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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 28, 1960)
0 0 0 WML tsiwwi. msro, om Experts Predict Improvement In Industry in Balance of '60 Br ELMER C. WALZER UPI Financial Editor New York (IfD - Two busl. nesi expert! today looked tor Improvement generally in In dustry in the lecond half of 1 1960. A. W. Zelc mek president and economist tor Interna tional Stati cal Bureau tlndf "the American economy has more vitality ElaMrWalMr at the present time than during any period of recent history." He looki for general busi ness to average moderately higher during the rest of the year based on gross national product, and adds that even total production will average slightly higher later in the year, "possibly exceeding slightly the 1950-80 peak." John W, Riday of the Dun & Brads treet business econo mics department, says that while no spectacular gains are in prospect, business ac tivity during the rest of 1960 Is almost sure to rally from the slight setback In the early months, "and to move on to new high ground before the year is out." Writing In the current Dun's Review, Riday draws the following conclusions: Production Edging Upward -Industrial production will edge up gradually all sum mer, matching its January peak some time In the fall -Now that May and June output schedules have been re vised upward, 1960 may turn out to be the second best auto year in history. -Any increase in the pro duction of consumer goods will probably wait until fall, but output of machinery and paperboard should start to rise soon. -Only late In the year will business men Increase Inven tories significantly-and give a healthy boost to Industrial output. -Rising production In late I960 will not push unemploy ment below 5 per cent of the labor force. -Retail sales will hit more records as the year wears on. Profits To Fall Off - Despite continued high sales levels, profits in the sec ond quarter wil lnot keep up to the level of the first three months. - Outlays for Industrial building will be well up for the year as a whole. year as a whole. In arriving at his conclus ion on America's economic vi tality, Zelomek says he does not ignore such restraining factors as a shrinking farm income, the somewhat large consumer debt structure al though not abnormal, and the fact that most of the postwar shortages have been made up. Ha finds the vitality of the economy is the result of a healthy population growth, Burning Currency One of Jobs for Engraving Bureau Guidelines for Good Currency Washington - (UPt - These re the Treasury's guide lines for determining if cur rency is fit to continue in circulation! It must be fair ly clean, so that its class, denomination and genuine Bess een be determined without difficulty. It must contain a suffi cient amount of "life" or "siting" is permit Us being handled with facility. It should not contain ( heavy creases which break the fi ber. It should not be so badly soiled as to be offensive, or be torn, perforated or oth erwise mutilated. Turned down corners do not render notes unfit. Washington - (DPD - If any body tells you that money just goes up in smoke after it gets to Washington, don't argue. It's true. You can see the smoke, but not the cash, anytime you are In town and care to look. The smoke comes curling ut of a 115-foot smokestack top the Bureau of Engraving and Printing Annex. It origi nates two floors below street level in a furnace for burning currency which is worn out, foiled, mutilated or torn. Cell Fire Going There's not much ceremony In It. While two-man "de struction committee" gets the fire going with some scrap pa per, an employee wheels In a cart packed with money. All three men lob handfuls nd armloads of bundled cur rency through the furnace door. A package misses the open ing and lies (intended on the floor. A stray bill flutters halt way across the room. A visi tor wonders if the committee will fail to notice the package or the bill and leave them lying on the floor. Not se. After the truck is emptied - a matter of five ' minutes and hundreds of thousands ef pieces of eurrn cy, meetly ones, fives, tens nd twenties - committee Chairman John F. Horan and bis aid meticulously pick up the r p i of money lying round and chuck them into the fire. Legally Canceled Even If Moran missed a piece, it probably wouldn't be much good to anyone else. Most of the currency burned at the Annex is Federal Re serve Notes which have been America's industrial creative- ness. the revolution in Income distribution, and the relative stability in prices and expand ing consumer demand. "The fact that the economy has withstood some major readjustments and still re mains at about the peak," he says, "certainly attests to the vitality of the American econ omy. Favorable Business Trend "The current higher gener al business trend which legally canceled by perfora tion and split in halt length wise. Even the top and bottom of a canceled note together are worthless. The worn, canceled Federal Reserve Notes are shipped to the Treasury by the Federal Reserve Banks, which con fine their own burning of old money to Treasury currency. The Federal Reserve does not destroy its own liabili ties," explained John R. Far rell, head of operations for all 12 Reserve Banks and their branches. The bills are split before shipping as a hedge against theft. (Treasury currency Includes U.S. Notes, two and five-dol lar bills with red seals, and Silver Certificates, ones, fives ana tens with e blue seal. Fed eral Reserve Notes, fives and up, have a green seal. All are government money and equal ly good. But for technical rea sons the first two kinds are Treasury obligations and the third a Federal Reserve liabil ity.) No Rigid Test When is a piece of money worn out? There is no rigid test. Local custom is Impor tant. The Treasury has found that bills sent in by Federal Reserve Banks in the South are more 'worn or limp than those coming from New York or Chicago, some of whose re jects are nearly crisp. This means only that in the South people are more will ing to use creased or limp bills, an official said. Before old money is burned it is counted-several times, at least once In a commercial bank, twice more in a Federal Reserve Bank and at least once by the Treasury. The Treasury check might be con sidered a double counting since the tops and bottoms of the spilt bills are tamed sepa rately. Monotonous Work Riffling through packs of 100 bills at a time, counters also weed out counterfeits. Only women are hired by the Treasury and Reserve Banks as counter! because the work is monotonous and men are believed too Impatient for It, according to Frank N. Proc tor, chief of the Treasury's Currency Redemption Divi sion. Proctor's unit counted and sent to the furnace 503,713,- 728 nieces of currency in 1959. What few pieces didn't go up in smoke right away stuck to screen at the top of the smokestack. The govern ment just doesn't let that stuff go flying around. should continue until the end of the year, is favorable. "This does not imply a boon or excesses with a sub sequent sharp letdown. It does indicate good, steady economic growth with only temporary interruptions." Zelomek holds that con sumer spending will contrib ute to the better showing for the rest of the year. He also looks for a small gain in business spending during the last quarter but holds this will be influenced by the international situation and the resultant-'.inventory charges. "Government spending will also .be Influenced by inter national tension, although changes will be limited,' short of war, which we do not ex pect," he says. Zelomek expects neither In flation nor deflation. He. be lieves stability to firmness will characterize the price trend, assuming no worsen ing In the International situa tion. . -. . : The supply of money will be adequate to take care of needs, and will be a stimulat ing factor, he says. On the stock market rise, Zelomek feels that the sharp upturn in prices, while it may obviate an immediate easing in margin requirements, is not expected to be sufficient ly marked to. warrant a re versal in the present mone tary trend. Kentucky Policemen Victims of Thefts ' . ' Louisville, Ky. -Thieves left two Louisville policemen call ing for the law. ' Sgt. D. S. Kimball said a bicycle worth $65 was stolen from his porch and PtLArch er Andrews reported that four hubcaps were taken from his private car while he walked his beat. ...... ' Some 68 per cent of all Canadian households include a sewing machine among home appliances. ' 'Tone of Voice' Told in Whispers - Providence, R.I. - (Science Service) - A person's "tone of voice" can be told everf when he whispers, Acoustical Socie ty of America was told bere.i Three scientists reported that their experiments on communication by voice show ed most persons could easily recognize happiness, surprise, boredom or, disbelief in-the voice of an unseen speaker. The i speakers, -. who had no dramatic, training, would say such' a neutral - sentence as, '.'the lamp stood on the desk," and try, at the same time, te express various emotions. Results showed that it la possible to Identify a number of tones of voice quite accur ately even when there Is a considerable amount of Inter ferlng noise or when the speaker whispers. The scien tists testing verbal recognition of emotion were Drs. 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