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Federal Koad (Funds Made AvaiOaDnDe To States
Washington - (LTD - The gov
ernment announced " today it
wo&ld make $2,700,000,000
available to he states under
federal .highway programs
this fiscal year. It also set
maximum amounts it will pay
to each state.
The Smits, imposed for the
first tffine since the federal
interstate highway program
began in 1956, are intended to
keep outlaws from exceeding
revenues.
Each state may use its fund
either for interstate system
roads oiPolSier roadj. -
The federal government
pays 90 per Cent of the cost
of the interstate highway sys
tem and half the cost of other
federal-aid streets- and high
ways. - Highway Commissioner El
lis L. Armstrong said $1,800,
000,000 would be available to
the states in fiscal 1961 tor
interstate highway systems
and $2 billioa for fiscal 1962.
Armstrong said that states
desiring to spend more money
than . the federal reimburse
ment limit must acknowledge
in writing that they under
stand the federal government
will not be able to reimburse
them for the additional
amount probably until late in
fiscal 1963.
Until now, the Bureau of
Public Works has been able
to meet its payment commit
ments out of revenues coming
into the highway trust fund.
This was because highway
constructions got started slow
ly and spen";ng lan well be
low the fund's tax receipts.
Surplus Dwindled
But recently as construc
tion of the ,41,000-mile inter
state system speeded up, the
revenue surplus in the trust
fund dwindled. It is expected
to disappear sometime this
month.
Hence, the government-imposed
limits on payouts. By
law the trust fund cannot run
into the red.
Congress increased the fed
eral gasoline tax from 3 to 4
cents this year to bolster trust
fund revenues. It also author
ized the fund to borrow $359
million fro i the Treasury
temporarily.
The Tiew distribution by
states included:
Oregon: $12,648,000 regu
lar, $30,531,000 superhighway
for a total of $43,179,000.
Wash ington: $14,043,000
regular, $31,905,000 super
highway for a total of $45,
948,000. California: $47,935,000 re
gular, $179,030,000 super-
MedfordTribune
Rogue Valley Edition ' -Page 2
Bonds Move Higher
As Stocks Recede
New York-fliPD-Bonds mov
ed higher in-the various mar
kets today while stocks re
ceded. U.S. government issues
strengthened. The Treasury's
new issue of 5 per cent, four
year and 10 month notes were
quoted at 101 per cent of par.
highway for a total of $226,
965,000. ' .
If iSiwpi
e .. Small Deposit Holds 'til Dec. 24
t v " ? " S'V ' '"flfS" (
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The decline in stocks re
flected uncertainties in the
steel strike.
Continental steel was an ex
ceptional strong spot. It touch
ed a new high on a rise of 5V
points in response to a state
ment by its chairman that
directors likely will 'propose
a 2-for-l split. j
American Machine & Foun
dry rose a. point when stock
holders approved a 2-for-l
split. A higher dividend help
ed Minute Maid.
DOW -JONES AVERAGES
New York-(CPD-Dow-Jones
final slock averages: 30 in
dustrials 633.04, off 2.33; 20
railroads 158.38, off 0.96; 15
utilities 87.91, off 0.05, and
65 stocks 211.44, off 0.77.
Sales, today, were about
2,510,000 shares compared
with 2.380,000 shares Wednesday.
Today's prices on selected stocks:
Allied Chemical . 114:i
Alum Co. Am. , 11Q
American Can .. , ; 43
American Motors 62 "i
AT&T . 78 k
Anaconda Copper
Armco Steel
Bendix Aviation
Bethlehem Steel .'.
Boeing Air .
Caterpillar Corp- ,
Chrysler Corp.
continental (Jan ,
59?i
75 i
684
. 56
3Ui
32
63 '4
48 V.
Curtiss Wright . .. 31 Vs
Dow Chemical v ; 83 7i
Du Pont ..255?i
Eastman Kodak, ; 84 ti
Firestone ..... 125 ?
General Electric '. 78" '
General Foods . 953,i
Gentral Motors
Georgia Pacific. .
Graham Paige
Greyhound
Gulf Oil
Homestake Mining
Idaho Power :
I. B. M. .... ....
Int Paper
Johns Manville
Kaiser Ind
Kennecott Copper
Lockheed Aircraft
Katy
Montana Power Co.
Montgomery Ward
Nafl Biscuit
New York Central
Pac Gas t Elec
Penney, J. C
Penn RR
Radio Corporation
Richfield Oil
Safeway. :
sears
.... aa
45
23
20
110
.. 43
45 V
412
128
50i
. 16 y2
91
27 V
- 6?i
24 i
soi
52',
31
62 i
106
17
58
72
37 Ti
- 49
. 53
40 V
39 Vt,
72 V
46 y
41 k
47
6
71 y2
18 ',4
18
31 V.
Trans World Air : 21
Tri-Contmental , 38
Union Carbide .143
Union Pacific '. . 3 Hi
United Air Lines ;j .. 44
U. S. Rubber ..... 61 !i
U S Steel : 100
Youngs town S & T 134
Shell Oil
Socony Mobil Oil
southern Co. ..
Southern Pacific .....
Standard California
Standard Indiana
Standard N J.
Sun Mines -
Texas Co.
Texas Gulf Sulfur ..
Tex Pac Land. Trust .
Transamenca
Nan Changes Plea
In Extortion Case
The case of Rollin Benja
min Dexter, 49, of 12 Ross st.,
Medfprd, orginally scheduled
for trial Tuesday in circuit
court, awaited action on a
pre-sentence report this week.
Dexter's trial for extortion
was called off after he chang
ed his plea to guilty Sept. 23.
Dexter had been accused of
threatening David Lee Math
ias, 27, of 724 Alder st, Med
ford, by accusing him of a
crime with the intent of gain
ing $500 from him, court rec
ords show. Dexter's attorney
is Bruce Manley, Medford.
California Man Is
Held for Larceny
Lloyd Eugene Gannon, 38,
of Los Angeles, Calif., was
held in the city jail yesterday
on charges of larceny from
an auto. '
He was arrested by Med
ford police shortly after Lewis
Cliften Mitchell, Klamath
Falls, reported the theft of a
3 -06 caliber rifle from the
front seat of his car on Canon
st. between Ninth and 10th
sts. Wednesday night.
Loss of Taxable
Property Seen
In Development
Eugene -UPD- Opposition to
the proposed National Sea
shore park near Florence was
voiced here Wednesday after
noon by representatives of the
Western Lane County Taxpay
ers Association. .:
Jack Hayes, chairman of
the group, said a national park
in . the coastal area would
mean the loss of taxable prop
erty and result in the increase
of 12V& per cent for those
properties not affected.
The group spoke at a hear
ing conducted by Sen. Rich
ard L. Neuberger for the Sen
ate Subcommittee on Interior
and Insular Affairs. . .,
Hayes said the proposed
park - was unnecessary be- j
cause of present ownership of
the beaches by the state.
i John Parker, another rep
resentative of the group, said
that free access to the coastal
lakes is now available, and ac
cess would not be free under
a national park service.
Economy Hurt Feared
Donald Bowman said the
park would hurt the economy
of the area by eliminating a
substantial industry. It would
also eliminate some 45 busi
ness firms, including motels,
hotels and novelty shops and
cause a loss of 140 jobs, he
said. -
Mrs. Jack Stark Evans, rep
resenting the home owners in
the area, said that people had
been promised they could
keep their, homes. She added,
however, that they would al
ways live under the threat of
a forced sale. She said that
many of the homes were not
just summer cottages, but
were . homes in which some
persons intended to retire and
many were up to $100,000 in
value.
Bill Supported
Speaking in support of the
bill was John Osoward, presi
dent of Olympic Associates
of Seattle, a recreational or
ganization.
He said he was alarmed to
see subdivision signs in the
proposed seashore area. He
said "it is time to do some
good planning for the present
and the future."
It is time to save the Sand
Dunes , area from the bull
dozers, the earthmovers and
the land speculators, he added.
, Glaucoma is a disease of the
eyes that frequently causes
blindness.
Annual Light Bulb
Sale Set by Club
.' The annual light bulb sale
by Crater Lions club will be
held the evenings of Oct. 13
and 14.
- Proceeds will go toward
community service projects,
as in the past, club officers
stated, and a goal of $400
$600 is sought to carry out
the club's Sight and Blind
programs.
Sylvania corporation has
furnished the bulbs at near
cost for the sale. Free printed
bags also were donated by the
corporation.
Commercial firms or others
who wish to make pre-sale
purchases may contact any
Crater Lions member or call
the project chairman, Die
Walsh, SPring 3-5846.
Graham to Attend
Board Meeting
Pat Graham, member of
Medford barracks of Oregon
Veterans of World War I, will
attend a conference of the ad
visory board of the Depart
ment of Oregon Sunday, Oct.
11, in Eugene. He will preside
as chairman of the publicity
and publications committee
Saturday, Oct. 10 when meet
ings of department commit
tees are scheduled.
A banquet is set for Satur
day night at the Veterans Me
morial building, when nation
al officers will report on the
national convention.
A conference of district
commanders will be held Sun
day morning. ; .
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