Nixon Cuts Home Loan Mortgages
Washington AP report that the Nixon administration reduced the maximum interest rate on government backed mortgages to 7 percent to revive the housing market. The cut, a third in three months, lowers FHA and VA loan rates from last year’s 8.4 percent peak, with a separate 0.5 percent insurance fee on FHA mortgages. Housing Secretary George Romney said buyers will see $20-$25 monthly savings, and urged lenders to rewrite existing commitments to the new rate.
MENTIONED IN THIS ARTICLE
Washington
Nixon
Federal Housing Administration and Veterans Administration
George Romney
Romney
Steel Union Strikes Extend at Can Makers and Bus Firm
AP dispatch from Baltimore notes ongoing strikes by United Steelworkers against American Can Continental Can and Crown Cork and Seal with 40 000 workers on strike nationwide including 2 800 in Baltimore area. UTU Local 599 pickets Baltimore Annapolis and Glen Burnie offices of the Baltimore and Annapolis Railroad Co. National Can Corp reached a separate settlement with the union.
MENTIONED IN THIS ARTICLE
United Steelworkers of America
American Can Co
Continental Can Co
Crown Cork and Seal Inc
Baltimore
Eastern Shore
United Transportation Workers Local 599
Baltimore, Annapolis
Glen Burnie
Baltimore and Annapolis Railroad Co
National Can Corp
National Can
National
Cumberland Lowers Voting Age to 18 in City
Cumberland charter amendment lowers voting age to 18 and residency requirement from one year to six months. The measure was unanimously approved by the mayor and council at a Tuesday night meeting.
MENTIONED IN THIS ARTICLE
Cumberland
Banker Proposes Private Firm and Agency to Build 110 New Towns
NEW YORK AP David Rockefeller head of Chase Manhattan Bank urged creation of a private corporation and a federal agency to develop 110 new towns and cities funded by about 10 billion dollars. Land costs could reach 50 million per town with private enterprise handling urban rehabilitation. Chase backs Columbia Maryland, a five yearold city near Baltimore with 12,000 residents and projected 110,000 by the 1980s.
MENTIONED IN THIS ARTICLE
New York
David Rockefeller
Chase Manhattan Bank
Rockefeller
Regional Plan Association
Chase Bank
Columbia
Baltimore
Washington
Connecticut General Life Insurance Co
Teachers Insurance and Annuity Association of America
Aftershocks Hit Los Angeles Area In Wake Of Big Quake
Four more aftershocks rocked Los Angeles as the death toll rose to 64 and 11 quake damaged school buildings including Los Angeles High School were ordered demolished affecting 20 000 pupils. San Fernando Valley inspections found 5 704 structures damaged while 1 100 plus dwellings were deemed unsafe. City officials estimate 209 million dollars needed for repairs with a proposed 160 million bond and federal aid sought for the rest.
MENTIONED IN THIS ARTICLE
Los Angeles
Temblor
Los Angeles City
Los Angeles High School
San Fernando Valley
Downtown
Arthur Cahill
Mabel Meyers
Cahill
San Fernando Veterans Hospital
Sylmar
Meyers
Long Beach
William Johnston
Board of Education
Filibuster Battle Persists in Senate as Session Opens
Congress reconvenes amid limited agenda with filibuster as central issue. House panel aims to raise the debt ceiling from 395 to 435 billion dollars, while Senate debate over changing filibuster rules intensifies. Key sponsors Pearson Church and Frank Church pursue a three fifths threshold to curb debate, with White House cautious endorsement.
MENTIONED IN THIS ARTICLE
Washington
Congress
Senate
House
Ways and Means
Mike Mansfield
James B. Pearson
Brian
Frank Church
Idaho
White House
Nixon
Ronald L. Ziegler
Judge frees Tate jurors from hotel in sequestration
In Los Angeles AP report, Tate murder trial jurors leave the hotel after seven months to return to families while daily court sessions continue for the penalty phase. The judge reinstated a juror freed for personal reasons and excused a new alternate amid complaints from jurors and families.
MENTIONED IN THIS ARTICLE
Los Angeles
Sharon Tate
Heath Plans Defense Cuts In Britain
London AP reports Prime Minister Edward Heath government will cut defense spending by 158 million dollars in the next fiscal year ending March 1972. The white paper sets 1971-72 defense outlay at 6.1 billion dollars, citing manpower and administration savings. Britain keeps NATO as main effort while aiding Southeast Asia, Indian Ocean, Persian Gulf, and Middle East within resources. No reference to naval weapons sales to South Africa despite discussions tied to Soviet naval growth.
MENTIONED IN THIS ARTICLE
London
Edward Heath
Poe
Britain
Soviet Union
Southeast Asia
Indian Ocean
Persian Gulf
Middle East
Heath
Two Indicted For Misuse Of Barber Union's Funds
Promoter Shaheen and union president De Paola head a four person indictment over kickback schemes from a California land loan to the Barbers pension fund. The fund once stood at 21 million, with 12 million loaned and seven million delinquent, while authorities warn retirement payouts may vanish.
MENTIONED IN THIS ARTICLE
Barber Union
Washington
Barbers Union
DuPont
Bobby Baker
Chicago
Justice Department
Thomas A. Shaheen Jr
Pension Fund
London
England
Joseph de Paola
Indianapolis
Journeymen
International Union of America
Max Block Jr
New York
Shaheen
Columbia Financial Corp
Chevy Chase, Md
Shaheen and Block
California
Black
Columbia
de Paola
Labor Department
Associated Press
Barbers Fund
Prudence Mutual Casualty Co
Community National Life Insurance Co
Tulsa
Oklo
Lyndon B. Johnson
Baker
State of
Wisconsin
Indianapolis Wise
Also Mentioned on This Page
Adamant James
Westminster Kennel Club
Madison
Milton E. Prickett
Lexington, Square Garden
Clint Harris Ky
Tate
John Baer
Peoples Service Drug Store
Prospect Plaza
Jefferson ST
Efactive
Barbers’ Fund
Winthrop Lawrence Corp
Winthrop Lawrence
Lammot du Pont Copeland Jr
DuPont Corp
Copeland Jr
F. Lee Bailey
Singer
Burt Bacharach
Cbs-Tv
Singer Sewing Center
Company
Frederick
Demark
Coblentz & Smith, Inc
J. Vernon Coblentz
Robert .J. Smith
Court Street
PASO
Frederick Brick Works
ToTranst Rr
East South St
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