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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Nov. 17, 1959)
Iroafa Tax tudietTTOvRffl Wt MedfordJH1Tribune Regional Edition Page 2 Steels, Electronics Stand Out in List New York-fllTO-Steels, elec - tronics and some specials stood out in a firm and mod erately active stock market todav. ! Support came into the list after a ragged opening that enabled a number of the lead ers to extend earlier gains and others to come up from their lows. U.S. Steel jumped more than 2 in the recently depress ed steel section, while Nation al added nearly 2 and Youngs town, Lukens and Bethlehem were all up a point or more. Electronics were still fa vored with General Time and Zenith up more than 2 and Raytheon and Motorola ahead by more than a point each. Texas Instruments sold off around 1. DuPont and Thiokol added more than a point each in the chemicials. U. S. Rubber U. S. Steel Youngstown S&T 82 New York (CPU Dow Jones final stock averages: 30 industrials 634.46 off 7.25; 20 rails 146.81 off 2.64; 15 utilities 85.93 off 0.74: 65 stocks 207.57 off 2:53. Sales Monday were .' about 3.710.000 shares com- pared with 3.450.000 shares lasf Friday. . . . Monday's prices on ' selected stock: Allied Chemical Alum Co. Am American Can . American Mtrs . AT&T Anaconda Copper Armco Steel Bendix Av ., Bethlehem Steel - Boeing Air Caterpillar Corp ... Chrysler Corp (xd) Continental Can Crown Zellerbach Curtiss Wright ; Dow Chemical Du Pont Eastman Kodak . Firestone General Electric General Foods ... General Motor . Georgia Pacific 'Graham Paige Greyhound Gulf Oil Homestake Mining Idaho Power J. B. M. Int Paper . Johns Man Kennecott Copper Lockheed Aircraft . Katy Montana Power Co. . Montgomery Ward . at 1 Biscuit New York Central . Pac G & El Penney. J. C. i., , Penn HR Radio Corporation Richfield Oil Safeway Sears ... Shell Oil Socony Mobil Oil Southern Co . Standard California Standard Indiana Standard N-,J.: Sun Mines Texas Co Texas Gulf Sulfur Tex Pac Land Trust Transamerjca Trans Wld Air Tri-Continental Union Carbide Union Pacific United Aircraft U. A. L. Five Youths Die As Auto Plunges Over Steep Bank Longview, Wash. (UPD - A car plunged over a 35 to 40- foot embankment into the Mount Solo slough Monday night, killing five teen - age boys. One youth escaped. , The dead, all from Long- view, were Jerry Walston, 15, and his brother Floyd, 13; Bill Webster, 16, and his brother Dick, 13; . and -the driver, Douglas Randolph, 17 Francis Hughes, 16, was the only survivor. The sheriff's office said the car was traveling at a high rate of speed when it plunged over the steep embankment into about 20 feet of water, Hughes was able to swim to shore. The others were trapped in the wreckage. Youth Shaken Hughes, huddled in a blan ket, and dazed and shaken by his ordeal, told officers about the accident. The boys had been on a ride. The car missed the turn and landed in the water, Hughes said. Sheriffs officers said the mishap was apparently caus ed by excessive speed. The Hughes boy said the car hit loose gravel and Randolph lost control. The car hurtled off the Wil low Grove dike and landed in Mount Solo slough. The accident scene was about a mile and one -half west of here. Police said skindjvers had attached a cable to the sub merged car Monday night and efforts .were being made to pull the car back onto the dike. There was no beach where the car left the road, only a sheer bank. ICE SALT' DAMAGE , Chicago - (UPD - Corrosion damage because of salt spread to thaw snow and ice on high ways will cost the nation's auto owners about $10 million this winter, the Rust-Oleum Corp. predicted today. De-icer salt has been the major cause of rust damage, and is es pecially hard on chrome, muf flers and tail pipes, the com pany said. ; sIBicOLUMBIA NUMBER ONE IN THE WONDERFUL WORLD OF SOUND It's here for you... and it's brand new! Columbia 4-speed automatic STEREOPHONIC PORTABLE only "QSr- 2 perfectly balanced S" speakers for true tone reproduction i 5' eord provides any-room place ment of speaker Plays 7. 10 and 12" records. Shuts off automatically Four-speed auto-' matic turntable for 16. 33. 45 and 78 rpm records, Flip-overertridg with dual-jeweled ' stylus Easy -to- eorr io be came waokar it part el Hi lidl n Maroon witfc b!ai no' iUar tt'm 6taa mitt tan and aotrf trial Alt the quality, beauty and ' matchless sound possible from to day's stereophonic records is yours with this Columbia stereo high-fidelity portable. Handsome take-anywhere styling. Colunw bia-engineered features combine true portability with big-set tone ! See it...hear it... today! TIME PAY PLAN AVAILABLE Experts Conflict On Subject of Excise Taxes Washington -(DPD- Congress got conflicting advice today on whether the federal gov ernment should rely more heavily on excise taxes to meet its money needs. The House Ways and Means Committee, in the second day of a five-week inquiry into ways of making income taxes more fair, called for testimony on the relative role of the ex cise levy from a panel of ex perts." . . - . i The question of broadening present excise taxes eyen to the extent of enacting a na tional sales tax popped up in advance papers submitted to the tax-writing committee by several of today's scheduled witnesses. Suggests Tax Cut William Fellner of Yale University suggested that in come taxes be revised with a 15 per cent, across-the-board cut in rates, coupled with a $100 increase in personal exemptions. Together,- these would reduce federal revenue S9 billion a year. Fellner proposed offsetting this with a retail sales tax of 7 per cent, applied to about 40 per cent of national con sumption. He conceded his suggestion was controversial but termed it a "reasonable compromise." John F. Due, a University of Illinois economics profes sor, said in his paper, how ever, that a federal sales tax would hit hardest at lowest in come levels elderly retired couples, large families, and young "couples as well as cause businessmen consider able nuisance and expense." Favors Excise Taxes Gerhard Colm, chief econo mist of the National Planning Association, said a federal sales tax not only would boost costs of tax administration but invade a field that has largely become that of the states. ' More reliance on excise taxes instead of on income taxes was advocated by Ralph Robey, economic advisor of the National Association of Manufacturers, which has called for "compression" of the spread between percent age tax rates between low and high income brackets. Robey said present excise taxes are "discriminatory and inequitable" because they ap ply to some products and serv ices but not others. He pushed for a "uniform" excise tax, denying that this amounting to a federal sales tax rwould place a burden on any parti cular economic group as op posed to another. Continued Cold Weather Expected Washington (DP& The Weather Bureau predicted to day that the nation would be lashed with continued wintry weather during the next 30 days . with' "only transitory periods of warmth." . In its regular 30-day fore cast, the bureau said temper atures would average below seasonal normals in the area between the Appalachians and the' Continental Divide. The coldest weather was ex pected in the central and northern plains. Above norm al temperatures were predict ed in the far Southwest and the Atlantic coastal strip. Precipitation was expected to exceed normal over the eastern one-third of the na tion, the northern plains, the far Southwest, and the central and southern West Coast All other areas would record near normal amounts except for subnormal precipitation over the Pacific Northwest, the bureau predicted. Independent Bankers Pick McMinnville Man McMinnville (DPD A Mc Minnville man, James H. Stanard, has been named president of the Independent Bankers Association of Ore gon. He is executive vice president of the First Nation al Bank of McMinnville. GREEN OR DRY RED FIR SLABS .Immediate Delivery PHELPS FUEL SP 3-5878 TAKE IT EASY! -Two cases of infectious nurse Mrs. Gretta Reed gives three-year-old hepatitus have been reported in Irondade, Kathy Trembath the needle. Holding Kathy Colo., the water-pollution plagued communi- is her mother, Mrs. June Trembath and ty north of Denver. Health officials have -waiting their turn are Sharon, 10; Douglas, deemed it necessary to give gamma globulin 9, and Gayle, 2. ' - shots to all residents. Here public health 1 (UPI Telephoto) Court Monitors WiDD Speed Efforts To Remove .vHoffa' - Washington - (UPD Court appointed monitors vowed to day to speed efforts to force the ouster of Teamsters' Presi dent James R. Hoffa and his cronies from union office. Monitor Chairman Martin F. 1 O'Donoghue made the pledge following a Supreme Court ruling which permits enforcement of his anti-corruption drive within the giant truck union. Hoffa also faced possible trouble on another front. La bor Secretary James P. Mit chell said Monday night he had asked the Justice Depart ment to check whether the Teamsters were fully obeying the labor reform law's ban on ex-convicts holding union office. To Check Accuracy ' Mitchell said Hoffa had ad vised him that only "a few Teamster officers" were forc ed to resign because of the ban. The secretary added, "the Justice Department has been asked to look into the accuracy of this report." The Supreme Court refused Monday to interfere with low er court decisions upholding the clean-up directives issued by the Teamster monitors. . It was a major setback for Hoffa and some of his top lieuten ants who have been tagged for removal, by the watchdog group. . O'Donoghue indicated h e would try to nail the Team ster chief for his part in a Florida -real estate deal in volving use of funds belong ing to Hoffa' home Local 299 in Detroit. The monitor chairman said he would ask a federal court early next week for power to go ahead with an inquiry into the Florida transaction. Might Ask Hoffa'f Removal If the courts find that Hoffa misused union funds, O'Don oghue said they might direct Hoffa's removal as provision al president of the Teamsters. The court also might order the union's executive board to bring charges against Hoffa looking toward his permanent ouster and expulsion from membership in the 1,600,000 member union, O'Donoghue said. Expulsion would prevent Hoffa from running for office in the Teamsters. It would be the most extreme penalty the union could impose on him. Neuberger Adds Water Provision In Seashore Bill Portland-UPD-Sen. Richard L. Neuberger (D-Ore.) today announced a new provision for inclusion in his Oregon Dunes National Seashore bill which would provide for in dustrial use of water from Siltcoosand Tahkenitch lakes. The proposal would make possible adjustment of water levels in the two lakes within the boundaries of the Sea shore plan and permit re moval of water for industrial purposes, Neuberger said. The latter hinges on approval 6t the Oregon Water Resources Board. Propmt Report Promised The senator also said that the Secretary of the Interior has assured him that the In terior Department "will do all possible to furnish a prompt report on the revised Oregon Dunes Seashore bill when it is introduced and referred to the Department by the Senate Interior Committee." ' Neuberger said his revised bill, announced Oct. 26, did not provide adequately for in dustrial use of lake water utader state control. The new provision would clear this up. Eugene ilk Hunter Injured by Bullet Heppner -flJPD- Wayne Ells worth Hoffman, 29, Eugene, was reported in "fair", condi tion today in a Heppner hos pital suffering from a bullet wound in the leg. Hoffman was shot in the right knee Sunday while elk hunting with a companion near here. SCULPTURES SOLD London-flJPD-Seven ancient sculptures that had been painted over and used as decorations in a snack bar were sold Monday for $39,760 at Sotheby's Art Auction House. r HtlttmoffiCI If' Distilled LondohDry Gih DISTILLED OOTTIED IN THE U S A.BY THE DISTILLERS COMPANY.LIMITED LINDEN, NEW JERSEY " I iS ilf-J.l.ti ITS s.TTwjrT J 'L J.l 1 1 Z -wasr -o 7ZeMbw &jjSr4e rtdcttb cecaeeae Available in gift carton at no extra cost INSURING WORDS Pacoima, Calif .-fUPD-A hold up man clipped the Citizens National Bank Monday for $1,335 but bad a sympathetic word for clerk Pam Quezeda as he fled. "You're insured," he consoled. ZOOLOGIST DIES Naples, Italy-(UPDProf. Um- berto Pierantoni, 83, noted zoologist and president of the Naples Academy of Science, died Monday night. 1 Carlos Morris 1 Managing partner of Conger jlll Morns to assist you at . ' "your time of need I Conger-zMorris M FUNERAL DIRECTORS West Main at Sixth Ashland Hillcrest III Mortuary Chapel 4th & C. Sts. 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