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 Opposition Withdrawn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under the bill, has withdrawn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.
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