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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Aug. 9, 1955)
G Current Boom Bears Close Watching, Economists and President Believe e- Danger Signs in Record-Breaking Pace of Credit By ROBERT F. MORISON , United Press Correspondent Washington (U.Rj Is busi ness too good for the nation's own good? o President Eisenhower thinks not. So do many economists in and out of government. But all feel the current boom bears cioe watching. G Economists are concerned generally with possible danger rsigns in the record-breaking ;"pace of credit, spending, stock gj-narket prices and production. Too much of a boom could carry 'ihe seeds of a future decline. 3 Or as Mr. Eisenhower put it (S his news conference last week: The twin dangers of de ilation and inflation are always -present. Now is the time to be cwatchful and Jo take the neces sary measures to keep the econ cmy in balance. The measures taken so far tiave been curbs on housing loans and bank credit. Other actors being watched by the ad ministration include: ,r, .1 Consumer credit total (Jtonsumer borrowing, including nstallment plan purchases, Amounted to $32,471,000,000 in cSune, compared to $28,666,000, 4)00 in June 1954. Inventories Increase 2 Inventories All inven tories of goods were increased jiti the second quarter at an an nual rate of $3,500,000,000. A government economist described tfais as "not bad in relation to sales." 3 Capacity of industry to produce and the level of em ployment Employment went over the 64,000,000 mark in June and unemployment stood at 2,679,000 lower than throughout 1954. Production pushed the gross national prod wet the total of goods and services produced to a record 8383,000,000 annual rate in the o second quarter. That was again of about $8,000,000,000 over the first quarter, one of the greatest cjuarter-to-quarter increases in our history. 4 Prices Both overall wholesale and consumer price 0 lvels have been relatively stable since 1952. However, prices received by farmers, which have been' sliding down: ward since the postwar high in 1M1 of 302 of the index to 243 ilk mid-June, "do create some worries." Prices farmers received were the first to decline before the onset cf the 1930 depression. But there was no crop support ptogram then to put a floor be neath the farmer's income (..The credit curbs were mild ones. The Federal Reserve Sys tem increased its discount date the interest it charges mem ber banks to borrow money. The Federal Housing Administration and the Veterans Administration raised down payments and short ened repayment time on guar anteed loans or houses. Congressional reaction to tliese steps has been mixed. 3 Sen. Arthur V. Watkins (R Utah) a member of the Joint -Congressional Economic Com mittee, praised the "mild" re straints. ;"Too much credit is always (iangerous," said Watkins. wSen. Joseph C. OMahoney (D Wyo.), also a member of the committee, said "credit inflation is clearly rising beyond safe limits." He called for further steps but said he did nqt want to speculate on the impending study by subcommittees of the .ioint Congressional Economic Committee. ; However, " O Mahoney added that "with consumer credit ris e i;;g. with stock market prices at t tlieir highest level in history, "ssd with farm prices falling 2fe3dily we have a very danger . os situation." ;T, O'Mahoney said the "runaway stock market" is "the conse quence of the administration being run by spokesmen of big business." o ?Sen. Pat McNamara (D-Mich.) took a different tack. He ac cused "the Republican bankers" such as Secretary of the Treasury George M. Humphrey and Detroit banker Joseph M. Codge, former Federal Budget Director of "saddling new bur dsns of usury on the millions of piJople who borrow money." He said the higher Federal Reserve discount rates are "playing fast and loose with our future pros perity." A government economist said Medford Tribune Second Section MEDFORD, OREGON, TUESDAY, AUGUST 9, 1955 Six Pages Fly Watcher Learns Secret of How Flies Manage To Make Landings on Ceilings By H. D. QUIGG United Press Correspondent New York (U.PJ "How does a fly land on the ceiling?" the man suddenly asked. Beats the living daylights out of us. Is it important? "Tell you what," the man said. "I'll bet you know all kinds of unimportant things. And I'll bet you have no idea how a fly lands on a ceiling, which is an extreme ly important operation to the fly. at least." Well, how come? "A fly," said the man, "obvi ously can't fly upside down." He can't? "Of course not. He's not built for it. Birds can't do it either. They've got to fly right side up or they don't fly at all. So you see the fly has a terrific problem, coming in for ceiling landing." The man refilled his glass with scotch and water. He took a large V i ' is DENIED COMMISSION Eugene Landy, 21, an honor graduate of the Merchant Marine Academy at Kings Point, N. Y., works aboard a Sun Oil Co. tanker at Marcus Hook, Pa., after signing on as an able-bodied seaman. Landy was denied Naval Reserve commission because of his mother's past Communist Party affiliations. Liftrell Paris To Open in Brookings Littrell Parts, Medford, will open a new retail store in Brook ings, Ore., on about Oct. 1, it was reported this week. E. A. Littrell, head of the firm which now has stores in Medford and Grants Pass, said a new building in Brookings has been leased. He said the rapid growth of the coastal community, and a demand for the firm's prod ucts there, is the reason for the expansion. George Pittman, who has been with the Medford store for about 10 years, will move to Brookings as manager. Mrs. Margaret To kar, a Littrell employee for six years, will also go there as book keeper. Don Johnson, who has been a salesman in Brookings since January, will also work from the new branch store. -The complete line handled by the parts firm will be available, and the store will be stocked weekly by truck. Some 38 em ployees will serve customers of the three stores. the government's moves in the past 10 days to tighten credit are aimed at "taking the very top off the boom, before it hits you. You then remodify any seri ous slump., that might develop." Another economist said the only sense in which he could consider the present boom . as "too good" was that it contained "upward pressures" of costs and ultimately on prices. In effect, he said, if consumers buy too much, businessmen ex pand and order supplies to satis fy anticipated future demand. If this is done too fast faster than the goods can be supplied prices go up. However, he said he saw no evidence at present of such excesses in buying and building. Portland (U.R) Georgia-Pacific Plywood company has an nounced the purchase of Feath er River Pine Mills, Inc., of Feather Falls, Calif. Albany, Ore. (U.R) Kenneth Betz, a Jordan district beef and sheep raiser, has been named Linn county Grassman of the Year. DR. CORNELL SABO ANNOUNCES His Return from Military Service and the RE-OPENING OF HIS OFFICE for the practice of g DENTISTRY 305 Medical Center Bldg Phone 3-3934 Salem (U.R) Cecil M. Sly, Crook county school superin tendent, will replace W. E. King, Pendleton, as text book commis sioner, Rex Putnam, superin tendent of public instruction, has announced. bite of shrimp salad and sat there chewing and looking wise. Final ly he said: "I used to do a little piloting myself about 25 years ago, flying a light plane. Well, here about six months ago we had a re union, some of us old guys who used to fly together. Got talking about one thing and another, and the question came up." The question? "How does a fly land on the ceiling?" Oh. That question. "One of our group got so in terested that he decided to do laboratory research. He went home, closed the bedroom door, opened the windows, and got a lot of flies in the room. Then he got a pair of binoculars, lay down flat on his back in bed, and started making scientific sightings." , He collected data, like a man with a telescope? "Precisely. Now, here's the dope. For an ordinary landing, when a fly is just fooling around and isn't in a hurry, he does a half loop. Just at the top of the loop, his feet touch the ceiling and he lands. That's the simple fly landing. Half Roll Landing "But if he's going fast being chased by another fly or some thing the force is too much for him to pull into a loop. Too many G's on his wings. They couldn't stand it. So ... he simply does a half roll. At the end of the roll, he hits the ceiling, runs a little way, and that's it.". Is this on the level? "Certainly. After I got his re port, I checked it myself. Only I used opera glasses instead of binoculars." Well, it's little-known tales of achievement like that that leave you gasping. Here and now, we're issuing a clarion call for members in the Midsummer So ciety of Flywatchers of America. Somewhere, sometime, some one might see a fly try a loop landing at top speed, lose control, crash, and burst into flames. This, thing will be bigger than even the Society of Girl Watchers. Next week: How flies take off from the ceiling. New Chief of Police Named at Myrtle Point Myrtle Point, Ore. (U.R) Wil liam T. Tankersley has been named chief of police here, suc ceeding Richard E. Vines, -who was dismissed after being ac cused of converting bail money to his own use. lanKersiey tormerly was a Reedsport, Ore., police officer, and was to assume his new post as soon as he could be released from those duties. Vines was free on S2000 bail awaiting a hearing on the lar ceny charge. Pinball Vote Petitions Slated for Circulation Portland (U.R) Petitions to bring Portland's latest anti pinball law to a popular vote were expected to begin circula tion today. Joe Dobbins, used car dealer who is spearheading the refer endum move because "it is just plain horse sense" to license the devices-as means of raising rev enue, said City Auditor Will Gib son had approved referendum, petition forms. Deadline for the 12,211 signa tures needed is 5 p.m., Sept. 3. SOUTHERN OREGON'S OLDEST AND LARGEST FURNITURE STORE (3Ifl3g 05 SEE) COQBP GEOE) 306 figggfiKfl 0SQOQ A. REPEAT OFFER! BY POPULAR DEMAND! SPECIAL! While They Last! Butterfly LAWN CMAiRS Wrought Iron, Canvas Covered Choice of Eight Colors. Specials Never Be fore Of f e red in Medford at this Low Price . . . U EACH 'SEE OUR WINDOWS!' CIRCLE CHAIRS Same Choice of Colors EACH EASY TERMS NO CARRYING CHARGES OR INTEREST 1 Road tests are taken periodically by George Greenlaw and other telephone drivers. These stress safety, alertness, quick reaction, and rules of the' road. 1 Vision checks with a precision instru ment are scheduled every two years another important part of our defensive driving program. Your telephone gives you better serv ice because telephone people are trained to work safely ...which helps keep skilled people on the job to serve you. Meet George Greenlaw a safe driver. An important part of George Greenlaw's job as a telephone man is driving this installer's truck safely. And like the thousands of other telephone drivers, he took a special course in what we call "defensive driving." As a de fensive driver, it's a habit with George always to expect the unex pected ... to put his foot on the brake at all intersections, yield the right-of-way cheerfully, and keep a sharp eye out for pedestrians. Thanks to this outlook, George Greenlaw and other Pacific Tele phone drivers covered more than 80 million miles last year without a single fatal accident. Safety like this pays off for telephone people and their families, of course. And for you, too. For it helps make the streets and highways safer for everyone. Pacific Telephone The telephone people of Medford work to make your telephone a bigger value everyday O o 0
