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July 06, 1979 - Image 5

Resource type:
Michigan Daily, 1979-07-06

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The Michigan Daily-Friday, July 6, 1979-Page S
Carter goes fishing after eaneelling speech
WASHINGTON (AP) - President day visit to Japan and South Korea, U.S. dollar lower against most curren- Congressional energy leaders also
Carter's mysterious no-show for a Carter said Sunday that a recession is cies on major world currency markets apparently were being kept in the dark
major energy address left the nation's growing increasingly likely because of yesterday, and the price of gold - about the president's energy plans.
capital abuzz with speculation yester- oil price hikes recently decreed by the which often goes up when the dollar Congress is in recess until Monday, and
day as White House aides were swam- oil producing countries. In the nation- weakens - moved to record highs of a number of aides said they knew of no
ped with questions and Carter went wide address, he had been expected to almost $288 an ounce. effort on the part of the White House to
fishing. describe the implications of the oil At the New York Stock Exchange, contact key lawmakers either in their
"The president is in the process of price increases for the U.S. economy. analysts said the cancellation left in- home districts or through their
assessing major domestic issues which Presidential aides discussed the mat- vestors in an uncertain mood. After Washington offices.
he believes are important to the coun- ter publicly and privately but shed no fluctuating all day, the Dow Jones
try and which include, but go beyond, light on the reasons behind the decision. average was down .17 at 835.75. The wave of speculation was set off
the question of energy," the White One source did say the reason for Car- Wednesday afternoon when Carter,
House said in a statement issued late ter's decision may become clear at THE PRESIDENT chose to go fishing spending the Fourth of July with his
yesterday in the name of press some future date. s , ( at his Camp David retreat in the moun- family at Camp David, sent out word he
secretary Jody Powell. ANOTHER SOURCE said, "He (Car- tains of western Maryland. Aides said was canceling the speech, for which the
"He (Carter) will be consulting with ter) asked for a bold new approach and Carter fished for a few hours in the ths cocia tels ion works
number of individuals whose the material he got turned out to be not mornir hey a tew ot n three commercial television networks
judgment he respects, both in and out- so bold and not so new." morning. They said they did not know had set aside air time at 9 p.m. EDT
side of government," the statement Cancellation of the speech sent the when he would return to Washington. yesterday.
POWELL WAS not available for

elaboration on the statement. However,
Carter had said previously that last
night's address would have focused on
economic as well as energy issues.
When he was returning from a nine-

Auto sales
fall as
prices rise
From AP and UPI
DETROIT - Domestic auto makers
yesterday reported gas-cautious
motorists bought 26 percent fewer
domestic cars in June than they did a
year ago.
Five auto makers - General Motors,
Ford Motor Co., Chrysler Corp.,
American Motors Corp., and
Volkswagenwerk AG - said combined
sales of U.S.-built passenger cars
totaled 700,919 units last month, down
from 949,849 in June 1978.
Sales of fuel stingy imports, mean-
while, continued strong. Early unof-
ficial estimates showed the foreign car
makers selling 205,000 cars in June, up
10.7 per cent from last year and accoun-
ting for more than 20 per cent of the
U.S. market.
GM POSTED sales figures 25 per cent
lower than June of last year, while Ford
was off 32 per cent, Chrysler was off 28
per cent and AMC was down 37 per
AMC said last year's figures for June
were inflated by a large government
order and the decline would have been
13 per cent if that order were excluded
from the calculation.
Volkswagen sold 15,158 Pen-
nsylvania-built Rabbits in June. It had
not begun sales of U.S.-built cars by last
the lead of its Big Three competitors
yesterday and boosted prices on its
best-selling small cars an average $109.
Chrysler's price hike came less than
a week after GM touched off the price
shuffle last Friday.
GM CITED rising production and
labor costs in announcing the latest in-
crease,which it said was in line with its
new "interim pricing policy" designed
to decelerate inflation by raising prices
more often but by smaller amounts.
F ord Motor Co. followed suit on
Tuesday with price increases ranging
from $100 on the compact Granada to
$204 on the Fairmont.

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