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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 21, 1959)
Foreigners Favor Buying U.S. Federal Securities Over Gold By ELMER C. WALZER UPI Financial Editor New YoA - (DPD - Foreign ers apparently would rather buy U.S. government securi ties than gold. In the la test Federal Reserve Sys tem statement is this item: . "On Oct. 14, 1959, U.S. ! ffnvom m Ant XI I securities held in custody bv Elmer Wilier i L 11 e cuci eu Reserve banks for foreign ac count were $4,484,000,000, an increase of $75 million for the week, an ' increase of $833 million from a comparable date a year ago." The foreigners have bought $789 millios in government securities so far this year. They bought $749,250,000 of gold in the'same period. Their gold purchases have been de clining while their purchases tm 'j' A of U.S. governments have been on the uptrend. This could indicate plainly that the dollar isn't too much iri disrepute in foreign circles as so many believe it is. Foreigners wouldn't buy our securities which are pay able in the future in dollars if they thought the dollar wasn't going to hold high in value in relation to world currencies. v Mer Profitable Than Gold Buying U. S. governments is much more profitable than buying gold. They yield a good return while gold does n't yield a thing. In fact it costs money to own gold. So far this year we have lost $1,093,000,000 of our gold stock. Of that amount $343, 750,000 has gone to the Inter national Monetary Fund. Last year the gold stock fell by $2,275,100,000 to a total of $20,582,000,000. The U. S. gold hoard fell below $20 bil lion on June 24 for the first r MEDFORD PAINT and Wallpaper Store PAINT WITH lieautiflttxt 6th & Holly Diagonally Across from Post Office PHONE SP 2-9321 W Giva StH GREEN STAMPS time in 19 years. The Federal Reserve does n't indicate what type of U.S. security the foreigners have been buying or whether their latest purchases included some of the so-called magic 5s. The magic 5s are the latest issues of treasury note which pay 5 per cent to their matur ity four years and ten months hence. The reason for the maturity falling just short of five years is the fact that the Treasury cannot issue a maturity, of five years or more - a bond -since it is held down to pay ing a ceiling of 4V4 per cent on such maturities. The Con gress refused to raise or elim inate this ceiling, and hence the Treasury must do its fi nancing in the short f term market. Costs Taxpayers Observers have noted that this retention of a ceijing that dates back 40" odd years is costing the taxpayers millions of dollars in high rates the Treasury has to pay in short term issues in competition with business at this time. However, the Congress un wittingly may have done something to save our gold supply by making our securi ties so alluring that the for eigners would rather have them than gold. Incidentally, foreign nations hold $9,604,400,000 of gold here. It is under so-called ear mark at the New York Fed- 16 MAIL TRIBUNE, Medford, Or. Wednesday, Oct. 21, 1959 Used Vehicles Are Offered for Sale Oral bids for several ve hicles will be received by the forest service in an auction starting at 10 a.m. Tuesday, Oct. 27, the forest service has announced. , Included in the items for sale will be used pickup trucks, one, one-and-a-half and two-ton trucks, sedans, sedan deliveries, panels, carryalls, dump trucks, graders, mixers, and tractors. Proceeds from the sale will be used toward purchasing new equipment, the forest service said. The sale will be held at the forest service warehouse. Vehicles may be seen between 9 a.m. and 4 p.m. Friday and Monday and from 8 a.m. to sale time Tuesday. Halley's Comet, appearing every 75 years, is next due about 1895. eral Reserve Bank. We still have a gold stock of $19,489,000,000 which is about half of the world's known supply of gold. Foreigners have nearly $16 billion in short term assets in the United States. They could transfer this to their govern ments which in turn could buy our gold and just about wipe out our supply. The experts don't think they will, especially now that our government securities are becoming so alluring. as seen on TV limited time .only " 'W mm ml " m 4rr&ViS i I M - SiigSiiT i M-Jt r X . .. . , t l I vou gei i.uu Torxarw oia; Dra... vyhex, you buy an; playt ex livina PICK'S APPAREL, 112 East Main r Phon SP 2-9922. . With my order, ploi mcIom COuf) fjoaJ Car $1-00 wHm oilttj to Ployt wit poy old Pro. stylo co lot ut prio yuowtity playtex living bra rtylo cupt .- " ptaytox living ba -togk-circnt top ptoytox living Ivai boouty-hopo cup ptayiox living longltMo bra . . 1 1 I 1 1 " 1 ' by Intoffiatfonol lot Corp, Prinfd im U-SjC 3.95 and up Playtex makes this offer because they knew that you'll always wear a Playtex Living Bra offer you try the first one. 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White. 32A to 3SC $4.95. WE GIVE STAMPS If Your CREDIT is GOOD It's GOOD at' PICK'S 112 East Main St-Next Door to Robinson Bros. They'll Do It Every Time By Jimmy Hatlo WHEN! R6ACOW WAS ijVTl DEFEATED FOR j U RE-ELECTION IM THE LODGE, HE CONGRATULATED THE NEW PREZ THUS ( AS PAST PRESIDENT, LET ME SAV "fv 1 IrtHI TLAJ MAVt MY WMUItlHWTfc.U II IkJ) I SUPPOPT IC TWPPP ic AWv-TUlkl ll fl B'l. sr r H -r -asj neo rv cm-jti irr i .-r- I QWyUST CALL MB's- i&A' U- S W a 1 1 tit mi trj i r s-z. v '--.j i 'ir. i w ; a m j a m r a. n r k a v lv- P NOWEVERV MEASUPE OPPOSEQ-J V'kaX THE NEW MUCKyMUCK (wlitna fT . TRIES TO PUT THRU . ' jSnJlwi CENTRAL POINT School Proqram Held By DORIS HUGHES Central Point William Brewster, principal, reported a large number at the "Back to School" program at Jewjett Elementary school. Parents seemed to enjoy themselves Brewster said, as they checked school maps and floor plan. Each visitor was given an information, sheet in which parents were invited to meet their child's teacher and to see samples of work, and to visit other class rooms. They were alerted to look for signs of primary science activities and to notice how items of reasonal interest had been used. They; looked for devices and visual aids which help make reading and arith metic more meaningful and inspected the health room and office areas. Teachers had an opportuni to meet the parents, who were invited to return to visit class rooms during school hours. Many people met in the music room to listen to tape recordings which had been made during daily music per iods. In the cafetorium, re freshments were served by the Parent-Teacher association. Thirty new benches and six folding tables were added to the Jewett school cafetorium this week. The new . equip ment will enlarge the seat ing capacity and make it un necessary to clean and reset before all the school can eat lunch. ' Delmar Smith, Crater Fu ture Farmers of America re porter, said that two chain animals were awarded to freshmen boys this week. George Harrison received a Holstein heifer that John Caster had had for five months. Harrison is required to give the first heifer calf back to the chapter. This heif er calf will be awarded to another boy. The Hereford chain animal was given to Bob Ryan. His brother, Don Ryan, had had the animal, which is a reg istered Hereford heifer. The first Hereford heifer will also go back to the chapter. Many boys were interview ed as possible recipients of the chain animals, Smith said. The purpose of the chain animal project is to help mem bers get started in supervised farming. The Holstein dairy chain was started by Carl Hoover who gave the chap ter a heifer several years ago. The He-eford chain animal line was started by the Sears Roebuck Foundation by giv ing the chapter a registered Hereford heifer several years ago. Richard Traylor, Central Point Elmentary and Junior High school vice principal, re ported that Ted Schopf , Southern Oregon college coach, was at Central Point Elementary school last week to make tests on fourth, fifth and sixth grade students to establish strength quotients. Information resulting from the tests will be the spring board for further physical de velopment, Traylor said. Hunting last week end in eastern Oregon were Mr. and Mrs. Marion Hull, Mitchell Hull, Mr. and Mrs. Clarence Sanger and son, Merritt, Gene Covic and Bill Edwards. They returned with four deer. Successful hunters return ing from a trip to Chemalt were John Snook, Paul Snook, Gene Snook, Ralph Snook and Stan Snook. Bringing in a deer and a bear from the Dead Indian area were Lloyd Chadd and Martin Lamert. Hunting last week in the Yamsey mountain area were Mr. and Mrs. Charles Jantzer of Central Point, and Mr. and Mrs. Oscar Hanson and chil dren of Elk Creek, Mr. and Mrs. Carl Hanson of Shady Cove, Mr. and Mrs. Bill Jant zer and Mr. and Mrs. Leslie Jantzer, all of Grants Pass; Mr. and Mrs. John Jantzer and Mr. and, Mrs. Ben Jant zer, all of Azalea; Mr. and Mrs. Tom Weatherall, Glen dale, and Mr. and Mrs. Del mar Steitch, Grants Pass. Al so camping there were Ralph Merritt, Julius Dobrot and Wallace West. Other successful hunters in the Central Point area were Bruce Force, Adrain Van Horn and John CimfL Pfc - Donald vonBuskirk, who has been stationed near Albuquerque, N.M., was home for a visit last week. .He is the son of Mr. and Mrs. Carl vonBuskirk. VonBuskirk plans to visit his brother-in-law and sister,. Mr. and Mrs. Al Lewis, Sacramento, before continuing on to Ft. Hood, Tex. Mrs. Charles Jantzer, Cen tral Point Grange home eco nomics chairman, announced that plans are being made for a new venture by the group. It will be a smorgasbord to be given at the Grange hall Nov. 14 from 6 to 8 p.m. Tickets are available from Grange members. Mrs. Dominic Tate of Cedar st., Central Point, was hostess of a birthday honoring her eight-year-old daughter, Flor ence Tate, and Patty Burton of Medford. Games were played and a birthday cake and cup cakes were served. Attending were Cathy Anhorn, Charles Martin, Marcia Miller, Pam Burton, John Tate, Sheryl Marshall, Steve Colley, Hope Reeves, Patty Burton and Florence Tate. Officers Elected To Toastmasters Douglas A. Roach was elected president of the Med ford Toastmasters club at a meeting at the Jackson hotel Monday. He replaces Dr. John T. Weisel, Medford. Other officers are Dr. John L. Welch, executive vice presi dent; Otto H. Kannasto, edu cational vice president; Myrle M. Merriman, secre tary - treasurer; and H. D. Christensen, sergeant at arms. Dwight Wilson was toast master for the evening, with Merriman in charge of the table topics and Dr. Ralph E. Hibbs evaluator of topics. Speakers and evaluators in cluded Dr. Welch, "The Fifth Need of Man,", evaluated by Kannasto; Sherman E. Holt, "Interim Zoning," evaluated by Christensen; and Walter D. Nunley, "Why is Crime In creasing," evaluated by Dan A. Hill. Guests included E. A. Sin ner, F. H. Evernham, C. E. Wilson and Charles Gansel. The hearing mechanism in the human ear, compared to a scale, is sensitive enough to weigh a soap bubble. ing which students will learn are butt, single bead, vertical and horizontal. Seven boys of the group will build or re build stock trailers; four will build self-feeders; one boy will build "a feed bin; two will build sheep carding stands; one a hay manger;t one a canopy for a pick-up and one boy will build a hay elevator, Taking a hunting trip to eastern Oregon last week end were Oscar Minnick and John Clark of Central Point. Visitors Sunday at the home of Mr. and Mrs. Domi nic Tate were Mr. and Mrs. T. J. McKinney and son, Larry, and Mrs. Alii e McKin ney of Roseburg. The Tates took their guests on a tour of the Jacksonville museum. Delmar Smith of Crater High school Future Farmers of America chapter, announc ed that the two Crater Agri culture II classes will be in the shop two thirds of the time this year. Types of weld- Crater High school Future Farmers of America radio chairman, Dennis Fisher, as sisted by Dennis Samples and Dave Foote, program mana ger, have used a tape-record er to tape five 4Vfc minute radio programs. The programs began Sunday on radio sta tion KMED. Taped during the school time, the programs cov er various phases of Crater activitiy such as class instruc tion, Rogue Ramblers, super vised farming, committee work and shop work, Dave Foote and Dave Red mond, Crater FFA, are pre paring speeches for the dis trict soil conservation public speaking contest. The boys will speak on pasture manage ment, Wednesday, Oct. 21, at Hedick Junior High school Little Theater. The time will be 7:30 p.m. The winner of the contest will win a trip to Salem for the semi-finals Nov. 5. SWIMMING POOLS Gunite Constructed Pneumatic Applied Concrete PERMANENT POOLS Place the structure and piping in this Fall Allow ing for Deck settlement and landscaping. No up keep this Fall then have the pool completed in the Spring. Partial Payment Now Balance on completion. Financing Available Low Cost Pools from $2700.00 1822B WEST MAIN SP 3-4340 w Northwest Pool Co. 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