December 15, 1974

article on impact on US econ of legalization of gold ownership by Amers notes recent testimony by Fed Reserve Bd Chmn Arthur F Burns and Sec William E Simon shows there is no unanimity on question; says major potential problems involve withdrawal of funds from ordinary channels of savings and investment and internatl exch value of dollar; says because normal indus, artistic and dental uses of gold exceed small US gold production, gold is already being imported; notes all gold bought by private investors and speculators will add to US imports, thus impairing both US trade balance of its over-all balance of payments; says if everything else were equal, this would put downward pressure on dollar's exch rate, which is currently floating against other major currencies; notes this additional import demand would tend to lower value of dollar relative to other currencies and would tend to increase dollar prices of goods imported and of types of production exported, adversely affecting US efforts to bring inflation under control; describes criticism by James E Sinclair of US Treas plans to auction 2-million ounces of gold in early Jan; illus of gold bar (L)

Home builders say furnished model homes do not misrepresent product but do show it in best possible light; most developers hire outside decorators to furnish rooms; Neil Braille, pres of Norman Harvey Assocs, 1 of largest home decorating cos in US, comments; illus (L)

BALTIMORE, Dec. 14—In playing the team against which he achieved a legendary niche in professional football history, Joe Namath will make what could be his farewell appearance for the New York Jets tomorrow.

Revised planning for Sherman Creek area of Inwood sec of Upper Manhattan calls for creation of state park around remodeled Con Ed generating plant; projected cost of park is about $25-million (S)

NYC met area striking milk drivers and plant employes vote, 1,104 to 604, to accept new 2-yr contract, thus ending 11-day walkout; contract represents compromise between Teamsters Local 584 members and Greater NY Milk Dealers Labor Com; compromise involves retention of present formula on commissions, which was major issue in earlier rejection; commission drivers agree to give up part of salary increase they won in earlier talks; settlement is not expected to increase milk prices; plant workers are expected to return to work on Dec 15; under new contract, drivers will retain old percentage of 1.5% of dollar sales, but will receive no increase in wkly base pay in 1st yr and only $8 in 2d yr of contract; plant employes and drivers who do not work on commission will receive increases of $34 a wk in 1st yr and $20 more in 2d yr; illus (L)