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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Aug. 8, 1958)
MEDFORDltl!&. Tribune 2nd SECTION MEDFORD, OREGON, FRIDAY, AUGUST 8, 1958 Pages 1 to 6 Neuberger Accuses Wisconsin Attorney Of Insults, Threats Washington (L?D Sen. Richard L. Neuberger . (D- Ore.) Thursday accused At torney General Stewart Ho- neck of Wisconsin of using "insults and threats" in a tele gram seeking to change Neu- berger's position on a bill to let Chicago divert more water ifrom Lake Michigan. Neuberger made the charges at a public hearing on the water bill before a Senate public works sub-committee of which he is a member. "Sudden Cave-in' . The Oregon Democrat said the "'insulting telegram" from Honeck accused him of a "sudden cave-in" in his form er opposition to the bill. He said Honeck also sent wires to the attorneys general of Ore gon and Washington, suggest ing that they bring pressure on Neuberger. Neuberger said he original- Drivers Licenses Suspended Listed Salem The department of motor vehicles has released names of 358 drivers whose licenses were ordered sus pended during the period be ginning July 23 and ending Aug. 1. Length of suspension varies, depending on charges involv ed, recommendation of court, discretionary action by the de partment or requirements of Oregon law. The department said some of the licenses in volving financial responsibili ty and court recommendations ' may have been re - instated after suspension was ordered. The department warned drivers that the penalty for driving while suspended is a jail sentence of no less than two days and up to six months, and there may be imposed a fine up to S500. Under licens ing procedures, this will also result in an additional year of suspension. ...... Those suspended in Jackson county were: Driving While Suspended In cludes any conviction for viola tion of traffic laws, involving operation of motor vehicle, while driving privileges were under suspension) Corrigan. Edward Norman, 43, of 908 North Fifth St., Jacksonville, driving while suspended. 1 year. Keeling, Orvil Ritchard Robert. 42. of 715 Laural St.. Central Point, driving while suspended. 1 year. Mathifts, Don Lloyd. 27. of 317 East Packson St., Med ford, no op erator's license in possession, 1 year. Tavlor. Kenneth Lowell. 25. of 125 First St.. Talent, driving while suspended. 1 year. Driving While Under Influence of Intoxicating Liquor (Mandatory suspension) Hardy, Vernon James. 46, of Eaele Point. 90 days. Shefler, Robert Dempsie, 30. of 132 Palm st.. Medford, 90 days. Shoop. Donald Grant. 51, of 332 Marv st.. Medford. 90 days. Discretionary Action of Department Edwards. Alvin Glen. 25. of 1164 Morrow rd., Medford, driving rec ord. 1 year Hooper. Norman Leroy, 19. of route 1. box 648. Eagle Point, driv ing record, 60 days. Ricchi. Alfred Lloyd. 30. of 24 North Orange St., Medford, driving record, 30 days. Van Ausdall, Kenneth Dale. 19. 333 Fairmount st.. Medford, driv ing record, 90 days. Financial Responsibility -(Failure to show proof of finanical re- sponsibiltv) Leavitt. Harley Alvin, 28, of box 335. Jacksonville. Leavitt. Rita Joann, 26, ef box 835. Jacksonville. ly was opposed to the bill be cause it might open the way for Canada to divert water from the Columbia river. But he changed his mind, he said, when the State Department assured the subcommittee earlier this week that Canada did not object to the Lake Michigan bill. The Oreeon senator said Honeck, who opposes the bill as do officials of most lake states except Illinois, "did his cause no favor" with the "in sults and threats" in the tele grams. - Chairman Robert S. Kerr fD-Okla.) rjromDtly sprang to Neuberger's deiense. "W h o ever accuses Neuberger of caving in doesn t know him, Kerr observed. Contempt for Language Sen. Thomas H. Kuchel (R Calif.) voiced "my own con tempt for the language" of Honeck. I resent it out 1 suppose it is going to go on," Kuchel said. Sen. Alexander Wiley (R- Wis.), a leading foe of the leg islation and who had testified earlier, promptly disavowed any conection with the Wis consin attorney general's ac tion. Wiley engaged in a long, but often good humored, wrangle with Kerr and sup porters of the bill. He warned that it would hurt Great Lakes shipping, lower the amount of water available for power de velopment, and endanger rela tions with Canada. Flames Destroy Springfield Plants Springfield (UPD A rag ing fire swept through two plants in the warehouse and in dustrial district here Wednes day and took a toll of more than S200.000 in property be fore it was controlled by five fire departments.. The blaze, which started in the G & M Manufacturing plant, a plywood ..patch com pany, leveled that building and leaped the firewall to de stroy the Nalley Potato Chip Co., adjoining it. The fire also damaged a cold-deck in the Springfield lumber mills across the street. Owner of the G & M firm, G. L. Egan, suffered shock and minor burns when he en tered the flaming building to rescue some records. Manager of the Nalley plant, Ken Radabaugh, said eight people were in the plant when the fire broke out but no one was injured. Reserved Seat Tickets For Fair Go On Sale Salem (UPD Reserved seat tickets for the night revue, the horse show and rodeo and the races at the 93rd Oregon State Fair are now on sale at fair offices here, according to Man ager Howard Maple. Buenos Aires (UPD The cost of living in Argentina last month was 29 per cent higher than in July of 1957, the government reports. wri - jVi ft I 3 " If ' v REFUSING TO ACCEPT $S,061 offered for home which is on route of new Los Angeles freeway, Mrs. Lomie Pucket and son, Ross, stand guard with rifles. Construc tion workers have obtained court order to raze house. Shoestring Operation Possible In Buying of Government Bonds iff Elmer Walzer The Family Council Editor's note: The Family Council consists of a Judge, a psychiatrist, three clergymen, a newspaper editor, a women's editor and two writers Each article Is a summary of an actual report. The Family Council does not give advice; it merely reports on problems that have been dealt vita by responsible agencies and counselor. Margaret R. I am ashamed of the way our home looks. Stephen R 1 don't want to live beyond our income. Margaret R. My husband and I have been having quite a hassle about money. We seem to have such different ideas about how to manage it. When we were married five years ago, we had all of $500 between us. We spent $300 on the most minimum things for our home. We filled in with hand-me-downs. Now we have two children and of course we are using the same hand-me-downs. I want to have a nice home not a luxurious one, but a better one than we now have. Everybody says wait until the children are grown, but I feel I could get practical but nice things I am ashamed of the way our home looks. In order to get these things we would have to borrow or buy on credit. My husband objects. He doesn't realize it's the way everyone does things today. Stephen R I never could go along with this idea of doing something just because everyone else is doing it. I have my own ideas, and to me going into debt is terjible.'l dejn't like to deprive Mar garet of the things she wants, but I don't see how she can tolerate the idea of living beyond our income. The reason I feel this way is because my own father was a regular spendthrift. Our family always lived beyond his income. When he died things were in such a mess it took years to straighten them out, and my mother was left with practically nothing. I have a pretty fair job with a good future and we could sail ahead smoothly if we don't overreach ourselves. Peace of mind means much more to me than having a home we can show off to the Joneses. Why can't Margaret understand this? The Council: We agree with Stephen that peace of mind is essential, but he should recognize financial peace of mind is not the only variety. A woman who gives herself wholeheartedly to making a pleasant home for her family cannot enjoy peace of mind if she feels her home is shabby and unattractive. It is a little unfair to accuse her of mere ly trying to keep up with the Joneses. We can understand why the word "debt" holds terror for Stephen, but he should realize he is reacting emotionally and irrationally to his past. Evi dently his father went into debt beyond all reasonable standards. ' Stephen should try to be a little more objective and rec ognize that borrowing can be done in a sane and useful way. It would be a good idea for Stephen and Margaret to talk over the problem' with an officer of their bank. He can discuss their budget in detail and can work out a conserva tive plan which allows for in surance, an emergency fund and other essentials. Depending on Stephen's in come, there probably will be a safe margin for some bor rowing or credit. This will en able Margaret and Stephen to expand and enjoy life a little more without being swamped in a financial mire. (Copyright 1958, General Features Corp.) Murphy-Nasser Talks 'Friendly, Satisfactory Beirut (UPD Deputy Under-Secretary of State Robert Murphy, shrugging off a snub and a spate of anti-American propaganda, .said in Cairo Thursday that his meeting with President Gamal Abdel Nasser was "very friendly and . . . very satisfactory.? Details of the Murphy-Nas- By ELMER C. WALZER UPI Financial Editor New York (UPD Talking about margins, you really earn operate on a shoestring if you buy govern ment bonds. The going rate for these issues is 10 per cent. If Jyou take a u. a. govern ment bond to a bank you can borrow up to 95 per cent in some institutions. That's a five per cent margin. If you buy a stock right now, however, you must put up S70 out of each $100 of stock bought. The remainder of 30 per cent can be bor rowed. This is the working of the new 70 per cent margin. If you buy a new govern ment bond in a bond offering you put up 10 per cent with your order and don't have to put up the' remainder until a week or so later. This low - margin stuff is said to be a deterrent to the government bond market. Too many speculators. There have been a great Local Man Elected President of ACA Wynne P. Grier, president and manager of General Credit Service, Inc., Medford, was elected president of the American Collectors associa tion, Inc., at the organization's 19th annual convention in Minneapolis recently. The association is an or ganization of bonded bill col lectors with members in the 48 states, Canada, Alaska, Hawaii, Puerto Rico, Sweden and New Zealand. Grier, a charter member, previously served as treasur er, second vice president, first vice president and as chair man of various ACA commit tees. Grier is a member of the state collection agency ad visory board, the commercial law league of America, the Medford Lions and Elks clubs, the Medford Rose Society, the Rogue Valley Country club and the Jackson County Chamber of Commerce. many free riders on govern ment bonds in recent offer ings. These free rides aren't what they once were. Time was when you bought a U.S. government in a new issue, you just couldn't help making a profit soon after the trading started in the issue. That was a time when the government was "artificially keeping interest rates low to help the government bond market. The Big Chance Today you take a big chance if you essay to take a free ride in government bonds. A free ride, incidentaly, isn't free all the way. It in volves having some money to put up when you buy a gov ernment bond The way it's done is like this: The treasury is floating a new bond issue at par and you believe the price will rise in the over-the-counter market after the flotation. You put up S100.000 cash and buy SI mil lion in government bonds. Then let's say the market rises a point. That's a one per cent $10 on a $1,000 bond. If you bought $1 million in governments and the price rose 1 per cent, you could sell the bonds and take your profit which would be S10.000 not bad for a day or two of waiting. The recent market shows the thing doesn't always work that way. If you have a profit you can sell your holdings and realize it. Possible Loss But if the bond goes down you're stuck with a loss at a time the Federal Reserve Board of the Treasury is clamoring for its money. Then there's only one thing to do and that's dump the bond at whatever price it will bring. A lot of people were stuck on recent Treasury offerings. They had to sell in a market where nobody wanted to ab sorb the issues. Everybody wanted to buy more stocks on margin and didn't want to buy bonds. The net result was a sharp drop in government issues with selling pressure mounting. And at the same time there was a drive to buy more stocks to act as a hedge against inflation for one thing. Inflation pressures have mounted as traders got out of bonds and into stocks. The bond holders could be held if the interest were high enough. The Treasury has been try ing to keep interest as low as possible to keep the payments down, and perhaps it has erred on the low side. A high cou pon bond would be a swell thing for the investor but it would work havoc with the budget. HERTZ TRUCK RENTAL Available ot 4 HOPKINS RICHFIELD SERVICE McAndrewj t Court SP 3-9068 Council of Blind Sets Annual Picnic The annual picnic of the Jackson County Council of the Blind will be held at the home of Sam Evans, 410 East Cali fornia st., Jacksonville, start ing at 1:30 p.m. Sunday, Aug. 10. Those attending are asked to bring table service to the potluck picnic. The picnic will take the place of the monthly social meeting. The regular business meeting will be held Aug. 21, the place for which will be announced later. Anyone wishing to attend the picnic, and who does not have transportation, may con tact Mrs. Ella Lance, tele phone SPring 3-5084. Silverton (UPD A 200-acre forest fire near here was brought under control Wednesday night after it threatened homes and farms. ser talks were not announced officially, but informed sources said the Arab leader repeated his demand for the withdrawal of U.S. troops from Lebanon. A OS SOTO jGATIOM SEKTSATIOKT v in Sensational Car! In a new De Soto, your vacation will be the relaxing, "fun" experience it should be. De Soto has loads of room . . . extra weight and Torsion-Aire ride for safer, ground hugging readability . . . Total-Contact brakes ... big new Turboflash V8 engines for extra miles to every gallon! Sensational Deal! Now is a smart time to buy your new De Soto! You get a money-saving summer time deal and a bigger trade-in allowance for your present car. Take advantage of our "DRIVE NOW, PAY LATER" PLAN. Pay nothing until after you return. Stop in oon for a De Soto test-drive. DRIVE NOW... PAY LATER. NO MONTHLY PAYMENT TILL September 21, 1958 DICK KNIGHT CO., 33 S. Riverside, Medford MX UlnlllS FOR JIST sen with your present operating electric refrigera tor, if it is not more than 10 years old, is of popular make and in good condition. BTrTTrTiTTTi i 1 1 1 a 1 1 i i i I II Mom) OJISw 11 U. fL 1958 IFMIW YES!! GIVE US your opera ting electric refrigera tor of popular make, in good condition, and not more than 10 years old . . . plus sen AND ALL THIS IS YOURS! Only $7.52 a month NOTHING DOWN ON APPROVED CREDIT - WE CARRY OUR OWN CONTRACTS Newest Sheer Look Beauty From stunning Frosty-Turquoise-accented interior to crisp Sheer Look lines outside here is styling that to everywhere, keeps you in step with the future. LEONARD HOT IC CO. 309 EAST MAIN o Bedford's Leading Appliance Dealer for the Past 27 Years
