The New York Times/George Tames
illus of Repr Benjamin S Rosenthal shaking hands with Repr William S Moorhead after HR passes Fed loan legis for NYC
On this day
Revisit the music, news, notable people, and historical moments connected to this date.
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illus of Repr Benjamin S Rosenthal shaking hands with Repr William S Moorhead after HR passes Fed loan legis for NYC
OECD rept, made before Bonn econ summit, says Pres Carter should accept sharp reduction in econ growth in US in '79 and possible rise in unemployment as necessary to reduce inflation and strengthen weakened dollar (M)
HR-Sen conf com agrees on bill to regulate and control offshore oil and gas development; bill mandates that 20-60% of tracts auctioned by Govt be auctioned under new bidding systems, including one that would require oil cos to share at least 30% of profits with Govt and to offer higher shares than that to win leases; does not specifically authorize exploratory drilling by Govt, but makes it clear that it will allow Adm and judicial processes to determine whether '53 law permits such activity; places floor of 2% and ceiling of 37.5% on amount of impact aid that coastal states can receive; other provision noted (S)
Article on Minn businessman Dwayne O Andreas notes that in '73, Justice Dept charged Andreas with making illegal $100,000 corp contribution in form of loan to Sen Humphrey's '68 Pres campaign; Andreas, while agreeing that money he lent Humphrey originated in corp he headed, successfully argued that funds were not really a loan from corp to himself; Andreas was acquitted by Minn judge (S)
Music on My Birthday
The Top 50 albums for the chart week of July 26, 1978, covering July 26, 1978.
Soundtrack
The Rolling Stones
Commodores
Bob Seger
Bruce Springsteen
In 1978, the world population was approximately 4,292,097,502 people[†]