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

CBS Evening News for Friday, Oct 17, 1975
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(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

Reporter(s):
Cronkite, Walter;
Schakne, Robert;
Schieffer, Bob
Duration:
00:05:50

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