The Escanaba Daily Press from Escanaba, Michigan • Page 27

More Gold Lost By Uncle Sam Shopping Centers Run Into Trouble SAM DAWSON 'P Business News Analyst NEW YOHK It can happen here. With all the good economic and all the new bulwarks and international banking Hccords Uncle Sam can still lose mor of his gold Hr jusl has, $50 tnillion more. The catastrophic. He till has $15.8 billion ol the metal. The drain this year even is reassuringly $150 million compared with $425 million a NEW YORK Some of the nearly shopping centers that sprung up across the land in recent years have run into trouble Too many, too close, or in iru wrong locations are some of reasons-.

But one highly socialized form relatively newcomer, with an mall, air-conditioned and heated -boasts it will double its within a year. These are still comparatively now and maybe 40 a year year ago. And this in the face of from now And last year their in dollars themselves that sales came to SI billion, com- has been rising this year. pared with $55 billion for all cen- But it is this increased deficit in t.Ts international payments that gives But proponents say they are the actual loss in gold more catching on both in the North, igiuficance than the size of the where artificial heat is a selling amp in the metal reserves. The point, and in the South and South- deficit still eludes most of the ef- west, where refuge from the nat- forts so far to halt it.

ural heat draws in the customers. Exports Shrink These enclosed mall, aircondi- Tt arises from the outflow of tioned centers, called EMAC cost I government and private dol- more to build and to run. The ad- exceeding the return, cost can run as high as $1 year some $2.2 billion more went million The rent can be as much out than came back. In the first ar 25 cents a square foot more, quarter of this year the annual But their builders say that in- r.tle of the deficit rose to $2.8 creat'd sales justify the higher billion. And part of this was be- rentals cause U.S.

trailed the year Twenty more are reported imago figure by 1 per cent, while dei construction or planned In were increasing. addition there are a number of This is one of the problems major suburban shopping centers Americans delegates will take with covered differ- with them to the preliminary skir- ence is they totally en- tnish in Geneva Thursday of 40 na- closed and air-conditioned Some tions seeking to readjust tariffs of the newei ones are to be and othei barriers to greater designed with an eye to conver- worid trade sion latei The deficit monetary Most EMAC complexes are vments arise from an ex- 000 square feet or larger with a of imports over exports. On major department store at each contrary, the balance of trade end of the mail, itself is in this favor. The The mall usually contains foun- deficit comes from this being oul and topped by other U.S. spending abroad for military bases, for economic and mil- aid.

for private investment, for tourism. In the United States exports topped by $5.4 billion, and in by $4 4 billion. Bui in all of the last 10 years st 1 ve one the United States ran a deficit in its total payments. The largest was $3.9 billion in I960 Efforts to whittle down some of U.S. overseas to increase exports have reduced the deficit each year since then The rise the quarter of this year was.

therefore, disconcerting Down To 16 Million The loss oi gold comes about because foreigners build up these surplus American dollars th turn them into their central banks. These have the right to use the to buy gold from the U.S. Treasury the fixed price of $35 nn ounce, plus 834 cents handling charge. S.nee some central banks Portofino, fiv Italian Riviera, since ancient its old-world cl mg ime arm pen a long with usual diversified facilities, art exhibits, garden how international film and food and amateur theater productions are just a few of says David Muss, president of nston-Muss Corp. His firm is builder for the Long Island aiK New Jersey centers and has others under way near Phoenix.

and St. Petersburg Fla He says the pioneer of the movement was a center near Edina, in 1956 This was followed by others near Kansas City and St, Louis. EMAC is only one of the trends in shopping centers. They are becoming and adding more than shops and parking lots Now found in some centers are hotels, libraries, hospitals, theaters an auditoriums. Richard Richard Bohn Krueger, son is valedictorian of Newberry and William Henry Laiti, soi tatonan, Richard, who has study pre-medicine at Alb of Mi and Mrs.

Harold E. Krueger, High School graduating of 1963, i of Mr. and Mrs. Carl Laiti. an overall average of 3.916, plans to nil Bill'' future plan, include attendance at the where he will major in a 111 gt 3,8 1 of Michigan.

Oakland Bi at hemal ics and economics. His tic Citizens Will Form Committee At May 20 Meeting EW BERRY Anyone interest, ed in helping in forming the I Committee is urged to call Mrs. C. A Kauramaki or Mrs. Ida Mattson, or attend meeting scheduled lot Mon day May 20, at 8 p.

m. in the Community Hall smoker. In ordei to operate more effectively organizers are asking for citizen, who are willing to donate their time on a Citizen? Committee for Luce County. The help of those, who wish to work anonymously, giving advice as some are now doing, would also be appreciated. It is hoped to have enough members to cover all phases ot public need, such as, education, the need for new school buildings and individual requests for help in all problems.

All meetings will be open to the public for expressions of opinion on current and problems. ot I let voti ns on I torit a re iteus not hold will be eligible members. All issues will be ote ot month I me Most merchants pive entrinoti Stamps: Ask for them. DAILY PREbb I sea naba. May 16.

If vou across ttp, don't hesitate to trlrphour II IS. Radio NOTICE Effective Wednesday, May Bark River Barber Shop will he under new management. TWO BARBERS TO SERVE YOU Prices; Regular Haircut. Si.00 Flat Top. St.7*> hildren, 12 and under, SI.2Ô and Wednesday.

These prices effective throughout the week. our Patronage will Ire appreciated. Louis Poisson, Manoger and benches, gardens or shrubbery. Often the centers offer community and cultural services like to build up their gold reserves they use this right This is eh'ef rea on the S. gold stocks have fallen from more than $23 billion in 1952 to less than $10 billion today.

The States and other leading industrial nations have an accord whereby the central banks protect against any speculative run on each other's currencies oi gut Id reserves. So this year despite the large surplus of American dollars other nations hold, the gold loss has thvn held $50 million in each of three weeks ending Wednes- do Jan Feb. 27 and May 8 But the loss can continue long as deficit of payments piles up dollars abroad West End Drug Pharmacy Is A Profession Free Prescription Delivery 1221 Ludington St. Dial ST 6-0131 CLEAN UP YOUR MEDICINE CABINETS RESTOCK THEM NOW WITH FRESH MEDICINES AND FIRST AID NEEDS! New Limmits lor Weight ontiol anil la. Orange and and Hocolale 98c 79c Johnson Baby Powdrr 64c SI Top Brass Hair Dressing 79c SI.79 Super Anahist Cough Syrup $1.40 si.

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