49tli Stale Seeks
(Capita! Funds
For Development
By Sam Dawson
NEW YORK W — Americans
as well as foreigners are compet
ing today for the Yankee invest
ment dollar.
Perhaps the most competitive
market of all just now is that in
which long-term investment funds
are sought. It is beset by the clam
oring groups seeking the where
withal to develop the frontiers of
which the world still has a huge
supply.
There are a lot more frontiers
than there are dollars.
This clamor is far from restrict
ed to the new nations — the in
dustrially underdeveloped of which
so much is heard.
Many American states and com
munities have competed in recent
years for the funds needed to turn
once agricultural economies into
industrial complexes. The pitches
have ranged from new markets,
tax concessions, cheaper labor,
climate, superior resources.
Some have been remarkably
successful. Some localities haven’t
been able to sell their stories to
the bankers and other investment
sources — perhaps as much as
anything because there just wasn’t
enough money to go around.
And many of the most success
ful. like fast-growing California
still hit the money markets regu
larly, both to build state facilities
and to get new capital for grow
ing industries or for newcomers
linked to the space age.
The 49th state also is seeking
development capital today. Alaskan
government officials and business
are in town to tout the resources
just waiting for the midas touch
of investment funds.
Just now Alaska is out to in
terest New York bankers and other
investment fund sources in a bond
issue — an $18 million program
for the newly formed Alaska State
Development Corp.
And its nitch goes far beyond
just the underdeveloped resources
of the northermost state. Alaskans
have their eyes focused far on the
horizon, the role they see their
state playing in developing the
potentials of all the lands border
ing on the Pacific.
Some see a chance that the Pa
cific lands, from Alaska to Aus
tralia, some day might develop
a trading bloc like the spectacular
Common Market in Western Eu
rope.
For the shorter term they’d like
to develop Alaska’s resources. The
area once known primarily for its
gold, now boasts a big salmon
and king crab industry, a growing
oil and gas industry. It says its
iron ore deposits could be develop
ed, especially for the Japanese
steel mills. Its forests offer huge
supplies of timber and pulp.
And even closer at hand, en
thusiasts say, is the opportunitj
to turn Alaska into a tourist’s
paradise — well, in summer any
way.
SUBSCRIBE TO THE NUGGE1
Fidel Castro . . .
He’s Hooked!
By J. M. Roberts
Associated I'rcss News Analyst
Fidel Castro, who has always
professed to be so afraid of im
perialism, now finds himself jurnn
; ins through all the Soviet hoops,
j He can't even sell a sack of
! sugar, buy a sack of potatoes or
1 possess what he calls an old, slow,
antiquated airplane if it doesn't
! suit the constantly shifting cur
i rents of Soviet policy,
j He’s hooked.
When Moscow wanted to turn
Cuba into a Soviet political base,
Fidel had to permit it, shattering
the illusions of millions of people
in Latin America and in the
United States who were inclined
to wish him well in his effort to
replace a military dictatorship.
When Moscow wanted to turn
Cuba into a military base Castro
had to welcome the unloading on
his front porch of enough TNT
to blow up the last small vestige
of his reputation in Latin America.
When Moscow wanted to pull
the TNT out and run away from
a confrontation with the United
States which had proved unex
pectedly dangerous, Castro could
only fume because neither the So
viet Union nor the United States
had considered him even worth
mentioning.
When Moscow wanted to lie
about who owned the bombers,
Castro had to carry the burden of
the lie and the danger that the
United States would come and get
them, and him along with them.
When Moscow had to discard
! the lie, Castro was the one who
first had to reverse himself, and
admit the Soviet Union can do as
she wishes in Cuba.
It is somewhat remindful of
the princes of history around
w h o s'e succession to various
thrones the big powers used to
fight—except that the princes
were innocent because of child
hood.
Castro, of course, was never
truly afraid of U.S. imperialism.
He wasn’t entirely uneducated. He
did have the example of some
Americans who pursued unen
lightened tactics. But his chief
need was an issue which could be
used as Adolf Hitler used anti
semitism, and one was handy.
That, however, was not his big
mistake. A United States which
was conscience stricken over the
way it had let ousted Cuban Pres
ident Batista get away with mur
der wasn’t going to do any more
than protect its shins from the
new urchin.
But now that shin-kicking is
being done under the direction of
a nation whose enmity the United
States cannot ignore, someone is
going to lose whole handfuls of fur.
Fine Job Printing At The Nugget
Mv thanks and deep apprecia
tion to all of you for your
help, support and encourage
ment in my recent campaign
for U.S. Senator.
It is my sincere hope that our
efforts and associations will
be continued in the future in
the cause for good govern
ment in Alaska.
Sincerely,
Ted Stevens
810 million l ux (ai
R<‘romm<*n<!<*c! In
Advisory Group
WASHINGTON W — Upturn
| in home construction, factor;
orders and personal income during
October brightened the economii
outlook Tuesday as a Presidentia
Advisory Committee recommend
ed a $ 10-bi 11 ion tax cut early nexl
year.
In separate reports, the Com
merce Department announced
Monday:
Personal income rose $2.1 bil
lion last month to a record annual
rate of $445.6 billion.
Construction was started on
129,100 privately owned houses
and apartment units, for a season
ally adjusted annual rate of !.
497,000, up 17 per cent from Sep
tember and 4 per cent above
October of last year.
Orders for durable goods climb
ed 3 per cent to a new high, ex
ceeding the previous peak last
January attributed in part to a
heavy surge of steel orders.
Durable goods sales in October
held steady at $16.4 billion, match
ing manufacturers' sales during
A linnet cjrtH Qnntomhpr nnrl nmiTtl
ing the peak of last spring.
The President’s 21-member Ad
visory Committee on labor-man
agement policy informed him Mon
day that a majority favors a $1C
billion tax cut early next year tr
strengthen the economy and ex
pand production.
In its report on fiscal policy
the committee outlined a double
objective — to increase immedi
ate demand for both consumptioi
and investment, and, in the Ion]
run, to step up the rate of ex
1 pansion of the nation’s productiv
capacity.
VOLCANO ERUPTS IN SIBERIA
MOSCOW UP! — Klyuchevskaj
volcano, Russia’s 15,912-foot crat<
in northeast Siberia, has explode
in its most violent eruption in 1
years, the Soviet news agenc
Tass reported today.
Other vocanoes on the Kam
chatka Peninsula also have growi
active, the agency said.
Tass said the sky over Klyu
chevskaya, highest active volcanc
on the Eurasian continent, wa:
aglow with hot gases. Strong
quakes shook the earth at the foo'
of the volcano and volcanic
“bombs” burst from a side crater
Five IJids Submitted for
Court Space In Sitka
JUNEAU v? — Five bid wen
submitted for furnishing 4,686
j square feet of office and court
' | space for the state in Sitka, Di
r | rector Gene Lubking of the State
’ j Division of Supply said Tuesday,
! The five firms entered proposals
j for lease charges on a 10-year |
I basis and a 15-year basis and ■
submitted estimates on real es
tate assessments and heat and
electricity charges, which would
be subject to adjustment to actual -
costs.
The Hudson Co., Anchorage, bid
$2,717 a month for a 10-year lease,
with a $140.58 monthly dedu lion • .
if the lease were extended to 15 t'
years.
j The Bachner Co., Anchorage, bid
$2,525, with a $171 deduction.
| Howard Hollingsworth, Sitka, bid ,
$3,500 with a $600 deduction. C 8c j
! R Builders. Seattle, entered two
J proposals, $2,625 with a $380 de
1 duction and $2,765 with a $420 j
deduction.
Lubking said the estimates for ,
real estate assessments and heat 1
and electricity costs, as well as ]
15-vear lease proposals, would be
key factors in the final determina
tion as to which bidder is awarded
the contract.
Asst. Revenue Commissioner
Charged with Drunken Driving
JUNEAU — Acting Revenue
Commissioner R. D. Stevenson sus
pended Asst. Commissioner Mar
vin C. Kennedy without pay Mon
day pending the outcome of an j
' investigation into traffic charges ,
’ filed against Kennedy. j
( Kennedy was charged in Magi- ,
, i state’s Court with operating a
’ ; vehicle while intoxicated. He
3 pleaded innocent when arraigned
! on the charge Monday,
i The charges were filed as the
j outgrowth of a traffic accident on
j the Glacier Highway Saturday in
a ! which Kennedy was involved as
:r the driver of a car. There were
d j no serious injuries.
Y
,
ART’S
Barber & Beauty Shop
9:00 a.m. to 8:00 p.m.
Monday thru Saturday
For Appointments
Phone 2590
P/o( Foiled to nioM
I p l>r'n!<r<‘ Sh i'
l .S. c«riff MrxiYo
MATAMOROS, Mexico dPi
Mexican army officials said Tu<-s
iay they stopped a plot to blow
ip international bridges between
Jatamoros and Brownsville, Tex ,
vith the arrest of 1(J men.
They also said the plotters also
ilanned the destruction of several
.laiamoro.- buildings.
Gen .Juan Trujillo said the men
sere arrested in the San Fran
isco Hotel Monday night with
bout 50 sticks of dynamite in
heir possession.
Army officers said the men
ilanned to destroy the gateway
ncl old bridges, the Mexican
>a!ace which house the offices of
he mayor and the governor, the
nilitary garrison, the telephone
ompanv and the municipal bulki
ng
The army named Esteban Ra
il irez as the leader of the plot.
Carnes of the other men were not
eleased.
Dudley Underwood, officer in
■barge of the U.S. Immigration
rnd Naturalization Service in
Brownsville, confirmed the arrests.
Mexican authorities denied the
non were members of the Com
munist party. However, two of the
arrested men are believed to be
pro - Castro Cubans living in
Mexico.
THE WEATHER
Cloudy with occasional light
snow. Lowest temperature ex
pected tonight 10, the high tomor
row 25.
FOR SALE
GOVERNMENT SURPLUS
BUILDING
The U~5. Army Engineer Dis
trict. Alaska. is now issuing I
I Invitation for Bids No. 62-42 J
f for a surplus Army building
' located in Nome. Alaska.
Bids to be opened 2:00 p.m..
II December 1962.
Further information and bid
forms may be obtained in Room
7D, Building 21-700, Elmendorf
Air Force Base, Alaska, or by
writing to the U.S. Army Engi
neer District, Alaska, P.O. Box
7002, Anchorage, Alaska, Attn:
Real Estate Division.
-"I
| Miners & Merchants Bank of Alaska
THE FRIENDLY BANK
i
j
FULL BANKING SERVICES \
To Northwestern Alaska Since 190*
— BRANCHES IN KOTZEBUE and BARROW —
Alexander
utomotive
DIAL 2532
Heuston & Betty Alexander
Guaranteed
Dependable
Fuel Service
LP Gas
and Appliances
ZIEGLER
and
QUAKER
STOVE PARTS
AND REPAIRS
OIL HEATERS
Office: Dial 2561 Res: Dial 2417
DEAL WITH CONFIDENCE AT
Green’s City Fuel and Transfer