Stale of the Union
Kennedy Sees No Heed To Hike Price of Gold
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MONTGOMERY WARO
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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.
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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
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