New York City Faces Bond Default Without Teachers Fund Aid
Gov. Carey warned the city could default on nearly 0.5 billion in notes unless the teachers pension fund provides about 150 million in cash. Trustees met in midtown to seek a last-ditch rescue as a 2.3 billion package aimed to keep the city solvent through December hung in the balance. Albert Shanker urged broader contributions from all retirement funds, noting the teachers have already bought 138 million in city bonds.
MENTIONED IN THIS ARTICLE
New York
Hugh L. Carey
New York City
Manhattan
Albert Shanker
United Federation of Teachers
Shanker
Teachers’ Fund
Rockefeller
Virginia
Newport News
Eisenhower
Congress
Ford
California
Ronald Reagan
Reagan
Isabel Peron resumes Argentina presidency after health leave
Isabel Peron returned as president of Argentina in a simple ceremony replacing acting president Malo Luder after a 32 day health leave. She appeared fit and planned a mass rally to solidify support while security agencies hunted bombs tied to Montonero threats.
MENTIONED IN THIS ARTICLE
Buenos Aires
Argentina
Isabel Peron
Malo Luder
Plaza de Mayo
General Labor Confederation
CGT
Peron
Montonero
Communque
Fiduciary Rules Scrutinized in Central States Fund Case
The Central States Fund faced scrutiny over fiduciary duties as it lent seven million dollars at four percent to Beverly Ridge with a decade before principal repayment and a 25 year final payoff. Saratoga Development Corp. filed for bankruptcy in San Diego with debts exceeding assets by over fifteen million dollars. Investigators note records are scattered across county and state offices, with potential criminal risk if fiduciary duties are breached, though civil action is typical.
MENTIONED IN THIS ARTICLE
Sen. Williams
Central States Fund
Jloffa
Labor Department
Internal Revenue Service
Chicago
Federal budget talks mix growth, spending, and New York risks
The report notes third quarter GNP growth of 9 to 10 percent in a surge marked by James L. Pate calling it not a true boom. Welfare spending for 1973 totaled 22.6 billion with 13 billion for medical care, while the Fed issued credit access rules and lawmakers debate a 395 billion budget ceiling. Seay, Simon challenge budget reform aims, oppose federal bailout for New York City and warn of economic pain without coordinated cuts and tax measures.
MENTIONED IN THIS ARTICLE
Asst
Commerce
James L. Pate
Atlanta
Department of Health Education and Welfare
Federal Reserve Board
Sirmon
Ulman
Congress
Ford
Next Seay
Simon
Mans
New York City
Welfare rolls rise as aid costs hit new high
AFDC monthly rolls top 11.3 million with total welfare costs reaching 2.1 billion dollars per month. HEW reports 59 percent of costs from Medicaid as general assistance and emergency aid rise sharply, while modest declines in AFDC rolls are noted amid improving economy and enhanced program management.
MENTIONED IN THIS ARTICLE
AFDC
HEW
John A. Svahn
Svahn
Bank Robber? Double Life Exposed in California Case
A San Jose salesman who died by suicide after a police confrontation is suspected by the FBI of robbing at least four area banks since 1971. Investigators link a maroon station wagon, a .38 pistol, and similar getaway patterns to John Binger, 39, who left a widow and two children. Authorities note the total haul could reach about $50,000 and say the man lived an outwardly respectable life while committing the holdups.
MENTIONED IN THIS ARTICLE
San Jose
Calif
FBI
John Binger
Henry J. Down Sr
Binger
San Francisco
Frank Perrone
Perrone
Down
Bank of America
Federal credit rules weigh denial explanations and marital checks
The article describes a written explanation requirement for credit denials and a federal form creditors can use. It notes allowances for inquiries into marital status or a spouse’s earning power, especially for joint and community property states. It also explains supremacy of federal law over conflicting state rules and the effect on usury ceilings for married couples with separate accounts.
MENTIONED IN THIS ARTICLE
Fed
Bucher
Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Hassan Backs Nonviolent Moroccan Movement Against Spain
The Moroccan king said a nationwide, armless march would respond to Spain with legitimate defense if needed. Volunteers would travel by special train to Marrakech and then to the Spanish Sahara border in buses, aiming for no armed conflict while ready to defend if confronted by non-Spanish forces.
MENTIONED IN THIS ARTICLE
Spain
Marrakech
Spanish Sahara
Four Infant Deaths Under Investigation by Dr Hudson
Cp and Frederick report deaths issued from Page One as Dr Hudson and assistants pursue a common link among four child deaths. They study prior findings and seek the cause. Officially, investigations continue with the preliminary death report labeling Ivor Vincent's death as an infant sudden death syndrome.
MENTIONED IN THIS ARTICLE
Frederick
Latasha
Hudson
Ivor Vincent
Nobel laureates discuss virus cancer link and independent work
Dulbecco, Temin, and Baltimore share the prize for discoveries showing the interaction between tumor viruses and cellular genetic material. Dulbecco, now at Lon don’s Imperial Cancer Research Fund, notes surprise at co winners given their independent research paths. Temin and Baltimore recall past student relationships and their congruent yet separate paths.
MENTIONED IN THIS ARTICLE
London
Imperial Cancer Research Fund Laboratory
Sweden
Caroline Medical Institution
Also Mentioned on This Page
Carey
Emergency Financial Control Board
City Comptroller’s Office
Municipal Assistance Corp
State Court of Appeals
Felix Rohatyn
MAC
Rocky
Sts. Peter and Paul Russian Orthodox
Passaic
N.J
Juan D. Peron
Deta
National Weather Service
Ngaa
Dept. of Corree
Canada
United States
Pacific
Midwest
National Northwest
Weather Service
Big George
Virgil Partch
Sanford
Crocker National Bank
Joan C. Binger
International Court
Algeria
Kalémak Cafeteria
Danville’s Fine IS
Hallmark Cafeteria
Bation Park
Diel
Jerrt Detse
Nobel
Fuge Ome
Dulbeeco
Temin
Baltimore
Dulbecco
California Institute of Technology
Las
Gregory General Store
Jove
Key Largo Sales
South Boston Road
CS Lcr
Tris
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