February 14, 1973

NYC Police Dept, which on Jan 28 authorized 7,000 additional tours of duty at overtime pay in wake of two ambush shootings of 4 policemen, calls off overtime on Feb 13 as econ measure; Asst Police Comr D M Landi says that backup teams will continue to follow regular patrol cars, but on 'tailored programs in critical areas and at critical times' with regularly scheduled tours of duty; PBA head McKiernan issues immediate protest; accuses Lindsay and Comr Murphy of 'reneging' on committment to continue extra tours of duty for backup teams 30 days; calls on Lindsay and Murphy to fulfill their committment

State legislative leaders reached agreement, on holding statewide primaries on June 4 and a runoff primary on June 26 in New York City if none of the candidates for the three citywide offices reach 40 per cent in the first running. Details on Page 45.

dollar declines in trading surge following reopening of Tokyo foreign exchange mkt Feb 14; effective yen revaluation estimated at 14%; yen continues to float; Japanese econ seen not seriously affected as long as combination of dollar devaluation and float do not produce yen revaluation of 18%; Japanese stock mkt dips then rallies after devaluation announcement; devaluation and float expected to reduce Japanese import costs, increase pol troubles of Premier Tanaka, strain Japanese-Amer relations, but have little affect on Japanese trade surplus; effects on various indus and criticisms of Premier Tanaka for failing to forestall crisis discussed

THE DOLLAR dropped sharply in limited foreign exchange trading following Monday nights surprise announcement of a 10 per cent devaluation. The decline was about 15 per cent against the Japanese yen, which Tokyo agreed to let float upward to find its own value according to supply and demand. Against the floating Swiss francs, the dollar decline was about 11 per cent. But trading was tentative; and confused, with foreign exchange markets still unsettled and the outlook for currency values still unclear.

Devaluation of dollar will cause increased prices for imported wines as of Apr 1; Sherry-Lehmann Inc pres S Aaron says co will not raise prices until 80% of present stock is sold; Austin Nichols & Co Inc pres A Simon asserts that new imports will carry price increases determined by 'vintages, mkt and financial factors prevailing'