Northwest Arkansas Times from Fayetteville, Arkansas on September 12, 1974 · Page 17
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 17

Fayetteville, Arkansas
Issue Date:
Thursday, September 12, 1974
Page 17
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Page 17 article text (OCR)

sen, 20, pt Comvay, Irowncif Wednesday in a GOT. Dale Bumpers, D-Ark,, passes- a whispered word to G»v. Reuben Askew;, D-Flor- iria Idurlng Wednesday's windup session n[ (he 4fl(h annual Hush Talk Southern Governor's Conference near Austin, '.Texas. Askew, who won renominalion in his home slate only Tucs- day, was elevated by South- ern Governors to the chairmanship of that conference at the final session. (AP Wire- photo) · .-·;-. Oil Exporting Nations To * ' / / · · · · ) ' . · ' . - . '' invest Billions Cautiously By THE ASSOCIATED PRESS The petroleum e x p o r t i n g countries are doling'out money as care'fully as^lhey.did oil during the embargo," but there arc signs the United States won't get cut off this time. The oil exporting nations made billions of dollars from the . four-fold increase in petroleum priceis and, in most cases, their economies can 'absorb but a fraction of the earnings. Most are holding on to surplus rcve: nues, putting it in a safe and ready sugar bowl: short-term bank desposits of no more than SO days. But; some money is going to help!t)ie Iess developed nations and ;to purchase arms. Small Federal Reserve Bank, which compiles figures oji the holdings of the sh largest New York banks, .!said 'the-' oil countries were responsible for a recent $300 million increase in the .ime deposits that the banks wld for foreign nations. Time deposits are accounts that must stay in the bank for a specified period. TheyiFederal Reserve refused to ..release the total amount held by the oil countries. In the private sector, banks, utilities, corporations and real estate developers .are on the lookout for oil money. Almost all the financiers and real estate experts interviewed predicted that most of the sur- amouhts are being spent real estate and business investments. The United States govern ment and American business men have been seeking a share of the' oil'money. Last-weekend there 'was an indication of par tial success: financial sources said that Saudi Arabia had decided to purchase several billion dollars of a special bond issue by the U.S. Treaury. Treasury. Secretary William E. Simon 'Visited the Mideast this summer, trying to convince Sauclia Arabia and Kuwait to buy a large quantity of the special treasury bonds. He proposed that Saudi Arabia buy "well in excess of $5 billion,' $5 BILLION PURCHASE The exact amount and terms of the Saudi Arabian purchase have not been'decided on, but a Saudi financial official said the figure would be less than Simon wanted. In addition to , .the special , bond ideal, Treasury officials say that-oil producing countries have bought the. bulk of be- tween''$'4 billion and $5 billion worth of other Treasury and government securities sold to foreign countries this year. By the end of this year, the 10 members.of the Organization of Petroleum Exporting Countries are expected to have §60 billion more than they need. The World Bank calculated that the surplus would grow to more than a trillion dollars by 1985. That's almost 10 times the amount,;the. United States has Invested abroa'ij. ?.?. '.' The 'iion-Arab "countries Iran, Venezuela, Indonesia and Nigeria -- have larger populations or more sophisticated economies which can soak up most o f - their money. Even those countries will have excess cas hfor temporary investments while they wait for projects to come off the drawing boards. Where is oil money going? Bankers, realtors and others in the financial community arc reluctant to talk for attribution. They say they are afraid that pending deals could f a l l through; and possible future transactions might be jeopardized. Some pieces can be put together. Among them: WHERE is IT GOING * --An offer from Kuwait to pay almost $250 million for the St. Martin's Properly Corp., a British reali estate' group. Kuwait already owns 8 per cent of the company. - -An half-interest by the Kuwait Investment Co. in a $100 m i l l i o n Atlanta hotel-commercial complex. --The purchase by the Kuwait Investment Co. of Kiawah Island off Ihe South Carolina coast for %\1A millioin. --An offer from Iran to loan money to Grumman Corp. to assure production of the F14 Navy fighter plane. --The purchase by Iran of $3.5 billion worth of U.S. military equipment and $4 billion worth of 'French industrial goods. --The purchase by Iran of 25 per cent of the steel subsidary of West .Germany's Krupp industrial enterprise for $100 million. London bankers said that large amounts of oil money in short-term bank deposits hat been withdrawn from Great Britain and shifted to New York because of the weak British economy. They declined to give figures. New York financial experts also refused to provide m a n y ·pecifics. But th« New York plus oil money wilt end up in the United States, Europe, Can dda, Japan and Australia. .One source, identified who declined tp ' by name, .pre- Carbon Monoxide Said Cause Of Auto Accidents CHICAGO (AP) -- Carbon monoxide from automobile ex liausts may increase tbe possi jilily of traffic accidents, ac cording to two studies reported by the National Safety Council. The experimental studies published in the council's research -magazine, The. Journal; of Safety Research, found that drivers- subjected to levels of carbon monoxide typical in aulos suffered losses in alertness and sharpness of vision. , Dr. Nicholas Rummo of the Environmental ; · Protection 'Agency, "Chapel Hill, N. C., and Kiriako Sarlanis of the Social Security Administration, Baltimore, Md,, conducted a 'driver reaction time study with seven volunteers of ages 19 to ; 27. The subjects operated a driving simulator for 1 - two hours, during which 'they were c\- posed to carbon monoxide levels commonly found inside moving automobiles. A separate test with normal air was used .to establish a comparative base.' '·-... .;.' , The subjects fpllowed another car. projected in the simulator, at 45 to 65 miles per hour. As the lead car changed speeds, [he drivers had tp alter their own speeds, to .maintain a constant following distance. Rummo and' Sarlanis report cd that all of their, subjects had slower reaction limes while breathing the carbon monoxide mixture and had greater difficulty adjusting their speed. Six of the subjects, who were 'nonsmokers, made fewer steering / corrections, possibly in- Man Drowns TWENTY-NINE PALMS, Ca- if. A P ) -- Michael S. llcni'ick- Ark., swim- ming [Juui, autliurmus .Mini. Hcnrickscn, the son of Eiriar Hetii'ickscn of Conway, was stationed at base here, Ilia Marine Corps i ! ' I .' iNuniiwesr Arkansas invici, Ihurs., Sept. 12, W» 9 17 FAYETTEVILLt, A R K A N S A S Authorities said Hem'ickscn|palio of an apartment complex.- was last seen alive at about His body was. found about 5:30 2:30 a.m. Wednesday on the a.m. in the apartment pool. . THANK YOU... Thanks to the wonderful response to our sale ... we have made room for a beautiful fall selection arriving daily. . dicted -'that Saudi Arabia -- the country that will have the most money to spend -- will put half its surplus in the United States. Seeks 'LITTLE Delay HOCK (AP) -' The Allied Telephone Co. wants '«ri= til Oct. 21 to -reply to a complaint . about its service in the DeQuecn area. Allied told the state Public Service Commission Wednesday that it would need until Oct. 21 to answer.all of the allegations; vThirty-one customers petitioned the PSC last week to investigate complaints about inadequate service from Allied. dicating greater impact of the cavhon : monoxide on them, the? researchers said. The seventh subject, a cigarette smoker, made more steering corrections, .leading the researchers" cpncluder. that he beenyegs;?iffe$t£cl by )"dn monoxide" levels. . higher carbqfi In another study. vatore, Brown psychologist, found Santo Sal- University six young adult, subjects -- all nonsmokers -- experienced narrowed fields- of yison while breathing carbon monoxide', at'levels normal iti cars. '".- -V.V .;·'. "He also found that they had greater difficulty detecting objects pictured against low-contrast backgrounds. The Hickey-Freeman Man ...a picture of personal achievement. How to display that self- confidence we all need? Do so tastefully and comfortably in one of our new Hickey-Freeman suits. Carefully hand-tailored for the discriminating man, they provide. you a flawless fit, incredible ease and an impeccable appearance. Their fresh colors and patterns are truly inspiring. See them now. m-en's STOW- A» tvtivn HILLS LOUNGING COMFORT and real val Attractive all purpose lounge .... many different uses for day or night.... ideal for family room or den .... Lounge sleeps 2 (2 beds 8" X 30" X 72"). Sectional sleeps 4 (4 beds 8" X 30" X 72"). Ottoman top; W X 30" X 30" engraved hardboard (not attached) LOUNGE CORNER OTTOMAN TOTAL (SECTIONAL) 2 LOUNGES , 1 CORNER LINKWAY FURNITURE-A 1535 N. College 442-7363 or 442-4462 Tom Wilson and Tiny Shackelford HARDWARE Fayetteville

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