Banner Graphic, Greencastle, Putnam County, 25 October 1973 — Page 11

Thursday, October 25, 1973

Bannar-Grciphic, Graancastla, Indiana

Pag# 11

Penn Central, Other Industrial Giants Find 70s Hard Go

By JOHN CUN NIFF A P Business Analyst NEW YORK (AP}—A growing number of the nation's industrial and financial giants are finding the demands and temptations of the 1970s too much to handle. Their weaknesses are producing red ink, failure and scandals.

The problems seem of late to be concentrated among some of the second tier financial institutions, but it isn’t difficult to find examples in transportation, aerospace, food retailing and other industires. The Penn Central railroad, « the nation’s largest, is involved in bankruptcy proceedings,

Lockheed Aircraft avoided bankruptcy by obtaining a government guarantee for $250 million in loans, and other companies, suffering losses, have sought additional payments from government. To a far less degree, many other companies have failed in some areas to adequately re-

spond to the changing ’70s despite sometimes desperate efforts to do so, and have been forced to absorb huge losses. RCACorp. in 1971 was forced to write off $250 million as “extraordinary charges related to withdrawal from the general purpose computer business,” after declaring shortly before

Anyone Seen George Washington’s Denture?

a FREDSTANDISH Associated fYess Writer BIRMINGHAM Ala.(AP> — A search is under way for half of a denture once worn by George Washington.

Dr. Reidar F. Sognnaes of the University of California at

Los Angeles said Tuesday he is looking for the lower right half of Washington’s third set of

dentures, the lelt half of which is now at the University of London Medical College Hospital in England. He said he believes the portion he seeks might be in South America.

Lugar Sights Presidency

ATLANTA Ga. (APF- Indianapolis Mayor Richard Lugar said today he plans to seek the Republican presidential nomination at some future date.

“I would like to be a candidate for president in the future. I won’t say I’m seeking the office at this very moment but I am preparing myself." The 41-year-old mayor said in the immediate future he would be traveling to various states and participating in Republican party activities. He made the remarks in a news conference he called after delivering a speech to the 56th Annual Conference of the American Institute of Planners. Lugar, as if to emphasize his future plans, wore a tie clasp

bearing the presidential seal. He said he hoped to visit the Mideast at some point during the next three years and noted he had been in Europe in political capacities already. The most pressing domestic problem, he said, is the impending fuel and heating shortage. “If people are forced to go cold in their homes, if schools close, if factories must shut down and put men out of work, the government could come apart. “Watergate will pale when the people are harmed by the cold,” Lugar said. He also said the government should be prepared to use fuel oil substitutes such as coal regardless of the particulate count rise.

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Sognnaes said the dentures were originally inherited by relatives ol the first dean of the first dental school of the United States in Baltimore. "But this dean. Dr. Chapin Harris, had several daughters, one of whom married into an English family, which explains why one half of the denture got to England,” Sognnaes said. “Two other daughters married into South American families, one in Brazil, one in Argentinia ... ” he said. “Somewhere on that great continent there may be a little cigar box in someone’s attic containing the missing half.” Sognnaes said he has a means of determining the real right half, but isn’t revealing it in case there is an attempted hoax. Contrary to myth, Sognnaes said Washington’s teeth were made neither of wood nor by Paul Revere. He said that for the most part they were elephant ivory and were all made

by a New Yorker, John Greenwood. This incomplete set, as well as earlier dentures, have a hole in the left side, he added. It was for Washington’s one remaining natural tooth and held the denture in place. The top half of the dentures was connected to the bottom by a strong spring.

that it would be an industry leader. The Great Atlantic & Pacific Tea Co. is fighting desperately with Safeway Stores to maintain its decades-old position as the nation’s largest food retailer. In the red for many months, it lost more than $50 million in its most recent complete fiscal year. Pan American World Air Ways has been in the red since 1969, and some other airlines, despite a facade of glamor and almost constant promotion of cut-rate trips, haven’t established themselves as consistent money makers. These problems may exist as notable exceptions to the trend, which finds corporations in general experiencing record-high profits. In the past year these profits have risen 34 per cent, compared with an 11 per cent

rise in national output. While some of the troubles result from industrywide problems, as in food retailing, securities and air transportation most of them are confined to individual companies within the industries. Nevertheless, some critics feel the instances are more than symbolic, and that if studied more closely might reveal a common weakness in management, and in some instances irresponsibility and even fraud. This seems especially true in regard to some of the securities and financial institution failures. In the biggest among securities firms, the failure of Weis Securities, Inc., the New York Stock Exchange accused the company of filing false and misleading reports. The Securities Investor Protection Corp., w hich is charged

by government and industry with protecting investors from losses in such failures, recently had 87 liquidations on its books. Reasons for failure in 65 cases involved: Poor books and records, recorded 44 times; misconduct 26 times; high operating costs — poor controls 21; mismanagement 28; lack of knowledge of securities business 18; adverse market conditions 10; speculation 29. Not just a few but many, many critics of Wall Street maintain that the very factors cited by the Protection Corp. are more widespread than the public realizes. The chairman of the Securities and Exchange Commission, Ray D. Garrett Jr., told brokers in a speech this week: “We have been experiencing a truly frightening degree of

fraud and callous disregard for fiduciary duty in our securities markets and in our corporate life.” Besides Wall Street, Garrett apparently referred to the Equity Funding scandal, in which scores of millions of dollars in assets were fraudulent — mere bookkeeping entries that made the company look highly successful up to this year. And more recently, bank investors are still trying to determine what happened at the U.S. National Bank of San Diego, which collapsed last week in the biggest bank insolvency in American history. It had $940 million in deposits. One thing that especially interests the investigators is close to $300 million in loans to interests involving its chief stockholder, C. Arnholt Smith

Boredom, Loneliness Curses Of Modern Civilization

NEW YORK (AP> — Curbstone musings of a Pavement Plato: Boredom and loneliness are two of the greatest curses of modern civilization. ftrhaps more than half the people alive on earth today will spend the major portion of their existence being bored or lonely — or both. This is true despite the fact that man now has 10 times more toys and geegaws to divert him from his inner woes than at any other times in history, and r ■ : keeps inventing fresh forms of entertainment every year. Somehow they fail to work. Man is not amused by himself.

Miller ’Little Stiff’

RIO DE JANEIRO (AP> William Miller, of 4928 Buckhorn Rd., Roanoke, Va., said he was feeling “a little stiff’ today after escaping from a Brazilian airplane that crashed into Rio’s Guanabara Bay. Five persons were killed when the VASP turboprop hit the water a few seconds after takeoff Tuesday morning. The plane was heading for the central Brazilian city of Belo Horizonte with 65 persons aboard. “I got out pretty quick,” Mil-

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ler said. “Then I waited on the wing as long as possible. When it went down I floated off. “I swam ashore with the pilot who was quite badly hurt. The VASP people pulled us ashore over the rocks. That’s where I got hurt. On the way to the hospital they got me and the captain in the same car. Someone propped the pilot up in the back seat and the driver and I leaned out of the front windows and tried to clear a path through the traffic by waving our hands.” Miller, an executive with General Electric, was on a business trip to Brazil. “I lost my passport and my camera but they found my bag,” “Everything got damaged by the water but I just didn’t feel like washing anything out yesterday.”.

He finds the task of killing time pleasantly increasingly difficult and stubborn work. Why is man so bored and lonely in this century? There may be many reasons. One, certainly, is that the spread of science has made all people realize how isolated and relatively unimportant the human species is in the endless catalogue of time and space. Man dies; his universe goes on, indifferent to his fatq* How can you tell w hether you are bored? Well, there’s no doubt you are bored, whether you realize it yourself or not if— You are talking to yourself more—but enjoying it less. You used to know the names of all the major league baseball players, but now you are not even sure of the nicknames of the teams. Television, you think, is still nothing but a vast wasteland. You get more critical of the quality of the paper towels in the office washroom. It has been months since you heard a joke that wasn't an echo of a joke you heard 20 years ago. Your old and still dear friends seem to be getting a bit stupid and tiresome lately, and you have privately decided that your employer is balmy and getting balmier by the week. You no longer look for challenges in your work all you want from it is few waves and a few more oats. Reading an article such as this doesn't make you think. It just makes you annoyed. Yep, you're bored. I'm sure of that. Which proves, perhaps, that it takes one to know one.

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