54th Year
Price 10 Cents
Medford
Tribune
2nd SECTION
MEDFORD, OREGON, WEDNESDAY, OCTOBER 14, 1959
Pages 1-8
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Jtc! :iLJ
CALLING AT ELYSEE PALACE, Prince and Princess Rainier, of Monaco, are greeted
by President and Mrs. Charles de Gaulle, of France. It was their first official visit
Federal Reserve Book Provides
Answers on Government Bonds
GBy ELMER C. WALZER
UPI Financial Editor
New York - (UPD - More and
more pesple throughout the
nation are seeking informa
tion on gov
ernment bonds, notes
and bills.
And, as if
m by a sixth
sense, tne
F e deral Re
serve Bank of
New York has
just published
Kljftr Walzer a ook Which
gives all 1he answers.
This renewed attention be
ing paid ggvergmeats was
bcfclt p when the Jreasury
floated a o5 per cent, four-year-an-ten-month
issue of
ngs and got $11.1 billion in
f? subscriptions f t e r asking
oniy for $ billion.
That 5per cent short term
i iu as the highest interest
fate the Treasury has paid
since 1929. oAnd it also set an
all-time kii record of $1.2
bfilion of 91-dabills at 4.265
average interest in competi
tive bidding.
The New Yofk Fed's new
book, "The Money Side of
The Street'" is .on, Wall
Street's money market, the
world's leading money center.
Author Knows Subject
It was written by Carl H.
Madden, manage of the
bank's public information de
partment. Madden not only
knows his subject but he
writes so all who read can
understand the intricacies of
an intricate market.
He devotes a whole chapter
to the treury bill market
which for its short term issues
is a definite part of the money
mrket along with such in
struments of crdit as federal
funds, bankers acceptances,
commercial paper, currency
and check money.
In that chapter, he also de
votes considerably space to
the government securities
market which is all done over-the-counter.
. The vast government debt
amounted to about 65 per cent
of the value of the nation's
output of goods and services
in 1958.
There are three parts to the
debt special issues sold to
government agencies and trust
funds which are not market
able; U.S. savings bonds, also
unmarketable; and about $176
billion that can be bought and
sold. Of these, about $30 bil
lion are treasury bills; $36
billion of certificates of in
debtedness: $26 billion of
notes and $84 billion of bonds.
Treasury bonds are listed
on the New York Stock Ex
change but seldom are traded.
The over-the-counter market
which trades in them and
other government marketable
securities is made up of 15 to
20 dealer firms and their
branches and five dealer
banks.
Unit Trading
Most deals are . made over
the telephone in units of mil
lions of dollars with $5 mil-
Union Establishes
Vote Registration
Portland-(DPD-The president
of the Oregon AFL-CIO told
the Multnomah County Labor
Council Monday that the AFL-
CIO has established a vote
reiestration program s in all
eastern Oregon locals.
J. D. McDonald said the
plan's aim is to get all mem
bers of unions reigstered be
fore the Oregon primary next
Mav. The Droeram in all other
sections of the state is in the
completion stage, he said.
VERA'S TOLL
Tokyo-(UPD-The latest police
tabulation Tuesday showed
4,464 dead and 649 missing in
Typhoon Vera, which slam
med into Japan s central Hon
shu Island on Sept. 26. The of
ficial tally showed 30,114 in
jured and 1,571,524 homeless.
STATE FARM
INSURANCE
ft COMPREHENSIVE DWELLING
FBJ.ICY GIVES YOU
IHUIULIZED PROTECTION
FOR
SfYOUR HOME
0 FTfYOuH PERSONAL PROPERTY
EfYOUR personal LIABILITY
AGAINS1.
FIRE, LIGHTNING, WIND,
THEFT. VANDALISM
AND MANY OTHER PERILS
ALL IN ONE
'PACKAGE' POLICY
AT A SAVINGS TO YOU
AVAILABLE NOW
SUBSTANTIAL CREDIT
. o ALLOWED FOR
PRESENT INSURANCE
mutMCi
JOHN A. CARTER
VIRGIL R. WILKES
133 So. Central
SP 3-6695
STATE FARM FIRE AND
CASUALTY COMPANY
BLOOMtNGTON, ILLINOIS
Grange lews...
Central Point Grang.
The third and fourth de
gree will be demonstrated at
a meeting of Central Point
Grange Friday, Oct. 16, at 8
p.m.
Members having articles
for the rummage sale to be
held at the Grange hall Oct.
21 may bring them to the
meeting Friday. Mrs. O. T.
Wilson is general chairman of
the sale, Mrs. L. C. Gordon
will be in charge of the plant
sale, and Mrs. Ed Walters will
care for the white elephants.
Lake Creek Grange
Members of the Grange
voted to buy material for a
roof for the hall, and mem
bers are asked to mail the
monies to the secretary. The
roof will be installed Oct. 31.
All of the men are asked to
assist, and anyone in the com
munity that has the time to
donate, labor will be appreci
ated. Women of he Grange
will serve a noon meal.
A Halloween party will be
given at the Grange hall Oct.
31. Everyone is invited to at
tend. Homemade pies, cider
and coffee . will be served.
Local musicians will furnish
the music.
Grange members- extended
sympathy to members of , the
family, of Otto Meyer. Mr.
Meyer's parents, Mr. and Mrs.
Henry Meyer, gave the land
that the hall is situated on as
a gift for a building sit.e
A card will be sent to Mrs.
Arthur Burrell while she is
in the Providence hospital in
Portland.
Next Grange meeting will
be Nov. 13.
We Giv
GREEN STAMPS
CENTRAL REXALL DRUG
Main and Central
lion and $10 million transac
tions in treasury bills not un
usual for large houses. Bonds
usually trade In units usually
under a million but often ag
gregate more.
Quotations are in 32nds of
a point for bonds. A quota
tion of 100.16 means 100 16
32nds per cent of par or
$1,005 for a $1,000 bond. Bills
are quoted in percentage of
yield.
Many of the government
bond dealers handle transac
tions in many other items
such as acceptances, unlisted
stocks, municipal and other
bonds, and issues of quasi
government agencies.
, In addition to this market,
the book relates the details
of financing big and small
business with short term
money, how banks keep their
money on loan and yet main
tain their legal reserves, how
corporations keep their ,idle
money invested, how" check
transfers are. speeded by the
Federal Reserve wire system,
how all the instruments of
credit operate, how the fed
eral reserve functions, and
how the discount rate is used.
Many other details also are
explained in simple, straight
forward language. - - .
Manpower Waste
At SAC Bases in
Spain Charged
Washington (UPD A Dem
ocratic congressman charged
Tuesday the United States
maintains about 5,000 service
men, civilians and dependents
in Spain for every six Strate
gic Air Command bombers
"on the line" in that country.
Rep. Frank Kowalski of
Connecticut said he would ask
President Eisenhower and the
Air Force to investigate whe
ther "they need all these peo
ple." Kowalski, a former Army
colonel and a member of the
House Armed Services Com
mittee, added that he also was
disturbed by the way the
armed services used man
power at several more of the
23 U.S. bases he visited dur
ing a 26-day European trip.
Impressed By SAC
The congressman emphasiz
ed he was not criticizing Air
Force retaliatory power, as
serting that he was "tremen
dously impressed by the way
SAC is able to deliver strik
ing blows. I have never seen
anything so impressive."
He told newsmen, however,
that there were six bombers
"oh the line" ready to go
at each of three SAC bases in
Spain while behind them were
2,000 to 3,000 military per
sonnel and about 2,000 de
pendents, plus 1,200 to 1,500
Spanish civilian employees.
Kowalski said each base was
a ."little American city" cost
ing about $100 million.
Jacksonville Man Is
Fined in Court Here
George Alonzo Warner, 48,
of Jacksonville, was fined
$155 in district court last Fri
day for assault and battery.
Warner had pleaded guilty
to the charge the previous
Monday. His attorney was O.
H. Bengston. Warner had
been arrested in connection
with an assault upon his wife.
Americans purchase half of
all goods produced in the
world. , . .,- .
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e Automatic Liquid
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e Automatic Power Soak
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TERMS!
Fits
Anywhere
a Washer
Will!
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26" wide
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It II a wrpw
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CARRYING
Andy's Buys Entire Stock of Marlows Jewelers
Yreka, Calif., To Bring You This Sensational
Fi'n-cr?
n m ra
USE YOUR
We will be glad to arrange a
convenient plan to suit your
budget. Come in.
VAiin EBiEKim v PHONE
I VUli riIEIMIfl. I L 2-2970
CREDIT JEWELER 15 N. Central
2 Stores
Medford
and
Yreka,
Calif.
TRADE-IN-ALLOWCI
lor your Old l"ahh
REGARDLESS OF MAKE OR CONDITION
ON A NEW SELF WINDING
Im
With These
QUALITY
FEATURES
Self-Winding
Waterproof
Shock-
- resistant
Dust-proof
Anti-magnetic
Unbreakable
Mainspring
17 Jewels
Stainless
Steel Back
With This
Guarantee
If the balance staff or mainspring ever breaks, we will replace f($
of charge. Guaranteed waterproof and dustproof if crystal iai $
back are opened only by competent watchmakers.
Regularly
TRADE-IN
ALLOWANCE
$59.36
$20.00
You Pay $
ONLY
fci) If
225 East 6th
Phone SP 3-5433