The Austin Daily Herald from Austin, Minnesota on January 5, 1959 · Page 12
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The Austin Daily Herald from Austin, Minnesota · Page 12

Austin, Minnesota
Issue Date:
Monday, January 5, 1959
Page 12
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IN FOREIGN TRADE Investment Uncertainties Are Many By SAM DAWSON AP Business Newt Analyst NEW YORK (AP)-the Cuban revolution is only one of a multitude of uncertainties today facing Americans with investments and trade abroad. tn all parts of the globe 1959 should offer answers to questions now baffling American business planners. Here is the stake; American private Investment abroad is approaching 37 billion dollars, the Department of Commerce reports. The total exports of commercial merchandise by American concerns in 1958 is estimated at 17 billion dollars by the National Foreign Trade Council — and with luck it should rise in 1959. Here are some of the trouble spots: CUBA: Americans have about one billion dollars invested in the sugar, oil and tourist industries. The uncertainty: what the attitude of the new Castro government will be toward outsiders. For the sugar trade and American consumers The uncertainty: what the attitude of the new Castro government will be toward outsiders. For the sugar trade and American con* stimers the question: Will the approaching sugar harvest enter world trade on schedule, keeping American refineries busy and the price of sugar here stable? VENEZUELA: The old BO-50 split of profits between American and other oil companies and the government has been changed to 40-60. U.S. concerns are protesting getting the short end of the deal and the final outcome is still up in the air. Worrying them as anything Is the effect this example could have on their vast holdings in the — MIDDLE EAST: Already some inroads have been made on the traditional 60-50 arrangement; more are being talked up. Also furrowing the brows of oilmen is the general political unrest. Na.« \ serlsm, communism and the Israeli question keep Americans on an almost daily alert. INDONESIA: Political strife has had the oil and rubber companies on the defensive. All is quiet at the moment but Americans are not sure for how long. ARGENTINA: How to develop the oil industry there in just part of a general fiscal crisis, with Americans in the thick of it. BRAZIL: A monetary crisis keeps American companies watchful. The coffet turplui — and what's to be done about it — will affect both American roasttrs and consumers. EUROPE: Uncertainties here have come thick and fast of late. France is trying to bolster its shaky currency, first by devalu ing the franc to bring prices in line with its competitors, and second by an austerity drive to com- bat the treasury deficit. Americans can only guess how De Gaulle will make out. Americans mostly rejoice at the rush of European nations to make their currencies partly convertible with the dollar as a step in the right direction. But the main object wasn't so much to improve trade with the United States as to adjust to the new competitive factors in the birth of a new European economy. THE COMMON MARKET: France, West Germany, Italy. Holland, Belgium and Luxembourg are starting a lengthy process of lowering tariff walls among hemselves and presenting a common tariff front to outsiders. Americans fear that will make it harder for them to sell in the six nations, and will make it easier or the six to take world markets BRITISH TRAVELERS Bosses More Lenient Here, Say Secretaries By HAL BOYLE NEW YORK (AP)—Two pretty and adventurous British secretaries, after a 15-month work-travel tour of America, hart cotnt up with these conclusions: "American bosses era more lenient than British bosses." "In England you get longer lunch periods, but in America you have longer coffee breaks." "Here a boy on a date aski a girl what she would like to do. In England ha has a plan and tells her what they will do. But American boys, on the whole, are more enterprising." $280 Each The girls, Hilary Birley and Cecily Thompson, both 22, landed in this country in September, 1957, with $280 each and a determination to see the United States. They drew up their tour with the help of Manpower, Inc., an organization specializing in providing Industrial firms with skilled em- ployes on a part-time or emergency basis. In their journey across America and back the two girls held some 40 jobs and earned about $2,200 each. "We held about every type of Job you can imagine," said Hilary. "We waited on tables in Aspen, Colo. We mixed drinks at a convention in San Francisco, we made surveys in Minneapolis, we worked as secretaries in several cities." "People everywhere were friendly and willing to give us Jobs," >aid Cecily. "We could have earned a lot more, but we took a number of vacations so we could get to see more." Car ai Junk The girls bought a second-hand car in San Francisco for $160— "we named it Celeste"—and drove it 9,000 miles. They then reluctantly sold it to « Minneapolis junk dealer for $30 rather than invest $50 more to repair it. The high-spirited girls said the biggest blow to their pride came in Aspen when they overheard a chef grumble: "I wish those girls would learn to speak English." "But we ran Into a number of misconceptions about Britain,") said Cecily. "Many people here still seem to have the idea that the British working class is oppressed, that food is rationed in our country, that the British have no sense of humor, and that everyone in England drinks tea. Neither of us happens to like tea." What thing about America upset them most? "I suppose," said Hilary, "it was the time we went on a date out West and one of the boys ordered a hamburger and topped it with a slice of pineapple and a maraschino cherry." ; And the hardest tiling about America to adjust to? Bobby Plni "Girls going to work in the morning still wearing bobby pins in their hair," said Cecily. "No, men wearing T-sninj in public," said Hilary. What did they miss most from their homeland? "The taste of good sharp cheese," aaid Cecily. "Here all your cheese seems to be processed." "We both missed the year-round greenness of England/' added Hilary. What quality do they think the British have that Americans lack? Loose Ends "An ability to amuse themselves," said Hilary, after a thoughtful pauw. "The British are more self-sufficient in the use of j leisure. The American is likely toj be *t loose ends if be doesn't find! something outside b&nsetf to entertain him " away from Americans. U.S. companies also are wondering if they should open more plant inside the common market. IMPORTANT QUOTAS: Many nations still have them against American goods. Americans noted that France in ending some quotas did so on raw materials which French manufacturers might want to buy from us, but not on goods made by U.S. companies which French consumers might want to buy. In other words, France is still keeping a rein on how many francs Americans can earn to dollars. RUSSIA: The uncertainty here is global now. The Soviets have declared a trade war on the United States. They are out to take world markets from us wherever they can and when it suits their policies to try. BUSINESS RECOVERY GRATIFYING Purchasing Power Increased in Recent Months, Says Mitchell ADV 6:30 a.m. EST TODAV WASHINGTON (AP) — Secretary of Labor Mitchell said today the purchasing power of working people generally has. been greatly strengthened in recent months. Considerable improvement has been noted in both unemployment and inflation, Mitchell said in a new year statement. One Third of Population He said the business recovery in the last half of 1958 "has been especially gratifying because simultaneously the cost of living has halted its rise." A slight increase was reported in November, the month in which the weekly earnings of the average factory worker reached an all-time high of $86.58. Mitchell said the nation's 22 million women workers make up one- third of the total working population. Looking to the new year, Mitchell predicted jobs will remain scarce early in 1959 but that non- farm employment will climb to the highest point in history before the end of the year. "But we must not ignore the fact that we still have too much unemployment," Mitchell said. "The situation is improving steadily, even though joblesness will rise in January and February as a result of seasonal factors." Over-All Stability He said the outlook for the near future is for continued over-all stability in prices and rising in- comes, so that further increases in consumer purchasing power and demand are very likely. A government-sponsored survey on the 1959 industrial outlook was released Sunday by the Commerce Department. The survey pointed to a steady but not spectacular rise in busi ness activity based on a predicted 30 per cent increase in auto production, expected record activity in the construction field and a prospective continuation of the strong recovery in steel output. HOLIDAY DEATH LOG By THE ASSOCIATED PRESS 9 a. m. EST: 218 traffic, 40 fires, 59 miscellaneous. Total 317. | A AUSTIN (Minn.) I* Monday, Jan. 5, 1959 South St. Paul Stockyards 3rd Largest SOUTH ST. PAUL, Minn. (AP) -Despite a strike which forced a two-week shutdown, the South St. Paul Union Stockyards kept Its place in 1958 as the nation's third largest livestock marketing cen> ter. A. L. Olson, president of the firm, reported that 4,423,674 head of livestock were received during the year. The total receipts were exceeded only by Chicago and Kan sas City yards. South St. Paul led the nation in handling calves and was second in the hog department. Thief Steals Punt Prom Senator'* Wife WASHINGTON (AP) -> A thief stole a purse from the wife of Sftj. Karl E. Mundt (R-SD) Saturday night as she talked n«ar the new Senate office building. South Carolina had * earthquake In 1884. severe If you were born before 1900... , . let us tell you how you can still apply for a $1,000 life insurance policy (for people up to age 80) so that you can help take care of final expenses without burdening your family. You handle the entire transaction by mail with OLD AMERICAN of KANSAS CITY. No obligation. No one will call on you I Tear out this ad and mall it today with your name, address and year of birth to Old American Insurance Co., 3 West 9th, Dept. L25- 22B, Kansas City, Missouri. AN And Cecily added: "The British young people have more respec for their government, their police and their elders." But both girls agreed they'd had a wonderful time and would like to come again. They also think i would be a fine Idea If more American working girls would go to Britain and Europe and learn about living conditions there on a similar Job-travel program. "The best way to learn a country if to work in it," aaid Hilary. West Germany Rejects Reds' Free City Plan BONN, Germany (AP) — West Germany today rejected the Soviet Union's proposal to turn West Berlin into a demilitarized free city and called on Moscow to restore the city to its place as capital of a united Germany. In a note delivered in Moscow, the West German government stressed the four-power responsibility for German reunification and backed up the previous rejection of the Soviet proposal by the Western Big Three. Berlin's future can be discussed only within the framework of the whole German question, which is Indissolubly bound up with the problems of security and disarmament, the note said. The note said pointedly that the Soviet proposal would place isolated Berlin at the mercy of the Communist East German regime. Recalling the Communist attempt to blockade the city in 1948, the note said the "presence of Western troops in the city was welcomed by the inhabitants." It is not the West German drive to the East, as the Soviet Union claims, that is responsible for the situation but on the contrary the Soviet thrust to West, the Adenauer government said. Poll of Polls Brings Funny Result in L. A. LOS ANGELES OR — Do people really know what they're talking about when polltakers quiz them? To find out, Los Angeles Mirror-News columnist Paul Coates called 150 people by telephone and asked this question: "Do you think the Mann Act deters or helpi the cause of labor, and if you feel it deters, would you vote for its repeal?" Coates found that 38 per cent of those polled want to repeal the Mann Act, which since 1910 has made it illegal to transport a woman across state line* for immoral purposes. The columnist said only 12 per, cent realized the question WES' rigged. j i Adenauer Says He's 'Not Pessimistic' BONN, Germany (AP) — Chancellor Konrad Adenauer turned 83 today and »aid he's looking forward to the future with a certain measure of optimism. "I've been hearing a lot of talk about the bad yetr that's ahead for us," West Germany's leader Mid. "But for my part I am by no means pe.$imistic." TO THE PEOPLE OF AUSTIN FROM GE Starting today, the King's Wood Hotel is putting into effect many new features and services. Austin, without a doubt, will have the finest dining, lodging and entertainment facilities of any city in the midwest. Whether or not you have already visited King's Wood, you will be pleased by our new facilities. If you have not yet discovered King's Wood, this is your invitation to do so. And if anybody tries to tell you that you can't have a good dinner for less than ten dollars a plate, or that you have to speak French to eat in the French Room, or that you have to pay a cover charge, or that you have to wear white tie and tails, or that you have to pay a dollar to park your car or check your coat, or that you have to be a member of the millionaires club, etc., tell them to go jump in the lake! Here are the facts: NOON LUNCHES Effective immediately the King's Wood dining rooms and lounges will be open daily for lunches and luncheons. New menus feature everything from sandwiches to steak dinners at very reasonable prices (you can have a very nice lunch for $2.00). Fast and courteous service will allow you a leisurely lunch even if you only have an hour to spend including your driving time. Parkina attendants will be happy to park your car for you and have it ready and warm at the front door for you when you want to leave, Ideal private facilities are available for business conferences, sales meetings, civic groups, service clubs and organizations, charitable groups, women's clubs, card parties, tea parties, and meetings of all sorts and sizes. Special low prices are available for larger groups meeting on a daily, weekly or monthly basis. AFTERNOON "HAPPY" HOUR The beautiful new game room and tropic lounge will be open every day, from 11:30 A.M., except Sundays to serve your favorite beverages. These pleasantly furnished lounges make King's Wood the perfect spot to stop with your friends after work. You'll find the Tropic Lounge ideal for that afternoon rubber of bridge or gin rummy game. Special low prices prevail throughout the day. EVENING DINNERS King's Wood is open every day for all meals . . . breakfast, lunch or dinner, but the evening dinner is our real specialty. Over fifteen thousand people have told us that they have enjoyed the finest food they have ever had anywhere, at King's Wood. DIE HORMEL Now, new menus and many lower prices make tKe Best even better. The new menus are changed daily and feature three Chef's specials each day in addition to all the regular entrees. You may choose from a large selection of fine Imported and domestic beverages to accompany your meal. Soft dinner music is piped through King's Wood's high fidelity music system. , Special occasions will always receive special attention. If you are celebrating a birthday or anniversary, we will be happy to prepare a cake especially for you. Dinner prices start at $2.50 per plate. The price of the entree includes soup or juice, salad, our special relish tray, choice of potatoes or vegetables, fresh oven baked rolls and butter; coffee, tea or milk, and jello, ice cream or sherbet for dessert. Souvenir menus are free to all diners. There is no minimum, cover charge, no service charge. Reservations are suggested but not required. You may visit the game room or tropic lounge before or after dinner. Or, if you prefer, you may have your beverages served at your table. If you stay till closing you will see the big wall close revealing the secret of the disappearing room. • t ' W '•> ' ENTERTAINMENT The famous (or infamous whichever you prefer)" Geordie Hormel Trio entertains in the Game Room Lounge five nights a week. You don't have to have dinner at King's Wood to be able to visit the Game Room Lounge. You'll find the Game Room is a wonderfully different and comfortable room. It's a great spot to meet your friends and relax. Skilled and courteous attendants are prepared to mix your favorite beverage. For those who don't want to miss a favorite television show, the adjoining Tropic Lounge is equipped with television. Prices are reasonable. The atmosphere is incomparable. Why not drop in tonight? SPECIAL FACILITIES Special facilities are available for all kinds of affairs, banquets and parties. If you have something coming up and are interested in the facilities at King's Wood call me personally at HEmlock 3-7373 and I shall be glad to answer your questions. As we enter the new year, Kim and I find that we have many things for which to be grateful. Above all we are grateful for our friends here in Austin and we pledge ourselves to be of the most possible value to the community, in which you have made us very happy. Best Wishes Geordie Hormel

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