Friday, October 5, 1973
t"HE MICHIGAN DAILY
Page Three
Friday, October 5, 1973 [HE MICHIGAN DAILY
Fodp
biggest
WASHINGTON (1P) - Farm,
feed and processed food prices
plunged a record 6 per cent in
September to pace the biggest
one - month decline in wholesale
prices in 25 years, the govern-
ment said yesterday.
Chairman Herbert Stein of the
President's Council of Economic
Advisers called the drop in whole-
sale prices "a welcome sign that
the worst of the big 1973 surge of
inflation is behind us."
BUT AFL -CIO President
George Meany, noting that whole-
sale prices were still 16.6 per
cent above a year ago, said
there is no evidence this is the
start of a trend.
He predicted this "will prove
to be only a momentary pause
and prices will bounce up again"
once the Cost of Living Council
approves price increase requests.
The September drop in whole-
sale food prices is expected to
begin showing up on supermarket
shelves in the coming weeks.
STEIN CAUTIONED, however,
that consumers should not expect
all of the decrease to be trans-
lated into an equal decline in re-
tail food prices as retailers move
to recover costs frozen during the
mid-summer price freeze.
Nevertheless, he said it would
"contribute to a leveling out of
retail prices in the future."
T h e L a b o r Department's
Wholesale Price Index showed
the over-all decline in wholesale
prices last month was 1.8 per
cent on an unadjusted basis, the
most in any month since a 1.9
per cent drop in Feb. 1948. Sea-
sonally adjusted, the decline was
1.5 per cent, matching the Feb.
1948 low on the same basis.
LAST MONTH'S drop in whole-
sale prices followed the biggest
one-month rise in 27 years, a
leap of 5.8 per cent from July
to Aug., the period during which
the administration I i f t e d
the freeze on food prices. During
the freeze in July, prices fell 1.3
per cent.
The government said the de-
cline was chiefly the result of
lower prices for livestock and
rices plunge;
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corn, fresh and dried vegetables,
live poultry and eggs. Raw cot-
ton and milk prices increased,
however.
Prices of processed foods and
feeds, the next step in the whole-
sale food chain, also fell 6 per
cent last. month, reflecting .de-
clines in animal feed, meat and
processed poultry prices.
WHEN COMBINED with the
drop in farm product prices, the
over - all decline in the cate-
gory of farm products, processed
foods and feeds also was 6 per
cent on an unadjusted basis and
5.2 per cent adjusted. Both were
the biggest declines since the gov-
ernment began keeping these sta-
tistics in 1947.
But despite the big Septem-
ber drop, farm product prices
were still 55.8 per cent higher
than a year ago.
A NOVEL BYIHERMANN HESSE /
A F LM BY CONRAD ROOKS
From COLUMBA ICTURES
T RESTAKTEO O
AP Photo
Boredom sets in
DETROIT TEACHERS VOTED yesterday to stay on strike, defying a circuit court order to return to
work. Meanwhile, mothers and kids in Parkside Detroit wait it out and worry about going to school
next summer.
BIGGEST PUBLIC DEMONSTRATION:
..
Israeli students protest against
shut-down of Schoenan castle
JERUSALEM (Reuter)-Thous-
ands of students demonstrated in
three Israeli cities yesterday
against Austria's decision to limit
transit facilities for Soviet Jews,
in the biggest public protests so
far.
The protests, all peaceful, were
a sign of the continuing anger
and frustration here at the Aus-
trian refusal to reverse its deci-
sion to close down the Schoe-
nau Castle transit center near
Vienna and end group transit fa-
Gallop poll
shows.Nixon
less popular
PRINCETON, N. J. (I') -- Ap-
proval of President Nixon's per-
formance in office dipped again
in the latest Gallup poll.
Fewer than one-third of 1,505
adult, Americans surveyed Sept.
21 to, 24 voiced approval when
asked, "Do you approve or dis-
approve of the way Nixon is han-
dling his job as President?" On-
ly 38 per cent voiced approval
when asked in the last poll in
late August.
NIXON'S popularity sank to its
lowest point, 31 per cent approv-
al, in early August during the
televised Watergate hearings.
His highest popularity, 68 per
cent approval, occurred last Jan-
uary following the Vietnam peace
settlement.
cilities for Soviet Jewish emigres
on their way to Israel.
THEY TOOK PLACE as Prime
Minister Golda Meir was report-
ing on her abortive talks with
Austria's Jewish-born chancellor
Bruno Kreisky to the Knesset
(Parliament committee on secur-
ity and foreign affairs in which
leaders of the Jewish Agency-
the quasi - official body respon-
sible for Schoenau and immigra-
tion generally.
A f t e r hearing heru report
Wednesday the cabinet issued a
communique indicating that Is-
rael had no intention of easing
the pressure on Austria to change
its mind, saying the explanation
Kreisky had given Meir, for his
decision; "is not one to satisfy the
government of, Israel "and does
not repair the damage that has
been done."
Meanwhile, the widely - circu-
lated evening newspaper Maariv
carried an interview from Vienna
with the Austriah Interior Minis-
ter, Dr. Otto Roesch, in which he
promised there would'be no clos-
ure of Schoenau or change in the
transit facilities until other ar-
rangements had been made.'
HE SAID he had etablished
high - level planning team to
arrange for the direct transfer of
emigres from the Austrian border
to Vienna airport for flights to
Israel, with the flow regulated
by the issue of Austrian visas in
Moscow.
A ATHE MICHIGAN DAILY
Volume LXXXIV, No. 26
F'riday, October 5, 1973
is edited and managed by students at
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