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World Monetary Crisis Eases With Agreement
Seven Western governments agreed on a two price system for gold easing the dollar crisis. The U.S. will stop buying gold domestically while gold trading among governments uses the $35 ounce fixed price. Private gold markets set their own price. Economists view the move as a temporary measure linked to broader budget and balance of payments actions. Johnson urged Congress to quickly pass a 10 percent income tax surcharge and proposed a $9 billion budget cut. Durable goods orders rose to $25 billion in February, with steel, electrical machinery, and aerospace up while autos fell. Copper strikes saw a new contract with Phelps Dodge, and Reynolds raised aluminum can prices. AT&T reported record revenues and higher earnings. Auto production reached a yearly high amid improving outputs.