Major Banks Cut Prime Rate Amid Market Drop
Morgan Guaranty Trust led a group of banks in trimming the prime rate to 5 from 6 percent, with others including Bank of America Chase Manhattan Continental Illinois Girard Trust and Citizens Southern following. The move did not stop a broad stock decline, the Dow dropping 12.78 to 855.65 as analysts blamed economic uncertainty rather than rate cuts. President Nixon sought authority to control interest costs in Phase 2 while Treasury Secretary Connally expressed pleasure at the move.
MENTIONED IN THIS ARTICLE
New York
Morgan Guaranty Trust Co
Bank of America of
San Francisco
Chase Manhattan
Continental Ilinois
Chicago
Girard Trust
Philadelphia
Citizens & Southern
Atlanta
Wall Street
Anayysts
Emmett G. “Soloman
Crocker Citizens National Bank of
Nixon
Congress
Treasury
John Connally
American Bankers Association
Columbus Man Guilty Of Assault And Battery
A 245 pound Columbus man was found guilty of aggravated assault and battery on a 165 pound former friend in Warren County court after lengthy deliberations. Robert Johnson of Cottage Park was accused by Norman J. Penoyer of Union City following an incident at the Johnson home. Penoyer said he was struck several times and shoved through a screen door causing head injury and broken ribs. A neighbor and Johnson’s wife were present during the attack. Penoyer testified the dispute involved wages for loading junk and alleged past improprieties with Johnson's wife. Penoyer required hospitalization for a concussion and contusions. The defense will continue on the back page.
MENTIONED IN THIS ARTICLE
Columbus
Warren County
Robert Johnson
Cottage Park
Norman J. Penoyer
Union City
Johnson
Penoyer
Robert Klakamp
Penelec Lightning Arrester Explodes in Corry Night
A lightning arrester at the Corry central substation exploded around midnight triggering a brownout across parts of the city. About 250 customers had dim lights for two hours and 800 lost power for about 20 minutes while crews replaced a fuse. A portable substation will cover repairs as investigation continues.
MENTIONED IN THIS ARTICLE
Penelec
Edward Zarger
Corry
Corry Central
Second Avenue
First Avenue
Concord School
East South Street
Zarger
Penelee
General Telephone Co
Bar Association Declares Nixon Nominees Unqualified
The American Bar Association Judiciary Committee in New York voted 11 to 1 against Mildred L. Lillie and 7 to 5 against Herschel Friday as unqualified for the Supreme Court. The Post notes Nixon has not announced final picks and Senate consideration may be delayed by a holiday recess.
MENTIONED IN THIS ARTICLE
Washington
Washington Post
American Bar Association Committee
Nixon
Supreme Court
Judiciary Committee
Mildred L. Lillie
Los Angeles
Herschel Friday
Little Rock
ABA
Senate
Post
Atty
John Mitchell
Mitchell
Friday
House of Delegates
Board of Governors
New York
White House
Congress
Senate Judiciary Committee
State urges stronger fire safety rules for Pennsylvania nursing homes
Harrisburg AP State Labor and Industry Secretary Paul J. Smith blasted existing nursing home fire laws as inadequate citing the Honesdale and Beaver County fatal fires this year. He backs proposed sprinkler and smoke detector requirements noting opposition from operators.
MENTIONED IN THIS ARTICLE
Harrisburg
Labor and Industry
Paul J. Smith
Pennsylvania
Smith
Honesdale
Beaver County
Tam
HUD Sees People as Key in Urban Renewal Move
HUD emphasizes residents as core in urban renewal. The Fairchilds, first relocated from the Fourth Ward project, bought a home at 117 Park Street after living 15 years above the relocation office. HUD offers moving payment based on rooms and an additional relocation payment up to 500 for year one and 500 year two, to ease the upheaval for uprooted families.
MENTIONED IN THIS ARTICLE
Federal
Department of Housing and Urban Development
HUD
Fourth Ward
Donald G. Fairchild
Park Street
Dale Hammerlee
Fairchilds
Hammerlee
State Truck Hits Parked Car In UC
A Pennsylvania Department of Transportation truck struck and damaged Dr. Harold Cooper’s 1971 Chevy station wagon in Union City about 9 30 Wednesday morning. Cooper had parked in front of the Union City Post Office. The truck, driven by Larry Geer, 21, of Union City, backed into the car as brakes failed. The Cooper car sustained $300 in damage. no injuries were reported. Charges are pending against Geer. State Police assisted Union City Police in the investigation.
MENTIONED IN THIS ARTICLE
Harold Cooper
Titusville Road
R.D
Union City
Pennsylvania Department of Transportation
Cooper
Larry Geer
Center Street
Geer
Carl Buckshaw
Paul Behan
Gas price rollback led by Wanda Petroleum
A Texas oil company agreed under government pressure to roll back about six million dollars in propane price increases. The move could trigger a larger, one hundred million dollar rollback by seven other major oil firms as authorities probe compliance with Cost of Living Council guidelines. The report also notes appointments and hearings shaping Nixon era price controls and tax cuts.
MENTIONED IN THIS ARTICLE
Washington
Texas
Nixon
Wanda Petroleum Co
Houston
Internal Revenue Service
Cost of Living Council
Arnold BR. Weber
Council
C. Jackson Grayson
Southern Methodist University
School of Business
New Price Commission
White House
Commission
William Proxmire
D-Wis
Joint Economic Committee
Proxmire
House Banking Committee
Treasury
John B. Connally
Senate Finance Committee
Weber
Snowmobile Bill Gets Changes in Proposed Amendments
An amendment to Act 75 the snowmobile bill was introduced by Rep Forest Hopkins North ast who introduced the original bill. Hopkins met with Ralph Abele executive secretary of the Joint Legislative Air and Water Polution Control and Conservation Committee and officers of the Pennsylvania State Snowmobile Association. Changes would take effect January 2 1972 raise registration from 5 to 10 every two years cut decals size from 5 to 3 inches to fit on vehicles and reduce costs. Brakes standard to be set by secretary to accommodate new designs muffler sound levels also adjustable by the secretary. Fees collected must be used for snowmobile activity in the state to build and maintain trails not placed in General Fund.
MENTIONED IN THIS ARTICLE
Forest Hopkins
Northast
Hopkins
Ralph Abele
Joint Legislative Air and Water Polution Control and Conservation Committee
Pennsylvania State Snowmobile Association
Divorce Reform Denied Sparks House Divides in Harrisburg
In Harrisburg, the Pennsylvania House defeated a divorce law reform bill 75 to 112 after a heated session on religion morality and motherhood. Chief sponsor David N. Savitt of Philadelphia revived the measure for possible reconsideration, though he conceded it is virtually dead. Senate action focused on confirming Maurice Goddard as secretary of Environmental Resources, a nomination stalled by opposition over a Montgomery County dam plan and criticism of the department’s size. Democratic leaders pledged a vote when the Senate returns.
MENTIONED IN THIS ARTICLE
Harrisburg
House
Pennsylvania
David N. Savitt
Philadelphia
Senate
Maurice Goddard
Goddard
Edwin G. Hall
R-Montgomery
Montgomery County
Richard A. Tilghman
Montgomery
Department
Department of Forests and Waters
Chamber
Savitt
Also Mentioned on This Page
Morgan Guaranty
Woods
Bar Association
Patrick Stephens
Journal
Eaton
Corry Bridge and Supply Co
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