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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Jan. 30, 1961)
Stale of the Union Kennedy Sees No Heed To Hike Price of Gold WARDS MONTGOMERY WARO M Home Americans Flee in Face Of Lumumba Loyalists Leopoldville, The Congo -luri) - A total of 164 Americans have fled to the safety of Ru-anda-Urundi In the face of new persecutions by forces loyal to deposed Congolese Premier Patrice Lumumba, the United Nations announced today. A U.N. spokesman said the Americans, all missionaries and their families, had crossed into the Belgian-administered trust territory from Oriental and Kivu provinces where pro-Lumumba forces are in control. The American refugees are being gathered together at Ihe Ruanda town of Managi, the spokesman said. The spokesman said a con voy of Belgian refugees es corled by U.N. Ethiopian troops was turned back by the pro -Lumumba troops while trying to follow the Ameri cans to safety and all vehicles were confiscated. oooooo o o wiggly. ESTABLISHED 1896 ESTAI GREEN .STAMPSJ o o f OPEN EVERY DAY UNTIL 9 P.M. PEANUT BUTTER Hoody's Mb. Jar 45c O O BTMUSHEO 1896 ( I GREEN . ISTAMPS , o o Wesson Oil Quart Bottle 4 9C II B & B "Broiled in Butter" AflUSHROOAA! Large Six Sliced, Chopped or Whole Crowned Tin o o ESTABLISHED 1896 GREEN LSTAMPSJ o o Beaver Regular 1.59 Value for 1 BROOMS CAULIFLOWER H ilr Snow White Heads q U.S.D.A. Choice ESKBLKHEO 1896 ( OllUCk Bfflll Roast I GREEN I o jj Stewart and King U.S.D.A. Choice Beef Stew Boneless a VLb. mi -in ii i Imbalance of Payments Said Cause of Concern (Continued from page 1) On the dollar gap involving the present Imbalance of inter national payments, Kennedy said there was cause for con. corn, but not despair. Since 1958, he said, nearly $5 bil lion had flowed overseas from U.S. gold reserves and the prospect for 1861 was another deficit in international pay ments of about $2 billion. He pointed out, however that total American gold stocks available now amount to about $22 billion "and I now pledge that their full strength stands behind the value of the dollar for use if needed." The President said there was no need to increase the gold price from $35 an ounce to impose exchange controls or to fall back on restrictive trade policies. Won't Distort Value 'This administration will not distort the value of the dollar in arty fashion," he said 'That is a pledge. Prudence and good sense do require however, that new steps be taken to ease the payments deficit and prevent any gold crisis. To do this, he announced an immediate program to attract foreign investment and travel to the United States, to pro mote American exports at stable prices, and shrink loop holes in tax and custom laws that encourage undue private spending of dollars abroad. Tied in with the dollar gap, the defense speed-up and the lagging economy were the fed cral budgets for this and the next fiscal year. Kennedy said fiscal 1961 was almost certain to show a deficit and former President Dwight D. Eisen hower's $80.9 billion budget for fiscal 1962 could be bal anced only if Congress enact ed recommended revenue measures and the economy re bounded higher and sooner than Kennedy s economists ex pected. Even in this fiscal squeeze, the President said a new ad ministration had to build on spending and revenue estimat es already submitted. "Within that framework," he said, "barring the develop ment of urgent national de fense needs or a worsening economy, it is my current in tention to advocate a program of expenditures which, includ ing revenues from a simula tion of the economy, will not of and by themselves unbal ance the budget." Stern Outlook Seldom has a peacetime President presented such a stern national and internation al outlook as Kennedy did in his address delivered in what he called "an hour of national peril and national opportu nity." His passages on conditions at home amounted to an eco nomic sick call. "The present state of the economy is disturbing," he said. "We take office in the wake of seven months of re cession, three and a half years of slack, seven years of dimin ished economic growth, and nine years of falling farm in come." He continued: "The most resourceful in dustrialized economy on earth ranks among the last in eco nomic growth. Since last spring it has actually receded. Business investment is in a decline. Profits have fallen be low predicted levels. Con struction is off. A million un sold automobiles are in in ventory. Fewer people are working - and the average work week has shrunk well below 40 hours. Yet, prices have continued to rise - so that now too many Americans have loss to spend for items that cost them more to buy." Approach Unusual Kennedy's approach was unusual for a new President In that he accented gravity rather than a bright tomor row, lie frankly placed more stock in forecasts of continued slack economic conditions Into 1962 than he did in hopeful prognoses. lie recommended action; quick notion by Congress. "We cannot afford to waste idle hours and empty plants while awaiting the end of a recession," he said. "We must show the world what a free economy can do . . ." After calling for unified American efforts to sharpen military, economic, political and diplomatic tools, t h e President said wishing, pre dicting and oven asking for an easier 11)0 1 would not make it so. He said strenuous effort would lie the only answer. "The hopes of all mankind rest upon us." he said. HEADY FOR FLIGHT-Barring unforeseen but not completely unexpected trouble, a Mercury spacecraft carrying a chim pan.cc will be launched from Cape Canaveral Tuesday One of the chimps especially trained for the Mercury Redstone 2 flight is shown in couch in which the monkey will ride during the 16-minule ballistic flight. The MR-2 flight is one of a series of launches scheduled by the National Aero nautics and Space administration in its manned orbital flight program, Project Mercury. (NASA Photo by UPI Telephoto) Regional Edition Page 2A MedfordTribune MEDFORD, OREGON, MONDAY, JANUARY 30. 1961 Stocks Run Firm But Slightly Down During First Hour New York - (UPll - Stocks were running firm but slightly below their best levels In heavy first hour dealings to day. Rails faed to share much In the upside swing reflecting principally a further point decline in C&O. Utilities showed small fractional improvement. Steels moved ahead with McDonogh School Boycott Is Broken New Orleans - (UPll - An cx- GI from Alabama, whose son breached a white boycott at an integrated e 1 e m e n tary school, learned Saturday he wasn't fired from his job be cause of the boycott-breaking action. John N. Thompson, 33, formerly of Sylacuga, Ala., was told by his Walgreen drug store superiors that he had "never been fired'' ns a foun tain clerk. In a prepared state ment, his superior said Thomp son was merely assigned to another store. Thompson enrolled his 9-year-old son, Greg, in Mc Donogh 19 school yesterday. He said yesterday if reprisals were made against him for the action at his home, "they'll have to mess with me." U. S. Steel and Youngslown up and Bethlehem and Re public Vs. Chrysler picked up and GM 14 in the autos where other issues were unchanged. Chemicals featured a jump of 1VS in Union Carbide, in Allied and V in Du Pont. Finance shares were strong with CIT and Commercial Credit up more than 3 apiece. Aside from Lockheed, up Va, aircrafts were narrow. In the metals, Anaconda rose s, Kcnnecott 'i and Internation al Nickel hk. ATTENDS COURSE Second Lt. Thomas H. Den ney, son of Mr. rid Mrs. Thomas H. Dent. 1850 Fruitriale dr.. Grant 'ass, is attending the 12-wtj field artillery officer orientation course at the Army's Artillery and Missile school, Ft. Sill, Okla. The course is scheduled to end Feb. 8. Lieutenant Denney is a graduate of Grants Pass High school and Harvard college. NOW YOU KNOW United Press International The largest land animal is the African bull ele phant, some of which stand up to 12 feet. 2 inches at the shoulder and exceed 7 tons in weight. TAX RETURNS s2.00 WHEAT PRESIDENT Portland lUI'li-Floyd Root, a Wasco wheat rancher, has been elected president of Wxnl Associates. up Save Taxes. Find out your deducts. All Returns prepared on comparative basis and filed in accordance with Internal Revenue Code. Fast Service. OREGON BOOKKEEPING SERVICE 2U Fluhrcr Bldg. 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