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March 16, 1968 - Image 1

Resource type:
The Michigan Daily, 1968-03-16

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See editorial page

C, r

Sir igau


Rain and cloudy;
clearing in afternoon.

Vol. LXXVIII, No. 139 Ann Arbor, Michigan, Saturday, March 16, 1968 Seven Cents
Gold Prices Rise as Uncertainty Plagues Mi

Ten Pages












Cha mA pointed







British OfficialQuits
Over Crisis Policies
By The Associated Press
PARIS-With most major bullion markets closed in the
West's money crisis, the price of gold broke loose yesterday in
Paris. It rocketed to a record high of $44.36 an ounce, $9.36
above the official price.
In a wild day of trading, gold also set a new record of
$40.71 an ounce in the Hong Kong market but weakened and
the price closed at $38.36.
In London, Britain's foreign secretary and deputy prime
minister George Alfred Brown resigned last night in deep dis-
agreement with Prime Minister Harold Wilson's way of run-
ning the Laborite government.
The gold crisis and Brown's absence from urgent Wash-
ington-London consultations on it Thursday night were con-
tributing factors.
Brown felt he was left out of high policy determinations
and Wilson said Brown couldn't be found to take part in the
Thursday night talks "at a *

Track Coach Chosen
Over Seven Others
Executive Sports Editor
Associate Sports Editor
Don Canham, Michigan track coach, was appointed to
the position of Director of Athletics and Physical Education
yesterday by the Regents.
He will succeed the outgoing athletic director H. 0. (Fritz)
Crisler who retires on June 30.
The appointment climaxed months of speculation. Uni-
versity President Robben Fleming recommended Canham
from an original list of eight candidates nominated by a
presidential advisory committee.
As track coach Canham, 49, won 12 Big Ten Titles in 19
years as head of, the Wolverines, with a dual meet winning

critical phase."

' nnnn- 1-

' '

percentage of .800. Besides an impressive coaching record, he
- founded a multi-million dol-
lar retail business which man-
ufactures and sells athletic
equipment and teaching-aid
R each Pact Currently president-owner of
the business, Don Canham Enter-
I D e o prises, Canham has agreed to turn
j ?tr011 it over to a trust body before he
takes his position.
Two associate athletic directors,j
DETROIT (!)-Striking Team- one for intercollegiate athletics
sters at the Detroit News voted and one for physical education,
yesterday to accept a new three will be. named later on Canham's
year contract offer which might recommendation.1
be a key to settlement of the The Regents restructured the
city's 121 day old newspaper athletic department in February.
strike. The vote was 336 to 194 creating the two associate posi-
and came after the. Teamsters tions and eliminating the current
had twice rejected a virtually j post of assistant athletic director!
similar offer from the Det'roit now held by Bert Katzenmeyer.
News. /Head football coach Bump Elliott

Don Cui 1 It. 0. 'Fritz' Crisler

Several times previously in his .-JV"1L lkL
stormy cabinet career Brown has
threatened to resign. Brown'sa
sometimes outspoken manner of-
ten embarrassed the Labor gov-
ernment, but Wilson kept him on. ' V G old R un
Brown's successor in the topB y G l R u
cabinet post under the prime d
minister is a quiet, mild man- By JENNY STILLER
nered ex-school teacher, Michael Economists at the University
Stewart, who was also Brown's say .the current gold crisis is no
predecessor as foreign secretary. cause for alarm. but express pes-
Brown is 53, Stewart is 61. simism over what they see as
Gold Market Closed likely government attempts to a1-
London's bellwether gold mar- leviate the balance of payments
ket was closed yesterday in an problem.
attempt to cool the feverish stain- A statement released yesterday
pede to gold and away from paper by five economics professors ex-
currency. Zurich, the only other plains "Despite the analogies that
major West European market be- have been made between the fin-
side London and Paris, followed ancial panic of 1929 and the pre-
suit. sent speculative run on gold,
The United States made the re- these two situations are quite
quest to close the big London dissimilar."
rnarket in an attempt to check It continues: "Gold speculation
the gold rush while the central has nothing to do with the
bankers of the international gold strength of the United States
pool meet in Washington at one economy or the soundness of the
p.m. today to study the interna- American banking system. The
tional money crisis. f e d e r a l government possesses
France, technically still a mem- fmpl e r o g ove t posesse,
der of the pool although it ceased ample power to protect depositors,
gold contributions, was not invited a power which it did not posses
to the Washington talks, a de- in 1929.
cision which French officials Commitment
thought was a mistake. At the "Furthermore, the government
meeting willbe themcentral bank- is officially committed to the
ers of the United States, Britain, maintenance of purchasing power
Switzerland. Italy, West Ger- and employment and is well
many, Belgium and the Nether- aware of the measures necessary
lands. to implement these objectives."

Regen s

Veto Required Forums,

Ask Joint Study of Vehicle Rules

Teamsters at the Detroit Free
Press, who were not on strike
but claimed they had been locked
out, accepted the offer- last
Publishers of the Detroit News
and Detroit Free Press said in a
joint statement:
"Publication could and should
be resumed quickly despite the
fact that four other unions just
recently struck the newspapers.E
To this end, the newspapers are
working out a schedule of meet-
ings with the newspaper unions
for the purpose of negotiating
new contracts which are satisfac-
tory to all parties."
The Teamsters' strike closed the
afternoon News on Nov. 16, 19671
and the Free Press shut down the

and Katzenmeyer have been men-
tioned as possible associates.
Canham will remain as track
coach for the remainder of this
season. Fleming has said that any
coach named as an associate

r 1

The Regents took action in four
controversial areas yesterday at
their regular monthly meeting.
They voted unanimously to:
* "Express opposition to a
policy which would require em-
ployer participation in public
forums as a condition of recruit-
ing on campus."

would remain in nis old positionIvt th Ciyo An
WUIUI'II~di1Li L1~UI IO~Ln1 0 "Invite the City of Arnn
through next fall.!Arbor to join with the University
One of the founders of the Unit- in establishing a joint commit-
ed States Track and Field Federa- tee" to study problems with res-
tion (USTFF) in 1962, Canham pect to student operation of
is now executive director of Unit- motor vehicles.
ed States Track Coaches Associa-

In 1965 he organized the first'
NCAA Indoor Track and Field
Championships, now being held in?
Detroit's Cobo Hall, and has been
meet director ever since. He is
also on the arbitration panel me-,
diating the NCAA-AAU dispute.

next day, saying it negotiated' Contacted in Detroit at the
some of its union contracts joint- NCAA Indoor Meet, Canham said,
ly with the News. 'I am extremely happy to have
Since the strike began, con- been appointed. I think that one
t tracts with 12 other unions ex- of the main jobs will be finding
pired, and two of them, the press- a way to fill the football stadium
men and the printers have struck and the Events Building. Dave1
both papers, while the photoen- Martin. the assistant track coach,1
gravers and the paper and plate should be considered a prime can-1
handlers have struck only the didate to be the new track coach."'
News. See CANHAM, Page 9

* Authorize the sale of up to
four acres of University North
Campus land to the city for con-
struction of public housing for
low income familieg.
* Approve the conversion of
Alice Lloyd and Mosher-Jordan
residence halls for coeducational
occupancy, and the temporary
conversion of Lloyd and Winchell
houses of West Quadrangle into
academic offices.
Campus recruiting and Uni-
versity driving regulations were
both the subjects of open hear-
ings Thursday.
On the recruitment issue, the
Regents approved a resolution
which asked University placement;

offices "to invite employers in urged caution in dealing with the
whose policies there appears to vehicle situation.
be student and/or faculty interest Regent Gertrude Huebner sup-
to participate voluntarily" in the ported the traffic resolution but
public forums. said she thinks "all restrictions
In explaining the Regents' op- should be lifted, not gradually
position to any mandatory open but all at once."
forum, Regent Robert Briggs said However she said such a move
"freedom of speech also involves should not be a "unilateral de-'
the right not to speak." cision by the University. That
With respect to student vehicle would not be fair."
regulations the Regents branded The approval of the sale of
relaxation of rules as "detri- land to the city for public housing!
mental to the health and safety was made despite letter from a
of members of the community," law firm 'representing property
They stipulated that the joint
committee on the problem should(
report recommendations by June!
1, and "pending such report the
present regulations remain in ef-
fect." T
Ken Mogill, '69, chairman of
the Student Traffic Court called;
the Regents' resolution a "tra-; By ROB BEATTIE
vesty" and said "students will not Residents of Mosher-Jordan
sit passively by. It demonstrates Hall are protesting the decision
again how totally fu.Ale it is to to convert the hall to a coeduca-
work within the system and ex- 'tional residence. The residents are
pect justice," he said. "Students I requesting that the change, which
have just as much right to drive was approved by the Regents yes-
on public streets as anyone else," terday, be delayed for at least one
Mogill added. year,
Regent Robert Brown said he A letter outlining the objections
feels the University "has a res- to the plan was sent to the Re-
ponsibility to the health and gents yesterday. Representatives
safety of its constituents" and from the hall also appeared before

'otest Plan
;oed Hall


the Board of Governors of Resi-I
dence Halls on Wednesday to re-I
quest a change in the policy.
The women object to the shortj
notice which they were given con-
cerning the change. They point
out that many current residents
were not informed until after
spring break that they would not
be allowed to return.

owners in the area, which asked
the University to delay the de-
The site is located at Green
and Baxter Roads at the eastern
edge of the North Campus area.
The city plans to erect 24 mult-
iple units for the purpose of low
income housing.
In other action the Regents ap-
proved the creation of a new de-
partment of urban planning in
the College of Architecture and
Design and appointed Prof. Ger-
ald E. Crane its chairman.

French Market
Despite the shutdowns in Lon-
don and Zurich, the French Fi-
nance Ministry ordered normal
trading on the gold market, the
stock exchange and other ex-
changes. On the Paris bourse, the
dollar fell off from Thursday's
year high of 4.935 francs. It was


quoted at 4.85 francs. Maintain Price
President Charles de Gaulle First, it could maintain the $35
held an emergency meeting with an ounce price of gold and "take
his finance minister and the steps to convince the world we
governor of the Bank of France. will straighten out our balance
Later Finance Minister Michel of payments and that there is
Debre informed reporters: "The therefore no use for 'speculation."
French position is well known. A second possibility, he says,
There will be no official state- is that the United States would
ment." stop supporting the price of gold.
Stock Market "This is' my own personal
In New York, the stock market preference," he adds. "Leaving
weathered the newest develop- the gold exchange standard would
ments in the international mone- allow the price of gold to go up
tary crisis in strong fashion yes- and down, just as the price of
terday. lead does. Such a move would
It rang up a substantial gain avoid trying the monetary mech-
after early shakiness. anism of the world to some silly
Trh di~n Came. in the first nhfr rti :

The statement was issued by
Professors Robert Holbrook, Ber-
nard Munk, William Palmer,
Harold Shapiro and Mary Shul-
Shapiro sees three chief pos-
sibilities for action the federal
government might take to meet
the crisis.

Kennedy To Announce Candi dacyToday

ert F. Kennedy has decided to run
for President. He will announce'
today an all out attempt to wrest
the Democratic nomination from
President Johnson.
Kennedy plans to battle for the
nomination in at least two pri-
:naries-Oregon and California-
and may enter Indiana.
At the same time, the New York
Democrat's organization will at-
tempt to gather delegate votes
prior to the Democratic National
Convention in August.
It is understood that he has
made no arrangement with Sen.
Eugene J. McCarthy (D-Minn) thet
other aspirant for Johnson's
crown, for a possible poo'in_ of

announcement will be that he is
going to run.
A pre-election contest pitting,
Kennedy against McCarthy for the
anti-administration and anti-Viet-
nam vote was seen by some politic-
al observers as a boon to John-
son's chances for renomination.
In Washington, President <John-
son's press secretary, George;
Christian, said the chief executive
has given no top priority to up-,
coming Democratic primaries.
He said: "I don't want to leave
the impression the President is
disinterested in any of these things
But I don't know of any in-
tention of the President to do any
campaigning or politicking at this
time on anything."
Tpn Znm rnnthz Vnn-,7 gir

he no longer feels he can support
Johnson-a remark to which the
White House offered no comment.
McCarthy won 42 per cent of
the primary vote in New Hamp-
shire, against a 48 per cent write-
in for Johnson.
An Associated Press survey in-
dicates that most state Demo-
cratic chairmen are still in John-
son's camp, and they consider
Kennedy a bigger threat than
The survey shows most chair-
men believe Kennedy's entry into
the race would split the party and
help the Republicans.
During his Long Island tour. a
woman member of one audience
asked Kennedy "Why did you
xx-a..'...4' nn'.4 t omi. fmt , r t, m.-



' e a vance cale11LI 1.1
A recent poll taken by several'±1 U~I~ *
residents of the hall indicated session after the Federal Reserve{
that 98 per cent of the current Board boosted its discount rate#
residents oppose the change. The to 5 per cent from 4Uf% per cent
womn sy tat he esuts f tisin a move to combat the attacky
women say t he results of this on the dollar by speculative gold
poll and other opinions of the buyers in Europe.
women affected by the change In anticipation of an even
were ignored. larger increase, the market Thurs-
John Feldkamp, director of dysfee t is ebc
University Housing, explained at since the outbreak of the Arab
the meeting;that the change was Israeli War last June 5.
necessary because of a lack of The Dow Jones average of 30
spaces for male students. The industrials climbed 6.64 points to
problem will be heightened, he 837.55.
noted, with the conversion of a
portion of West Quad to faculty-
Feldkamp apologized for the:
quick change. He noted that Mos-
her-Jordan was scheduled for con-
version to coed housing in 1969 ;
anyway and said it was easier to
move the project ahead one year
than to temporarily house men in:
another unit.
He told the women that the Re-
gents' decision was not neces-
sarily final. If an acceptable al-
ternative plan could be worked'
out, he said, a new proposal couldK
be presented to the Regents and
tha n.nc.n'n npnn n-A

Larbitrary price
A third possibility, Shapiro says,
and the one "I'm afraid they'll
choose," would be to raise the
price of gold - that is, to devalue
the dollar.
He adds that the United States
might reject devaluation because
it would be "playing right into
the hands of DeGaulle and the
speculators," as well as benefit-
ting South Africa and the Soviet
Union, the two major gold-mii-
ing nations of the world.
All agree that devaluation
would be an unwise step, even
though some feel that it is not
a serious possibility at this time.
Prof. Daniel Suits suggests that
perhaps an arrangement may be
worked out whereby gold would
continue to be traded freely
among central banks, but would
not be sold to outsiders.
Munk and Holbrook agree that
some sort of rise in the price
of gold is likely, but anticipate
that the government will also
find it necessary to impose "all
sorts of restrictive legislation."
Th v adtara solution


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