PAGE 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
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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?,
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i tin, .. 4 ?v hviW! u ..r 4.f,
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wsesam
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Do not compare our
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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
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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
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FREE teilh Wettem Giant
Center-traction 4 and 6-Py
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FREE with Super Whip,
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lui o. jmersiae, .Meaiora
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Open
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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.