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Newspaper
Pecos Enterprise
Location
Pecos, Texas, United States of America
Date
Jul 03, 1975
Page
4
Senators McGovern and Bentsen voiced doubt that George Wallace can win Democratic support for the presidency. They cited his history of not backing the Democratic candidate and warned loyal Democrats may reject him.
Washington AP reports a new federal Emergency Housing Act of 1975 may cut up to $9,000 in interest on a $30,000 loan and offer relief to homeowners facing unemployment. President Ford signed the act into law on Wednesday.
GNMA would receive 10 billion to boost mortgage purchases through Ginnie Mae enabling 7 percent loans that save buyers about 25 dollars monthly and reduce 30 year costs by roughly nine thousand dollars. Banks may charge up to 450 dollars origination on a 30,000 loan while lenders collect three eighths of a percent monthly from Ginnie Mae. The bill includes a clause to aid unemployed homeowners at risk of foreclosure by allowing monthly support up to 250 dollars, triggered by foreclosure rates.
Officials warn June unemployment may show a statistical decline due to student labor force influx and seasonal adjustments. The May rate stood at 9.2 percent, with Shiskin saying the true rate could be higher by up to three quarters of a point. Gasoline price hikes spread across majors, while the Dow fell 7.04 to 870.38 amid rate-rise fears. Initial jobless claims rose about 10,000 to 432,000 in the week ending June 21.
Sanitation men ignore a court order to collect thousands of tons of garbage as firemen join a work action over budget layoffs ordered by Mayor Beame. About 28,000 tons are collected daily. 13,000 tons by private cartels and the rest by city workers. Nearly 50,000 tons could remain uncollected if the walkout continues.
White House advisers say no gasoline shortage this summer though natural gas shortages are seen this winter in the Northeast and Midwest. Forecasts predict a 3 trillion cubic feet shortfall next winter rising in following years, with New Jersey, Ohio and North Carolina among affected states.
A serious split in the reform leadership of the United Mine Workers threatens a fierce internal feud. The top officers, who ousted Boyle’s regime years ago, clash publicly. Critics warn the dispute could fuel factionalism, sparking more wildcat strikes that hurt coal output and labor organizing.
Gasoline pump prices rose state wide after Ford tariff on imported oil. In Beaumont prices jumped to 52.9 cents per gallon, while Fort Worth stations showed 46 cents and Lubbock near 60 cents. Most self service gas traded around 47 cents as Gulf stations held at 51.9. Local managers noted general customer calm though some foresee protests. Distributor Jim Bourland said dealers must pass higher costs to customers.
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