Page Eight THE MICHIGAN DAILY Saturday, February 10, 1973 Page Eight THE MICHIGAN DAILY Saturday, February 10, 1973 Foreign banks move to WIN - - EDITOR CENSURED WSTT tightens its grip Appeals court blocks action on oil pipeline I support collapsing dollar By Reuters, AP and UPI relatively high price and buy it fore foreign exchange markets o n Speculators sold nearly two bil I back more cheaply after it has next week, there was no official' lion dollars to European money been devalued-forced the finance confirmation of it. But its monetary (Contin changers yesterday, forcing the ministers of West Germany, France experts devoted increased atten- President G central banks of West Germany, and Great Britain to a night meet- tion to the problem. he does not v the Netherlands and Belgium to ing in Paris to seek "a joint Euro- There appeared to be recogni- shut down n intervene to prevent de-facto dollar pean solution to the dollar crisis. tion that the massive run on the cut off fundst devaluation. Meanwhile the U.S. Treasury De- dollar in overseas money markets The South In Tokyo, the Bank of Japan partment worked furiously yester- could not be allowed to continue subsidized to bought an estimated 240 million1 day to try to find a way out offomuhlnedsrbtdf dollars, chiefly from speculators the dollar crisis which threatens to for much longer. distributed f hoping for an upward revaluation wreck the 1971 international agree- The dollar's troubles are two- Monday thru of the yen. j ment on values of major world cur- fold-most of the ones sold i has been pub The seventh day of the dollar rencies. Europe and Japan are beyond the paper since oncontrol of Washington and are pri- not called the crisis-caused by speculators seek- If the treasury was working on manrly owned by persons and com- The present ing to sell the dollar at its current, a plan of action to be offered be-stingd b be com less in control sins panies betting it will become less cntosn valuable than the marks, pounds, by the Board yen and francs they are buying small politic POW swap announced with dollars. If that happens, these not represent . speculators will make big profits whole. F Al- a-,/ South. End's nued from Page 1) sullen emphasized that want the South End- to or does he intend to to the paper. End is a University- bloid paper which is reely to the students Friday. Wayne State lishing a student news- 1918 although it was e SouthEnd until 1967. staff, which has been ce June, 1972, was felt of Governors to be a al faction which did t the University as a that the South End has become an "opinion journal." The Board of Governors stated that a student newspaper is nec- essary to "publish the creative ef- forts. of students and provide an open forum of student opinion." They said that the present staff had been financially irresponsible and that the South End had deter- iorated into "horrible example of college journalism." The Board charged that some o fthe articles had been "hateful, vicious, and offensive." The present staff feels that the criticisms are totally unjustified. Editor Cunningham, a senior ma- joring in psychology, stated that the Board just used the anti- Semitic issue as a 'smokescreen' and that they "took action because they foud our editorial policies of- fensive." He called the passage of the recommendation a "capri- cious, fascist maneuver." . . policies Both Cunningham, who has been working at the paper for four years, and the rest of the staff in- tend to retain their positions until the end of the year. Cunningham stated that the SNPB does not have the power to legally remove him unless he is specifically charged. He also said that he must be giv- en a chance to answer the charges. "I haven't been legally removed and I'm not resigning," stated Cun- ningham. BELGRADE, Yugoslavia (P)-A' homesick pig walked more than 40 miles to the farm of its former' owner, the newspaper Politika Ekspres reported. The pig had , been sold the day before. HAIFA, Israel (IP)-A third of the 1958-1965 graduates of Israel's two naval schools never have served at sea, the Israel Shipping Re- search Institute reported. (Continued from Page 1) The main legal basis of the Ap- peals Court ruling had nothing to do with environmental issues. In the majority opinion Judge Wright said that the oil companies behindj the pipeline had sought to expand the amount of land for the right of way and were supported in this re-1 quest by the U. S. government. The amount of land exceeded the limits set by Congress under the Mineral Leasing Act. "We have no more power to grant their request, for course, than we have the power to increase c o n g r e s s i o n a 1 appro- priations," Judge Wright said. . ..The power over the public land thus entrusted to Congress is without limitations." Judge Skelly said that the courts decision was reached in full knowl- edge of the severe economic im- pact stopping the pipeline would have on Alaska and the companies. "Any decision further enjoiningf construction of this project will impose serious costs on the oil companies . . . who have made substantial investments that can- not begin to show a return until oil begins to flow from their wells at Prudhoe Bay," he said. "The project means much need- ed jobs and income to the people of the state of Alaska, and develop- ment of Prudhoe Bay oil resources will bring forth badly needed reve- nues for the Alaska state treas- ury," he added. "Recognizing these hardships, however, we nevertheless are con- strained to enjoin the Secretary of the Interior from issuing One of the permits which all parties re- cognize is necessary for construc- tion of the pipeline," the Judge continued. "We have determined that the Secretary of the Interior lacks au- thority to grant the special land use permit for construction pur- poses which Alyeska (a consortium of leading oil companies %behind the pipeline project) has requested, and that the grant of this permit constitutes a violation of both sec- tion 28 of the mineral leasing act and applicable bureau of land management regulations." t l 41 4 A3 The West German bank decision (Continued from Page 1) between the government and the to keen buying dollars and thus Another 27 American prisoners Communist Pathet Lao rebels ap- gu1arantee its price at the level held in jungle camps along the pears near. lestablished in 1971 was a public Cambodian border will be freed in Reliable sources said Kissinger sign it would not surrender to the South ,Vietnam near An Loc 60 will discuss the Laotian peace sneculators. But at the same time,' miles north of Saigon. talks, now in their -8th week, but it meant more marks going into Three thousand South *Vietna- will not take part in negotiations. circulation and encouraging infla- mese prisoners also, will be ex- He reportedly told officials in tion. changed on Monday, the Interna- Bangkok, Thailand, before leaving West Germany alone has bought tional Commission for oCntrol and for Laos, that a cease-fire will an estimated six billion dollars in Supervision of the peace agree- come to Laos and Cambodia the, past week, but the dollar re- "