TWELVE MEDFORD (OREGON) MAIL TRIBUNE
Monday. February 10. 1938
Government We
enices Must Be Continued, Truman Maintains
(Continued from Pag One) , diately the benefits of all sci
entific improvements to the
further advancement of the
welfare of our people. In Rus
sia such benefits are confined
to the improvement of wea
pons of war and to a small
This means we must con
tinue and improve the welfare
services undertaken by the
Federal government to pro
vide for the growth and de
velopment of our future. Mili
tary measures alone will
never solve our basic econom
ic needs any more than they
alone can deter the commun
ist menace. We have been
hearing and seeing a great
deal of the amazing strides
the Russians have made in
technical and scientific devel
opments and education. This
was the result of concentra
tion in these areas all for the
purpose of producing military
might and supremacy. This is
all being done at the cost of
keeping the standard of living
of the Russian people down
to a bare minimum.
"We should be in a position
to meet the Russian challenge
as we will but we must
also maintain our standard of
living while we strengthen
our security. Unlike the Rus
sians, we seek to apply imme-
privileged group of scientists
and bureaucrats.
Kremlin Expectt Break-Up
The Kremlin has always be
lieved and still believes that
our economy sooner or later
will break up.
When I was at Potsdam,
Stalin turned to me one day
and said: "When are you
going to have the next depres
sion?" I said "NEVER."
Stalin retorted "Oh, you
will have one, as you go
Wall Street Attention
Nowon Corporation Stock
Ambulance Riders
Hurl in Accident
Portland ilf) A Nevada
couple, en route here by am
bulance for treatment of in
juries suffered in a previous
accident, was shaken up Sun
day when the ambulance and
a car collided.
Mr. and Mrs. Willis Parr of
Winnemucca. Nev.. and Nicho-
. las Malget, 57, Portland, were
injured in the accident.
Parr, 52, was shaken up and
was taken to Veterans hos
pital. He suffered left leg,
knee, pelvis and rib injuries
in previous accident. Mrs.
Parr, 49, was treated for con
tusions at St. Vincent hospital.
She had a leg in a cast from
a previous mishap.
Malget suffered head, body
and internal injuries.
The ambulance was en route
here from Burns, Ore.
MONEY
At Crater Finance you may
borrow for any worthwhile
purpose on your
FURNITURE AUTO
SALARY
and repay irt monthly in
stallments. You may
choose the terms most suit
able to you up to 24
months.
Leant May Be Paid in Advance
or in Full at Any Tim
Crater Finance
CORPORATION
135 Pine St.-Central Point
Phone NO 4-1273
Frank Wilkinson, Mgr.
Open Saturday 9 a.m. to Noon
Monday, 9 a.m. to 7:30 p.m.
Tues. thru Fri., 9 am. to 5 p.m.
By ELMER C. WALZER
United Press Financial Editor
New York (If) The Du
Pont holding of 63 million
shares or 23 per cent of the
General Motors outstanding
stock has forced Wall Street
attention on other corpora
tion investments.
The DuPont holding of GM
has been ordered dissolved
and the courts are trying to
figure out how the job can
best be done.
Standard and Poor's has just
published a list of companies
with other stock interests,
some of them amounting to
control of other units
American Hardware, for
example, owns 346,000 shares
or 45 per cent of ownership
of Savage Arms.
Allied Chemical holds 9 per
cent of the outstanding shares
of Virginia Carolina Chemi
cal preferred stock; 6 per cent
of Owens-Illinois Glass com
mon; and 8 per cent of Am
erican Viscose stock in ad
dition to 100,000 shares of
U. S. Steel.
American Metal Climax
holds 51 per cent of Rhodes
ian Selection Trust and 33
per cent of Roan Antelope
Copper.
American Smelting has 35
per cent of the General Cable
stock and 36 per cent of Re
vere Copper as well as other
large holdings.
Anaconda with 3,450,318
shares, owns 99 per cent of
the outstanding stock of An
des Copper Mining Co. It also
has 99 per cent of the Chile
Copper stock and 71 per cent
of Anaconda Wire and Cable.
Bush Terminal owns 34 per
cent of General Cigar shares.
Certainteed Products has 68
per cent of the Valspar Corp.
shares. Checker Cab has 63
per cent of Parmelee Trans
portation. Cuban American Sugar has
insured itself some benefits
from Beet sugar production
by ownership of 25 per cent
of the shares of American
Crystal Sugar. Cuban Atlan
tic Sugar holds 49 per cent
of the Central Violeta Sugar j
stock.
DuPont in addition to its
large General Motors holdings
has 60 per cent of Remington
Arms stock and 82 per cent
of DuPont of Canada.
Eastern Gas and Fuel has
58 per cent of the Virginian
Railway stock.
This method is one diversi
fication for many firms. It
often helps sustain their earn
ing power, but it also might
get them into trouble with the
courts as in the case of Du
Pont. Railroads have many div
erse holdings of other rail
roads. For example, Balti
more and Ohio has 43 per
cent of Reading company's
common stock and more than
40 per cent of the preferred
and 32 per cent of Western
Maryland common, and big
hunks of the roads' preferred
stocks.
Trailer Permit
Law To Be Enforced
Salem (IP) W. C. Williams,
state highway engineer, indi
cated today the State Highway
Department will clamp down
on trailers moved on Oregon
highways whose owners do
not obtain permits.
He said a number of com
plaints have been received in
connection with traffic snarls
caused by trailer houses towed
over mountainous highways
in snow and in snow and ice
conditions.
In one instance, Williams
said, a highway department
snow plow was held up for
three hours because it could
not get around a 10-foot trail
er house on the highway dur
ing a storm.
He said trailers more than
35 feet long or eight feet wide
can be hauled on Oregon high
ways only under state permit.
For trailer houses more than
45 feet in length or eight feet
in width, special single trip
permits must be obtained.
Mitchell Said Under Fire
For Transfer of Goldy
Rocket Pieces
Said Salvaged
Cape Canaveral, Fla. (IP)
The Navy disclosed it has
salvaged most of the pieces of
its Vanguard rocket that blew
up over the Atlantic ocean af
ter about one .minute of flight
last Wednesday.
The Navy started searching
the ocean floor with salvage
crews ,and found the first
stage of the all-starred Van
guard Thursday afternoon.
Divers have found other piec
es since then.
Portland (IP) Secretary of
Labor James P. Mitchell is
under, fire from organized la
bor in the Pacific Northwest
for ordering the transfer of
Dan Goldy, Northwest direc
tor of the U.S. labor depart
ment's bureau of employment
security, to a new area.
Earl Hartley, executive sec
retary of the 80,000-member
Western council of AFL-CIO
lumber and sawmill workers
unions, said the secretary was
"playing politics."
"Goldy has been a friend
of labor and they in Washing
ton, D.C., don't like it. This
is a blow at labor," Hartley
said.
James T. Marr, executive
secretary of the AFL-CIO
Oregon State Labor council,
joined with Hartley to term
Goldy's transfer "untimely,"
in view of the heavy unem
ployment situation prevalent
in the Northwest now.
Goldy, under the Mitchell
order, would be transferred
to New York from his Seattle
headquarters to take charge
of employment security for
New York, New Jersey and
1 Puerto Rico.
Marr said George Brown,
Oregon AFL-CIO political di
rector, is in Washington, D.C.,
conferring with Mitchell in
an effort to attempt to delay
the transfer.
Goldy was a frequent visi
tor in Medford while area
director for the Bureau of
Land Management. His office
was in Portland.
Cowlitz River Smelt
Run Thinning Out
Kelso, Wash. IIP) A run
of smelt, reported thick Satur
day, thinned out in the Cow
litz river Sunday and the
State Patrol said dippers had
to work hard to catch their
limits.
U.S. Said Okay
In Wanting Talks
London OP) The Soviet
Union agrees with the United
States on the need for diplo
matic talks to prepare for a
Summit conference as long as
this does not involve a foreign
ministers' meeting, Moscow
radio said Saturday.
A cftmmentator said in a
broadcast monitored here that
the United States was "cor
rect" in wanting advance pre
parations for any Summit con
ference. "That Is what the Soviet
Union believes too." he said.
He said the United States
appeared to have backed down
on its insistence on an iad
vance foreign ministers' con
ference and to be willing to
prepare for Summit talks
through normal diplomatic
channels. The Soviets oppose
a preliminary foreign minis
ters' meeting. The United
States has insisted on it.
along, you always do." I again
said "Never."
I meant "Never" if we saw
to it that we did not allow
things to get out of hand.
Our economists will have to
readjust their standards and
thinking to the modern world.
They must accept the condi
tion that the American econ
omy is international in scope
in its interdependence and in
fluence on the fortunes and
destiny of the entire free
world. We have learned from
experience that a serious set
back to the economies out
side the United States is bound
to affect our own economy.
We should leave no opening
for Russia to displace us in
the extending of economic aid
in the Middle East and else
where where our security and
interdependence are so im
portant to the free world. We
know how Russia uses eco
nomic aid as a wedge to
achieve penetration and the
subjugation of people. The
communist goal is always to
dominate. ,
Our interest, on the other
hand, is to help create oppor
tunities for world prosperity
in which we could share. In
order to insure our need for
an ever-expanding economy,
as well as to help the econo
mies of our friends and allies,
we must make this program
the most immediate and ur
gent undertaking of the gov
ernment. If we fail to under
stand this historic moment
and act accordingly, we will
have reason to regret it. This
is the area in which Russia
may cause more trouble in the
future to the free world than
perhaps she could with all
her missiles and cold war
propaganda.
I find it difficult to under
stand why we are not acting
with more imaginative meas
ures in this field of world eco
nomic development. There are
vast areas of rich and fertile
lands waiting to be used for
the benefit of the peoples that
possess them that are capable
of feeding and sustaining pop
ulations in the hundreds of
millions. This is another op
portunity of helping to re
move hunger from many un-.
derdeveloped nations.
And here at home there are i
still many new frontiers to '
be developed to provide fresh i
resources for our growing ;
economy and population. Let
me cite one example: There
are great deposits of shale in
Colorado and adjoining states
containing greater potential
for oil and chemicals than any
other known source in the
world.
Activity Abandoned
For many years the govern
ment has been actively en
gaged in working out tech
niques and designing ma
chinery for the productive
use of these resources. But
in recent years this activity
was abandoned and turned
over to private industry which
is making slow progress with
it. This condition, which
should be corrected at the ear
liest possible moment, consti
tutes another incident of
false economy and a failure to
grasp the potential needs of
our industrial plant.
In another area we have
taken a backward step in per
mitting a slow down in the
development of our water re
sources and our mining activi
ties. This ought not to happen
in a dynamic econoVny.
And we must encourage a
genuinely free economy
where prices, wages and prof
its are in reasonable balance
with each other and kept in
proper relationship for the
general welfare of the nation
and not for any one group.
Enormous Capacity
Above all, let us not lose
our sights on the future in any
battle over the budget. Our
economy has enormous capac
ity to undertake any require
ment put against it by any
necessary and honest budget.
This is a time for action.
We must make decisions and
PLAZA HOTEL
PORTLAND, OREGON
Single with Bath $4.00
New Low Family Rate Plan
Shoppingly Located
Broadway at Washington
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keep on making them. Inevit
ably some mistakes will be
made, but no greater mistake
can be made in a dynamic
world than to hesitate.
We live in swiftly moving
times. It is not enough that
we keep up with develop
ments. We must manage to
outpace those who now chal
lenge our freedom and leadership.
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