Are Stocks Too High?
Babson Criticizei Penimiiti
I WANTO
rain ar
L M. M H
both rem 8At Medium sire trlb andrWNTSHrp Apf
and clover need. New 9 fl.
. By Roger Btbton
Babson Park, Mass., July 6.
(Special Correspondence.) Cer
tain well known Investment
c o u n s e llors have for some
months been very bearish. They
believe that stock are too high
nd that it is a mistake to invest
money in stocks at the present
time. I assume that they also
mean that those having stocks
should immediately sell them.
Of course if these men stick long
enough to their bearish attitude,
they will eventually prove them
selves to be "right"; but this
may take some years. In the
meantime, while they have con
stantly been bearish, stocks have
-constantly gone further up in
price.
Deflation To Follow
Is Belief Of Many
I also find men of experience
who believe that after the war
our country will be headed for
deflation rather' than inflation
They look for lower commodity
rjrices. reduced wages, lower
rents and other features of a de-
flationary movement. Here again
these pessimists will some time
be rewarded if they stick to it
long enough: but I believe they
are absolutely wrong so far as
concerns the immediate postwar
period of perhaps some years
duration.
Of course, there will be peri
odic breaks in the present bull
market. A "Communistic scare"
may occur at any time. When the
professional stock operators in
New York have sold out their
holdings they always dig up
some pessimistic news to try to
i i, . i i-... i j
UlCdll tUB JlldlltCb 111 U1UC1 tu
again pick up cheap stocks. On
the other hand, I believe that
any such breaks in the market
would be temporary. It now
looks as if the present bull mar
ket may run two or three years
more.
Conditions Differ
From World War No. I
Both the pessimists and the
optimists refer to World War I
nd what followed World War I
as evidence for their present
forecasts. The pessimists point to
the big break which occurred in
the early 20 s; while the optim
ists refer to the continuous bull
- market which existed from 1923
to 1929 when the Dow-Jones
Average went up from 86 to 386.
I Insist that we are living in an
absolutely different world than
existed in the latter years of
World War I. Certainly this
country ia in an entirely differ
ent position with absolutely dif
ferent conditions existing.
Both the pessimists and optim-
'. SS-64
Bvnopsle ef Annual stat.m.nt of tha
jrin.rn inauranea Company of Me'
lora or Kiw York. In the Slala of
w iora, on tna tnirty.flrat day of
December. !. made lo tha Inauranea
Cammlaalonar of iba State of Oraion,
pursuant 10 law:
INCOME
Not eremlume received. M.I12.B4I.1I.
Total intereat. dividends, and real ae
tata Income, S4t8.497.3l.
Income from other sources, 116,091.10.
Tota4 Income, $8,247,041.10.
DISBURSEMENTS
Net amount paid policyholder! for
loaaei, a7.eov.1se., a.
Leee adjustment expense lllf.TIMT.
Acente commleelona or brokerage,
l.tOI.KI.OI.
Salarlea and fees offlcere, directors.
noma etnee employee, llll.2fo.es,
Taees. lleeneea and fe.e, IZIO.eSI.OI.
Dlvldenda paid to atockholdere (Caen,
S3?0,000.00), 13:0,000.00.
Dlvldende paid or credited to poltey-
aoiaera, None.
All other expenditure!, too,;nt.!l.
Total dlabtirnementa, IV 001,403.11.
ADMITTED ASSETS
value of real aetata owned (market
value), none.
Loano on merttafee an I collateral,
te.. 131.444.00.
Va!ue of bonda owned (market or
eunoruaoai ., ...t.uo.
Value of atocke owned (market value),
SB. 037.512. 2S.
Cash la banka and on hand, I1.032.
tll.lt. Promlome In eourae of collection
written elnee September 10. 1144, S7SI.
'70.11. Intereat and rente due and accrued.
II3.:3IO.
Other a..eta (net), 131.00.71.
Totel edmlttrd assets. $14,147,701.43.
LIABILITIES. SI'RPT.t'S AND
OTHER FUNDS
Total unpaid clalme. $773,034.00.
Estimated loaa edjuotmont expenae for
lapatd clalmp, $27,100.00.
Total unearned premluma on all un
aspired rlika. $0.131. 4.J.
Salarlea. rente, exnenaee. bllle, ee.
eeunte, Ceea, oto., due or accrued, $10,
ooo.oo.
Estimated amount due or accrued for
texee. $1$:.$00.00.
Commleelona, brokeraee. or other
eherrea due end accrued, $l$.noe.0O.
All other ll.bltltiea. $231,117.1$.
Total liabllltlea. except capital, 17,
417 Sti ll.
Capital paid up, $1,000,000.00.
Surplus over all liabllltlea $M30.127 31.
Burplua an reg-arde policyholders, !,
T30.I37.31. Totel. Ilim.lllll
BUSINESS IN OREOON FOR
THE TEAR
Net premlume received. 153,330.30.
Net losse paid $1$,7O3.03.
Dlvldende peid or credited to policy
BOIdere, None.
Nemo of Company, Northern Inaur-eer-e
Comreny of New York.
Name of President. Oeorre 7.. Psy.
Name of Secretory. Richard W. Wetael.
FOR RENT
Furnished
Mountain Cabins
Elevation 4200 ft. Cool day
nd nights. Quiet, restful
surroundings.
Make Reservations Through
W. J. SNYDER
Box 501, Ashland, Oregon
Ists should agree to this if they
have any sense of proportions.
In fact, the pessimists can com
pare our present huge national
debt today with the comparative
ly small national debt existing
in 1919. On the other hand, the
optimists can prove that follow
ing World War II the United
States will be the strongest, rich
est and most productive nation
in the world. Furthermore, our
country, for some years, will be
free from competition from Ger
many, Japan and other previous
competitors.
Monetary Situation
Secure For Years
Mind you, I am not talking
about what will happen after,
say, 1950. Some day the whole
world must pay for the sins of
the past decade. Only a spiritual
awakening can prevent it. Then
there again will be unemploy
ment, business failures and real
estate readjustments. Russia,
China and certain other couiv
tries with cheap labor will then
take world markets away from
us. The English-speaking coun
tries njay then be threatened
with a semi-Communism of some
kind. Between now and when
such a time comes, however,
expect to see much higher stock
prices. With nearly $30,000,000,
000 in pockets and cash drawers,
with only a very limited supply
ol securities to purchase, stock
prices must sell higher.
It is true that the Dow-Jones
Industrial Average which was 42
in 1932 now stands at around
168; but remember that it went
up to 386 in 1929 and could as
well sell again at that former
high. Before selling any indus
trial-inflation-proof stocks, take
time to compare their present
prices with the highs of 1929.
This is very important when
combined with a study of how
prices compare on a "times earn
ings basis.
WANTUl Combine, herveetinr
Harvestor. Ph. Ashland 8084.
WHY TAKE CHANCESTCall exper
ienced rug cleaner. 724a or oring it
to ua. 26 South Grape.
PAINTING NEEDS Brushes, acrapera.
ateel brushes, putty knivee. orusn
cleaner, brush baths, otla. turpen
tine, painter'a exolvent putty, dust
era, wax removers, patching plaster,
paint remover, sand paper and
many other items at your Sherwin
Willlama' Paint Store. Hubbard
Bros., Inc. Phone 2189, Main and
Riverside.
mattress. S10. 112 Summit Ave.
WANTED Married man to take
charge of Dairy nerd. House pro
vided. Ralph Billinga. Rt. 2. Ash-
lana. rnone tttua.
9500-
ACREAGE WANTED Have client
who wants to buy small acreage
with good house. H. G. Wilson, Real
tor. 7 Chestnut St.. Phone 4844.
WANTED Four or S-room modern
house in Med ford. State price and
location. Box 1170. Mall Tribune.
FOR SALE J2Winchester pump with
teeo stems, can a.o.
FOR SALE '33 Chevrolet' Coupe-
Good motor and tires, 323 witnm
OPA- 303 Chestnut St.. Phone 3959.
FOR SALE Two-wheel trailer. River
side ana Jackson, s. Jones.
37 Acres, free Irrigation.
garden land, pavement.
School bus route, clover
crop. Four-room, almost new house.
Jartly modern, 0 fine milch cows,
neifers, tenm. all farm machinery,
milking machine, barn, large spring,
shade, nice garden, pressure pump,
fruit trees, berries. See A. F. Flow
ers, broker, some term. 305 South
Holly.
FOR SALE Automatic Shakespear
reel, pole, and accessories; also
wrist watch, pair of Paul Bunyon
logging boots. Cabin No. -18, Mer-
rick's Auto Court.
THERE will be a lPZi Plymouth 2-
door sedan, below OPA ceiling, sold
at the Midway Auction Yards,
Tm.nn.ay. July 12th.
EXTRA nice pie cherries on order.
just right for canning or locker. 7iu
, Mam.
WANTED Small kitten. Call 2813.
FOR SALE Furnished 2 -bed room
house, 2 lots, cmcKen yard, scnoois
close. Inquire 309 Beatty.
WAFFLE Iron, boy's coat, Laurel
hedge, miscellaneous articles, rnone
3287.
A GOOD Jersey Cow, 7 years old.
Phone 6096.
FOR SALE Bed"and spring and mat-
tress, davenport ana cnair, reason
able. Call 2310.
CITY PROPERTY
il7CA Four-room, completely fur
JlDU nished. Electric refrigera
" . . ranirg. oil heater,
C?CAA Four bedroom home, large
fJUJliU lot, double garage, nicely
landscaped.
tfOCA Five-room home, close In,
IJDiiOU Near schools.
$2050
$3000
$3500
5750
$6500"
Court House News
Divorce Decree,
Chloe L. Baxter vs. Walter J.
Baxter
Llola Mann vs. John W. Mann.
Luetta Hulton vs. Jasper Hul-ton.
Divorce Complaint
Oleta Bagley vs. Wesley Bag
ley. WEATHER
Northern California: Clear to
night and Thursday, except fog
on coast and scattered afternoon
inunaerstorms over mountains.
Not much change In temperature.
Gentle northwest wind off coast.
Closing time for Sunday Too Late
to Classify 5:30 Saturday aitemoon
Pleaae remember.
Too Late to Classify
CLOSING TIME
FOR SUNDAY WANT ADS
4 P. M. SATURDAY
Due to the large volume of Sun
day Want Ads we find it neces
sary to move the closing time up
to 4 p. m . on Saturdav.
PLEASE REMEMBER!
MAN wanted to work In warehouse.
prefer young man with grain nan-
dling experience. Phone 3756. F. E.
Samson Co.
FOR SALE One good electric iron.
$5; 1 steel camp bed with mattress,
10. 92B S. Central.
WANTED Common labor to wreck
small building, 75c an hour. See Mr.
Champion at Champ a arage, 311 E.
ruin oi.
"$5150"
Two-bedroom modem home, fully
furnished from drapes to dishes.
3 lots, city water, garage, woodshed
and wood, pump house for lrrlga
tin, best well in town. This prop
erty in Central Point. Possession
now.
Also
$3300
140 Acres Mountain farm, 28 acres in
cultivation, 5-room log house, very
go-d, big barn, chick house, shop, 7
miles from Medford. Outside range,
good buy. Terms.
VALLEY REAL ESTATE
3 miles S. Pacific Highway 90
Phone 6488
MADE to YOUR
MEASURE
Four-room, electric range,
built-ins. .Immediate pos-ses&ion.
Four-room modern, electric
water heater, 3 stoves,
Barbecue.
Four-room modern, large
lot, shade, garage,
-Large home, redecorated
Oak floors, stoves, water
heater.
AfRFAf.ES
V 1 20 Acres, 15 irrigated and
in clover, five pasture.
rmim mntirn home. bSTTI
Mi-lire, woodshed, truit room and
other buildings, close to store,
nottsrl hlohUPAV.
modern home, plasterea
14 Acres, 9 acres bottom
land c over, irrigated, o
BcrM hnv land.
IV2 Acres, chicken Ranch,
1 Rrrs clover, ail lmaaiea.
New 4-room home, barn.
poultry house, garage and work
shop. Home well insulated, oak
Y seven acres, iri.a.cu,
hnifknce Dasture. free soti
4-room modern home,
,m vntAm Terms.
-lJU aftUICB venn
torn land, irrigated, free
oil. on highway, no buna-
lngs.
$4200
$4750
$6500
$4750-
pressure
$7500'
THCMAS 3. HIGHT. Realtor
20 South Central
Phone 0397
suitable for
adulta. Phone 3932.
2ABIN for sale on" Rogue River." In-
FOR SALE Electric Range and cook
stove with coils. Berrydale Dairy on
He11vrtn1et Aveonnn
PART TIME Bookkeeping. Large or
mini 11 inTuunn, rnotje oiui
ACCOUNTANT available August 1
jane urn cnarge. rriDune nox una
WILL shnre office space and tele-
fjiiunc. 1 11 unc pox nop,
M IDDLE-AGED Lady wants work in
moineness nome, or win drive on
vacation for elderly people. Box
1 io 1.
YOUNGBERRIES and BoyB enter ries
for sale. First house E. of Roxy Ann
WANTED Mechanic with some hand
tools, part time or full time. Soldiers
on leave considered. Ask for Mr.
Losee at Cullen Motor 6t Implement
o iiJ.i a, mversiae.
FOR SALE Gladioli and cut flowers
Irene Phetteplace, 2318 Capital Ave.
WANTED TO PENT On, or before
August l, a 3 or i-room Apt., or
house, furnished or unfurnished by
quiet, local middle-aged couple. No
cnutiren, no pets. Best of reterencei,
Write or call at 118 Kenwood Ave
FOR SALE Riding Horse and saddle
lor qiuu ti lOKen mis ween, vion
Machine Shop, Jacksonville, ore.
FOR SALE Beautiful dark walnut
4-poster. full-sized bedstead. Like
new. $40 delivered. 611 W. 10th St.
WANTED DesDeratelv to Rent. 2-bed
room, 4-room nouse, lurmsnea ior
$40 or less. May possibly trade my
large 5-room furnished Apt. Please
pnone 5138.
TOR SALE Titon Falling Saw, with
new bar ana saw. alk iracior wun
dozer. Call 7733 Klamath Falls or
write box 800.
APPR ox! 1 acre, 4-room modern
h-mse lame hen-house, berries,
Phoenix, $4000. See A. F. Flowers,
Broker, 205 5. Hony.
WANTED TO BUY 600x21 tire ant
tube at once. Phone 8121. Associ
ated Gas Station.
FOUND Female Collie. Hawkins'
Kennels, 623 S. Central. Phone 3512
31 PONTIAC Fordor Sedan, good
transportation, clean throughout,
$220. Under OPA ceiling. R. H,
Whittlck. 819 N. Central Ave., Ph.
5577 or see after 5 p. m.
FOR SALE By owner, centrally lo
cated Medford business property
with net income of 12 per cent on
purchase price of 810,000. Phone
3517.
FOR SALE Pie Cherries. Ph. 405T
JUST ARRIVED!
Clothes pins; dish cloths-.'kltchen step-
8 too is; wuiow cioines D8BKei, iowoi
hr nf.ntr holders: hoes: rakes:
lawn edgers, and leaf rakes. ACME
HARDWARE, Main and Graape.
quire Shady Cove Postoffice,
mary rayne.
SALE Well equipped, healthy
two FOR SALE Spray tomato vines with
j" ia 10 sei xne Diossoms. aionarcn
Sred & Feed Co.
SAVE RED POINTS Buy hens at
Caie. iTiouna aox
GET your Dr. Hess' Remedies, Stock
Tonic, ran-A-Mini and nog condi
tioner and many others. Fabers, 34
S. Riverside. Phone 4449.
PACKING HOUSE HELP
Medford - Phoenix - Talent
District
are now registering pickers, sort
ers, packers, plant help, for coming
fruit season. ALSO registering stu
dent for packing school.
ORCHARD PARK FARMS
Walter H. Lverett
Phone 2424 or 5533
FEED
Fisher's Baby Chick Starter
mash or broiler mash and watcn
them grow. Faber'f, 34 8. Riverside.
Phone 4449.
FOR SALE: Grain bags, sack twine
and needles. Monarch seed ei reea
Co
FOR SALE- 'h p. gat or" kerosene
McconmcK-ueering engine, oingie
horse horizontal cyclinder. Vilas
nsncn
WHITE-FACE Yearling Steer ior Sale.
Phone 3804
FOR SALE
Halters. Cotton Rodi
Monarch Seed & Feed
Bell StraDS,
(JO.
FOR SALE Royal Anne and Bing
cnerries, vc. you pick. mue s. of
Griffin Creek Grange. Bob Harnlsh.
Phone 6218.
FOR SALE Biff balry Fly Spray
ttnocKs em. uoiiar per gauon in
our container. Monarch Seed &
Feed Co.
FOR SALE 1938 Dodge Pickup
TT55
N. Central davs. 917 N. Central eve
nings.
FOR SALE Egg Cartons,
ieed at Feed Co.
'st Cartons. Ece Seal
coltry supplies all kinds. Monarch
FOR SALE 1931 Model A lone wheel
Dase trucK, fair condition. Also
large new compressor and Leff mo
tor and tank. Call at 1155 N. Central
or evenings at 917 N. central.
MASTITIS testing blotters. Globe
stock medicines in stock. Monarch
beed & Feed Co.
OUR Lubdicatlon Employee is trained
hona 4757. Fire-
See us today or
stone stores. ai4 ;
Riverside.
KILL LICE. Use Lee s Lice Killer
and Perch Paint. Monarch Seed &
Feed Co.
FOR SALE Metal Bed. with springs
and mattress. Call evenings 728 W.
Fourth St.
WANTED Late model car. Spot cash.
rnona jail evemnns.
WANTED All around ranch hand,
Eood wages, modern house, water,
wood milk furnished. W. J. Webster
Ranch, l mile N. of Jacksonville,
Phone 6953.
FOR SALE 12 Acres, second cutting
alfalfa, standing or to be put up on
shares. U. V. VanHorn, mile W. of
Griffin Creek Grange. Call after a,
FLOOR SANDING
and FINISHING
Reflnlshlng Our Specialty
S. H. FRALEY
Phone 2661
Wednaidar. July II. 1945 MEDFORD MAIL TRIBUNE FIVE
Riverside Market.
WANTED Man for ice delivery. Val.
ley ruei lo.
FOR SALE 32 Winchester Special
ttiite, line new a ranter signt ana
shells, McFadden. Lozier Lane.
WANTED
SAW MILL HELP
We Need Several Men
Boilerman
Greenchain
Dogger
SOUTHERN OREGON
SUGAR PINE COMPANY
FOR SALE Purebred Irish Setter,
and Terrier pupa. Oregon Kennel.
just north of Big Y. Phone 3948.
KEEP your house cooler this summer
with JM rock woot ,nsuiauon cv
tena. Call ua lor Information.
BIG PINES LUMBER CO-
SAVE red points Buy bent at
Riverside Mantel
CASH IN A FLASH
TOR YOUR CAR
Save Time. Cash end Oa,
Call Automobile Market.
Friendly Medford Dealer.
h. 3910. th and Barttett
No Red Tape When You Sell
to US.
WANTED Chickens, anv ktniT any
amount, live or areasea. laying nena
or otherwise. Phone 3U7. Riveralde
Market.
EXCEPTIONALLY GOOD
ASSORTMENT
Rough boards and 3x'a to 1x13'
LOW PRICED NO PRIORITY
CAMERON.MOFFITT LUMBER CO
so Kiveraiae as Barnett tta.
Medford Phone 9463
WANTED A man to do light janitor
worn, pnone JH47 tor appointment.
LUMBER
Lumber - Nail, - Roofing
Dry Flooring and Siding
Low Priced No Priority -
R O STEPHENSON CO.
Court and McAndrews Road
Phone 3000 Medford
WANTED Rabbits, any amount, alive
or dressed. Phone 3117. Riverside
Market.
ADAH'S BEAUTY SALON Permanent
Waving
Cold Wavea.
tral.
Speciality.
Phone 366
Snecial
,one 3664. 130 N Cen.
r e -.
Complete Factory Approved
SAFETY
SERVICE
Chrytler Fac
tory Engineer
ad and Inspect
id Parta for
Chrysler
Dodga
Plymouth
Dedga Truck,
L C. TAYLOR CO.
IDDGESTRUCKS
112 So. Rlve)-ald Phon 2963
NOW AVAILABLE No.
red cedar shlnnlej. Big Pines
oer io.
1 cer tiara de
Lum-
WE CLEAN RUGS, any size, any kind.
We call (or and deliver S or more.
86 S Grape. Phone 7244.
SAVE RED POINTS Buy hens at
Rivet side Market.
COY'S CHICKEN INN Gold Hill.
aerving inea cmcaen every aay ex-
unaer
cept Monday. Phone
same management
331.
SMER FUELS
Factory Blocks $6.75
per 200 cu. ft. load
Kindling . . . $3.00
per 200 cu. ft. load
DIAL 2123
Timber P
DIAL 2123
Company
eaieeet
SAVE YOUR TIRES
WITH
7ire$tont
Factory-Method
RECAPPING
6.70
(AMI
Free Inspection I Prompt aerrlcel
Drive in today your tire, may be
a t the danger point I
CIRTIFICATI
NIIDID II
FIRESTONE STORES
214 So. Riverside
Medford
Phone 4757
Enroll NOW!
For work In tha orchard!
and packing houm
YOUR help Is needed In
thia vital Food ior Vic
tory" program and put
from fruit season saving!
nto WAR BONDS1
mS'0
m.;Pa l bo)
PREPARE NOW
FRUIT HAULING SEASON
AROUND THE CORNER
Yowl Tinges
For the
JUST
ieck
At Once
If Repairing or Recapping is Necessary
Don't Put It Off Any Longer . . .
OYou limply can't fford to have eoitly Interruption! in rruir nauung wn.n ....
busy teaion geti under way. Be aure that YOUR equipment It In good me
chanical lhape and make certain that your tlrei are In ihape for the hard ter
vlca they'll have during the next few weeki. We'll gladly Impect them and
help you to keep your fruit truck rolling throughout the harvett aeaaonl
BRING US YOUR TIRE TROUBLES
We'll Solve Them Quickly
'At Moderate Cost
229 North Riverside
Phone 3277
r
mm
DISTRIBUTORS
FISK Tires
EXIDE Batteries
GATKE Brake Lining
Wheels and Drums
TRUCK SUPPLIES
for DEPENDABLE
TIRE SERVICE
V
I
Good Selection of
All Wool Fabrics
$50 and $55
IRVIN . TAILOR
128 East Main
1 IT