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June 23, 1970 - Image 2

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Publication:
Michigan Daily, 1970-06-23
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Page Two

THE MICHIGAN DAILY

Tuesday, June 23, 1970

Tuesday, June 23, 1970

THE MICHIGAN DAILY

GU]ARANT EED LOANS:
Nixon asks railroad aid

Senator says FBI
agents prowl Kent

ALE ENDS SATURDAY, JUNE 27
BOB DYLAN * SELF PORTRAIT
INCLUDING: DAYS OF 49 LITTLE SADIE COPPER KETTLE
EARLY MORNING RAIN LIVE ISLE OF WIGHT PERFORMANCES
ONLY $6.99 THIS WEEK

0

PHILADELPHIA (P) - See-
retary of Transportation John
A. Volpe said yesterday the Nix-
on administration will push for
government-guaranteed loans to
help the Penn Central Railroad
which received court permission
Sunday to reorganize under fed-
eral bankruptcy laws.
Penn Central filed the bank-
ruptcy petition Friday after the
Defense Department abandoned
plans to guarantee $200 million
of bank loans to Penn Central.
The railroad received court per-
mission for the reorganization
after it said it was unable to
pay its bills.
Volpe said a bill to set up a
$750-million loan-guarantee pro-
gram for railroads will be offer-
ed soon in the Senate. A similar
one already has been introduced
in the House.
Speaking at a news conference
in the White House, Volpe said
he thinks the Penn Central will
continued to operate normally.
But he said how long the road
will be able to maintain regular
services depends pn how the
bankruptcy case is handled.
But there were indications any
relief for Penn Central will come
under close congressior.al scrut-
iny.
Sen. Mike Mansfield, the ma-
jority leader from Montana, said
the Defense Department showed
good judgment in refusing the
loan. "I'm not sure the Depart-
ment has the authority for such
a guarantee," he said.
Sen. William Proxmire D-
Wis) said the Defense Produc-
DAILY OFFICIAL
BULLETIN
General Notices
Tuesday, June 23
Doctoral Foreign Language Test: Col.
Entrance Exam. Tests (CEEB) given in
French, German, Russian,. Spanish,
Mon., June 29, 1:30 p.m. Rm. 1025 An-
gell Hall. Registration required by
June 26. Registration forms avail. from
Language Sec'y.. Rm. 1014 Rackham
Bldg. Admission to exam open only to
those who have registered and received
admission ticket.
Industrial Engineering Seminar: G.
1. Wakoff, Harvard, "Piecewise Poly-
nomial Spaces and their Use with the
Rayligh-it-Galerkin method," Rm.
229. W. Engin., June 24, 9:00 a.m.
Grade Sheets for Spring Half have
The Mchigan Daily, edited and man-
aced by students at the Uniers"ty of
Michigan. News phone: 764-0552. Second
Class postage paid at Ann Arbor. Mich-
.gan, 420 Maynard St., Ann Arbor,
Mienigan 48104. Published daily Tues-
day through Sunday morning Univer-
s 'y year. Subscription rates: $10 by
carrier, $10 by mail.
Summer Session published Tuesday
through Saturday morning. Subscrip-
tion rates: $5. by carrier. $5 by mail
RALPH NADER
WANTS YOU'
Volunteers Needed to do re-
search and secretarial work for
"GM Improvement Proect" in
Ann Arbor-Detroit area. Con-
tact:
156 Legal Research Bld.
Phone 763-0285

tion Act, under which the guar-
antee would have been made,
"was never intended to bail out
large corporations from the con-
sequences of their financial or
managerial mistakes."
Proxmire said he will intro-
duce an amendment to prevent
the act from being used for such
guarantees.
Sen. Vance Hartke (D-Ind )
said the Senate surface trans-
p o r t a t i o n subcommittee he
heads will conduct a fullscale
review for bankruptcy.
He said the proposed admin,-
tration loan bill seems to be
"designed not for the purpose of
preserving or improving the
transportation services of this
organization but rather for the
purpose of shoring up the oanks
to which the Penn Central is in
debt in the amount of some $2
billion.
Hartke said that before Con-
gress passes "a special relief bill
for a railroad turned conglome-
rate, there are some basic ques-
tions which must be answered,"
It is common knowledge that
passenger and freight service
alike have deterioated since the
merger of the New York Cen-
tral and the Pennsylvania Rail-
road," he explained.
"Yet during the time since
the merger the Penn Central
has pursued real estate schemes
in Florida, Texas and Georgia,
and has started million-dollar
renovation projects in Manhat-
tan hotels."
Rep. Wright Patman (D-Tex),
been sent to depts. for instructors. All
grade sheets should be submitted with-
in 5 days of the exam, and no later
than Wed., July 1, 12:00 noon. A grade
messenger service will be provided on
regular basis by Office of the Registrar
to departmental offices on the Central
Campus Fri., June 26 - 12:00 noon,
Thurs., July 2. Grades may also be sub-
mitted directly to Office of Regis trar
at "Window A," L.S.A. Bldg during
working hours. Questions may be di-
rected to 764-6292.
StudentkD. Cards: Any student I.D.
card marked "Valid Spring or Winter4
1970 Only" must be replaced before
student may register for Summer term,
1970. This may be done by making ap-
plication at "Window A" in L. S. A.
Bldg. before June 26. Proper notifica-
tion of correct social security no.'
should be avail, when applic. is made.
Students should check .D. cards for
errors; first 9 digits of student no.
should be equal to his soc. sec. no.; in-
correct cards should be brought to
"Window A" L.S.A. Bldg. for replace-
ment. No fee will be charged.
For Summer term registration, June,
29 - 30, all matters concerning I.D.
cards w ill be handled in Lobby of
L.S.A. Bldg. Summer I.D. cards distrib-
uted at this location June 29-July I
during working hours. -

chairman of the House Bank-
ing Committee, said his panel
will make a thorough study of
the involvement of 77 commer-
tal barks with the Penn Cen-
tral Transportation Co. He said
such an inquiry "might Well pre-
vent another Penn Central."
Thomas M. Goodfellow, presi-
dent of the Association of Amer-
ican Railroads said in a state-
ment the industry hopes the
problems besetting Penn Central
would "serve to underscore the
problems besetting all the rail-
roads of the country-laws that
have long been out of date, reg-
ulation that is excessive and an
absence of the kind of govern-
ment help so generously given
our competitors.
"These conditions must be
changed, and changed now, not
only to cure the pr.blenms of
the present, but to permit the
railroads to tool up for the tre-
m e n d o u s transportation job
they'll be called upon to should-
er in the future."
The Penn Central's assets to-
tal nearly $7 billion. The rail-
road operates 35 per cent of
the nation's rail passenger ser-
vice and two-thirds of all trains
that carry people in the East.
It says it lost $80 million on
passenger operations for near-
ly the first half of this year
and had a loss of $182.3 million
last year.
Last month the firm reported
it had $152 million in short-
term loans outstanding with
about half due this year. Its
subsidiaries have about $500
million in U.S. bank loans and
$59 million in Europe.

.newsb
t !i k rr lp of o Rtr t9 ,l .
By The Associated

WASHINGTON (R) - -Sen
Stephen M. Young (D-Ohio)
said yesterday he is to1d by
"most reliable sources" that 50
FBI operatives are on the Kent
State University campus with
"some of them, perhaps all of
them," enrolled as summer stu-
dents.
"I'm told this number will be
increased perhaps to 200 at the
outset of the September term,"
the senator said in an interview
during which he charged the
FBI "is too inflated, too bloated
with too many operatives."
Young spoke as summer class-
es began at the Ohio school -
the first se ions since May 4
when four 'tudents were slain
in a clash with the National
Guard.
In response, FBI Director J.
Edgar Hoover said "there is no
t r u t h whatsoever to Sen.
Young's assertions."
The senator said he has "au-
thoritative information that in
addition to this large number of
STEREO SALE
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Hundreds of "Specials"
" receivers 0 changers
* speakers " hi fi
t musical instruments
HI-F ISTUDIO
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FBI operatives at Kent, there
are others posing as students-
approximately 50 FBI agents at
the present time - in Colum-
bus (home of Ohio State Uni-
versity) and I guess they also
cover Ohio University at Ath-
ens."
"That causes me to say out
loud that the FBI, under its
dictator J. Edgar Hoover, is a
vastly overstaffed bureaucracy
if they can send in all of those
. operatives - . . and that tax-
payers who have to sweat to
pay for a 11 this bureaucracy
should know the facts," he ad-
ded.

L.

I-

WOW!
A three - piece Treasure Chest
chicken dinner, plus french fries,
for only 79c! Larger take-home
orders also. Try a box soon!!
W oMIST rE n
West of Arborland

OVER 25,000 LP'S, OVER 300 LABELS IN STOCK
WATCH FOR SPECIAL SALE
ITEMS CHANGING WEEKLY
discount records

PRESIDENT NIXON vetoed yestf
struction and modernization of medica
Calling it "a long step down the ro
the President refused to sign the measur(
$1.2 billion in three-year grants.
The major provision Nixon found i
ment that funds appropriated through 1
grams must be sient by the government.
4 4 4
ECUADOR became the sixth Souti
under authoritarian rule- when its pre
powers yesterday.
The congress, universities, courts ar
the military within hours of the Preside
cision. In addition, many university ofi
and a former congressman were placed
Officially, the action was taken becE
about to rule unconstitutional new taxe
two weeks ago.
Informed sources report, however, t
dent unrest led to Ibarra's decision.
A JET ENROUTE from Lebanon
and diverted to Cairo yesterday.
The hijacker, a 37-year-old Alban
surrendered to police after the Pan Am
Cairo International Airport. A few mir
bullet through the cockpit window, warr
from the plane.
TWO NORTH VIETNAMESE RI
yesterday to be preparing for a major
provincial capital of Prey Veng.
Prey Veng is 31 miles east of Phnon
up may be part of a campaign to take
tary sources say.
A U.S. marine adviser to the two
defending Prey Veng said that the comr
wait until all U.S. troops are out of Ca
take the town.

1235 S. UNIVERSITY 0 300 S. STATE 9 ANN ARBOR'
HOURS: MON.-FRI. 9:30-9, SAT. 9:30-6 0 SOUTH U. STORE SUNDAYS NOON-5

ALSO ON SALE THROUGH. JUNE 27 LIST REG.-- SALE--
1. NEW MELANIE $4.98 $3.98 $3.32
2. McCARTNEY $5.98 $4.98 $3.99
3. LET IT BE $6.98 $5.98 $4.67
4. NEW ROD STEWART $4.98 $3.98 $3.39
5. WOODSTOCK $14.98 $11.94 $9.96

CLEARANCE
of spring
and
summer

_i

I

r

: l

I

Zero Population
Growth
DR. STEPHEN KAPLAN
U-M Dept. of Psychology
Speaking on
"Man's Nature and
His Plight-Psychological
Stress and Overpopulation"
Monday-June 29
7:30 P.M.
ANN ARBOR
PUBLIC LIBRARY

I

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ALL SALES FINAL S NO MAIL OR PHONE ORDERS

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16

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