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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