THE MICHIGAN DAILY
SUNDAY, MARCH 20, 1966
PAGE SIX TUE MICHIGAN DAILY SUNDAY, MARC!! 20, 1966
sponsored the following motion while a member of Stu-
dent Government Council: "Move: That the University
of Michigan Student Government Council affirms its
confidence in the National Defense Education Act which
has permitted both graduate and undergraduate college
students to obtain low interest long term loans from
their local colleges and universities. The elimination of
the NDEA would be detrimental to a vast number of
college students throughout the nation. SGC urges that
the proposal before Congress to eliminate NDEA in
favor of federal guarantees for private loans be defeat-
ed. SGC urges that the forgiveness clause of the NDEA
be retained if a new program should be implemented."
Lee Hornberger will urge NSA
to back the NDEA program
(Paid Political Advertisement),
The Week T(
MONDAY, March 21I
4:10 p.m.-R. G. Woodman of1
the University of Western On-
tario will speak on "Creative
Moods in the Prelude" in Aud. A,1
8:00 p.m. - Leo W. Schwartz,
Visiting Professor of Judaic
Studies, will talk on "Is a Crea-
tive Jewish Culture Possible in
America?" in the Multipurpose
Room, Undergraduate Library.
8:00 p.m.-Will Geer, actor in
program of Frost, Whitman and
Twain, will be seen in the Union
8:30 p.m. - Gustave Rosseels,
violinist, and Wallace Berry, pian-
ist, will perform at the Rackham
TUESDAY, March 22
4:10 p.m.-Frank F. Selley of
the University of Nottingham will
speak on "The Nemisis of Anna
Karenina" in the West Conference
Room, Rackham Bldg.
8:30 p.m. - Jeffrey Chase,
assisted by Student Ensembles
will lecture on "The Elements and
Structures of Music" in the Re-
cital Hall, School of Music.
WEDNESDAY, March 23
Noon-The Office of Religious
Affairs will conduct a book dis-
cussion in 4217 Mason Hall,
1:30 p.m.-A seminar on "Effec-
tive Cost Control" will be held in
the Michigan Union.
THURSDAY, March 24
2:00 and 8:00 p.m.-The Pack-
ard Avenue Playreaders will ap-
pear in the world premiere of Al-
) Come: A Campus Calendar
fred Jarry's "Ubu Cornutatus" in Playreaders will appear in the
the Little Theatre of the Frieze world premiere of Alfred Jarry's
Bldg. "Uba Cornutatus" in the Little
2:15 p.m.-Jack Durell, M.D., of Theatre of the Frieze Bldg.
the National Institute of Mental 8:30 p.m.-The University Sym-
Health will conduct a seminar on phony Orchestra, conducted by
"Thyroid Function and Psychoses" Josef Blatt and Theo Alcantarilla,
in Room 1057, Mental Health Re- will appear in Hill Aud.
search Institute. SATURDAY, March 26
4:10 p.m. - Lorenz Eitner of 9:00 a.m.-A workshop on "Pro-
Stanford University will lecture on grammed Instruction" will be held
"Gericault's 'Raft of the Medusa'" in the Rackham Bldg.
in Aud. B, Angell Hall. 7:00 and 9:00 p.m.-The "Petri-
4:10 p.m. - Gary S. Becker of field Forest" will be shown in the
Columbia University will speak on Architecture Aud.
"Human Capital and the Personal 7:00 p.m.-Karen Fine, cellist,
Distribution of Income" in the will appear in the Recital Hall,
Rackham Amphitheatre. School of Music.
7:00 and 9:00 p.m. - Fellini's 8:30 p.m.--The Packard Avenue,
"Variety Lights" will be shown in Playreaders will appear in the
the Architecture Aud. world premiere of Alfred Jarry's
7:30 p.m. - Dr. Stephen Spurr, "Ubu Cornutatus" in the Little
d e a n of Rackham Graduate Theatre of the Frieze Bldg.
School, will conduct the third of a 8:30 p.m.-Cornet and Trumpet
series of illustrated lectures on Students will perform in the Re-
"Bioeconomics of Great Rivers of cital Hall, School of M'usic.
the World" in the Rackham 8:30 p.m. - The University of
Amphitheatre. Chicago Contemporary Chamber
8:00 p.m. - Philip Berrigan, Players will present a concert in
Josephite priest, will speak on the Union Ballroom.
"Non-violence, Civil Rights, and SUNDAY, March 27
the Peace Movement" in the Mul- 2:30 p.m.-The National Ballet
tipurpose Room, Undergraduate from Washington, D.C., will ap-
Library. pear in Hill Aud.
FEDERAL RESERVE REPORTS:
Currency Speculators Foiled
'In Attack on Pound Sterling
NEW YORK () - The Federal
Reserve disclosed for the first
time last week details of an un-
precedented international currency
operation it said staved off "major
tragedy" for the British pound
The operation began last Sept.
10 after sterling and the closely
allied U.S. dollar had been under
attack for nearly a year by cur-
rency speculators betting on a de-
valuation of one or both of the
The Federal Reserve, the Bank
of England and nine other indus-
trial nations' central banks, ex-
cluding France, joined in a, plan
to hit the speculators in the
pocketbook and thus drive them
out of the market.
"It would indeed have been a
major tragedy if the forces of
speculation had overwhelmed ster-
ling through lack of outside as-
sistance," said Charles A. Coombs,
special manager of the Federal
Reserve's open market accounts.
In a report on the Federal Re-
serve's foreign currency operations
for the past six months, Coombs
told how the central bankers vir-
tually wiped the speculators out
in a matter of a few hours of ex-
citing currency buying and selling.
The central bankers plan was
predicated on the fact tiat the
speculators were bears, expectingl
the price to drop. That it, th E
speculators borrowed sterling andI
traded it for other currencies in
the expectation they could buy the
sterling back later at a lower price
That is called selling short.
Consequently, the central bank
plan was aimed at driving the
price of sterling up. forcing the
speculators to protect themselves
at a loss by buying back sterling
The very act of buying back would
help drive the price of sterling still
higher, costing the speculators
The plan worked. Losses to the
speculators apparently are not
known in detail, but they are be-
lieved to be in the many millions
of dollars or equivalent in other
Coombs said the counterattack
against the speculators was started
"The Federal Reserve Bank of
New York, operating for system
account, simultaneously placed
bids for sterling totaling the equi-
valent of nearly $30 million with
all the major banks operating in
the New York exchange market
at the then-prevailing rate of
$2.7918," said Coombs.
The price of sterling immediate-
ly moved up in responsie to the
buying pressure to a level of
$2.7934 At that point the Federal
Reserve purchased another $8
million of sterling.
The rate held at that level a
short time, then moved up. By
the end of Sept. 10 the rate was up
to $2.7945. Though the Federal
Reserve was bidding as much as
$30 million, the rapid rise of the
rate resulted in its actually buying
only a net, $13 million in sterling
for the day.
"On the following day," said
Coombs, "in both London and
New York, market forces took over
and bid the rate up so strongly
that the Bank of England inter-
vened to limit the rise and in the
process began an accumulation of
dollars which continued without
interruption over the following
As a result, Britain has been
able to meet all its obligations to
meet debt repayments as they fell
due during that period. The Brit-
ish paid back some $890 million
of the $1 billion in credits they
had received prior ot the new plan.
The credits had been extended
earlier in 1965 to help the British
to support the price of the pound.
FRIDAY, March 25 1
8:30 a.m.-A seminar on "Orien-
tation to Programmed Learning"
will be held in the Michigan
7:00 and 9:00 p.m. - Fellini's
"Variety of Lights" will be shown
in the Architecture Aud.
8:30 p.m.-The Packard Avenue
3:00 p.m.-Christine Downing of
Douglas College and Rutgers Uni-
versity, will lecture on "Guilt and
Responsibility in the Writings of
Martin Buber" in Aud. A, Angell
7:00 and 9:00 p.m.-The "Petri-
field Forest" will be shown in the
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DAILY, OFFICIAL BULLETIN :
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. . . . . . . . . . . . . . . . . . . . . . . .;
trade, library, mkt, res. pub. relations,
statistics, gen. & tech, writing. Also
admin. ass't. to managing editor.
WED., MARCH 23-
Wayne County Bureau of Social Aid,
Detroit-Degrees in Gen. Lib. Arts, For-
eign Lang., Engl., Educ., Econ., Journ.,
Public Health, Soc. & Soc. Work for po-
sitions in social work.
U.S. Army-WAC, Detroit-Women, all
degree levels for Officer Candidate
School for eventual positions in Art
& Des., Biol., Lang., Mgmt. Trng., Per-
sonnel, Public Relations, Statistics,
Writing, etc. U.S. & overseas locations.
Beauty Counselors, Inc., Grosse
Pointe, Mich.-Men with degrees in
any field of study for mgmt. trng.
Owens-Corning Fiberglas Corp., To-
ledo, Ohio-April & June grads in Gen.
Lib. Arts, Econ, & Math, Gen. Chem, &
Physics for positions in mgmt. trng.,
purchasing, inside sales & transport.
Plants & sales offices throughout the
Connecticut Mutual Life Insurance
Co., Hartford, Conn.-Men with degrees
in Econ., Educ., Law, Lib. Sci., Psych.,
Soc. Work, etc. for home office insur-
ance, mgmt. trng. & inside sales. Lo-
cated in Southfield, Mich.
20th Century Guardian Life Insur-
ance Co., Ypsilanti, Mich.-BA's in all
fields of study for insurance sales.
SUMMER PLACEMENT SERVICE:
A & W Root Beer Co., Ann Arbor-2
men for managers, 2 girls for inside,'
2 for outside & dishwashers, bookkeep-
er & grill man.
Yellowstone National Park, Wyoming
-Applications have arrived at S.P.S.
Lincoln National Life Insurance Co..
Ft. Wayne, Ind. - Messenger positions
available for summer jobs.
* * *
Details and applications available at
Summer Placement, 212 SAB, Lower
The following schools will interview
at the Bureau:
MON., MARCH 28---
Birmingham, Mich.-Elem.-Art, For
Lang., Lib., Vocal, Read., Couns.; Sec.-
Art, Engl/Geog., Comm., Couns., Engl.
Fr./Span., Girls PE, Home Ec., Ind.
Arts, Math, Gen. Sci., Chem., Phys.,
Diag., Visit., Tch., Sp. Corr.,, Ment. Re-
Auburn,Ind.-Elem.; Sec.-Art, Bus
Ed., Engl., Fr., Ger., Span., Journ.,
Lib., Math, Vocal, Inst., Biol., Chem..
Phys., Spec. Ed., Sp./Hear.
Inkster, Mich. (Cherry Hill S.D.) -
Elem.-Art, Vocal, Inst., PE; Spec. Ed
-Ment. Hdcp., Visit. Tch., Sp. Corr.;
J.H.--Sci./Math, Lang. Arts/SS.; H.S.-
Vocal, PE-Swim., Bus. Ed., Ind. Arts
Math, Phys. Set., Biol., Chem./Phys.
Sylvania, Ohio-Elem. - Art, Vocal.
Strings; J.H.-Lang. Arts/SS, Sci./Health
PE, Sci./Math; H.S.-Bus. Ed., Engl.
Battle Creek, Mich. (Lakeview Schs.)-
Elem.; J.H.-aMth, Girls PE, Lib.; H.S
-Eng./Guid., Sp./Journ., Lib.
TUES., MARCH 29-
Lawton, Mich.-Elem.-Gr. 3/4; H.S.-
Math/Phys., Ind. Arts, Fr./Engl., Vocal,
Girls PE/SS or Engl., Head Ftb. Coach/
Villa Park, Ill. (Dist. No. 35) - Elem
Grayling, Mich.-Elem.-Later; Math/
Chem., Vocal/SS, Ind. Arts, Girls PE.
Homewood, 111.-Spec. Ed.. Only - Ed
Ment. Hdcp., Deaf, Hard of Hear., Sp
Corr., Soc. Work, Percept. Hdcp.
Adrian, Mch.-Deaf, Sp. Corr., Ment
Hdcp., Ortho. Hdcp., Phys. Ther.
Southfield, Mich.-Elem.-Lib.; JLH.-
Engl., Math, Fr./Span., Latin, Set.,
Home Ec., Ind. Arts; H.S.-Engl., Math
Chem., Home Ec./Art.1
Lake Orion, Mich.-Elem.; Type A;
U of M Student Religious Liberals
"Conscientious Objection to Selective Service"
Discussion Leader: John Sonquist
Study Director-Institute for Social Research
Tonight-Sun., March 20
Place: Unitarian Church
Rides-6:45 at Markley D[orm, and side
entrance Michigan Union
CO's and everyone interested are welcome
(l a.i .ii i'
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USE , OF THIS COLUMN FOR AN. La Sociedad Hispanica, Tertulia
NOUNCEMENTS is available to officially lunes, 3-5 p.m., 3050 Frieze Bldg. Ven-
recognized and registered student orga- gan todos.
nizations only. Forms are available in * * *
Room 1011 SAB. Lutheran Student Chapel, Worshir
* * * services at 9:30 & 11 a.m.; 7 p.m., dis-
University Lutheran Chapel, 1511 cussion, Sun., March 20, Hill St. a'
Washtenaw, Sun. morning services: 9:45 Forest Ave.
and 11:15, "Footings for Families," tc * * *
coincide with the Chapel's Annual Par- Young A ericans for Freedom, Speech
ents' Day. Bible class at 11:15. Buf- by Dr. Lawrence McDonald, Sun., March
fet banquet to be served at 1 p.m. fol- 20, 7:30 p.m., 3-C Union.
lowed by a light program at 2 p.m. All * * *
welcome. Newman Student Association, Movie
* * * "Fountainhead," Sun., March 20, 8 p.m.
Americans for Reappraisal of Far 331 Thompson. Also Sun., pre-marriage
Eastern Policy, Roundtable discussion instructions, "Physical & Medical As-
on Thailand, Sun., March 20, 7:30 p.m. pects of Marriage." Dr. Gene Rose Pa-
Rm. 3A, Michigan Union. hucki & Dr. Mikio Hiroga, 331 Thomp-
* * * * * *
Folk Dancing Club (WAA), Interme- La Sociedad Hispanica, "El estu-
diate folk dancing, Mon.,.8:30-10:30 p.m., diante en la universidad de Buenos
Women's Athletic Bldg. Aires," por Eduardo Siguel, lunes, 7
* * * p.m., 3050 Frieze Bldg.
Guild House, Sun. seminar, "The * * *
City: Opportunity & Deliverance," Mar Newman Student Association, Mon.
20, 7-8:15 p.m., 802 Monroe. Mon. noon March 21, 7-8 p.m., graduate interdisci-
luncheon, Prof. - David Singer, "Viel plinary symposium seminar, Theme I
Nam & America's Overall Defense Strat- On the Notion of "Lebenswelt," 331
egy," 12-1 p.m., 802 Monroe. Thompson.
- - - - - - - - -
GET YOUR- NEW CARD FOR '66
0 Fill out application below. Bring it to our store and receive
your discount cord absolutely free, entitling you to 10%oDIS-
COUNT. for the rest of the year.
FREE 10%/oDISCO UNT CARD
------------ APPLICATION BLANK,-----------------
10% SAVINGS ON ALL Cough and Cold Remedies- Dental
Needs-Cosmetics-Toiletries-Hair Preparations-Baby Sup-
plies-First Aid Needs-Clocks-Watches-Razors-Vitamins
and many other items.
MARSHALL'S DRUG STORE
J.H.-Engl., Comm., Fr., Home Ec.; H.S
-Engl., Ind. Arts, Type A.
Hazel Park, Mch.-Elem.; Elem/Sec
Art, Elem./Eec. Ment. Hdcp., Emot. Dist.
Ment. Hdcp.; Sec.-Math, St., Voc. Ed.
Ind. Arts, Visit Tch.; J.H.-Engl., Home
Auburn Hgts., Mich. (Avondale S.D.)
-Elem.-K-6; Sec.-Ind. Arts, Latin,
Math, Lang. Arts/Engl., Visit. Tch., Sp
WED., MARCH 30-
Rudyard, Mich.-Elem.-Vocal, Art,
PE, Sp. Corr.; Sec.-Math, Gen S.,
Govt./Eco7., Vocal, Inst./Band, Engl./
Journ., Girls PE.
Flint, Mich. (Westwood Hghts. Schs.)
-Elem.-1-6, Vocal/Inst. Mus., Read.,
Couns.; Sp. Corr., Type A, Type C, Sch
Diag.; J.H.-Sci., Engl., Math, Boys PE
Ind. Arts; H.S.-Math, Girls PE, Ind
Arts, Engl., Sp./Engl.
Pittsburgh, Pa.-Al Elem. & Second
Bloomfield Hills, Mich.-Elem.-Up-
per; Sec.-Read., Choral, Gen. Shop, SS
8/9 Arith./Math, Bus. Typ., 9th Engl.
Syracuse, N.Y.-Elem. - Lib., Art
Guid; HS.-Math, Vocal, Span., Fr.
Grosse Ile, Mich.-Elem.-K-5; J.H.-
Engl., Inst., Read., Math, Ind. Arts,
French, Music (WW), Debate Coach;
Algonac, Mich.-Elem.-K-6; J.H. -
Lang. Arts (Gr. 6), Sc0./Math, Home Ec.
Vocal, Girls PE; H.S.-Ind. Arts, Engl.
St., SS, Vocal.
Waukegan, IlL.-H.S. Only - Fr., Lib.
Math, SS, Bus., ,Home Ec., Slow Learn.
Dir. of Test., Soc. Work.
THURS., MARCH 31-
Port Huron, Mich.-Elem.; Sec.-Art,
Engl., Gen. Sci., Health/Girls PE, Home
Ec., Ind. Arts, Math, Voc. Mus.; Spec.
Ed.-Sp. Corr., Ment. Retard., Visiting
Walled Lake, Mich.-Elem.-K-6, Vo-
cal, PE; Spec. Ed.-Ment. Retard., Sp,
Ther., Visit. Tch., Emot. Dist., Diag.;
Sec.-Ind. Arts; Math, St., Dist. Ed.
Home Ec., Art, Vocal, Girls PE, Engl.,
Fr., Bus. Ed., Health.
Battle Creek, Mich.-Elem.-K-6, Pre-
Kdg., Rem. Read., Dir, of Mobile Mu-
seum, Study Center Supv.; J.H. - Gen.
Sci., Vocal Lib.; Sec.-Math, Engl., Biol.
Bus. Ed., Girls PE, Girls Couns., Bops
PE-MA, Ind. Arts, SS-MA; Spec. Ed.-
Ment. Retard., Deaf, Sp. Corn., Blind
Sch. Camp Dir., Sch. Farm Dir.
Flint, Mich. (Bendle P.S.) - Elem.;
Sec.-Lib., Vocal, Sp. Drama, Home Bc
Milwaukee, Wis.-Elem.; J.H.-Engl./
SS, Bus. Ed., Home Ec., Ind. Arts, Girls
PE, Engl., Math, Phys. St., Sp. Ed.
Niles, Mich.-Elem.-K-6, Voc. Mus.
Art, PE, Spec. Ed.; J.H.-Engl., Strings,
Voc. Mus., Math, Home Ec., Couns.
(Woman); H.S. - Biol., Chem./Phys.
Engl., Bus., Math, Lib., Spec. Ed.
Lombard, Ill. (No. 44)-Elem. - K-6
Spec. Ed., Voc, PE, Speech--Gr 1-8,
FRI., APRIL 1-
Mt. Clemens, Mich. (Macomb County
Schs.)-Spec. Ed.-Deaf, Hard of Hear.
Sp. Corr., Train. Ment. Hdcp., Ed. Ment.
Hdcp., Visit. Tch., Ortho. Hdp.
Wyandotte, Mich.-Elem-K-6, Voc..
Lib., Phys. Ther., Ment. Hdp., Emot.
Dist.; J.H-Art, Sei.; Sec.-Latin, Span.,
Engl.; H.S.-Drama, Home Ec., Bus.
Center Line, Mch.-Blem.-1-6; J.H
-Set,. Math, Engl./SS; HS.-Draft., Au-
to Mech.; Sp. Corr.
Dearborn lghts., Mich. (No. 7) -
Elem.; J.H.-Bngl., Art, Girls PE/Si.;
Romeo, Mch,-Elem.-2-5; Sec. -
Art, Engl., Girls PE, Comm., Lib., Vis-
it. Tch., Type A, Sp. Corr., Couns.
Gallon, Ohio-Elem.; H.S.-Span., Art
Eaton Rapids, Mich.-lem.-Type A
Sp. Corr.; H.S.-Phys. S., Math, Sp.
Engl., Wrest. Coach/SS, Girls PE; J.H
-Engl./Sci., Boys PE/Ftb. & Bkt.
Make Appointments Now.
For additional information, contact
the Bureau of Appointments, Education
Division, 3200 SAB. For appointments
ONLY contact Miss Collins, 764-7462.
1,000 SPRAY PERFUMES
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Nylons $1.25 doz-Source $1.10
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