The Corpus Christi Caller-Times from Corpus Christi, Texas on August 18, 1971 · Page 15
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The Corpus Christi Caller-Times from Corpus Christi, Texas · Page 15

Corpus Christi, Texas
Issue Date:
Wednesday, August 18, 1971
Page 15
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I 6A CORPUS CHR1STI TIMES, Wed, Aug. 18, 1971 U.S. Terms for Resuming Gold Purchases Set RIVER By MILT FREUDENHEIM rp Chicago Daily News PARIS - The United States has told its major trading partners it will reopen the gold window and resume dollar exchange for other currencies if Japan and West Germany revalue their money sat- isfactori'y in the next few days, This is a boiled-down version of a key element in Undersecretary of Treasury Paul Volcker's explanation to top European finance officials this week in Paris and London. Second Element . The second key element is U.S. intentions on the new 10 per cent tax on U.S. imports, which was denounced last night by the Executive Commission of the European Common Market. This tax would be withdrawn, informed sources indicates, in return for a combination of satisfactory action on the money front and assurances of reforms opening European and Japanese doors wider to U.S. trade and investment. The American plan would be to resume buying and selling gold at $35 an ounce after the major trading c o u n t r i e s change their money values in relation to the dollar. Japan i's the key target. Washington thinks the Japanese yen should go up 12 to 15 per cent. So far Tokyo is holding out and 'continues to change dollars at the old rate. In Europe, West Germany is the key nation. The German mark has been floating according to supply and demand since last May's dollar crisis. It reached a high of over 10 per cent last week and is now up about 8.25 per cent compared to pre-May. If the mark were pegged at the present rate, the United States probably would be satisfied. Then France could move its franc up 3 to 5 per cent without losing its underselling edge on the Germans. The United States would like to see these new dollar rela- STOCKS AT MIDDAY By The Associated Press ATT ......... 44 off All Rich ...... 70% · off Beth Stl ........ 247/ 8 Borden ........ 27% Cat Trac ...... 53^ Celanese ..... 76% Cities Svc ...... 42% Coca-Cola ..... 101% ContOil ....... 32M- Crown Zel ..... 31$j Dow Cliem ..... 671/4 D u P o n t ....... 148% Eastman ..... 83 El Paso NG ... 18% Ford ....... kS% GAF Gen Elec ...... 61 Gen Foods ..... 35% Gen Mtrs ...... 85% Gen Tel ....... 32% Gen Tire ..... 2(5'', Great AP ..... 251/2 Gulf Oil ....... 28% IBM ........... 313% Inl Paper ...... 33% Marathon .... 37% up off off up off off up up up off · off off off off off off Vi Mobil Oil ...... 4fl% Monsanto -- 46% Penn Cent ..... 514 Penney ....... fiS RCA ' ......... 35% Safeway Sears Stand Turl . . CPK Stand NJ ...... .' 71% Texyrjo - . 33 Un Carbide -- 45% US Steel ..... 30% Woolw'h 48% off "P off off off off up off off off off off off off off off off off tionships combined with a flexibility aimed at making life more risky for speculators. This could be done by fixing a 3 per cent -band of free movement reacting to supply and demand on both the upward and downward sides of the new official exchange rates. Thus the mark could fluctuate up as high as 11 per cent but also could drop to only 5 per cent above its old value in dollars. Volcker c o n f e r r e d with French Finance Minister Valery Giscard d'Estaing, who was reported taking a reasonably flexible attitude toward the Nixon money moves. French officials so far have opposed German proposals to tie together the six Common Market currencies in fixed relationships, while letting the whole group float up and down in terms of dollars and other outside money. Paris prefers fixed parities and favors stemming the flow of speculative Eurodollars by government control measures. This is the system 'used by Belgium. The timetable shaping up for the next few days starts with urgent decisions by the Common Market finance ministers on a stopgap arrangement for their farm price supports. They may decide to continue the system on the basis of the Aug. 13 dollar, before the gold window was shut. Must Act Soon The ministers also must act soon to set money values so money markets can reopen by early next week, and business can go on. Marathon meetings are expected in Brussels starting tomorrow. Britain and other an- plicants to join the six-nation Common Market are expected to join in some of the discussions. The British pound has been strong this year, but French experts predict hard times ahead for it. Britain hopes to keep the pound relatively low in relation to the mark, its chief competitor in the U.S. marketplace. In a three-cornered squeeze play directed against Japan, Washington wants the Europeans to lower their barriers against Japanese goods, thus easing Japan's need to sell to the United States The United .States also insists that Tokyo drop restrictions that keep American products at a disadvantage in Japan. In return for reforms sucli as these, and including a warmer welcome for U.S. farm exports in Europe, the 10 per cent U.S. import tax would be withdrawn, informed sources said. Budget Hearing A special meeting of the board of the West Oso Independent School District will be held at 7 p.m. tomorrow in the superintendent's office for the purpose of holding a public hearing on the district's 1971, 72 budget. STORM BLINDS STORM PROTECTION SUN PROTECTION HGKT CONTROL PRIVACY AND 8URGIAR RESISTANT Home Improvements 3780 Brallon Rd. 354-1981 WINCHESTER MODEL 14OO 2101 Leopard £84-6643 Hom« Owncif - Ken Wavtll Continued from Page 1 Mozeney said the Nueces at Three Rivers will be at 40 feet by tomorrow. The gauge there read 28.73 feet today. Flood stage on the Nueces is 25 feet. There is no river gauge at Three Rivers to measure the Frio. "On the Nueces minor flooding will continue from £*jove C o t u 11 a to below Tilden Hotel Tax Use Basis of Suit SAN DIEGO, Calif. (jR -- A lawsuit filed by a woman candidate for mayor asked yesterday for an injunction to rre- vent San Diego from spending tax money to host the Republican National Convention next August. Virginia Taylor, a member of the Republican Central Committee in San Diego, was joined by nine other persons in the suit. It was described as a class action on behalf of some 750,000 residents of San Diego. The City Council voted $600,000 from hotel and motel room tax funds on condition that $900,000 be raised from other sources. After the total bid was submitted, San Diego was awarded the 1972 convention over a lower offer by Miami Beach. The suit filed in Superior Court quoted a provision of the municipal code that the room tax be used "solely for promoting ttie city of San Diego." The suit claimed the ordinance is unconstitutional because it is vague, too broad and contradictory. Board To Meet The board of directors of the Chamber of Commerce will meet at noon Monday in the North Crown Room of the Sheraton Marina Inn. . · · : : ' '", ' .·.-- ^Vf-rW-S;*. RENTALS Latest Styles for Weddings and Other Occasions. CLEANERS LAUNDRY 1332 S. STAPLES 883-4444 through Thursday night," Mo- zeney a d v i s e d . "Extensive flooding will occur on the Nueces below Three Rivers to Lake Corpus Christi for the next several days." Atlee Cunningham,' Corpus Christi water superintendent, said the Nueces at Bluntzer was at 18.90 feet today and falling. Flood stage there is about 15 feet. The La Fruta Bridge gauge, just below Wesley Seale Dam, showed a river reading of 23.60 feet today and was falling. Flood stage is 15 feet there. "The river at L/a Fruta'will commence rising slowly Friday and should crest Monday ·or Tuesday at near 31 feet," Cunningham said. The river at the Bluntzer crossing will begin rising Saturday and should crest Tuesday. A crest of .10^ feet is forecast at Calallen~next Wednesday. Man Treated for Gunshot Wound James D. Mathieu, 30, of 5829 San Saba, was admitted to Memorial Medical Center for treatment of a gunshot wound in the left hand. He is listed in satisfactory condition. Mathieu told police he was unloading a 9mm pistol about 9:30 p.m. yesterday at his home when the gun discharged and the bullet struck him in the hand. Youth Dies in 1-Car Accident VICTORIA Iff) -- A car ran off U.S. 77 today five miles north of Victoria, killing the lone occupant, Wesley Steven's, 18 of Yoakum. Police said the. car hit a culvert after leaving the highway · and overturned, crushing the youth. REPLY TO CITY BUSING CASE SLATED CoI'er-Tlmti Washington Bureau WASHINGTON - The Justice Department was scheduled today to file a response to the Corpus Christ! school district's request to the Supreme Court that a federal desegregation order be stayed. The response had been planned for submission yesterday to the Supreme Court, but no reason was given for the delay. The school, district requested the stay on Monday, claiming that the district did not have the time, money or buses needed to comply with a student reassignment plan ordered by U.S. Dist. Judge Woodrow Seals l oy a Sept. 1 deadline. A delay had been granted by U.S. Dist. Judge Owen Cox in July, but it was overruled early this month by the U.S. 5th Circuit Court. The school district asked for a delay in Seals' order until July 1, 1972. Strikes Along DMZ Heaviest in Year By GEORGE ESPER SAIGON «·) ~ Half the B52 bombers in Southeast Asia today made the heaviest strikes in a year along the Demilitarized Zone, and South Vietnamese commanders predicted heavy enemy rocket and mortar attacks along the northern frontier. As fighting continued along the 'DMZ for the seventh day, Cambodian troops c l a i m e d about 100 North Vietnamese and Viet Cong lulled in a battle in southeastern Cambodia. The Cambodian c o m m a n d said four government troops were killed and five were wounded. About 25 B52s from Thailand dropped 750 tons of bombs on suspected North Vietnamese positions inside the southern half of the DMZ and southward for 15 miles. Most of the strikes were at the western end of the DMZ defense line, around 1,500-fpot Mt. Ba H o ' a n d neighboring Fire Base Fuller and Sarge, which came under new attack, A company of South Vietnamese - marines was driven from an outpost on Ba Ho last Sunday and suffered heavy losses. Half a dozen new shelling attacks and three ground clashes were reported, including ; a 100-round rocket and mortar barrage against Sarge. At least nine North Vietnamese and five South Vietnamese were reported- killed and 17 South Vietnamese wounded. Lt. Col. Huynh Dinh Tung, a regimental commander at the northern front, said the North Vietnamese are trying to move more heavy weapons and ammunition across the DMZ. He said intelligence in- YIELD TO BE SAME Regents Trim Tax Rate for Del Mar Two Chosen for Honor / In Field of Education Dr. Carl R. Wrotenbery, dean of the college at the University of Corpus Christi, and the late Dr. W. 0. Alexander Jr., -former chairman of the UCC science division, have been chosen Outstanding Educators of America for 1971. Outstanding Educators of America is an annual awards program honoring men and women for their s e r v i c e , achievements, and leadership in the field of education. Alexander, who died April 14 after a short illness, had been professor of mathematics at UCC since 1967. He had four degrees in mathematics, including a doctorate from the University of California, Los Angeles, and master's degrees from both the University of Houston and Stanford University: He was also listed in "Leaders in American Science." Wrotenbery has been dean of the college since July, 1969. He served as acting dean for several months and for a year was director of a federally funded curriculum development office. In 1062 he was named director of the college library and is currently acting director. He has a bachelor of ar!s degree from Baylor Uni- versity, a bachelor of divinity and a doctor of theology from Southwestern Baptist Theological Seminary and a master of library science from the University of Texas. The Del Mar College board of regents yesterday voted to decrease its junior college district tax from 28 cents to 26 cents on each $100 valuation in order to conform with a reassessment schedule adopted by the City of Corpus Christi. The city and college district issue joint tax statements which require a uniform tax base for practical purposes. The actual tax collected on property in the junior college district will remain the same as in recent years due to an increase in the basic assessment from 54 to 60 per cent of market value. In other business, the regents accepted the resignation of Guy Snavely as vice president in charge of finance and business affairs and appointed B. R. Venters, the college controller, as vice president-elect. Reports were presented on insurance for the physical facilities of the college, improvements to the dental hy- giene building and the possible impact of President Nixon's new economic policies on salaries and tuition fees. Salut's Orbit Stabilizing BOCHUM, Germany (ffl -The orbit of the unmanned Soviet orbital station, Salut 1, has been gradually stabilized over the past few days, the Bochum Observatory reported today. The stabilization of the station, which was in danger of falling from its orbit, indicates that the Soviet Union plans further orbital experiments. Salut was launched April 10.. Three cosmonauts aboard Soyuz II docked with Salut tn June 7 and conducted extensive space experiments. The men were found dead in Soyuz II on its return to earth June 30. Board Gets Proposal for Expansion of Marina Piers By BILL HESTER The Marina Board today reviewed architects plans for $259,000 in improvements to the city's municipal marina. A spokesman for architects McCord and Lorenz .presented the board with comprehensive plans for extensive enlargement of the boat slip fadlities at the L-head, the People's Street T-head and the Lawrence Street T-head. If the plans were followed, four or five new piers with from 30 to 40 boat spaces would extend perpendicular to the stems of the T-heads. Oth- er smaller slips would be added to the body of the T-heads and additional spaces built onto the L-head. The architects p r o p o s e d building a bait stand on the L-head, a concession stand on the People's Street T-head, and new. restrooms on each T-head and the L-head. The initial plans the board was asked to study today would build one new pier with 34 slips on the stem of the People's Street T-liead. Another · 34-slip pier would be built on the stem of the Lawrence Street T-head with a boardwalk along the stem from the body of the T-head. Included in the proposals was a revision of some of the curbing and parking spaces on both T-heads. The board will meet in a workshop study of the plans within two weeks. $ $ $ $ TAX PAYERS!! $ $ $ $ $ Why Try to Go If Aflone? BECOME A MEMBER £ And Support Your ^ F0x Payers' £ Association vt The Only place where your voice will count t* Next Meeting-- £ Open to the Public «* wv Centra! Jury Room 7:30 p.m. Sept. 19 ** r $ S S S $ S S S 5 $ 5 $ S 5 S $ $ $ S S S $ $ S S $ S S $ 5 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 stilt pending, and you are in need of Home Furnishings to replace Hurricane "Ceiia" damages, we invite you to come in, or coll 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 been a prime factor in restoring normalcy since "Celia" and we all join together in Saluting S.B.A. for the signal services rendered to the entire Coastal Bend. FURNITURE CO. 4148 So. Staples 1001 Leopard 883-35Q1 formation Indicates that all South Vietnamese bases below the DMZ will come under heavier rocket and mortar attack for .six. days beginning Friday. Other officers in the area said North Vietnam has about 10,000 troops in the DMZ area, including a new regiment, 52B, west of Fire Base Sarge. They predicted enemy rocket and mortar attacks of 500 to 1,000 rounds per day. They said the 52B Regiment has been ordered to take the Fire Base Sarge, but. f they'il have to pay heavy casualties, 10 to 1," said one officer. "Maybe we will suffer SO killed but they will lose 500." Developments on Wage-Price Front WASHINGTON UP) -- Here are latest developments in the Nixon administration's 90-day wage-rent-price freeze: , · AIR FARES -- All air transportation fares and charges have been frozen toy the Civil Aeronautics Board at the highest rates during the 30 days ending Aug. 14. SHIPPING RATES -- The Federal Maritime Commission declared a moratorium on freight and passenger rates effective Aug. 15-Nov. 12. The ban applies Ao U.S. and foreign flag vessels with common-carrier rates deposited at the commission. EDUCATION -- Tuition and fee increases at colleges and private schools which were announced previous to Aug. 15 will be allowed, the Treasury Department says. MILITARY PAY -- Increases in military pay set for Oct. 1 may .be delayed until mid- November, says the Pentagon, although the Treasury Department adds $hat the Cost-of- Living Council must make the final decision on promotion raises. POSTAL RATES -- Third- c l a s s - m a i l rate increases planned for Sept. 15 will be delayed until Nov. 12. AUTOMOBILES - T h e Treasury Department says proposed legislation repealing the 7-.per-cent excise tax on. cars may include a refunVl. clause, retroactive to Aug. $| from the date of enactment? New-car buyers now thus would get a refund on the tax, should Congress agree to its repeal. STRIKES -- The administration says it wants all current strikes stopped for the ' duration of the freeze, and It asks no new strikes begin. With the request was the hint of possible legal action to back it up should unions not agree voluntarily. The Labor Department also said settlements reached during the freeze would not be retroactive. EXEMPTIONS -- The Cost- of-Living Council says a decision may be reached today on whether policemen, teachers and other "state, local and federal g o v e r n m e n t em- ployes" may be exempt from the wage freeze. FARM PRICES - The OEP says farm products sold in their raw state are exempt from the price freeze. Wheat, cotton, corn, vegetables, eggs, fresh fruit, game and flowers are in this category. QUESTIONS -- The OEP has set up special public-information services to answer consumer problems in Maynard, Mass., Olney, Md., Thomasville, Ga.; B a t t l e Creek, Mich.; Denton, Texas; Denver, Colo.; Santa Rosa Calif.; and Everett, Wash. COORDINATOR -- T h e President named Arnold Weber, former associate director of the Office of Management and Budget to be executive director, of the Cost-of-Living Council. £nrr©SS Jones insurance General Insurance * Homeowners · Fire · Windstorm * Auio 3226 R*id Drtv* «S«-S3i8 RENT A NEW t FOR YOUR CHILD ' | BEGINNER i nusiamri KK MONTH RENT A NEW , WURUTZER | Organ With fl* Music |k and *tr Lessons UK MIMR Children and Adults-Class or Private Lessons GUITAR * ORGAN* PIANO PIANOS sine a tat ORGANS · MUSICAL INSTRUMSHTS 9omTo5j30pm,THUBS»AVTlI.*Wa 4*43 S«. Staples (Pwkfek ShaMg Area) S5C-I4I1 You Won't Appreciate this 5 YR. WARRANTY Until You Need If! ^Backed By Exclusive * Xmarwvrinmltfi; 5 f«£n (ten ^t» of orijToal f trnhcu (a U.$, i«pl«emnt o r . icpmr fauiiit (fcfuTuH cs (n tuttagnihip or .-MWuiarodwjklMjimWis libar rrtiJ fu ttffeamnu e! cf«f«i;» purrs. OtFtciiv* parti ore r» te (ituifltd Uitu^ tmcno's fcaltrifaltiliuISf crjcrtmlion- Owner It relponit* for urvfamon't liovtl ihorgK. total («!]}. itplotcmenr of gntStir. fuller trpftitle piff« tit ffj*i bulbs, laf fttiutt julfnui ta wutmf, nil nit. rjjligeiur, «lJir, rftfcoir.iar «f iitic flan it altualliKsbctlinli lis xcitealf. In (titata, ihn mnmtf Offfirt n cta«*« ihoi n dots Mt (ovir tutr, rfslfif, « ntnlt Iniid ot :im« c! pen iif AMANA tEFRtCfRATlOtf, INC. AMAH*, IOWA. FREE PARTS THflAKOITO CE1I I V E A Q C rULL TEAKS 24,000 B.T.U. ROOM AIR CONDITIONER * - 'JisSJK iils^is^li;Mi= ^liji'zzzr^^ CHECK THESE OTHER BUYS ,**_ 6300 B.T.U. i «o V.BEG. HguiECUMurr7/iAMp m - MO ttc.i9r.0tt 174° BtKNT -A-»oo «c.23r.oo207 08 10,000 B.T.U. 110 VOLT KC/HCUSI cGttm iM-ron «IC. 277.00 247'° 12,000 B.T.U. 220 VOLT REC. 277.00 254°° REG. 457" Save 60°° 24,000 B.T.U. S 397 ALL THE CREDIT YOU HEED OH COHVEH1EHT TERMS! 501 S. STAPLES 4254 S. ALAMEDA 883-4477 854-5397 IN TOWN AND COUNTRY CENTER SHOP TIL 9 PM

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