Document 4a1vnvaVq0dX2OjJxd9Mj0wap

B.F. GOODRICH Monday, September 23. 1974 I'M I (Ii lion DAILY NEWS DIGEST AUTO INDUSTRY PAY SCALE HITS NEW HIGH CONTACT: 0. Roberts X34U DETROIT fUFI) -- THE SIXTH PAY INCREASE OF THE VEfiR BOOSTED THE AVERAGE HOURLY WAGE OF 500,000 AUTO WORKERS' TODAY TO *6, THE HIGHEST EARNINGS EVER FOR BLUE COLLAR WORKERS' BNVHKERE. GENERAL MOTORS SAID THE AVERAGE HOURIV PAY OF ITS 376,000 EMPLOYES HEAT UP TO 56.06. THE FIGURE DOES NOT INCLUDE AN AVERAGE $3 AN HOUR IN FRINGE BENEFITS RANGING FROM PENSION CONTRIBUTIONS TO A PREPAID DENTAL CARE PROGRAM EFFECTIVE OCT, i. THE LATEST PAY INCREASES RANGED FROM 12 TO 26 CENTS AN HOUR AND AYEkAuEd 16 CENTS. THE INCREASE CAME UNDER THE SO-CALLED ANNUAL IMPROVEMENT FACTOR NEGOTIATED LAST AUTUMN BETWEEN GENERAL MOTORS, FORD, CHRYSLER C'ORP. AND THE UAH. THE LATEST INCREASE ALSO WAS THE SECOND THIS MONTH. WORKERS RECEIVED A 13 CENTS AN HOUR BOOSTT SEPT, i TO COYER HIGHER COSTS OF LIVING- NEW ORDERS HOW DURABLE GOODS RQSF PUNS BEING MADE FOR "BIG FIVE? MEETING 2.8 PC IN AUGUST FROM JULY IN U.S. ON SATURDAY WASHN -DJ- NEW ORDERS FOR DURABLE G'XIDS CLIMBED 2.8 PC IN AUGUST PRIMARILY DUE TO INFLATION THE COMMERCE DEPARTMENT REPORTED. THE DEPARTMENT'S PRELIMINARY REPORT SHOWED BOOKINGS LAST MONTH TOTALED A SEASONA! LY ADJUSTED $48.78 BILLION COMPARED WITH JULY'S $47.48 BILLION WHEN ORDERS ROSE 1.3 PC. LAST MONTH'S INCREASE IN ORDERS PRIMARILY REFLECTED A SI.18 BILLION INCREASE IN ORDERS FOR PRIMARY METALS AND A $965 MILLION RISE IN TRANSPORTATTION EQUIPMENT ORDERS WHICH OFFSET A $495 WASHN -DJ- PUNS FOR AN INFORMAL 'BIG FIVE' MEETING ON THE WORLD ECONOMIES ARE BEING MADE FOLLOWING A WHITE HOUSE MEETING BETWEEN PRESIDENT FORD AND JAPAN'S PRIME MINISTER KAKUEI TANAKA SUNDAY. THE SESSION TO BE HELD SATURDAY AT CAMP DAVID MARYLAND WILL INCLUDE FOREIGN MINISTERS AND FINANCE MINISTERS OF BRITAIN FRANCE WEST GERMANY JAPAN AND THE U.S. INFLATION TRADE QUESTIONS AND OIL PRICES AND SUPPLY WERE EXPECTED TO BE CONSIDERED._ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ :----------- VENEZUELA SAYS FOREIGN OIL FIRMS WILL BE MILLION DECREASE IN ORDERS FOR MACHINERY. BOOKINGS FOR THE CAPITAL GOODS INDUS NATIONALIZED IN 1975 TRY - CONSIDERED A CLUE TO FUTURE CAPITAL CARACAS -UPI- U S AND OTHER FOREIGN- SPENDING PUNS - INCREASED $698 MILLION. OWN ED OIL COMPANIES IN VENEZUELA WILL BE CRAINS UP THE LIMIT DUE TO FEARS OF CROP NATIONALIZED IN 1975 ACCORDING TO DAMAGE CAUSED BY COLD WEATHER PRESIDENT CARLOS ANDRES PEREZ WHILE U S IRON ORE FIRMS WILL BE TAKEN OVER THIS *' F A R . (SAVINGS A C C 0 UNT S-7 A X E S > WASHINGTON (UPI) -- REP. STEWART MCKINNEY, R-CONN.s TODAY PROPOSED LEGISLATION iC1 PROVIDE AN INCOME TAX CREDIT OF UP TO $150 ON INTEREST 23634001 EARNED IN PASSBOOK SAVINGS ACCOUNTS. MCKINNEY SAID HIS BILL IS A REVISED VERSION OF LEGISLATION HE HAD PREVIOUSLY SUBMITTED CALLING FOR A TAX CREDIT CELLING OF $250, A FIGURE CRITICS SAID WOULD RESULT IN LOSSES TO THE TREASURY. POTENTIAL LOSS WOULD HAVE TO BE WEIGHTED AGAINST POTENTIAL GAIN IN THE MORTGAGE AND HOUSING INDUSTRIES, SAID MCKINNEY, WHOSE PROPOSAL IS DESIGNED TO PROVIDE NOT ONLY A TAX BREAK WHILE' ENCOURAGING SAVINGS BUT ALSO FLUIDITY TO THE MORTGAGE MARKET BY BIDING TRADITIONAL LENDING INSTITUTIONS TO GAIN RESOURCES. T "' T PM Edition Reuters Hews Service -2- Monday, September 23, 1974 Monday, September 23, 1974 "PVC RULING EXPECTED TO DISRUPT PLASTICS INDUSTRY New York, Sept 23 -The Department of Labor early next month is expected to hand down a work safety standard that could ultimately result in the loss of as many as 2.b million jobs and SI billion in annual revenues to the plastic and checmical industry in the U.S. And according to the Society of Plastics Industry, the order setting the maximum permissible of vinyl choloride to which workers can be exposed at best will cause temporary plant shutdowns and could halt produc tion of polyvinyl chloride. industry is operating under an average interim level of 50 parts for million allowable in the air. But CSKA last year tried to come down hard on the industry, according to the Society of Plastics, with a "completely unrealistic and unattainable" proposal, which amounted to "Zero-parts-per-mi 11 ion." The industry countered with a range of 25 to 40 parts per million, although warning of widespread plant closings as a result of costs involved in meeting such standards. In any event, the decision is expected to be a con troversial one, since question has been raised over a cancer threat in polyvinyl chloride. Presently there are about 22 companies operating 50 plants in the U.S., that produce the gaseous vinyl chloride, which since its commercialization in 1938, has been a key element in making polyvinyl chloride (PVC), a resin used in thousands of products. With some 5,000 million pounds of PVC produced each year in the U.S.--about 18 to 20 Pet of total plastic output in the country--the scope of the ruling is ominously clear, the industry said. Those in the industry seem less than optimistic as to the outcome of the controversy and the alternatives to what they would consider "an unrealistic" 0SHA standard. The largest producer of PVC is B.F.Goodrich Co., but other companies--Firestone Tire and Rubber Co., Tenneco Inc., Goodyear Tire and Rubber Cc. and Dow Chemical Co--could be seriously affected by the ruling which will be set by the Occupational Safety and Health Administration (OSHA). In a recent interview, Uniroyal, Inc., President David Beretta said the decision, if lower than the current interim standard, will inevitably cause "a real shake out, especially with marginal companies," in the field. Moreover, according to the Society of Plastics, Until the defective standard is set by OSHA, the there is no substance that could effectively replace PVC. '.BLfiCKS HND THE ECONOMY) WASHINGTON tUPI> -- TWO KEV BLfiCK LEADERS ATTACKED PROPOSED CUTS IN FEDERAL SOCIAL PROGRAMS SUNDAY AND ONE CALLED FOR AMERICA'S BLACK POOR TO MARCH IN THE STREETS TO DEHAND HORE JOBS. ROY WILKINS* EXECUTIVE DIRECTOR OF THE NAACPi AND THE REY. JESSE L. JACKSON) NATIONAL PRESIDENT OF OPERATION PUSH) SAID INFLATION AND UNEMPLOYMENT HAVE TAKEN A MUCH GREATER TOLL WITHIN THE BLACK COMMUNITY THAN IN THE NATION AS A WHOLE. WILKINS SAID BLACK UNEMPLOYMENT -- WHICH HE PLACED AT TWO OR THREE TIMES THE NATIONALSDERAGE OF 5.4 PER CENT -- RECEIVED SPECIAL EMPHASIS IN A BLACK ECONOMIC SUMMIT MEETING REPORT THAT HILL BE _______ SUBMITTED TO PRESIDENT FORD TODAY, "huitinasi: Week," September 21, 1974 TRYING OUT FOR FORD'S TEAM FEA OFFICIAL SAYS U S SHOULD SET CEILING ON PRICE OF IMPORTED CRUDE OIL The new Ford Administration is being deluged by job-seekers. The applicants reflect a broader political spectrum than President Nixon attracted--or wanted. Former Pennsylvania Governor William W. Scranton, winding up a temporary assignment as Ford's chief talent scout, says lawyers are heavily represented, as would be expected. But he adds: "A number of them are politi cally center-to-moderate. These are people who have been politically in the woods for some time." Scranton says job applicants also include "many more academics than we have had before. But most major appointments Ford has announced so far were at least in preliminary stages before he be came President. For example, James L. Pate, director of business research and chief economist for B.F.Goodrich Co., who was nominated this week as Assistant Commerce Secretary for Economic Affairs, had been sounded out while Nixon was in office. By the tri-mp Pate had to make up his mind. Ford was President. WASHN -DJ- THE U S GOVERNMENT SHOULD CONTROL THE PRICE OF LANDED CRUDE OIL IMPORTED BY OIL COMPANIES INTO THIS COUNTRY MELVIN A CONANT AN OFFICIAL OF THE FEDERAL ENERGY ADMINISTRATION TOLD A CONGRESSIONAL COMMITTEE. CONANT ACTING ASSISTANT ADMINISTRATION FOR INTERNATIONAL AFFAIRS OF THE FEA TOLD THE SENATE INTERIOR COMMITTEE THAT THE FOREIGN OIL PRICE COULD BE CONTROLLED BY SETTING A PRICE CEILING ON IMPORTS OR BY DIRECTLY INVOLVING THE FEDERAL GOVERNMENT IN NEGOTIATIONS BETWEEN OIL COMPANIES AND FOREIGN GOVERNMENTS ON PURCHASE OF OIL. .CONANT SAID HIS OWN VIEW IS THAT THE PRICE IMPORTED CRUDE SHOULD BE SOMEWHERE BETWEEN S8 AND $10 A BARREL. ZOOVS9 SZ T- I- PM Edition -3- Monday, September 23, 1974 HQIISF COMMITTEE REJECTS EXCISE TAX ON LOW MILEAGE CARS WASHINGTON (Uri) ~ THE HOUSE wRVSAND MEANS COMMITTEE TODAY REJECTED A pkOPOSEd cxi'lsc Thx uw ufi'S-yuZciING AUTOMOBILES. Th~ TAX HRS PROPOSED BV SEP. 'CHARLES VftNIKi D-OHIOi TO PROMOTE PURCHASE OF SMALLER) m'ki EFFICIENT AUTOMOBILES Fin'd TO FORCE fiUTO MANUFACTURERS TO BUILD MORE FUEL ECONOMY INTO THEIR PRODUCT. strong committee opposition to the amendment indicated THAT ALMOST NO TAX ON AUTO ECONOMY OR HORSEPOWER STANDS A CHANCE OF PASSING IN THE NEAR FUTURE. VHNiK fkUPUSED Hi i fix ut $36 I) BhGiftMINU WITH THE 197? MODtLS ON ANY CAR THAT GOT LESS THAN 8 MILES PER GALLON IN HIKED CITY AND HIGHWAY DRIVING UNDER TESTS CONDUCTED 3 THE ENVIRONMENTAL PROTECTION AGENCY. THE TAX WOULD HAVE SEEN GRADUALLY REDUCED AS THE MILEAGE ECONOMY 0- (fit CHH ROSE> PHASING OUT ENTIRELY FOR CARS THAT PRODUCED 20 MILES rzR GALLON OR MORE. GOVERNMENT TO INVOKE LAW GIVING PRIORITY TO GETTING SU -PLIES FOR ALASKA PIPELINE WASHN -AP- A FEDERAL LAW WILL BE INVOKED TO GIVE CONTRACTORS TOP PRIORITY IN OBTAINING MATERIALS AND SUPPLIES FOR CONSTRUCTION OF THE 800-MILE ALASKA PIPELINE THE GOVERNMENT SAID. FEDERAL ENERGY ADMINISTRATOR JOHN C SAWHILL SAID THE DEFENSE PRODUCTION ACT WAS BEING USED TO AVOID CONSTRUCTION DELAYS FOR THE PROJECT. THE LAW ALLOWS THE GOVERNMENT TO GIVE PRECEDENCE IN PROVIDING MATERIAL FOR PROJECTS WHICH PROMOTE THE NATIONAL DEFENSE. HOUSE UNIT TO PROBE CHARGES THAT. GOY'T ENERGY POLICY BENEFITS PETROLEUM INTERESTS WASHN -DJ- HEARINGS TO PROBE CHARGES THAT THE FEDERAL GOVERNMENT MAY HAVE PROMULGATED BASIC ENERGY POLICY TO THE BENEFIT OF PETROLEUM INTERESTS ARE SET TO BEGIN TOMORROW BEFORE THE HOUSE SUBCOMMITTEE ON ACTIVITIES OF REGULATORY AGENCIES OF THE SMALL BUSINESS COMMITTEE. DOW JONES LEARNED FROM INVESTIGATORS THAT THE HEARINGS WILL CONSIDER POSSIBLE CONFLICT OF INTEREST OVER THE PRICING AND ALLOCATION OF PROPANE.' (WORLD ECONOMY) NEW YORK (URI) -- THE VAST AND RAPID ACCUMULATION OF PROFITS BY PERSIAN GULF OIL NATIONS IS A "CANCER" ON THE WORLD'S ECONOMY THAT THREATENS TO BANKRUPT MANY COUNTRIES AND UPSET THE INTERNATIONAL MONETARY SYSTEM) AN ECONOMIST WARNED TODAY. WALTER lEYV) INDEPENDENT NEW YORK-BASED OIL ECONOMIST) TOLD A WHITE HOUSE CONFERENCE ON INFLATION ONLY THE U.3. AND WEST GERMANY ARE EQUIPPED TO HANDLE THE HUGE OIL DEFICITS CREATED BV QUADRUPLE INCREASES IN OIL PRICES. (KENNEDY) BOSTON (UPI) -- SEN. EDWARD KENNEDY* BOWING TO THE WISHES OF HIS FAMILY) ANNOUNCED TODAY HE WOULD NOT SEEK THE 1976 DEMOCRATIC PRESIDENTIAL NOMINATION. EARLY FREEZE DAMAGES MIDWEST CROPS WHILE FLOODS CONTINUE IN TEXAS TEMPERATURES DIPPED BELOW FREEZING LAST NIGHT AND EARLY TODAY IN AN ADJACENT TO THE GREAT LAKES REGION INCLUDING NORTHEAST IOWA. DETROIT MICH WITH A 30 DEGREE READING AND DAYTON OHIO WITH 32 REPRESENTED THE EARLIEST FREEZE ON RECORD. DOW JONES CLOSING STOCK AVFRAGES 30 INDUS . 063.72 OFF 7.04 OR 1.04 PC 20 TRANSP 137.92 UP 0.3! OR 0.22 PC 15 UTILS 63.62 UP 0.10 OR 0.15 PC 65 STOCKS 204.13 OFF 1.15 OR 0.56 PC BFG common closed at 18 1/2, down 3/8 on turnover of 7,600 shares. 23634003 T ^TlccJ rfb - y7]. fj/dUL^ ' J 7/?. /S-e^A' - ^ Tc^JL.Ctu :/^L- - 7)y 0. /(/i-itc^-v - ^f7?T-A . (7t:is v^r"/^ 'J' <U. <s~tLAZ-Zt. ' TTL'iz tA'-a^i/^tcAL-- /? , U> , . ,, .,., 7Jbf~ '/n^'Jhuu '^C&4*-*S LO/f-s - 60 2. I i " ' -a//1/-* z w s i z i ?r T