Poge 2-Wednesday, October 10, 1979-The Michigan Daily
-& Graduating Seniors and Grad Students
THE UNITED STATES
DEPARTMENT OF JUSTICE
DRUG ENFORCEMENT ADMIN.
70 Special Agent Positions
Contact: Mrs. Virginia Stegath
3200 Student Activities Bldg.
for additional information and application
CONSUMERS WILL FEEL PINCH
Tight money to limit housing
NEW YORK (AP) - The first vic-
tims of the Federal Reserve's new
tight-money policy will be the people
who buy, sell, and build houses. But
analysts say consumers and businesses
also will feel the impact of the Fed's
SYDNEY, Australia (AP)-When a
truck loaded with champagne and wine
crashed near Sydney recently dogs
came from miles around to lap up the
liquor flowing through the streets, says
driver Colin Bennett.
"Finally they fell over dead drunk,"
he said, "and we had to drag them to
the sidewalk to let them sleep it off."
"I would think that it's going to be a
little harder to get a car loan, a little
harder to get a mortgage," said
economist William Gibson of the
brokerage house Smith, Barney,
Harris, Upham, & Co. Inc.
"IT WILL be very tough to buy or sell
homes without mortgage financing
available. It's difficult to see in-
stitutions funding mortgages one or two
months in advance when the cost of
money is 'so uncertain," said bank
analyst Jonathan Gray of Sanford Ber-
nstein & Co., Inc.
The tight mortgage situation is likely
to slow homebuilding. And that means
makers of appliances and home fur-
nishings may face slower sales and
rising inventories of unsold products as
their major market shrinks.
The Federal Reserve, in a bid to con-
trol inflation, moved to curb lending by
boosting money market interest rates
and by raising the percentage of
deposits banks must hold as cash.
AN IMMEDIATE result of the moves
was a one-point jump in the prime len-
ding rate at most institutions to a
record 14 per cent. The prime is a
bank's charge on loans to top-rated
"There's been a general tendency for
banks to price more and more business
loans in terms of the prime," said Gib-
son. "All those loans are going to be
more expensive," and prices may rise
as businesses pass on higher loan rates
Even at high rates, "the small
businessman looking for a loan may be
asked to take a smaller amount than
he's looking for because the bank
doesn't have as much money
available," said Irwin Kellne ,
economist at Manufacturers Hanover
AND "THE MAN on the street may
ultimately feel the effect" of the Fed's
moves "in that his own job may be at
stake," Kellner said.
The housing industry already was
slowing to a rate of 1.7 million new
homes annually from last year's 2.02
million clip as high-yielding short-term
money market certificates and mutual
funds cut into the ability of savings in-
stitutions to provide long-term mort-
" Legislative Relations
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ta'Complete Birth Control Clinic
Medicaid " Blue Cross
(313) 941.1810 Ann Arbor and
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buzzes UN buildings
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YOUR STUDENT GOVERNMENT
(Continued from Page 1)
way of taking matters into our own
hands and getting what we want."
Baudin agreed to land his Cessna
single-engine plane only after
publishing executives promised to
discuss his grievances with him.
THESE INCLUDED not spending
enough to publicize his
autobiographical book, "Confessions of
a Promiscuous Counterfeiter," and not
editing it to his satisfaction.
Baudin, who was calm and dressed in
a tweed suit, told reporters that he had
taken his grievances to Harcourt, but
they told him to "Go to hell. Take any
action you feel you need to take."
In a taped message he had sent to the
New York Post, he said the company
had made him so mad he "felt- like
flying the plane through the executive
office windows" of the publishing com-
ACCORDING TO the publishers,
6,000 copies of his autobiographical
book, published last April, were sold
and it had not been heavily promoted. It
has been "generally well received," a
He told police by radio that he "would
put the plane in the water rather than
hurt anyone," according to Sgt. Leo
At the height of the scare, two busy
arteries outside the U.N.-First Avenue
and the East River Drive - were closed
*to traffic. Fire apparatus screamed in-
to the area. The city sent in two mobile
emergency rooms, capable of treating
up to 60 persons at a time. Six ambulan-
ces were on the scene, and hospitals in
the area were placed on alert.
ALL EMPLOYEES were evacuated
from the Secretariat building, a 48-
story glass-walled slab, and the much
lower curved General Assembly
building. Harcourt Brace's Third
Avenue building also was evacuated.
.Before Baudin took off in mid-
morning from a New Jersey airport, he
had a tape cassette delivered to the
New York Post, but too late for
authorities to be alerted and the flight
Craig Ammerman, managing editor
of the Post, said Baudin had contacted
the newspaper "at least a dozen times
over the past two months. . . to tell us
that he was going to make this points."
HE ADDED that "At every juncture
the people he talked to told him he
shouldn't do it, it might be illegal and
we wouldn't have anything to do with
Ammerman denied allegations that
the Post had collaborated with Baudin,
terming such reports "ridiculous."
Daily Official Bulletin
Yesterday's story on University
faculty awards omitted the name of the
recipient of the Josephine Nevins Keal
Fellowship. Shulamit Reinharz;
professor of community psychology,
received the fellowship. She is on sab-
batical this term.
THE MICHIGAN DAILY
Volume LXXXX, No. 30
Wednesday, October 10, 1979
is edited and managed by students at
the University of Michigan. Published
daily Tuesday through Sunday mornings
during the University year at 420
Maynard Street, Ann Arbor, Michigan
48109. Subscription rates: $12 Septem-
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mail outside Ann Arbor. Summer
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THE MICHIGAN DAILY, 420 Maynard
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WEDNESDAY, OCTOBER 10, 1979
Commission for Women: Women's Issuea, tray
lunch, Regent Sarah Goddard Power, Room 4
Michigan League, noon.
_Afro-American Studies: George Bell, "Afro-
American Studies in the Public School System," 246
CRLT: David McMillen, "PSI-Personalized
System of Instruction (Keller Plan),",2417 Mason
Hall, 3:10 p.m.
Computing Center: General User's meeting, 25
Angell Hall, 3:30 p.m.
Engineering: T. M. Harvey, "Selective Ionization
and Computer Techniques for Mass Spectrometic
Analysis of Air Poollutants," 136 Eng., 1-A, 3:30 p.m.
Mech. Eng./Applied Mechanics: Harvey Green-
span, Mass. Inst. of Technology, "Some Fluid
Dunamical Problems of Cell Biology," 206 W. Eng.,
Industrial and Operations Engineering:
"Operations Research in the 10E Department," 229
W. Eng., 4p.m.
Physics/Astronomy: O. Overseth, "Magnetic
Monents of the Hyperons," 296 Dennison,,4 p.m.
Stastistics/Biostatics: Anita Parunak, "Graphical
Analysis of Ranked Counts (of words)," 450 Mason
Hall, 4 p.m.
Chemical Engineering: Brice Carnahan, "The
Amdahl 470/v6 Computing System and MTS," Nat.
Sci. Aud., 7:30 p.m.
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