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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Jan. 25, 1957)
Is Present Tight Money Policy Being Discriminatory Against One Segment? KdltAr't not: Thifl Is the crond of two dltpatchei on "Tight Money. Br JOSEPH P. HAVERSTICK National Aociation of Horn Builders Written For United Presi The American people have been listening for many months I to a steady flow of reassurances I from Washington that the so- ' called tight money" policy has been enforced equitably and im partially for their own best in terest", to protect the economy gainst inflation. It is now time that they ask some searching questions of the money man agers who are enforcing that policy. How effective Is the tight money policy? Whom is it pro tecting? Is it being operated under the traditional American principle pf equal treatment for 11, or does it discriminate un fairly against one segment of our economy, against one group of our people?" If the aim of the federal gov ernment's credit control pro Cram is to slow down the de mand for and use of credit, I think It can fairly be said thaj the program has failed. Let's look at the record. In the field of consumer credit, it is an ironic fact that any Ameri can family can take a European vacation on credit but it has dif ficulty financing a home in to day's "tight" money market on a mortgage guaranteed by the United States government. ' HeaTiest Impact The heaviest impact of the government's tight money policy has fallen upon the home buyer and the home building industry, because they are singularly de pendent on credit and conse quently are most vulnerable to change in the credit supply. In deed, it might justly be sal' that they alcne are bearing the bur dent of credit restraint, since 10 other major segment of t. American economy shows an signs of cutting back as a result of tight credit. It should be remembered that much of the home building and home buying in the Lnited States today operates under fix ed interest rates set by the U.S. government. Today, these rates are unattractive to lenders be cause they offer a lower return than can be obtained from cor porate buyers, who enjoy special tax privileges under our existing laws. Certainly, if "hard money" is good for the country, home builders as patriotic citizens would be willing to go along. But builders think it would be more justifiable if the hard money policy were the same for all, big and small, steel com panies, chemical producers and all the rest of the businessmen who make up our conjplex eco nomy. The fact is that the hard money policy has not halted in dustrial borrowing for plant and equipment expansion. In 1954, business spending for new plant and equipment amounted to S27 billion; in 1955, it was S29 bil lion, and in 1956 it has reached S35 billion. This is a strange form of credit reduction. In 1955, American industry financed about 80 per cent of its expansion out of its own capital reserves and went to the open market in competition with prospective home buyers for only one dollar of every five needed for expansion. But in 1956, one dollar in every three spent by American industry for 51st Year Price 10c Medford United Presi Full Leased Wire ivf A T T mJTRIBUNE United Press Full Leased Wire Second Section MEDFORD, OREGON, FRIDAY, JANUARY 25, 1957 Pages 1-6 Aspirin or Two a Day Will Keep Heart Attacks Away, Doctors Say By DELOS SMITH United Press Science Editor New York (U.R) A medical doctor who believes that an as pirin or two a day will keep heart attacks and "strokes" away from soft -living, aging men cites his long-range trials in 8.0UU men as proof that there is something in what he believes. Before quoting Dr. Lawrence L. Craven of Glendale, Calif., more extensively, the writer is duty bound to inform the reader that aspirin is not regarded by medical science as an utterly harmless drug and Dr. Craven's views are, at least, controversial However, they are interesting. "Not a case of detectable cor onary or cerebral thrombosis has occurred among these 8,000 pa tients who have faithfully ad hered to this regimen," said Dr. Craven. "True, the patients who have adopted aspirin prophylaxis are. as a rule, in better than average health and have not had pre vious symptoms of thrombosis. However, m3ny of these men are somewhat obese, most of them wealthy or moderately so, occu pants of executive positions, and frequenters of expensive eating places the sort of men prone to 'heart attacks'." The Fundamentals Dr. Craven's premise is that the fundamental thing about a heart attack or a "stroke" is the formation of a clot (thrombosis) and the blood must be clottable within the arteries before an at tack can happen. Aspirin is known to lengthen, although not by much, the clotting time of cir culating blood. Dr. Craven has been a general practitioner for 40 years. He be gan reporting his aspirin trials seven years ago, but in obscure medical journals. Last November his report based upon 8.000 men appeared in the Mississippi Val ley Medical Journal. Now his re port has been quoted in detail by the national journal, "Clini cal Medicine." Coincidental with the promi nence given Dr. Craven's ideas, the international journal, "The Lancet," was commenting on the effects of aspirin given in very large doses. One aspirin tablet equals five grains. Two tablets add up to a very small dose. Even one or two will increase the body's consumption of oxy gen and its output of carbon dioxide. , When a physician brings the dosage up to, say, 120 grains a day in order to combat rheu matic heart disease, he has to be very careful lest a greatly in creased oxygen-carbon dioxide rate should put a considerable greater burden on the heart. "The Lancet" thought it undesir able "to prolong aspirin medica tion in acute rheumatism after the rheumatic process has sub sided." :. It was struck by scientific findings that aspirin in large doses lowers the level of choles terol in the blood cholesterol is tne fatty substance mainly re sponsible for hardening of the Milton Caniff Gets Air Force Honor Washington U.R) Cartoon ist Milton Caniff, creater of "Steve Canyon," was honored by the Air Force Thursday for "distinguished and unparalleled service to his country" and the air arm. Air Secretary Donald A. Quarles presented Caniff the Ex ceptional Service Award in a Penagon ceremony following a salute to the cartoonist at Boil ing Air Force base here. The citation accompanying his award said that Caniff h is made himself known to millions through his "historical accuracy and absolute fidelity to detail." new plant and equipment was borrowed in the open market and the spending was on a far greater scale than in 1955. Perhaps the most pointed comment on the effectiveness of the "tight money" policy is to be found in official figures pre pared by the Department of Commerce and the Securities and Exchange Commission. They show that spending on new plant and equipment for indus trial expansion ran at an annual rate of about S25 billion when the Federal Reserve Board first started its "restraint" on credit in 19s5 and that it has moved upward in an unbroken line sance that time to a rate of near ly $40 billion at the present moment. Not Asking Special Treatment And this at a time when American families are being told that it is "inflationary" to bor row money for new homes. Neither home builders nor home buyers are asking for special treatment. But they are convinced that the time has come when there should be a thorough going re-examination of our monetary policies. 17 Builders Supply QUALITY BLOCKS Bricks. Fine. Drain Tile 727 W. McAndrewi Pbone 1-4107 Use Tribune Went Ads arteries and that, in the main, is the cause of most heart at tacks and "strokes." But since it is not known "whether lowering the serum cholesterol level actually retards the development of coronary dis ease," there seems no justifica-j tion for "imposing on patients the side effects of large doses of aspirin," The Lancet said. rlj i if Ho S ' Plffy i i5 ' Ride of the Neighborhood I It is a happy occasion indeed when a new Cadillac car first appears in the driveway o its proud and happy owner. As you would expect, it signals the most joyful of family celebrations and occa sions the heartfelt congratulations of friends and acquaintances. But you might be surprised f o learn of the widespread rejoicing which the arrival of a new Cadillac frequently inspires. In fact, the car invariably becomes a source of genuine pride throughout the entire neighborhood in which it resides. The neighborhood understandably delights in having a beautiful new Cadillac to grace its streets . . . and takes great pleasure in knowing that one of its own has been able to realize the dream that lives in the hearts of so many. And we think you might also be sur prised to learn that this happy event as currently taking place in a great many neighborhoods that have never before laid claim to a Cadillac car. For there is an ever-growing awareness that Cadillac with all its incomparable motoring virtues Is one of the soundest and wisest purchases a motorist can make. From a standpoint of purchase, mainten ance, operation and resale value, the car represents a truly extraordinary investment. Surely, in view of this, you should con sider a Cadillac this year. We will be happy to put you behind the wheel for a personal demonstration at any time you find convenient. And we will be delighted to tell you how easily and economically you can make your car . . . the pride of the neighborhood! The Philharmonic: Society of Southern Oregon Presents: THE SYMPHONY ORCHESTRA in CONCERT SUNDAY, JANUARY 27, 1957 AT 3:00 P.M. AT THE SENIOR HIGH SCHOOL AUDITORIUM " f : l s ' s V What a Dream! What a LOW Price! 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