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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Aug. 4, 1955)
MEDFORD (OREGON) MAIL TRIBUNE TIVX Record Six Months of Business Borrowing Prompts Credit Tightening Thursday, August 4, 193S o J O Military legislation of Major Dm port; Compulsory Training Most Controversial "Washington OJ.R) Congress during the past session approved some of the most far reaching military legislation ever passed in peacetime. The bills ranged from an un precedented compulsory military training plan to money measures designed to push the Air Force into the day of intercontinental jet bombers and ballistic mis siles. As could be expected in a day when two-thirds of every fed eral dollar is going into defense, military legislation occupied much of the time and talk of the congressmen. Throughout the year there was a running argu ment over whether the adminis , tration was building up the Air Force fast enough to offset Rus sian air power gains and whether the ground forces were being weakened too much by man power reductions. Despite some Democratic grumblings, particularly in the Senate, Congress approved for the most part the military legis lative program laid before it by President Eisenhower. Through appropriations bills. Congress, in effect, endorsed the administra tion's "new look" strategy, with its primary emphasis on air power. The most controversial mili tary bill was the administration's top priority request for a com pulsory reserve training pro gram. The program, after becom- STAUNCHLY DEFENDING Sgt. James C. Gallagher, being court-martialed at Governor's Island, X. Y., on charges of col laboration, unpremeditated murder in Korea are his mother, Mary (left) and sisters, Mrs. Patricia Slee and Mrs. Regina Milus, who watches embrace during trial recess.C International) ing temporarily snagged on the segregation issue in the House, finally was approved by Con gress in a modified form. The reserve bill will require that for the first time in the nation's history youths must par ticipate in the reserves follow ing active duty. The bill also in augurates a new form of military service by giving pre-draft age youths six months training fol lowed by 7!2 years in the re serves. Along with the reserve plan, Congress also approved a four year extension of the draft law and a two-year extension of the doctor draft. AUSTRIA TO GET OIL Vienna (U.R) All Russian-administrated enterprises in Aus tria will be handed over to Aus trian authorities Aug. 13, it was announced officially today. They will include rich oil fields con fiscated after World War. II as German property. General Motors turned out half of all automobiles produced in the United States in 1954. I Special for Thur., Fri., PI 1 O' 0 !' Useful for n- f tertoining, o w j en end tab, a J l - il nac' tab' M ' H practical loaf 3 for a tewing or t TV Trays flurdily constructed with heavy, rubber tipped, tubular legs. Standard size Tray, decorated in a variety of patterns from which to choose. This modern tray has many home uses . . . take advantage of this Sole Pricel Sale Price at Only ALUMINUM Drip 0 Lacor Mad of pur alumi num. Sanitary, rust proof. 6 Cup Size. ONCE AGAIN WE HAVE Scrabble Just received a shipment of the ever popular game Scrabble. Enjoyed by both young and old. Stock is limited. While they last. V)69 Set PLATE and PAN SBIad is r A M M f Jf rubber witl bo ti C I Blad u mad of heavy ith plastic handle. dorless i taste- IT WOODEN Spoon Smooth finish hardwood. 14-inches long. Ideal to us when canning. 8 ALUMINUM yell Molds Assorted sizes and shapes. Individually packaged. 4 to a package. If OUTDOOR Horse Shoes 2 Full Sets. 2 Pegs of Hardwood 4 Rubber Horseshoes official size, flexible, unbreakable. Played indoors, outdoors the year around 1189 U Set ALUMINUM CAKE o Decorator Combination Cookie maker and Cake Dec orator. 8 cookie disks, 4 decora tor tips. ' a7Thri(ft INDIAN BRAVE Bow and Arrow Set Made in Tennessee, the land of Davy Crockett. Genuine hickory bow with three arrows. Set 8)C Reserve Banks Up Discount Rates As Inflation Curb Washington (U.R) The government put another mild brake on credit, effective today, as part of its program of keep ing the nation's economy from booming into inflation. Four federal reserve banks increased their loan discount rates in the government's second recent move to hold inflationary factors in line. Federal reserve loan discount rates tend to in crease interest rates generally and thus curb borrowing. The Federal Reserve Board action came five days after the Federal Housing Alministration and the Veterans Administra tion increased down payment, requirements on homes and shortened the terms of FHA and GI home loans. Record Rise in Loans The Federal Reserve Board's move, announced Wednesday, was promoted by the record rise of loans. Businesses borrowed S2,000,000,000 the first six months of the year for a new January-June record. The Fed eral Reserve Bulletin also re ported bank loans to consumers through June totaled a record $32,471,000,00. Real estate loans, the Bulletin said, were swelled by about $1,300,000,000 a new. high for the first half of any year since World War II. An increased discount rate means that member banks bor rowing from federal reserve banks will have to pay higher interest. This was the second boost of the year. The discount rate went from 13A per cent to 2 per cent in At lanta, Boston and Chicago and to 2i per cent in Cleveland. The other eight banks in the Federal Reserve System wen; expected to follow the lead of the four in hiking the discount rate. Consumers Level Stable The federal reserve's move was aimed at "preventing infla- i tion," a government official said, ! and is not to be interpreted as a ' recognition of existing inflation, j It was pointed out that the ' consumer price level has been stable the past six months after ' a decline from the peak reached ! in 1953. Bureau of Labor statis-1 tics officials reported a slight gain in the price index in June but expect little change the rest of the summer. Officials hope the tightened credit will have greatest effect on the so-called "fringe borrow- er," particularly those buying j automobiles on credit. Automo bile loans rose to an estimated i record 512,561,000,000 in June ! the largest single item in con-: sumer debt. I BOY SCOUTS Jacksonville Troop 35 Eleven boys of Troop 35 re turned last week ?nd from Scout camp at Lake O' Woods. Dsm .Wendt, assistant 'scoutmaster, served in place of Scoutmaster Lynn Berntson who was unable to attend. The boys were Edward Gra ham, Pat Hubbard, James Mc Cormack, Charlie McCormack, Philip Winninghani, Bruce Bray Gary Romine, Billy Hall, Ken neth Perreard, John Sullivan and Leroy Umberger. Boating, swimming and handi crafts were some of the activi ties for the boys, as well as a" climb up Mt. McLoughlin. The boys came within two minutes of breaking the time record for the climb. All received moun taineer badges at a special court of honor Friday evening. Two boys awarded second class rank were Kenneth Perreard and James McCormack. Merit badges went to Ken neth Perreard, Philip Winning ham, Edward Graham, Pat Hub bard, James and Charles Mc Cormack. Wendt was 'installed into the honorary Order of the Arrow. j Republican Picnic Open To Public I The Republican picnic plan-: ned for TouXelle State park j Saturday, Aug. 13, is open 1 3 j the public, it was emphasized tc- ; day by members of the commit- i tee.' i The event is under the spon- sorship of the Jackson County Republican Women's club, and is a "family style" event, wjh care to be provided for children. State Sen. Elmo Smith, John Day, will be one of the speak ers, and it is also hoped that Sen. William F. Knowland. California, U.S. senate minority leader, will be abie to attend. The picnic will begin at 1 p.m. PILOT KILLED Kimberly, Ida. U.R) A crop dusting pilot, Clifford Bolyard, ; was killed last night when his i plane struck a power line and crashed and burned while he was circling his home at Kim-j berly. APPEARING to be cinch win ners of "sleepiest" baby con test at Ladera Park, Cal., two entries proceeded to wake up as judging began and lost. They are Randy (foreground) and Johnnie Aprahamian, 6'. 2 month old twins. (International) Heidt Auditions At 7 p.m. Saturday Auditions, of performers who want to take part in "The American Way," show which will be presented here Aug. 16 by the Horace Heidt troupe u-ill be held Saturday, Aug. 6 at 7 p.m., in the studios of radio sta tion KYJC, instead of 8 p.m., as announced earlier. The show is sponsored by the Medford Active club to aid in their high school scholarship fund. The fund, now in its sixth year, offers a $250 schol arship to a boy or girl having a real need for education but lacking money, according to Jack Cummings, a member of the organizations. Tickets are on sale at the Purucker Piano house, 111 North Central ave. LakBview Youngster Dies in Ho us Fire 0 Lakeview (U.fti' Debbie Jean Job, II2, burned to death" here yesterday afternoon in a fireo at her home. Her four monthoJel sister, Kathy, was hos pitalized with serious Jburns. Firemen managed to put out the blaze before it destroyed tnf home. Cause of the fire was noL determined. Use Mail Tribune Want Ads China has two of the world's greatest rivers, the Yellow and i the Yanstse. 1 (ft Medford It's Modern DOROTHY HALL Hair Stylist' Appointments August 6 PERMANENTS and STYLE APPOINTMENTS Evenings 5 to 5:30 P.M. 131 S. Central-Phone 3-5379 'eicomeaza 1 Van Camps PORK AND BEANS Ige. Vh tin. Reg. 25e II8 E-Z POP Popcorn Pkg, 39c MJB Black Tree Tea 16 Bag On. Va lb. 19c 39c Hawaiian Punch 46-oz. tin Hudson House 39c Tender Sweet Peas Rye-Crisp Wafers Reg. 20c Q inr AQ 8 z 25c No. 303 Tin U lur ffil ivy Hoody's 1 8-Oz. Jar Peanut Butter Regular or Crushed LARGE, FANCY, BELL PEPPERS 3 for 14 Large Size LEMONS Doz. o Full of Juice Fancy Local Grown U. S. No. 1 IDAHO RUSSET Sweet Corn Potatoes mm aifek ak O o J we cum y THE FINFSTj Thompson Seedless Grapes Local Apricots Nectarines - Elberta Peaches Santa Rosa Plums Grain Fed Pork Coasts Well Trimmed 3)(5)c and Meaty LB.3)l Fresh GROUND BEEF or PORK SAUSAGE 3 Lb,T Medford's Best Fresh Halibut - Red Snapper Chinook 'Salmon Prawns and Oysters LARGE FRANKS 526 SOUTH RIVERSIDE o 0 v O o
