Arizona Republic from Phoenix, Arizona on June 30, 1973 · Page 63
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June 30, 1973

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Arizona Republic from Phoenix, Arizona · Page 63

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Phoenix, Arizona
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Saturday, June 30, 1973
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Page 63
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Page 63 article text (OCR)

REPUBLIC CITY J»4 The Arizona Republic REPUBLIC MAIL Sat., Jna* 30,19731 • t Fed acts to boost t ••' ' ' interest rate to 7% Associated Press WASHINGTON - The Fed- fefal Reserve Board moved ifflday to tighten the nation's jmoney supply further, boost- tog its interest rate charged !to member banks to 7 per ;c6nt, the highest level ever. J The board also increased its preserve requirements on all tout the first $2 million on demand deposits at member Jjanks by one-half of one per- £entage point. \ Both moves were designed ftp restrain continuing excessive expansion in money and fcfedit," the board said in a Statement. '' The Interest rate that the fcetitral bank charges member banks, known as the discount ^School bias rules eased !> if or 5 cities | United Press International > WASHINGTON - Secretary .of the Health, Education and |\Velfare Department, Caspar >!IV. Weinberger, Friday or- jdered a relaxation of civil Rights requirements to enable Jat least five big-city school ^systems to qualify for special ifederal school funds by mid- August. '> The cities—Baltimore, Chi- jcago, Detroit, Los Angeles ?and Oklahoma City—previously: had been denied funds be- Jcause of faculty assignments •that did not meet the current jrequirements which Weinberger wants revised. "They are •not in compliance under the 'regulation that is going to be Prewritten," said a spokesman •for the U.S. Office' of Education. < In a statement issued by tHEW Weinberger said he Jwante the rules rewritten "to ^provide more realistic stand- jards for faculty assignments in large school districts." \ He said the new rules will *?'give less weight to mechan- fetic numerical ratios and more to promising programs •for dealing with the problems jof desegregating districts." \ * Because the five cities and several others had not Qualified for funds during the jciu r r e n t fiscal year which ends today, some $25 million frr emergency school desegre- •gation aid will revert to the (Treasury, a HEW education Spokesman said. The unspent fmoney is part of a package of igrants of more than $200 mil- jlion to help schools desegregate. rate, was increased from 6.5 per cent to 7 per cent, effective Monday. The 6.5 per cent rate had been the highest rate since May 1921, For a brief time in 1921, the New York federal reserve bank had a discount rate of 7 per cent. p The board's move was aimed at cooling off the nation's fast-expanding economy and reducing inflationary pressures that had been building up. The discount rate change is designed to discourage borrowing by banks from the Federal reserve system. Usually, all other interest rates are scaled upward from the discount rate. The two moves may help the Nixon administration's effort to control prices, not only during the 60-day price freeze but during the Phase IV wage-price controls that will follow. The action increasing reserve requirements in essence means that the board is requiring commercial banks to keep more cash on hand in relation to their deposits. This reduces the amount of money available tor lending and therefore cools off business activity. The reserve requirement increase is to become effective in the computation period starting July 19. It will apply to the average net demand deposits held in the week beginning July 5 and ending July 10. The discount rate change is expected to touch off another increase in the prime rate, the interest rate that big commercial banks charge their biggest and best customers. Scottsdale gets $10,419 for youth worker SCOTTSDALE — The city's Community Services Division has received a $10,419 Law Enforcement Assistance Administration grant to hire a trained neighborhood youth worker. The grant, announced Friday, was approved by the State Justice Planning Agency. The Community Services Division was formerly known as the Parks and Recreation Department. It is headed by L.B. Scacewater. The neighborhood worker will work to prevent juvenile delinquency, Scacewater said. CROSSWORD PUZZLE W ACROSS ;]| Disagree- i - ments •; t Phonograph . . record <10 NHL and NFL. ' , players 14 Let .15 Theatre group; Abbr. ;16 Air: Comb. ' form 17 Quebec area 18 Stalk '19 Mikita '20 Slept noisily '22 In conflict' with 1 24 Causing: j Suffix • 26 thorough| fares . 27 Made known 31 Rowing crew ' member - 32 Literary ' device 33 Speak slowly ' 35 Ocean: Abbr. : 38 Surrounded ; • by I ?9 Scottish child '• 40 Highway strip k 41 Young chap ! 42 Weight > allowances ' 43 Rescued ! 44 — Lancelot ' 45 Pigeons' i , roost ' 17 Quietens with '. ' drugs 51 Expos or , Orioles 52 Ontario or Quebec 54 Alloy of tin 58 Reside 59 Ending with fed and gen 61 Ballet step 62 Cake decorator 63 Hockey goalie's feat 64 Synthetic fabric 65 Sailors: Informal 66 Wasted no time «7 Winter' sports gear: Var. Yesterday's PuzzleSolved; DOWN 1 Declines 2 Draftsman's product 3 In addition 4 Meat cut: 2 words 5 In a sugary manner 6 District Attorneys: Abbr. ' 7 Prep"Bsltlon 8 Measures by pacing 9 " Races": Foster title 10 Quarterback 11 Apply new string 12 Praying figure 13 Melodies 21 Sarcastic remark 23 College exam 25 Tree 27 Watch part 28 "My Friend 29 Null's companion 30 Sere 34 Crime 35 Peacock genus 36 Claude-—! French novelist 37 Grant 39 Nudity 40 Needlepoint, e,g. 42 South American monkey 43 North American Indians 44 Nest egg amassers 46 Pres., for one 47 Bowler's bad luck 48 Heath genui 49 English city 50 Donnybrook 53 Cottage part 55 Composition 56 Fencing sword 57 Elect, units 60 Conducted t i •» t ^ i t j 41 w 44 39 19 25 so 30 45 53 43 12 13 If 6/30/73 IEXCLUSIVEI P xx v ruitt IEXCLUSIVE ORDINARY BEOS ONLY SUPPORT PARTS OF YOUR BODY-RESULTS IN DISTURBED SLEEP. MOLDED SLEEP SYSTEM MATTRESSES AND - FO INDATIONS - PRUHTS MATTRESSES CONFORM TO THE SHAPE OF YOUR ENTIRE BODY! IINNERSPRINGI OR IFRESH AIR LATlxl NO NEED TO TOSS AND TURN EACH NITE - SLEEP RELAXED! UNIQUE SUPPORT SYSTEM - SUPPORTS THE SMALL OF YOUR BACK TEST IT TODAY 1973 EXHIBITION SPECIAL OFFER! SLEEP STATISTICS IS INSOMNIA A FAIRLY COMMON PROBLEM IN THE UNITED STATES? YES. OVER 50% OF ALL AMERICANS HAVE DIFFICULTY IN SLEEPING,.. el I 1020 COIL UNPARALLELED SUPPORT 510 COIL YOUR CHOICE MIRACLE MOLDED MATTRESS SET TWIN SIZE TWIN SIZE LONG BOY FULL SIZE QUEEN SET SET 138. POPULAR SIZES KING SET 168. SYNCRO-BALANCE MATTRESS-SET 510 COIL MATTRESS 510 COIL FOUNDATION TWIN SET 108 QUEEN SET 158 FULL SET 118 KING SET 218 1510 COIL BODY BRACER SET 1000 COIL MATTRESS 510 COIL FOUNDATION TWIN SET 138 QUEEN SET 198 FULL SET 148 KING SET 268 TRUNDLE BEDS NEW TWIN SIZE METAL ARM STYLE 128. ALL TRUNDLES INCLUDE FIRM INNERSPRING MATTRESSES & POP UP UNIT ON RUG ROLLERS WOOD ARM TRUNDLES CHOICE OF FINISHES 158 GENERAL^ ELECTRIC FILTER-FLO® WASHERS! PRICED FOR EVERY BUDGET! Model WWA8300N 3 CYCLE GENERAL ELECTRIC WASHER Model WWA8330N 2-SPEED WASHER WITH PERMANENT PRESS Model WWA8350N 2-SPEED WASHER WITH MINI-BASKET® $198 88 $2Q8 88 $223 88 Exclusive General Electric Filter-Flo Washing System that traps and holds lint fuzz • Three Cycles: Normal, Delicate and Permanent Press with Cooldown • Six Water Temperature Combinations • Three Water Level Selections • Pull to Start, Push to Stop Separate Switch. Normal Wash and Spin Speed • Gentle Wash and Spin Speed • Three Water Level Selections: High, Medium or Low • Hot, warm and cold wash temperatures; Warm and cold rinse temperatures • Three Cycles: Normal, Permanent Press and Soak. Famous GE Filter-Flo Washing System. Exclusive Mini-Basket to wash up to 2/z pounds of delicates, forgotten items, special articles • Offers Normal or Gentle Wash and Spin Speeds • Hot, warm or cold wash temperatures, warm and cold rinse temperatures • High, Medium, Low and Mini Water Levels • Three Cycles: Normal, Permanent Press and Soak • Filter-Flo Washing System. MODEL UA4151 BRAND NAME MERCHANW§ER*QHTHE*YEAR R|t»il Advisory Council, Br»nd N»m*j Foundation, Inc. GENERAL® ELECTRIC TBF-21D The BIG TOP" 20.8 cu. ft. 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Jp»ctra-Brit§ Picture Tub* gives the brightest, richest color in GE history MODEL WM373W GENERAL ELECTRIC COLOR TV NOW! *308" 3425 East Thomas Rd., 966-2260 STORE HOURS; Monday thru Friday 9-9 Sat,9-5:30 •Sun, 1-5 PRIE DILIVIRY; CHANDLER to WESTOWN APACHE JUNCTION to SUN CITY i <«lifff*i« j«r»tti * »«rwi«k Hill, t M«|,,wfc«ilU • «r«H jJV»rii<t Nr* • C«. t

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