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. Those
showing, deteriorating major
trends are the ethical drugs,
motion pictures and rubber,
it says. - -
The International Statistics
fo
760 S. Grape
FREE
PARKING
Hen Phono
Number-
SP 3-7575
COMMERCIAL
PRINTING
COMPANY
.wwww.fl(r...fli
I-vear f
BODY BKJ
V
SAILE 3 AYS D3ILVS
AMERICA'S NO. 1 BUY
(33853 Tit 'a'v
0
1
'10 DOWN
$14 Month on Sears
Payment Plan
4r ' ' .
' '
KENMORE THE WORLD'S
NO FICTITIOUS HIGH LIST PRICES!
Our Sale Prices Are Regular Prices REDUCED
WE SERVICE WHAT WE SELL!
Sears offers guaranteed service beyond free guarantee
period. Ask about low cost Year 'round Service Plan.
LARGEST SELLING WASHERS AND DRYERS
'oz jeotw, money 6zc6 5EARS
FREE PflRKNG
Jackson at BIddle
Medford, Oregon
Open Mondays & Fridays 'Til 9 p.m.
Phone SP 3-6661
0
0