The Courier News from Blytheville, Arkansas on March 29, 1968 · Page 7
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The Courier News from Blytheville, Arkansas · Page 7

Blytheville, Arkansas
Issue Date:
Friday, March 29, 1968
Page 7
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Page 7 article text (OCR)

Pag* Fourteen— BIytheville (Art.) Courier New» - Friday, March 29, 19* __ Public Will Pick Up Recent Gold Crisis Tab By ROBERT DIETSCH Written for Newspaper Enterprise Assn. EDITOR'S NOTE - Robert Dietsch is a veteran reporter of the U. S. and international business community. He is business writer for Scripps-Hbward | dilional troops to Vietnam. The ' exact total hasn't been revealed but it undoubtedly will be far below Gen. William Westmoreland's request for 206,000 more men, — American tourists in Europe got a shock last weekend when they had trouble cashing traveler's checks and paying Newspapers. I for goods and transportation in WASHINGTON — (NBA) -Idollar bills. Who would have Americans are fast learning that international fi n a n c e is much more than an exercise i* higher arithmetic and the mys terious workings of central bankers. The Free World money crisis thought only a month ago that any European shop, hotel or bank would have turned down a chance to get dollars? - Now that the U. S. and six of its major European allies have decided no longer to buy gold from anyone except brought on by lack ol confi- buy gold from anyone except dence in the dollar and a gold-!other governments, gold mm- buying stampede already has hurt the U. S. consumer in the pocketbook. And if new arrange ments to shore up the d o 11 a r don't work out, Americans will be hit even more. Consider what has already occurred and what is likely to happen in the next few weeks as a result of the crisis— — The Federal Reserve Board, in an effort to slow inflation and thus keep American goods at a better price advantage in world trade, raised a key lending rate. It now charges 5 per cent interest on loans made to member banks instead of 4V4 per cent. All other interest rates are expected to move higher as a result, Including home mortgages. Even today, FHA - guaranteed home mortgage rates are at their all-time average high of. 6.81 per cent. Therefore, home buyers soon will be paying higher interest than ever before. —The Johnson administration — in a move to persuade Congress at long last to enact higher taxes — has agreed to stiffer i budget cuts in nondefense pro-j grams. This means a slowdown I in great society spending, perhaps on highway construction, on educational projects which directly help many families. — The Congress, in turn, leems amenable to higher taxes. Higher taxes, of course, means less money in everybody pocket. * * * — The money and dollar cri- j sis undoubtedly figured in President Johnson's decision to send only a limited number of ad- ing firms and foreign individuals holding gold will have to sell their metal on the open market. Chances are, however, the open market price will be higher than the official price — which stays at $35 an ounce. Result — gold used in jewelry and denial repair work will be more expensive and prices are likely to increase. So may prices of goods in which gold is used. — If the Free World's money crisis isn't resolved in the long run. Gold buying may again reach panic proportions, foreigners may again turn up their noses at the dollar and the world's revised monetary arrangements may go up in smoke altogether. If this should happen. Americans would again be affected directly. Many countries would be reluctant to-accept money from other nations (including perhaps the U. S. dollar). Travel, trade and international banking would be curtailed and disrupted. — U. S. tourists would find it more troublesome to cash checks and get credit. Their hotel and retaurant bills probably would be more expensive. — American companies doing business abroad — and practically all large U. S. firms which import foreign goods — would find it harder to finance their purchases, and probably find imports more expensive. Money transfers between countries and between firms — easily handled through the postwar monetary system — would also be more difficult.' — Thus trade between countries would slow down. Business in all countries would slow down — especially in western Europe and Japan. Countries which depend to a large degree on imports and exports to keep their economies rolling. There would be fewer jobs in the U. S. and elsewhere. Today, one in every 10 U. S. workers depends on world trade for his job. — To protect national interests in times of economic uncertainty, many nations might erect stiff tariff barriers t o help ptotect domestic business. This system of anti-trade walls, most economists agree today, helped retrict. commerce in the 1930s and was a factor in triggering the world-wide great depression. Few men expect a similar depression to result even if the Free World faces a more serious economic crisis than it has over the last few weeks. But at the same time these experts are in total agreement that business would be hurt to some degree and that most Americans would feel the economic breakdown where it hurts more — in their pockets. Today In History By THE ASSOCIATED PRESS Today is Friday, March 29 the 89th day of 1968. There are 277 days left in the year. Today's highlight in history: On this date in 1632, French and English claims in America were divided by the Treaty •£ St. Germain. On this date: In 1790, the tenth American I mier. era Crut, Mexico. In 1867, the British Parliament created the Dominion of Canada. In 1918, French Marshal Ferd- dinand Foch was named chief of Allied armies in France in World War I, In 1943, during World War H, meat rationing began in the United States. In 1932, vaudeville entertainer Jack Benny made his radio debut as a guest on the the Ed Sullivan program. Ten years ago — Niklta Khrushchev was consolidating his power after replacing Niko lai S. Bulganin as Soviet pre- president, John Tyler, was born. In 1847, American forces under Gen. Winfield Scott occupied Five years ago — Fire swept the Sherry Bjjtmore Hotel in Boston, leaving four persons JACOBY ON BRIDGE Duplicate bridge rewards skill more than rubber bridge and the team - of - four match based on International Match Point or I M P scoring is the molt skillful form of duplicate, but even in this game there is a tremendous luck 'factor. Today's hand decided a recent IMP match when one North - South pair bid sjx spades and the other stopped at game. The luck factor is represented by the queen of clubs. Move it to the East hand in place of one of the small clubs and the slam bidders would have lost the match. The swing involved in the location of this club queen was 750 points each way or a total of 1,500. Translated it meant 26 IMPs total. The hand caused considerable argument. The winning team claimed that the slam contract was. more likely to succeed than to go down because it would make any time West held the club queen or when West held five small clubs so that the queen would drop on the first club lead. Obviously correct dummy technique would be for declarer to draw trumps, cash one of dummy's hign clubs to check on the possibility of a singleton queen and then to fall NORTH (O) 29 AJ1062 VQ93 + K5 #AK98 WBSI ' • BAST <jif *93 *84 '' VA8B4 VKJ752 • Q982 *J63 . #Q7S #542 *:, 4AKQ75 VIO 4A1074 *J108 "'•• Both vulnerable ,W«ft North But SonOi 1+ Pass 1* Pass 2* Pass 3 + Pass 4* Pass 5* Pass 5+ Pass 64 Pass Pass Pass Opening fead-V A >;L back on the club finesse. The losing side admitted this but pointed out that East 'just might have been able to ruff an opening club or diamond lead. Our own opinion is that the slam was just about as close to being an even money proposition as you will ever find and that a small amount of overbidding by the winning North and South had paid off this time. Next time it may not. tman .#a fifv News Briefs WEST PALM BEACH, Fla. (AP) —An order was signed in Palm Beach County Circuil Court directing Neil DuBois to remove his bee hives within 20 days. The order was sought by the County Commission after residents at a trailer park came swarming with complaints about the bees. MANTECA, Calif. (AP) Frank Matheny, who told police he was 87, was arrested on a souped-up foreign-built motorcycle on charges of not using his rear view mirror, nearly caus< ing a serious highway accident, being uncooperative when stopped and for failing to have a driver's license. KIAMESHA LAKE, N.Y. (AP) —The Rabbinical Assembly, an international group ol rabbis of the conservative branch of Judaism, has suspended its system that required newly ordained rabbis to become military chaplains. The assembly's annual convention voted to substitute a voluntary system. "Growing unrest. . . with the war in Vietnam" was cited as a factor in the change. The assembly called for theological seminaries and rabbinical groups to cooperate in establishing a voluntary system to increase the number of Jewish chaplains in the armed forces. Double Money Back A butcher in London in 1768 caught selling meat at "unreasonable" prices could be forced to forfeit double its value by a justice of the neace, according to the Encyclopaedia Britannica of that year. Meerschaum Meerschaum, used chiefly hi pipes and cigar and cigarette holders, is a white mineral soft enough to b« scratched with the fingernail. Sometime* it i« found floating in the Black Sea, and is •ften mistaken for *e* foim. Do Not Press Throw away the iron ... this superbly tailored Gant button-down will keep its original, well-pressed look—washing after washing. The fabric: Gant's own 50-50 blend of fine cotton and polyester that holds its eolors. In white, blue or maize. Trim Hugger body. Half sleeves. CANT f. Use Our Convenient Loyaway Or Charge It On BankAmericard Cricketeer features this dacron and wool hopsaek double-breasted blazer for spring. The contrasting check slacks by Cricketeer are of dacron blends for cool comfort and good wearing quality. R. D. Miens GO. MASON DAY FINE APPAREL FOR MEN AND BOYS dead «d 2t injured. One year ago—The U.S. Central Intelligence Agency was ordered to halt subsidies to private educational, philantropic and cultural groups. Remember fay Your Paper Boy Damaged Currency The U. S.',Treasury will, deem a damaged bill at f value if three-fifths of .the ong| inal is intact. If less, than threw fifths but more than two-fifth! of the bill remains, it is woruj half its face value. ; -JJ MONEY WORRIES? To make money management worry-free, rely on the facilities of this full service bank. Look what we can do for you. Your money earns move money with Saving Accounts and Savings Certificates. Our low-rate -Bank Loans come to your aid in time of financial need. Checking Accounts keep your money handy, safe. Sound financial advice, based on our years of experience, is always at your command. Start your worry-free banking here, today! CHECK THESE FULL SERVICE BANKING FACILITIES NEW CAR LOANS Low interest rates and easy monthly repayment. SAVINGS ACCOUNTS Interest compounded regularly . . . save now. '• • HOME IMPROVEMENT LOANS Low cost loans to better your living. CHECKING ACCOUNTS Regular or Special Checking to fit your needs. PERSONAL LOANS We arrange loans fOr any worthwhile purpose. BANK-BY-MAIL Makes all our services: as near as your mailbox. MORTGAGE LOANS All types of home financing on liberal terms. CHRISTMAS CLUBS • Plans to fit your individual holiday needs. TRAVELERS CHECKS Safe, convenient way to carry money. SAFE DEPOSIT BOXES Protect valuables from loss, theft.. Lor/ rental, CREDIT CARDS Widely honored, recognized ... safe way to pay. FARMERS BANK AND TRUST CO. %; "Oldest Bank in Mississippi County" • DOWNTOWN • NORTHSIDE AUTO BANK BRANCH « DOWNTOWN ILYTHIVILLI

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