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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Aug. 13, 1937)
SECTION SECOND 8 PAGES SECOND SECTION 8 PAGES Tribune EDFGRD Full Associated Press Pull United Press Thirty-Second Year MEDFORD, OREGON, FRIDAY, AUGUST 13, 1937. No. 124. M BANKERS EXPECT CONTINUED EASE IT Long Term Industrial Bonds Have Hit Peak for Cycle Is Consensus Low In terest Seen for 5 Years PORTLAND, Ore., Aug. 13. (AP A continuation of case In ar.ortr-term money rates for the remainder of 1937 with the possibility of a slight Increase Is expected by more than 100 of the nation's largest bank ex ecutives, Reuben A. Lewis, Jr., execu tive vice-president of the Metropoli tan Trust Co., Chicago, said today. Speaking before the 15th annual regional Pacific const trust confer ence, Lewis gave delegates opinions gathered in a survey of the nation's financial leaders. "They believe long term industrial bonds have defnltcsly sold at their peak for this business cycle," Lewis said. Most See No Boost Asking for opinions on whether the expected increased demand for credit this fll would aavnnce short term money rates, Lewis said he found: Sixty bankers believed there would be no Increase; 50 looked for a mod erate Increase end seven thougat the Increased rate on prime risks would be more than one-half of one per cent. While an almost unanimous opin ion was expressed that long term industrial bonds had sold at top prices for this business cycle, In no quarter. Lewis said, was the bltf expressed that high grade bonds I would decline drastically from pres ent levels. On the question of what average yield might be expected from AAA bonds over the next 20-year period, Lewis said the bankers' "best guess" was that It would be slightly less than 414 Per cent, compared to 4.7 per cent for the period of January, 1919-'37. Low for Five Years The leading security analyst of one of the country's major .banks ex pressed the thought that Interest rates would remain low for the next five years because of eight factors: 1 Glut of gold; 3 government p. . 1 SENATOR AT WORK. It wasn't hot but Sen. Pat Me Carran (D-Nev.), peeled off his coat anyhow as he sat down to work m th : new court bilL wanting cheap money; 3 an unoffi cial opinion that London and Wash ington have "agreed" to keep money rates cheap; 4 social insurance cre ating a demand for government bonds; fi national income and sav ings increasing: 6 federal budget be ing balanced with decline In govern ment borrowings; 7 an economic precedent that while England Is two years ahead of the United States in recovery, no rate increase has oc curred there; a huge bank reserve excesses. R. Gregory Page, vlce-presldpnt of the Bankers' Trust Co, New York, warned that passage by congress of the Barkley bill Imposing restric tions on trusts would substantially affect" the flow of national credit, materially Increase costs of business operating under corporate trust in dentures, add to risk of security holders and create other restrictions neither "desirable nor necessary." "Few of us believe that such a su pervision In our field is necessary or even desirable from the standpoint of the investor," he remarked. Guy Pawkes was hanged during the reign of James I as a conspir ator In the Gunpowder Plot to blow up the houses of parliament. AT IS STATEJEPORT Industrial Accident Com--mission Shows Average Wages Also New Record Governor Fears .Inflation By Paul W. Harvey, Jr. SALEM, Aug. 13. -(AP) Employ ment In Oregon now Is at an all time high mark, the state Industrial accident commission showed today, disclosing figures on employes In haz ardous Industries which are represen tative of all industry. During the fiscal year ending June 30, there were 34,037,241 man days worked by men In hazardous Indus try, an average of 109,094 men work ing per day. But during June, there were 123,549 men working, Indicating that a new record will be set during the present fiscal year. The commission said the totals for all workers in the state would not vary more than one percent from the figures on hazardous Industry. ; l!)-30 West i The previous employment peak was :n 1929-30, when 33.o00.00U man days' were worked. The depression low of 21,000.000 man days came In 1932 33. the lowest point since 1917. Employers' contributions to the ac cident fund last year also set a new high of $3,703,735, compared with $2,995,927 in 1929-30. There are In dications that this mark also will fall during the present fiscal year. During June, the 123.559 employes were paid 13,772,644. while during the past fiscal year, the average of 109,094 employes received a total wa?e of $138,305,782, all of these marks being new records. The average daily-wage during June was 14.30 and Is mounting almost dally. This figure Is the same as the wage paid In July, 1931, while the low-point during the depression was $3.13 in April, 1933. Wages Rising Total wages during the past fiscal year was 13.01 percent more than 1935-36, 32.76 percent over 1934-35, 65,54 percent over 1933-34, and 87.81 percent over 1932-33. The state employment service re ported a shortage of common labor, asserting there are more than 5.000 jobs to be filled in the Willamette valley alone. The 3.212,538 man days worked during June was more than double the 1.432,041 man days worked In February, 1933,' low mark of the de pression. What the commission said la dif ficult to undrrstHnd is why the per centage of accidents Is less now. when more men are employed, than during the depression when fewer men were engagpd in hazardous in dustry. Inflation Feared State officials, while asserting that good times are surely here, aren't any too rosy about the future. Governor Martin believes that in creasing prlcas may send the nation Into a. period of inflation that will ruin the country. State Treasurer Rufus C. Holman. urging the land board to be careful In Its Investments, said economists have advised htm that the country in 1940 will "head Into the greatest debacle it has ever wn." Oregon Mnt Mterate Klamath. Jefferson and Sherman counties are the most illiterate In the state, each having between two and 4.3 percent illiteracy avemgea. figures in the state education office showed today. Counties having between one and two percent illiteracy are Marion. Wasco. Hood River, Multnomah, Gil liam, Umatilla, Harney and Columbia. All other counties have illiteracy rates of less than one percent, giv ing Oregon the position of being the most 1 1 tera te s t a te . The national Illiteracy average Is 4.3 percent. Minds Absent In P. O. CHEYENNE, Wyo. (UP) Every thing from coconuts to women's nightgowns have been left In the postofflce lobby here by absent minded persons. Roast beef, insur ance policies, blankets, school re port c ard s , a sa f e t y razor a nd a sack of flour are included among the forgot ten art idea. LABOR PARTY HITS Halting Leadership Blamed . As Defeat Is Tasted in 10 Recent By-Electioi.3 Fighting Spirit Gone LONDON (UP) The Labor party, charged by its critics with lacking a fighting policy, has gone down to defeat In 10 recent by-electlons. The government did not lose a seat in theirs contests. Leaders of the party are gravely concerned and appear to be facing a revolt. Tills Is the first time in the memory of living politicians that an opposition party has suf fered such defeat In by-electlons where usually the opposition can didate Increases his roll, and the government candidate loses votes In the by-electlons since June 10 the total votes recorded were : For the government, 177,319. Against, 114,175. Here are a few figures showing the decline In the Labor vote: At HHlhead Glasgow) the Labor vote dropped by 2.364, or 25 per cent; at Buckingham It was 2,108. or 15 percent: at Brake (Plymouth) It was 4.624, a decline of 20 per cent. Government Vote Down The government vote. too. has declined In these coiwtituences, but it has held the seats by large ma jorities, and a decline In the gov ernment vote In by-electlons Is con sidered automatic. What sort of an augury Is this for the next general election, ask politicians? It was not so long ago that some socialist leaders spoke ot "socialism In our time" and they all, with one accord, spoke of the time "when we are in office," which they hoped and expected would be after the next general election. But now no mention is made by the Labor party loaders In the house of commons about com I ng power. At present and by present Indications. It would seem Labor must abandon all hope of forming a government for at1 least six years. The slump Is attributed to the lack of leadership. Since the breHk away of Ramsay MacDonald and Philip Snowden, and the death ot Arthur Henderson, the party has been like a rudderless ship. As far as policy Is concerned the party admittedly has been weak, too weak, in fact, for the government's taste, as a little opposition In not a bad thing, especially in the case of a strong government. I pM'l by Conditions Traditionally, the Labor party op poses rearmament. Equally It op poses dictators. The party found It impossible to reconcile at least in the minds of the electors two op poattes. in view of the general sit uation In- Europe, opposition to re armament was patently ridiculous, so, reluctantly, the party gave Its support. Tills grudging support earned lit tlo approval, for It Is a fact that few people in this country, how ever little they like the idea ot piling up huge arms reserves, and however desirous thev are of living In peace, can think of ny altern ative. Thus Labor, in fact, was forced into the position of supporting the government's policy. Then It sup ported the government's policy of non-intervention in Spain, but later decided to appeal to the govern ment to abandon non-intervention. The Labor party, in fact, lacks a definite fighting policy, and that is why It periodically finds Itself in the position It Is now that of trail ing weakly behind the government Opposition Too Weak So far from pushing the govern ment Into action, the government drugs the opposition along with It. While all this has been going on the main occupation of Labor lead ers has been heresy hunting. Any one who does not toe the official party line promptly Is labeled a communist agitator and rebuked. This provides the government press wit h a good deal of amusement. It does not seem so funny, how evpr, to the present Labor M. P.'a and those who hope to bo at the next general election. Nevertheless, the Labor movement In this country obviously has an important role to play In the fut ure. The movement, as a whole. Is far from deud. Ship Duck Christen. njc NAGASAKI, Japan (UP) Officials of the Osaka Bhosen Kalsha, attired In morning coats and silk hats, arrived here for the launching ot the 7,000-ton Yalu River Mam only to find that props had given way during the night and the ship was already riding on the waters ol Naeaaakl bav. The unofficial launch ing had been successful, so the of ficials went through their dedlca tlon formalities anyway. Hiker Lones --i0 Pounds CLEVELAND (UP) James Veasey, retired deputy police inspector, one of 48 to finish a health derby walk, reported ou his return that he hiked away 20 pounds of surplus flesh in the 325-mile trek from New York City to Dnnsvllle. N. T. .1 It Ml A Distinctive PORTLAND ADDREII t nt crrad by fravaUn end Portia ndan elika, All outilda roomt, light, airy, at tractive. 3 to 4 block to Uadlng stores and banks... famous for good food Insist On Delicious Lest River BUTTER AND GRADE A MILK Scooter Traffic "Menace" LORAIN, O. (UP) The foot-pedaled, child -ridden scooter Is Lorain's newest and apparently dangerous traffic menace. Louis Mlkula, 7. was gashed on the head when he was knocked against a tree by a "scoot ing" playmate. Counts Dog Noses INDEPENDENCE. Mo. (UP) De claring that an "emergency exists" Mayor Roger T. Sermon ordered a dog census here when It was esti mated there were more canine noses than human noses to be counted his fifie eer meets all the requirements of Good Living The reason is, folks here agree R Baked crab in shell . . . Italian squash . . . pear melba . . . folks who like good living welcome such fine foods at their table. And often wiih their meals they enjoy a cold bottle of Brown Derby acclaimed by ex perts the equal of imported Pilsner beer IN FAMILIES where life is enjoyed you're likely to find Brown Derby preferred. People pay this American brew "belongs" with good living. The reason is simple. Beer experts both here and in Europe acclaim Brown Derby the equal of imported Pilsner! Vhich means just this . . . Brown Derby has the rich, appetiz ing aroma. The deep, creamy collar. The tiny bubbles that keep rising a full, smooth body. The refreshing flavor, not sweot, not bitter this too is characteristic of Brown Derby. Brown Derby is like Pilsner, "king of beers," but costs lest. Order some Brown Derby for your good living. tU hxfKzi fVf, X S V ' In charming homes all over this area, yo,. find the families who like good living. Here Brown Derby is apt to be the preferred beer. Perhaps because this finer American brew is judged by experts the equal of world famous European Pilsner. Yet costs less GO HIGH RICES! Look At These Exceptional Values! Need A Roll Of Fence? Here It Is! Roasters BLUE ENAMELED 6 POUND SIZE 49c 10 FOUND SIZE 89c SMALL SIZI 39c These master will more fast at these amaelnjtly low prices Oet YOt.RS early! 20 Rods 47-inch, 10 wires, per rod 20 Rods 39-inch, 9 wires, per rod . jno.j.io! u o i 4Uj iuu j-iui;ii, a wires, uci ruu . . r,i.,. (Six tnrhn between alayt) BARBED WIRE, 2 pt. Cattle, 80-Rod Roll . .w.$3.44 Ml I 28c .... 25c 29c - Fish Baskets Regular $1.10 values. Now at this low price 89c Atkins Falling Saw 't foot, tilvr P 1 Sfl itoel. Special pries JJ j J J PLUMB AXES $2.79 $2.49 Double bit, V, and 4 pound. Special cmliim Pnttrn. Jut right for that trip In the mountain!. Spe cial ai . . , PRUNERS Bcrw.rd Piuners, 20-Inch handles Specially priced at $1.95 Dazey Churns Size Gallon CORNER 8IXTH AND BARTLETT STREETS Aladdin Lamps $4.95 Aladdin the Sort Mht kernaene lanipa. A real bargain at MYERS HARPOON Hay Fork No. 7, Open Throat. Special price $5.09 So. 4M. RrKiilar Pattern. Special price- $2.33 Wire flay Rnpe. Special, foot . 5c OILCLOTH Heavy cauvai back. Specially priced at BUY NOW and SAVE 27c a Yard FANCY WALL MIRRORS $1.49 $2.49 HANSEN HARDWARE TELEPHONE 35 Brown Derby Beer AT TOUB NEIGHBORHOOD GROCERY. SAFEWAY
