Lubbock Avalanche-Journal from Lubbock, Texas on April 7, 1975 · Page 12
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April 7, 1975

Lubbock Avalanche-Journal from Lubbock, Texas · Page 12

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Lubbock, Texas
Issue Date:
Monday, April 7, 1975
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Page 12
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^ 7, 1975 U\ND KING VSD QbJJ N-J.inis Jones, the daughter of Mi', ami Mrs. Carl \V. .(ones .of :UO!) L>ni.h St.. and Jimmy (•.awards, the son ,.f Mrs. John Kclwaids of '^OS '-'I'ticl St were recently crowned ffiicen and kin" of the Luhbook Hi"ii School Kami. (Staff Phnio by Harvey M;ulisonl Simon 'Sees Blue" 1 In Recession Sky (Continued From 1'ngc One) Americans jobless, jt'was tlie third consecutive month the unemployment rale has boon above 8 per cent. In January and Kcbniary il was X.'J ]><T ri/nl. INFLATION: Tin' Consumer Price .Index (CPU rose ().(> per '•frit in February —tho sunn: increase as January wilji food pi ices registoriiiH a ;;aiii of only U.I per cent, the smallest in seven months. But [>riei's lor non-food goods look an upward Htm in February - O.S PC;- rent compared with 0.6 pur cent in • January and 0.1 per cent in December. WIIOLKSALK PRICKS: Continued drops in food prices brom;ht the .Ma:vh wholesale Parr Clan Holds Secure Position In Duva'l Politics i price index down slightly for the fourth consecutive month, the first lime in 12 years it has fallen for loin- motilhs in a row. i However, price's tor industrial 'goods continued to ease up•'ward. The wholesale price inde\ for March wa.s 170.-! - 0.6 per (-rut lower than February; i!-.:i higher than a year ago. Industrial goods were 0,1.' per cent, higher than las! month R 10 A L SPENDA13LK IXCOAIK: The real spendable i:;r.'nings of workers fell ,r> per cent during FcbruHry, the seventh decline in eight months. SALK.S: Retail sales for the year to da to are Ij per cent ahead of the same period for l!l~i. the Commerce Department said. Sales for the four uucks from mid-Febniary to mid-Mai-i:h also were 6 per cent n|i from la -it ye;i'\ OUTPUT: The output of mines ami utilities font in February — straight month of (Continued Krmn 1'anp One) Viell out of OUT polities." Parr .said. 'Manges, who \ia> allied with the Pairs and posted murr than .S^'50,0110 in cash bonds for (joorgc and Archer in their recent -federal trials, is now allied uith the Cairillfjs. according to Parr. Oscar Carrillo denies Die i-iaim. Manges, who shuns t.ho spotlight, lias not been available for comment. Oscar Carrillo. who could not lie reached for comment after the election, had said earlier he Irarrd a ".sympathy vote'' for (icrogc Parr might defeat his <-an(lidates. "\Vr may lose 1 , but I'd rather be right and out than u rung and in.'' Archer Parr had predietorl a "landslide" for his candidates; rarlicir in the: week. "There'll he no doubt after Saturday niioni who's running this county," he .said. After the election results were in late Saturday, he reminded a reporter of the prediction. 'fell :i ptv tlie iiiih dee line. TltADK posted a Connally The linked Slates record S91.7 million trade .surplus in February because of the deepest reduction in oil imports since tho Arab embargo of '197:>. The figure was a .sharp itirnurcund .from a trade deficit of S210.5 million in January. TXDICATOflS: ' The Commerce Department's composite index of leading indicators turned up in February, ending a six-month skid that has paralleled the decline in the overall economy. The index rose 1 per cenl in February ; 'vviih rising .stock prices responsible for most of the surge. But using late-arriving data, the ; department said January's per- loi-numeu wa.s wor.se than originally reported - clown 2.9 per cent instead of the :i.3 per 1 cent announced last month. The index now stands at ,156.6 I .compared lo 170.2 in February' 1 ! 197-1. HOUSING STARTS: Housing! sums in February dropped ''>'• per cent from January. New| homes and apartments were put under construction in' February at an annual rate of! 971.Odd units compared with Mii.UXiO units in Januan- ' (Continued From Pa.(ye One) money when Conrially refused! "17"' the payofls. , y J[ Williams will also ntiack the' agreement under vJiich Jacob-:-j on consented to testify Tor the, piw<K:Llti<;n. .Jaeoljxeri pleaded' Kiiill.v to a single (-01111!. of niakm" an illegal jrraliiily i.o a public official, for which lit luo \c,<r prison inlo the [<!ca could receive a sentence. licfore eiilerin bargaining airair_;emeni. Watergate prosecutors, Jacobs- rn faced trial in Washington on f.ao perjury counts, and in Te.xa.-; on several felony counts relating to an .SS2.").OOU bank fraud. ff'oirfimiftd From Pugr. One) Mo-,1, parents lived in fear of j a phone call thai so frequently i came, .saying that their cliildj .had died, either of disease or in 'the fitrhtin.^. Then finally came the hour! when the families knew that' their plane child wa.s bound fo; - boarding the United, States. Now. for over ;i ilies. the dream will end with that phone call. OYSTERS*3 25 While supply lists .. We iccepl looi! stamps FISH SPECIAL TROUT 99 e Gulf^Coast Fish«Shrimp Co.- <Hh ( Memphis Open 100. Mm.'Sit. 739-'||j 1118 Pirttwiy OmejMJLWtj,. thru fri.. J?.(j|jtii Sal. IH: Cltstl Individual States Tightening Belts By United I'rt-ss International Stale governments, like Mom and Pop cleaning out the bank account to pay Lhe grocer and the dentist, are paying their hills with those extra billions that looked so good and safe last fall. And, as it goes at bill paying sessions at home, the orders in the 50 United Slates are cut, trim and belt tighten. In state after -state, the combination of inflation and recession has cut into income. Coupled will) newly elected legislatures' .spending promises and cries of anguish from stair budget directors that there's no money to pay for them, many •states are teetering over a sea of red ink. A survey last fall showed there was approximately $4.1 billion in surplus money scattered throughout, tlie stairs. _ A P'' il survey shows a paper surplus of about .,.,.„ billion, with some of it alreay .spent lliiough overly optimislic tax culling and building programs and some earmarked to cover upcoming deficits. Texas is a good example. Last year Texas had a projected t.5 billion surplus. In April it has dwindled lo $750.6 million, with Hie appropriations hill for the next two years not prepare. The vanished Texas surplus is blamed on sagging tnx revenue -and the deepening; re c e s s i o n, plus emergency spending bills passed by "stale legislators. .Stale Comptroller Bob Bullock, in justifying his $7. r >tl.(i million surplus estimate, .said "I'm not Koinff to »o out with a witching red lo find something that's not there. If the legislature is going to dance this session, somebody's ROWS U) have to pay thn fiddler." In contrast, a lot of slates, if not prosperous, are generally healthy. The fuel shortage and rising coal prices has helped Kentucky and West Virginia both keep $125 million surpluses. California has an estimated $552 million surplus, with hopes of holing on to most of it in the next budget year. Minnesota has an estimated S400 yillion surplus, and Oklahoma, \vith increasing gas an oil inconie, an estimated $190 million in extra cash. Oilier stales with solid surpluses and generally healthy economics are Montana, Kansas, Hawaii, Iowa, Indiana, North Dakota and Arkansas. Rut for many .states, it is a fight to find ntnttev to pay dm bills. iMassachussets with its high unemployment and sa' r ' r in<* income faced a deficit that could go as high as 54^5 million. "Look, the slate is broke, dead broke," said Gov. Michael S. . Dukakis. "When you're broke, you can do two things: You can go to tlie taxpayers— who themselves are not doiiig loo well—and ask them to cough tip some more; or you can cut. We're going that second route just as'hard as we can...." New Jersey lias an estimated S487 million deficit and must find tlie funds to balance a bare-bones budget. Connecticut, with the highest sales tax in the nation—7 per cenl—has a projected deficit of $flO million. Florida is trying [ 0 meet a S-'S2 revenue deficit by culling spending and dipping into its capital reserve fund. New York ended its April 1 fiscal year with an X18.5 million deficit. Stale officials said at least $500 million in new taxes will be required to balance a $10.4 billion budget. Other states facing deficits are New Hampshire with $12 million and Vermont with $G.l million. Illinois has a $215 million general fund balance. No\v it must spend it all. Gov. Daniel Walker, in commenting that savings are for an emergency, said, "The rainy day has come. Uncertainty became a certainty and the certainty is the recession...it is time to use that money." Michigan, with its limping auto industry and widespread job layoffs, is struggling to balance its budget. Its $207 million surplus from last year has moiled lo $200,000, and fiscal experts say the state faces a $10:', million deficit next in the next two years. Straight about NE GHBOR-SAVING TO UPPER MIDDLE INCOMERS Wi know, of course. \vha( Bank of (he \\ ,>>t clnrs with \otir nionny in a MifGHBOR-SAN KK Mivinus n.-count, or in your C \Y<, \\ r pm it u, ^ O rk. riiuinciiii.' (•\piinsion. or a |nck-ii|t. or a nr-w car. nr a colics- education — or a /illion otlu-r things. Pxtl as'ulr iVoin all ihiil. and from the uay il will -.'row Do you hiivc any idea hou hiii ym look d. a creditor, if your statement slto\\s a CASH KESKH\ K, ]>ul auay on ice. so lo speak, and only to hr touched in lh«' j-'ra\e.-t crisis? If u.n'rc a professional num. have NOU .-MM- though VOi: m ii:hi als.i soim-limr need a crisis reserve And In- the uay. isn't il sori of a uotid id,> a to si^h Ilial n-serNe in a SL'XiOM) luu.k? You <'an'l have KM, many (rinuls. can \ ,,u? \\VII. ue'd sure like K> he one o( em! of the MEMBER FDIC *THIS .AMOUNT IS BASED ON 5'/.% ?KR YEAR, COMPOUNDED DAILY AND YOUR ACCOUNT IS NOW JNSUKKD UP TO SIO.OOO. Banking Hours: SOUTH PLAINS MAIL LOOP 289 and SLIDE ROAD Monday thro Thursday 9-3 Friday 9-6; Saturday 9-1 Drive-in Tellers open 'til 6. TV Teller in »he Moll open 'til 7 •WS-A.

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