Corpus Christi Caller-Times from Corpus Christi, Texas • 11

rJ CORPUS CHRISTI CALLER Thun June 17 1976 11 A consumer picture is brighter on several fronts apartment sector The government figures on US international transactions showed that the nation's current account was $80 million in deficit for the first three months of this year It was the first deficit for that measure since the $169 million deficit in the fourth to an 8-10ths of 1 per cent increase for the month or a 10 per cent-increase at an annual rate It marked the fifth consecutive month that personal income has grown at an annual rate of 10 per cent or better Income growth in all of 1975 measured 79 per cent On a per capita basis quarter of 1974 Commerce attributed the shift from a $309 billion surplus in the previous quarter to a sharp swing in trade activities Exports exceeded imports by $22 billion at the end of last year but that situation reversed to a $15 billion defi-cit at the start of the year continuation of the modest recovery expected in the industry but the multi-family performance added a particularly encouraging note since that had been the weak spot of the recovery and most analysts had feared little further advance would be possible without help from the 25 per cent drop the previous month The Increase left starts at an annual rate of 1415 million 304 per cent ahead of the same month a year ago Growth was particularly strong in the multiramily sector where starts advanced 125 per cent The figures Indicated a personal Income at an annual rate amounted to $6313 in May and $6284 in April In another report Commerce said the number of new housing units started by builders increased in May (or the first time in three months The increase of 25 per cent reversed a FA THER DAY WASHINGTON (AP) -Output of American industry logged widespread advances in Hay despite (he rubber strike and little change in automotive pro- I QuCtion the Federal Re-! serve reported Wednesday I I The May increase in industrial production of 7-)0ths of 1 per cent was up klightly from the 5-10ths of I per cent rise in April It Combined with other government statistics showing Increased activity in the milding industry and a kteady growth in individual jncome to signal an unabated recovery in the general economy The Federal Reserve said putput of the nation's hiines factories and utilities advanced on the strength of greater production of home appliances and hondurable consumer goods Business equipment also Showed sharp gains the Central bank reported But the Federal Reserve uid construction products were turned out at a slower rate during the month while auto assemblies were flat and production of automotive parts and supplies Slipped because of the rubber industry strike I It said its index of industrial production stood at 1232 per cent of its 1967 av- year ago when recovery from the recession began The advance still left the index 14 per cent below the peak recorded prior to the start of the recession the Federal Reserve said In other economic news: The Commerce Department reported the first deficit in over a year for a key indicator of the nation's international transactions position But the deficit was the product of a foreign trade trend which economists generally have interpreted as a sign of the US economy's strength The Senate approved a $395 billion public works Jobs bill which backers said would produce 300000 Jobs The House must approve the legislation before it goes to the President The Senate began work on a tax bill that would make permanent the individual tax cuts approved last year except a $35-per-person credit which would be extended through June 1977 The personal income figures from the Commerce Department showed a growth of $111 billion at an annual rate to a total of $13572 billion That was slightly better growth than the $101 billion recorded in April The May income growth GIFT IDEA MUNSINGWEAR GRAND ACTION KNITS erage It was the 13th con- which was attributable In secutive monthly advance large part to the fastest and left the index 119 per growth in eight months in cent above where it was a farmers' incomes amounts ax bill in Senate extends most cuts a blazers" of 100 antron nylon flap pocket $13 Polycotton knit shirt features contrast tipped collar $9 Shirt of polycotton with trim on collar placket and pocket $11 All styles have the famous emblem of Munsingwear the embroidered penguin on the pocket three-button front placket and short sleeves Spring colors SMLXL Men's Sportswear Department current provisions that allow wealthy investors to escape a large share of taxes No senator has spoken out against tightening the laws but a bloc of liberals is planning a floor fight aimed at taking away even more of these tax breaks The liberals led by Sen Edward Kennedy D-Mass prefer the plan approved by the House which would limit the amount of losses that an investor could use to reduce taxes on such income as fees and salaries In his opening statement Long defended his committee's decision to allow the major part of the individual tax cuts a $35-per-person credit to expire on June 30 1977 rather than make It permanent Long said the Finance Committee voted to let about half the tax cut expire next June because of the threat of renewed inflation and uncertainty about economic recovery "We did not want to tie the hands of the new administration which will probably want to present its own plan for economic recovery" Long said In his opening remarks Kennedy called the bill "a travesty of tax reform more tax privileges and benefits for rich and powerful individuals und corporations who are already traveling first class in our society while continuing the excessive tax burdens and inequities for ordinary WASHINGTON (AP) -The Senate began work Wednesday on a multi-billion-dollar catchall tax bill that would protect most Americans from a tax increase for another year It would make permanent the individual tax cuts approved last year except a $35-per-person credit which would be extended only through June 1977 The bill written by the Senate Finance Committee has been assailed by liberals as loaded with loopholes for the rich Backers defend it as a compromise that would crack down on loopholes without damaging Hie economy Sen Russell Long D-La chairman of the Finance Committee called the bill the most significant tax legislation to come before the Senate in many years In general terms the bill would reduce individual income taxes by $125 billion during fiscal 1977 which starts on Oct 1 1976 and cut business taxes during the same period by $3 billion But the bill goes far beyond an extension of exist- ing tux cuts It includes more than 160 soparute provisions ranging from the tax-cut extension which affects most Americans to a provision exempting state fairs from federal taxes on horse races to a complete overhaul of the estate tax The most controversial sections of the bill are those that would clamp down on IDunsinguiear Extension of FEA charter favored A bonus Day event dress and casual style SHOE SALE Reg 1499 Reg 1899 Reg 2699 990 1290 1 590 1 990 ment chose Aug 17 for the first sale of federal leases permitting offshore oil and gas exploration in the At lantic Ocean FEA proposed to end price controls on home heating oil and diesel fuel effective July 31 FEA said the move would not increase consumer fuel prices and might lead to a reduction The Federal Power Commission said the natural gas supply available next winter through inter slate pipelines may be some 30 per cent lower than last winter A spokesman said final detailed figures would be available later in the week WASHINGTON (AP) -The Senate voted Wednesday to extend the life of the Federal Energy Administration for 15 months and to remove price limits from low-producing oil wells Exempting the low-yield wells will result in a gasoline price increase of sev-esrtenths of a cent per gallon sponsors said JThe bill to keep the FEA alive through September 1177 was approved 81 to 12 The House has voted to extend the energy agency for 18 months and a conference committee will attempt to reconcile the two versions Meanwhile in other energy developments: The Interior Depart Reg 3199 Just in time for Father's Day casual and dress shoes in leather easy care materials or suede from Winthrop and Van Worth Not all sizes in all styles Men's Shoe Department illarcL's DAY SPECIALS FRIDAY-thru-SUNDAY GIFT FOR See Our AD in Classified Fri-Sunday PAGAN LEWIS MOTORS PADRE-STAPLES.