt Chrysler ......... ........ 12% M Monte ...... ...··· ...... 18'/4 Dillards .................. 11% lasco ...................... 8/2 A G Edwards ....... v ...... 3 7 /s Cmerson ................. 22% Exxon ................... 68'/4 Library To Close The Fayetleville City Library will close Thursday and remain closed until September 2.^ Library ' personnel *?[wlll be a t t e n d i n g workshops a n d Northwest Arkansas TIMES, Man,, Aug. 26, 1974 FAYETTtVlLLt, ARKANSA* training sessions during the period,' which includes the Labor Day holidays. The library will reopen Sep- tember 3 at 9 a.m. During the interim books may be returned through the drop at the back of the building at any time. 47 « 20V4 .· 9V4 26» 2V4 4P/4 Adult Center Program Set Programs are announced today for the week of Aug. 20-30 at the Community Adult Center in Hillcrest Towers. . Gwendolyn Wolfe and Cecelia ve been unable to find one Mulrenen presented a musical ring to The labor leaders met here Saturday to-make political endorsements. Walter arriage Nolle, president Estates Co., an anapolis, Ind.. construction " several bankers 'm, echoed nd builders when he said program today. Lorene Dill will narrate slides of her trip to Spain Wednesday. Friday is designated game day .and all participants are asked to bring articles to be used as prizes. All persons 50 years of age or older are invited to attend the programs at the Center. Further information may be obtained by calling 443 3512. eoplc are simply going to have change their way of living. "I think we're approaching e day when a young family o longer will be able to afford single residential home," said olte. He predicted more e o p 1 e would buy con- ominiums. "That's not what e young buyers want," he i\d, "but it's all they can af- rd." The Farmingron PTA F A R M I N G T O N -Farmington Parent Tcachei Association will meet today al 7:30 p.m. at the school, for the first meeting of the year. New teachers will be intro duced and plans for the year will be made. All parents are urged to attend and participate in the PTA activities. Butane Explosion Rocks Halliesburg PETAL, Miss. (AP) -Charred tree trunks poking through dense gray smoke gave mute testimony to a butane explosion and-flash Tire that officials said was "caused by a faulty valve on an underground storage cavern. Sheriff's officials said the valve allowed butane to escape and the heavier - than - air gas was ignited, possibly by a pilot light on a water heater at the firm, Enterprise Products, located north of this residential and industrial suburb of Hattiesburg. About, 3,000 persons were evacuated after the explosion which rocked the area, throwing people out of ibed anc breaking windows in homes "and commercial buildings up to seven miles away. No serious injuries were reported. Frontier Air 4% en Growth 13V4 en Mtrs 38% :0rdon Jewelry 7'A Intl Harv 20V'» : T E Imperial J C Penney uevi Strauss Ling Teinco Marcor Pan Am World Air Phillips Petro Pizza Corp · Pizza Hut ; 17'» Ralston 29% Safeway 33V4 Sears T - - 55 £ Scott Paper a. Shakespeare 5« Sou Pac T .-...- 25% Texaco 23 /a Tri State Mlrs TM Union Carbide 41/4 United Air . . · · · _ "··· 37 ,J? Victor "-J Wai Mart \° Ark West Gas 12'/4-12% Kearney Nail 5V ?~^t Minute Man Wh-ia, Pioneer Foods Va-yfe H K Porter 32'A-33Vz Std Regis 12W-13 A Tyson Foods 5 TM'°.'? Yellow Frt 35-35% Averages Inds down 4-jjJ Trans '-..·;..·- a° wn l -»\ urns down .54 Volume' 3.460,00(1 Commodity Openings Sept corn 1* Nov soybeans 7.6Z Sept eggs -,.... 57.SU Feb pork bellies aS.ia Dec wheat ^" i Fire Destroys Springdale Home S P R I N G D A L E -- Fire destroyed a home about one- fourth mile southeast of the Becker Machine Shop on Hwy. 68 east early Sunday morning. No one was injured. According to fire department reports, the entire house was in flames when the first engine arrived. No water was available nearby to extinguish the blaze. A second engine sprayed the contents of its water supply on the house and a nearby propane tank. Firemen stayed at the scene until there was no danger that the propane tank \yould explode. Cause of the fire in the house owned by Marie Barker of Route 5 is not known. The best car value in Arkansas just got better. On Juty 1, State Farm's low auto insurance rates got even lower. Whal makes Stale Farm the best car i nsu ranee value arou nd? Low rates, good, solid protect ion--and more than 11,500 good-neighbor agents all across the country to give you outstanding service, whenever and wherever you need it. And now, Stale Farm's low car insurance rates have just been reduced even more. There's never been a better time to check with your nearby State Farm agent to see how much you might save. When you do, remember: you don't give up a thing to get State Farm's new lower rates. You can cou ntonthesamesolidprotectionand v prompt, personalized service that made State Farm the largest car insurance company in the stale. There are 106Slale Farm agents serving policyholders in Arkansas. Why not check your Yellow Pages now for the one near you? You'll find he's a good man to know for your hfe, health and homeowners insurance, too. /,,,,,,,,,,· ©9 Like a good neighbor, State Farm is there. \ "·· STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY Mid-South Regional Office: Monroe, Louisiana COUNT DOWN AUGUST 31st ABSOLUTELY OUR LAST DAY IN THE FURNITURE BUSINESS. All Sales Final -- Bring Your Own Truck DAYS LEFT ONLY TO SAVE AS MUCH AS 80° 0 SvffStores, 41 East Center TO SHARP BE SHARP The junior look for Fall is a short camel tie wrap with lamb collar. Fits any occasion. Sizes 5-13. $72.98 Use Our Convenient Lay-Away Plan I Junior Sportswear Second Floor Qiana . . . Soft and Fluid Two new versions of "Schroder Sports" Qiana Shirtdress. Left: Long sleeve with shirred bodice and detachable bow. Perfect for day or evenings in soft colors, $39.98 Right: Tiny rosebud print with placket front and tie belt. Beige. Sizes 10-16. $39.98 Better Fashions Second Floor Open Mon. Thurs. Nites 'til 8:30

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