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Newspaper
Anderson Herald
Location
Anderson, Indiana, United States of America
Date
Aug 17, 1971
Page
10
New York stock markets exploded after President Nixon outlined a shift to active policy. The Dow rose 32.93 to 888.95, NYSE volume topped 31.7 million, and many blue chips led gains amid broad market enthusiasm.
Union chiefs voiced concern that workers would suffer most from Nixon's 90 day wage and price freeze. Meany announced a Thursday executive council meeting to press administration on details while Boyle and other leaders argued for ongoing negotiations and future raises beyond the freeze.
Washington AP The man who ran the nation’s last wage price ceilings says Nixon’s wage price freeze is awfully late but awfully welcome DiSalle former Korea War price boss says action should have come July 28 1968 the day acceleration was announced in Vietnam He expects the freeze to last longer than 90 days likely until the nation is out of Vietnam with men and money
US industry leaders from Armco Steel Budd American Motors and others welcomed President Nixon's economic proposals aimed at inflation and growth. Bankers and economists voiced guarded optimism, urging caution on wage price controls while backing temporary tax cuts and growth measures.
American travelers woke to a devalued dollar as Nixon moves reshaped rates across Europe and beyond. Banks closed in many Catholic countries for the Assumption while exchanges varied, with Paris at about 5.4 francs per dollar and hotels cutting values. Tokyo hotels limited dollar exchanges. Amsterdam and Rome imposed restrictions. Swiss dealers faced confusion.
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