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Newspaper
Bridgeport Telegram
Location
Bridgeport, Connecticut, United States of America
Date
Sep 24, 1975
Page
19
In London and Zurich, dollar strength sent gold prices skidding while the British pound plunged to near record lows. European banks sold assets to slow the dollar rise as IMF actions weighed on currency markets.
Washington AP reports Fannie Mae Auction shows average yields for government insured loans at 9.86 percent and conventional loans at 9.921 percent the highest since November 1974, signaling higher borrowing costs ahead. The rise pressures increases to cap mortgage rates under current FHA and VA limits.
In London on December 30 the dollar remained firm as Americans regained access to gold. Across Europe the dollar rose in Zurich to 2.7302 Swiss francs, Frankfurt to 2.6735 marks, and Paris to 4.58125 francs as traders cited shrinking German trade gaps and confidence in the U.S. economy.
A snapshot notes that Britain hosts about 15,000 fish and chips shops, tracing the dish as an original convenience food eaten on the street. It highlights a century of fondness from the Industrial Revolution to factory workers needing cheap quick nourishment.
Consolidated Edison and Brooklyn Union Gas reported cautious confidence that there will be no gas shortage in New York this winter despite federal warnings. EPA head Robert Low said industry relies on gas, noting 3,000 printing firms use it for drying and costs of switching are high. He urged city officials to monitor efforts by the utilities to ensure access for all.
Aetna Life & Casualty said Tuesday it will lay off up to 350 employees by year end as part of a staff reduction at its Hartford headquarters. The firm employs more than 11,000 at the home office and expects attrition to fill some openings, absorbing about half of those affected.
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