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WASHINGTON—NeIson Rockefeller, right, talks with
Rep. Sarbanes, D-Md., during a break in the evening
session of the House Judiciary Committee hearings on
Rockefeller’s vice presidential nomination. Rockefeller
Economy
Control talk revived
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Clubman is confidence.
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is all about.
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Outside money hard to get
By JAMES R. KING
United Press International
The rate of inflation which
prompted the government to
impose wage and price controls
in 1971 was half as bad as the
current annual rate of 12.2 per
cent.
Senate Democrats now say a
new round of wage and price
controls must be considered if
everything else fails.
More auto industry layoffs
were announced Thursday,
bringing the jobless total to
over 150,000 during the Christ
mas season.
And the effects of the coal
strike which have spread to
rail, steel and coke industries
will idle 300,000 nonstrikers by
December, the government
estimated.
But there was at least one
trace of good news in the
economy: Ford Motor Co.
announced it was lowering the
defended the S2O million he and his family have spent on
his political campaigns as necessary because it is hard for
a man of his wealth to attract outside money. In center is
Rep. James Mann, D-S.C. (UPI)
price of its compact Pinto by
$l5O in an effort to stimulate
buying.
The 12.2 per cent annual
inflation rate during the past 12
months, announced by the
Bureau of Labor Statistics
Thursday, was the highest rate
since 1947, when the bureau
began keeping such records.
Prices rose 9 per cent that
year.
The rate of inflation during
1970 was 5.3 per cent, and
during 1971, the year wage and
price controls were imposed in
August, the inflation rate
slipped to 4.6 per cent.
But it has been rising ever
since, and Democrats in the
Senate unanimously approved a
seven-point economic agenda
for the next Congress, including
consideration of wage-price
controls —something President
Ford and labor leaders oppose.
The resolution called for
consideration of controls only
as a last resort and Senate
Majority Leader Mike Mans
field said, “The key word is
“consider.”
The resolution also called for
a jobs program, reviving the
Reconstruction Finance Corpo
ration, allocating credit for
home-buyers, rationing gasoline
if necessary, curbing excessive
profits and cutting personal
income taxes, and minimizing
Tremors hit S.C.
CHARLESTON, S.C. (UPI) -
Earth tremors shook buildings
and rattled windows in the
South Carolina lowcountry from
Charleston to Columbia early
today but there were no reports
of injury or serious damage.
The National Weather Service
described the tremors, which
occurred around 12:23 a.m., as
“slight, possibly a mild earth
quake.”
The tremors apparently were
heaviest in the Charleston area.
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deficit spending.
In Detroit, General Motors
Corp, said it will idle 30,000
workers at nine assembly
plants in December, pushing
auto industry joblessness in the
weeks before Christmas to
more than 150,000 workers.
GM said nine of its 22 U.S.
assembly plants will be shut
down for one or two weeks.
Chrysler and Ford confirmed
plans to cut white collar
workers from the payroll.
Chrysler would not detail its
plans, but Ford said 3,000 white
collar workers will be idled
throughout the company at the
end of November.
The effects of the coal strike
have spread to related indus
tries, hitting railroads first, and
spreading to the steel and coke
industries.
Government officials have
estimated that more than
300,000 nonstriking workers will
be jobless by early December,
with the strike certain to run
past the end of November.
The Penn Central Railroad
said it had dropped 1,500
workers and was taking a
weekly revenue loss of between
$4.5 million and $5 million.
Rails haul 70 per cent of coal
loaded at mines, and coal
accounts for 24.6 per cent of all
railroad tonnage and 9.9 per
cent of all railroad revenues.
“We had a pretty good
shake,” said a spokesman in
the Charleston Police Depart
ment. “Our building shook and
it jarred things around.”
She said police switchboards
were jammed with callers
inquiring about the tremors.
A police spokesman in
Columbia said the tremors
were not felt in their second
floor office, but residents in
other parts of the Columbia
area reported slight tremors.
Transportation board
diverts 1-485 money
ATLANTA (UPI) - The state
Transportation Board voted
Thursday to divert funds
designated for the disputed
Interstate-485 to several other
projects, ending the controver
sy over the proposed highway
in north Atlanta.
After deciding on alternative
uses for the $96 million
earmarked for 1-485, the board
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Page 9
also voted to sell some of the
property which had been
obtained for the expressway.
The funds are now to be used
for two highway projects in
south Atlanta and a 38-mile
interstate stretch linking the
city of Albany to 1-75 at Cordele.
The alternatives were select
ed instead of a proposal to
extend 1-185 to serve both
— Griffin Daily News Friday, November 22, 1974
Columbus and Albany, neither
of which now has direct
interstate connections.
The state plans to offer land
purchased for 1-485 to citizens
who owned each piece of land
prior to the state purchases
were made, said a spokesman
of the transportation board
staff.
Property still occupied will be
offered to their prior owners at
the same price for which the
state bought it. Land which has
not been occupied will be
reappraised and offered to the
original owners at the ap
praised price or the price of
purchase, whichever is lower,
the spokesman said.