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.
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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
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