New York Shares Mixed As City Aid Plan Passes
The market opened with mixed prices on the New York Stock Exchange while New York State legislators approved a city aid measure and Gov. Carey signed it into law. The plan imposes tight budget limits to keep the city solvent through November, as traders weighed the impact on financials and municipal securities.
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Welfare 461 Million Errors Highlight Welfare Progam
The Social Security commissioner said the first 18 months of the new welfare program showed mis payments totaling 461 million dollars. Overpayments are rising, with up to 15,000 new claims monthly, while officials stress the program is moving toward normal operation and longer term prospects remain uncertain amid inflation and rates.
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