Time Clock, Jul. 25, 1960

FHA POLICY CHANGE will enable individuals for first time in 26 years to invest in government-insured house mortgages yielding as much as 5 ¼%. Hitherto FHA-guaranteed mortgages have been sold only by banks, insurance companies, etc. Policy aims at attracting new money for housing, which lags this year.

ZECKENDORF HOTEL site in Manhattan will probably be sold to Uris Buildings Corp. for $9,000,000. Ballyhooed as the first major Manhattan hotel to be built in 30 years, the Zeckendorf, without enough financing, remained just a hole across from Rockefeller Center. Rockefellers wanted a hotel on the site, but Uris plans office building.

HELP FROM KHRUSHCHEV was asked by U.A.W. local union president in strike against Michigan’s Cross Co., which is planning to bid on $5,000,000 worth of automating machinery for the Soviet Union. Cross has been struck by U.A.W. for nearly a year for refusal to recognize union as bargaining agent, though designated by NLRB. The union ca ble asked Khrushchev to prove his interest “in justice for the working people” by turning down Cross.

INDO-RUSSIAN OIL DEAL is being fought by U.S. and British oil firms in India. Russia will supply India with 1,500,000 tons of kerosene and diesel fuel at prices 10-15% below free-world oil prices. Western companies have countered with offer to reduce their prices 7½% to India.

NEW YORK-MOSCOW FLIGHTS by Pan American World Airways and Russia’s Aeroflot state line will be delayed until Khrushchev behaves better. U.S. officials canceled visit of Aeroflot brass due in Washington this week to discuss the deal. Belgium’s Sabena airline is only New York-Moscow through flight.

TURKISH OIL FIND near Adana by Socony Mobil yielded biggest flow (240 bbl. a day), best quality oil yet found in Turkey. The gusher rouses hopes that oilmen have struck edge of vast reservoir whose oil might end a major import drain on Turkish economy.