0 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 i ! 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- igan. 420 MaynardaStreet, Ann Arbor, Michigan 48104. Published daily Tues- day through Sunday morning Univer- Have a flair for sity year. Subscription rates: $10 by artistic writing? carrier (campus area): $11 local mail (in Mich. or Ohio); $13 non-local mail If you are interest- (other states and foreign). ed in reviewing Summer Session published Tuesday poetry, and music, through Saturday morning. Subscrip- drama, dance, film. Lion rates: $5.50 by carrier (campus or writing feature area); $6.50 local mail (in Mich. or stories aboau t the Ohio); $7.50 non-local; mail (other arts: Contact Artf states and foreign). Editor,/o The fu Michigan naiy---.--- -- TECHNICO.ORO Refued by COMMONWEALTHUNITED. 7:15 and 9:30 p.m. modern languages aud. III (E. Washington at Thayer) ADMISSION $1.25 Join The Daily + 0 1 t C LOTS OF PEOPLE Welcome! GRAD COFFEE HOUR WEDNESDAY 8-10 p.m. West Conference Room, 4th Floor RACKHAM LOTS OF,.FOOD I 1 I ]11 4' 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 I L C . I . , r f -_ i. -... "" .6 eatlbry -a craxs. - 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. "One of1 in years! the best movies A rare gem!" -Aaron Schindler Feb. 12, 13, 14 7 :3 0-10 :30 PRIME OF MISS JEAN BRODIE ROLES: 3 WOMEN, ages 30-50 4 GIRLS, ages 14-19 3 MEN, ages variable Many non-speaking roles for girls of all ages 201 Mulholland (off W. Washington) The University Players PRESENT David Rabe's THE BASIC .4Radnitz / MATE Productions "SOUNDER" A Robert B.Radnitz/Martin Ritt Film 1 ~2014CENTURY FOX LSA' COFFEE HOUR TUESDAY 3:00-4:30 February 13 Geology Department 4011 CC. 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