Wednesday, October 29, 1975
THE MfCY'GAN DAILY
Pae Three
Wednesday, October 29, 1975 THE M!CH~GAN DAILY
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New York projects November
default, awaits Ford statement
THE MICHIGAN DAILY .
Volume LXXXVI, No. 48
Wednesday, October 29, 1975
is edited and managed by students
at the University of Michigan. News
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NEW YORK (A)-New York
City's fiscal rescue agency saidl
yesterday "the money is notf
there" to -stave. off default
beyond Nov. 14, but expressedl
belief funds would become avail-
able.
At the same time, Sen. James
Buckley (R-Con.-N.Y.) s a i d
President Ford would submit
legislation to deal with the city's
crisis to Congress today.'
A SPOKESMAN for a leadingI
bank called the city's financial
position "di'e" after the Muni-;
cipal Assistance Corp. said suf-
ficient funds were not now avail-
able to prevent the city -from
defaulting on its debts.]
Buckley said President Ford
did not disclose his proposals,,
but one high administration of-
ficial said his legislative pack-
age would deal with revision of
federal bankruptcy laws.
The official said current laws
do not address themselves to<
the problems of municipal bank-
ruptcies. Ford's proposals pre-
sumably would set priorities fort
municipal spending in the events
of default', permitting cities to
continue essential service andt
pay off other debts under a plan
that would require the approval
"The President did express a state and private loans totalin
vital concern for the people of $750 million.
of a judge, hie said. New York and he is well aware summlier session published Trues-
of the problems of civil nirest THE OVERALL plan calls for day through Saturday morning.
I j Subscription rates: $6.50 in. Ann
FORD does not believe New that could develop in case of $2.3 billion and the Emergency Abofr; $7.50 by mail outside Ann
York City's default is inevitable, default," the union representa- Financial Control Board, a state Arour.
the official said. tive said. agency set up to oversee city
Ford's plans will be spelled spending, says $6 billion in fed-
out when he addresses a Nation- AT THE same time, New York eral guarantees is needed anove O.J. Simpson of the Buffalo
al Press Club luncheon at noon Gov. Hugh Carey asked the gov- that. Bills has averaged 30 yards per
today. But one administration ernors of the other 49 states The $2.3 billion was predicated carry on returning 33 kickoffs
official warned "don't expect to urge their congressional dele- upon the state selling $750 mil- during his six pro football cam-
any bombshells," adding the gations to vote to help New York lion worth of notes the proceeds;
address would be an overview City- of which would then be used to paigns.
of the financial plight facing "The taxpayers of your state buy Big Mac bonds. Big Mac -
Iew York City. may very well end tip haying proceeds are allocated to the
Buckley made his comments New York City's police, firemen city.
after he and representatives of and welfare recipients if the city The state, however, found no THIS YEAR
11 New York City public safety is allowed to default," Carey market for the notes and so far WE GOTTA
unions met for more than an said in letters to the governors. has had to tap pension funds
hour with Ford in the White; The date of default, unless for the money to buy the bonds. GET ORGANIZED
House. some sort of federal aid appear- S t a t e Comptroller Arthur
ed, previously was given as Dec. Levitt has so far not provided MODULAR RECORD RACKS,
THEY URGED Ford to make 1. This, however, was contin- the remaining $150 million and desianed for Heller to hold up
certain essential services be gent on a complicated system of this has led to the new crisis. to 28 records. Interlocking, in
continued in the city in the event - white: vellow, red, black.
of default.
A representative for New
York firemen said union leaders eclpse ZZ pIresents
came away from the meeting
with hope Ford would not permit
such basic services as fire and
police protection to end.
M~lcOY
AP Photo
Map of time
Celebrating what she thinks is her 117 birthday, Genovera Gutierrez still makes it to church
and the grocery store afoot near her home in San Marcos, Texas. But as for the more
questionable pleasures of life, Genoveva is sworn off them - she doesn't smoke or use al-
cohol.
Formerbunadvocate
testifies before Senate
U.S. maintains trade
surplus in Sept.
WASHINGTON (P) - A lead-
ing sociologist joined Kentucky
political leaders yesterday in
calling for an end to compul-
sory busing as a means of
achieving school desegration.
Sociologist James Coleman
of the University of Chicago, an
early backer of cross-busing of
school children, told the Senate
Judiciary Committee he now
believes that busing has ham-
pered more than helped the
cause of school integration.
CLAIMING BUSING raises "a
spectre of a country of black
cities and white suburbs,"
Coleman said he supports a
moratorium on all busing and
the creation of " a presidential
commission to study the impact
of busing across the nation.
But Coleman disagreed with
Kentucky Gov. Julian Carroll
and Kentucky senators and con-
gressmen who urged that the
Constitution be amended to bar
court-ordered busing plans' like
those now in effect in Louisville
and Boston.
The Judiciary Committee is
holding hearings on four pro-j
ing of students beyond the near-j
est school.
COMMITTEE CHAIR-
MAN James Eastland, (D-
Miss.), said the two days . of
hearings are centering on the
Louisville - Jefferson County
busing plan' as a "test-case"
study of a community "marred
by strife" because of court-or-
dered busing.
A report by Coleman in' 1966
for the U. S. Office of Educa-
tion supported busing to achieve
desegration. The report found
that children from disadvantag-
ed backgrounds performed
somewhat better when they at-
tended school with children
from more affluent homes.
Coleman testified that when
he conducted that study, he nev-
er envisioned massive court-or-
dered busing of students or the
impact it would have on U. S.
cities.
THE RESULTS of such orders
have been counterproductive, he
said, increasing racial tensions
and contributing to the flight of
whites from cities to surround-
ing suburbs.
to go about ending busing. "I
don't see the Constitution as an
instrument that should be used
for a matter of this sort," he
testified.
Instead, he said he hopes that
the federal courts get the mes-
sage that busing hasn't worked
and cease issuing busing or-
ders. He said he remains puz-
zled over why the Supreme
Court hasn't already handed'
down ahmajor antibusingdeci-
sion.,
IN THE MEANTIME, Cole-
man said a presidential com-
mission to study busing - with
a moratorium on busing plans
while the commission does its
work - would be "a very use-
ful thing for this country."
WASHINGTON (P)-The na-
tion's trade surplus totaled $976
million in September despite an
upswing in oil imports, the gov-
ernment said yesterday.
The September balance was
the. lowest since the United
States registered a $557 million
trade surplus in April. The
August trade balance was $1.04
billion.
THE SURPLUS marked the
eighth straight month that the
value of exports has exceeded
the value of imports. The trade
balance so far this year is $8.4
billion in the black, compared
to a $1.8 billion deficit during
the first nine months of 1974.
The government also reported
that investments by foreigners
in the United States totaled
$103.7 billion in 1974, much
higher than previously esti-
mated.
However, the Commerce and
T r e a s u r y departments said
Middle East oil-producing na-
tions accounted for only a very
small part of the total foreign
investment.
THE largest investors were
from the United Kingdom, Can-
ada, the Netherlands and Swit-
zerland, along with substantial
investment from G e r m a n y,
France, Belgium, Luxembourg
and Japan, the department said.
Petroleum is expected to ac-
count for about a quarter of the
value of U.S. imports this year
and has become a crucial factor
in determining whether the na-
tion runs a surplus or a deficit
in its trade accounts.
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Nov. 15-16
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340 MAYNARD/ANN ARBOR
ORTHOGONALITY
1-1
possed constitutional amend- But he said a constitutional
ments that would prohibit bus- amendment is the wrong way
"...To Establish Justice .. ."
PETITIONS ACCEPTED NOW
FOR 5 VACANCIES ON
CENTRAL
SSTUDENT JUDICIARY'
It (ALL CAMPUS SUPREME COURT)j
PETITIONING CLOSES NOV. 6, 1975
Men, Women, & All Minorities of All
Colleges Are Encouraged To Apply.
Stop by SGC Offices, 3rd Floor Mich-
(igan Union to pick up a petition and
sign up for an interview.
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