The Courier News from Blytheville, Arkansas on March 10, 1955 · Page 10
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The Courier News from Blytheville, Arkansas · Page 10

Blytheville, Arkansas
Issue Date:
Thursday, March 10, 1955
Page 10
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PAGE TEN BLTTHBV1LLB (ARK.) COPSIgK NEWg THURSDAY, MARCH 10, 1955 11 bi Ji 11 The Federal Reserve System and You: FRS Can. Use Reserve Change As Instrument Against Inflation By FRANK O'BRIEN WASHINGTON (AP) — The federal reserve system can make money hard or easy to borrow — and thus affect your pocketbook — by its loans to banks and by its buying and selling of government bonds. M can also do the same thing 6y changing the amount of reserves it requires its 7,000 member banks to keep on deposit with reserve banks. But changing me reserve rate ie described by Reserve Board Chairman William McChesney Martin Jr. as a "blunt instrument" that he hestitates to use very often. It hits all banks, those with plenty of reserves and those with thin reserves alike, tieing up or liberating operating funds, changing the very basis on which the banks do business. So the Federal neserve Board likes to hold reserve rate changes back, for use to counter basic economic changes, principally to attack or prevent inflation (by raising reserve requirements i or to stimulate the economy in times of recession (by freeing reserves). Thf system prefers to use two other, more delicate and selective, ways of increasing or decreasing reserves. The first of these is .its "open market operations." This is the buying and selling of government | securities by the reserve system. If a reserve bank buys a government security in the open market (not from the government, that is), it has to pay for it, just as you would have to pay. The reserve name's check in payment for the security is written on the 21%-billion-dollar national gold hoard for which the reserve system is trustee. This kind of a check, based directly on the nation's gold reserve, increases the reserves of the bank to which it is made out. So by buying securities in the open market, the reserve system can at will increase bank reserves by just the amount it wants. Of course, the opposite is also true. By selling securities it owns, the Fed can cut reserves. This buying and selling of reserves, therefore, can be used— and is used, daily—to hold a delicate balance between the economy's need for credit, and _ the availability of credit. One of the privileges of membership in the reserve system is that of borrowing from a reserve bank. HOLLAND NEWS The Holland Men's Club met Thursday night in the agriculture room with President Pinnell Capehart presiding. Sam Kenley and L. N. Kenley, who were in charge of the program, showed a film. "Training with the St. Louis Cardinals." During the business session Conrad Rensch, music teacher, became a new member. It was also voted to give the basketball boys and girls and cheerleaders a banquet sometime soon as a token of appreciation for their good work this past season. The banquet is to be served by the home economics girls. The hosts for the evening, Mr. Kenley and Mr. Kinder, served sandwiches, cookies, drinks and coffee for refreshments. The Culbertson Homemakers Club met Thursday afternoon with Mrs. Guy Nprrid with 13 members and with Mrs. Carl Reid presiding. The roll cull was answered by each member telling how to remove stains. During the business session vacation plans for this summer were discussed, and Mrs. Witt Smith and Mrs. Homer Smith reported on the county meeting they had attended at Caruthersville on record keeping for Family Living. The lesson, "How to Make Accessories and Trims," was presented by Mrs. Oda Smith and Mrs. R. L. Rogers. Among, the things they demonstrated was the making of pompoms for dress trimmings. Mrs. Norrid served a salad plate, iced tea, and coffee for refreshments. As a part of the observance of the 43rd anniversary of Girl Scouting, the Holland Girl Scouts accompanied by Mrs. J. B. Holly and Mrs/ Juanita Jones, attended serv ices Sunday morning at the Baptist Church. The Boy Scouts of Holland have been reactivated with Otto Childers as leader and Conrad Rensch as his assistant. A meeting was held Monday night to get the troop started after having been disbanded for more than a year. Attendance at Church and Sunday School was better this week with 22 out of 46 second-graders going Sunday. Mrs. G. C. Wilson returned last week after spending a week with relatives at Peoria, 111. She reports that her brother-in-law, Guy Wilson, is better after having been critically ill of a heart ailment. Mrs. E. T. Criddle and daughters have been visiting Mrs. O. B. Samford for the past several days. Mr. and Mrs. Criddle will make their home at Port Worth, Tex., Mr. Criddle having been sent there by the company which employs him. Mr. and Mrs. P. A. Coleman, now living at Schurts, Tex., are parents of a daughter born Saturday. This is their second child, the first being a son. Mrs. W. L. Pritchard has gone to Texas to be with them. Guests of Mr, and Mrs. Donald Long, Sunday, were her parents, Mr. and Mrs. Clyde Long of Braggadocio, and Mrs. J. I. Cunningham, Mr. and Mrs. Ralph Ottinger and son. Terry, of Hayti, Mr. and Mrs. Don Hayes of Richmond, Ind. Mrs. Harry Woods of Memphis was a weekend visitor of Mr. and Mrs. Norman Hicks, her parents. She returned to Memphis Monday and was accompanied by Dorothy Harris, who entered the hospital. Mr. and Mrs. Kenneth Berry returned last Wednesday after spending several weeks at Fort Myers, Fla. Work has begun on the Church of Christ building to improve the outside appearance. White asbestos shingles will replace the clapboard siding. A sharp seasonal demand for credit may exhaust the lending power of a commercial bank (that is, it may not have enough reserves left to meet the local needs for credit). This can happen in any farm town in* the planting season, when farmers borrow to put in their crops, or it can happen anywhere else. The demand fur credit shoots up sharply in cities in the late summer and early fall, when businessmen borrow to stock up their shelves for the fall and wint r trade. One of the prime purposes of the reserve system is to avoid such seasonal or local "freezing" of credit just when it is needed most. Without enough- elasticity to meet these swings, you might be thrown out of a job for the simple reason that your employer might not be able to get the credit with which [o pay your salary, or otherwise operate his business,, during the seasons of the year when he operates on credit. Inability to meet seasonal swings with quickly adjusted credit resources would put a major crimp in agriculture. It could prevent your getting a loan to buy the house you want. It would make for violent ups and downs in interest rates, because, interest is the price of money — high when money is scarce, low when money is plentiful. The reserve system has tightened the money and credit supply recently, mainly by selling Treas- It has done it gradually, and gently, aiming to give business enough credit for growth, but at the same time to prevent an inflationary credit binge. Tlie tightening up followed more than a year when the reserve system had followed a policy of "active ease" to help spur business out of the downturn of 1953-54. During such periods of tightening up," the fact that member banks can borrow from their reserve bank acts as an escape valve. The loan increases the borrowing bank's reserves. Say it is a check for §1,000. With the reserve ratio at 20 per cent, new reserves of 31,000 can be used by the commeis cial banking system to make loans up to about S5,000. "Discount Rate" The reserve system can encourage or discourage such borrowing for reserves by lowering or rais- THE WORLD'S CHAMPION HORSESHOE PITCHING TROPHY »3 05 Pint S455 SJ85 I'Afi. 4 4/5 Qt. KENTUCKY STRAIGHT BOURBON WHISKEY also available UNTUCKY BLENDED WHISKEY ing the interest rate .it charges on its loans. This is known as the reserve bank's "discount rate." And that discount rate is the third main way in which the reserve system can change the richness of the economic climate, making money and credit more plentiful, or harder to get. Since it can regulate the availability of money . \ credit, the reserve system has the power to keep the supply of m oney and credit from, getting bigger than the supply of goods to be purchased. When buying power outruns the supply of goods, bidding for the goods may start, and prices may go up. That is what Is generally meant by inflation. By using its powers to keep the supply of money and credit in line with the supply of goods, the reserve system acts to prevent price rises and breaks, and to create "stable values." By easing credit during the business downturn, and turning to a slightly less easy attitude when activity picked up, the reserve board over the past two years has been a big factor in keeping prices level and making saving worthwhile. The reserve board also sets the limits to which credit can be used in stock transactions. It was given that authority after the 1929 crash to help keep speculation on credit from controlling the market. When the board last month raised margin requirements from 50 to GO per cent of the stock's price, it acted not because the price of stocks was rising but because, in its opinion, credit was beginning to be used in a way that looked dangerous to the board. NOTICE OF ANNUAL SCHOOL ELECTION Leachvllle School District Number 40 Notice'is hereby given that the Annual School Election will be held in Leachville School District 1 Number 40. of Mississippi County, Arkansas on Saturday March 19 for the purpose of electing school directors, voting on a proposed tax Levy of 50 mills, and voting on a proposal that 5 mills of the proposed tax levy of 50 mills is for a proposed bond issue of $36,500.00 estimated to run for 20 years for the purpose of refunding outstanding short term construction loans and for other construct inn purposes. The polls will open at 8:00 a.m. and close at 6:30 p.m. at the Leachville Citv Hall. Board of Directors Leachville School District 40 Norman Bailey, President Louis Weinberg, Secretary 2 24 3 3-10 NOTICE OF ELECTION Notice is hereby given that the Annual School Election for the year 1955 will be held in Brinkley District No. 52 of Mississippi County, Arkansas, on Saturday, March 19th, for the purpose of electing school directors, voting on school taxes and on such other' measures as may properly be submitted at said election. The polls will open at 8:00 A. M. and close at 6:30 P. M. at the following place: Lost Cane School. GIVEN THIS 23rd DAY OF February. 1955. LEWTS BAUGHER, President. MANNERING TOWLES, Secretary. 2/24-3/3-10 NOTICE OF ANNUAL SCHOOL ELECTION, SHAWNEE DISTRICT NO. 10 Notice is hereby given that the Annual School Election for the year 1955 will be held in Shawnee District No. 10 of Mississippi County, Arkansas, on Saturday, March 19th. for the purpose of electing school directors, voting on school taxes and on such other measures as may properly be submitted at >ald election. The polls will open at 8:00 A. M. and close at 6:30 P. M. at the following places: Planters Lumber and Hardware Company. GIVEN THIS 2nd DAY of February, 1955. LESLIE E. SPECK, SR., President. H. C. WOODS, Secretary. 2/24-3/3-3/10 SCOUTS AWARDED — These four Caruthersville Girl Scouts received the Curved Bar Rank Sunday afternoon. They are shown with their mothers (left to right): Mrs. J. Thomas Markey, Jane Ellen Markey, Mrs. C. F. Lewis, Suzanne Lewis, Mrs. Logan Hunt, Mary Sue Hunt, Mrs. A. C. Brooks and Rosalie Brooks. (Photo by Sanders) Television — Tonight, Tomorrow — WMCT Channel 5, & WHBQ Channel 13 WMCT Channel I Thursday Night, Mar. 10 6:00 Evening Serenade 6:15 News Reporter 6:30 Dinah Shore 6:45 News Caravau 7:00 Groucho Marx 7:30 Cavalcade of America 8:00 Dragnet 8:^0 Theatre 9:00 Video Theatre 10:00 Playhouse of Staiv 10:30 News 10:40 Weather 10:45 To be announced 11:00 Tonight 12:00 SIGN OFF Friday, March 11 6:50 Meditation 7:00 Today 7:25 Weather 7:30 Today 7:55 Memphis Today 8:00 Today 8:25 Memphis Today B:30 Today 8:55 Exercise with Cathy 9:00 Ding Dong School 9:30 Storyland 9:45 Home 10:00 Home Show 11:00 Tennessee Ernie Ford 11:30 Feather Tour Nest, 12:00 News 12:15 Farm News 12:30 TV Movie Matinee 1:00 Way of the World 1:15 Charm with Cathy 1:30 Homemaker's Program 2:00 Greatest Gilt 2:15 Golden Windows 2:30 One Man's Family 2:45 Concerning Miss Marlowe 3:00 Hawkins Falls 3:15 First Love 3:30 world of Mr. Sweeney 3:45 Modern Romances 4:00 Pinky Lee Show' 4:30 Howdy Doody 5:00 Captain Video 5:15 Interesting Person 5:25 Weatherman 5:30 Wild Bill Hlckok 6:00 Evening Serenade 6:15 News Reporter 6:30 Eddie Fisher 6:45 News Caravan 7:00 Jack Carson 7:30 Life of Rtley 8:00 Big Story , 8:30 Gene Autry 9:00 Cavalcade of Sports 9:45 Sports Spotlight 10:00 Loretta Young 10:30 News 10:40 Weather 10:45. Top Tunes 11:00 Tonight 12:00 SIGN OFF WHfiQ Cfcauel 13 Thursday Night, Mar. 10 6:00 Western Theatre 6:15 Weather 6:20 News • •. 6:25 Do You Know Why 6:30 Doug Edwards 6:45 Jane Froman 7:00 Ray Mllland 7:30 Climax 8;30 Four Star Playhouse 9:00 Public Defender 9:30 The Star and the Story 10:00 Weather 10:05 News Friday, March 11 7:00 Morning Show 8:55 News 9:00 Garry Moore 10:30 Strike It Rich 11:00 Stay Young With Joye U:15 Love of Life 11:30 Search For Tomorrow 11:45 Guiding Light 12:00 News 12:05 Kitchen Magic 12:30 Welcome Traveler 1:00 Robert Q. Lewis 1:30 House Party 2:00 Big Payoff 2:30 Lady of the House 2:45 Bob Crosby 3:00 Brighter Day 3:15 Secret Storm 3:30 On Tour Account 4:00 PorUa Faces Life 4:15 Early Show 5:25 Amy Vanderbllt 5:30 Mars Patrol 6:00 Hartoontlme 6:15 Weather 6:20 News 6:25 Do You Know Why 6:30 Doug Edwards 6:45 Perry Como 7:00 Ellery Queen 7:30 Ray Bolger 8:00 Pepsi Cola ' Playhouse "" 8:30 Our Miss Brooks 9:00 The Line Up 9:30 Mayor of the Tow- 10:00 Weather 10:05 News 10:15 Late Show OSCEOLA NEWS 'Mrs. Joe Rhodes Sr., returned home Sunday after spending 10 weeks with her daughter, Mrs. James Mitchell, and family in St. Charles, Mo. Mr. and Mrs. Leroy Owens are vacationing in Hot Springs. Miss Sylvia Ellas and Sonny Steed, students at Ole Miss, spent the weekend with their parents. Mr. and Mrs. Paul Clarke and children spent Sunday in Memphis as guests of Mrs. Clarke's parents, Mr. and Mrs. Mays Lowe. Miss Betty Burns invited several girls to her home Friday night for a bunking party. The girls attended the basketball tournament, after which several additional boys and girls joined Betty and her guests for dancing and refreshments. Miss Dorothy Wilson of Memphis spent the weekend with her mother Mrs. Emmett Wilson, Sr. Mr. and Mrs. J. S. McCants returned Sunday after a visit to Houston, Tex. Mrs. H. M. Alexander was hostess Thursday to her canasta club. Two new members were added to the club, Mrs. Hermon Mullins and Mrs. Leo Schreick Jr. A dessert course preceded the games of canasta. Daffodils were used to decorate Mrs. Alexander's home. Mrs. Earle Sanders won high score and Mrs. R. D. Mears won second. Mrs. J. J. Lusk returned home Friday after spending several days in Wilson as guest of her sister. Mrs. J. H. Westbrook. Mrs. George Raines had as her guest for two weexs, Tier mother, Mrs. W. P. Lee of Chaffee, Mo. Mrs. L^e returned Friday to her home. Mr. and Mrs, Ben P. Butler Jr., announce the birth of their third child, a son, William Michael Butler, on Friday night at St. Joseph's Hospital in Memphis. Those from out of town attending the funeral services for Mrs. Terry Mitchell of Memphis, which were held Thursday afternoon in Osceola, were Mrs. J. N. Campbell and Mrs. Jeanette Brownlee of Chicago; Mrs. Sam Sheddan and Mrs. J. A. Latta of Memphis; Mrs. L. P. Bowden, Mrs. Don Fletcher and Mrs. Doris Burkett of Joiner, Mrs. Sue Nicholson and Mrs. Jimmy Easley of TurrelL, and a' host of friends from Wilson. Miss Ruth Massey, state regent Hollywood Continued from Par* ( film queen Phyllis Brooks is now the wife of Torbert McDonald, » Demo legislator, from Massachusetts. The Witnet: Actor Dave Willock has a power tool shop in San Fernando valley and gives free Itssons on Friday nights. Hi$ Utert "_Wood-Butchers" club meeting reminder reads: "Meeting this Friday. We will delve into the mysteries of the mortise and tenon joint—whkb Is cut with two expensive accessories that we are overstocked MI. At a finale, we will uw ia halt Mary. Miles Minter, our juest. of honor. If you are not squeamish, plan to attend." BAR, returned Sunday, night after attending the annual conference of the Daughters of the American Revolution in Meridian, Miss. The Women of the Presbyterian Church met Monday afternoon at the church. Mrs. Boyd White, Mrs. Allan Segraves and Mrs. Bettye Nelle Starr were hostesses. During the business meeting plans were made for the Presbyterian Youth Rally to be held at the church on March 25 and 26. Arrangements are being made to entertain 100 out-of-town young people. A supper will be held at the church on Friday night and members of the church will furnish overnight accommodations and breakfast for the guests. There will be a group of women to attend. the district meeting at Newport Monday, March 15. Mrs. Hugh Gilbert had charge of the afternoon's program. During the social hour, the hostesses served a salad plate. Twenty-nine were present. FARMERS ATTENTION SAVE UP TO SI PER BUSHEL ON WHOLESALE SOYBEAN PLANT SEED Certified Dorman and Ogden, cleaned and sacked. New 2-bushel bags. Qualified lab test for germination and purity. Call . . WALLACE BROTHERS Gideon, Mo. Phone 8-3313 HOT DOGS Deliciously Seasoned 5vith Our Chili and Chopped Onions Take Home Sack $100 6 KREAM KASTLE DRIVE IN NG SALE! ATERRIFC VAN SAVINGS FOR | U U ... We Have Over 2000 Single Rolls Oi Very Beautiful Wallpaper Going at BE LOW COST!! AUSTIN-WICKER PAINT-GLASS-WALLPAPER 106 East Main BlythtvilU, Ark. Phone 3-6207 SIMPLIFY SHOPPING AND SAVING WITH What do you Need? - Get it fast with a low cost want ad! Thrifty women — and men, too — read our classified ads every day for the best reason in. the world: YOU SAVE! ! Want ads in this paper are a. market place for everything you want to buy, sell, or swap and — for expert services. . . . Get the classified shopping habit, now. . . .we will help you write the Ad! Ads placed before 5 p.m. will appear next day, except for Monday's paper when ads must be placed by noon Saturday. All classified advertising payable in advance. BLYTHEVILLE COURIER NEWS

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