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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Aug 17, 1971
Page
4
Treasury Secretary Connally urged patriotic compliance with an economy-wide freeze amid labor opposition and a staged postal raise plan. He defended Nixon’s June 29 policy shifts while criticizing a hypothetical unchanging course.
The Dow gained 32.9 as 1,503 issues rose to a new daily high with 107 down and 84 unchanged on 1,694 issues. Chrysler moved 70,000 shares at 31, up 4.63, amid a buzzing floor with TV crews, while trading surged and officials noted no similar surge since Johnson’s ouster speech. Nixon’s wage price freeze spurred mixed views from analysts and lawmakers as OEP opens regional offices to enforce voluntary compliance.
A Dallas news conference featured Barnes disputing a payoff claim connected to Frank Sharp. Barnes sought a court transcript to ensure accurate reporting and urged the SEC to release all Sharp statements implying a bribe for legislative favors. The Houston Chronicle noted Sharp testified that Gus Mutscher influenced bills in 1969 to aid Sharpstown Bank, while FDIC pressure and bank closures added urgency to disclosures.
South Plains College schedules fall semester classes to begin August 30 with residence halls opening at 10 am August 25. Registration runs from August 25 to September 3. Over 1,000 students pre registered in summer, with 1,700 enrolled last fall as the college marks its 14th year of higher enrollment growth.
Police report a 19 year old Mexican American youth was found dead about 6 p m Monday near railroad tracks parallel to the 2400 block of Clovis Road. He appeared to be a shooting fatality from a mid night Saturday incident at Civic Center Music Hall 302 North University. Further details were not released.
Rodolfo Molina of Shallowater was found shot dead beside railroad tracks after a civic center parking lot altercation in which Agapito Lopez Jr., 18, of Grinnell Street, was critically wounded. Molina's autopsy ordered. Lopez in critical condition at St. Mary's Hospital. Services for Molina pending with Henderson Funeral Directors.
Davis will be master of ceremonies at a four cooperatives meeting in Lubbock with about 17 500 stockholders expected. Speakers include Mahon and Dr C R Jerry Sayree of Greenwood Mississippi president of the National Cotton Council. Attendees include stockholders and guests of Farmers Cooperative Compress Plains Cotton Cooperative Association Growers Seed Association and the oil mill. Davis named Man of the Year in 1965 and 1966 for services to agriculture. The oil mill annual seed crushing volume reached over 400 million tons in 1965 and remains a leading plant selling roughly 36 million dollars in cottonseed products yearly.
In Chicago a bus terminal worker questioned presidential power over enterprise profits amid tariff changes. A Dallas housewife argued the tariff will not secure re election. A California butcher welcomed shifts but preferred nonwar economic fixes over wartime spending.
Washington AP reports factory production fell last month by eight tenths of a percent, the sharpest drop since the General Motors strike. The Federal Reserve Board says the index stood at 106.0 percent of the 1967 base, 5.3 percent below the peak but 3.3 percent above last November's low, influencing Nixon’s economic policy shift.
Everett J. Grindstaff of Ballinger turned over leadership to James P. McCracken of Cisco at the Texas Lions League annual meeting in Kerrville. New officers include J I McPherson Houston first vice president Sam Pakan Shamrock second vice president James Ward San Antonio hint vice president Charles A. Knight Duncanville secretary and Robert F Koenmecke Seguin treasurer Grindstaff will join the executive committee. The league operates Texas Lions Camp for Crippled Children, closed its summer recreational season after an awards night in Robertson Hall.
The Tass report frames the dollar move as a crisis in American capitalism while Russians limit dollar use for travel. Tourists in Moscow and Western shops felt steadier buying power, while London and European markets froze. Britain’s exports stayed calm but German industry warned of protectionist backlash. Tokyo saw heavy dollar selling and the yen swing. Dow Jones on the Tokyo exchange plunged, and Japan faced shock from Nixon’s actions. Exports to the U.S. remain crucial for Japan, while European leaders push for swift policy decisions to curb uncertainty. France privately welcomed floating the dollar. Belgium and the Common Market prepared emergency measures to address monetary chaos. Central banks across Scandinavia paused currency trading, with Sweden still permitting tourist dollar exchanges.
Reports from Saigon indicate North Vietnamese forces renewed attacks along the DMZ with heavy shelling and multiple marine units sustaining casualties. U S tactical aircraft and naval planes conducted over 200 strikes to blunt the offensive while South Vietnam reports high enemy losses and claims of destroying several facilities near Nai Ba Heo Mountain.
The Army announced it will release as many as 43000 draftees up to four months early to meet new congressional limits on force size. The program targets men whose two year duty ends between Sept 1 1971 and June 30 1972 in the continental United States to avoid disrupting overseas readiness and reduce upcoming draft quotas.
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