MEDFORD (OREGON) MAIL TRIBUNE TIVX
Record Six Months of Business Borrowing Prompts Credit Tightening
Thursday, August 4, 193S
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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
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