—The Daily Collegian Friday, August 3,1973
Getty ransom demanded
ROME A family lawyer said last night that kidnappers
demanded $l7 million ransom for the release of J. Paul Getty
111, grandson of the American oil billionaire. He said the boy’s
parents could not meet the demand and made a counteroffer,
which was not accepted. The lawyer did not reveal the amount
of the counteroffer.
Young Getty, 16, disappeared in Rome July 9 after having
been seen at two night spots popular with the young set.
The boy’s grandfather has said he will not pay any ransom,
for fear of encouraging kidnappings of his 14 other grand
children.
Beef supplies grow smaller
WASHINGTON From steaks to hamburger, beef grew
shorter in supply throughout the nation yesterday.
An increasing number of layoffs and shutdowns _ were
reported at slaughterhouses and wholesale houses dealing in
beef as cattlemen increasingly kept their animals in the
pasture rather than the market place.
Some hamburger chain outlets were reported stocking up on
.fish and hot dogs and two wholesalers predicted that
steakhouses may have to serve stew next week.
There were reports of purchases of buffaloes and horses by
consumers and meat sellers.
An Associated Press survey found an overwhelming belief
on the part of persons at all levels of the meat industry that the
beef shortage will get worse, and quickly. Many wholesalers
who are still in business predict they won’t be by next week if
the government’s price freeze is not lifted.
Wholesale prices decline
WASHINGTON Wholesale prices in July registered their
biggest monthly decline in 25 years, but administration
economists cautioned that the drop seems only temporary and
apparently won’t help the American consumer much.
“The decline... is a long way from the grocery shelf,” said
Herbert Stein, chairman of the President’s Council of
Economic Advisers, in commenting on Labor Department
statistics announced yesterday
Secretary of the Treasury George P. Shultz was asked by
Sen. William Proxmire at a hearing if he agreed that “it
seems that the July wholesale, price index is definitely not a
trend and you can’t rely on it as indicating inflation is under
control." Shultz said he agreed this was correct.
The biggest decline was in farm prices, but Stein said many
farm product prices “have now risen to exceed not only the
July but even the June levels ”
Wholesale prices of farm products and processed foods and
feeds decreased 4.6 per cent on a seasonally adjusted basis in
July, the biggest single monthly decline ever.
President's veto overrode
WASHINGTON In major action yesterday the Senate
Voted to override President Nixon’s veto of a bill blocking
administration attempts to close eight Public Health Service
hospitals. The 77 to 16 margin was 15 votes more than required
to override.
The measure, which also would authorize a $lB5-niillion
three-year program on developing emergency medical
service systems, now goes to the House.
By and 84 to 5 vote adopted an amendment ending the
freeze on beef prices. The action, still subject to House con-
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sideration, would place beef under the same price-control
situation as other foods.
On Wednesday the Senate voted to direct the President to
take control of the nation’s oil supply and oversee its equitable
distribution among all areas and all segments of the oil in
dustry.
The oil and beef-price provisions were added to a House
passed bill to require that copies of coins be labeled as such.
The bill, passed 88 to 0, with its amendments, now returns to
the House where action on the two key amendments is ex
pected today.
Ceiling diverts mortgage funds
HARRISBURG The state’s eight per cent interest ceiling
on home mortgages is drying up mortgage money for low
income families and diverting it to more expensive housing,
Banking Secretary Carl Dellmuth said yesterday.
“Legislation that was aimed at protecting the home buyer of
average means is accomplishing the exact opposite of what it
was intended to do,” said Dellmuth.
The ceiling, enacted last week, applies to mortgages under
$35,000. Above that, the rate is unlimited, a situation that is
directing available mortgage money to homes above $35,000,
Dellmuth said.
Hurt by the squeeze, he said, are persons wanting to sell
average priced homes plus builders of middle income homes
and realtors whose sales are mostly to lower income families.
Pension bills face vote
HARRISBURG Two bills to reform private pension
systems in Pennsylvania should come up for House votes
during September, the sponsor of the package said yesterday.
“We have been urged by organized labor and industry to go
slow in passing' legislation protecting the worker’s pension
rights,” said Rep. Benjamin Wilson, R-Bucks. “They say this
is a national problem that can be dealt with only by Congress
on a national level. ;
“But I don't believe these spokesmen really speak for the
working man... We could be a leader here in Pennsylvania and
force reform.”
The legislation was reported to the House floor by the Labor
Relations Committee before the summer recess.
The first bill would require companies with pension plans to
offer at least half pensions to eligible employes who have
worked for the firm at least 10 years! The pension plans would
be required to offer full benefits to any employes leaving after
20 years or more of service.
The companion bill would force companies to insure their
pension plans or set aside funding equal to at least half of their
liabilities.
Shapp denies allegations
HARRISBURG Gov. Shapp denied yesterday allegations
leveled directly at him by former Liquor Control Board
counsel Alexander Jaffurs.
In a three-page statement Jaffurs was accused of “in
competence and poor judgment,” both in his work for the LCB
and in his appearance Wednesday before the House Liquor
Control Committee.
Jaffurs charged Wednesday that Shapp had rejected an
LCB proposal to cut liquor prices, warned Jaffurs not to
question legislative' ethics, and asked him to “go after”
Republkac board member Edwin Winner.
All thxVcharges were denied in the statement issued by the
governor’s office. Richard Doran, a Shapp aide, said the
governor had dictated the statement to him in an hour-long
Canada, where the governor is
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India
NEW DELHI (AP) India
and the United States,
estranged for the past two
years, at last seem serious
about wanting a recon
ciliation.
For the first time since
their friendship eroded
following Washington’s tilt
toward Pakistan during the
1971 war over Bangladesh,
India, and the United States
are finally asking each other
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about how they can build a
new economic relationship.
One thing is certain, say
officials from both countries
who are directly involved in
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The United States will not
and India does not want it
to pour money, food, aid
and American experts into
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this country in the magnitude
it did from 1951-71. That was
the era when Washington
provided New Delhi with $lO
billion in economic assistance
more than India received
from all other countries put
together.
Today India is having to
learn to live without
American assistance just
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when Prime Minister Indira
Gandhi is facing an economic
crisis considered the worst
since independence 26 years
ago.
The current food crisis
appears to have spurred the
start of the present Indian-
U.S. dialogue, which
President Nixon proposed 18
months ago.