Newspaper Page Text
Page 16
— Griffin Daily News Friday, July 22, 1977
Lance denies connection
between deposit and loan
WASHINGTON (AP) - The
bank formerly headed by Budg
et Director Bert Lance depos
ited >200,000 in a Chicago bank a
month before the Chicago in
stitution loaned Lance $3.4 mil
lion, a Lance spokesman said
Thursday.
But the spokesman, Robert
W. Dietsch, said there was no
connection between the deposit
and the personal loan. The loan
helped Lance purchase 200,000
shares of stock in his former
bank, an investment that has
given him an embarrassing fi
nancial headache.
Dietsch, in a telephone inter
view, said the $200,000 deposited
by the National Bank of Georgia
in the First National Bank of
Brown to discuss withdrawal
WASHINGTON (AP) - De
fense Secretary Harold Brown
is flying to South Korea to dis
cuss the withdrawal of Amer
ica’s 33,000 ground combat
troops and to negotiate transfer
of U.S. weapons and equipment
to the Seoul government.
Brown, leaving Washington
today, will arrive in Korea Sat
urday evening and spend Sun
day visiting U.S. and Korean
troops in the field.
Talks with President Park
Chung-hee and top South Ko
rean defense officials are
lOth & Poplar 228-8444
HIGH FALLS ROAD
Convenient to 1-75
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AFTER 6:00 CALL
228-1535 228-2285 Office:
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H. K. Singletary, Broker
Roger’s Restaurant
Under New Management
Rogers Restaurant at 908 E. Solomon St is now under the management of Eddie
Bethune. Our grand opening special from Monday-Friday, July 25-29.
Breakfast SI.OO
This includes 2 eggs, ham, bacon or sausage, home made biscuits or toast and grits or
potatoes.
Hamburger & Hot Dog Specials
3 Hamburgers or 3 Hot Dogs
For Just SI.OO
We will continue serving our regular lunch of
a choice of 1 meat and 3 vegetables
For Only $1.75
For the best food at the lowest prices come eat with us at
Roger’s Restaurant
908 E. Solomon St
Chicago was for the es
tablishment of a “correspond
ent” banking relationship.
He said this was common
practice to allow the smaller
Georgia bank to take part in
business deals handled by the
larger Chicago bank.
The main issue is whether the
$200,000 deposit in a noninterest
account can be construed as a
so-called compensating balance
for the loan made to Lance.
In recent years, the comptrol
ler of the currency has referred
several compensating balance
cases to the Justice Department
for prosecution as a potential
misapplication of bank funds.
A Dec. 2 statement by Nich-
scheduled for Monday and
Tuesday.
President Carter has an
nounced plans to pull out all U. S.
ground troops stationed in
Korea over the next four to five
years, while reinforcing the
Asian nation’s ability to defend
itself. He has promised to keep
U.S. air power in Korea in
definitely.
The administration reaffirm
ed its decision to withdraw the
troops after an unarmed U.S.
Army helicopter was shot down
last week over North Korean
olas Poulos, a spokesman for
the Chicago bank, appeared to
indicate there was a connection
between Lance’s loan and the
“correspondent” banking rela
tionship. Poulos said officials of
Lance’s bank asked the Chicago
bank’s officials if they would be
interested in bidding on the loan
to Lance.
Lance’s main money problem
concerns his bank stock, which
he promised during his con
firmation hearing to sell by
year’s end. President Carter
has asked the Senate Govern
mental Affairs Committee to
relieve Lance of the pledge, be
cause Lance would lose $1.6
million if forced to sell at to
day’s prices.
territory.
Three U.S. soldiers were
killed and a fourth captured in
the incident. The North Koreans
have returned the bodies of the
three men killed and released
the survivor.
A Pentagon task force has
concluded that South Korea will
need up to $8 billion worth of
additional equipment to offset
the withdrawal. According to
the task force, Korea probably
will need about 250 jet fighters,
including Fl6s, plus hundreds of
helicopters and observation
planes, missiles and guns.
One of the topics in Brown’s
talks will be how much equip
ment the Koreans will have to
buy and how much will be pro
vided free.
A warning earlier this year
that the withdrawal would lead
to war cost Army Gen. John K.
Singlaub his job as the third
ranking U.S. officer in Korea.
Carter will not
veto Russell dam
CHARLESTON, S.C. (AP) -
President Carter says he will
not veto the Richard Russell
Dam project, according to one
of his oldest South Carolina
supporters, Charles D. “Pug”
Ravenel.
Ravenel said he and the
President discussed Carter’s
“arrangement with Congress”
on the dam and other water
projects when they rode in a
motorcade into Charleston on
Thursday.
Reports ealier this week said
Carter had reached an agree
ment that he would not veto
some of the dam projects, in
cluding Russell Dam, in the
$10.2 billion public works bill
now in Congress.
Ravenel said Carter “said he
had talked with (U.S. Rep.)
Butler Derrick about his recent
workout arrangement with Con
gress.”
Derrick, D-S.C., announced in
May that he was opposed to the
dam on the grounds that it
would be obsolete before it was
completed. Derrick said earlier
this week that he hoped the re-
‘Bargain’
tickets
no bargain
ATLANTA (AP) - If the
“bargain” ticket you bought to
Six Flags Over Georgia, an
amusement park near Atlanta,
has a hole in the middle, you
may not get past the gates.
A spokesman for the lark said
Thursday 10,000 tickets fell
from a delivery truck in down
town Atlanta and only about
half were recovered.
“People scrambled all over
the place for them,” said the
spokesman, who added the
driver was not aware the tickets
had fallen from the vehicle.
The tickets were being taken
from a bank, where a computer
had punched a hole in each one,
making them void.
Visitor
released
ATLANTA (AP) - A British
visitor who suffered a heart at
tack July 12 is getting more
southern hospitality than he
bargained for when he joined
the Friendship Force exchange
program.
Foster Stobbart, 56, of New
castle upon Tyne, England, was
released Thursday from Grady
Memorial Hospital.
He and his wife are staying in
an apartment furnished free by
a hotel firm for two weeks while
he recuperates, a Friendship
Force spokesman said.
Some Atlantans who went to
Newcastle as part of the pro
gram are providing meals for
the couple, the spokesman
added.
Stobbart had suffered a pre
vious heart attack before leav
ing July 4 for the flight to
Georgia with 380 other New
castle residents.
Stobbart is a director of a
vending machine company in
Newcastle.
ports that Carter would not veto
the project were not true.
Ravenel quoted Carter as
saying he was “very proud of
Butler Derrick” for his position
on the dam.
Ravenel added, “I don’t think
it’s appropriate for me to tell
you what he said in response to
my urging that we not build it.
“If I tell you what he said,”
Ravenel told reporters during
the President’s visit, “it may
injure his relations with Con
gress.”
Carter spent about two hours
in Charleston, where he re
ceived the reception as warm as
the dry, 100-degree weather the
city had on Thursday.
Carter spoke briefly to about
5,000 persons who stood in the
heat at Gaillard Municipal Au
ditorium to hear him on his first
business trip to the South since
his inauguration.
“It’s very nice to be back
down South where I belong,”
Carter said. Nearby seven or
eight youngsters nearly col
lapsed a small Magnolia tree as
they climbed it to get a better
view.
The President praised the
“great progress in the last few
years” in the South. He said co
operation by the rich and the
poor, black and white had made
the region “a true inspiration to
the rest of the world.”
Carter then spoke to the
Southern Legislative Confer
ence, delivering a major ad
dress on his administration’s
relations with the Soviet Union.
Carter’s visit provided a po
litical boost for Ravenel and
former state Sen. Richard W.
Riley Jr., the President’s 1976
campaign manager in South
Carolina.
Riley and Ravenel were at the
front of a group of officials
welcoming Carter at the air
port, even though neither of
them holds public office.
Ravenel rode in the car with
Carter to the auditorium, and
both men rode back to the air
port with the President.
Riley is running for governor.
Ravenel is scheduled to an
nounce Monday that he will run
for governor or for the U.S.
Senate seat held by Strom
Thurmond, R-S.C.
Asked if he would endorse
Ravenel when the Charlesto
nian’s decision is announced,
Carter answered, “I hope I can
help my old friend Pug.”
LAM
|||||| i ' fe ‘‘ i||i| SI I | | B
Journey’s End, the popular Metro Atlanta restaurant
lodging-conference center complex located in northwest
Atlanta off 1-75 & Delk Road, hosted a luncheon for the 41
Georgians competing for the “Miss Georgia World” title
and the right to represent the state in the subsequent
Sterilization
rivals pills
NEW YORK (AP) — Sterilization of
both sexes has become so popular a
method of birth control that it now
rivals the pill and is the most commonly
used method of birth control among
couples married 10 years or more,
according to a study.
A study of 3,403 married white men
and women indicated that about 6.8
million couples had chosen surgical
sterilization to prevent unwanted birth,
compared to 7.1 million wives using the
pill. An additional 1.1 million persons
were sterilized for medical reasons.
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Miss Georgia World
“Miss World Pageant. Among the contestants attending
were (l-r), Miss Hampton World, Tonya L. Mercer, Miss
Spalding World, Wanda Lynn Barlett, Miss Griffin World,
Nancy Almeda Shaw.
Diane Van farsknberg
fashion fqeujear
Because your eyes should have it!
Diane Von Furstenberg fashion Eyewear for Optique du Monde is available al
ANDERSEN’S OPTICIANS
648 S. Sth St. >
