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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 27, 1960)
Economists Split on Possibility of Recession Toward End of 1960 Russian 'Walk' Dashes Hope of Arms Agreement Washington - HOT - Russia's walkout at the Geneva dis armament talks dashed hones of an arms agreement for the remainder of President Eisen hower's term, officials said here today. They also expressed fear that the Communist action may jeopardize separate nu clear test ban talks, also tak ing place in Geneva, Policy Extension Seen Today's walkout of the So viet and Red satellite dele gates from the 3-month-old lu nation disarmament confer ence appeared to many offi cials to be an extension of So viet Premier Nikita Khrush chev's summit-wrecking poli cy of refusing to deal with the Eisenhower administration on major issues. Officials said the United States would be willing to ne gotiate disarmament in the United Nations General As sembly as the Russians sug gested today. But they noted that the U.N. is more a forum for exchanging broad views than a place for down to earth negotiation. Cautious Attitude Officials adopted a cautious wait and see attitude for signs that the Soviets would simi larly break off the atomic talks involving the United States, Britain and Russia. Khrushchev had threatened in recent weeks to shift the 10 -nation general disarma ment talks to the U.N. What surprised officials here was the suddenness of the move. It took place before the Rus sians even heard the latest western proposals that were to be presented this week. Ammunition Dump Explodes in Cuba Havana - (UPII - An ammuni tion dump explosion, the sec ond such disaster to rock Havana in 3W months, touch ed off a wave of bitter anti U.S. comment throughout Cuba today and semi-official charges of sabotage. At least 10 persons were reported arrested in connec tion with the blast, which oc curred Sunday night in a major Cuban army munitions depot in the Cayo Cruz sec tion of Havana harbor. Official reports put the toll at two dead and 200 injured. The explosion hurled huge sections of the stone wall of the ammunition dump 100 yards out Into the bay. The concussion pushed in down town storefronts. t, ii tar t, id la j MISS CALIFORNIA Newly-crowned Miss 18, of Los Gatos, and right. Miss Sacra California of 1960, Suzanne Marie Reamo, mcnto, first runner-up, Linda Marie Hines, 10, who competed as Miss San Diego, is 18, of Rio Linda. Miss Reamo lives in La flanked by runncrs-up after she won the Mesa and is a student at San Diego Slate title at Santa Cruz. Left is Miss San Jose, College. second runner-up, Gayle Lee Countryman, (UPI Telepholo) Medford Tribune Regional Edition Page 2 Stock Prices Edge Higher in Moderate Opening Session New York-(Uri-Stocks edg ed upward in moderately ac tive dealings today. Buying filtered into some of the blue chips and scattered specials. Du Pont ran' up around 2 points and Union Carbide a half. The oils which got a mild play last week on word that gasoline stocks had their sharpest weekly decline of the year, were easier on balance. Texaco and Socony Mobile lost around V4. Steels and autos ruled mix ed, while electronics were nearly 3 in Zenith, around 2 i- Motorola trading cx-divi- Russians Asked To Reconsider Walkout Washington - HOT - The United States today called on Russia to reconsider its walk out from the Geneva disarma ment conference, branding the Soviet action as "Irresponsi ble, deplorable and disap pointing." A FAMILY AFFAIR Kumla, Swcdon-flJPB-Soercn Llthell. 21, got married Sun day. Waiting to kiss the bride were his father who got mar ried last month and his 74 year old grandfather who took a bride two months ago Two Ships Stuck in St. Lawrence Mud Ogdcnsburg, N.Y. - (UPD -The cruise ship North Ameri can with 272 passengers aboard and the British freight er Inver stuck fast early today in St. Lawrence river mud about 30 miles apart. Tugs were unable to free either vessel. The North American, a throe-deck cruise ship, ran aground on a mile long sandbar in the port of Ogdensburg Friday. The In ver apparently drifted out of its shipping channel Sunday and became embedded in mud east of Snow Lock, near Mas- sena. dend and more than a point in Beckman. Vendo and Universal Match picked up more than 2 each in the vending machines. Min nesota Mining lost more than a point and Western Union ran around 1V4. Mental Patients Riot in Montreal Montreal - IUPI) - Mental patients sparked a riot by 350 inmates at the maximum se curity Bordeaux jail Sunday night and one convict was shot from a wall trying to escape before the disturbance was crushed. The riot broke out during a baseball game between guards and mental patients in the south courtyard of the jail at the north end of Montreal Island. A group of prisoners sud denly dashed to the jail's med ical office where they ripped open metal filing cabinets and set fire to their contents and to bedding. In the courtyard, several prisoners placed benches against the jail's 27-foot high inner wall and began to climb them. Only two prisoners manager to reach the top. House Approves Compromise Bill On Excise Taxes Washington-IUPII-The House by voice vote stamped final approval today on compro mise legislation to continue corporate and excise tax rates and forestall a $4 billion loss in revenue. The Senate was expected to approve and send the legisla tion to the White House for the President to sign it before the midnight Thursday dead line. The compromise bill would continue existing tax rates for another year with only one change. Would Close Loophole The depletion allowance for mining and similar industries cannot be computed on the value of finished manufactur ed products. This would close a court-created tax loophole the Treasury had warned might ultimately mean a reve nue loss of $600 million a year. The legislation postpones for another year a reduction to 47 per cent in the existing 52 per cent corporate tax rate It also would postpone sched uled reductions in excise taxes on liquor, cigarettes, new au tomobiles and auto parts and accessories and travel fares. It would also postpone re peal of the 10 per cent tax on local telephone calls. New York - lUPli - John Cur- tin, 25, had a lover's spat with his fiancee, Beatrice McCar thy, 21, Sunday, took the en gagement ring from her fin ger and tossed it from the window of a taxi. Curtin still was looking for the $355 ring today. One Forecaster Sees Recession Around Corner Washington - UPI' - Leading business economists were split sharply today over whether there will be a recession near the end of 1960 but they agreed that a boom is unlikely- Most of the experts predict ed modest improvement in the economy in the second half of the year, but one fore caster said there were signs that the nation's fourth post war recession was just around the corner. The views were expressed at the midyear Business Out look Conference sponsored by the U.S. Chamber of Com merce. There was general agreement that: -Interest rales would con tinue to decline, resulting in lower home mortgage costs this fall and early next year. -Lagging steel production would pick up within two months to keep pace with in creased demands from auto and appliance manufacturers. -Construction spending in 1960 would slip below the total spent in the previous year, nearly S56.5 billion in 1959 for the first time since the end of World War II. Predicts Recession The most pessimistic out look came from Frank E. Mor ris, research director of the Investment Bankers a s s o ci - ation. who said "the signs of an imminent recession are growing stronger all the time. I don't think they should be ignored." Dr. Emerson P. Schmidt, chief economist for the cham ber, forecast further "modest" economic improvement to record-high levels despite a few weak spots in the economy. Schmidt said government spending, exports, steel pro duction, investment in new plants and equipment and home building all would rise in the last half of the year, to contriute to the slight eco-, nomic improvement. Good Steel Year L. S. Hamaker, speaking for the steel industry, forecast a nearly record year with pro duction of 115 million tons of ingots. He said an "inventory adjustment" has caused sharp layoffs in recent months but predicted the industry would rebound in the last half of the year and continue into 1961. Miles L. Colean, a consult ing economist representing the construction Industry, said the outlook for easier money would benefit builders and home - buyers. He said the overall picture was "mildly optimistic." But Colean said construc tion spending this fall would fall about 2 per cent below the 1959 total, mainly because of a slowdown in privateo home building. Kennedy Men Shy From Endorsement Glacier Park, Mont. - (UPD -Supporters of Sen. John F. Kennedy backed away today from an attempt to get him a presidential endorse ment from Democratic governors like that given Vice President Richard M. Nixon bv nearlv all Republican governors. Gov. Nelson A. Rockefeller of. New York was a conspic uous holdout among GOP gov ernors declaring their support for Nixon for the presidential nomination. Counting two ter ritorial governors. 16 of IB Republicans attending the 52nd annual governors' con ference or who were contact ed by telephone agreed to the pro-Nixon declaration. Uncommitted Delegation Rockefeller, who repeated that he would endorse no can didate before the GOP Na tional Convention next month, said it would be in appropriate for him to sign. He explained that he would head an uncommitted delega tion to the convention from New York. A similar move was con sidered, but apparently aban doned, to get an endorsement from Democratic governors favoring Kennedy for the Democratic presidential nom ination. Kennedy backers were said to feel they could make a good showing only by applying pressure which might offend governors regarded as friend ly though still publicly un committed to the Massachu setts senator. A Kennedy camp break down of the 34 Democratic governors listed five publicly pledged to Kennedy, three be iieved to favor Kennedy and six listed as "leaning" to Kennedy. Twelve were count ed as anti-Kennedy and the others as completely uncom mitted. Meeting Opened Sunday The governors annual meet ing opened informally Sunday night with a reception at the Glacier hotel in a lakeside setting of rugged and snow clad mountain peaks in this national park. A discussion of education was set for to day's opening business ses sion. Govs. Harold W. Handley of Indiana, J. Hugo Aronson of Montana and Christopher Del Sesto of Rhode Island cir culated the Nixon endorse ment. Fifteen of 17 reached approved the document and the sponsors expected Gov. Cecil H. Underwood of West Virginia to join after a delay ed arrival. wf i Magnify Your Savings niMFC RROW TO DOLLARS When You Patronize Park and Shop Merchants No Meter Money Needed Here look For Thit PARK SHOP SIGN. A $2 Purchase Givei You 1 Hour Free Parking. 5TH ST. IlLiJUUL-JUL MAIN ST. House Approves Itemized Spending Washington. - IUPII -The House today approved a pro posal which would require every member of Congress to make an itemized account of all travel he makes at govern ment expense. By voice vote the House agreed to an expense account amendment which the Senate tacked onto the money bill carrying funds to run Con gress in the year which be gins July 1. The House added language which sponsors said further strengthened the amendment and then it was approved. Some "no" votes were heard. It now goes back to the Sen ate for final congressional approval. Truman Calls for International force San Francisco -IHPD- Former President Harry S. Truman Sunday night called for crea tion of an international police force "strong enough to un dertake such Dolice action as j the United Nations deems nee- Typhoon Lashes North Philippines Manila -UPD-Typhoon Olive smashed the northern Philip pines today with murderous winds and torrential rains, leaving 116 persons dead or missing, 10,000 homeless and causing damage running into millions of dollars. Navy authorities gave little hope for the rescue of 16 fish ermen who were reportedly clinging to the mast of their sinking boat off eastern Lu zon, the Philippines' biggest island. "Our ship in the area can not approach the fishermen." a Navy spokesman told United Press International. "The-ship captain radioed us that giant waves were hampering the operation." AUTOMOBILE SERVICE Guildford. England - IUPI) -The Automobile association lived up to its motto of serv ice to the motorist Sunday when it sent a patrolman to aid a woman reported having hysterics in her car. He re ported he patched up the quarrel the woman had with her husband and the couple drove off happy. Besides Rockefeller, Gov. Paul Fannin of Arizona held off from signing because his state GOP convention had en dorsed Sen. Barry Goldwater as a favorite son candidate. He wanted to consult Gold water first. ANYWHERE IN THE WORLD BEKINS Will Move You There C -d Service Storage Crating JP 6 N Experienced Packing Bonded Drivers r'WPr'TWVAN LINES, ON THE RUN SINCE '91 18 West 2nd St. WORLDWIDE 1WOVINO COVERING 41 STATES Phone SP 2-6273 oooooo o o wiggly NBUSKtO 1896 I GREEN (STAMPS, o o Shop tonight until 9 p.m. Lindsay Medium OU VES No. 1 Tall Tin Regular 33c ea. 2 for o o tSlABUSHED 1896 f GREEN lS TAMPS, o 0 Chicken of the Sea Frozen TUNA PBES 8-ox. Regular 29e each 2 for 49 Washington -HIPP- The As sociation of American Rail roads has urged Congress to end what it calls "discrimina tory tax assessment policies" in 31 states. AGISTER NOW! JUIV s SUMMER TERM MV , Accounting and Secretarial Courses Day and Night Classes Robertson School of Business Medford SP 3-4264 Rcscburg OR 3-7256 Klamath Falls TU 2-4126 Alber's Pancake & Waffle Mix 3 pound 3 (Q)C o b FLU d LsSfAM I GREEN I USTAMPSJ 0ft Crown All Purpose Regular $1.15 Pound Bag B9' Largt Sweet Local Strawberries 4 89 12 Basket Crate $2.49 o o jABtlSHtolSr f I GREEN Utamps, o Bridgmon Bros. F-reth Whole Drawn ravins Oregon Grown Fryers 5 n SteWart and Kin a fr'tM fft,iv Monday, Tuesday, Wodnos- day, June 27, 28, 29. limit rights reserved. V T 0)
