Image provided by: University of Oregon Libraries; Eugene, OR
About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 8, 1955)
MEDFORD (OREGON) MAIL TRIBUNE THREE Maters feral Ian ai Mis annpED Tuesday, March 8, 1955 Leiid Siipnoil Morse Ready To Introduce Bill For Construction Washington (U.R) Thirty senators urged Congress today to authorize the- controversial high federal dam at Hell3 Can yon on the Snake river between Oregon and Idaho. Sen. Wayne .Morse (D-Ore.) was ready to introduce the bill which wculd authorize federal construction rather than pro posed private power develop ment. There were 29 co-sponsors, most of them Democrats. In speeches prepared for de livery, Morse and other spon sors declared that the Idaho Power Company's development plan, now pending before the Federal Power Commission, would develop only a part of the river's resources. It calls for three lo.v dams. Called Indispensable Morse called the high dam in dispensable for flood control, navigation, irrigation, recreation and for power to feed the indus try of the Pacific Northwest. "Without it," he said, "the United Stales will consign 13 per cent cf its land area and over 40 per cent of its water re sources to incomplete, haphazard under-development." Sen. Warren G. Magnuson (D Wash.) said the proposal for private power development is wasteful and contrary to the public interest, Magnuson said the Idaho Power Company's tac tics "have included aggressive use of the present administra tion." Opposition Withdrawn The Interior Department, which would build the $357, 000,000 multi - purpose dam under the bill, has withdrawn its opposition to construction of smaller power wires along the Snake by the' Idaho Power Co. Magnuson said the power company's "underdevelopment" plan would "produce less than two-thirds of high Hells Canyon output, and at a much higher cost, to be" used primarily in the company's own service area." Sen. Richard L. Neuberger (D-Ore.) said the bill raises the question of whether the Colum bia river and its tributaries "will be tapped for the public or for a favored few." "Will the power sites in the Columbia Basin be used to full capacity or to merely a frag ment of their possiblities?" he asked. Stock Market Probe Seen as Lesser Show Than Quiz of 1930s Lyle C Wilson "Daring Duds Day' Brings Out Gay Coors Memphis, Tenn. (U.R) Male employees of the Memphis Press Scimitar today started something that could cause a new trend in business suits. - News Editor Luther South worth instigated "Daring Duds Day" in which fellow workers broke out their red jackets, pink and blue shirts and made the ladies jealous. "Most men have loud colored clothes at home they're too shy to wear," Southworth said. "So if we all wear them together it will be all right." Prisoner Sues State For Wrong Conviction DesMoines. Ia. (U.R) Harry Reeves has asked the Iowa Legis lature for 560,000 damages on grounds he spent 16 years in the state prison on a "wrong" charge. Reeves was convicted of a jewel theft. He said the robbery was merely a cover-up to defraud an insurance company 'and he should have been sentenced for conspiracy. Dead line Sunoay Classified ia at noon Saturday : 10 a.m. Monday for Monday: otnercays ou p' By LYLE C. WILSON United Press Correspondent Washington U.R) The old timer will lay you any odds that iho gpnatg's new investigation of Wall Street will be small beer compared to the one he reported back in the early '30s when that midget sat on J. P. Morgan's knee. "Other peo ple's money" was the name of tne hit show which ran in the spacious Senate caucus room for nearly 24 months in the depres sion years of 1932-33-34. Other neoDle's monev. and what a whole fraternity of bankers and capitalists could do with it for themselves and to the suckers who put it up. These congressional investiga tions of Wall Street seem to run in 20 year cycles. The Pujo com mittee of the House of Repre sentatives had a shot at it in 1913-14, just before World War I. J. P. Morgan, the elder, him self, was summoned before that committee and a host of his fel low financiers from New York But the Puio investigators han dled their witnesses gently, com pared to the procedure in the earlv '30s. and by contrast achieved nothing toward reform of the financial world. May Find Shady Deals Today's hearings may, of course, turn up some bad prac tices and obtain some reforms. Thp Question before the Sen ate Investigating subcommittee chaired by Sen. J. William iui hrifrht m-Ark. amount to this: Are currently high prices for stocks phony fir legitimate; it thev are tihonv. did the stock markets the brokers and such lure a public of suckers into bid ding them up beyond their , true worth? Those are fair Questions to which Fulbrieht probably will get an answer. But it is not like lv that the man from Arkansas will turn up ajiyjiuggets of per sonal and institutional snuictug- gery, potential perjury ana eye popping, if legal, avoidance of income taxes sucn as graced the record of the inquiry back there 20 years ago. Thenc with ''Uncle Dune" Flether dozing in the chairman's spot, a relent less Ferd Pecora rifled embar rassing questions at the nations financial ereats. Fulbrieht says his is a friendly investigation of Wall Street. That is not tne way Pecora did it. ' Pecora's Toothv Approach . - - . . . j- i Pecora was an assistant ais-; trict attorney in New York when Sen. Duncan U. Fletcher (D. Fla.) chose him to carry on an investigation which almost had collapsed1 under pressure of the financial community. Pecora went on to become Justice Fer dinand Pecora of the New York County Supreme court. He re signed in 1950 to run unsuccess fully for mayor. He's now a pri vate attorney. But bacK mere m 1933. Pecora eladly took the job for $320 a month, assembled crew of investigators ana weni to work. The tjublic casred when J. P. Morean. the younger, testified that he had paid no income tax in 1930-31-32. Perfectly legal, oi course, but a shock to the pub lic. Neither did some of his part ners in the world's greatest pri vate bank have to ante up that way. People were stunned when former' President Coolidge's name appeared on a list of bene ficiaries of the unethical "sure thing" stocks. Another Shocker Another shocker was the res ignation of Charles E. Mitchell as president of the National City bank after a day or so of Pecora's barbed questions. Down too, came Albert H. Wiggin, the absolute czar of the nation's oth er "biggest bank," the Chase National. The Chase was a Rockefeller bank. Winthrop W. Aldrich, of that clan, had been general counsel until Wiggin's practices were disclosed. It. was Aldrich who waved Wiggin out, succeed ed him and repudiated the bad basic banking practices of the pre-depression years which had helped bring calamity to the na tion. Aldrich continued to head the Chase until sent to London as., ambassador by President Eisenhower. Fulbright is both chairman and prosecuting counsel of the investigation now under way. Other committee members occa sionally chime in. To some with long memories it is a fair ques tion whether Fulbright or any Senator can find the time to do the all-or-half-the-night home work which Pecora regularly took on to be prepared for his witnesses on the morrow. KF Council Protests Abolishment of OTI Klamath Falls (U.R) The Klamath Falls Central Labor Council, has sent a letter of pro test to the Portland Labor Coun cil about a recommendation that Oregon Technical Institute here be abolished to help trim the state's budget. , . President C. D. Long told the Portland group that OTI provids technical training in several fields offered nowhere else in the state. He said shutting off school funds was no more justi fied than denying funds to law schools, medical schools or teach ers colleges. ; Speech Problems Topic Of Meeting Wednesday Ashland Questions concern ing the speech development of children and speech problems will be discussed at a "parentor ium" to be held at Southern Oregon college on Wednesday, March 9, at 8 p.m. A movie on speech problems will be shown. Other questions to be considered will include, when is a first grader's speech considered defective? Is poor speech just a bad habit? Do chil dren outgrow stuttering? Any parents or teachers inter ested in speech problems are in vited. Refreshments will be served. Stock Speculation Check Urged Washington (U.R) A Harvard economics . professor urged the government today to act quickly to check speculation in stocks if the market takes another sharp upturn. - He warned that a crash ' like that of 1929 "can happen again" and that the people still have a "considerable capacity for self delusions about the stock market."-;.;. - y ' : The warning came from Prof. John K. Galbraith, in a state ment to the ' Senate Banking Committee which is investigat ing the current stock market boom. Galbraith conceded there are sharp differences between the economic and market situation now and conditions which led to. the 1929 crash and the de pression. . - But he said "there are re semblances which are certainly interesting and possibly disturb ing." - . .: - Galbraith said that if stock prices begin to move upward again in the current boom, the Federal Reserve ' Board should raise margin requirements to 100 per cent. V : This would place trading in stocks on a strictly cash basis. The Federal Reserves Board re cently, raised margins from 50 to 60 per cent. Galbraith also recommended that the government sound clear and repeated warnings 'about the danger of runaway specula tion" to both the national econ omy and speculations and strong ly urge that the people "buy good bonds" instead of stocks. "If speculative tendencies per sist, more drastic measures in voking the tax power -should be contemplated," Galbraith said. "Those who react with horror to such suggestions should also react to the alternative which, presumably is an eventual bust." The professor also urged the financial community to "take the lead in resisting a new out break of speculation." CHURCH CHANGE South Sioux City, Neb. (U.R) First Lutheran church offic ials here installed a wire ap paratus to keep pigeons away from their church. The birds moved across the street to the First Presbyterian church. FOR LEASE Major Oil Company SERVICE STATION Call 3-4102 For Appointment ALL SIZES St, Francis and , Redwood Shrine BIRD FEEDERS '. $050 Shrines from . W ; New Fiberglass and Black Iron PLANTERS FOR MODERN HOMES Phone 3-1733 We Send FLOWERS-BY-WIRE Anywhere. Your Satisfaction Guaranteed We fake pride in every . flower order 9 Flowers Gifts 26 SOUTH CENTRAL' A fine margarine that costs less... 7V4 Shop On Our LAYAWAYPLAN Pay Little by Little s Easter SHOP TOMORROW FOR FASHION FOR EVERYONE Iff YOUR FAMILY! it s.X.. '-. ... woA - - ' IfSS r mmmmmmmmmwmmmmm SHORT COATS IN WOOL HOMESPUN, FASHION'S NEWEST FABRIC HIT! - and yet Dalewood is: i Easy to spread, even at "ice-box temperatures" Fresh! Because it's made on ' order and rushed to your store- Foil-wrapped to preserve all its delicate flavor. NOW ONLY 4 POUNDS FOR O Get DALEWOOD MARGARINE at your SAFEWAY A new fabric star makes" these Penney short coats superlative Spring buys! Rich texture combines with top styling, extra fine detailing to bring . a now-through-Spring ; coat you'll wear with pride. 30" and 32" length, fully lined with iridescent rayon taffeta. Cold, blue, ; mint, pink, grey, beige. I Mines' sizes They're Pearlized! Woven Wicker Baskets Eye-catching! These woven wic ker baskets have a lustrous hew finish. They're prettily bedecked with fruit flowers. Pearlized pastel shades at Penney's. . . plus Fd. tax Introducing - - - "SUNTOUCH" Our New Light Weight Rayon Butcher Weave In 8 Striking Colors Sizes 10-18 Completely Machine Washable and Crease Resistant! Yes, completely, machine washable new "Suntouch" fabric, the new light weight Butcher Weave Rayon. The hit fabric of the season. . See these new dresses in 8 exciting colors today Proof Again, It Pays To Shop at Penney's! THE CHARMER at the right, a machine; washable cotton with butcher rayon bolero Smartly styled pattern cotton sun back dress with a pert little Butcher . Rayon Bolero. Right for now and through the summer. Misses and half sizes. PENNEY'S FASHION FLOOR.
