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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 11, 1958)
J m V 0 33rd Ytr TVT MEPFORDa . , Price 10 Cents Tribune 2rJ SECTION MEDFORD, OREGON, FRIDAY, JULY 11, 1958 Pages 1-8 World's Gold Supply Said To Be Valued at $39,110,000,000 By ELMER C. WLIEl UPI Financial Editor QNew YorP (UPI) If one translates the world's gold supply into the nftasurement that's used for wheat, the to tal is a mere 52,377 buhls but that seemingly small "farm" load is worth S38.110, 000,000 in U.S. ir$ny. That total doesn't include the gold of the U.S.S.R. The Soviet just doesn't release gold figures. As a esult there are all sorts of guesses on the amount the Russians own, ranging from 5 billion ribllars to 10 billion dollars. A good guess might be 7.5 billion dollars for the Rus sians. That is just about the amount the nations of the free world have on armark in the vaults of the New York Federal Reserve Bank. If you add that guess to the world total, it raises the figure to $46,600,000,000 which on this department's crude trans lation would work out at 62, 421 bushels. Just compare that with the three million bushels of wheat that are being received daily in Chi cago and see how little gold there is. Major Gold Holders The big gold owners of the world outside the U.S. and Russia are the United King dom with 3,903 bushels; Ger many with 3,337; Switzerland with 2,370; Canada with 1,475; Belgium with 1.377; and the Netherlands with 1,154. In South America, Venezu ela is the big gold holder with 962 bushels and Brazil is sec ond with 434. Peru has only 27 bushels and Chile 54. Mexi Q has 231 bushels. India holds 331 bushels of gold and South Africa, despite Its gold mines, has only 240. France holds 770 bushels; Italv 612: and Portugal 608. Norway has 43, Denmark 42 and Finland 47. Since the end of 1956 only a few nations have been able to build ud their gold hold ings. Germany with a gain of 67 per cent made the best showing. The United Kingdom increased its supply by 37 per cent. Gains also were made by Australia, Austria, Belgium, Colombia, Italy, Netherlands, Switzerland, and Venezuela. Declines were reported by Argentina, Mexico, Peru, El Salvador, Uruguay, Canada, Egypt, France, Indonesia, Nor way, Portugal, South Africa, and Sweden. U.S. Total Down So far this year, the gainers in gold have taken over $1, 468,000,000 of United States gold, bringing our gold hold $igs down to a new low for 11 Goldiine Startles House Investigators Washington (UPI) Mil lionaire Berncfrd Goldfine told a startled House hearing Thursday that "it remains to be seen" whether he is subject to the same laws that govern other Americans. Goldfine made the - state ment in a shouting match with Rep. John E. Moss (D Calif.), a member of the sub committeejnvestigating Gold fine's financial operations. He told Moss "It's my bus iness and not yours" that he charged off as business ex pense on his taxes hotel bills paid for three New England Republican senators. The bills totalled $1,196.55 over a four-year period. At one point in the angry Goldfine-Moss exchange, the California congressman shout ed: "You're subject to the same laws as the rest of us." "It remains to be seen," shot back the pudgy textile tycoon. . . . . Judge O'Connell Convention Slated ' Portland (UPI) A con vention to nominate Justice Kenneth J. O'Connell of the Oregon Supreme Court to suc ceed himself will be held here July 31 at 7 p.m., it was an nounced today. O'Connell recently was ap pointed to the court to fill the vacancy created by the resig nation of Justice James T. Brand. The appointment was too late for his name to be placed on the ballot except by a convention of 250 registered voters or gathering of 22,078 signatures. ' O years. Last year we gained 825 million dollars in gold. There's been talk that the United States might devalue its dollar by raising the gold price from $35 an ounce to $70 an ounce. Such devaluation wouldn't change the number of bushels of gold one single peck. It would double the dollar total of world gold to $93,200,000, 000. "Who would benefit? The economists find only two beneficiaries the gold min ing companies and the Rus sians. Of course nations with big holdings of gold would find these doubled in dollars. Then would come adjustments world - wide in currencies. And, then, say the experts, would come more inflation which would hurt everyone. The monetary experts won der if some of the gold with drawals from the U.S. aren't being induced by the pros pects of a big budget deficit for this fiscal year which would be another way of say ing the foreigners were flee ing from the dollar. The gold flow will reverse when the foreigners are convinced the dollar is sound, say the econo mists. Some nations rushing to seek a haven for their funds in gold wouldn't even risk holding their own currencies which do not measure even close to the strength pf the dollar, some experts hold. , GRANDVIEW-LONE PINE Fourth Visitors Return GRANDVIEW-LONE PINE FOURTH VISITORS By LILLIAN KNIGHT Grandview-Lone Pine Mr. and Mrs. Byron Walter have returned to their home in El Cerrito, Calif., after being house guests at the home of Mr. and Mrs. John Mansfield and family, 1615 Crater Lake ave., over the Fourth of July week end. Mr. and Mrs. Virgil Ander son and family of Corona ave. Sunday took a picnic lunch to Ashland Lithia park. Later they went to Emigrant lake, where Anderson and son, Larry, water skied for a time. Mr. and Mrs. Tommy Thompson and family left Thursday for their home in Petaluma, Calif., after visiting at the home of Mr. and Mrs. L. P. Reavis and family on Grandview ave. will be available. A new beverage walk-in cooler, another dairy case, and a produce walk-in cooler have been added. Several new grocery gon dolas have been added and the aisles have been widened so three carts may pass. .The shelves are stacked lower so the aisles can be seen over easily. The lockers are now located on the north wall of the new addition. The lighting system is of the newer Insta-start type, with the ceiling in white and'the walls done in red and blue, the light is of the best day or night. Lines of merchandise are larger now due to extra space and new and larger lines will be added from time to time. A full one acre of black top pacing parking is avail able for shoppers, making it easy to shop at the market. VISITING CANADA Mamie Eisenhower accepts bouquet from Mrs. John Diefenbaker, wife of Prime Minister Die fenbaker (center) as she and Ike (left) arrive in Ottawa, Canada. .V Sometime between Satur day night and early Sunday morning the Grandview mar ket was burglarized of an un determined amount of smoked meats, coffee, and cigarettes. Entrance was gained , through the attic vent. Checks and cur rency composing the day's re ceipts were deposited at the bank in the late afternoon as is the usual custom, so no money was taken. The Grandview . market is still 'undergoing extensive re modeling and major changes which' were begun some time ago. The new addition of ap proximately 5,000 square feet of floor space gives a total of a little over 10,000 square feet of shopping space. Two 12-foot and one 10-foot self service frozen meat cases are to be addedf making a total of 65 feet for ' frozen meats, meats, and fish. More "frozen food and vegetable rack space The Hollywood Scene By HAZEL J0HNS0N ' United Press Writer Hollywood (UPI) If any one draws the conclusion Yvonne De Carlo is undergo ing an exhausting time-consuming training program these days he couldn't be more accurate. It's all part of a self-im posed routine which the small, dark-haired acting veteran be lieves wiu prove invaluable next month when she beings the filming of "The Greatest Sinner," an Italian production in which she stars as Mary Magdalene. "My day begins with dress maker fittings early in the morning and continues right on through Italian lessons, my ballet class, drama coaching, and a swim in the pool," she said. Both Yvonne and her asso ciates acknowledge that stren uous work is no new thing to this actress. Months before Ce cil B. De Mille began rehears ing her in her role as Sephora, Moses' wife in "The Ten Com mandments" she had been hard at work on the part with a deama coach. Critics and the public are still acclaiming her sensitive performance. Today she's back with the coach two and a half hours each day, as she works on her interpretation of Mary Magda lene, a woman she describes as a "high class lady of easy virtue.'' Her language lessons (two hours a day) she believes, will make her feel "at home in Rome." Already fluent in French, her training in Italian is a personal thing. Although "Sinner" will be made by an Italian company, it will be filmed in English and later dubbed in Italian. Ballet takes up another hour. "I've only been at it about a month and I'm still having trouble with my back," she said. Although Yvonne is well known for her writhing harem - girl dances, her dancing has been at a minimum during the last two years because of the birth of her two boys. One son is seven months old and the other had his second birthday this week. "I do some dancing again in Horse Opera Star Robbed of Jewels Paris (UPI) Bad men entered the luxury hotel suit of horse opera star William (Hopalong Cassidy) Boyd and stole $12,000 in jewels, th actor has disclosed today. He said the varmints must have entered the suite at the Hotel Plaza Athenne, early Monday evening when he and Mrs. Boyd were out for din ner. Boyd said that being robbed in one of Paris' swankiest ho tels is "like being robbed in a cathedral." this role." she said, "but I'm not as supple as I used to be yet." Mr. and Mrs. Milton Cow ard and family returned to their home in Gatesville, Tex., July 1 after visiting 10 days with Mr. and Mrs. Earl Rich ardson and family on Crater Lake ave. and Mr. and. Mrs. Otis Medart and family in Grants Pass. Mrs. Richardson, Mrs. Coward, and Medart are brother and sisters. Mrs. Bertha Medart of Ar lington. Texas, mother of Mrs. Richardson, Mrs. Coward, and Otis Medart, came with tne Cowards and will spend the summer as guest of the Rich- ardsons. NOMORE GUESSWORK Columbus, Ohio (UPI) The city took the guesswork out of its meter reading Wednesday. It accepted the resignation of Wayne L. Help henstine, who was charged with guessing at meter read ings instead of making a per sonal check. UNtBEO EVAIBQ.E BARGAINS STOE WDGDE" Sale Tables Located on 1st FloorBalcony 2nd Floor Doors Open 9 a.m. Daily No Lay-a-Ways Come Early Get First Choice" We believe a sale should have genuine bargains. We like to clear out our Odds 'n Ends to make room for new merchandise. We get space, you, the customer, get the bargainsl The Management. "Bonus for Cash!" Extra 5 D!jnt On All Sale Merchandise, Paid for in Cash or Check. Only Sale Items and Only This Week. Sale Ends Saturday, July 12th 4HPR)Mi0MsSfr JLecroimaiirdl ffiflecttirfic (D meIceeiidMime TBftBl ' FAIR! 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