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About La Grande observer. (La Grande, Or.) 1959-1968 | View Entire Issue (July 1, 1959)
-vjr rift fc ji REPAIRING Oscar Renas, above, is helping to repair the Grande Ronde Apartments. Remas is working on the third floor which will be rebuilt. PUT YOUR NAME Spirited Is Due By FRANK ELEAZER UPI Staff Writer WASHINGTON (UPI The way things are going the most spirited patriotic display around here on July 4 will take place on the roof of the capitol. Starting at 12:01 a.m., when the new 49-star flag becomes official, a crew of maybe 10 capital po lice will lay aside their law books and pistols and spell each other for hours running flags up and down a battery of five flag poles. According to capitol architect J. George Stewart, this could go on through the dawn's eirly light, all day, and maybe into the night, depending on certain factors like whether you, too, want to get into the act. 4 Based on present indications, at least 1,000 scout troops, Legion posts, Chambers of Commerce, and ordinary taxpayers are hop ing to acquire the first 49-star flag to be flown over the capitol. Barring acts of God, like thun derstorms, Stewart will see to it they all get it, almost. Specifical ly, each applicant will receive a 49-star flag duly certified to Jiave feeh flown over the capitol the first day on which this was legal. Of course the first flag to be flown over the capitol will go to the new state of Alaska. Ike Signs Measure Raising Ceiling On National Debt WASHINGTON (UPI) Presi dent Eisenhower late Tuesday signed into law a bill raising the legal ceiling on the national debt to a record peacetime level of 295 billion dollars. He also beat a midnight dead line by signing a bill to continue high Korean War tax rates on corporations and such consumer items as liquor, cigarettes, beer and new cars. The President had requested both measures, and signed them without comment. Earlier in the day he had signed a bill authori zing the Veterans Administration to raise the maximum interest rate on GI housing mortgages from 4 per cent to a record high of 5Vt per cent. Without the debt ceiling bill, the debt limit would have dropped to Hermit Examined By Psychiatrists i LOS ANGELES (UPD-Dennis Farrell, the hermit of Griffith Park, was under observation to day, in the psychiatric ward of General Hospital. , The 32-year-old World War II veteran voluntarily left the bush studded hills of the 4,200-acre city-owned park Tuesday for the first time since turning his back on civilization six years ago. Bearded and in tattered cloth ing, Farrell would say only that he wanted to talk to a policeman who had questioned him briefly on a prowler complaint last April but then released him to return to his lonely life. . The North Platte, Neb., man said he lived off wild fruit and picnic leavings in the park during his long stay there. He was com mitted Tuesday for 72 hours to determine his mental competency. Mrs. Hatfield Enters Hospital In Salem SALEM (UPI) Mrs. Mark Hatfield, wife of Oregon's young governor, entered Salem General Hospital at 4:35 a.m. today for delivery of her first child. However, the baby had not yet arrived: Mrs. Hatfield, known to her friends as Antoinette, or "Tony" was attended by Or. Charles Mills at the hospital. IN THE POT Patriotic Display In Nation's Capitol Stewart won't like me for this, but actually it still isn't too late to put your name in the pot. An air mail special to your Con gressman, enclosing to. 80 to cover the cost of a brand new, beauti ful, 5 by 8 flag, or $2.35 for one just as pretty but only 3 by 5, is all that's required. Just tell him you want a flag that has flown over the capitol on the Fourth of July. He will buy the flag in the House station ery store and those prices are about half what you would pay elsewhere) and pass it along in its red, white and blue box to the architects office. As of Monday, that office was awash in red, white and blue boxes, awaiting the historic day. Of course, there are always some people who have to be dif ferent. They are asking for the last 48-star flags to be flown over the heads of the Congress on July 3. But to get in on this you will have to supply your own flag. The stationery store is sold out of these old-fashioned models. Congress got into the flag busi ness so long ago nobody remem bers when. The original idea was to award some worthy group the tattered remains of the big 8 by 12 flags that fly rain or shine and 24 hours daily Irom the East and 283 billion dollars at midnight Tuesday night or about two bil lion dollars below the amount ac tually owed by the government. The treasury has predicted that in the government bookkeeping year which begins today the debt will reach a high of $293,500,000. 000 next Dec. 15. It sought a limit above that, however, to provide some elbow-room in debt manage ment. The President's signature on the tax bill prevented an automatic drop in tax rates' at midnight Tuesday night which would have cost the already hard-pressed treasury about three billion dollars in revenue. The current high rates were put into effect during the Korean War to help finance the fighting. They have been extended since on a year-to-year basis. , The legislation retains the 52 per cent corporation tax rates, which otherwise would have fallen to 47 per cent at midnight. In ad dition, the tax bill provides for a tax of eight cents a pack on cig arettes instead of seven; $10.50 per proof gallon on distilled spirits in stead of $9: $9 a barrel on beer instead of $8; 10 per cent on new passenger cars instead of 7; 8 per cent on auto parts and accessories instead of 5. . It also forestalls reductions in excise taxes on wines. - DIVIDED TOP, LIGHTWEIGHT STURDY PLASTIC Pifm AO Picnic Baskets reg. 6.98 g)3 1 GAL. SIZE, SPOUT TYPE, ' INSULATED, STURDY PLASTIC An Picnic Jugs reg. 4.98 j3 MELVILLES 1431 ADAMS LA GRANDE OBSERVER Observer, La Grand, Or., Wed., July 1, 1959 Page 9 Soviet Fair Impresses Ike; Opens For The Public Today NEW YORK (ITU-The Soviet Union lets the paying general pub lic into its bright show of Russian lile and know-how today. President Eisenhower previewed the (air Monday pnd pronounced it remarkable. He lifted a glass with Soviet First Deputy Premier Frol R. Kozlov and said: "To your success." Kozlov in a speech said there must be peace through ne gotiation. Kozlov ribbon-snipped the 40-day show into an official opening Monday night. Wednesday he is ex pected to turn to graver matters such as the Berlin crisis and a summit meeting during a White House visit. West fronts of the Capitol. Business Step Up But these didn't wear out fast enough to meet the demand. So along about 1937 some bright member just bought a new flag and took it to the people in charge. "Just let it flutter a minute and then give me a letter to cer fify that it did," he requested. The word got around and Con gress' flag business has been fly ing high ever since. Last year 2,850 emblems went out, each with an appropriate letter from Stewert, certifying to its historic flight. Stewart, in his letter, doesn't actually say how long the flag flew in its honored position. If asked, he says several minutes afloat in the breeze is what he shoots for but that when business is humming, something less may have to suflice. Atom-Powered Plane To Cost Ten Billion WASHINGTON (UPI) - The De fense Department's research chief has told Congress the eventual cost of developing an atomic-pow ered plane would soar to at least 10 billion dollars and possibly much more. This huge estimate came to light in hitherto secret testimony on Air Force construction approp riations, made public today by a House appropriations subcommit tee. In the government bookkeeping year which began today, the, ad ministration plans to spend about 150 million dollars on nuclear-powered aircraft. This would bring to tal spending on the project to about one billion dollars over a period of several years. Dr. Herbert F. York, director of defense research and engineering, implied to the subcommittee, how ever, that the outlay so far has been just a drop in the bucket compared to what the total would be. "If anything is to be done in the way of application of nuclear energy to flight, it will, not be done for less than 10 billion dol lars or some multiple thereof,'' York said. "That is going to be very expensive, if done." His estimate reflected a major reason for the administration's re fusal thus far to put the program on a "crash" basis, as demanded by some congressional critics who predict Russia will put a nuclear powered plane into the air before this country does. York appeared June 8 during closed hearings on the adminis tration request for appropriations totaling $1,563,000,000 for construc tion by the armed services. WO 3-3223 Today, while the customers start clicking the turnstiles at the New York Coliseum at $1 for adults and 50 cents for children. Kozlov scheduled a visit to the Ideal Toy Corp. here, producers of dolls and plastic toys, and a later drive to the shipyards at Camden, N.J. Vice President Richard M. Nix on, wno snared the speaking po dium before 1.5O0 invited guests with Kozlov Monday night, toured the six acres of Russian exhibi tion and called it "very import ant." Nixon will open the American National Exhibition in Moscow next month. In his address he said it was not expected that the exchange of exhibitions and the Nixon-Kozlov visit exchange would resolve the basic differences which exist between our govern ments." But the Russian and American peoples instinctively like each other, he said, and the ex change should help reduce misun derstandings. The vice president said that he was convinced that after Kozlov tours and studies the United States he will return to Russia "con vinced that not only is this nation strong materially but that it is 1 tv" k' " ' -Ay en -) Ur s: - ;-$ A qL ) fY'y A p f mm:A & MVy Hi BEER 1 mHy.M0 ' k, united behind the leadership of our President in working for . . . peace, justice, and freedom. "' Keitov Greets Ikt Kozlov, a joviul, graying man of 50 years, grasped President Ei senhower's hand late Monday when the President entered the Coliseum after a flight here from Washington. He helped escort the President through the exhibition from sputniks to atomic reactors to autos to oil paintings. Pausing before the model of the big new Soviet atomic-powered icebreaker Lenin while Ike ad justed his glasses and peered into a cutaway section of its power plant Kozlov remarked: "That's what we use atomic energy for." "I've been preaching that for six years," Eisenhower told him. In a visit of more than an hour, the President drank orange juice, heard some Russian hi-fi music (it sounded like jazz, in French I, liked one of the Russian small, 45-horsepower automobiles, termed Soviet oil paintings "striking" and "strong'' in character study, and told Soviet Ambassador Mik hail A. Menshikov the whole ex hibit was "remarkable everyone will like it." refreshingly different Noted for its lightness, favored for its taste . . . Olympia has the refreshing character of a breeze at the beach. Like exceptional beers throughout the world, Olympia is famed for its rare brewing water. Water that is pure . . . water that is perfect . . . just as it flows from the earth. This extraordinary water brings out the best from premium hops and grains... achieving for Olympia good taste that is always just the same, yet refreshingly different. "Its the Water "that makes the difference Vuitortart aluny uvlcomt to On o Stock Market Experts Speculators May Learn By ELMER C. WALZER UPI Staff Writer ' NEW YORK i UPI (Speculation is growing rapidly in stocks to the point where some of the new speculators may be taught lensons the hard way. two Wall Street experts warned. Rudolph L. Weissman, econo mist, and L. O. Hooper, analyst, for W. E. Hutton It Co., write on this "Stock Market Fever" in ihe current "Challenge" maga zine, published by New York University's department of econo mic uffuirs. "There is a real danger that Ihe new generation of speculators who never have known adversity may become too confident," they assert. "In some cases, prices have already exceeded corporate price earnings ratios, and future pros perity has been discounted further ahead than is safely predictable. "Speculators and gullible get rich quick buyers of - common stocks may have to learn that capital gains and growth cannot be relied upon to occur wilh mo notonous regularity week after week." ' They find speculation in this generation is no different than it has been in the past. Speculators only want a "quick killing." They care nothing for company earnings, financial condition, divi dends, management prospects. Investors Abandoning Caution The two experts have noted a growing number of investors aban doning their usual caution; people Amtrica't Etttpttonoi Brurit," Olympi 8rwn$ buying stocks who never bought before; wealthy turning from in vestments such as tax exempts well-suited to their portfolio to common slocks to "get on the band wagon" and to hedge against inflation. Odd-lot purchases have risen. Market volume has gone up with the turnover of shares listed reaching 20 per cent for a time this spring. Brokers loans are up. All these, say the experts, reflect KH'culution. Hut this speculation is different from that of 1929 it is noted. Ex cesses now seem to be concen trated on less important industries contrasted with the blue chip speculation of 30 years ago. It's the electronics and space age stocks at the present time. There are many other differ ences between this market and the one of the late 1920s. Here is how the two financial experts describe the situation: The attitude of the financial community is more intelligent. Brokers' loans are much smal ler than they were in the fall of 1929. "With present margin require ments of 90 per cent fixed by the Federal Reserve Board a deba cle similar to October-November, 1929, does not seem possible." Short selling is regulated now and so are operations of special ists and floor traders. The Securities and Exchange Commission and New York Stock Exchange are more vigilant. Industry is much sounder finan Co .Olympia. Wa$h ,V 8 A..$.00to4:30tvry day. Say Some Hard Way cially. Accounting practices are sounder. "Here and there exuberance Is leading to some doubtful prac tices, but in the aggregate they are not of great significance." Speculation Wat Poiwn The writers note that ufter the 1929-32 bust, speculation in stocks was poison to the general public which wanted no part of share ownership. "For the past 12 years, how ever, the ownership of stocks has been highly profitable, and they have become the most satisfying experience on acquisitive person can have," they assert. Weissman and Hooper believe the rate of turnover of the market will have to be much more rapid before the boom in speculation causes severe damage. "Up to now," they conclude, "permanent stock ownership has proven to be more profitable than speculation, and unless the regu latory authorities and the finan cial community abandon their pol icies completely, any shakeout in the stock market probably will not set forces into motion that would seriously impair the proper functioning of the economy." For Beautiful N.w Surfacing In Kitchen or Play Room GET , Formica or Cons o weld MILLER CABINET SHOP Jefferson and Greenwood t