Alton Evening Telegraph from Alton, Illinois on June 26, 1968 · Page 30
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Alton Evening Telegraph from Alton, Illinois · Page 30

Alton, Illinois
Issue Date:
Wednesday, June 26, 1968
Page 30
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Page 30 article text (OCR)

PAGE ALTON EVENING WEDNESDAY, JUNE 2S, Failing fc> STERLING P. GREEN Aiwdated Press Writer WASHINGTON (AP) ~ deat Johnson's drive to the nation in defense of the dol* laf has had only spotty success and apparently will fall far short of its goal Hie Wrget set by Johnson on New Year's Day was to cut $3 billion from the nation's 1967 balance of payments deficit, which rose to an ominious figure of $3.57 billion. In the nearly six months since, the President's main success was getting Congress to approve a 10 per cent income tax surcharge, which along with an accompanying $6 billion in spending cuts was expected to help restore confidence overseas in the stability of the dollar. Because the balance of payments deficit--what the United States spent overseas over what it took in—had risen so high there had been concern in the world's banking centers about inflation and the drain on American gold holdings. Treasury Secretary Henry H. Fowler told the Senate Finance Committee Tuesday there had been "a quick and quite substantial recovery" in the first quarter of this year when the payments deficit fell to $606 million. If the $606 million figures is projected for the rest of the year die deficit would fall only to $2.42 billion. To reach the relatively negligible deficit figure of $500 million to $600 million, Johnson had sought a combination of legislation and controls, both mandat- ry and voluntary These involved: —A mandatory $1 billion curtailment In direct industry investment .overseas, —A $500. million voluntary reduction on bank loans abroad. —A $900 million voluntary cutback in travel outside the country. —A drop of $500 million in government spending. —A $500 .million savings by enlarging the U.S. surplus in merchandise trade. ' f Here's how these goals stand now: .Trade—The goal, will not be even closely approached. Johnson hoped to increase last year's $4.1 billion surplus in commodity trade to $4.6 billion, by increasing ports and other means. The trade surplus may shrink Instead. Investment—The mandatory curbs on business investment are working. Companies invested a total of $468 million in the fjrst quarter, which is sustained, would cut the outflow of capital in direct investment more than $1 billion from last year's $3,02 billion. ,But the goal cannot be achieved, officials say, because of a decision to exempt investment in Canada. Government outlays—Secretary Fowler told the Finance Committee Tuesday that a government program to conserve dol)ara is "well under way." He referred to the 12 per cent reduction ip overseas staffs of embassies and other missions ordered on March 30, along with further tightening of travel abroad. AID has been ordered to «?ut $100 million from its 1967 oversew spending level. Thousands of troops have been coming borne from Germany. But the cut in embassy and mission staffs is a gradual step down to be achieved by the end Of 1969. Fowler made no claim that the $500 million savings goal for the government could be achieved this year. Bank lending—The restraint on foreign lending, initiated Jap, 1, is off to an impressive start; A decjine of *350 million, seasonally adjusted, was report- eij fpr the first quarter of the year-Travel—A drive to increase ' " to the United a' launched. But I sftort b^ajase travejem hive .. by toe riote to) American cities. .And '^jrfW^WlW**' f^W*" ' JW W Jae failed so far to <m- of ttotljree ~ to reduce, % caused b; ~«rFV Wf*P'*WBW "W WW^IWjW** tbwe recommendations! BitaRd the five per cent} .UK .ftL. ttcteetsj *r-. -, *jty" 'i TflfturolM *' ami ONE WEEK ONLY . . . W»*r* ptporiim t» tafct Mr n« n wldt mld.yw totiiifary, lit enter to ei* •fBfS 1 * *?? Wwl ** ***•*• afl *** lf * ek «« l iH»«fc«MMiti w« or* held* SL2. bt « wwk taia, P«'l«tMrtry Ml*. You'll find frtatiy reduced prlett M fmmnm* oppllaneet for wry worn In your horn*,, .all Items art flnwt tint Hue qualify but art priced to »e!l new before we take Invinrary. EXTRA LARGE BEDDING . . , AT EXTRA BIG SAVINGS! PRHNMORY COMPLETE KING SIZE OUTFIT KING SIZE MATTRESS $ 1 CO 2 MATCHING BOX SPRINGS 100 SAVE $31 KING SIZE—3-Pc. SET Includes Quitted Top 7«"x80" Mattress. Constructed of firm 13 gauge Innersprtng unit and covered In a beautiful moth proof mildew resistant heavy weight floral ticking. Two matching 38"x80" Box Springs to complete this ensemble. NO MONEY DOWN QUEEN SIZE ENSEMBLE • QUEEN SIZE MATTRESS MATCHING BOX SPRING This luxury sleep sot gives you a BIO 0" more width and 8" more length than your standard full size mattress. Same Inrier- oonstruotton and cover as above King Size. Will fit your standard full size bed;' Charming Colonial NO MONEY DOWN BACHELOR'S CHEST $38 STUDENT CHEST $38 DESK $38 with Genuine Vs POSTER BCD $38 2 MATTRESSES • 2 BO to, choose 8 PC. HOLLYWOOD TWIN BED SET SPRINGS • 2 WOOD HEADBOARDS • 2 FRAMES »t special savings by the pair! Bach set includes iam- «i^«iiTTOi.r*" r ^"«Yi"""ii*"£" 1 ' liesse ? 1 x?, 08 , 6 either Colonial maple finish, French Provincial White and Gold or Modern walnut finish—they're all great buys! yPV* C4| '^l^^dS IP PURCHASED SINGLY SET f'unifc '*•'' I iE-'viB^^' • " ' *» n ^ Kit • ^* 3?= WOULD OOST $75 "Riviera Oak" OPEN SJ\ YOUR $ CHOICE NO MONEY DOWN These beautiful Mediterranean inspired bedroom pieces boast a richly grained oak finish enhanced by extra heavy, antique brass hardware. Superior design features include metal center drawer guides, high fidelity mirrors, heavy turned bed posts and deeply sculptured top drawers. All cases permanently protected by Westinghouse Micarta Plastic Tops! DRESSER BASE $38 (MIRROR $8. 95 SAVE AT iii ou ON MAGIC GHEE GAS RANGES Your Old Range Is Worth... $ On These Beautiful 1968 Models! 40 Modem Living call* for 'as! 36" FULL SIZE GAS RANGE Clock with 1-Hour Tuner No-J)rlp Top High Performance Burners Bed-Wheel Lo-Teinp Oven Control • Chrome Plated Non- Tilt Oven Back* • Removable Door Seals • 4 Leg Levelers • Storage Compartment OUR ANNUAL PRE-INYENTORY SALE WILL SAVE YOU MANY DOLLARS. HURRY TO ANY FRANKLIN UNION STORE AND SEE FOR YOURSELF THE WONDERFUL VALUES IN THE RANGE OF YOUR CHOICE, REG. PRICE .... YOUR OLD RANGE NO. MONEY DOWN 30" BIG OVEN • Clock with l-Bwur Timer * Lift-Up and Removable Goiik flVftfk ' • Oven Window «»d ^ , ^ ^ ^ Terop • Slant Front Controls , • Wgh Performance Ltf. Time Oast Iron Burners • Non-Tilt Oven Rackf Control No Money Down <'. ,- t - '- '.'-,'•/ , * 1st Payment in August Hiirry in For Best Selections! O DM W r •Ifli HIGH Gronite City Downtown St. Louis im&Fr0Hi QMO l Til f F,M. ALTON, ILLINOIS . , , 300 E, IMADWAY , , , 465,7761 Ovw f^lpa «ov« Sav»dSia9f 1998 lost St. Louis Northwest St Louis 0/f«BE H7 C«Uiuvlll» Avt, B TU t P.M. MQH, flW J Natural 0|«a'Til f P,M, I Alton, Illinois f ? Opti'TUfP.M.NlflhHy A Mo, 827 Mali. Sr,

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