Florence Morning News Newspaper Archives Jul 7 1973, Page 1

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Florence Morning News (Newspaper) - July 7, 1973, Florence, South CarolinaGood morning it s satyr inv 107? v. N m v. V w e our 50th year no. 187 Florence s. C. Daily 10s sunday record Tumble for ninth straight Day Frankfurt. Germany a the american Dollar hit new lows for the ninth consecutive Day Friday bringing turmoil to european exchanges and rumours of a new realign ment of major currencies Over the weekend. The head of the Swiss National Bank said the monetary Situ Alion had gotten completely Oul of he asked iwo Long inc United Stales was pre pared to Walch idly i continued Dollar slump without intervening in he Market in buy dollars. The value of dropped three per cent in 24 hours on the Hec tic Zurich Market to a record Low of 2.705 Swiss francs. In Paris the Dollar fell through its psychological Bur Ner of four francs Down loan All time in West Germany the value of the Dollar slumped so sharply thai several major Frankfurt Banks halted Dollar trading an hour Early because Bey could find no buyers. The Price was 2.24 to 2.26 German Marks almost one Mark less than at the beginning of the year and nine pfennings under thursday. This meant that american travellers who through most of the 1960s paid 25 cells for each Mark now were having to pay nearly 45 cents a Mark. On the tumultuous London Market dealers reported new York Banks came into inc mar Ket to sell huge amounts of Dol Lars. There. The Dollar strength ened slightly against the weak Pound. Some government officials and Bankers tried to quell the rumours but dealers noted this took place before All previous major currency developments. A new Dollar devaluation the third in 19 months was emphatically ruled out in washing ton by Paul Volcker. Treasury undersecretary for monetary affairs. Volcker voiced the View thai monetary markets have Over done in recently and under valued the Dollar. "1 see a turn about coming around. H s implicit in these exchanges Rales getting Oul of he sail. The increase of interest in the United states announced thursday bad at Best a Mone tary favourable Impact on the Market Bui this was then wiped out As rumours of an impending Dollar devaluation spread. As one lop european banker saw in. Such . Moves were too Little and too late under present circumstances. West German banking informants said the Market was talking Aboul these realignment possibilities . Dollar lobe devalued i per cent. British Pound Sterling and danish Kroner to be devalued 10 percent. Liuro pan currencies jointly floating against the Dol Lar would be revalued upward by ii per a Cal. Seven european nations now Are joined in the float. Added to this were rumours that the australian Dol Lar s value would be increased against its and the Hong Kong Dollar would be allowed to float. These rumours brought trading in australian and Hong Kong dollars to a virtual Ball in a and in French finance minister Dis card d a Slang reiterated his government s opposition to a revaluation of the franc either through Markel forces or through a i n Copenhagen banking sources said pressure on the danish Kroner had eased and evaluation was in no Way Immi nent. Sources close to the West German Central Bank said Uherc appeared to be no truth to the realignment rumours. As far As we can see in. Everything is Calm and nothing is one Central Bank official in Frankfurt said. Monetary experts unable to explain the Dollar s continuing weakness in solid economic terms have opted for political or psychological explanations. At the head of the list is the watergate affair seen by some europeans As paralysing presi Dent Nixon s ability to Deal with inflation at Home and the . Trade deficit abroad. Dollar Down Over the years illustration shows decline in value of the . Dollar in relation to the West German Mark Over the years. On sept. 19, 1949 the Dollar was Worth 4.20 Marks March 6 1961. 4 Marks oct. 10, 1963 3.63 and on july 6 of this year the floating Dollar went under 2.30 Marks. A Lamar tobacco spokesmen file District court suit . Inflation worsens As Price Index leaps tobacco Markel designation referendum results obtained in june which would allegedly Cut Short the Leaf Market s Sale hours were asked to be enjoined from use through a civil action lawsuit filed in . District court in Florence Friday by eight Lamar tobacco Market representatives District judge Robert f. Chapman Friday afternoon ordered the defendants in the suit including agriculture Secretary Karl to appear in court next thursday at ii . To show cause Why the injunction should not be Gran Ted. The referendum conducted Between june 21 and 20. Asked tobacco growers to voluntarily designate a Market Lown where they will agree to Market a por Tion of All of their controversy from Many sections of he pee Dee became widespread among growers and warehousemen immediately following Hie announcement of the referendum. The suit which names kale. S. A stale agricultural stabilization and conservation service executive director w. Barmore. Industry wide flue cured tobacco marketing committee chairman .1. Frank Bryant and marketing commit tee members i. Frank William son. Frank m. Mirin Israel and Marion s. Fowler As Cha inns the referendum would limit tobacco sales to a Small geographical area not for the Benefit of the class whose interests the plaintiffs share and represent bul forthe economic convenience and profit of the purchasing tobacco plaintiff Preston Warr. A Lamar Golden i oaf warehouse partner and former s. C. House member said Friday Afler noon. We regret the necessity of bringing this suit we Are for Cedlo do so in self defense and in the interest of Farmers who have been our customers for years who Are not allowed of designate the Market of their Warr. One of the first warehousemen to object to the referendum said the depart ment of agriculture is deter mined to destroy the Small far mers and the Small markets. These bureaucrats in Power today love big business they Call in Agri bids incas and they fatten it up with the economic blood of the Little Fellows Hal they kill off for that purpose. We propose to Figol their tyranny at every he said. On May 11151. The suit claims Lamar was designated As a flue cured tobacco auction Market for All flue cured Lobac co types and Hal designation has not been changed or revoked. Notice Given to plaintiffs Preston Warr w. B. Carter. Sterling Motley. Robert a. Warr. . Newman. Earl goad. M. W. Windham and Roben Jones and other Mem Bers of the Public. Hie suit alleges is insufficient As required by Law. The Secretary but has wrong fully allem plod to act in the Field of issuing regulations without giving these plaintiffs and Oiler members of the Public notice of the terms or substance of inc proposed the suit claims. The civil complaint requests that Secretary required to Issue regulations As May be necessary to insure the Avail Billy of inspection ser vices to continue the distribution of hours of tobacco sales in a manner Hijii will nol diminish the Lamar Market see Lamar Page 2a Washington a wholesale prices Shol upal he highest rate in More than a generation last month before president Nixon froze prices for go Days the government re ported Friday. The wholesale Price Index led by a record on month jump in the Cost of farm products advanced in Luucy by 2.-i per cent unadjusted and 2.3 percent seasonally adjusted bom the highest rates since january 1951. The disappointing economic news was certain to Lessen even further Confidence in the Dollar overseas where in plunged to record lows on Money markets from Parslo Tokyo. One encouraging note in the economic picture was the department s report that the nation s unemployment Rale edged Down in june to 4.8 per cent of the work Force. It marked the first time since june 1970 Hal the Rale has Lizeri below 5 percent. Last month s Price report also from the labor depart ment showed the inflationary surge continuing at inc highest peacetime level since world War ii. The Index of wholesale prices is often a preview of Corning changes in prices of re ail products. Wholesale prices have in creased Al a seasonally adjusted annual Rale of 24.4 per cent during january to june the five Admiral assigned Washington api hear Samuel s. Gravely the Navy s Only Black Flag officer will become commander of a Cruiser destroyer flotilla this month the Pentagon announced Friday. His Home port will be Charleston. . This will be the first Lime a Black has commanded a naval Force of this site. About 30ships. A Pentagon spokesman said. Gravely currently holds a senior communications position on the Navy Headquarters Slaff. A native of Richmond. A. The 51-year-old gravely came up from the ranks and has seen service in world War ii. The korean War and Vietnam. Months of president Nixon s phase 3 anti inflation program thai compares with an annual rate of fi.9 per cent during tic m months of which had stricter controls. On a seasonal basis. June s increase is an annual rate of 27.fi per cent. Statistics in the Price report were gathered by the Bureau of labor statistics june 12, a Day before Nixon imposed a 60-Day on Alt wholesale retail and manufacturing prices. Although the effects of the freeze will nol show up until july s Price report is issued next month Herbert Stein chairman of he president s Council of economic advisers said Grain prices have already dropped. And. He added. Inc decline in he prices of soybeans and soybean meal which Are subject to Export quotas has been before the freeze prices of farm products including fresh vegetables livestock poultry and eggs jumped 7 percent last month the government said. That was the highest rate since record keeping began in 1u-i7. In other economic develop ments number of Banks and savings and loan associations including first National City Bank of new York acted immediately to announce higher interest rates for Consumers holding savings accounts. . Legislature adjourns the South Carolina general Assembly wrapped up ils session Friday bul faces a special session to be called by gov. John c. West probably in september. The legislature which was faced with a last min ulc supreme court order to reap portion he . House was unable to reach an agreement for extending the session and went ahead with final adjourn ment. The House session was gave led into history at . Arid the Senate followed Al about . Speaker sol Lilart spent his last Day on duly As speaker of the House and received tributes in both Chambers of the legislature As business ground to a Hall. He will return As an Ordinary House member while hex Carter of Greenville will become speaker. Even As business slopped for the regular session a reapportionment commit tee organized and Laid ground work for recommending a House plan to the legislature later. They expect to have a report by september. Gov. Wesl has said he would Call a special session if the legislature failed to tackle House reapportionment in ils regular session lie is expected to do that in september. For details see Page 1c Joe e. Brown s split face Grin entertained generations pictured in Elmer he and on War tour comedian Joe e. Brown Dies at los Angeles Home Angeles api Joe e. Brown whose cavernous Mouth and Crescendo bellowing he trademark of a comedy career spanning More than w years died Friday alack of. The actor died at his Home in suburban Brent Woolf lie had been ailing from severe arthritis for the last several years. He had suffered a stroke seven years ago. His widow Kathryn. Whom he married in 1315, was at the Home when lir own died. People have often told me that they enjoyed watching to perform because i looked As if i Brown once said. And i lir own up Cal a lifetime entertaining people from a circus act at age 9 to his Las vegas night club act at age 70. Brown s rubbery mouthed antics made him a lop Box office attraction in the 1930s, lie appeared in More than 50 movies and 10 plays during his career. In recent years he had been in virtual in mrs. Lir own told a news reporter thai lir own was under constant medical atle lion for arthritis. He s not very she said there s not very much you can do at that Fie made people laugh with his comic antics in such films As local Hoy makes fireman save my a Midsummer night s shut my big the daring Young the Tenderfoot and you said a As a Schoolboy in Toledo. Ohio. Brown landed a summer Job with the five marvelous an acrobat troupe which played circuses and carnivals. Lie later reflected. I suppose the lessons i Learned in the circus stuck with me All through my life. I guess he main thing was the eagerness to please Hal circus performers by Ifon. When Brown was 22. He was a featured comedy acrobat on the orpheus vaudeville circuit making s300 a week. On the Side he played semipro baseball with such teams As the St. Paul club of the american association. Then he decided to try being a comic and he landed a featured role in he i Roadway show but the show was closed by . Afler Hal he appeared in a half dozen Broadway hits in As Many seasons. They included Jim. Jam Greenwich Village Captain Jinks 1 a n d twinkle. Nixon chinese envoy talk i san Clemente. Calif. Api presidential adviser Henry a. Kissinger continued Friday to leave open a possibility that he would meet Wilh exiled cambodian Prince Noro Dom Sihanouk on his forthcoming visit to China. Kissinger s comment came As a cambodian cease fire was discussed Friday in talks be tween him. President Nixon and China s . Envoy. Huang Chen. No details of the 40 min Ute discussion were released exc Cpl a statement thai no fur her talks were planned. Kissinger was asked by re porters if he look seriously statements in peking by Siha Nouk thai he would not Lalk with Kissinger. Tojal is almost inconceivable of Kissinger replied. He said he did not want to comment Aboul cambodian peace negotiations which Are now in Progress. We will just have to Wail for what develops in the next he said. I just do nol want to conduct any discussions with Sihanouk in asked if China was expected to be influential in bringing about a peaceful solution in Cambodia. Kissinger declined to comment. But he said. The Public expressions of the Chi Nese leaders have been in a direction of peace throughout in Huang the 64-year-old head of China s Mission in washing Ion came to san Cleminte aboard a Percsi denial Jel Friday morning. His visit is Al president Nixon s inv Lalion. As he three men sat Down to in the oceanfront office at the Western while House. Kis Singer said he had already talked to Huang on inc inter National situation in a Friendly and constructive chatting with the Aid of an interpreter. Huang said it was his first Lime in California. I m very Laler Friday Kissinger and Huang were to helicopter to los Angeles where Kissinger is hosting a party in Huang s Hon or Al a French restaurant in Beverly Hills. Nixon was not planning to Allend. The party was to include about 50 persons including Hollywood and Busl Fiess figures. Huang was to return to Washington saturday. Friday was Huang s second meeting with Nixon. Nixon greeted Huang at the White House shortly after his arrival in Washington in May when he became the first Mainland Chi Nese diploma in the uni cd Stales in a Quarter Century. Lon nol government proposes cease fire Argentine kidnappers release . Exec the Lon nol government in s Cambodia proposes a cease fire 8 in Hopes of negotiations. Page Gac. I really Don t believe in Index churches comics deaths doctor Elizabeth Taylor said nine years ago when she wed Richard s Burton. Page so. Editorials markets when the lights go on and the s television Speaks Henry Clews 5a 3 3c 2a@ Kissinger said no precise Date has been set yet for his forthcoming trip to peking. While House sources have indicated in will take place Laic knows his windmills Are working. State area 1c h this month or Early in August. Page 3b. Kissinger War asked if he fell it was necessary to reach a cambodian by the aug. 15 deadline Congress has set. I and hot with a Chance afternoon and evening thundershowers. Highs Low 90s. Lows Low 70s. Details Page 3a. V Aires. Argentina a . Business executive John r. Thompson released by kidnappers after 18 Days in Cap Lively. Told friends Friday he was confined in a Lent inside a House. Thompson. 50. Managing director of the Argentine subsidiary of the firc Slone tire rubber co. Was released thursday after his kidnappers reportedly were paid a record s3 million in Ransom. He went immediately to the Home of friends in a Buenos Aires suburb. He just walked up to the House and rang the said a Friend who asked not to identified. The million was banded Over Al the downtown president Hole to a guerrilla and his companions hauled away the loot in an armoured car in formed sources said. The ran som was slacked in huge piles . The Ransom was negotiated openly Over a table Al the hotel by the guerrilla and Firestone officials the sources said. The Money was a Bank Transfer from new York converted into pesos and placed in bundles. The million was a record for a Ransom in the recent wave of Argentine abductions. The previous High was believed to be si.8 million paid last april by the British american tobacco co. For the release of one of its executives. Francis Brimicombe. I

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