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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 10, 1958)
o Gold Hoard Worth More Than $7 Billion Kept in Bank Vault By ELMER C. WALZER UPI Financial Editor NEW YORK-(UPI Down on floor E, Federal Reserve Bank of New York vaults, 85 feet below the street level there rests on solid rock 8,000 tons of solid, VIrvf shining gold ft t to valued at more than $7,500,000, -000. Just one look at this vast 1 Cy I which is 42 I .T. LA per cent of 1L 1 J Elmer Walzer lne goia own ed by nations of the free world outside of the U.S., makes one shout: "Gee, I wish I had a bushel of gold." And well you might make that wish for a bushel of gold would be worth $746,700 nearly three-quarters of a mil lion dollars. The federal re serve doesn't measure gold by the bushel. The measurement is in troy ounces and the price set by the U.S. is $35 per fine ounce fine ounce means pure gold. The Fed stores up gold bars smelted at.the New York Assay Office. Each is the size of a best - seller nov el, weighing 28 pounds and worth $14,000. But everybody knows what a bushel of potatoes or a bus hel of wheat looks like, so we'll translated the gold to that measure. Just in case you think you could carry one ofi the weight of a bushel of gold would be 1,493 pounds avoir dupois. Owned By Foreign Countries The gold at the New York Fed would fill 10,044 bushel baskets. It is earmarked for foreign nations that is it is set aside in cubicles for each nation in the amount each owns. The Fed will not reveal the nations or their gold hold ings any more than a bank would reveal the names and amounts held for its depositors. These foreign nations have been building up their gold 6d) C?ztr ummi, f Afa-"-1--1 ' " i i 1 i i - mm ... i i ... i. : a NO rmriFV Down j- 2 A WEEK, LARGE SOLITAIRE IN 14-KARAT GOLD MOUNTING with MATCHING GOLD BAND 3QDQ5 & BEAUTIFUL NEW STYLES 2 FOR LADIES AND MEN B5 W5 17-JEWEL MOVEMENT Vour Choice SUct t (anon talev watch . . . h br4 mw tfytM . . .' tt this outstanding priMt NO HONEY DOWN . . . Me WEEK 3 J NO MONEY DOWN ... Me WEEK o- 00 123) E. Main Street Phone SP 3-5348 Stare Hours: 9:30 a.m. to 5:30 p.m. supplies and they've been buy ing it from the United States which is always ready to sell gold to nations of the free world at S35 per fine ounce troy weight. So far this year, the various nations have bought S1.468,- 000,000 of our gold. We still have $21,306,000,000 of gold. A little more than $12 billion of this rests at Ft. Knox, Ky. That's all the fort can store. The rest is at the New York Assay Office an the mints at Philadelphia and Denver. Our economists and bankers sav the withdrawals of our gold are of no real difficulty for us and they are valuable for the foreign nations which are building up their gold and dollar hoards the better to run their banking systems. We Have Plenty of It At the same time these bankers and economists are writing or talking thousands of words about that gold leav ins the country so that one wonders if the nation ought not to do a bit of worrying to find out what it's all about. The banking experts point out that the time for worry still is a long way off because we still have a great deal more gold than we need to back our currency. The real story behind gold is its traditional value as a backing for world currencies. Even the Russians revede gold and they are said to be min ing it like mad, probably for the uranium that comes with gold in many parts of the world. Gold has always been well regarded since the ancients discovered it thousands of years ago. It is beautiful never loses its luster and is practically indestructible. This vast array of the yel low metal at the Fed could well be made up of gold from the palace of King Croesus of Old. It may contain melted down ornaments that once graced the neck of Cleopatra or many another lady of his tory. It could contain the jewelry that Queen Isabella offered to sell to finance. Co lumbus' trip to discover A- menca. There, is talk that the for eign nations presently do not trust our dollar and prefer gold. But they do trust our stewardship of the gold here in impregnable vaults of the Federal Reserve Bank of New York. The Family Council Editor's note: The Family Council consists of a judge, a psychiatrist, three clergymen, a newspaper editor, a women's editor and two writers. Each article is a summary of an actual report. The Familv Council does not give advice; it merely reports on problems that have been dealt with by responsible agencies and counselors. Claire ' F. Madame Chiang To Visit Chennaulf New Orleans (UPI) Ma dame Chiang Kai-shek, war time and peacetime friend of Maj. Gen. Claire L. Chen- nault, plans to fly here Fri day to visit the ailing farmer leader of the Flying Tigers. The most famous Tiger of them all, Chennault is in Oschner 'Foundation hospital in New Orleans undergoing treatment for lung cancer. The 68-year-old retired gen eral has been making periodic visits to the clinic since he returned to the United States from Formosa in January. Madame Chiang, wife of Chinese Nationalist leader Generalissimo Chiang Kai- shek, will visit with the lead er of the group of pilots that almost single-handedly saved the China mainland from com plete domination by the Japa nese in the early days of World War II. When the United States en tered the war, Chennault took his famed Flying Tigers into the Army Air Force. are after his money, Donald F Maybe I want to fool myself. Claire F. I'm my hus band's second wife, so maybe I have no right to talk about the relationship between him and his children, but it really gets my goat! . " , When I married Don three years ago, the children would have nothing to do with him never a phone call, never a greeting card or a note telling him what was going on with them. A few months ago he inherited quite a bit of money, j and like a fool he called up j his children and told them about it. Now we are beseiged by telephone calls and "friendly" j visits. It chills me to the bone ; to think the children could I act like that and Don should be fool enough to fall for it, Donald F. Maybe I'm fooling myself, but I guess I just want to be fooled. I'm tickled to see the children and my grandchildren after our long separation. I like to think they really wanted to see me for myself, but I think they wanted me to make the first gesture. When my wife and I sepa rated some ten years ago there was a lot of bitterness, and the kids turned against me. I guess I gave them a pretty raW deal and I don't entirely blame them for the way they acted. After their mother died I wanted ; to let the children know they still had a parent, but I was afraid of what their reaction would be. I waited and found the opportunity. The Council: Claire's feel ing that she may have no right to interefere in the re lationship between a parent and his children is on . the right track. She cannot understand all the undercurrents of this re lationship, and she is not in a position to , judge the chil dren's real motives. It is quite possible these children had some residue of love for their father and welcomed the op portunity to renew the rela tionship. When their mother died these children felt completely bereft and possibly their feel ing toward their father was exceptionally bitter at that time. But when the wounds had a chance to heal and they matured further in their own experience of life, they may have come to realize they were in no position to judge their parents' relationship. . They may have had the urge to have contact with their father, but found it diffi cult to bridge the chasm. Don ald is not necessarily fooling himself about this. On the other hand, possibly Don welcomes the opportuni ty to let his children make use of him simply because he would like to make pp for his past behavior. Surely he is entitled to seek some expia tion in this manner. If Claire meddles in these His children i delicate matters, she runs the risk of exposing, herself to the same kind of accusation she is making against the children that of being more con cerned about the money than about Donald. If she values her husband's happiness, she will not poison the pleasure he has - found with his children. ' (Copyright 1958. General Features Corp.) Verdict Establishes Damages in Suif A verdict establishing dam ages at $11,800 was returned recently by a circuit court jury favoring Mr. and Mrs. Thomas Vella, Sonoma, Calif., for property held in the Cen tral Point area. . - The property was recently condemned by the state high way commission which con sidered the property necessary for right-of-way for relocation, construction and improvement and maintenance of the Black well Hill-Medford ' section of the new Pacific highway. The property in question is locat ed along Highway 99 at the north end of Central Point. It borders on the old Kyle res taurant, and includes what used-to be Billy's Drive-In and Rogue Valley creamery. The verdict was brought in by the jury as the result of a re-trial. The case was ap pealed to the State Supreme Court after a jury had brought in a verdict assessing $20, 171.40.: - ; . The state highway commis sion previously, had" offered $9,714 in writing. The state of Rhode Island is the most densely populated in the nation, as well as being the smallest. MAIL TRIBUNE, Medford, Oregon, Thursday, July 10, 1958 3A New Jersey Ford Workers Vote Strike Ramsey, N.J. . (UPI) Workers at five Ford units in New Jersey have voted overwhelmingly to authorize a nationwide United Automo bile Workers . strike against the Ford Motor company. Frank. Larasy, secretary treasurer of UAW Local 906, said Wednesday that 1,733 un ion members had voted to authorize the international ne gotiating committee to strike, while 59 had voted against a strike.' The country's first state de partment of agriculture was established in Georgia in 1874. THE DANMOORE HOTEL 1217 SW Morrison St. PORTLAND, OREGON All transient guests. All those who come, return. Rates not high, not low. Free garage, TV's and radios. Reputation tor cleanliness. 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