Word: founds
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Dates: during 1970-1979
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Galleon sunk in 1641 is found...
...coral reef known today as Silver Shoals. The admiral and much of his crew floated to shore on rafts lashed together from the debris, but the ship's rich cargo sank beneath the waves. Just 46 years later, Colonist William Phips, born of a poor Maine family, found the Concepción and hauled up 32 tons of silver from the barnacle-encrusted wreck. In return for one-fifth of the find, a grateful King James II of England knighted his noble servant and made him Governor of the Massachusetts Bay Colony. But by the time modern sea hunters...
...Captain Kidd operation. Said he: "It was purely academic, based on research and scientific technology." Webber did have to strike a sort of treasure hunter's bargain, however. In a contract with the Dominicans, he promised the government a fifty-fifty split of any treasure found...
Last November Webber and a 16-member crew set off again for Silver Shoals, this time in a converted British coastal minesweeper. Only 150 yds. from the spot indicated by the 17th century expedition's log, they found iron fittings and pottery shards. Soon after, they found a 17th century Spanish olive jar, a rare Chinese cup and silver pieces of eight dated 1639 and earlier. Not a trace remained of the Concepción 's wooden hull...
Time Inc., which had bought the Star last February from Texas Financier Joe L. Allbritton, found the paper's condition to be shakier than anticipated. The Star was $10 million in the red in 1978, and losses of $16 million were projected for 1979. Last October the Star's management announced that Time Inc. would commit $60 million to a five-year program aimed at making the paper profitable, but only under a condition: the paper's eleven unions had to replace their unexpired contracts with new five-year agreements allowing management greater flexibility and to take...