24 Aug 1974
Page 1
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Aug 24, 1974
Page
1
President Ford signs the Wage and Price Stability Act to revive the Cost of Living Council, now tasked with exposing wage and price abuses and gathering inflation causes. The panel cannot impose ceilings and will seek voluntary cooperation from unions and employers.
Agriculture Department economists say grocery costs will climb. A mid August analysis raised the 1974 average food price increase to about 15 percent above 1973, with forecasts ranging from 13 to 17 percent for the year and earlier notes showing higher projections.
Greece rejects further Geneva talks and backs a Soviet plan to take Cyprus to an 18 nation conference. Greek leaders warn of guerrilla resistance to the Turkish invasion as Moscow and Washington weigh the proposal amid mixed reactions from U.N. officials.
Two armed men held a Needham National Bank manager's wife and child as they forced him to empty the vault of about $100,000. An off duty fireman and a high school junior found and returned the money, thwarting the scheme before the robbers could collect. No arrests yet.
Dealers report a sudden rush by buyers to avoid 1975 model prices and a rising shift in demand. Ford price increases and catalytic converter concerns spur purchases as GM faces limited stock and an unusual midsummer rebound.
Clear skies and mid-50s lows tonight in Middletown. Sunday to be sunny with highs in the upper 70s. Extended outlook shows mostly fair conditions Monday and Tuesday with a chance of showers Wednesday. Temperatures rise to low-to-mid 80s highs and low 60s lows later in the period.
Federal data show July park visits down 2.4 percent from a year earlier as rising costs and energy-saving trends push travelers toward shorter, closer trips. Park usage varied by location with Smokies up 40.8 percent while Yosemite fell 10.7 percent. Overall July visits totaled about 32.12 million, with expectations for around 35.23 million.
Pan American World Airways asks for a temporary $10.2 million monthly subsidy to avert default as fuel costs rose during the oil crisis. The carrier, down five years, warned of a $76.6 million loss this year and had previously petitioned the Civil Aeronautics Board for aid to compete with state-owned foreign airlines.
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