The Baytown Sun from Baytown, Texas on March 15, 1966 · Page 20
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The Baytown Sun from Baytown, Texas · Page 20

Baytown, Texas
Issue Date:
Tuesday, March 15, 1966
Page 20
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Tuesday, March 15, 1966 Answers Given On Inflation By 8AM DAWSOX Af ftm*\»en News Analyst NEW YORK (AP) — The rising cost of Jiving — and of doing business — has Americans wondering if they're in for another round ot inflation. Or, as most probably would phrase it. if tomorrows paycheck will buy even less than today's. As government officials and businessmen debate the complex problem of inflation and what to do about it, here are some simplified answers to the questions many people are asking today: Q — What is inflation? A— To most people inflation is a persistent and substantial increase in the general level of prices. But many economists call this the end product of inflation, not inflation itself. They define inflation as the result of monetary policy: "too many dollars chasing too few goods." Q — Do we have "too many dollars" today? A — Bankers cite the unusual rise in the supply of money and credit since last summer and say that this has given business- ing for several years rose at]index rose by an average of 0.8 about 1-2 per cent a year and!per cent a month. More impor- was called noninflationary. But in 19K> the rate jumped to 2 per cent. Bankers call this 2 per cent rise inflationary. Washington officials say 3 per cent wculd be the danger point and that what we've been having is "economic growth" rather than "inflation." Q —Would 3 per cent be a big jump, historically? A— No. The last time we had what everyone agreed was inflation was in the Korean War period. Between June 1850 and March 1931 the consumer price Yale May Let Women Enrol! in School NSW HAVEN, Conn. (AP) — Yale University is considering letting women receive an undergraduate education at the all- male school. Yale President Kingman Brewster say s the Yale Corpo- the need for high-quality education for wom- men and consumers the where- en an d j s interested in exploring! withal to bid up prices of goods. now Yale might contribute to Government officials contend meeting this need beyond what the money increase was needed jj already does through its grad- economy, makes more jobs for to feed the economic growth .jate and" professionaf schools." j those producing more goods to tant to the economy, wholesale prices rose an average of 1.3 per cent a month. Q —How is the wholesale price index behaving now? A— After several years o: being practically stationary, the index has jumped 4.6 per cen since June 1964. And the rise in recent months has been the steepest. Q — Who are the first victims of inflation? A — Those who live on fixef incomes. These include the elderly and retired. Their pensions or Social Security checks bu> less of what they need, and the> can't hope for a pay increase to offset this. Al! savers are hurt, whether it be those who pui money in banks, in insurance, or in bonds. When they use the savings, mnation has cut their market value just as if part of the savings had been stolen outright. Q — Why do some enjoy inflation in its early stages? A — Rising prices can bring rising wages, or capital gains on such things as common stocks, -eal estate and art objects. For a. time inflation heats up the which cut the jobless rate to 3.7 per cent for the first time in nine years. Q — How do you tell inflation from the price increases we've been having right along? A— By hoiv much and how fact TvKr-os; rise. The cost of liv- AVOID THE RUSH! HAVE YOUR CAR INSPECTED NOW j be sold at 'he higher price. Business looks better, profits are higher —if worth less when spent. Then the bubble bursts and most folk discover they're worse off than before. Next: What to do about inflation — and when to do it. OUR ANNUAL STOREWIOE TERRIFIC SAVINGS EVENT!... SAVE ON SPRING NEEDS... CHARGE IT! Special Purchase MEN'S SHORT SLEEVE SPORT SHIRTS Americans Spend More On Fags Than Medicine CHICAGO (AP) — Americans spend more for tobacco than for hospital care, the American Medical Association's AMA New s says. publication also says is spent in the United States on cosmetics, haircuts and toiletries than for doctor bills. Quoting U.S. Department of Commerce figures, the AMA News said Americans spend $14.4 billion for physicians and hospitals, and S14.S for tobacco and haircuts and toiletries. Scholarship Fund AMHERST. Mass. The University of ;etts has received a scholarship funu. the (AP) — Massachu- $400,000 AGRICULTURE ADVANCED ON MANY FRONTS IN 1965 WASHINGTON (AP) — The less from the market place. The nation's agriculture advanced! idea of making broad use of on many fronts during 1965, (such a payment device was first producing a record volume of I advanced by Charles F. Bran„. —. .*-_ i_ : _,_^ [ aaa. secretary of agriculture under President Harry S. Truman in 1949. The proposal didn't get anywhere at the time. This legislation encountered sharp opposition from some farm groups, but was passed in Congress with strong bipartisan crops and the highest average income per farm in history. Other developments include* a cut in government-held surpluses of some commodities, an increase in exports, an expansion in the quantity of food made available for the needy a 1 home and abroad, and a further reduction in the cost of food in relation to consumer incomes. The year found technology assuming a larger role in agricultural output. Thus fewer workers were needed to help farmers. Congress enacted new farm legislation affecting cotton, largest wheat feed grains, rice, dair> single private gift in the state | products and surplus cropland. This legislation moi-ed toward by the Jong controversial Brannan production payment philosophy. Under the new law. growers of cotton, feed grains and wheat will get a larger portion of their crop returns from payments I made by the government and university's history. The fund was bequeathed the late George M. Codding of Darien, Conn., a 1909 graduate, and former executive vice president of Bartlett Tree Experts, Inc. He died in Darien Sept. 23, 19S4. CREWS FOR GEMINI S—These are the astronauts who are in the final leg of training for the National Aeronautics and Space Administration's upcoming Gemini S mission. Seated are the prime crewmen. David R. Scott, left, and command pilot Nei! A. Armstrong. Behind them are the men who serve as backup crew, Richard F. Gordon, left, and Charles Conrad. Jr.. command pilot. support. Nevertheless, the legislation still left agriculture sorely split over the role government should play in regulating farm production and markets. Output of food and fiber crops during the year was an estimated 7 per cent larger than in 1964 and 4.5 per cent above the previous high in 1963. This big jump came without any increase in acreage — an accomplishment attributed mainly to further tehnological advances. Production of meat animals declined slightly. A slump in cattle and hog prices in 1964 had discouraged producers. A small gain in cattle and hogs is expected in 1366. The Agriculture Department reported that net farm income totaled $14 billion in 1965. This was the highest since 1952. It compared with $12.9 billion in 1964. Largely because the number of farms continued to decline, the average net income per farm climbed to a record high of $4.150 in 1965. This was about 11 Per cent higher than the 1964 average of $3,72T and nearly 40 per cent higher than the 1960 average of $2,958. This increase in incomes of larms was not as bright as it appeared on paper, claim cri- of government farm-aid programs. They said mat much of the increase came from the federal Treasury in the form of iroduction and non-production payments — outlays which, they argued added to th e national debt A major critic of these programs continued to be the American Farm Bureau Federation, the largest of the na- ional farm organizations. It ong has advocated a gradual withdrawal of government production, price and market controls, with producers relying more heavily on markets. With farmers using more machinery r more and better fertilizers, and improved crop varieties, the demand for labor de- clined an estimated 9 per cent during the year. A further reduction is expected in 1966. Farm employment for the year was said to have averaged 5,564,000 compared with 10,979,000 in 1940, for example. The government said a significant factor ia the 1965 decline in use of workers was its action in greatly limiting the importation of foreign workers, particularly from Mexico. Farm wage rates increased 5 per cent during the year to a national average of 95 cents an hour. Farm exports marketing year during ending the next June 30 has been forecast as a record high of $6.2 billion. This exceeds th 1960 level by nearly JUS billion. The Agriculture De-i partment expects them to reach close to $S billion by 1970. 1 U.S. efforts and those of other countries to lower trade bar-] riers to farm commodities madei no progress, however, in nego-| tiations held in Geneva. government reported also that the value of farm assets and equities made good gains during the year. Although farm debt increased by a record amount, the dollar increase in the debt was said to be much less than the increase in farm asset values. Collection of farm- mortgage loans was reported to have continued excellent in 1965. Delinquencies and foreclosures were few. The costs of farming, as measured by farm production expenses, continued their long- term upward trend during 1965. A further increase in 1966 has been predicted. Services Scheduled GILMER, Tex. (AP) — Sen-ices were planned in Sherman today for Wesley Morgan Works, 71, president of the Texas City Managers Association in 1345 and former city manager at Sherman, Corsicana and Longview. He died Monday at a Gilrner hospital. Million City Kail DALLAS (AP) — A consultant's report to be filed with the city manager today shows hat Dallas' proposed new city lall will cost $18 million if constructed to fit the needs of 1970 and 5286 million if it is to serve the needs of the year 2,000. . .. Choose Soiids, Plaids and Checks in New Spring Colors. Made To Sell For Much More. Stock Up For Wear A!! Through Summer. , SPECIAL PURCHASE I arnel & cotton pop cord stripes Values to $1.49 yd. . . . fin» qualify arnel tri- ecetate and cotton blend in one-sixteenth and one-eighth *«e jtripes, wov-en pop-up weave. Assorted colors for spring sewing. Yd. ^jf jP, ALL COTTON SHORT SLEEVE STYLES BOYS DRESS AND SPORT SHIRTS 2 m 3 . Select now for spring and Easter. Genuine first quality in shas 6-181 °° V_xL/lIl L/dJ. \^ • Whatever car you may be considering as your next, you should investigate theinany superiorities of Cadillac. Its performance, luxury, distinction and lasting value will convince you that you could make no better motor car investment. Match Cadillac against anv other car at or near its price and it will prove its extra value beyond a doubt. For example, you'll find no other car ot Cadillac's size thai performs so nimbly or handles so deftly. Cadillac is respected by authoritative automotive writers as a "driver's car' for its outstanding road capabilities. No other automobile offers such a satisfying combination of comfort, roominess, luxury and conveniences. Cadillac is unexcelled in the motoring safeguards it offers as stand- ard equipment. Finally, no other car in its class comes close to Cadillac in popularity, owner loyalty or high resale value. Only your persona! experience at the wheel of a Cadillac can completely demonstrate how elegant, excellent and exciting your next automobile investment can be. See your nearby authorized dealer at vour earliest opportunity. No one else knows Cadillac motor cars better... or is better prepared to offer the superior kind of service a fine car like Cadillac truly deserves. Standard of the World SEE AND DRIVE THE MAGNIFICENT 1966 CADILLAC AT YOUR AUTHORIZED CADILI AC DEALER BAYTOWN MOTORS. INC. 700 W. TEXAS AVEi BAYTOWN. TEXAS SEE US TODAY For A LOW COST CONVENIENT "HOME IMPROVEMENT LOAN" Loan Officers On Duty 8 a.m. to 6 p.m. DAILY CITIZENS NATIONAL Mtmb»r F.D.I.C. BANK AND TRUST COMPANY 319 W. Texas Phone 3-7301 The Progressive Bank Serving Baytown 45 Years

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