Northwest Arkansas Times from Fayetteville, Arkansas on September 11, 1974 · Page 6
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 6

Fayetteville, Arkansas
Issue Date:
Wednesday, September 11, 1974
Page 6
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* · NoribwMt Arkansas TIMES, Wed., Sept. 11, 1974 , ARKAHSOt ' Gold Stocks Are A Victim Of The Market By JOHN CUNNIFF i NEW YORK (AP) -- It's really make a specula- live buck in the marketplace. That wisdom, which invariably is developed after the fact, has .been the lament or broken speculators ever since man developed trade, but it has become a dirge sung by a million-voice choir in the past dec ·dc. The wall of the goldbug is now heard In the land, the latest victim of that diabolical tendency of the market to collapse without warning. Who laid gold doesn't deteri orate", Owners of gold stocks will claim otherwise. Long promoted as the only in vestment vehicle that coulc withstand the malaise of work economies, gold stocks this week turned out be no differ ent than ohters. They plunget some as much as 20 per cent in one day, Monday. Homestake Mining shrunk $10.25 to $45. Campbell Red Lake fell S8.50 to $30.12. ASA Ltd. lost $10.37 to $79.25. Dom Mines declined $8.25 to $47.12 And International Mining de clined $2 to $9.50. All wen heavily traded. Why such devastation oc curred isn't entirely clear. A: advisory service did send ; bearish report to customers claiming that possible tax in creaes and inflation .were fou' ing the gold investment cli mate. But there was more to i than that. As in almost every fad o mass craze, there is a begin ning and an end. Whether c not this is the end of the gol stock boom cannot be forecas ut what obviously happened is .at many slockholers declared was the end for them. That is the way the end alleys-begins. It has happened i commodities of almost al inds, in "glamor" slocks, ir mutual fund shares. And i robably will occur sometime n the government securities narket, where thousands now eek rfuge. In the beginning of a fad a ew people claiming to be in he know lead the way. Other nsiders and a few outsiders oin. The word goes round and he mass ot people jump aboard. Tlie newest fad has thus matured. At this point the first ones in are eager to be the first out. They've made their money and :hey're ready to depart, which :hey do Those remaining are forced to assess their posisition realistically rather than romantically. They do, and they sell. The very largest mass movement of this sort occurred in the 1967-19C8 bull market, when millions of Ameriaris plunged into the stock market, many for the first time. During the 1960s the number of shareholders doubled to 30 million. This was, of course, the signal for earlier investors to clear out. Ever since then the stock market has been in a recession. The losses made financial conservatives out of millions of people. It convinced them, as it was so often put, "to get back to the basics," to measure real rather than imagined value. And that, ironically, is why so many people bought gold stocks. Approves Trailers { JACKSON, Miss. (AP)' -Highway Commissioner Sam Waggoner said today that his colleagues went behind his ack in voting to allow 14-foot- wide trailer houses on Mississippi roads. Northern District Commissioner Herschel Jumper and Southern District Commissioner W.1I. "Shag" Pyrpn voted Tuesday to let a Clurksdule company haul tho extra-wide trailers. Vintage Homes, Inc., had risked permission to transport the H-foot-wUto trailer houses from its plant to the Mississippi River Bridge at Helena, Ark., 6V4 miles mvuy. O'Connor Dies CINCINNATI, Ohio (AP) -The Hcv. Paul J. O'Connor, 65, chancellor and former president of Xavicr University, died Tuesday after a brief illness. Father O'Connor, an - educator and civic leader, stepped down in 1972 as president after 17 years! blaming ill health. Planning Commission Adopts Amendment Of Ordinance Traffic proolems created by a real estate'development .\yere approved as a reason for turning down any large scale development plan by the Fayetteville Planning Commission Tuesday afternoon. TheVproposed change in Or- 'dlnahce 1998 would add insufficient", ingress and egress to' a list of ^reasons for disapproval of such a plan. · The ordinance amendment now must go to the Board of Directors for final approval. The new amendment states that a large scale development plan may be turned down if "the development plan fails to provide sufficient ingress and View From The Tank It's not like the long gas lines and limits of a few months ago, as the sign in the background clearly indicates. To get the gas tank's point of view, Longview Daily News photographer David Fox didn't really get inside. He slipped a long lens shade on a wide angle lens to simulate the view. (AP Wirephoto) Nixon Campaign Fund Reduced To$1 egress for the proposed development necessary to avoid creating or compounding a dangerous traffic condition." The amendment was prompted by a recent rezoning request made by the owners of Villa Mobile Home Park, who wanted a tract of land rezoned for future expansion. Tentative plans for the expansion, however, did not include sufficient access to the proposed expansion. NECESSARY FOE ACCESS Without the proposed ordinance amendment, the commission could not require a developer to provide for the necessary access to a development. "I have a problem with this," said Morton Gitelman, commission chairman. "While I agree that the idea here is cer- tainly obvious, it does notably lack any kind of specifics on what is sufficient ingress and egress. That's going to be 'a hare thing to try and develop. Do you do it on the width of the streets, traffic count, how many cars would be added, are Ihere school busses involved, are the alternatives?" The ordinance already lists four other conditions that a large scale development plan must contain in order to be approved. The conditions deal with dedication of rights-of-way, water and sewer availability, conformance with other sections of. the.; ordinance and violation of other ordinances or statutes. In other-business, the commission: --Tabled a proposed ordinance amendment dealing with off-street parking requirements u n t i l ' the Fayctteville Parking Authority suomits a proposal for a downtown parking garage. WASHINGTON (AP) -- Legal expenses and a lawsuit settlement have reduced former President Richard M. Nixon's leftover 1972 campaign fund to less than $1 million, a quarterly report shows. The report, filed Tuesday with the government for the three months ended Aug. 31, showed that the fund had $2.1 million, in cash but owed debts of $1.2 million. It also noted that 12 lawsuits in which more than $22 million is sought were still pending Governor's Conference Dinner Costs S 50,000 AILEEN SPORTSWEAR with a Haberdashery Viewpoint Classics designed to wash and wear in 60% polyester blended with 40% acrylic--Soft to the touch with the look of fine wool knit in muted town plaid or softened solid--Dusty Jade or Dusty Blue. Pin check or solid wrap tie jacket; weskit; Trevira solid shirt; plaid or solid pull on pant. Group prices. Sizes 10-18. 12.00 to 32.00 against the ation. which campaign was once oper- calletl (Parking Authority officials requested temporary tabling of he matter that was to }een considered by the mission Tuesday.) Dutch Mills Thefl Reported have --Approved a petition to close two alleys Addition. in the Parksdale the most successful political fund-raising effort in U.S. history, A surplus of more than $5 million. was on hand after flie 1972 election. T h e report listed ex penditures of $1.36 million, of which $775.000 went to settle Watergate lawsuits brought by the Democratic National Committee and its former chairman, Lawrence F. O'Brien. A total of $499,218 was paid out for legal fees, $407,400 of it to lawyers for former Nixon fund-raising chairman Maurice H. Slans. Slans was acquitted of conspiracy and perjury in AUSTIN, Tex. (AP) -- They worried whether Gov. Dolph Briscoe would allow wine. Then there was the problem of converting a giant indoor tennis court into "a Southern plantation garden." In all, it cost $50,000 to put on a state'dinner for the Southern Governors' Conference in keeping with somebody's idea of elegance--including strolling violinists and parading white- gloved black waiters. A virtually all-white crowd of COO governors, staff members, guests and reporters dined on lobster salad, beef Wellington and flaming baked Alaska. Then they watched "The 'Journey of Lyndon Johnson." Despite initial worries about objections from Baptist host Gov. Dolph Briscoe of Texas and Mrs. Briscoe, they also drank glasses of California Cabernet Sauvignon wine. Bringing out the wine was a production in itself. As the orchestra struck up M. Adamson of Dutch told the Washington E. Mills County sheriff's office Tuesday that when he returned from a trip to California Tuesday his 1971 Dodge pickup truck, a black cow and a lawn mower were missing from his farm. The truck is described as metallic brown with a white top. He also reported business papers missing. The truck was last seen by neighbors Sunday at the home. The house also had been burglarized, but Adamson had not --Tabled a proposed rezoning and large scale development plan for an orthopedic clinic at 0-19 E. Township Roatl at the request of the petitioners, Drs Tom Coker, Coy Kaylor, Carl Kendrick and Jorge Johnson OPPOSE LOCATION A large, crowd of persons opposed to the location of the chmc appeared at the meeting but left after Mie matter was tabled. --Denied a request for the rezoning of a tract of land south of Dorothy Jean Street and wesl of Giles Road. The request was made by A.E. Bowen for Leo Thomas. The rezoning was desired in order to locate a large motel on the property. -- A p p r o v e d he rezoning petition of Roy ,1. and Helen R. Milligan for property located on the northwest corner of Hwy 62 and One Mile Road Road. connection with contributions from fugitive financier Robert L. Vesco. Some $15.000 also went to lawyers 'for Edward Nixon, brother of the former President and a onetime campaign em- ploye. Bill Crown of Houston, dirgc- ,or of special events for Freeman Decorating Co., a DCS Moines-based firm, said it was Ins task to find a way to trans- : orm the indoor tennis court into a baquet hall. "I said, 'Let's turn it into a Southern plantation garden,' " Crown said. His project included a 28 feet- nigh by 60 feet wide backdrop behind the head tables, painted to resemble an ante-bellum plantation, complete with slave quarters--or, .as Crown put it, "servants' quarters." "To give it further cognizance, those trees you see on the side, were cut yesterday afternoon ... We cut, them out back and almost got shot by the Texas Rangers,'' Crown chuckled. Boston Store III NORTHWEST ARKANSAS PLAZA SHOP DAILY 10 AM to 9 PM MONDAY THRU SATURDAY Use Your Boston Charge, Master Charge or BankAmericard or our convenient layaway plan Ford Motor To Offer 'Bobcat' been able to determine extent of the loss. the Conner Speaks To Kiwanis Club Farrell Conner of Fayelte- ville, presented a humorous talk before the Fayetteville Kiwanis Club Tuesday at noon, reading from his collection of newspaper "bluppers." Conner, who was editor of the Batesville Guard and the Batesville Record for a number of years, has been collecting items from newspapers since he was a college student and worked parttime at the two newspapers. He was introduced by program chairman Joe Talley. Club president, Bill Duncan, and president-elect, Dave Hildbold, who attended the Kiwanis International Convention recently, will give a side presentation about their trip at next Tuesday's luncheon meeting. -- A p p r o v e d a ro7,onmg petition originally submitted by the late Dayton Stratfon for properly located on Ihe northeast corner of Hwy. 62 and One Mile Road. --Denied n request submitted by Ralph Brophy to develop property east of College Avenue and north of TownsTiip Road with a street right-of only 40 feet, instead of" the required 50 feet. --Approved the large scale development plan for Walmart Properties for the tract of land at the intersection of Hwy 62 and the Hwy. 71 bypass. Several conditions were added to the approval requiring additional street right-of-way. --Referred a request for an access road on Hwy. 71 north to a committee of the stale Highway Department, since the proposed road would cross slate right-of-way. The request for the road was submitted by Ozark Windows Inc. --Approved a conditional use request for a day care center to be located at 859 California Drive. --Approved the large scale development plan of Lewis Ford Sales Inc. to construct a storage building at 3373 N. College Ave DEARBORN, Mich. (AP After a year of delays. Ford Motor Co. plans to expand its small-car lineup by giving Lincoln-Mercury dealers their owr version of the subcompact Fori Pinto early in 1975. But many Detroit area Lincoln - Mercury dealers s a y they'll he getting the new car, called the Bobcat, too late to cash in on the small car sales boom, which the dealers say peaked in the winter. "During the energy crisis, everyone wanted the Bobcat," said one dealer in the affluent Detroit suburb of Grosse Pointe, "hut now we can't give our small cars away." According to Ward's Automotive Reports, an industry publication, Ford Motor Co. will assemble 3,000 Bobcats a month at Us Metuchen, N.J., and San Jose, Calif., plants. The car currently is produced and sold only in Canada. Meanwhile, Ford is culling back production of the Pinto at San Jose this fall from 54 to 40 units per hour. The company blamed the cutback on declining sales. the "Col. Bogey March," two dozen waiters paraded single file through the doors behind the head table, each holding two bottles of wine aloft. Carlo Morelli of Kansas City, who made the arrangements for the dinner, said he put together a menu that went light on the use of alcohol but did feel wine was necessary, SLEEPLESS NIGHTS "I spent a lot of sleepless nights trying to figure out how best to present it to the governor. When I finally got the nerve lo present it in writing, he said, 'That's excellent,' " Morelli recalled. He said the food, wine anc service cost $30,000, with a lota bill of "around $50.000, turnkey" for the whole affair, coun ting decoration, planning, print ing, entertainment and a multi media slide show giving each ;overnqr an ego-massaging in .reduction. Jetlon's of Dallas prepare* the meal. Morelli said. New Hockey Ruling KANSAS CITY -- The National Collegiate Athletic Association reversed an earlier ruling and no longer considers the Midiwest Hockey League a professional organization, citing changes in the league's operations. --Approved the development plan large scale for Shakespeare of Arkansas lo construct an addition to an existing building, primarily for warehouse purposes. --Approved a conditional use request for warehousing submitted by Ginlonio Construction Co. for property located at 2241 S. School Ave, Theft Reported John G. Williams of 623 Putman St. told Fayellcvillc police Tuesday that several items were stolen from his unlocked car Monday night or Tuesday morning. Williams said the car was parked at his residence when the theft occurred. Reported missing were three tennis rackets, two cans of tennis balls, a four pound hammer, a chisel, a belt and a sleeping bag. Williams said the items are valued at about $80. The TIMES Is On Top of The News Seven Days a Week! Poll indicates Strong Disapproval DETROIT (AP) -- Presidcn Ford's pardon of former Presi dent Richard M. Nixon me with strong public disapprova according lo a national tele phone survey conducted fo Knight Newspapers and CB: News, The survey results release on Tuesday indicated that 5 per cent of the respondents i the poll disapproved of the par don, with 2fi per cent approvin and flic rest undecided. Two-thirds of those who dis approved said Ihey disapprove "very strongly." In addition, only 48 per cen of the 629 persons interviewer said they approved of the waj Ford is conducting himself a president. The approval rating was 71 per cent in a mid-Au gust Gallup Poll. In response to another survey question, 55 per cent said the now support pardoning the off ers indicted or convicted fo Walcrgagle-rclatcd crimes, wit 29 per cent opposed. Interviews were conduclei Monday night -- before th While House disclosure tha pardons were being considere for all persons charged in Wa tcrgate-relatcd cases. Field work for Ihe survey was done by Opinion Researc | Corp. of Princeton, N.J. BE YOURSELF IN BRONSON . . NEW! FRAYED DENIMS It's a brand new idea from Bronson, the famous Californie designers! Frayed denims in fall's number one color, Rose. All in easy-care cottons and blends and all in junior sizes. Right: Western cut jeanpant Western cut blazer Mural front T-shirt Also available in this Bronson: 2-Pocket front jean Shirt jacket . ... T .,,,. Flower Print shirt . W^imm mm^wmm. Boston Store I SHOP NORTH WEST ARKANSAS PLAZA DAI LY 10 AM to 9 PM Use Your Boston Store Charge or Our Convennient Lay-Away Plan

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