Galesburg Register-Mail from Galesburg, Illinois on October 3, 1963 · Page 17
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Galesburg Register-Mail from Galesburg, Illinois · Page 17

Galesburg, Illinois
Issue Date:
Thursday, October 3, 1963
Page 17
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0ALK8Il;R0, ILL, TtttmSDAY, OCT. 9, 1«9 SEC. 2 PAGE 1? Mm U S. Has Recourse Should . ^_ _ ^ v Run on Gold Reserve Occur By SAM DAWSON NEW YORK (AP) - If a eon- certed drive on U.S. gold stocks really gets rolling — unlikely M that is—what could wo do? Other nations hold 20 billion worth of dollar credits that theoretically could be turned in to the U.S. Treasury with a demand for payment in gold. And we now have $15 5 billion of that metal, with $12 billion of it a legal reserve for U.S. currency. — The United States could free OES Elects Two Officers CHICAGO (AP) - The Illinois grand chapter of the Order of the Eastern Star wound up its annual three-day session with election of two officers Wednesday. The two, who will begin an automatic rise in posts until they become grand matron and grand patron, are Richard Mangold of Chicago, associate grand patron, and Mrs. Madeleine Shepard of Forest Park, associate grand conductress. Mrs. Emma F. Ansley of Glenview and Chris Christensen of Wheaton assumed the posts of grand matron and grand patron, the two top offices of the fraternal organization. They succeeded Mrs. Mildred Bolmstrand of Chicago and Andrew Rapp of Morton. Some 4,000 delegates representing 743 subordinate Illinois chap- tens with a membership of 145,100 attended the grand chapter session. Player Injured In Football Game ONEIDA—Larry Olson, son of Mr. and Mrs. Cecil Olson, was admitted to Cottage Hospital Monday. He was taken by Bill Adams, athletic director of ROVA High School, following a head injury suffered in the ROVA-Galva football game. ChurchXhancel • — « i The chancel of a church is so called from the fact that it once was enclosed with crossbars of latticework. "Chancel" stems from the Latin word "cancelli" meaning "crossbars." JOHNS-MANVIILE INSULATION Call WHITE'S - 342-0185 Your Neighbor Sayi the currency reserve. The additional $12 billion of gold available to settle foreign claims presumably would halt the drive. —The United States could suspend payment in gold and hold onto its hoard. —The United States could devalue the dollar. Since 1933 the legal price of gold has been $35 an ounce. If Congress doubled the price, our store would be valued at $31 billion, more than enough to settle the 20 billion in foreign dollar claims (which over night would have lost half of their value in gold.) American • monetary experts think any of the three moves most unlikely now—just as they are confident steps will be taken to make any run on reserves a very far-out threat indeed. Freeing the reserves backing our currency has been advocated both here and abroad. But it runs up against strong traditional opposition. George S. Moore, presi dent of First National City Bank, New York, points out that "any prolonged debate in Congress over the enactment of such legislation would further damage confidence in the dollar." Why the need for suspension of gold payments is unlikely to arise is summed up by Dr. M. A. Kriz, senior economist of the same bank: "Of the $20 billion of short term liabilities to foreigners, $12 billion is held by governments and central banks. They have vital stake in maintaining the present monetary system Foreign commercial banks, busi nesses and individuals holding the other $8 billion of short-term dol lars need large working balances in dollars in their day-to-day business and for prospective dollar needs." Since World War II many governments have counted dollars right along with gold as monetary reserves backing their own cur rencies. Loss of confidence — suspension—devaluation — would play hob with international settlements. That is why other nations are as determined as Washington that none of these things happens. Krst<««ffr the principal- mene^fe tary nations probably would devalue their currencies right along with us. The payments problem would be right where it was, except for the loss of value in gold of their dollar reserves. And since only Congress could change the price of gold in dollars, while the debate was on other nations would dump their dollar holdings fast. Tomorrow —• How effective are the measures we've already tried? l/t Se Cotton Surplus h Increasing WASHINGTON (UP!) - The nation's cotton surplus is climbing again this year in spite of a sharp recovery in cotton sales. The trend was outlined today by Agriculture Department in a report which could result in step* ped-up pressure for new legislation to promote cotton consumption. The Agriculture Des#rtment'B report estimates that the carryover of surplus cotton next Aug. 1 the end of the current marketing season, will be up to 11.9 million bales, an increase of 700,000 bales over the surplus on Aug. 1, 1963. The increase is expected because farmers are reporting record per-acre yields on their 1963 crop, erasing most of the effect of a cutback in federal acreage allotments. The Agriculture Department's Crop Reporting Board says prices farmers paid for feeder cattle in mid-September were down 10 per Police Seek Wife of Mali Found Slain in His Auto CHICAGO (UPI) - A burly young mitt told police Wednesday his boss' wife, whom he had been dating, arranged for him to kill her husband. The wife was nowhere to be found. "1 tried to talk her out of killing him," Richard Mattox, 30, held on a police charge of murder, said. "It's a story of love and romance. She wanted to divorce him and he would not give her a divorce." Thehusband, Harvey Weinstein, 31, was found dead early Sunday in a flaming station wagon. He was the vice president of Royal Display Inc., a restaurant supply service firm operated by his father-in-law, Al Statin. Implicates Woman In the courtroom Wednesday, Mattox, an ex-convict, told Felo- cent from a year ago. This decline, however, was accompanied by a drop of almost the same amount in the price of the finished beef steers produced by fattening the feeder cattle. ny Court Judge Daniel J. Ryan that "in one way I'm guilty and in another I'm not" He then implicated Mrs. Erwina Weinstein. Mrs. Weinstein was believed to be in Michigan. Capt Francis Flanagan, chief of detectives, said she would be charged with her husband's murder. Mattox said he had been going out with her for more than a year and on one occasion had been intimate with her. Mrs. Weinstein told police early Sunday that her husband left their South Side home about 3 a.m. without explanation. Police said she appeared grief-stricken, Mattox told police Wednesday that he drove to the Weinstein home early Sunday morning and "saw Harvey run from the house screaming, and I saw her hit him. I was outside and I just shoved him back into the house." He also said he helped put the body in the station wagon. Mattox implicated another man whom he did not identify. Mattox said Mrs. Weinstein of- Alpha Teen-ager Injured in 1-Car Mishap ALPHA — Robert Zuldema, 17, son of Mr. and Mrs. John Zuidema of Alpha was listed in fair condition today at Moline Public Hospital, where he was taken following a 1-car accident early this morning. Investigating authorities said Zuidema apparently lost control of his car and hit a tree near the Glen Cooper residence in Alpha. Zuidema sustained a brain concussion and also complained of chest pains, hospital authorities said. A passenger in the car, Larry Evrard, was left off at his home before the accident occurred. Memorable Date January 26, 1942, is memorable in naval history since the U.S. submarine Gudgeon sank a Japanese I-boat, first enemy naval vessel in history to be sunk by a U.S. underwater craft. fered him $1,000 to do away with her husband. He said he had a tape recording of a talk with her. READ THE WANT ADS! British Labor Party Okays New Social Security Plan SCARBOROUGH, England (AP) —The Labor Party adopted today a new social security plan promising half-pay to wage earners' who retire, are sick or lose their jobs. Before going into secret session to chart election strategy, the annual conference of the opposition party defined new frontiers of a welfare state which a Labor government would seek to establish. Highlights of the plan unanimously adopted by the conference: 1. A national pension fund would be set up and trustees would be empowered to invest money contributed by workers and employers in the State Capital Investment Program. 2. Family allowances, maternity and death benefits would be boosted and, like sickness and unemployment payments, would be related to the earnings of the workers. 3. Every average-paid worker would retire on half pay while, lower-paid workers would get something more than half pay. 4. A new income guarantee would fix a minimum payment to existing pensioners and to those about to retire. One goal would be to eliminate personal means tests which empower state officials to investigate the entitlement of claimants to assistance. 5. A Ministry of Social Security would run the scheme. Mail From Cuba Shows Censors Hard at Work MIAMI, Fla. (AP) - Mail received in Miami this week from Cuba bore the first reported outward evidence that Fidel Castro's government is censoring letters. A letter posted in Matanzas Province reached its Miami addressee with a hand-ruled, handwritten notation, "inspected according to Resolution No. 58," a censor's initials, and a later Havana postmark. The envelope bore signs of having been opened. READ THE WANT ADS! CLOSING OUT SALE ALL GUNS NEW GUNS Browning Automatic Shotguns Hunting Models, 12 Gouge Plain barrels, Reg. $139.75, Close Out $114.95 Ventilated rib, Reg. $159.75, Close Out $129.95 Light 12, Sweet 16, and Light 20 Gauge Plain Matted Barrel, Reg. $149.75, Close Out $122.95 Ventilated rib, Reg. $169.75, Close Out $129.95 Ithaca Featherlight Repeater, Model 37 Standard Grade 12 and 20 Gauge, Regular $97.95, Close Out $81.95 Dtertloyer Deer Shotgun, 12 and 20 go. Regular $109.95, Close Out $89.95 FIW LIFT Remington, Winchester, Savage, Stevens .22 Rifles. Some used shotguns and rifles. NO TRADE-INS, PLEASE! First come, firtt served, end <a«h please. Few ieeelaf lift. Dom's Sport & Bait 700 South Seminary ft. Golesburf, Illinois For'64... Newslomase of stars km OIBSMBM ...WHERE THEAGTIONISI JWB NEW NEVER BEFBRE OlDSMOBHES! JutStSrl T Bnlliem nBw sports couptu/ithe medium-price class I You're looking at Oldsmobile'a new high performer—Jetstar I! It's powered by the famous 394-cubic-inch Starfire V-8 Engine, features distinctive roof line ... sporty bucket seats ... center control console... sports-type interior and stick-operated Hydra-Matic Drive.* Try the Jetatar I soon! JetStSr 88 Brand new fulislieBBsenes...Bta new lowerprtcel Just out—the Jetstar 88 series ... companion to the famous high-performing Dynamic and Super 88s! It introduces a brand new 330-cubic-inch Jetfire Rocket V- 8 teamed with a new Jetaway transmission. * Four sparkling Jetstar 88s in all.. .priced to make owning an Oldsmobile easier than ever! *OpMsnot at **tra coif MBW fl'om tliB namaplatB beck/ BWSF85 Stepped up In S//B/Stepped t/p in performance/ New V -hive of activity! V -8 for action! V -6 for economy) Meet the more-for-the-money car of the year— Olds F-85! More roominess, thanks to ten extra inches in length! Afore action from a new Jetfire Rocket V-8 and smooth new Jetaway Drive!* More savings from a brand new Econ-O-Way V-6 Engine! More comfort and roadabUUy from a three-inch-longer wheelbase, rugged Guard-Beam Frame, and a wider stance than ever! Plus more features .,, more fashion ... more of everything! Step into your Olds Dealer's today and step out in a more-for'tha-money F-85! •optional•> ««* CUTUSS HOLIDAY COUPI Hondtom* MW hardtop— en* of lhr«« now CuHa»» mod«ls for 1964. Come in and see the other action-packed '64 Oldsmobile models, too: A magnificent new HIHtlYFiem that says, in every detail, this is one of America's finest automobiles! A luxurious new SFMFM 1964's most exciting performer! The smart new style and performance leader of the medium-price class! And a great new 0YNAMICBB, ready to rocket away OlOSMOBIU • B4 to new heights of popularity! They're on display... see them soon! .-VISIT YOUR LOCAL AUTHORIZtD OLDOMOVILI QUALITY OlALKRI • • • WHBRB TH« ACTION l«l CROWN MOTORS, INC., 120 N. CHAMBERS ST. DON'T MISS TH« AWAMO'WINNINO "GARRY MOOR* •HOW" • TUESDAY NIGHTS • OSS -TV I , u«

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