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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 17, 1971
Page
3
European gold markets reopened after two hour closures as they absorbed Nixon policies. Dollar demand stayed modest and the London price opened at 43.05 per ounce while Zurich fell from 43.50–44.00 to around 43.00–43.50. Tokyo saw heavy dollar selling and the Bank of Japan stepped in to bid up the yuan.
Iowa Ombudsman Lawrence D. Carstensen said he is investigating the holdback of commemorative Old Capitol whisky bottles issued Monday. Only 9,000 bottles at 13.36 sold quickly. hundreds were turned away. Complaints say some stores sold to staff officials and friends before other customers. Mason City and Ankeny stores reserved stock for insiders. Carstensen will talk to involved parties to determine cause and favors first come first served.
Typhoon Rose struck Hong Kong with 130 mph winds and heavy rain, killing over 90 people and causing ferry capsizes, grounded ships, floods, and landslides. The Fatshan ferry capsized, with 75 to 80 crew missing. 200+ injured and 2,500 homeless. The U.S. navy ship Regulus was driven aground amid the disaster.
Cedar Rapids finance commissioner and former fire department assistant chief Shank宣布 he will retire January 1 and not seek re election. At 69 he leaves a 41 year public service career including 23 years with the fire department and nine consecutive terms as finance commissioner since 1953, saying the decision has weighed for years and aims to spare taxpayers a costly special election.
Comrie notes a sharp contrast between the ad writer for a bank and the man who actually makes the Johns. The remark points to a backstage reality in a banking firm.
Washington AP Nixon won assurances from Congress to move promptly on his inflation and economy plan. House Ways and Means hearings begin Sept 8 on investment credits and tax changes while Senate action is urged. Signs point to cautious speed with possible retroactive credit and critics warn of broader tax relief pressures.
Ford Motor Co will not roll back tentative 1972 price increases on five models until many issues are settled in Washington. President John Naughton cites a special problem with the Pinto, Torino, Thunderbird, Mercury Montego and Continental Mark IV and notes the need for Congress to act on the 7 percent auto excise tax.
NEW YORK AP The stock market moved into high gear late Tuesday with the Dow Jones industrial average rising 10.20 points to 899.75 by 2 p.m. After a slow start, shares of General Motors Ford and American Motors led the advance in heavy trading.
Iowa highway commissioners deferred action on freeway 549 through the Amana colonies for two to three weeks after agreeing to visit the site. Chairman Wil lam Gray said a Cedar Rapids tour would accompany the decision. The plan, differing from the current Cedar Rapids to I-80 route, has drawn opposing views. Commissioner Robert Rigler noted need in the Marion Cedar Rapids area but questioned the freeway now under construction. Bridges on 143 north of Homestead require fixes. the 149 bridges are cited.
Private housing starts reached a July annual rate of 2,218,000 dwelling units, the Commerce Department reported. The seasonally adjusted total rose 10 percent from June and 38 percent from a year earlier, with the six-month rate up 18 percent above the previous six months’ average. The previous high was August 1950 at 2,120,000.
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