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January 07, 1988 - Image 3

Resource type:
The Michigan Daily, 1988-01-07

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Report of bank pact
sparks dollar's jump

The Michigan Daily-Thursday, January 7, 1988- Page 3
Geology de tm
ge e}
ensures future

NEW YORK (AP) - Money
traders scoured for dollars and drove
the currency's value sharply higher
for the third straight day yesterday
following Japanese reports of a secret
pact among central banks to stabilize
the dollar against the yen.
Monetary officials did not com-
ment on the report by the Japan
Broadcasting Corp., NHK, which
said the central banks of Japan, the
United States and West Germany had
established a $5 billion pool to
intervene in currency markets and
keep the dollar between the high 120-
yen level and 140 yen.
Some dealers interpreted the no-
comment reaction as a signal that the
report was true and bought dollars
aggressively in hectic early trading.
Others were skeptical but felt
compelled to buy dollars as they saw
the currency jump.
"That report was the entire reason
for the dollar's rise," said James Ho-
hurst, managing director of foreign
exchange at Manufacturers Hanover
Trust Co. in New York. "Traders
were clutching at anything this
In late New York trading, the dol-

lar gained nearly 1.5 West German
pfennigs to equal 1.64 marks, and
gained 1.45 yen to equal 129 yen. On
New Year's Eve, the dollar was
worth 1.57 marks and 121.10 yen.
The rise in the dollar again helped
the stock market, though not as
much as in the previous two ses-
sions. The Dow Jones Industrial
Average, up 92.67 points Monday
and Tuesday, added 6.30 to close at 2,
037.80. Broader market indexes also
rose slightly, but the volume of
trading was relatively light.
In contrast, the dollar's rise yes-
terday did not help the bond market,
where prices fell sharply after two
days of gains. Bond traders were ap-
parently more concerned with rising
commodity prices and consequently
higher.inflation, which erodes the
value of fixed-income investments.
Some analysts said that even
without the NHK report, the dollar
would have moved higher in the
aftermath of concerted central-bank
action to buy dollars Monday and
Tuesday. By some estimates, the
banks spent $5 billion worth of
foreign currency to buy dollars on
Tuesday alone.

Geological Sciences mini-courses
are not easy credits, department
officials have found, and the future is
safe for courses such as Dinosaurs
and Other Failures, Coral Reefs, and
Waves and Beaches.
The department's curriculum
committee began a review of the
courses last March, and has debunked
the myth that the courses are "easy
The review was prompted by an
'inquiry from the LSA curriculum
committee and Geological Sciences
faculty. The review committee
submitted a preliminary report to the
department's faculty in November
and will submit a complete report
next month.
Department head Rob Van der
Voo said the "cutesy" names of the
courses - like "Dinosaurs and Other
Failures" or "Volcanoes and
Earthquakes" which is nicknamed
"Shake and Bake" - perpetuated the
myth that mini-courses are easy
"These cutesy titles are not
necessarily bad, but they lead again
to a myth or reputation," Van der
Voo said. "It's not the serious image
of academia."

Students are not guaranteed easy
A's and less work if they takq
geology mini-courses. In fact, the
median grade is a C-plus/B-minus;
slightly lower than medians for other
classes, said Van der Voo.
The department called the classes
- which meet twice a week for halt
a term - a success because its too,
professors teach them, and they fit
flexibly into students' schedules."P
Van der Voo, who has taught the
mini-course "Continents Adrift
said faculty members enjoy teaching
the classes because they are able tp
present specialized material in tlrei
own field. Introductory surve~'
courses, on the other hand, often
include some material with which
they are less familiar.
He added that although soP
students take several mini-courses
just to fulfill natural scienee
distribution credit, the average
student taking geology mini-course
enrolls in only one or two.
Roughly 3,000 students each year
take the mini-courses, which have
been offered since the mid 70s. This
semester eight courses are being
offered, with about 200 spaces in
most classes.

Candy man
Bill Hunter, a representative of Market Square who runs promotions for
Barnes & Noble, disperses free candy bars in front of the bookstore


vie for city council seats

Nine candidates, including a University
student, have filed petitions to run for Ann Arbor
City Council setting the stage for two primaries
on Feb. 19.
In the third ward, which includes East Quad
and the heavily student populated area between
East University and Washtenaw avenues, the
Republican primary pits banker Isaac Campbell
against Daniel Rosenberg, an LSA junior.
Campbell, who is making his second run for
city council after losing last year to Jeff Epton
(D-Third Ward), said his experience qualifies him
for the council seat. Campbell has lived in Ann
Arbor for eight years, serving on city commis-
sions dealing with the sister city program and the
police department.
He considers himself "a moderate-to-liberal"
candidate and believes the city council should
"maintain a local focus."
Campbell said the campus area does not have
enough housing, but he does not hold the
University responsible for alleviating that
"I think that the housing problem is
something the city should be concerned about,"
he said. "I do not think, however, we can just say
that the University should build a dorm."
As an alternative, Campbell suggested

students may have to live further from campus.
Rosenberg, who also considers himself
moderate-to-liberal, said he would like students to
have a greater voice in the running of the city.
"The main reason I'm running is that students
are completely taken for granted in Ann Arbor
politics, which is why we have serious problems
with parking and housing," Rosenberg said.
He said the University bears primary
responsibility for the housing crunch and should
provide more on-campus housing.
The recent increases in University enrollment,
in conjunction with the removal of some
University housing, has forced rents to increase
substantially, Rosenberg said. If the University
cannot build a new dorm, Rosenberg said it
should consider decreasing the number of
He also supports efforts at the city level to
provide shelter for Ann Arbor's homeless. "Even
though I'm a Republican, I have a strong concern
for the homeless," Rosenberg said.
Despite his inexperience in city politics,
Rosenberg hopes a strong student turnout will
help his campaign in the primary.
Fifth ward voters must decide, which
Democratic contender will face Republican
attorney Thomas Richardson in the traditionally

Democratic ward. Edward Surovell, a realtor, and
Ethel Potts, a local potter, are vying for the spot.
Potts said she is concerned about the housing
situation in Ann Arbor.
"The city should work a lot harder to convince
the University to build more housing," she added.
"I think the problem has almost reached crisis
While Potts said she will consider supporting
the rent stabilization ordinance which tenant
advocates are attempting to place on a city
referendum, Surovell opposes the measure.
"If the goal is to limit rent increases, I don't
think the ordinance will do a very good job," said
Surovell. He said rent increases allowed under the
ordinance exceed those landlords have been
Surovell said he considers himself more
moderate than Potts and believes City Council
should limit itself to local issues.
In Ann Arbor's other three wards, the
primaries are uncontested. Incumbent Democrat
Larry Hunter faces no opposition in the First
Ward. In the Second Ward, incumbent Democrat
Seth Hirshorn faces Republican Ingrid Sheldon,
who twice ran for Ann Arbor School Board in the
early 80's. In the Fourth Ward, Democratic
incumbent Dave DeVarti faces Republican Mark

Bush-, Pole bicker;'

MOSCOW (AP) - Soviet
authorities stripped the name o f
Leonid Brezhnev from a city, town
squares and a Moscow neighborhood
yesterday, showing their low esteem
for the late leader now blamed for
bureaucracy and stagnation.
Wiping Brezhnev's name off the
map was the latest example of Soviet
Communist General Secretary Mik-
hail Gorbachev's reform campaigns.
Brezhnev, who was Communist Par-
ty chief from 1964 to 1982, and his
era have come under increasing crit-
icism for fostering complacency and
After Brezhnev died of a heart
attack on Nov. 10, 1982, Naber-
ezhnye Chelny, a city of 460,000
people in the Tatar region 500 miles
east of Moscow, was renamed in his
Also named for Brezhnev were an
atomic icebreaker, a naval vessel, a
passenger liner, an army tank div-
ision, a metallurgical institute, a
military academy, a nuclear reactor
plant, a dam and public squares and
At the time, the Tass news agency
said the name changes were made to
perpetuate Brezhnev's memory and
eulogize him as "a true continuer" of
the cause of Vladimir Lenin, founder
of the Soviet state.

Hart ignoj
By The Associated Press
George Bush and Bob Dole kept up
their attack across New Hampshire
yesterday as Dole suggested his chief
Republican rival was cracking under
pressure and Bush said he was only
defending himself because "I just get
a little tired of getting shot at ."
In Washington, White House
spokesman Marlin Fitzwater said
President Reagan "still believes in
the 11th Commandment" - Don't
speak ill of a fellow Republican -
but probably wouldn't call a meeting
of GOP candidates to urge them to
tone down their criticism. "The pres-
ident remains neutral," Fitzwater
In the Democratic race, Richard
Gephardt tried to boost his flagging
campaign by attacking the press and
political establishment, while Gary
Hart dismissed as "superficial baro-
meters" the polls that show him far
ahead of the pack in Iowa.
"It doesn't mean a thing," Hart said
of the newest poll indicating he has
twice the support of any other Dem-
ocrat in the state where party cau-
cuses on February 8 will provide an
early indication of strength.
Democrats as well as Republicans
'were attacking each other.
Former Arizona Gov. Bruce Bab-
bitt, campaigning in Iowa, dismissed
as "laughable" Sen. Paul Simon's
proposal of a day earlier to levy a
surtax on the wealthiest Americans if
needed to bring down the federal
"I'm sorry. Soaking the rich and
telling 99 out of 100 Americans they
can get something for nothing is not
a hard choice. It's the same old
politics," said Babbitt, who has pro-
posed a national sales tax to reduce
the federal deficit.
Simon defended his proposal while
campaigning in Fairfield, Va.; but
said he hoped it wouldn't be needed
and didn't think it would be.
"I am committed to stop borrowing
from our children and grandchildren,"
Simon said. "We're going to have a
balanced budget. I will ask for a tax

r es

increase, but that's a last resort, nqt a
first resort."
Meanwhile, Jesse Jackson accused
all the other contenders of "failed
leadership" and said Simon, Gephirdt
and Sen. Albert Gore Jr. haveM"a
record of abandoning the needy."
Campaigning in sub-zero weather
in Iowa, Jackson said budget cuts
backed by those three in Congress
mean 50,000 homes won't 'be
weatherized this winter. "Those who
surrendered to Reaganomics, those
who did not resist must now bear the
hardship imposed on the most vul-
nerable," Jackson said.
Vice President Bush kept up :the
heat on Senate Republican Leader
Dole as the two men campaigned
separately in cold New Hampshire.
"Sometimes you've got to defend
yourself," Bush said.
Most of the 13 presidential can-
didates were campaigning in the cru-
cial early states of Iowa and New
Hampshire, which were gripped like
much of the country in frigid terp-
With This Ad.
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UM News in
The Daily


Scarf it
Students wrap themselves up in cold weather gear while leaving the fishbowl yesterday, the first day of
classes for winter term.

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