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Newspaper
Lompoc Record
Location
Lompoc, California, United States of America
Date
Oct 09, 1974
Page
14
Washington advice from the Agriculture Department guides consumers on saving money by buying beef in bulk. It explains yields, waste, and prices for carcass, side, or quarter cuts, plus storage durations and proper wrapping methods for long freezing.
Franklin National Bank was declared bankrupt by the U.S. government amid a swift rescue led by six European banks that agreed to honor all deposits. The FDIC said depositor funds would be protected, and check payments would continue as normal. The collapse, the largest in U.S. history, followed $1.7 billion in Fed support and $38 million in foreign exchange losses. Alfred Hayes cited large losses and the OCC insolvency move as causes.
Charles R. Rohrer Jr. learned from a physician that his wife Karen was carrying quintuplets. Four girls and a boy were born six weeks early and were reported doing well at the University of Maryland hospital. Karen Rohrer had fertility treatment connected to multiple births and was recovering.
In a complex banking resolution, AE can Bank and Trust paid 1.7 billion for Franklin National assets and liabilities with a 125 million purchase premium. FDIC assumed 1.7 billion debt to the Fed and loaned 100 million to European-American for takeover operations. Separate Santa Barbara bid notice calls for Hans Christian Andersen Water Line and Irrigation System work with bids due October 17 1974 and formal wage rates on file.
State Auditor General Harv Rose reports the Department of Corporations undercharged licensees by about 1 million dollars over five years. He urges abolishing the department and shifting regulatory duties to the secretary of state and consumer duties to the Department of Consumer Affairs.
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