Page 10 Section 1
THE CAPITAL' JOURNAL"
Salem, Oregon, Wednesday, December 5, 1956
Tight Money Here to
I Stay for Long Time
' ; By SAM DAWSON
NEW YORK UW-A two-forked
drive on tisht money one on
part of its cause, the other on part
oft its effects is under way to
day
One governmental agency aids
the move to get people to save
more money so it can be lent to
those who need to spend.
At almost the same time an
other governmental agency is
making It easier for one set of
bdrrowers, home builders, to find
.money in a competitive market.
'The first could increase the
supply of credit, at least for one
set of lenders, the commercial
banks; the second doesn't.
On the other side of the finan
cial street a group of economists
forecasts credit will get still tight
er before it gets easier. And con
sumers themselves, while pushing
their installment debt total to
new high, have cut the total
amount they owe on their cars.
The net result may be mostly
a shifting In the various factors
in the tight money situation with
out any great change in the over
all picture. The nation probably
will have to get used to living
with tight money for some time
to come.
The Federal Itescrvc Board and
the Federal Deposit Insurance
Corp. will permit some 13.000 In
surrd commercial banks with
about 50 billion dollars in time
and savings deposits to raise the
interest they pay to savers from
the present Vh per cent limit to
3 per cent, if they wish.
Commercial bankers here wel
come this chance to lure savers
who have been looking to other
places to put their money where
the returns arc more liberal.
But the commercial bonks '.vIM
watch to sec if their new compe
titive position will needle the
mutual savings banks to seek
higher rates than the 3 per cent
most of them now pay.
Three Juveniles were arrested I To help people find money to
by city police Tuesday and : borrow, the Federal Housing Ad-
charged with destruction of public ministration this week is raising
Pool Vandals
Get Warning
property at Olingcr Pool.
The arrest was followed by a
warning from headquarters that
police will track down culprits
who are committing acts of van
dalism and property damage in
th'd city, and that penalties will be
se'vere.
At Olingcr Pool, officers said a
(ir6 was started In the building
that houses the pool and that the
whole building was badly smudged
with smoke. Further damage was
the breaking of a window, brcak-
the limit on interest on FHA guar
anteed mortgages to 5 per cent.
It says this will help home build
ers to find money. But this may
make it still harder to find money
for a Veterans Administration
guaranteed loan, which is fixed
by law at 414 per cent.
It may be well into next year
before there's any real easing of
the money situation, 16 econo
mists at a National Industrial
Conference Board forum agree.
Before that, possibly early in 1957,
even, tighter conditions will be
ing mirrors and forcing a door
A box of soap was emptied and found, the group believes.
the soap scattered aooui tnc nnor;
of ; the boiler room. Another flro
was started in a toilet, causing
cosily damage. I
The three boys arrested were I
caught as they got out of the
building through the broken win
dow. They admitted - they had
skipped school. Police covered the
seen after a resident nearby had
reported disturbance in the
building.
Youth Cleared
Jtii Auto Death
Of Hitchhiker
VfiNDLETON (UP)-A Jury of
10 men and two women, after de
liberating only 30 minutes, return
ed an innocent verdict here yes-
, lercliy afternoon In the trial of
Donme Lee Evans, 22 -year -old
Piot' Rock youth charged with
leaving trie scene ot an accident
in which a death resulted.
The charge against Evans re
sulted from the death of Arthur
JnJirtston, 24, of DiiHois, Ida., who
wa.r. killed on U.S. Highway 30
west;of hero Sept. 30.
Dri; the dale of the accident,
Efaris was slopped Inter in the
owning for a headlight violation.
He told the officer he thought he
had struck an object on the high-f
wfy but had been unable to find
aiplhing.
Tho officer accompanied the
youth back down the highway nnd
again they failed to find anything
that the youth had hit.
After returning to his home,
Evans again went to Pendleton
and told state police that he
thought he hail struck something
0 the highway.
An officer ngnin accompanied
the '.youth down the highway and
this', time they found the body of
Johnston where he had apparently
been struck by a car while hitch
hiking a ride.
ISRAEL PAYS FOR WAR
JERUSALEM, Israel Sector un
Taxl, bus and railway fares, post
age, phone fees and electric rales
have gone up 10 to 20 per cent.
A -'special tax to help cover the
cost of the Sinni enmpnign and
other defense expenses is responsible.
A Master Gift
Suggestion
MOW
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Stews
I V ony I
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Open Man. & l'rl. Til 9 P. M
County Cancer
Workers Are in
Training Meet
The annual training conference
of the American Cancer Society
recently held in Portland, drew
the largest delegation of predom
inantly volunteer workers from
Marion county in the history of
similar programs of this nature.
Twenty-three adults made up
the contingent from the county.
Eleven girls In Miss Beverly
Burt's pre-nursing class at Silver
ton high school were present as
guests. They toured the newly-
opened University of Oregon Med
ical School Teaching hospital,
along with the representatives
from Marion county. This class ij
considered unique in Oregon.
The delegation included Mark
0. Hatfield, chairman of the board
of directors: Oscar Enger, Mrs.
Marvin McClain, Mrs. P. C. An
derson, Mrs. Howard Post, Mrs.
H. Anderson, Mrs. James H. Turn
bull, Mrs. John Seawright and
Mrs. J. F. Wikoff, all of Salem;
Mrs. William Pfau, Brooks; Mrs.
Robert Harper, Gervais; Mrs. An
gus Ware and Mrs. Opal Bryant,
Stayton; Mrs. Maria Keene, Tur
ner; Mrs. Elmer Taylor and Mrs.
Wagner, MehamaMrs. Gertrude
Hauth and Mrs. Cecil Lucht. Ml.
Angel; Mrs. Jake Gilmour, Mrs.
Violet Belnap and Mrs. Freeman,
Jefferson; Mrs. John Middlemiss.
Silvcrton, and Miss Margaret
Laux, Sublimity.
SWISS GAS PRICE UP
ZURICH, Switzerland tfi The
price of gasoline was raised more
than 10 per cent in Switzerland
Wednesday, the third increase
within a month. The price went
up overnight from 46 to 51 cents
per gallon. A month ago it was
43 cents.
Riesel Attack
Case About to
Go to Jurors
NEW YORK lv-The case of
three men charged with conspir
acy in the acid blinding of labor
columnist Victor Riesel will go to
a federal court jury late today or
tomorrow morning.
Testimony was completed yes-
etrday, and summations by de
fense and prosecution counsel
were scheduled for today.
The men on trial among eight
accused in' blanket conspiracy
indictment are Leo Telvi, Dom
enico Bando and Gondolfo Miran
ti. Tejvi's brother Abe has been
named by the prosecution as the
hired thug who hurled acid into
Riesel's face on a street just off
Broadway in the early morning
dark last April 5. Abe Telvi was
found shot to death on a lower
East Side street some time later.
The over-all indictment charges
conspiracy to obstruct justice by
attempting to intimidate a pros
pective witness Riesel from
testifying before a federal grand
jury investigating rackets in the
trucking and the garment manu
facturing industries.
Leo Telvi, Bando and Miranti
are on trial on specific charges
of conspiracy to conceal Abe
Telvi from prosecution after
the acid attack.
1.5 Million Yule
Trees Will Be Cut
PORTLAND IB Some Vh mil
lion Christmas trees will be cut on
31 Western Oregon tree farms In
the next week or so.
Most will be shipped to Califor
nia or sold on local markets.
Dealers, who are beginning their
Official of IWA
Dies in Portland
PORTLAND W Tim Sullivan
assistant director of organizatiot
for the International Woodwork
ers of America, died here Tues
day. He was 47.
Sullivan for some years was ac- -the
in the union at Klamath
Falls. Among other offices, he
was president of the Klamath
Basin local, IWA. Services tenta
tively were set for Friday al
Bend.
final contracting for the holidays,
reported the demand for qualitj
trees holding up well.
(Siintwam
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