GM Drops To No 2 Behind Exxon In 1974 Profits
GM reported a 60 percent drop in 1974 earnings to 950 million on 31.5 billion sales as the Arab oil embargo recession and inflation eroded margins. Exxon surpassed GM in annual profits, aided by a late 1974 price surge for autos not fully offset by costs. American Motors posted a fourth quarter loss with Ford and Chrysler to follow later in the month.
MENTIONED IN THIS ARTICLE
Detroit
General Motors Corp
Exxon
Exxon Corp
Thomas A. Murphy
Ings
American Motors Corp
Ford Motor Co
Chrysler Corp
Ford economy faces lasting decline and higher costs
President Ford said the American economy faces ongoing erosion of living standards with higher unemployment and energy costs. The economy was built on low-cost energy, a period he says has ended, and the fourth quarter showed a steep decline with no quick rebound expected.
MENTIONED IN THIS ARTICLE
Washington
Ford
Congress
Council of Economic Advisers
Ford Administration
Coin toss accuracy in inflation forecasts questioned
Geoffrey H. Moore of the National Bureau of Economic Research reviews CEA forecasts since 1962 and finds inflation predictions misleading in most years. He notes only four of 13 years correctly forecast inflation direction while real GNP forecasts were often off, as the Ford administration faces a grim 1975 outlook.
MENTIONED IN THIS ARTICLE
Washington
Presidential Council of Economic Advisers
Geoffrey H. Moore
Morgan Guaranty Bank of New York
Council of Economic Advisers
Moore
CEA
Governors back Ford energy plan
President Ford, after winning support from eight Southern governors in his opposition to gas rationing, ridiculed calls by some congressional Democrats for rationing. He spoke at a convention for Opportunities Industrialization Centers and warned rationing would penalize lower income Americans who must buy coupons from others with larger allotments.
MENTIONED IN THIS ARTICLE
Ford
Ball urges higher payroll taxes to fix Social Security deficit
Former SSA head Robert M. Ball argues boosting payroll taxes on upper earners is the best fix for multi billion dollar Social Security deficits. He cautions that funding Medicare from general revenues could threaten benefits and trigger a means test. Ball proposes returning to a $24,000 wage base in 1977 with a 0.4 percent Medicare tax increase in 1978 earmarked for higher retirement benefits.
MENTIONED IN THIS ARTICLE
Washington
Social Security Administration
Robert M. Ball
Richard S. Nixon
Ball
National Academy of Sciences
Social Security Advisory Council
Congress
Council
Youth borrows rifle in hostage ordeal near San Diego
In Oceanside California 20 year old David Terrell Jr borrowed a .22 rifle to hold three children hostage for four hours. He fired at officers then killed 15 year old hostage Leland Phelps and himself after a violent confrontation with police. The girls aged 8 6 and 3 avoided harm during the incident.
MENTIONED IN THIS ARTICLE
David Terrell Jr
Eugene Bosquet
Terrell
San Diego
Leland Phelps
Arkansas
Bosquet
White House bars Star-News from briefing over budget leak
President Ford's economic message briefing was barred for the Washington Star-News after it published budget details ahead of time. Press Secretary Ron Nessen reversed a separate sanction, restoring Star-News reporter Fred Barnes to the questioner list at Ford's Atlanta news conference.
MENTIONED IN THIS ARTICLE
White House
Washington Star-News
Ford
Ron Nessen
Fred Barnes
Atlanta
Nessen
Indians claim victory as siege ends at religious estate
The Menominee Warrior Society surrendered after a 71 day occupation of the Alexian Brothers novitiate near Shawano Wisconsin. Police said 39 demonstrators including 9 youths were taken to Shawano jail on charges of criminal trespass to a dwelling and disorderly conduct. The settlement calls for the tribe to receive the estate with a cash reimbursement, amnesty sought by the society’s attorney, and the group to end the stand.
MENTIONED IN THIS ARTICLE
Gresham
Wis
Menominee Warrior Society
Shawano County
Shawano
Society
Alexian Brothers
Robert A. Montour
Richard J. Stadelman
Robert R. Bryan
Wounded Knee
South Dakota
Chicago
Menominee
Weather Outlook With Cold Temps Through Weekend
Tonight drops to 35 to 40 with occasional rain possible. Wednesday remains cloudy and colder with a chance of showers or snow flurries. highs near 40. Thursday turns cooler with snow flurries possible. lows 10 to 20, highs in the 20s. Friday and Saturday stay fair but very cold. lows 5 to 15 above, highs mainly in the 20s.
Two Prisons Guards Face Civil Service Hearings
Feb 18 and 19 hearings set in Springfield for two Menard penitentiary guards suspended Jan 9 on charges of racial discrimination and promoting Ku Klux Klan ideology. Union threatened strike. after talks with IDOC director, a speedy hearing is sought to resolve the case by month’s end.
MENTIONED IN THIS ARTICLE
Civil Service
Springfield
Menard
William G. Hargett
Thompsonville
Roy R. Res
Chester
American Federation of State
Allyn R. Sielaff
Illinois Dept. of Corrections
Civil Service Commission
Baker weighs 1976 bid as Ford faces popularity dip
Sen. Howard H. Baker Jr. says he is exploring a possible 1976 Republican presidential bid while President Ford plans to run. The Harris Poll shows Ford's negative rating at 60 percent.
MENTIONED IN THIS ARTICLE
Howard H. Baker Jr
Ford
Harris
Board rejects SIUC law school. favors Center for Legal Studies
Illinois Board of Higher Education approved staff recommendation to reject establishing a new SIUC law school in Springfield. The board backs a Center for Legal Studies in the proposed Courts Complex and will study expanding the University of Illinois College of Law and SIUC Law School. Funds for the SIUC building are pledged for fiscal 1976 starting July 1.
MENTIONED IN THIS ARTICLE
Illinois Board of Higher Education Today
Springfield
University of Ilinois College of Law
Siuc Law School
U of I
Death is not final for a 5 year old learning of loss
An AP correspondent in Ohio describes explaining death to 5-year-old Stephen after Gary Davis and Tara Davis died in a house fire. The child questions death and what it means, while the writer reflects on faith, life, and the lesson that death can be seen through the lens of life.
MENTIONED IN THIS ARTICLE
Anita Appelhans
Associated Press
Woodville
Ohio
Gary
Stephen
Fremont News-Messenger
Stephen Mitchell
Gary Davis
Tara
Also Mentioned on This Page
Atlanta, Ga
Oceanside, Calif
Ron Speer
Speer
Michelle Ryan
Melissa
Monique
Nessen Bars Newspaper
Ober Harvey
Cer Fathelee Arruda
Fredricksburg
Belly Dan
Family Living Records
Steve Cullen
Hargett
Res
Baker
SIUC
Paul Ingrass
Lindsay-Schaub News Service
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