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About Capital journal. (Salem, Or.) 1919-1980 | View Entire Issue (Dec. 3, 1956)
Salem, Oregon, Monday, December 3, 1956 THE CAPITAL JOURNAL" 1 Section 1 Page 13 BUSINESS MIRROR Higher Interest Rates Still Don't Protect From Inflation By SAM DAWSON NEW YORK WV- You can get a higher return on the dollar you have today than a year ago. But these higher interest rates are still too low in most instances to protect the saver's' dollar from the re newed inroads of .creeping infla tion. Price rises mean that the dol lar saved doesn't buy as much later as it would when invested. Even add in the interest earned and most savers ..(ill fall behind In the race to hold even, let alone actual loss. The point of no return for the saver over the last 10 years is fig- an urea looay Dy me nrst National fm City Bank of New York in its De-. 'a cember letter. ' j This point is the annual rale of. interest which a man saving $100 in 1946 would have had to get, and reinvest at compound interest, to have the same amount of purchas ing power now as he had when he invested. The rate is 3.4 per cent pro vided he is free of income tax payments. If he is in the 20 per cent income tax bracket, the point of no return would be 4.3 per cent and in a 40 per cent bracket 5.7 per cent. To those lucky, or unlucky, enough to be in the 80 per cent bracket, it would take 17 per cent each of the 10 years, and compounded, simply to hold even with the depreciation of Ihe dol- lar over that period. able government bond in 1940 the a"erage return was 8.19 per cent and only of late has the yield risen to 3.27 per cent. If the man wanted to keep abreast of inflation he would have had to invest in some thing else. Inflation has come in three spurts. The Federal Reserve Board says that from 1945 to 1948 the price of industrial commodities rose 45 per cent. After a small drop in the 1949 recession, the Korean war triggered another rise, this time 15 per cent. The current rise started in mid 1955 and has now carried prices 7 per cent higher. Using the Cost of Living Index of the Bureau of Labor Statistics, the New York bank show that if the saver's dollar had a purchas ing power of 100 in 1946, the depre ciation of the value of money since then has brought the dollar down to 71. The government figures re tail prices have risen 2 per cent so far this year and are now at a record high. "Since World War II, slow-burning inflation has been the order of the day,- afflicting 'almost the whole world," the bank notes. "This is due mainly to political pressures to sustain full employ ment at constantly rising wage levels. ' t A 2 per cent rise in prices this year may seem small, but the bank contends that the trend must be stopped or interest rates must riscstill higher to offset the loss. Graduates iGunman Kills Brother While Fleeing Posse SHAMROCK, Tex. 11 A gun fight which started in Oklahoma, killed a teen-age member of a posse and wounded two officers ended in the Texas Panhandle yesterday with the capture of a gunman doling beside his dead hall-brother. James William Whiteard, 21, of Phoenix, Ariz., told officers he shot Junior Bard Myers, 32, to death in the dark, thinking Myers was part of the posse which sur rounded them. Victor Lee ' Stephens, 19. was killed in a. gunfight Saturday at dusk while hunting for Ihe pair on his father's ranch. Texas Ranger Jim Paulk said Whiteard signed a statement say ins he shot Myers when he blasted with a sawed-off shotgun at a fig ure in the brush. Officers said Myers had num erous aliases and a long arrest record in Ihe southwest and on the West Coast. They said Whiteard apparently had no record, but also went under the name of James Hunter. The men were trapped near here Saturday night in a 1,200 r -re area of scrubby brush on the ranch of J, B. Stephens, the slain youth's father. I .'--T.-f'.-.rliJf-'-l)tiJ- f. ' E . jUT' . X .... ,f 1,;,.- 1 i J Maj. Chorlcs J. Uenge, son of Stanley M, Benge, Dallas, who was recently graduated from the associate advance course at the Infantry Center, Fort Bennlng, Ga, Benge entered the army In 1940. (U.S. Army Photo) Explorers Elect LEBANON (Special) Elected crew leader and assistant for the Elks - sponsored Explorer Scout post are Kenneth Morgan and Davit" Reid. Current post project is making pack boards. Officers surrounded the area while planes dropped flares. Bloodhounds were flown in. At sunrise they led mounted officers to the pair. Whiteard was sitting up dozing, an empty whisky bottle nearby. He did not resist. Myers was lying about 30 yards away, his -half-frozen body torn with shotgun slugs A loaded shotgun and a high powered rifle lny nearby. The chase started Saturday at Tcxola, Okla., after the men's auto hit another car and sped from the scene. Artist Scorns Colonel Rank KANSAS CITY L Thomas Hart Benton, the artist, has de clined an appointment as an hon orary colonel on the sta'' of Gov. elect James T. Blnir Jr., because "I just don't go for those funny hats." "As a colonel you have to buy a uniform with a hat that has feathers on it," Be ton explained. "I'm a colonel in the Confede rate air force and it's a job I like," he added. "All 1 have to j do to keep the rank is eat corn- ureau. i u oo a column lur juu if all I had to do was drink Mis souri cider." VISIT CALIFORNIA AMITY (Special)-Mr. and Mrs. Joe Panek and daughter, Bar bara, have returned from a vaca Sen. George To Continue as NATO Envoy WASHINGTON tfl-Sen. George (D-Ga) said today he has agreed to continue as President Eisen hower's personal representative tor the Norto Atlantic treaty or ganization. He said the job has been made more challenging by crises which, he said, nearly wrecked the Western defense alliance against communism. George, chairman of the Sen' ale Foreign Relations Committee, will end Jan. 3 a career of 34 years as a senator. He said he will shift then to a desk at the State Department. Eisenhower named him, to the NATO position, with an ambas sador s rank, after George docid ed not to seek re-election. There was an announced under standing that he would decide by the first of Ihe year whether he ten his neaitn ana tne prospect of making a worthwhile contribu tion would permit or justify his continuing in the post. George, 78, told a reporter his answer to both questions is yes. tion trip to Reno, Nev and Cali fornia, where they visited rela tives in San-Jose and San Fran- Challenges PITTSBURGH Don Rarick, 37, head of a dues increase pro test group of United Steelworkers union, who sayi he will continue fight against Increase and also to campaign against David J. McDonald for union presidency, (AP Wlrcpholo) SQUARE DANCERS ELECT MOLALLA (Special) New of ficers of the Square and Circle dancing club just elected at Mar quam are Eldon Barth, president; Mrs. Altn Gehrkc, secretary. Baptists to Meet LEBANON (Special) Omer E. Hyde, pastor of Trinity Baptist church, will preside at a Central Baptist Assn. observance of "M" (for mobilization) Day Monday in Dallas at the First Baptist church at 7:30 p.m. Mr. Hyde announced that the chief speaker will be John H. Johns, pastor of the First Southern Baptist church In Corval-lis. LEGALS NOTICE OF SALE Or REAL PROP KRTV ON EXECUTION NOTICE IS HEREBY GIVEN thll by virtue of an Execution Issued out of Ihe Circuit Court of the State of Oregon for Marion County, In the rasr or MfcTKUFUl.ITAN Llf E IN SURANCE COMPANY a rnrnnrAtlnn Plaintiff VI. JACK DARWN MULL, a singieman, ueiendant, case No. 43206. dated the Sth day of November, 1956, I will on the 12th day of December, 1956, at the hour of 10:00 o'clock m. thereor at the West door of the Courthouse, proceed to sell, at public sale, for cash all the right, title and Interest of the defendant Jack Darwin mini in ana to tne following d' scribed real Drooerty-to-wlt: Lot Four HI. Block Five (51 RON ALDO HEIGHTS In the County of Marlon and State of Oregon. That said sate will be conducted and held for the purpose of satisfying that certain Judgment and decree entered In the above entitled cause and court, in favor of plaintiff and against defendant, together with tht costs of this Execution and th ssla tnereunaer, said salt subject to redemption. Dated at Salem, Oregon, this Sth day of November. 195S. Date ot first publication November 12. 1996. Date of last publication December , Sheriff of Marlon County, Oregon ay a. i. niaisirom, ueputy. . Nov. i:,19,26.Dec.J. D'ORSAV tou will never fathom the . power of a great French , ' perfume until you hove known . . . Intoxication I It got Is your hcartl Perfume S UO, 10, 1I.I0, 3S. foude toilette $1.71, tl. MILLER'S I 1 flnp pip a 1 vijv iHjr i Fnr hrrpn vrc I hul fnnchni)tmn aatar S Mr' f . 1 j trouble," says Mr. G. Pollascrini, San IF A ''sY SV rrantisco ousincssman. i usea every type oi laxative a II I jr t.-i on the market none of them cave me any lasting Ml - r tw1 relief. 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