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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (April 5, 1957)
Babson Discusses Bankers, Investments tea? Coier Mr. Babsoo By ROGER W. BABSON Babson Park, Mass. I have great respect for bankers. My lather was a country banker in G'ouces t e r, Mass. It is safe to trust a banker for the protection of your deposit. His first and foremost aim is to protect the money which you leave with feim. Based on my large acquain tance with leading bankers all ever me world, 1 unequivocally support their 100 per cent desire C protect your savings. Further more, barring the ravages of Svar over which they have no Control, they will give you back every dollar you deposit with them. Never criticize a banker ftir refusing to mak- a loan. When you, draw your dollars ait of a bank, whether your 'ftpllars will buy as much in food, odlothing, and shelter as they (ftould have when you put them 30a is another question. The Jankers have little control over Syhat your dollars will buy in Sfce future. It, however, is only 3air to say that the bankers are yrghting inflation in every pos sible way. Inflation hurts not ayily the value of your deposits !ut also the vaiue of every bond ayhich the bank holds. Furthermore, it should be re csaembered that a banker should Baturally be conservative. It is sfeid that only one thing is more easily frightened than a banker o namely, a "pair of bankers." Bankers brag of their deposits; but the greater their deposits, the more they owe. In their harts they realize that deposits represent debts. The depositors Bit in the driver's seat. The de positors of any bank could close the bank in a week. Hence, I re peat we should not blame bank ers for being cautious. Investment Advice Bankers may be m-":ing a mis take associating so much" with other bankers. Instead of at tending Bankers' Conventions, they perhaps should attend con ventions of physicists, chemists, and other scientists. Instead of asking the advice of other bank er who are remembering 1929, they should perhaps ask the ad vice of those who are looking into the future rather than the past. If you ask some bankers for investment advice, they look up the company in an investment j 'manual and study only its bal ance sheets and earnings state ments. They ask to see the ac countant's audit. Yet, account ants are only students of the past. Their business is to make autopsies not forecasts. Ac countants may be classified a3 "undertakers" not as "doc tors." CSfficeri of Banks - In my humble judgment, the president of a bank should be a ggraiuate of some highly profes sional school, such as the Massa chusetts Institute of Technology, i$ he is to give investment ad iee. He needs to know what is Ahead, the wonders which are Bow on drawing boards and in t&t tubes. He should read scientific jour nals and associate with men who are acquainted with the wonder ful changes which will come about during the next 50 years. Furthermore, there should be more "egg - heads" on bank board of directors, whose knowl edge is not limited to existing industries. Think Back 50 Years Fifty years ago, the telephone companies had comparatively few subscribers. There were only 140,000 automobiles compared with 54,000,000 today. Then there were no radios, televisions, electric refrigerators or stoves, and only a few chain stores Over half our present national income and wages come from in dustries not even dreamed of 50 years ago. My first job was surveying for a horse car line in Gloucester, Mass. A half century ago this changed to an electric car line, and now the tracks have been ripped up. and busses provide the only public transportation. My second job was as bookkeep er for Andrew's Spar Yard, which brought great spars from Oregon to serve as masts for the fishing vessels. The chief indus try of Cape Ann was making paving stones. These industries have now vanished. Stock averages will soon be come obsolete, as are horse cars, the Oregon masts, and the pav ing blocks. The Dow-Jones Av erages which so many bankers now worship are only tomb stones of fading great industries. These "Averages" will be eroded and decline, while the basic wealth of our nation barring war will continue to climb higher and higher. How to Make A Fortune I scarcely dare to tell you again in this column about a little non-profit organization in New Boston, N. H., known as the Information Center, which will show you for $3 how a for- ' ne could be made. Old Boston, Mass., will tell you old ways of getting 4 per cent interest, but go to New Boston, N. H., for the coing ways of making millions by investing in -uclear power, ele-tronics, rare metals, and oth er miraculous industries of the future. One thing more: Give atten tion to Church averages rather than Dow-Jones averages. Con sider the graduates from our colleges and the work being done by youth organizations. The hearts and the brains of our young pec.1 an- what will de termine employment and busi ness conditions. 'Stool Pigeon' Activity Denied Washington U.R) The attor ney for Teamster Secretary Treasurer John English today vigorously denied published re ports that English had given "tips or encouragement" to the Senate Rackets committee. The attorney, Herbert That cher, indicated that English had been accused by the Teamsters executive board of being a "stool pigeon" as a result of the reports published Wednesday. Thatcher emphasized that Eng lish had volunteered no informa tion to the committee, which has been investigating the finances of Teamster President Dave Beck and alleged links between his union and the underworld. The committee charges Beck took $322,000 of Teamster cash for his own use. The attorney said English had given information only in an swer to specific questions and handed over documents only when subpoenaed. Friday, April S, 19S7 MEDFORD (OREGON) MAIL TRIBUNE FIVE HARD HIT Air view spots street in Record Crossing area in Dallas, Tex. where an estimated 50 homes were destroyed by one of a dozen tornadoes that raked Texas and Oklahoma. The twisters claimed at least 16 lives and injured more than 800 others. Damage will run into the millions. Sen. Ellender Only American Official at Hungary Celebration Washington (U.R) American and Western officials Thursday night snubbed the Hungarian legation's "Liberation Day" par ty with one exception Sen. Al len J. Ellender (D-La.). Ellender was the lone Amer ican official who passed through the cordon of police surrounding the legation while Hungarian refugees outside brandished signs saying Don t mix cnam pagne with blood." I don t care about the State Department," he said. - "Im an American citizen and I do what I please. If more people came and mingled with these people. they might get to know themi better." With the exception of Ellen der only officials from Iron Cur tain and neutral bloc nations attended the party given to cel ebrate the 12th anniversary of the "liberation" of Hungary by Soviet troops during World War II. Actress Leader More than 150 Hungarian ref ugees led by blonde actress Ilona Massey and Msgr. Bela Varga former Hungarian Parliament president showed up to march past. At one point, four Hungarian freedom fighters rushed toward the legation, waving a Hungar ian flag that flew over the Hun garian Parliament during the Hungarian revolt last year. Six other youths joined them. The more than 40 Washington police who ringed the building YOU BUY FOR IESS AT " "ON THE POINT" S. Riverside & S. Central FREE FORD iT jSgSBSBSSSSSSHI APRIL 24 ON DISPLAY AT YOUR FORTUNE STATION NO NEED TO BUY . JUST DRIVE IN FOR FREE TICKETS Free Ford Tickets Also Available At Drive In Cleaners FREE T.V. WON BY MRS. BETTY TURNER, MAUN, OREGON Other Winners: Geo. W. Monroe; Walter A. Lease; Charles Learning; Mr. N. P. Webb; Mrs. Lee Strausz; R. E. Wilson FRIDAY to FRIDAY Delco Ware DUST PAN PLUS 10 n Fortune Stamps Hi Quality Meial, Rubber Edged, fthmr.e nf nacfol rnlnre ttit 1 Regular Retail Value 1 8 ea. GARDEN SUPPLIES U.S. Steel Reg. Price at Fortune Stamps Wheel Barrow $12.95 Shovel 3.95 Rake 2.98 Hoe 2.49 leaf Rake .79 Garden Hose 50 Ft 25 Ft 3.50 1.75 $7.99 plus 20 2.29 plus 20 1.89 plus 20 1.59 plus 20 .25 Ne stamps 1.89 plus 20 1.29 plus 20 It Pays "BIG" to Save Fortune Stamps "The West's Most Valuable Stamp" closed in on ihem. All 10 were arrested. Soviet Envoy Attends Inside the legation among those clebrating the "liberation" of Hungary were Soviet Ambas sador Georgi Zaroubin, Syrian Ambassador Farid Zeineddine and Jordanian Ambassador Ab dul Monen Eifa. One of the four Hungarians who tried to rush the legation told police that he escaped from Hungary with the flag that he carried wrapped about his body. He said the Russians had shot it down from the Hungarian Parli ament building. The refugee Galjor Babler : said pointing to the legation that his' mother, brother and sister died in the revolution "and in there they -drink cocktails." Neuberger Urges Waterway Agency Washington U.R) Sen. Rich ard L. Neuberger (D. - Ore.) Thursday proposed creation of a "North Pacific waterway agen cy" to be operated by the United States and Canada for the joint development of power facilities in the Northwest. Neuberger said the agency would be similar to the St.. Law rence seaway project and would work toward "tapping the hy droelectric power resources of the Upper Columbia river and the vast hanging lakes at the source of the Yukon." He told a news conference that in that area the agency would "supersede" the existing International Joint commission which has "very clearly demon strated its ineffectiveness" to promote power development in the West on both sides of the border. Neuberger planned to intro duce a resolution in the Senate calling for .creation of the agen cy. Setting up the agency would require a Northwest power trea ty between the United States and Canada. Jet Pilots Escape Mid-Air Collision . Moses Lake, Wash. U.R) Two Larson Air Force base pi 1 o t s escaped- serious injury Thursday night when their F86 Sabrejets collided in flight a short distance from the base here. One of the pilots, 2nd Lt. John Trapp, 26, Summit, N.J., was able to land his crippled plane safely. The other pilot, 1st Lt. John E. 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