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FACT BOX.(ISSUES & INSIGHTS)

Investor's Business Daily

| June 02, 2004 | COPYRIGHT 2004 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

ON THIS DAY

In 1952, President Truman's seizure of the steel mills was ruled unconstitutional by the Supreme Court. Only Congress can authorize the taking of private property for public use, the court said. Truman had seized the mills after a union walkout resulted in a 93% drop in production.

In 1974, a "condominium craze" was bringing fundamental changes to American housing. In 25 metro areas, 40% of new units for sale were condos. They were cheaper than detached homes, mortgage interest payments offered tax advantages and joint ownership made pools and tennis courts obtainable.

In 1997, Timothy McVeigh was found guilty of the 1995 bombing of the Alfred P. Murrah Federal Building in Oklahoma City. Eleven days later he was sentenced to death.

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