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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 27, 1938)
MEDFORD MAIL TRIBUNE. MEDFCVRD. ORF.fiQy. THURSDAY. OCTOBER 27. 1953- PAGE ELEVEN 10 E Loopholes Found by Fiscal Experts in Johnson Act Banning Loans to Powers Defaulting U. S. Debts By Prwton Grover t WASHINGTON So many loopholes ppear In the Johnson act that fiscal sharpshooters here predict that for T signers. If pressed for credit, could ' borrow Immense sums here In spit at the act's restrictions on loans to debt-defaulting nations. In war time, of course, a different situation would prevail, as the neu trality act, when invoked, would pro hibit loans of any kind to foreign Buttona or their nationals. But the Johnson act was a peace time loan embargo measure. It was passed by congress In 1934 In the wake of a flood of defaults in pay ments on war debts and other debts. It prohibits foreign governments from borrowing money In this coun try u long as they are In default CANADIAN WHISKEY mum V NO INCREASE jTl VlN PMCBjg I I oner" iMPOir ?INT $1.40 I sW) QUART $2.70 Slender grace, combined with strength and sym metry, marks the exterior of the new 1939 Dodge Luxury Liner, Road illumination for night driv ing is made safer by headlamps set flush into the front fender curves where they are 13 inches farther apart and closer to the road. Crippled Bay Bridge Diver Winning Back Use of Body in their payments. Since every lm-1 porta nt European nation la In that predicament, It generally has been assumed that they could not borrow a red cent In the United States. Crisis Brought Scrutiny The Czech war scare, coupled with talk of loans to help revive Czecho slovakia and perhaps other nations, has prompted a closer look. The Johnson act. while prohibiting loans to debt-defaulting govern ments, does not prohibit loans to private concerns In those countrlec. Further, the attorney general ha ruled that municipalities In the deb tor countries can borrow here If their municipal bonds are not in default. For Instance, the city of London, If not In default on lt securities, can borrow here. As a matter of fact. 13 billion dol lars or more of American money now is Invested abroad, exclusive of war debts. Americans Invested more than (5,000.000.000 abroad during 1936 and 1037 although the net flow of capital was In this direction be cause of the rush of foreign Invest ment in America. May Run Into Billions. With such openings through our credit barriers, the amount of buy ing which Europe could finance In this country Is considerable. One Important source said it might run to several times as much as the amount of foreign money now in vested in thl country. These for eign Investments here amount to about nine billion dollars. Actual dollar credits In American banks and other "quick" credits owned by foreigners can be used at once If foreigners wish to buy Am erican supplies. "Long term" credits forming two-thirds of the total, would be converted Into goods more slowly. ; " So far, this involves merely spend ing money already here, either scared here from abroad, or sent here for Investment. But look what can hap pen. A big order Is to be placed by an English firm for steeel, clothes, tires, or airplanes. The American firm Is told only part will be paid in cash, the rest in cash, the rest in one, two or three year notes. The American manufacturer want the Job. Unless he Is able to arrange the credit the English purchaser demands, he loses the contract. So, he asks his bank if It will buy the notes or lend him money on them so his capital will not be tied up. If the foreign company offering the buying Is a substantial firm, such as the big British armament firm of Vlck ers. the bank may readily buy the notes and expect to rediscount them (get cash for them) at the federal reserve banks. And thus k big line of borrowing could be launched. Profits Change Views The extent to which such practices now are followed Is unknown here. Probably it Isn't large. If it grew to real proportions, likely enough the courts would be asked to rule wheth er such business was In violation of the spirit of the Johnson act. But if the business was proving profitable at the time, it Is doubtful how long a court decision would stand in the way. Tremendous pressure would be put upon congress to wipe out the barrier entirely. In fact, the pressure Is already be ing felt, not only to revise the John son act but to repeal It entirely so that, the argument goes. American credits can help along ''an interna tional trade revival. . 4 Reese Creek REESE CREEK. Oct. 27. (Spl.) Reese Creek home and school circle and school will put on a Hallowe'en party at the school house Friday evening, October 28, at 8 o'elock. Pies and Ice cream will be sold. A fish pond will be there. Proceeds will be used to buy Christmas candles for the children. All school patrons, parents and friends are In vited. The Reese Creek amateurs will put on a gooo program. Mr. and Mrs. Robert Humphrey nnd Mrs. Homer Martin shopped In Medford October 25. Mrs. Humphrey received .word that her grandfather, Lloyd Brisco of San DIcko, Calif., underwent a minor operation last week. He Is 82 years old and all his friends hero hope for his speedy recovery. The young people, with Maurice Jack as leader, are holding. Bible study class each Tuesday evening at 8 o'clock at the new home of Mr. and Mrs. L. C. Rusho. All are wel come. ' Mrs. W. C. Jack and Mrs. Merle Jack attended the football game in Eagle Point last Friday, October 31, between Butte Falls and Eagle Point. The game resulted in a tie. O. L. Davidson had charge of the work of finishing the Interior of the Mission church with veneer ply board. Mrs. Dick Swacker and daughter, Mrs. Averll Delllnger and children, all of Rogue River, were overnight guests of Mr. and Mrs. L. C. Rusho October 21. Mrs. Mina Treffern of Butte Falls called on Mr. and Mrs. Robert Humphrey October 23. Mrs. C. W. Waddell and sons. Glen and Junior, also spent the day with them. Mrs. Dennis Clark and three chil dren are visiting her parents In Colorado for a few weeks. Misses Myrtle and Alma LaMack called on Mrs. Ralph Merrltt and Mr. and Mrs. W. R. Lamb October 22. Mr. and Mrs. James McDowell and Marilyn spent Sunday afternoon, October 23. with Mr. and Mrs. W. C. Jack. Mr. and Mrs. Earnest Albers and family spent the evening with the family. Mr. and Mrs. C. B. Bellows and family attended the show In Med ford Saturday evening. October 23. Mildred Hansen spent the week-end with her parents at Brownsboro. Thomas Vestal is on the Jury list in Medford for a while. Mr, and Mrs. Ralph Merrltt at tended church at Eagle Point Sun day evening. October 23. Mr. and Mrs. Robert Humphrey and Mr. and Mys. W. R. Lamb are enjoying new radios purchased In Medford this post week. In tho past 40 years the trees on the hills and in the homes "Were never moie beautiful than this fall. Bigger. Finer...Priced Even LowerThan last Years Dodge! NOW ON 01 SPLAY I ...TAKE A uuun. Proudly Dodge presents the new Luxury Liner. ..the greatest car ever to bear the famous Dodge name! Sparkling in its new beauty of form ' and line, this new Dodge marks an outstanding achievement in motor car history) As Dodge's Silver An niversary Creation, this brilliantly conceived new car is a triumphant climax to a 25-year record of fine car building. It's on display now. Take a look that's all Dodge asksl m TAKE A LOOK! ttm tier war to shift gears with a handy control near the steering wheell You shift In the me H" pattern nothing new to learol Not an "at tachment" but an Integra) ontt of the car. Front floor Is clear! TAKE A 10OKI NewStriingof Rear Bntembtel Oraceful ! op ing llnea, which flow back to tail-light In ont smooth, on. brokn contour, eompllmly eon the new-if pe Dodge lug- !! compartment which la 7- artfer than old "trunk trie" compartment. LVru. . La, . . TAKE A LOOK! Hew Individual Action Pront Wheel Springing, with aolraJ - tvoe prlnga of Amota , Steel, levela out J the road makes J driving a thrilling J eipcriencei ty ' tin,,,, 'im'rn,'Lh''.'"" fflf A 100ICM DODGED t loth "Peering. . Armistice Day Proclaimed With Guideline for Peace WASHINGTON, Oct. 37 Pres ident Roosevelt, proclaiming Novem ber 11 Arm lit l oe day, said yesterday, "Peace oan be obtained only by non-aggression." The president's proclamation. Is sued In conformity with various con- grewrtonal resolutions, said: "It Is especially fitting at this time of world unrest November 11. 1938. the twentieth anniversary of the armlMlre. should be observed with suitable ceremonlea manifesting our belief that peace can be attained only by non aggression, and rn he made enduring only by respect for the rights of others and good will among the nations of the world." The proclamation directed flags be displayed on all government build ings Armistice day. In addition, the president said he Invited observance of the day "by the people of the United States with appropriate ceremonies In schools, churches, and other suitable places." Although representative of both the American Legion and the Veter ans of Foreign Wars have Invited the president to speak on Armistice day. White House attaches said an address was unlikely. The president, they aald. probably will confine his activities to the usual Armistice day visit to the tomb of the Unknown Soldier. White House authorities Indicated the address probably would contain the moat comprehensive statement on foreign afaftrs the president has made In some time. ST. LOUIS (UP) Eighteen mont hs ego Ray Woods, mild-mannered little dare-devil who became the c ountry'a No. 1 bridge Jumper, was told that If he lived he would b e a helpless cripple. That was on Mr.tvh 33, 1937, the day he Jumped from the San Francisco-Oakland Bay bridge, was bliwn off balance in the midst of .his 180 foot plunge, and was pulled from the water with several crushed vertebrae. 'He won't live 34 hours." physi cians said. Woods fooled them. He's the only man ever to Jump from the bridge and live to tell about It. "He'll be a bed-ridden cripple," the doctors Insisted. He fooled them again. Last summer he swam a mile every day. He'll never be able to wain," tney said. And Ray Woods intends to fool them on that one. too. He leaned on his crutches, smiled a determined am lie., and vowed: "I'll be walking normally witnin a year . . . iwu years at the most." Then he added: "But I'll never dive again. Even If I regain the use of my legs, I could never stand the physical shock of striking the water. And even if I could, I have no desire to divo now." The same dogged courage that led him to defy death In countless high dives all over the country, has en abled Woods to win at least a partial victory In his battle for recovery.- 4 Talent TALENT, Oct. 3. (Spl.) Tom Lamb left Wednesday for Red moun tain on a hunting trip. Mrs. John Reed of Griffin Creek visited with Mrs. Lowe, Saturday, Mr. and Mrs. Joe Middle ton and family left for Coldwater, Kan., Tues day. Mr. and Mrs. T. Pretty man returned fro ma trip to Oklahoma. They mov ed Into the house recently occupied by the Middle tons. Talent football team was defeated by Jacksonville Friday. 7 to 0. Moore Hnmlium of Mcdtord, spoke at the P.-T. A. Friday. Mr. Hamilton explained the different bills that will come up before the voters. The new fire engine has been seen quite frequently on our streets. The fireman's ball to be given Saturday night will be held at the city hall. There will be good music. Mrs. Ross, sister of Mr. Hac Icier and Mr. and Mrs. Lark Ins and Mr. Ro&s of Sacramento are guests at the Hackler home this week, Mr. and Mrs. tiler, who visited with Filer's parents, Mr. and Mrs. d. Hamilton left for Wakefield, Kans. A camp fire supper was cooked by the Olrl Scouts Friday at the Colum bia orchards. Mr. and Mrs. Lem Irink returned from Everett, Wash., where they at tended the wedding of Mrs. Frink's brother. Miss Julia Stdley spent the week end with her parents at Lake Creek, and Miss Frances Fitzgerald spent the week-end with her parents at Sama Valley. Mrs. Thurston spent the week-end at her home here. . Mr. and Mrs. Bill Hotchklsa attend ed the wrestling matches In Medford Monday night. Irene Alcocks who Is In nurses training at the Multnomah hospital In Portland, spent the week-end vis iting friends. FIND COW CREEK MINER KILLED BY TREE'S FALL ROSKBURO, Oct. 37. (AP) The body of Victor Le Plsto, 40, employed for the past five years In the Oow Creek mining district, was found la to yesterday near the Baker mine on Cook's creek, by Paul Reed and Lee Buhklrk of Portland. Le Plsto apparently was killed about a week ago while engaged falling a decayed tree, according to Coroner H. O. Stearns. The tree shattered when cut about half In two and the top fell straight down, Head Colds a tew drops bring comforting relief. Clears clogging mu cus, reduces swollen membranes helps keep sinuses open. VICKS VA-TRO-rJOL oruihlng Plsto and apparently killing him Instantly, tlw coroner said. Dm Uall Tribune Want Ada. 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