p:ge two
TO
New System 'Contains Fea
- tures Similar to Federa
Reserve of United States
Huge Sum Is Pledged
By Morrli J. Harris
SHANGHAI (AP) Hoping that In
unity there It strength, 39 "foreign
style" Chlu.se banks here hive form'
a joint reserve board.
It u aimed at averting a repeti
tion or the tense money situation
that followed the outbreak of recent
hostilities.
The new system contain many
features similar to the federal
serve system of the United States,
Pool Hug Assets
The Joint reserve board, at Its
name Implies, la custodian for a huge
pool of assets deposited by the mem
ber banks. Highly negotiable secur
ities will be Issued against thla re-
aerve fund.
The plan thus serves a pair of pri
mary functions. It provides mem
bers with ready cash In time of stress
and creates, furthermore, a aystem
of secured notes which are expected
gradually to displace the old "native
ordera" as media of exchange,
Under thla plan, member banks
nave pledged for deposit asseta ag
gregating 75,000,000 Bhanghal dollars,
or about 17,500,000 In gold. These
properties are all readily convertible
into cash and Include Shanghai real
estate, commodities for which there
la ready demand, marketable stock
and bonds, and gold coin. ,
Issue Big Currency :
Notes and certificates up to TO per
cent of the pool will be Issued In the
following proportions: Joint reserve
note, two-nrths; security certlfl'
eatea, two-fifths: Joint treasury cer
tlflcates. one-fifth.
The Joint reserve notes will be In
denominations ranging from 900
taelt (about 1107 gold) to 100,000
taels (about 133,800 gold), They will
be payable In cash upon presentation
to in board.
Ll Ming, general manager of the
cnemang industrial bank, it chair
man of the board. Its manager la
rarer tnu, wno la only 93 yeara old,
He learned his business In the Nat
ional city bank of New York.
AT
TAMPA. FIa(AP) Kddle riynn't
prowess In the ring aa an amateur
boner hea brought him many offers
to turn pro, .
But the youthful Tampa fighter
telle them all "there'a nothing do
ing." He prefer to continue his
study of dentistry at Loyola unlver-
any at new urieana and save hit
chtnce for an Olymplo berth.
OVERSSSLOANSBY
BRITAIN ARE COSTLY
WOKINO, England (AP) Over,
aeaa lending by Oreat Britain ahould
be "sifted and Ita destination exam
ined." Sir A. M, Samuel, 'member
of parliament, aald In a speech here.
"In the past 90 yeara British sav
ings have been lost In over-teas in
vestment to the extent of between
8,000.000 and 130.000,000." he aald.
"which would pay nearly half the
national debt.
MYSTERY FIRE TAKES LIFE OF ONE
r
Amtwtd Pttn Fktf
r ' dm
Mr. Ellitbeth Koeber, 78, (left) died two hourt after being fear
fully burned in the Free Methodist church paraonag bttamtnt at
Hlllsboro. Or. Her daughter. Rev. Nathalie Koeber, (right) found
the elderly woman with clothing burned from her body and gag of
loth and wood chlpt In her mouth.
LITRE CHANGED
PORTLAND, June tWAP) Little
change la reflected In the market
for dairy product. The decreaalng
supply of butter u making lttelt
felt In the local trade, but operators
generally have been adverse to quot
ing an advance through fear of cur
tailing the demand.
Prices appear ateady for print
and cubes on the open market with
demand at leaat normal.
Butterfat la holding ateady.
Market for egga contlnuea to re
flect weakneaa with more or leaa
shading of prices In the home terri
tory. Outside interest are aald to
be offering egga freely below the
local price standards.
Further lowering of chicken prices
la shown In tpotar
Weather conditions have been
against melon prices here and re
duction! In both cantaloupe and
watermelons are announced.
Prlcea continue weak In the atraw-
berry market here with receipt
liberal and demand a trifle aoggy.
With gold dollara decreaalng. there
more demand In that Una.
Llveitock.
PORTLAND, Jin (AP) Cattle.
50! ctlvea, ID: about steady.
Hogs 700; iteady.
Sheep and lamba, 500; ateady.
Wall St. Report
Block gal Averagea
(Copyright, 1933. Standard Statistic
Co.)
June 8:
Today
Prev. day
Week ago
Year ago
SO
Indl's
39.9
.. 39.9
.. 97.9
..101.9
30
Br"
148
14.1
14.4
71.4
30
Ct't
94.9
94.9
93.7
199.8
0
Total
39.9
99.9
89.8
loa.e
Bond Hale Average
(Copyright, 1632. standard Statistics
Co.)
June 8:
30 30 30 80
Indl's Rr' Ufa Total
Today 653 83.8 74.0 81.0
Prev. day 8941 84 4 74.4 81.8
Week ago 84.8 48 9 71.8 88.3
Year ago 82 J 98 4 100.9 83.8
NSW YORK. June 8. (AP) The
ttock market quickly ran out of buy.
Ing power today, after a morning ral.
ly oolnoldent with a squeeze of ahorta
In Auburn, The list settled back
during the afternoon. Numerous ad
vances of 1 to 4 point were lost, and
the close found aome leader a little
tinder yesterdays' final low prices.
The closing tone was ateady. Trans'
action aggregated 1,100,000 sharee.
Today'a closing prloe for 18 se
lected stocks follow:
American Can
American T. 8s T. ,,...
Anaconda . .....,..
Curtlaa Wright ....
General Motors ..,
Int. T. s T.
LA GRANDE, Ore., June 8. (API
Emphasising the point that a need
of Intelligent, well-educated leader
ship In the world today makes
chool more Important than ever,
B. T. Irvine, Portland editor and
member of th tut board of higher
education, delivered the commeno
merit here yesteixlay afternoon at the
normal school.
Portland Produce
PORTLAND, June . (AP)
Country meat telling price to
retailers: Country-killed hoga beat
butchers under 100 lb., 88Vic:
ventre, bo to loo lbs., 811 a 7c: lambs.
7 c 8c: yearllnga. 8c: heavy ewee, 3 a
8c: canner cowa, 8c; bulla, 8Vi9c
in.
LIV POULTRY Net buying price:
Heavy hens, colored, 4( lba. up,
iigwi oo mediums, lonno: light,
8c; light broilers, 10 alio: colored
rosters, over 3 lbs., 13 a 14c; old
roosters, go; Dvtcke, Pekln. 19c.
Butter, butterfat, eggs, onions, po
tatoes, seed and new potatoea, atraw.
berrlen, wool and hay quolatlona
uncnangea.
Porthnd Wheat
PORTLAND, Or., June . (AP) '
Wheat luturea :
Open High Low
July .. .40 ti .89 i .49 '
Sept. ......... .40H .40 '4 .40
Dec. .8314 .83), .83 14
Cash wheat:
Big Bend blueatem ....
Soft white .........,.,
Weatern white -.-
Hard winter .....
Close
.49 V,
49H
.93 (4
.83
.84
.93
.83
.93
.81 H
Northern spring ..,
Western red .
Oats No. 3 white. 838,
Today'a car receipt: Wheat 38.
Hour is, corn 8,
Montgomery Ward
Paramount Pub.
Radio
Southern Pao.
8. 6. of Cal. ....,.
S. O. of N. J
81)4
4
81,
I
Hi
8V4
ie
33 4
Trail. Am. ...,............,.,.. 3',
United Aircraft -................. 7?4
U. 8. Steel ...,..... 34 H
Corpt. Truet Share 1.40
DELEGATE TOLD TO
VOTE FOR HOOVER
OREOON CITY, Or., June 9. (AP)
One of Oregon'a delegate to the
Republican national convention will
Ignore the interpretation of the pri
mary law and vote for nomination
of Herbert Hoover for president In
stead of Joseph I. France, who beat
Hoover two to one In the presidential
preference primary in Oregon.
B. L, Meyers, delegate from Eagle
Creek, waa Instructed last night by
the Clackamaa county Republican
central committee to vote for Hoo
ver on the first ballot and on every
ballot after that.
Smashup Caused
By Tire Blowout
6ALEM, June 8. (AP) One wo
man and two men from Seattle were
seriously hurt here late yesterday
when a front tire of the automobile
In which they were riding blew out.
The car was thrown off the road
and waa reported to have rolled over
several tlmee. The accident occur
red near Hubbard on the Pacific
highway.
The best clear Cedar Shingles. 83.00
per 1000. Regular 94.08 shingles.
Medford Lumber Co.
A
FELT BASE
Floor Coverings
12 Patterns to Choose From
22c a Running Foot
32c a Square Yard
WHY PAY MORE?
JOINS OPTIMISM
IE
Hlllah Temple ha Joined the
Bhrln national demonstration of
optimum In connection with the
Shrine convention In Ban Francisco,
July 38-37-38, It was announced
yesterday by Potentate Oeorge R
Chapman.
Th 187 Shrine templea through
out the United Statet are endeavor
ing thl year to put 933,000,000 Into
circulation by sending a large uni
formed contingent of Shrlnera to the
convention at th expense of the
temples. It ha been ettlmated that
If each of the 187 templea sent Ita
full contingent, more than 938.000,-
000 would be placed Into circulation.
potentate Chapman atld, "South-
ern Oregon Bhrlners are joining with
those of the nation In giving their
full support to the Shrine's national
demonstration of optimism.
"The Shrine la an organization
that haa good-fellowship, optimism
ana clean run lor It tdeala. in
time, of gloom and depression, an
organization such a th Shrine can
do It most effective work.
"We deem It our duty this year
to aid In cheering up the nation.
and w of Hlllah Temple of south
ern Oregon, are therefore straining
every effort to see- that our territory
1 well represented when the trium
phant banda and patrol of the
templea of the nation are In friendly
rivalry during the Shrine convention.
."Thl 1 9 year to play harder
than ever, and we deem It our pa
triotic duty to aea that our aouthern
Oregon country la well represented."
1
To Survey Dam Site
PORTLAND, Ore., June . (AP)
R. H. Klpp, executive secretary of
the Columbia Valley association, aald
today he had received a telegram
from United States Senator McNtry
Indicating plan for a aurvey of the
Warrendale dam alte on the Colum
bia river were progressing.
ALAN GOULD
ISSOCUVTED PRESS SPORTS LPTOfl
"Starting out In the spring time,"
saya Prof. Johnny Penal;, "too little
attention la paid to the follow through
by the average golfer. -
"If the moat Important part of
the swing.
"How many do you tee following
through beautifully on the practice
awing, only to tighten up and make
a mess of things aa soon a tfiey see
that little white baU (taring them
In the face)
"The sooner that tense feeling la
removed, the better will be the re
sult.'
Slice Tip
W know of no tur cure for the
old-fashioned and familiar slice but
It's worth trying, a a possible anti
dote, to close the faoe of the club
rather sharply In addition to getting
the left hand well turned over In
gripping the shaft.
With practice It can be deter
mined rather eastly Just how much
adjustment along these ltnet la ef
fective. Travere Roost
Farrell thinks Jerome D. Travcrf.
all thlnga considered, has shown
plenty of his old tklll In making a
comeback aa a business man golfer.
"Jerry waa In a pretty tough tpot
when he paired up with me to play
Burke and Saracen In his first big
match," remarked Johnny. "The
match waa played at bit home club,
before hundreds of friends, and
against competition Mat wat very
hot that day. Also It waa a 38-hole
affair, meaning physical atraln.
"Travel la still hitting hi irons
soundly and he la deadly around the
greens. He never was or will be a
long bitter, but he will hold hi own
with most of them, despite bis long
layoff from competition. He will Im
prove when he get Into better phy
sical condition.
Th good golfer nowadays ha to
be In ahape to play consistently with
the leaders."
Meat Eater
It may or may not prove any
thing but Burgoo King, John I. Day
discloses In the New York Presa, won
the Derby and Preakness on a diet
of fish livers and not anything re
sembling the conooctlon from which
the Bradley thoroughbred get It
name.
The Bradley liable ha consult
Ing dietitian, aa well a an oculist,
It teems, and th diet of "cat feed"
for the King we prescribed after
a conaultatlon.
"No one ever heard of a horse be
ing fed anything In the meat line,"
remarka Day, "but Just as he waa
willing to put spectacles on horses
with defective vision, Col. Bradley
ordered Burgoo King ahould have his
liver."
New Wonderful
Face Powder
Prevents Large Pores
Stays on Longer
For a youthful complexion, use new
wonderful MELLO-OLO Faoe Powder.
Hides tiny lines, wrinkle and pores.
New French process makes It spread
more smoothly and stay on longer.
No more thlny noses. Purest face
powder known. Prevents large pores.
As:: today for new, wonderful face
powder, MELLO-OLO, that suits every
complexion. Jarmln & Woods Drug
Store.
Elf
Hit's a gffeatt
att ttUaese NEW
You can count six layers of
fabric here, but the first
two under the tread in this
tire, (or in any to-called
"six-ply" tire built this way)
do not run from bead to
bead. Some tire-makers
count thcte at "plies," but
they are really "breaker
strips," to we call tbcm that
Believe it or not, you can
buy tires which proudly
wear the name Goodyear
for the prices published
here.
Right when Goodyear is
building the best tires
that ever came from the
world's largest tire factory
prices are down to the
lowest levels of all time.
That's great news to the
millions of people like
yourself who know the
quality of Goodyear Path
finders from happy ex
perience. It's great news to every
one who wants more tire
for his money than he
ever bought before.
Look at these prices and
remember that they buy
big, husky, handsome
Supertwist Balloons
real Pathfinders in value,
built by Goodyear pro
cesses, with Goodyear
craftsmanship and mea
suring up to Goodyear
standards in every way.
Check your present tires
carefully it's a great
opportunity to replace
old, tread-bare tires at
prices so low that you
can afford new rubber
all around.
29X4.40-3I
49
3
Bat-h
la pair
Price fter t4(a
lot l tin 9
29x4.50-20
1 Bach
lo pain
Price net ,
stasis tire J
30x4.50-21
'TP
TJ cii
- la pain
rieefer 85
28x4.75-19
50
'4?
eh
pain
Price frtf t4
iali art 4
28x5.2518
39
5
Kirk
ID peUfl
ex
noU tin
GOODYEAR
SPEEDWAY
29 x 5.QO-I9
72
4
F.fh
In pain
PHt,"" A
iloale bre a
31 x 5.25-21
82
5i
I.ch
Prictper tCfS
WOf tt or 3
30 X 5.00-20
80
45
Each
Pain
uvle urt '4
30x3J-Reg.CL
30
'3;
Bark
d pan
Pric. per
ucLglf) lira j
BUILT WITH SUPERTWIST
Size 29 x 4.40-21 Size 29 x 4.50-20 Size 30 x 4.50-21 Size 28 x 4.75-19
' culvnnivr CHEVROLET FORD FORD CHEVROLET
CHEVROLET CHEVROLET PLYMOUTH
415 'g1.? '57
Inpair. tV In prt . 8JV fa ptir, In pair.
?ric ,479 7 . 5 Pric. -4J price
per angle nr. ) per tingle tir J per tingle dre per tingle tire
Size 29 X 5.00-19 Size 30 X 5.00-20 Size 28 X 5.25-18 Size 31 x 5.25-21
CHRYSLER DODGE ESSEX CHRYSLER BUICK nonr.P
NASH NASH BUICK NASH
'd)l5 i
lop"" fcP"" U In pur, U In pair.
Price aVV5 Price A75 Pric (re) Price .
per tingle tire V per tingle tire V pet tingle tire per single tire 8
Size-29 X 5.50-19 Size-3106:100,"H3 Size-S1X6.5019HD Size-30 x 3W Reg. a
mnrk- nor-. J s,5 f"11 Pli"i . I Si full plies. 3ri
BUICK DODGE m4tu'ir.i nJn. "trJ,ur," FORn-Mnnn t
DURANT AUBURN CHRYSLER FRANKLIN NASH
REO HUPMOBILE -
In P In peirt in p,in la In pair,
per 84 Iperaetire'lOlperetire'l per tire M'
TUXE IN on the Goodyear Program every Wednesday night over N. B. C Red Network, WEAF and Associated Stations
BUY NOW SAVE THE TAX
Medfo&fd Service Station
"YOUR TIRE SHOP"-C. C. Furna$, Proprietor
1&
Mam and Pacific Highway
Phone 14
PACIFIC COAST
MANUFACTURED ON THE