Northwest Arkansas Times from Fayetteville, Arkansas on October 13, 1974 · Page 3
Get access to this page with a Free Trial
Click to view larger version

Northwest Arkansas Times from Fayetteville, Arkansas · Page 3

Fayetteville, Arkansas
Issue Date:
Sunday, October 13, 1974
Page 3
Start Free Trial

Page 3 article text (OCR)

Nortfcweit Arkanto* TIMES, Sunday, Oct. 13, 1974 rAVITTEVILLC, ARKANSAS ^_ 3A Few Smiles Today Trust Tested On Wai/ Street By JOHN BAKHOUK NEW YORK (AP) -- Wall . Street, almost everyone is too practical to say, is eight blocks and a million dreams long. It begins at Broadway Trinity where Church on Alexander Hamilton is hurled and ends at the East aivev, Mafia 'cemetery. a sometime Stock Exchange, in the concentration of broker- Wall Street is one-way, downhill, from the church to the river. But In a larger sense, Wall Street spans the nation. It reaches into pqckelbooks and safe deposit boxes from Kennebunkport to San Clemcnte. ~* There 'are few smiles on Wall . .Street today. The Dow Jones ; averages have fjeen falling, al; most without interruption, since ; January, 1973. · And in the hustle of the spe- · ci a lists on the floor of the New · York 1 quiet :· age offices, in the restrained ·; seventh floor member's lunch; eon club, in the razzle-dazzle · service of Eberlin's Restaurant j a block away, the recurring ex; planation is as much political · as financial. ! How could the great Amerl: can public have lost faith ; great American institutions? : Inflation, tight money, high ; interest rates, Watergate credi- ; bility, a President who did the . unthinkable, another who par; cloned the unpardonable, all of · these things weigh on thhe spir- j its ot men who live with the · public confidence. I SEATS SELL CHEAPLY : The 1,360 seats on the New ; York Stock Exchange are sell| ing for $66,000, against a mod.; ern high of $515,000 six years ago -- and ominously the all. time high of $625,000 in 1929. There are only 5M member ! firms to deal with the public. ling you pick up shows a dele- iornlion of the economy . . . tislead of a turn in tntercsl atcs which we would have ex- ccleci by now, an end to Wa- ergalc which we would have xpccted by now, buried and inislied, and an aggressive ight on inflation, . we, have nayoe some fight on inflation md none of the other problems olved." RECURUING THEME That is the recurring theme )n Wall Street. That and faith hat things will get better, al- hough some brokers can't vail. A r t h u r Blank II packed up lis small store ol business cards, put his over-elcganl name plate In his out basket and walked away from the Jlack screen with the green- glowing numbers where the ·narket prices of American 'irms parade one after another "The reason I'm leaving the business," he says, "is that don't enjoy it anymore. The fun of meeting new people and new ideas, and selling yourself i gone. I've been in this business 10 years and it's like starting all over again with people who on't want your proiluct. And halt's tough. . . ." Dlank, 3fi, says he had never nadc under $50,000 a year. Rut n the first six months ot this year he made only $8,000. "No matter what you say it's i comedown when you have certain expenses to pay." And o add to his problems, he be- ieved in the slocks he was sell- ng. so he bought them himself. And they went down. Blank is Inking a new job selling industrial real estate. ·Ie says it will guarantee him 550,000 a year. But he remembers the glory days of Wall Street: HAD TO GET OUT "The best thing I liked was ... I could work from seven to seven and not know what time It was. I'd come home,' and 1 couldn't wait for the next day to start. Maybe I'm an idio more than I'm smart. But '. had to get out before I die something drastic like (puts his index finger to his temple blow my head off." His voice breaks as he says this, and he adds, "I felt so de pressed at times that I was los ing people money, and did no Foreseen By Next Summer understand Ihe reasoning bound why they were losing money." But most of the brokers arc slicking il oul, Ronnie Hur- ord is 28, although the once ucralivc job as a commis : sioned broker now offers considerably less. Steve Unger's lake home pay s off 10 per cent. Gene Lampel's is down 40 to 45 per cent. Some are hurt even more. Mostly they scale down their living. The temper and nature of the Business has changed. Brokers now offer a broad mix of investments. Steve Kraus. whose Park Avenue branch employs about 50 brokers, says, "I think things are going to be very different in the next five years. I think we are deep in the trough ot a market slide . . . We may go deeper yet. But somewhere in the next several months we might hit bottom." In the meantime, the mood of Wall . Street is to survive, muddle through, brave it out, adjust to today, hope for tomorrow. ~ the lowest late 1800s. number since the Area May Get Health Education Center The Dow Jones average has dropped from a high of 1,051.70 on Jan. II, 1973, to the low 600s today, rubbing out more than S2»0-billion in the value of Big Board stocks alone. Seven thousand brokers have left the business. ' Eugene Lampel is 52, 18 ; years a stock broker. His ; words: "Pretty horrible. I've never seen anything like it. Not for this gree us p( of bi ieriod of time, this de- icarishness. You can't -- r e a l l y . f i n d words on how badly people have been hurt and how badly they feel." Sol Ellman is SI, his income in' six figures in his prime. His words: "A demoralized public and .market.- I've been.'around for 25 years and I've never seen anything like it. We've had stocks drop 59 ,60, 80 per cent in : price. To. use a cliche, it's basically a credibility gap. The people just don't 'believe." Now the men and women who used to tout stocks are talking of total asset management, in- y-nqvative investments, helping a ^.client's capital keep pace with the inflation --, a waiting game until the stock market bottoms .but. The fittest are determined to survive. DISCOURAGEMENT Fayetteville stand a good chance of getting an Area Health Education Center (AIIEC) which may be operational next uimiier. A report on the progress of the development of Area Health Education Centers by the University of Arkansas Medical Center was made by Dale Ducote, acting administrator of Washington Regional Medical Center, at a meeting this past week of the Washington County Health Advisory Council. Ducote said the fayetteville facility Is envisioned as a model family practice center and will be the fourth center in the state. Centers, which extend the facilities of the Little Rock Medical Center into, the rest of the state, are in operation at Pine Bluff, El Dorado and Fort Smith. The concept of expanding the production of professional health manpower was developed to meet. the health needs of the state by establishing opportuni- ,ies for medical ersidents and nterns. In the past there were only 50 internship positions in t h e state. The total number of first- year training positions available n Arkansas is approximately lalf the number needed to accommodate the doctors now graduating from the University of Arkansas School of Medicine. One of the primary considerations in establishing these educational centers Is the fact that young physicians are frequently influenced to establish practice the area where they have director here. The Search Committee is composed of Dr. James Patrick, Dr. Joe B. Hall, Charles Sanders, Dr. Tad Morgan, Fred Hndricks, and Dr. R. Fairchild. Ducote said that while the local AHEC is initially planned as a residential training center, primarily in family practice, it is expected to grow to accomo- date senior medical students in other specialties. Ducote said the medical profession in Northwest Arkansas is active in developing the center and views AHEC as a positive approach of solving the health care delivery in the area. The location of the proposed center has not been determined. Red Cross Plans Training Courses In Water Safety A program of re-training for Red Cross water safety instructors (WSI) and instructors of beginning swimmers (IBS) will be held in Fayetteville in January and students are asked to register before Nov.'l. Mrs. Beverly, Melton, water safety 'chairman for the Washington County Red Cross Chapter, said that all current Red Cross WSIs and IBSs must take - the training in order to be authorized to teach. "Several years ago the Red Cross up-dated its swimming strokes ' and skills, and this teaching of new swimming techniques is again being undertaken. Old techniques are being Steve Unger is 31, three years on Wall Street's firing line, an emigre from the oil in t dustry, now' an ardent disciple .' of total. asset handling. His : words: ;, "Discouraged? Well there are ^. times of course when every~ thing looks black. But I'm not a quitter. I sort of put it in the back of my mind and go ahead . . . If you look back you're sunk. 1 ' Steven Kraus, a vice president of Paine, Webber, Jackson and Curtis, says, "The purchase of common stocks is really a bet on the future . .. You're talking about confidence factors, credibility factors .. Now a few weeks ago we figured Watergate was a. dead issue. We had a new President, looked to be Middle Western, square shooter, Boy Scout type and would address severely and critically the inflation problems. Then you had a pardon received training. Dr. Lee Parker Is chairman of the local AHEC Advisory Committee, which is now conducting a search for a medical Art Exhibit Open From 50 to 60 University ol Arkansas art students currently are participating in an exhibit in the Arkansas Union Gallery. Both graduate and undergraduate students, taught by Prof. Subrata Lahiri, have assembled a, display of paintings, drawings by advanced students, and sculpture, by both beginn- ing'and advanced students. The exhibit mil be on displaj through Friday, Oct. 18. A spe- cia ilnvitation to view the students' work has been extended to vistors who will weekend Baylor two weeks ago that image thai destroyed "Inflation gets worse. Every- Adult Center Program Set Programs for the week ol October 14-19 at the Community Adult Center at Hillcrest Towers are announced. Lou Treager will show slide." of Alaska on Monday and Harry Slohecy, a humorous story teller will be guest performer Both programs are scheduled at 1:30 p.m. on the respective days. Other activities at the center include a. worship service at 3 p.m. Thursday; game afternoon be for the football campus this Razorback game and to the members of the Arkansas General Assembly attending the Legislative Week End activities. 1:30 on Friday dancing at 7:3' beginning at and ballroom p.m. Saturday. Anyone 50 years of age o older is invited to attend Further information is available by calling 443-3512. evised, new skills taught and lew concepts brought forward. The old texts are obsolete and he new one includes the latest concepts of swimming insrtuc- tion. A series of 10 new films dealing with specific areas will be available," Mrs. Melton said. Interested persons are asked to register by calling the Red :ross at 442-4291. Pre-regis- .ralion is necessary in order to ilace the chapter order for extbooks. The order must be made by November 1. The classes will be held Jan. 11-12 at the University of A r k a n s a s pool. Instructor trainers will be Ed Fedosky Jniverslty swim coach and Mrs. Mellon. Big Top Alive LONDON (AP) -- The bottom lias not fallen out of the Big Top in Britain. The 1974 Circus Directory of the British Isles, issued with the circus magazine " K i n g Polo," lists no fewer than 40 troupes operating in Britain. They range from the mighty traveling circuses to one which is'worked by just two people. The magazine says it hopes that the directory "will help in persuading local authority councillors and officials, and anyone else with an interest, that the circus is very much alive and kicking." EVEREST i JENNINGS WHEELCHAIRS FOLDS TO 10" RENTALS * SALES Fayelteyille Dm* E. Side Square 442-73(5 AGE 32? AGE 32! Look your age with Taylor Topper You owe it la yourself to look your best. All the time. Taylor Topper can help. Every one i: custom-made to look and feel like your original head of hair. Learn how. Send today for the FREE 20-page bra- I chine "THE FACTS ABOUT HAIR- | P4ECES". No obltafion, cf couise. WMtD'S IMCCSI MAhLjHcruilR Of cimo* MUI mur'iicii ion KIN TAYLOR TOPPER CO. 1107 WILDWOOD NO. LITTLE ROCK, ARK. 72116 PHONE 135-7222 I Please iicnd me, without obligation, (he FREE 20-paffo * brochure. ' i Name I 1 Address City Stale /In ...... I Phone All Inquiries confidential, I | (!HECK HERB n If you would like to earn Rood extra . money gelling tms famous lop qualify hairpiece In I Western annN'orihwesicrn Arkansas. ' I Jtttt ·-"I flew Concept Jfn f/uriiny jJomt Liirt 3100 Missouri Road Fayetteville, Arkansas 72701 Phone 521-4353 Northwest Arkansas' newest and finest nursing home is now accepting residents. We offer facilities for retired, convalescent or intermediate nursing care residents. Our staff is dedicated and well qualified to meet the physical, spiritual and social needs of each senior citizen. Perhaps unknown to many is the fact that the Arkansas Social Services may provide financial assistance for nursing home care where required. Whether assistance will be provided or not will depend upon the assets possessed by the individual concerned. In many instances, 100% of the cost has been underwritten by Social Services. If wo may assist you in any way or provide our services for your loved ones, feel free to call upon us . ; . Boston Store Many Unadvertised Items Throughout The Store Use Your Boston Store Charge Card Shop Daily 10 a.m.-9 p.m. Northwest Arkansas Plaza-FayetteviHe ALL WEATHER COATS Styleed with hood for rain or cold. Natural Cotton Canvas, pile lining. 5-13. Reg. 42.00 BIRDS' NEST 32.90 MEN'S VESTED SUITS Outstanding values. All wool worsted suits in new Fall plaids, stripes and solids. Regular and'long. Reg. 165.00 129.00 FAMOUS NAME JEWELRY Tailored jewelry in gold or silver tones. Choose from chains, ropes, bibs, pendants, bracelets and earrings, both pierced and clip. Reg. 3.00 to 7.50 Now 2 for 5.00 FASHION JEWELRY BRAS and BIKINIS Famous brand lace bras and Bikini bras in both soft cup and underwire. BRAS, Reg. 5.00-6.00 BIKINIS, Reg. 4.00-5.00 INTIMATE APPAREL 1.90 SHELTON STROLLERS Beautiful washable polyester dresses in newest fall styles and colors. 8-20. 121/2- 24V2. Reg. 34.00 19.90 DRESSES QUILTED ROBES Vanity Fair robes in nylon tricot, satin trim. Pink Champagne, Wedgewood Blue, Red Plush. 8-18. SHORT, Reg. 18.00 13.95 LONG, Reg. 26.00 19.95 INTIMATE APPAREL HANDBAG SPECIALS Vinyl handbags in Swaggers, Totes and Shoulder Bags. Beige, Brown, Black, Navy or Camel. Reg. 16.00-20.00 HANDBAGS 10.90 SHIRTS and PANTS Mix and match. Shirts in Polyester and jersey. Beautiful patterns. Solid pants of polyester and acrylic. 8-20. SHIRTS, Reg. 16.00 PANTS, Reg. 16.00-20.00 SPORTSWEAR 9.90 K1KI BRIEFS and BIKINIS Choose from tailored or lace-trim styles in White, Pink, Blue, or Yellow solids and florals. Briefs, Sizes 5-10, Bikinis 5-7. Reg. 1.39 each Now 5 for 4.90 INTIMATE APPAREL MEN'S DRESS SHIRTS Long sleeve wash and wear dress shirts by famous maker. Solids and stripes in Polyester and Dacron. I4 T /2-32 to 17!/235. Reg. 9.50-15.00 5.90

Get full access with a Free Trial

Start Free Trial

What members have found on this page