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
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C?ztr ummi,
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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
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17-JEWEL MOVEMENT
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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
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HOTEL
1217 SW Morrison St.
PORTLAND, OREGON
All transient guests. All those who
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Reputation tor cleanliness.
Reservations by long distance
phene refunded on request
upon arrival '
LOOT IS PICKLED
Los Angeles (UPI) Some
gourmets who like their food
pickled are the objects of a
city-wide search here today.
A food shop owner told police
that burglars broke into his
store and stole eight gallon
jars of pickled pigs' feet,
eight gallon jars of pickled
ham hocks and six 21-gallon
jars of pickled sausages.
mEiMfflTi Q DIE' A
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