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.
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nilBJkli V 232 Hi. M.in St.
M f M H tl n .q 3 1 H H El t.1 H jj
w rare
S tht Chtvy Mysttfy Show in color Sundays, NBOTV.
Mas?
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
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ll Air Sport Coup with rooraiir Body by Fbhtf
VnS717n
"Mir, 1
III'1. ln
nrv ujimc vcad'c tod aiai a oni
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Corvair got the unanimous nod of
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See Chevrolet Cars, Chevy's Corvair and Corvette at Your Local Authorized Chevrolet Dealer's
Watch "S0t. Bilko"
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COURTESY CHEVROLET
7th at BARTLETT MEDFORD Phone SP 2-6115