January 22, 1974

US Sup Ct on Jan 21 rules unanimously that San Francisco public schools must provide English language instruction to some 1,800 Chinese‐speaking pupils (S)

Strauss, Lewis L (Rear Adm) (Ret)

Japanese Min Takeo Fukuda warns Japan to brace for ‘year of ordeal’ in fighting inflation and trying to reverse balance‐of‐payments deficits, speech, Parliament; announces Japan's balance‐of‐payments deficit totaled $10.1‐billion in 73, 1st deficit in 6 yrs; Govt closes Tokyo foreign‐exch mkt in wake of floating of franc by France, and indications are that yen will decline when mkts reopen (M)

DuPont‐Walston Inc, 2d largest stock‐brokerage firm in US, to relinquish securities business following 6‐mo losses of over $10‐million; dirs authorize sale of co's 140 branch offices and 77 Water St hq; 6 major brokerage houses hold talks with co on possible purchase of parts of its operations; sale of all branches and hq would leave DuPont Glore Forgan without its only client; rumor that NYSE might direct 10 member firms to take over DuPont‐Walston's 300,000 customer accts noted; DuPont‐Walston pres Walter E Auch says clients are protected by adequate capital; emphasizes that decision to close is not based on any regulatory action; H Ross Perot's Electronic Data Systems (EDS) confirms loss of DuPont‐Walston business, acctg for 18% of EDS total revenues, would reduce its earnings ‘significantly'; Perot, controlling stockholder in EDS and in DuPont Glore Forgan, reptdly spent $100‐million in DuPont‐Walston and DuPont Glore Forgan in recent yrs; cos’ losses since July ‘73 realignment of their services detailed; Perot and Auch illus (M)

franc declines 4% against dollar on Jan 21 as price of gold soars to record levels; Bank of France enters mkt to sell some $150‐million from its reserves to buy francs and check currency's fall; most analysts see French decision to float franc for 6 mos in fairly bleak terms; fear world is moving into period of competitive devaluations and trade restrictions of kind that led to depression of ‘30s and producing what some specialists call ‘flight from currencies'; price of gold closes at $142 an ounce in London and Zurich; sells at record $158.11 an ounce in Paris; efforts by US at recent IMF meeting in Rome to get Eur and Japan to agree on some gen rules for floating noted; closing rates for various Eur currencies noted; chart compares dollar's rise since Feb 15 ‘73; illus (L)