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Newspaper
Sunday Dominion Post
Location
Morgantown, West Virginia, United States of America
Date
Jul 16, 1967
Page
8
Senate passed the Truth In Lending bill aiming to reveal the total credit cost to consumers who bought goods on credit totaling about 92.5 billion dollars last year. The measure would require merchants to disclose the full cost in dollars and cents, excluding mortgages and small charges, with the House still to vote.
The article explains true interest costs for loans with monthly payments and with interest deducted in advance. It uses examples of a $220 washing machine at 6 percent for 12 months and a $2,000 auto loan with 5.25 percent discount, detailing steps to compute true cost and noting insurance fees may inflate charges. It warns buyers to examine financing contracts for hidden charges.
Speculative fever powered last week's stock gains on the New York Stock Exchange with near record volume, broad gains in glamour stocks, and talk of higher taxes and auto wage talks. The Exchange warned of excessive speculation as margin rules rose on select issues and trading shifted toward growth and exotic plays.
Traders note Over-The-Counter volume near 1961 62 levels with better quality in speculative favorites. Bond prices rise rates ease and new issues sell quickly while free reserves surge to 597 million a day sparking expectations of easier credit. Economic data show car sales up 8 percent, May inventories up 50 million, unemployment at 4 percent, June retail sales up 3 percent to 26 billion. United Auto Workers demands for higher wages and broader fringe benefits loom as Second Quarter earnings report season begins. Investors eye tax policy and auto strikes for near term market direction.
Detroit GM says United Auto Workers demands are wholly unrealistic and could jeopardize the business. Union seeks substantial pay boosts, annual guaranteed income, pensions, Canada pay, job control and higher overtime. GM cites 17 cents an hour cost for a 400000 hourly workforce for a 100 percent one month pay guarantee. Union chief negotiator Leonard Woodcock disputes unmanageability. Bargaining among GM Ford and Chrysler stalled as contracts near expiration.
The New York Times weekly index of business activity declined to 285.3 for the week ended July 8, down from 306.4. A year earlier the index stood at 310.5. The accompanying table lists the index and components adjusted for long term seasonal trends.
The Federal Reserve reports June industrial output fell three tenths to 155.2 percent of the 1957-59 average, the fifth decline in six months. Electronics, furniture, appliances, and steel dropped, while cars, oil, and defense gear rose. The drop may affect proposed tax increases to curb inflation as Ackley warned there is no escape from higher taxes to hold prices and rates.
Leroy White of Charleston told the House Education and Labor Committee how an administration poverty program helped him rise from welfare to an $11,000 yearly welding job. He spoke after earning an outstanding achievement certificate alongside Bertha Evans as the panel considered the $2 billion fiscal 1968 war on poverty bill. White cited education, training, and long commutes as key steps, and criticized the Job Corps as ineffective for his daughter.
Logistics Services Inc of Palo Alto Calif was the apparent low bidder for all exterior electronic equipment at Sugar Grove Naval Radio Receiving Station West Virginia. The firm bid 3.7 million dollars for antennas a power plant and antenna building among six bidders. The highest bid was 4.3 million dollars.
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