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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 17, 1955)
rOTOTEETT MEDFORD (OREGON) MAIL TRIBUNE Thursday, March 17, 19S5 Banker and Labor Leader Issue Warning on Stock Market Boom Washington U.R) A New York investment banker and a labor leader raised red warning flags today on the stock market boom. Ferdinand Eberstadt, the banker, and James B. Carey, secretary-treasurer of the CIO, gave each warnings based on different reasons in separate statements to the Senate Bank ing Committee, which is investi gating the sharp rise in stock prices in the past 18 months. Eberstadt's statement was only mildly unfavorable to the market. Carey was highly critical. Both Commend Inquiry Both commended the investi gation. In his single reference to the Eisenhower a d m i n i s tration, Eberstadt said the President and Congress had inspired wide con fidence in the economic future. Carey put most of the blame for what he called a "far out of line" increase in stock prices on administration economic and tax policies. He singled out Secre tary of Treasury George M. Humphrey as the "chief archi tect of an economic house of straw." The labor leader termed as "brazen" Humphrey's advice to the committee Tuesday to be cautious in its investigation lest it weaken confidence in both the market and the overall economy. Carey Attacks Margins Eberstadt recommended that the Federal Reserve Board be empowered to raise market mar gin requirements the percent age of cash that must be put up to buy stocks on specific, in dividual stocks. Carey said an increase in margin requirements above the present 60 per cent would be "a wise step. Eberstadt warned that -"undesirable practices and tenden cies" have entered the market in recent months. The investment expert listed a '"rash" of unpromising secur ity offerings, "rides" given cer tain unspecified stocks and "hot tips" which led to "feverish stock buying." The committee's investigation "has already had a distinctly perceptible deterrent effect on these practices." he said. Wall Street Experts Claim Confidence in Market Coming Back New York (U.R) Wall Street experts said today that confidence in the stock market is being slowly restored. They predicted reduced activ ity and a narrower price move ment in the near future. But they said there may be another test of recent lows. Wednesday the market rose again but its rise was reduced before closing time by selling from recent buyers who took stock on the decline for a quick turn. List Can Go Uo Brokers say the list can go up several more points before run ning into real resistance because of good business news high production, good earnings, and anticipation of excellent first quarter reports to come next month. Now that the market has weathered one of its biggest set backs the market men are taking stock to see who bought in the last two sessions and who sold last week and Monday. One group was immediately eliminated from the selling OLTO Group Hold Social Evening About 400 persons attended a social evening Wednesday spon sored by members of the Ore gon Licensed Tavern Owners from Jackson and Josephine counties. The event was held at the Oasis at Eagle Point. Wives of the members were in charge of arrangements and decorations -which were in the carnival theme. A buffet , supper was served by Mr. and Mrs. August Bruy neel of the Dardenelle dinner house. Music for dancing was furnished by the Tunesmiths. Various distributors had d i s plays. Sam Prough, Medford, is pres ident of the group; Ed Dahack, Eagle Point, is vice-president, and Fairman O'Connell, Gold Hill, is secretary-treasurer. side the institutions. Also little or no selling came from mutual funds, pension funds or individ ual trusts. From General Public Much of the unloading came from the general public and it included a few wealthy individ uals with sizable long-term cap ital gains. Speculators were squeezed and probably tamed. Buying on the decline came from bargain hunters and in-and-outers eager to scalp a quick profit. As of today the market has recovered in two sessions about 21 per cent of its losses of the previous five days of decline. Crosley Distributors Set Meeting Tonight A meeting of about 30 Cros-ley-Bendix distributors from throughout southern Oregon will be held this evening to in troduce a new "Custom-V" line of Crosley television sets, it was reported this morning. The meeting will be at the Crater Inn motel, with refresh ments served at 6 p.m., dinner at 7 and the sales meeting at 8. Arrangements for the meeting are being made by Ralph Sachs, Portland, electronics sales man ager for Robert L. Rice Co.. Crosley-Bendix distributors, and Paul E. Wagner, district man ager for the company. The sessions will be in the motel's sample room. 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Market Ashland Groceteria Drive In Market Pale's Meats Gail's Market Cogswell's Market Farr's Market Medford Medford Medford Medford Medford Medford Medford Medford Ashland Ashland Central Point Gold Hill Gold Hill Grants Pass Bankrupt Hundreds Naples, Italy (U.R) Hungry ( poor lolk line up Dy tne nun dreds each day at noon before the humble home of a "bank rupt" rag man named Teodoro Mandato. Inside, through pow ers the rag man describes as supernatural, they find all the food they can eat. Don Teodoro's table groans with cauldrons of rich mine strone soup and piles of bread and fruit. His ill-clothed visitors come and go. They eat heartily and pause to thank their smiling, white-bearded host before they leave. Don Teodoro accepts only their gratitude in payment for the meal. He is poor himself, he explains, and the spread of food comes from "providence." This explanation is enough for the thousands who have sat at his table and eaten literally tons of food in the past two years. But civil and ecclesias tical authorities want to know more. 'How can you go on feeding all these people?" they have asked. Don Teodoro smiles broadly. "My daughter, Rosa Immaco lata, lives in a state of grace. Through her I have been in formed by the most high that I must help the poor." "But where do you get the money?" "From providence," Don Teo doro explains cheerfully. Authorities have pried deeply into Don Teodoro's past to try to find out how he manages to feed up to 500 people a day with no apparent source of income. They are still mystified. About 24 years ago, Don Teo doro went to Rome from Naples seeking his fortune. He found it. Starting with a pushcart he be gan collecting and selling rags, and by the beginning of World War II he was rich. His rag busi ness was enormous and he owned a villa and several big cars. Italian Rag of Hungry But Mandato and his partners in business were of Jewish ex traction, and during the last years of the Facist regime they were forced to flee and turn their business over to others. After the war, they returned and found they owed the government a huge back log of taxes. Mandato paid his share penniless. The dejected rag merchant returned to his native village of Cardito eight miles north of Na ples with his wife and eight chil dren. He told friends he had less money than when he first went to Rome to make his fortune. For two years the family lived alone. Neighbors seldom saw the Merchant Feeds People Each Day Mandatos except at mass on Sun days. Suddenly, in 1952, the old est daughter Rosa quit school and began to live a cloistered life in a room of the Mandato home. At the same time Don Teodoro grew more high spirited. He but was leftlPened his house to the poor every day, and his table has be come known far and wide. Sometimes visitors at the Man dato home ask to see Rosa, a fat cheeked girl of 20 who has long dark hair and wears a flowing white robe. They have come away claiming she has power to heal. . "Rosa," Don Teodoro says, "lives a supernatural life. Some day her beauty and saintliness will outshine the fame of Fatima Talent Project Not 'Dead Issue Ashland Audiences Informed The site of the discovery of San Francisco bay, Sweeney Ridge about four miles west of Millbrae in San Mateo county, Nov. 4, 1769, bears a historical marker. Ashland The Talent proj ect is not a "dead issue," mem bers of the Ashland Chamber of Commerce and Ashland Real ty Board were told Tuesday. J. A. Hoffbuhr, manager of the Medford Irrigation district and secretary of the Rogue River Valley Irrigation association, told his audience that the proj ect has been authorized by cong ress, and. that work could start within a few months after initi al appropriations are approved by congress. He outlined some of the diffi culties which have held up the appropriation, including confu sion over benefit ratios, and the opposition of eastern congress men to western reclamation projects. Robert A. Kent, manager of the Talent Irrigation district, supplemented Hoffbuhr's re marks. Both have been active in working for the project, which would provide new and supple mental irrigation water for several thousand acres of land in Jackson county, as well as new electric generating facili ties. Hoffbuhr said that, while this is a money-conscious congress, he believes the prospects are good for congressional support of supplemental budget requests for the project. Both Oregon senators and Congressman Har ris Ellsworth, of this district, favor the project. Engineers and crews from the bureau of reclamation are now working on surveys of the main canals, and will move into the mountain areas involved in the project as soon as snow condi tions permit, Hoffbuhr said. 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