Banner Graphic, Volume 22, Number 178, Greencastle, Putnam County, 31 March 1992 — Page 2

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THE BANNERGRAPHIC March 31,1992

Leading economic indicators are up 0.8% for February

WASHINGTON (AP) The government’s chief economic forecasting gauge rose 0.8 percent in February, the second straight advance and the latest suggestion the emerging recovery would continue. The Commerce Department said today the February gain, together with a revised 1.0 percent increase a month earlier, marked the first back-to-back advance since a string of six gains ending last July. The January index first was estimated to have risen 0.9 percent. THE IMPROVEMENT was broad-based, with seven of the 11 forward-looking indicators contributing to the increase. It was in line with most forecasts. The Commerce report said the seven indicators contributing to the increase were a longer average workweek; a growing money supply; an increase in building permits; rising prices for raw materials suggesting increased demand; an improvement in consumer confidence; rising orders for consumer goods, and slower delivery times indicating increased orders. The four negative contributors were fewer unfilled factory orders, ; falling stock prices, a decrease in orders for new plants and equipment and rising first-time claims for unemployment insurance.

Banner Graphic (USPS 142-020) Consolidation of Th* Daily Bannar Established 1850 Tha Herald Ths Daily Graphic Eatsblishsdißß3 Telephone 653-5151 Published daily except Sundsy and Holidays by Banner Graphic, Inc. at 100 North Jackson St., Greencaatle, 1N.46135. Second-class postage paid at Greencastle, IN. POSTMASTER: Send address chsnges to the Banner Graphic, P. O. Box 509, Greencastle IN 46135. Subscription Rates Per Week, by carrier.„sl.4o Per Week, by motor route $1.45 Mail Subscription Ratos R.R. IN Rest of Rest of Putnam Co. Indiana U.S.A. 3 Months $21.00 $23.00 $25.00 6 Months $40.00 $45.00 $50.00 1 Year $78.00 $86.00 $95.00 Mail subscriptions payable in advance ... not accepted In town and where motor route service Is available. Member of the Associated Press Tho Associated Press is entitled exclusively to the use for republication of all the local news printed In this newspaper. Stove Hendershot... General Manager/ Marketing Director Eric Bernses Editor Wilbur C. Kendall Production Manager Gib Farmer Business Manager June Leer Circulation Manager

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THE VARIOUS changes left the index at 147.6 percent of its 1982 base of 100. The index had risen 1.4 percent from September through February, compared to 3.7 percent the previous six months. Recent signs of a growing economy have included rising automobile and other retail sales, and activity in the housing sector that traditionally leads the recovery. Still, the Bush administration, many congressmen and not a few economists worry whether the current rebound might falter later this year like a similar revival did last summer. The economy was growing at a barely perceptible 0.4 percent during the final three months of 1991. GREENSPAN and other members of the Federal Open Market Committee, the Fed’s monetary policy-making panel, were sure to be watching the index. The FOMC was closeted today in one of its eight-times-a-year meetings to set policy. Private analysts said they believed the FOMC would keep short-term rates at their current level despite calls from the Bush administration and others for further drops. The index, designed to forecast economic conditions six to nine

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months in advance, had fallen 0.2 percent in both November and December. Three consecutive declines often are a sign of an approaching downturn. DESPITE THE recent economic performance, the Bush administration and many economists believe the recovery will be modest by historic terms. In fact, some of the nation’s leading economists on Monday urged further interest rate cuts and SSO billion in additional federal aid to state and local governments to ensure a more vigorous revival. More than 100 economists including six Nobel laureates noted in an open letter to President Bush, Congress and Federal Reserve Chairman Alan Greenspan that consensus forecasts project the economy to grow at a 3 percent rate in the second half of this year. SUCH A RATE would be only half the average first-year rebound from previous recessions since World War 11. In their letter released on Monday, the nation’s top economists said prompt action was needed “to stimulate vigorous economic recovery in 1992-93 and at the same time to speed up productivity growth over the years ahead.’’ They rejected the income tax reductions that had been under consideration because they would promote consumption rather than investment which, the letter said, would be “counter-productive.” “EVERYONE AGREES that the remedy for the long-run problem is more investment: in people, in infrastructure, in technology and in machinery,” they asserted. Another Fed-engineered reduction in interest rates, the economists said, would “have the virtue of stimulating spending in the short run on investments that pay off over the long run.” The Fed has not cut rates since Dec. 20. But in addition to short-term rate cuts, they said, “a far better vehicle for immediate stimulus is a program of federal assistance to state and local governments, aimed at increasing public investment in all forms.” SAYING THE long recession and economic stagnation have “devastated” state and local government finances, the economists recommended SSO billion in additional annual assistance that would emphasize public investment in education and infrastructure. The economists said the additional funds could be obtained initially by enlarging the federal deficit, but said such borrowing should end once the economy has recovered substantially. The economists also urged restoration of an investment tax credit

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Perot drafts Vietnam War hero, POW as ‘interim’ running mate

STANFORD, Calif. (AP) Retired Vice Adm. James Bond Stockdale, a former Vietnam war hero and prisoner of war, is taking his latest duties one day at a time: running mate for a possible Ross Perot presidential bid. Asked what his duties would entail, Stockdale said Monday, “I don’t know. I’m playing it by ear. This is the first day on the job.” STOCKDALE’S agreement to serve as interim running mate for the Dallas billionaire allows volunteers to mount ballot petition drives on Perot’s behalf in the 27 states and District of Columbia that require independent candidates to name running mates. Stockdale is a Republican. “I’d trust him with my life,” Stockdale, 68, said of Perot “He’s not a sleaze ball begging for favors.” Both Perot and Stockdale said the veteran may be dropped from any official ticket, but Stockdale said he would continue in the campaign if asked. PEROT HAS said he’ll run for president in November if supporters are able to place his name on the ballot in ail 50 states. And Perot, who has lobbied on behalf of prisoners of war, said he picked Stockdale out of admiration. “Admiral Stockdale is an outstanding American patriot who has served his country in peace and war,” Perot said. “I very much appreciate his participation in this effort to let the American people be heard.” The two men were brought together by war. The white-haired Stockdale, who led the first 1964 bombing raid on North Vietnam and was shot down in 1965 on his second combat tour, became the highest ranking naval prisoner of war. WHEN STOCKDALE was being held and tortured for eight years, some in solitary confinement, Perot and Stockdale’s wife, Sybil, were working in the United States to get the North Vietnamese government to conform to Geneva Convention rules of humane treatment of prisoners. “He’s been a close friend of mine ever since,” Stockdale told a news conference at the Hoover Institution on the Stanford University campus, where he has worked and written several books since 1981. One of them, “In Love and War,” which he wrote with Sybil Stockdale, became a 1984 best seller and was made into a 1987 television movie. It described how Stockdale resisted intimidation by his captors, who nearly broke him toward the end of his imprisonment A LIFELONG philosophy student who taught classes at Stanford, Stockdale said his spirit was saved when a fellow prisoner reminded him of an Invictus quote: “I am the master of my fate, I am the captain of my soul.” An Illinois native, Stockdale retired in 1979 after 37 years in the Navy, mostly as a fighter pilot, and after winning numerous medals, including two Purple Hearts, four Silver Stars and the Medal of Honor. A few weeks ago, Stockdale saw Perot again in Dallas. Stockdale was attending a reunion of eight men, “the Alcatraz Gang,” who survived their Hanoi prison where they ran an “underground” inferN.D. to honor Pat Moynihan SOUTH BEND, Ind. (AP) The University of Notre Dame wil honor Sen. Daniel Patrick Moynihan, D-N.Y., at the university’s 147th commencement May 17. Moynihan will receive the university’s 1992 Laetare Medal, the oldest honor given to American Catholics. Moynihan’s career “combines intellectual and political acumen,” said the Rev. Edward A. Malloy, Notre Dame president. “His passion for scholarship has made him sensible of the realities of state, sensitive to the cry of the poor and commendably supportive of higher education.”

Perot polls 21 percent in race with Bush, Clinton

LOS ANGELES (AP) More than one-fifth of registered voters say they’d vote for Texas billionaire H. Ross Perot in a three-way race for the presidency with President Bush and Arkansas Gov. Bill Clinton, according to newspaper poll reported today. In the hypothetical match-up, Perot drew 21 percent, Bush led with 37 percent and Clinton got 35 percent, the Los Angeles limes said. THE POLL, which surveyed 1,521 adults from Friday to Sunday, had a margin of error of plus or minus three percentage points. Only one-third of registered voters said they knew enough about Perot to form an opinion of him. But fully two-thirds of

mation system. ON FRIDAY or Saturday, Stockdale couldn’t remember which, Perot called him to ask him to become his “interim” running mate. “He said ‘lt’s not a bed of roses,

Gates, others members must pay LOS ANGELES (AP) Police Chief Daryl Gates and nine officers accused of belonging to an alleged departmental “death squad” have been ordered to pay $44,000 for shooting four robbers after a holdup. Three robbers were killed.

The award ordered by a federal jury Monday was a fraction of the $lO million sought in a civil rights lawsuit filed by the wounded man and by relatives of the dead. The lawsuit had alleged that the Police Department’s Special Investigations Section was a “death squad” that let people commit crimes, then shot them while attempting to make arrests. The robbers took $14,000 from a McDonald’s in 1990. As they got into their getaway car, members of the police unit closed in, firing 35 times. A defense attorney argued the officers feared for their lives when the robbers brandished weapons.

Counseling slows recurring cancer ST. PETERSBURG, Fla. (AP) Skin cancer patients who received psychological counseling had a reduction in cancer recurrence, a researcher says. Scientists are studying the data for an explanation, said Dr. Fawzy Fawzy, a professor in the department of psychiatry and biobehavioral sciences at the University of California at Los Angeles. Thirty-eight of 66 people who had undergone surgery for the skin cancer melanoma received nine hours of education on melanoma and long-term prevention, and lessons in dealing with doctors, family and co-workers. They also received relaxation training and psychological support. Five years later, the participants were found to have less anxiety, depression, anger, fatigue and confusion than the control group. Fawzy presented his research on Monday at an American Cancer Society seminar for science writers. County pays for strip searches NORMAN, Okla. (AP) Cleveland County will pay $28,000 to 20 people strip-searched by county jailers after their arrest on traffic offenses. Under the settlement approved unanimously Monday by the county commissioners, the 12 men who sued the county will get SIO,OOO each, and the eight women will get $20,000 each. “I don’t think that, across the board, the men were not as humiliated and embarrassed,” said Terisa Simmons, an attorney for most of the former inmates. Last year, the county paid $21,500 each to six women who said the strip searches violated their rights. Sheriff John Walsh said the lawsuits have forced him to drop his across-the-board strip-search policy. Because of that, he said, inmates are smuggling more drugs and weapons into jail.

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all those polled said they wanted other candidates to join the race. Perot has said he will run for president as an independent if volunteers gather enough signatures to put him on the ballot in every state. Clinton is the front-runner for the Democratic Party nomination. IN A TWO-WAY race without Perot, the poll found Bush and Clinton in almost a dead heat. Bush led Clinton 48 percent to 46 percent, which is within the poll’s margin of error. The polling sample included 607 registered Democrats and independents who lean toward that party, and 544 registered Republicans and independents who lean toward the GOP, the Times said.

but what do you say,”’ said Stockdale. “I said ‘Ross, you got a deal.’” “I’m probably inept in some ways,” said Stockdale. “I’m not that much interested in the mechanics of government. I’m interested in leadership.”

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DARYL GATES