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Thanks to the suppressed wage rate, clubs in the past were able to lavish considerable funds on extravagant expenditures. Prior to this season, salaries constituted only 27 per cent of total team costs compared to over 50 per cent in all other professional sports. Each team allocated a hefty 23 per cent, or roughly $2 million per year to player development, including minor league support, scouting, and spring training. Since each farm system only produces two or three players of major league caliber annually, the consolidation of four or five satellite teams into fewer clubs of elevated quality would successfully...

Author: By Karen M. Bromberg, | Title: Profit-Sharing and the National Pastime | 5/11/1977 | See Source »

This time the 747-load of fools consists of rich folks being ferried to an art-gallery opening in Palm Beach at the lavish expense of its owner (James Stewart). Also aboard are many of his paintings and a gang of hijackers who gas crew and passengers and slip down below the altitude where radar can track the craft. Then they fly it smack into the ocean. The thing sinks but does not flood, thanks to some watertight compartments Stewart has thoughtfully provided for his artwork. Everyone behaves predictably. Pilot Jack Lemmon is valiant and resourceful, older character people like...

Author: /time Magazine | Title: Cinema: Misnomer | 5/2/1977 | See Source »

Annie runs away, is recaptured, and escapes again when Oliver ("Daddy") Warbucks (Reid Shelton) makes a request for an orphan child on whom to lavish a billionaire's Christmas bounty. Guess the rest; it's no great test. Of course, you might not guess that President Franklin D. Roosevelt would be tastelessly trundled on in a wheelchair and be smarmily caricatured by Raymond Thorne. And you might not dream that the updated Daddy Warbucks is as chummy with F.D.R. as he is with Bernard Baruch...

Author: /time Magazine | Title: The Theater: No Waif Need Apply | 5/2/1977 | See Source »

Stephen Sondheim is the master jewel cutter of the modern U.S. musical theater. His lyrics are iridescent triumphs of wit and precision; his compositions are faceted with prismatic brilliance. In Side by Side by Sondheim four Britons have performed a lavish labor of love in tribute...

Author: /time Magazine | Title: The Theater: String of Pearls | 5/2/1977 | See Source »

Nonetheless, inflation courses on at 8% to 10% a month-lower than under Isabelita, but still corrosive. Accustomed to lavish salaries and the best and cheapest food in South America, Argentines are eating less steak and moonlighting to stay solvent. Real wages have plummeted by 50% to 60% in a year. But unemployment in Buenos Aires is only 4% to 5%-testimony to the muscle of Peronist unions, whose members provided el Lider's political infantry...

Author: /time Magazine | Title: ARGENTINA: Hope from a Clockwork Coup | 4/11/1977 | See Source »

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