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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
May 08, 1975
Page
3
Judge William F. Booth of New York criminal court joins other pickets outside ITT stockholder meeting in Charlotte North Carolina to protest high executive salaries. Shareholders question salaries and challenge ITT's dealings abroad, notably with Chile in a wire photo report.
Detroit AP reports American Motors Corp. posted a first quarter record loss of 47.8 million dollars, or about 1.60 per share, blamed on weak sales and rising costs. Analysts expected 15 million deficit. Chairman Roy D. Chapin Jr. predicts a profit in the second half of the fiscal year as the industry endures its worst slump since World War I.
Pittsburgh based Gulf Oil Corp chairman Bob R. Dorsey said Gulf has not funded politicians in Latin countries amid Venezuela bribery allegations tied to an ultimatum from President Perez. Dorsey denied the claim made during SEC testimony and noted Gulf's operations and Venezuelan oil industry stakes in Caracas as the country prepared to nationalize its oil sector.
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