Biloxi Sun Herald (Newspaper) - October 26, 1974, Biloxi, Mississippi oil consumption foreshadows little shortage of fuel for this prime rate major banking firms lower prime rate to 11 Drastic reductions in oil the U.S. trade deficit to million in September and brightened chances for a winter without fuel official trade figures showed new Commerce Department figures showed the nation is still headed toward its second worst annual trade deficit in but they also considerable improvement over the August deficit and suggested Americans have done surprisingly well at reducing fuel said the figures have no particular significance so far as inflation is concerned but do indicate a worldwide trend toward economic because the overall volume of trade had shrunk since U.S. exports declined by million in September and imports dropped by nearly good unexpected news was that oil imports in September declined nearly million and 28 million barrels from what they had been in was the nation's second lowest monthly oil import record since the embargo ended last and it seemed to undercut predictions of some U.S. officials that consumers would be unable consumption without such austerity measures or gasoline The bad news not as bad as some predicted that the nation again imported more goods than it exported in with million in imports against billion in exports over deficit of million showed a sharp improvement over the record billion deficit recorded in raise the overall U.S. trade deficit for the first nine months of this year to billion and indicated the final 1974 deficit would exceed all but the billion recorded in 1972. The 1971 deficit of billion had been second UPS AND DOWNS While several banks announced they were lowering their prime interest and government the U.S. trade deficit had this was the way stock prices closed for the related YORK Major U.S. responding to government efforts to stimulate the economy by increasing money Friday lowered their prime interest rate to 11 per National City the nation's second largest and a pacesetter onn interest touched off the latest round by reducing its prime rate onequarter of a percentage number of others followed including Crocker Bank of San Northern Trust Co. of First National Cincinnati and Pittsburgh of the rate cuts were to 11 per others to 11 prime rate is regarded as a base from which all other loans and consumer scaled cuts followed further easing of the tight money policy of 91, No. 23 October 26, 1974 disputes Dean's evidence in Watergate Reserve which reported late Thursday that the nation's money supply rose sharply billion the latest reporting increase indicated the Fed itself has poured billions into the banking system to bolster Federal Reserve is an autonomous government agency that controls the flow of funds by buying and selling money to commercial banks on the open The Fed influences economic activity by either holding tightly to its which slows or by releasing reserves more which accelerates control inflation the Fed sought to restrict money supplies last official denies Miss. An official of Citizens National Bank of Jackson Friday denied charges that the institution conspired to conceal the financial condition of a chairman of the board of the responded to accusations made in a million federal court suit filed here this suit filed by st. Paul Fire and Marine Insurance Company has blocked the merger of citizens National with First Mississippi National Bank of said he expects the merger to be consummated in the near The lawyer for Watergate cover-up trial defendant Robert C. accused John W. Dean on Friday of fabricating some of his testimony about the early days following the 1972 Watergate his eighth day on the the star witness was questioned by David a former U.S. attorney in the District of Through what was scheduled to be his final day of Dean's detailed narrative of the nine months of the cover-up remained unshaken under cross-examination by Bress and lawyers for the other on the witness list was convicted Watergate conspirator E. Howard whom Watergate prosecutors have asked to be classified as a court said while they need Hunt's they do not wish to vouch for his officials while appeal Page Leadership of Mississippi's largest Local 795 of the International Association in Gulf was left in Friday night after a federal appeals court judge ordered a stay of a ruling placing the 700-man union in new Stay was ordered on request by the ILA only hours after the new union officers were sworn somewhat in said Gulfport attorney Alben lawyer for Local 795 presidentelect Michael McDonald and seven others who won a court decision last month requiring they be installed to union posts to which they were elected in 1973. ILA had blocked their installation to the posts on grounds the election was improperly conducted and the newly elected officers appeals court order in New Orleans Friday places a five-day postponement on an injunction against the union returned by U. S. District Judge Dan they the former CIA agent was less than truthful when testifying under immunity before Watergate grand juries in 1973. these the prosecutors said in legal became apparent to the government that Mr. Hunt was not being entirely candid with the grand said even when often would not be prosecuted for his testified we Bress questioned the former White House counsel about his testimony that Mardian suggested Dean obtain preliminary FBI reports shortly after the original June 1972 more CHARLES LONDON ANGELES - On a quiet North Hollywood side street one recent a man about to enter the apartment where he lived was suddenly confronted by what appeared to be two male As he made a dash for the pair in dark shirts and - grabbed In that the victim was stabbed seven times with a bowie knife but he managed to tear off the masks worn by his assailants - and found himself facing two They were later caught and booked by police on suspicion of and attempted but it would to law enforcement who report that rapidly increasing numbers of women are becoming involved in crime and violence in the United One out of every 10 serious crimes today is committed by a while one arrest in every six involves a The ladies still have some way to go before they catch up with men in this but they're moving latest FBI crime statistics show that between 1968 and 1973 the number of women arrested for crimes car armed etc. increased by 52 The rise for men in the same period was 8 Women are doing more embezzling to 136 more forgoing and counterfeiting to 99 foregoing more drunken driving 211 and getting arrested more often for drug offenses up a handsome 1,032, percent since 1965). the most shocking aspect is that the sharpest increase in female crime is among girls of 18 and They are now frequent participants in murder and even women are on the most and dozens more appear on the posters - rows of mugshots with brief descriptions - that hang in well-thumbed Convicted Watergate conspirator E. Howard Hunt a copy of his new book under his and H.R. and John D. arrive at U.S. District Court Friday in Washington for the Watergate cover-up tax reform profits rich rather than closes a HOBART Washington By endorsing the House Ways and Means Committee tax President Ford has focused attention - no doubt - on what could be one of the major tax giveaways in U.S. it now the is tax at although does reduce or eliminate a few special notably the oil depletion the main thrust of the proposed legislation is to create billion to billion worth of new loopholes for those wealthy individuals whose income is largely derived from capital gains rather than although the contains billion in tax relief for the working poor enough to compensate for it is on balance a bad piece of legislation which benefits upper income brackets in too many ways while leaving what Rep. Henry calls old established very much the capital gains which has most tru up in At 50 percent of a capital gain - say on is excluded from any tax if held six The generous Ways and Means committee would exclude one percent in addition for each year the asset is held over five but not over 25 neat trick would increase the exclusion to a potential 70 percent and presumably make stocks more attractive to buy - as well as persuade those holding stocks over a long period of years and said to be by potential tax liabilities to take their profits a minimum tax and buy new Roger Brinner and Alicia point a declining inclusion ratio would not solve either the inflation nor such a change would significantly reduce the tax rate on capital For individuals in the 70 percent top their tax on capital assets held 25 years be cut from 35 percent to 21 committee's if it worked to solve the might be a shot in the arm for the ailing brokerage But it would cost the treasury at least billion a while capital gains loophole of all - the of capital gains at death remains surest way of tackling the as Brinner and Munnell point is to provide a tax on capital gains transferred at Tax expert Joseph A. of the Brookings Institution estimates the current cost of that which allows wealth and power to be transferred from generation to at billion a crated by development private industry has a nice little racket under which it can finance up to million of an expansion in a six-year period at public This done by a state or local government to finance a new Not only does this system provide tax-exempt investment possibilities for high but the companies lease the plants at low rents because the construction borrowing costs are less than normal due to the tax-exempt But now the committee proposes to take off the million With sky the the potential tax loss is another bands Not back your hands Today's Living Business Local Page Market Page Page Page Page Page Page non-Communist oil consuming nations Friday moved a step to agreement for sharing oil if Arab oil-producing nations impose another See story on Page of State Henry A. Kissinger delivered concrete proposals on limiting nuclear weapons to Soviet leader Leonid I. Brezhnev on Friday and both sides said the given them was See story on Page you've got time on your hands make sure yours move an hour back Sunday morning at 2 or you may find yourself in church waiting for the Daylight Savings Time ends Oct. 27. Time cloudy and mild with little change in temperature through the on
