Medford mail tribune., January 10, 1940, Page 8, Image 8

PAGE EIGHT
MEDFORD MAIL TRIBUNE. MEDFORD. OREGON, WEDNESDAY, JANUARY 10, 1940.
BANKER FAVORS Brid'A'dT
RETURN OF GOLD
TO
Should. Take Action to Pre
serve Monetary Character
of Gold Is Argument
New York, Jan. 10. (IP
Wlnthrop W. Aldrich. chairman
of Chase National bank, recom
mended today the return of gold
to free circulation in the United
States.
"We are already," he told the
bank's shareholders at their an
nual meeting, "the possessors of
60 per cent of the world's mone
tary gold stock. Before peace
can be achieved this share may
have risen further.
"In a large sense we are, and
will be, the conservators of tin
world's monetary system.
Free Market Needed
"It Is for this reason, as well
as for ample reasons of our own,
that we must take action now to
preserve the monetary character
of gold. As I see it, our imme
diate function is to reestablish a
free gold market permitting free
movement of gold bars and gold
currency, both inward and out
ward, so that the price of gold
as here established shall con
stitute a firm and certain base
line from which the values of
the diverse currencies of the
world can be confidently fig
ured." Aldrich asserted that, with
more than five billion dollars of
excess reserves, the nation's
banks were hard pressed to loan
out their money.
Much the same opinion was
.expressed in the annual report
of James H. Perkins, chairman
of the National City Bank, as he
told that institution's share
holders' of a net earnings for
1939 of $17,642,169 compared
with $10,547,750 in 1938.
Reserves Excessive
"The excess of our cash re-
r
5 x. . . If i
Mary Alice, age 10. wtd but
a few days to Charles Schall.
21-ytar-old Athens. Ohio, coal
miner, looked downcast after a
court ordered an annulment and
sentenced her, her mother, Mrs
Lydia Hudnall and Schall to
separate Institutions on delin
quency charges.
EUGENE TO HAVE
LOWEST RATE ON.
Citizens Will Save $65,000
Annually On Reduction
Effective March First
serves above legal require
ments," reported Perkins, "has
been greater than we have over
before carried. This reflects large
gold imports and the continued
lack of demand for loans on a
scale commensurate with our re
sources ...
'We are continuing to make
vigorous efforts to lend our
money to acceptable borrowers.
An increase in serial loans and
in the aggregate of our personal
loans nnd consumer credit fi
nancing has, hovcver, barely off
set the decline in other loans.''
Describing the acquisition of
$17,600,000,000 of gold In United
States' storehouses, Aldrich said:
"In the superficial view, the
lodging with us of so great a
share of the world's monetary
gold stock is evidence at once
of our economic strength and
: of our detachment from the
struggles now convulsing other
nations.
"But this complacent attitude
; takes no account of what this
( flood of gold may do to us. and,
j for that matter, what it may do
i to the whole economic world
if we mishandle It . . .
Wise Course Seen
j u tnese excess reserves
should progressively pass into
I the form of loans and so In turn
! into the form of bank deiioslts
they could produce an expansion
of bank credit by 15 to 20 billion
I dollars without bringing Into
ntnv 4hA ..hUm 1
3 famous TRAINS EAST pacitles inherent in the federal
from Portland All Air-Condition I reserve system. No one can
PorUr Srrto and Fr Pillow la Coaoh , CtOUbt that SUCll a growth of
STREAMLINER -City of Portland bank , "edil , would lead once
8a 17 homt Portland 10 Cbio.ao. uim wore into a violent expansionary
Kodara Coch and PuiinMi, Dintt-ioung, ! process, with its familiar accom-
BulUL S Balling nonthly, 6:30 p. B., OB ,..nmon, , ;
I, 7, 13, ie, as. -No .io Air.. panlment of speculation, a ns-
PORTLAND ROSE 9:33 p.m. dally.
Ob el Atnarlo' llnaal train Unturlaa
RagtiUrad Nuraa.Staward aarvle and
thoaa popular 3So, 30a, and 3So ataal lol
Coach and Pullmaa.Tourlat traval.
PACIFIC LIMITED 8:00 a.m. daily.
Coaohaa, Pnllmaa.Tontlat, Standard Pull
Man, Corl Shop Dloor.
Eugene, Jan. 10. UP) Power
rate slashes announced here to
day, effective March 1, give
Eugene the lowest rates in the
United States for cities between
15,000 and 25,000 population.
With Its new schedule for
1940 Eugene will have lower
rates In some , Instances than
Tacoma, which is generally cre
dited with having the lowest
over-all rates in the United
States for any class of opera
tion. Probability that Eugene
would continue to develop its
power facilities, in spite of ne
gotiations with Bonneville, was
seen in water board chairman
Percy W. Brown's statement. He
said: "It looks as though it
probably would be good busi
ness for us to continue the
scheduled development of our
own facilities, though we may
make a hook-up with Bonne
ville for Interchange of surplus
power and mutual help in case
of breakdowns."
Brown predicted action cn
this matter within a week.
Savings to Eugene's customers
will be approximately $65,000 a
year on the new rate cuts. Sav
ings on the cuts last year ran
to more than $70,000.
The reductions are made pos
sible. Brown said, by Eugene's
strong financial position. Net
earnings for 1939, after all al
lowances for operation ex
penses, suiKlng funds and re
serves will be in excess of $200,-000.
aliens are afforded every op
portunity to become naturalized.
It Is natural that Americans
should resent the continued stay
of those foreigners who do not
see fit to sever their allegiance
to their land of birth and accept
the political and social view
points of Americans.
In outlining the American
Legion's stand on the alien ques
tion, Allen stressed the fact his
organization will seek legislation
that will provide for the regis
tration of all aliens and restrict
emigrants from all countries
until America's unemployment
problem is corrected.
As an introductory feature of
Tuesday's program, arranged by
Charles Wing, Lee Bishop pre
sented a brief and enlightening
outline of Prime Minister Neville
Chamberlain's Tuesday address.
LOW RAIL FARES
S65
Hound Trip to
CHICAGO
In Conrh
9M.?0 one wti.v
HEAVY WAVES BATTER
$140,187 PAID TO WORKERS REFUSE
JACKSON JOBLESS
DURING PAST YEAR
Total Benefit Is $25,056
Under Payments in 1938;
Fewer Jobless in State
and in the
ing cost of living
enn, deflation . . .
"The wise conrse seems to me i
to bo the following: We should'
lemove as promptly as possible
the present prohibitions and re
strictions on the private posses
sion of cold. We shmilri men ma
r Winter Sports Para se-i ' sPecie payments, coining oid
Sun Volley, Idaho
Ski Is ladLnt sunshln. Four lift' to
nouaUln topi. lc. tutting. Op.a lr
wlaamtng poola. Sua V.U.r Lodtj.,
Ctt.ll.ng.t Ibb, C ha lata. Raaohod
on If by Unloa P.etllo.
again and putting gold
back into circulation."
Tot all ti.T.l ta.ott.Uoa Inquti el
im it mii ht-i n iMilllr .Rfttt, or
nrlit J. ('. Ciiinmlni, len.
I'km. ArI . IMttork mock,
I'nrl Intnl.
REED STUDENT UNION
HITS ATTACK ON FINNS
Portland, Jan. 10. (P) The
Reed college chapter of the
American Student Union, disre
garding contradictory action by
the parent body, yesterday con
demned "the cynical attempt of
the . Soviet to subjugate the
Finns."
ALLEN REVIEWS
ALIEN PROBLEM
IN ROTARY TALK
Nicl Allen, Grants Pass at
torney and state commander of
the American Legion, discussed
the alien question as a feature
of Tuesday's luncheon-meeting
of the Mcdford Rotary club, held
at Hotel Mcdford. Because there
is no present method of identify
Ing aliens, there is no accurate
check on the number of them in
this country. Allen said. It has
been estimated that the number
might reach the six million
mark.
On the other hand, Allen
pointed out, this nation's normal
number of unemployed of two
minion nas increased at an
alarming rate in recent years.
Last year it was estimated that
eleven million people were out
of work. Many of the vast army
of aliens who have had every
opportunity to join the American
"family" but have not seen fit
to do so, are among this number
of unemployed and receiving
government aid; others are fill
ing Jobs that Americans might
otherwise have.
Mr. Allen emphasized the fact
that aliens have no legal ''rights"
in this country; they enjoy cer
tain "liberties" granted by a
generous nation.
"Our government has a sov
ereign right to deal with aliens
as they see fit in the protection
of American interests." Allen
said. "The only exception might
bo in the case where temporary
treaty rights arc extended to
citizens of certain nations."
In discussing (his problem,
Allen emphasized the tact that
fER 100 MILE AREA
Los Angeles, Jan. 10. (P)
Damage estimates approached
the $100,000 mark today from
waves as high as 25 feet, stirred
up by some mysterious subma
rine force, which battered south
ern California s coastline for
nearly 100 miles.
Heaviest loss, estimated un
officially at nearly $50,000, was
reported from the Santa Barbara
sector, where beach homes were
pounded and in some cases de
stroyed, a pier collapsed and a
$150,000 oil derrick tumbled
into the sea. A $100,000 mansion
was undermined and cracking.
The great combers climaxed
a seven-weeks ocean disturb
ance for which weather experts
were unable to account.
At Manhattan beach the waves
splintered a 150-foot section of
the municipal pier, with damage
placed at $10,000. At Redondo
beach, 1500 feet of ocean front
railing was smashed. Water
rolled over a waterfront street
in Venice and swept away sec
tions of beach. A pier and oil
company loading wharf at El
Segundo were damaged. Board
walks at various points suffered.
Salem, Jan. 10. iVP) Jobless
benefits paid in 1939 totaled
$4.052 888, compared with $5.
916.938 in 1938, the State Un
employment Compensation com
mission said today.
There were reductions In all
sections of the state, ranging
from 10 per cent in The Dalles
and Ontaria to more than 55
per cent in Eugene. Tillamook
and Bend. Claimants in the
Portland area got 50.5 per cent
of the total last year, compared
with 47.2 per cent in 1938.
Following are the payments
by districts:
1939 1938
Portland 1,919.232 2,757,744
Astoria 100,265 127,853
Hood River.. 50.172 60,345
McMinnville 79.150
Oregon City 138.479
Tillamook .... 34,062
Salem 242,692
Albany 71.393
Corvallis " 40,227
Newport 52,433
Eugene 165,428
Roseburg 44,079
Medford ...... 140,187
The Dalles .. 39,900
Marshfield .. 233,542
K. Falls 175,603
Bend 57,010
Pendleton .... 51.683
La Grande 61.196
Ontario 38,293
Baker 62,007
Out-of-state .. 255,855
120.281
213,929
77,118
317,030
139,460
60.661
88,535
370,109
67.033
165,243
44,347
422,699
345,806
129,154
63.812
123,052
42.603
J 07,974
70,652
Submarine Departs
Portland, Jan. 10. (IP) The
U.S.S. Swordfish, first submar
ine to enter the harbor in 15
years, headed down the Willam
ette and Columbia rivers to the
sea today en route to Seattle.
It spent three days here.
OF
BIG SHOE PLANT
Endicott Johnson Factory
and Town Declare Holi
day to Celebrate Vote
Johnson City, N. Y., Jan. 10.
(IP) All plants of the big
Endicott-Johnson shoe corpora
tion closed today as a majority
of 15,000 workers who yester
day rejected unionization, 5 to
1, left their benches and swept
through the streets in celebra
tion. The vote was 1.612 for affilia
tion with the American Federa
tion of Labor; 1.079 in favor of
a Congress of Industrial Organi
zation union, and 12,693 for no
affiliation.
As the celebration gained mo
mentum, with parades, back
firing automobiles and much
shouting, merchants of this city,
christened in honor of George
F. Johnson, 82-year-old head of
the firm, closed their establish
ments and joined in the fun.
.Benefactor 111
Johnson, for whom special
prayer services have been con
ducted by Protestant ministers.
Catholic priests and Salvation
Army workers, remained ser
iously ill with pneumonia in a
hospital,
Charles F. Johnson, Jr., vice
president and general manager,
commenting on yesterday's vote
under direction of the labor re
lation? board, declared:
"The policies of the company
have been proved sound. They
couldn't shake the loyalty and
faith of the workers in George
F."
Union Agents Irked
Before the vote was an
nounced last night, agents of
both the CIO and AFL an
nounced they were considering
a protest because of "anti-union"
demonstration.
Frank McGrath, New York
City CIO organizer, viewed the'
result with gloom. "Talk about
Harlan, Ky. this town is dif
ferent but Just as tough," he
asserted.
George F. Johnson, who be
gan work as an $18 a week
shoe worker in Binghamton,
pioneered in employe profit
sharing. He provided communi
ty stores, free libraries, parks,
and other facilities for employe
use. Last year he was given
the Forbes award as 'The man
who had done most to humanize
business."
Heat Casualties
Buenos Aires, Jan. 10. UP)
Entering its fourth consecutive
day of temperatures approach
ing 100 degrees Fahrenheit.
Buenos Aires reported these cas
ualties today: Nine persons hos
pitalized with injuries received
from exploding syphon bottles.
WAKE UP YOUR
LIVER BILE-
Without Calomel And YouTI Jump Out 4
Bed in the Morning Ruin' to Gt
The liver should pour out two pints of
liquid bile into your bowcli daiiy. If this
bile u not flowing freely, your food may
not digest. It may just deny in the bowels.
Gas bloats up your stomach. You get consti
pated. You feel tour, sunk and Uio world
looka punk.
It takes those rood, old Carter's TJttU
Liver Tills to get these two pints of bile
flowing freely to make you feel "up and
up." Amazing in making bile flow freely.
Ask for Carter's Little Liver Pills by name,
lUf and 2hf. Stubbornly refuse anything tla.
BLUE
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i
AT CENTRAL
Si
' , - . ( t 1 ,
ill i "rYlin mYl-iu.afrihfl mMiBiV.VihtfriVii'.'it;- ,
lnSW...liJipHw
Mrs. Clara D. W. Gregg, 88,
passed away eailv .his morning
at the- home o her son, James
R. Wl Gregg at Central Point.
News of her passing has been
wired to another son, Dr. Gregg
of Dayton, Ohio and a complete
obituary and funeral arrange
ments will be published upon
word from him
The remains are at the Con
ger funt-ul paiiori
Radio Highlights
By Associated Press '
(Pacific Standard Time)
President Roosevelt's next
scheduled broadcast, for all net
works the night of January 19.
will be his talk in connection
with the White House confer
ence on children in a democracy.
Th
ere s
ECONOMY
IN ALWAYS GETTING
Large
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The Large Loaf Gives You
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TEIAN
POUNHD
Tonight: Europe W ABC-CBS ' I HkH f!'fW
H-SS MRS R (MS I , J r a-SB
WABC-CBS 7:15 Mrs. F. D i T-av U (15 13
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fight, Henry Cooper vs Billy ' I ' I ' '' ' J rL
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SMltlPllli'f B'.IIJI.J Northern California: Rain to- 00 in the case where temporary : 1 1 1 ClKlllo . atv ' 1 .AV f f
f- ' ill i.L'b Watiii' ' ' T 'niBn1' Thursday unsettled with treaty rights arc extended to notTOR ok optomktrv ' A MUjV'"
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Mtd. or,. , W . r n r i Tr-v7 W.2.iV a
tsreaa is do uooa ; A P
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