Newspapers / Daily Tar Heel (Chapel … / May 6, 1971, edition 1 / Page 5
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Thursday, ?.3y 6, 1971 The Daily Tar Hse! Monetary crisis .Dollar vatae drops 1 FRANKFURT, Germany -The West German- Central Bank pulled the props out from under the U.S. dollar Wednesday by withdrawing its support for the ailing currency, and the world was plunged once again into a monetary crisis. Five other nations quickly followed suit. Bank President Karl Klasen suspended Student denied right to vote CHARLOTTE-The Mecklenburg Elections Board refused Wednesday to register a Davidson College student who declined to take an oath saying he would take up permanent residence in the county. Jerry N. Dean, 21, said he would appeal the decision. He did not say whether he would take the case before the State Elections Board or the courts. Dean, a senior, said he refused the oath because it discriminated against him as a student. . . - Dean said his parents live in Delaware, but he has never lived there. He told the board he has been a resident of Mecklenburg County for more than a year as a student at Davidson. trading after $2.2 billion poured into West Germany in two days. He said the market would reopen Monday at the old rate. But after trading was suspended during the last crisis 18 months ago, the mark was revalued upward and the dollar was devalued. The crisis was touched off when speculators began panicky selling of dollars in belief the mark and other hard currencies would increase in value and the dollar would fall. As a result, many financial experts predicted the mark would , be allowed to "float" upward in what would amount to devaluation of the dollar. West Germany's action was followed by the central banks of Switzerland, Austria, Belgium, Portugal and The Netherlands. The Bank of England and the Bank of France continued to support the dollar. West Germany bought an estimated SI. 2 billion Tuesday in an effort to shore up the dollar and another S 1 billion this morning before it stopped and gold and money markets were closed to give breathing space. There ' were several factors in the weakness of the dollar-the current recession in the United States, the growing U.S. national debt of S396.6 billion, the SI 0.7 deficit in the balance of foreign trading last year. IjjTl 1 !l I Ir! Egypt outlines details :or z-stage wi rawa. Clay buries hamlet ST. JEAN VIANNEY, Que. A series of massive clay slides touched off by an underground stream swallowed up at least 40 homes in this Laurentian mountain hamlet Tuesday night, burying them in tons of muck described as "cold lava." Official estimates Wednesday set the toll of dead, or missing at 31. One official said that perhaps as many as 25 of the victims were children trapped in their beds. About 1 ,200 persons had to be evacuated. More than 15 hours after the cave-ins dumped thousands of tons of slimy, suffocating clay on the little village 1 50 miles north of Quebec City, only two bodies had been recovered. Ten persons were plucked Wednesday morning off homes and cars that had sunk into the newly formed mile-long crater with a depth of 300 feet. Part of the village located on the "River of Broken Lands" began slipping into the crater shortly -before midnight Tuesday when the cave-ins began. They continued through the night and, by morning homes, autos and buses had slithered into the thick muck in the bottom of the crater. The provisional government said that "at 1 :30 p.m. EDT there were two dead and 20 missing. Forty homes were destroyed and 1 ,200 people were evacuated." Duke president names provost new chancellor DURHAM-Duke University President Terry Sanford Wednesday announced the selection of Dr. John Blackburn, provost and former professor of economics, as chancellor, subject to the approval of the University's Board of Trustees. Blackburn is to succeed, effective Sept. 1, A. Kenneth Pye. whose resignation on doctor's advice was announced Tuesday. Blackburn and Pye assumed offices of provost and chancellor, respectively, last July in the first major appointments of the Sanford administration at Duke. 4Dr. Blackburn's outstanding administrative and academic abilities presented a natural choice to the search committee," said Sanford. "We are fortunate to have a man of his talen! near at hand. "In the year he served as provost he has brought great imagination and energy to the problems and aspirations of Duke University." Blackburn, 41, earned his AB decree magna cum laude from Duke in 1951 and his Ph.D. degree from the University of Florida in 1959. Now in Durham nthe South's collection of men's boutique cJotMs fiyUG POO at van Straaten's Downtown Egyptian Foreign Minister Mahmoud Riad outlined to Secretary of State William P. Rogers Wednesday a two-stage Middle East peace plan calling for an initial withdrawal of Israeli forces about two-thirds of the way across the Sinai Peninsula, diplomatic sources reported. The sources said Riad suggested Israeli forces withdraw to a line from El Arish in the north to Ras Mohammed in the south, which would permit the reopening of the Suez Canal and allow Egyptian forces to take up positions on the east bank of the waterway. This withdrawal, the sources said would leave Sharm el-Sheikh, the fortress guarding the entrance to the Gulf of Aquaba, in Israeli hands. Israel has demanded control of the strongpoint in order to guarantee access of its shipping to its southern port of Eilat. The sources said the first stage of the Egyptian plan, developed just before Books, olcdiirse! For the graduate,. those extra-special reference works he might never get for himself; For the bride crash- w - ; ' I course cwkbobk or'idea''' books f of the nevme' and garden. And Pappy's Day is only a month or so away, as well! . .; Giftwrapping (and preparation for mailing) is always on the house at THE INTIMATE BOOKSHOP East Franklin Street Chapel Hill Open Evenings Til 10 Rogers arrived in Cairo on his Middle East peace-seeking tour would be followed by a second stage containing the following measures: y ' Israel to withdraw completely from occupied Egyptian territory to the boundaries which existed before the 1967 war. Egypt then would declare an end to the state of belligerency with Israel. Israel next would reach settlements with Jordan and Syria. When these conditions have been met, Egypt would be ready to sign a formal peace agreement with Israel. WATER BEDS Why Pay More? Take One With You This Summer-Only $33.98 967-5104 G ABORTION can be Jess costly than you may think, and pregnancies of up to 12 weeks can be terminated for $175.00 including doctors fees, labora tory, tests, all medication & referral fee. Hospital and Hos pital affiliated clinics only. Safe, Confidential, Immediate. ' call (212) 83S-0710 24 hours 7 days Woman's Aid & Guidance Group 40 E. 54th St., N.Y.;fJ.Y. 10022 Now's The Time To Stock Up On Cheap Vacation ' Reading At The Old Book Corner 137 A East Rosemary Street Opposite Town Parking Area JO Chapel Hill SUMMER JOB Looking for a job this summer where you can make better than average earnings and not have to sell door-to-door or house-to-house? ALL of our past students have made at least $1500.00 and some $3000 or more. The "Lewis and Clark Expedition," a division of A.A.E. will be interviewing for students to sell youth and contemporary gift and accessory items to boutiques, gift stores, and dept. stores in major areas of the country, especially the South. You must have a car, but "sales experience" is not necessary. Contact the Placement Office for further information and an interview on May 12. EASTGATE SHOPPING CENTER LAKEWOOD SHOPPING CENTER KlOnj(iVM Q n 1$71 g2A:m ahasd rs:;::ia UN AtlONISTftlO if H mi TWO LOCATIONS I jCff WAREHOUSE 77 y WW CHAPEL HILL, N.C. DURHAM, N. C. DON AI.L YOU CS! ; EAT AT JOE'S 3-12 FRIED CHICKEN COLE SLAW & FRENCH FRIES $1.50 DRAFT BEER 5-9 pm TIKI DAY UNOAY SHOP BOTH STORES MON.-FRI. 10-9 flOL nt Stir- i-.oi iism-.rif The MAY-O-RAMA give-away is now at the Hub Ware house and the Hub in Lake wood. This means fantastic savings for YOU. New shipments of merchandise are now here for this spectacular sale. We have DRASTICALLY cut many prices for this first MAY-O-RAMA. Come save during our GREAT SALE EVENT. LONG SLEEVE DilESS SI1IHTS Long fashion collar and burton downs. Assorted colors - orn and patterns. Values to $12 W Eastgate Store Only SUITS Group of Famous Maker Suits in all the newest models and patterns fh Values to $100 Sharyn Lynn Has A Large Selection Of Gift Items For Her: SPORT COATS Group of assorted plaids and solids. Values to $70 v 19 knit shifts Placket Collars and round necks. Assorted colors and stripes Values to $7 'mm Li t t mmmm m LOTDIE PanavisiohTechnfco5a -idi "RELD OVER AT 2:30-5:15-8:00 Pajamas & Gowns Knit Tops Blouses .Hot Pants Slacks Pant Suits Pant Dresses Scarfs Jewelry Bathing Suits Casual Slacho Assorted colors and patterns Values ta $12 0 DRESS SLACKS Dacron and blends in solids end patterns Values to $22 Hours: Mon.-Fri. 10-9; Sat. 10-6 Both Stores Sun. 1-6 Eastgate Store Only These are just 6 listed items. For the many, many more come see for yourself and SAVE. LAKEWOOD SHOPPING CENTER DURHAM, N. C. ; 1 . CITTS ' The Style That's In Is At Sharyn Lynn l warehouse fe ; ; j I yf SHOPPING CENTER 5 T"inrn 1 1 lit if I N0SwiNG3-5-7-9 ""ij BANKAMERICARPV - y MASTERCHARQEJ )j J W ' j eemeiSmjm&4 ON HER DAY WITH (0f M T. '. ,' .... . II -T1'"1" I', f 'yT.IWIB:., ,., ,JWlllllllmiliJJ..
Daily Tar Heel (Chapel Hill, N.C.)
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May 6, 1971, edition 1
5
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