A 10
MONDAY. JULY IS. 1983
MEDFOHD MAIL TRIBUNE. MEDFORD. OREGON
1-48-W-63I
mm
X MAY II
53-541
61-64-73
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MAR 21
65-72-78 V21
Your Money's
Worth
By SYLVIA PORTER
Copyright, Hill Syndicate, Inc.
'WRONG' BECAUSE THEY WERE 'RIGHT'?
The lalo International currency expert, Dr. Per Jacobsson
waji fond of telling about a Swedish banker who was happiest
when he was wrong In his pessimistic judgments aooui eco
nAmlr.f Innnpfnl trends.
"The reason was," jacobsson said In a talk I had with him
Just before he died a short while ago, "that the banker (Mar
cus Wallenberg) made It his mission to shout warnings about
, approaching economic trouble whenever he saw any signs
of It and he would outline over ana over me steps to oe wnen
to avert the trouble. Because of his warnings and advice,
moves often would be made in time to reverse the trend.
"Then Wallenberg would be accused of being 'wrong,' but
It was only because he had been right In the first place. Since
his aim all along was to prevent whatever disaster seemed to
be developing, he would happily bask In the criticism."
It is a delightful tale and exceedingly apt right now be
cause rarely has business forecasting been under such attack
as today. The recession so widely predicted for late 1962 did
not materialize. Instead of slipping, our economy Just leveled
off, then moved off the 1962 plateau into a renewed upturn.
"You might as well use tea leaves," say some of the critics.
The "leading indicators" which started to flash signals of pos
sible downturn after the slock market crash of May, 1962, are
being dubbed the "misleading indicators" by other skeptics.
Here's where Jacobsson'! tale about Wallenberg comas
In. for, I submit. It wall may ba that a major reason wa
have not slipped into another racatsion so far Is that wa
wara being warned of the possibility and actions hiva baan
' taken to prop our economy. To ba tpacitlct
1 Never before have so many policymakers in government,
industry, labor, been so aware of the economic barometers
and what they are saying, and thus never have so many been
prepared to move to protect the U. S. economy as a whole
and themselves in particular. The fact is that the Investment
incentives given by Congross and the Treasury In 1962 to
spur business spending on plants and equipment have sub
stantially boosted this vital type of spending. Businessmen
report a full $1 billion of the Increase In their spending iched
uled for 1963 and 1964 is a direct result of the new tax credit
and liberalized depreciation rules, and plant-equipment spend
ing in-the final quarter of 1963 is slated to run B'i per cent
ahead of this spending in the same months of 1962. The fact
is the Federal government did accelerate various spending
programs to stimulate the economy during the months of un
certainty about its direction.
Meanwhile, the Federal Reserve System fed funds Into
the banking system to encourage borrowing and the Treasury
geared its debt operations to assist in expanding the economy.
AH of these moves - and more - were significant props.
Never before have businessmen had so many statistics and
technical facilities to help -maintain their inventories in a
proper relationship to sales. No longer are the risks so big
that businessmen will overstock when times appear prosper
ous and so add fever to lite economy, or go In for exaggerated
slashing of inventories when times appear sluggish and so
Intensify a downturn. Computers in themselves have revolu
tionized management of inventories. The importance of this is
far from fully understood.
Navar balora have wa been so awara ol the average age
of business cycles, and we are becoming acutely conscious
of every jiggle in the statistics whan an upturn enters "old
age." Tax reduction la being urged not only lor the long
term health of our economy. From lha short-term view
point, relief from our oppressive tax burden alio would
langthan the Ufa of the now "old" 19(1-? upturn.
Just as a superb set of paint brushes doesn't make a great
artist, so a superb kit of forecasting tools doesn't make a
great economist, and the tools in the hands of amateurs may
be grossly misused,
But let us not shrug off the fascinating possibility that
when the tools do indicate economic trouble ahead and we
use the warnings to take effective offsetting actions In time,
we may make the forecasts "wrong" Just because they were
originally "tight."
Nature of Woman More Complicated By Cellular Study
By DELOS SMITH
UPI Science Editor
New York - tUPU - Several
hundred scientists discussed
the fundamental nature of
women today and made her
more complicated than even
her most attentive masculine
admirers have ever imagined
They were discussing her
cellular nature, where she is
a biological double X. This X
doesn't stand for the un
known: no one should assume
a doubling of this X means
the unknown doubled
Australians Argue
Over Name (or
New Currency
Sydney, Australia -WPH-Aus-
tralians are squabbling bitter
ly over whether they should
pay two wombats or two din
gos for a dozen beers. Others
insist that their roos, emus and
opals are "real" money, some
cry for support to harden the
melba and still others plump
for a pound or a dollar.
The controversy is over the
names Australia should give
its new currency when it
abandons pounds, shillings
and pence in 196S for decimal
coinage.
The present Australian
pound will be split into two
units - each worth 10 shillings
or $1.75. But Just what the
name of the new unit will be
is still not decided.
Federal Treasurer Harold
Holt says he favors the name
austral" so the currency will
have an Australian flavor.
Ridiculed by Opposition
This has been ridiculed by
the opposition and a front
page editorial in the Sydney
Daily Mirror said:
"Stop this damn nonsense."
It added that to call any piece
of currency an "austral" was
ridiculously parochial.
'Any effort to find a name
typically Australian would
make the nation look foolish
in the eyes of the world," it
said.
The Mirror said there was
nothing wrong with either the
dollar or the pound since both
were accepted at the world's
financial centers.
But there is strong criticism
gainst any Australian dollar
being introduced on grounds
that too many countries use
the name and thai it would
mean Australia was taking an-
other step towards "Ameri
canization."
So the tussle goes on with
Australian animals such as
wombat and kangaroos-which
have two abbreviations, kanga
and roo-the emu, opals and
even the nation's famous op
era star, Nellie Melba, being
mentioned as possible con
tenders for monetary fame.
Meanwhile, the Australian
makes do with his customary
quids or sheets (pounds), dcen-
ers or bobs (shillings) and cop
pers or brownies (pennies).
Klamath Falls Man Held for Murder
Klamath Falls - IM) - John
Wesley Dean, 57, Klamath
Falls, was being held on i
charge of second degree mur
der in the Klamath county Jail
here today following the
death of his brother, Hagan.
Arraignment was scheduled
later in the day.
Hagan Dean, 84, died Satur
day morning at a Klamath
Cruiser Aground
On Depoe Bay Rocks
Depoe Bay -WPP- A 19-foot
cabin cruiser ran aground on
the rocks at the entrance to
Depoe Bay Saturday after
noon when lis outboard en
gine failed.
Six persons left the boat by
climbing the rocks.
The 1,300 vessel, owned
by the Calkins Charter and
Dory Ocean Rental Service at
Depoe Bay, was being operat
ed by Ray Moore of Portland.
The boat later was beached
outside the bay.
RUDY ELECTED
Gladstone -lUPti- H. L. Rudy
of Portland has been re-elected
president of the Oregon
Conference of Seventh-day
Adventiits.
Falls hospital from knife
wounds suffered during a
fight last Monday.
His brother was jir rested
Wednesday on a charge of as
sault with a dangerous weap
on. The charge was changed
alter the death.
Yank Surrenders
To Military Police
Franklurt, Germany - (UPI) -
A young American soldier
sought in connection with the
street-light death of a Frank
lurt teen-ager surrenderd to
U.S. military police early to
day. Spc-4 James Michael Smith,
20, ol Longview, Wash., sta
tioned at Gutlcul Barracks in
Frankfurt, said he was the
clvlllan-clad American who
punched 19-year-old Herald
Vllzmann in the stomach
Wednesday night, an Army
spokesman said.
Vllzmann was pronounced
dead on arrival at a hospital
a few minutes later.
KENNEDY BLASTED
Tokyo-tlPD-A newspaper In
Communist North Korea has
called President Kennedy a
"third class clown" for pro
claiming "Captive Nations
Week" and urging prayers for
freedom, according to a Pyon
gyang radio broadcast moni
tored here.
If you need a SUM of money for a SUMMER vacation,
whisper the sum to us. Then pick up your cash.
CITY FINANCE COMPANY
185 E. Main St. Phone: 482-2431, Ashland
Life insurance ivailabl on all loans at low group rates
2S22 TO
15002S
this X stands for a sex
chromsome. There are two
sex chromosomes in every cell
whether male or female. If
both are X's you have a fe
male. In male cells one of the
two is a Y chromosome.
Subject of Conference
The female got an original
X from each of her parents.
These originals produced all
of the billions of her cellular
double X's. Now if only the
paternally derived X func
tions in some of her cells and
only the maternal in others,
you have a staggering compli
cation.
The possibility that this is
female fact of life was the I
big subject at the internation
al conference on congenital
malformations sponsored by
the national foundation. It is
incorporated in the "Lyon Hy
pothesis" which has scientif
ic fascination because it is ca
pable of explaining scores of
biological mysteries pertain
ing to human beings.
Chromosomes are packed
with the genes which convey
inheritable character i s t i c s
from one generation to the
next. The X chromosome, un
like the Y, is more than a sex
chromosome. Among its genes
are many which have nothing
to do with sex. These carry
the chemical recipes for the
are assisting in the forma-
tivate many phases of vital
body chemistry.
A long-standing mystery is
why these activations are not
much stronger in the female
with her two X's, than in the
male who has but one X. The
"Lyon Hypothesis" seeks to
explain this basic mystery by
asserting that in any given
cell only one X works and
the other is dormant.
It holds that in the first
divisions of the newly fer
tilized ovum destined to de
velop into a female, both the
paternal and the maternal X
are assisting in the forma
tions of a new life. But as
matters proceed, either moth
er's X or father's X goes into
chemical arrest.
Occurrs at Random
This occurs at random, the
hypothesis holds. Thus the
female human being is a
"genetic mosaic". Approxi
mately half of her differenti
ated cell lines are activated in
part by characteristics in
herited from father and the
other half get their character
istics, so far as the genes of
the X chromosome are in
volved, from mother's contri
bution. Dr. May Lyon, distinguish
ed English geneticist and
author of the hypothesis, was
one of today's discussants. So
was Dr. Murray L. Barr of
the University of Western On
tario, whose name is now a
common name in genetics. He
is the discoverer of the "Barr
Body," that being a speck in
the nucleus of the cell which
by the Lyon Hypothesis must
be the inactive X chromo
some. The scientists agreed there
wprp manv reasons to believe
the hypothesis is correct and
no reason now apparent to in
dicate it is wrong. Their dis
cussion developed a number
of lines for future research
which will pin it down in its
presently uncountable details.
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MM
(If iMsJS.'
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