PAGE SIXTEEN SUNDAY, JANUARY 14, 1968 ADVANCE-NEWS

conomic Outlook Excellent In 1st Half

'68; Slight Downturn Then Anticipated pressed fears of inflation, llhe local banker said that there are built-in safeguards in our ec-. onomic system against the sort of runaway inflation ttet soime European countries have ex-] perienced. We can expect about a 2 percent inflation this year, whereas anything from 6 per-cent up is "bad."

Our increasing labor supply-partially from the postwar baby boom and partially from returning veterans of Vietnam-helps to stem inflation, and the devaluation of the British pound also has the same ef-fect, he said. "The effects of devaluation are not too bad on us, as we are competitive in today's world markets, while the British are not."

He added: "If some of our aid abroad

were halted, you would see a drastic reduction in the balance

of payments deficit that there is so much talk about."

Reviewing 1967, the speaker said that at this time last year, there was a minor recessior The administration becam fearful, and an easier mone policy was adopted. Price started to rise, and so did bun iness inventories. Howeve consumer spending remaine low throughout the year, an the rate of savings unusual! high. Defense spending levele out.

During the first half of 198 spending will be stronger, ar the auto and steel indusitrii will be showing the way f< the economy. Incomes shoo be higher as the Ford settle-ment and other union negotia-tions will up wages, and un-employment is down. Higher minimum wages and increased in Social Security payments al-so will take effect.

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"There is a unanimous feel-ing among economic observers that the first ha l of 1968 wil be good, While the second hallf may be down a bit."

TM forecast was offered at PlHirsday's meeting of the Og-irg Rotarv Club at Gran-View by John W. (Jackl Win-ftrop of Potsdam, Chairman of 'he Board of the Ogdensburg Trust Company and a leading mthority on Investments. Mr T.rthrop was introduced by "War.an Robert P. McDonald.

The speaker, in a weH-organ-'/.ed. 20-minute talk, summar-;od the views of leading econ- ( mists and bankers on "What's tad in 1968?" He said that .nost authorities feel that it is 'to late" for a Federal tax increase now that the best time would have been in the last half of 1967.

"Any tax increase enacted by Congress now would not take effect before next August, and by then the economy may have started to turn downward," Mr. Winthrop stated.

As to stocks and bonds, he said that short-term bonds are usually low in price and high in returns at the present time. Long-term bonds are "the cheapest in 100 years and the market is oversold." He said that if a major war should break out involving the U.S., the government might put a ceiling on bond prices.

In common stocks, the earn-ings rate on Dow-Jones stocks right now is about $57 as against $53 last year-" still quite low." Mr. Winthrop pre-dicted a sharp change in the market from last year, when mutual funds and others bought heavily into small companies % "performance" and ran up

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JOHN W. WINTHROP Chairman of The Board

Ogdensburg Trust Company

their prices. The old, estab-lished" standard stocks" will make a comeback in popular-ity with investors, he said, and utilities may do well if the in-dustrials falter.

One odditv of the investment

picture is that many people are buying high-yield bonds di-rectly, instead of through sav-ings and loan associations, which means less business for the latter.

Turning to commonly-ex-

TV Weather Girl Boosts GFs Morale In Vietnam

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By JOHN LENGEL Associated Press Writer

: months ago. Itlemen. In the States it seems , The men here bend over back-like they'll never open a door

SAIGON (AP - Somehow, Tn!ffards- ^ t u r a tato r e a l gen- ! fo r you- T en ' joy beiflg a &1

the massive build-up of men and the equipment of war, they've happily found room for the fond American institution: the weather girl.

Clarkson, Contractors To Co-Sponsor Semina

Under moderating influences, Mr. Winthrop listed:

(1).-Defense spending will be controlled.

(2).-State and locaJ spending also will be controlled, as mon-ey costs are high.

(3). Plant and equipment spending will be about the same, as industry is already operating at top capacity and inventories are high, while it is expensive to borrow money.

Mr. Winthrop answered a number of questions from the loor and was thanked for his talk by Rotarian Howard Brown.

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She*s Bobbie Oberhansly, 23, Red Cross girl, pert blonde, and j Potsdam - The Associated I the application of new tech-confessed do-gooder who once .General Contractors, New York ni-ues that have been develop-had to convince her sewing;state chapter, and Clarkson;ed for planning, scheduling and class at a girl's reform school' College of Technology will co-1 controlling complex projects that she was not an undercover;sponsor a five-day instructional! S e s s i o n s w i l 1 ^ n e l d f r o m 9

social worker. _ seminar in Syracuse for edu-!a.m. to 4 p.m. on each of the It's from Bobbie that GIsjcat0rs, architects, civil engi-lfive days of the seminar. Par-

watching her television show in I n eers and representatives of ticipant reservations at $200 the searing heat of the delta i construction firms on January I for the five days or $80 for the learn: -In Denver today it was;22-26. first two days only will be 30 degrees and clou-ou-dy." : . J accepted until Jan. 17, and

Her five minutes each week-; The seminar will be held a t j w i l I b e l i m i t e d t o 30 persons, day night on Armed Forces!the State University College of acCording to Glavin Television also covers the Forestry at Syracuse Umver-: T h e p r o g r a m w i l l i nciude a weather in Vietnam and rest,!"^- AICcrding> to_ Professor}general introduction, two forms and recreation spas throughout lEdmondJ. Glavm of Clarkson s | of t h e critical path method Ma. These are cued with a son- department of civil engineer-jfCPM) technique, the use of orous announcer's voice saying, jin&- t n e seminar is designed to! f o r t r a n i a n g u ag e anc} its appli-"Let R-and-R open the door to!PTOVide a working understand-1 c a t i o n t o t h e d i g i t a l c o r n p uter, excitement." .ing