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.
Beware Coughs
from common colds
That Hang On
No matter how many medldnea
you have tried lor your common
cough, chest cold, or bronchial Irri
tation, you may get relief now with
Creomulslon. Serious trouble maf
be brewing and you cannot afford
to take a chance with any remedy
less potent than Creomulslon, whlc
goes right to the seat of the trouble,
and aids nature to soothe and heal
the Inflamed mucous membrane
and to loosen and expel germ
'venlf IfSer remedies have failed,
don't be discouraged, try Creomul
slon. Your druggist Is authorlied to
refund your money If you are not
thoroughly satisfied with the bene
fits obtained. Creomulslon Is one
word, ask for It plainly, see that th
name on the bottle Is Creomulslon,
and you'll get the genuine product
and Ilia relief you want. (Adv.)
Replace the LABOR
-GRRGSTER alth
lood unionism!
your chance to find out that
ELECTmC COdKIEVSG-
costs on
yV2QS NWCh as you think
A new opportunity to
modernize your kitchen at
a big saving . . . Here is
a fully automatic electric
range of standard capac
ity in gleaming porcelain
enamel . . . priced at $69.50
. . k fully installed in your
home.
4 4 II T- f.
o
NEW QUICK BEAT. Just flip the iwltfh ... " NEW LOW COST. Bectrlo cooking uvea CUTS WORK . . . SAVES TIME. N
and up pom TcooklnV bt ' T . like THATI monay. Thousands have discover that "ex- blackened pota,pans. walUor cutUiIm. Scrub.
And automatic controls mean that whole meals penaive" U just an old-fashioned idea that bing end scouring romp right out of your
practically cook themselves! went out when the new Electric Range came in. life ... Willi altctrto cooking.
Terms: $5.00 Down,
$2.06 Monthly
AVAILABLE THROUGH ELECTRICAL DEALERS AND
The California Oregon Power Company
"112 So Riveriide
Pierce-Allen Motor Co.
Fhons 150