Image provided by: University of Oregon Libraries; Eugene, OR
About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 14, 1955)
MEDFORD (OREGON) MAIL TRIBUNE FIVE Moover Commission Recommen lishing Government Lending Agencies Monday, March 14, 1955 Should Be Forced To Support Selves By Free Enierprise "Washington (U.R) The Hoover Commission recommend ed today that many of the gov ernment's 104 lending and insur mg agencies be abolished or forced to support themselves un der the free enterprise system. These and other proposed ac tions, the commission said, would result eventually in return to the Treasury of capital funds total ing $6,217,743,000. And, it add ed, they would forestall possible future Treasury investments totaling $1,114,000,000. In addition to such "reductions in the national debit," its overall recommendations ultimately, the commission saving of some $200, 000,000. The 12-man commission, head ed by former President Herbert Hoover, made its recommenda tion in another of a series of re- ports to Congress on government reorganization. This one covered all federal agencies making or guaranteeing loans. Controversy Looms It said lending or guarantee ing loans "is a function which the "government should under take only when private enter- , prise cannot or will not perform the function, and then only in furtherance of a justifiable gov ernmental purpose." Five members of the commis sion dissented from certain parts of the report, which appeared certain to stir up much contro versy. Many of the majority's recommendations would affect directly government programs involving housing, farmers, vet erans, and small business. The report said the number of government lending, insuring, and guaranteeing" agencies had grown in 42 years from none to 104. It said federal loans, guaran tees, and commitments such as mortgage and bank deposit in surance totaled $244,272,515,000 last June 30, not counting hidden subsidies which the commission said should be disclosed. Lists Federal Aids The commission broke its $244,272,515,000 figure down this way: 1. Aids to housing, $55,786, 358,000. 2. Aids to agriculture, $8,643, 092,000. 3. Aids to business, $2,875, 710,000. 4. Aids to foreign govern ments, $26,360,443,000. 5. Veterans life insurance, $44,097,912,000. 6. Insurance of bank deposits, $106,509,000,000. Rep. Chet Holifield (D.-Calif.) a commission member, said the majority proposals "point in the direction of a slowing down of housing construction, restrictions on the rural electrification pro gram, and limitations on other direct or indirect aids provided by the federal government." No Longer Needed The commission specifically recommended liquidation of pro grams involving 12 production credit corporations, the agricul tural marketing act revolving fund, the Federal Farm Mort gage Corp., and loans for college housing. It said these agencies have served their purpose and are no longer needed. It recommended self-supporting status for the Federal Hous ing administration, federal in termediate credit banks, banks for cooperatives, Federal Nation al Mortgage association, and the Rural Electrification administra tion. It said these agencies should be reorganized to assure better management and merge them into the private enterprise sys tem. Higher Interest Rates In the interest of administra tive efficiency and economy, the commission urged that the REA, the Small Business administra tion, Veterans Life Insurance, and the Housing and Home Fi nance agency be brought under the government corporation con trol act. It also recommended that the Export-Import bank be restrict ed to making long-term export loans for the development of foreign resources and that changes be made in the farm price support program to cut down the cost to the govern ment. The report said federal sav ings of $200,000,000 a year would result ultimately from requiring agencies to pay their administrative expenses by in creasing interest rates to bor rowers. It , said the Treasury would recover another $297, 751,000 from the liquidation of certain agencies. Canada's Province of Ontario is larger than France and Spain together. Its north-south reach of more than a thousand miles spans climates favorable to both polar bears and peaches. East and west it shares an interna tional border from New York State to Minnesota. V 7 A BATTLES ASSASSIN In dia's Prime Minister Jawa jarlal Nehru, 65, personally fought off a would-be assassin at Nagp-ir, India. He wrenched a knife from his attacker's hand in struggle on running board of an open auto. Police arrested the knife wielder, a rickshaw puiler. Winched, NY Paper Settle Lawsuit Over Statement New York (U.R) The New York Daily Mirror published a statement today announcing set tlement of $1,525,000 in libel suits filed by the New York Post and its editor, James A. Wechs- ler. The statement, authorized by Walter Winchell, said the col umnist never said nor meant to say that the New York Post, its publisher or editor are Commu nists or are sympathetic to Communism. False Impression Charged The New York. Post had sued for $750,000 damages and Wechs ler S775.000 on charges that Win chell had sought to create the false impression they were dis loyal to the United States. The lengthy controversy had been on file since Dec. 17, 1952. The stipulation reached by attor neys for both sides called for a statement to be published in to day's New York Daily Mirror editions and for an announce ment on Winchell's radio and television shows last night. The suits were discontinued with the publication of the state ment and payment of $30,000 in counsel fees and costs to the Post and Wechsler. . Publishing Agreed The agreement provided that the statement should be pub lished in other Hearst news papers also and that either Hearst or King Features, which dis tributes the Winchell column, request other newspapers pub lishing the column to carry the statement. Winchell also disclosed last night that he is leaving the ABC network because of a dispute over an insurance policy cover ing him for libel. The columnist, who will leave the network Dec. 25 after 25 years, said he was paid $10,000 weekly 52 weeks a year under the contract signed with ABC seven years ago. Unsoyii Federal Reserve Chairman Cautions On Preoccupation Washington (U.R) Federal Reserve Chairman Williams Mc- Chesney Martin Jr. cautioned today against the public becom ing "unduly preoccupied with stock markets" because it may lead to "ursound speculative psychology." , He also said margin i equip ments the amount cf cash need ed for stock purchases are not "cure-alls for stock market ex cesses or abuses." Martin made the comments in testimony prepared for a hear ing in the Senate Banking Com mittee's "friendly" investigation of the stock market boom during the last 18 months. Big Market Drop He testified only a few hours after one committee member Sen. Homer E. Capehart (R-Ind.) had told reporters he is "afraid" the inquiry caused a $7,000,000,000 droD in stock val ues last week, the worst in the New York Stock Exchange in 15 years. Chairman J. William Ful- bright (D-Ark.) had said pre viously that if stock prices fell because of the inquiry then the market must be very weak. Martin, who was called to tes tify largely on credit, said "reg ulation can restrain the use of credit for stock market purposes, but it cannot serve as a guar antee against all speculative abuses." Avoids Margin Question The Federal Reserve Board chairman did not comment di rectly on suggestions by other witnesses last week that the riresent margin requirment of 60 per cent be increased, per-j hans to 75 or 100 per cent. The latter would mean that the buyer would have to put up all the money in cash when he buys stocks. Martin said. "It is difficult to define what constitutes 'exces sive use of credit' in stock markets." However, he said, "So far as stock, markets are concerned, it seems to me that there are certain siens or symptoms of unhealthy tendencies when busi nessmen or the public gener ally become unduly preoccupied with stock markets and stock prices." "An unsound speculative psy chology may then develop that can have adverse effects through out the economy," he added. ii sychoBogy Seen in Market Nehru's Attitude Worry To Officials New Delhi, India (U.R) Security officials worried today over Jawaharlal Nehru's ten dency to minimize a possible assassination attempt and took steps to increase protection over the Prime Minister. Their alarm was heightened when they discovered the knife wielding rickshaw man who rushed at Nehru Saturday in Nagpur came from the same dis trict as the assassin of Mohandes K. Gandhi. The officials recalled that Gandhi also disregarded an at tempt on his life a few days be fore an assassin shot him to death. Nagpur police announced they will charge the riskshawman, Babu Rao, 26, with attempted murder despite his plea that he did not want to harm the prime minister. Use Mail Tribune Want Ads Dead line for Sunday Classitied at noon Saturday. Daily's U-Drive Medford Airport Picnic Lunch on Raff Nearly Becomes Voyage New York U.R) Four teen aged boys decided to eat their picnic lunch aboard an old, aban doned raft they found tied to a Manhattan beach pier in Brook lyn Sunday, but the picnic near ly turned into an ocean voyage. The roDe broke and winds blew the. raft more than a half- mile off shore before a police helicopter spotted the frantically-waving lads. A police launch rescued them. Portland Manufacturing Plant Leveled by Fire Portland U.R) Fire destroy ed the Reedway Manufacturing company plant here last night with loss estimated at $20,000. The plant, owned by John P. Domme of Portland, manufac tured wooden plugs for paper rolls and bungs for barrels. QD Try the train and avoid the strain Enjoy a good night's sleep on our smooth, diesel-pow-ered train to Portland. It's the easy, safe and time saving way to go. Comfortable Pullman car with berths, bedrooms (new low rates) and draw ing room. Snack lounge. Chair car, with sponge rubber seats, at very low fares. For tickets, information, Pullman reservations call any S.P. ticket office. Southern Pacific F. G. MORRIS, Agent Phone 2-2846 f FIRE LADDIES TO THE RESCUE Virginia Deaten finds that chivalry isn't dead yet as she is carried through flood water on a Cincinnati street by fireman Jim Morganroth to rescue boat manned by fireman Gene Downing. At the time the Ohio River reached above 60 feet at CincinnatL Blimp Being Built To Hunt Submarines Akron, 'O. (U.R) A new type blimp, to be used by the U.S. Navy for hunting submar ines, is being built here. The Goodyear Aircraft Corp. is not very talkative about the slimmer-than-conventional light-er-than-air craft that has been seen floatinng around here, but it does admit that it contains a lot of unique equipment. One feature that can't be hid den is its three tails instead of the conventional four. The firm, which built that World War II sub-hunting stal wart, the K-ship, did say the new 2G-1, as it's designated, is "equipped with latest develop ments adaptable to such aircraft Subscribers To report improper or non-delivery of the Mail Tribune phone 2-6141 before 6:45 pjn. daily and 10:30 a.m. Sunday. If regular delivery arrives short ly after you call please notify of fice thus eliminating special mes senger service. to enable it to detect, . locate and attack enemy submarines in the event of war ... (and to) refuel in flight from surface craft and can reballast by a wa ter pickup system." Buy At Builders Supply QUALITY BLOCKS Bricks, Flues Drain Tile 727 W. McAndrews Phone 2-4107 WHY DRIVE? United Air Lines flies you there faster with no worry or strain yet costs no more! PORTLAND 2Va HRS. SEATTLE 4 HRS. Enjoy convenient schedules and superb service. Arrive fresh and relaxed. UNITED AIR LINES Airport Terminal, fn Medford coll 3-3643 or on authorized travel agent. If You're Not Trading At The Groceteria You're Paying Too Much! PARKING LOTS VLP THERE ARE MANY KINDS Creamed Golden White Tiny Kernel - Vacuum Pack -- Mexicorn with peppers Standard .-- Choice and Fancy Pack In Can Sizes to Suit Any Need Bo S atisffy YOU - O Brands you know O Sizes you want O Varieties you like O Prices that please thru WEDNESDAY Niblets Vacuism Whole Kernel . 12-oz. can, 2 for 291; Del Mais Mexicorn : 12-oz, can 19 Del Monte Vaciram Whole Kernel 12-oz. can, 2 for 35; Del Monte Corn and Peppers 12-oz. can, 2 or 39; Del Monte Creamed Golden Corn S-oz. can, 2 for 25? Del Monte Creamed Golden Corn No. 33 can, 2 for 35; Del Monte White Corn . . . 3-oz. can, 7 cans $1.00; No. 303 cast, Summertime Whole Kernel Corn No. 303 can, 2 for 25; Diamond A Whole Kernel Corn 8-oz. can, 2 for 25; Diamond A Whole Kernel Corn 12-oz. can, 2 for 29; Diamond A Whole Kernel . No. 303 can, 2 for 3S; Green Giant Creamed Corii No. 303 can, 2 or 35; Kounty Kist Creamed Corn No. 303 can, 2 for 29; Three Sisters Whole Kernel Corn .... No. 303 can, 2 for 29; 7 cans $1.00 ;6cans$1.00 7 cans $1.00 6 cans $.00 9 cans $1.00 7 cans $1.00 4 cans $1.00 9 cans $1.00 9 cans $1.00 7 cans $1.00 6 cans $1.00 6 cans $1.00 3 cans $1.00 8 cans $1.00 mil Lemon Lime Apricot Date Coconut Chocolate Boysenberry Pound Box ! SHORTENING 3 lb. Can Double Saving Coupons in Can Special Nylon Hose Saving (DDL J) 2 Quart z-hior-u CdDFIFI 2 lbs. $1.69 LTV CHUNG KING OAL IFF CHINESE FOODS Frozen Meatless Chow Mein ...... each 43c Beef Chow Mein ... each 53c REG. PACKAGE FREE WITH EACH ONE PURCHASED 3
