Newspaper Page Text
Dollar opens strongly
LONDON (UPI) - The dollar
opened strongly on money
markets around the world
today, gaining almost one per
cent in value in some capitals
on the second day of its
recovery from earlier record
lows.
Gold prices fell at the same
time for the second day.
Bankers credited the dollar’s
improvement to indications
from Washington that President
Nixon was preparing new anti
inflationary measures.
In London, the world’s most
important gold market, prices
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fell another $3 to $117.50 an
ounce, still nearly three times
the “official” Washington price
of $42.22 but down sharply from
the record $120.50 it hit on
Tuesday.
In Paris, the financial dollar
used by tourists and specula
tors opened at 4.34-4.35 francs,
up from 4.27 francs.
In Asia, gold fell from its
record price of $108.50 an ounce
Wednesday in Hong Kong to
close today at $104.60.
The dollar gained in both
Tokyo and Hong Kong and in
London, the pound opened at
$2.5640, up fractionally from the
Wednesday closing price of
$2.5700.
The dollar also improved in
Zurich, where it opened at 3.08
Swiss francs, up from a
Wednesday closing of 3.06875
francs, and it also rose
fractionally in Amsterdam,
which quoted the dollar at 2.830
guilders, up from 2.7965.
One bank official said in
Paris that it was difficult to say
why the dollar was showing
general improvement.
“It may be that Watergate is
quiet today,” the banker said,
“or because of the international
bankers conference in Paris, or
because speculators are still
buying dollars at a low price in
expectation of being able to sell
them later at a higher price.”
In Frankfurt, the dollar
opened at 2.6749 marks, up 1.4
per cent over its 2.6400 price
Wednesday.
The pattern followed fairly
closely on the one established
Wednesday, when dollars
moved ahead and gold fell
back.
“Those people who are
speculating against the dollar
are making a grave error and
will live to regret it,” said
Melvin R. Laird shortly after
his appointment as Nixon’s
chief domestic adviser. He did
not say what economic action
Nixon might take.
In Paris, Secretary of the
Treasury George P. Shultz and
Arthur F. Burn, the chairman
of the Federal Reserve Board,
rejected European appeals to
intervene to support the dollar.
But Burns told newsmen he
would not flatly rule out such
intervention.
Somoza to Boston
MANAGUA (UPI) - Nica
raguan military leader Gen.
Anastasio Somoza Jr. leaves by
air for Boston Sunday to attend
the graduation of his son,
Anastasio Somoza 111, from
Harvard University.
Somoza, who heads the
Central American nation’s na
tional guard, will be accom
panied by his wife Hope. It will
be the general’s first trip out of
Nicaragua since the disastrous
earthquakes last December.
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PARIS—U.S. Treasury Secretary George P. Shultz,
punctuates his speech with a raised fist as he talks to the
press during a Wednesday news conference here. At the news
conference, which followed his speech to an international
— Griffin Daily News Thursday, June 7,1973
Page 11
bankers’ meeting, Shultz said the appointment of new White
House officials should help prop up the dollar battered by the
Watergate scandal. (UPI)
Mills’ campaign
finances probed
ANNAPOLIS, Md. (UPI) -
An in-depth investigation began
today into the 1971 campaign
finances of the late Rep.
William 0. Mills, R-Md., who
killed himself last month after
reports he had hidden a $25,000
contribution from the Commit
tee to Re-elect the President
(CRP).
The Maryland Board of
Elections Wednesday night au
thorized auditor Albert Lawler
to “take whatever steps are
necessary,” including the
chance they could lead him to
the CRP.
The board also indicated
interest in reports CRP fun
neled nearly $50,000 to the
Maryland GOP in 1972 as seed
money for a “salute to Ted
Agnew” night in Baltimore.
That information came during
testimony Wednesday before
the Senate’s Watergate commit
tee.
Board Chairman Reginald
Asplen said any violations
found in the Mills case would
be referred to the Maryland
attorney general “for appropri
ate action.”
Public Has Right to Know
“Since Mills is no longer with
us, if guilt is found of course no
action can be taken against
him. But the investigation
should be done because the
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public has the right to know
what happened,” he said.
Mills, found dead of a self
inflicted gunshot wound, left
suicide notes in which he
claimed he was innocent of any
wrongdoing but couldn’t prove
it. His campaign treasurer
from the 1971 campaign was
killed in a traffic accident last
year.
The Government Accounting
Office first reported the cam
paign donation. Washington
newspapers later reported the
funds were never reported to
the state election board.
Interior Secretary Rogers C.
B. Morton, who Mills succeeded
in office as Maryland’s Ist
District congressman in a
special 1971 election after
Morton was named to the
Cabinet, has said he solicited
the loan from then CRP
Chairman John Mitchell.
Never Saw Money
Morton also has said he never
saw the money and that he
doesn’t think Mills had any
personal knowledge of it
because he was busy in his first
election campaign.
Hugh Sloan, former CRP
treasurer, told the Watergate
hearings about the donation to
MarylandGOP chairman Sandy
Lankier. He said the money
was in SIOO bills.