Medford mail tribune. (Medford, Or.) 1909-1989, June 30, 1960, Image 29

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Medford mail tribune., June 30, 1960, Image 29

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Newspaper Page Text4 0 (f o CTi 1! C MEDFORD MAIL TRIBUNE. MEDFORD, ORE. . THURSDAY, JUNE 30. US' Economists Split On Possibility of Another Recession Washington flJPD - Leading business economist! are split harply over whether the na tion'! fourth postwar reces sion will begin in the closing Honths of this yevr. . One forecaster warned there are signs of a major eco nomic slump just around the corner. Others predicted mod' est improvement in the sec ond half of this year. None ex pected a boom within the next 12 months. . 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: Lower Mortgage Costs . -Interest rates would con tinue to decline, resulting in lower home mortgage costs this fall and early next year. , -A pickup in lagging steel production will occur within to days to keep pace with stepped-up demand from auto and appliance manufacturers. .. -Spending on construction In 1960 will fall below the total spent in the preceding year (nearly $56.5 billion) for Scout News Boy Scout Troop t ' Boy" Scout Troop 8 held a Court of . Honor at the Guild hall of the Episcopal church Wednesday, June 29. ' A tenderfoot . investiture was . given to Brian Kelling ton, David. Culbertson and Ricky Frazier by Elwood Hed berg, Scoutmaster; Bob Ben nett, senior patrol leader; Larry Humphreys, assistant senior patrol leader, and as sisted by other boys of the troop. ' Douglas Sweet was present ed his second class award by Lawrence Kolkemo. W. L. Warren presented Ward Con ger and Bill Bennett their first class awards. Boyd Yadcn was presented his Star award and a hiking Merit Badge award by Hcd bcrg. Boyd is a member pf Post 8 of the Episcopal church. Light refreshments were serv ed after the ceremony. Sfubblefield Girl Observes Birthday ', Parma, Idaho - IUPD - Little Denett Stubblefield Is Into her second year of life after celebrating her first birthday Wednesday. '. Denctt is the surviving Siamese twin daughter of Mr. and Mrs. James Stubblefield. The occasion was marked by family dinner. The only unhappy spot In the festivities was the Ab sence of Dcnett's twin sister Jcanette, who died April 8 from complications arising from successful separation of the two girls. Mrs. Stubblefield said that Denett was doing well. She took the baby to Portland for checkup last week and doc tors gave Denctt a clean bill of health. i The Stubbleflelds have fhree other children who Mrs Stubblefield said "think the un rises and sets" on little Denctt. the first time since the end of World War II. Frank ,E. Morris, research director of the Investment Bankers association, was the most pessimistic. "The signs of an imminent recession are growing strong er all the time," he warned. "I don't think they should be ignored." Morris said on the basis of leading economic indicators that a recession may be un derway later this year and continue until mid-1961. In terest rates will drop and the federal reserve board is likely to loosen credit fast if a down turn develops, he claimed. Dr. Emerson P. Schmidt. chief economist for the cham ber, took issue with this fore c a s t. He predicted further modest" economic improve ment to record-high levels de spile a few weak spots in the economy. No Maladjustments The consensus is that the expanding factors will exceed the contractive factor s," Schmidt said. "There are no major economic maladjust ments emerging in the econ omy." On the plus side, Schmidt said government spending, ex ports, steel production Invest ment in new plants and equip ment and heme building all will rise in the last half of the year. Speaking for the steel In dustry, L. S. Hamaker fore cast a near-record year with production of 115 million tons of ingots. He said an "inven tory adjustment" has caused sharp layoffs in recent months but predicted the industry would rebound in the closing quarters. "We can't buy the idea that any serious downturn in gen eral business will develop in the last half of 1960," said Hamaker, assistant vice presi dent for sales of third-ranking Republic Steel company. An other "fair to good" year is in prospect for 1961, he added. Miles L. Colean, a consult ing economist representing the construction industry, said the outlook for easier money would benefit builders and home-buyers. Construction to Drop But construction spending this year will drop about 2 per cent below the 1959 total, mainly because of a slowdown in private home-building, Co lean said. School construction shows a faint indication of a pickup after declining 5 per cent from last year but there Is no sign of improvement In the slumping military building field, he added. On the overall outlook, Co lean said he saw no reason for taking a pessimistic view and said he was "mildly opti mistic about the coming year. In another report, Cen. Or- val Cook of the Aerospace In dustries Association of Amer ica, said he anticipated a con tinuation of high government spending on missiles and space vehicles. - . Driver Receives Fine For 3-Wheel Driving Sayrevillc, N.J. - Donald W. Foss was arrested when police spotted him driving his car on three tires and one wheel rim. Foss was fined $105 in municipal court and his li cense was suspended fur 90 days. Magistrate Edward A. Modzelewski imposed the stiff penalty after learning Foss had been fined once before for riding on only three tires. PREPARED BY 0R1G0N SIAH SYSTEM OF HIGHER EDUCATION OREGON'S LAMP OF LEARNING PUOV.DM SDUCMIONM. MOAOCMTIN TO Ha...iia LiEcnl At THE JUNI COUiftC PROGRAM fw wcwii - COMMOTION. PRINCIPLH or bcunumii-j, SMAKfclPEARE. DifCRIPTIVB ATRONOV, . APPRECIATION Of UTIRATUnt, INTRODUCTORY OEOGRAPMY AND OeMRAt HT&IENC ARl CPFfRSO ON ORtiONfl CAMPUS 0 TW AIR. m mm II I TVl mxz NfeH mm I BSPSSSI A CIRCUS OF VALUES! NOWSAVE 40 TO 60 llifillil LJ' I LkgT I SHOP EARLY! USE WEISFI ELD'S LOW EASY TERMS!! I 1991 1ft LS (' 6.95 Outdoor y: BAR-B-Q V Serving Platter MISCILLANIOUS H0USIWARIS RIG. 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