4The Daily Reflector, GrecoviUe, N.C.Thursday, November IS, 19

Promises Remembered

STALKING THROUGH A MINEFIELD!

Perhaps more than anything, President Carter failed in his bid for re-election because he was unable to deliver on his promises in the 1976 campoign.

Now Ronald Reagan takes the center stage as the result of his landslide victory in last weeks general election.

He, too, has promised or implied changes that modem day voters will be expecting. Some of them may be difficult to deliver.

Reagan has promised a stronger military, but at the same time he has been expressing his opposition to the draft. Yet, there are many who feel Americas lack of military might lies not in sophisticated equipment but in the caliber of enlisted men who form the army, marines and navy of our land. Thiowing money at that particular problem may well not be the answer.

The president-elect promised a balanced budget, but at the same time has indicated citizens could expect tax cuts of a third. He has indicated that the rate of inflation would be abated, and he has reassured the elderly and the poor that their well-being would not be

harmed in a Reagan administration. Can all that be delivered? We shall see.

Reagan implied that the expected leveling off in standard of living for the middle class was a Carter myth, that the nation has adequate energy resources to keep our economy, and presumably" standard of living, growing. Possible, but again it will have to stand the test of action.

Reagan has told us he will get government off our backs; yet a group called the moral majority claims credit for his victory. It is anticipated that group will call for governmental restrictions on personal life styles. It is questionable whether the real majority will accept that and thus the president-elect has another conflict to resolve.

This is not to say that the things Reagan campaigned on cant be done. Delivering is what makes a presidency successful. The electorate these days doesnt forget the winning candidates campaign promises, however, and that perhaps is the reason for the wide swings in voter preferences from election-to-election.

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mtCEROFAJi

Ready Or Not, Jeanne There

Hurricanes in November?

Its not supposed to happen; yet there is Jeanne down in the Gulf Of Mexico with hurricane force winds.

Its been 50 years since a hurricane developed this late in the year and observers blame it on heat left

THIS AFTERNOON

over from the extremely hot summer.

A hurricane is a hurricane, however, and whether it is supposed to be there or not, the United States gulf coast would do well to be ready for the possible blow.

By JOHN J. KILPATRICK

Beware Of 'Mandates'

Work For Inmates

By BILL NOBUTT RALEIGH - Plans are quietly moving forward to make it possible for inmates of North Carolina prisons to work at private industry jobs while in the lockup.

While details remain to be ironed out, and state laws changes will be required, the present course will provide two alternatives: contract work inside the prison walls in which inmates would work at a variety of manufacturing or assembly duties with the goods delivered back to the manufacturer; or, teams of inmates delivered regularly to the work place outside the prison.

While some critics may say this smacks of the old days in which contract labor was performed by prisoners, overworked and underpaid, and often were involved in mder-the-talbe deals be-tWen those who ran the prions and the businessmen, stat officials believe a fair oMn, and honset program can be worthwhile.

Required The 1981 General Assembly will be asked by the Governors Crime Commission to make two important changes in state law:

- That prisoners can be paid the minimum wages established by state law rather than current law which says they cannot be paid more than $1 per day. This would enable private businesses to hire prisoners.,

State policy would be

spelled out that all able bixlied prison inmates shall productively utilize opportunities for employment, education, or vocational training in the state prison system. This change takes away the current voluntary nature of work for inmates.

which can be used later instead of the madework duties which often occupy them in prison; increased income for prisoners from outside jobs will help defray the costs of imprisonment (they will be charged room and board, for instance) and make funds available for families who might otherwise be on welfare; and, job opportunities will be greatly expanded.

Despite the fact that even

(Ctmtinued on pages)

NEW YORK - Ronald Reagan got more than he bargained for. He wanted the White House, and he got the White House. He also ^t the Senate, a solid gain in the House, a margin of 8 million votes in the popular election, and a landslide in the Electoral College. The big question is, what will he do with it all?

His powers and his opportunities are easily overestimated, but they are undeniably great. On election night running mate George Bush was talking euphorically of a mandate for this and a mandate for that and a mandate for something else. Let us, I suggest, be wary of the mandate business. In a general sense, yes, the results speak dramatically of a desire for change in certain directions. On the specifics, the resurgent GOP has no mandate to abolish the 55 mph speed limit and go racing toward a demolition derby in the federal budget.

Other Editors Say Matter Of Waste

f

BILL NOBLITT

to

who may choose participate or not.

Everybody agrees that prisoners ought to work. Jobs provide some money, a sense of responsibility, and training for work after release. Equally important, minds and hands are kept busy leaving less time for mischief.

Correction officials see other plusses In allowing inmates to take private industry jobs: they will be learning real world jobs

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(Greensboro Daily News)

A Nuclear Regulatory Commission panel has issued an order preventing shipment of highly radioactive waste from one nuclear reactor to another for storage.

Duke Power Co. is trying to counter that order by asking to truck expended but highly toxic fuel in 25-ton casks from its Oconee, S.C. plant to the McGuire nuclear plant near Charlotte. The shipments would be made in 300 separate bundles.

Meanwhile, Duke Power officials are searching for means to improve Oconees waste storage capacity by enlarging one storage area.

If the NRC approves the plan, Dukes Oconee plant could operate until 1986. If the NRC prevents waste shipments beyond that time, Duke Power notes that its Oconee plant would have to shut down.

But its alternatives are, in fact, numerous. Duke could, for instance, build a new storage pool at its Oconee plant. Or, pending a change in current bans on commercial reprocessing, it could reprocess the waste at the Barnwell plant.

The commissions decision to block the planned shipment has pleased many folks who were worried about nuclear waste being trundled near their homes in North Carolina and South Carolina.

The nuclear voyage was planned along Interstates 85 and 77 and N.C. 73 a 140-mile route.

There was some speculation tht the NRC did not take into account a Duke Power plan to shuttle waste shipment over the next 20 years. Duke Power spokesman Ira Kaplan noted, The cumulative effect of additional shipments should be considered only if we should ask to go beyond 300 shipments.

Theres been 4,000 shipments since 1964 without a danger to anyones health."

There is no foolproof" method of nuclear storage.; but the less distance the material has to be hauled, the better.

Any steps which advocate the safest possible storage of this most hazardous of all wastes are, by definition, the best.

any

Strength

ACTING MEDIUM A group of boys organized a ciub and in the back yard of one of their houses built a club house out of discarded cartons and boxes. They adopted a slogan and wrote it with chalk on the door: Dont act big. Dont act little. Just act medium.

This might be cailed a good definition of Christian humility. The word humble comes from a Latin word meaning ground, or earth. The humble person is the person who has come down to earth and has his feet on the ground and

Mr. Reagan knows this. As the New Right will discover to its pain, and the desolate > liberals to their considerable relief, the president-elect is no ideologue. He will interpret his triumph in terms of conservative principles, conservatively applied. He will use his appointive powers to create an administration of like-minded associates, and graduaily, little by little, he will undertake to slow the super-tanker of government and to get it turned around: stronger defense, lower taxes, less regulation of our 'lives. He won a glorious victory. The millennium, it aint.

Like most elections of such magnitude, this election was essentially negative. It was obviously a repudiation of Jimmy Carter. The voters heaped upon that hapless gentleman more of a humiliation than he truly deserved. The historians of 2000 will treat him more kindly than the voters of 1980. But if the results had hinged entirely upon Mr. Carter and his record, we would not have seen those stunning returns in key Senate races.

The repudiation thus reached not only to Mr. Carter individually, but also to the pervasive liberalism with which his party has been popularly identified. 'The Senate races tell the story. Liberals managed to hold onto Patrick Leahy in Vermont, Gary Hart in Colorado and Alan Cranston in California. Otherwise, the carnage was nearly total.

The annual ratings worked up by such organizations as the American Conservative Union (ACU) are not necessarily definitive, but they are indicative. In Indiana Sen. Birch Bayh had an ACU rating of 4. He will be replaced by Dan Quayle, with an ACU rating of 85. In South

Marking An Anniversary

Dakota, James Abdnor (95) tippled George McGovern (10). In Idaho, Steven Symms (100) ousted FYank Church (21). In Iowa, the voters chose Charles Grassley (86) in place of John Culver (3).

All night long the liberal giants were falling: Nelson in Wisconsin, Magnuson in Washington, Durkin in New Hampshire. The conservative tide swept in Jeremiah Denton in Alabama and Alfonse DAmato in New York. But there Is a significance greater than the individual Republican gain. Reorganization of the Senate will bring wholesale changes in conunittee and subcommittee chairmanships. Still more important, we can expect massive changes in staff and it is the staff, more often than not, that shapes the course of legislative action.

To interpret the returns only as a rejection of Mr. Carter in particular and of liberalism in general does a disservice to Mr. Reagan as an individual. This was his personal triumph also. By the sheer force of his own personality, he managed to overcome the distorted caricature drawn by his detractors. In the end. the American people simply would not buy the false image of an amiable ignoramus on the one hand, or a maniacal, warmongering gunslinger on the other. The voters did not -believe Mr. Reagan would divide North from South, Jew from Gentile, Protestant from Catholic. In last-minute decisions that surprised the pollsters, the undecideds decided to give him their votes and their trust. For the old actor, it was a great prologue. Now the play begins.

Copyright, 1980, Universal Press Syndicate

ByHUGHAMUUJGAN

AP Special Correspondent

RIDGEFIELD, Conn. (AP) - Huzzah. Three cheers. Pip, pip, etc. Ring the welkin id wave the gonfalon, whatever they are.

Today is the third birthday of that zestfully eclectic journalistic concoction yclept Mulligans Stew.

It is also the 412th serving of the same, based on a rare dd recipe handed down from the Romans (buetonius, that (rid gossip monger, may have beoi the first columnist). This calls f(M any ingredients you can get your hands on, brought to a rapid boil in time for deadline.

Fancy that, did I hear you yawn?

Nonetheless, there are readers out thoe somewhere whose name is legion (Irving Legion, as a matter of fact, signed in with a congratulatory postcard frran Dallas eailier in the week) rising up at this very moment to toast the survival of this sunny oasis of improbable prose and occa^onal poetry located somei4here between the rude tents of the Philistines and the entrenched camps of the pundits, the pollsters and the pro-gnosticators.

Here on this bank and shoal of time, unvisited by the meaningful, the profound and the recondite, we had meant to set iq) our tent from the beginning.

Our aim in commencing the column, aside from avoiding a battlefield commission in the great army of the unemployed, was to emulate the virtues William Hazlitt praised in the essayist Charles Lamb:

He has no great swelling theories to attract the visionary and the enthusiast, no passing topics to allure the thoughtless and the vain. He evades the present. He mocks the future... He pitches his tent in the suburbs of existing manners ... and occupies the nice point between egotism and disinterested humanity.

So there you have an idea of the geography.

Hardscribble House, from whence this column emanates three times a week with craftily contrived irrelevance and massive editorial forbearance, is not situated on a peak in Darien (a high rent condominium comer of Connecticut much favored by ad agency copywriters). Rather, it rises along the (?onrail tracks in the suburbs the exurbs, really of existing manners on the nice point between egotism and disinterested humanity, which in winter, when the leaves are gone, also affords a view of the lake.

For those of you who are statistically minded, the total three-year wordage of Mulligans Stew already exceeds Gone With the Wind and The Mill on the Floss, half of what happened to Laura along Plum Tree Creek and we are steadily gaining on the Waverley novels and Neiman-Marcus Christmas catalogue.

Fanciers of international cuisine will be pleased to know that in these three momentous years the Stew has beai brought to you from 26 countries on four farflung continents, laider such exotic dateline^ as Tibet, Tahiti, Transylvania and Mei^fonor, Mullaghbawn, County Arma^, Northern Ireland.

I thought Id throw in the latter because my wife's family lives there and the place only gets its name in the paper when the Boyos blow up the British army, barracks or Hugger-Mu^r Martins brindle cow gives birth to a two-headed calf, which also will be blamed (xi The Troubles

The Stew, in its brief life-thne, has flown the sigierson-ic Concorde as well as Freddie Lakers brown bagger Skytrain across the ocean.

It has covered the deaths and electkxis of two p(^, gone with Pope John Paul II to Mexico, Poland, Irdand and across large sections of the United States, including a youth rally at New Yorks Madison Square Garden where the basketball cheerleaders from an inner-city high school greeted His Holiness with the extraordinary cheer:

Rack em up.

Stack em up.

Bustem in two.

Holy Father,

Were for you.

Some of our readers professed to be shocked, but the pope loved it.

The Stew gave its view of the Republican and then the Democratic National Convention. It saw John Andersons station wagon skid and make a complete U-tura on an icy street in Nashua during the New Hampshire primary, without seizing on the omen for purposes of instant pon-tification.

In Plains, Ga., it watched Billy Carter pitch for the White House press softball team in a losing effort against elder brother Jimmy and the Secret Servicemen. It witnessed cricket in Auckland, New Zealand, the queens horse win for a change at Royal Ascot, and kite flying at 14,(X)0 feet in Lhasa, Tibet, where it was permitted to peruse and use the Dalai Lamas private water cabinet, a velvet-seated one-holer with a 1,000-foot drop.

The Stew was among the first to seethe and bubble with the passion of Irving Gold, local delicatessen owner, who began the nationwide Cosell Must (Jo campaign to get Howard (Josell off ABCs Monday ni^t football. Cosell is still around,.but Irv keeps the cause going from behind the pastrami slicer in his Ridgefield emporium.

The Stew commenced and still continues occasional dissertations on Obverse English, that delightful tongue twisting approach to an ordinary cliche resulting in such unexpected literary

(Continued on page 5)

Those 32 Undervalued Stocks

For Today

faces reality. The people who act big are offensive and ridiculous. The people who consciously try to act little often are pretentious in reverse, and have more than a little affectation and hypocrisy.

Real Christian humility is, as the boys put it, just acting medium. Not pushing up too high; not groveling down below. They maintain dignity without pride ^fuxU'ShQw deference and consideraitefi "without bogus self-abasement. Elisha Douglass

ByJOHNCUNNIFF AP Business Analyst

NEW YORK (AP)-In the six years through mid-August of this year the Standard & Poors 500 stock index more than doubled in value. The Value Line indicator, an even broader measurement, tripled.

More recently, the S&P had gained 34 percent and the Value Line 47 percent from their March lows. Even the Dow Jones industrial index had moved up 27 percent or 200 points since April.

Gains by individual stocks have been even nwre impressive. From spring lows to recent hi^, hundreds of issues have risen 50 percent or more. In a year, at least 300 New York Stock Exchange issues doubled.

This is the foreword to Merrill Lynchs most recent compilation of Unrecognized Values in Todays Market, a r^rt that some investors believe will go far toward correcting any undervaluations.

Despite the big gains, despite the constant risks, despite the state of the economy all of which the

ML analysts dutifully warn about there are still values to be found, according to the report.

Thirty-two of them, in fact, beginning alphabetically with Albertsons, Arizona Bank, Baldwin-United, Best Products, Cabot Corp., Churchs Fried Chicken, (Control Data, Crown Cork and Seal and R.R. Donnelley.

Family Dollar continues the list, followed by (Jolden West Financial, G. Heileman Brewing, Host International, Lear Siegler, Lennar (Jorp., Litton Industries, Mission Insurance Group and Morrison Inc.

Two Washington state companies, Pay N Pak Stores and Pay N Save, are added to the compilation, as are Pennzoil Co., Pitney Bowes, Southwest Air, Sperry (Jorp., Trinity Industries and United Energy Resources.

And completing the list are U.S. Air, U.S. Bancorp., ^Valley National Bank, West Company, Whittaker, and Zum Industries. Thirty-two stocks that Merrill Lynch, the nations biggest broker, says are undervalued.

And now the rationale. ^

Individual stocks may be undervalued for any number of reasons, says Anna Merjos, vice president, and she lists some of those reasons:

1. Disappointing earnings could preclude significant market interest, even thou^ the situation is temporary.

2. The market may have failed to recognize that certain conditions that previously affected a companys standing in the marketplace have been corrected. A company might have changed management or policies.

3. Prices for ,individual issues can suffer from sheer neglect or unpopularity among investors.

4. Even thou^ the price of a stock may have moved iq> sharply, the market may not yet have given full recognition to its underlying value and potential.

To qualify for inclusion in the undervalued list, the ML securities divisiim set down four criteria:

Growth in per-share earnings in the past five years had to exceed 14 per

cent a year the rate at \4diich overall corporate profits have grown since 1974.

Earnings estimated for this year had to approximate or exceed 1979 levels.

The stocks had to be selling at no more than eight times estimated earnings for 1981. By comparison, the

1.200 issues that ML specialists follow were recently selling at nine times 1981 estimated earnings.

The projected rate of growth in per-share earnings for the next five years had to be at least 15 per cit a year. By comparison, the annual growth rate projected for the

1.200 ML companies is 13 per cent.

A final bit of advice;

This list, dated November 1980, is being used by Merrill Lynch brokers and some of their customers too. Merrill L^mch is a huge (Ration with enormous market power. Its advice can have a decided inq>act on prices.

Tberefcx'e, anyone using this list as a guide would be advised to check the extent of price changes that might already have occurred over the past several weeks.