The Corpus Christi Caller-Times from Corpus Christi, Texas on August 16, 1971 · Page 15
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The Corpus Christi Caller-Times from Corpus Christi, Texas · Page 15

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Corpus Christi, Texas
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Monday, August 16, 1971
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Page 15
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16-A CORPUS CHRIST! TIMES, Mon., Aug. 16, T97T REIN Continued from Page 1 All salary Increases without exception come under the freeze, including merit, seniority and contract increases, the secretary said in response to a question. "We would, hope the American people would understand that the success of this wage- price freeze depends on their individual compliance," Connally said. "I would call on all Americans, business, labor, large and small, to comply with the spirit and the letter of this freeze." As for what will happen at the end of 90 days, Connally r e p l i e d simply: "I don't know." The new Living Cost Council, created overnight by REACTION Continued from Page 1 Local officials were expecting it to result in a wage increase, but they were waiting today for official word from Washington on how President Nixon's decree will affect them. White-collar workers, those who are paid annual salaries and who include supervisory and clerical personnel, were due for a pay raise Jan. 1. The 90-day period set by Nixon will expire before then, but he left the door open for a continuation of the freeze after that. Robert Shockney, president of Corpus Christi State National Bank, said he is generally delighted with the President's plan. . "We hope it will result in a stimulus to business in Corpus Christi and we sure think the program ought to work locally," Shockney said. Shockney said his bank will cooperate fully with the proposal. He said the plan is. an extremely complex one and affects banking customers in many areas. But he said it will be some time before the impact is realized. Lee McMillan, assistant vice president and senior account executive at the local office of Merrill Lynch, Pierce, Fenner Smith, Inc., said response to the President's speech found tremendous activity on the stock exchange today. "We have very strong trading in all areas," McMillan said. "The Dow Jones Industrials took a tremendous advance of 18.33 points the first hour. A 5-point advance is considered substantial." McMillan said the volume of shares traded the first hour was about 8^ million, "which is exceedingly large and may possibly be a record. 1 ' McMillan said 1,255 issues advanced in the first hour of businessand only 12 declined. "This is definitely one of our big days," McMillan said. Little Progress In Dock Strike SAN FRANCISCO OT -Longshore locals were set to resume talks today in a nearly seven-week-old West C o a s t dock strike which has crippled 24 ports for the past seven weeks. Harry Bridges, president of the International Longshoremen's and Warehousemen's Union last week had said local negotiations must make substantial headway before coast- wide talks, cut off June 30, could resume. As for President Nixon's announced freeze on wage hikes, Bridges said nomvage issues \\-ere even more important in settling the dock strike than the still unresolved pay questions. Another union official said the freeze "has nothing to do with our strike, and we have plenty of other problems still unresolved which will prevent a settlement now even if wages were not a factor." Teen-Ager Hurt In Plane Crash CUERO ffl -- An Illinois teen-ager was in serious condition today after crashing his light plane at this South Texas town. Witnesses said Lee A. Wengert, 17, of Treemont, 111., attempted to turn the plane just after taking off, and crashed FAST ONE DAY SERVICE te e R LIE ss CLEANERS LAUNDRY 1332 S. STAPLES M3-4444 Nixon, will try to work out plans to assure stability following expiration of the freeze, he added, but it was canceled because Nixon plans to meet then with leaders of Congress. Included In Briefing Also at Nixon's congressional briefing, he said, will be the r a n k i n g members of the House and Senate Banking and Finance committees, the House Ways and Means committee, and the Appropriations committees of the House and Senate. There will be a total $100 increase in the personal tax exemption effective in January 1972, he said, counting an already scheduled ?50 cut and the $50 cut that Nixon has proposed be speeded up. Nixon doesn't plan to ask Congress to cut short its recess, he said, because any congressional action would be retroactive to the date of Nixon's announcement. Connally said that unless new car price increases were in effect prior to Aug. 14, they will not be allowed. Asked about his original support of the President's resistance to stiffer economic controls, Connally rejected a suggestion that a credibility gap might be forming. Noting that he had said there would be no wage and price controls and no. wage- price board, he added that neither of those were part of the latest package. "There's nothing constant except change," said Connally. "The American people would think they had a dolt for a President if he accepted a policy and never changed it," he added. Asked whether the freeze would not penalize companies and unions which have voluntarily held their price and wage increases to moderate amounts -- and are now frozen to lower levels -- Connally said he did not believe a time could have been picked when fewer inequities of that kind would exist. Some Inequities "It is most significant that most of the bargaining on the major contracts has taken place,", he observed, but he added: "I've already acknowledged that some inequities will exist." Pressed as to whether the administration had considered freezing industry's p r o f i t s , Connally said the President lacks authority to freeze dividends but is asking that companies voluntarily hold divi- derits to present rates. Profits will be controlled automatically by the control of prices, he said---and profits had-been "at low levels anyway." "What was r e a l i t y six months ago is not reality today," Connally said in response to one question on Democratic criticism that Nixon waited too long to take the action. Connally said the auto Industry was not singled out through the repeal of the excise tax. It is one of few such federally controlled taxes still left, he said. "This is just a basicaily inequitable tax," he said. Shipping Line Chairman Dies WELWYN, England GP) Lord Sanderson of Ayot, a .prominent figure in world shipping, died at his home here yesterday. He was 77. Lord Sanderson was chairman of the Shaw Savin and Albion line for 16 years before retiring in 1968 and president of the International Shipping Federation 1934-1951 and 19501963. His father was at one time chairman of the White Star Line and the son worked for it before moving to Shaw Savill in 1927. He was also a director of the Bank of England 1943-65 and head of port and transit control in the Ministry of War Transp9rt 1941-45. The title passes to a son, Dr. Alan Lindsay Sanderson, 40. Dollar Subjected To Fierce Pressure Protest at Embassy A police officer looked down at 'corpses' of women and children ogtside the U.S. Embassy in London's Grosvenor Square yesterday where Action Bangla Dash staged a 'massacre' of East Pakistanis as a protest against the American arms supplies to Pakistan. The demonstration was a counter to a Pakistani rally in London marking the 24th anniversary of the country's independence. (AP Wirephoto) ANSWERS Continued from Page I Q. Does the OEP have a staff capable of nationwide price-wage surveillance? A. Obviously not. President Nixon said, "I am relying on the voluntary cooperation of all Americans--each one of you, workers, employers, consumers--to make this freeze work." Q. That means there are no enforcement teeth? A. There are a few. The White House says violations will be handled by the attorney general,, and may be enjoined by the courts or subject to a fine of up to $5,000. CITY Continued from Page 1 · The statement continued: "The possibility of massive student reassignments is a question of deep concern and one which has the potential of causing substantial discord in the community. It is therefore appropriate that the City Council state its position regarding this matter." The four points of policy concerning the controversy included (1) "We favor a unified public education system, providing equal educational opportunity for each and every student; (2) The city offers its assistance to the school district to improve physical facilities and the neighborhoods "so that this area of inequity can be eliminated;" (3) In view of conflicting statements from various branches of the government regarding t h e reassignment issue, "clarification is needed," and (4) The council will try to bring harmony to the community regardless of tiie merits or demerits of the reassignment plan. At the same time, local school officials were in Washington this morning to deliver an appeal from the court order to the U.S. Supreme Court. The plea seeks a stay of the order which requires massive busing of students throughout the city. Q. Is there legal authority for such a freeze? A. Yes, Congess passed an authorizing law last spring, ·but few of the lawmakers expected Nixon to use it. Q. What's the effect on proposed telephone charge increases, increased plane and bus fares, and tuition increases already announced by college's to take effect in September? A. Pending further orders from the White House, all are suspended until the end of the freeze, which is officially set for Nov. 12. Q. Are individual "merit" increases in pay affected, as well as negotiated settlements? A. Yes, under terms of the White House order. Q. Will seasonal workers, including teachers, who signed contracts last spring for pay increases effective at school opening be barred from getting them? A. The orders says they must wait. STOCKS AT MIDDAY LHHHBB «MMM ' By The Associated Press ATT 451.4 up 1% Atl Rich 73% up 4% Borden 27% up % Cities Svc 43% up 1% Coca-Cola ·· 105 up 3 ContOil 36 up 1% Crown Zel 31 up % Eastman 81*4 up 3% El Paso NG .... 18% "P % GAF 18% up 1% Gen Foods · · - . . 37% up 1% Gen Tel 33% up 1 Gen Tire · 26 up 1% Great AP 26% up % Gulf OiL 301/4 up % Int Paper 34% up 1% Marathon 39% up iy s Mobil Oil 52 up 1% Monsanto . . - · · - 4614 up 2% Penn Cent 5% up % Safeway · 37% up 1 Stand Ind 65% up 1% Stand NJ 74% up % Texaco ........ 35% up 1% Un Carbide .... 46y 4 up 2% UGMOIUS TERMITE CONTROL and A Salute To Surely Brought Assistance to all South Texas Victims of Hurricane Celia In behalf of ALL S.B.A. patrons and our Company, we publicly express most sincere gratitude to the S.B.A. for efficient and excellent services rendered, and which are still being rendered by the S.B.A. in our community. If your S.B.A. loan is still pending, and you are in need of Home Furnishings to replace Hurricane "Celia" damages, we invite you to come in, or call us. We will be most happy to explain how we can make delivery of your needs before you receive funds from the S.B.A. The S.B.A. has bean a prime factor in restoring normalcy since "Celia" and w* all join together in Saluting S.B.A. for the signal services rendered to the entire CoastaS Bend. FURNITURE CO. 4148 So. Staples 1O01 Leopard S83-35OI NUECES FLOODING EXPECTED The National Weather Service issued flood warnings today for the Nueces Eiver below Cotulla and for the Frio River below Tilden. The crest on the Nueces River at Cotulla was expected to reach 22 feet by tomorrow, with a forecast of waters seven feet above flood stage. Flood waters will move to Calliham on the Frio River with a stage of 32 feet by Thursday. The flooding should* rise to a stage of 40 feet at Three Rivers on Friday, a level about 15 feet above flood stage. Council Agenda In Portland Set Calter-Tlmes News Service PORTLAND -- The Portland City Council will take up a number of items when it meets at 7:30 p.m. tomorrow at city hall here. Among topics to be discussed 'will be drainage problems of Portland Heights, a report on storm repair damage to city facilities, and development of a 13-acre city park. A workshop session at 0:30 p.m. will include talk on extending contracts of United Gas Corp, and mobile homes. By LOUIS NEVIN LONDON 'IB -- The dollar came under fierce pressure abroad today and major European money exchanges closed awaiting clarification of President Nixon's action to defend the U.S. dollar. Exporters from Europe to the Orient expressed concern about the effect of the 10 per cent surcharge on dutiable goods not subject to import quotas. The closing of money markets, triggered by Nixon's decision to suspend settlement of international transactions in gold, left many American tourists abroad hard-pressed to buy foreign.exchange. They felt the devaluing ef-. feet of the financial measures when they had to pay premiums at commercial outlets. In Japan; which will certainly feel the impact, of the measures, the Central B'ank supported the dollar at its official rate of 357.37 yen and the foreign exchange was still open. Dealers at c o mm e r e i a l banks estimated the Bank of Japan absorbed more than $600 million in supporting the dollar. Exchanges Closed B r i t a i n , West Germany, Switzerland, Sweden, Norway, Italy and South Africa were among others closing their foreign exchange and'gold markets. France, Belgium and Luxembourg hatl a bank holiday for the Roman Catholic Feast of the Assumption. In Frankfurt, shares of companies likely to be affected by the surcharge dropped sharply, including such automobile makers as Volkswagen. The Swiss cabinet was told the surcharge would affect about 90 per cent of all Swiss exports to the United States, which totaled $455 million last year. Japanese officials in Tokyo said the import taxes would seriously affect trade with the United States. A member of the Japan External Trade Association said the tax was "one step short of a total suspension of imports on the part of the United States." Japanese exports to the United States were $4.9 billion in 1969 compared to $3.5 billion in imports. Prime M i n i s t e r Edward Heath of Britain hurried back from a country weekend for urgent talks with key ministers before a full cabinet meeting. President Georges Pompidou of France will cut short a vacation in the south of France because of the monetary crisis and fly back to Paris on Wednesday for a cabinet meeting. Paul Volcker, U.S. undersec- Carroll Jones Insurance Genera/ Insurance · Homeowners · Fire · Windstorm · Auto 3226 Reid Drivo £54.5388 RENT A NEW S FOR YOUR CHILD · BEGINNER e NUS ouiviir PER MONTH ·«eo···········O«M RENT A NEW » WURLITZER 1 With Music and Lessons Organ % $OCOO! Per Month Children and Adults-Class or Private Lessons GUITAR * ORGAN * PSANO PIANOS . ORGANS - MUSICAL INSTRUMENTS I ft o 9 am To 5:30 pen, THURSDAY TIL 8 PM 4t43 So. Stoples (Parkdafe Shopping Area) 854-14! 9 retary of the Treasury for ·monetary affairs, flew into London to explain the import of the sweeping U.S. measures to British, French and- West German officials. An international monetary conference thus appeared to be s h a p i n g up to study changes in the international system set up in 1944 at Bretton Woods, N.H. Some 'Panic' Generally, American tourists in Europe took the crisis in stride, although the cashier of one of Paris' most exclusive hotels said: "There's a real panic." Tourist agencies and banks met the situation in different ways. Some imposed limits on the amount of dollars they, would accept. Others devalued the dollar by 10 per cent "to protect ourselves." Reaction to the President's economic package was mixed. The West German government welcomed it. An Economics and-Finance Ministry statement said it showed "U.S. authorities are aware of the necessity for reestablishing internal and external economic equilibrium and that they are willing to act with determination.". Economy Minister Poul Nyboe Anderson, of Denmark, however, called for "immediate negotiations among leading nations to prevent unnecessary disturbance of international trade." He said he regretted the surcharge on imports which he said, violates the rules of the General Agreement on Tariffs and Trade -- GATT. Sources close to GATT headquarters in Geneva pointed out that Britain had created a precedent for Nixon's action in 1964. ,Most GATT members seemed to agree at that time that such action was preferable to setting up import quotas. "I think the reaction to the American decision may be on similar lines," one source sp'd. Most European experts consulted underscored the importance of Nixon's declaration that "we will press for the establishment of a new international monetary system" and, that "I am determined that the American, dollar will never | again be a hostage in the hands of international monetary speculators." Volcker told newsmen at London's Heathrow Airport that some changes in the monetary system.have been "under discussion for gome time. They will now be discussed at greater length." The United Sates was reported last week to have proposed to 'the/International , Monetary Fund a- widening of the band in which currencies are permitted to fluctuate. Present Range Under present rules a currency may move only within a range of 1 per cent above or below its dollar parity. Thus the British pound may only fluctuate between $2.3860 and $2.4240. The Americans are reported to want to widen the band to 3 per .cent on either side of parity. Volcker said his talks in Europe seem bound to lead to "some e x c h a n g e rate changes." He forecast "The role of gold in this present system is diminishing and will continue to do so." ' With Volcker was J. Tewey Daane, a governor of the U.S. F e d e r a l Reserve System. Volcker said they hoped to confer with most European monetary leaders. The official Soviet news agency Tass disputed.Nixon's statement that the dollar crisis has nothing to do with U.S. economic strength and asserted: "In reality, the crisis of the dollar is only a reflection of the very deep crisis of American capitalism." North Koreans Killed in South SEOUL (ffl -- South Korean troopi killed five North Korean Intruders yesterday in a two-hour firefight on the eastern front of the Korean demilitarized zone, the South Korean counterespionage operation command ancraticed today. The South Korean side suffered one dead and two wounded, it added. After the fight, the South Koreans took five Russian-made rifles from the dead North Koreans, the command said. MASTER PADLOCKS #119 Cable Padlock Reg. $2.49 ........... NOW*1" # 5 1 8 Bike Padlock Reg. S1.99 ........... NOW $ 1 S 9 TJLP HARDWARE -~ 2101 Leopard 884-6643 Homi Owned - Ken Wave!! E--559 BauaJ STORM BLINDS v STORM PROTECT1QH SUN PROTECTION LtuH: CUNIKQL PRIVACY AND BURGLAR RESISTANT REAGAN'S Kerne Impravtmnts j/ou ·rattan Hi, 954.1981 only of Watson i BALDWIN QUALITY :: Yp · Quality d;tone ~,:Qnality'ot materials ; Quality pi craft smanship · thai comes only with 110 yeais or Experience SAVINGS ALL West ing house AIR CONDITIONERS 6,000 B.T.U. 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