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
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PAINT WITH
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6th & Holly Diagonally
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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
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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.
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