Panama treaty clarified
(Continued from Page 1)
other officials of the United States and
Panama continued "to discuss the clar-
ification" to dispel questions raised in
both of the nations about the proposed
treaty.
Carter has acknowledged that Senate
ratification of the pact is in doubt. It is
opposed by foreign-policy conserva-
tives who question its adequacy to guar-
antee that the United States can defend
the neutrality of the canal after yielding
control to the Panamanians after the
year 2000.
A Panamanian plebiscite on the pact
A-i
city bond rating
renewed by Moody
S
(Continued from Page 1)
Securities and Exchange Commission,
and the U.S. Postal Service as well as
the State Treasurer's Office which may
look into the situation after it reviews
an audit report done on the city's
Mutual Investment Fund. ,
That audit, conducted by the Ann Ar-
bor firm of Icerman, Johnson, and Hof-
fman revealed that the city was in-
volved in more questionable invest-
ments of a speculative nature than just
the arbitrage transactions.
On Sept. 12 the city entered into a
reverse repurchase agreement. A
reverse repurchase agreement is much
like an arbitrage in that the ultimate af-
fect is that the city borrows so it can in-
vest.
YESTERDAY, THE city decided to
. carry out the reverse repurchase
agreement rather than lose $100,000.
In the agreement, the city purchased
a security valued at $2 million, and sold
the security, agreeing to buy it back
with interest on Oct. 14.
Yesterday's decision represented a
dilemma for the city. Officials had a
choice of backing out of the possibly
illegal transaction by immediately
liquidating the agreement-in which
case the city would absorb a $100,000
loss-or carry through on the repur-
chase agreement and buy back the
security;risking the illegalities.
IN BUYING the security, the city will
lose the use of the $2 million until the
security matures in 1980, thus putting a
dent in the city's revenue flow.
"I know it will not present a problem
until next spring," said Murray. He
also emphasized that the $100,000 loss
on the security can only be lessened as
the security grows closer to maturity.
Despite yesterday's decision, the city
still has the option of cashing in the
security and absorbing a smaller loss
so it can get the $2 million back.
CITY OFFICIALS met with
representatives of the local banking in-
stitutions yesterday to discuss the,
problem, but no final decision was
reached. That decision may come at
Monday night's City Council meeting,
along with Mayor Albert Wheeler's own
report on the investment problems.
is nine days away. At issue in that na-
tion is whether the treaty is adequate to
prevent U.S. intervention in Panama.
THE CARTER administration has
said the treaty does not deny the United
States any freedom of action to protect
the canal in the future, but Panamanian
officials have said that it does not give
this country any right to intevene in
Panama's internal affairs.
As Carter spoke at the White House,
former secretaries of state Dean Rusk
and Henry Kissingertold the Senate
Foreign Relations Committee the
treaty adequately guarantees U.S.
rights to defend and use the canal after
it is turned over to Panama.
They said the treaty's assignment of
joint U.S.-Panamanian responsibility to
protect the canal's neutrality would
surely mean using military force if that
became necessary.
KISSINGER and Rusk urged, how-
ever, that to avoid any implication that
there is division in the U.S. position, the
Senate should adopt "formal and ex-
plicit" language endorsing that inter-
pretation of the treaty.
At the White House, Granum said
Carter and Torrijos had a "very
amicable meeting." The spokesman
said Carter felt it was marked by "a
great deal of friendship, mutuality of
interest and equality."
Granum said Carter "feels that he
and Gen. Torrijos have never had a
misunderstanding" about the meaning
of the treaty. He said the same could be
said for the U.S. and Panamanian ne-
gotiators.
Twinkle toes
In celebration of International Women's Year, physical education teacher Barbara Belt (carrying torch) leads a group of
runners in a New York to Texas relay. The two-month relay, currently in Washington, D.C., will involve women from 15
states.
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"It has the potential for solving the
whole unemployment problem," he
added, referring to incentives aimed
at increasing activity in the oil
industry, whose benefits would
trickle through other segments of the
economy.
Republicans were not so sure. Sen.
The average age of University un-
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20.2; women, 20.4).
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Clifford Hansen, (R-Wyo.), said he
voted against the bill because it
contains few incentives for increased
energy production. Sen. Paul Laxalt,
(R-Nev.),
short by
terrifying
oil."
said the measure falls
failing to reduce "our
dependence on foreign
(Continued from Page 1)
provides little incentive to trot down
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"We are all going to get fat as all
hell," Schmerl said with a gleam in
his eye. "In this store food is relative
to (work) breaks, and we are going to
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(Continued from Page 1)
But Brazee counters, "I think we
have certain resources and credibil-
ity that a lot of other groups don't
have. I'd like to see anyone with
interests in these issues come and tap
into those resources."
LSASG is currently concentrating
on choosing students for the LSA
English Composition Advisory Com-
mittee, which will be helping the
school's English Composition Board
formulate a, new set of composition
requirements.
THERE IS disagreement over who
in LSA should have the right to
decide the make-up of the advisory
committee.
"We should decide who should be
on the board," LSASG Vice-Presi-
dent Jodi Wolens contends. "(LSA
Dean Billy) Frye is saying he's got
the right to decide and that it is his
responsibility. But we've been elect-
ed by the students to represent them,
and it should be our responsibility. I
would hope our judgment is as good
as his."
LSASG officials are encouraging
all LSA students to attend the Oct. 19
meeting of the English Composition
Board at 7:30 p.m. in the Horace H.
Rackham Building.
THERE ARE other concerns being
mulled over by LSASG. Wolens talks
of developing a conference for LSA
students as well as organizing a
debate series or bringing in several
speakers next term.
LSASG member Jodi Solow would
like to see more student and govern-
ment involvement in the activities of
the Ann Arbor Committee for Human
Rights in Latin America.
"The LSASG has already lent them
support, and I'd like to see us allocate
more money and take an active role
in getting people to take advantage of
what that committee is doing," Solow
said.
11
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There I was sitting in the library cramming for
my mid-term in Psych 101. At about 11:30 1 hear
this guy across the table whisper:
"I dig your squiggles."
Now I've heard lines, but that one took the cake. 'Till I realized
he was talking about my Bass shoes."
"What kind of shoes are they?" he asked.
Figured I'd play along. "They're my Bass Squeejuns. Those
squiggles are natural, -genuine rubber soles. They give me the bouncy kind
f