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November 22, 1968 - Image 7

Resource type:
Text
Publication:
The Michigan Daily, 1968-11-22

Disclaimer: Computer generated plain text may have errors. Read more about this.

Friday,, November 22, 1968
Credit proposal conflicts delay
attempt to solve currency crisis,

THE MICHIGAN DAILY

Page Seven

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BONN, Germany' (A) - Efforts
by the world's 10 richest nations
to agree on support for the falter-
ing French franc ran into trouble
early this morning over conditions
attached to -a proposed credit of
$2 billion or more, a West Ger-
man, spokesman said.
"We have been going around in
circles for hours," said Conrad
Ahlers, Germany's No. 2 spokes-
man at the crisis meeting here,
after sitting in on past-midnight

sessions of finance ministers and
central bank governors.
He gave no indication of what
conditions were causing the
trouble.
West German Finance Ministry
sources said they had heard that
the amount of credit to be made
available to France had been in-
creased by $960 million to a little
short of $3 billion.
The first $2 billion was to be
furnished by the bank for inter-

national settlement (BIS), an in-
dependent body, the sources said.:
The other $950 million was to be
underwritten by other nations at
the conference.
West Germany's share, the
sources, added, came to about $700
million.
But the deal being worked out!
in an emergency meeting of the
so-called "Group of 10" nations,
with Switzerland as an observer,
could mean no increase in the'
Svalueof the mark or any devalua-
tion in the French franc. The two
currencies were at the base of the
latest international monetary cris-

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Heir ask Breakev

' For Germans, the d e a l may,
mean cutbacks in an economy
or m bssin $ooming because of heavy exportsk
and modest imports.

""'''- I

One hundred thousand dollars
is missing and a lot of people
think they know where it went.
. Four of the six original heirs of
the estate of a local bookstore
owner who died in 1949 without
leaving a will, have died waiting
to collect their share, and the sur-
viving relatives are demanding to
know where all the money went.
Distant cousins of Charles E.
4 Barthell, former owner of the*
store now occupied by Overbeck
Book Store on South University,
are accusing Circuit Judge James
R. Breakey, the estate admin-
istrator.
Thejudge responded yesterday,
saying he has offered for 13 years
to turn over the remaining pro-
perty of the 19-year-old estate,
but that the heirs have asked him
to continue the probate proceed-
ings until completion.
In the probate court account of
Bartell's estate, there are no de-
tails on the disbursing of more
than $100,000 of the $222,293 es-
tate.
Breakey said he has disbursed
$211,123 from the estate leaving
a cash balance of $11,170. Of the
$211,123 disbursed, the judge says
he has distributed $87,000 to the
heirs.
However, notorized statements
showing distribution to all heirs
account for only $68,400. Some of
the 25 to 30 persons, scattered
throughout Missouri, Iowa and
Minnesota, who together with the
two surviving original heirs, are
00 legal recipients of Barthell's es-
tate, may not have signed the
statements.
But Breakey, who says Barthell's
brother authorized him to handle
the estate, explains that the de-
lay in closing the estate has been
caused by difficulties in dispos-
ing with two plots of Barthell's
property.
The first property was sold nine
years ago to Neil Staebler for $60,-
000, the judge says. But a parcel
owned jointly by the estate and
Mrs. John Parsons of Detroit, Is
still causing trouble.
The attorney for the estate,
Roscoe 0. Bonisteel, Sr., a former
University Regent, has been try-

ing to arrange an agreement with
Mrs. Parsons' attorney to free
the property for sale. Breakey
says the estate may have to sue
to settle the matter.
Observers point to the fact that
Bonisteel was credited with ob-
taining the judgeship for Break-
ey in 1945.
Breakey insists that as early as
1955 he had encouraged the heirs
to accept the property because of
difficulties in the sale of the par-
cel. He said they advised him to
pursue a sale.

Karl Schiller, West Germany's
minister of economics and the
meeting chairman, told newsmenj
work was completed first on the
major element in the package:
what West Germany will do to en-
courage imports and discourage
exports and to curb speculationj
against the franc.
West Germany will slap a tax
on exports and reduce its tax on
imports. France will be the chief
beneficiary, since the two coun-'
tries do more trading with one
another than they do with any-
one else.

7/
4 a
Bell
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Dorm board urges
bus line to Oxford

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By GEORGE MILLER
The Board of Governors of Resi-
dence Halls recommended yester-
- day that the University begin
nightly bus service between Ox-
ford housing and central campus
in order to maximize security for
Oxford residents.
The board also reaffirmed its
support of compulsory house dues
for all residents, and was asked
to consider a proposal that would
increase faculty participation in
residence hall academic programs.
Inter-House Assembly President
and board member Jack Myers in-
troduced the bus-service resolu-
tion, citing recent occurrences of
assaults on residents of the Ox-
ford woman's residence complex
as justification for instigating
the service.
At present, neither the chances
for approval of such a plan nor
the date on which it would begin
are known.
Mandatory house dues, upheld
yesterday by unanimous vote,
were also supported by the board
last year. Myers explained that a
house is not obligated to levy
dues, but if it does, all residents
are required to pay them in full
or face withholding of academic
credits.
The board's consensus opinion
was that house dues were neces-
sary in order to set up house soc-
ial and academic activities.

The proposal for increased resi-
dence hall academics was drawn
up by a committee of six dormi-
tory staff members. Referring to
the experimental and numerically
limited Honors Program, Pilot
Project, and Residential College,'
the document recommends that
the academic innovations of these
programs be applied to all dorms.
It proposed that faculty mem-
bers teach classes and live in the!
halls.
Board members responded fav-!
orably to the idea, and will con-
sider it further when they meet
next January.

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NEARLY EVERYONE
ENJOYS THE
Michiganiensian
Reserve your
1969 yearbook
Now at the
Student Publications
Building

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for the
big, chief 5
in your house.

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LINDY HOUGH
Co-editor of 1.0. & Poet
WILL READ HER POETRY
at 8 P.M.
TYLER LOUNGE
Residential College
RESIDENTIAL COLLEGE POETRY SERIES

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