Lower Discount Rate May Herald Business Boost
The Federal Reserve Board approved a discount rate cut today at the Philadelphia Reserve Bank, lowering the district rate from 3 to 2 percent. The move spurred stock price gains on the Pacific Coast, with banks expected to mimic the reduction, potentially lowering borrowing costs for corporations and individuals and fueling investment, plant expansions, and new product lines. Chase Manhattan immediately reduced its prime rate to 4 percent, and further cuts by other banks were anticipated, bolstering Wall Street optimism despite some mild disappointment that the change did not go further.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve Board
Philadelphia Reserve Bank
Pacific Coast Stock Exchange
San Francisco
Philadelphia
Otter Feder
Federal Reserve Banks
New York
Chase Manhattan
Closelv
Wall Street
Ike Sends Dulles To Middle East
Secretary of State Dulles travels to the Middle East after a 30 minute briefing with President Eisenhower. He will attend the Baghdad Pact meeting in Ankara as an observer and the United States pledges aid to defend Eastern nations against Communist imperialism per the March resolution signed by the President.
MENTIONED IN THIS ARTICLE
Washington
Eisenhower
Dulles
Middle East
Baghdad
Ankara
Turkey
United States
Eisenhower Dulles
Middle Eastern
Congress
Senate Group Okays Attorney General Nominee William P Rogers
The Senate Judiciary Committee approved President Eisenhower's nomination of William P. Rogers to be attorney general. Rogers had been serving since November and was selected to succeed Herbert Brownell Jr. in the administration.
MENTIONED IN THIS ARTICLE
Wyaonusgtongf
Senate Judiciary Committee
Eisenhower
William P. Rogers
Rogers
West
Ad-Receas
Herbert Brown
Jury weighs sanity in murder of Catherine Kit Elvis
Elaine Soule, 20, was convicted in Redwood City of second degree murder for killing 19 year old Catherine Kit Elvis with an iron and knife in a Burlingame apartment. Jurors deliberated about guilt and then must decide whether she was sane and set possible sentences from five years to life.
MENTIONED IN THIS ARTICLE
Girl
Redwood City
Calif
Elaine Soule
Blaine
Catherine Kit Elvis
Seattle
Heyan
Burlingame
Soule
Freeport
G. Brooks Ice
Kelli Sorenson
Railroad chemical car explosion rocks town and injures many
A railway chemical tank car on the New Jersey Transit line exploded near Nay and damaged dozens of homes. Police say no deaths, but injuries and hospital admissions occurred. The blast shattered windows at Hyde Park Elementary and disrupted utilities and phone service five miles away.
MENTIONED IN THIS ARTICLE
Nisara Janction
Hyde Park
Hirowin
Teachers Hear Plans For Pupil Exchange
About 80 teachers and Corry residents attended a Corry Area High School dinner meeting to hear two foreign exchange students from Finland and Germany discuss life abroad and home life in the United States. The American Field Service aims to host three exchange programs, bringing a foreign student for a year or sending a local student abroad for a summer program, with Miss Artati Viradihardja of India unable to attend due to illness.
MENTIONED IN THIS ARTICLE
Moila
American Field Service
Corry
Corry Mat
Dan Skala
Lawrente Park High School
Tikka Raima
Finland
Tim” ‘Timering
Germany
Tati Viradihardja
India
Raimo
Lawrence Park
Harborcreek
United States
Skala
Ciitizens
Corry Weather Sees Storm Front Approaching
Corry area faces worsening conditions as barometer falls signaling a storm. In two days the region has seen a progression of winter weather from rain to freezing rain sleet and snow with temperatures dropping from 43 yesterday to around 25 tonight.
MENTIONED IN THIS ARTICLE
Corry
Curfew Enforced After Caracas Riots in Venezuela
Curfew imposed across metropolitan Caracas from 8 p.m. to 5 p.m. as government troops patrol streets after a general strike sparked rioting and clashes. Reports say 20 killed and up to 1,000 arrested while U.S. residents in Venezuela total about 40 with $3 billion in investments.
MENTIONED IN THIS ARTICLE
Yacas
Lnyone
Washington
Caracas
U.S. State Department
America
Venezuela
U. S
Lota
Marcos Perez Jimenez
Alp
Interior Ministry
Los Teques
Valencia
Pueblo Nuevo
Moon
Reuther Invites GM Chief to UAW Convention Talk
Labor leader Walter Reuther invites General Motors President Harlow H. Chilige to speak at a United Auto Workers convention. He seeks acceptance of a 1958 profit-sharing bargaining plan as 3,000 delegates prepare to vote on the proposed program amid a tense labor negotiation climate.
MENTIONED IN THIS ARTICLE
United Auto Workers
Tia
Reuther
General Motors
Harlow H. Chilige
Smdell
Curtive
Curtice
UAW
Ke Winson
Bio Car Naniifetiers
Reither
Atlantic City
Thal
Education Tour: Pennsylvania’s Postwar School Boom
This installment examines Pennsylvania’s rapid school construction and the State Public School Building Authority. It traces postwar growth from deteriorated facilities to a modern system financed by bonds, with districts renting sites for 20 to 40 years to retire the debt. The piece notes early 1940s conditions and the shift to a state-led financing model.
MENTIONED IN THIS ARTICLE
Ry ‘Leonard A. Unger
Harrisuurg
P — Pennsylvaquia
progMn
Echoors
Pennsylvania
Paul
Mits
State Supreme Court
Commonwealth
Yehaul
Worst Blizzard In 46 Years Hits Midwest Heavy Toll
A historic blizzard plowed across the Midwest, dumping 15 inches in Kansas City and up to 18 inches in Odessa. The storm killed 17 people across Kansas, Missouri, Iowa, and Illinois, mainly in traffic crashes or heart attacks after shoveling. Roads iced over, six-foot drifts blocked major highways, and schools and plants shut down as record snowfall and 40 mph winds paralyzed the region.
MENTIONED IN THIS ARTICLE
Kansas City
Kansas
Missouri
Towa
Micnals
Illinois
Wisconsin
Great Lakes
Iowa
Topeka
Kan
St. Joseph
Lexington
Butler
Buter
Preventive War Policy Aired At Senate Hearing
Senate Preparedness subcommittee hears discussion of a top secret report advocating a unitary attack strategy to offset Soviet power. Chairman Johnson cites a comment by Admiral Nimitz who opposed preventive war. Johnson and the committee stress the plan emphasizes strategic planning and capability over direct attack.
MENTIONED IN THIS ARTICLE
Washington
Afcerca Y
Defense
McElroy
Senate Preparedness Subcommittee
Lyndon B. Johnson
Chester W. Nimate
Nimitz
Johnson
U. S
Hatlon
High Court Rules On Local Truck Case
Pennsylvania Supreme Court case involving Erie County and a truck sale over a 1955 overloading charge. The court overturned county court priorities on fines and storage costs, affecting proceeds from the sale to a credit corporation. Also notes Justice Michael A Musmanno undergoing surgery at Bethesda Naval Hospital.
MENTIONED IN THIS ARTICLE
High Court
Hennsyivan Superine
Harris Ford, Tne
Fri
Thoms McDivatt
Universal Cit Credit Corp
McDivatt
Here
Erie County
M. V Towin Moving and Storage Co
Erie
McDivight
Runtals
Betek
Herman’ S Nits
Fai
Credit Gioraray
Tyr
Stuvitt
Credit Corporation
Pittsburgh
Pennsylvania
Supreme Court
Michael Amusmanno
Bethesda Naval Hospital
Bethesda, Md
Dent elected to represent 21st District in Congress
State Sen. John Dent, a Democrat, won a special election to fill the seat vacated by Rep. Augustine B Kelley. Dent said he will seek a full term in November. With 20 of 270 precincts reporting, Dent led Herbert Morrison 29,786 to 120, a margin of about 57 percent in Greensburg PA, a coal and steel region east of Pittsburgh. Morrison, a Pittsburgh radio newscaster, had hoped for victory amid national dissatisfaction with federal policy. Results from remaining precincts to be counted later due to locked absentee sheets.
MENTIONED IN THIS ARTICLE
Greensburg
John Dent
Eismhower
Dent
Augustine B Kelley
Republic Six
Herbert Moreson
Pittsburgh
Scottdale
Deht
Morrison
Paul Butler
Kelley
Beaullis Tro
al- Uouh
Morison
GOP
State Police capture youths linked to string of thefts
Police nabbed three youths aged 15, 13, and an older teen after a car chase through Corry streets. They admitted stealing a delivery car from Riceville Corners and several autos in Pittsville and nearby towns. Investigators planned formal charges in Tinusville as the case develops.
MENTIONED IN THIS ARTICLE
Neo rEysgale
Elynee
Corry
Pittsville
Spadansbury
Ty Poliey
Hell
Hooper Micijved Qwll
Riceville Corners
Wemlant
Tre
Loval
Cappers
Ivor
Guopemcown
Sevrel Na Autos
Tinusville
Ies
Red Cross Cancels Instructors Course
Red Cross cancels an instructors course with plans to offer a standard home nursing class instead. Eight participants are required with an instructor coming from Altoona. The program is retooled to cover home care and sickroom basics, running seven weeks from Thursday to Friday 10 am to 1 pm.
MENTIONED IN THIS ARTICLE
Allerican Red Cross
Permons
Altoona
Bateuctors
Ped Cross
Fire destroys Erie bakery injures firefighter
A fire at the Liber I' Baking Co. building in downtown Erie caused about 75000 in damage. A second floor family escaped unharmed while firefighter Chester Shields was injured by a hose and treated at Hamet Hospital. Fire Chief Peter Kuhn cited the bakery as the fire’s likely origin. The Kieserwigs and their three children occupied the second floor. Theodore, 10, first noticed smoke and woke the family.
MENTIONED IN THIS ARTICLE
Erie Im
Liber I’ Baking Co
Erie Eurly
Chester Shields
Marion Kieserwicg
Theodore
Wisconsin GOP Solon Succeeds in Death
Wisconsin Republican Representative Lawrence H. Smith collapsed on entering a restaurant and died at Wally Reed Army Hospital shortly after arrival. He was the fourth member of Congress to die this year, a heart attack indicated by physicians. Smith, a long-time Foreign Affairs Committee member, served since August 1941 and leaves the House with 107 Republicans and 232 vacancies or independents.
MENTIONED IN THIS ARTICLE
Washington
Lawrence H Smith
Wisconsin
Smith
Wally Reed Army Hospital
Wis
Arrval
Ailes
Hoar
Unier
House of Bee
de George Calver
Forelgn
U S hits Soviet claims on bases in Middle East
The United States denounces a Soviet charge that Washington seeks to place missile bases in Baghdad Pact states. Dulles plans Middle East trip to Tehran and Ankara to bolster pact unity against Soviet pressure. State Department call frames Moscow as propagandist and aims to reassure allies ahead of the Ankara meeting.
Two Miners Die In Elevator Mishap At Mine
In Adgensburg New Jersey two miners Ralph Romyns and Lou Davenport were killed when a hoisting engine failed and the elevator plunged 500 feet in a New Jersey Zinc Co mine. Donald McKetchale, the mine superintendent, reported the cage dropped 1 600 feet? to the shaft bottom. both men were married, one a father of four.
MENTIONED IN THIS ARTICLE
Agdensburg
N. J
New Jersey Zinc Co
Ralph Romyns
Lou Davenport
Donald McKetchale
Yielims
Also Mentioned on This Page
Charles A. Swoldge
Nelson Rockefeller
William ©. Foater
Secretary of Defense
Defense Department
Coolidge
Rockefeller
Uitory
Wattine
Foster
Ike
Senate Group
Oks
Palermo
Sicily
An Aves
Finisylvania
Pynstruffinnyragenin
Penosylvania
H. Letaler
Gresfield County
Fay
Herbert Morrison
Cial
Midwest
Senate
Red Cross
Solon
Tehran
Baghdad Pact
State Department
Afikara
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