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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Sept. 29, 1959)
VVt ffTVf ' " fiC? Jl - ' BACK JviX iSfH'f K i MAC V WTAc rTVj I i3L I" vvc Ml ,,1 iA.ft:':, 1 ' T o CAMPAIGNING British Prime Minister to a political address. Many of his followers Harold Macmillan leads a march by his carry placards reading "We Back Mac." supporters at Manchester, England, en route British elections are scheduled for Oct. 8. ; -Vi- ;. : (UPI Telephoto) Situation in United States Sounds Like French Inflation By ELMER C. WALZER UPI Financial Editor New York WD - France had 44 years of inflation and some eleven devaluations in the pe- ritfd from 1914 to 1959. : 'And the his tory of that in flationary pe riod sounds in A " the United f feV! State, eitna. t tion except for user wunr i n e aevaiua- t&ms. . . I "V. II I It This is brought out in pamphlet by Melchoir Palyi, entitled "A Lesson in French Inflation." Palyi is an econo mist, of world repute. He one time was adviser to the Central Bank of Germany. He came to tne u. 5. some years ago and has lived here since 1933, -becoming an American citizen. He is a member of the executive committee of 4he Economists' National Commit tee on Monetary Policy. Not So Educational '.'There have been innumer able paper money inflations in the past, and in our age: but Feeft -Ike See? STANDARD HEATING 0I1S Quicker " Because: You get more sunny warmth from every drop. Standard Heating Oils burn cleaner, put out more usable heat. And they do it day-in, day-out. Trie high , quality never varies. Tunes up your furnace to give more heat. Detergent-Action Thermisol keeps your furnace so clean it delivers more warmth. No other fuel has anything so effective. Standard research makes this possible. You stop costly heat-waste in your home. Your Housewarmer's helpful tips can save heat and money. His automatic 'keep-filled" service will give you low-cost warmth without worry all season long. You can count on it! Call these authorized Housewarmers for Standard Heating Oils FADER FUEL CO. Medford SP 2-4449 VALLEY: FUEL CO. Medford SP 3-1576 STANDARD OIL COMPANY OF CALIFORNIA not one of them is so 'educa tional' for Americans as is the French case, Palyi says. "If the American people un derstood what happened to France and why, they might be spared the otherwise un avoidable result, the break down of democracy and the lowering of living standards, Palyi says. . "But if the dollar should go down the same drain, would we be as lucky as the French in getting a dictator with the decency and wisdom of Charles De Gaulle, whose ob jective is to rescue democracy, one without balance of pow ers, from a mess of depreciat ing currency; chronically un balanced budgets, a jungle of controls, perverted incentives, price and income structures?" Many Reasons raiyi lists many reasons why the French "creeping" in flation was kept going and some sound just like the Unit ed states, lnese include ex horbitant taxation; govern ment deficits, and vicious price cost price circles. Other reasons given for the French inflation include ex tension of rediscount credits; squandering billions of Ameri can, aid; incurring heavy for eign debts; vast expansion of bank credit; dissipating $6 bil lion gold reserves of the Bank of France and virtually wiping out at least $30 billion - gold dollars worth of liquid . sav ings of the French people. Two interesting develop ments were noted in' connec tion with. . the French infla tion: There was little resist ance to it; and many thought they profited by it. ' Two things happened when the French took to inflation ary operations. . iney were hoarding of gold coins within the country, and a giant exo dus of French ; gold sent abroad. Hedging against the French inflation wasn t as simple as the American market experts would seem to think. 1 ; French common stocks ad vanced but not sufficiently to offset the decline in the franc. Even , the price of gold bars did not rise quite as much as the cost of living, and the owner of them lost more than he did on his shares since he had no return for 44 years "The long-winded French in flation," says Palyi, "was a glaring case of almost all the people being fooled for a very long time. ; It was ' solemnly promised that every devalua tion of the franc was to be the very last one. Every French government, and there many, assured tne public sol emnly that il would stop infla tion. Some were actually sin cere." . , The cures, price controls, credit controls, foreign ex change controls, even budge tary controls aided in boost ing the budget deficit, the cost of living, or the costs of im ported goods as the case may have been, according to Palyi. Now Improving France toaay is improving all around with confidence in its currency restored. But all isn't the soundness one could ask, Palyi indicates. "All of these manifestations are the auspicious opening up of a reform rather than the fi nal reform itself," he says. "The shotgun wedding of sound money with the welfare state was a compromise, ap parently the best the De Gaulle regime considered en forceable without recourse to violence. . "Its hopes are set on the regenerating power of the lib eralized market economy, the return of flight capital, the in flux of foreign funds, the re habilitation of the French sav ing propensity, the budgetary discipline and austerity estab lished by a stable monetary standard, the development of the vast oil-gas resources of metropolitan France and the Sahara and last, but not least, the stimulus of the. European common market, perhaps a stepping stone toward freer trade in the whole of Europe." Bock Stairs: lkt's Savings Plans By MERRIMAN SMITH UPI While House Reporter. ? Washington (DPD Back stairs at the White House: President Eisenhower seems to have set up. an Individual savings plan for each of his grandchildren, the details of which slip out only in rare public disclosure. The children are the daugh ters and son of Maj. and Mrs. John S. Eisenhower. The fam ily lives in a renovated, at tractively decorated school house on the northwest cor ner of tho President's farm in Gettysburg. . The three older children, David, 11; Barbara Anne, 10; Susan Elaine, 7, attend pub lic school in Gettysburg. Their deal with grandfather is $1 for "A" on their report cards, 50 cents for a "B". And recently, the President told of his savings plan for Mary Jean who will be four years old next December. At the end of the day, the Presi dent give: all the loose change in his pockets to his valet, John Moaney, who promptly deposits it in the White House equivalent of a piggy bank for young Mary Jean. Another family note: Susan is turning into a proticient young horsewoman under the tutelage of a riding instruc tor and almost daily periods in a training ring on the Ei senhower farm. She's won several horse show ribbons in the Gettysburg area. Young David was taking golf lessons at the Gettys burg Country club some time ago, but this type of instruc tion has been shelved. The President told friends recent ly that David had to give up playing golf, as well as tak ing lessons, because his school program becomes increasing ly demanding. David, too, is becoming interested in. other sports,- including football. The visit of Soviet Premier Nikita S. Khrushchev to this country had one effect: It pro duced an upsurge in the p- plications from reporters who want to accompany President Eisenhower to Russia. There were something over 300 applications on file even before Khrushchev arrived :n the United States. Now Press Secretary Jim Hagerty faces the problem of how to keep the number of reporters and photographers within logisti cal reason. ' : This poses a difficult prob lem for Jim-the workings of a free press versus the intri cacies . of moving an enor mous, working party halfway around the world.. . ; While thev Khrushchev par ty was in . the United States, their photographers devoted a good bit of film to making pictures of . American Secret Service agents1 and power plants, even down to small n e i g h b o rhood . transformer stations.' .. One . Russian movie man works for a government thea ter hewsreel, detached him- Hatfield Rapped For Comments Portland (DPD -; Beulah Hand, acting "Oregon Demo cratic chairman, said Monday Gov. Mark Hatfield was "the last person who should make the charge" that a so-called feud between . Oregon's two senators was hurting the state. She said she referred to a speech Hatfield made last week in Boise' in which he referred to disputes , between Sens. Wayne Morse and Rich ard "L. Neuberger. Despite the opposition of the Republican administration to such projects as John Day and Cougar dams, Sens. Morse and Neuberger have worked together effectively to secure these great projects for our state," she said. She said they also had worked together for other pro jects. " The acting chairman said Hatfield returned from Wash ington, D. C. in March "and boasted to the press that he had 'sold' President Eisenhow er on the Green Peter dam. This proved to be totally with out basis in fact. The Repub lican administration has con tinued its opposition to Green Peter," she said. . ASKS POSTAL BAN Memphis, Tenn. -DPD- New York City Postmaster Robert K. Christenberry said Mon day "'it ought to be just as illegal to sell youngsters smut as to - sell ' them alcoholic drinks." Christenberry said Congress should immediately pass legislation against the sending of smut through the mails. THIN MAN SOUGHT Seaford, England -(DPD- Po lice today were looking for a tmn man wno wiggiea through steel bars only eight inches apart and took 42 and a quantity ot cigarettes irom the local post office Monday. self from the Khrushchev par ty in Pittsburgh and raced to Washington ahead of the So viet Premier. ' : The , photographer then went to Lafayette square in front of the White House. He unerringly stationed himself behind a group of enthusias tically cheering people when Khrushchev drove by an hour later on his way from the air port to Blair House.' ; ' - Thus, , the film man from Moscow was able to get a pic ture of a throng applauding the. Premier, and the White House, in the background. It should go well in the Russian movie houses, particularly the part where the "Americans" on ' Pennsylvania ave. whip ped out Soviet flags . and waved them at Khrushchev. ' " NOW A CAPITALIST Nikita Khrushchev today was a stockholder in an American corporation. That, said a spokes man for four men who presented the stock, makes the Soviet piemier a capitalist. Forrest -T. Jones, an insurance - man, said purpose of the gift was neither flippant nor argumenta tive. The four partners are Jones,- Dr. Stoughton F; White, Kansas City;. John Stohms, Woodstock, 111., and. Paul Fisher, Chicago. Here Dr. White and Jones look over a opy of the letter sent to. Khrushchev. ' -UPI Telephoto) Quotes From the Hews ' By UNITED PRESS INTERNATIONAL - ' . Jackson, Miss.-Mary Ann Mobley, last year's Miss America,-after abandoning plans to become a school teacher in favor of a stage career: . "I still hope to get my degree from Ole Miss; maybe IH attend summer school there sometime.'" Jacksonville. Fla. Lt. fndr. Mnroan T. navienn 37 attar spending 12 hours in .the eye of hurricane Gracie in a Navy hurricane hunter plane: 'She is the worst hurricane I've seen all season." - Milwaukee. Wis.-John Roseboro in the TinHffr room, commenting on his sixth inning homer that represent ed the winning run against the' Braves: 1 swung wUh all I had. There can't be anv bioa.r thrill than this one. - Milwaukee. Wis -Hank Aaron. -in the Rrav Areeeino room after losing the-first game in their National lranw playoff series - -' ', - "We'll lake 'em. we've bounced back before." Chatfe New York-(DPD-Compulsive chasing of sputnik, securities has ceased, says inside Wall Street. - The market letter points out that investors who "reach ed" for the "glamour" stocks and. other issues in the jet-set are taking a more sober look at things now that prices have approached realistic levels. From a market viewpoint' it is safe to observe that- elec tronic equities have to culti vate . a new breed of share holder; "the pie in 'the 6ky brigade is disillusioned," it notes. . MAIL TRIBUNE, Medford, Or. Tuesday, Sept. 29, 1959 3 ARCHAEOLOGIST DIES Rome-(UPD-Noted archaeolo gist Msgr. . Giulio Belvederi, 77, a friend of Pope John XXm, died Monday. Bureau particularly favors Associated Dry Goods. Chrv- sler, Cutler-Hammer, Motor ola, First National City Bank and Sanders Associates at this time. Trendex says groups com ing out of private bear mar kets and readying their new private bull markets are: gold, sugar products and air craft manufacturing. 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