Image provided by: University of Oregon Libraries; Eugene, OR
About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (May 14, 1958)
f Gold Stock Outlook Dull Without Rumor Of Devaluation SLMER WALZER $i"t York 0?) Reces Jolishes the gold shares, sa6 the. current "Investor's Reader" published by the na tion's largest brokerage house, Merrill, Lynch, Pierce, Fen- ner & Smith And then the article shows them down under a paragraph ti tled "all that glitters' . . . "and unhap pily for gold stock buyers, without the man-made sparkle of devalua- Elmer Wer tion rumors, the gold stock outlook is dull." Costs of gold production are high and the American miners must sell their gold to the U. S. government at the fixed price of $35 an ounce, the article continues. Then it quotes the head of the foreign research division of the New York Federal Re serve Bank as saying there will be no devalution of the dollar or Increase in the price of gold. Gold Is a great thing in in ternational finance. Nothing can be done with gold, but it's nice to have a stockpile of it if you're a government. You don't have to have it in your own vaults. Most governments are content to leave It in the New York Federal Reserve Bank. The Unmoving Element If a country with a gold supply here wants to ship gold to another nation, it merely orders the New York bank to reduce its entry by the amount of gold it wants to ship and add it to the ac count of the nation which is to receive it. The gold stays put. In times like these when gold is a mystery factor to many people, bankers like to recall an old story that first appeared in the late 1920s. As the story goes, all the nations of the world voted to store all their gold on a little island in the Pacific Ocean. Only a few knew the location of the island and it had no sending apparatus to communicate with the out side world. A few men lived on the is land and they could Teceive messages. When a nation elected to send gold to anoth er, it would send a message to the island. The men there would move the gold to ' be shipped from one cubicle to another and the deed would be done. The fact the gold was there made everyone se cure and there were no wor ies about physically shipping it. Each year an expedition of a few people would visit the island to check up on the at tendants. What You Don't Know On one of the inspection trips, the inspectors were hor rified to find the island had disappeared. "What'U happen when the world finds out," 'one of the younger men said. "We won't tell them, son," the elder expert replied. "They'll never have any diffi culty at all if they think the gold still is on the island. Just thinking they still have it is all that is necessary." And so the world went on and on without any gold, and nobody ever missed it. Hope likewise has raised the hopes of gold shares to new highs since the Merrill Lynch index was started in 1940. Despite eager talk of a gold price hike, the Investor's Reader article .notes, "Most economists consider the pros pects of a gold price hike re mote." One thing the gold miners have that most businesses DIDN'T HEED MARQUEE Greenville, N.C. API A theater whose marquee ad vertised the movie, "Don't Go Near the Water," was sur rounded "Tuesday by waters 6f the flooding Tar river. LIBRARIAN DIES Cincinnati (IP) Dr. Charl mers Hadley, 85, long-time Cincinnati librarian and form er president of the American Library association, died Sunday. don't have, however, is a steady customer. It is the U. S. Treasury which will buy all the gold offered at a price with a floor under it. fnimV lipcMum JKW) IWWIIIIli'ill"lu'lilwiawWWMUIHUWWAIiuWllluiiJI minimum NEW! Expanded Departments More Merchandise and Better Selections! 2J ,M r MAIL TRIBUNE, Medford, Or9on, Wednesday. May 14, 1958 9 New Tranquilizers Are Being Studied by VA MEKYTHING FOR PLAY TIME IN WASH-AND-WEAR SEE THESE SPECIAL SALE ITEMS AND OTHERS X I' -A Reg. 2.98 Sheen Cottons, sub-teen Special - Save! Exicting purchase for 8 to 16's! Drip-dry cottons, prints, solid colors, everything new. Capris, toreadors, cuffs! Hurry save! Reg. 2.98 Wash 'n Wear favorites for7tol4's Pedal pushers sets galore! Capris, toreadors, cuffs. Drip dry, sheen cottons, prints, solid colors. Be early, see them a ! II 7, i v Sale! Open-weave Shirts, reg. 1.98 Stock Up - Save! Air-cooled weave keeps you comfortable on hot daysl Sanforized cotton, white and colors. Stock up at this low pricel Mothers! Reg. 2.98 Sandals for cool comfort, now at big saving! Wards barefoot sandals, all time favorites, supple leather in red and white. Girls' sizes 8ft to 3. SALE! Regularly 5.98 Summer Dresses. Washable cottons', rayons, .sheers ONLY Save en the newest summer styles, even the chemise included. Prints, checks, plaids and solids in gay pastels, some darks. 7-15, 12-20. 9 Elaine of Hollywood Circle Bras Reg. 1.98. Save! Famous design gives mould ed uplift. Cool cotton, daint ily lace trimmed. Adjustable straps. White. X JZn"l SALE! Reg. 1.39 Sleeveless Shirts IC WASHAUI Dan River Jamboree minia ture red plaid, washfast col ors, won't run or fade. Reg. 1.98 Slacks M ' y jf Llt Mix or match. 3 to 6X f i ,..,.mM..,l rtiiiniii i ur ii,iii i-iOin-ni m , , ; ,, ,:...-; ,,;.,,..,-..--i-:.-',..- " . SALE Perfect Quality Washfast, 80-sq. Percale! Sew your own fashions and Save too! Many light-hearted prints to choose from. 36" wide. For Better Service - Precut in 5 Yard Lengths Four newer tranauilizine drugs will be evaluated for use in treatment of mental illness by a large scale Vet erans administration study, S. T. Brannock, officer in charge, Medford, Veterans ad ministration office, said to day. The study just getting un der'way at 35 VA hospitals is the third in a series of VA major cooperative research projects on tranquilizers, Brannock said. Drugs to be used are the compounds (phenothiazine de rivatives) proclorperazine. tri- flupromazine, perphenazine, and - mepazine, which show promise in treatment of men tal illness. . Chlorpromazine, a tranqui lizer now in general use for mental patients, also will be administered in the VA study, since comparison of its effects will aid in evaluating effects of the other drugs Controlled Project The carefully controlled project will involve veterans newly admitted to the 35 par ticipating hospitals, a total of about 800 patients with shizo phrenia, the most baffling mental illness, Brannock stated. In addition to tranquilizers, all will receive other treat ment, such as psychotherapy and the physical medicine and rehabilitation therapies, as indicated by their indivi dual needs, Brannock said. The project is part of VA's continuing chemotherapy in psychiatry studies, started in Ashland Council Approves Budget Ashland The Ashland city council and budget commit tee recently approved a $1, 327,318 budget for fiscal year 1058-59. A total of $112,888 will be raised by taxation, raising the city levy from about 17.4 mills to 17.6 mills. The budget is within the 6 per cent limitation. City Su perintendent . C. Biegel said and no election will be neces sary. Last year the estimated tax was $105,194, and the to tal budget was $1,094,595. - Estimated revenue for fis cal year 1958-59 will be $99,' 024, he said, and the estimat ed balance will be $429,114, RARE SPECIES CAUGHT London - (IP) British Mu seum experts said today that creature half-fish and half- animal caught by a North Sea trawler was a very rare species. The experts said the creature, two feet, six inches in length, was a mammal known as oxynotus paradox us. They said only 14 speci mens are known to exist. Salem (If) A balanced Salem city budget of $4,390, 000 for the fiscal year starting July 1 has been revealed by City Manager Kent Mathew-son. 1956. VA hospitals participating in the new study include American Lake, Wash., and Roseburg, Ore. Holmes Defends Remarks Against Freight Rates Salem (tP) Gov. Robert D. Holmes said Tuesday his attacks against "discrimina tory" east-west freight rates imposed by the Interstate Commerce Commission were not attacks against the rail road themselves. In a statement replying to the Railroad Brotherhood's Legislative League of Oregon, the Governor said: "The only demand which I or my administration have made upon them (the rail roads) is that they use their power and resources in the in terest of the public which have chartered and created them." , Complaints Reiterated Gov. Holmes reiterated bis complaints that the discrimin atory east - west percentage freight were damaging Ore gon's economy. The governor said his re marks about ireight rates had been misinterpreted. "What we want and need in Oregon is not less trans portation, but more; not few er freight trains operating but more of them," he said.- Previously the governor came out for repeal or the three per cent freight and 10 per cent passenger excise tax es imposed during the war. Short of CAS El For Your Summer Fun? . lack of money standing in th way of a vacation? Make your plane then see u for th cash you need! You'll like our friendly, corteout service. A DHPISKJH OF MCtffC FMHCE PACIFIC INDUSTRIAL 16 S. Central Ph. SP 3-5308 DICK HANS, Manager REPUBLICANS! , y v' : z i . I Who Can Win in November? The FACTS say took how the people voted for him in 1956' UNANDER Eisenhower Holmes Hatfield MAJORITY OVER OPPONENTS ALL OF OREGON MAJORITY (OR DEFICIT) IN Multnomah County wen by 120,419 won by 77,189 won by 7,599 won by 18,643 won by 43,658 won by 13,762 won by 14,827 lost by 6,203 1956 Abstract of Votes VOTE SIG UNANDER REPUBLICAN for GOVERNOR He CAN Win in November! Paid Political Ad., Unander for Governor Committee, Robert Dickey, Chairman, Medford Center Bldg., Medford
