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Cheney Free Press
Cheney , Washington
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January 1, 1965     Cheney Free Press
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January 1, 1965
 

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Page 8 Cheney Free Press Babson Forecast (continued from page 1) little or nothing. Looi fr grealer selectivity in stocks next year. 1965 may be a advantag- eous time for investors to p very small sums of money into "space" stocks. These are out- right speculations, but so were the ventures f (3olumbus, Magellan, and other explorers of the pst. If there were no risk-takers there would be no progress. Such "investments," however, should be well di- versified and limieed to sums you would be prepared to lose. ; Cash dividend payments should increase in 1965 . .. although at a much slower rate than has been the case this year. No as'sessment of fin, ances in the United SVates can be made without carofutly weigh- ing Britain's plight. We are convinced that unless te Lab- or government adopts strict austerity measures, 0Ie pound will fall be,fore the end o 1965. Until the fate of the pound is resolved, s:hert-term interest rates must be kept high to pre- vent foreigners from withdraw- in,g their deposits held here. Aisa, domes,tic demand for credit pro,mis,es to remain ,strong. Hence, interest rates will edge upward during 1965. Bond Price Erosion There may be same erosion in bond prices as interest rates move upward, but here should be o massve decl'ine unless a real credit crisis devel'opes. In*vestors making new purchas- es would do we'll, lovever, to move upward, but there sluld be no massive decline unless a real credit eriss develops. Investors mking new gurelas- es would d'.o well, tmwever, to stick now to bn,ds ma,tuadng within five years. Someimei during 1965 longer bonds may become goad buys. Inflation fears may rise in 1965; but we do n,ot ok for run,away prices next year as productive capcity is too large. Friday, Ja'rmary 1, 1965 l construction activities slould .... [ prove ,a strong support to gen- ed 2% cut in the corporate in-l oral business during 1965 . . . come Vax rate next year, we[ even aougn we m;esee no took for only a very slig over- } marKea lmprovemem. Some all rise in enrico,rate profits gem m dollar volume will be trothing to coupe.re wh th'is" year's huge 20% exports- stun. Labor disputes will be nu- merous in 1965. M=ny labor pacts can and will be re- opened for wage adjustments during the coming year. Employme,nt will c(mne favorable in 1965, but acdi- tiows to rLls will be m)st nt- iceabte in fields such as tac,h- ing, personal services and gov- ernment work. Unemployment To Stay Little real progress will be apparent in the drive to re- duce unemployment. We are only now ju "touch, ing off" the big new explosio:n in gr'owth of the labor force. Due to risin,g l'abor costs, look for business to turn even more to automation and labor- saving devices in 1965. Pres- sures on profit margins will pur cost-cutting and efforts to raise productivity. Because of rising expenses and overwhelming competi- tion, a further increase in ail- tres will be seen in 1965. As a result of autumn,bile trikes in )ate 1964 and the fear o a possible steel Sh:udvwn in mid-1965, we l'ook for a blge in bttsiness vat, me during the first half of 1965. Good First Half In a nutshell, business should make new all-,time ,highs in early 1965; ,Mter midyear, a tapering,aft appears likely. ttowever, 1965 will set an, other new record. Following the strike irter- ruptions of }ate 1964, personal income :should move smartly ahead to new highs in he first half of 1965 . . . althm'gh the rate ,of ,dvance w"fll slow after midyear. Rosy Retail Picture This projected rise in in- come will be beneficial bo retail trade. And though buying n the second quarter may be, dampermd by heavy income- tax payments due to Uncle Sam an April 15h as a re,salt of lrge.ly due to higher costs. Apartment building  beer, overdone in some sections and a breah,ing spell is ogical. One- and two-family huses could post a small increase, i but the big market for new Imusing is still some years dis- tn.t. Overextension of credit and overambitious operators have put the real estate mar- ket in a bind in many large metropolitan areas. We strongly advise caution in making new commitments, especially in commercial real estate where a thin equity exists. ttowever, even if scarcer than in recent ycars, there will still be opportunities for se- lective purchases ,of real es- teate in 1965. Each area is a law unto itself. Know your lo- cali, ty and study the dire.ction of growth trends. Farm land bought in the path of expand- ing suburbs may be a better 1,rag-term buy in 1965 than stocks. Foreclosures Up Nonfarm real estate fre- cTosures will continue in an upward trend duing 1965. This should be particularly true in regions where over- building of speculative homes has taken place n.d where cut- backs in defense spending cause local distre:ss, such as at Mose Lake. Productive fa'm and t'ht lends itself to me'hanization will not decline in price in ! 965. Rising u.se of farm equip- ment makes it necessary for operators to cultivate ever- larger spreads. This trend is maintairing the deman Mr fertil, e acreage in the farm belt. Ag Prices Static As 1965 begins, prices for agTicultural prolucts re gener- ally well above their lows for 1964. Unlless severe widespread drought intervenes, we l'ook for no more than seasoat trength in agricultural prices during .the year a,h,ead. In a word, we Former Cheney Classmatesl Meet In Frankfurt Three former Ghe,ney stu- dents who started school to- gether in the first grade spent Thanksgiving day to get,her in Cologne, Germany and he fol- lowing Saturday were guests of ,another former Cheney classmate in Karlsrhue. The three young lad,ies are Miss Kay Schadegg, Miss Judy since President Jo:tmson is committed to getting Medi- care passed at this ses,sian oi Congress, 1,oak for hospital, nursing, and doctors' fees to spurt before the end o,f 1965. Even with federal income taxes already slated rto drop a notch next year and with pros- poets excellent trat excise t,ax- (s will be cut, rtioic' n s:h, ould be restrained by the knowl- edge that l.a,cal taxe.s will take another up,twist a,:.d s3ei'3l security lcvk,s wilt rise aa:in . . even fast:,r after the 89th Congrezs enacts Medic're. Climbing capital goods Grafious and Miss Linda Pard- son and the fourth is Mrs. Ben Wiie,y (Nancy Fuss). Miss Schadegg, who has been in Europe several months is employed by a German family in Cologne until after the Christmas holidays. She is t,he daughter of Mr. and Mrs. F. L. Schad egg. Miss GraCious, also. living with a German family, is at Frankfurt where she assists the family with house work and in publishin,g a sm:ll English newspaper, "Germany This, Week," a weekly publication. Miss ra, fious p,ans ,to be home by the first of the year and attend Washington State Uni- versity where she will com- F,]ete her degree in Social S:r vice. Her paronts are Dr. and Mrs. L. V. GraCious. Miss Paulson is a Speci,al Service girl with the U. S. Civil Sc, rvice stai.oned in Han- au, Germany. She is the daughter of Mr. and Mrs. Jo,hn Paulson. outlays will Ie one of the brightest spot for 1965. [ Mrs. WiLey and her husband, Gains over this year cvuld ] Sgt. Ben H. Wiley, are at Karls- run as high as 10%. rhue where he is stationed with the U. S. Army. She is Further progress in United the daughter of Mr. and Mrs. States expo,rts will be harder Roy Fuss. to achieve in the coming year. I Stationed At Friedburg Certainly, if the steel labor [ Also in Germany are Lt. and outlook appea.rs had by mid- I Mrs John W. M,agnuson (Mar- spring,eheavy imports of for- I sha" Miller) who are making e'g s el may e resoea tO ltheir 'home at Bad Neu,heim, a by U. S. businessmen. This resort city, several miles from wou'ld result in a narrowing of our favorable trade balance and have a further adverse im- pact on he U. S, internatioaal bal,ance of p,ayments. See Danger Sign Although we Lore nt fore- casting runaway inai,on for t.965, we do feel that attempts to keep mon,ey easy in this country, n the face of a wod- wide trend toward tighter cre.d- it, will greatl'y increase the danger of a later infl,aoraey blow-off. Conditions remind u,s of the late 1920's wren the Federal Reserve here ke)pt the U. S. Army base at Freid- burg,, where Lt. Magnuso,n is stationed. They let the States e.aNy in November and docked at South Hampton, Erglia,nd and wet on an ,army ,tour o.f London before oirg to Brem- erhaven and to the base at Freidburg, where they will be located three years. Mrs. Magnuson's sister, Miss  Mry Miller, has been in Eur- ope since October. She is a stu- dent at the University of Gren- one, France where .she is t,ak- ing French courses and hopes to earn 32 credits to g,a.duate with her class ths coming FOUR DAY BILLING--A special for the New Years scheduled at the Pix Theatre, featuring "South Pacific." ning Thursday, Dec. 31, at 7:30 p. m., the picture stars Brassi and Mitzi Gaynor. We NEED the many things You .o longer NEED For thoe who are in NEED Our trucks will be in yozr vicinity 2nd Friday of each month Call Mrs. Maddux, 235-6814 for collection l St. Vincent de Paul Society and  Salvage Bureau e 2901 E. Trent Ave. Phone KE 5-2h: . t To Serve Our valued Customers ;m Morein 1965.wage Liberalhikes are cer- nn, der-wigh,hldinglas half of thedUring 1964,will do not see any near-termforces them" it too cheap and too plentiful spring. Miss Miller and Mrs. Even Better in the New Year. ,no rain conces- the year portant uplifting on to support the B.ritish po,urd. Magnuson. daughters of Dr. [, stuns won in the cute and find retail trade in certain farm scene. Hence the eventual co]!a),,e and Mrs. R. F. Miller, plan to And Here's hoping that each month of the New (a other industries in 1964 pro- lines -- such as furs and jew- The situ,alion i.n industrial came from 'n even more dan- spend the Christmas ho,lidays vide tempting targets for the elry -- snuffed by President commodity prices is smew,hat erous levl tether brins onnortunitie to mak ne ,ai to r ,,re = on} " . - . . . . . g .... = o r-r- S e w =, ns wa d atr h steel' unions and secondary Johns,orn's promised excise-tax dffferert. With busn,ess hwad- It is unlikely t;h,a,t th, e Unit- Others stati, on,ad in Germanv "  l !abor groups to shoot at ,n cut.. . . . ..... , m,h, g her m he first half and e.d States will raise t,he prme of are Lt. and Mrs. J. H. Gros,h- ness and prosper,ty. w.( ,oo. me mportant automomm wn ,,aoer eoss scain,g ew old during 965 H,ovever. we arts (Voinda Stevens), both for- rs To the exte.rt -- and this industry should post a n,oheri peaks, industrial comm.od,ity may well see the ea'lling o,f a mer Eastern Washington Sl'ae   sh could he eorsideraMe -- that excellent sales year in 1965, [ prices, wih some exceptions, monetary conferen,ce to deal college students, at Manne,heim U  =, ==-,1    m    ==,=r. ,higher rusts earmo be eom- but as the year ada:n,c:es we lwill push upward at least dur-, wih h,e we,akened British fi- and Mr and Mrs Bruco Jame-   Ir'- ,m ,,irlr ml-?  penstated for by piee hikes feel that gain,s will be harder [ing file ,cemin,g six months. ' n'aneial situation and to at-I son (Shlaron Periins) a}s,o for- mJlrm    in , m- i mm   mm "  ,, mm 0 and greater effiency, proit to come by. - _ , ] , Higher Living Cots i tempt greater liquidity for ] mer EWSC student. He is wihh (i margins wi)l suffer in 1965. Building =o Stay name ] Living co'ses win a}so rise worl, d curreniCies uenerIN I the army recreation rvice at -L' " .... ..... " -" '--  ............. ies Ided, &espte he p'oeet- The powerful bufldzn and I to new all-tme hezghts. And i (to be .eonct,l,e,d next week) I Heidelberg. Marion, Ted, Roy, Helen, Mary Ann, Jim and Rmch ! 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