100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Download this Issue

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

This collection, digitized in collaboration with the Michigan Daily and the Board for Student Publications, contains materials that are protected by copyright law. Access to these materials is provided for non-profit educational and research purposes. If you use an item from this collection, it is your responsibility to consider the work's copyright status and obtain any required permission.

June 06, 1975 - Image 7

Resource type:
Text
Publication:
Michigan Daily, 1975-06-06

Disclaimer: Computer generated plain text may have errors. Read more about this.

Friday, June 6, 1975

THE MICHIGAN DAILY

Page Seven

FrdaJue ,195 H MCIGN ALYPaeSee

Labor Department reports
wholesale increases easing

By The Associated Press
The Labor Department re-
ported yesterday that wholesale
price increases eased in May
from April's sharp rise, while
the nation's top retailers said
tax rebates helped send May
sales up steeply.
An Iranian official said,
meanwhile, that the oil cartel
may increase prices on crude
oil by 30 to 35 per cent in Sep-
tember, meaning that re-
tail prices of gasoline and other
fuels would likely rise too un-
der federal rules allowing pass-
through of costs.
IN DETROIT, analysts said
improved sales in May cut the
auto industry's "days supply" of
unsold cars, reducing the likeli-
hood that auto makers would
cut production because of over-
supply.
General Motors Corp. an-
nounuced it would halt produc-
tion at its Wilmington, Del.,
plant for nine weeks, but obser-
vers said this was likely for re-
tooling for its new small car.
Chrysler Corp. and American
Motors Corp. said they would
operate all plants next week.
The Civil Aeronautics Board
said the airline industry report-
ed a net loss of $154.2 million
in the year's first quarter. It
said this contrasted with a net
profit of $4.8 million for the
first quarter of 1974.
WALL STREET reacted to the
whsolesale price announcement
with selling that dropped the
Dow Jones industrial overage
six points, but the market re-
covered under expectations of
further cuts in the prime in-
terest rate. The Dow industrial
average closed up 2.19 at 842.15.
The May wholesale rise of
four-tenth of a per cent com-
red with a 1.5 per cent jump
in April. The Wholesale Price

Index was down for four
straight months before April,
and the Ford administration
said the one-month jump did
not portend a return to 1974's
high inflation.
The wholesale index last
month stood at 173.2, meaning
that it cost $173.20 to buy goods
that cost $100 in the 1967 base
year.
TWO-THIRDS of the May in-
crease was attributed to a six-
tenths of one, per cent rise in
prices for farm products, and
economists regard industrial
commodities, up only two-tenths
of a per cent, as a more accur-
ate measure of inflation.
On the retail level, analysts
attributed May's improved
sales, which followed a six-
months sales slump, to tax re-
bates, better weather and a
brighter employment picture.
A statement about the Organ-
ization of Petroleum Exporting
Countries (OPEC) possibly
raising prices was made by Mo-
hammed Yeganeh, the governor
of Iran's central bank.
HE SAID a decision on a
price rise could be expected at
an OPEC meeting next week.
He blamed the need to raise
prices on inflation, which he
said had driven up prices that
oil producing countries must
pay for goods from industrial
countries by 40 per cent last
year.
Those goods are expected to
go up another 10 to 15 per cent
by September when the current
freeze on oil prices ends, he
said.
Auto firms, with a 96-day
supply of unsold cars on Jan.
1, closed plants and idled
workers to reduce inventories.
At one point, 273,000 of the in-
dustry's 712,000 hourly workers
were on furlough.

GM said the production halt in
Wilmington starting June 13 will
put 1,150 hourly workers on lay-
off, with another 775 still on the
job. The plant is the only GM
facility to close next week, but
102,000 of GM's 400,000 hourly
workers will stay on indefinite
layoff.
GM CONFIRMED the plant
would go down for a model
changeover, and observers said
the length of the shutdown in-
dicates it is for the new Chev-
ette, intended to compete with
small imports.
Meanwhile, Chrysler announ-
ced it has recalled 1,050 laid-off
workers in the past two weeks,
reducing open-ended furloughs
to 35,700 out of 114,000 produc-
tion workers. Chrysler also said
all eight of its U. S. assembly
plants would operate for a sixth
consecutive week.
American Motors, with 616 of
24,000 workers on indefinite
layoff, will operate all of its
plants for a seventh straight
week,
Ford Motor Co. will announce
next week's production today.
This week, 162,241 of the indus-
try's 712,000 hourly workers are
on layoff.
Try
Daily
Classifieds

House approves
health services
WASHINGTON lP) - The House approved legislation yes-
terday to extend several major health services and author-
ize new programs for rape prevention and for treatment of
mental illness, epilepsy, hypertension, hemophilia and prob-
lems of the elderly.
The Senate has passed an almost identical measure.
THE HOUSE bill is similar to one pocket-vetoed by Presi-
dent Ford last December when Congress was not in ses-
sion. However, the new version, passed by voice vote, tries
to meet the President's objections by trimming out $417
million in authorizations.
The House bill would authorize $1.4 billion for fiscal
years 1976 and 1977, but the Appropriations Committee must
still approve the spending.
The measure would establish a National Center for the
Prevention and Control of Rape within the National Insti-
tute of Mental Health, with funding of $17 million.
DAVE BRUBECK
Two Generations of Brubeck
PLUS SKY KING
the Rabbits Bn d
Jdune 21
Showcase Theatre
8401 HARPER (Harper at Van Dyke)
(the newiv remodel Eastown Theatre)
TICKETS: $4.50, 5.50, 6.50
Tickets on sale at Hudson's starting June 1st
posduced by Euphoria Productions

Oyster Bar &
The Spaghetti Machine
Tuesday thru Sunday-5 to 10 p.m.
301 WEST HURON 663-2403 -ANN ARBOR
MENU
Fresh Blue Point oysters on half shell 1.95
Dinners below include salad bar, bread, butter, coffee
Spaghetti:
1. Tomato ..........2.70 7. Meat Balls 2.95
2. Mushrooms ...... 2.75 8. Sicilian . 3.25
3. Meat............2.95 9. Marinara ... 3.25
4. Meat & Mushrooms 2.95 10. Carabonara 3.75
5. White Clam ... 2.95 11. Butter, Garlic, Basil 2.75
6. Red Clam . ... 3.25 12. Chicken Livers 3.75
13. Potpuri (Meat, Tomato, Clam Sicilian) .... 3.25
Veal:,
Marsala ..........3.25 Fra!caise. ... 3.25
Noodles:
Green ............ .3.50 Whole Wheat . 3.50
Daily Specials of Shrimp,
Lobster, Veal, Crabmeat
All spaghetti for children under 10 .... 1.25 less
Dessert:
Cannolli ..o.. 75 cents
All noodles are made right in front of your eyes
by our unique '"spaghetti machine"
Cocktails-Wine-Beer

= JEWEL PRODUCTIONS. LTD and PIMLICO F LMS LTD present
PETER SELLER
HERBERT LOM
66- RNS:" -BLAKE EDWARDS'
The swalows
from Capistrano
returned!
Gen. MacArThur
returned!
The Fiffies
returned!
The Sixtie s will
InspeCtor Qo UseaU
retest
Screenplay by FRANK WALDMAN and BLAKE EDWARDS
uec by HENRY MANCINI. Lyrecs b HA DAVID - Asso a ProcerTONY ADAMS
Anraon rod Tmes by RICH ARD WILLIAMS STUDIO iP PREIALUIDACE SUC6EIEI
from Capistrano
I61-en. sM.acorthur

Back to Top

© 2020 Regents of the University of Michigan