Word: lows
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Dates: during 1950-1959
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ARTHUR WILLIAM CAMMER is a Los Angeles salesman of low-priced garden and patio furniture, whose orders this year are three to four times better than last. The fact only moves Salesman Cammer to complain: "My suppliers have become so panicky over the news of bad business that they can't ship my orders when I need them." Of such paradoxes is 1958's recession made, and rarely did they show more clearly than last week. The price of aluminum was cut, partly because of slow consumption, but the price of oil stayed up, despite huge excess supplies...
...days later the Labor Department backed up the President's hope that the economy has just about stopped slipping. New claims for unemployment compensation, the department reported, edged downward for the second week in a row, reaching a 1958 low of 404,500 in the third week of March. Another hopeful sign was an upturn in machine-tool orders, considered an important economic indicator. And one major segment of the economy was enjoying a springtime bloom of prosperity: the Agriculture Department announced that farm prices rose 4% from February to March, with livestock, fruit, potatoes and eggs leading...
Surprisingly, 75% of New York's juvenile delinquency is attributable to 20,000 so-called "multiproblem" families. Of these, 2,000 families live in the city's 100,000-family, low-rent housing projects. Brooklyn's famed Fort Greene Houses, one of the world's biggest housing projects (3,500 families: 57% Negro, 18% Puerto Rican) is a $20 million slum with a third of its families on relief. At Fort Greene some residents prefer to use the stairs rather than face the "stench of stale urine that pervades the elevators." "Nowhere this side of Moscow...
...Kids Have Eyes." How could these expensive new monuments to good intentions turn into new slums? Chiefly because admission to low-rent projects is controlled by the city, which sets an arbitrary income level for tenant families. As they rise on the economic ladder, the better-off families must move out, making room at the bottom for those whose economic and social levels are ever lower. There the gangs thrive, for as one Youth Board official says: "Wherever you have great population mobility and disrupted population areas, gangs spring up to replace the broken stability of the group." Adds...
...fixing the price of FHA and VA paper at par, Fannie Mae expects lenders to sell more mortgages to the Government, thus unlocking up to $1 billion in fresh credit. In addition, the bill gives $550 million to Fannie Mae to buy mortgages on urban renewal projects, low-cost and military housing and homes for aged buyers, and authorizes $300 million for direct Veterans Administration housing loans...