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Mason City Globe-Gazette (Newspaper) - July 12, 1962, Mason City, Iowa North Iowas Daily Newspaper Edlttd for MASON CITY GLOBEGAZETTE HOME EDITION VOL 102 The newspaper that makes all North Jowans neighbors Associated United Internatlonnl Full Leass MASON CITY IOWA THURSDAY JULY 12 1962 ooc a Paper Consuls of Two SectionsSection NO m Delay fight over l The thrifty Americans to blame Competition for savings By JOSEPH R SLEVIN New York Herald Tribune News Service could be that the American people are saving too much money The evidence is not conclu sive but there arc signs that the U S would he better off it the public was saving less and enjoying itself more important cause of the economys sluggish behavior in recent months has been disap pointing consumer buying of issue Gross amendment gets surprise OK FROM OUH WIKK sEiivicKs Backers of the bill chose not t WASHINGTON House strnleldekiy passage of the measure gists decided tentatively ThursThey then could try to eliminat day against making an immediatethe bond amendment during cor floor fight to kill an amendment to the foreign aid bill to bar US purchase of United Nations bonds automobiles other items appliances and Consumers are spending sub stantial sums hut they are not spending heavily enough to give economic activity a real upward thrust The disappointing consumer buying is reflected in factory reluctance to hire more work ers and in smaller factory or ders for steel copper alumi num and other raw materials Businessmen are building factories ordering less equipment than they would purchase if their sales volume were rising at a fust clip They have idle pro ductive capacity and are loath to add more facilities that will not be used until consumer de mand perks up There is a great deal of talk about how fine it is that the American people are that individuals have large fi nancial resources that they can spend if their incomes are re duced by a business slowdown But some experts fear that the building up of those assets may cause the slowdown that theyre supposed to be protect ing people against Photnfax PUSH SHOT Les Johnstonc Mason Citys star representative on inter national golf links uses her croquettype putter to bat in a birdie putt on the 15lh green at the Womens Western Ama teur championship in South Bend Ind She won 43 over Mrs Richard Fulmer Indian apolis ferenccs with theSenate This also would free adminis ration strategists to concentrate their fire on the floor at a pending proposal to bar all aid to Com munist countries They hope to kill this and then get the con ferees to scuttle a similar pro vision in the Senate measure Also to be delayed until the joint meetings with the Senate was an effort to eliminate a sec ond controversial block aid to countries that take over USowned property withou fair payment The aid bill appeared on the verge of a vote on passage and it was decided not to delay this vote by a fight over Wednesdays surprise amendment to prevent the United States from helping the UN out of a financial crisis by buying half of a million bond issue The proposal by Rep Exgovernor of Missouri wife killed JEFFERSON CITY Mo Former Gov and Mrs James T Blair were found dead in their home west of Jefferson City Thursday It was believed they were killed during the night by escaping gas Their dog also was found dead in the house Sheriff Horace Debo said the Blairs apparently left the engine of their car running in the garage attached to the house and deadly m R Gross Rlowa approved PICNIC AT PROTEST North Iowa Partly cloudy scat Partly its a question of whether the chicken or the egg came first Are people saving because they have ample stocks and dont want to buy the ap pliances and are they not buying because they want to save One Washington expert who has been giving much thought to the savings problem is Harry S Schwartz adviser to the Fed eral Home Loan Bank board here What Schwartz suspects is that the countrys financial in stitutions arc making it loo at tractive to save That may be a shocking sug gestion in a nation which be lieves that thrift is one of the great vivlues hut Schwartz fears that we may be having too much of a good thing The Savings and Loans want your money So do mutual sav ings banks commercial banks and other institutions They have been bidding against each other for deposits Schwartz is afraid that a number of supposedly staid fi nancial institutions have be come infatuated with the idea of growth and are seeking more deposits even though they know that they will be able to put the money to work profit ably only by placing it in rela tively risky investments II is clear from many bits of evidence that liquid savings arc growing faster than profit able sound outlets for invest ment Schwartz urged savings ex ecutives to consider some of the similarities between cur rent conditions and the situa tion that existed in the laic 1920s just before Hie Great De pression Savings institutions again have raised their interest rates to a postwar high and the in flow of savings once more is at a borrowing dc mands are weaker tered showers and thunder storms through Friday Warm er Thursday night lows 65 to 70 Highs Friday in mid 80s Iowa Partly cloudy scattered showers and thunderstorms through Friday Warmer Thursday night lows 65 to 70 Highs Friday mid80s north to near 90 south Further out look Partly cloudy scattered showers thunderstorms Satur day little temperature change Minnesota Mostly fair through Friday highs in 80s GlobeGazette weather data up to 8 am Thursday Maximum 86 Minimum Gi At 8 am 75 Sunrise Sunset carbon monoxide fumes were sucked through the air condi tioner A maid called the highway pa trol after she reported for work Thursday morning and couldnt get into the house Debo said the former governor who seryed from 195761 appar was wrong and had tried to get put of the house Both he and his wife the former Emilie Chorn of Kan sas City were in their night clothes EXfOWAN DIES CORTLAND NY Carl D Reed 79 former Broadway theatrical producer died Wed nesday in Cortland Mcmoria Hospital after an illness Reet was a native of Perry Iowa Chuck under a packet of heroin NEW YORK There were so many passersby stopping a the baby carriage to chuck the 1monlhold infant under the chin that detectives couldnt iclp but notice They looked into the carriage loo and arrested the parents Mr and Mrs Wil iam Johnson Under the infants mattress in the carriage the letectives found eight packets of heroin they reported Wednes day lowan loses out in Universe pageant MIAMI Fla entry in the Miss USA contest here 124 to 112 vote would block the purchase until all other U members paid their back debts to the world organization In another development in connection with U N bonds the administration gave its en dorsement to a proposal to al low U S citizens to buy peace bonds to United Na tions Undersecretary of State George C Me Ghee supported the bill in testimony before the Senate Foreign Relations com mittee But there was disagree ment among members on how the revenue should or could be used FROM OUR WIRE SERVICES Big tax cut for business Should help the economy WASHINGTON AP A SHi billion tax cut for American business was announced Wednes day by President Kennedy who said it will spur economic growth and create jobs The action per mits larger tax deductions for firms that keep their plants up to date Secretary of the Treasury Doug las Dillon pointed to the move as evidence that the Kennedy ad ministration is probusiness And he predicted an immediate up ward impact on the economy The steel industry which had a notable fallingout with the ad ministration over an April at tempt to raise prices will ha among the principal beneficiaries of the tax changes However the effects will be felt by all and and by all professional people and farmers Vanishing with the announce ment were whatever slim hopes might have remained for a bal anced federal budget in the 1963 fiscal year which began July 1 The revenue loss from the tax changes will in itself more than wipe out the surplus which Kennedy forecast in Jan uary However Dillon emphasized that the Treasury expects much of the loss to be offset after the first year He said part if not all of the loss be recouped oneupsmanship for being thejwhich European countries would as higher depreciation charges Photofax ing in Regina Sask Marchers protested Jean Paxman and Mrs Shirley the governments compulsory medical Schwartz tboth of Regina Sask sit on care insurance plan charging that the a blanket and have a lunch with their program was having a deteriorating ef children before the start of a protest feet on treatment rally in front of the Legislative build Everyone qefs oc t LONDON Americas Telfirst to bounce a television picipool their resources and send a star mans newest tool ot from the eastern side picture on July 23 Other developments director of the Texas State Agricultural Stabil zation and Conservation Serv ce ASCS told Senate investi gators that warnings about some of Billie Sol Estes contro ersial cotton allotments failed 0 get to county officials in Texas who approved them Poll judiciary chairman Emmanuel Celler D Y introduced a resolution to force to the floor a Senate passed resolution to bar pol axes as a voting requiremen n federal elections which precedes the Miss Uni verse pageant failed to qualify for the finals Wednesday night She is Marie Prusha 19 daugh ter of Mr and Mrs Allen Prusha Marshalltown nunications touched off a chanjthe Atlantic off the Telstar and el war between Britain andonto U S screens ranee Thursday j The British Broadcasting British newspapers accusedlCprp charged the French with the FtenCh of under The French quickly explained that their Telstar telecast mere ly was a test and did not reak the agreement at all Freivcn ofticials were deligYvted million in stocks stolen NEW YORK UPI Mon than one million dollars wortl of negotiable blue chip certificates have vanished from a leading Wall Street brokerage firm and two men have been ar rested trying to peddle some of them police disclosed Thurs day District Attorney Frank S Hogan said there was a strong indication the stocks were stolen Hogan put Ihe value of the slock at million but the brokerage house Bache Co said the stock was worth million Authorities said the two men under arrest and being ques tioned were Alan Louis Fisher 55 and Isidore Gorlilsky 41 both of New York ews in a nutshell FROM OUR WIRE SERVICES Winnie develops a cold LONDON Sir Winston Churchill has de veloped a bronchial infection a special hospital bul letin said It was the first mention of a chest condi tion which could complicate his convalescence from a fractured i left leg that also has brought on a throm bosis or blood clot France pays off debt Treasury announced that France has paid off ahead of time million of its postwar debt to the United States The pre payment included all of the outstanding instalments of Frances Marshal Plan loans which originally totalled million Americans opposed MOSCOW An American drew cries of no no when he told a Kremlin conference that West Berlin is part of the Western system and that access to it must be guaranteed Homer A Jack made the statement in a speech to the World Congress on General Disarmament and Peace to which he is an independent delegate with the success of the test as nearperfect pictures from Paris came into American jomes Wednesday night British officials were just as Kennedy said the depreciation reform might prompt business to increase its annual outlays for modernization and expansion by as much as 6 billion The liberalization represented pleased with their own telecastjthe most sweeping overhaul of the o America even though it foltax depreciation system in at owed the French one But the program went on so late it vas after am in hat it did not make the final editions of the British morning papers and thus the French feat drew bitter headlines ncrease the flow of cash to corporations and this money finds its way directly into new invest ment thus creating jobs and tax able income for business and iu Pirates in space cried the janner in the Daily Express The Daily Mail accused the Trench of Gallic oneupsman ship The Daily Telegraph ermed it stealing a march on Britain The Herald proclaimed France steals the TV space show The Mirror charged the French with jumping the gun What made the French tele cast more difficult to swallow in east twodecades It accom alished entirely though adminis rative action and will go into ef fect at once without any action by Congress The purpose of depreciation de ductions is to enable business to set aside each year funds which will be used to replace machine or other business assets when they wear out or become obso lete In essence the revised system involves three key facets 1 The average business will be able to increase by 17 per cent the amount it deducts from tax able income to cover its invest was the fact that it was pickediment in business equipment This up on British television screens will be accomplished by reducing at the same time it was being the length of time during which productive assets are depreciated further through annual deductions To re beamed to America The British were ruffled by Frances ability to place time guides issued in 1342 get perfect reception of the first American telstar telecast while only a Britain was getting fuzzy picture the Treasury published a brand new set of more liberal guides 3 increase in crime rate WASHINGTON FBI Director J Edgar Hoover reported that major crimes committed in the United States last year rose by 3 per cent to a new alltime peak Hoover especially deplored the increase in arrests of youngsters under 18 in recent years GOP factions heal rift WASHINGTON Rep William E Miller R NY said organizers have pledged the National Re publican Citizens Committee will not support any in dividual candidate for the 1964 party presidential nomination Miller the GOP national chairman and Sen Barry Goldwater RAriz chairman of the Re publican Senatorial Campaign Committee have smoked a peace pipe over the issue 2 If a businessman is replac ing old assets faster thanthey For British broadcast officials are being dePreciated he can all this became a tempest in a teapot early Thursday when speed up the depreciation process by spreading deductions over few lumjuu cai jy i mil Mia v Ir they were able to broadcast livee ycars order to J mnrn liKornl for a few minutes to the United States The French program had been on tape The British also were able to clear up the difficulties that had interfered with the first pictures from the United States Wednes day and they received perfect pictures on Thursday mornings transmission Actually there were enough firsts for everyone The first transatlantic telephone call by way of the satellite is scheduled between New York and Paris Friday Shorts smokes rock n roll Strange gods buried in muddy grave AP PllOtOflN VISITS WINNIE Lady Churchill makes a smiling exit from Londons Middlesex Hospital after a visit to the ailing Sir Winston Churchill Hospital author ities reported1 the wartime premier was running a slight temperature with a bronchial infection al though the swelling in his leg had decreased The blood clot followed surgery on Sir Winstons thigh bone broken in a fall at Monte Carlo June 28 CHATTANOOGA Tenn A church group has buried in a muddy grave the strange gods of this world ranging from Sun day school quartettes to a phono graph recording of T h c Devil and the Deep Blue Sea Then Jacob said unto his household and to all that were with him put away the strange gods that arc among you and be clean and change your gar ments read the Rev Ed Taylor from Genesis The pastor of the Hillcresl Bap tist Church read the passage Wednesday night after some 40 members of the church threw ob jects to the bottom of a pit where their new sanctuary is being built Taylor said a huge clock was dashed asunder in the pit to sym bolize that the new church will have no clockwatchers A television set and a rock n roll record called OobaOoha Ooba were tossed in along with a copy of John Steinbecks new novel The Winter of Our Discon tent However most of the literature buried was Sunday school quar tettes The minister said he and his object to religious ma terial which uses the Revised Standard Version of the Bible for reference Some women threw in womens shorts and toreador pants and several persons added packs of cigarettes The minister said the ceremony was an expression of faith claim more liberal deductions a businessman will have to show ifter a threeyear transition pe riod that his replacement prac ices are in line with his deduc tions 3 The Treasury for the first ime is giving ax uniform formula for determining whether an indi vidual company is depreciating equipment at an acceptable rate This is expected to reduce squabbling between businessmen and the Internal Revenue Serv ice On f fie inside Editorials Page 4 Comics 8 Society News 91011 Sporls 1314 Iowa News 15 Latest Markets 16 Mason City News 1617 Clear Lake News 13 SAME DATE1HIJ11
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