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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (May 29, 1962)
TUESDAY. MAY 29. 1962 Your Money's Worth By SYLVIA' PORTER Copyright, Hall Syndicate, Inc. Dennis the Menace WHAT IS A CENTRAL BANK? (Second in a series ol two column on Central Banking) Will Rogers is reported to have said it long ago. "There have been three great inventions since the beginning of time: lire, the wheel, and central banking." It's a nonsensical sequence, of course, but at times, when the world's central bankers have been operating aggressively to create business booms or to put the brakes on their economics, informed ob- servers have not been so sure it s noncsense. Just this month, for instance, in a speech before the Economic Club of Detroit, John Exler, senior vice president of the First National Bank of New York, declared that while the U.S. government's policies on wages, prices, taxes, trade, the debt "are important," they are important "only to the extent that they affect monetary policy. In the end, it is what the Federal Reserve does that counts." The Fed eral Reserve System is the central bank of the United States. In Monday's column, I reported that the top central bankers of Europe and the U.S., among the most powerful men in the world, have Just completed a four-day, closed door conference in Rome devoted primarily to discussing ways to stem the outflow of gold from the U.S. and to protect the U.S. dollar's value. Today's column continues the primer on what a central bank is and why central bankers are so powerful. A central bank is, first, a banktri' bank. In brief, tha Federal Reserve System performs the same basic func tions for the commercial bank on your corner that your bank performs for you. It holds the reserves of com mercial banks. It clears and collects checks. It distributes currency and coins to the banks. It makes short-term loans to banks under certain conditions. It is the "lender of last resort" when necessary. For this function alone, the central bank would deserve tribute paid to it by the Federal Reserve Bank of Richmond in a timely analysis last month as "one of the most useful institutions modern man has developed to help him manage his collective financial affairs." A central bank is, second, the banker for the federal government. In its capacity as fiscal agent, the Federal Re serve System holds, transfers and pays out the funds of the U.S. government. In its role as the government's banker, it handles the securities transactions of the U.S. Treasury lakes subscriptions to the Treasury's new securities, allots the securities to buyers, makes exchanges, redeems interest coupons and, under certain circumstances, makes short-term loans to the government too. In this capacity also, the Federal Reserve is the gov ernment's principal financial consultant. While in past periods the Treasury and Federal Reserve have bitterly opposed each other s policies, today they :o working to gether in harmony for common aims. In our country, the central bank and the U.S. Treasury are deliberately sep arated by law. A central bank Is, third, the manager of the nation's money and credit system and this, as the Richmond Federal Reserve Bank says, is its "most distinguishing function" as well as a power of awesome magnitude. In its capacity as a bankers' bank and manager of our nation's money and credit system, the Federal Reserve System can and docs create money. When, for example, the Federal Reserve buys U.S. government securities in the open market, it creates money which fuels the entire economy. For this money is "high-powered" meaning banks use it as reserves on the basis of which they can make loans many times the total of the amount of money created by the Central Bank. When the Federal Reserve sells U.S. government securities in the open market, it mops up credit, puts the brakes on the econ omy. When loans are easy to get and cheap, it is the Federal Reserve which Is primarily responsible; when they are loujjn 10 gei ana expensive, 11 is iue. central panit wnicn is making this so. "'.''. Even this primer indicates the degree of power the men who met at Rome have to influence the economics of all the nations of the free world. The story is that, while we neither asked nor did they give formal commitmenls, Eur ope's central bankers did come to a "closer degree of under standing" of the U.S. dollar problem and discussed what they might do to- help solve it. That's progress, SB j 'When w hands are uke thiswhattimea clock is it? MEDFORD MAIL TRIBUNE. MEDFOHD. OREGON The Medical Roundup Emeritus Consultant In Medicine Mayo cltnle Emerltue Prnfeuor of Medietas Mayo clinic ' tRerlster and Tribune Syndicate, 196Z) Ziegler Committee Reports Expenses Salem - OJPD - Supporters of ' day. Of that, $247 came out of State Sen. Francis W. Ziegler (R-Corvallis) spent $1,552 in their unsuccessful effort to get him nomin&'.ed for Sena tor In the new Benton-Polk district, a report showed Mon- Zicgler's own pocket The primary election cam paign expense report of the man who beat hlm-Slatc Sen. Walter Loth (R-Salcm)-wasn't immediately available in the State Elections Divisions here. m How to Avoid Cancer Recently, 1,400 physicians were asked what they thought of some 40 possible measures that might be taken to pre vent can c e r. Most agreed that it would be wise to avoid unnec essary expo sure to x-rays and r a dioac tive isotopes. Alvarea This does not mean that a person should ob ject to having his teeth or his stomach or his bowel x-rayed once a year. But I would not blame him for objecting if, when he just came from a great clinic, carrying an enve lope full of good films, his home physician were to insist on having them made all over again. This is a common fault of us doctors today. Many of the physicians questioned agreed with those surgeons who, when they take out a woman's womb, think they should remove' also her ovaries because If they are left in, they might later become cancerous. Some teachers of surgery object to this, but much depends on the age of the woman. If she is young, her ovaries out to be left, if possible; but if she is over 50 and has had the menopause, it may not be so important to leave her ovaries. Well To Remove Polyps All physicians will doubt less agree that it is well to re move polyps from the .lower end of the bowel and from the urinary bladder. All will agree that it is well to remove large ovarian cysts (bags full i n Memorial JJ BUS SERVICE Another FIRST in service to Families of Medford RIDE THE BUS- -NO CHARGE- etngl. to wdeiu- ON MEMORIAL DAY Bus leaves from Central and Main every hour on the hour, beginning at 10 a.m. last bus at 4 p.m. I Bus leaves Memory Gar dens every hour on the half - hour beginning at 10:30 a.m. - Last bus at 4:30 p.m. I Stop Bus at ANY point along the route as shown on man. i V r- 5 S of fuid) and also all solid growth (hard tumors) in the ovaries. Most physicians would agree that a woman with any obvious disease of the neck of her womb should have a careful study made of it. A biopsy (removal of a little bit of tissue for micro scopic examination) should be made. Most physicians would agree that a Papanicolau test should be made (a microscopic study of the cells found in the muous coming away from the neck of the womb.) Since can cer of the neck of the womb can show up in women of 30, women should early start having this test made, perhaps at yearly intervals. Some physicians would agree that any nodule or small tumor in the thyroid gland (a little goiter) should be re moved because one in 20 con tains cancer cells. All sur geons should agree that when ever they remove a surgical specimen which might pos sible contain cancer cells, the tissues should immediately be examined "under the micro scope by an expert. If he finds cancer, the re moval of the tissue should be more widespread. Most phy sicians agree that areas of leukoplakia (a thick white patch of tissue in perhaps the mouth or on a lip or on the skin of the crotch) had best be removed. Would Remove Tissue Physicians also will want to have removed one or more lumps which have appeared in the breast or breasts of an adult woman. If such lumps keep returning, all of the breast tissue may have to be ramoved, leaving the skin, fat under it, and the nipple. Most stomach specialists would agree that an ulcer in the stomach should either be promptly removed or should be looked at with the x-ray at i frequent intervals. If it doesn't heal quickly and stay i healed under medical treat ! mcnt, it should be removed surgically. Most skin specialists agree that the modern fad of getting the skin well-browned by ex ! posture to the sun is not good ' for the skin, and makes it metre easy for skin cancers to j grow. It always is wise to have an undescended testicle brought down into the sac, Left in the abdomen it can be come cancerous. All rough, pre-canccrous patches or little ulocrs on the skin of the face should quickly be burnt off. The man who would prefer not to have a cancer of the lung should not smoke two or thrw packages of cigarettes a 1 day. People with a black mole will do well to have it re moved surgically. For details on symptoms of and treatments of cancer, read Dr. Alvarci' booklet, "What We Know About Cancer." To obtain It, send 25 cents and a stamped self-addrcsscd enve lope with your request to Dr. Walter C. Alvarez. Dept. MMT, The Register and Trib une Syndicate. Box 957, Dcs Moines 4, Iowa. AWARDS Bobby J. Gee, son of Mr. and Mrs. John J. Gee, 2B18 Syrin I! a dr.. was one of the few Army ROTC cadets at Wash ington State university, Pull man, to receive more than one award when the 1.200 men In the program held their annaul reviVw and Inspection. He received the Pullman Junior Chamber of Commerce mcdnl for being an outstand ing company commander and won the Pullman-Moscow Fly ing Service award for being the outstanding cadet In the aviation program. Mee is a pre-lpw senior who will grad uate .Rina 3. Why the Smile? West Oppose Proposal To Bring Painting of Mono Lisa to States By DICK WEST Washington (UPD I may be a minority of one, but I rather hope' that nothing comes of thfc talk about bringing the Mona Lisa to the United States. There was some dis cussion about it during the recent visit of Wait Andre Mai. raux, French minister of culture. Someone said it would be nice if the French loaned the painting to the National Gal lery of Art here so that Amer icans would have a chance to view the famous lady's charms. Malraux agreed. Without making any commitments, he expressed hope that some such arrangement could be made. Before the negotiations go any further, I think we should stop and consider what the consequences mi-jlit be. For one thing, it would be certain to involve us in the centuries old contro versy over what the woman in the portrait is smiling about. It seems to me that we have enough flaky behavior in this country already without , get ting into that. That the Mona Lisa smile has an unsettling effect uponl He finally concluded that those who view it can be ; thj model was pregnant. readily seen in a recent re lease by the National Geo graphic Society. According to .the Geo graphic, a distinguished Brit ish physician studied the painting for 30 years seeking to divine the mood or emo tion behind the smile. Another doctor, however, came up with a differnt diag nosis. He contended that she was suffering from asthma. Such notions prove that persons exposed to the Mona Lfia tend to become irrational. No artist, even one as great as Leonardo da Oregon Ranks Well In Educated Adults Portland (UPU An Oregon Education Association study shows Oregon ranks well among stales in educated adults. The study says 8.5 per cent of Oregon's adults 25 and old er have completed four years of college, ranking Oregon 13th. It says 48.4 per cent have at least finished high school, for a seventh place ranking among states. Vinci, could put smile on the face of an asthmatic ex pectant mother. A more logical theory, ad vanced by some dentists, is that she smiled with her mouth closed because she had It's easy to forsee what will happen if the Mona Lisa goes on display here. Television commercials will soon be claiming that she-smiled with her mouth closed because of bad breath. All in all, I feel that the national interest will be bet ter served if the painting re mains in Paris. Before we join the dispute over why Mona Lisa is smi ling, we should first settle the question of what Whistler' j mother is staring at. GRADUATION CARDS When you care enough to send the very best Swem's 211 E. Main Medford Oregon ranks third among states in adurts who at least finished fifth grade-96.7 per cent. The study says high school drop outs in Oregon dropped 9.5 per cent from 1955-60 while high school and college graduates increased. It says only 5.7 per cent of Oregon's selective service rcg-! istrants fail the mental test, ranking Oregon fourth. The national average is 21.7 per cent. OPEN 24 HOURS A DAY! 24-Hour Wrecker Service AAA Rep. Shell Products Courteous Service MECHANIC ON DUTY Weter & Olsen Shell Service Silver Dollar Stamps 1258 S. Riverside SP 2-9081 SHELL SAVE 50 OR MORE! ECON-O-CLEAN Professional Dry Cleaning With Coin Operative Economy! MINIMUM 38 lb. ORDER $1.90 f Cleaning and Spotting Onlyl Nu-Way Cleaners -601 E. Main St. Dumas Domestic Laundry and Dry Cleaners 30-32 North Riverside Medford Cleaners - 34 North Holly Drive-in Cleaners-702 W. Main, 844 S. Riverside Crystal White Laundry & Dry Cleaners 811 N. Central-Medford Ashland Laundry & Dry Cleaners Gressetti One Hour Martinizing l Instructor Billy Reynolds (turning front wheel) and Shell dealers check out a car at one of Shell's 123 training centers Shell instructor Billy Reynolds offers 10 clues that may help you spot trouble before it starts VsT-vJ '1 Billy Reynolds Over 12,000 Shell deal- L ers go to Shell training centers every year. There, they learn how to spot trouble quickly. 1 Icre are 10 trouble sig nals that Billy Reynolds, one of Shell's chief instructors, always stresses. If you notice any of them in your car, tell your Shell dealer. Mis advice might head off a big repair bill later on. 1. Mushy brakes. When your car is stand ing still, push the brake pedal down with a firm, steady pressure. If it feels soft and sinks to the floor, you've got trouble that should be fixed right awav. 2. Wandering wheels. If your front tires show more wear on one side of the tread than the other, your wheel alignment is probably at fault. Out-of-line wheels can increase tire wear up to 50 percent. 3. Jiggly front end. Shove down hard on cither bumper with your foot. If the car bobs up and Jown for a long time before coming to a rest, ask your Shell dealer to check your shock absorbers. 4. Decrepit tail pipe. If your mulllcr or tail pipe is rusted through in spots, it's a goed idea to replace it. 5. "Bloated" radiator hoses. Inspect all TrMamirh for hli' of the rubber hoses that interconnect your cooling system. If they're cracked or swol len, they can fail at any time and cause your engine to overheat. 6. Marred windshield. If your windshield is scarred or streaked, it's probably due to faulty windshield wipers. Have your Shell dcalerchcck and replace them if necessary. 7. Strange noises. Listen for any odd noises from your car. They can be warn ings of trouble on the way. 8. Undcr-thc-hood clues. You can learn a lot by looking at your engine. Watch lor oil, fuel and water leaks. Also, looe wires and worn insulation. 9. Sluggish battery. If your engine turns over more slowly than usual w hen you start up, a weak battery is probably the trouble. But it could be something else. Better check it. 10. Oil-strcakcd sidcwalls. Check the sides of your tires you seldom see the sides facing in. Look for signs of leaking fluid on the tire walls. Could be a leaking brake cylinder, or faulty oil seals on the rear wheels. Both can be serious. Any trained Shell dealer knows many trouble signals besides these. Take advan tage of his training. And one last tip: w hen you've got yourcar in top condition, i unique) Mm tMili. flat1! wmitfitnt keep it filled with today's Super Shell for top performance all year long. Super Shell's 9 ingredients for top performance TCP for power, mileage and longer plug life. Pcntane i.v-for fast warm-ups. Anti knock ti.v-for resistance to knocks. Alkylate, to help control "high-speed" knock. Butane for quick starts. Cat-cracked casnlinc or power. Anti-icer-added in cold weather to help check carburetor icing stalls. Cum preventh-c-to help keep carburet ors clean inside. Platfrtmiate-for extra mileage. were m f f, 0 o o o e q
