October 14: ON THIS DAY IN HISTORY
ON THIS DAY IN 1928, the Brooklyn Daily Eagle reported, “Strike up the band! This week, to the accompaniment of red fire, fine oratory and the blare of trumpets, the campaigns of the candidates on the Democratic and Republican State tickets will get under way in the upstate counties. Tuesday morning Atty. Gen. Albert Ottinger, after his notification ceremony at the Hotel Astor the night before, will go aboard the four cars reserved for him on the rear of the Buffalo express bound for the cities above the Bronx that he hopes will live up to their reputation this year of being decidedly Republican. Wednesday morning, Franklin D. Roosevelt, traveling by train the first day, by motor thereafter, will invade the Republican belt in the southern tier of counties, hammering away at the Republican majorities in the rural sections where sentiment for Ottinger has never reached the boiling point. Both candidates will be mindful of the fact that they are running in a presidential year and that the Empire State is essentially Republican. To Ottinger, this will be an advantage; to Roosevelt, a disadvantage.”
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ON THIS DAY IN 1950, the Eagle reported, “WASHINGTON (U.P.) — Beginning today, new government credit curbs will make it harder to buy automobiles, television sets and dozens of other consumer items on time. In an anti-inflation move announced last night, the Federal Reserve Board tightened the credit curbs issued last month, to require bigger down payments on many items and shorter periods to pay off the balance of the purchase price. Here are the new installment buying requirements: 1. Automobiles — A one-third down payment — the same as before — but 15 months instead of 21 to pay off the balance; 2. Home appliances — 25 percent down payment instead of 15 percent, and the maximum payment period cut from 18 to 15 months; 3. Furniture and rugs — The down payment will be 15 percent instead of 10 and the balance must be paid off in 15 months rather than 18; 4. Unclassified loans — Must be paid off in 15 months instead of 18. The Veterans Administration meantime loosened some of its new housing credit restrictions to give needy World War II veterans up to 30 years to repay mortgage loans. The VA said earlier that it would permit a maximum repayment period of only 25 years, but the agency agreed to approve terms up to 30 years if they are necessary to help the veteran meet monthly payments.”