The Baytown Sun from Baytown, Texas on January 18, 1961 · Page 12
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The Baytown Sun from Baytown, Texas · Page 12

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Baytown, Texas
Issue Date:
Wednesday, January 18, 1961
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Page 12
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SOME AMERICANS HOPED TO MAKE PROFIT ON GOLD W0dni«day, January 18, 1961 l»Mt*m tt YORK (AP)-The average Anurk-in, who hasn't held any K'>M ruin or «ol,j cortifiwitcs MIUV l'K',1. may be surprised to learn sonic of his neighbors do own '--iVi—,-ind just been told to get rid of it. Micro did they gat if? Where do they keep it? And why do (hey want it instead of dollars they could .spend at home? Until President Eisenhower ordered them to stop buying and owning it abroad, they could legally buy gold bars in Canada, on the London free gold market, in Zurich, Switzerland, or in West _Germany. France, the Nether- CONGRATULATIONS ON THE GRAND OPENING OF THE PALMS GRILL WE ARE PROUD TO HAVE FURNISHED DRAPERIES THE FABRIC SHOP 108 W.TEXAS • ju 2 _ 7426 Congrafufcrfions ON THE OPENING OF THE PALMS GRILL WE ARE PROUD TO HAVE BEEN CHOSEN TO FURNISH THE ASPHALT PARKING AREA SONNY McKEY LA PORTE lands and other European countries where buying and holding gold is regulated but not forbidden as it. has been in the United States since 1934. More often than not Americans paid more for their gold than the official U. S. price of $35 an ounce. The Americans who bought gold had to keep it outside the united States because of our laws restricting most buying «tnd own- jng of gold to use in industry and the arts. Americans could leave their gold with the Canadian banks that sold it to them, or in the care of European banks or gold brokers. In the case of the Swiss banks, their accounts could have the added secrecy of being known only by a number, rather than by the holder's name. Why did they want gold? They couldn't bring it home. It cost them storage charges, while their dollars would have brought them interest if lent or profits if put in successful business enterprises. CONGRATULATIONS ON THE OPENING OF THE NEW PALMS GRILL ALL ORNAMENTAL IRON WORKS FURNISHED BY REYNOLDS ORNAMENTAL IRON CO. Some probably bought gold in the belief that the official price would go up eventually and they would make a profit. Repeated denials by U. S. authorities that the price would be changed didn't budge some gold holders from this belief. Many with business operations overseas found gold handy during the frequent currency crises in other lands in the postwar years. The metal was more stable and always acceptable. And often the local currencies fluctuated widely in relation to the U. S. dollar and sometimes couldn't be exchanged for it at all. In recent months gold buying has been spurred by the repeated rumors that the steady loss of gold by the U. S. Treasury in the last three years might weaken the dollar's status and thus could lead to raising the official price. The loss of gold has come about because for three years the American government and citizens have been sending more dollars abroad than they've been getting back. Foreign countries with surplus dollars have turned some of them into gold at the U. S. Treasury. The Treasury, backed by most banking officials here and abroad, denies the dollar is in any danger or that devaluation through rais- Lawrence We/k Receives His First Gold Record HOLLYWOOD (AP)-For once, Lawrence Welk was speechless. We were lunching at the Brown Derby when Dot Record chief Randy Wood walked in bearing a gift. It was a handsomely framed gold record of "Calcutta," signifying the first time Welk had entered the charmed circle of million sellers. The music man sputtered, grinned, then beamed. All he could manage to say was: "Congratulate me." He recovered enough to explain his joy: "I've been trying for this ever since I started recording, back in 192S. I remember I paid 5400 to a recording outfit for 2.000 or 3,000 records and we sold them ourselves when we played dates." 1 Early in the war, he almost caught fire with a record, but shortage of shellac nipped the hit in the bud. Even after he became a TV sensation, he couldn't get close to a million singles. How did he do it? He pointed toward Wood, the young Tennesseean who branched out from a one-man operation to a multimillion-dollar enterprise. "Randy called me at dinner one night and asked me to drop by his house," Welk related. "He played me a record of a number he wanted me to do. I tried to i think of a way I could tell him I thought it was terrible and still Inot hurt his feelings." Wood prevailed and Welk recorded "Last Date," a rumbling instrumental with the unmistakable thump of rock 'n' roll. It sold 300.000. Then came "Calcutta," with a beat that even Elvis could pulsate to. Wood predicts it will go two million. The "Calcutta' album is expected to hit 500,000. He's still a bit da2ed by it all. "When I rode in the Hollywood Christmas parade, the teen-agers were yelling for me—imagine!" said Welk. who is more accustomed to adulation of the elders. ing the price cf gold is likely or necessary, or desireable. The presidential order forbidding U. S. citizens to own gold abroad is a step to help halt the outflow of gold. In coincides with uncertainty as to how much spending the new Congress may authorize, and whether a big deficit could lower further the purchasing power of the dollar, and make devaluation a possibility, even if an improbability. Thief Steals 2,000 Girdles In Atlanta ATLANTA (AP) - A .thief who stole about 2,000 girdles from a suburban Chamblee plant is being sought by police. The girdles, valued at about $50,000, were stolen from the Warner Bros Co. during the weekend. Detective B. R. Varoer said some brassieres might be involved, too. Police said the thief broke a window to get into the building, I then loaded the girdles, in boxes. Bread Salesman Buys Bread From Customer PARKVILLE. Mo. (AP) —"Any bread today?" a bread salesman called, stopping his truck at the home of Mrs. Fred R. Moran Jr. "No thanks. I have made my own," she replied. The bread man sniffed—and sniffed again. Pointing to a crusty-brown loaf, he asked, "How much?" "Fifty cents," replied the housewife. The salesman laid doxvn a half- dollar, picked up a fresh loaf and departed. CONGRATULATIONS ON THE OPENING OP THE PALMS GRILL WE ARE PROUD TO HAVE FURNISHED THE INTERIOR EQUIPMENT ABC RESTAURANT SUPPLY HOUSTON CONGRATULATIONS ON THE OPENING OF THE NEW PALMS GRILL ALL FACE BRICK AND TILE FURNISHED BY ... "CONCRETE BUILDING PRODUCTS 11 PIOHE JU. 3-1779 700 S. MAIN INTIM, TEX CONGRATULATIONS • ' ON THE OPENING OF THt NEW PALMS GRILL ALL PLUMBING FURNISHED BY- YOUNG PLUMBING & HEATING 30! N. COMMERCE JU 2-5070 CONGRATULATIONS ON THE COMPLETION OF THE BEAUTIFUL NEW PALMS GRILL We Are Proud To Have Furnished The Heating And Air Conditioning GUNN'S HEATING AND AIR CONDITIONING 1607 N. ALEXANDER JU 2-7401 Announcing THE... FORMAL OPENING THURSDAY. JAN. 19th Of The New PALMS GRILL II II Baytowns Finest and Most Modern Dining Spot THE NEWEST ADDITION TO BAYTOWN'S FINEST MOTEL... We Wish To Take This Opportunity To Express Our Heartfelt Thanks For Making This New Addition To The Palms Motel Possible. To Our Many Friends And Neighbors, We Wish To Extend A Personal Invitation To You And Your Families To Visit With Us During Our Opening. Sincerely, L E. GRAY OWNER OPEN 7 DAYS A WEEK 6:00 A.M. TO 10:00 P.M. • STEAKS • SEA FOODS • LUNCHES •YOUR VISIT IS ALWAYS OUR PLEASURE" " 605 ALEXANDER DR. HIGHWAY 146 T. A. BAIRRINGTON, MANAGER

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