Search the Archive

New York City Near Default / Teachers / Notes / Federal Aid #237208

CBS Evening News for Friday, Oct 17, 1975
View other clips in this broadcast →

Material supplied by VTNA may be used for educational analysis or research only. Any editing, reproduction, publication, rebroadcast, public showing or public display may be prohibited by copyright laws.

(Studio) Report on New York City economy problems.
REPORTER: Walter Cronkite

(NYC) City, state and teacher representatives argued over proposed school budget cuts and layoffs. Trustees of teachers union pension fund asked to lend city $100 million. [Chairperson Municipal Assistance Corporation Felix ROHATYN - says teachers pension system voted against commitment.] [Teachers' Union President Albert SHANKER - says resents our group being pressured and no one else.] [Mayor Abraham BEAME - says left message for President that default imminent.]
REPORTER: Robert Schakne

(DC) Ford calls in economy aide and has series of mtgs. when he learns at 5 a.m. that Beame called. Press Secretary Ron Nessen says Ford still against New York City aid. [NESSEN - says New York City troubles brought about by those who run city's finances.]
REPORTER: Bob Schieffer

(NYC) Bus. and life as usual for most in city. Prices dropped at stock market; almost no municipal bond trading. Note holders who appeared in a.m. to collect money told to come back later. [WOMAN - says man told her she could pick up check at Il or 12; he told someone else 2.] [2nd WOMAN - says worked for 30 years for $25,000 that she gave NYC. Expects to get it for retirement.] For a while, payment stopped on sanitation workers checks. 1 hour before banks closed, teachers backed down. [SHANKER - says convinced there would be great suffering if we didn't come forward.] Stk. market avs. jumped when word received that city averted default. Some banks stayed open late to pay city notes. [MAN - says ready to hand out checks.] [BEAME - confident there would have been response if corps. or banks were threatened.] [Governor Hugh CAREY - reads telegram he sent to President requesting help.] City will default in December without help. New York City bankers to testify before Senator Saturday
REPORTER: Robert Schakne

Cronkite, Walter;
Schakne, Robert;
Schieffer, Bob

Note to sponsor members: The Vanderbilt Television News Archive video player requires a modern operating system and browser to work properly. If you are experiencing playback problems, check the minimum requirements and adjust your setup accordingly. After adjustments, if you continue to experience problems, please contact us.

Welcome! Above is the abstract of the item that you're interested in viewing from the Vanderbilt Television News Archive's collection. You have three options if you'd like to view this item:

  • You may request a loan of this video by registering on our website and placing an order.
  • You may visit the Television News Archive on the Vanderbilt campus to view on-site from the Archive's collection.
  • If you are associated with a college or university, you may ask your library if they would like to become a sponsor, which would give students and faculty at your institution the ability to view items from our collection.

If you believe that you are associated with a sponsoring college or university and have received this message in error, please let us know.