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.
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