Market Rally Follows Nixon Wage Price Freeze News
New York stocks surged on heavy trading after President Nixon announced a wage price freeze and dollar devaluation. The Dow Jones average rose 24.31 to 880.33 at noon, with 1,435 NYSE issues mostly advancing. American Exchange listings also gained as investors priced in the policy shift.
MENTIONED IN THIS ARTICLE
Nixon
New York Stock Exchange
Flying Tiger
Unicoya
Eastern Air Lines
Teledyne
Telex
Memorex
American Stock Exchange
Imperial Oil
McCulloch Oil
Asmera Oil
Bow Valley
AMREP
NEW York
New York Exchange Sets Noon Prices in AP Report
The New York Stock Exchange released noon prices in a daily AP bulletin. Market activity showed varied gains and losses across major listings as traders monitored indices and corporate results.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Dollar Panic Strikes Paris Tourists
In Paris a hotel cashier reports banks closed for a public holiday as Americans rush to change dollars. Some offices stay open, with rates around 5.40 to 5.51 francs per dollar, limits of fifty dollars per customer, and uncertainty while officials are closed.
MENTIONED IN THIS ARTICLE
Michael Goldsmith
Associated Press
Paris (Ap
Paris
France
U.S
Bankruptcy or Receivership Mentions in Financial Notes
Fragmentary OCR shows terms related to bankruptcy or receivership and references to foreign issuers subject to interest equalization tax. No clear entities, dates, or actions are readable to name.
Nixon proposes voluntary price freeze and tax writeoffs
The article outlines President Nixon's voluntary price freeze under the Economic Stabilization Act of 1970 with penalties limited to civil fines up to 5,000 dollars. It notes exemptions for interest rates and commodity prices, plus a plan to extend to lenders and dividends. Nixon also seeks rapid first-year tax writeoffs equal to 10 percent of new plant and equipment costs for one year, then a permanent 5 percent quick write-off, and an advance of the effective date for a tax measure.
MENTIONED IN THIS ARTICLE
Anaconda
Lukens St
LVO Corp
New York
Apeco Op
Arch Dan
Lykes Vogst
Armst Ck
Macke Co
Macy RH
Aerojet
Ark Best
Avco Corp
War Mid
Arklgas
Martinm
Atlas Contra
Barnes Eng
Balt GE
Barnwell
Brascantt
Va Beckman
Mead Corp
BeechAir
Melv Sho
Bell How
Memorex
Merck
Borden
Boeing Co
BorgWar
Dixilyn
Monsant
Essex
Budd Co Bulovaw
Mont Pw
Fermont Oil
Bunkr Ramo
MorNor
Frontier Air
Cadence Ind
Gt Basin Pet
Cal Finan
Nabisco
Camprlk
Natcashr
Am Instrum Sys
Nat Distil
Orp Va
CartWal
Jamesway Nn
CastieCke
Cenco Ins
Jupiter Cp Pd
Va Kaiser
Veard
Cerro Co
Ning MP
Vole
McCrory
INL
Ind
Mitch Sug
Norofik
ClevElis
Norris Ind
Migo
Newldria Mn
Colg Pal
Noamrk
NewPark Mn
Collins
NoStaPw
Va Neclear Am
OKC Corp
Nwst
Ormand
NwtBanc
Comwe
Norton
Ohic Edis
Air Line
Conti Corp
Olin Corp
Cox Edest
Vikoa Inc
CrowColl
VLN Corp
Crown Cork
PacPetri
Westates Pt
CrwnZell
Cayn
PacPwl
Wilshire
Pac T&t
Panam WaAir
Zim Hom
DaycoCp
Panh
Associated Press
Dave
Penn Cent
Deere Co
Penn Dixie
Det Mate
Vel Penney JC
DennyAst
PennzUn
PepsiCo
Pfizer
Dillon Co
Phelps
Disney
Pitney
Aid Dressind
Duke Pw
Dynam Am
East Air Lin
EasKodak la
P— Eaton
Pullman
Echiin Mf
Questor
Eg&g
Ing. R
Lpasong
Ralston P
EltraCp
Banco Inc
Emer Ei
Essexint
Fansteel Inc
GAC Cp
SCM Corp
GAF Corp
Scoa Ind
Scott Paper
Gannett
Scar
GaPacif
South Co
Gerber
Soungas
Gettyo
Southn Pac
Gillette
SouthrnRy
Gien Alden
Stoilind
I Stollins
StoiliCh
Greyhound
Stevens
Halliburt
Swift Co
Harris
Heciam
Tala Hercules
Tampa el
Heublein
Tektronix
Teledyne
HoernWal
Tenneco
Texaco
Textron
Idaho
Timken
Todd Sh
INA Cp
UMC Ind
Lowapsy
UN Carbide
Ifex Corp 206
UN Elec
UnOiical
Va Mie
Jewel Co
PacCp
JohnMan
Uniroyal
JonLogn
Air
Jostens
Joy “Ty
Katy Ind
Kennecott
LearSieg
Lenpcem
WatnAir
Lean
Litfonind
Lockheed Air
Whittaker
LoneStarin
Williams Co
Lonesga
K-Y
Zale Corp
Franklin D. Roosevelt
Nixon
United States
Office of Emergency Preparedness
Connally
Congress
Parksdale Mills Buys Erlanger Mills In Lexington Merger
Parksdale Mills Inc of Gastonia has acquired Erlanger Mills Inc of Lexington. The deal unites more than 110000 spindles used to produce combed cotton yarns.
MENTIONED IN THIS ARTICLE
Parksdale Mills, Inc
Gastonia
Erlanger Mills, Inc
Lexington
Schwarzenbach Huber names leaders after merger
Robert M. Schwarzenbach is named chairman and Kurt Truek becomes president of The Schwarzenbach Huber Co. following its merger with Indian Head earlier this year. Schwarzenbach had been president of Schwarzenbach Huber at the time of the merger.
MENTIONED IN THIS ARTICLE
Robert M. Schwarzenbach
Kurt ©. Truek
Schwarzenbach Huber Co
Indian Head
Schwarzenbach
Schwarzenbach Huber
Dollar crisis sparks debates on Bretton Woods system
The report details international reactions to the dollar crisis and U.S. economic policy. Nations weigh monetary reforms as Europe faces dollar limits and devaluations. Nixon signals push for a new international monetary framework while the IMF moves to widen currency fluctuation bands. The Soviet Tass agency counters Nixon claiming the crisis reflects U.S. domestic weakness.
MENTIONED IN THIS ARTICLE
Bretton Woods
N.H
Europe
Paris
Poul Nyboe Anderson
Denmark
Nixon
United States
International Monetary Fund
Tass
U.S
Nixon signals 90 day freeze may reshape price policy
President Nixon outlines a 90 day price and wage freeze with a new Cost of Living Council. He pledges voluntary measures to stabilize inflation and hints at a national wage price review board if needed while opposing mandatory controls. The plan relies on industry and labor cooperation and risks weak job creation proposals.
MENTIONED IN THIS ARTICLE
Nixon
Cost of Living Council
Congress
Presiident
Nixon Economic Freeze Aims To Boost 1972 Bid
President Nixon unveils an eight point plan and a 90 day wage price and rent freeze to ease inflation and extend his re election prospects. Analysts debate whether the measures will defuse the economy issue before the 1972 vote and who among allies could emerge as a running mate.
MENTIONED IN THIS ARTICLE
Dick Barnes
Associated Press
Washington
Nixon
White House
Nixon economic moves win mixed business labor praise
Business and labor leaders welcomed President Nixon proposals to improve the economy but some argued they do not go far enough. GM chairman James Roche praised repealing the 7 percent auto excise tax, saying it could reduce new car prices by about 190 dollars, while textile officials warned a 10 percent import surcharge would not suffice. Morris Less of the Teamsters doubted the wage and price freeze would influence ongoing labor talks.
MENTIONED IN THIS ARTICLE
Nixon
Senate
Hugh Scott
Federal Reserve
Arthur Burns
Congress
William Proxmire
D. Wis
Joint Economic Committee
George McGovern
D-S.c
China
Pee
John B. Connally
Connally
James M Roche
General Motors Corp
W. Ray Shockley
South ‘Carolina
Shockley
United States
Earl B. Ruth
R-N.c
Tobacco Workers International Union
Ruchol Hobby
Durham
Greensboro
Blue Bell, Inc
Rodger LeMatty
Freeze plan seen stabilizing US markets and wages
Lawmakers and business leaders weigh a 90 day freeze as a possible remedy. Governor Ruth notes Nixon’s decisive step could help the country if the public complies while state teachers and workers see limited impact on raises. Union and industry voices call the move generally favorable with mixed effects on prices and imports.
Also Mentioned on This Page
Stock Market Report
David Burke
NEW York Exchange
Arizona la
Alleg Cp
AlliedStr
Alcon
At&t
T&t
Te Amp Inc
Ampex Corp
Leu
A.P. Stock
Util. Fon, L
Dow-Jones
Indus
American Exchange
NEW York Fe
Heen
New York Stock Suchang
Labor
THE
National Association of Manufacturers
Afl-Cio
George Meany
High Point Enterprise
High Point Enterprise, Inc
Church Avenue
High Point
N.C
Okly
Ward-Griffith Company
National Advertising Representatives
Preventor Security Center
North Main Street
North Carolina
Linda
Wylie Moore
the Peddler Steak House
E. Parris Ave
N. Main
K-Mart & Towne Theater
ABC
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