Connally Defends Nixon Dollar Action as Not Devaluation
Secretary Connally said Nixon's dollar suspendibility is not a devaluation. He expects the dollar to rise versus some currencies and to engage in talks with Britain, the Netherlands, and France to reduce trade barriers while stressing fair trade. He noted unemployment has declined and inflation slowed, but balance of payments deficit last year was $10.7 billion and wage price controls were voluntary.
MENTIONED IN THIS ARTICLE
Connally
Nixon
America
London
Holland
France
Tokyo
United States
Japan External Trade Association
Edward Heath
Britain
U.S
Flood reports across Lawton area with rising lakes
Heavy rains drenched the Lawton region with four day totals around 3.3 inches in Lawton and 2.25 inches in Meers. Lake Ellsworth rose about .18 feet as Beaver Creek neared flood stage in Waurika and Cotton County roads were closed until Sunday afternoon.
MENTIONED IN THIS ARTICLE
Meers
Lawtonka
Ellsworth
Cotton County
Waurika
Jefferson County
Beaver Creek
Tillman County
Nixon outlines broad new economic policy plan
The president proposes tax cuts and wage and price controls to curb inflation. Business and labor give cautious support as the policy aims to repeal the 7 percent automobile excise tax and stabilize the economy ahead of the midnight Saturday deadline.
MENTIONED IN THIS ARTICLE
Nixon
Questions and Answers About Plan Freeze Policy
Washington AP reports outline of price and wage controls during the freeze. It explains suspensions on announced price increases with a 90 day effect window from August 14. Wage contracts may not raise on September 1 but can after 90 days. Negotiations should proceed but any increases delayed nine days. The escalator clause rises only after the freeze ends. The Office of Economic Policy will oversee enforcement nationwide. There is legal authority from Congress approved last spring. See QUESTIONS Page 4 Col 3.
MENTIONED IN THIS ARTICLE
Congress
Nixon Announces Devaluation Response and Tax Plans
President Nixon urges Congress to repeal the 7 percent federal excise tax on new cars and to delay revenue sharing and welfare reform proposals. He frames the move as strengthening American resolve amid fiscal pressures. Congress is urged to act on his recommendations.
MENTIONED IN THIS ARTICLE
Congress
Nixon
Insurance rating board guest of Larry Brown cited
Oklahoma City reports an insurance rating board hosted by Larry Brown, a representative of the Insurance Services Office. In Saigon, U.S. war forces at the DMZ continue operations. In Birmingham, a federal judge ruled Gov. George C. Wallace's executive order to Jefferson County School Board has no legal effect, and Pointer refused to add Wallace as a defendant in the desegregation suit.
MENTIONED IN THIS ARTICLE
Oklahoma City
Larry Brown
Insurance Services Office
Birmingham
Ala
George C. Wallace
Jefferson County School Board
U.S. District Court
Sam C. Pointer Jr
Pointer
Wallace
Hurricane Beth Ravages Nova Scotia With Heavy Rainfall
Hurricane Beth dumped 10.49 inches of rain over 30 hours near Halifax and caused widespread flooding. No casualties reported in the province. Roads were closed and traffic diverted on key highways as Dartmouth faced extensive damage and hundreds of flooded homes.
MENTIONED IN THIS ARTICLE
Halifax International
Nova Scotia
Beth
Halifax
Truro
Thornhill
Dartmouth
City Works Department
Halifax Works
Annexation Vote Set Tuesday in Ranch Oaks Area
Voters in the Ranch Oaks Addition and Post Oak apartments will decide on annexation from the Bishop Dependent School District to the Lawton Independent School District. The election runs 7 am to 7 pm at Barnett Chapel A M E Church with 167 of 230 residents petitioning. If approved, junior and senior high students will attend MacArthur High School. elementary busing plans are under review.
MENTIONED IN THIS ARTICLE
Donna Barron Ters
Ranch Oaks
Post Oak
Bishop Dependent
Lawton Independent School
Barnett Chapel A.M.E
Abilene
J. N. Logan
County Election Board
MacArthur
Lawton
Carl Fred Bishop
Bishop Elementary
U S Dollar Under Fierce Pressure Abroad
The dollar faced heavy pressure overseas as European exchanges closed awaiting Nixon’s gold settlement action. The 10 percent surcharge on dutiable goods slowed trade while travelers and exporters faced exchange costs. Japan helped defend the dollar at 357.37 yen amid Bank of Japan support, and observers warned of wider global impact.
MENTIONED IN THIS ARTICLE
OxCon
Nixon
U.S
Europe
Orient
Japan
Bank of Japan
Britain
West Germany
Swit
Also Mentioned on This Page
Big Beaver Creek
53Rd
Gore Boulevard
Fort Sill
White House
Washington
OEP
Sill
the Nation
Saigon
Dmz
Zerland
Sweden
Norway
Italy
South Africa
Belgium
Luxembourg
Frankfurt
Volkwagen
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