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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 15, 1960)
S3 i-.H ' irw. : HU8BIAN SPY BHIP-Tho U. S. Niivy miys lUif.ilun "spy ship," the Vckii, posliiK 11 a llsliliift vimni'I, clinic within 12 iiiIIch of tlio unlriiiico lu ChcKiipcuku lluy on 11 snoop Inn uxjK'cllllon. Thu Vt'itu la tliu sumo truwlur Hint previously hud bci'n reported operut Inii In un 111 en off Loiik Inland, N. Y., while the nni'li'iir powered I'olurls mlssllu sub imirliio (iconic WnnlilnKton wiis conductinK exercises. The Defense Department snys there arc 1 antennae mounted on the elec tronic van 011 tup of the bridge, partially cumonfliiKcd by life rufts. (UPI Telephoto) mi Moving N Another C By ELMER C. WALZEH t?H Financial Editor New York - IUPII - Planii to move tho New York Stock Kxchiinuc to nnothcr utiito still arc ac tlvelv b e I n 11 studied. 71 Thin wan In rl (Hinted tixlay in n uoomei published by t h e exchange cnlllnil (or re- Elmer Walter vision of Now York City and New York state tnxe which tlic exchange) y nro drlvlnil business away from New York. The booklet-'The Securi ties Indmtry In New York Cirowth or Docllne?"-.ipeclf-leally cites the New York atnto slock transfer tax a a threat to Its urowlh and ex pansion here. "The tax threatens the se curities Industry because It literally Invites out-of-state K'Curllles firms and stock ex changes to lure business away from New York," says the ex change. In addition to the stale stock Irnnsler tax, which last year produced S80.5 million In revenue for tho Stock Ex change also cited the: Now Y. Stock Exchange to ity Still Discussed York City lax on gross Income on financial business as one which Inhibits rather than en courages economic progress. Tax Has Risen This city gross Income tax has risen from 1-lOth of one per cent In KH5 to its cur rent rate of Hi per cent, "it taxes gross Income whether a business operates at a profit or loss," says the booklet, "and Its net effect Is to push businesses that have suffured reverses closer to the wall." The Stock Exchange esti mates that the annual revenue to New York City and state from the securities business In lflSIl-through direct taxes on personal, partnership and corporate Incomes nnd real estate taxes-at S1H0 million In addition to the amount on slock transfers. According to the booklet, New York state needs busi ness nnd Industrial growth. It compares New York to Cali fornia which It finds far abend. In the period from 11)47 to 1U57. California showed a gain of 11)1 per cent In value of manufactured goods while New York rose only 07 per cent, it was noted. Personal Income rose 72 per cent In New York nnd 120 per cent In California, The challenge Is clear,'" says the exchange. "New York must chart more positive pro grams (or growth. 11 must find ways to attract new busi nesses and to encourage estab lished ones such as the securi ties Industry to grow and pros per. It must revise short sighted tax policies which dis courage growth and drive business to other states." The booklet polntB out thut more than 80 per cent of ex change volume is done in stocks which also arc avail able for trading on out-of-state competitive exchanges. Increase in Trading "The real danger to the se curities business In New York is tho steady Incrcnse in trad ing In such securities outside of New York. In fact, of the 3U7 New York Slock Ex change member firms bun dling securities transactions for tile public, 141 -or almost 25 per cent- arc already active members or associate mem bers of one or more regional exchanges. "They now nre able to serve tbeir out-of-state customers through the facilities of these other market places, nnd avoid New York's transfer tax." : Reform in Naming Medicinal Products Declared Needed By DELOB SMITH UPI Science Editor New York - (UPI) - Because "every drug has at leaBt three names and certain ones have rh many as a dozen," one of tho nation's most respect ed organs of medical s c 1 ence sees "an urgent need (or reform." It reminded that "some of nrioi hmiih 1 n e 1 c a a 1 glamorous events in medical history arc associated with ef forts to obtain excessive prices from the use of mis leading or special terms for medicinal products." The New England Journal of Medicine, owned and pub lished by the Massachusetts Medical Society, was speaking through its committee on ad vertising, which has jurisdic tion over its advertising con tent. Takes No Risk The three basic names any drug has are (1) a chemical name; (2) a generic name; (3) as many trade names as there arc manufacturcrcs entitled to make it. The committee centered Its fire on trade names. "There are a dozen trade Appling Sees Need For New Industry Florence - ttlPD - Secretary of Slate Howell Appling Jr. snid Thursday tho only way working people in Oregon can get better Jobs and more of them is for the slate to con tinue its efforts to bring in more industry. "This is a goal In which the interests of labor, manage ment, and government arc identical," he said. His remarks were made be fore a Rotary-Chamber of Commerce dinner in Florence. This program is being aid ed, Appling snid, by "business climate" legislation passed by the 105S Legislature, the in dustrial development drive of the Hatfield administration and a return to "common sense economy In govern ment." . 000 ' ' j ' '? ' U II f i ?i A in . L ' bA - III - nttn -rf U S I II i The Dartv favorite in the Northwest is unquestionably Carling Black Label J Beer. Why the landslide for uiaji. uaucn inauo caa; j. cuic v e) try it... and they like it. .'.and they tell their friends. Next time you buy,, give Black Label a try. eteeo OARLINO BREWINO COMPANY, TACOMA, WASH, names for rescrplnc, which is generic name, six for Ison- lazld, and so on through a long list of agents, a practice that Is confusing and has no merit other than to increase tho profits of the manufac turer, who often has made no scientific effort and taken no risk In the development of the product," it said. Drug-naming now works this way: The chemists who create a new drug give it a chemical name. When It is ready for market, the manu facturer patents it and then gives it a trade name which Is copyrighted, a double meas ure of protection. Then tho manufacturer, the Federal Food and Drug Ad ministration, and the council on drugs of the American Medical Association get to gether and give it a generic name which is the common name anyone may use to designate the particular chem ical formulation. Help the Public The. committee granted that trade-name drugs usually wore made with great care and the added protection of the trade name encouraged manufacturers to develop new drugs which could help not only the industry "but the public as well." "Unquestionably, however," it added, "trade-name protcc. tion is for the most part a de vice to protect the interests of a manufacturer, and it pre sumably Increases the cost of drugs to the consumer." The committee urged a re form which would Just about do away with trade names in favor of generic names. Gen eric names would be selected by a committee of experts ap pointed by the FFDA before new drugs were marketed, and at the same time the com mittee should set the "highest standards" (or their manufac ture. JAPAN PRESIDENT-Hayato Ikeda, above, 60-year-old son of a rice wine maker, has been elected president of Japan's ruling Libera 1-Dcmocratic party and will become the na tion's next premier. His elec tion guaranteed that Japan would retain Its strong pro West, pro-United States pol icies. (UPI Telephoto) MedfordTribune SECTION B MEDFORD, OREGON, FRIDAY, JULY 15, lOflu PAGES 1 to 8 Don Dewey Named To Edit Papers Portland-Donald O. Dewey, son of Mrs. Leslie H. Dewey, Portland, has been named as sistant editor of The Papers of James Madison, a Joint project of the Universities of Chicago and Virginia. Dewey worked at the Mail Tribune during the summer of 1052 as a summer replace ment reporter. He will receive a doctorate In history at the University of Chicago in September. At the university, he has been teaching history and editing the 20-volume set of Madison's corrcspondance. A native of this area, Dewey attended the Univer sity of Oregon, and also worked In the Ashland area. CLOGSTON'S Matal Weather Stripping and Screens i bNmatei Gladly Phone SP 1-1014 Evenings GOP To Hear Legion Oratorical Winner Washington - lUPt - Republi can National Chairman Thrus ton B. Morton has announced that the winner of the 1960 American Legion High School Oratorical Contest will ad dress the Republican National Convention July 25 in Chi cago. The winner, Lanny D. Un ruh, 17, of Newton, Kan., will be the youngest person ever to formally address a national convention, Morton said. A senior at Newton High School, Unruh won the con test in competition with 300, 000 students throughout the United States. The champion ship, awarded for his speech on the benefits of the U. S. Constitution, included a $4,000 university scholarship which Unruh plans to use to study law at the University of Kansas. He is the son of Mr. and Mrs. Virgil E. Unruh. He has been an active member of the Kansas Forensic League. li 7r FlFfTRir fye Eklachrome H " - I ELECTRIC EYE MEASURES LIGHT THROUGH THE LENS! New Bofex C-8SL Com puma tic Now Cites Anyone Perfect Movie Color And Detail Their First Try! Exposure mistakes impossible! 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IK This year, more people are buying Chevrolets (including Corvairs) than ever before, making Chevy the year's hottest seller by a record-shattering margin. Come in and see what the haying's all about-at your Chevrolet dealer's soon I mm ll Air Sport Coup with rooraiir Body by Fbhtf VnS717n "Mir, 1 III'1. ln nrv ujimc vcad'c tod aiai a oni m iiino lunno iur huhiau; I Corvair got the unanimous nod of the experts as it walked away with Motor Trend Magazine's coveted Car-ef-the-Year award. And you'll know why in a hurry once you drive it. Corvair's satiny ride, nimble han dling and road-gripping traction have winning ways with people as well as prizes. F01 Economlcil Tllnspoitllion Comlr 700 l-Dooi Stdm (villi 1 piKHcllly Hit rlooi Mil'l uit illi( lor IhII See Chevrolet Cars, Chevy's Corvair and Corvette at Your Local Authorized Chevrolet Dealer's Watch "S0t. Bilko" on Channel 5 t Sat., 9i30 P.M. COURTESY CHEVROLET 7th at BARTLETT MEDFORD Phone SP 2-6115
