Mixed Business Reaction To LBJ Spending Curbs
Business leaders from Dow Chemical, Coca Cola, Sperry Rand and others reacted to President Johnson’s plan to curb private foreign investment bank lending and travel abroad. Executives warn of reduced overseas expansion higher import costs and potential long term effects on the balance of payments, while some urge exports and prudent monetary policies to stabilize the dollar.
MENTIONED IN THIS ARTICLE
Pil Thomas
New York
Johnson
Ward Kenner
B. F. Goodrich Co
Kener
Carl A. Gerstacker
Dow Chemical Co
Midland
Mich
Europe
Harold E. McGowen
Chemco, Inc
McGowen
Charles Adams
Coca-Cola Co
Atlanta
Coca-Cola
David H. Baker
Sperry Rand Corp
International
Sperry Rand
Edson W. Spencer
Germany
Spencer
William F. Butler
Chase Manhattan
First National City Bank of New York
Rudolph A. Peterson
Bank of America
San Francisco
United States
Association
Copenhagen
George J. Leness
Merrill Lynch
Pierce Fenner & Smith, Inc
Leness
Free World
Europeans Bemoan Loss of Dollars Agree Johnson Moves Right
Western Europe businessmen back President Johnsons steps to curb foreign spending but mourn fewer tourist dollars. They see mixed effects for Europe with Germany and Britain reacting to U.S. policy while Rostow and Katzenbach brief Europe on implications.
MENTIONED IN THIS ARTICLE
Johnson
Louis Nevin
Associated Press
London
Europe
Western Hemisphere
Haly
Moscow
Tass
U.S
United Staes
Vietnam
Katzenbach
Nicholas Katzenbach
Washington
Roy Jenkins
Bonn
West Europe
West Germany
Paris
Frankfurt
Zurich
Britain
Italy
France
Holland
Belgium
Luxembourg
Switzerland
Spain
London Evening Standard
Eugene V. Rostow
Asia
Payment Deficit Worry Unknown Two Decades Ago
An AP report traces the U.S. balance of payments, deficit trends since 1950, and the shift from gold reserves to belt tightening. It notes postwar aid, Marshall plan origins, increased investment and travel, and policy steps like taxing foreign securities and limiting duty-free returns to curb deficits.
MENTIONED IN THIS ARTICLE
Joseph R. Coyne
Associated Press
Washington (Ap
U.S
Johnson
Europe
United States
Yesteryear
Benan
Yar
Heller urges bold action to prove dollar stability
Economist Walter W. Heller urged a stern program to cut the payments deficit and curb dollar outflows to reassure foreign governments about the dollar. He proposed measures including a faster surtax, ending gold backing, exposing gold speculators, and possibly devaluation as a must‑unthinkable option. He called for government and private action to defend the dollar and expand SDRs.
MENTIONED IN THIS ARTICLE
Heller
Washington
Walter W. Heller
White House
U.S
Vietnam
Economist
University of Minnesota
United States
International Monetary Fund
Mills Backs Dollar Plan While Holding Tax Hike Stance
Rep. Wilbur D. Mills said he supported President Johnson's five point plan to strengthen the dollar and improve the U S trade position, yet his opposition to a 10 percent income tax surcharge remains unchanged. He stressed the two actions are not closely linked, save for a possible psychological impact. The remark came during discussions in SEARCY Arkansas.
MENTIONED IN THIS ARTICLE
Mills
House
Ways and Means
Fiow
Committee set to hear new federal spending proposals
A committee plans to hear later this month new proposals aimed at reducing federal spending. The discussion follows prior concerns about bur spending and budget growth.
WHCT-TV Announces $2 Million Expansion Plan
Hartford based WHCT-TV Channel 18 reveals a $2 million expansion to construct new studios in Hartford upgrade transmission range and add color capabilities. General Manager Keigler E Flake says growth positions WHCT as a direct commercial competitor though it will not alter the station's pioneering party experiment. WHCT is owned by RKO General Inc with stations in Boston New York Memphis Detroit and Los Angeles.
MENTIONED IN THIS ARTICLE
Hartford
Whct-Tv
Keigler E. Flake
WHCT
RKO General, Inc
Boston
New York
Memphis
Detroit
Los Angeles
Astrologer predicts Vietnam troop withdrawal and peace talks
AP reports astrologer E. V Shastri Lee predicts 1968 will see U.S. troops leave battle zones by April and peace negotiations begin within the year.
MENTIONED IN THIS ARTICLE
Hong Kong
E. V Shastri Lee
U.S
Vietnam
Also Mentioned on This Page
LBJ
James Boyd
Copper Range Co
Boyd
American Bankers Association
Charles L. Schultze
City Savings
Family Bank
Sridgeport
Main Street
Stratford
Paradise Green
Fairfield
Black Rock Turnpike
Fairway
Trumbull
Korvette
Huntington
Huntington Street
Park & Shop
Member
Federal Deposit Insurance Corporation
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