Devaluation plan sends dollar lower across Europe
The Nixon pledge to devalue the dollar pushed it down against major currencies. Across Europe bankers and travelers reported varied rates with AmEx in Paris showing 5.25 francs per dollar, Beirut banks halting dollar trades, and dollars trading around 2.57 to the pound in London. Officials welcomed the move as a step toward stabilizing a crisis, while some banks noted slow business and missing details on import surcharges.
MENTIONED IN THIS ARTICLE
London
UPI
Europe
Nixon
Lebanon
American Express
Lemion
Renea Express
Paris
Michael Lanerenon
Beirut
Bank Sabbagh
Arthur Simon
Rome
Simon
San Francisco
Banco di Roma
Frankfort
Brussels
Executive Commission of the
European Common Market
Kredietbank
U.S
Antoine Pinay
Johannesburg
Nicolaas Diederich
Diederich
South Africa
America
Milan
Bank of Tondon
U.S. seeks trade package tied to dollar devaluation
Treasury Secretary Connally said devaluation hinges on a trade package with major partners and a realignment of rates. He noted eight other nations must approve, with a gold price hike likely to about $57 an ounce, and the U.S. would remove its 1 percent import surcharge only after such accords are reached.
MENTIONED IN THIS ARTICLE
Washington
UPI
Treasury
John B. Connally
America
Connally
United States
Nixon
Georges Pompidon
Azores
France
NBC News
Congress
Prudential elects woman to high post
Prudential named Mrs. Kirchner as vice president and secretary, making her the first woman officer of the 110-year-old firm. A Brooklyn native, she began as a clerk, left to marry, and returned to rise through Prudential while pursuing degrees at night. Her husband, a New Jersey Bell executive, supported her ascent.
MENTIONED IN THIS ARTICLE
Newark
Nol
Isabelle Kirehmer
Brooklyn
Prudential
Bill
Joan
Whan
Indiana University
William
New Jersey Bell Telephone Co
Large
Proklyn
Livermore Chamber elects Ken Mercer president
Livermore Chamber of Commerce board elected Ken Mercer as president replacing Milt Codhrall. Mercer is manager of the Livermore Pacific Telephone office. Other officers named include Bill Rozzini as vice president of Economic Development Council Bruce Sizelove vice president of Chamber Development Council Masud Mehran vice president of Governmental Affairs Council Jack Rosengren vice president of Environmental Affairs Council John Hein vice president of Past Presidents' Council and Dale Turner treasurer.
MENTIONED IN THIS ARTICLE
Livermore
Livermore Chamber of Commerce
Ken Mercer
Mercer
Livermore Pacific Telephne
Milt, Codhrall
Bill Rozzini
The
Economc Development Council
Bruce Sizelove
Chamber Development Council
Masud Mehran
Governmental Affairs Counscil
Jack Rosengren
Environmental Affairs Council
John Hein
Cowell
Dale Turner
Market slides steady as chip gains pause in consolidation
NEW YORK AP Blue chip issues rose moderately while overall stocks edged lower in a moderate trading session. The Dow Jones industrial average rose 3.21 to 858.35 by noon after starting down 2.56, as declines slightly outpaced advances and analysts cited an ongoing eighth day of consolidation following a Thanksgiving rally. Profit taking was evident, with bargain hunting expected after the pullback.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Two-price gold system stays in place despite Nixon talk
The article explains the two-price gold market where official price remains 35 per ounce while jewelers and industry pay about 43, with rising demand in space-age uses. It notes U S gold reserves near mid 1920s levels, totals mined around 80 billion ounces since antiquity, and major holders like central banks IMF the Soviet Union and South Africa as producers.
MENTIONED IN THIS ARTICLE
Washington
UPI
Nixon
Soviet Union
Tts
South Africa
International Monetary Fund
United Nations
West Germany
France
U.S
Tokyo dollar slumps as yen weakens in foreign exchange market
The dollar fell against the yen in Tokyo trading as government and financial leaders including President Nixon and President Pompidou signaled a move toward monetary stability. Tokyo banks reported heavy exchange activity with the yen at about 321.90 to $1, a new low since August.
MENTIONED IN THIS ARTICLE
Tokyo
U.S
Iines
Japan
Monettary
Nixon
Georges ‘Pompidou
Bank of America backs devaluation move praised by Nixon
Bank of America hailed President Nixon's agreement toward a dollar devaluation and noted it should aid exchange rate realignment negotiations. The statement said formal devaluation would require Congress, but gradual phasing out of gold as a reserve asset would not be reversed and broader margins around new rates are essential.
MENTIONED IN THIS ARTICLE
San Francisco
UPI
Bank of America
Nixon
Georges Pompidou
Weeknd
Group of Ten
Washington, D.C
Also Mentioned on This Page
Colonally
INTER
Eniacon
Dean, Witter & Co
Hayward
Chamber
3Rd Chamber of Commerce
Bayear
J. Kenneth Birchfield
Frank Ervin
W. van Blair
Charles Machado Jr
Marcel Delabriandais
Harlan C. ‘Nobis
Orland Close
Hank Jimeriez
Robert Kennelly
Oliver Stivers
Carl Street
Union City Jaycees
Union City
Tas Arcus
Baily Review
Herald News
Bofa
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