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Page Two
THE MICHIGAN DAILY
Tuesday, February 13, 1973
Dollar
CURRENCY DEAL EXPECTED
heads for devaluation
TONIGHT
and THURSDAY
NEW WORLD FILM CO-OP
-PRESENTS-
SPECIAL! HOT CHOCOLATE
11
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Everyone
By AP, UPI, and Reuters general realignment of currencies,
WASHINGTON - The dollar ap- focusing primarily on 'currencies,
pears headed for another devalua- the West German mark, and the
tion, perhaps before the end of the Japanese yen.
week. A dollar devaluation would in-
Although the Treasury Depart- crease the price of imports flow-
ment refuses even to answer ques- ing into this country and make
tions about the subject, sources at U. S. goods exported overseas
the International Monetary Fund cheaper.
and private economists are read- The world's major money mar-
ing the signs that way. kets closed yesterday while finan-
The dollar could be devalued by cial experts held emergency talks
raising the official price of gold on the dollar crisis to prevent col-
from its present $38 an ounce, by lapse of the international mone-
increasing the value of other cur- tary system.
rencies against the dollar, or by a But in private trading the dol-
combi'nation of both. lar slumped by up to 13 per cent
Most sources believe that the in Europe, and the price of gold
devaluation will be part of another soared to near record highs.
Fencaucus
selects ch ief
At the unofficial close of inter- !
bank trading the U. S. currencyI
was being quoted at 3.0425/3.05254
marks. This represents in effectl
a devaluation of about 5.74 per-
cent compared with the former
middle rate of 3.2225 marks fixedf
by international agreement at the:
monetary conference at the Smith-3
sonian Institution in Washington in
December, 1971, barely 15 months
ago.1
The banks were cashing dollarse
over the counter, for travelers and
tourists only, at an exchange rate
of three marks compared with 3.20e
marks last week.
There was open discussion of
probably, devaluation of the dollar
in terms\ of other foreign curren-
cies, and a French government
source said, "It is not unthinkable"
that an international conferenceI
will be held to revise the Smith-
sonian agreement.
At the time the Smithsonian
agreement was described by Pres-
ident Nixon as the "most signifi-
cant monetary achievement in theE
credence to speculation that the{
Nixon administration is trying to
strike up a major currency deal
behind closed doors.
The prospect of a monetary con-
ference similar to the Smithsonian
is also alive. But asked about this
yesterday, a Treasury spokesman
said, "I'm not aware of any pro-
posals at this time for a confer-
few days, rather than set the stage
for conference.
Sources watching the develop-
ments from Washington said that
they expect the United States to
devalue the dollar again, rather
than depend only on revaluations
by other countries, because of
France.
"France doesn't want to change
the parity of the franc," said one
source. "It would hold out for a
ence." devaluation of the dollar against
This would indicate that Volck- gold."
er's mission is essentially to work
The Michigan Daily, edited and man-j
out a currency deal in the next aged by students at the University of
~ .Michigan, News phone: 764-0562. Second
Class postage paid at Ann Arbor, Mich-
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Michigan 48104. Published daily Tues-
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Have a flair for sity year. Subscription rates: $10 by
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If you are interest- (other states and foreign).
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poetry, and music, through Saturday morning. Subscrip-
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or writing feature area); $6.50 local mail (in Mich. or
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HOUSTON (UPI) -- Frances "Sissy" Farenthold, a veteran of history of the world. in recent
political in-fighting, today took command of a national women's po- weeks, however, the world has lost
litical organization determined to gain equality with men in elective : USi in thandol ar because
offices from the city hall, to the Capitol, to the White House. balance of payments.
Farenthold, 46, a former Texas state legislator and candidate for President Nixon's special emis-
governor and vice president, was elected chairperson Sunday of the sary, Treasury Undersecretary
National Women's Political Caucus (NWPC) at the end of its three- Paul A. Velcker, has been engag-
day convention. ing in intensive talks with France,
It was the first National Women's Political Convention in the United 'West Germany, Britain and Italy
States in 101 years, and it was rampant with confusion and disorganiz- since the middle of last week to
ation try to find a solution to the dollar
"It's' an uncharted course," Farenthold said, acknowledging the crisis.
pioneering aspect of the job she faces in the next two years. Her main Volcker has shuttled back and
task will be encouraging women to become candidates and helping forth between countries, lending
them get elected on all levels.
She also will have the Herculean task of keeping all factions underAR
the NWPC umibrella. ANNARO
Republican members were disgruntled throughout the convention CIVIC THEATRE
because they though they were treated unfairly by the liberal Demo- A iir IAhC
AUDIaONS
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Uruguayan
crisis over?
By AP and ReutersG
MONTEVIDEO - Rebel military
officers announced yesterday they;
had "reached the basis of com-
plete agreement" with Uruguayan
President Juan Bordaberry. No de-
tails were given.
- Earlier, the rebels had forced
the dismissal of Gen. Antonio.
Grancese as defense minister.
-The agreement is designed toI
end the country's worst constitu-!
tional crisis in years, which began
'when the 'army and the air force
rebelled Thursday night.
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