50 More Banks In Trouble Signal Fed Action
The Fed eased monetary policy to spur growth and boost loans while indicating 50 percent more banks on the government surveillance list, rising from 100 to 150. Only a handful face serious trouble, tied to Franklin National Bank’s collapse. Chase Manhattan lowered its prime rate to 10.5 percent as stock prices rose on the NYSE.
MENTIONED IN THIS ARTICLE
Federal Reserve
Justin T. Watson
U.S. Comptroller
Watson
Franklin National Bank of New York
Chase Manhattan Bank of New York
Fed
New York Stock Exchange
Sullivan denies support for Ringo permit in FBI probe
Los Angeles official Sullivan, a longtime opponent of the Ringo permit, said he never backed the project and had no knowledge of any payoff. He cited Ray Shira, the Ringo operator who invoked the Fifth Amendment, as the only person mentioning such payoffs. He offered no details, pointing to other individuals as likely sources.
MENTIONED IN THIS ARTICLE
Sullivan
Los Angeles County Civil Service
Ray Shira
Mills to Step Down as Committee Chairman
Waggonner reported that Congressman Mills, judged by his doctor as fully capable to decide, decided to relinquish the committee chairmanship. Mills told his wife Polly and then Bert to make the public announcement, expressing relief at the decision and acknowledging he is bone tired.
MENTIONED IN THIS ARTICLE
Paterson
Waggonner
Mills
Bert
Albert
Polly
It's winner take all as Ford urges united U S effort
President Ford likened the national economic fight to a winner take all sports contest at a 7th Annual National Football Foundation dinner, warning the penalty for losing is a weakened America. The remarks came amid energy policy talks with Nelson Rockefeller and a panel. Ford’s energy chief, Frank Zarb, attended, as Rockefeller’s commission advised bold choices.
MENTIONED IN THIS ARTICLE
New York
UPN
Ford
America
National Football Foundation
Waldorf- Astoria
U.S
Nelson Rockefeller
Frank Zarb
Rockefeller
Commission On
Senate
Ron Nessen
Essen
John Foster
Pentagon Weapons Research
Nessen
Foster
CHECK FRAUD CHARGES IN FORGED CHECK SCANDAL
Freeman and Bernard Howard, both 62, faced charges for conspiring to forge and cash three stolen checks totaling over 2.5 million. Freeman, freed on bond after bail reduction to 16,000, awaits arraignment. Howard’s bail rose to 250,000 with a preliminary hearing set for December 23. Authorities say the forged checks originated from a missing city treasury batch and involved alleged mob links and an inside job theory.
MENTIONED IN THIS ARTICLE
Freeman
Bernard Howard
Yonkers
N.Y
City Treasury
Tizures
Baal
Howard
New York
Carmine
Doctor” Lombardozai
Carla Gambino
Senate
Busch
Matthew Segall
Escapee killed in Pico Rivera crash
A 21 year old Maywood man, Steven Papp, who reportedly escaped from Metropolitan State Hospital in Norwalk, was killed when his pickup struck a car at a stop light at Slauson and Bluff Rest. Papp died at Beverly Hospital around 4:48 p.m. The other driver was uninjured. Authorities said Papp was heading home.
MENTIONED IN THIS ARTICLE
Maywood
Metropolitan State Hospital
Norwalk
Pico Rivera
Steven Papp
Pine Ave
Slauson Avenue
Slauson
Bluff Rest
Papp
Beverly Hospital
ITT Cont baking sued for bread monopoly activity
The FTC accused ITT Continental Baking Co. of attempting to monopolize the wholesale bread business in the United States. Continental, maker of Wonder Bread, said the charges are meritless and it will vigorously defend the complaint. Net bread sales in 1973 were 475 million, up 47 percent.
MENTIONED IN THIS ARTICLE
Washington
UPD
Federal Trade Commission
ITT Continental Baking Co
United States
Continental
International Telephone and Telegraph Corp
Rye
N.Y
ITT Continental
FTC
Justice Department
ITT
America
Osher
John Schaffer
Antitrust suits revived against three TV networks
United Press International reports the Justice Department revived civil antitrust suits accusing ABC NBC and CBS of monopolizing broadcast time by producing their own programs. The suits seek injunctions to curb ownership, syndication, and control of exhibition rights while excluding news sports and certain agreements.
MENTIONED IN THIS ARTICLE
Justice Department
Los Angeles
White House
American Broadcasting Companies, Inc
National Broadcasting Co., Inc
Thomas Kauper
Kauper
Schlesinger to phase out Pacific Air Force HQ in Hawaii
Defense Secretary Schlesinger announced the Pacific Air Force Headquarters at Hickam Field Hawaii will be phased out after March next year saving about 31 million annually and cutting 2400 military and civilian positions. Hickam remains a major base with Tactical Air Command taking most support functions while Military Airlift Command assumes Hickam duties. The disbandment awaits Congress review of the new unified command structure due March 1.
MENTIONED IN THIS ARTICLE
Washington
UPI
James R. Schlesinger
U.S. Pacific Air Force
Hawaii
Pacific
Hickam Field
Honolulu
U.S
Pearl Harbor
Sms Hickam
Pentagon
Tactical Air Command
Congress
Russell Defeats Glendale Opponent for 21st District Seat
Russell easily outdistanced five rivals to win the 21st District Senate seat vacated by John Harmer. Snyder conceded just before midnight with Russell at 31.5 percent and Snyder at 33 percent with 372 precincts reporting. Russell represented the Suriland-Tujunga area and needed 50 percent to win outright.
MENTIONED IN THIS ARTICLE
Russell
Glendale
Newton Russell
John Harmer
Snyder
Suriland-Tujunga
Also Mentioned on This Page
United Press International
Muhammad Ali
Walter D. Huddleston
Ali
FBI
Randy Verrue
Dick Waters
Long Beach Pike-area
Ben O'Dorisio
Thomas J. Clark
Charles Navarro
Marshall Bitkower
New York City
Switzerland
Stephen Trott
TV Networks
Military Airlift Command
Hickam
Arthur K. Snyder
Lats Snyder
Wwiomake
Hag
Ong Beach
Akewood Blue
Trey Dea
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