HERALD AND NEWS. Klamath Kails. Ore:
Mondav, Feh. R. IfifiO
PAGE SEVEN
Rule Has Not Changed
In Rise, Fall Of Bonds
KfcW YORK (UPI) In the
ordinary course of things eco
nomic, bonds tend to decline when
money rates rise, and rise when
money eases.
That rule hasn't changed, but
the prospect of a cut in interest
rates of a size sufficiently large
to do the trick of raising bond
prices is in doubt.
Edmond du Pont, senior partner
of the New York Stock Exchange
firm of Francis I du Pont It Co.,
brings out that situation in the
leading article in the firm's new
monthly publication "Investor
news." Writing on the subject "Tight
money and the dollar: A dilem
ma," Du Pont traces the various
factors leading up to the decline
in bonds, and notes:
"L'p until recently, it has been
customary to assume that bond
prices would drop during periods
when the Federal Reserve was
keeping a tight rein on credit,
but that the losses would be re
covered later when the banking
authorities found it once again
advisable to make money easy.
"Now, however, doubts have
arisen that this is necessarily
true."
GRANGE NEWS
, Members of the Midland Grange
Home Economics Club planned for
no-host potluck dinner to be served
at 6:30 p.m. at grange open house
February 17, during their meet
ing Tuesday at the home of Elea
nor Sukrow.
J Guests present were Mrs. Rosa
Benoist, Dorothy Brown and Nelly
Irmen. Fifteen members also
were present.
Alice Hoover, club chairman,
presided. All officers were present.
Chaplain Laura Walker read from
the Scriptures to open the meet
ing. Mrs. Hoover appointed Mrs. El
eanor Sukrow to assist Mrs. Nel
lie Motschenbacher in her work
with the Display Table Commit
tee.
. Year books were distributed and
filled with the program for the
year. A letter from Mrs. Mot
schenbacher, who, with her hus
band, Lawrence, is spending sev
eral weeks in California, was read
to the membership.
; Members also made plans for a
public ham dinner to be served
at Midland Grange Hall March 19
from 5 until 8 p.m. as a money
taising project for the Grange
building fund.
Mildred Largent reported on ef
forts (o secure material for altar
fcloths. She gave tribute to Mrs
Sukrow, past club president, -and
presented her with a pin.
Mrs. Sukrow served a luncheon.
Next meeting will be March 1 at
1:30 p.m. at the home of Mrs.
Alex Cammock,.2042 Vine Avenue.
These doubts, Du Pont says, are
inspired by the shift of inter
national payments against the
United States, resulting in a con
tinuing loss of gold.
Here is how it works: Foreign
ers build up dollar balances which
if directed through their govern
ments could make even greater
inroads into our gold supply.
The way to stem this gold out
flow is to make investment in
our securities alluring enough
through higher rates of interest.
These higher returns will divert
investment from the gold hoard to
our securities.
Now it appears the Federal Re
serve has a bear by the tail and
it can't let go." Here is how Du
Pont puts it:
"Our present scale of interest
rates is proving at least partly
successful in coaxing foreign bal
ances to stay put. But that raises
companion problem.
"However optimistic we may be
about business prospects for 1960,
we must expect a business let
down sometime in the future.
When that recession comes, the
Federal Reserve ordinarily would
be expected to move quickly to
make money more plentiful. Inter
est rates in turn, would come
down.
However, with the Federal Re
serve helping the Treasury defend
the dollar, easing credit may
prove impractical.
'To ease money and lower in
terest rates especially if interest
rates were high abroad would
encourage money to flow out of
the United States for investment
elsewhere.
"In short, the gold drain would
be renewed and would be quite
impossible to stop without imped
ing business recovery at home."
Du Pont concludes his article
with a suggestion that the be
lievers in the so-called modern
economics think through once
again the answer (o the question:
'Are you quite sure that we have
tamed the business cycle?"
The new Du Pont "Investor-
news is a 24-page booklet about
the size of the stock exchange's
monthly publication, "The Exchange."
Back in 1929, the cry was that
investors were improperly in
formed. That can't be said today.
Just now the investor can accu
mulate top-notch information on
almost any corporation or market
subject and most of the
publications are free.
Q1M0 b? NA. he. T.M. Rtf, U PtL Oft
( ; ; 2J1
Tie-In Found In Air Tragedies
WASHINGTON (UPI)
Civil Aeronautics Board (CAB)
has found three small but possi
bly significant pieces of wreck
age from a National Airlines DC-
6B that crashed Jan. 6 near Boliv
ia, N. C, killing all 34 aboard.
One piece an ice light from
the right wing was located at
the spot where searchers pre
"Quit being a pest or I'll squirt you
, with perfume again!"
Theiviously had found the body of
crash victim Julian Frank, West
port, Conn., lawyer who was cov
ered by $887,000 worth of insur
ance.
The other wreckage, a piece of
window plexiglass and a window
curtain, were found a short dis
tance away.
Antarctica Was Fertile.
Report Soviet Scientists
WASHINGTON UPD - Soviet
scientists have reported discover
ies which suggest that now-frozen
Antarctica was a fertile continent
200- to 300 million years ago.
Together with finds- of other sci
entists, the new evidence indicates
that the South Pole continent was
warm once and received consider
ably more sunlight than it gets
now. ,
This suggests to some scientists
that the various continents shifted
their relative positions on the
earth's face in the remote past
or that there was a change in
the planet's axis of rotation.
TOUCHES OFF BLAST
VIENNA (UPI) A next door
neighbor smellcd gas coming from
the apartment of Gabriel Slciner,
25, Monday and rang the doorbell
to investigate. The spark from the
bell touched off an explosion that
injured 13 persons in the building
and shattered hundreds of win
dows.
Slciner was found dead of as
phyxiation with a suicide note be
side him telling of an unhappy
love affair.
John Howard Payne's famed
song, Home Sweet Home, was
part of an opera, "Clari, or the
Maid of Milan."
An article published in Kiev,
liussia, and distributed in trans
lation here by the commerce de
partmcnt discusses what its auth
ors called the "first find of an
cient spores in Antarctica."
ten kinds of spores, proving
past existence of fern-like plants.
plus unidentified fragments of
plant tissue were discovered in
ancient antarctic rock formations
believed to be 200 to 300 million
years old.
Scientists here were interested
in the Russian report but took ex
ception to the Soviet claim that
Russia was first to discover plant
remains near the South Pole. It
was recalled that Swedish explor
ers found traces ol ancient vege
table matter in Antarctica back
in 1901.
More recently New Zealand and
Australian scientists have found a
variety of spores and plant pollen
in Antarctica.
Dr. Lucy M. Cramwell of New
Zealand last year reported evi
cence, perhaps 00 million years
old, that forests once grew in
Antarctica like those common now
in southern South America.
Dr. George Llano. American
lichenologist who has done re
search in Antarctica, said this evi
dence and the existence of coal
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TRAPPED!
IJEBU ODE, Nigeria (UPD
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Adebambo was let off with a
stern lecture and told not to try
again to escape the taxman. '
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