Thursday, May 17, A 973

THE SUMMER DAILY

Page Five

Thursday, May 17, 1973 THE SUMMER DAILY Page Five

Cook resigns
as SEC head

Reserve Bd. moves
to curb economy

(Continued from Page 1)
aides are out of work and facing
possible indictments. President
Nixon has asked newsmen to give
him hell.
Perhaps most importantly, the
public is being given a chance to
decide ' what future politicians
should be allowed to get away
with.
During last year's presidential
campaign most Americans con-
sidered the wiretapping and bur-
glary of Democratic offices to be
routine politics, according to
ptblic-opinion polls underlined by
Nixon's landslide election vic-
tory. The hearings, likely to be
viewed by millions of citizens,
raise again the question of wheth-
er such tactics are fair play or
foul.
STARTING AT 10 a.m. EDT
today the Select Committee on
Presidential Campaign Activities
will begin by reconstructing the
bngled burglary of last June.
According to the committee's
plans, first testimonymwillcome
from Robert Odle, who was di-
rector of personnel for the Com-
mittee for the Re-election of the
President (CREP). After Odle
sketches out the campaign or-
ganization, former White House'
aide Bruce Kherli will draw a
verbal map of the President's
inner circle of advisers at the

time of the break-in.
Then Police Sgt. Paul Leeper
will testify about answering a
nightwatchman's call in the early
hours of June 17, and about ar-
resting five men-wearing rubber
sirgical gloves and packing bug-
ging gear, cameras and pockets-
ful of $100 bills-inside the head-
quarters of the Democratic party
in the Watergate building.
LATE TODAY, or possibly to-
morrow, the committee expects
to begin taking testimony from
its first star witness, James Mc-
Cord Jr., one of the men Leeper
arrested that morning.
McCord has been a key man.
from the start. The wiretappers
were first tied publicly to the
Nixon campaign when McCord's
name was found on the CREP
payroll the day after the break-
in. And two rponths ago, when
McCord began cooperating with
federal prosecutors, he put them
on the trail that eventually led
into the White House.
BUT MORE is at stake than
jail terms or fines for the men
behind Watergate and its atten-
dant scandals. What has been
unco-ered so far is changing fu-
ture politics and government.
Wednesday the President for-
mally asked Congress to create
a nonpartisan 17-member com-
mission to examine the federal

WASHINGTON (1') - The
Federal Reserve Board yester-
day announced a major action to
curb the expansion of business
lending by banks and help slow
the country's economic boom.
The board asked all banks to
"ob'serve the spirit as well as the
letter of the board's'actions in a
concerted effort to curb bank
credit expansion and moderate
inflationary pressures."
IT ORDERED member banks
to raise their reserves from 5 to
8 per cent on the amount of
increase in their large outstand-
ing certificates of deposit begin-
ning June 7.
Certificates of deposit are is-
sued by banks in exchange for
amounts of money deposited for
specified periods of time. Banks
pay higher interests on the cer-
tificates than on regular savings
accounts.
Raising the amount of reserves
increases the cost of lending be-
cause the bank cannot loan out
the funds it holds in reserve,
while at the same time.sit must
pay interest to the depositors.
TURNING to other financial
matters, it is believed that oil-
rich Arab nations helped set off
the now-subsiding world mone-
tary flareup by trading in bun-
dies of dollars for gold.
"They reason that in times of

turbulence there' is no better
way to safeguard their increas-
ing wealth," a Western adviser
to several Arab governments ob-
served.
Rumors in European capitals
that the doll-r was in trouble
for the second time this year
triggered the buying rush that
drove gold prices to record lev-
els.
THE AR ABS joined it as they
did in February before the last
devals-tion, when -an estimated
$1 billion in Arab-owned Euro-
dolltrs flowed into Frankfurt.
The goernments of oil-pro-
ducing Ar-b states, motivated by
self-urotetion and profit taking,
are -mnug the primary buyers of
gold, nr'-h-sing directly from
the most eminent world dealers.
Jordan and Lebanon, not as
rich as other Arab countries,
back thir currencies with a
heavy gold cover and have not
been harmed by European mone-
tary crises.
AR ABS with a few dollars to
spend used to plit the money
into hotels or office-apartment
blocks in Bintl" a financialex-
pert said. "Then they took it to
Europe only to be hurt by the
vicissitudes of the currency
crises.
"Now they have latched onto
gold, but I think this is another
passing phase."

Job outlook bright
for this year's grads

(Continued from Page 1)
Companies continued to active-
ly recruit young blgcks w it h
high grades for the business,
scientific, and engineering fields.
This trend may continue for
the next few years.
But the Census bureau h as
sounded what may be a note of
warning. The agency shows that
the proportion of blacks enrolled
in college went up again this
year, while the percentage of
white males dropped sharply.
That fact could produce a "black
bulge" in graduating classes in
the years ahead.
THE INCREASED demand for
engineering graduates came in
a year when engineering enroll-
ment had dropped because of a
previously tight job market.
In most parts of the country
liberal arts grads are still hav-
ing trouble finding jobs. "Op-
portunities for liberal arts are
the slowest to come back" ac-
cording to Audas.
John Buckley of New Y or k
University has found that many
companies expect to have more
job openings later in the summer
then they have now.
"They asked us to keep in

touch with graduates who don't
find jobs quickly so we can
recommend them in July or Au-
gust," he said.
MICHIGAN STATE, W a y n e
State, and Eastern Michigan Uni-
versity placement officials re-
port a considerable improvement
oer last year's job number of
job offerings. They cite the heal-
thy state of Michigan's auto in-
dustry as a probably reason.
What about the chances of job
opportunities for future Univer-
sity grads? Audas says, "I think
they'll get better. Graduating
from Michigan opens a door, We
produce a quality product - a
real plus to get that foot in the
door."
HAIRSTYLING
As You Like It!
NEW TRENDS FOR 1973
TRIMS-SHAGS
AND RAZOR CUTS
2 SHOPS -
611 E. UNIVERSITY
615 E. LIBERTY
Dascola Barbers

G. BRADFORD COOK, who re-
signed yesterday from his post as
chairman of the Securities and
Exchange Commission.
election process and report by
Dec. 1. It would consider the pos-
sibility of setting up an indepen-
dent agency armed with new laws
to keep elections clean.
Only a few weeks ago Con-
gress was reported to be dis-
enchanted with last year's rela-
tively modest election reform,
and talk was heard that it would
be watered down. Now the out-
look is for much ,stronger laws,
not weaker.
THE ULTIMATE EFFECTS
of the scandal, and the public's
final verdict, won't be known for
months,
BACH CLUB
NEEDS PEOPLE
If you can leaflet, hang posters,
cook, type, draw, or ust plain
breathe .. .
COME TO THE
ORGANIZATION
MEETING
THURS., May 17, 8 p.m.
SOUTH QUAD-
West Lounge
BACH CLUB OFFERS:
Good music, interesting
people, exotic food.
No musical knowledge needed
for more info'
CALL Eileen, 665-7246
Chris, 663-4875
Fun-friendly-informal

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