Northwest Arkansas Times from Fayetteville, Arkansas on February 19, 1973 · Page 10
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Northwest Arkansas Times from Fayetteville, Arkansas · Page 10

Fayetteville, Arkansas
Issue Date:
Monday, February 19, 1973
Page 10
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to NotihwMl ArkaiiKit liiYuVa, Mon., ftla. If, ;»/i . VAVtTTIVILLK, AUKANtA* ' To .Find True Value Let Currencies Float, Advises Economist .Bf JOHN CUNNIFF .· Easiness Analyst NEW YORK (AP) - The value of many national currencies ·re how temporarily floating in relation to the dollar, and in Ihe view of a small minority of businessmen and economists they/should be left to float for- ·ver. idea, most forcefully pro- gated by Prof. Milton Friedman of the University of Chicago, is to let currencies find their true values in the market place, just as do butter ·rid. eggs and transistors and : automobiles. Under the existing system currency values are agreed · iipon among nations and then '. -maintained as long as possible. This is accomplished by each ;· nation's central bank buying V currencies that are weak, and selling strong ones. : When market forces dictate '. change, these nations then formally adjust values up or down - by revaluing or devaluing, of- Exhibition Chess Game : . Scheduled : A chess exhibition, which wil '_ give area chess enthusiasts an · opportunity to play a gamr - against experts, will be held ii - Room 217 of the Arkansa; ; Student Union, beginning at 6:3' " p.m. Feb. 22. : The simultaneous exhibition - will have National Exper N Marty Appleberry, and national My,ranked Ruth Haring playinj ' against all comers. It i * estimated that approximately 3 ,· players will attend but spac ' is available for up to 70. The exhibition, open to all ag " groups, has the expert playin - at lightning speed as he play 1 all boards and gives novices a ·'i edge in the games which pi -. their skill against top players. ;· Appleberry has won fiv ' recent open tournaments, ; currently the highest nationall · rated player in the state an · is first board on the nationall : ranked University of Arkansa ·'_ CHess Team. Miss Haring has the stronges 'performance rating amon · women chess players at th ' recent U.S. Regional VII Open - Houston Space Center open, an ' Pan American Inter-collegiate ', She will be formally cited b ,· t h e official U.S. Ches Federation among the top 2 ; women in the U.S. in the Marc · listing. ':·· An admission fee of $1 pe ; person will be charged and thi : Includes spring membership i the University Chess Club. : Chess book prizes will b .awarded to winners of in . dividual games. No pre - registration is necessary. Frank Coslello, Former Rackets Kingpin, Dies NEW YORK (AP) -- For mi ." lions of Americans, Frank Cos ' tello was the shadowy undei . world kingpin with the rasp ·. voice and fidgeting hands wh testified in 1951 that he was - reformed bootlegger and gam " bier. Costello's hands betrayed h: · nervousness, but his televise testimony before Sen. Este Kefauyer's crime-investigating " committee contributed little to the knowledge about the - "prime minister of the under: world." ' The racketeer who survived a ', gangland assassination attempt '.and won a 14-year battle ; against deportation died Sun* day .in Doctors Hospital at 82. He had suffered a heart attack ; 11 days earlier. * He was reported to have , amassed a fortune in prohibit- · Ion bootlegging, slot machines '.and real estate. 1 Born Francesco Castiglia, he · came to the United States from .-Naples at the age of four and - grew up in East Harlem and ' Greenwich Village. From card -"games a n d . punchboards, he "parlayed .his operations into ''(riot machines, gambling joints -«nd legitimate investments. *'· The government lost a num- ; ber of cases against Coslello, : but. his refusal to describe his ''monetary worth to the Senate : committee got him an 18-month ·sentence in 1952. And in 1958 he '; began serving 3% years of a J five" year sentence for income ' tint/evasion,- J - ' Costello opted for obscurity In * (he;'letter years of his life, be- · coming a benefactor of chari- «tie» and a daily fixture at the '·men's bar of the . Waldorf-As- 'toria and the steam room at J the.Bfltmore Hotel. en accompanied by speculative Market onvulsions and a threat to free radc. Friedman's adherents argue: Why should we let politicians nd bankers and economists set he price of money?" In recent ears, said Friedman, the mar- et has always asserted its ominance despite governmental intentions. VIEW WITH FEAR The majority view with fear he prospect of trying to do usiness with a currency whose alue isn't pegged to a specific gure but which fluctuates with upply and demand. "How can ou plan ahead?" they ask. But to Friedman, somewhat mellower these days as he feels is views confirmed, estab- shment. attitudes not only are nproven but may in fact be he cause of monetary in- tability. "What is more unstable than he fixed exchange rate?" he aid, referring to the confusion uncertainty and shock of the decision to mark down the price of the dollar. But the es ablishment apparently think otherwise. To Friedman, the West Ger man finance minister, Helmu Schmidt, personifies the futility of bucking t h e market. "To avoid revaluation of the mark 'or one week he accumulated $ jillion," he said "and cost th erman people $600 million." All attempts to compel the market to stay within fixcc rates have failed in recen years, he said. Sharing tha view is J. W. Van Gbrkom president of Union Tank Ca who said: "The market e ther validates or vetoes wha government does." CAN'T PREDICT Van Gorkom, who serves on the Council of Economic Development, asserts: "Businessman a monetary study committee of can understand market forces and deal with them, but they cannot predict government; it has different motivations." He maintains that there is no mystery to dealing with a floating currency. Businessmen are always dealing with the unpredictable. Assessing the future, he said, is their art and skill whether dealing with material, labor or money costs. "This is a strange phenomenon," he said, "these.bankers and. economists being the authorities, constantly telling business it couldn't get along with a floating rate. I'm telling you we'd get along better with one." Those who believe in floats feel history is with them. They note now that the Japanese yen. Swiss franc, British pound, Canadian dollar and Italian lira are all freely seeking their value against the dollar. If these currencies are permitted to continue floating, constantly adjusting their prices to each other--businessmen and others could protect themselves by buying currencies for delivery .at a fixed price in the future. If you know you will need 10,000 yen next August, for instance, you could buy them at current prices, plus a small premium. You would thereby protect yourself from a further rise in the yen's price. The assumption made is that the premium, which is the seller's charge for accepting the risk, will be smaller than the possible revaluation. HEDGING If permitted, companies could also hedge on the future by buying currencies now and lending out the money until needed. But if floating rates become common, in all likelihood an active market in foreign currency futures would develop. One already exists, in fact: the International Monetary Hunt Continues For Harrison Store Robber HARRISON, The Police Arrest 67 In Little Rock Drug Raid LITTLE ROCK (AP) -- Po- iice. conducting probably Ihe biggest drug raid in Arkansas Woman Sues Sitter CLEVELAND. Ohio (AP) -suburban woman who said he suffered mental stress and anguish after a baby sitter ran up a $485 telephone bill at her sued the sitter for Holden charged in Common Pleas . her telephone was discontinued after the 1970 calls because she was unable to pay the huge bill. Her attorney said she is on welfare and still without a telephone. In the suit, Mrs. Holden charged that the baby sitter. 20-year-old Jaqueline Trombetta of Madison, made the Gcf with fhc FABRFC CITY THEY'RE MOVING MEN, NOT MIRACLE MEN Expert care and handling of your household possessions!* everythingyou can reasonably expect from the moving man. He can't put that eld, familiar nelghbornood in · crate ... move the corner drug store to your new home town ... bring along Johnny's old school or Mary's favorite hairdresser. Neither can your Welcome- Wagon Hosf*«t work miracles. But she e«n and wiH provide directions to the community facilities you need, and bring with her a galaxy of gifts from its leading merchants. She awaitsyourcall at Priori* 443-5438 or 442-8111 WELCOME NEWCOMERS! UM this coupon U let us know iriu're her*. Mem* AcMrett City I rK«t« hav* th* Welcome , wagon Hnlxs call on m*. ( ) » would like t* subscribe »· tin N.w. Ark. TIMES 9 "»»«·!*· t. th* TIME*, Ark. F«y*M*vlllt, volvcd Little Rock police, North Little Rock police, State Police Forty-five officers from Little weekend on charges of d r u g Other persons were arrested robbed the Wai Mart City Dis of the Stale Police participated count Store here of an undcter during the sweep, but by late in the raids. Simpson said the were divided into eight field teams and that once the 'hat is, only a small down payment need be made, with the multaneous command was giv- cmainder on delivery. When it was begun Police said the robbers wore en by radio and the officers began the raids. Simpson said as many as Lt. Walter E . ' Sonny Simpson, public information officer for the Little Rock Police De- Forged Brands lonths ago the founders frank- eight or nine persons were ar- calls to a boy friend in Texas. ployes who were on duty at the partmcnt, said the raids were ow states. "It is unmistakably time -- three men and a wom- thorities seized more than 1,800 residences raided were in Little down on the floor. Police said Until then, says f n e d m a n , a said they could have been sold mouths were taped and that the to unwitting buyers for at least rested were charged with fel- SWIFTS four remained tied up for 10 or ony offenses involving the sale I could have taught Schmidt a Officials believed the seizure narcotics such as heroin, LSD csson for a lot less than it cost Authorities said they believed was the biggest blow in years narcotics such as heroin, LSD m, the professor said. "Con iderablv less the men had been hiding in the Drug Specials Prices Good Through Wednesday, Feb. 21 D I S C O U N T C E N T E R EFFERDENT NASAL MIST TABLETS LISTERINE Retail $1.35 HOWARD EXTRA DISCOUNT PRICE HOWARD EXTRA DISCOUNT PRICE HOWARD EXTRA DISCOUNT PRICE COLDENE Adult PEPTO COLD WATER WASH Retail $1.09 COUGH FORMULA BISMOL cama*aa Pepto- d BismoT 12-oz. Retail $1.59 Retail $1.49 HOWARD EXTRA DISCOUNT PRICE HOWARD EXTRA DISCOUNT PRICE HOWARD EXTRA DISCOUNT PRICE Pond's LEMON FRESH DUSTING POWDER HAIRDRESSING TALC Retail $1.29 HOWARD EXTRA DISCOUNT PRICE HOWARD EXTRA DISCOUNT PRICE HOWARD EXTRA DISCOUNT PRICE The Dry System Water Automatic Scotch Guard Throat Lozenges Skin Cream Denture Grip Bowl Cleaner Fabric Protector ANTIPERSPIRANT

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