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July 25, 1978 - Image 14

Resource type:
Michigan Daily, 1978-07-25

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Page 14-Tuesday, July 25, 1978-The Michigan Daily
Dollar closes below
200 yen-Americans,
Japanese worried
(Caninued from Pa e one)Solomon said the U.S. trade deficit
rising yen should begin to fall back should narrow during the remainder of
soon. But the chief of foreign exchange this year and in 1979, in part because
operations at a major Tokyo bank the past declines of the dollar will help
predicted the dollar might fall to the boost U.S. exports and in part because
180-yen level by October. other nations plan to stimulate their
The dollar dipped still further when economies, which will attract more
the Tokyo market resumed trading goods from the United States.
yesterday morning, opening at 197.95 Solomon said Japan, whose $14 billion
yen surplus in its trade with the United
Some foreign exchange traders in States last year was the major factor in
New York predicted a very large the dollar's decline against the yen, will
American trade deficit with Japan will increase its imports and has put a lid on
be posted tomorrow, when the United exports to keep them at the same level
States releases its June international as last year.
trade figures. Forecasts of the overall ANOTHER WITNESS, Assistant
U.S. trade deficit for the month have Commerce Secretary Frank Weil, was
been in the range of $1.8 billion-$2.6 less optimistic about the trade outlook.
billion. He said that while the trade picture
U.S. Treasury Undersecretary An- may improve this year, the nation's
thony Solomon told a Senate subcom- trade deficit still will be "modestly
mittee in Washington yesterday that he larger" than the record 1977 deficit of
expects a decline in the U.S. trade $26.5 billion.
deficit during the rest of this year and The deficit during the first five mon-
next year and that this will bolster the ths of 1978 was at an annual rate of
dollar aiabout $35 billion.
THE SITUATION is improving... Weil said the trade problem results
'TH SIUATON s iproing., more from nto' agn xot
it's not as apparent as it will be in the rhr nation's lagging exports
next few months," he said. rather than imports. He said that after
Treasury Secretary W. Michael discounting for inflation, overall expor-
Blumenthal declined comment on the ts have not increased at all during the
latest drop in the dollar, sayhing, "It's past three years, and exports of
very difficult to tell what causes manufactured goods have actually
movements on a particular day on the declined by 3 per cent.
foreign exchange markets." TRAVEL AGENTS are happy with
He also refused comment when asked the situation-more and more Japanese
whether the drop was a surprise, are eager to travel abroad, particularly
"I DON'T COMMENT on that sort of to the United States, where their yen
thing on a daily basis," he told repor- will purchase much more than
ters following an appearance before a previously.
Senate subcommittee on economic The high yen tends to make Japanese
policy. goods more expensive abroad and
But he and Solomon both indicated theoretically should cut into this naion's
they think the dollar will strengthen in massive exports. But at the same time
the long run. it is reducing the cost of imported raw
"I think the important thing about materials and energy, allowing Japan
foreign exchange markets are un- to remain competitive and keep run-
derlying conditions, and the United ning up surpluses of exports over im-
States economy continues on a good ports.
track," Blumenthal said, echoing a Bank of Japan and Finance Ministry
theme he has voiced repeatedly in the officials attributed Monday's decline to
past year. a surge of market speculation and said
SOLOMON SAID recent developmen- they do not expect it to stay below 200
ts in the world economy, including the yen for long.
Bonn summit agreement for coor-
dinated economic growth, point to a W heeler
better future for the dollar.W e e i r .
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Tough city manager
ends sanitation strike
SAN ANTONIO, Texas (AP) -The
latest insa series of sanitation strikes
to hit major U.S. cities ended abrup-
tly here yesterday-broken by a
tough city manager who fired nearly t h
half the 313 garbage collectors.
"I mean business. I will not be in-
timidated," said Tom Huebner, 42,
manager of the nation's 10th largest
city since January 1977.
bage collectors hours after they
walked off the job Saturday in a
wage dispute. About 35 garbage
collectors showed up for work
yesterday but refused to make their
rounds, saying they feared for their
safety. Huebner fired them, too.
AN ADDITIONAL 20 garbage
collectors face disciplinary action.
"These capricious job actions
have gone too far, and any patience
with this kind of action only en-
courages more of it," said Huebner
who has the backing of eight of 11
members of a budget-conscious City AP Photo
Council. A STRIKING San Antonio, Texas
"I hope the fired men go out and garbage worker pickets Sunday out-
find themselves employment soon, . side City Hall. More than half of the
but they are through as city em- city's 300 trash collectors walked off
ployees. Let there be no mistake the job Saturday in a wage dispute.
about that," the city manager said. an eight-day strike during which dirt
"I can't think of a reason that would accumulated on the streets and rot-
justify rehiring them." ting trash mounted at 29 dumping
THE GARBAGE collectors, sites.
members of the San Antonio Refuse And in New Orleans, about 300
Collectors Association, had claimed garbage workers were back to work
support from airport maintenance after a three-day wildcat strike
workers, some street department which was staged in violation of a
workers and other employees. But no-strike contract clause and in
there was no indication yesterday defiance of a court order and the
that other city workers would strike. wishes of the mayor and their union
Police were on hand yesterday to leadership. The strike, called to
protect 150 garbage workers who protest a lack of trucks in good
ignored about 30 pickets and made repair, ended Friday. The strikers,
partial collections. The city began who are paid by piece-work, got no
testing 52 persons to take over for pay during the walkout but other-
the striking workers by today. wise were not penalized.
Huebner said Sunday it would take Huebner, who came to San An-
two to four weeks to get things back tonio after eight years as assistant
to normal. "We do anticipate some city manager in Sacramento, Calif.,
problems in garbage collecting," he and two years as Oakland's budget
conceded. and research officer, runs a
IN PHILADELPHIA, garbage relatively poor, politically volatile
collectors and street-cleaners were city of 800,000. Sharp divisions exist
among 19,600 non-uniformed em- between a vocal Mexican-American
ployees who returned to work community equal in size to the non-
yesterday after voting Friday to end Hispanic population.
lams fund 'proposals
Care Action Center for the coming Washtenaw County, urged Council to
year. use CDBGT funds for child care and
She said she would like to see some requested that CDBG agencies work
"confidentiality" for patients and legal tgether with the Human Services
aid clinets but with scarcity of space Commission.
there is little privacy. She concluded, John Russell questioned the
"It is my understanding that the money discretion of city officials in their fun-
taken is for streets and I can't argue ding priority of street paving. "Street
with that, but I wonder if that's the ap- repairs in Ann Arbor seem to be tem-
'proprirsempAnceArboraseemhe moneyem
propriate place to take the money porary," he said and asked Council to
MARIANNE REIFF, director of the "use money properly rather than just
Child Care Referral Service of pave roads that maybe torn up later."
In other action, Council enacted an
ordinance to establish an Economic
TONIGHT-8 p.m. Development Corporation for the pur-
POWER CEN E pose of attracting and selecting
businesses coming into the city.
Box Office Opens 6 p.m. The non-stock corporation will be
763-3333 located at 207 E. Washington and is
Michigan Rep. Ticket Office: Mon-Fri: directed by James Frenza. John Dem-
12-5 pm. In the Michigan League. psey and Erik Serr will comprise the
764-0450edCouncil-appointed portion of the staff.
rd's Comedy Public hearings were also held on the
proposed Ann Artior Transit Authority
(AATA) waiting room for Fourth and

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