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Lawrence Journal World Newspaper Archives Nov 21 1982, Page 1

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Lawrence Daily Journal World (Newspaper) - November 21, 1982, Lawrence, Kansas The Lawrence daily journal world sunday november 1982 Kansas 100 pages 325 50 cents economic experts say the recessions ending Brober Thurlow associated press writer Washington a take recession weary America Here comes the unfazed by a year of wrong most private and govern ment forecasters Are saying the Economy will begin pulling out of the recession in the next month or Many were almost As optimistic last Winter and new government figures released Friday said the National Economy was absolutely Flat in the july september Quarter no no just sitting until it starts moving unemployment is unlikely to recede much from the highest level in 42 years percent in but analysts say the fact that in Terest rates have been falling Over the past few months Means better times Are almost surely David a senior economist at Chase Econometrics in Bala can talks of a snowballing of Ever the Treyve said it but this time they say they mean it at lower rates make it cheaper for americans to buy expensive items ranging from refrigerators on up to and they make it cheaper for businesses to finance storage of inventory lessening their risk in in creasing the Way the snowball is supposed to Roll lower rates coupled with this years tax rate Cut and the pro Spect of next years encourage Consumers to buy More giving producers an incentive to make thus requiring the to hire Back Laid off who then have Money to buy More giving producers an incentive to make even More and hire even and on and of the effect works in As apparently happened with the record High interest rates that preceded the High rates can push Consumers to Cut spending and prod producers to Cut output and Lay off but few expect rates to surge up Ward again the Federal Reserve concerned about the Long has been easing its formerly tight grip on the nations Supply of Money and and financial markets have reacted by lowering their on it lowered its so called discount rate the rate at which it lends Money to Banks and other financial institutions from per cent to 9 heres what some top economists Are saying about better Days ahead Robert undersecretary of Commerce we can mount a recovery at this the first clearly positive month might Well be he Allen the data resources vice president who has spoken of the 198182 downturn As a near he i believe the processes for recovery Are going on we Are looking for meaningful recovery in the first Jack chief economist for Merrill Lynch current weakness will push Federal Reserve chairman Paul Volcker to be More accommodating in policies leading to lower interest and that will Lead to moderate growth next in the fed lowered its own Len Ding rate on Friday for the sixth time since a resident Pessimist in the forecasting Michael Evans of the brokerage firm Morgan says huge Federal deficits and fast monetary growth Early next year could cause the fed to crack halting recovery As quickly As it but even he believes business will pick up smartly in the first if the predictions of Immi nent improvement sound its because Treyve been heard several times in Public and private comments Over the past the Reagan administrations Champion Treasury Secretary Donald said late last year the Economy would come roaring Back in the he could be right one year and Dederick concedes that i thought the recession hit its trough Low Point in with recovery Likely in May and but the thing fizzled after a month or president Reagan himself was estimating More than a year ago that there would be a slight and i Hope Short cynics might expect administration officials to paint Rosy economic but private analysts Haven exactly distinguished for economists for the business a group representing some of the biggest companies in have been steadfastly predicting Quick recovery every few months since mid1981 that from the Days just before the recession began through the worst of the last that group the recession which is currently gripping the Economy will end Early next year and activity will increase throughout the rest of to be private analysts have to make their forecasts without knowing what Reagan or other policymakers will do a significant problem when govern ment decisions mean so but despite such nearly everyone now agrees the recession is indeed whether the forecasters Are accurate this time will be known soon miss Lawrence Kun Junior wins local pageant by Doug Hitchcock jew staff writer amid Bright spotlights and a Janice Marie Tennant was crowned miss Lawrence 1982 saturday night at the close of the miss Lawrence the first such event Here since that All i can was miss tenants reaction to her More than i was really but i just was having so much fun i be miss a Kansas univer sity Junior studying communications and came from a Field of 10 finalists to win the title her Hometown is about 300 people attended the pageant the first in six years which was held in the auditorium at Central Junior High As miss miss ten Nant will Advance to the miss Kan Sas pageant in Pratt next she will soon begin a training pro Gram to prepare for that compete its going to take a lot of but in going to do the Best i she if she meets with Success at miss Tennant will get a shot at National recognition in the miss America the 5foot blonde woman said her biggest concern is the nuclear arms and finding a Way to eliminate stockpiles of nuclear onstage at the she told the audience and judges that a smile is the easiest Way to reach the Best part is they smiles Are extremely con and you never run she before winning the pageant miss Tennant won the interview award for her performance in interviews with con test her Competition in the miss Lawrence pageant consisted of two Lawrence women and seven staff photo by Julian Gonzalez Janice Marie a Kansas University Junior from greets the miss Lawrence title saturday night with a wide smile As she excitedly clutches her armful of Beate executive director of the miss Lawrence crowned the Winner at the pageant held in the Central Junior High school Kansas University the contestants competed in bathing suit and evening gown As Well As interviews with pageant each girl is a Winner said Karen Diane master of ceremonies for the miss Lawrence each in has gained some self some and some Good each competitor receives a miss Lawrence receives a As Well As the pageant an expense paid trip to Pratt for the miss Kansas wardrobe see Kun Page 3a free Trade promotes Reagan says Washington a president Reagan called on americas trading partners saturday to work for open markets and reject protectionist policies that insulate their countries from world free Trade serves the cause of economic Progress and it serves the cause of world the president said in his weekly radio broadcast to the when governments get too involved in economic costs increase and political disputes peace is reagans address comes four Days in Advance of a meeting of free world trading ministers in declaring that the International trading system is at a Reagan either free world countries go Forward and sustain the drive toward More open markets or they risk sliding Back toward the mistakes of the 1930s and succumb ing to the evils of More and More government and this is really no Choice at he said the United states will reject protectionist and defeatist proposals and will set new goals and Lay out a program for limiting government intervention in world we will in with a Clear sense of our own commercial interests and a quiet determination to defend these said let no one misunderstand he were generous and far sighted in our goals and we intend to use our full Power to achieve these we seek to plug the holes in the boat of free markets and free Trade and get it moving again in the direction of Reagan and no one should mistake our determination to use our full Power and influence to prevent others from destroying the boat and sinking us giving the democratic response to James Oberstar of Minnesota contended that the presi dents message is an unrealistic Hope that sidesteps solutions we need now to solve our Domestic economic on the Trade Oberstar said that we would make a terrible mistake if we naively expect our Trade Many of whom Are to make concessions in the face of their own economic pro Reagan said the world is in the grip of the longest recession since world War we Are reminding the world we All have serious pro said Reagan to announce plans for dense Basing of mrs Washington a president Reagan is hoping the latest plan for Basing my nuclear missiles will be Able to survive both a soviet attack and congressional Reagan is expected to announce monday that he has approved an air Force recommendation that the 100 intercontinental weapons be clustered in underground shelters within a 14squaremile White House and Pentagon officials the announcement was expected to come a few hours before Reagan gives a nationally televised address on arms control monday reagans my known variously As closely spaced Basing and dense comes in response to a 1 deadline set by Congress for proposing a Home for the then which begins a lame Duck session will have 30 legislative Days to veto the a vote that is expected to be in the it has forbidden the Pentagon to set aside Money for Bas ing the the question of How and where to deploy the missiles has been unanswered since the weapons were first proposed in even though the weapon system has no More than billion already has been spent on research and the Pentagon has set the total program Cost at about supporters of the program say the weapon is needed because increasingly accurate soviet missiles have made the current Force of minuteman and Titan intercontinental missiles vulnerable to destruction in their 5 years lawyers still appealing local Gas blast settlements by Caroline Trowbridge jew staff writer nearly five years an Early morning natural Gas blast ripped through the pier 1 imports building that sat on the Northwest Corner of eighth and the blast killed two destroyed the imports store and heavily damaged Jennings Daylight donuts shop to the both businesses have since and a dozen of the 14 lawsuits that were filed after the explosion have been settled out of the amounts of All settlements have not been but a look at the nine settlements that have become Public shows a out of court settlement and last a Douglas county District court jury ruled that Kansas Public the local natural Gas should carry full blame for the explosion and pay More than to Edgar and Helen 2448 who owned another filed by Leroy Mcdermott of Lawrence for damage to personal property he had stored in an office in the pier 1 has not been according to District court records and an attorney for the Utility made an offer of about 1 years but the King of said that offer was not accepted in a timely King Taid that if Mcdermott wanted the of ups probably it but he wanted smore Money than according to William president of most of the settlements were covered by the utile Tys Kansas insurance Fidelity and Guaran insurance is taking care of almost All of he in a few of we made a contribution to the Salome said he Doest know the amount ups was itself obligated to but its not very much if it were id sure know that right a he did say the settlements have not affected operations of the Gas com and said the Utility Hast in creased customer rates nor does it plan to to cover the we will not do he emphasis unravelling the status of All suits that resulted from the 1977 explosion is a complicated if court records from the 14 suits were stacked on the they would measure about six feet and the transcript from the Kearney trial alone totals King All 14 suits named which installed the Gas pipeline behind the building Dupont de which manufactured the plastic pipe used in the pipeline and Dresser in which manufactured a coupling used to join sections of steel and plastic investigators said the line separated at the coupling allowing Gas to escape and gather causing the after the Kearney District court judge James paddock ruled see Page 6a holders air balloon mortgage options inside the by David Toplikar jew staff writer to refinance or not to refinance that is the question now facing Many holders of so called balloon who Are hungrily eyeing dropping interest but local mortgage experts recommend that holders of these Short term arrangements should be careful about when to get new Loans or be ready to suffer possible slings and arrows from an Uncertain balloon mortgages were a Finan cing method used As a Way to buy a House without paying the High in Terest rates tied to conventional mor a seller would provide financing at an interest rate running below the conventional Market rate for an agreed upon time usually Between three and 10 the buyer would make monthly payments to the but at the end of the period the entire principle would be due in a balloon pay the advantage was that the buyer would be paying a lower interest rate than the conventional the disadvantage was not knowing whether conventional rates would drop before the balloon came due and it was time to refinance the Many of those balloon payments with Short term agreements Are coming or will be due in a year or and mortgage interest rates which did Rise to 17 percent have dropped to a real rate of 13v2 to 14 percent some lenders Are Advertis ing rates As Low As 12 but will add Points that actually bring the interest rates so holders of balloon mortgages Are probably wondering whether now is the time to take advantage of lower interest rates and refinance their Loans before they become some economists Are predicting that interest rates May go up again after the first of the because of the forecaster Federal deficit of nearly see Page 7a 4th judge eases local court Page 3a Missouri beats 1610page in sports decorating gets Back to Page 1c variety director Shaw comes to id arts Ann business classified editorials hospitals

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