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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 31, 1977
Page
21
New York stocks fall on fears of a slowing economy. The Dow Jones industrial average drops 208 points to 56.8, amid weak leading indicators, lower orders, and higher federal rates. Pacific Gas & Electric leads active list as volume nears 748 million shares at midday.
President Carter will determine Octobers federal pay raise for about 34 million workers including white collar and military staff. Congressional salaries are set to rise by a large amount the president cited a recommendation for 8.5 percent while Civil Service Commission proposed 7.05 percent costing billions. The final decision will involve advisory committees and budget provisions.
AP dispatch reports Imperial Valley cotton crops face a severe infestation as floodwaters from tropical storm Doreen arrive. Officials warn swarms could devastate half the Valley’s cotton, with losses possibly exceeding 40 million dollars and serious impact on local production.
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