-hursday, January 23, 1975
THE MICHIGAN DAILY
rage Three
I *
THE MICHIGAN DAILY rage Three
.,
LAIMS STRICT REGULATIONS:
Kelley defends
FBI
Swiss bankers move to halt
influx of foreign currency
Poetry
Reading
li
information g atbering
WASHINGTON (1P) - FBI Di-
ctor Clarence Kelley said
sterday that the agency has
ed reason for filing unsub-
antiated allegations about the
rsonal lives of congress mem-
rs and other citizens.
Kelley said such raw ma-
rial can often pr ve helpful
a background cheek or other
gitimate investigation of the
dividual becomes necessary.
WHEN ASKED if there were
rogatory materials regarding
rsonal habits, he replied "I
ve been told there is and
erefore I say there must be."
"I haven't gone up there and ficials under Hoover.
read a file which says Congress- CHAIRMAN Don Edwards (D-
man So-and-So is a bum and Calif.), has said the judiciary
drinks heavily and on and on," subcommittee on civil and con-
he said. stitutional rights will summon
Asked if he would support several Hoover-era FBI offic-
legislation restricting the col- ials during the hearings.
lection of unsubstantiated alle- Edwards suggested that Kel-
gations, the director replied, "I ley failed to disclose the full
can only say we abide by the extent of the FBI's files of per-
law and will abide by any re- sonal allegations against mem-
strictive legislation. I'm will- bers of Congress during hear-
ing to do what's good for the ings last year.
country - that may sound trite Kelley said he was referring
but that's exactly the way I to that type of information when
feel about it." he testified that the files con-
HE CONCEDED that the tamn "incidental information
FBI, like many other govern- which is supplied' us from time
ment and private agencies, to time which is filed as a mat-
faces a ticklish problem in ter of fact."
drawing the line between what
it needs to keep and what it THE MICHIGAN DAILY
should discard. Volume LXXXV, No. 93
But "we try to maintain a Wednesday, January 22, 1975
very tight lid on information is edited and managed by students
very at the University of Michigan. News
which does come to our atten- phone 764-0562. Second class postage
tion, he said. "I don't say we paid at Ann Arbor, Michigan 48106
have a perfect system, but I published d a 11l y Tuesday through
as ,Sunday morning during the Univer-
think we have a stringent set of sity year at 420 Maynard Street, Ann
regulations." Arbor, Michigan 48104. Subscription
"There is not now any abuse," rates: $10 by carrier (campus area);
has herebee durng 11 local mail (Michigan and Ohio):
nor has there been during his $12 non-local mall (other states and
own period in office, he con- foreign).
tinued. "I'm not going to speak! Sumnmer session published Tues-
t what in t seakday through Saturday morning.
about- what is in the past . . . Subscription rates: $5.50 by carrier
that's going to be brought out (campus area); $6.00 local mail
in the hearings" through the (Michigan and Ohio); $6.50 non-
testimony of former FBI of- local mail (other states and foreign).
BERN, Switzerland (P) - Swiss authorities,
moving to halt a rush on the Swiss franc, yester-
day raised from 12 to 40 per cent the annual
penalty charge of new deposits from abroad by
nonresidents. They also halted interest pay-
ments on foreign bank deposits.
The idea .behind the announcement by the
Swiss National Bank is to cut down the heavy
influx of foreign currencies, including dollars,
that are exchanged for Swiss francs and de-
posited in banks here. Bank Vice President
Alexandre Hay said foreign transfers of funds to
Switzerland had reached such a proportion as
The Swiss took the action after the dollar hit
a record low against the franc. Dollar holders
were rushing to buy the Swiss currency, betting!
that the value of the franc would go even higher.
In the past three years, the floating Swiss
franc has been revalued upward by more than
40 per cent.
THRE ACTION was taken after the dollar hit
an early afternoon record low of 2.4800 Swiss
francs. It rallied to close at 2.497 francs, down
from 2.5105 francs Tuesday. The previous low
trivding rate for the dollar had been 2.5025 reg-
istered Dec. 30.
with STEPHEN BLOS and JAMES ROBINS
READING FROM THEIR WORKS
THURS., Jan. 23-7:30 p.m
at GU I LD HOUSE, 802 Monroe
ADMISSION FREE
UI
UuL2 dipper
cancdes
rrl~w~d e(.ias
to jeopardize Swiss porters and the tourist in- A senior analyst of one of the largest Swiss
dustry. commercial banks said he doubted that increas-
BECAUSE OF THE upward pressure on the ing the penalty would halt the inflow of foreign
Swiss franc, Switzerland's exports are becoming funds.
more expensive and are in danger of being "I am very skeptical," Hans Mast of the
priced out of the competitive market. Tourism Swiss Credit Bank said. "I believe that nonresi-
also has registered a sharp decline because of dents most probably have found means to cir-
the high price of the Swiss franc to foreigners. cumvent the negative interest."
BRIGHTEN YOUR JANUARY
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