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Nixon Summons Leaders to Discuss Economic Move uestions 011 Freeze Answered SEE STORY BELOW ' Sunny and Hot MosUy sonny and hot today. Cleary mild tonight. Sunny FINAL and hot tomorrow and Krd Bank, Fret-hold Thursday. 1 Long Branch 7 EDITION Monmoulli County's Outstanding Homo Newspaper VOL.94 NO.36 RED BANK, N J. TUESDAY, AUGUST 17,1971 TEN CENTS Nixon Summons Leaders To Discuss Economic Move WASHINGTON (AP) - President Nixon today summoned plan favors business and is "patently discriminatory as far as •But the administration said it remains to be seen whether the key congressional figures to sell them on the to-cut portion of American workers are concerned." Other labor leaders were floating dollar will amount to a devalued dollar. his new economic policy - a policy that already has dis- generally cooL -Reaction from Congress continued generally favorable gruntled some.labor leaders and given the stock market its -Consumerist Ralph Nader called Nixon's package "a although some Democrats said the wage-price freeze won't best day ever. - mixture of successful special interest pleading and anticonsu- work. Chairman Wright Patman of the House Banking and Among those asked to the White House was Chairman mer policies." The President's consumer adviser, Virginia Currency Committee said the freeze should include control of Wilbur D. Mills of the House Ways and Means Committee, who Knauer, applauded bis actions, said she plans to buy a new car interest rates. Treasury Secretary John B. Connally said such yesterday called the President's new economic program "ab- and remodel her kitchen, and urged consumers to follow her controls might prompt lenders to hoard their money, and he solutely necessary" and scheduled crash hearings on it for example by spending money. called on them to furnish "reasonable" interest rates volun- Sept 8, the day Congress returns from vacation. -Foreign industrialists who sell hi the United States ex- tarily. " , Yesterday brought a worldwide whirlwind of reaction to • pressed displeasure, with some calling for retaliation against Connally, in a lengthy, broadcast news conference, said Nixon's announcement Sunday that he would cut the dollar U.S. goods. • the administration expects to make exceptions for the wage- loose from gold, order, a 90-day wage price freeze, increase -Importers and foreign embassy officials beseiged the price freeze only in event of "catastrophic" hardship. tariffs, reduce federal spending and ask Congress to cut taxes Treasury Department with inquiries about specific appli- He said a severe balance-of-payments deficit, on top of a for auto buyers, businessmen buying new equipment and, cations of the new trade policy. The Office of Emergency Pre- sluggish economy and unsatisfactory unemployment and in- starting next year, the average taxpayer. paredness, designated to oversee the temporary freeze in flation, prompted Nixon's new policy. -The New York Stock Exchange rocketed to a record wages, prices and rents, was flooded with calls. Hours later, the government announced the deficit ' APWInflWla single-day gain of 32.93 points in the Dow-Jones industrial av- i -Money exchanges in Europe, Africa and Latin America climbed to its worst level ever for April, May and June, reflec- CONNELLY COMMENTS— Treasury Secretary erage. Foreign stock markets suffered. closed. American tourists took a beating exchanging their doo- ting an outflow of dollars seeking higher interest rates abroad John B. Connelly has comments tor newsmen yes- •-AFL-CIO President George Meany said the new Nixon lars for local money in informal transactions in hotel lobbies. and America's first deficit in merchandise trade in years. terday on President Nixon economic proposals. Answer Evening Standard ECOM Building Pact Freeze Queries Award Is Challenged WASHINGTON (AP) - By DORIS KULMAN the traffic the building will acres. It was zoned for office of, at least in the Northeast, Despite President Nixon's NEW YORK - A legal generate. buildings use three years ago, that would be built to include wage-price freeze, importers hassle appears to be devel- "Our challenge will be on when the federal government retail shops along with office win be allowed to pass on to oping over the federal con- the grounds that an award first proposed that a private space for rental to the govern- , 'American consumers the cost tract to lease a planned office was made for property which contractor put up a building ment. He said he didn'Unow of the new 10-per-cent-duty on building on Tinton Ave. and doesn't have utilities or sewer for lease to ECOM. At that if the GSA had approved such foreign produced goods. Wayside Road in New Shrews- facilities, is on country roads time, Eatontown was con- arrangements elsewhere in The Treasury issued the bury, N.J., for use by the that can't handle the traffic, ceded the inside track on the nation. jujjng late yesterday, after Army Electronics Command isn't zoned for the purpose grabbing the tax plum. The Although the bids were bjijjigWnbarded with queries at nearby Ft. Monmoutb. and that it will he more costly GSA at that time said it want- negotiated and not com- from importers who feared William John Grandberg, on a rental basis than our pro- ed a minimum 100-acre tract petitive, a GSA spokesman they would be caught in a president of Tinton Realty posal," Mr. Grandberg de- Mr. Grandberg. said the noted, Dworman was low bid- squeeze between the price Corp., here, unsuccessful bid- clared. building Tinton Realty pro- der. celling and the increased tax der on the project, said yes- He said that while Tinton posed was five stories high "As far as this agency is sntharge. terday his company will chal- Realty's bid was 1.6 cents and didn't include a retail concerned, the unsuccessful The flood of inquiries touch- lenge the General Services higher per square foot "we sales area. bidder hasn't any grounds for ed off by Nixon's mammoth Administration award to an- were giving them more. "We offered to give the gov- challenge," he said. economic package continues other Manhattan building "We were giving them 8,150 ernment whatever it wanted," From the Adirondacks, unabated at the Treasury and firm, The Dworman Co. square feet more. We were he said, adding that the GSA where he is vacationing, Ea- Labor departments and at the Tinton Realty had sub- giving them 40 acres. We had indicated preference for a tontown's Mayor Herbert E. Office of Emergency Pre- mitted a proposal to construct were giving them the avail- building that would house Werner, openly disappointed paredness, which was desig- a building for lease to ECOM ability of more than 60 acres ECOM offices only. by the loss of the building, is- nated by Nixon to monitor on a tract on Tinton Ave. and • for future expansion." A spokesman for the GSA sued a statement that said compliance with the freeze on Hope Road in neighboring The Tinton Realty tract, said the Dworman building little, implied much, and prices, rents, wages and sala- Eatontown. which it owns, includes 101 would be the first he knows promised more. ries. Mr. Grandberg said the . The following questions and challenge will be based on the answers on the freeze are A P Wlreptiolp site, the zoning and the cost. based on official texts and LONDON PRESS HEADLINES NIXON — These are headlines in Lon- He said his firm's attorneys statements and the replies of don's two evening newspapers yesterday/ both concerning President Nix- "are working out the mechan- Red Bank Arts Festival agency spokesmen concerned. on's speech Sunday night announcing financial moves to strengthen the ics of the challenge now." Q. How can a consumer U.S. economy. check on whether a merchant $25 Million Ratable Is complying with the freeze? The building is a $25 million A. The presidential order ratable. New Shrewsbury Slated Despite Discord requires that all persons in Mayor Robert F. Henck has predicted it will bring a $1 the business of selling or pro- Labor's Not Happy RED BANK- Despite concerned about the road on 650 feet of snow fencing. viding goods or services must drop in the $4.03 tax rate there. sounds of discontent from being closed and possibly More than 1,000 paintings, "maintain for public in- some merchants and the po- hampering the handling of photographs, and pieces of spection a record of the high- The GSA last Wednesday lice chief, the borough's 21st any emergency. sculpture will be displayed' in - est prices or rents charged for signed the 20-year lease, at annual Festival of Arts will be Similar concerns have been botn amateur and proiession such or similar commodities With Nixon's. Move. $2,851,550 a year, with Dwor- held on Broad St. Saturday. expressed by the Fire Depart- categories. during the 30-day period en- man for the office space. The ment. ' Union, which negotiated a more detail on the policies lease has a 20-year renewal Two weeks "ago, the There also will be special ding Aug. 14,1971." WASHINGTON (AP) - La- Borough Council gave its ap- exhibitions for grade school Q. Are dividend payments bor leaders say the work- three-year 30 per cent wage when its 35-man executive option. Michael Leckstein, legal hike for 350,000 workers Aug. council meets Thursday. proval to closing off a one- counsel for the Jaycees, said children. and interest charges also fro- ingman may end up taking According to the lease ar- block section of the main zen to previous levels? the brunt of President Nixon's 1, said it is confused about ef- "If it means that progress- rangement, Dworman will put that provisions have been In addition, live entertain- wage and price freeze, but ne- fects of the freeze on com- ion wage increases now due up a six-story building on a 36- street from Mechanic to Front made this year for private ment will be provided by a A.
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