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February 07, 1973 - Image 2

Resource type:
Text
Publication:
Michigan Daily, 1973-02-07

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Page 'Two

THE MICHIGAN DAILY

Wednesday, February 7, 19734

,,,,

Page Two THE MICHIGAN DAILY Wednesday, February 7, 1973

BANKS INTERVENE

Sell-off

spurs

By The Associated Press and Reuters the West German Federal Bank
The dollar fought a wave of was forced to buy up more than
heavy:. selling Tuesday, and only one billion dollars to prevent the
the intervention of European ,gov- U.S. currency sinking through its
ernment banks kept it from taking floor price of 3.1500 marks.
a sharp dive. Gold prices rose as The big influx of dollars to Ger-
big holders of dollars in Europe many adds to the nation's infla-
sought to get rid of them. tionary pressure and could mean
West Germany was the focal an upward revaluation of the West
point of the sell-off and Chancellor German mark.
Willy Brandt summoned the am- This would make West German
bassadors of 14 Western trading exports more expensive and hence,
countries, including the United less competitive in the United
States, to urge them to find ways States. But for U.S. exporters the
to bring the selling wave to a drop.in the value of the dollar in
halt. Europe would come as good news
Under the impact of the deluge, for it makes their goods less ex-
U -

dollar
pensive to Europeans.{
European inflation in 1972 was
around 6 per cent, about twice the1
rate in the United States.
In other European financial capi-
tals, the dollar continued to lose
ground while in London and Zurich'
a massive transfer from currency
investment into gold pushed up its
price to within a few cents of its
i all-time free market record.
The big London bullion dealers.
Spegged the gold price in the morn-i
= ing at 68.90 dollars an ounce-1.30;
dollars higher than the rate they
set Monday.t
This is nearly twice the official<
price of gold before the United1
States abandoned dollar converti-
bility into gold in August.z
Banking circles in Tokyo yester-
day nervously eyed West Ger-
many's response to the wave ofI
dollar sales which they believe will
cause pressure to build up for float-
ing or revaluation of the yen. The
Japanese central bank last week
bought only an estimated 500 mil-
lion dollars.
West Germany and other non-
;

I'
crisis
Communist nations told Japan that
it will not "float" the West Ger-
man mark, informed sources re-
ported Wednesday in Tokyo.
The Bonn government also told
Japan that it will not "float" the
West German mark, informed:
sources reported early in Tokyo.
The Bonn government also told
Japan that it will not introduce
a "two-tier market" system, and
asked Japan for its cooperation
in the current monetary crisis, the'
sources said.
The newspaper Asahi Shimbun
reported that if West Germany'
closed its foreign excange mar-
ket, the Japanese governmen
would close the Toyko exchange
market.
A revalution of the yen would,
make Japanese products more ex-
pensive in the United States.

The Place to Meet
INTERESTING People!
BACH CLUB
FEATURING
TONY CECERE,
French Horn
FRANK NEZEWAZEY,
Piano
REFRESHMENTS
E. Quad, Green Lounge
NO MUSICAL KNOWLEDGE
NEEDED
ABSOLUTELY EVERYONE
INVITED
READ AND USE THE
DA I LY CLASSI F I EDS

I I MMMMOMM

S
A
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French claim new
flu-fighting serum
PARIS (Reuters) - A French medical research team claim-
ed yesterday it has discovered a vaccine against influenza
which will be effective against all strains of the disease.
Production of the revolutionary vaccine already has started
and- it will be available in France shortly, researchers at the
Pasteur Institute said.
If claims made for the vaccine prove true, it could mean
a cure for one of the world's most common ailments which strik-
es down hundreds of millions of people every year.
Dr. Claude Hannoun, who heads the Pasteur research team,
told reporters that the new vaccine differs from all others in that
It anticipates future strains of influenza.
"It is effective not only against current strains but against
those that will break out over the next few years," he explained.
The Pasteur vaccine thus goes far beyond those vaccines
which have been used to fight one certain strain, such as Asian
flu or Hong Kong flu, but which have been immediately out-
moded by new viruses breaking out the following year.
The vaccine, which is soon to go on the market, should
neutralize influenza epidemics at least until 1978, according to
Dr. Hannoun.
The Pasteur Institute said tests with the new vaccine have
been highly successful.

I

. Ends Thursday
HELL, UPSIDE DOWN
survive-in
one of the
greatest escape
adventures ever!
PANA VISIONĀ®
COLOR BY DELUXE@
Friday: "SOUNDER"

Due to overwhelming response
will be conducting new
GROUP LESSONS IN GUITAR
Beginning February 10th
Rental instrument kits are available at a
nominal charge applicable toward purchase
of the instrument. Private and group
lessons are also available in guitar, flute,
recorder, banjo; and drums.
For information call 769-4980

ILESD

SATURDAY, FEB. 10

IS

Pease Auditorium

I

800 P.M.

GENERAL ADMISSION $4.00

I

FDA asks Jane Fonda Don Sutherland
contents list 336 S. STATE OPEN MON-SAT. 9:30-9:00
on make-upKLUTE
WASHINGTON (M--The Food and S u\-
Drug Administration yesterday Friday and Saturday Feb. 9-10
proposed mandatory cosmetic .in- Frdy7995 FiesofNwel I
gredient labeling in an effort to~ advance tickets 769-7953 Friends of Newsree
reduce injuries and promote com-
parison price shopping. l _CAPRAFESTIVA_
The nearly 1,000 U.S. manufac- FREE PARKING WED.
turers in the $6 billion a year in-1 h r f E I P I ~ ~ ~t~~A L
dustry would be required'to' BRisU I'N MR. DEEDS GOES TO TOWr
label all Ingredients in their PRESENTS Prototype American comedy where Gary Cooper
products by common or chemical PICKETT-IKE & TINA plays an individualist New England poet and tuba
name except in the case of gen- player who doesn't let an inheritance of 20 grand
uine tradesecret sefROBERTA FLACK-SANTANA get in his way. With Jean Arthur.
The proposal was made in a $1 ADM. IN THUR.
petition from the Consumer Fed- TO You Can't Take It With You
eration of America and George-' SO UL T SOU L
town University law professor SAT.FRI.
Joseph A. Page. The petition said S.SU1-3-5-7-9P.M .1 Mr. Smith Goes to Wn(9:15)
mandatory labeling would help con- STRONG AUDITOR I UM
sumers "avoid allergic reactions" SAT.
and allow women to "vote with Eastern Michigan University Meet John Doe
their pocketbook."
SUN.
It's a Wonderful Life
ANOTHER FIRST ON CAMPUS: 4-TRACK SOUND!
SHOWS AT 7 AND 10:00 $1.50 AT 7:00
JOE COCKER in Pierre Adige's
* MON.
Mad Dogs and EngliishmenuThe Bitter Tea of General Yen (7:00)
with FOUR-CHANNEL STEREOPHONIC SOUND & Lady For a Day (9:00)
S7th--ONLY-7 & 9 p.m. FOLLOWED BY$2.00 double bill
TONIGHT-FebruaryFOLLOWED BY PERSONAL APPEARANCE BY
FRANK CAPRA.
the Program booklet with articles by Professors Felheim, Sklar; Ellen
"he a n arbor n.ooperafve f Frank etc. available for 25c.
Arch. Audit. $1 7 & 9:05
... the 35mm people(except where otherwise noted)
COMING TOMORROW EVENING-THE CROOK
directed by CLAUDE LELOUCH (director of A Man and A Woman
ALL SHOWINGS IN AUDITORIUM "A", ANGELL HALL-$1 NEW WORLD FILM CO-OP
tickets for al of each evening's performances on sale outside the auditorium at 6 p.m.
The Ann Arbor Film cooperative is an affiliate member of the American Federation of Film Societies R ESENTS

I

Presented by
the Student Activities Board
of Eastern Michigan University
TICKET OUTLETS: Ann Arbor Music Mart, Ypsilanti-McKenny Union,
Huckleberry Party Store, Detroit-all Hudson's

df-ihed ais-~Jo0dIle

9I

i
i
I

'IT I UAC-DAYSTAR presents
denver
Ihill aod. 8 p.m.
}

A Jazz and duesr im resivai
"MINGUS"
An intimate view of the great
Charles Mingus and his music
WITH
"A WELL SPENT LIFE"
Mance Lipscomb's
Country Life and Blues
BEST PERFORMANCE
1970 BLUES FESTIVAL
PLUS A RARE
BESSIE sSMITH SHORT
Complete Shows at 7:00 p.m. & 9:30 p.m.
TUESDAY and THURSDAY
Feb. 6 & 8

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