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Gold Drops, Dollar Gains Strength for Women

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Gold Drops, Dollar Gains Strength for Women . World Series - page 8 VOL. XIV, NO. 31 an independent student newspaper serving not re dame and saint mary’s TUESDAY, OCTOBER 9, 1979 CLC asks for women residents in new dorm by Michael Onufrcrak Our hall government has put Senior Copy Edit<'itor a lot of time and money into the hall and we feel our facilities are second to none. We have P. The Campus Life Council last the best party room on campus, night passed a resolution sub­ a super game room and a mitted by Keenan rector Fr. weight room; all of which I Richard Conyers calling for the would hate to give up,” Ciancio administration to house women said. in the two new student dormi­ “Besides these tangible tories being constructed in be­ things, I think our hall is tween the library and the tow­ beginning to develop a tradition ers. The proposal, which also which will someday rival those recommended the towers re­ of older dorms on the South main male resident halls, was Quad. If we all have to pack up passed to “facilitate the in­ and leave next year that tradi­ crease of the female population tion will be destroyed.” Cian­ with the least amount of diffi­ cio added that he had first culty and trauma of transition.” heard of the rumour from HPC V: ... ' . .. - , The resolution was generated members and Planner rector by the presentation of a docu­ Bro. Peter Mahoney. ment drawn up by women who According to several sources The Campus Life Council last night voted to petition the Administration to reserve the new are members of the Hall Presi­ the rumour has spread from a dormitories, presently under construction, for the use o f undergraduate women. [Photo by dent’s Council. The document, conversation between HPC cha­ Greg Maurer ________________] ______ which has been circulated to irman Ellen Dorney and Univer­ other dorms through the re­ sity President Fr. Theodore , mainder of the HPC, lists Hesburgh. The rumour sug- 1 several reasons why the new gests that in order to cut down facilities should be residences on maintenance costs In the Gold drops, dollar gains strength for women. Among the reasons towers, women would be hous­ NEW YORK (AP) - The control of the money supply, The actions are designed to listed were security, potential ed in Planner and men in the government’s plan to cut infla­ effect.” Prices of silver, grain slow economic expansion and social implications, and ex­ new dorms. At press time last tion and support the dollar did and soybean futures fell on inflation by making it more pense. night Hesburgh could not be what it was meant to yesterday, commodity markets in reaction 1 difficult for banks to lend and Breen-Phillips Hall President reached and Dorney refused as the dollar rose and gold more expensive for people to Dale Robinson described the to the actions by the Federal comment. prices fell. But stock prices fell borrow. document as a “communicative Reserve. According to Assistant Vice- amid fears that the plan means In an unusual Saturday night The moves sent the dollar up device for eventual affirmative President for Student Affairs higher interest rates. news conference, Federal Re­ strongly in early trading in action” regarding the two new Fr. Gregory Green no official Economists generally reacted serve Chairman Paul R. Volcker Europe yesterday and the surge dorms. The document is the decision regarding the new favorably to the program anno­ announced a 1 percent increase held through the day. result of a campus-wide rumour dorms has been made as yet. unced Saturday, but many said Gold prices, which tend to which, if it were found to be in the discount rate - the rate at Green did admit, however, that it could push the United States which member banks borrow move in the opposite direction factual, would place men in the the dorms are currently being deeper into a recession. Some money from the central bank. as the dollar, closed at $374 a new dorms and women in designed as unisex facilities. said it might not be strong troy ounce in London and Planner Hall. The discount rate now is at a “The new dorms are being enough to cure the dollar’s $372.50 in Zurich. On Friday, Planner Hall President Don record 12 percent. The Fed also built in such a way so they may chronic slide. increased the amount of reserv­ gold closed at $385.50 an ounce Ciancio said last night that he house either men or women A trader on the New York in both cities after hitting a is aware of the rumour and es member banks must keep depending on the administra­ Commodity Exchange, the na­ midday record of $444 Tuesday. “ doesn’t like it.” tion’s decision,”. Green said. tion’s largest market for gold - “If this rumour does turn out That decision should come futures contracts, said the pro­ to be fact I think the administra­ some time after the upcoming gram “doesn’t look like a tion will have ignored the {continued on page 4longterm ] solution” although Hesburgh reaffirms N.D. feelings of the men of Planner. “it will have a short-term Observer analysis tenure rules, by Dan Letcher Experts disagree Senior Staff Reporter University President Fr. Theodore Hesburgh told the Notre Dame by Mary Fran Callahan prompt binges of gold purchas­ consider it to be an extremely faculty yesterday in Washington Hall that there have been no ing? Offering the anthropologi­ trecherous investment. Those tenure rule changes. In times of economic bleak­ cal perspective on the precious that buy it with the intention of ness, gold apparently shines all metal, Leo Despres, chairman selling it for a quick profit stand During his annual report, Hesburgh said that the rules and criteria are well spelled out in the faculty handbook this semester the brighter. After gold reached of Sociology and Anthropology, to lose. However, this is not $444 an ounce last week cam­ commented. Over the centur­ necessarily company policy.” and remain unchanged. Tenure criteria — and, specifically, r standards used in judging research achievements among faculty pus experts disagreed on what ies, due to its scarcity and A Sept. 23 New York Times this rapid increase indicates. ornamental value, gold has held article speculated that the rapid members - has been a major topic of concern to the faculty since “The price of gold was fixed its value. Given that fact, increase of gold prices may be . early last year. for years at $35 an ounce,” people think it will continue to likened to the economic atmos­ Hesburgh said the appointment stage of the tenure process io the commented Vincent DeSantis, retain its value.” professor of History, “until we phere prior to the Crash of ’29. most important part of the tenure process. He advised that careful went off the gold standard in Despres compared gold to However, DeSantis did not view considerations be taken at the appointment stage. the thirties and again in the diamonds. Both have been used the current gold situation as a “If someone is appointed and it is wrong, this is where things go seventies. When nations went traditionally for quality jewelry; prelude to depression. haywire,” Hesburgh said. According to Hesburgh, teaching, off the standard, fluctuations people invest in them for their “People are buying gold as research and service are the three most important considerations began.” precious qualities. they might buy wheat, bananas made for tenure. “Teaching is the most important area but if the However, never before has “Everybody’s rushing into or oil. It’s just another commod­ University is to achieve “ excellence” then members of the the price of gold scaled the gold,” Kilbride commented, ity. Yet, a bar of gold is viewed community must themselves be excellent,” He^urgh stated. ‘particularly small investors. as having more intrinsic value awesome peaks reflected in last He informed the 200 faculty members present of his greatest week’s figure. “The price is a The price will go back.” than some bushel of wheat.” goal, “I would like to help create a great Catholic university known reflection of uncertainty in the Many small investors un­ The Merril Lynch executive world,” observed Bernard Kil­ doubtedly turn to large corpora­ disagreed, “The country’s eco­ for its’ academic excellence.” bride, professor of Finance & tions for financial advice. A nomy is clearly in a crisis state. in today’s world, the Catholic university is the exceptiom rather Business Economics. “The for­ corporate executive from Merril Gold is mirroring it.” than the rule Hesburgh said. He went on to cite the world wide eigners see the malaise of the Lynch, Inc.-a national stock­ One thing is certain. The decline of Catholic institutions for higher learning. domestic situation and are con- | broker which deals with gold darker the economy gets, the Hesburgh explained that Notre Dame is aspiring to become a cerned.” . investments-said he wouldn’t more enticing the glitter of And why does concern I buy gold. “Personally, I would , gold. [continued on page 5 ] News in brief Tuesday, October 9, 1979 - page 2 Carter designates ND Student Legal Services receives Leif Erickson Day funds from Student Government PHILADELPHIA (AP) - The president of the Leif Ericson by Tom Koegel almost all qualify. The only lies for help in the ND-SLS Society says he thinks “eventually they’ll do away with other qualification is that those ice, a student intern will take Columbus Day.’’ “You can’t have two guys discovering the applying sign a release form. all the information on the case, same thing,” insists Ivar Christensen, who says he received Notre Dame Student Legal All cases are handled by will give counsel, and if neces­ a proclamation from President Carter last week designating Services has begun another second and third year law sary research the problem for this Tuesday as Leif Ericson Day.
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