The Ottawa Herald from Ottawa, Kansas on April 20, 1959 · Page 5
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The Ottawa Herald from Ottawa, Kansas · Page 5

Ottawa, Kansas
Issue Date:
Monday, April 20, 1959
Page 5
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American Dollars Slipping In Editors' Note: Sam Dawson, AP business news analyst, is touring Europe. Today he tells how the American dollar is faring in Italy. By SAM DAWSON AP Business News Analyst ROME (AP) — The American visiting or doing business in Italy today finds to his surprise that the Italian lira brings a premiuir over the American dollar. He end; up with less than the official rate The surprise is akin to that o recent years when the American dollar would buy only 96 to 9£ cents of Canadian money. Is the American dollar— once the most sought after of the world's curencies— slipping? or is it just that the Italian lira, after a postwar period of ing up? weakness, is perk- n each case the need to change dollars for the local currency to put it to work 'has led the lira ind the Canadian dollar to a premium over the American dollar mder the law of supply and de mand. Does the Italian think the Amer ican dollar isn't as good a thing to acquire and to save as he once did? Does he fear that the U.S Treasury deficit forebodes a ne\ erosion of the dollar's purchasinj power, perhaps at a greater rat than the continuing rise of the cos of living here erodes the lira? Opinions differ. An executive of a leading Ita ian bank doubts it. He says ther is little sign that the Italian with dollars squirreled away is switching. He "thinks investors are be- pounds as the safer currency. The top executive of an Amer- Directors Of Press Review Year's News access to public information in the United States," "The Associated Press has n strong position in meeting its responsibilities," the directors said. "It is a cooperative worlds-wide news organization answcrab'e to no government, no group of stockholders or to any special interest. "It bears n great obligation and NEW YORK (AP)—Directors of equal opportunity to serve its 'he Associated Press said today members, its readers and listeners hat during the past year the API every where. The need for n co- iad met the biggest challenge cooperative news service, owned and vorld news events since World War II. Reviewing events, the directors said: "The cold war continued. There were political upheavals- and crises on every continent. France underwent a fundamental change in government under De Gaulle. A divided Berlin keeps Europe in turmoil. "The datelines from Iraq, Lebanon, Quemoy, Tibet and Cuba remind us of the scope of the news coverage problem. "There were obstacles to fair and factual news reporting the world around, including restricted controlled by its users, has never been greater." The report was read at the AP annual membership meeting in the Waldorf-Astoria Hotel. The program included election of six directors, because of expiring terms, and action upon reg- Tension Remains High In Montana State Prison DEER LODGE, Mont. (API- Iron discipline behind (hair cell doors took the place of a 36-hour madness for 438 inmates of 'the Montana State Prison today. Armed National Guardsmen whoso early morning blitz foilcr a convict escape try and rescucc ular membership applications from 18 associate member news papers. The Italian, treasury official or private banker, proudly points to the increasing strength of the lira. Italy's reserves in gold and dollars climbed by 836 million dollars last year to a high of 2>/4 billion dollars. So far this year there have beer, further gains. January in particular, bankers say, brought an unusual f.ood of American dollars, British pounds and Swiss francs into Italy in the form of investments. This foreign currency increases the demand for lira. And its value rises. The official rate is 625 lira to the dollar. Banks now quote around 620« for the dollar. After exchange charges, the American tourists gets even less. Much the same thing has happened in Canada. Both the Italian and Canadian imports from the United States still outrun their exports to it. Normally this would keep the American dollar at its one-time premium. But each country is getting American dollars in other forms —investments in stocks and plants and from tourists. In each case this outweighs the trade deficit. ican owned firm here, an Italian, believes such a feeling is developing. He thinks investors are be< ginning to put their holdings into other than American dollars. 21 hostages continued on duty, The soldiers and prison guards began a search of the prisoners Saturday, within hours after tin uprising was quelled. Two convic ringleaders died in the furious ac tion which ended the worst prison incident in years. A deputy warden was slain lalo Thursday. Wnrden Floyd E. Powell ordoretT lie convicts to their cells, with•'.I privileges, they nre being jjlv- n sandwiches nnd coffee in their ells. Powell said he expects to con- iucl extensive convict interviews o pinpoint the cousc of the vio- cnce that began last Thursday. An estimated IB convicts were said by officials to have planned and executed the revolt. Warden Powell described the rebellion Itself as a clever cover for the prisoners' efforts to tunnel to safety— an effort that failed when the dig gcrs ran Into an underground con creto slab. The OTTAWA HERA1D Monday, April 20, 1959 The troublemaker!, Powell' said, . have been Isolated. They wete glv*f •" en a change of prison clothes, *; ; "' bucket and a mattress. ' ; "Discipline Is firm and tight but fair," the warden said, L'I For Insurance On dwellings, household goods, buildings and automobiles See Dean Berlin. Agent 109 E. Second Phone CH 3-2801 SEIDLITZ "Best by Test" PAINTS BMNt SALE BUY'n SAVE on SEIDLITZ MEDALLION SATIN ENAMEL Safe Price $1.49 Qt. A $2.75 Value! SPECIAL SALE - PLANT NOW BUY 0«MCT FROM GROWER MEYER Z-52 ZOYSIA GRASS EMERALD ZOYSIA GRASS iri'.-lillY Ctrliliod - Growth G-j.r.ntwd HANDCUT V PLUGS ONLY $5.95 P" 1° 01 NO SHIPPING CHARGES Sl .p.on Plu«.r W-95 '"'flj.. Prompt Shipment - vsv_ irm Finest enamel for cabinets, kitchen and bathroom walls, furniture and woodwork. Dries to a hard satin finish. i SPECIAL INTRODUCTORY PRKE With each Gal. SatlnTona at $5.98 • You^ Save_$j2.27l_ J SATINTONE LATEX WALL PAINT Brighten your home wilh SatinTone. Goes on easily with brush or roller. Dries quickly to a velvety flat finish. Gallon A $6.49 Value! Special Prices Good for Limited Time Only & Floor Covering I 17 S. Main Phone CH 2-2371 1% L •• f I Public Sale COMPLETE HOLSTEIN HERD DISPERSAL SALE We will sell at public auction the following Holstein cattle at the FRANKLIN COUNTY SALES COMPANY, Wilson and Locust Sts., Ottawa, Kansas Thursday, April 23, T959 (Beginning at 1 o'clock 70 High Producing Holstein Dairy Cattle Holstein cow, 5 years old, fresh by sale date; Holstein cow, 5 years old, heavy springer; Holstein cow, 4 years old, heavy springer; 3 Holstein cows, 5 years old, dry springers; 3 Holstein cows, 6 years old, dry springers; 4 Holstein cows, 4 years old, milking and bred back; 5 Holstein cows, 5 years old, milking and bred back; Holstein cow, 6 years old, milking and bred back; 2 Holstein cows, 7 years old, milking and bred back; 6 Holstein 1st calf heifers, just fresh; 10 Holstein 1st calf heifers, milking, some bred back; 6 Holstein 2nd calf heifers, milking and open; 12 Holstein 2nd calf heifers, milking and bred back; 4 Holstein springer heifers; 6 Holstein yearling heifers; 4 small Holstein heifers; yearling Holstein bull from high producing dam and proven, sire. Bulls with outstanding production breeding have been used on this herd the last ten years. All cattle Bangs free, papers furnished date of sale. Terms: Cash. Not responsible for accidents. FISHER BROS, and C. B. BUTELL, Owners For more information phone 1, Baldwin, Kansas, for C. B. Butell. The Franklin County Sales Company, Ottawa, Kans., Sales Manager. Auctioneers: Cols. Chuck Stewart and Son, Ottawa, Kansas. fULL BETTER... LAST LONGER FAMOUS ALL-TRACT! CHAMPION TRACTOR TIR There arc just two things to really look for in tractor tires—one Is traction, the other is durability. With new Firestone All-Traction Champion Tractor tires, you get plenty of both. Try them once, and you'll | agree they pull better and last | longer than any other type of open j center tire. Yet they cost you not ! one cent more. I STORES 127 S. Main CH 2-2468 h Ottawa's "Old Fashioned old fashioned bargain bee ALL DAY-WEDNESDAY-April 22 Sidewalk Se lling-9 a. m. to 8:30 In Ottawa On "BRAND NEW" Merchandise • Every Store is Participating Bargains Galore • This Event is Sponsored by the Retail Division of the Chamber of Commerce

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