Bank sold to halt probable failure on Long Island
Security National Bank of Hempstead, a 53rd largest in the nation, says it faced probable failure due to loss of investor confidence tied to the economic decline and the collapse of Franklin National. The bank reported heavy deposit withdrawals and impairment in borrowing ability amid rumors and damaging coverage, and has been sold to another New York bank.
MENTIONED IN THIS ARTICLE
Terence Hunt
Associated Press
Security National Bank of
Long Island
New York
Security National
Hempstead
N.Y
Franklin National
Franklin
Advisory panel calls for general revenue to fund retirement benefits
The Social Security Advisory Council urged shifting a large portion of financing from Social Security taxes to general revenues to support retirement benefits. It proposed phasing general tax funds into Medicare to free payroll tax money for more than 30 million beneficiaries, while keeping higher taxes for the self employed and liberalizing benefits for current retirees.
MENTIONED IN THIS ARTICLE
Washington
Social Security Advisory Council
W. Allen Wallis
University of Rochester
Secretary of Health, Education and Welfare
Congress
Council
Bank Crisis Forces Sale of Security National to Chemical
Security National, facing losses in New York Long Island loans and external forces eroding confidence, was deemed in emergency by the Comptroller of the Currency. The Federal Reserve authorized the sale without stockholder approval, leading to Chemical Bank purchasing the bank for 40 million dollars and assuming most assets and liabilities.
MENTIONED IN THIS ARTICLE
National
Federal Reserve Board
Washington
Security National
James E. Smith
Long Island
New York City
Chemical Bank
Chemical
Congress readiness shapes inflation, energy, and banking fights
Congress will begin housekeeping duties this week before tackling economic aid, inflation, and energy issues. The Joint Economic Committee plans hearings on Ford proposals with economists Ackley McCracken and Schultze. Senate cedar seat in New Hampshire remains unresolved between Wyman and Durkin, with a Jan 27 deadline. In the House, Patman faces a challenge from Reuss for the Banking Committee chair, amid caucus shifts.
MENTIONED IN THIS ARTICLE
Washington
Congress
Congressional Joint Economic Committee
Ford
Gardner Ackley
Paul McCracken
Charles Schultze
House
Ways and Means
Senate
New Hampshire
Norris Cotton
Louis Wyman
John A. Durkin
House Banking Committee
Wright Patman
D-Tex
Henry S. Reuss
D-Wis
Belfast cease-fire talks spark cautious Protestant hopes
Moderate Protestants in Belfast show cautious optimism for peace talks with British officials and IRA leaders, while Protestant militants vow to destroy the IRA and its Catholic supporters as negotiations begin. The drive follows a period of violence and political maneuvering in Northern Ireland.
MENTIONED IN THIS ARTICLE
Belfast
Northern Ireland
Irish Republican Army
IRA
Basin planners set annual EMS focus in Seminole meet
Permian Basin Regional Planning Commission members from the area will meet at Seminole Community Center after a noon luncheon to discuss the EMS project led by NASA. The NASA study aims to design a 24 hour EMS network with regional cooperation and trauma centers, funded by a $6,000 state health contract.
MENTIONED IN THIS ARTICLE
Basin Planners
Permian Basin
Seminole
Martin
PBRPC
NASA
State Department of Health
PERPC
Ernie Crawford
Crawford
Department of Housing and Urban Development
Government Application Review Committee
GARC
Big Spring
Channeli
Homebuilder foresees end to housing slump
NAHB president Lewis Cenker from Atlanta forecasts an end to the housing slump by mid spring as mortgage money resumes flowing to lenders. He says consumer confidence is the chief problem, with uneasy headlines hobbling buyers and urging quick action to revive the market.
MENTIONED IN THIS ARTICLE
Dallas
National Association of Home Builders
NAHB
Lewis Cenker
Atlanta
Cenker
Dodge Boys Car Clearance Carnival Dodge of the Week
Advertisement invites buyers to The Dodge Boys during a car clearance carnival. From now until February 16 a Dodge of the Week will be chosen, with a $300 check incentive. Potential models include Monaco Dart Coronet and various pickups or vans.
MENTIONED IN THIS ARTICLE
Ol’ Joe G
Lifetime
Dodge Boys
Dode
Dodge
Also Mentioned on This Page
Pecos Enterprise
By Phil Pastoret
CIA
Capitol
Frank Fatuzzi
Police Academy
Housekeeping
McGovern
George McGovern
United States
South Dakota
Kokomo, Ind
U.S. Postal Service
Texas
Atlanta, Ga
U.S. Labor Department
Secretary of Labor
Peter J. Brannan
Sflu Raeeuale
Unicycles
Boulder
Colo
James Ribbens
Flagstaff Mountain
Kibben
Bell Boss
Charles Marshall
Southwestern Bell Telephone Co
Marshall
Chicago
Bell
House Agriculture Committee
W.R. Poage
Carter
Georgia
Jimmy Carter
Security National Bank
First National Bank of Chicago
Sam Lee Pool
Norman Velasco
Houston
Jack Martin
Mittee
Grogan Motor
J.T
Skeeter Prewit
S. Cedar
Joe Garagiola
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