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Tuesday January 12, 1971
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This Day In 1970's History: Tuesday January 12, 1971
  • Bethlehem Steel increased its price of construction steel by 12.5%; the White House is acting to prevent an industry-wide increase. President Nixon's economic advisors recommended that he take action because rising costs in the construction industry would drive U.S. prices out of line with the world market. Nixon hinted that he would increase foreign quotas if other U.S. companies made similar increases. One small company announced plans for a similar increase. [CBS]

  • The FCC offered AT&T its first long distance telephone rate increase since 1953, which would increase profits by $250 million. AT&T wanted a greater increase but the FCC will hold more hearings first. [CBS]

  • The administration cut the interest rate ceiling on home loans from 8% to 7.5%. [CBS]

  • The Air Force is giving Boeing a $150 million order to produce a new missile. The order will help alleviate unemployment in Seattle, the home of Boeing. [CBS]

  • President Anwar Sadat of Egypt said that he doesn't intend to accept Israel's Middle East settlement conditions. Sadat's statement was presumably made in response to proposals which were relayed from Israel through the United Nations.

    Fighting broke out again in Jordan after an announcement by the government of a cease-fire agreement with the Palestinian guerrillas. Palestinians in Jordan have been moved into camps in the countryside; guerrillas claim that they were moved in order to make their elimination by Jordanian forces easier. [CBS]
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