The Tennessean from Nashville, Tennessee • Page 12

1 12A THE TENNCSSEAN uodt'MARCH 2. 1986 Bankers, entrepreneurs among richest, Fed study says MARTIN CRUTSINCFR 1 The Associated Press WASHINGTON Becoming a doctor, lawyer or accountant is still a good way to get rich in America, but the richest got that way through banking, insurance and real estate, a government study says. The review of wealth in America by the Federal Reserve Board found that only 1 of all American families earn more than $150,000 a year. But in this group, the survey found marked differences between the rich and the extremely rich. "Although professionals, such as doctors, lawyers and accountants.

constitute a disproportionate fraction of all the high-income subgroups, their greatest concentration is in the second-highest group," the study found. "Families headed by entrepreneurs and by individuals in banking, insurance and real estate appear to have the best odds of earning the highest incomes," it said. Only 2 of American families are headed by someone who works in banking, insurance and real estate, it said. But it said those professions make up 31 of the highest income group, families earning $280,000 or more annually. Lawyers and accountants, who make up 1 of the population as a whole, account for 12 of the richest families.

Doctors and other health professionals make up 1 of the population and 2 of the richest families. Another 43 of the very wealthy were in a broad category covering all other professionals including those salaried and self-employed. The report was based on a 1 983 survey of 4,103 American families, including 438 high-income families selected on the basis of tax filings, the Fed said. The survey found that only 10 of American families earned $50,000 or more during 1982, the period asked about This Included 8 of all American families who earned between $50,000 and $99,000, another 1 who earned between $100,000 and $149,000, 0.5 who earned $150,000 to $279,999 and the top 0.5 of all American families who earned $280,000 or more. The survey found that doctors and other health professionals were most highly represented in the $100,000 to $149,000 category, making up 13 of this group.

Lawyers and accountants made up 14 and professionals en gaged in banking, insurance and real estate constituted another 13. In the $150,000 to $279,999 category, the second highest income level, professionals in banking, real estate and Insurance represented 17, lawyers and acountants 12, and health professionals 8. "Families with high incomes and large amounts of assets constitute a relatively small proportion of the population but have a relatively large share of its income and wealth," the study said. It cited this as the principal reason it wanted to examine the very wealthy. The study noted that it was the first comprehensive review of wealth in America since a similar survey done in 1962.

In the 20 years between the two studies, the Fed said that the number of wealthy families has increased significantly, even after adjusting for inflation. About 14 of the families in the 1983 survey were estimated to have a net worth of $163,800 or more, in contrast to just 6 of American families in 1961 The comparison expressed the net worth in both surveys in terms of 1983 dollars. Planned road 7 miles MILES too! Alexander Governor's property I wav 1 I jo -J Construction Crf proposed 1981 'Construction proposed Jan. 1986 Proposed widening belore Summer '86 to assure it was justified. He said it was.

"My ownership of the property and a road program meeting the state's needs for the next 28 years are two totally unrelated facts, and any impression that they are in any related is erroneous," Alexander said. The five-mile stretch of U.S. 321 between the proposed end of the Pellissippi and Walland is being widened to four lanes under another program at a cost of about $8 million. A pending legislative resolution would name U.S. 321 in Loudon and Blount County "The Lamar Alexander Parkway." Alexander's land is 2.7 miles on a two-lane paved road from U.S.

321 at Walland, adjoining the park and providing scenic vistas of the mountains. In 1983 the governor and his wife paid $110,000 for a cabin and two acres adjacent to the 991 acres in his home county. The Alexanders used their own name in that transaction. The new road system would mean that east-bound tourists entering Knoxville could reach the southern end of the nation's most popular national park in about 30 minutes, half the time it takes to reach Gatlinburg from the same point The corridor also would bring the southern end of the park, which features the popular Cade's Cove, within 15 minutes of the Knoxville airport Alexander, an outdoors enthusiast said he has had a lifelong link to the property located in West Mil I From Page 1 James Haslam III, a Knoxville businessman and son of Alexander's chief political fund-raiser. Baxter Lee, a Knoxville businessman.

Tom Harper, a Knoxville auto dealer. Robert Campbell, a Knoxville lawyer. Campbell's interest was bought last year by Gary Sisco, a Nashville real estate executive, the governor said. Since 1980 Alexander has pushed unsuccessfully for funding of the Pellissippi Parkway, a four-lane highway covering 12.5 miles from Interstate 40 in west Knoxville to the Alcoa Highway just north of the Knoxville airport When he submitted his road program, to be funded by a 3-cent gasoline tax increase, to the General Assembly in January, the Pellissippi Parkway was designated as one of six Bicentennial parkways and called Interstate 140. In addition, the plan for the first time extended the Pellissippi another seven miles eastward from the airport to VS.

321 near Walland, an unincorporated village on the lightly used southern edge of the park. Total cost is estimated at $151 million. Alexander said he was concerned that the extension, located entirely In his home county, would raise questions and told road officials to double-check their figures Recognizes pluralism land ler's Cove, about 15 miles from his hometown of Maryville and parents once owned a cabin nearby. In 1976, two years before his election, Alexander paid $500 for an option on the property to the. heirs of Maryville lawyer Howard Jarvis.

The option contained a clause nullifying the agreement unless Alexander retained at least 52 ownership in the property. The Jarvis family agreed to carry a note on the land at 7 interest The option document was not filed in Blount County records. Less than a month after Alexander's election as governor in 1978, Nashville lawyer Joseph Barker, a member of Alexander's old firm of Dearborn Ewing, began exercising the options. By October 1979 records reflected that Barker, as trustee, held the 991 acres with a monthly debt service of $4,567. The beneficiary of the trust was not identified.

Alexander said he realized at this point that he could not afford the entire debt service or $54,812 a year alone and sold portions of his interest to partners. The governor said he now pays $1,058 a month in interest on the property, with the remainder split among the other partners. Since the purchase, Alexander's voluntary financial disclosure statement filed annually with the secretary of state has declared "one half interest in a partnership which owns about 950 acres of mountain land in Blount County, Tennessee, which is unimproved except for a house and barn." Alexander I laig "Too early to be out posturing for 1 QWalland Townsend UVICI IIWI I Alexanders property Barker was out of the state yesterday and unavailable for comment Ray Terrell, assistant commissioner of transportation for planning and development, says the decision to include the seven miles from the Knoxville airport to US. 321 was made within his office before the proposal was sent to the governor. Terrell pointed out that the seven-mile link, as a proposed Alcoa Daughter in skit Great Smoky Boner makes movies at GOP convention Evangelist: presidency would stress morality Millers Cove Road Walland kKinzel Townsend Great Smoky Mountains Gatlinburg o-vj bypass, had been on the drawing board for several years but has not been funded.

The governor also noted that the 1975 legislature had asked for a study of the proposal to tie in the Pellissippi Parkway with US. 321. Both the governor and Terrell described the four-laning of U.S. 321, scheduled for bid-letting before summer, as part of an ongoing program to Improve roads leading into the park. "I understand ifs a pretty attractive option," he said.

"You get a nice house, good food, all your transportation is taken care of and nobody ever asks you if you're in charge." Haig said he would not rule out running for the presidency, but that it's "too early to be out posturing for 1988." But all the would-be GOP presidential hopefuls did show up here and try to lay some groundwork for 1988. The behind-the-scenes method was to invite state party chairmen and other leaders to private gatherings in hotel suites. Their approach was subtle, however, not asking for 1988 favors and instead promising 1986 favors for local candidates. Former Delaware Gov. Pierre (Pete) du Pont IV was recently in Florida and (lid three fund raisers for that state's Republican Party, said state party Chairwoman Jeanie Austin.

TV evangelist Pat Robertson wanted to know what he could do for the Florida GOP. They're not asking for anything," Austin said. They're saying what can we do for you. That's good politics." Sen. Jeremiah Denton of Alabama, making a brief pre-Iuncheon speech, received a smattering of applause from the Republican audience when he asked rhetorically: "I don't know bow many of you know what Ronald Reagan called the press last night-Reagan referred to reporters Friday as "sons of bcs" after being questioned about the current situation in the Philippines during a photograph session.

After criticizing ABC News and The Washington Post for what he contended was a failure to make a moral distinction between the United States and the Soviet Union, Denton's voice level rose to a snout "If they think that's the way it is. two equal superpowers, neither worse than the other, then I think they're crazyT The crowd roared Its approval, a T. Gallmburg I -v mmsmM Mountains yj ti .1 Knoxville Airport" mXlt In January 1985 Alexander's option to purchase the Jarvis family property signed in 1976 was recorded for the first time in Blount County records, identifying the governor as owner of the 991 acres. Alexander said he has no immediate explanation for the timing of the filing of legal documents, but described the use of Barker as a trustee as a routine procedure at Dearborn Ewing. 988.

fighters" who are battling the regime, the former ambassador berated congressional Democrats for resisting President Reagan's proposal to give $100 million in assistance to the con-tras. The Democrats believe we have the right to participate in bringing down any non-democratic government In the world provided it's not a communist government," she said. "I believe we have the right to participate In bringing down a communist government." On the issue of a southern regional presidential primary, the candidates were neutral or fatalistic "I guess you have to go with the cards as they are dealt you," said Kemp, a New York congressman. "I couldn't change it If I wanted," said Dole, Senate majority leader from Kansas. The notion of a Southern primary is being pushed hard by Democrats in the region seeking more of a voice In their national party.

It Is favored by Tennessee Republican Party chairman Jim Henry, but other Southern party leaders have their doubts. Arkansas Republicans "generally feel a bit negative toward it," said Len Blaylock, GOP chairman there. That uneasiness is common, said Jeanie Austin, Florida GOP chairwoman and head of the Southern state GOP chairmen. r.iaryvuie t. Evangelist charges Democrat leader liar ED CROMER Staff Writer There was at least one Democrat among the 1,400 Republicans at the Opryland Hotel yesterday Jtep.

Bill Boner. Boner was at ease in the sea of Republicans as he took home movies of his daughter, Christy, one of several Sumner County youngsters who entertained the crowd in a Homecoming '86skit At one point during the skit, the children unveiled three banners that read "Republicans" on them and several GOP members glanced at the congressman to catch his reaction. Boner just smiled and continued to run the camera. The congressman chatted amicably with several Republicans, but again refused to answer any questions from The Termesscan about a Justice Department investiga-' tion of his financial affairs. Senate Majority Leader Bob Dole of Kansas, fielding written questions from the audience read to him by Gov.

Lamar Alexander, had a quick reply for a questioner who wanted to know what could be done to get Tennessee Democrat Jim Sasser out of the VS. Senate. "What we need to do to get him out of office is to get Gov. Alexander to run against him," Dole said, drawing a standing ovation. Two speeches later, Rep.

Don Sund-quist added his voice to the Alexander for Senate proposal. "If Gov. Alexander will allow me, HI head up his draft movement for the Senate," Sundquistsaid. Unfortunately for Sundquist, by the time he gave his speech, the one-time crowd of 1,400 had diminished to less than 250. Most of that could be attributed to an uninspiring speech by VS.

Trade Representative Clayton Yeutter. Former Secretary of State Alexander Halg, who still takes a lot of ribbing for his Tm to charge" statement following the attempt on President's Reagan's life, was asked if be Is running for PresldenL RAY WADDLE Religion tiews Editor A Pat Robertson presidency would stand for traditional morality and less government, but the TV evangelist insists that he would not impose his conservative evangelical beliefs on "pluralistic' America "I wouldn't want people forced by government to accept certain Robertson, president of the Christian Broadcasting Network and possible 1988 presidential candidate, said during a press conference here yesterday. "That's repugnant, and it makes bad Christians. The President is leader of all the people, taking into account a pluralistic society," said Robertson, who reaches about 28 million viewers as host of CRN's upbeat conservative talk show, The 700 dub. But in a speech that stirred the 1,000 Southern Republicans to their feet at Opryland Hotel, Robertson assailed a liberal "mindset" running amok in America that "refuses to acknowledge any absolutes, any right or wrong." "In schools, we face a lack of morality and discipline that is shocking," said Robertson, the son of a Virginia senator.

Liberal notions of teaching help account, he said, for the fact that there are now as many as 27 million "functional illiterates" in this country, despite "enormous spending" in education during the last 20 years. He attacked the current welfare system, which he said has encouraged a decline in the number of males heading black families. "The goal of welfare must be to bring disadvantaged people to dignity and useful employment." he asid. Robertson also spoke up for the "rights of the unborn" and condemned the Supreme Court decision allowing abortion on demand. The Supreme Court Is a supralegis-lature that isnl elected." he said.

"Our powers are taken away by an elite." Robertson, a Yale law graduate who also holds a doctor of divinity degree from a New York seminary, is a Southern Baptist who believes in the gift of faith healing and counts himself as one of the "60 million" evangelical Christians in the VS. In a letter dated yesterday to Paul Kirk, chairman of the Democratic National Committee, Robertson implied Kirk included the Southern Baptist Convention in a recent attack on Robertson's conservative politics. Kirk had sent out a fund-raising letter to Democrats that warns against Robertson's "fundamentalist" and "right-wing" ways, but the letter does not mention Southern Baptists. But Robertson protested, challenging Kirk to a public debate. "You say in your letter that only the Democratic Party 'stands between them and an America cast in their image'," Robertson wrote.

"Does this mean that the Democratic Party is declaring war on Southern Baptists or does your opposition Include all 60 million evangelical Christians, of which I also am one?" Kirk's letter reads "If the Radical Right and the religious fundamentalists take control of the Republican Party, there will be only one thing standing between them and an America cast in their image the Democratic Party. Keeping with a literal interpretation of Scripture, Robertson believes that the battle of Armageddon will signal the end of time and Christ will return for a 1.000-year reign on Earth. But the evangelist denied that a belief in the Armageddon battle would affect his attitude toward nuclear war or strategy. There's no way I feel I'm going to help the Lord bring the world to an end." be said. "Cod doesn't want to Incinerate the world." Robertson, who presides over a $200 million cable network empire, is still praying about whether to run, he said.

That decision could come after the Michigan caucus in August, he said. "Visiting people In this country, I'm getting overwhelming evidence that someone is wanted to stand tall for traditional values," he said. Robertson acknowledged that Jerry Falwell, another formidable conservative TV evangelist, has already thrown his weight behind Vice President George Bush. But Robertson downplayed the possibility of divtsiveness among evangelicals in the 19S8 presidential election a 1 From Page 1 litical arena, he's going to have to have a little thicker skin and not try to shield his radical political views by portraying them as religious beliefs. "If he runs for the Republican presidential nomination, will George Bush and Jack Kemp be attacked as anti-Christian bigots every time they take exception to something he says?" Michael said there would be no apology because "there's nothing to apologize for." Robertson's appearance was the highlight of a day which saw speeches from foreign policy experts such as former Secretary of State Alexander Halg and former U.N.

Ambassador Jeane Kirpatrick, along with speeches from three potential presidential candidates Rep. Kemp, Sea Robert Dole and Pierre (Pete) du Pont IV. As Vice President George Bush had done the day before In his speech to the Southern Republican activists, Kirkpatrick attacked Nicaragua's Sandinista government, terming it a "full-fledged Marxist-Leninist tyranny." She cited numerous examples of brutality, denial of liberties and censorship. Including the censoring last fall of the Beatitudes In a religious publication. Arguing that both morality and national security require the United States to support the contra "freedom .1.