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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Oct. 27, 1960)
Page 6 THE BATTALION College Station, Texas Thursday, October 27, I960 CHRISTMAS SEASON .1 Billion Will Be Fed Economy By The Associated Press WASHINGTON — The Federal Reserve Board cleared the way Wednesday for pumping $3.1 bil lion in additional cash and credit into the U.S. economy during the Christmas shopping season. The board announced it will take three technical actions — two on Nov. 24 and one on Dec. 1—which will allow the nation’s banks to circulate $1 billion additional in currency and boost their lending power by $2.1 billion. A board statement emphasized that the steps would be taken ‘be tween Thanksgiving and Christ mas, the peak season of rising cash and credit need.” Declined Some Statements A spokesman for the board de clined to characterize the moves as an antirecession program. He also sidestepped questions about the board’s view of the business outlook. In response to a series of ques tions' from newsmen, he kept re peating, “The board intends to make ample provision for the credit needs of the Christmas buy ing season.” He added that the three steps might not go far enough to meet the seasonal demand for money and credit. If not, he promised, the board would take whatever additional actions might be neces sary. The spokesman also said the moves are intended to carry out Texas Political Activity Points Toward Nov. 3 By The Associated Press Supporters of the Republican ticket blamed Democrats Wednes day for starting a gold rush among international speculators. The Democrats blamed Republi cans for leaving Texas kids with out a national park to play in. All the political patroling back and forth across the state pointed toward the big date just a week away, Nov. 3, when both presiden tial nominees make a second try at swinging Texas’ 24 electoral Votes. “It is of the greatest importance that the Democrats carry Texas,” U. S. Sen. Thomas Dodd, Connecti cut legislator turned Texas cam paigner, said Wednesday in Alice, Robstown and Corpus Christi. “Thus Texas may well be de cisive if the race is as close as some observers say.” Former Gov. Allan Shivers, head of Texas Democrats for Nix- on-Lodge, told an Amarillo audi ence that Democratic candidate Jack Kennedy is responsible for the current international “gold price war.” Shivers said it would be too much to say that any single factor is wholly responsible for the mon ey market’s gyrations “but how could you expect confidence in the dollar to hold up if a candidate for president gives every sign of get ting ready to devalue it—either directly, or by his fiscal policies? Make Your Christmas Reservations Now beverley braley fours • fravel service Mem. Student Center VI 6-7744 a 1959 law relating to bank re serves. Loosen Credit In recent months the board has made a series of moves to loosen credit. It has said these were made possible by a lessening of inflationary pressures. At the same time, the actions coincided with a slackening in the economy. The board, in announcing its new nlans just 13 days before the oresidential election, obviously knew it ran the risk of being ac cused of partisanship. However, one aide noted that a somewhat similar action was announced in advance last August. “It’s to the advantage of the banks to know this sort of thing in advance,” he said. The board’s seven members are drawn from both political parties and function independently of the executive branch of the govern ment. The board said it will take the following actions: 1. On Nov. 24, the 6,200 banks in the Federal Reserve System will be authorized to count all the cash in their vaults in meeting their reserve requirements. The use of vault cash to meet Reserve requirements was authorized un der the 1959 law and the Reserve Board acted earlier to free some of this cash. 2. Also on Nov. 24, the member will be required to hold reserves equal to 12 per cent of their check ing account deposits. They now have an 11 per cent Reserve re quirement. The use of vault cash, for Reserve requirements will more than offset this rise. 3. On Dec. 1, the Reserve re quirements of “central Reserve city banks” — the big banks in New York and Chicago — will be reduced to 16% per cent from 17% per cent. Keynote Talk To Be Given Fred C. Sandlin, city, manager of the City of Bryan, will give the banquet address at the Public Utility Short Course for Electri cal Metermen, which will be held here Oct. 31-Nov. 4. The banquet session will be held in the Memorial Student Center at 7:30 p. m., Nov'3, with C. B. Rountree of the City of Austin, presiding. Sandlin will talk on “Thule, Greenland, Air Base.” More than 300 persons are due to attend the short course, with high ranking authorities in the fields of public utility, taking an active part, including Lee E, Cook, executive vice president, Texas Power and Light Co.; F. R. D’Etre- mant, General Electric Co., Lynn, Mass.; Glenn M. DeKraker, San- gamo Electric Co., Springfield, 111.; John T. Crutchfield, counselor, Abilene; Floyd Salmon, meter supervisor, Central Power and Light C., Corpus Christi. TYPEWRITERS Rental — Sales Service — Terms DISTRIBUTORS FOR: Royal and Victor Calculators & Adding Machines CATES TYPEWRITER CO. 909 S. Main TA 2-6000 European Study Broadens Senior By TOMMY HOLBEIN Battalion Feature Editor James C. Smith, senior econom ics major from Wiesbaden, Ger many, broadened his education this summer studying and traveling on the. European Continent. Smith, whose father is command er of the United States Air Force in Europe, took six hours’ credit in international political relations and economics of the Soviet Un ion. He attended an extension branch of the University of Maryland, which has overseas education cen ters in 13 European countries, in cluding Germany. “It was an eight week term, and I went to class two nights a week from 7 to 10:15 for each course. The class in international political relations was held in Weisbaden, my home; the other was conducted in Frankfurt, some 20 miles away,” said Smith. Smiths professors included an American who had married a Ger man girl some 10 years earlier, and had settled in the country, and a Hungarian refugee from Budapest who was a freedom fighter in the Revolution of 1956. 1 H001 AND STRETCH NY10N CREW ONE SIZE fITS AU...J1 > < OLYMPIAN CREWS bj Esquire Socks® ^ ‘Three cheers for handsome Olympian Crew Esquire Socks i /...a new favorite with tmdergrads and alumni alike. You’ll under stand why the minute you put them on. Smartly styled, fine ^ fitting and comfortable, they’re a truly wonderful sock for ^sports and casual wear. Colors^ (ORION AND WOOL CREW,A ^ BLAZER TO?...$J £044fud'i “The classes were conducted somewhat differently than here; they were more on the discussion level. Also, I was competing scho lastically with adults many of which already had college degrees,” said Smith. “The classes were made up most ly of career service people, except for two civilians who were re porters on the Stars and Stripes, the Armed Services newspaper,” he added. Smith said most of the students participating in the extension pro gram offered in Europe are in the Armed Service. The government has Operation Bootstraps working, which provides a serviceman’s tui tion if he has a B average or bet ter. Following his two months of studying, Smith and two of his “sidekicks”, a boy from the Uni versity of North Carolina and an other from Florida State traveled over the European Continent in a Volkswagen. The three students first made a tour of the Scandinavian countries, including Norway and Denmark. From there they went to England, and also made a trip to Madrid, Spain. During the rest of the sum mer, the trio made several visits to Paris, seeing as much as they could in one month. Smith, majoring in economics, plans to enter the United States Foreign Service upon graduation next May. * *CHlt#RLN UN0ERI2YEARS - f R£E THURSDAY “BATTLE CRY” with Van Heflin Plus “SAYONARA” with Marlon Brando PALACE Bryan 2-^79 __ NOW SHOWING Mmmr Seven who Y||j fought like IUt seven hundred! rw w a mmm me ,-i! teased thru BE! United Artists QUEEN NOW SHOWING Burt Lancaster In “JIM THORPE ALL AMERICAN” & Victor Mature In “CHIEF CRAZY HORSE” FRIDAY | From i. 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