Banner Graphic, Volume 18, Number 45, Greencastle, Putnam County, 29 October 1987 — Page 2

A2

THE BANNERGRAPHIC October 29,1987

Gems from Titanic are unveiled PARIS (AP) A diamondtipped pendant inscribed “May This Be Your Lucky Star” was among the jewelry and money raised from the unlucky Titanic after the oceanliner rested undisturbed on the ocean floor for 75 years. The items were unveiled early today in Paris during a two-hour telecast that was broadcast in 20 countries. Because of the time difference, viewers in the United States saw the program Wednesday night. The jewelry and cash were found inside a purser’s safe and leather satchel raised from the Titanic wreck 350 miles southeast of Newfoundland. After the satchel and safe were opened, two experts from the jewelry firm of Van Cleef and Arpels examined the objects, including a gold pendant with a small diamond and the inscription, “May This Be Your Lucky Star,” and a delicate bracelet with the name “Amy” spelled out in tiny diamonds. The leather satchel from the Titanic yielded the pendant and diamond bracelet, a ring, a watch, wads of American currency, a jewelry box with fluted feet and a stickpin case engraved with the initiate “R.L.8.” It apparently belonged to Richard L. Beckwith, a firstclass passenger who escaped the sinking ship on a life boat with his wife. A razor-blade box bearing Beckwith’s initiate also was found.

Banner Graphic (USPS 142-020) Consolidation of The Daily Banner Established I*so The Harald The Dally Graphic Established IM3 Telephone 853-5151 Published daily except Sunday and Holidays by Banner Graphic. Inc. at 100 North Jackson St., Greencastle, IN 40135. Second-class postage paid at Greencastle, IN. POSTMASTER Send address changes to The Banner Graphic, P.O. Box 509, Greencastle, IN 40135 ► Subscription Rates - rr Per Week, by carrier ........ *1.30 Per Week, by motor route . *1.2! Mall Subscription Ratos R.R. In Rest ol Rest ot Putnam County Indiana U.S.A. 3Montha ‘17.40 ‘17.70 ‘19.00 0 Months *32.25 ‘32.90 ‘30.70 1 Year ‘03.00 ‘04.00 ‘72.70 Mail subscrlptiona payable In advance ... not accepted In town and where motor route service Is available. Member of the Assocleted Press The Associated Press is entitled exclusively to the use lor republication of all the local news printed In this newspaper.

Re-Elect 808 SEDLACK CITY COUNCILMAN Fourth Ward |L» okw f--ll—-i- Jt->- M _ -a»«- - ram tot ay nta >ouhiuk tot voancii vominiTTire

RX: Prescription for a good nights sleep. Deposit your money at Greencastle Federal to earn competitive rates with insured safety. Greencastle Federal, Putnam County's Family Financial Center A Proud Leader Greencastle Federal Savings Bank One North Locust St., Greencastle 653-9793

1 MLi "dBk — FnfiC era | APMIAIISTRAWA) HAS J M*K RNALW COME OP WITH I AQttWl A WA9 TO BALANCE | BUDGET,,, I bußt' PL /I TOW iri

House goes ahead with own bill despite White House talks

WASHINGTON (AP) The House, refusing to await the outcome of top-level negotiations with the Reagan administration, is pushing ahead with a Democratic deficitreduction package centered around a sl2 billion tax increase. Most of the new revenue in the bill would come from corporations and upper-income individuals. Telephone users would have to continue paying a 3 percent excise tax, which otherwise expires at yearend. The package, which the Democratic leadership hopes to use as the foundation for a deficit cut of at least $23 billion during the year that began Oct. 1, includes some nontax provisions that would raise revenue or reduce spending. One of those provisions would require commercial ships to pay at least $250,000 a trip for being escorted through the Persian Gulf by the U.S. Navy. Another would require that pizzas and other frozen foods containing imitation cheese be so labeled, under the assumption this would boost sales of real cheese and. thus, save money on the government’s price-support program. The bill headed for a vote in the House even as negotiators representing Congress and the White House continued a search for an anti-deficit compromise capable of winning support of President Reagan and a majority of the House and Senate. The negotiations were begun in an effort to calm nervous financial markets. If the negotiations result in an

3

world

agreement, the final measure that emerges from Congress could be altered to reflect that accord. After two days of negotiations, Rep. William Gray, D-Pa., chairman of the House Budget Committee, said, “We’re getting close to dealing with fundamental issues.” Asked for an assessment of the negotiations. Sen. Pete Domenici, RN.M., said, “A little more optimistic, some progress, a long way from completion.” To go ahead with House action on the bill while negotiations were under way “suggests the priority of the (Democratic) majority is not what is done but who gets the credit,” House Republican Leader Bob Michel of Illinois charged. “This is a disgrace legislatively, politically, philosophically, economically.” Rep. Dan Rostenkowski, D-111., chairman of the House Ways and Means Committee and chief author of the bill, said, “To not continue the process would again shake the trading partners on Wall Street. This

Airline smoking ban?

WASHINGTON (AP) The Senate is moving toward a showdown over whether to ban smoking on most domestic airline flights, a conflict that combatants say pits the health of air travelers against the pocketbooks of tobacco farmers. A provision of a transportation appropriations bill would mandate a three-year prohibition on cigarette smoking on flights of two hours or less, covering 80 percent of U.S. routes. Senate passage would propel the restrictions a giant step toward enactment because similar language already has been approved in the House. “Environmental tobacco smoke on board an airplane is more than an irritant it is a health hazard,” Sen. Frank Lautenberg, D-N.J., sponsor of the measure, said as debate began

ZORAH SHRINE Children's Committee presents OZARK COUNTRY JUBILEE SHOW SUNDAY, NOV. 8 2:00 p.m. & 7:00 p.m. at Shrine Temple 420 N. 7th St. Terre Haute, IN 47807 Tickets: Advance Adults $ 6 Child *3 AT DOOR: Adults *7 Child M (Child under 6 yrs. free) Send SAW & check to above address or Call: 812-232-8232 (Proceeds to children's activity fund, not to Shrine Hospitals)

is the only way we can come to a successful conclusion” of the negotiations. Assuming Rostenkowski’s bill is passed by the House, it could be amended later to reflect any decisions agreed to by the negotiators. As work continued on the 1988 budget, the administration reported that the fiscal 1987 deficit shrank 33 percent. For the year ended Sept. 30, the imbalance between revenues and spending fell to $l4B billion, down from the record $221.1 billion in the 1986 fiscal year. The improvement came in a 12month period in which the federal government spent a record $1,002 trillion, up 1.2 percent from fiscal 1986 when federal spending was $990.2 billion. There have now been deficits in 26 of the past 27 years, running up a total accumulated national debt of $2.37 trillion. Servicing that debt cost U.S. taxpayers a record $195.4 billion in 1987, up from $190.2 billion in 1986.

Wednesday evening. Lautenberg cited a National Academy of Sciences study from last year recommending that smoking on all flights be banned, and a 1986 U.S. Surgeon General’s report stating that so-called passive cigarette smoke can be a health risk for nearby non-smokers. But Sen. Jesse Helms, R-N.C., says restrictions would be premature until more studies are conducted and the effects of a ban can be discussed further. More than 30 health and consumer groups, joined by unions representing flight attendants, have lobbied for the measure. On the other side, the tobacco and airline industries, joined by the airline pilots' union, want to block it. The pilots believe that with a ban in effect, smoker.; would light up secretly in airliner bathrooms, where there is a high risk of fire.

, COUNTRY J > CHRISTMAS : > ’ * Gifts Of Distinction > •Wood Items •Baskets •Lamps ) •Potpourri Hot Pots •Friendship Window Candles ' *Dried Apple Wreaths ) *OOll5 •Christmas Decorated Wreaths ? and hats > hours ? 1111 E. National, Brazil < ? 442-6622 ,

Reagan accurate, but late: Analysts

WASHINGTON (AP) Since last week’s stock market collapse, President Reagan has repeatedly assured the nation there are no signs of a deteriorating economy, a view that private economists call accurate but a bit dated. It is true, as the president contends, that the economy has been growing at a robust pace so far this year, driving the unemployment rate to an eight-year low and with inflation moderating after a temporary spurt caused by rising oil prices. After two years of depressed conditions caused by the huge foreign trade deficit, the nation’s manufacturers are enjoying boom times as the devaluation of the dollar against foreign currencies has made U.S. products competitive once again on overseas markets. While these statistics cited by the president are accurate, economists say they are also “8.C.” before the crash, a record downturn that has been so severe and so sudden that analysts have been left groping for ways to assess its impact on the future. The drop in stock prices in the past 10 days from their highs in August has wiped out nearly $1 trillion in consumer wealth. Analysts say that type of loss is bound to have an impact on consumers’ confidence and their willingness to continue spending. Economists just don’t know how great the impact will be. Following is a capsule look at important economic barometers, how they have performed so far this year and estimates of what will happen following the stock crash:

Home not sweet home any more in new horror genre

c. 1987 N.Y. Times News Service NEW YORK To Gene Wolfe, a writer of horror stories, there is something inherently fearsome about houses. You can never be sure you’re alone, he mused recently. The fact that you can’t see the entire house at one time is unnerving. There is always the possibility of opening the closet and finding clothes swaying mysteriously, or sneaking into the kitchen for a midnight snack to encounter a monster in the mixing bowl. In the last week of October, when the breath turns ghostly and trees are clenched in the wind’s teeth, thoughts turn, not to tasteful interiors, but to the sinister aspects of houses. The spectral house is as old as the fairy tale. Its contemporary interpretations have sprung from the mysterious castle of the 18thcentury Gothic novel, and from Edgar Allan Poe’s House of Usher, where “an air of stern, deep and irredeemable gloom hung over and pervaded all.” “The image of the haunted house has been with us since before the dawn of time,” said the film director Roger Corman, best known for his 1960 s films based on Poe’s stories and starring Vincent Price. “In the future, a structure on a distant planet will probably be haunted.” The haunted, spectral house is big business today, stalking the world of teen-age culture and VCRs in movies like “Poltergeist,” “Ghostbusters” and the “House” films. “We’ve progressed from the castle,” said John Carpenter, who directed the two horrific “Halloween” films. “We’ve modernized the idea. ” Today’s scary house is not

■ SIDE STREET BAND A 8 Fri. & Sat. Oct. 30-31 9:007 A. HALLOWEEN NIGHTTvtf JM & BUD UGH I Aa ' fl IRIGHI \IGHI V . X Costumes Welcome y DOOR prizes '■

—CONSUMER SPENDING. It is the biggest force driving the economy, accounting for fully twothirds of the gross national product, • the total output of the nation’s goods ■ and services. Consumer spending* was rising at an annual rate of 4.8 > percent from July through September, the strongest increase in a < year. A key figure to watch, analysts say, will be the car sales • report for the last 10 days in October, - the first period following the crash. If U.S. auto sales take a steep • nosedive in the figures to be released - Wednesday, analysts say, “Watch • out.” —BUSINESS SPENDING. While business investment is a much' smaller component of the overall economy, it is considered a key barometer of industry sentiment and optimism about future sales and plans to expand production and hire new workers. It shot up at an annual rate of 23.7 percent in the justcompleted third quarter, the sharpest increase in almost four years. The key question: Will businesses scale back expansion plans ? -INTEREST RATES. One of the few bright spots in the post-stock collapse world. The Federal Reserve, which had been tightening credit because of inflation worries, has been aggressively easing since the crash to insure that the sudden loss of wealth didn’t weaken the American banking system. This infusion of new money is expected to push a variety of interest rates, including mortgage rates, lower in months ahead, reversing some of the hefty increases seen earlier in the year.

necessarily situated at the foot of a dead-end street beside a weedy vacant lot. In “Poltergeist,” a film produced by Steven Spielberg and directed by Tobe Hooper, for example, the scene is a suburban California subdivision and a split-level house, complete with apple-cheeked children and golden retriever. Life is happy until the strange occurrences begin the green electrically charged waifs emanating from the television set. The haunted-house story has also graduated to include haunted cars, office buildings, 24-hour chain stores, truck stops, bars, suburbs and shopping malls. The idea of home as a safe haven provides the central theme. “Our homes are the places where we allow ourselves the ultimate vulnerability,” Stephen King wrote in “Danse Macabre,” his analysis of the horror genre. “These stories are about the unknown invading the central area of life,” said Dean R. Koontz, a writer of horror stories. “Home is that sacred place where we reject the idea of death and loneliness.” “It all has to do with your point of view,” said Carpenter, whose directing credits also include a remake of “The Thing,” the film version of Stephen King’s “Christine,” and the current “Prince of Darkness. ” “A house can be made fearful,” he said, “by asking what does it look like, what does it sound like, is it dark in daytime? How are the shadows playing across the walls? What are the distant sounds? If you stand completely still in your own house and turn the lights off, you might be able to scare yourself.”