Image provided by: Texas A&M University
About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Nov. 3, 1978)
THE BATTALION FRIDAY, NOVEMBER 3, 1978 Page 9 Carter’s born-again dollar changes economic picture United Press Intermational President Carter’s announcement of drastic economic measures re vived the stock market, resurrected American business optimism, created a born-again dollar and boosted Carter’s image on the economy. Carter’s cavalry charge rescue of a besieged American dollar Wednes day flipped the world economic pic ture like a pancake. Within an hour of Carter’s pledge, the stock market — which had been losing for two weeks — took a dramatic turn upward. By nightfall, it had posted the largest gain ever in a single day. The Wall Street buying spree sent the Dow Jones Industrial Aver age up 35.40 points to 827.79 points. U S. businessmen also welcomed the measures, even though they mean tighter credit. Foreign leaders approved of the Carter administration’s moves to strengthen the dollar. Their only criticism was that the steps were long overdue. Bankers and foreign exchange dealers were unanimous in their praise for Carter’s measures to buck up the buck. They responded by bidding the dollar to one-day increases that in foreign exchange markets were "as tronomical.” By day’s end the dollar had gained an incredible 5.5 percent in Germany. At daybreak Thursday the dollar posted another 5.5 per cent gain as markets opened in Ja pan. Investors who had gambled on a further decline of the dollar lost their shirts. Gold bugs likewise took abath. The price of gold dropped by around $20 an ounce to about $220 before the close Wednesday. Robert V. Roose, a partner at J Brown Brothers Harriman, said the package is as decisive and em phatic as the British actions in late 1976. It marks the end of the de cline of the dollar. ” Only a week ago, the dollar was the currency everyone wanted to sell and nobody wanted to buy. Now, foreign exchange dealers say dollar owners are holding onto them to get a better price. For the first time in weeks, everybody wants to buy and nobody wants to sell the U.S. currency. Americans living overseas, who have watched the buying power of their dollar wither drastically over the last year, were delighted at Wednesday’s dramatic rise, but still felt if wasnTenough For the American tourist in Ja pan, it meant the price of a cup of coffee went down about 7 cents overnight, from $1.40 to $1.33. A modest hotel room that cost $51 on Wednesday, cost $48 Thursday. One American housewife in Bonn noted that even with the dollar s spectacular gain of 5.5 percent a- |ainst the German mark Wednes day, it was still worth 19 percent less than a year ago. And the long-term prospect, ac cording to a number of economists, is still a U.S. recession in the next couple of years. Otto Eckstein, of the economic forecasting firm, Data Resources, in Cambridge, Mass., said flatly: “We are changing our forecast to reces sion. ” Higher interest rates mean that where mortgage rates are close to or at local legal ceilings, the supply of mortgage money may drv up. Where there are no ceilings, mort gage interest rates will rise. A spot check by UPI showed most mortgage rates already are higher than 10 percent, and there are pre dictions some could hit 11 percent as early as Thursday. Living with the law I took a big bite of Brand X ice cream and found something too terrible to print. I’m not hurt at all, but I’m sure mad. Can I sue Brand X? You can always sue, but you must ask for money damages, and you must prove some harm to yourself. Your natural revulsion at finding something other than food in your food will, alone probably not net you much money in court. Editor’s note: This column is provided by the students’ legal advisers as a service to Battalion readers. Answers are general and should not replace the personal advice of an attorney. Questions for this column can be addressed to the students’ legal advisers in Room 306, YMCA Building. BACK BY POPULAR DEMAND! COMING NOV. 14 ADVANCED TICKETS AVAILABLE $3.00 COVER 846-2415 (IN UNIVERSITY SQUARE) Chief** 11 \ tic l-A'-r'ot chicken * P tXh baked ro» and cole a:a« £ x p\r eS ^ oV -^ 705 Ave Present Coupon V TO ALL FACULTY AND STAFF OF TEXAS A&M: As November 7 approaches, I can ap preciate your concern in electing a rep resentative sensitive to the unique needs of the Texas A&M University com munity. In the past few months, I have talked with administrators and faculty-staff about the many facets of research, teaching and extension activities at Texas A&M. The vastness and complexi ty of these resources is extremely im pressive. Let me assure you that as Con gressman I intend to support you in these valuable contributions you make to our state and nation. I am opposed to phasing out govern ment projects as my opponent has sug gested. I believe there are certain areas where government can and should sup port research as an investment in the future. I have no other aspirations in Wash ington than to strive to continue the superior representation you have al ways enjoyed. I will be your voice in Congress. Sincerely, Wes Mowery Candidate for U.S. Congress Pol. Adv. paid by Wes Mowery for Congress Committee, P.O. Box 11487, Fort Worth, Texas 76109. J. L. Matthews and Lee Paulsel — Chairmen, R. J. Schumacher — Treasurer. A copy of our report is filed with the Federal Election Commission and is available for purchase from the Federal Election Commission, Washington, D.C. The moccasin That's Really a moccasin by ■ OLDMAINE ■ ■ ^ trotters SPORTY Some moccasins just look like moccasins. This one's made the way moccasins have been made for generations — by hand. The soft leather is wrapped and stitched to the extension sole. The vamp's hand-sewn. BE SURE TO COME IN AND LOOK THROUGH OUR NEW WINTER FASHIONS IN CLOTHES TOO! 2018 TEXAS AVE. I 823-0630 I I BUY, SELL, RENT . . . Battalion Classified Pulls IN EUROPE, MORE PEOPLE DRINK STELLA ARTOIS THAN ANYOF THESE GREAT BEERS Stella Artois (Ar-twa') is part of a brewing tradition that began more than 600 years ago in the year 1366. The robust, hearty light lager taste comes from old world brewing that patiently insists that every drop is matured a full 63 days. Today in more than 50,000 bars and restaurants all across the Continent, Europe's discriminating beer drinkers ask for the great taste of Stella Artois. Now you can, too. iClip Coupon