September 1, 1974

Kirk, Norman E (Prime Min)

article on difficulties professional workers are having in finding jobs in NYC; NYS Employment Service's Professional Placement Center mgr Frances Knapp dismayed by job situation in city and details specific fields where jobs are tight; center supervisor Aaron Mitchell says people with worst prospects for finding jobs are recent college graduates with no specialized skills; says employers are demanding more specific skills and will not compromise; examples given of specific people and problems encountered in seeking jobs; illus of Knapp and job applicant (L)

Pres Ford's official photograph as taken by David Hume Kennerly

Effective tomorrow, September 2, the newsstand price of the weekday New York Times will be increased, from 15 cents to 20 cents in the New York metropolitan area and Long Island. Sharply higher operating costs, particularly the cost of newsprint, have made this price increase necessary.

West Ger agrees to grant $2-billion credit to Italy to help bail it out of its financial crisis; loan is announced by Ital Premier Mariano Rumor and West Ger Chancellor Helmut Schmidt, news conf; Schmidt says West Ger will also support plan for loan to Italy by EEC; expresses 'respect' for efforts of Ital Govt and Parliament to restore econ stability, and he sharply denies press repts that he discussed role of Ital Communist party with Rumor; says it would be unthinkable for EEC to interfere in domestic affairs of member nation; loan will consist of transfer of money reserves totaling $2-billion by West Ger Fed Bank to Bank of Italy; operation is aimed at bolstering reserves of Ital central bank and thereby stengthening lira, which has been sagging as result of huge balance-of-payments deficit; Schmidt says that part of Bank of Italy's gold reserves would be put up as collateral for West Ger loan; explains that Ital gold used as guarantee of eventual repayment of loan would be valued at 80% of internatl free-mkt rate for gold during next 8 wks; Rumor says only 'small portion' of Italy's gold reserves would have to be used as collateral; before 2 leaders made public statement, West Ger official disclosed that EEC is planning internatl bond issue to raise funds to help hard-pressed members; says Italy and GB would receive largest shares of money collected, suggesting that other members may also be granted loans; says that EEC financial experts hope that Arab oil-producing countries and Iran would initially subscribe to at least $1-billion of proposed bond issue; West Ger source says that West Ger Govt agreed to recommend additional 3-mo extension of credit line on which Italy has been drawing; Italy would repay $4.2-billion to EEC by Sept 18 unless credit line is extended; under proposed new arrangement Italy would repay money borrowed by Dec; Schmidt is told that Italy's balance-of-payments deficit in '74 would be somewhat less than $10-billion that had been forecast; is informed that Ital trade balance is expected to reach almost $12-billion in '74; Rumor appears annoyed during news conf when Ital reporter asks him about repts that West Ger had requested 50% cut in Italy's public expenditures as means to cut inflation and waste; denies that there are specific stipulations to West Ger financial assistance; illus of Rumor and Schmidt (L)