12 Jan 1973
Page 1
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Newspaper
Middletown Journal
Location
Middletown, Ohio, United States of America
Date
Jan 12, 1973
Page
1
President Nixon ends most mandatory wage price controls except for food and health sectors, provoking a stock market rally and warnings of a coming price crunch for workers as critics voice concern over the abrupt policy shift and its economic impact.
Washington AP reports Phase 3 of Nixon’s economic program allows price increases without prior approval except in food and health care. Voluntary standards guide hikes, with enforcement potential by the Cost of Living Council and IRS wage monitoring. Large firms and unions must report quarterly. mid sized entities keep records. The aim is to curb inflation to 2.5 percent by year end.
The Middletown Campus of Miami University hosts a large two day individual events speech tournament with 25 colleges 350 participants from nine states. Events include persuasive speaking oral interpretation humorous speaking extemporaneous speaking and ground discussion. Rounds run Saturday noon to 3 p.m. Sunday in Logan Johnston Hall open to the public.
The President retains wage and price controls with voluntary measures to curb interest rates. The stock market rose on the news but lawmakers warn inflation could outpace wages. Patman and Javits question extended authority, while Ford and Scott defend free enterprise. Meany joins the labor advisory group as Dunlop heads the new policy framework. Concentrated steps aim to curb food prices by boosting supply.
Washington AP The Agriculture Department loosened set aside rules and allowed at least 30 million more acres to be planted in 1973 but Secretary Earl L. Butz cautioned this will have little effect on retail food prices in the next six months. Meat prices, led by beef and pork, are expected to keep rising through mid 1973.
Franklin may build an ice skating rink to host shuffleboard in warm weather. City Manager Bernard Eichholz announced the idea at the Recreation Board meeting. Ralph Connor was to present ice facility data but was absent due to illness. The group favored routing a Crawford Park road along the old field path. A decision on road placement is expected before March. McDade was reappointed director, Thomas Byrne named chairman, Betty Hawthorne re elected secretary treasurer.
In Paris Kissinger and Le Duc Tho meet for the fifth time in secret peace talks. Fog and snow delay the session as technical experts work on draft provisions. Hanoi accuses the U S of preparing new operations while Brezhnev says the war is moving toward its end.
Saigon sources report tightened protection at Tan Son Nhut base after intelligence links to planned Viet Cong attacks. Vehicles now face stricter checks as officials note past terrorist activity and ongoing U.S. raids in North Vietnam while South Vietnamese incidents edge up during the New Year period.
Weather outlook predicts clear skies and higher lows with tonight’s lows in the 20s and Saturday’s daytime highs in the 30s. A record note shows yesterday’s high in Middletown at 23 and this morning’s low at 7 with details on the weather map page.
In a blunt exchange a businessman tells another that many ambitions are curtailed by the budget. The remark underscores tight funding shaping plans and projections amid financial constraints.
Washington officials say a global ban on chemical weapons is at least two years off. The Geneva disarmament talks reopen February 20 with chemical warfare at the forefront. US negotiators push for careful definitions, verification measures, and limits on production and delivery methods before any treaty can be finalized.
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