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Biloxi Daily Herald (Newspaper) - September 2, 1973, Biloxi, Mississippi
Page a-5 the daily Herald profits dividends up despite Economy drop Biloxi go Lipory miss., sunday. September 2. 1973 a Coria and National events m depth a by Robert Reno new Day viewed from almost any economic perspective save one this has been a disappointing year thus far the unemployment rate seemed stuck at or near the five per cent Mark despite the fact that an increasing number of industries Are operating near full capacity. The Stock Market performed miserably while interest rates streaked upward with the Cost of living. The projected 7.3 per cent annual inflation rate based on second Quarter figures was the highest since 1951. A the already twice devalued Dollar sagged alarmingly. A there were unprecedented peacetime shortages of everything from beef to gasoline to paper. A the real growth of the Gross National product dropped from 8.7 per cent to a dismal 2.4 per cent during the first half of the year. Then there was that one exception. Those who suffered through it All. Stoically and with Only such rare outbursts As a Brief meat Boycott. Might have assumed that american business was suffering along with them. But one of the More curious things about the current american Economy is that corporate profits were booming during the same period. And dividend yields on common stocks were going up even As the stocks themselves were declining. Corporate profits in the first Quarter were 27.5 per cent above profits of the same period in 1972. In the second Quarter profits bettered the 1972 performance by 36 per cent. That does not necessarily mean that american business is As profitable As it thinks it should be or even As profitable As it has been during some sustained periods in the past. But it does mean that corporate profits during the first six months of 1973 were in a highly favourable trend when a lot of other things in Tolje Economy were not. But most economists feel that that was to be expected As a Norma part of the business Cycle. And they add. The profit figures were aided by the much bemoaned inflation. Paul Samuelson. The Nobel laureate economist who sees no sur Prises in the recent profit figures explains Quot if you look at the trend for instance corporate profits have been declining As a percentage of the Gross National product since the mid-60s. These profit increases Are not even enough to restore the general profitability Levels real profit after inflation is subtracted of the 1950s and 1960s,&Quot Samuelson says. Furthermore he adds the profit figures Are made to look bigger by the very inflation that makes wage earners mad. That is because much of the profit resulted when the value of big inventories automatically Rose with inflation. Quot if you Correct for inventory revaluation then the profit upswing is even More Samuelson says. Ironically it was in some of these areas where Consumers seemed to be taking the biggest beatings that profits Rose most dramatically. Paper May be in Short Supply at any Price but the companies that make it Are doing Well. In one Survey of 880 companies the 14 paper firms included led All 36 Industrial groups posting a 69 per cent increase in profits in the second Quarter. In other Survey of 601 companies for the same period 18 paper companies came in second among the industries but showed a total profit gain of 98.5 per cent. What also May seem interesting in the latter Survey was that the Chain supermarkets came in first in terms of profit. The 13 chains surveyed showed an increase of 134 per cent in their profits. Hefty though it is however the increase is not a measure of the health of the food Chain Industry which has very few admirers on Wall Street these Days. The chains Are still operating on a razor thin profit margin and their return on investment is still depressed. As for the companies that make food products their profit increases were less than average. The second Quarter profits of 48 of them increased 23 per cent Over the second Quarter of 1972. Oil is another Case in Point. Oil company profits in the second Quarter Rose Between 49 and 52 per cent. Depending on the number of companies surveyed. In a profit Survey conducted for business week by investors management sciences a Standard amp poor s subsidiary Only two of the 36 Industrial groups showed lower profits in the second Quarter compared with 1972. The railroads whose profits dropped by six per cent Are an old Story. But the performance of the non Bank financial companies is More ironic. A slump of two per cent in their profits during the Quarter was blamed on the drop in volume at brokerage houses which make up part of this group. Thus Wall Street through depressed Stock prices and the poor performance of its brokerage houses has no piece of the profit Boom. Quot if i were a worker and saw my real income being eroded by inflation i d be mad about the corporate profit figures Quot Samuelson says. Quot but people get mad when Winter dimensions unearthly excavations have psychological implications Nicholas on Hoffman by Nicholas von Hoffman Washington Kos when we re not thinking about How to find food and then How to pay for it this summer s preoccupation seems to be the exhumation of bodies political and literal. The most spectacular dig Laid Bare by the criminal archaeologists is still of course watergate. However the Agnew find is the equivalent of the discovery of the untouched Tomb of a late dynasty pharaoh and then there Are minor but promising excavations like the unearthing of a Fortune in unused air Force inventory at Charleston s. C. In addition to the Quot waterhole As the enlisted men on the base refer to it. Deep sea divers off the coast of Massachusetts have been attempting to recover treasure from the Long sunken trans Atlantic liner Andrea Doria. A party of diggers from the Houston police department must be a Iven credit for the most horrifying of the summer s exhumations the bodies of 27 boys most terribly murdered. In reporting the news the Media have made it a tasteless Point to Tell us that the Houston dig represents a new record. In due course we can expect to open our guinness Book of records. Page through to Quot murders mass Quot and then on to Quot murders multiple non political Quot where it will read something like. Quot Houston Texas u.s.a., 1973, 27 modern in baseball homicide and track we Divide our records into the categories of ancient and modern perhaps because anyone who flourished before 1900 partakes of the legendary As though we believed that prior centuries were peopled by Demi gods and devils creatures sufficiently different from ourselves to make comparison a form of deception. Stout Fella Stout records keeping records of athletic feats or such accomplishments As the most standardized 10-ounce mugs of Stout consumed in one hour s sitting is a form of celebrating exceptional achievement. That is one Way we make feats famous just As record keeping supplies us with a Standard to strive for but Why then treat the bloodiest crimes in the same Way a tast for the macabre or perhaps an abstruse passion for the measurement of the largest and smallest of anything. We Are a bookkeeping civilization. The most marvelous of All our machines the computer is primarily used for our records which Are so voluminous that even when shrunk to microfilm size they overtax the capacity of thousands of warehouses and caves. Much of our digging is explained by our love of records. The Quot record of the past Quot the records of other people other societies Are As important As our own. We go so far As to construct records for vanished nations whose populations did t have our taste for writing Down and storing their acts and statistics. Records also Comfort us. We need an explanation for everything but there is no usable one for what happened in Houston so we consult our records and they Tell us that such Sav Geries have been committed before and. If that does t explain anything it makes us feel better. No crime is quite so bad if it s been committed before. Many have reacted to watergate in the same Mode. Politicians pull that kind of stuff All the time Ergo watergate in t so bad. If they concede that watergate is what it is a uniquely foul series of interconnected crimes they Leavic themselves open to disturbing speculations. Could it be then that we As a people have changed for the worse that such things As Houston and watergate could have taken place for the first time christians conservatives and others whose philosophy teaches them the reality of sin or at least the infinitely imperfect nature of human beings Don t have that problem. They can accept a Houston or a watergate not As a sign that our Warp is coming apart from our Woof but As evil done by specified individuals who must take the guilt for it. Watergate gladiators Battle Over question As old As time military affairs . A. Marshall the argument Between senator Lowell p. Weicker or. And John d. Ehr Lichman about morality in the Public servant and the voter s right to know is not Likely to resound through the passages of time like the Lincoln Douglas debate but it could be Worth a passing reprise. Obviously the gladiators were not on even ground. There was Ehr Lichman. Voluntarily appearing As the Champion of morality As of the duty to expose its opposite by Hook or Crook. Yet seven senators and a Brace of counsel had done their level Best for most of one week to establish that As an authority on morality Ehrlichman should be bracketed somewhere Between . Barnum and the yellow kid. When the Bailiff roared. Quot state of Texas versus Willie Jones How do you plead Quot the defendant replied. Quot i plead that them is very unfair and so it was in this situation. But the senator then somewhat evened the Odds by a headlong Retreat into nonsensical Ity. Starting with the bombast about his differences with Ehrlich Man s views being not Only absolute but almost Earth shaking. Well aware that wrangling Over the same question has been going on since Long before Brutus double crossed Caesar i listened hopefully with one tin ear hoping for a new and Clear trumpet Call. Then having thus heavily Laboured the Law giving Mountain popped with a mouse. The View from that height was that the political officer seeker is entitled to be judged by his performance during the Campaign or How he stands on the issues and never mind his character or the concealment of the vice therein. That is to say one should judge a running horse by How he snorts and Overlook the splints in his legs. The important thing is not that a senator should propose such a preposterous idea but that it should be gravely received by others some of them supposedly intelligent if Only because the proponent was for the moment battling head on against alleged corruption. Such a Standard though would have saved senator Tom Eagleton from quite a fall. It would wipe out Chappaquiddick As a Factor for the voter s consideration. Not what a Man is Likely to do but what he says of himself and his manner of saying it thus becoming the test of Worth the houses of Congress could then Well Post a sign Quot reserved for orators there is already a sufficient trend in that direction. Four of the watergate senators have been signed on by a new York lecture Bureau. They will draw handsome fees due to their fresh Fame As game beaters in a National scandal. While such popu Larity must be deserved and the signing May not technically constitute a conflict of interest the precipitate Rush to Cash in is no More moral than was the act of the fort Worth judge who while hearing the Jack Ruby trial signed a fat contract to write a Book about it. I would be the last person to suggest that every seeker after High office in this Republic should be or. Clearn or sir Galahad a proved Paragon possessed of All the Virtues including self denial and humility far above avarice and too big for self indulgence. There would t be enough qualifiers to keep the business of government going. Moreover such perfection if it May be imagined hardly suits the headman ter ship of this society or any somewhat lower office thereof. It is wholly contrary to a tradition consistent with which Grover Cleveland got started on his Way to the presidency because he chanced to be in a barroom at the right moment. The tradition began with George Washington who was anything but Pieti Stic. As . Mencken wrote he believed in Downing firewater whenever he Felt cold and always kept a Crock of it Handy. He was More familiar with profanity than with Bible quotations and he knew the tune of it As Well As the words. He liked pugnacious men and avoided the company of preachers and lawyers. There Are other reasons Why he is rated first in peace first in War and first in the hearts of his countrymen. It was probably Over daring of or. Ehrlichman to mention in such company that there Are members of the Congress who try Over hard to follow the Washington tradition on use of alcohol while lacking the Washington capacity to absorb it without becoming the Clown. But then Daniel is Best remembered because he came whole from the Lions Den. Even so it was the position assumed by senator Wecker in rebuttal that was the grabber though he was doubtless right As rain in stating that an individual s drinking habits lust for bouncing from bedroom to bedroom and his management of his finances May have no bearing whatever on his integrity and abilities As a Holder of elective office. Quot May Quot is the operative word Here made so by the senator s Contention that the private life of the office seeker is by implication hallowed and that an attempt by anyone to investigate or expose it is perforce virtually a crime against nature. Senator Weicker was loud in his praises of the efficiency and standards of the ., whereas or. Ehrlichman responded quite correctly that the Bureau s probing and screening of private lives is superficial and he might have added sometimes egregiously in error. But if anyone were to suggest that S agents should Shadow the life and follow the peregrinations of any candidate for the Senate or other elective office he would be rated a fit candidate for the Booby Hatch. The alternatives Are private investigation. Or none which Means the continuation of a double Standard. Everyone asked a to serve in a non elective sensitive Post in the establishment that makes his privy to Security matters has to stand still for such a grubbing into his personal life. If the pattern turns out too seamy he is shut out and the Black Marks stay in his file. But if he is acceptably Clear and responds to the Call to service a dozen times his private life will be checked As Many times. To express Shock that congressional hopefuls Are not excluded from All such scrutiny is to imply that their morals must be Good enough. Still not a few have made it to the Hill and have gone from there to a Federal o o a that s what sales a Colony Park townhouses have done in 30 Days a truly new world of living created by Mcguire Edwards developers Gulfport miss. One picture is Worth a thousand words Only you can be the judge Colony Park features t a a Home ownership a club Pool Pavilion putting Green a tax advantages Security guards i Colony Park 0 w 0 fabulous landscaping luxury amp Beauty or All exterior maintenance Call of i is it to duly see Dick drown sales mgr. 2501 Gulf ave. 864-9917 864-6936 Nice 5 blocks North of Hwy 90 just to set it it Tow of Colony Park is Worth a visit
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