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Globe-Gazette (Newspaper) - November 10, 1964, Mason City, Iowa Modern rush on for silver Price nears j melting point By TERRY ROBARDS New York Herald Tribune News Service NEW YORK Silver The very whisper of this word a cen tury ago was sufficient to send prospectors stampeding in quest of the white metal which today is more valuable than ever The supply demand situation for silver has become so tight that its price threatens to spiral past its melting point If it goes much higher than the an ounce at which it currently is quoted it would become profit able to melt down silver dollars into raw silver and sell it on the open market Wall Street has deemed the pressure on silver prices strong enough to warrant heavy buying in the stocks of the nations two largest silver producers These stocks have been among the most actively traded on the New York Stock Exchange in re cent weeks and have been shooting up to new highs almost daily The current soaring coinage requirements of slot machines parking meters and pay tele phones coupled with surging in dustrial demand for the preci ous metal have prompted a Federal Reserve Bank to refer to the situation as the great 64 silver rush The newspaper that makts oil North lowans neighbors Edition VOL MASON CITY IOWA TUESDAY NOVEMBER W OOe Piper CauuU TkrM Om AuocUtcd Pnu Fun Wine No rought threat mounts Tax boss wont push for paycheck withholding Production of the metal is de clining and consumption is on the rise The Federal Reserve Bank of San Francisco has made some interesting com ments on the situation It said If silver consump tion continues to grow at its re cent pace the Treasurys stocks could be exhausted within the next decade or so Thus the overhanging threat of a further runup in the price posed by this depletion creates some anxiety in silver markets The bank points out that do mestic production of silver has consistently fallen short of con sumption throughout the post war period Heavy market and coinage demands last year alone caused total Treasury stocks to decline by 182 million to about 15 billion j Prentis Will leave it up to Governor Hughes DES MOINES chairman of the State Tax Commission does not plan to rush for withholding of the state income tax from paychecks although he favors the idea X T Prentis said Tuesday it is up to Gov Har old Hughes and the Democraticcontrolled 1965 legis to take action on the ithholding proposal Prentis a Republican said it is not up to me to do any ling about it The governor is a Democrat nd if he wants withholding like e says he does all he has to o is ask for it Prentis said he would like to ee withholding of state income axes because we would get axes that we cannot get any ither I want the state o get all the money that is com ng He said he opposes the consol dation of the threemember commission into a single direc or as suggested by Hughes diir Continue teacher boycott 150 still out in Kentucky ounces ounce3 Industrial consumption of sil in the last five years ex panded 28 per cent from 86 million to 110 million ounces This is mainly because silver is a metal of many personalities even though coinage and jew elry are the only uses easily pinpointed by the man on the street The photographic industry is the largest industrial consumer Silver also ranks first among metals in conductivity of elec tricity and heat It is highest in optical reflectivity and second only to gold in ductility More and more of this metal is being used in making elec trica1 contacts switching equip ment batteries and in alloys in the aerospace industry To make coins the use of silver skyrocketed 192 per cent to 111 million ounces between 1958 and 1963 Because of an increasingly tight supply situation prices jumped over the Treasurys support price of 90A cents an ounce in 1959 and users turned to the government as a source of supply So stocks of free sil ver declined from 202 million to 29 million ounces by 1961 Several answers to the prob lem have been offered One is that the actual silver content of new coins could be reduced Al though legislation on this propo sal has been introduced in the the Treasury has taken the attitude that the result might be an inducement for speculators to melt down exis tent coins for their silver con tent Another answer would be to increase production somehow But the f a b u I o us Comstock Lode which inspired the dra matic silver rush of the late 1850s has been almost entirely mined out The silver capital today is the Coeur dAlene dis trict of Idaho where stock mar ket favorites Sunshine Mining and Callahan Mining have their major facilities Oddly enough silver produc tion could be increased because of rising prices for other met als such as copper and lead Silver usually is found with these other minerals As their prices rise and they have been it becomes profitable to process lower grades of ore The feasibility of mining low SILVER Continued on Page 2 North Iowa Weather outlook Considerable cloud n t Mattered showers light rain area Tuesday night and early Wednesday Warmer night in upper Wednesday in Uw Weather en Page 2 LOUISVILLE Ky AP proximately 150 teachers boy cotted the Louisville school sys tem again Tuesday and ignoring a restraining order continued their picketing The strikers who are de manning higher pay and other improvements contended they were acting as individuals am not as members of any union The court order against pick eting was obtained Monday by the Board of Education and di reeled Louisville Federation of Teachers and its members tc halt their strike activity Asst Supt Robert Sander said a number of teachers failed to report at nine high schools and junior high schools but tha elementary schools were operat ing normally Children who found they had no teachers were sent to th auditoriums to spend the day in study The boycott Tuesday to be the same as it was las Wednesday and Thursday when 100200 teachers remained ou of classes to protest the defea of a school tax referendum In Oklahoma a large bloc o teachers demanded a jpa raise by March 1 and said will boycott classes at the star of the 1965 fall semester if de mands are not met In Georgia a teacher walkout ended afte citizens raised money fo schools Cascella of Belleville NJ has been in Louisville consultin with about 150 striking teachers The unrest broke out followin voter rejection last Tuesday of school tax increase The boos would have given city teacher a pay raise and provided mone for school supplies The Louisville Educatio Association urged teachers t TEACHERS Continued on Page 2 ng his successful campaign for reelection A single director would be ine if you have the right man Prentis said But if you dont there is no way to check hi actions I may not always agreewiti the other two members of th commission now but we act a checks and balances on eac other That is goodbecause there are a lot of ways in this com mission that a man could take advantage of his job if he werent being checked Prentis said he also would Like to see the commission au thorized to hire its own legal staff instead of being represent ed by assistants to the attorney general as are all state depart ments We have some cases still on the books Prentis said that have gone through three or four different administrations with new lawyers coming in and try ing to handle them That hurts our continuity be cause the new lawyers are not familiar with the cases and wont be for some time We would be a lot better off and so would the people of the commission had a legal staff that did not change every time we had a change in the attorney generals office Oops Sorry wrong number ST PAUL Minn Karl Rolvaags staff reports that someone from the office of Republican Gov George Rom ney of Michigan telephoned the Minnesota Capitol Monday and asked for Gov Elmer L An dersen Rolvaag a Democrat suc ceeded Andersen a Republican inMarch 1963 BURIED BY workman at right begins the task of digging out autos which were battered overturned and partially burjied by floodwaters and mud in a suburban Los An Photofax geles area not far from the home where Mrs William Miller was swept to her death Heavy rains triggered the mudslide See story on Page 3 Hunt areas of budget savings JOHNSON CITY Tex AP President Johnson is review ing US military commitments looking for possible savings to help finance other administra tion programs To help in the hunt Secretary of Defense Robert S McNama ra and Secretary of State Dean Rusk meet with Johnson Tues day at his ranch home for a toplevel conference The President wants them to pinpoint ways to economize particularly in the defense budget so funds can be freed for other legislative proposals Johnson will send to Congress in January These proposals including broadscale efforts to aid educa HEAVY READING DENVER Colo docs the librarian of Congress read when he isnt working Dr Lawrence Quincy Mumford in Denver for a speech was per using Perry Mason in The Case of the Ice Cold Hands when a reporter approached him Mon day for an interview tion and promote prosperity are still in the drafting stage McNamara flew to the LBJ Ranch Monday for an intensive review of the Pentagon budget He is expected to hold a news conference Bergstrom Austin late Air Tuesday at Force Base By margin of 7 British voting favors Labor party on steels LONDON AP With its first House of Commons vote safely behind it Britains Labor government faced another Tues day night and was confident of success By a margin of seven votes 307 to 300 Prime Minister Har old Wilsons Laborites Monday night defeated a Conservative attack on their pledge to na tionalize steel production The vote Tuesday night was on a Conservative motion of no con fidence in Wilsons government The governments margin of victory was likely to be larger Tuesday night The nine Liberal members who joined the Con servatives in voting against steel naturalization were ex pected to abstain For two hours Monday aloe Scottish Laborites were ground ed by fog in Glasgow Since the government normally has only a fivevote majority in Com mons and two Labor members were ill Wilson appeared to face defeat after only 23 days in office An adverse vote would have forced him to resign o Glasgow pick hi for the vote and the fog kept two Conserva tives away from London But Wilson ordered all Laborites weekending outside the capital in the future to get back by train if a critical vote was scheduled Laborite commentators saw considerable psychological sig nificance in the governments victory They felt it reinforced Wilsons belief that his sol majority ij eaoagh to allow kin to call the parliamentary tune Even if defeated on a snap Commons vote they aid Wil son could demand a formal vote of confidence next day and get it Thus barring an uphcava inside his own party he would be unlikely to lose office invol time for calling new elections to seek a bigger mandate The government closed the debate Monday night with con siderable room to maneuver on the steel issue the most contro versial part of its program The Labor program calls for necessary public ownership of the industry Power Minister Fred Lee in elaborating the fovexnmeati case demanded stttte ownership of the mahi part of the industry Johnson is making a fineprint study of defense spending be cause he wants to keep his next budget under billion The defense budget is the prime target for pennypinching because it accounts for more than half of all government spending billion this year out of an estimated billion Aides said Johnson and Mc Namara discussed ways to keep the highest degree of national security within the owest possible cost They pictured Johnson as eeling that without strict supcr ision the new budget could reach billion to billion They said this would be the normal projection for ycarto year budget increases that re lect an expanding population and existing commitments It is regarded as most unlike y that Johnson will send Con ress a budget that large He is xpected to try to keep it under billion although White House sources say he has yet to decide on a target figure Last year Johnson talked of submitting a budget of billion or more In the end he came up with the recently re vised total of billion which was lower than the budge prepared a year earlier by the late President John F Kennedy Beside seeing McNamara am Rusk on the budget the Presi dent is expected to meet at the ranch Wednesday with othe Cabinet members Powell predicts LBJ to appoint Cabinet Negro SAN FRANCISCO AP Democratic Rep Adam Clayton Powell of New York a Negro predicted Monday that Presi dent Johnson would soon ap point a Negro to bis Cabinet Powell at a conference declined further comment ex cept to say be was not referring to himself Pliotofax SOLAR drawing outlines the way in which a simple solar atill is used in converting salt water into fresh water It is expected to have many applications in situations such as the US Navy base at Guantanamo Bay Cuba where our main source of fresh water is derived by desalting sea water The still works this way Salt water is piped into a collecting tank Heat from the sun is trapped inside and the salt water evaporates as vapor rising collects on a plastic top from which the fresh water trickles down into troughs The remnant salty soup brine is carried off in a drain Cool to offyear GOP convention WASHINGTON chusetts Atty Gen Edward W irookes ca for a Republican convention next yesr to draft a new platform is getting only a lukewarm reception from party leaders A few here and there find it a clarion call for action but most told The Associated Press in a survey they dont see any need for the party to convene before 1968 as scheduled The overriding view is Lets wait for the dust to set tle before making any major decision Or as Victor Smith chairman of the GOP Central Committee in Illinois put it Right now we need sober and reflective thought Brookes idea draws attention partly because it is unique and partly because of his smashing victory last Tuesday while Pres ident Johnson was sweeping the state A Negro who refused to endorse Barry Goldwater Brooke was reelected by al most 800000 votes despite a 1 milliooplus son victory for Johu In outlining his suggestion Brooke said the convention should be held in the summer of 1965 because by 1966 the dele gates should be ready for the congressional election and then get ready for 1968 If they dont he added then we will become rather perilously close to losing the vital twoparty system of gov crnment The idea fell on receptive ears to a degree in Lansing Mich where Gov George Rom ney said it merits considcra tion However Romney added an offyear convention is no provided for in present party machinery In Oregon Gov Mark 0 Hat field called Brookes suggestio premature Before Republican could get together to write new platform we would hav to have a definite reshuffling o the present leadership to get broidcr consensus he said The leadership of course i still in the hands of Goldwatc men Hatficld generally is con stdered in the party liberal o moderate wing fr Tells Demo legislators to prepare Hughes warns against delay DES MOINES AP Gov larold Hughes returned from a VIontana deer hunting trip Tues ay and immediately urged Jcmocratic legislators to start reparations for the 1965 session f the General Assembly It is necessary for those cople to go to work right now md not wait until January lughcs said at a news confer nce We have our work cut out or us he said It is going o be a tough task and will take Icdication from every man and voman that got elected I have no doubt that these people will meet the challenge Hughes plans to meet Friday n DCS Moines with Democrats ivho will serve in the next legis ature The Democrats will hold 101 of the 124 House seats and 34 of the 59 Senate seats as a re sult of last Tuesdays election Hughes said the meeting Fri lay will be mostly a getac juaintcd session although he added that there probably will be some informal action started on the selection of legislative of icers He said it also in important hat preliminary work be done on choosing committees to get legislation ready for action when the session starts Hughes said the new legisla tors would be invited to sit in on the governors budget hear ings which will start next Tues day and continue for about three weeks The governor returned late Monday from Montana where he and five friends got their limit of six deer Hughes said he shot a fourpoint mule deer before sunrise Saturday just after he started hunting The rest werent so easy1 he said I got worn out but it was good for me Hughes said he bagged coyote but missed when he shot at three bobcats FIRST SCRUBBING WASHINGTON Ufi T h e massive ornate dome high above the main reading room oi the Library of Congress is get ting its first cleaning in 67 years May be worst in history Loss of wheat crop threatened CHICAGO AP An autumn drought described in some ar eas as the worst in history has turned hundreds communities into emergency areas threat ened the nations farmers with a multimilliondollar loss in win ter wheat and made forestlands fire traps An Associated Press survey Tuesday showed that hundreds of counties have become eligible for federal aid as wells streams and springs have dried up and water has been pumped to farms The drought his taken on major proportions in New Eng land which the US Weather Bureau said was the worst in he areas history The bureau said the drought has extended or more than six months in our New England stales Farmers scanned the skies jrimly in the Midwest and Southwest as one of the worst moisture shortages in the 20th century began taking its toll on the winter wheat crop In California the drought sit uation was eased by a torren tial rainstorm One of the hardestrhit states is Colorado where the states entire winterwheat crop is near total destruction because of lack of rain The situation also was described as critical in parts of Wyoming and western Kansas The New England drought plagued an area from Pittsfield Mass to Hartford Conn and from Haverhill Mass to Con cord NH The Massachusetts Depart ment of Water reported a 30 per cent water shortage in October and describedthe situation as a statewide emergency Thousands of dairy farms are short of water in Vermont and New Hampshire In Pennsylvania the Crop Reporting Service said the win ter wheat crop has a poor start in a state which has an million agricultural industry Twentyfive eastern Pennsyl vania counties are eligible for federal emergency fed grains and other counties are applying An official said that unless heavy rains come before the ground freezes farmers will ba faced with a water shortage all winter Fifteen communities ara now on emergency water sup plies and some farmers are hauling water for livestock Last month was the driest October this century in Illinois Wisconsin is experiencing its second driest autumn since records were begun in 1892 Twentysix of Minnesotas 87 counties have been designated disaster areas and 26 of South Dakotas 64 counties have des gnated drought areas Secretary of Agriculture Or ville Freeman has declared 14 of Michigans 83 counties emer gency feed areas More than 3 50 livestock producers have been threatened with liquidation of their estimated 38480 head ot ivestock Inside The Globe Editorials 4 Farm news 5 Comics t North Iowa Society news MO11 news J3H markets 16 City news1417 Clear Lake news 18 Transit timetable M Classified 2021 SAM
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