The Palm Beach Post from West Palm Beach, Florida on December 5, 1976 · Page 109
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December 5, 1976

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The Palm Beach Post from West Palm Beach, Florida · Page 109

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West Palm Beach, Florida
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Sunday, December 5, 1976
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Palm Beach Post-Times, Sunday, December 5, 1976 FF7 The Week in Business Justice Investigation May Start Anti-TV Drive WIRE WORK - This worker appears to be tending a new species of indoor plant, but she actually is pulling leads on transformer coils into place to complete the winding operation. The transformers, made in Kinston, N.C. by TRWUTC, convert voltages in industrial power supplies. By LEROY POPE UPI Business Wrlr NEW YORK (UPI) - An action by the Justice Department this week could be the tentative beginning of a government drive to crush the power of the national television networks. Acting on a petition by Westinghouse Broadcasting Corp., the anti-trust division said it would investigate to determine jf the three major networks should be required to divest themselves of any or all their 15 network-owned TV stations and if other steps should be taken to diminish their influence and power over prime-time national TV programs. The government move brings to mind its long and successful struggle to break up the integrated motion picture industry by forcing Hollywood studios to divest themselves of their theatre chains. That struggle took a full decade, from 1940 to 1950. The looming struggle against the television networks involves an issue that wasn't present in the motion picture industry case the continuing friction between the TV networks and the nation's politicians. The networks said the Westinghouse complaint was without merit and the Justice Department's proposed inquiry is unwarranted. National Broadcasting Co. accepted a consent decree last week that the Justice Department said would force the company to reduce its financial stake in network programming. Similar suits are pending against CBS and ABC. NBC gave up comparatively little in this consent decree, but the government's success in smashing the power of the integrated motion picture industry starting 35 years ago was based on the tactics of nibbling away a little at a time, mainly through consent decrees. National Steel and Jones & Laughlin Steel announced price increases averaging 6 per cent on Wednesday, and were followed by almost all major steel makers after the Thanksgiving holiday. President Ford asked the Council on Wage and Price Stability to look into the increase, and many analysts expressed perplexity at the timing of the raise in light of slack demand. The anti-trust Division also announced a formal in quiry into the pricing policies of the paper industry over the past 11 years. President-elect Jimmy Carter warned that, while he has been considering an early tax cut, the nation should not take it for granted that there will be a tax slash. New York City was plunged into another crisis when the courts held that the moratorium the legislature had enacted on the city's more pressing debts was unconstitutional. The ruling brought Mayor Abe Beame hurrying back from a visit to Israel but in view of Carter's promises of help to the city, this time there was no panic atmosphere at city hall. Mexico suspended trading in the peso by commercial banks this week, in effect devaluing it for the fourth time this year. However, by week's end the peso was trading at about last week's level and the opinion was expressed that President Jose Lopez Portillo will peg it at 22 to the dollar. Mexico also was faced with a confrontation between landless farmers and landlords supported by business interests because of retiring President Luis Echevarria's order expropriating 250,000 acres of the best farmland in northern Mexico for distribution to the campesinos. The Arab oil producers met in Kuwait for another effort to achieve a united front for the mid-December meeting in Paris to decide on a hike in the global oil price. Saudi Arabia continued to try to oppose any boost or to try to hold it to 10 per cent, but other OPEC nations all appeared to want considerably more. Vice President Nelson Rockefeller said in a speech that a 15 per cent oil price boost would be disastrous for the world. The Interior Department invited comment on the proposed petroleum drilling leases in the North Atlantic. The White House said President Ford is considering abolishing price controls on gasoline before he leaves office. Rupert Murdoch, the Australian who owns 83 newspapers and magazines around the world, announced he is buying the Evening New York Post from Dorothy Schiff. Atlantic Richfield Corp. surprised the journalistic world by purchasing the 185-year-old Observer, a big London weekly, from the Astor family. noun nCy O mmNational Over the Counter 4'. 37 21 434 44 44 84 84- 4 24 24 4 84 9 4 24 3 4 34 34- 4 Rouse Comp 144 44 44 44 4 Rovac Corpor 313 184 134 18444 HovsterCo 60 X246 74 74 74 4 84 2i 42 124 124 12'i 154 IB 24 104 11 NewPlRltT 90 N Y Magazine Newport Phar NFC Corportn Nicolellnst 20 Nielsen A .44 Nielsen B 44 Noble Affil 40 Noland Co .36 NordKesc 10k Nordstrom 28 R P M Inc 20 RcukrPhar 30 Russell Stv 72 Rykoff SE 40 RylandGrp .10 214 11 104 10i 4 L L 43 16 154 154- 4 31 II'. 114 114 211 144 134 144 1 Continued from Page FF6 BeverMngt 52 22 114 114 1I4 Bl-Lo Incp 60 122 19i 18i 18.- 4 Bcbb Comp 9 74 74 74- 4 Billy The Kid 40 54 5. 54 4 Bio Had Labs 25 IS 144 15 BlrdlSon 1 60 114 364 35 354-1 BlkHIPwr 1 44 6 181 18'. 18'. BlockDrug 60 213 13 12' 12'i Mi BlueChipSt 24 84 15. 15. 15. 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