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. Kennedy", 21, Anselmo,
Calif., safely bailed out.
The wreckage of Kennedy's !
plane crashed in a marshy field j
in an uninhabited area about
three miles east of the base.
The incident bore ironic, re
semblance to a collision of two
National Guard F84 jets 30,000
feet over Pittsburgh last Sunday.
As in the Thursday night ac
cident, one pilot safely bailed
out. His craft crashed into a
golf course nearby. The other pi
lot was able 'to land his planel
safely at greater Pittsburgh airport.
0
" DUPONT
DACRON
PILLOW
Odorless Dust less
Mothproof
Won't Mat
SHOWER
SPRAY
69c
& 10
SHORT CUT
i8"x25", Pair $4.95
FULL SIZE
Pair.
$5.95
HAIR
BRUSH
200 ASPIRIN-U.S.P. 5 Grain....29c
RUBBING ALCOHOL, Pint. 25c
1000 SACCHARIN, 14 Grain. ..39c
5 LBS. EPSOM SALTS ..39c
ft w
tl nnfF"NEW GIANT size
ftflff Etiauet
rait
DEODORANT
49( .:
Exclusive, formula protects von
MUJ TAX Glides on cool and refraining.
750 EVENING IN PARIS
. 2 for $1.00
STICK
DEODORANT
SI. CO HARRIET HUBBARD AYER
50
CREAM
DEODORANT
$2.00 MAX FACTOR SPECIAL
$1.25 CREHE PUFF SSfS
75 NEW HI-FI LIPSTICK
Both $1.25
$2.14 HAZEL BISHOP SPECIAL
$1.35 COMPACT MAKE-UP
79 ONCE-A-DAY LIPSTICK
Bo'Ji $1.35
DESERT
FLOWER
ALSO
by SHULTON
O50
ptatae
As fresh and exciting at a tropical
shower. ..this mysterious, magne
tic Desert Rower Spray Cologne.
So easy to us ... at the touch
of your finger a liny cloudburst
of fragrance. The sparkling white,
plastic-dipped bottle holds a full
3 oz. for your iong-latting ea- ,
'loyment.
Escapade mm" $2.60
SPRAY DEODORANT
plus tax
The Quality Deodorant Anti-Perspirant with the crisp, clean
scent of oia spice s
SAFE, tASTING PROHCTION
THIOBIPHENE QUICK DRYING -NOT STICKY
e EASY NEW SPRAY-BELLOWS ACTION
TRAVEL-LIGHT PLASTIC
OLD SPICE
PRE-SHAYE $1.00
TRADEMARK - EXClUSIVf
SHULTON DEODORANT AGENT
ALL PURPOSE FILM
Made by Bell & Howell
3 Rolls 127 89
3 Rolls 120 or 620 98
ft
Nf
Wagien
OUARANTEEO
ftj 3 ROLL PACK
CHOICE Film Developing and Printing
1VICE
ure Roll
39
G.E. MIDGET BULBS, M2
SYLVANIA
PRESS 25 FLASH BULBS
Dozen $1.39
doz.89
FAST TOP QUALITY I T2 DAY SERVICE
LOCAL SERVICE Standard 8-Exposure Roll
veguiar rncej
OR JUMBO
Free!. Shampoo
w98c Eversharp Schick
injector Razor Kit
Shampoo, razor,
12 blades, case
98
2-98 SCHICK ffiSS RAZOR BLADES
$1.00 SCHICK INJECTOR RAZOR
ALL FOR SI.SB.ToSy-
69 RISE INSTANT LATHER
$1.00 GEM RAZOR B1SKase
RISE & SHAVE (I CO C I Aft
BUT & SAVE 69c QI.Da VALUE $liUU
98 WOODBURY SPECIAL
49 Shave Lotion - 49 Men's Deodorant
Both 69
For that wonderful '
21 year old
feeling!
If you need vitamins
recharge your system -
with these high -potency vitamins
and minerals only hi dayl
Tea must havt rich, red blood to feel
better, work better, deep better, eat
better. If your trouble ii not func
tional, but due to vitamin or iron de
ficiency play aafe! Each day, supple
ment your foods with Just one of these
High-Potency Bexel Capsules. It con
tains Bu, all essential B vitamins plus
5 times your daily iron requirement.
Here's real insurance against the
fatigue (from vitamin or iron defi
ciency) that can drag you down! For
that wonderful, 21 year old feeling
try Bexel!
Don't foreet the children! There is
member of the Bexel Vitamin Family
with the rieht noteney and mice
for every member of your family!
BEXEL
feel better... leek better... Werk belter
er YOU MONfY BACKI
BETTER... by McKESSON
100 Caps $5.95
SPECIAL OFFER TO
DENTURE WEARERS
m. witrs
MIW IHSTA.CLIAH
regular price Ol7P
Dt. wurs
sciiNnncur
UUM regular price 69
Dt. Wltrt (HCIU
HAiTtc urrrtMi
INTUM BATH Or J
regular price ZiDr
Total regular value Jj
Alitor
119
Voa Sara 444
Bring
xCasfer-J I
iy
This
-3
Ife (3JiX5 SET C-? SftJ
$5.95 Timex Luminous.
ALARM CLOCKS
V $4.45
CONFIDENCE
Well Placed
Compounding prescriptions Is
our profession. Prescription
service is our specialty. Our
experienced registered pharma
cists are past-masters in the
science of dispensing prescribed
medicine with the highest de
gree of professional skill. For
these excellent reasons, you can
b certain that your confidence
is well placed when you place
your prescriptions in our hands.
ADD FEDERAL EXCISE TAX ON TAXABLE MERCHANDISE
FREE DELIVERY IN MEDFORD
prcscriptionV
lSpecialistsA
rmrrKTn
L4jJ
LULU
4 A
AAr-rr-firr r nntitt t DZtT im&C( N. CENTRAL
nicvTVKU visiumw. riic uyrwji dial
V