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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Feb. 6, 1958)
FOURTEEN MEDrORD (OREGON) MAIL TRIBUNE ThuTtday, February , 1951 fJeu Ifamguard Launching Attempt Waits Study of Wednesday Failure Cape Canaveral, Fla. TP A new Vanguard rocket will be moved into firing position as soon as scientists deter mine what sent its predeces sor crashing into the sea with a satellite payload. s Barely 60 seconds of flight by the Vanguard launched Wednesday should provide the answer, and may be enough to make chances good of blasting another U.S. satel lite into orbit with the next Navy rocket. The new Vanguard was More Money To Be Available in Capital Markets During '58 4' ' S'' ( 'W . . . I l ? J'l By ELMER C. WALZER United Press Financial Editor New York IP There will be more mcyiey available in the capital markets in 1958 f7'mm"mm than required 1 v 1to mect the & demana. ' rk -J a i in i Bros. & Hut- 'l change house, fcj in its annual A study of sup ply and de mand for long timer waiter term funds put the surplus figure at a half billion dollars. That amount is a-small one, but it is a contrast with a deficiency of capital for 1957 of S2.5 billion. While there will be some periods of strain in the money market during the year, the firm notes that 1958 as a whole appears to be one that is generally favorable for the borrowers of long-term capi tal. "The record shows," the firm says, "that there is us ually a lag in the. effect that changes in the economy have on the securities' markets, as . well as to a certain extent on current Federal Reserve mon etary policy. Money Ease To Continue "It seems probable, for this reason, that even should the downward course in business activity be halted or reversed In mid-year, the ease in the money markets will continue at least a few months there after. "The present prospect is that in 1958 interest rates will move lower in the months ahead, and although they may stabilize later; it is improb able that they will advance significantly." The surplus calculated by the firm assumes there will be no vital change in the in ternational picture, or any drastic political change such as an important tax reduction or legislation boosting the volume of privately financed housing. The survey was prepared by Girard L. Spencer, a part ner in the firm. He estimates supply of long-term funds at $21.9 billion and the demand at $21.4 billion. ' Sources Listed ' The supply will come from trje following, according to the survey: Life insurance companies, $4.6 billion; mu tual savings banks, $1.8 bil lion; savings and loan associa tion, $4.9 billion; private pen sion funds, $2.8 billion; state and municipal retirement and pension funds. $1.6 billion; fire and casualty companies, $1.0 billion; and other long term funds, S5.2 billion. Demand is listed as follows: Mortgage financing $10.2 bil lion; state, municipal and pub lic revenue authority financ ing $3.4 billion; and corporate financing, $7.8 billion. The survey omits financing activities of the U.S. Treasury, but notes they will play a largen role in the capital mar kets in 1958. The Treasury is expected to revamp as well as to extend the maturity of u sizable portion of its market able debt, aided in part in this activity by a rise in the debt limit which will remain in effect until June 30, 1959. POP CORN BALLS IN A JIFFY! : Get this. : handy POP CORN I CALL MAKER -New. easv wav to make perfect pop corn balk. Use your favorite recipe. Just fill -one half of this durable 'plastic pop com ball maker full of coated pop com press with other half to. form ball. Presto! No fuss no sticky fingers! piM mm con Kd T large tl of from plastic bog f Jolly Tinw Pea Com. It's America's favorite because : it pops so per : fectly... tastes : so delicious! Portland Council Plans Study of Bus Fare Boost Portland W The Port land City Council planned to study the matter of a pro posed boost in Portland street bus fares from 20 cents to 25 cents a ride at its regular meeting Joday. City Commissioner Ormond R. Bean so far has objected to the, emergency clause which would put the fare in creases into immediate effect. Such an emergency clause must have unanimous council approval. Should the council approve the fare boost by a majority vote, without the emergency clause, the in crease, would go into effect March 8. Rose City Transit company officials .have said they plan ned to halt bus service Feb. 28 unless the council let them raise, their fares' sooner. Conference Held A two-hour conference was held in Mayor Terry D. Scbrunk's office late Wednes day between council members and State Public Utility Com missioner Howard Morgan. Schrunk said he had called the meeting to "work out" complications resulting from Morgan's assertion that he had veto power over city tran sit, fare increases. Portland City Attorney Alexander G. Brown told Morgan he "flatly disagreed" with an opinion by the attorney general that Morgan had veto power over bus fares in Portland. Mor gan replied that he would not "precipitate a more or less artificial squabble" between the city and his office by try ing to attack the fare raise in courts. A group of 30 businessmen went to the city hall late Wednesday and asked Bean to reconsider rather than risk an end to bus service here. waiting in a hangar, officials said, in case changes are needed, ' before it is moved to the launching pad, to cor rect the trouble which plagued the last rocket. The Navy rocketmen still seemed confident their 72-foot projectile could launch a sat ellite to match the Army's Jupiter-C, which sent Explor er into orbit around the earth on Friday night. Statement Issued A Navy statement said: "Our telemetry records show that between the 57th and 60th second after takeoff, small . irregularities occurred in the first stage engine con trol system. After the 60th second a failure in the con trol ystem caused the engine to deflect far to the right and the resultant abnormally high forces ' caused the rocket to break in the middle." This meant that the first stage engine, which is gim baled mounted on swivels so it can turn the rocket in the fashion of an outboard motor deflected the jet thrust suddenly and put the Van guard into more of a turn than it could take. It broke like a toothpick. The announcement indicat ed it was not the guidance system that failed, but one of the mechanical or electri cal components of the gimbal ing system.. The rocket was then exploded by the range safety officer. Divers sought to recover "41 AMERICAN MOON Technicians at Cape Canaveral, Fla, set the Explorer, America's first satellite, atop the Army's Jupiter-C rocket which lofted the baby moon into an orbit around the earth. The satellite and the final stage of the rocket are designed to orbit as a single unit. Reports Are Made by RC Volunteer Service Groups i JULY TIME. Dipt. 114, lumx City t tm Plas svftd mm postpaid hotdy. ovraoi pcmc pop corn bah ow. ( am ttlovna 25c ona o con 6 or laf? Hog from piothc Dog of Jotty Tut Pop Corn. pnm loiafr) Offe mios Jvrst 30, 1958 Good only in O. S. A., POJJ5JJ onj or-a Conaco. Votd whr prorvo.rta, toed or reirncrea. Snow Slides Strand Skiers in Utah Alta, Utah W) About 170 skiers and six miners were marooned early today when three snow slides blocked the Little Cottonwood Canyon Road to Alta Ski Resort. The miners later walked out of the area, leaving their snowbound cars, but the skiers remained stranded. None was harmed or in any danger. Snowplows from the Road Commission were start ing to dig them out this morn ing. Two of the slides were about 100 yards wide and 20 feet deep, according to the Salt Lake county sheriff's of fice. A smaller slide was lo cated between the two larger slides. The slidesroared down the canyon sides after nine inches of new snow fell in the area. Northwest Poultry, Dairy Plant Sold Salem (IP Northwest Poultry and Dairy Products Co. has announced sale of its Salem plant to Edward Heyer ly, owner of the Willamette Produce Co. of Albany, and to Basil Ryals. former gen eral manager for Northwest. Sale price was listed as more than $250,000. Heyerly will suspend oper ations at his Albany plant Friday and the new firm will begin operations in Salem within a . week, employing about 40 persons. Ryals said the plant will operate year- A deficit of. S4,000 in the Jackson county Red Cross chapter's fund drive was re ported at a meeting of 13 chairmen of volunteer service groups this week. Plans were to be made to day at the regular board meet ing to determine what can be done to make up the deficit. Mrs. Helen Wilson, execu tive secretary, said the past month has been one of the heaviest as far as transients are concerned that the chap ter has had in several years. Chairman Report Reports from various volun teer service chairmen were given at this week's meeting. Junior Red Cross members last month cleaned more than 200 pairs of children's shoes, according to Mrs. Meyers Jones, cochairman. Mrs. Jo seph A. Burba and Mrs. P. G. Humphreys, chairman and co chairman of the Bloodmobile, reported that the Bloodmo bile would be in Medford Feb. 12, and the goal would be 290 pints. Red Cross Canteen workers worked 125 hours, according to Mrs. Grace Fiero, chair man. Included in the work was a workshop on feeding evacuees in case of disaster. Number of Miles Mrs. Fred Rehling, motor corps chairman, reported 576 miles driven by volunteers in private cars. One thousand eighteen miles were driven in the Red Cross station wagon, transporting the county's blind, driving aphazia chil dren to speech classes in Ash land, doing errands for Camp White veterans, and Junior Red Cross activities. Mrs. Bertha Bardwell, chairman. Gray Ladies Camp White, ' reported volunteers paid 851 visits to veterans at the domiciliary, completed 80 errands, wrote 98 letters for them, supplied 277 items, car ried on six hobby interests for veterans and 19 special proj ects including an aphazia class and a knitting class, the latter under the direction of Mrs. Al leene McKee. Six caps, knit ted by a veteran from donated yarn, were presented to the TAX MOVE DENOUNCED Geneva, Switzerland (IP Comedian Charlie Chaplin said today that a United States claim for $1,400,000 in taxes filed against him in Hollywood is "further proof of a revengeful and continual persecution." In a statement issued at him home, the 68-year-old British-born actor and director said "I have paid every penny of my American taxes." around, hiring extra help dur ing the turkey processing season. chapter for needy children. Mrs. Jennie Creager, new co chairman, was introduced. Mrs. Frank Fairweather, Volunteer Field Consultant; Mrs. Frances P. Flinn, VAHR, Mrs. Lillian Salade, chapter delegate to hospital council; and Mrs. Lester Adams, co chairman, public relations were present. In the absence of Mrs! Al Littrell, volunteer services chairman, Mrs. Bardwell presided. Needs Cited To Attract Industry Portland (IP) A group of Oregon civic and municipal officials was told here Wednesday that . transporta tion facilities and favorable taxes were among factors needed to attract new in dustries. T. K. Pasma of the U. S. Department o f Commerce also said adequate utilities and good living conditions were points considered by in dustry when picking a loca tion. John D. Abrahamson, chief of the Department of Com merce State and Community Assistance Division, said Ore gon has living conditions which are an asset in attract ing new industries. HITLER'S FURNITURE Munich, Germany Ml The furniture Hitler bought for his mistress, Eva Braun, has been sold for $300. - A Munich used furniture dealer bought the roomful of pieces Wednesday at an auction held after the U. S. Army ended its requisition of the Braun villa. Proceeds go to the state of Bavaria. 0091 parts of the shattered rocket inside the rocket's nose cone from the ocean floor, includ- before launching until it was ing the 3U-pound satellite, dunked in the sea. which sent out a steady signal The Navy said two more from the time it was mounted Vanguard "test vehicles" are due for launching with the inch moons. that the intercontinental Atlas small satellites before the at- There seemed little doubt blew up twice before it flew tempt scheduled for March today that the Navy still is successfully and that other to send up the first of a half- very much in the satellite missiles have had their trou- dozen fully instrumented 20- business. It was pointed out bles also. sunn mm tf . SPRING-FRESH PRODUCE Fresh Slicing TOMATOES Yorur Selection 39 lb. 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