Friday, May 7, 1971

THE MICHIGAN DAILY

Page Seven



U.S. dollar crisis in Europe eased

jnews briefs
By The Associated Press
LESLIE BACON had direct knowledge of plans to firebomb
a New York City bank according to a federal judge who ordered
her to answer further questions before a federal grand jury yes-
terday.
"I believe she said at least five times to the grand jury that
she sat in on the planning of the bornbing," said Judge George
Boldt.
Bacon is being held as a material witness in connection with
the bombing of the U.S. Capitol in March.
BOMBERS struck yesterday at a utility company substation
and an oil refinery 450 miles apart in the latest of a long series
of explosive attacks on big business in California.
Investigators found no direct links among the bombings but
noted that offices of Standard Oil and the Bank of America were
the prime objectives of antiwar demonstrations in Los Angeles and
San Francisco on Wednesday.
THE RISE IN WHOLESALE PRICES accelerated in April,
according to a Labor Department spokesman.
The department said its wholesale price index advanced by
three-tenths of one per cent in April - a move generally viewed
as a setback to President Nixon's attempts to control inflation.
In more bad news for the economy, three major steel corpora-
tions, Republic, Jones and Laughlin and Armoc have matched the
614'per cent price increase of the biggest steelmaker, U.S. Steel.
A LOAN FOR LOCKHEED AIRCRAFT' totalling $250 million
was proposed by President Nixon to Congress yesterday despite
expected opposition,
Lockheed's troubles stem from soaring development costs for
the RB211 engine for its Tri-Star jumbo jet project. The cost of
development forced Roll-Royce, the contractor for the engine, into
receivership, and now threatens to tumble Lockheed.
Lockheed desperately needs the loan to "keep it from going
broke," Treasury Secretary John Connally told newsmen. He said
the economy needs a healthy Lockheed and the investment in mon-
ey and jobs in the Tri Star program.

Price stability
still qiestioned
LONDON R -The recent
European financial crisis,
caused by an influx of bil-
lions of U.S. dollars, appear-
ed to ease somewhat yester-
day as experts sought ways
of strengthening European
economies.
The crisis steins chiefly from
a deficit in the U.S. balance of
payments - meaning the Unit-
h abroad than it is taking in from
foreign customers. This devel-
opment of recent years is ag-
gravated by the inflationary
price rise in U.S. goods
J The main effect has been
-Asesciated eres that recent market speculation
ssadPs has caused a run on the dol-
Site o operation tar, resulting in the recent ris-
ing of Europeon currencies with
A customer leaves the Anchor Bar in Detroit after being turned respect to the dollar. This has
away by an armed guard. The bar was named by the FBI as the jeopardized the stability of the
base of operation for the state's largest gambling ring. Over 150 six Common Market nation's
people in the state as well as 16 policemen were arrested in con- currencies.
nection with the ring. (See story, Page 6). West German is apparently
pressing for uniform currency
value increases in an attempt to
U.S. BOMBS NORTH: safeguard farm market price
stability, while the French ar-
i gue that in the interests of in-
A R V N ternational monetary solidarity
the United States should cut
the value of its money by rais-
SAIGON ("P) - Heavy ground deployed in Cambodia, flying U.S. dolr diegd.whing-
fighting broke out yesterday in more than 300 support missions ton has firmly refused this
eastern Cambodia, ending a lull on Wednesday alone. course.
in the Indochina war. Meanwhile, some 300 miles The crisis had no immediate
Tank-led South Vietnamese to the north, U.S. B52 bombers effect in the United States but
troops, under a cover of air and returned in force to the A Shau has caused economic criticism
artillery strikes, clashed in a Valley sector. of the U.S.'s foreign military in-
daytime engagement with about Twenty of the eight-engine volvement.
400 North Vietnamese near the bombers hammered suspected There were two indications in
town of Snuol, a few miles in- North Vietnamese the United States yesterday that
side Cambodia. Another three-plane forma- price increases of U.S. goods
U.S. helicopters are lending tion of B52s struck in the much- - one of the causes of this
heavy support to the 22,000 battered northwest corner of crisis - were continuing. (See
South Vietnamese troops s t i ll South Vietnam. News Briefs).

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Liberty Inn Lounge
PIANO BAR
112 W. Liberty-Ann Arbor
FEATURING THE INCREDIBLE
Dave Alexander
Blues Pianist
Star of the Ann Arbor Blues Festival
THURS., FRI. AND SAT. NIGHTS
TOWARD AN UNDERSTANDING
OF HOMOSEXUALITY
(FOUR WEEK SEMINAR SERIES)
An introductory attempt to understand the problems of America's
homosexual minority from the points of view of sociology, psy-
chology, law, and theology. Special attention will be given to the
Model Penal Code, the Wolfenden, Quaker, and Hooker reports,
and to the homophile civil rights movement. Selected papers will
be distributed for discussion. All sessions will be raising the ques-
tion: what might an enlightened religious viewpoint and public
policy be? Convener: Lloyd W. Putnam, ORA Educational Director.
Open to all interested persons-straight or gay.
TUESDAYS-7:30 p.m
May 11, 18, and 25, June l
LUTHERAN STUDENT CHAPEL (lower lounge)
801 S. Forest
Sponsored by: THE OFFICE OF RELIGIOUS AFFAIRS
MICHIGAN UNION (3rd floor)-764-7442
"Homosexuality presents a major problem for our society largely
because of the amount of injustice and suffering entailed in it
not only for the homosexual but also for those concerned about
him ... . Homosexuality is often viewed with either disgust or
anxiety, emotions which interfere with an objective understand-
ng of the problem . . . Educational programs should both give
information and replace judgmental and condemnatory attitudes
with more objective attitudes.'
-Task Force Report on Homosexuality,
National Institute of Mental Health,
1969