The Mercury from Pottstown, Pennsylvania • Page 5

Currency Crisis Fears Calmed, Dollar Strengthened in Europe well, and perhaps force changes in the worldwide exchange rate scale worked out in Washington last December. But the temporary shutdown LONDON (AP) The dollar strengthened in Europe on Thursday, calming fears of a new world currency crisis from decision to float the pound sterling. of foreign exchange Financial sources looked over a long weekend and the back on the first full week decision by European finance since the surprise British move ministers Monday to defend the last Friday and said it now ap- exchange rates worked out in peared that the threat of the Washington, appeared to have floating pound to other major removed much of the confusion currencies had been over- evidenced earlier in the week. It has not been necessary for i countries have expressed con-i Switzerland was the major government central banks in fidence that they can continue exception. The Swiss money Europe to intervene with sup- to support the dollar at existing markets remained open while port buying to keep the dollar levels if necessary.

Some have others in Europe shut tem- from sinking below its official put on new exchange controls jporarily. The dollar sank below markets I to keep the pressure on the dol European Common Market lar from getting out of hand. ing for a while. But the dollar.vowed to keep supporting the Cabinet rejected, included let- went back up there too and the dollar, in twin moves it hoped ting the West German mark Swiss said they would support would avoid further damage to float would the dollar in the future. world monetary stability.

mean abandoning support buy- The West German govern-j After lengthy disputes spread its floor in Zurich and Swiss au- ment acted to curb foreign bor- over a two-day meeting. Chan- fhorities held off support by West Germans and Willy Brandt's Cabinet took stopgap decisions consid- ing of a falling imposing severe restrictions on foreign currency trading. Instead, government Chess Star Bobby Fischer Demands More Money ered relatively milder than took technical steps mainly de- jsome of the alternatives it signed to discourage massive faced. These Bobby Tokyo, the last major foreign The pound closed in London exchange market to reopen, fell last-minute at $2.4662, in effect a deval- into the European pattern when money to play in the world start on Sunday in a 2.500- uation of just over 5 per cent the dollar steadied there too. chess championship against sports palace where seats from its old parity of $2.60.

The The dollar rose in Paris Russian Spassky, in- sold for $5 a pound also weakened on Conti- Frankfurt. Zurich and the formed sources said Thursday. Since receiving net nental markets but trading was European markets. It relatively light. also rose London against the When the pound was first sinking pound, floated outside its former offi- Throughout the week of trial cial limits there were wide- since the pound was floated the REYKJAVIK, Iceland (AP) la war of nerves with titleholderjwere said to feel the news was conveyed Fischer has made could not afford any additional by Fridrik Olafsson, an demand for morel The 24-game match is due to play in the world are new They reported that the 29- demand.

Icelandic Chess uled, it would not American challenger eration officials have been in the match were has sent an ultimatum to the almost constant touch with Iceland Chess Federation Fred Cramer, a former presi- or three days saying he dent of the American Chess spread predictions that it The" gate drop quickly by 8 per cent to cial exchange rate limits on $2.40, drag the dollar down as, most of the European markets. USED FURNITURE DISCOUNTS TO F100D VICTIMS Wf Will BUY YOUR GOOD USED FURNITURE THOMAS E. LORD 22 WASHINGTON ST. PHONE 326-4145 receipts on top of the unprece- said. dented sums already guaran- It was learned that the Ice- teed.

landic federation wanted to Under the agreement Fischer avoid a rupture and was seek- and Spassky signed with the ing a compromise. Officials federation, the players will share a purse of $125.000. with COUNTERING TREND the winner getting five-eighths KANSAS Mo. (AP) of it. In addition it was agreed Running counter to down trends that they would each get 30-per in some denominations, the cent of receipts from sales of Church of the Nazarene reports television and film rights for its membership rose 14.373 in the match.

1971 to a total of 505,310. and its Fischer canceled scheduled total contributions reached a i flights to Reykjavik Tuesday record of $95.8 million, a gain land Wednesday. This had led to of $8 million or 9 per cent over speculation that he was waging 1970. to him Icelan- expenses. die grandmaster, they added, However, the sources said The sources contended the that while the federation might deadlock over money was the have trouble breaking even if main reason Fischer did not ar- the match went on as sched- rive from New York as ex- stand to lose pected.

one ranking American chess Lothar Schmidt, the West expert, who knows Fischer German chosen to referee the may not have known match, expressed shock when about the financial was told of the stand off said he felt Fischer was waging shortly after his arrival a war of nerves against Wednesday, informants said Spassky. DIAMOND GLASS FEDERAL CREDIT UNION TEMPORARY OFFICE LOCATION 116 Pennhurst Road Spring City, Pa. OFFICE HOURS: Fri. 10:30 A.M. to 1:30 P.M.

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