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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Nov. 18, 1958)
TT'KSDAY. NDVKMBER 1S. in."iR HERALD AND NEWS. KLAMATH FALLS. OREGON PAG6 NINE H t " oaai "ST I gakftfc1teirWWn. in, - ,i iff thlt four t . it ADJACENT to the commander s unit at Kmgsley Field s homing proect ii bedroom single unit known as Type 5. It stands on North B Avenue. P.T.A.NEYS KENO I "Adequate laws (or the care and orotoction of youth is the aim ot the PTA in our Oregon State Leg- ilature and Federal Legislature." said John Kerns, vice president of the Keno PTA. at their Novem ber meeting. Kerns pointed out in his report that just as other or ganizations nave loooies in inc legislatures, so also does the PTA. and in no doing, strives for the hettcrment or children and schools. For the most propitious results, suggested laws and ideas from local units of PTA should work first through state channels to our federal government, thereby be coming more effective. Mrs. Herbert Riggs. president, announced that the annual PTA rummage and cooked foods sale would be held November 11 and 22 Federal Reserve Bank ianf Money Storehouse Crews Work On New Span By CLYDE II. FARNSWORTH NEW YORK iL'Pl) The na tion's super bank the Federal Reserve System is a gigantic storage tank for money. Dollars flow into the bank be cause of a law forcing commercial banks to put a part of your de posits into the super bank for stor age. The rest is theirs to lend. Originally the storage tank was designed to give a bank cash re serves in case a lot of depositors wanted their money back at once and all at the same time. With funds on reserve it could meet this demand without calling loans back for repayment. But the tank later worked into p. handy tool for controlling the amount of funds a bank could lend. Here's how: If the reserve level in the tank drops for any reason then a bank niust scramble to secure funds elsewhere to bring its reserves back to the required level. This nuts the squeeze on the bank. It micht have to refuse loans per haps call back some for repay ment. The Inol is even more powerful because these reserves are a very special type of money. Kach re serve dollar can be ballooned into six actual dollars because of the ability of banks to create the mon ey by making loans. The super bank has at its dis posal certain other machinery en abling it to increase or lessen the stora'ce tank level. Probably the most important of these involves open market oper ations the actions of a com mittee .silting at Federal Reserve headquarters in Washington. What they do is buy and -sell government bonds -(except savings bonds and certain special issues to dealers. These dealers are just like the comer grocer who buys a can of tomatoes hoping to make a profit. They buy from and sell to not only the Federal Reserve but also to banks, insurance com panies and large corporations. When the open market commit te feels it's necessary to increase reserves, it buys government se curities, paying dealers with a Fed eral Reserve check. When a dealer's bank sends the check to the Federal Reserve Bank of its district to ho collected, the reserve hank in effect creates the nionev bv crediting that bank s ac count. Since reserves already had to be at the required level, the tank spills over, giving the bank the excess to lend. When securities arc sold, the process works in reverse, wiping out that much in reserves. But banks also may borrow from the super bank for brief periods to keep their storage tank money at the required level. This acts as a safely value so hanks aren't forced into calling loans when they are unexpectedly short In the tank. A loan of this tvpe is called a discount. The fee or rate the super bank charges on this type of loan is the discount rate. In the early stages of the sys tem when the Federal Reserve wanted to discourage loans of this fort, it raised the fee and when U wanted to stimulate loans it low prod the fee. Now. however, t change in the rate is a signal to the nation that the Federal Re- 'nerve is loosening or tightening its reins on credit. For example in mid-August the ystem started to raise the dis count rate from Vt to 2 per cent, signalling that money would be a little tighter than it had been at the bottom of the recession. Before the recession set in, the discount rate had been at 3'i per cent. Probablv the most powerful ma chinery ot the super bank is its ability to change storage tank re quirements itself. Currently these requirements av erage about 16 per cent of check ing deposits. A change of one per centage point in these require ments means a change of about $1 billion in bank reserves, mon ey which can be blown up or con traded roughly six times. This machinery is not often used. largely because it is so powerful. When it is used, the Federal Re serve tempers its impact with its other tools. Some other factors affect re serves but are not controlled direct ly by the super bank. These are such things as currency and coin in circulation, or gold stocks. An increase in currency in cir culation occurs around holiday pe riods. After Thanksgiving, for ex ample, people trek to their banks for an additional $500 million or more in folding money for Christ mas shopping. After Christmas the money returns to the bank. Since banks always have to have a certain amount of cash on hand, they get the extra money to cover hhe public's withdrawals from their reserves at the Federal Reserve The U.S. has gold, more than $20 billion worth, salted away as. backing for the currency, you can t buy gold, but loreign coun tries can. And when they do it also affects reserves. The reason is simply that for eign countries have to pay for the gold in dollars drawn out of their accounts in U.S. banks. Their cnecK to the Treasury is sent to the Fed eral Reserve for collection. The super bank then lowers the storage 'ank account ol the bank on wnicn the check is drawn and credits the treasury's account. LAKEV1EW - C. C. Ketcham, Fremont National Forest engineer, has announced that Forest Serv ice crews are working on a new bridge on the Silver Lake Ranger District. Ihis bridge is being con structed across Jack Creek near Davis Flat. Two bridges will be constructed by Forest Service crews at sepa rate points on Camas Creek on the Warner Ranger District. These three permanent type treated lim ber bridges are planned for com pletion within the next two months at an estimated total cost of $22,000. The bridge across Jack Creek is on the Rock Creek Road which traverses 34 miles of the northern and western portion of the Silver Lake Ranger District. Originally constructed to harvest several mil lion board feet of Ponderosa pine timber, this road is again planned for heavy use in the removal of many thousands of cords of lodge pole pine timber for processing into lumber or wood pulp products, The bridges which are planned lor construction across Camas Creek are both on timber access roads which provide the primary route of travel to the entire south ern part of the Warner Ranger District. . Couple Aided By Governor FRANKFORT. Ky. (API A Detroit couple will be able to spend Thanksgiving with their 75 "adopted'' children in Kentucky thanks to two round-trip bus tick ets sent by Gov. A. B. Chandler. Mr. and Mrs. Otis Tabor, in their 70s. have given food, cloth ing and other items to children at the Bethany Children's Home in Wolfe County for four years. They have not been able to save enough money for a trip to Kentucky. After reading an article about the Tabors, a Detroit woman wrote Chandler he could do a good deed by enabling them to visit the Kentucky children. The governor wrote the tabors: "Your generosity has brought happiness to many children. . . I am sending two round-trip tickets in recognition of the service which you have given to Kentucky chil dren in need." Tabor tends his, orchards and gardens while his wife cans fruit and vegetables. Their daughter does missionary work in eastern Kentucky. Hunting deer with long bow and arrows is now legal in West Vir ginia. .. .. I n tne Neno gymnasium. Every mt was urged to bring articles for this sale. Mrs. Sloan is chair- nan of the project, and assisting her will he Mrs. Don Peterson and Mrs. Ted Buckingham. The polio clinic will be at Keno School Thursday, November 20. at 7:30 p.m. for adults who have yet to receive their third shot. Those who have not received their first or second shots mav get them at this time, however, this is the last time the clinic will be at the school. It was voted upon by the group to order pamphlets to be distrib uted to the Keno children. The pamphlet. "Beware the Stranger," points out saleguards for children to take when confronted with strangers on foot and in cars. Mrs. Riggs urged Keno PTA members to give blood at the Na tional Guard Armory in the after noon or evening of December 3. An award will be given to the PTA unit with the highest percen tage of blood donors. Under the direction of Mrs. John Kerns. Glenn Howard. Joe Kerns. Iris Sloan, and Cheryl Thurman presented a panel discussion on what parents can rightfully expect of their children, what children should expect of their parents, and factors that students liked about school, and improvements they felt would be beneficial. Glenn Howard proposed the Boy Scout motto as a suitable guide for both children and parents to lollow, and paying heed to its words would lead to a happy home- life. The panel further brought out the need for a fire department in the community of Keno. Refreshments were served fol lowing the meeting. 'VV 4. ft Fully Automatic Cleaner ELECTROLUX rtterr-Atitkrltii ! ItfTtai TARKEL TWEET Ph. 4-717 2SJ0 Whit St TAX FIGURES LAKEVIEW Figures released by William Castle, district manag er for the West Coast Telephone Company, show that the ad valor em taxes paid by the company in Lake County for 1958-1959 amount ed to $12,290.19, and in Klamath County, $4,132.18. Corresponding taxes for the state of Oregon paid by the company for the current tax vcar are $530,320.00. as com pared with $449,825 for 1957-1958, Castle reports. WOMEN'S Sweatees ir w AIRMAN Ralph E. Hopper, son of Mr: and Mrs. David Hopper, Route 3 Box 1070, has been assigned to a unit of the Air Defense Com mand at McCh'ord Air Force Bate, Washington, for duty and training as a photog rapher in the photo map ping division. Hopper, a graduate of Klamath Union High School, spent a leave at home en route to Mc Chord, upon completing his basic military training at Lackland Air Force Base, Texas. Home Extension BONANZA BONANZA The Bonanza Home Extension Unit met at the library on November 11 for an all day meeting. .Mrs. Bob Scaler and Mrs. Jack Lynch of Langell Valley made and used a color wheel in the dem onstration of harmonizing colors used in clothing and homes. The members decided to send pies, jelly and other foods to the Gospel Mission in Klamath Falli for Thanksgiving dinner. They alio voted to invite the Langelt Valley Extension Unit to their Chrlstmu party on December 18. A potluck luncheon was served at noon to seven members and two guests. CARD PARTY The last card party in the first series sponsored by the Lost Riv er Grange was held Friday night, November 14, in the Olcne Grange Hall. Ladies and men's high, re spectively, .n the series were won by lva Campbell and Leon Crapo. The next card party given by the grange will be November 28 in the grange hall. Men0ldat50or60! Recharge Body's Batteries - Feel Younger Fast! Thoimndt who il wk, worn-out at 49, SO, 60 Mama radina vigor oa pmnfttuM asking. The real cause nay bt tn lack M ins iterating iron and Vitamin Bt, naarfad to ttcharaa the body's batterifi. ThoutuMii trm amaed at wv pntrnt, Dw And improved Ottrrx Tonic 'Tablets pep op blood. Mill, nrsnf. In a (indie day, Ostrei auppliM iro equivalent to 11 dnren raw oyttm, or 4 Ihi. of lier. or 1ft Iht, nf bf. Oafrtx aljo contain therapeutic 6m itanunBi to atdy nerve, innea energy, vigor, vitality. 3-eljf " art-acquainted" rue mijy 69. Or g( feoa iny ure and save $1.67. All dnictniU. LETTER APPROVED DORR1S The Siskiyou County Board of Supervisors last week approved a letter drafted by Sher iff Al Cottar to the justice court judges asking their cooperation in controlling juvenile vandalism rampant in recent months in Sis kiyou County. Stops Constipation Due to "Aging Colon" New laxative discovery re-creates 3 essentials for normal regularity. Aft you jtow older, the internal mus cles of your colon wall also age, lose the strength that propels waste from the body. Stagnant bowel contents be come so dry and shrunken that they fail to stimulate the urge to purge. Relief, doctors say, lies in a new laxative principle. Old-style bulks and moisteners may create gas, lake 3 or 4 days for relief. Old-style salts and drugs cramp and gripe the entire system. Of all laxatives, only new Colonaid gives you its special 3-way relief that works only on the lower -Cdlon (area of constipation). (U Colonaid moisturizes dry. hardened waste for easy patsage with out pain or strain. (2 Colon aid's unequalled rebulking action helps re tone flabby colon muscles. (3) And Colonaid acts gently, on the nerve reflexes that stimulate the vital "mass movement" of your lower colon. Colon a id relieves even chronic constipation overnight; is so gentle it was hospital proved safe even for ex pectant mothers. And CoLONAtowon't interfere with absorption of vitamins or other food nutrients.Get Colonaid today! Introductory size 43. SAVE xu5 W Plus A I2-lfa. FREE TURKEY WITH ANY Dinette Set Chrome Walnut . Mahogany Wrought Iron Oak Cherry Bronze Maple BUFFETS & CHINA CLOSETS TO MATCH Prices Start at Only $39.88 FOR TABLE AND 4 MATCHING CHAIRS 9th and Klamath Ave. j f4 CASUAL warmth and flat tery for the more mature , figure . . . features hip pockets, lonq sleeves . . . Apricot, Rose. Red, Blue, Navy and White . . , Metal lic Embroidery trim .... 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