and criticize their aim. You can argue that joblessness could be cushioned far more effectively, but you cannot use unemployment as an excuse for military spending. What I heard at Laird's luncheon is probably shrewd politics and Laird is known as a brilliantly skillful politician. But what I heard was rotten economics and potentially perilous propaganda and, therefore, it's too important to remain 'my private anecdote. Thus, at the risk of biting the hand that fed me, I pass it on to you.
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This long record is your assurNOT BY ance of integrity and MEASURED knowledgeable profesGOLD sional care. BUT BY THE GOLDEN RULE PRICE SALE money deliberately adopted by the Federal Reserve System to prevent businessmen from getting all the money they wanted; to force them to curb their inflationary spending, to postpone inflationary projects, to lay off workers. Tight money has been the crufactor behind the stock market crackup, the wave of business bankruptcies-not defense cuts. Even in areas hit hardest by the cutbacks -this holds for had the aim not been to control inflation by compelling a business slowdown, the administration could have cushioned the defense spending reductions by non defense spending increases. But the sound policy objective was to curb inflation, and so the defense cutbacks were not offset.
You may criticize 1970's anti- (Advertisement) FAMOUS PAINTING LOSES LUSTER Mrs. Madisonian loved her scenic checks. But not enough to spend up to $30 or $40 a year in service charges on her checking account. Checking is free with a $500 Credit-Ability Passbook. No minimum balance.
Which makes checks from Madison Bank and Trust, downtown or Fitchburg, or The Westgate Bank beautiful, whether you choose the unadorned or designed. Fine; Wrong: Nixon Administration would make this dangerous admission argument. Yet, as the following little anecdote will illustrate, this is precisely what high administration officials are doing. A few days ago, Secretary of Defense Melvin Laird invited a small cross-section of individuals for luncheon at the Pentagon. Shortly after we sat down (we were eight in addition to Laird and the Deputy Secretary of Defense David Packard), Laird introduced the conversation by summarizing how much the defense budget has been cut.
The figures, by the way, are much more impressive than you may realize. Specifically: Defense spending in 1 this fiscal year will be around $71 billion, down a fat $18 billion from the 1968 Vietnam war peak and only about $4.2 billion above the pre-escalation level of 1964. The defense budget is now around seven per cent of our gross national product, down 2.7 per cent from the '68 peak and well below the 1964 level too. Defense speding now represents 34.6 per cent of our total federal budget, down a hefty 8.6 per cent from '68 and down an even heftier 8.8 per cent from the pre-Vietnam escalation of '64. No small achievement thisand I suggest we give Laird the great credit he deserves for doing it in the face of enormous odds.
But then Laird went on to report that since mid-'69, employment in the military, defenseproducts and defense-related industries has decreased 840,000 as against an overall rise in joblessness of 1.3 million. And he remarked with a rueful, gracious smile "This is what happens when you move so rapidly from a war to a peacetime economy." The implication was unmistakable: the defense cuts are a prime reason for the recession and unemployment. And here is where I stand up and get counted. For the fact is the recession of 1969-70 is primarily the result of a policy of brutally tight HURRY- ONE MORE DAY! Buy the washer at regular price. get the dryer PRICE EXAMPLE: 14 WASHER Model LA460, Reg.
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5, 1970 TELL IT LIKE IT IS by Dunagin GATE 5 FLIGHT 251 Dumagen Pastichers-ITali Orlando Sentinel Syndicate "LOOKS LIKE IT'S GOING TO BE A ROUGH FLIGHT." Cites Lake Geneva Knowles Warns Against Fish Mercury Scares Gov. Knowles today tioned against overreaction reports of mercury level ings in Wisconsin fish. Noting press reports week regrding discovery mercury in fish taken Lake Geneva, Knowles said mercury concentration in samples taken from that are "well below the Ivels sidered to be of public significance." The governor said the Train Church Leaders In Viroqua Class cau-cury content of Lake Geneva to fish was three-tenths parts per read- million compared with the five tenths parts per million set by this the Food and Drug administraof tion as the level for restricting from commercial fish sales. the Knowles said the presence of fish mercury in Lake Geneva which lake does not have direct waste discon- charges from municipal or inhealth dustrial treatment plants "only confirms the findings in other mer- states and countries that mercury, a natural element, is widely dispersed, and that trace amounts can be found in almost any animal or food rroduct." Power Off at Lancaster, 4 Other Areas LANCASTER Residents of Wisconsin experienced a power outage Sunday morning when a transformer relay malfunctioned at the Wisconsin Power and Light substation at Lancaster. The outage lasted from 8:34 a.m.
to 9:02 a.m., according to a spokesman. A total of 1,471 patrons were affected, in the communities of Lancaster, Tennyson, Potosi, Ellenboro and Stitzer, and their rural areas. Pleads Guilty In Phone Fraud BARABOO Michael G. Griffith, 18, Baraboo, pleaded guilty to defrauding the Wisconsin Telephone Company in his appearance before Judge James R. Seering.
The youth was arrested by local police after telephone company officials requested assistance in apprehending the person who had been making several long distance calls from a pay phone without paying for them. Griffith was charged with fraud. Judge Seering ordered a presentence investigation. The youth will be sentenced Oct. 27.
Expectant Parent Outside Judge to Classes Planned Hear Rent Suit BARABOO St. Clare's Hospital will sponsor classes for expectant parents beginning Wednesday at 7:30 p.m. There will be three sessions a week apart. A film, "Ladies in Waiting" will be shown on Oct. 7.
There will also be a tour of the ob-, stetrical department. All interested mothers-to-be who are interested are asked to pre-register, if possible, with a call to the maternity division of St. Clare's. The phone number is 356-5561. Fathers-to-be are also welcomed and encouraged to attend.
There is no charge. Card Party VIROQUA Two Madison women, Mrs. Virgil Nulton and Mrs. Walter Johnson were here Saturday to lead discussions in a course to train leaders in Methodist churches. Speakers at the Methodist church session were Robert Hirschey, Richland Center; Mrs.
Marvin Schilling, Milwaukee; and Dr. Thomas Chaflin, LaCrosse. Among the subjects is the course "Many Worlds of the Americas," Speaking "Survival of Man" "Medicine, Theology and Youth," "'Worship as Celebration," and "How The Words Get Around." Injured Darlington Farmer 'Serious' MONROE Howard Glindenning, 53, Darlington, was listed still in serious condition today at St. Clare Hospita here following a farm accident Friday near. Darlington.
He suffered neck injuries when he was caught in a bulk feed power take-off unit while working on the Duane Larson farm. Glindenning was first taken to the hospital at Darlington, then was transffered to St. Clare Hospital. The Ladies Auxiliary to Local No. 538 is sponsoring a public card party Oct.
10 at 8 p.m. at 2228 Myrtle St. ELLIS-ARNESON INSURANCE Ellis-Arneson Co. FRE-AUTO- -CASUALTY LEADING COMPANIES 2718 Dryden Dr. 241-1507 Why Hand Reds A Weapon? Defense Cuts Laird'sLogic Logic By SYLVIA PORTER One of the most evil economic propaganda weapons that we could hand the Communits would be a voluntary admission that the U.S.
needs record and rising war spending to support our prosperity. This is propaganda the Russians have been trumpeting since Leinins' day. It is not true. Peace would be the most electrifyingly bullish thing that could happen to us. One of the most explosive eco-' nomic weapons that we could hand America's destructive young radicals would be the argument that the U.S.
cannot cut war spending and still maintain reasonably full employment. This is an argument the young who hate America advance to prove our society is not worth preserving. It is utterly false. By shifting our spending priorities, we would create far more jobs and far more worthwhile jobs than today. It is hard to believe that the Successful Investing Sees Mohawk Data As A Speculation By Roger E.
Spear Q) I am considering buying shares of Mohawk Data Sciences, now selling at a depressed level. Could you give me any information on the company? Do you think this would be an intelligent longterm investment? C. H. A) This leading producer of data processing peripheral equipment expects higher earnings in its July, 1971, year despite diffident general economic conditions. Although the stock dropped from a high of 111 in, 1968 to a low of this year, earnings during the period were rather good and certainly did not justify this type of price action.
In fiscal 1968, 39 cents a share, $1.52 was in reported, the $1.15 in ended 1969 year July, 1970. According to management, earnings in the October quarter may be "relatively a flat" compared with 32 cents brought to cohen net in the year-earlier interim, but gradual gains are likely for the balance of the year. Apparently $9 million in bank loans eliminates the need for immediate financing, although European expansion projects necessitate the raising of million over the next three-to-five years. Mohawk is in the processing of being transformed from a hardware-oriented concern into a systems company. Richard R.
Rifenburgh, president, looks for 20 per cent annual revenue growth over the next several years (fiscal 1970 revenue was $102.6 million). The shares appear to merit purchase by the speculative investor. Q) I have some shares of General Motors. I would like your view on adding to these shares for dividend income. J.
A. a) General Motors' current yield of 5.6 per cent is not an outstanding rate of return for a person seeking high income. Good quality utility shares return over 7 per cent, U.S. Treasury notes yield per cent with maximum safety a and utility bonds, depending on rating, yield 8.7 per cent or better. In view of the uncertainty of the effect that the United Auto Workers strike will have on General Motors' sales and earnings, I would suggest putting this available capital into a higher yielding utility bond or stock.
Roger Spear's 52-page Guide to Successful Investing Roger Spear (recently revised and in its 12th printing) is available to all readers of this column. For your copy, send $1 with name and address to Roger E. Spear, The Capital Times, Box 1618, Grand Central Station, New York, N.Y. 10017. Markets In Consolidation Phase Now LIT RATING 74 stock is edging upward slightly during this continuing consolidation phase.
Since the May bottom, the market has risen 26 Lit Ratpoints are 65 percent of the theoretical, 40 normally found in a rise from the bottom. So 1 the prudent investor now has 75 percent of his risk capitol in stock and is looking for a continuing rise to take more profit. The prudent investor keeps his invested capitol even with the market position between a top of zero and a bottom of 100. If you have hemorrhoids you should read this ad It announces welcome relief for the miserable pain, itch, embarrassment of damaged hemerrheidal tissues Years of laboratory and clinical work by The Mentholatum Company have resulted in an exclusive formula for temporary relief of sore, swollen hemorrhoidal tissues. Medications, selected and blended to work together, have been combined in this multiple-ingredient medcation that has in many cases proven highly effective in each of these five areas: 1.
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against the Madison Tenant Union. The corporation is made up of group of Madison landlords who allege in the suit that the tenant union is holding rent money that belongs to it. The case originally assigned to Dane County Circuit Court Judge Norris Maloney who disqualified himself because he owns rental property in the campus area. (Advertisement) HOW TO INSTALL A NEW FURNACE If you have a CreditAbility Passbook, you can borrow from your credit reserve for such emergencies. Lots of people do.
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