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U.:;.C. Library Serials Dspt. box 870 On 'HI!. H. Peanr Corps Students who did not turn in their applications for the Peace Corps before the rep resentatives left campus may mail them to Peace Corps. Trust Territories Task Force, Washington 25. D. C. Campus Qiief? Are you chairman, presi dent, of caliph ol a campus organization? Theft hurry and turn in a resume of your group's activities to Carolina Handbook editor Steve Hil denbrand. Deadline todav. Volume 74, Number 158 CHAPEL HILL. NORTH CAROLINA WEDNESDAY, MAY 11. 1966 Founded Februarv 23. 1893 Was Sat to Wall Street Drop A Part Of Cycle By BILL AM LONG DTI I Staff Writer Monday's drop in the stock market called the steepest since the Nov. 22, 1963 assas sination of President Kennedy really wasn't that much of an ail-of-a-sudden thing, a visiting professor of finance said here Tuesday. James L. Knipe called it a dramatization of what's been happening for the past few months. Knipe for three years ad viser to the chairman of the Federal Reserve System and author of a 326-page analysis of "The Federal Reserve and The American Dollar" said that the decline was, for one thing, overdue. "There's no doubt that the stock market seems to be try ing to say something," he said in his 109 Gardner Hall office. "I think this is an expression that the market feels the ad ministration has finally gotten a little afraid of inflation and will permit the Federal Re serve to tighten money up a little bit," Knipe said. "If this is true, then this long boom may be topping off," he continued. "It's overdue to top out." "It's the long overdue recog nition that expansionary mone tary policies have to be curbed sometimes and are now being curbed with the Administra tion's permission." The Federal Reserve System attempted a token tightening up of the dollar of President Johnson. The "Fed' was forced to back down. "The Fed has come under the direct influence of Johnson in the past few years," Knipe said, "so that its autonomy has been either impaired or largely lost." What the Fed is doing, Knipe said, is telling businessmen that it's now time to stop ex pansion policy, Knipte said, panding plans and equipment because the business cycle has reached that stage again. For the past five years, while the economy has been rising four and one half per cent, the Federal Reserve System has been following an expansionary policy of providing banks with a nine per cent base for loans. After about three years of ex Shea To Present 'Last Lecture' Dr. Winslow Shea of the Phil sophy Department will be the first speaker in the Morrison sponsored "Last Lecture" ser ies. For each lecture of the ser- les, a tacuity memoer win ue asked to give a lecture under the assumption that it would be the last lecture he could ever give. The professor is asked to choose, after careful consideration, the one subject most meaningful to him after years of teaching and being with students. Shea will speak tonight; and William Geer, History Depart ment, will give his "Last Lec ture" next Wednesday. Both lectures will "begin at 7:30 p.m. and will be in the Morrison social room. Gleeman Tour The UNC Gleemen, under the direction of Dr. Joel Carter, completed its annual spring tour of North Carolina and Virginia last weekend. Before leaving Chapel Hill, the Gleemen sang for the Uni versity Methodist Church. Then they travelled to Hollins College in Roanoke, Va., where they sang for the Sunday night Vespers service. After the ser vice the Gleemen entertained with several folk and tradition al numbers. Individual mem bers also presented a series of popular folk songs. The Gleemen returned to North Carolina Monday morn ing and presented programs of religious and folk numbers at the Roxboro High School and the Oxford Orphanage. This two-day tour was fi nanced by individual members and money appropriated by Student Legislature. YDC Hears Creech William A. Creech, Demo cratic candidate for the Fourth District Congressional seat, will speak to the UNC-Orange it starts getting "foolish." Now, the Federal Reserve System has decreased this base to about 6 per cent and the economy is tightening it self up. The reason for Johnson's vetoing the December tighten-ing-up, Knipe said, was that "his professional economic ad visers have been telling him that there's no such thins as a business cycle, that the busi ness cycle is a tning ot me past." In the past few months, how ever, there's been a re-evaluation of that theory, though, said Knipe. Even the advisors "have tempered it a little bit in the past two weeks," he said. However, because the "brakes" weren't put on in time and with the appropriate finesse, Knipe said, and the economy is beginning to fish tail like a car on ice. "We're skidding a little bit not seriously and the bus iness community sees that," he said. "I think that's the main thing behind the market decline." Another factor in the current economic picture is the uncer tainty of the business com munity over what we're going to do in Viet Nam, Knipe uaid. It really doesn't matter, fi nancially, Knipe said, whether we stay in or get out but it does matter whether busi nessmen can be sure we'll take one course or the other. The likelihood of a general recession following the stock market drop is slim, Knipe said, because of "built-in sta bilizers" in the nation's econ omy. "But we also have a built-in destabilizer, now that's a new and dangerous thing," he said. "That's the $80 billions of con sumer debt." "If you have a recession that amounted to let's say 15 per cent, which I don't think we'll have, it might set off a lot of consumer debt default." "So far, it's only a trough in the stock market," said Knipe. "It's not a trough in the business cycle. The market is only saying that there may be one. "If it comes, I don't think it will be either long or deep." County YDC's at 8 tonight in Howell Hall. The public is invited to at tend the speech and a recep tion following it in Graham Memorial. Creech has served as chief counsel to the Senate Subcom mittee on Constitutional Rights for five years, as a member of the Johnston County Board of Welfare, as Counsel to the Senate Committee on Small Business and as economic as sistant to the American Em bassy in Baghdad, Iraq. The 41-year-old Smithfield native graduated from UNC in 1948 and received his law de gree from Georgetown Univer sity. He also studied at the Uni versity of Oslo and City of Lon don Law School. He opposes Harold Cooley in th2 May 28 Democratic pri mary. SG Interviews Student Body President Bob Powell has announced that all students interested in serving on a Student Government com mittee should come to Roland Parker II from 2-5 p.m. any day this week for an interview. There are vacanies on a 1 1 committees. Powell requests what newly appointed committee chairmen assist in the interviews. Festival Chairmen Interviews for committee chairmen for the 1967 Fine Arts Festival will continue through Friday. Interested stu dents should sign up for ap pointments at the Graham Me morial information desk. Committees are Social Ar rangements. Secretariat, Fi nance and Publicity (Hand book, Displays and News Bu reau). Travis Abbott is chairman of the festival, which begins on April 9, 1967. Mao Returns To TAmelight After Hiding TOKYO (AP) - Radio Pe king said today Chinese Com munist leader Mao Tse - Tung appeared in public yesterday ending speculation that he was seriously ill. He had not been officially reported at public functions for six months. Radiophotos from Peking showed Mao smiling with Premier Mehmet Sehru of Al bania, who is in the Red Capi tal on an official visit. The 72 year - old Mao seemed as ro tund as ever, with no sign of having lost wiehgt. There have been reports that Mao suffered from a heart condition. The last of ficial word of his activity was Nov. 26, when Peking report ed he met with a Cambodian delegation in Shanghai. Re cently, however, a New York report said Mao was at Pe king airport Feb. 28 to see off Kwame Nkrumah, who was ousted from the presidency of Ghana while visiting Red Chi na. But Peking never mention ed this appearance. Peking and New China News Agency broadcasts said Mao was host at a banquet for the Albanians, who are Red Chi na's lone ally in Europe in Peking's feud with Moscow. Peking made no mention of why Mao had been absent for so long and said nothing about his health. Officials in Peking twice denied recently that he was ill. Mao frequently has absented himself from Peking for long periods of rest and study in the past 20 years. The report of his reappear ance coincided with the an nouncement that Red China had detonated its third nuclear bomb Monday. Peking said Shehu hailed the blast as "a very great victory not only for People's china but for the so cialist camp and mankind." The Albanians arrived in Communist China April 28, at tended May Day celebrations in Peking and went on a tour of Harbin, Shanghai and Can ton. They returned to the Chi nese capital May 8. Peking said Premier C h ou En-Lai, defense Minister Mar shal Lin Paio and other party leaders were present at the banquet. Attend Conference Three members of the De partment of Romance Langu ages attended the 19th Univer sity of Kentucky Foreign Lan guage Conference recently in Lexington. Language specialists from throughout the United States presented more than a hundred scholarly papers during the three-day conference. Chairman of the Spanish II and also of the Medieval Stud ies sections was Prof. John E. Keller, UNC Professor of Spn ish. Dr. Joseph R. Jones read a paper in the Medieval Stud ies section entitled "A Lost Hispano-Arabic Source of Al fonse the Wise's General es toria." In the Spanish American lit erature section, Leon F. Ly day spoke on "The Vision of History in El Virrey Solis of Antonio Alvarez Lleras." Ly day is a June candidate for the Ph.D. in Latin American literature in the Romance Lan guage Department, where he is an instructor of Spanish. Open House The Consolidated University Student Council is sponsoring an open nouse tor Carolina Gentlemen Saturday on the UNC-G campus. There is a mixer in Coleman Gym from 4 to 6 p.m. "The Tarns" will be featured in a combo part in the ball- room in Elliott Hall from 8 D-m- t0 midnight. Fall Sorority Rush All women interested in par ticipating in rush next fall (all sophomores, juniors and seniors) should sign up in the Dean of Women's Office, 202 South Building, by May 15. Rush information will be sent to those who sign up during the summer. V i :y:JX: dm KNOWING THAT there is a 9-1 the DTH felt obligated to do MUST have lost out. So here r 7 :; Noon Rally Friday Protests Against Student Deferments By ANDY MYERS DTH Staff Writer Students for a Democratic Society will hold a noon rally Friday in Y Court to protest student deferment from the draft. The rally, an "informal" one according to Student Peace Un ion member Chuck Schunion, will be highlighted by speeches from Dr. Lewis Lipsitz, SDS member Gary Waller, and Schunior. A booth will also be set up to distribute flyers titled "Call For An Examination Of Con science" in which SDS is count ering the selective service's recent "Beat-The-Draft" exam with one of their own tests. Saying their test is not "doc- German Film Shown The Department of German ic Languages and Beta R h o Chapter of Delta Phi Alpha na tional German honor fraternity will present a film at 7:30 to night in the Dey Hall faculty lounge. The public is invited to see the film "Einen Jux will er sich machen" by Johann Ne pomuk Nestroy, the nineteenth century Viennese farical com edy writer. There is no charge. Recruiters Here The Flintkote Co. and Fire man's Fund American Insur ance Companies will be re cruiting on campus today. Tomorrow, N. C. Department of Conservation and Develop ment Div. of Community Planning, W. R. Grace and Co., Cryovac Div. and. Fidelity Mutual Life Ins. Co. will be here. Tusculum College will he here Friday and Associate Ad vertising Agency will be here Saturday. If you are interested in talk ing with representatives of these companies, contact the Placement Service in 204 Gard ner Hall. VP Compliments SP The University Party passed j a resolution Monday night com- j plimenting the Student Party for the democratic methods j they used in settling their in- j ternal arguments. The resolution was prompt ed by the SP dispute over whether they could hold party elections at the first or second party meeting after campus elections. Champ Mitchell was elected to fill the seat on the execu tive Committee vacated when Phil Kirstein resigned. ratio of men to women here, something for those fellas who she is. Miss Sunny Smash. tnnaire," Schunior insisted its purpose is to dramatize the un fairness of the draft test. The selective service is offering its test to college students this Saturday, May 21, June 3, and later dates. The rally will be directed against the draft, and espe cially against 2-S deferments, Schunior said. Lipsitz, a political science teacher, attacked our present deferment system last week, and suggested persons be al lowed to stay out of a particu lar war if they did not agree with their country's policies abroad. He is expected to continue his attack against 2-S defer ments Friday. According to Schunior, WTaller will deliver a "harangue" against the Viet Nam war in general. Schunior will probably read the flyer, put out by the na tional SDS organization, which says of the SDS test: "Passing our Viet Nam exam won't put you in a jungle fox hole. But maybe thinking through some of our questions will make you a little shakier, a little freer and a little prouder of your own consci ence." The handout asks: "The gov ernment intends to train us to oe killers if we fail its . test, why doesn't it ask us instead what we think this war is all about?" Schunior did not know wheth er there would be a sound sys tem for the speech-makers at the rally. Copies of the SDS Teague Tops Dorm Drive Teague and Pi Kappa Phi are the early leaders in the dorm and fraternity divisions in the Project Hope fund drive being conducted by Alpha Phi Omega service fraternity. Project Hope's ship acts as a sort of "floating Peace Corps," bringing medical aid and tprhnnlnav tn th norts in which it docks. The Hope had docked in West Africa, Asia, Nicaragua, Ecuador, Peru and South Viet Nam training more than 3,000 people. Fifteen dorm fund chairmen have been selected. They are Ronnie McMannus, Morrison; Ashley Thrift, Stacy; Gary Norden, Ehringhaus; Chip Sey mour, Manly; John McGee, Teague; Birch Davidson, Old West; Dick Rose, Aycock. Also, Anna Helbig, Spencer; Al Hamrick, Ruff in; Dan Hin nant, Parker: Kathy Harris, Alderman, Charlotte Mason, Nurses Dorm; Ken Barnes, Joyner; Don Cunningham, Craige; and Tommy Phillips, Everett. Monday can be turned in to the basement of Smith Resi dence Hall from 7-11 p.m. through Thursday. .Forum Panel et On Viet Nam By STEVE BESSETT DTH Staff Writer The Carolina Forum will sponsor a panel discussion on "The Future of U. S. Foreign Policy in Viet Nam" fea turing Dr. Henry Kissinger, George Cabot Lodge and Allard K. Lowenstein next Tuesday night at 7:30 in Memor ial Hall. Dr. Kissinger, a consultant for the National Security Council, is consider ed to be one of the foremost citizen ex- Larson Criticizes LBJTs Policies Dr. Arthur Larson, director of the Duke World Rule of Law Center who has been invited to speak on a Carolina Forum panel here Tuesday, charges that President Johnson fails to understand the role of power in international relations. In a recent address at a Con ference on Containment Policy in Asia at the University of test will be available at the Y Court booth. Some of the test questions in clude identifications of state ments by "leading figures" in the Viet Nam conflict, ques tions of military operations in Viet Nam, questions of picking estimates of the number of South Vietnamese deserters. guessing how much money this country spends on the war, and others. One question states: "In or der to be a conscientious ob jector (C. O.) to military ser vice in the United States, you must: (A) Believe in God; (B) Belong to a recognized church; (C) Be against the use of force in any situation; (D) Serve two years in a civilian hospital; (E) None of the above." The correct answer is listed on an SDS "Answer Sheet" with reference to a 1964 Su preme Court case, and the reader is then asked to s e e "The Guide to Conscientious Objection" published by SDS for more information. Other questions get similar treatment. Fire Struck Old Building By STEVE BENNETT DTH Staff Writer The old wooden structure which housed Chez Kemp Ltd. and Court Drug Co. until a fire last Friday night is the only building left of the original town of Chapel Hill. The building was erected in the late 1880's and has become the last building to survive the endurance of time. The building is owned by M. A. Abernathy, a former res ident of Chapel Hill, who is now a stockbroker on the New York Stock Exchange. When Abernathy lived in Chapel Hill he used the build ing to house a bookshop. Kemp was his assistant in the shop and has been managing the building ever since Abernathy j left towm Court Drug Co. rents its part of the building from Kemp. Un til this year that part of the building had been an Oriental Art Shop that was also run by Kemp. The upstairs rooms of the building have had many uses over the years according to Kemp. He often tells the story of when Frank Sinatra lived upstairs over the store for sev eral months many years ago. Abernathy has not yet said whether or not he will rebuild the structure. The building was condemned several years ago but no action was ever taken to remove the tenants. Kemp has said that he will return to Franklin Street and Dr. Court has reopened his drug company next to the North Carolina National Bank. Wisconsin the former official in the Eisenhower Administra tion said that Johnson likes power and relies on power. This was the first time Lar son, an authority on interna tional law, had directed criti cism of Johnson since he threw his personal support behind him in the 1964 Presidential election. Power, Larson asserts, is the ability to produce a desired result. Any statement to the effect that President Johnson understands power, he adds, is an "inaccurate and superficial appraisal." The former Undersecretary of Labor and director of the U. S. Information Agency un der Eisenhower points to the 1961 Bay of Pigs invasion and intervention in the Dominican Republic as examples of resort ing to "raw military power." Both are also stark examples of flouting the law, he con eludes. The uprising in the Congo and resotration of order through use of the United Na tions is cited by Larson as an example of the procedure of lealing collectively with threats to peace. But the U. S., because of its activity in Viet Nam, is looked upon by the world as "a con fused and unpredictable giant with immense power but no clear sense of restraint or di rection," he charges. "Common sense and experi ence of the centuries has pro duced the rule of non-intervention in the internal affairs of other countries. "When any one country vio lates that rule, the shock it produces around the world is partly the result of the realiza tion that if rule of law ever disappears, no small country is safe," Larson asserts. CHAPEL HILL'S OLDEST BUILDING, which was hnUt a the late l&SO's. housed Kemp's and Court Drug To h?av nv damage by fire last Friday night. DTH Photo By Jock Lauterer Talk perts on foreign policy in the country. He has written several books on the role of nuclear weapons in foreign pol icy. George Cabot Lodge, son of the for mer Ambassador to Viet Nam Henry Cabot Lodge, is the former Assistant Secretary of Labor for International Affairs and is now Director of the Di vision of International Studies at Har vard College. He was also a candidate against Edward Kennedy for the U. S. Senate . Allard K. Lowenstein, who was an advisor to Hubert Humphrey, is now a member of the execu tive committee of Ameri cans for Reappraisal of Far Eastern Policy. He is a for mer professor at N. C. State University, former president of the National Student Asso ciation and has been a Con gressional candidate. Lowenstein has put much time and effort into the Civil Rights movement and has been extremely active in var ious leftist causes. George Nicholson. Ill, chair man of the Carolina Forum said, "I think it is a real privilege for the Forum to have the opportunity to pre sent such a distinguished pan el of experts in the field of foreign policy." Nicholson said that another member of the Forum panel will be announced in a few days. The faculty moderator for the panel discussion will also be announced soon. The panel members will be gin with a few introductory remarks and then will dis cuss questions from the floor addressed to the panel or to individual members. Kissinger and Lodge were secured as members on the Forum panel when Nicholson and several other members of the Forum traveled to Bos ton to see them in February. The panel discussion will have delayed transmission coverage by UNC Television. Cocktail Party Causes Strike NEW YORK (AP) Long Island railroad trainmen struck the nation's busiest commuter line at the rush hour yesterday, staging a whisky rebellion against cock tail - partying executives. About 20 to 30 per cent of the Lirr's service went out as trainmen quit on four diesel lines that service the north See COCKTAILS Page 6
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