High Point Enterprise Newspaper Archives Sep 6 1974, Page 1

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High Point Enterprise (Newspaper) - September 6, 1974, High Point, North Carolina Weather rain Cool More data on Page 3a 90th yeah a no. 248 the High Point Enterprise Cau us circulation High Point n. C., Friday afternoon september 6, 1974 to fight inflation 22 pages classified ads us-2177 other depts. Us-2191 daily 10c, sunday 25cdemocrats offer to remain in session Washington a a Post election session of Congress to Deal with the Economy is Likely Senate majority Leader Mike Mansfield said today. A if unemployment is up and inflation is at least stable and people s pocketbooks Are being skimmed what Are we going to Tell the people Back Home if Congress is not in session trying to do something Quot Mansfield said to newsmen. Senate Republican Leader Hugh Scott countered that Quot if the Only reason for staying in session is because we re afraid to go Home i can think of better the Only reason for staying in session Scott said would be to work on a Well developed program and Quot know what we re going to do. Quot i think we d All Welcome some solutions to inflation Quot the Pennsylvania Republican said a but overriding vetoes and protesting impoundments seems to be moving in the opposite direction. Quot we have to plan More than just breast beating Quot added. Mansfield said president Ford made a Good Start in thursdays pre Summit economic conference at the White House. He said Congress will be prepared to consider any legislation proposed either before or after the sept. 27-28 economic Summit meeting. Senate democrats voted unanimously thursday to stay in session for the remainder of the year if necessary to Deal with the Economy. House majority Leader Thomas p. Of Neill jr., d-mass., also pledged cooperation. A there is no question but that we will cooperate with the president a of Neill said. Quot we have to instill Confidence in the Public and if remaining in Washington will do it then we have to at the end of the Day Long televised session about half of which attended in person Ford told the economists a i agree More that we have to act on sound and responsible made no commitments on the suggestion that the Federal Reserve Board be urged to ease its tight Money policy or on any other specifics. These included suggestions from individual economists tor renewal of mandatory wage Price controls for avoiding even the suggestion of such controls and for intermediate Steps such As giving the new Council on wage Price stability standby Rollback Powers or concentrating on big industries and big unions whose policies were relatively immune from Competition. Hut Ford dropped a hint that would avoid extreme measures. A was in the political Arena there is a wide area of agreement and a few in both parties fall on the far ends. Most of the american people fall in the Middle and they want us to take those actions. I believe that fall within the what is tight Money Federal Reserve Board has the Power Washington a the Way to Tell when Money is tight is when the Economy is hurting. That show it is now. With unemployment at 5.3 per cent and expected to Edge upward to 6 or even 7 per cent. The prime rate the interest Banks charge their Best customers is at a record 12 per cent. Home Loans Are pushing to per cent and the Home building Industry is in its steepest slide in history. Such were the developments that prompted a recurring theme among the economists for answers to questions or help with a problem Call or write action line in care of the Enterprise. Every request is considered but please understand that the volume makes it impossible to answer or even acknowledge every one. Cave dwellers q. Where can i get a list of All the caves in the United states and is there any club i could join concerning caves . A. Quot take nothing but pictures leave nothing but foot prints kill nothing but this is the motto of the National speleological society whose National Headquarters Are on Cave Avenue Huntsville Ala. 35810. You can Send them a self addressed stamped envelope and ask for the name of the nearest chapter you can join. There Are More than too chapters called Grotto in the country and they know where the caves Are. What equipment is needed and How dangerous they Are. They also hold regional conventions where they hear the latest techniques and theories and Exchange stories. A Basic manual for the would be Caver is Quot caves and caving by David Mcclung who describes what equipment is essential Good caving techniques and safety standards and principles of Cave conservation. Emphasis is Given to the Point one should never Cave alone. Four is considered the Bare minimum because in Case of an Accident there should be one to stay with the injured one and two to go Back for help if needed. No less than two experienced Cavers should accompany beginners on any trip. Safety rules also include taking three sources of Light wearing a hard hat always leave explicit plans with someone on where you re going and when you expect to return never exploring mines and never enter caves with underground streams after heavy Rains or if storms Are threatening. Mcclung also describes How to tie the five Basic knots Cavers insist novices learn so Well that they can tie them in total darkness or behind their backs the bowline overhand knot Fisherman a knot figure eight and the prusik knot. The Back of the Book has lists of More recommended Reading material commercial caves magazines on caving and equipment suppliers. There Are sketches illustrating How to navigate a 10-Inch High passage like an earthworm enough to cause a Case of acute spell phobia. And the author does no to Overlook the Hoags. Hoags so they say Are mysterious Cave denizens Felt but unseen who discourage intruders in their underworld Domain. They sneak up on Cavers to blow out their lamps untie Well tied knots and make quiet noises a moans and groans and Creaky sounds that come from crevices and dark passageways ahead. Cavers Call the Hoags Quot Harry and try carefully not to disturb them or damage their living quarters. Kuhlman meeting 4j. At what churches can you get tickets for the Kathryn Kuhlman meeting in october mrs. . A. Any Church group or individual can charter a bus and sign up enough people to till it and split the Cost of transportation the person in charge can then Contact mrs. Laila Scott in Greensboro p. 0. Box 7185 or Telephone 919 855-1559 or 919 299-5388, let her know How Many will be on it and she will make reservations As Long As seats Are available. There Are no tickets to be bought she says but a certain number of seats Are reserved for those coining by bus. Bused people will be admitted to the coliseum on the Day of the event oct. 29 Between 2 and 5 ., those in wheelchairs by 4 ., while the general Public is admitted at 6 Mrs. Scott will Send some printed information on request to anyone who dec ides to get up a bus Pool with a portion of it to be filled in and returned to her with the facts she needs to have in order to help each group. Who advised president Ford thursday to seek a looser Money Supply. But the president for All his Power can Only persuade when it comes to regulating the Money Supply. That chore is entrusted to the Federal Reserve Board known As the fed. The fed was created shortly before world War i and is now headed by Arthur f. Burns. Burns and his seven fellow governors have tightened the Money Supply by keeping it from growing As fast As it has in recent years. The Money Supply grew an average of about 4 per cent a year in the 1960s. Then ballooned 8.7 per cent in the Boom year of 1972 before the fed applied the brakes. The watergate discussed in schools by Terry Ryan associated press writer from Grade school to College it will be Reading writing and watergate this fall in Many classrooms across the country. A sampling of Public schools from new York to Hawaii showed that the watergate scandal its implications and effects will be discussed in Many social science civics history and government classes. At the College level there Are special watergate courses at some schools and professors elsewhere said they will include it in political science and other classes. Samuel dash formerly chief counsel of the Senate watergate committee will be teaching a criminal Law course at Georgetown University in Washington. Some students Are calling it Quot watergate one Quot a University spokesman said. Students at Parkrose High school in Portland ore., will use watergate tape transcripts As a textbook for their current issues class. Board Cut the growth rate to 6.1 per cent last year and is shooting for something Between 3 and 7 per cent this year. Tight Money Means lower demand for goods and a downward pull on rising prices. The fed has three tools for tightening the Money Supply. One is to increase the amount of Money Banks must hold in Reserve to Back up their depositors accounts. Currently the fed requires the nations biggest Banks to maintain reserves to 18 per cent of customers checking account balances. That a up by half a percentage Point since november 1972 the second tool is the discount rate or the interest the fed charges member Banks to borrow Money. The discount currently is a record 8 per cent and a full 3 per cent above january 1973, when the fed began tightening the Money screws in Earnest. The fed s third and preferred method is something called the a open Market committee a a headed by Burns and composed of his fellow governors and four other members elected by the Federal Reserve Banks around the country. When the committee wants More Money in circulation it buys securities on the open Market thus pumping Money into the Economy. When the Money Supply is growing too fast the open Market committee Sells some of the securities it holds siphoning Money into its coffers. The fed orchestrates the committee s operations As finely As possible by keeping a close watch on growth in the Money Supply and the effect of the growth on a key Money Market vehicle a the Federal funds rate. Federal funds Are excess reserves that Banks lend to each other. A High Federal funds rate usually signifies tight Money. The rate had never hit to per cent before last year. It has already gone Over 13 per cent and currently has receded to about 12 per cent Evel Knievel s i Snake River Canyon jump sept a 1974 where Knievel plans to jump this photo diagram shows the path of Evel Vel a planned jump sunday across the Snake River Canyon in Idaho. According to plans Knievel will mount his rocket powered sky Cycle and propel himself to the opposite Side of the Canyon using parachutes and Shock absorbers to break his descent. Many school officials said they expect the subject to come up spontaneously. A Good teachers of history or political science would automatically include watergate and its ramifications a said Roland Olenchek of the curriculum department of Milwaukee Public schools. The Chancellor of new York City s Public schools said this week that watergate and its Long term implications for students and the country would be part of the social studies curriculum in All elementary Junior and senior High schools. Religious Days noted by Ford Washington Ahi upcoming jewish holy Days Are an invitation to All americans to a return to righteousness and truth and to a rebirth in the spirit and neighbourliness and brotherhood a says president Ford. The traditional statement was issued in connection with Bosh has Hanah the jewish new year on sept. 17, and Yoni kippur sept. 26, the Day of atonement in the jewish religion. Chrysler plans More Price hikes Detroit a Chrysler corp. Said today it would have Little Choice but to raise prices several times during the 1975 Model year on top of an expected $400 to $500 introductory Price boost this fall. Company chairman Lynn Townsend said there would be a repricing probably several times during the Model year As Long As costs continue to Rise. Unlike general motors and Ford motor co., Chrysler has t said exactly How much it plans to hike prices this fall but Townsend said the boost would be a right in the Ballpark with the finn s two chief competitors. Pm has said its new prices would be going up a record $446 or 9 per cent on new models. Ford has set a tentative $418 or 8 per cent increase on its 1975 models. Town end appearing at a news conference at the conclusion of a three Day National press preview of new models indicated Chrysler would continue its practice during the current Model year of implementing frequent Small Price hikes As costs go up. The firm raised prices on 1974 models $534 in eight moves in a departure from past tradition of hiking prices Only once at Model introduction time. Carmen moves North Gulf coast threatened Miami Fla. Aim a Hurricane watch was called at noon today for a 600 Mike stretch of the Gulf of Mexico coast from grand Isle la., to Cedar key Fla., As Hurricane Carmen charged northward with winds of to Miles per hour. A Hurricane warnings will probably be required for the area tonight or Early saturday morning a said a spokesman at the National Hurricane Center forecasters said Carmen was expected to strengthen More and grow in size before it hits land at noon the Hurricane was at latitude 23.3 North Longitude 90.4 West or about 450 Miles South of new Orleans. It was moving North at seven p h., and was expected to pick up Speed slightly. Small Craft from grand Isle to southwestern Florida and the lower Florida keys were warned to stay close to Shore because seas were becoming increasingly rough. Heavy surf along the Florida West coast threatened to cause Beach erosion. Forecasters said that rain Over North Florida Georgia and the Carolinas was caused by a cold front that moved into the area wednesday. But they warned that additional Rains would hit the area sunday ahead of the Hurricane and aggravate local flooding conditions. Carmen had remained stationary off the coast of Campeche Mexico decreasing to tropical storm status for several Days before regaining strength on thursday and beginning its slow northward i if i meanwhile the Hurricane Center said a reconnaissance plane was to take a closer look at a new tropical depression churning through the Atlantic toward the Leeward islands Middle ground of the while they differed widely on particular proposals the economists generally agreed that the Way out of what has been called stagflation a simultaneous inflation and sluggishness in the Economy a would not be simple Quick or painless. Jobless rate rises slowly Washington a the nations unemployment rate in August continued its slow upward climb rising by one tenth of a per cent to 5.4 per cent of the work Force the government reported today. Although the change from the july rate of 5.3 per cent is not considered statistically significant the labor department said the increase taken Over the past two months represented a break from the 5.2 per cent plateau that had prevailed during the first half of the year. The jobless rate now has risen by eight tenths of a percentage Point from last october a 6�?~s-year Low of 4.6 per cent and is expected to continue climbing As the Economy falters. The labor department said 4.9 million americans were unable to find work last month an increase of about 190,000 since july. The Ford administration has prepared a program of gradually rising payments to local governments to create additional Public service jobs As unemployment mounts of the jobless rate reaches per cent. Labor Secretary Peter j Brennan has said the government would move to create about 100.000 More jobs. Total employment As measured by the departments Sample Survey of households stood at 86.2 million in August practically unchanged in the last two months. Nonfarm payroll employment As measured by the Survey of business establishments was unchanged in August at 77.2 million. Looking at wages average hourly earnings were reported up three cents in August to $4.24. A level 33 cents More than a year ago. Weekly earnings averaged $157.73 in August an increase of $1.12 from july and $11.10 from last August however the hourly earnings Index in dollars of constant purchasing Power declined three per cent Over the past year the government said. The length of the average work week and factory overtime were essentially unchanged last month both reflections of the sluggish Economy. I what s inside a amusements. 9a Bridge .12b classified ads. 6 or comics. A crossword .12b editorials. 4a financial. 2a obituaries. 2b sports. 3-5b television. So women a news 9-7a weather. 3a medical costs mushroom Washington Are unless checked inflation will add More than $9.1 billion to the Price american Consumers pay for medical care Over the next two years says health education and welfare Secretary Caspar Weinberger. Weinberger said on thursday that skyrocketing medical costs Are increasing 50 per cent Laster than prices in the rest of the Economy and Are fueling inflation in a speech before the american association of medical clinics urged the health care Industry to Cool Down its inflationary spiral or face the Prospect it an outraged Public demanding Federal intervention said that if voluntary cooperation tails Quot the american people Are in real trouble on the health care rising health care costs now threaten to add another billion dollars to the Federal budget doubling the estimate for this increase that delivered to Congress this Spring said. Al that time argued unsuccessfully tor Extension of Federal wage Price controls on health care which expired april 30. The american medical association and the american Hospital association have said their Price increases were an expected bulge after nearly three years of profit limitations. Quot since Price controls were lifted the Cost of medical care has increased 50 per cent faster than the Economy As a whole a and this we must and will moderate a Weinberger said. He said physician tees have jumped at an annual rate of 19.1 per cent and Hospital enlarges at an annual rate of 17.7 per cent compared with an Overall inflation rate of 12.5 per cent. 4 i

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