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Show VOLUME 17. NUMBER 263. Justice Douglas Hits Oil Firms, GM Had Banner 73 Year But Sagged At End DETROIT (UPI) down MISS. (UPI) -SCourt Justice William 0. upreme Douglas has accused the petroleum industry of using the energy crisis to boost prices and blocking the development of new sources of ' energy. "The energy crisis is largely he told students at the University of Mississippi, January 28. "Our problem is a fuel OXFORD, record 5,073,296 cars in the United States in 1973, a 5.2 per cent increase over 1972. But, by the end of the year, it had announced thousands of workers would be laid off as big cars began piling up in dealer showrooms and lots. GM sold a For the entire year, GM reported record profits of nearly $2.4 billion on sales of $35.8 billion, compared with earnings of nearly $2.2 billion on sales of $30.4 billion in 1972. Per share earnings in 1973 were $8.34, compared with the previous record of $7.51 in 1972. the final quarter dollar sales of over $9 billion were slightly hove the $8.8 billion in the final three months of 1972. In r.ist Chairman Richard and President Edward Cole said the 1973 results reflected a significant increase in sales volume and mirrored the general strength of the economy during most of the year. Ger-stenbe- CIA, Engineers note which obscured its distinction as the most successful in General Motors' history." General Motors Corp. reported, January 31, it had record 1973 earnings, but said profits in the final three months were down from the previous year because of the gasoline shortage scare and higher labor costs. GM rg "The close of the year was shadowed by concern over the international oil shortage and uneconomic widespread in a said certainty," they statement. As a result, car buyers hesitated, sales slipped and inventories piled up. "General Motors and other manufacturers were forced to trim production and lay off workers," they added. "The year ended on a self-created- Smog Fouls the Courts WHAT HAPPENED? judge. Angry about increasing smog, a group of California farmers organized to clean up the air. "It's all the cars," said the group leader. "Their fumes are killing our crops." The farmers hired a lawyer who sued General Motors, Ford, Chrysler, and American ..... Motors.. ...... . free anti-pollutio- n "The energy crisis isn't a temporary thing to be resolved by the cleverness of the secretary of state," Douglas said. "We need solutions and the oil interests are blocking progress toward those." Douglas also rapped government secrecy and spying, saying he and the late Robert F. Kennedy "talked for about 20 minutes to a supposedly hidden mike once. . "Mrs. Douglas and I do that a lot at home, too," he said. "We like to give them something to listen to." The veteran jurist singled out the U. S. Corps of Engineers and the Central Intelligence Agency as arms of our long-rang- e "self-perpetuati- discussion on environmental and energy controls has been added to the program for Friday afternoon, February 22. Participating in that discussion will be Hugh C. WUfong, Esquire, Vinson, Elkins, Searls & Smith, Houston, and Morton P. Fisher, Jr., Esquire, Frank, Bernstein, Conaway & Goldman, Baltimore. Other topics to be covered in the course include tax aspects of real estate transactions, practical problems of condominium financing and ownership, leasehold mortgage financing, the joint venture, the structuring of real estate financing and development, and real estate investment trust and real estate syndications. . The registration fee for the Course of Study is $225, which includes admission to all sessions, a complete Bet of study materials, a reception, and three luncheons. For further information, write or call Paul A. Wolkin, Director, or Donald M. Maclay, Assistant Director, Courses of Study, ALI-ABJoint Committee on Continuing Legal Education, 4025 Chestnut Street, Philadelphia, Pa. 19104, telephone (215) three-da- y A 387-300- 0. (See details page 4) ... .. . Expert States - ARAB OIL EMBARGO FAVORS U.S. DOLLAR NEW YORK The Arab oil embargo started a flight to the U.S. in recent weeks gathering momentum to dollar proportions. Reason for the rush of overseas holders of Japanese and European currencies to put their money into gold or U.S. dollars is based on the belief that the U.S. economy is far less dependent than Japan and Europe on Arab oil. Foreign buying of dollars was also based on the improved U.S. balance of payments position, now on the black side of the ledger. But that position is vulnerable. Strength in the dollar e makes goods more costly and buying may slip. As a result of the rush for dollars, Europeans urged Washington to take action to hold the market value of the dollar down. Foreign central banks are already doing so. Aim: To support the value of their currencies so that their foreign exchange reserves will not be depleted. near-stampe- e, Utah Supreme Court Decisions Juggle 2 Goals, - The course will be held February 21, 22, and 23, 1974, at the Sheraton-ScottsdalScottsdale, Arizona. The "They have improved so many rivers that we hardly have any rivers left." He charged that the CIA "has spent millions of dollars to throw elections in foreign countries" and "they spent $24 million to assassinate President Diem in Vietnam." Tax Laws Must WHO WON? tion. civilians employed," he said. government. "The Corps of Engineers must The federal courts cannot help in this battle against smog, ruled the American Judicature Society Names New Director d bottom. devices in all exist- Joint Committee on Continuing Legal Education of the American Law Institute and the American Bar Associa- Frederick D. Lewis, Jr., director of the University of Miami Law Center, has been named executive director of the American Judicature Society, President John S. Clark announced today. Mr. Lewis will formally assume his new position at the Society's annual meeting in Honolulu next August. He succeeds Glenn R. Winters whp has headed the Society for 34 years. Mr. e Winters will continue as a for and lecturer writer consultant, the Society. The American Judicature Society is national organization a Chicago-baseof judges, lawyers and other citizens dedicated to improving the administration of justice. It publishes a monthly journal, conducts conferences, and carries on general research with respect to all aspects of the administration of j ustice. "The oil industry keeps the supply of oil and gas low enough to boost prices and makes sure all other energy sources are on the ing cars. "That's ridiculous," said the attorney from Detroit. "The court has no power to order any such thing. " discussion on "Environmental and Energy Controls: Their Impact on Real Estate Development" has been added to the program of a Course of Study, Modern Real Estate Transactions IV, to be sponsored by the t "Antitrust laws deal only with maintaining competition in industry," said the judge. "They can't be used as a panacea to cure all the ills that befall our citizenry." (Rased on a recent fetleral court case in California as retold by University of Miami Professor. I oh n Hitter and Miami A ttorney Paul Levine). somehow find a way to keep 40,000 monopoly. "The auto makers have conspired to keep air pollution control devices from being developed," said the lawyer. "That's a violation of the antitrust laws." The lawyer asked a federal judge to require the companies to install Controls A ," Legal Briefs Real Estate Course To Examine Impact of full-tim- TUESDAY, FEBRUARY 5, 1974 SALT LAKE CITY, UTAH U.S.-mad- NEW YORK ( ACCN) The basic conflict in our Federal income tax laws is between equity, and the need to stimulate economic growth and achieve other economic or social objectives, a former assistant secretary of the Treasury for tax policy told Tax Foundation's 25th National Tax Conference. John S. Nolan, who held the post from April 1969 to December 1971, said economic incentive measures will be needed "at least as long as we are to have a highly progressive tax system which includes an unintegrated corporation income tax." He emphasized our present system is progressive, taking 45 to 50 percent of individual income over $50,000 when state and local taxes are included, and "tends to burden savings." He said that effective rates would be much higher the without capital gains which largely tends to preference double the tax on cormitigate porate earnings. "The adverse impact of a substantial and progressive income tax on capital formation may be so severe as fairly to demand if we are moderation provisions ' to have a healty and growing economy, reflecting increasing productivity and a high level of employment," declared Nolan, now a partner in the Washington law firm of Miller & Chevalier. Nolan pointed out that most of the tax incentive or tax been have items that preference written into U.S. tax law exist in the tax systems of every other major industrialized nation. Nolan defended the minimum tax on preference income included in the Tax Reform Act of 1969 as a "practical and appropriate" method of reconciling equity and , Probability is that should Romania succeed in its efforts, a precedent will be set for both the Soviet Union and the People's Republic of China to join. But the chances are slim of Romania's request being granted. As if and when the recently legislated United States Railroad Association gets into operation, calling for the government backing of loans to improve the nation's rail package, it will benefit companies related to the upgrading of tracks, ties, roadbeds, rail passenger cars, etc., etc. American corporations profited handsomely from operations of their business and plants abroad during the past couple of years when the U.S. dollar Value was going through the same sinking spells now afflicting foreign currencies. But the tables have turned. The value drop in foreign currencies will slash their overseas profits when, converted into dollars. Question answered: The People's Republic of China is not a member of the International Monetary Fund (IMF). Reason: Peking doesn't like to discuss its national economic statistics as is required of all IMF countries. The Soviet Union isn't an IMF member for the same reason. But, Romania, a communist country, did join the IMF last year. However, it is still negotiating to retain its membership without disclosing its economic figures. so-calll- the basic objectives preferences. of tax |
