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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 3, 1959)
Higher Interest Rates Could Get Foreign Funds, Bank Says Elmer Walzar By ELMER C. WALZER I UPI Financial Editor New York - (UPD - One step in maintaining the value of the dollar is to accept the discipline in volved in high er interest rates, says the First National Bank of Bos ton in its July New England letter. Higher in terest rates, the bank adds. could well attract some for eign funds, since interest rates have been tending lower in 'a number of other nations, This attraction for foreign funds in turn might make less likely further gold withdraw als from the United States. "That rising rates of inter est may restrict the pace of debt formation and slow our super-charged economic boom to more manageable propor tions may be expected, but considerable long-run benefits in fiscal and monetary sound ness would surely be achiev ed," the letter states. 175th Birthday The bank's letter comes al most on the date of its 175th birthday. The bank was char tered on July 5, 1784, five years before the U.S. constitu tion and George Washington's presidency. The bank was signed in by John Hancock, first governor of Massachusetts, and headed at its start by James Bowdoin, the Bay State's second chief executive and the inspiration for Bowdoin College A short time ago, the Bank of New York announced that it, too, was celebrating its 175th birthday. That was in June. But First National of Bos ton claims the first in this case because, . it states, the Bank of New York started without a charter. First Na tional claims it is the oldest chartered bank in the United States. History Began in 1783 I History of First National of Boston began in 1783 when a group of Boston merchants circulated a proposal for a bank, stating they had been "taught by experience ' of many nations that well regu lated banks are Highly useful to society." The charter was signed on Feb. 7, 1784, and the bank opened on July 5th for the thriving seaport of Boston, population 17,000. . Depositors wrote their names in a book to avoid for gery as they made their first deposits which in the first week of operation totaled $26,429.21. The names in this book in cluded such historically fa mous Boston names as Cabot, Codman, Lowell, Bromfield, Parkman, Scollay, and Higgin son. . Lloyd D. Brace, president, was elected to that office in 1947 and at that time was noted as the youngest major bank president in the nation. 'If we are to grow," Brace says, "emphasis today must be placed pn special services in contrast to routine operations. With 14,000 banks in this country, and with the First National of Boston tucked away in the slower growing Price 10 Cents Medfgrd 54th Year Tribune 2nd SECTION MEDFORD, OREGON, FRIDAY, JULY 3, 1959 Pages 1-6 -' tor o s Li-"- I fff : I ' i $ GERMAN PRESIDENT Heinrich Luebke (center) has been elected President of West Germany, in a race contested by Max Becker (left), of the Free Democrat Party, and Carlo Schmidt (right) of the Socialist Party. The three candidates are shown together at a party just before the election. Luebke belongs to Chancellor Kon rad Adenauer's Christian Democratic Union, and was put up as candidate for the presidency after Adenauer changed his mind about taking the office himself. Counfy Court to Check Land Gifts , Jackson county will not be receptive to gifts of land as in the past, according to County Commissioner Ralph James this week. Subdividers have often do nated land to the county to be used for a county road through their particular sub divisions. Often these , land donations have not allowed for roads which would meet the standards set forth in the recently enacted subdivision ordinance. And through these donations the subdividers have circumvented the sub division ordiance and, defeat ed its purpose, James stated. However, now the county clerk's office will be working closely with the planning commission to see that all such land donations for roads are approved by the planning commission and that the coun ty court is notified of all pro posed donations. If such a donation is not approved by the planning commission as meeting sub division ordinance require ments it will be deeded back to the donor by quit claim deed "With this procedure the county court hopes to estab lish better control over road width and subdivision prac tices," James concluded. Israel Premier In Seclusion Jerusalem, Israel -(OPD- Pre mier David Ben-Gurion Thurs day was reported in seclusion in his Tel Aviv home seeking some means of removing the rebellious Ahdut Avoda and . Mapam parties from his coali tion government. The two left-wing labor a.: - i a . : a t jpdi Ilea - vulcu agriiioi jjcxi- . Gurion Wednesday although the Knesset (Parliament) ap proved by a vote of 57 to 45 , the Israeli decision to sell cer- tain arms td West Germany. Ben-Gurion had threatened to resign if they did so and his failure to send his' resignation to President Itzhak Ben-Zvi caused some surprise. Bujt in formed sources said he would delay the action while he sought means of ousting the dissidents. TECHNICAL WORKERS Washington - (UPD - The De partment of Labor reports there are nearly two million Americans working as scien tists, engineers and technic ians. In industry alone, the number of employees in these categories increased some 28 per cent between 1954 and, 1957. pP Small Worlds ySg . Around Us PJ By Lynn M. Watkins W All Have 'Habit Paths' The small boy on is way to school or to the home of a friend, or the executive on hisway to the' office will us ually follow the self -same route day after day. All have established a "Habit-path." V ' All will follow it unless they make a conscious effort to change. All have a natural compulsion to follow the same course; ah inborn pattern of acting always in-the same way, acquired- by frequent repeti tion. It is easier for us to walk in the groove, than to blaze out a new trail. Animals establish "game trails" which are actually "habit-paths" often worn deep and smooth by countless feet, may even be followed by many generations of animals. The game-path in the forest or jungle is no different from the cow-path, or that made by sheep or ducks on their way to a lake, or a roosting place. All are following in the foot steps left by similar species of animals, some of which have long since been entrees on a dinner menu. Invisible Paths Birds follow invisible paths through the air, going and coming to a feeding station or to a nest, always by the same route. The bird is as securely chained to a restricted terri tory as if it were confined by bars or wire mesh' All are restricted by a habit pattern to the extent of being actually dependent on it for their continued existence. Should its territory be destroy ed the creature becomes help less and may even perish rath er than move to a locality al ready occupied by another of the same species. When we say "as free as a bird" we imply the bird is "free" to go anywhere, any time. Such however is not the case; the bird is chained to a habit-pattern and can't change. The male bird will have a "singing-tree" and a special branch on which he will be comfortable. No other tree or branch Freight Car Shortage Hearing Scheduled Washington-fOPD-The Trans portation and Aeronautics subcommittee of the House Committee on Interstate and Foreign Commerce will hold a hearing here July 8-9 on legislation designed to allevi ate , shortages of railroad freight cars. McMinnville, Ore. (UPD Word has been received here of the death in Montreal, Ca nada, Dr. Edward A; Tay 16r7 577chairman" of the Lin field college sociology de partment since 1950. will do, it will always be the same one. The , female bird will have a special place to land, in order to survey the surroundings before she flits to her nest. Like ourselves, they are creatures of habit. Analyze your own "habit path," whether you normally walk' or drive. You may find that you, too, are chained to a certain route. You may claim it is the shortest, the easiest or the quickest and you may convince yourself that you are using your head because you select and use a certain route, but the truth of the matter is that you are merely following a "habit-path" as if you were geared to the route. (Released by The Register and Tribune Syndicate, 1959) Complaint Filed Against Water District Employee Another complaint in a series by water user Ann Todd and others against the Eagle Point Irrigation district and its board and employees was filed in circuit court this week. The complaint presented a new aspect in the much-publicized case when Mrs. Todd filed "ex rel" the Eagle Point Irrigation.district against Mrs. Thelma Short, ' the district's bookkeeper. The "ex rel'' means that Mrs. Todd filed the complaint by and through the district against Mrs. Short, because, the complaint charges, the dis trict's board refused to act and "actively conspired to conceal and suppress . . . from the plantiff knowledge of the wrongs complained of." The complaint seeks $1,500 attorney's fees and $7,237 and interest, plus "such amounts as should be found owing the district as a result of" future accounting. Asks for Accounting Mrs. Todd asks that the de fendant be required to make an accounting for all interest on all delinquent payments of assessments for land in the district; of all assessments on lands irrigated by "the district and all irrigated but not as sessed, charged or collected for; for all work done for the California Oregon Power, com pany and moneys collected for work on district facilities; and of all moneys received from Copco for work done in con nection with the district. The complaint charges that Mrs. Short "failed to charge and collect interest in delin quent payments of assess ments" from a number of dis trict property owners and water users. . . ' Board members are Clar ence ' J. Greb, Elbert M. Big ham and Ed Gree n w o o d. Grants Pass attorn . Law rence A. Aschenbrunnef rep resents Mrs. Todd in the new complaint. MAGAZINE LOADERS , ; New York - (UPD - The pop ulation shift to suburbia has made drug stores the nation's largest magazine retailers. Chain Store Age notes that 37 per cent of all single copy magazines are now bought at drug stores. Newsdealers, once deminant in the field, now account for only 7 per cent of single copy magazine sales, according to the trade publication. and industrially "m a t u r e Northeast, we must learn, and refine, special skills. We are acutely conscious of the fact that almost 50 per cent of our revenue today comes from services not in existence 25 years ago." . First National, which han dles 50 per cent of Boston's banking business, has assets of nearly $2 billion and ranks 15th in size among the na tion's banks. It is reputed to have been first in offering loans to busi ness for more than one year's duration and is said to be the first bank to install check credit. Also it is among the largest backers of film pro duction in Hollywood. . First National also is re puted, to have been the first bank in the nation to enter the field of factoring and to day it is one of the largest factors in the business. President Brace can't see what there is to say that can't be said in three minutes. He is a combination of a conservative New England banker with a flair for new developments in the banking field. And his bank though loaded with the latest in bank ing devices, still regards dol lar soundness as the number one requisite for the nation. Creeping inflation, says the bank's current letter, "is a completely unacceptable course if we are to achieve sound economic growth and meet our responsibilities in a rapidly changing world where hostile systems are moving to w a r d intensified competition." Dave Beck Enters Plea of Innocent New York (UPD Former Teamsters Union President Dave Beck pleaded innocent Thursday in federal court where he is accused of receiv ing $200,000 from two truck company executives in viola tion of the Taft-Hartley Law. Beck was released in $2,500 bail. A trial date will be set Aug. 12. Roy Freuhauf, president of the Fruehauf Trailer Co. also was released in $2,500 bail, and Burge M. Seymour, presi dent of -Associated Transport, Inc., was released in his own custody. Both Fruehauf and Sey mour pleaded innocent of the charges through . their attorneys. Employees Vote Union As Bargaining Agent Employees at the Gulf Red Cedar division of Great West ern Producers, Inc., have voted, 15 to 10, in favor of naming the Lumber and Saw mill Workers Union as their bargaining agent, a union rep resentative reported. Warren Davis, of Local 2715, Brotherhood of Carpen ters, LSWU, AFL-CIO, said the election, conducted by the national labor relations board, included 25 of the 31 em ployees at the plant, which is located on old Highway 99 north of Central Point. The employees had no prior union affiliation, he said. Reno, Nev. (UPD-Richard (Dick) O'Brien, 53, Wallowa county, Ore., sheriff died at Washoe Medical Center Thurs day were he was being treat ed for a heart ailment. SLOW GOING New York - (DPD - Manned outer space flights may be common by ffie end of this century, but if the Federal government decided to pay off its astronomical $285 billion public debt at the rate of $8.7 billion a year, it would take until 2100 to do it, figures of the Tax Foundation show. JUROR WON'T SERVE Chippewa Falls, Wis.-UPD-A jury notice sent to John Kisler was returned to the commis sioners with a note from his mother. John, she said, is only six weeks old. Garden Sawdust McGinly Fuel Co. Ph. SP 3-6297 h I WANT TO FLY? ifs easiest in a Cessna 172 i NOTHING DOWN $Q152 A I Month Full Local ; Financing Bank Terms Available on Approved Credit U.S. GOVERNMENT APPROVED FLIGHT SCHOOL Call or Comt Out for Detail ROGUE FLYING SERVICE, Inc. Medford Municipal Airport SPring 3-2511 . First Major Regal Gasoline Use Any Major Oil Credit Card So Riverside Also Central at Jackson :."0 QXZX3&2$ J J Mr. and Mrs. Ellen Jones, 619 So. Central, are the happy winners of this 1959 Pontiac given FREE by your Regal Fortune Stations every 60 days! f 4th of July Specials Play Balls 98c value With a Gas Purchase Air Mattress 4.98 value $fT 99 With & Gas Purchase YOU ALWAYS Save $$ At Regal Fortune Stations ' . ", -) . ' Ifs the dog-gonedest thing bat since our little friend passed the word, we've had a steady stream of happy Ford prospects in our showroom. Thinking for themselves, of course. And buying the beautifully proportioned '59 Ford, the car that's built for people (real people), built for saving We think eiwyo new car this year especially a Ford! 2G CRATER LAKE MOTORS MAIN & FIR MEDFORD i There are no two ways about it for the newspaper! one or A THE DAILY NEWSPAPER MUST TAKE A STAND ONE WAY OR ANOTHER. Whenever an important issue arises, the editorial columns of the newspaper speak up firmly and fearlessly, pro or con. This action is expected of the newspaper even though it risks a loss in revenue for taking its stand. The integrity of the daily news paper is a precious and valuable thing precious to the m m mm series newspaper and valuable to advertisers. MEDFORD MAIL TRIBUNE
