Looking back

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Golf players in Lewiston and Auburn must exercise care this coming season about the balls they use or they will make themselves liable to prosecution. This is the edict of the American golf ball manufacturers who feel disappointed enough over the decision of courts in England, which, in substance, gives any English subject the right to manufacture rubber cored golf balls controlled by the patentee and his licenses in the United States. As a consequence, there is a flood of home manufactured rubber cored balls on sale in England and some specimens have been brought to America by tourists, while other players had a box or two as a gift from friends abroad.

50 Years Ago, 1956

The first large group of auto workers eligible for company-financed supplemental unemployment benefits was laid off by Chrysler Corp. Government figures indicated that the latest layoffs brought to about 130,000 the number of unemployed in the automotive and related industries. The United Auto Workers claims the figure is considerably higher. The auto industry employs about 850,000. With an inventory of about 900,000 unsold new cars, the automakers have been curtailing production to get rid of the backlog before the new models come out next fall.

25 Years Ago, 1981

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Changing times affect all lines of business, including the banks and other lending institutions. The fluctuating interest rates of the past few years have had their effect, especially on long-term loans, such as home mortgages. As a result variable rate mortgages have become increasingly common. In the past, mortgages bore a fixed rate for the entire term of from 10 to 25 years. The new system allows interest rates on the mortgages to go up or down, depending on the economy. The new type of mortgages now are being written in the Twin Cities. There are restrictions on the upward or downward movement of the interest rates. They may not vary more than 5 percent either way during the term of the loan.

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