Word: high
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Dates: during 1950-1959
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Last week he was once again proving this in his most ambitious project: Salton City, 150 miles southeast of Los Angeles. By the desert's curious standards, Salton City is something of a bargain. Though the summer heat is high (up to 125° F.) and the land is low (234 ft. below sea level), there is water and there is a major highway (U.S. 99). By car and plane, buyers hustled to the sun-struck sands and low-lying, spiny, green clumps of greasewood along the shores of 30-mile-long Salton Sea. There they plunked down...
...Salton Sea for $2.4 million, divided it into 54,000 lots, most of them about one-third of an acre. Thus far, 11,000 lots have been developed with streets and water (from a 658-ft.-deep artesian well), and close to 7,000 have been sold despite their high ($2,000 to $4,000) price tags...
...make it, Phillips so far has spent or committed $10.9 million on Salton City. Improvement costs are high, but so are profits. On a one-third-acre plot that costs Phillips about $40, he puts in another $400 for development and $600 for promotion. His selling price: $2,000 or more. After a land buyer has paid one-third the cost of his lot, the Phillips organization will provide 100% financing, at 7% interest, to build a house...
Died. Pierre Ryckmans, 67, Belgian High Commissioner for Atomic Energy, onetime (1934-46) Governor General of the Belgian Congo and later Belgium's Permanent Representative to the United Nations Trusteeship Council; of cancer; in Brussels...
Died. Daniel Alden Reed, 83, Old Guard Republican Congressman from upstate New York, senior member and onetime chairman (1953-54) of the tax-writing House Ways and Means Committee, foe of foreign aid, believer in high tariffs and low taxes; of a heart attack; in Washington, D.C. Dan Reed was a direct descendant of John and Priscilla Alden and, in the Puritan tradition, a self-reliant conservative. Elected to the House in 1918, he was undefeated in 21 consecutive biennial elections, was topped in seniority only by Carl Vinson of Georgia (1914) and Speaker Sam Rayburn of Texas...