Medford mail tribune. (Medford, Or.) 1909-1989, June 22, 1933, Image 2

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Medford mail tribune., June 22, 1933, Page 2, Image 2

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Newspaper Page TextPAGE TWO MEDFOKD IfATL TRIBUNE. MEDFORD, OREGON, THURSDAY, JUNE 22, 1933. New Home Loan Bill As Passed by Congress Is Explained in Full Detail IV la previous discussion of the home owDtn loan act of 1083 attention baa been lven only to temporary emer gency measure to atop foreclosures. It la not contemplated that tha fed eral government snail permanently engage In the field of homa mortgage loana wnlcA heretofore have been successtully handled by private Insti tutions. The bill seta up agencies In which tha investing public may again have full confidence aubject to government aupervislon. This la In line with the entire legislative program of the presi dent, who Is attempting to reorganize business ao that the people of this country will once more have confi dence. In the last few years the corpora tion commissioner of this sute has pointed out that there have been cer tain building and loan associations that nave been run aa rackets. Nearly all of Ihese have been eliminated and there are only a few cases left In thla state where building and loan asso ciations have not revised their policy to conform to the desires of the de partment. This will no doubt be done. If not, competition will In evitably bring about benefits which cannot alwaya be obtained by law. The tint step In restoring confidence In this business Is being taken by the government In the establishment of federal savings and loan associa tions. Protecting Loan Companies . Building and loan associations will, In a very abort time, command the same prestige in the long time credit llel dthat national banks command in the short time credit field. In 1S3I, building and loan losses for the country noiouiuca to amy twenty-sis hunrdethe of 1 per cent of assets. The enviable record enjoyed by theae lnatltutlons for over a hundred years will once more be re-established. Seotlon V of the bill says: "A. In order to provide local mu tual thrift Institutions in which peo ple may Invest their funda and In order to provide for the financing of homes, the board Is authorised to provide for the organisation, exami nation, operation and regulation of 'Federal Savings and Loan Asaocla , tton,' and to Issue charters therefor, Rlvlnj primary consideration to tha best factors of local mutual thrift and borne financing Institutions In the United States. "B. Sue1! associations shall raise their capital only In the form of pay ment on such sharea are are author ised In their charters, which shares may be retired as therein provided. No deposits shall be accepted aud no certificates of Indebtedness shall be Issued except for such borrowed mon ey as may be authorized by regula tion of the board." I wish here to call attention to ttie fact that shares In a building and loan association are not, and never have been, bank deposits, and that ibis law specifically states that shares may be retired as provided In the charter. Quoting from our state code, section 48, a shareholder, other than tesarve fund stockholder, desir ing o withdraw his Invested funds shall give 80 days' notice In writing of his Intention to do ao. On the expiration of auch notice, upon pre sentation of his passbook, he shall be entitled to receive the amount apecl fleld In the withdrawal schedule; provided, however, that not more than one-half of the receipts from the principal of loans repaid and the principal received from the aale of other association, less any sums dis bursed by tha association In payment of Its Indebtedneee and In proteotlng Ite Investments, need be applied to lie withdrawals In any month. This section goes on to say that In case above receipts ere not enough to pay withdrawals that the board of direc tors may authorize payment from aa!d applicable aums the full or por portlonate amount of notlcea up to a limit per Individual, to be fixed by them. Not Bank Deposits. This means just what It says Money Is put Into an association as an investment and not for tha pur poses of a bank account. The money is made absolutely safe and returns a higher rate of yield than deposits In a savings bank. It Is aubject to withdraws! thst dose not interfere with the conduct of the business, but Is less available than In a bank, and In times of depression practical ly frozen. Other features of the federal sav ings and loan bill will be taken up tomorrow. SOUTHERN BLDO. LOAN ASS N. By Hamilton Patton, Secretary. Copper COPPER. June 32 (Spl.) Mr. and Mrs. Oolwell and aon, and Billy Hsger man arrived at Orvle Phllllpa' of Squaw lake to apend a few days. They are from Alturas, Calif. ' At the Beaver creek school election Mrs. iva McKee was re-elected di rector and Mrs. Lee Port clerk. At Vstxlns district, Mrs. Bert Harr was elected clerk and Mrs. Irvin Lewis director. Mr. and Mrs. Watson and son and Miss Morenos McKee arrived Monday to spend a few weeks at John Byrne'a. They plan to return home to San Jose after July 4. Gordon Phelps, who Is working In the O. O. O. at Medford, apent the week-end at Floyd Rlppey'e. Mr. and Mrs. Fred Copple visited at the D. T .Jonea mine on Little Applegate Sunday. Mr. and Mrs. O. W. Ouly and Mr. and Mrs. Floyd Rlppey were In town Tuesday, Local folks shopping In Medford Saturday were Mr. and Mrs; Fred Cop ple, Mr, and Mrs. Floyd I. R!rr7 Frank Ortman, Mr. and Mrs. Irvln Lewis, Mr, and Mrs. Benton Poole and Miss Maude Poole. Many of the farmers atarted hay ing thla week. A group of boys from the O. O. 0. csmp hiked to Squaw lake Saturday. Brush Marines defeated the Oold Dlggera again Sunday. Plans are being made for a big Fourth of July celebration with the neighborhood and the 0, C. c. camp combining. JAPANESE FISHERMEN KILLED BY RUSSIANS TOKYO, June aa (AP) The for- elgn office announoed today the Japanese destroyer Terhlkaze had obtained a copy of an official aovlet report "proving that Russian coast guards had killed three Japanese ltshermen" In Russian waters near Kamchatka peninsula June U. A spokesman said Japan still con sidered the affair as very serious, but la awaiting Moscow's repiy to a pro test made June ao before making further demands. Pierce's Hot H-.ute tomatoes at your grocer's. The r.uailty la fine and the price Is right. McLeod McLEOD, June 3a. (Spl.) Berry harvesting is In full swing In this district with a good demand for well handled fruit. The heavy freeze of last winter cut down the quantity, but the alze and fl-.voe atlll com mand a premium In southern Oregon markets, Thirty-two regular pickers are being employed by F. Dltsworth, who has 8 acres of bearing plants. School patrons attending annual school meetings on the 19th at Lau relhurst were surprised at the large attendance. Roy Vaughn was elected director and Mrs. J, B. Peyton clerk. It wss decided thst the old Brophy school be disposed of. Miss Emogene Edmondson ' was stricken with the flu and had to be taken to a hoepltal last week. 8he Is somewhat Improved and la re cuperating at the borne of relatives In Butte Falls. Mrs. Chester Davis and baby dau ghter are visiting her parents. Mr. and Mrs. Jlro Casey. Salmon are being caught In the Rogue In aplte of high and swift water. Many Sun day visitors are seen on McLeod bridge and along the banks of the Rogue and Butte creek. I. W. Richardson and son, Edmund, spent Monday In Medford on busi ness. Laurelhurst road Is being resur faced with ahale from the pit near McLeod sub-station. The county gne shovel and five trucks are being used besides local labor. Society Leader Seeking Divorce RENO, Nev.i June aa (UP) Prancea Mells Ingersoll, Philadelphia society leader, filed ault for divorce from John N. W. Ingersoll .here to day. They were married at Wayne. Pa., April 18, 1035. and have two children. Mrs. Ingeraoll charged cru elty and aald an agreement had been reached regarding custody of the children. Two Drown. ANTtOCH, Calif., June aa. (UP) Stepping Into a deep hole. Fred Laezaronl, 99. and Orace Knlas, 15. both of Brentwood, drowned In the San Joaquin river near here late to day while enjoying a pirate excur sion with a party of friends. tr,s. l betterM Uat4l OR a Tht Bttt 0r III superiority Is i'jej to tha perfect blinding of the worlds finest Ingredients and to the long experience of those) In charge) of Irt production. CAUfOINIA ItrwlNt AS ei. ooi.n nr.t crkamkry COMPANY, Distributors Phone 81 No. rir J, ft :t'i m w vi. u : I !. Aske .-A raw iisra v:y i v W I v J, I V - I J J V. ; I LA. -s e. i ' - I -- m M . W "1 . Si . t . . 9 t-f 1 1.' ';V-.'- ' " rvi .1 I f-H. -v. y Kfy.f f t! i4 .- ( v P'-v.-.-'; -y V ; ' . , - A new air of activity hai permeated tha Goodyear Tire Ac Rubber Co. plant In Lot Angeles a it enteri Its 14th year of production. Machines that were temporarily idle, now hum again as they perform their manufacturing functions. 500 new employees having beon added to tha payroll during tha past month. In the abova picture. Roy Farrell, who has been a tire builder for 20 years, it shown building a truck tira as executives of tha Los Angeles factory loolc on From left to right are shown J. C, Melntire, Division Super Intendent. Farrell, General Superintendent W. H. Fleming, and Sales Manager John K. Hough. ROSEBURG PLANS SEWAGE SYSTEM ROSEBURG. Ore.. Juno 22. (8 pi.) With the aaauranca of available Reconstruction Finance corporation fundi for the project, Roseburg city council today set a special election to pius upon the proposed trunk line ewer system and disposal plant for this city- The election baa been aet for July 28. Low rate of Interest on the bor rowed federal money, lack of taxes on the sewage system and assistance from the United States veterans' bu reau will make the city's share of the expense about $50,000, which will be amortized by funda from service charges. The voterans' administration has promticd to share In the expense be cause the system will care for the sewage from the new northwest na tional soldiers' home. KING VICTOR EMANUEL PLANS AMERICA VISIT ROME. June 23. (UP) King Vlo tor Emanuel plans to pay an official visit to the United States next spring, It was reported Here last night, The visit would be to ray the visit of the late President Woodrow Wilson to Italy when president, at tha end of the World war. It was said. PLOT DERANGED ROSEBURG, Ore.. June 33 (UP) Adjudged mentally deranged, Rita Winningham, 18, charged with kid naping, was taken to the state hos pital last night. Miss Winningham was Implicated in the kidnaping of Ray B. Compton whlQh resulted In the death of Jack Haley, with whom she hsd been keep ing company. Since her arrest she has been high ly nervous and hysterical. Physi cians pronounced her deranged. J!LLi ON DEBT POLICY BY F. STRATEGY (Continued rlom Page One.) MaoDonald started talking about debts at the London conference. Our officials had no Idea he would do auch a thing. -They bad MacDonald'a private word to keep debts out of this conference. It did not not matter greatly. We have bis confidential as surances now that there will be no more of that sort of business. The second surprise to our officials was when they paid In silver. They chisled us Out of about two million dollars that way. We thought they would pay In dollara or securities. They got caught In their own trap there. Their failure to buy dollara helped the little game our boys were playing with the British pound. All in all we broke fairly well. The strategy behind thla adminis tration maneuvering Is clear. We are lining up Great Britain and Inciden tally Italy aa our frienda In Europe. They deserve It. Britain has paid eight times as much as France. Italy Inside and out. With those two on our side you can with those two on our side you can see how It Is going to be for the de faulter France and her alllea. The united front they had In Europe af ter the Lausanne conference la com pletely broken up. We will deal with each, separately and harshly. the Republicans would be satisfied with one. They were. That la why you ssw the senste usnlmously adopt the McNary reso lution deferring cuts In sgrlcultural education work. Also why Republi cans like Senator Reed suddenly drop ped resolutions kicking at other points In the program. The White House agreed to take the rap. Those agricultural cuts probably will never go Into effect. Protests from the west were too loud and atrong. Less drinking and drunkenness were noticeable at the closing session of congress this yesr. Usually the boys blow off steam that final night and use bottles for the purpose. This year fewer were drinking and tbey drank less. The Idea has been offered that the advent of beer promoted temperance. A more logical reason Is that they were not aure up to the final moments whether It would be their last night. A synthetically happy congressman who threw away money on the clos ing night of the last congress found a less expensive wsy to amuse him self this time. He made s speech. That Is, be tried to make a speech. The house applauded so he could not be heard. He resented this and Invited them ell to do bsttle with bins, singly or enmssse. They refused to do either but continued to applaud. There was nothing for the congress man to do but sit down. Ht did. ID HEARTED P.M. GETS NEW CHANCE PORTUWD, June 33 (AP) A sen tence of two years In federal prison and immediate probation for the sam period was given wrc ueiirey, pay master at Gates, In Marlon county, when he pleaded guilty here Wednes dsy to a charge of mlsusa of postal funds. His postmsstersblp was exer cised in connection with a retail store. The store extended credit to unem ployed men, soon became Involved and 018 of postoffloe money was used to maintain the atore. Residents of the town pleaded for clemency on tha grounds Jeffrey had violated regula tions soUhst jobless famlllet might eat. The boys near the top believe their debt troubles are over for the dura tion of the London conference. They think the temporary arrangement saved the conference. It did. They also believe Mac Don aid will keep his word to avoid future references to that subject in London. He probably will. Their secret hope Is that the Lon don meeting will conclude before the final debt agreement Is made. In that they are too optimistic. If European diplomacy Is handled as it usually is. you will see the London delegates turn around and ask about debts Just when the time comes to sign some tariff and silver agree ments. It is a two-to-one bet they will never siga until they get a final debt understanding. The Democrats made a deal with Republican Leader McNary on gov ernment reorganization. They agreed to let the Republicans get in one kick at the presidential .program If e-.HMai.si i,. ssssasss sssssssses .....sssssssssMsssssssssssssssssssssese.... s layin ie n ssssep-sssssssses ilk-? vvo?, .; , ji '4. i tin, .. 4 ?v hviW! u ..r 4.f, - weA ' If f) P" ! . 5St?v Vf"' wsesam .Western Auto Stores Regardleu of what you have heard or read . . Here Are the True Fact About Tires . . . There Are No Better Tira Trinn A WESTERN GIANTS W positively guarantee Western Giants to give you service AT LEAST equal to any other Standard Quality, first line tire, such as those used for equipment on new cars. Do not compare our Western Cjiants with the 2nd, 3rd or 4th line tires others may advertise, and may claim to be as good as Western Giants. (Our Wear-well should be compared with those tires. )j With Our Low Price and FREE TUBE Offer 29x4.40-21 $449 T X. EACH Tube FREE! 30x4.50-21 4 Tube FREE! 28x4.75-19 $560 Tube FREE! West'n Giants Kr Standard hies puu Qiinlitv (Pile. I Piles uol"T UimrTrws UiU.rTmd 29x4.40-21 S4.49 S5.60 29.4.50-20 4.77 6.2S 30x4.50-21 4.98 6.45 28.4.75-1 9... 5.60 6.95 29x4.75-20 5.85 7.20 30x4.75-21 6.10 29x5.00-19 5.95 7.45 30x5.00-20 6.15 7.75 31x5.00-21 6.45 7.95 32x5.00-22 6.65 27x5.25-17 6.60 28x5.25-18 6.80 8.35 29x5.25-19 8.65 30x5.25-2O... 7.15 8.85 31x5.25-21 7.35 8.95 27x5.50-17 7.45 28x5.50-18 7.65 9.25 29x5.50-19 7.75 9.45 30x5.50-20 7.95 9.65 West'n Gianrsl "."V" New Stock pi i il FullyGuaronteed u:r, 30x6.00-18 9.65 ' 31x6.00-19 9.75 32x6.00-20 9.85 33x6.00-21 5!??" 34x6.00-22 10.85 32x6.50-20... 10.75 34x7.00-20 12.65 35x7,00-21.1 1 12.95 i . Blue Ribbon Cray Tub FREE with Wear-Mil Tinu . . . Blue Ribbon Rett Tabs FREE teilh Wettem Giant Center-traction 4 and 6-Py Tires . . . Jamba Red Tuba FREE with Super Whip, cord and Deluxe DoabU duty Tire lui o. jmersiae, .Meaiora I 'I Open Saturdays to 9 P.M. Why shouldn't I say nice things about Luckies? DOLL A Ei IAV I must confess that I enjoy smoking more and more. Maybe it's because I started with a cigarette that suits me tight. Luckies are so very mild. I like the fine taste of their tobaccos and because I'm so sensitive to personal dajntiness for, after all, my ciga rette touches my lips I particularly welcome the added assurance of pur ity which "Toasting" affords. When ever I hear comments about cigarettes I always say, "But Luckies are dif ferent." And then I would say some nice things about "Toasting". To hear me you'd think that discovered "Toasting"-but that's just my way. I like to root fot things that please me. And certainly -"Luckies Please!" TRIPS OVER THE 4tii! 7 ickets good oh all trains leaving JUNE 50, JULY 1, 2, 3,4 Bt back by midnight, July 11 For the first time we offer our famous "Cetn-oaile" fares over the 4th of Jul. holidays. Pick the plsce you warn to fro, then see your 5. P. sgens before you choose m smv re get there Ten co one, the train wilt save you time sod money. ROUND TRIP EXAMPLES Portland . $7,1 6 Redding Salem 6.00 Sacramento Eugene 4.45 San Francisco Roseburg 2.85 Los Angelea 4.00 7.70 , 9.10 18.25 beanie l9& ictuiall. Southern Pacific i. I. HHI.I. Aselll. I'hiilie 4.