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July 21, 1972 - Image 8

Resource type:
Michigan Daily, 1972-07-21

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Page Eight


Friday, July 2f, 1972

Federal Reserve Bank acts
to bolster U.S. dollar abroad a

eral Reserve Board pledged yes-
terday to continue supporting the
dollar in currency exchange
markets "on whatever scale and
whenever we deem it desirable"
to maintain the six-month-old
international c u r r e n c y agree-
The central bank- began in-
tervening in foreign exchange
markets Wednesday for the first
time in an effort to prop up the
value of the dollar, using govern-
ment holdings of German Marks
and other currencies to buy up
The board acted with the ap-
proval of President Nixon and
apparently reflected a split be-
tween the central bank and
monetary officials in the Treas-
ury over the conduct of ┬░mone-
tary policy.
While Arthur Burns, chairman
at your service
8:30 a.m.-5:15 p.m.
P 0

of the board, characterized its
action as a change in policy, the
Treasury issued a statement say-
ing that the Federal Reserve's
intervention indicated no change
in government policy toward
monetary reform and elimination
of the nation's deficit in its
balance of payments.
The action appeared to estab-
lish Burns as the nation's chief
spokesman and the prime mover
in the area of international
monetary reform.

Burns said the board decided
to intervene in exchange mar-
kets "to indicate to the world
that we want to do our part to
maintain the Smithsonian Agree-
He referred to the agresment
reached last December at tlse
Smithsonian Institution h e r e
which resulted in a new set of
exchange rates built around an
average devaluation of the dol-
lar of about 12 per cent against
major currencies-

Police monitoring Stones
at Philadelphia concerts

Commissioner Joseph O'Neill is
monitoring closed circuit tele-
vision of the Rolling Stones
rock concert here as part of
beefed-up security measures.
The new surveillance system is
designed for crowd control.
O'Neill watches from a guarded
trailer on a parking lot near
the Spectrum, where the Stones
will perform.
"Extra police will be on hand
to insure the safety of those
persons who have, purchased
tickets," O'Neill said.
He declined to disclose the
size of his force, but a spokes-
person said more men would be
on duty than the 200 for last
April's visit to the city by Presi-
dent Nixon.
The Spectrum, a South Phila-
delphia sports complex, can hold
16,500 persons. Tickets for the
three Stones concerts--one last
night and two tonight--have
been sold out for a month.
"You can't beg, borrow, or

steal one," said Spectrum Presi-
dent Hal Freedman.
The Stones have had few
audience problems on their cur-
rent American tour except for
fans trying to squeeze closer -to
the stage. But there have been
several disturbances outside the
Police took 30 persons into
custody Wednesday night when
a crowd of some 3,000 persons
began milling around outside
Boston Garden, where the
Stones were playing.
On Tuesday, lead singer Mick
Jagger and guitarist Keith
Richard and three members of
their touring party were arrested
at a small airport in Warwick,
R.I., in connection with a
scuffle with police and two news
Photographer Andy Dicker-
man of the Providence Journal
filed suit yesterday against
Richard and three other per-
sons, claiming they had stopped
him from taking pictures.

DIAL 668-6416
"That x-rating is legit. Fritz "Fritz is a tough,
is a pip of a pussycat." - s' sordid, funky cat." a

Ho, Ho, Ho Chi Minh
A South Vietnanese paratrooper holds up an embroidered picture
of the late North Vietnamese President Ho Chi Minh which was
found in a recaptured section of Quang Tri city, South Viet-
namese forces are attempting to retake the provincial capital from
communist forces who have held it since late April.
f rater four'tra
postponed bycourt
By DAN RIDDLE dent for Research, Richard Ken-
nedy, Secretary of the Univer-
The scheduling of a pre-trial sity, and University Atrney
session has delayed the t r i a 1 st d Unerty Atey
of four persons arrested in the dersk Daanetr appear at
May 19 Diag crater dig at least witnesses at the trial,
three weeks. Meanwhile, 35 persons arrested
District Judge Sandorf Elden at the June 17 Diag crater dig
yesterday granted a prosecution await pre-trial dates in the first
request for an August 7 pre- three weeks of August for charg-
trial for the "Crater Four", who es ranging from possession of
are charged with "willful and officer
malicious destruction" of Uni- officer.
versity property in the f i r s t
of several war protest digs.
The pretrial session gives both
opportunity to present motions to o
the court, and specifically allows
the prosecution to present
amendments to the original ar-
rest warrant. BELFAST, Northern Ireland
The scheduled session moves (AT)-Terrorist gunmen shot a
the actual trial date originally middle-aged woman in the back
set for yesterday, at least middle yesterday as she knelt weeping
oreAugst.dy abeside her dying husband in a
or ate Augu t. bs efs tet
The "Crater Four" include busy Belfast street.
Rainbow People's Party mem- The same assailants, seconds
her Genie Plamondon, former earlier, cut down the man with
Student Government Council Ad- a volley of shots as he pursued
ministrative Vice President Jay them from his news vendor's
Hack, John Goldman '73, a n-d store where they had planted a
Richard England, Grad. 30 pound bomb. The gunmen
Chief defense counsel Thomas fled, leaving the badly injured
Bentley called the prosecutionis woman slumped across her hus-
request for the pretrial "a pret- band's body. The bomb wrecked
ty clear admission that the de- the shop.
fenoants are not guilty of malic- The attack came in a pre-
ious destruction of property." dominatly Roman Catholic part
"I think they (the prosecution) of the capital's Springfield Road
are now looking for some n e w area, following a rash of bomb
charge because they know t h e raids across Northern Ireland
original one won't hold," Bentley and a riot at Crumlin Road Jail.
said in an interview yesterday. Snipers opened up on prisoners
"They may present some new who had climbed onto the jail-
allegation at the pretrial based house roof and were basking in
on some old 1888 statute zbout the sunshine. One of the pro-
illegal trampling of hay." testing inmates, Joseph Dougan,
Bentley has subpoened Univer- was shot in the back, and his
sity President Robben Flemiug, condition was described as
A. Geoffrey Norman, Vice Presi- serious.
Huron River
Canoe Rental
We put in, we pick up,
you paddle.
Phone 662-1270
Make reservations now. Groups welcome,


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