13 Feb 1973
Page 1
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Newspaper
The Daily Mail
Location
Hagerstown, Maryland, United States of America
Date
Feb 13, 1973
Page
1
The Nixon administration moves to devalue the dollar by 10 percent to bolster confidence in U.S. currency as part of broader economic stabilization. The measure aims to influence markets and reassure investors amid fiscal pressures and inflation concerns. The action follows policy debates on monetary strategy and international exchange rates.
The Associated Press reports rising temperatures easing snow clearing in South Carolina highways. More than 16,400 motorists stranded as a storm dumped up to 27 inches of snow across the state. Gov. John West urged President Nixon to declare a disaster area in 31 counties amid the weekend blizzard that caused at least 12 deaths in South Carolina and three in Georgia.
Lt Gade Edward A. Davis of Leola Pennsylvania brought back a North Vietnamese prisoner camp survivor named Mia-Co a 74 pound puppy. Gill Britz Springfield HI cares for the dog at Clark Air Base Philippines today. The dog was secretly taken aboard a U S Air Force plane with other returnees from Hanoi.
The 142 released POWs arrived at Clark Air Base and began medical checks, administrative processing, and calls home as they prepare for a flight to Travis Air Force Base. Dressed in pajama uniforms, they spoke of high spirits and relief after weeks in captivity.
President Nixon devalued the dollar by 10 percent in a dramatic move to calm world money markets and restore confidence in the U S currency. Treasury Secretary George P Shultz announced the action at a late night news conference marking the second devaluation in 14 months and overriding a December 1971 currency accord. The move, paired with other trade and monetary actions, aims to help consumers workers and business by higher import costs and greater U S price competitiveness.
The 1 percent dollar devaluation will raise U S prices for Japanese tape recorders German automobiles and French wines as foreign markets adjust. If plans succeed U S businessmen may report gains in global trade and price shifts.
New York AP reports stock prices jumped in early trading as investors approved dollar devaluation. The Dow rose 21.60 to 1013.17 at 10:30 am while NYSE advancers led decliners about 8 to 1. Devaluation raises import prices and can slow imports, stimulate exports, and affect inflation and jobs over the longer term.
Two gunmen and a tense eight hour standoff at a northeast Dallas tavern ended with the surrender of Milton Teank 18 and Robert Gayshon 17 after they released 22 hostages. Police talked them down by telephone as officers. the men demanded a getaway plan and a lawyer for one.
President Nixon announced he would seek tough trade regulations to bring a fairer shake for America abroad. He linked the 10 percent dollar devaluation to pressure for stronger tariffs and argued devaluation is only a temporary measure while trade legislation should follow.
A scanned page shows items on American prisoners in North Vietnam camps via a Hong Kong route to baking. It notes a county commuter bus system, local college depres, and city pages with Ocean City arrest updates.
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