Simpson's Leader-Times from Kittanning, Pennsylvania on May 7, 1970 · Page 4
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Simpson's Leader-Times from Kittanning, Pennsylvania · Page 4

Kittanning, Pennsylvania
Issue Date:
Thursday, May 7, 1970
Page 4
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Hunt Appointed ; HAJUUSBIJRG (UPI) - Dr. William R. Hunt, an Allegheny Courty commissioner, has been appointed to serve on President Nixon's National Advisory Corn- MUtee on "Regional Health Care Warming, the Republican State Committee announced Wed- New Agency For Currency By DEAN C. MILLER UPI Business Editor NEW YORK (UPI) - Last July an executive of a New York realty firm, sold his apartment house in Paris. Between the time the contract "CENTRAL SERVICE 'Where service is our most important product Look at Styling! Youthfully trim, MODULAR design concept that wilt add new glamour to any kitchen. Look at Features! ·Elegant chrome-framed, illuminated backpanej ... clock, timer, appliance outlet, Jet Clovv Oyen Door, all porcelain finish and many more. If You Don't Use Gas... You're Paying Too Much at the Take a good look at this 36" DELUXE GAS RANGE Plenty of cookirig pleasure and luxury-looking too. Elegant; chrome-framed, !· · lutntnated bacfcpanef, clock, ., lift-up/lift-off top, storage Take * good look at the full line of better cooking, good ..locking Imperial Gas Ranges NO SMOKING IN A GAS BROILER. \'$f The Gas flames consume all the smoke. Get cleaner broiling in a modern Gas rarige! CENTRAL FIFTH AVENUE FORD CITY Phone 762-3171 Offers Hedge Fluctuations was signed and tile purchase price was paid he lost 10 per cent on Ihe deal. In that lime, the French franc was devalued about 10 per cent. Payment was made in the cheaper franc. Even though tlus man knew tliere was a good chance of a franc devaluation, he had been urnible to protect himself thi'ough a currency hedge as big corporations do by taking a short commitment with banks in foreign exchange. Banks won't fool around with small amounts. They trade ov deal in foreign exchanges only on a large scale and then only with recognized traders. Traders Can Hedge From now on, though, small traders can hedge such transactions as the Parisian apartment house. On April 23 the world's first official market for currency contract futures--the International Commercial Exchange (ICE)--opened in New York City. ICE President Murray H. Borowitz says this currency futures market will trad3 in six foreign currencies f o r future delivery--the B r i t i s h pound sterling, the Swiss franc, Ihe French franc, the Deutsche mark, the Italian lira and the Japanese yen. Other currencies probably will be added, he said. An affiliate of the New York Produce Exchange, the currency exchange will operate very much like the exchanges now dealing in commodity futures such a corn and wheat, copper and zinc. Buyers will to contract for future delivery or sale, at a fixed price, of a certain amount of the foreign currency. They can hedge against devaluation or revaluation by buying or selling currency contracts. Way To Protect In the case of the parisian apartment, all this man would have had to do to protect his sales price would have been to call his regular broker or a member firm of the ICE and sell the equivalent amount of future contracts in French francs. He would then be in a net-hedged position. Money lost in devalued funds obtained from the apartment deal would be recovered by his future contracts. BorowJtz, who sees a potential trillion dollar market in such a currency exchange, told of another man who had the opposite problem. He borrowed 3 million D-marks (about $820,000), to swing a deal in the United States. Hih big worry was that the D-mark would be revalued. If that happened, he'd lose a lot of money by having to pay back with more expensive D-marks. The currency e x c h a n g e would give him a chance to hedge adv for thurs april 23 MOUTH TRAP A hackamore is a tj-pe of rawhide bridle. Memorial Service . HOLLYWOOD (UPI)-Eight persons participated in a brief memorial service Wednesday at the mausoleum crypt of Rudolph Valentino, marking the silent screen idol's 75th birthday. Members of the small group were not from the movie industry, but representatives of a newly organized Valentino Society, a fan club established nearly 44 years after the death of the screen lover. Vaughn Avant, founder of the club, said in a brief eulogy Valentino was "the most romantic personality the screen has ever produced." OTHER GIFT SUGGESTIONS.... Mug Tree Sets Village Bath Products Potpourri ... And See Our Selection Of Pfaltzgraff Stoneware, The Pottery With A Heritage. Give Stoneware... For Those Whc Treasure Fine Tradition. Open Stock And Only A t . . . . GIFT CERTIFICATES AVAILABLE . . . AND FREE GIFT WRAPPING ON REQUEST. OPEN FRIDAY 'TIL 9 Leader-Times 308 Ford St., Ford City 762-236) Thursday, May 7, If70 Youths Plead Guilty Rloodmohilp Visit Friday In Ford City CHAMBERSBURG, Pa. (UPI) -- Stanley Rzomp, 19, Greencastle Route 2 and John Hilennan, 18,' Chambersburg, entered guilty pleas in Franklin County Court Wednesday to I't counts of burglary, larceny and receiving stolen goods. The two could receive maximum sentences of 148 years each. The thefts occurred at several . schools in the county this year. for Any Damages... Proposed French Law Hits Demonstrators By RAY F. HERNDON PARIS (UPI)-Faced with a problem similar to the ono confronted by proponents of law and order in the United Slates, the French government thinks it has found a way to cut down on campus and street violence. In essence, the French government wants to make all of me demonstrators and- then- leaders pay for the injuries or damages that result from disorderly demonstrations, even if some of them did not join in the violence. Despite the opposition of Socialist and Communist deputies hi the National Assembly, t h e government - sponsored "anti-breakers" bill has passed the lower house by a majority of 368 to M votes. It will become the law of the land in less than six months, unless the largely powerless French Senate. unexpectedly forces modification of the bill. Reveals New Bill The new draft law was inspired by France's "law and order" Premier Jacques Chanan-Delmas, who revealed the new bill in a tough speech in which he said "the breakers must be the payers." From the day the draft law was presented until it was voted upon in the National Assembly, it was the object of more public controversy than any piece of legislation since the constitutional amendments which were submitted to a nationwide vote last year, and which resulted in the fall of former President Charles de Gaulle from power. In a rowdy, night-long session of the National Assembly, critics of the bill said that under the terms of the draft law, union leaders could be arrested or jailed for disorders that occurred during demonstrations by their union members. , The new legislation was as warmly welcomed by French police, as it was heatedly denounced by leftwing parliamentarians. Police Are Powerless Under current law, the police ' are largely powerless to deal with unruly student demonstrators, especially when the students barricade themselves inside university buildings. If the new bill.becomes law, any student who voluntarily remains at the scene will be responsible for damage that his fellow students . inflict on government property, and any claim that he was forcibly detained would almost certainly require him to testify against his colleagues. Precautions Wasted LONG BEACH, Calif. (UPI) --Authorities sealed off a two- block area and closed all businesses when a pint of liquid found in a young woman's refrigerator was believed to be pure nitroglycerine strong enough to blow up four city blocks. Miss Jackie Semay, 22, said a friend gave her the substance when she had to drive home alone late at night and told her if anyone bothered her, to throw it at them. Chemists analyzed the substance Wednesday. It was glue. LIGHT WEIGHT A carat, as a unit of weight, if by internalioal agreement one fifth of a gram. According to the French premier, the new "anti-breakers" bill will not be a danger as long as a democratic government remains in power, and if a totalitarian group iike the Communists took over, no democratic rights would be safe. FORD CITY - A visit of a Red Cross bloodmobile unit will take place Friday afternoon in Ford City. The unit headquarters will be set up in the basement of Ford Memorial Methodist Church. Those wishing to donate blood may do so at any time between 1 p.m. and 7 p.m. Quota for the visit is 125 pints. The Ford City blood committee stated that persons between the ages of 18 and 21 may give blood without necessity of presenting parents' permission slips. Village Tops Club Gets Nutrition Help The Village Tops Club of Ford City had · two guest sjeakers from Pennsylvania S t a l e University at its April 2 and May 5 meeting, Mrs. Phyllis Mitchell and her associate, Mrs. L i l l i a n Shellhanmier, spoke on genera! nutrition, weight control and meal planning. On May 12 the club will hold a white elephant sale at its meeting place, St. John's , Lullieni Church, Ford City. Ou/'t'ii - o f - Urn - Motiih announced zx "Mrs. Veltna Ci'oylc. MOTHER'S DAY FLOWERS MAGUIRE'S POTTED PLANTS 1317 HFTH AYE. FORD CITY RUMMAGE SALE Friday. May 8 at 9 a.m. American Legion Room, Ford City Women's Association of Crooked Creek Presbyterian Church } Notice to any persM who [would have graduated with UM FCHS class *f Its*, bat didn't for any reason. Von are eorrtlall? luvttnf to »t- ten« an It-year clMff reunion om *»lt 11, ir.t at the VFW Home, ror« CKy. Make rn«rvatt««i wttk CanilM Flkkf*f«r) CUrk, 7«-3*M or Mario* (HeM) Kne»- shield, 7«-im n« uter than Jane 2 «r coww , M ^Ht af!er the WHY NOT GIVE MOM A BREAK DINE AT THE AIR CONDITIONED Latin American Beneficial Society ^lE? 6 **'""!!''£* you - Brhia *· ehl 'Wren, your ng retatives and friends and just relax; we '|| do the rest. You'll love the food and the prices. Thursda y Friday Italian Night _ n :30 0 . m . * 8 p . m . _ Seafood Night Sponsored by the Ladies Auxiliary 1214 Third Ave., Ford City, Pa. LUNCHEONS Monday thru Friday -- 11:30 a.m. to 2:30 p.m. Assorted Sandwiches. Salads, Soups Two Specials of the Day Orders To Go -- Phone 762-5052 Members and Guests Only AND... SHE'LL LOVE IT! FAMOUS BRAND APPLIANCES ELECTRIC Can Openers . $19.98 ELECTRIC Casseroles $2199 ELECTRIC Coffee Makers Blenders $ 24 95 SERVICE FOR STAINLESS STEEL $1/195 FLATWARf " Foreman's Fifth Avenue · Ford City BUT MOTHER IS MANY THINGS TO MANY PEOPLE. Jo ren. NURSE PLAYMATE TEACHER Jo HIS HONEY CHIEF COOK HOMEMAKER Jo ^-n ·0,6 CLUB MEMBER CHURCH WORKER BRIDGE PARTNER Jo Us . . . SHE IS A FRIEND AND VALUED CUSTOMER .... WE, TOO, SALUTE HER MAY WE HELP YOU IN SELECTING JUST THE RIGHT GIFT FOR HER CANDY COLOGNE COSMETICS AND MANY, MANY OTHER GIFT ITEMS! BEAUTIFUL SELECTION OF MOTHER'S DAY CARDS ... SHOP KLINGS Kim OPEN EVERY SUNDAY « I A.M. TO 6 P M FOR YOUR CONVENIENCE TH'S DRUG STORE Ford Street Ford City

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