Mason City Globe Gazette, October 25, 1960

Mason City Globe Gazette

October 25, 1960

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Issue date: Tuesday, October 25, 1960

Pages available: 22

Previous edition: Monday, October 24, 1960

Next edition: Wednesday, October 26, 1960 - Used by the World's Finest Libraries and Institutions

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Publication name: Mason City Globe Gazette

Location: Mason City, Iowa

Pages available: 311,935

Years available: 1901 - 1994

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Mason City Globe-Gazette (Newspaper) - October 25, 1960, Mason City, Iowa North Iowas Daily Newspaper Idittd for tht CITY GLOBEGAZETTE VOL 99 The newspaper that makes all North lowans Prest tad United Pres fuU Leas Wire MASON CITY IOWA TUESDAY OCTOBER 25 1960 neighbors 7e t Paper Consists of Two 14 force takes Congo positions Gold may become headache Foreign aid link found By RICHARD SPONG GlobeGazette Editorial Research Bureau WASHINGTON The new flash flood of gold from the Unit ed on top of a steady drain from these shores of the near eternal metal that began early in 1958 has made no great mark on the presidential campaign but it is bound to give the next chief magistrate some hours of difficult soulsearching For the basic cause of the gold outflow aside from the events which triggered the new furious speculations in foreign markets is the foreign aid program So the next president and the next Congress are certain to feel in creasing pressure from eco nomic isolationist influences The U S monetary gold stock declined million in the week ended on Oct 19 At mil lion it was down million since the first of the year and at the lowest level since before World War II This is as against an alltime high of mil lion in 1949 THE PRICE OF gold in Lon don topped an ounce on Oct 20 This is as against the Ameri can pegged price of a fine troy ounce These figures are alarming but not awesome After all the price of gold in free markets has been higher an ounce in Paris 11 years agoAnd even if the United States has dissipated million in gold since 1949 we still hold half the free world supply Moreover our position is one of policy essentially rather than necessity The outflow of gold was stepped up last summer when Switzerland embarrassed by an influx of socalled hot mon ey seeking higher interest rates abroad imposed a 1 per cent tax on foreign deposits and forbade interest payments The proxi mate cause of the flash flood of gold from the United States also probably was Swiss Zurich bankers have been advocating buying gold as a hedge against devaluation of the U S dollar Also European stock markets have lost a good deal of their boom oomph in recent weeks And much of the activity was simple who bought on Oct 17 and sold three days later cleared about a fine ounce after commissions THEN TOO there has been a good deal of jitters abroad about the U S election Sen Kennedy declared for a sound monetary and fiscal policy Vice Presi dent Nixon denounced cheap money dogmatists in high of fice who could create a gold crisis Stock and monetary markets are supposed to anticipate events and discount them so the jittery Europeans would appear to be anticipating a Kennedy victory Despite the senators assurances they point to t h e Democratic platform and like Nixon to the Kennedy prom ises THE U S Treasury on Oct 20 reiterated that it had no in tention of raising the pegged rate of a fine ounce for gold have the effect of cutting the value of the dol lar As a matter of fact under the Bretton Woods Agreement Act of 1945 only Congress has the power to change the gold value of the dollar The real reason fjr the contin uing drain of the precious metal however is the fact that for the past three years by choice we have suffered an adverse balance of trade The American dollar is sound enough dollar futures on Oct 20 were selling at a premium of 2 per cent a year But large scale economic and military aid abroad has cre ated dollar deficits Minimum payTV fee 75 cents a week WASHINGTON UPI Subscribers to a proposed large scale payasyoulook television operation would have to spend at least 75 cents a week to keep the service an executive of the sponsoring firm said Tuesday Thomas F ONeil president of RKO General Inc told the Federal Communications Commission FCC that the payTV service would be yanked out of a home unless the 75cent weekly minimum was met ONeils firm and Zenith Radio Inc are working together on the proposed threeyear tryout of pay TV ONeil said he was not sure whether there would be 75 cent rental charge of a minimum If rent is charged ONeil said the pay television device would remain in the home re gardless of how much it is used ONeil also assured the FCC there would be no commer cials during the tryout period Meanwhile a major opponent of the experiment accused its backers of attempting gouge a public by concealing astronomical profits The charge came from attorney Mar cus Cohn representing motion picture exhibitors opposing the payTV idea Everythings going Cuba grabs Sears Woo I worth stores HAVANA UP Fidel Castros government Tuesday ordered the confiscation of 139 Americanowned firms in Cuba in retalia tion for the American embargo on most exports to Cuba A new nationafization decree approved at a postmidnight Cabinet session left untouched some 250 American companies most of them comparatively small The bulk of the billiondollar preCastro investment in Cuba has been taken over at various times in the past two years The value of the confiscated firms could not be determined immediately Prior to Tuesday decree the U S Embassy had estimated that some 380 tions still wholly or partly f The Weather owned by Americans were val ued at about million THE LATEST government decree cited Washingtons re cent embargo on all American exports to Cuba except food and medicine The decree called the embargo excep tional aggressiveness and de signed to strangle our eton omy Notable exceptions to the newest nationalization included the Moa Bay Mining Co an million nickle and cobalt op eration in Eastern Cuba Among the firms nationalized were Sears Roebuck Wool worths and the operating firm for the US governments Ni caro nickel plant which has a million book value ALSO STILL untouched was the big US Navy base at Gu antanamo on the southeast coast which the United States holds on a perpetual lease Cas tro has said he would at some future date demand that the United States give up the base But he said he would make his demand through legal channels possibly meaning he would go to the World Court Like the American owners of other properties seized previ ously by the Costro regime owners who lost their holdings Tuesday are expected to get no compensation North Iowa Partly cloudy Tuesday night lows in upper 30s and lower 40s Partly cloudy to fair Wednesday highs in the 50s Iowa Considerable cloudiness with scattered showers or thunderstorms east and cen tral Tuesday night lows 30s northwest to lower 40s ex treme southeast Wednesday mostly fair extreme west partly cloudy elsewhere with scattered showers likely ex treme east in t h c morning cooler highs in the 50s Fur ther outlook Fair and mild Thursday Minnesota Partly cloudy little temperature change Highs Wednesday in 50s GlobeGazette weather data up to 8 am Tuesday Maximum 51 Minimum 34 At 8 am 37 Precipitation 23 Tractor magnate Ferguson is dead LONDON GPl Harry Fergu son tractor magnate diet Tuesday He was 75 Ferguson was inventor of a lightweight tractor which sold all over the world N ews in a nutshell FROM OUR WIRE SERVICES BONN Germany Two West German jet fight ers sped closely over Queen Elizabeths plane carrying her home from Denmark Government sources denied any intentional buzzing WASHINGTON President Eisenhowers chief economic adviser says economic facts do not sustain the theory that we are heading into a recession de spite the summer dip in the nations production I think the American economy is today in a good posi tion to make another major advance said Raymond J Saulnier HOUSTON Tex President Eisenhower rates America as historys most powerful nation He says it needs no giant new defense programs or any mas sive economic shot in the arm from the federal gov ernment The President ended a crosscountry speak ing tour on that note Monday night a nineday trip billed by the White House as nonpolitical UNITED NATIONS N Y SecretaryGeneral Dag Hammarskjold presented a bill for the first six months of the U N operation in the Congo Troops of Mobutu on the move U N trip cancelled FROM OUR WIRE SERVICES LEOPOLDVILLE Congo JN troops were reported to iave taken up a position along he LeopoldvilleThysville high way Tuesday to prevent an armored brigade of Congolese roops from moving into this troubled capital to bolster the regime of strongman Co Jo seph Mobutu The UN forces armed with antitank guns and other heavy equipment were deployed at strategic points on the twisting road to Thysville some 100 miles southeast of Leopoldville UN special military adviser Gen I Rikhye issued a strong warning to Mobutu not to try to bring the 30vehicle elite bri gade into the capital inform ants said THE UN MOVE was report ed shortly after Mobutus ruling council of high commissioners claimed it had deposed Premier Patrice Lumumba legally and demanded that the UN recognize thenew regime If the United Nations fails to recognize our regime we coulc arraign it before the interna tional court of justice in the Hague said Mobutus justice commissioner Marcel Lihau The UN officially is pledged to support the Lumumba gov xnrnent The UN troop action appeared to have been moti vated by fears that Col Mobutu wanted to use the armored bri ade to put added pressure on he UN to recognize his claims Mobutus grip over the Con gos political situation has been slipping CONGOLESE troops in the capital have been rampaging hrough the African section of Leopoldville in a search of arms and Lumumba support ers The raiding parties had created near anarchy in the city as soldiers roamed through the streets stopped cars strip ping and molesting women and iilling at least 10 civilians in heir orgy of violence Mobutu cancelled a scheduled trip to UN headquarters in New York and political observ jrs speculated he feared that Lumumba might stage a come back while he was away Unconfirmed reports said that the Thysville troops were being trained by four Belgian officers According to these re ports the UN command has asked the four Belgians to leave but they still are in the army camp A mutiny of the Thysville gar rison against Belgian officers early last July was the starting point of the protracted Congo lese crisis The Belgians sent troops in to protect European residents and the UN then moved into the Congo to main tain peace and help Lumumba reassert authority Greenglass to gain freedom WASHINGTON Greenglass brother of executed atom spy Ethel Rosenberg will be released from prison Nov 16 Greenglass 38 was sentenced to 15 years in prison for eon spiring with the Rosenbergs to steal atomic secrets for Rus sia He is serving his time at the Lewisburg Pa federal penitentiary As star witness in the famous spy case Greenglass helped convict his sister and brother inlaw Julius Rosenberg The couple was electrocuted in 1953 for slipping atomic secrets to the Russians Greenglass was permitted to plead guilty to the lesser charge of conspiracy AP Photofax SABOTAGE ON GOLDEN GATE of trick photography for a new movie A big span of San Franciscos famed produced in Japan about a hypothetical Golden Gate bridge is blown to bits the World War III The bridge in reality is work of saboteurs top It looks a scale model The whole structure is shockingly real but actually its a bit shown below before it was blown up Disarmament talks all but scotched by Reds UNITED NATIONS NY The Soviet Union virtually wrote off the current UN disarma ment debate Monday by declar ing that the only way of solving the arms problem is to convene a special session of the General Assembly next spring at the iummit level Soviet Deputy Foreign Minis ter Valerian A Zorin made a new appeal to the Western pow ers to accept the Soviet ap proach but he said it is becom ing increasingly evident that at present the United States is not ready to hold productive nego West Bend boy killed on bike WEST BEND A 7yearold boy was killed and his brother injured at dusk Monday when the bicycle they were riding was struck by a car Killed was Jeffrey Jones son of Mr and Mrs Joe Jones His brother Joe 9 suffered multiple bruises and was hos pitalized Authorities said Richard Stu der 27 West Bend was the driver of the car which struck the bicycle from the rear on a county road one mile west of here Jeffrey was riding on the back of the bicycle and Joe was driving Rain hail hits Mason City area Light rain fell in Iowa Tues day and the weather bureau said scattered shower activity was likely to continue However no heavy precipitation was an ticipated Mason City had near ly a quarter of an inch of rain about am It was accom panied by thunder lightning and hail iations on disarmament Zorin told the assemblys 99 nation Political Committee that if the Western powers fail to leed his latest appeal to agree on a treaty for general and com plete disarmament we shall lave no other choice but to erminate our participation in the discussion of the disarma ment problem in the commit ee Zorin repeated earlier Soviet charges that the Western pow ers are using the arms talks as a screen for covering up the policy of the arms race and jrinkmanship The new Soviet intervention came quickly after British Min ster of State David Ormsby Gore firmly rejected the Soviet approach Monday in a major speech SAMI US Ambassador James J Wadsworth also had insisted arlier that the Western powers were standing behind their own plan for a more gradual ap p r o a c h to disarmament and their demands for foolproof in spection safeguards Zorin said the peoples of the world are following the UN dis cussions closely and they see the realistic program of gen eral and complete disarmament proposed by the Soviet Union and that the United States and other Western powers stubborn ly refuse to accept this program or even to discuss it in detail Russia also renewed its threat to walk out of the UN political committee if the United States and its allies do not agree to Soviet proposals False issues charged Campaigns roll on By THE ASSOCIATED PRESS Sen John F Kennedy cam paigned in Chicago suburbs Tuesday with a charge that Richard M Nixon raised a false ssue to defeat federal aid to ducation The Democratic candidate said the false issue is a fear that fed ral controls would go along ith federal funds Kennedy made the charge in speech delivered at a shopping center in Carpentersville It was me of many stops planned in a 4hour motorcade of an area leavily populated with young amilies IT WAS PART of Kennedys push for Illinois 27electoral Kennedy said Nixon his Re publican opponent could hava passed in the Senate last Febru ary a bill providing federal unds for school construction and eachers salaries The Senate ied 4444 on the issue The Vice President may vote to break the ie But he did not vote Ken nedy said and then he made position clear He voted to break another tie and prevented reconsideration of the measure His explanation was that he eared federal say Mr Nixon has deliberately raised a alse created a politi al bugbear defeat federal aid to education IN OHIO meanwhile V i c President Richard M Nixon said there are new frontiers ahead for America but Sen John F Kennedy is not prepared to cross them Nixon told a crowd police esti mated at 5000 persons in Mari etta that his Democratic rival is dangerously downgrading the UnitedStates by saying that it has lost prestige in the world Noting Kennedys new fron tiers campaign slogan Nixon saidthese frontiers exist But he said the Democrats offer the country nothing new for the fu ure Nixon was greeted by a small crowd when he got off his cam paign train in Williamstown W Va to drive to Marietta for his irst speech of the day The Marietta crowd massed n front of an armory in the sunny but frosty morning was largely silent during his talk but warmed up at the end On the inside Editorials Page 4 Clear Lake News 7 Society News 9101 Sports 1314 Latest Markets 16 Mason City News 1617 Farm News 18 Comics 19 North Iowa News 22 HANDS ACROSS THE BORDER President Dwight Eisenhower shakes hands with Mexicos President Lopez Mateos as they wear sarapes The two presidents met in a border town on A friendship theme where the projected international Friendship Dam is to bt built ;