Garden City Telegram from Garden City, Kansas on October 22, 1962 · Page 3
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Garden City Telegram from Garden City, Kansas · Page 3

Garden City, Kansas
Issue Date:
Monday, October 22, 1962
Page 3
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Changes in Credit Policy Pose Question MARMADUKE By SAM DAWSON AP Business News Analyst NEW YORK (AP)-Is the Federal Reserve Board nudging a sluggish economy or just minding the store? Many in Wall Street incline to the latter view of the board's cautious move to expand credit. Some even question whether changes in credit policy and money rates would influence business activity right now the wa'y they dad a few years vack. One of the Fed's duties each fall is to see that the banks have enough lendable funds to meet the seasonal increase in demand from business borrowers. Usually the reserve banks do this by buying short-term government securities from the commercial banks. This gives banks cash they can lend to those who want to borrow to stock up for the holiday trade, or to meet winter's in-1 dustrial pickup, or to finance the journey of crops from the farms through orocessing plants to gro- cerv shelves. Or the Fed can cut the discount rate—what it charges member banks to borrow from it. Thus, if a bank has a customer who wants a business loan it can get the money from the Fed and lend it out at a profit to itself. Either way, increased business activity is accommodated in the fall. This time the Federal Reserve Board—for reasons that involve world conditions as well as domestic economic problems—has chosen to let the banks have more money to lend by lowering the amount they must keep on reserve to back their time and savings deposits. The reserve on the biggest bank item—demand deposits—wasn't changed. The result is to release some $767 million, on which banks could pyramid up to $4.6 billion in loans —presuming business wants to borrow' that much. In other au tumns when the demand for loans was more pressing than now the Fed has expanded the available funds by considerably more than that. iThe legal minimum on time and saving deposit reserves is 3 per cent. The new rate is 4 per cent down from 5 per cent. Many bankers hold that legal reserves on these forms of deposits should be eliminated altogether. So the Fed is using a method that is popular with the bankers, and one that has been under consideration for some time. But the board probably had its eye as much on the international situation and the U.S. Treasury's current problems as on pleasing the banks. Buying up short-term government securities to give banks the extra funds they normally need in the fall has another result—one the Treasury is eager just now to avoid. It sends the yield on these securities down. And investors are tempted to turn to European money markets where returns are much higher. This outflow of dollars would increase the deficit in the nation's balance of payments—a deficit ;hat the administration has been striving mightily to pare. It was this excess of the outflow of dollars over inflow over the last five years that led to the Treasury's loss of more Mian $6 billion in gold. The other method of supplying banks with lendable funds—lowering the discount rate—also cmiM have much the same undesired result since most short-term interest rates would turn down if the discount rate did. The money managers have been pursuing a policy of keeping short- term interest rates high enough to discourage the flight of the dolar to other lands. At the same time they have tried to keep the supply of credit easy enough to encourage the economy to grow, it has been a delicate balancing job—but made easier in recent months because borrowing demands have been modest. Making more funds available to the banks now is aimed at caring for the usual season trade demands without affecting interest rates much. But as to being a spur to the economy—that's another matter. Bankers will appreciate the extra leeway in their reserves, and Iiorc the demand for sound and profitable loans will come along. English Comedian Goes from Stage to 'Our Man Higgins' Let's get out of here before that thing explodes I Garynd's Grains of Sand Plans Set For Annual A6S Beef Tour Scientists at Michigan State University are seeking to isolate chemical "growth* inhibitors." The scientists have found that most seeds are dormant at the time of harvest because they contain chemical compounds which inhibit germination. Residents of Finney County and the area have until Nov. 1 to make reservations to participate in the second annual Kansas Artificial Breeding Service Unit beef tour. To make a reservation call V.L. Hibler at BR 6-6383. Kenneth Fromm, county agricultural agent, said the tour is to be Nov. 16 and 17, Friday and Saturday. Reservations are needed now so tickets'to the Iowa State, Kansas State football game may be made in advance. The tour will end with the football game. Tlie local group will meet at the Courthouse and leave for Hay s early Friday morning. Visits on the tour include the following: flays — a Hereford herd and the experiment station. Russell — Angus herd. Plainville — Hereford herd. Smith Center — Angus and Hoi- stein herds. Beloit — Hereford, beef shorthorn, cross bred with Hereford cows and Angus, Oharlai s and beef shorthorn bulls. The group will stay in Manhattan Friday night. On Saturday's agenda is a visit to the Kansas State University veterinary clinic in the morning and, the football game in the afternoon. Bob Cerv Invited By New York Mcts NEW YORK (AP)—Bob Cerv, former New York Yankee outfielder, has agreed to report to the 1963 spring training camp of the New York Mets, club president George Weiss said today. Cerv was dropped by the Houston Colts of the "Uional League late last season because of a knee injury. Weiss said that if Cerv's condition is satisfactory next spring, he will be offered a contract. By BOB THOMAS AP Movie-Televlsion Writer HOLLYWOOD (AP)—Memories of "My Fair Lady". When the record-breaking musical closed after six and a half years on Broadway recently, it evoked a rush of memories. Stanley Holloway who devoted the better part of four years to playing Eliza's rakish father in New York and London, has a few memories of his own. "Oh, I remember many nights," he mused. "There was the first night we played a Sunday night benefit before our own profession. The response was so enormous the stagehands waived their usual finishing time so they could work overtime. "There was the night a 1,500- pound piece of scenery fell back- i stage with a great crash. Rex j Harrison was doing a number and j he didn't miss a note; he said I later he thought someone was i shooting at him. steadily losing his voice. At the evening performance the audience couldn't even hear him. The curtain rang up at 8:35 and down at 9:15. "And, of course, there was opening night. There was never anything quite like that." Unbeknown to Holloway. tnere was a man in that audience who would have a profound effect on his future. He was Paul Harrison, a producer-writer of radio and television. Back in 1951, Harrison had created a radio show called "Higgins: Sir," starring . Harry i McNaughton, the old bottle of Phil Baker's troupe. ,vt^Naughton died, and so did bigtime network radio, and the shop went into limbo. While watching Holloway strut through "Get Me to 'the Church on Time," Harrison pondered: "If I ever put 'Higgins' on television, that's the man I want to do it." Holloway, one of England's great musical comedians, knew Dick Tiger Ranks as Title Fight- Favorite SAN FRANCISCO (AP)—British Empire - middleweight champion Dick Tiger of Nigeria continues the favorite to lift the World Box- ins Association crown from Gene "There was the night I sard j Fullmer Tuesday night. a commotion in the theater but kept on singing. I learned later that a man had faintei in the stalls (orchestra seats). They had to carry him out over people's heads. teg* 3 Garden C'lty Tetagram Monday, October 22,1962 nothing of Harrison's scheme until this year. He received a letter proposing the engagement, was interested and cam across. The result is "Our Man Higgins" on ABC Wednesday nights. It could be a longer engagement for Holloway than "My Fair Lady," judging from .the reviewer reaction. If the show can overcome its strong opposition- Perry Como and Dick Van Dyka —Higtgins could look forward to the same steady employment of his neighbor at S.reen Gems, "Hazel." PICTURE IN YOUR MIND Each of us carry pictures in our minds. It is the kind of pictures that we carry there that is important. Do we keep lasting impressions of the beautiful things in our minds and fail to let the ugly and disagreeable things leave a last- i n g imprint? I I think most of us itr y to retain the [image of the [good and beautiful things in our I memory, but now and then there are folks who seem to remem- r only 'the sad, the ugly and the had. Our minds are like a scrap book. They record the things that we cutout from all the o tli e r s aad choose to recall until they become a permanent record. So it is important that we remember the beauty of the dawn and the color of the sunset instead of the rainy dreary days. It is important that we remember the delightful things that we have done or that others have done to us, instead of the unhappy tilings that have come our way. It is easy to clutter up our minds with things that are undesirable or immoral, but this can be avoided by not allowing ourselves to recall these tilings. If in our thoughts we dwell on things of virtue and beauty we will remember them and they will become a part of our life. As we recall a loved one or a friend we should keep a picture of them in our mind that will highlight the beauty of their character and the delight that we have known in our relationship with them. "I don't keep a scrapbook, my memory's clear. 1 can recall each incident dear — The lilt of her laughter, the sunshine of her smile, These things I am remembering all of the while." Th« Chipel No Step* Next Monday Garnand Funerat Home Will Present Mor« Grains of Sand MAKE FLYING AS LOW COST AS DRIVING SAVE 75% ON RETURN FLIGHTS WHEN YOU FLY ROUND TRIP TO KANSAS CITY, MO. R.guUr far* (63.00 • 4 Day Bargain Fart $39.50 • SAVE $23.59 WICHITA, KS. Regular Far* {37.20 • 4 Day Bargain Far* $23.50 • SAVE $13.70 DENVER, COLO. Rtgular Far* $54.20 • 4 Day Bargain Fart $34.00 • SAVE $20.20 COLORADO SPRINGS, COLO. Regular Far* $42.70 • 4 Day Bargain Far. $26.50 • SAVE $14.20 For reservation* and information CALL BR 6-51 32 "Or your Travel Agent" CBNTFIAl^AIFtLI "One time Rex was out with a bad throat and his understudy played the matinee. What with nerves and all, the poor boy was Odds have fluctuated between 7-5) and 9-5) and should Tiger live up to them, he could put the British Boxing Board 'in a difficult position. The British boxing fathers recognize Paul Pender 'of Massachusetts as the leO-'pound champion while the WBA calls Fullmer the world champ. THIS WEEK 7:30 NIGHTLY Dr. W. Harding Evangelist — Nebraska REV. DARREL MOORE Talented Tenor Vocalist MONDAY NIGHT "MUSIC NIGHT" Thru Oct. 28 CHURCH OF THE NAZARENE IHh at Elm Carl Ingersol—Pastor Round Steak USDA Choice Mature Beef Aged To Perfection Prices Good Thru Wed. Oct. 24 At Safeway—Sales Rights Reserved Sirloin Steak T-Bone Steak Chuck Steak LIBBY — Fruit Cocktail, Pears, Apricot Halves, Cot or Whole Green Beans USDA Cliofc* Aged Tender Mature Beef USDA Choice Aged Tender Mature Beef. USDA Choice Mature Beef. It's Economical Lb. Lb. 303 Cans 49* Cream Corn Whole Cut Corn Green Peas Save At Safeway! Lima Beans SS'Sr 2£.48< Tomato Catsup %*ff£K£:-& 00 .WV Hy Power Labcl Heat & Serve UCans American Beauty. 'a 8 oz. Instant Mashed Pkg. Don't Forget These I Hankie Pack B^NO* &Sve E*. 1 0< Utility Sz. Keeps Food Really Fresh. Pack of 25 E«. 4«~4I< Toilet Tissue Dog Food Halloway Milk Duds Pastel Colors Pooch Reg. or Liver Flavor Family Size Pkg, 29< Si-Si. You'll Want These' • -A-I- 0 AII ft Campbell FrozenCIO °**<| rOiaiU vVUp Green P$a Too!* Cans I AU«|AK OftAUi Campbell FrozcnAlO o/ * 1 UjSier dieW Vegetable TooMVCan^l Mapo Cereal Marmalade BAKERY & DAIRY VALUES! FreSh EggS B'refkfMt"Gems Sf" Margarine Cinnamon Rolls Sugar *• A | Mrs. Wright's Danish 9 oz. OQ/ •ireOSei Filled Streusel. Try It. Pkg.** ftli^Mal D*A*iil Texas Toastin' 20 oz. Sliced Bread ^^ Pet's Instant Dry Milk Solids. Try U. 29< Early Week Grocery Feature Values! Grape Juice 6 & $ 1 Instant Milk Velveeta Sliced Cheese '—•'- 25 < Safeway's THE Place To Buy Potatoes! Red Potatoes Kraft's Finest .. Buy Now At Our Low Low I'rice 2 Lb. Box i Flame Tokays Red Leaf Lettuce Broccoli (i«t Some Today JttMt Perfect with Steak U>. 25<

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