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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Dec. 5, 1958)
14 MAIL TRIBUNE, Mdfer4. Oregon, Friday, December 5, 1958 No Organized Money Market To House Dealers in Currency Editor"! note: Following Is the fifth of fix dispatches explaining the complexities or money and credit. Br CLYDE H. FARNSWORTH tJPI Correspondent New York -UPB- Money -like fish, cotton or stocks - is bought and sold. It has a price tag or interest rate sub ject to the law of supply and demand. When demand ex ceeds the supply the interest rate rises. When aemand falls, the interest rate falls. But unlike the stock, cotton or fish markets there's no organized money market to house the buyers and sellers It can be anywhere bor rowers and creditors meet. Broadly speaking, if you try to get a loan, you're deal ing in the money market. But the big buyers and sellers of money are banks, corporations and the Federal government. The price you pay for your loan generally hinges on the price these big fellows pay or charge for funds. The money market they deal in is an over-the-telephone market. A borrower there can get $10 million faster than you can buy $10 worth of groceries Short-Term Funds These days, the money market usually is referred to as the market for short-term funds - needed for less than a year - against the capital market for funds needed long er than a year. Holding the reins over the money market is the super bank or Federal Reserve Sys tem, which has a lot to say about how much money there is in the first place. Through its powers to in crease or decrease the supply of money the Federal Re serve can influence the amount people and business can borrow and what it costs them. It uses its powers to offset excessive borrowing during booms and too, little borrow ing during recessions. In so doing it tries to keep the dollar worth a dollar. Ordinary funds for the money market come largely from banks and corporations. Some of these always have loose money hanging around a short time that they'd like to put to money-earning use. At the same time other" banks and corporations may be short and need these funds. Other money for the money market comes from investing i institutions like insurance companies, state and local governments and even for eign governments. Important User Probably the most impor tant user of money market money is the Federal govern ment. In 1929 the Treasury started the practice of selling interest' - bearing securities that mature in 91 days Funds from the sale of these Treasury Bills are used to take care of the day-to-day Cub Scouts Den 11 of Pack 8 Den 11 of Pack 8, Jackson school, took a hike Tuesday, Dec. 2. The boys attending were Richard Champion, Mi chael Clark, Gary Custance, Richard Cole, John Lynch, William McWhorter, Spence Webber, Steven Wilcox, Jack Young. From trees on top of a hill we gathered mistletoe. We tried to learn the names of the mountains around the valley, and watched the sun set. As it became darker we sang taps. The week before, on Nov. 25, we met at our den where we made Christmas decora tions. Pack 8 will give these with other things to some needy family at Christmas time. That day Michael Clark celebrated his birthday. Local Students Take ( Part in Program Marylhurst Mary Kay Conroy and Carol Robinson of Medford will appear on the program of the winter concert to be presented Dec. 10 at Marylhurst college. Both are members of the college chor us, which will sing a group of Old English carols. Miss Rob inson also will be piano ac companist for Helen Bolton. violinist, for the Kreisler Prae- ludium and Allegro. - Miss Robinson was a piano soloist in a freshman recital given by the college music de partment Nov. 24. She played Gardens in the Ram," De bussy, and accompanied a classmate, Judith George, so prano, in two numbers by Weatherly and Emmell. house keeping chores of the Federal government between quarterly tax periods. The rate on these bills is one of the best indications of the "tone" of the money mar ket. For example, during the recession when the cost of money fell sharply these bills yielded well below one per cent interest. Now they yield well above two per cent. Commercial Paper Corporations also borrow short-term funds by issuing notes called commercial pa per, sold to banks and other corporations with extra funds. Shippers of goods, usually staple commodities like cot ton, borrow funds through the use of bills called bankers' acceptances which represent the obligation not only of the shipper but shipper's bank. Large city banks deal in the money market when they make loans to each other. These are called dealings in "Federal funds" because pay ments are made through the transfer of reserve balances on the books of the Federal Reserve bank from the ac count of the lending bank to that of the borrowing bank. (Next: The Treasury's Role.) One Pleads Guilty In District Court One man entered a plea of guilty in district court Wednesday afternoon before Judge James M. Main. Pleading guilty to making a false statement in writing to procure benefit was Rich ard Dean Glenn, .33 Myrtle st Bail was set at $250 by Judge Main with sentencing scheduled for Dec. 19 at 1:30 p.m. William Cheadle, Ruch, who is charged with grand larceny, desired an attorney and his case was continued until 1:30 o'clock this after noon. He is being held in Jackson county jail on $1,500 bail. Francis Merle Wallace, 23, of 1975 Sunset ave., pleaded guilty in district court yes terday to charges of drawing a bank check without suf ficient funds to cover it in full. He is being held in Jack son county jail without bond. Sentencing was set for Dec. 8 at 9:30 a.m. by Judge James M. Main. Wallace, who was arrested by Medford city and Oregon state police Wednesday after noon on a misdemeanor war rant from the district court, was charged with cashing sev eral checks in the valley. I RMJEV. Cheer up! We have the answer A CASH loan will take care of old bills and current expenses . . . Don't delay come or phone us today for prompt, courteous service. ' FINANCE CO. 2739 No. Pacific Hiway SP 3-1817 - Medford Household Helpers These busy pups will be a great help in dressing up the kitchen. Do in gay colors. Make a set of six towels to add to your linens or in pairs for shower gifts. Pattern 7188: transfer of six motifs about -6x7 inches. Easy em broidery. ' Send. Thirty-five cents (coins) for this pattern add 5 cents for each pattern for lst-class mailing. Send to Medfocd Mail Tribune, House hold Arts Dept. P. O. Box 168, Old Chelsea Station, New York 11, N. Y. Print plainly NAME, ADDRESS, PATTERN NUMBER. Our new 1959 Alice Brooks Jfeedlecraft Catalog, just out, las many designs for crochet ing, knitting, embr o i d e r y, quilts, dolls, weaving. A spec ial gift, in the catalog to keep a child happily occupied a cutout doll and clothes to color. Send 25 cents for your copy of the book. We Give GREEN STAMPS CENTRAL REXALL DRUG Main and Central U MEDFORD V r ) WHAT GOULD BE MORE LOVELY THAN A BRIGHT NEW GOAT FOR HER GIFT! SPECIAL PRE-CHRISTMAS CGDAT EVENT Latest styling of course! All the newest relaxed lines, rising high, dipping low . . . fabulous fabrics, often with a long hair ed look . . . and many, many colors. Most radiant looks in many a season. Take advantage of this special price NOW! TWEED MULTI-STRIPE OSCAR COHN FORSTMAN HOCKANUM LOOP STRCOK TWEED BUN AND BUN VALUES TO 89.95 j ' r V MANN'S RkADY-TG-WEAR - SECOND FLOOR OPEN MONDAY THURSDAY TIL 9:00 P.M. 1 MEDFORD yire the CHRISTMAS Ml GIFTS TIMID: WOMAM W YOUR LBIFH WILL 1VE... ELEGANT ROBES Yes, we have the robes that every Christmas Eve is hoping to find under her tree . . . warm, luxurious and very lovely indeed! A wonderful gift in quilted nylon prints. All washable . . . lace trim. darlene sweaters Touched with a glorious hand, this gem of a knit, fully fashion ed by Darlene in there excusiye yarn . . . Minklam. A new length with V-placket neckline t h a t brings a smart new fashion note to any. girl's wardrobe. 10.98 SHOP EARLY designed for dreaming . mm , W II -if torn v. y OUR NEW BRUSHED NYLON "ANGEL" GOWN USE YOUR T CHARGE-PLATE by JUflM ml1. 8.95 This brushed nylon tricot "angel" wean double tiers of dainty tucks and spark! buttons above flowing feminine fines. It loves suds, needs no iron ing ever. Simply delicious in pink froth, bfue souffl or yellow glact Sizes 32 to 42. BRUSHED RAYON STARTING AT 4.95 MAIL TOUt OKOII OI PHONE SP 2-6133 THE PIN-WHEEL PRINT AS SEEN IN McCALL'S AND MADEMOSELLE Whirl into fashion focus in an Empire dress with wide V neck and softly draped midriff above a sunburst of tiny hipline pleats. Aglow in gaily colored pure silk surah. 25.00 SEE SATA tf MONDAYS & liURSDATd 7-9 P.M. xx xxxx t x:x x.X5 i u MEDFORD
