PAGE 6 A
HERALD AND NEWS. KLAMATH FALLS. OREGON
TUESDAY. JULY 1, 1958
AIRMEN HOSPITALIZED
LAS VEGAS, Nev. (API Five
airmen at Nellis Air Force Basa
are hospitalized with typhoid tha
first time in eight years that mora
than one person in Clark County
has had the disease.
SUBSCRIPTION RATES
CARRIER
I MONTH 1.50
6 MONTHS 00
I YEAR 118.00
.. MAIL
FRANK JENKINS
Editor
BILL JENKINS
Managing Editor
FLOYD WYNNE
City Edilor
Entered e second cl&sa matter at the post office at Klamath Falls.
Ore., on August 30. 1006, under act of Congress. March S. 1879
hl KVK tS:
ASSOCIATED PRESS UNITED PRESS
AUDIT BUREAU OP CIRCULATIONS
Serving Southern Oregon And Northern California
I MONTH -6
MONTHS .
I YEAR
I I SO
$ 7 SO
113.00
They'll Do It Every Time By Jimmy Hatlo
fl-.pOTRiml few benches 4 pmvlWQsra
i t rfffi!$ , -i-i "fii
l'ei'Miiinl
Ili'longiugs
By FLORENCE JENKINS
Now that the summer vacation
period is here, American travelers
will be leaving a trail of personal
belongings from one coast to the
other and in foreign countries.
The American Express news bu
reau made a survey among lead
ing hotels to see what people led
behind them.
Pajamas and nightgowns lead
the list, probably because so many
travelers pack up with their suit
cases on an unmade bed.
Men forget more things than
women, according to two leading
European hotels. Men appear to
be particularly negligent about un
delivered laundry.
Lone travelers (orget more items
than couples, probably because it
helps to have one person checking
on the other.
An interesting sidelight is the
fact that most of the hotels agree
that the majority of the lorgottcn
items are neutral colored or
white. Since bright colors are east
er to spot, they are harder to over
look. It would seem to be a good
argument for vivid accessories,
gaudy pajamas and gay colored
undcrthings.
What one of us hasn't left a rain
coat in a dimly lit closet because
the sun was shining when we left
the room and we never thought ol
it? Or a black beret on the top
shelf which blended into the shad
ows?
Neither, of course, is as vital
as the occasional dentures left in
the bathroom medicine cabinet or
the only comfortable walking shoes
you own, pushed back out of sight
under the bed.
The American Express ends its
report with the advice to double-
check before you check out and
to pack before you rush out at the
eleventh hour to be on your way.
Also, it's a good idea to leave a
forwarding address when you pay
your bill.
Coiiiim'iiis
By UAL BOYLE
NEW YORK Wi-Curbstone com
ments of a pavement Plato:
Are you puzzled over what to do
on your vacation?
Many men ore. They know that
If they go to the mountains they
will have to help the children pick
wild flowers to paste in their mem
ory books. They know that if they
go to the seashore, they will have
to help the children collect sea-shells.
And they know if they stay home
their wifo will keep them busy 16
hours a day doing odd jobs around
the house, such as repairing the
vacuum cleaner, hanging wallpa
per or picking green worms ofl
the tomato plants chores any
strong, able-bodied woman ought
to attend to herself.
If you're in this plight, here's
an idea. Why not use your vaca
tion to reform and improve your
self? Most men start their self-reform
campaigns on New Year's Day.
This is a bad lime. A man's re
sistance is so low in winter that
he barely has the strength to con
tinue his vices let alone summon
up the c.xlra strenglh required to
abandon them.
There is another laclor. Vaca
tion is the only lime when a man
can reform while lying down. Any
other period of the year he will
be standing up or moving about.
Reform under this added stress
and strain is almost impossible.
Still another advantage to giv
ing up bad habits while on vaca
tion is that there is no sudden
wrench about it. You arc in no
hurry and can improve yourself
slowly and leisurely.
But perhaps it might be hotter
to give a constructive example.
Let us suppose you have gone
to the seashore and want to rut
down on your smoking and drink
ing Here's what you do.
You slrelch out on the sand
and put a pack of cigarettes and
a pilchcr of martinis before you.
You say, "I'm not going to take
a smoke or a drink for one lull
minute." Each day you add an
other minute o( wailing before
you Indulge yourself. A' the end
of a two-week vacation you will he
able to go a full H minutes.
This may not seem like a ma
jor achievement, but look at it
this way: II you continuo this
reform program on every vaca
tion for 40 years you will wind
up being able to go 9 hours and
20 minutes without giving way to
thirst or the deisre for a pep-up
pull. II s the litllo triumphs that
add up in life.
Suppose you've yearned all your
lile lo play a musical instrument,
but never had the time to learn
You can do it on your vacation.
I heard of one man nho mas
tered the zither In this fashion
During each vacation he secretly
learned all the notes that could hi
played on l'i strings. Alter 2."'
years he took his zither lo the
offict Christinas party, and sur
prised everyone by playing "The
Moonlight Sonata" in a way that
left even the boss in tears.
Actually, if a fellow just doesn't
rush it, there's no vice he can't
give up or art. he can't learn on
a vacation and return a better
man for it.
One final virtue of this system.
Nothing wearies one sinner more
than seeing another in the throes
of repentance. Your friends will
he grateful whether you succeed
or fail that you spared them the
boredom of watching your one
man reform wave. '
If you must be a finer fellow,
learn how out of town.
Slock Markd
By ELMER C. WALZER
United Press International
Financial Editor
For those who want to spot stock
market excesses before they oc
cur, this seems to bo the time
for making an outcry.
The stock market has been the
good little boy of the recession.
It committed no excesses. It veered
away from credit extension that
wrecked the market of lfi29. It was
an investment market. Speculation
was in the minority.
Now a change is taking place.
During the past week, the stock
market has been dominated by
trading in low-priced shares, us
ually a sure indicator of specula
tion here or in the making.
Heavy trading occurred in stocks
selling for less than $10 a share,
many at less than $5 a share. A
large number under $15 met de
mand that sent them to new highs.
Some of the companies whose
stocks were the most active and
the strongest in the low - priced
groups had no business at all,
niereiy casn in the dank and in
some instances a tax carry back
that might become valuable if they
could link up with a company that
had a profit.
This speculation urge often
comes at the tail end of a big
market rise. The market has had
a rise for a long time and now is
around the l'J5B highs, far above
the closing levels of 1957.
Another movement under wav
mat smacks of 11129 is the increas
ing number of investment com
pany issues being floated Recent
ly there were two big ones. An
other is scheduled for the coming
week.
Investment company slocks have
become popular. Some of Ihem
aro of the type called closed-end
issues, Issues with a fixed number
of shares outstanding. Then there
are, the mutual funds or open end
issues which can and do continual
ly issue moro slock for sale lo
the public.
What these funds arc doinc alone
with pension funds and other in
vestment media is drawing down
the supply of stocks available for
investment and speculation. The
fewer stocks there are available
for purchase Hie easier it is to
raise prices when a small demand
develops.
All this investment buving bv
funds may have brought the third
excess that seems to exist, name
ly the excess of price over earn
ings ability of slocks traded.
In other words, the experts feel
that buying in some stocks has
been carried to excess where
stocks aro loo high and hence vul
nerable to selling pressure, if it
develops.
There is no telling il selling pres
sure will develop. Rut the excess
es are there nonetheless and the
market now appears to be more
vulnerable to attack than it has
been in some lime.
Wall Street experts, however,
aren't advising sale of stocks. The
trend seems up to most i.f them
and even though they feel values
are below current prices they
aren't at all sure the market can
not go still higher.
Speculation could easily lift it
up and speculation is being given
a green light by easy money. Mar
gins now are 50 per cent of the
value of the stocks bought.
While speculation hasn't been a
real menace as yet, it is a good
bet the federal reserve has its eye
on it.
Iliinks In Hind
By SAM DAWSON
NEW YORK (AP)-The flow of
gold from the United States to oth
er lands mostly to Great Britain,
Japan and the Netherlands can
put big city banks in a bind. And
of late that's adding to the Fed
eral Reserve Board's task of keep
ing money easy instead of tight.
Some l'A billion dollars from the
U. S. gold hoard have gone over
seas since the start of the year.
Much of that outgo has meant at
least a temporary drop in de
posits for these banks, and hence
a loss of reserves available for
making loans. That is one reason
the Federal Reserve has just
made its largest purchase of U.S.
Treasury 91-day bills in two years
to relieve the strain on the big
banks.
The board's official position is
that it's glad friendly nations can
build up their depleted gold re
serves. But practically, it has had
lo counteract the flow so that the
banks have plenty of money 10
lend during the recession. Other
wise the slump might start snow
This is the way the flow of gold
affects the U. S. banking system:
The largest share of non-Com-munist-held
gold is in the United
States. Central banks of olher na
tions have the right to buy it at
$35 an ounce, although American
citizens tlo not.
When other nations get their
hands on dollars through interna
tional trade they " frequently de
posit them with either U. S. com
mercial banks or with the Federal
Reserve banks, or they buy up
U. S. Treasury securities
When yields on these securities
dropped, foreign holders sold
them, deposited I ho dollars In the
banks and then used these de
posits to buy gold from the U. S.
Treasury through the Federal Re
serve system.
The net result is to lower the
total of bank deposits. This cuts
bank reserves with the Federal
Reserve system, and thus makes
their money for lending purposes
tight.
New York banks complain that
most of this blow has fallen on
them, since the foreign banks
tend to keep their dollar deposits
here. The Federal Reserve has
come to the hanks' aid by buying
government securities on the open
market from sellers who deposit
this cash in the banks, thus re
storing their reserves and lending
power.
The U. S. gold slock now is
around 21'i billion dollars, down
some S'i billion from the postwar
high of September IMS About 21
billion of Ihe gold backs gold cer
tificates held by Ihe Federal Re
serve banks as their reserves. But
they need only some ll'j billion
of these gold certificates to satisly
Ihe legal requirements of backing
their current deposit ard note lia
bilities. This leaves Ihem bettor than
nine billion dollars of leeway be
fore the outllow of gold could
raise a legal reserve problem for
the nation's currency.
Money managers scoff at the
worries of those who think the out
flow of gold is a run on the U. S.
dollar.
They say. rather, that those na
tions who have been doing better
in world trade are now able to
rebuild dangerously low gold re
serves. The trade situation is better-
for them because U. S. ex
ports have been falling faster than
U. S. imports.
Counting in the direct U.S. gov
ernment grants and spending
overseas, the balance is now run
ning against the United States and
the dollar gap more than closed
tor some nations. Those profiting
by this have been putting most of
their gains into gold.
It's kept New York banks and
the Federal Reserve hopping but
the dollar is far from imperiled
yet.
i "-M HV.T uf (OMI PIASOWD
Be" AS T.J BOOK ON FOSGITFUlNfSI
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AaPIU' NANNy. "- -A
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riir'li'lnble
By JAMES MARLOW
Associated Press, News Analyst
WASHINGTON AP- Waiting
for Bernard Goldfine to testify is
like waiting for the launching of
a satellite: the results of both arc
unpredictable.
This fast - talking, gift - giving
millionaire friend of presidential
assistant Sherman Adams is due
to testify tomorrow bcfoie a
House subcommittee looking into
his relations with Adams and with
government regulatory agencies
Washington, long used to hav
ing spectacular individuals ap
pear before committees, has , a
special air of expectancy about
Boston businessman Goldfine.
He talks rapidly and volubly,
and seems to throw around ex
pensive gifts and favors to men
in political office or positions ol
political power.
Time magazine last month
auoted him as saying that when
someone like him has problems
"Who do you go to? Why, you go
to your congressman or your sen
alor or to your governor, not to
some schmo.
The Washington Post in a spe
cial story from Boston Sunday
outlining the efforts of Goldfine's
lawyers to drill him for his ap
pearance here gave a pretty
clear impression he's a hard man
to handle, even by his own law
yers. One of them was quoted as say
ing: "He will make a terrible
witness. He's hard of hearing and
he doesn't answer questions well.
lie's not good with words.
'It is constitutionally impossi
ble for him to give a simple an
swer. You can't tell what will
happen when he gets on the
stand."
Even Goldfine's actions appear
unpredictable. He had a date
with his lawyers at noon, the Posl
said, and showed up at 6 p.m.
The next night he didn't show up
at all.
Adams has said he let Goldfine
pay hotel bills for him. amount
ing to more than $2,000, and be
fore the same subcommittee said
he had received vicuna cloth lor
a coat and the loan of an cxpen
sive Oriental rug from Goldfine
Adams described all this as
part of a personal and friendly
relationship extending back for
years. Goldfine, who came to this
country a poor immigrant, seems
from olher testimony before the
subcommittee to 'have spread a
lot of money and a lot of favors
in a lot of places'
For example: Gov. Lane Dwin
ell. a former political associate
of Adams, says Goldfine gave a
suit of clothes to every qoxVr-nor
in the nation at the 1955 Gover
nors Conlerencc.
And John Fox, former publisher
of Ihe now dcti.net Boston Post,
said he borrowed H0O.0OO from
Goldfine. Goldfine even sent a
bolt of cloth to President Eisen
hower whose press secretary.
James Hagerty, said Eisenhower
gave it away.
The subcommittee subpoenaed
Goldfine's companies' records, go
ing back to 1925, and any rec
ords of money he spent on slate
or federal employes going back
to 1950. What isn't known yet is
whether or how the subcommit
tee will try to dig into Goldfine's
income tax returns to see:
1. Whether the money he spent
on gills for political figures like
Adams were considered by hurt
to be just friendly gilts, as Ad
ams says he considered them, or
2. Whether Goldfine actually
considered them business ex
penses and so deducted them
Irom his income tax returns.
7 1 a-uOLV-B V a c r. eC altW
! HIAmO " m
PO.S5 C 41"
afra4tt
By I'nited Press lnlernalion.il
HOLLYWOOD - Actress Z.i
Zsa Gatxir. cancelling invilatinm
lor her scheduled parly in honor
ol Dominican pUiov Rafael Tin
jillo Jr.:
"I am hereby an ins un nn
role as Ihe hostess with the
mostest and I regret that tin
parly which I had planned to
give on July the eighth lor rm
d.j friend. His K.xOilenoy Gen
oral Rafael Trujillo Jr.. must he
ancelhw So manv hiends ro-
ourslcd mutations that 1 am
I afraid the party got out of nan.'
Flustered Lady Saved By Nixon
WASHINGTON (AP) Vice
President Nixon yesterday came
to the rescue of a flustered chair-j
man, Mrs. Rollwage Collier, who
began to introduce him as "pres
ident" of the United States and
then hastily corrected herself.
Nixon told the audience amid
laughter at a luncheon jn honor
ol Spyros P. Skouras. president
of 20lh Century-Fox Film Corp.:
"It's appropriate to refer to the
vice president as president be
cause he is president of the Sen-
ale.
He followed up with a story
about U. S. Treasurer Ivy Baker
Priest, a guest at the luncheon.
He said she had once introduced
Mrs. Nixon as "the next wife of
the vice president."
BUSY YEAR
PANAMA CITY (UPI) The
busiest fiscal year in Panama
Canal history ended at midnight
with a total of 9.468 ocean-going
vessels having passed through the
waterway in the past 12 months,
Moslems regard green as their
acred color.
O Newspaper
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CARNIVAL
NOW
SHOWING
KLAMATH FALLS
Division St. Show Grounds
July 1st to 6th Incl.
Auspices
Klamath Basin
Round Up Ass'n.
15 Big Rides 15
10 Big Shows 10
Palace of Wonders
Fun House
Kiddie Land
Live Ponies
Dancing Girls
Fabulous New 1958 Edition
Presenting Ihe Mightiest Mo
bilization of Super Spectacles,
Dynamic Displays and Startling
Sensations Ever Brought Before
the Eyes of Man!
Follow the Twin
Searchlights to the
Showgrounds
The Klamath Celebration Council Invites You To
:: 2 GREAT RODEOS . :
Klamath Northwest Rodeo
An Open Show
July 4th and 5th
0 All Junior Rodeo
July 6th
General Admission -- $1
IE
Schedule Of Events:
June 30 Hi Noon Activities
Main Street Kowpokes 12:00 on
July 1st Hi Noon Activities
Pelican Theater Kowpokes 12:00 an
July 2nd Hi Noon Activities
Pelican Theater Kowpokes 12:00 on
July 3rd Hi Noon Activities
Main Street Kowpokes 12:00 on
July 4th Parade "Pathway to Proqress"
2nd to Spring Main St. Jaycees & 10:00 A.M.
July 4th Rodeo
Foirgrounds K.B.C.C. 1:00 PM
July 4th Fireworks
Merrill M. Fire Dept. 8:00 PM
July 4th Fireworks
K. Hill K.F. City 9:00 PM
July 4th Western Dance - Smekey Refers
Armory Baldy Evans 10:00 PM
July Sth Rodeo
Fairgrounds K.B.C.C. 1:00 PM
July 5th Western Dance - Smkcry L?a
Armory Boldy Evons 9:00 PM
July ath Buckaroo Breakfast
Foirgrounds Saddle Club & S it AM
Javcertcs II M A SI
July 6th Junior Rodca
Fairgrounds Jr. Rodto An. 1 II tm
June 30th to July ah Cariival
WEST COAST SHOWS
Ranch Ireifar July 6th 5-10 am
Sfs.U IracMast 1.25
tndcr 10, 73c Klamath Fairgrounds
asMfMNaWMniMaaM
Attend All Three Days
Klamath Falls
FAIRGROUNDS
Bring the family and get set for a thrill a minute
as you enjoy bareback riding, calf roping, team rop
ing and a host of other spine-chilling western events.
12 big events in the Northwest Rodee and 10 enter
taining events in the Junior Rodee an the eth.
Walk, run, wire or phone far tickets ta tha biggest
western event af the year.
Announctr - Wimly Wt
fcexk Confpflcfm
TICKETS: Rode Hcxeauartars 530 Main.
Box Seats 2.50
Grand Stand, 1st 5 rows .. 2,00
Main Grajnd Stand ( 1.75
eneil Aetatision . 1,00
e