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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Jun 23, 1972
Page
4
London abandoned fixed exchange to let the pound float seeking a new rate. The move sparked chaos in European money markets and a rush to the dollar, while gold prices surged to about 64 dollars an ounce. Swiss and German markets showed volatility as central banks intervened or prepared actions.
U S economists note the decision to float the British pound could relieve pressure on the currency and benefit the dollar. Dr Ira O Scott former dean of the C W Post Graduate School of Business says floating will allow market forces to set a new value and lessen dollar risk. He adds the move may help stabilize both currencies once equilibrium is reached. Scott now serves as executive vice president of the Savings Bank Association.
Overnight shelling and rocket fire crossed the Lebanon Israel border with both sides blaming the other. The Lebanese army reported a woman killed and another injured in Dibbine, while Majdal Islim and nearby areas were hit, with several houses damaged. Israel claimed Katyusha rockets from Lebanon targeted Kiryat Shmona and said Syrian gunners hit Israeli positions on the Golan Heights. Lebanon protested to multiple ambassadors over Wednesday raids on Hasbaya and camps, reporting 13 Lebanese dead and 17 wounded, with guerrillas claiming 30 casualties.
George McGovern, nearing the Democratic nomination, plans a six state southern swing to bolster support and show he can win in the region. He aims to energize base voters ahead of the fall campaign as delegate counts edge toward the July 1 target.
A Dallas witness testified that attorney Leon Horton admitted taking elderly housekeeper Mrs. Annie Farley to a bus station for a possible hit. Horton reportedly described a nameless group behind the plan and said a notary, Ardis Reed, accompanied the drop-off. The case ties to the August 15 1970 disappearances of Roberts Forsyth and Farley.
In Austin the Senate scheduled a rare Friday work session with no main item on the agenda. A 2 p.m. committee hearing on two anti-busing resolutions was believed to be the central activity guiding Senate leaders as they met.
Samuel D. Winer, 29, of New Martinsville West Virginia, won the U S Jaycees presidency after 14 ballots at the national convention. He will live in the Jaycee White House in Tulsa with an $80,000 furnished home and a salary of $15,000 plus travel. Winer has previously served as national Jaycee vice president overseeing Georgia, Nebraska, Texas, Utah and West Virginia.
In Austin the Senate Nominations Committee moved to confirm Larry Teaver Jr. and Durwood Manford to the State Insurance Board. Teaver, chair, fills an unexpired term to 1975, while Manford, a former House member and 1949 speaker, is reappointed to a term ending 1977. The panel noted public interest concerns about rate practices and highlighted prior premium increases. The committee also plans a second session to review five Air Central Board nominees.
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