Lebanon Daily News from Lebanon, Pennsylvania • Page 3

Business Mirror Fed's Action Antagonistic To Nixon's Economic Goals Lebanon Daily News, Lebanon, Friday, November 5, 1971 By JOHN CUNNIFF NEW YORK (AP) At the very time the administration is attempting to accelerate the economy, the semi-autonomous Federal Reserve Board is shutting off the fuel, or the supply, official figures show. The puzzling behavior, which is antagonistic to the goals toward whose ful- tillment the President has asked sacrifices of all segments of the economy, lias brought about an actual shrinkage of the money supply. Financial analysts here attribute some of the stock market's sharp decline to the lack of investment funds. They add continuation of tight Jthn Cunnlff that money could stall a decline in interest rates and subdue economic confidence also. The Fed describes its role as the fostering of "a flow of credit and money that will facilitate orderly economic growth, a stable dollar, and long-run balance in our international payments." Figures show, however, that in the weeks of Oct.

15 and 22 the money supply declined on an annual basis after having grown at more than 13 per cent during some previous weeks. The abrupt policy change came in the week after' the President announced his new economic plan. i Each week Hereafter the growth in the supply of in til culalion, plus checking until the flow into reverse in the week ended Oct. 15. The shrinkage is largely the result of actions by the Fed's Open Market Comma! ee, made up of the seven members of the Board of Governors and the presidents of five regional Federal Reserve banks.

It meets rgularly in Washington to decide the makeup of the system's securities portfolio. When the Fed buys securities, mainly those of the U.S. government, it has the effect of creating bank reserves, thus permitting the nation's banks to make loans and other investments. The result, in the Fed's own words, "affects indirectly every phase of American enterprise and commerce and every person in the United States." This is not the first time that Fed activities have run counter to a President's goals. Several presidents have come into direct conflict with the Myerstown Catholic Women Hold Meeting Pre-Refirement Counseling Topic Of IMC's Speaker The November meeting of the International Management Council of the Lebanon YMCA took place in Pushnik's Waterfall Room Thursday night with 242 members and guests present.

Hosts were Lebanon Chemical Corp. and Lebanon Pattern Shop. Both of the host companies provided displays of their products. This was the second session of Penn State University seminars for supervisory management personnel. The subject for this seminar was Counseling "Pre-Retirement Industry," with Dr.

Charles Taylor, professor of human development, College of Human Development; professor of psychology, the College of Liberal Penn State University, as speaker. Dr. Taylor said the shrinking job market has forced compulsory retirement upon the workers in industry both here and abroad to allow openings to be made in industry for the new work force entering the field. However, the life expectancy of men is 14 years past retirement age and for women one must add five or six years to.that figure. Retirement should he a good time of life, Dr.

Taylor said, but for many it is a bad time. He said a few of the reasons are that it is filled with time hut very few demands to shape it and give it direction. Leisure is not the answer, nor are most hobhies able to fill the 40 hours of work they had during employment. He said retirement tends to kill morale and that health is another, for most are in need of medical help that is costly. Medicare, he pointed out, has helped to fill this gap.

Money Inadequate Those depending totally on Social Security must live at nearly poverty levels, Dr. Taylor said. Even with pensions, one can expect to be cut back to only about a third of employment income, he added. "Training is necessary to make retirement a worthwhile time of life. This should start as soon after a young person is employed as possible," said Dr.

M'YERSTOWN, Nov. Reports and a merchandise party were features of the meeting of the Parish Council of Catholic Women when the group met Wednesday evening in Mary, Gate of Heaven Church. M'iss Connie Ferretti, treas urer, announced that $600 had been turned over to Fathe Stephen Sheetz, the church" pastor, for use in the construction of curbing. Mrs. John Balog told the 15 members attending that $100 had been raised on the quilt which will be given away Dec.

8. A St. Patrick's Day spaghetti supper is slated for March 18 in the church's social room. The supper is open to the public. Mrs.

Stephen Wentzel reported on Christmas wreath sales noting that additional sales had grossed $100. It was noted that advent wreaths will be on sale Nov. 14 in the social hall. A card party is planned for Nov. 20 in the social hall.

The party is open to the public and will feature prizes and refreshments. Mrs. Frank Ondrusek is chairman of the project. Father Sheetz urged a 11 members to a concelebrated Mass by Bishop Joseph T. Daley at St.

Gregory the Great Church, Lebanon, Nov. 9. Refreshments will be served after the Mass and those attending may meet with Bishop Daley. Mrs. Ondrusek served as hostess.

board since its founding in 1913, and some critics have challenged its independence as anachronistic. John Wright, influential head of Wright Investors' Service, which numbers some 1,000 banks and many large broker age houses among its clients, claims the Fed has more power over the economy than the President. Some members of the Open Market Committee, he main ains, do not understand the working of the economy. Some are not trained economists. Some, he said, are incapable oi making national as opposed tc decisions.

Wright claims that if the ight money policy is pursued il will bring about a market col apse. Similar criticisms of the Fed lave been common in recen years, but its defenders main that its independence is it; strength and that in checking iresidential power it has helpec avert serious financial prob ems. During the Johnson adminis tration the Fed thwarted an atlempt by the President to pursue an all-out guns and but ter policy. That is, domestic ex pansion concurrent with spend ing for the Vietnam war. By pulling on the brakes tha time the Fed brought about money crunch that not only dis tressed investors but put corpo rate treasurers into franli competition for funds.

exas State Fair Attendance Sets Record DALLAS (UPI) record otal of 3,022 495 visitors attended the Slate Fajr of Texas in 1970, The IB-day," state air is the largest in he 'cation is held each October on the air grounds at Dallas. ADMITTED TO PRACTICE Four new lawyers, including the first woman lawyer in county history, were admitted to practice before the Lebanon County Courts Thursday in an induction ceremony in the Municipal Building. Taking the oath here, the lawyers and the firms with which they will be affiliated are (from left) Attorney Samuel Weiss Samuel G. Weiss; Attorney Joel Daily NEWS Photo Breitstein, Edward H. Miller; Attorney Holly E.

Moehlmann, Lewis, Brubaker, Whitman and Christianson, and Attorney Charles Romito, Davis, Katz, Buzgon and Davis. Judge G. Thomas Gates and Judge E. H. Meyer officiated at the ceremonies attended by families, friends and fellow members of the bar.

NEVER In all my Have I seen a nicer store The NEW PLAZA BOOK SHOPPE Lebanon Plaza FREE GIFT Register To Win Big Prizes TONITE! LARRY FERRARI On The Organ All Sunday Newspapers On Sale Sfeojf Tonight 'Til 9 5 i PARK FREE on I'oiiicroy's Lnt 1'oiiiflht to 9 .11,1, in to daily prizes 2 GRAND tv fettff Taylor. "Many programs have been set for after retireme training, but this is too late an too little and almost all are realistic. "The answer lies within Industry itself. Continuing education to develop the right attitudes coupled with profit- sharing, retirement pensions, Social Security and good health care programs maintained during employment will help greatly." Dr. Taylor gave a final challenge: "Your firm will not be evaluated in the future by productivity, but by its humanity." WSCS Studies Psalms At Meeting Thursday JONESTOWN, Nov.

5 A sludy on several Psalms and hymns based on Psalms was conducled by Mrs. Ronald Bickhart at a meeting of the Women's Society of Christian Service Thursday evening in the home of Mrs. Ralph Mnhn'. Taking part in the reading of Psalms were Mrs. Edgar Hoffman, Mrs.

John Rhen, Mrs. Russell Booshore, Mrs. Ralph Mohn, Mrs. William Emrich, Mrs. Delmar Emrich and Mrs.

John Bayler. A flute solo was played by Mrs. Larry Major, accompanied by Mrs. Alfred Fortna. Mrs.

Lewis Artz conducted the business meeting. Plans were made to fill Christmas stockings to be sent lo hospitals. Mrs. Ralph Mohn and Mrs. William Schaeffer reported the Christmas stockings to be sent Dixie Drive-In Restaurant Dec.

9 Birthday celebrants were Mrs. William Schaeffer and Mrs. Lewis Artz. Refreshments were served by Mrs. Mohn.

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Misses' S9-S14 Wool Separates JUNIORS', Street Floor DuPont Dacron Pillows 2.99 Plumpy filled with soft non-allergenic Dupont polyester fiberfill. Washable. DOMESTICS, Downstairs Girls 9 Knit Blouses 1.59 Peasant look, tie front, short sleeves, ass't colors. Sises itoli. YOUNG It OKU), Second Floor OFF Famous maker misses' wool separates.

Group includes pants, skirls, vests, blouses, knit lops, Sises 8-20. SPORTSWEAR, I'loor VOUR SOUNDEST INVESTMENT 1.50 Pomerou's Millau Panty Hose 6I5.OO 3 styles; inic.ro inexh, all sheer, and opiufne. A wide selection of colors. ACCESSORIES, Street Floor DAMAGE IS $300 HERSHEY, Nov. 5 An estimated J300 damage resulted from an accident involving a parked car on the Hershey Foods parking lot Thursday evening.

Derry Township police said a car driven by Nettie Peters, 24, Newport, struck a parked car while she was trying to get 'into a parking space on the lot. The parked car is owned by Jane Hosteller Annvillc RD 2. Agents To Serve You Don Hoaster Charlie Brooks Dick Bonfanti At EUGENE HOASTER CO. 526 I Cumberland St. 272-7666 Fisher Price Explorer 1O.19 Big Boys 9 $2O Nylon Belted Tow Coats 16.99 Zipper front, hidden hood, icaler-repellent.

Navy, brown or gold, XL. HOYS'. Street Floor Krinfele Patent 6.99 Reg. 10.00 Shoulder strap or top liandle, niniti gnxsBts. Itluck, broivn tones anil navy.

HAMWAKS, Street Floor Toddlers 9 Girls 9 Boys 9 2-Pc. Sleepers 2.49 cotton flannel, famous maker, yellow, pink and blue prints. WORLD, Second Floor Men's 1.25 One Size Hosiery 3 pr. 2.SO Bunion nylon and Orion acrylic stretch hone in masculine shades. Street r'lonr indoor-outdoor riding toy for children 2 to years old.

TOYS, Downstairs Fisher Price Play Family Farm or House Sizzlers Laguna Oval(TM) Set 3.99 By Mallei, with "Jniff. I'erharges r.arr, in 90 seconds. TOYS. Dnivuxtnirs each Kvnry child mill love either one. TOYS.

Downs tnirs Special! 4-Picce Dresser Sets 5.99 Comb, brush, mirror and vanity jar. Assorted styles and colors. nKAUTY AIDS, Street Floor Misses 9 Famous Maker Sweaters 6.99-1O.99 Huge assortment of misses' orlon acrylic sweaters, turtle, mock turtle. Lace front, rib and flat knit. SPORTSWEAR, street Toddler Girls 9 Sportswear 3.99-5.99 Reg.

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