European Stars and Stripes (Newspaper) - August 10, 1978, Darmstadt, Hesse Dollar dip continues in Europe London a the Dollar nose d be on european foreign exchanges wednesday hitting record lows against the West German Mark and Swiss franc and pushing the Price of Gold to re Cord highs in London and Zurich the Dollar is dropping Plain and simple out of its own said a Frankfurt dealer of the worldwide Lack of Confidence in the u s currency which has recorded a series of record lows against major currencies in recent Day the Dollar plunged to yet another record Low of 166925 Swiss francs in Zurich wednesday below the previous trading Low of 1 69075 on monday and tuesday slate rate of i 69395 the Dollar finished the Day at i 6820 Swiss francs a record closing latest dive of the Dollar prompted the Swiss government to schedule a Specia Cabinet session aug. 16 to consider the mounting problems caused by the seemingly unending Rise of the Swiss franc against the Dollar and other currencies Rise of franc the Sharp Rise of the Swiss franc about 10 percent in the past four weeks against the Dollar and most other Western currencies is seen As a threat to the Export oriented Swiss Economy whose goods sol abroad Rise correspondingly in Price. In Frankfurt the beleaguered cur Rency hit an All time Low of 1 9710 West German Marks Down from a previous trading Low of 1.9890 touched on tuesday it edged up slightly to finish the Day at1.9765 Marks but this was still a record tote Low sharply below the 1.993s Marks atthe end of business tuesday conversion rate. Page 27. The Dollar had been Worth 4 co Marks throughout most of Germany s period of recovery after world War ii. One Frank Furt dealer said his Bank expects the Dollar to continue its fall to 1.90 Marks within the next four weeks. No new reasons there Are no new reasons for this he said just the same old ones we be hear for Ages and which have been unchanged Root cause of the Dollar s decline is an apparently chronic foreign Trade deficit. Amounting to a record $2672 billion last year and running Well ahead of that this year contributing to the deficit Are heavy imports of foreign Oil and manufactured houses were devastated in the italian Lawn of Domo Doula. Simitar see is were common in sch Zerland. Swiss Rains floods kill 9 Only in Tokyo did the Dollar Register again for the Day. It closed at 187.60 Japa Nese yen. Up slightly from 187.375 yen a tuesday s close and above the record Low of 184 30 yen hit one week Dollar s fall has inevitably pushed up the Price of Bullion Price Rose above $200 an ounce for the first Lime july 28 and close Din Zurich wednesday at an All time High of j208375. A jump of s2 25 from tuesday close of s206 125. Geneva. Switzerland api As the death toll of Switzerland s worst floods in living memory was officially put at nine wednesday authorities began to clean up the devastation and wreckage caused by 36hours of torrential rain Between sunday night and tuesday estimates claim the rain which lashed the whole of Switzerland leaving hardly an acre untouched May have caused tens of millions of dollars in damage to property and crops. Hardest hit by the Freak August storm was the Ticino Region close to the italian Border in the South of the country where seven of the nine victims perished after local authorities declared it a disaster area hundreds of soldiers and ambulance men were rushed in to help pan ick sync Ken tourists and stranded residents hit by the growing flood whole hamlets were evacuated Camp ers rescued from their Sodden Muddy tents and terrified farm animals lifted by helicopter to Interior minister Hans Huerlimann rushed to the scene to inspect the damage and mobilize the necessary Feder Al floods which demolished houses and Cable lines smashed dams and flattened crops also blocked several major motorways and Mountain passes and Cut principal Railroad lines out of Switzerland to Italy and Germany. Northern Italy was also hard hit by the heavy Rains flooding. 65 mile an hour winds and even Snow in the St. Bernard pass and counted 14 dead. Abandoned cars and inundated Village became a regular spectacle for Swiss air Rescue personnel who fought against Strong winds to lift mothers pensioners and Young children to safety while local hospitals worked overtime to treat patients for pneumonia and whole Section of the Orisons area in the South was transformed into a floating Village. A Large River Barge with 615 tons of cellulose on Board Sank in the Rhine River at Weil. Germany on the Swiss Border an near the Basel Harbor. Storm Clouds still hovered Over Western Switzerland wednesday where the amount of rain that fell within 48 hour swell surpassed the monthly average for August. In the rest of the country however the Sun came out As relieved residents began the Long cleanup helped by the army an Public services. Meanwhile Many major roads like the san Bernadino were still closed with police allowing Only essential traffic to pass foreigners were i died in the floods. A 70-Yman Man drowned while can Scio while a few Miles away to per Rich resort of Ascona 1 austrian Alfred Schober Rani to his death. Onassis continued from put Ress became terribly imported allegations that credit unions offer plans Conan it d fro i Page la return. 7 3 percent for one. Two and three years fort Belvoir Wurzburg Schweinfurt 6 percent quarterly 7 percent on promissory notes from Date of Purchase to redemption to qualify for notes which reissued in $500 increments the shareholder must maintain a minimum balance of $3.-000 on interest at the 6 percent rate. Finance Center i Firth. Ansbach. Augsburg. New i pm s percent com pounded quarterly on shares 74 percent on two year certificates in minimum of 6.000.navy Athens. Naples. Italy Simonella. Sicily la Maddalena. Sardinia Rota. Spain. London. Holy Loch and a the azores and Iceland effective rate of 6 65 percent a year on share depos its. 8 percent Premium interest certificates of 110.000 on six month deposits and 7percent on one year certificates of $25,000 Keesler in United kingdom offices i Lakenheath. Upper Heyford. Ben Waters. Mildenhall and Alconbury 6 percent compounded quarterly on shares 6 i per cent on six month certificates of 11.000.and 7 percent on one year certificates of 11.000 Fairchild Vicenza. Aviano. San Darby 6 percent compounded quarterly on All size deposits Pope Paul. I continued from Page i the Basilica the gentlemen Are laymen some of them italian Nobles who Are appointed for ceremonial duties in the Vati can. Inside the Basilica the coffin was ear Ned to a spot just before the Mam altar be Neath the Central dome where it will re main for the next three Days. The Basilica will be open to the Public thursday andr nday. Then again for the funeral on sat urday at Castel Gandolfo. Italian police Esti mated that 100.000 persons had viewed the body of the Pope before it was closed up inthe coffin for the journey Back to the Vali meanwhile. It was announced in washing Ion wednesday that Rosalynn Carter the wife of the president will head the us delegation to the Pope s funeral there was ,0.ter is sending to the Vatican rites she s Here to discuss with i the repercussions it might Hwe the source Andreadis. Ond husband visited her reported pressing her not tort cow. They were divorced Tat j months of newspapers said family has made dramatic pressure her to change her i main at their of Christina s aunts Ane Kallidou denied saturday u two Sisters were trying to c a to quit her new Moscow Kuzov who to 3 was not sure when Christina Ito him but he insisted Don t have the Date sol will return. There is no r Kuzov said in a Iview from the two room ment the couple were to Sizov s Mother until they got i , staying at Dou s Villa outside Athens wat for comment Europe Prtt it oud wifi oct Aioli tit Vetn Rio Tull com to from Fly met i
