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This newspaper page contains 11 articles. Subscribers can read the full text of each article.
Newspaper
Daily Review
Location
Hayward, California, United States of America
Date
Dec 20, 1971
Page
11
Tyrone Pennsylvania faces continued unemployment with Westvaco layoffs shrinking the payroll and schools. Community leaders raise funds to lure new industry, including Hanlon and Wilson, while residents await a promised Pennsylvania Electric Co. announcement. Local promoter Harry Sickler cites long odds yet optimism remains.
Cowen, who resigned as deputy assistant to President Nixon, was elected vice president of ABC. He will lead the Washington DC office for the broadcasting division, replacing Alfred R. Beckman. A Syracuse University graduate, Cowen previously worked for the Syracuse Herald Journal and One Newhouse Newspapers Washington bureau.
Western European governments and business chiefs welcomed the dollar devaluation as a necessary step to restart world trade. The move shifts price dynamics, making American goods cheaper abroad and foreign imports pricier at home, with speculators emerging as big beneficiaries from the settlement.
Air West resumes partial operations at 20 airports across seven states and Mexico after a strike by 570 aircraft mechanics, pressuring the airline to boost pay. The company plans limited service linking nonserved cities, with eleven DC-10 jets activated and routes including San Francisco, Las Vegas, Phoenix, Reno, Burbank, Ontario, Santa Ana, Salt Lake City, Seattle, and Paseo.
Traders boosted hopes of economic revival as the weekend accord to devalue the dollar spurred buying on the New York Stock Exchange. The Dow Jones industrial average climbed about 13 points in early trading while advances led declines by more than 10 to 1. IBM rose near eight dollars as gold stocks fluctuated and overall volume reached substantial levels.
Tourists and workers in western Europe feel the impact as the dollar falls to about 2.60 per pound. Marilee Johnson of Minnesota says they just heard the news on the plane and wouldn’t have deplaned. Advancing travelers like Mrs. Shambaugh of Louisiana saved much by paying in advance, while other Americans face higher prices for Dutch cheese French wine and English goods. The weaker dollar cuts local purchasing power for many, reducing yearly pay by hundreds to thousands of dollars for those earning under roughly $10,000 annually in London, with many noting lifestyle changes across Europe. A Kansas City engineer with a U.S. firm adds that Europe no longer offers the economic appeal it once did.
Fremont First Western Bank names W Newman as Fremont office manager. a five year banker, he previously served at Weat lake Post Street Maiden Lane and Hillsdale offices and is active in Kiwanis and Elkslade. Hayward Robert T Graham named assistant vice president at Wells Fargo Southland office. joined 1996 with assignments in several San Frepersen offices, later Park reward Oakland. board roles include Hayward Chamber of Commerce and South land Merchants Association treasurer. Castro Valley A Sal Ramon resident named general manager of New York Life Castro Valley office. Robert W McFarland appointed, previously management assistant in New York home office joined 190% as agent in Chiis. SAN LEANDRO Ronald Conklin named parts and service manager at Peterson Tractor Co. previously staff assistant in director of service, joined 1985 as parts manager in Redding, moved to San Leandro main office. San Leandro Adam Morgan Swiss Cleaners plant at 148 14th St named to Anmia Plant Design Contest by American Drycleaner. owner Adare Morgan to receive merit award in Atlantic City. Pleasanton Three South County men promoted in Reynold C Johnson Co sales dept. David Y Ridley Fremont named marketing development manager after six years, Castro Valley Steven A Lown named distribution manager, joined traffic dept in 1964.
Brussels reports a flood of trading anticipated Tuesday after the dollar’s 8.57 cent devaluation. The six nation Common Market convened an emergency meeting to plan a joint market response and possible finance minister talks, while others discuss currency revaluations and policy steps across Europe.
The Soviet Union imposed an eight per cent commission on dollar exchanges, effectively lifting the ruble by eight percent against the dollar. The official rate remained $1.11 per ruble, but money changers must add the commission. This marks the first ruble dollar adjustment in about 11 years, mainly affecting tourists and foreign residents within the USSR.
In Philadelphia United Press International reports that Boeing Vertals Aerospace Mant management and the union reached a new contract on Sunday. The pact includes a clause for a one day shutdown during the upcoming Christmas and New Year holidays and indicates work will not begin immediately after the agreement.
James M. Wodhe, longtime General Motors board chair, plans to teach in a college after retirement. He left GM after 44 years, earning a 790000 salary, and will be replaced by Richard Gerstenberg. Wodhe says he may join other boards and has been invited to join a couple of institutes and colleges.
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