Medford mail tribune., March 18, 1955, Image 4

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FOUR MEDFORD (OREGON)
"Everybody m southern Oregon
Readi The Mail Tribune"
Published Daily Except Saturday by
MEDFORD PRINTING CO.
37-29 North Fir St. Phone 2-614
ROBERT W. RUHL, Editor
KERB GREY. Advertising Manaeer
T. C. FERGUSON. Managing Editor
ERIC ALLEN JR.. City Editor
HARRY CHIPMAN. Telegraph Editor
RICHARD JEWETT. SporU Editor
OLIVE STAR CHER. Society Editor
JACK JACKSON. Sunday Editor
GERALD LATHAM. Circulation Mgr.
An Independent Newspaper
Entered as second class matter at
Medford. Oregon, under Act of
March 3. 1897
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Official Paper of Jackson Comty
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Flight o' Time
Medford and Jackson County
History from the files of The
Mail Tribune 10, 20, 30 and
40 years ago.
10 YEARS AGO
March 18, 1945
(It was Sunday)
Medford High school basket
ball team defeats Baker, 51 to 49,
to take third place in state high
school basketball tournament
after losing, 41 to 40, to Oregon
City for first defeat in 28 games.
From Arthur Perry' Ye
Smudge Pot column: Farmers
report the rain is drowning the
barley. The county agent as yet
has not reported any weeds
going down for the third time.
20 YEARS AGO
March 18, 1935
(It was Monday)
First Presbyterian church of
Medford, founded March - 29,
1885, planning observance of
50th anniversary; the Rev. E.
P. Lawrence, pastor at the time
the church was moved into the
new building, to give anniver
sary address.
Winners in first round of
President's Cup tournament at
Rogue Valley Golf course in
clude A. F .Mansfield, Lee Wat
son, Sprague Reigel, M. M. Mor
ris, Dave Wilcox, E. L. Childers,
H. H. Pringle, and Chuck Ellis.
30 YEARS AGO
March 18, 1925
(It was Wednesday)
J. A. Churchill, state superin
tendent of schools, favored for
appointment as president of
Ashland Normal school.
First smudging of season comes
when mercury drops to 27 de
grees. 40 YEARS AGO
March 18, 1915
(It was Thursday)
Circulars distributed warning
that "sinful Medford will be de
stroyed." Owners of blooded horses
threaten to file test suit against
city council order prohibiting
parading of stallions on Main st.
Saturday afternoons.
What's the Answer?
(Can You Get 4 of the 7?)
Cepr. 1955, Editorial Research Report
1. About one-fourth, one-third,
one-half, or two-thirds of all bus
iness on the New York Stock
Exchange originates in New York
city.
2. Statehood for Alaska is sup
ported chiefly by the Republi
cans or the Democrats, or about
equally by each?
3. Present shortage in schools
is due chiefly to little building
in the depression and war years,
to the recent rise in birth rate,
to neither or to both?
4. Which one of these movie
stars was not bor:i in the U.S.:
Marlon Brando, Paul Douglas,
Jimmy Durante, Van Johnson,
Gene Kelly, Charles Laughton?
6. Presidential candidate of
the States Rights Democrats in
1948 was Byrnes, Eastland, Rus
sell, Talmadge, or Thurmond?
7. The head of the Sphinx in
Egypt is that of a man, woman,
bird, animal, or fish?
5. The "Empire State" is Cali
fornia, New York, Ohio, Penn
sylvania, Texas, or Virginia?
The answers: 1. About one
fourth, says the Exchange. 2.
Chiefly by the Democrats. 3. To
both. 4. Laughton. 5. New York.
6. Thurmond. 7. A woman.
Of all the radio hams known
in the world, only one in 50 is a
woman!
MAIL TRIBUNE
Oregon Lumber History
Official reports, those issued by federal or state
departments, bureaus and like branches, are generally
pretty dull reading especially for the layman. But
the biennial report of the Oregon State Board of
Forestry released this week by State Forester George
Spaur is a welcome departure from the dry statistical
type for it covers the past 100 years of forestry and
the forest industry in Oregon in clear, readable and
lively fashion.
The booklet relates the development of the log
ging industry in the early days of 1850, following
it through to the present, the progress of the industry
from the days of the ox team and the skid road to
the first steam donkeys and into the caterpillar and
truck logging era.
a
AS THE story continues, the early growth of for
estry is described and also the change-over from
the "cut and get out" philosophy of the first loggers
to the present acceptance of the more enlightened
reasoning that "timber is a crop" and should be
treated accordingly.
The report records the legislative program that
has made Oregon a leader in modern forestry achieve
ments. It mentions aerial seeding, protection, forest
taxation, research, rehabilitation and points out the
accomplishments in these endeavors.
In this exceedingly timber conscious portion of
the state there is interesting reading in the portion
of the report which deals with the gradual changes
and improvements in logging methods.
I OGGING on a commercial basis was of minor im-
'L, portance in Oregon's early days because the de
mand for lumber in the sparsely settled state was of
local nature only. The California gold rush gave
lumbering its first impetus with rough cants bringing
$60 per thousand board feet at the ship dock on the
Willamette river. In 1850 the 29 sawmills in Oregon
cut 17,794,000 board feet of lumber and employed
177 men, an average daily output of about 2,000
board feet per mill.
As Oregon City and Portland began to grow and
settlers moved into the Willamette valley as far south
as Salem the demand for lumber increased and mills
jwere started in the Chehalem valley and around
Champoeg.
COME of the early Oregon loggers felled trees,
bucked the logs and rolled them into the water
with log jacks real hand loggers. But the main mo
tive power was the slow and dependable oxen moving
the logs over the skid roads.
poles placed crosswise along the route at regular in
tervals. Notched in the center and heavily greased,
the skid road furnished a
laboring oxen could pull logs the comparatively short
distance from forest to mill
For 20 years the oxen remained the main log
moving power. Then in 1870 someone in California
developed a steam powered machine with an erect
spool or capstan. This was the forerunner of the
steam donkey that completely revolutionized western
logging.
Some time later a logger with an inventive turn
of mind mounted a drum ahead of the steam engine,
hooked it up to the power by means of a gear, wound
the line around this and the single drum donkey came
into existence.
D Y THE turn of the century logging was really get
" ting into high gear in the state. That cut of around
18,000,000 feet in 1850 had reached ten times that
amount m 1900. Within the next two decades the
output jumped to nearly five billion board feet.
It was the era of the
grade show ten hours a
merchantable length of the
limbs, the rest was waste. Second growth trees were
worthless. The price of the best logs in the Columbia
river was $12 per thousand.
Logging railroads twisted and turned through the
forests of both eastern and western Oregon and wood
burning donkeys dotted the hillsides.
TN THE late 1920's there came the most significant
A change in logging since the exit of the oxen. It was
the development of the bulldozer-equipped cater
pillar and the logging truck. The cats punched the
roads out at far less cost than the old Bagley scraper.
Then the cat did the logging and the trucks came in
over the new roads and hauled the timber. The trucks
were able to go where railroads couldn't because of
grade and curve limitations.
Logging and lumbering moved along at a fairly
even pace for some years, through good times and
some pretty bad times. People were just beginning to
think of conservation and forest regeneration when
the terrible Tillamook fires burned over 300,000 acres
of fine timber. Then came the war, unprecedented
demand for all kinds of products of the forest and
consequent acceleration of cutting more than six
billion board feet annually.
INSECT inroads have also taken a heavy toll in more
1 recent years and all these depletions have served
to speed efforts toward fire and insect control, con
servation, farm forestry, the establishment of tree
farms, and other measures calculated to perpetuate
Oregon's supply of timber. Some of these steps have
come through state and federal legislation and regu
lation, some through the action of the more substan
tial lumbering and logging interests.
The record of lumbering activities in Oregon since
the early days, the developments in methods and
efficiency, and the expansion of the industry, and
today's forward looking management make a most
interesting document E.C.F.
Friday. March 18. 1955
.
These roads were peeled
pathway along which the
pond or stream.
high ball logger in a high
dav six days a week. The
tree stopped at the first
Babson . . Market Averages
By ROGER W. BABSON
Babson Park, Mass., (Special
to Mail Tribune). Certainly, the
Fulbright Committee has dis
played ignorance and inability
to intelligently discuss Stock
Market procedure by the foolish
questions they have asked.
They seemed utterly at sea
when discussing the "Dow In
dustrial Average" and compar
ing same with the highs of 1929.
As most readers know, this av
erage is made up of 30 stocks
closing on March 3 at the follow
ing prices:
Allied Chemical 8c Dye 100
American Can 41 Vi
American Smelt. 8c Ref 463,k
American Tel. & Tel. 185Vt
American Tobacco . 65 T
Bethlehem Steel 1283
Chrysler Corp 703't
Corn Products Refining . 873s
duPont de Nemours 1733,
Eastman Kodak 73
General Electric 51 3
General Foods . 77 a
General Motors 96 x
Goodyear Tire & Rubber 56
International Harvestor 38 ',i
International Nickel . 65 ,i
Johns-Manville .. 897e
Loew's, Inc 195,i
National Distillers 2Z3a
National Steel 653i
Proctor & Gamble . 101
Sears, Roebuck 85 'i
Standard Oil of Calif 79g
Standard Oil of N. J
Texas Company 933a
Union Carbide & Carbon - 853s
United Aircraft 824
U. S. Steel 79 'a
Westinghouse Electric 793,i
Woolworth (F. W.) Co 51!
The Committee members
worked with pencil and paper
trying to get an average which
checked with the Dow-Jones Av
erage for that day. They could
not make it check; thence, they
"smelled some monkey business
by Wall Street." They forgot en
tirely that prices must be ad
justed to stock dividends, split
ups, and other changes in the
number of shares.
Simple Illustrations
Shown by Split Stock
For instance, take a stock such
as General Motors which last
split two for one. In order to
give the new quotation after the
split a fair comparison, the new
quotation must be adjusted for
splits, stock dividends, etc. All
this would be simple were it not
for the fact that some of the
1929 stocks have been dropped
from the Average.
Furthermore, there have been
mergers which required higher
mathematics to make the correct
adjustments. These were made
in order to be fair. It is very
wrong for any member of the
Fulbright Committee to suggest
juggling. In fact, of the 1929
Dow-Jones List of 30 stocks only
1.7 remain in the present list of
30 stocks. Incidentally, it is
rather interesting that the Wall
Street Journal owned by the
Dow-Jones Company apparent
ly desires to sidestep this entire
Average problem.
Other Averages
All Nearly ParaUel
There, are other important
"Averages" such as the New
York Times' Averages. Their In
dustrial Average is made up of
25 stocks; but the comparison
may, easily be checked. If the
New York Times' Average goes
up, the Dow-Jones Industrial Av
erage usually also goes up, but
by a varying amount. Other
leading newspapers have sep
arate Averages; but if plotted,
they all will be nearly parallel
in movement.
The Boston Stock Exchange
broadcasts through Friday at
noon and after the close of the
market. The real value of these
Averages is not to compare with
1929; but to compare with "yes
terday" or a week or month
ago." Now just a word regard
ing "Specialists," which seemed
to trouble the Committee.
Specialists Described
As Protector of Public
In fact, the "Specialist" is the
protector of the public who buys
and sells stocks. He is charged
by . the New York Stock Ex
change with a very specific and
extremely responsible duty,
namely that of "making a mar
ket" in one or more issues. To
do this he must often risk his
own funds by buying a stock
in a falling market at a higher
price than the public will pay
at any given moment. In a rising
market, the specialist is expect
ed to sell stock from his own
account at a lower price than the
public is willing to sell. This
prevents wide gyrations in the
market price of any given stock,
and protects a hurried seller
from being "clipped" by being
forced to accept a low price for
his stock. Conversely, an anxious
buyer is protected against pay
ing too high a price at any given
time.
About one-quarter of all New
York Stock Exchange members
act as specialists. One specialist
may handle a number of stocks,
but, in the case of very active
issues, there may be a number
of specialists handling the same
issue. The Exchange has rigid
rules governing the market ex
perience and financial standing
or specialists. The specialist must
assume full responsibility for all
orders to buy or sell turned over
to him, maintaining a fair and
orderly market in the stocks in
which he specializes. His ter-
sonal interests in the market
must at all times be subordinated
to the best interests of his cus
tomers. He cannot buy for his
own account until he has ex
ecuted all public orders held by
him at the given price. In a nut
shell, the specialist is a very
important wheel in the Ex
change's machinery absolutely
necessary to its smooth function
ing. And I repeat, he is there to
protect the buying and selling
public.
Education, Publicity
Seen Best Protection
This is what can be done to
help the innocent investor not
to get hooked by tips. The sim
plest protection would probably
be to confine the investments
of all dispensers of tips see
Financial Supplement of New
York Times to U. S. Govern
ment Bonds or bank accounts
only. Yet, this would not pre
vent Winchell from passing out
tips, as he now claims that he
has no direct interest in any
stock which he recommends.
Forty years serving Stock Ex
changes makes me believe that
the best protectiin is education
and publicity. Some have sug
gested that the specialists' books
of unfilled orders be made pub
lic for a time in advance of ex
ecution. This would not, how
ever, be possible in rapidly mov
ing trading such as takes place
on the floor of the Exchange.
Furthermore, a true picture
would be most difficult to obtain
as orders on the books can be
pulled out any time. Thus, the
specialists' books shift at vary
ing attitudes of the public. Per
haps it might help if investors
who buy and sell in small lots
were required to put limits on
their orders. All in all, however,
I conclude that the real ques
tion is one of educating the buy
ers and the sellers of stocks.
In the Day's News
By FRANK JENKINS
.With everybody talking about
the stock market these days (not
to mention an investigation of it
that is being conducted by an
able committee of the U.S. sen
ate) it might not be amiss to
recite a little history today.
How did the New York Stock
Exchange get started?
II7ELL, shortly after the Amer-
' " ican Revolution, a group of
New York business men fell into
the habit of gathering from time
to time under a buttonwood tree
in lower Wall Street.
They talked of the weather
and the crops and the NEW NA
TION THAT HAD BEEN
FORMED, and what its future
would be, and what it would re
quire to make it great. Along
with that, they inquired as to
one another's families and spoke
at more or less length of their
plans and their hopes for the
future.
It was not dissimilar to a pres
ent day coffee session on an av
erage Main street. Among other
things, they talked a little busi
ness.
A S TIME passed, business be
gan to outstrip other topics
of conversation. Talk turned to
action and pretty soon the but
tonwood tree began to attract
numbers of stock brokers who
came to buy and sell securities
among themselves. So they
forced a curb exchange.
It turned out to be a good idea.
and in the course of time brisk
business and chilly weather
prompted them to hire a hall. It
gets pretty nippy down on lower
Wall Street in the winter
months, you know. With a
mutual investment in rent, they
decided to organize a formal
trading association.
That association is today the
New York Stock Exchange.
YOU'VE heard, of course, of
Lloyd's of London. Who
hasn't?
Lloyd's of London got its start
back about 1688 when a bunch
of shipowners and marine in
surers ("underwriters," they
called themselves) formed the
habit of getting together in Ed
ward Lloyd's coffee shop to talk
over the weather and such. Es
pecially the fate of ships on the
high seas.
Out of that informal start
came the most famous insurance
institution in the world.
BUT
You say
That was back in the good old
days. We couldn't do anything
like that now. The world has got
too big.
WE
AIT a minute.
the small city of Waynes
boro, Penn., there is an institu
tion that closely approximates
the beginnings of the New York
MR.
INSURANCE
Fred
Brennan
We carry $10,000 fir insur
ance on our home, but, as
far as I know, none on our
garage. Sure enough, the ga
rage burned to the ground. Is
it possible that our Residence
Fire Policy covers the garage?
What of the screens, tools,
etc, in it? .
. For Information Call
MEDFORD INSURANCE
AGENCY
Phone 2-4940
State of Emergency
Ordered in Kentucky
Louisville, Ky. (U.R) The
governor of Kentucky has pro
claimed a state of emergency.
The official ' proclamation
came as a result of a strike
which has virtually ended opera
tions of the big Louisville and
Nashville railroad. At the same
time Gov. Lawrence Wetherby
appealed to President Eisen
hower to intervene in the strike,
now in its fifth day. Wetherby
asked the governors of 12 other
states served by the railroad to
Join him in the appeal to the
President.
Stock exchange. They call it a
"curb" exchange, and it operates
at the street curb in front of the
First National Bank and Trust
Company of Waynesboro. In the,
winter, that is. In the winter the
curb in front of the bank is on
the warm, sunny side of the
street. In the summer the ex
change moves across the street
into the shade of some lovely old
trees.
Back in beautiful New Eng
land, they have the supreme
good sense to KEEP their lovely
old trees in the business dis
tricts of their towns and cities.
Out here, we CUT 'EM DOWN
as fast as possible.
THIS highly informal curb ex
change trades in the securi
ties of industries operating in
and around Waynesboro. As a re
sult of its operations, a lot of
Waynesboro's industries are
financed LOCALLY out of
LOCAL savings.
When the securities business
gets dull, they sometimes auc
tion off local livestock and local
real estate on the curb in front
of the bank in winter and over
across the street under the shade
of the old trees in the summer.
TTERE in Southern Oregon
which has a bright future
we could do just that same thing
if we wanted to and could find
the right kind of people to run it.
In Medford, Roseburg, Klamath
Falls and elsewhere, we have
sunny curbs in front of banks
and even a few . trees for the
summer sessions.
And it would be a WONDER
FUL thing for us if we fell into
the habit of financing our local
industrial enterprises out of our
own local resources.
li
Shi
irt and Panty $)98
t. Sizes 2-4 W
Set,
$98
Vest
Always
IX II urn
Is That So?
"Each spring my long - haired
Bohemian friends start spout
ing: "The voice of the turtle is
heard in the land' and it makes
me mad clear through," writes
Mrs. T.W.L. "Won't you help me
S-i -st
put an end to this silly turtle
singing twaddle?"
"I know a whale isn't a fish
but can you tell me which is the
biggest fish that grows?" asks,
John R. Jr. "Also, we would like
to know what's the smallest?"
Sorry Mrs. T.W.L., the turtle
has a voice. It is a gentle, soft,
murmurous cooing. But it's a
turtle dove. "Turtle," you see,
was originally the complete
name for a turtle dove. Given
to them, I suppose, because of
their 'tur-tur' cooing.
As for the reptile's voice, if
you were to listen very closely
ou might catch a sibilant hiss
as it pulls its head into its shell,
caused by the turtle's breath be
ing forced out suddenly to make
room for its indrawn head.
The biggest fish are the
sharks, Johnny the jumbo
shark or whale shark which gets
to be 50-60 feet long and may
weigh over 27,000 pounds. The
basking shark with a length of
some 35-40 feet comes a strong
second, with some of the blue
sharks not very far behind.
These are all, strictly speaking,
salt-water fish. In fresh water,
the biggest fish is the Russian
sturgeon. Some grow to be 25
feet long and weigh over 3,000
pounds. But it comes from the
salt water. The biggest strictly
fresh-water fish one that does
not go to salt water at all is
the Arapaima or Pirarucu of
the rivers of Brazil and the
Guianas with a length of about
15 feet and a weight of around
5G0 pounds.
On the other end of the scale,
John, there is the tiny goby
7
The Easter Bunny came early and
left a bundle of buys for the Little
Fashionables! Each outfit a sure
crowd pleaser ...
Boys' Suits,
Size 3-7
Vest,
Plain or checked
Suits in Linen or Silk Cotton
Combination. Sizes 3 to 6x
$Q50
and up
Coats as full as every little
girl likes, in all colors
spring.
$7
95
Ynllnnl nnrl riraccac ? 1 Y
0 , 7
A wonderful I " Xl
Selection- I
Sizes I -i
i : -
and 7
& V J
1930 Table Rock Road
Across from Big Y Market-
a Place to Park
By Eugene Burns
Ranger-Naturalist
smallest of any backboned crea
ture. Although there are many
kinds in the Pacific, the smal
lest lives in the Philippines. It's
almost transparent and it takes
four of them, lined up head to
tail, to measure an inch.
(Released by McClure
Newspaper Syndicate)
Free: By special arrangement
with the editors of the Encyclo
pedia Americana, my panel of
judges will award each week to
the reader who sends me the
best question on nature and wild
life a complete 30 volume set
of this world-famous reference
work in a handsome Sealcraf t
binding. Each week, new ques
tions will be considered. Sorry,
I simply can't answer your many
friendly letters. Please address
your questions to: IS THAT SO!
co Medford Mail Tribune, Box
575, Sausalito, Calif.
There Is No
Substitute
For an insured savings
account. Start with any
amount. You'll discover
friendly, personal serv
ice. e
FIRST FEDERAL
SAVINGS & LOAN ASS'N
of Medford
27 North Holly
An Institution Dedicated
To Those Who Save
vbest
tow ml -mm
JL ' M TV. I
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We Give