Greeley Daily Tribune from Greeley, Colorado on October 22, 1969 · Page 19
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Greeley Daily Tribune from Greeley, Colorado · Page 19

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Greeley, Colorado
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Wednesday, October 22, 1969
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Page 19
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P«K« 20 GREELKY TRIBUNE Wed., Oct. 22, 19C Valued Naive Paintings Now Touring United States By MILES A. SMITH AP Arts Editor / N E W YORK (AP) - One hui dred and eleven inaslcrpict- from "the most important an extensive collection of Amcr can naive paintings eve brought together," now tourin in this country, are a recapiluL · iion of a genre that has almos ' disappeared in this century. The-exhibit. "American Naiv Painting of the 18th and 191] Centuries," which will be at th \Vhitney Museum of America! Art through Nov. 2, was select cd from the collection of Edgi. William and Bcrnice Chryslc Garbisch, who have been as sembling these works for quarter of a century. Most of the artists who crcal ed; these paintings had m professional training in art. Many of these seif-taugh . painters were craftsmen in sucl ; trades as house painting, sigi painting, carriage decoration, carpentry or cauinei making,, and some were "limners" who wandered from town to town and painted portraits lo order. .VLloyd Goodrich, advisory director of (lie Whitney, points out in the preface of Ihe show's catalog, that "An inevitable law of artistic evolution is that with increasing knowledge the naive virtues tend to disappear. : "In the last third of the 19th century the Unilcd Stales entered a period of growing cosmopolitanism .and sophistication lion): and naive art began decline. Individual example continue lo appear, even in ou century, as witness Picket Kane and Pippin; but Hie wid spread naive creation that ha conlribulcd so much lo Amei can art was a thing of Ihe pasl. Noting that naive art was coi sidcrcd childish and laughab nl (he (urn of the last ccnlurj lie ndds thai "It remained fo our own day lo discover in th neglected school certain artisti values thai arc basically Ihos of modern a r t , and a naliv character and a native traditio Jial had been temporarily lost. The appellation "most impoi anl and extensive collection came from John Walker, direc or (since retired) of the Natioi al Gallery of Art in Washingto 3.C., where (lie show was dis ilayed during the summer. Walker, in the catalog's fore vord, points up the fact that th uddcn interest in naive artisl i recent years lias made the! voi'ks scarce. lie says that when the Gar ischcs "began acquiring th' ·ork of American naive paint rs, sometimes called primitive r folk painters, they foum icmsclvcs in a buyer's market "Soon they were Ihe leading ollectors in this field; and a: Tors poured in from all sides loir collection rose to ovei oil paintings, walercolors id needlework pictures. Bui her collectors followed, and in (orloo often, pseudo-sophislica-llhc last few years Ihe market, Nuclear Explosion May Have Stimulated Gas Production : By BILL STOCKTON . Associated Press Writer ·FAHMINGTON (AP) - Officials of El Paso Natural Gas Co. aren't committing thcm- selves yet, bul indications arc an underground nuclear explosion near Farmington Iwo years ago did stimulalc natural gas production as scientists had hbped it would. El Paso Natural officials say it will probably be sometime next year before final experimental results arc in from Project Gasbuggy, the underground detonation of a nuclear device 50 miles east of Farmington In December, 19G7. The blast was designed to determine if nuclear energy could be used lo spur natural gas production. Data on gas production at Gasbuggy released Mils week by the company shows gas is continuing lo flow al high rates from Ihe main Gasbuggy well and lhal (he level of radioactivity of the gas is steadily dropping. The nuclear device was detonated at the bottom of a well, drilled in the Picture Cliffos formation. Scientists theorized the nuclear explosion would melt the rock and form an underground cavern they call a chimney. Gas would seep from sur- .flowed gas al varying rales I from the chamber to determine how fast gas is flowing into the :avern. Gns is currently being taken from the Gasbuggy well al Ihe rale of 160,000 cubic feet per day. Scientists also wanted lo know if such an underground nuclear blast would cause high levels of radioactivity in the natural gas. Engineers report radioactivity levels are now one-tenth of what Ihey were when the well -was first opened after the deton- nation. El Paso Natural officials said they don't know whal level of rnclinnctivity would he safe in gas for 1'c.sidenlia] and indus- t r i a l use. Federal agencies are studying this. But none of the gas from the asbuggy well has been used by El Paso Natural. The gas is burned after il is taken from the well. Gnsbuggy is similar to Project Kulism, an underground nuclear explosion near Grand Valley, Colo., recently. Atomic Energy Commission officials have anounced plans for several other underground nuclear explosions in the Rocky Mountains. They will be to increase natural gas production, but one blast will be lo see if oil can be extracted from shale rounding formations into Ihcl chimney and then through the well to Ihe surface. Production would be increased this way and a high gas flow obtained from a single well. This is apparently what has happened, company officials say. | Since last January, production tests have been underway at (he well head. Engineers have i ······················ DEER ELK I PROCESSING · PIERCE I PACKING CO. · Ph. 834-9910 Pierce f *···«················· iUII V-rtll U( "{deposits. 'Laugh-In' Loses Top Staffman NEW YORK ( A P ) - Paul W. Keycs has resigned as producer and head writer of NBC's "Laugh-In" amid reports that he called the show "slanted, vulgar and dirty." Keyes was quoted in Ihe industry press as saying he had been disturbed by the direction of the show as far back as April. CARPET SALE! GREEN GOLD CARPET or only -- Per sq. yd. KITCHEN CARPET Norseman Quality Buy and Save Reg. 13.95 Now-SHAG Acriltn, very heavy, only -Per iq. yd. INDOOR-OUTDOOR CARPET-- 5Q CARPET MART Open Daily 9:00 to 5:30 Closed Sunday 1621 9th St. 353-0880 Open Mon., Wed. and Friday Nights Till 8:30 Fed Becoming Anxious About Commercial Paper Increases By ROBERT E. WOOD The Los Angelo* Time* LOS ANGELES - Dozens jig national companies have been slanipcding lately info what had long been unchartcred ground in their unremitting gi quest for loan money. Conglom crates, aircraft makers, insur- inec firms--and even some lie biggest banks--have begun ssuing commercial paper. And the Federal Reserve Board is starting los how if anxiety that the banks may )c using commercial paper to nake an "end run" around its attempts lo hold down their 4 ending activity. Long a relatively obscure money market instrument, a )iece of commercial paper is an unsecured promissory note --more simply,- a corporate IOU--that's used to obtain a ,-lerrn IO«TI. And the. economists aren' fooling when they say the corn mercial paper market has j-own. Six years ago, paper was fasically the bailiwick o consumer . finance' companies similar concerns. There was about $8.2' billion of com mercial. pper outstanding then But by the beginning of this , the Federal Reserve Board reported last week, the market had grown to $29.5 billion. Not only had it jumpec per cent in the one month since the Fed's July report- but outstanding commercial paper was up an astonishing 43 icr cent from the same time last year.. . . . of shurt-l of and signs September, ince so plentiful, has largely Iricd up. Thus it is doubtful nother collection like (hat of Col. and Mrs. Garbisch .gain be formed." Under the auspices of the merican Federation of the \rls, this exhibit started arly in 19lil) on a lour of Eu- ope, and was seen at the Grand 'alais in Paris, at Amerika touse in Berlin, at the Festival f the Two Worlds at Spoleto, Illy, the Royal Academy of Arts London, (he Palais des eaux-Arls in Brussels, the Cadel Bucn Rctiro in Madrid nd the Palacio de le Virreina Barcelona. Later it the Montreal (Que.) Museum of that Fine Arts. it will move on to the Museum can of Fine Arts in Houston, Tex. (Nov. 16-Jan. 4) and the United States Military Academy Library, West Point, N.Y. (Jan. out22-Feb. 15). The present exhibit contains the cream of the collection. Many of the paintings already have been donated to museums', so it was necessary lo borrow them back lo prepare Ihe show. Of the 111 items, 34 have been given In the National Gallery, 14 .0 New York's Metropolitan Museum of Art and 9 to Ihe visited Philadelphia Museum of Art. W h y . t h e - b i g rush into an odd little nook of the mono; market? For one thing, the Fed has clamped down on the national. money supply as par of the' war on inflation. For' .another, deposits hav_ been- flowing out 1 of banks late ly because the best rates banks can pay on savings aren't gooc enough to meet the competition from other forms of investmen --bonds, for example. , : . As a result, banks are severely restricted in the amount-o money'they can make available to borrowers, and they're strapped for funds to honor.the commitments they made before loan money became scarce. Corporations .still need new money for working capital, ex- aansion loans, and so forth-- they 1 and the scratching .for whatever new sources they can find. But .where does the money come fronr when funds are-so scarce everywhere else? In the lasl, the best commercial paper suyers were insurance corn- sanies, which are now relatively strapped -for cash; university endowment funds, oil compan- es, and other concerns that cus- :umarily had some surplus mon- ;y to invest on a short-term asis. Now some state governments are investing their-tax receipts artly in commercial paper. Mutual funds and similar insti- utions, too, have been to invest more in -commercial paper vhen part of their money is pulled temporarily out of stocks because, of market uncertainty .And, according to one South cm California banker, a lot o individual investors are begin ningtto realiae that commercia paper "is a good piece of papei --and one that will · bring in more yield than a certificate of deposit." He estimated tha more than half of the corrimer ciaf paper trading volume.in his bank's money-market .trad ing center is bought by'individ- uals.. ' . ' · . ' · · ' · · · ' Perhaps the' most surprising part of the commercial paper market's growth .is the entry of bank holding companies. This is only a recent, development-in ..the last six to nine, months --and one that's getting a lol of. notice at the'Federal Reserve Board and in Congress. As it stands now,' the Fee can clamp down on the supply of money the banks themselves have at their disposal; and it can regulate' the reserves y're required .to'keep on hanc against deposits and such' borrowings' as .Eurodollar's from abroad. But the current legal framework doesn't give the,Fed au- .hority to regulate borrowings jy .the. one-bank holding companies which many banks have set up in order to diversify. Typically, many banks in the past couple of years have decided to diversify into other financial fields.' Since banks hemselves are forbidden to do ·o by federal law, bank people iave created holding companies and then made the banks .into ubsidiaries of the-holding companies. And preslr--you have company that can diversify., There's legislation now pend- have suggested' that, when-the new law's are passed, there mayj paper be a clampdown on the holding ing that would put the-one-bank holding companies under FRB control. And nominations from 'The,Fed'hu' looked ,iskiUKC at paper mooey which h*s th« effect of,. circurrivehUiii . the , tbe-board members .of the Fed Fed's efforts,to'. coiutrpi,.bank limiA- ciinn'nefosl ' that uhnn~4ha Inrlina anHuitiA* '·· ·. ··/'.',- , '. leding activities.. . "Sure, it's an 'end riin'\»roujid t h e Fed's- ' " organizations. But it.hasn't hap.isaid one^wdltaowrtbimk'econo- pened yet. 'mist. · · · · ' . . . ; . ; · . ; . · .' ; BAYLOR ^ A Great Watch That Costs You Less ; · Zales.-imporls Switzerland'* finest directly. -. . . '., : -.You pocket the savings. Baylor Mandate... expertly crafted by Swiss watchmakers Open A Zales Custom Charge Account ZALES 9 Jf WIIMI We're nothing without your love. 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