The Cincinnati Enquirer from Cincinnati, Ohio • Page 81

82 THE CINCINNATI ENQUIRER Thursday, December 19, 1974 Rally Continues; Street Gains Five 1 first time the blue-chip index has closed above 600 since December 2. Volume totaled 18.05 million shares on the New York Stock Exchange, up from Tuesday and the heaviest since November 6. which in turn was caused by seasonal and technical factors within the market Itself. The Dow Jones average closed up 5.95 at 603.49, after being up over eight points' earlier in the day. It was the NEW YORK (AP) The stock market held onto a brlel morning rally Wednesday to finish with Its second advance In as many days.

Brokers said the gain was largely a carry-over of the late-session surge" Tuesday, The Southern off at eight; Hosptial Corp of 'America, up at IT-T, down at 12, were the most-active Big Board issues. All were subjects of large block trades. U.S. Steel, which said Its latest price increase was "fully Justified," gained to 37. President Ford criticized the raise Tuesday.

Lee P. Bressler Fred E.Karhohs James P. Lynch "You really can't put your finger on any one thing behind the rise," said Ralph Acampora of Harris, Upham Co. He said the market's ability to sustain Itself recently despite the bad economic news had heartened Investors. In addition, brokers said, many investors were hoping for a December rally, a frequent phenomenon on the market.

In the news, the government reported a sharp deficit In the third-quarter balance of payments and a $2.2 billion drop in November personal Income. But brokers said both figures were generally expected. The Big Board's composite index of all its listed common stocks advanced 0.16 to 35.74. DuBois Promotes Three liiSKilililiP ft i (HUB LxJ Three top level assignments in DuBois Chemicals' U.S. operations were announced Wednesday by John A.

Clawson, president and group executive of DuBois Chemicals. Fred E. Karhohs, executive vice president, DuBois Chemicals U.S., has been appointed executive vice president and general man- ager of the U.S. operations; James P. Lynch, executive vice president, institutional group, has been appointed president of DuBois Institutional chemicals, and Lee P.

Bressler, executive vice president, industrial group, has been named president of DuBois industrial chemicals. Earlier this month DuBois announced consolidation of its business operations into a group of companies under the Chemed Corp. The rapid growth of DuBois" worldwide operations-and the business opportunities In the forthcoming years have resulted in these individuals assuming additional and important responsibilities, Clawson said. Prior to Joining DuBois, Karhos had retired from the U.S. Army as a major general.

Lynch began his career with the company In 1948 and Bressler Joined the company In 1953. U.S. Suffers Second Worst Basic Balance Of Payments Reports 1 Ith Net Increase In Row For Recent Quarter Dividend Directors of the Fifth Third Bank Wednesday declared a regular quarterly, dividend of 40 cents, payable January 15 to shareholders of record December 31. "Preservation of the Bell System's organization 'structure, we are convinced, Is in the best Interest of the public and our share owners," he said. "We have no intention of acquiescing in its undoing." in Its earnings report showed Western Electric November quarter net income of $85.1 million vs.

$83 million and for the 12 months, net of $302,305 million vs. $312,941 million. that account was the first, shortfall since the first three months of 1972 when the deficit was $215 The balance of goods and services was in deficit by $339 million as increases in net investment Income along with net receipts from other services nearly off-set the huge merchandise trade deficit. Net long-term private capital outflows including, the small deflct for foreign direct investment here-increased to $2 billion in the third quarter from $973 million in the previous three months as U. S.

direct investments abroad showed a shortfall of $1.97 billion. The department lowered somewhat Its estimates of deficits for two other measures of the U. S. payments position. On the net liquidity basis the third quarter, deficit was $4.47 billion instead of $4.81 billion initially reported, and on the official reserve transactions basis, the shortfall was $328 million instead of $330 million.

to be the best gauge of underlying trends In international payments. The high price of foreign oil played the major role in prompting the huge deficit in the September quarter. The nation's merchandise trade balance was in the red by $2.56 billion during the quarter reflecting the high price U. S. oil companies are paying for foreign oil supplies.

In addition, the department said that payments by an unidentified U. S. concern to a foreign petroleum affiliate more than accounted for a $1.7 billion shift to a small net outflow for foreign direct Investment in the U. S. The payment is understood to be by Aramco, the consortium of U.

S. oil companies in Saudi Arabia to the Saudi governments and reflects oil payments. In the second quarter there was a $1.68 billion surplus in foreign direct investment in the U. S. The $50 million third quarter deficit in WASHINGTON (DJ)-The nation's "basic" balance of payments registered a $3.58 billion deficit in the third quarter, the second worst on record, the Commerce Department The huge shortfall In this key gauge of the U.

S. international payments position was triggered by big oil payments for foreign oil and by the merchandise trade deficit ever In the September quarter. The third quarter deficit compared with a $2.48 billion fed ink showing in the second quarter and was a wide whig from the $1.89 billion surplus in the year-earlier The deficit was the largest since the record $3.90 billion shortfall in the first quarter of 1972. The department began keeping such records in 1960. Lllie basic balance focuses bn trade, government grants, long-term corporate investments and a few other key Ingredients and Is considered by many economists WAREHOUSE LIGHT MFGR.

6,000 sq. ft. multi storied, all or part, minimum 11,000 sq. Oowntown, cheap. Sale or Least Call Ferd Clemen 761-9711 West Shell Realtors ixn3nEtacr tf tin several hundred million dol-' lars less for new construction in 1975 than seemed necessary only a couple of months 'ago.

This reduction will, of course, somewhat ease our new money requirements in the months ahead." Debutts said these efforts by themselves will not offset the sharply Increased costs the Bell System is experiencing. "Accordingly," he said, "in every jurisdiction where it is necessary we shall be making a vigorous representation of our needs for higher rates." On the issue of the Justice Department's antitrust suit, DeButts said the Bell System's Integrated structure Is its greatest strength and It Is that aspect of the system the Justice Department's suit alms to destroy. sammm NEW YORK (DJ) -American Telephone Telegraph Co. Wednesday reported earnings for the quarter ended November 30 of $803.37 million, equal to $1.33 a share, compared with $751.65 million, or $1.27. Revenues for the period climbed to $6,676 billion from $6,044 billion in the year-ago period.

For the 12 months ended November 30 profits totaled $3,200 billion or $5.33 a share vs. operating net of $2,933 billion or $4.97. In the period; a $46,569 million or eight cent gain on sale of Comsat common stock made the final net $2,980 billion or $5.05. Operating revenues were $26,011 billion vs. $23,285 billion.

American Telephone said its results improved for the 11th consecutive quarter. "What makes this improvement notable is that it was accomplished in the face of what is now acknowledged to be a still-deepening recession," John D. DeButts, chairman, remarked. "Telephone growth has slowed and so has the growth In long distance calling. So far this year we have added 4.2 million telephones compared to 4.8 million a year ago.

In that same period, long distance calling volumes grew 7.5, down from 11.5 a year ago," he explained. DeButts said, "We are intensifying expense control measures and our marketing efforts, and we are vigorously reviewing our construction programs In' the interest of assuring that we spend not one penny more than providing good service requires. "Indeed it already appears that we shall be spending Gloomy Forecast Urges U.S. To Take 'Reflation' Lead TIIIIIK OF US AS PART OF YOUR COMPANY We arrange air travel, rail and steamship reservations and car rental services anywhere in the world. CALL MiSS LEE BELLMAN OR DON LEOPOLD (C) New York Times PARIS A "pronounced and prolonged slowdown" Involving the risk of a "break In confidence" was projected Wednesday for the industrialized nations of the West by the organization that brings them together for purposes of economic co-operation.

The Organization for Economic Co- nnerat.inn onrt Dpvplnnmpnt. inwni snlrl the external shock of the sudden and ever widening interrelationships of the West and the predominant position of the American economy, which produces nearly as much as the other 23 nations put together. The report puts the OECD staff into conflict with President Ford's economic managers who have said that they are determined to keep the brakes on until the inflation disease Is cured. On the basis of present policies, the' OECD staff sees nearly eight million workers unemployed in the United States or 8 of the workforce. Privately, some OECD economists predicted an even higher jobless total in the 10 to 12 range.

The present rate is 6.5. At the same time, the analysis of the Paris-based organization holds out relatively little hope for progress on the inflation front. Consumer prices will still be rising at a 10 annual rate by the end of next year, compared with the current rate In the fourth quarter of this year of a little over 12.5. The forecasts are more cheerless than those made by Ford Administration officials who see the Inflation rate getting well Into the single-digit range within 12 months and unemployment no higher than 7. "Though slack demand and some stabilization of Important commodity prices should result in a certain abatement of Inflation," the report comments, "the combination of high wage increases and stagnating productivity may delay the achievement of an acceptable degree of price stability." The report struck only one optimistic note.

Governments, it said, now appear more willing to co-operate in dealing with economic problems than they were during the Great Depression of the 1930s. 4th Walnut Sts. DIXIE TERMINAL BIDG. PRIME OFFICE SPACE Us 10.000 prm oki uiin to IniwftniL Stum I Puking bMg. PtiMtiHS I UHDtt WALNUI MANAGEMENT INC.

EXECUTIVE TRAVEL DEPT. 762-3200 CINCINNATI AUTOMOBILE CLUB sharp rise in oil prices, combined with the after-effects of excessive demand, has presented economic managers with a "test which is probably unprecedented outside time of war." The forecast and analysis were made by the OECD secretariat in a report entitled "Economic Outlook" delivered to the 24 member nations from Western Europe, North America, and developed Asia and made public Wednesday night The report, urging corrective action, especially by the United States, which it sees as having the most depressed economy of all the major non-Communist nations, amounted to the gloomiest progno- I sis ever made by the 14-year-old A predecessor body was the that channeled Marshall Plan aid Europe in the immediate postwar Jyiriod. -The basic data In the report came "flora the statistical services of the mem--crs governments. In assessing the data, the OECD economic staff found there was a risk of a tclimulative weakness of demand unless $eme reflatlonary action is taken by the -United States to supplement measures Adopted recently by West Germany and -Cie Netherlands. The role of Washington was seen as -I3itlcularly important because of the II.

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"The automobile industry from September to November literally collapsed," Woodcock said. "We've been critical of pricing and high profit targets, but we'd be kidding the nation if we said that was the problem." SSI LADIES' AND MEN'S LIKE KEW, 17 ft 21 JEmS Temporary plant closings of from one to four weeks during the first quarter are scheduled at Pontiac, Lansing, Flint, Framlngham, Lake-wood, Lordstown, Ohio; Leeds, Tarrytown, N.Y.; Van Nuys, and Willow Run, Mich. One million workers in the automobile and related industries will lose their jobs next year because of the; virtual collapse of the auto industry, according to United Auto Workers president Leonard Woodcock. Woodcock told a UAW meeting the auto Industry's profits dropped dramatical- i iiinitVP WRIST WATCHES 1 95 Bulova Gruen Benrus Hamilton For Your Xeogh Retirement Plan Call William J. McGrane 721-2215 See WILL'S Large Selection of Ladies' Men's Genuine Diamond Studded Watches DETROIT (UPI) Sharp production cuts announced -by GM for the first quarter jtrf 1975 will affect workers at At of the company's 25 car "and truck assembly plants.

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Fremont, Chevro-: let and GMC trucks, 630 workers, January 13. Janesville, Chevrolet and GMC trucks, 470. workers, January 13. Flint, inter-! mediate-size Bulcks, 700 workers, January 20. Pontiac, full-; sized Pontlacs, 760 January 20.

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