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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Aug. 9, 1960)
8 A . MEDFORD MAIL TRIBUNE) MEDFORD; OHE., TUESDAY. AUGUST 9. 1960 I . -"yum im 7. V ? d . " in s HAMMARSKJOLD SPEAKS - Addressing an emergency session of the United Na tions Security Council in New York, UN Secretary-General Dag Hammarskjold uscjs his hands in varying poses. He warned that global war might erupt unless Belgian troops withdrew from the Congo as speed ily as possible. (UPI Telephoto) 'Let Buyer Beware' Said To Be Sound Advise for House Buyer New York - fllPD - Caveat emptor - "Let the buyer be-ware"-is an old real estate adage. It is not Just a piece of out moded cynicism. It is sound advice that can save the house hunter money, head aches, and even the heart ache that an unwise purchase can brintf. It is Hie cardinal rule in a new home buyer's guide pub lished by two Air Force offi cers, Colonel R. R. Smith and Major E. A. Michalak!, as a result of their own experi ences In house hunting and subsequent investigation which led them to the con clusion that the average home buyer is woefully uninformed in the face of what is usually the largest single purchase of a lifetime. The average individual, they found, is almost totally ignorant of real estate laws, financing criteria and proce dures; does not know liow to deal effectively with a real estate agent, broker or sales man; buys a home without ad equate investigation of either house, property or the local housing situation, and buys without proper representation to protect his interest. The home buyer's guide ad vises the home seeker all the way from the Initial question "Buy or rent?", right through to that inevitable psychologl cal reaction of all home pur chasers who, once they have signed the sales contract, im mediately decide the whole thing was a horrible mistake. The guide explains the con fusing language of real es tate, outlines of financing procedure, gives sound tips on what to buy and how to buy It is in these last categories, perhaps, that the authors make their greatest contribu tion to the education of the prospective home buyer who is uninitiated but willing to learn from the experience of others. The authors urge that the home buyer "be realistic the hard facts of the situa tlon are that realtors, real es tate salesmen, brokers, build ers, etc., are in business to make as much profit from you as they can . . . not all real estate agents are reliable and even though reliable, the average real estate agent Is hardly objective because he usually represents the seller. not you the buyerl The seller pays him his commission, not you the buyer. He will try to sell you houses that he has listed, in the areas where they happen to be located and at prices demanded by the seller." The guide warns the home buyer to remember "there Is rarely a real bargain avail able in a home property for sale today. If you are very careful . . . you can get just about what you pay for. On the other hand, it is very easy to pay more than the home 's worth . . , the old real estate adage still applies today, "Let the buyer beware! Ernest Hemingway Said To Be III Madrid - IUPD - American novelist Ernest Hemingway, who arrived here Friday for a Spanish holiday, "fell ill Sunday night," the semioffi cial news agency Cifra report ed Monday. The report gave no details of the illness. It followed unconfirmed rumors that Hemingway, one of the giant literary figures of the 20th Century, had died. The Family Council Edltun Notet The Family Council on mists of Judge, a nsvchlatrww idree clergymen, a newspaper editor, a women's editor and two writer. Each article Is a summary of an actual use history, The Council reports nn problems that have been dealt wfb by responsible atenctes and counselors. Corporate Pension Funds Said Significant Market Factor By HENRY J. BECHTOLD UPI Financial Editor New York - IUPD - Corporate pension funds have become an increasingly significant mar ket factor hav ing a great influence on the supply demand b a 1 ance. Behind this is the fantas tic growth of pension funds in the 1950s, Henry Bechtoid and the sub sequent channeling of more and more fund? into stocks. Eight years ago assets of corporate p e n si o n funds amounted to about $7.5. bil lion; today they exceed $25 million. Last year they grew by a record $3.2 billion, com pared with a rise of $2.8 bil lion in 1959 and $2.7 billion in 1957. Esielle B. - He thinks wom en can't think. Garard B. - I used to have a different opinion - when I was a bachelor. Estelle B. - I feel as though I'm fighting the battle for women s rights all over again, single-handed! My husband and I have been married six turbulent months and I'm beginning to wonder if we can go on. We are both deeply interested in politics - from opposite sides of the fence. We found this amusing before we were mar ried, and always laughed off our arguments before they got to the bitter stage. But now things are different. I find that at heart my hus band believes it's a wife's duty to take on her husband's po litical outlook. He'll deny it, but it's true. He thinks worn en aren't capable of thinking rationally. Gerard B. - Estclle has it all wrong. I don't think wom en are capable of thinking Period. I used to feel differ ently. I used to think women were just as capable intel lectually as men. I was a bachelor at that time. Since I've gotten married I realize that the only reason women bother to have opin ions at all is so that they can get into arguments. When they argue, they are always oft the point. They try to memorize little scraps from the newspapers so they'll have something that looks like a fact when they get into an argument. They they produce It like a dog showing his prize Done. It's not just my wife who's like that. I notice that all her girl friends do the same. ine council: Most of us heard automobile drivers bit terly snarl "woman driver" at some woman who has made no worse a mistake than thousands of male drivers on the road. That's the way it is with prejudices. We'll agree with Gerard that many women argue ex actly the way he says they do - and so do majjiy men. But men who argue badly are never considered to be reveal ing a sexual peculiarly. It is simply assumed that they arc illogical, ignorant or emo tional - as the case may be. We think it possible that Gerard is quite as emotional in his arguments as his wife. If he were not, things could never have reached the bitter stage. It is easier to recognize emotionality in others than in ourselves. Women are more ready to admit the Influence of emotion than men. Political differences should not damage a marriage unless the two partners are using such differences as a disguise for some deeper emotional battle. Since the disguise of ten contains hints of the true nature of the battle, we think it quite possible that Gerard has some fear of the intel lectual power of the modern woman and has a need to put her down. During the courtship period Estelle m a y have enjoyed taking on the traditionally feminine task of inflating her suitors ego by subtly flatter ing his mental powers - even while she argued with him. Now Hint the fish is hooked, however, she may rather re sent having to go on doing this job. We think both Estclle and Gerard arc on the wrong track emotionally and this can ser iously hurt their marriage. When they arrive at a better emotional harmony, they'll find themselves enjoying their political arguments. (Copyright 1960, General Features Corp.) Sheriff's Office Buys Boat, Equip. Cost of a patrol boat and equipment for the Jackson county sheriff's office totalled $2,822.75, according to bills submitted to the county court. The boat cost $1,375"; motor, $745; the trailer, $300; steer ing apparatus, lights, battery, siren, trailer spare tire, can vas top and cover, $402.75. Minimum amount required for bid, according to state law, is 53 .500. The $2,822.75 total for the boat and equipment is less than the $3,500 allo cated to the current fiscal year budget for the boffl and equipment, it Wis pointed out. Series of Engine Tests Completed For Minuteman Washington - IUPD - The Air Force has reported successful completion of a series of rocket engine tests in the race to make operational its Min uteman intercontinental bal listic missile. It said in a statement that several solid-propellant rocket engines were successfully fired in an altitude-simulat ing test call at the Arnold En gineering center, Tullahoma, Tenn. The tests marked the first time in rocket history that engines of such size and power have been fired in an altitude-simulating test cell, the statement said. The Air Force said the en gines, built by Aerojet-General Corp. and the Hercules Power Co., were under con sideration for the third stage of the "second generation" ICBM Minuteman. Present operational date for the Nuclear-tipped missile is sot for the summer of 1082. The Air Force said it was able to advance the orig inal mid-1964 completion date because of success in the early research stages. The statement said the re cent engine tests were made In a 20-foot diameter cell at the Arnold Center. Initial test launchings of the first-stage Minuteman were conducted successfully at Edwards Air Force base in California, the statement said. Tested at Sacramento Second-stage engines re ceived test firings at the Aerojet-genxral Corporation's solid rocket plant in Sacra mento, Calif. The Air Force said its "rev olutionary" Minuteman would have a range of 5,500 nautical miles and provide one of the most flexible weapons in the nation's rocket arsenal. It listed among the Minute man's advantages the mis sile's relatively low cost, the small crew needed to fire it, and the fact that "it will live up to its name." "The silvery-skinned mis sile could be fired on a min ute's notice," the Air Force said. Employers Given Stale Handbook Salem - IUPD - All employers in the state have been sent a handbook explaining proper Unemployment Compensation Law procedures. Department of Employment Commissioner David H. Cam eron said that at present many employers are confused by the department's forms and are not aware of circum tnnces under which they should exercise the right to protest payments of benefits or the right to appeal decisions. AUTO GLASS iii SELBY T 303 N. Bartlett SP 3-364S 3 Even imore conspicuous. than tbis'-'tbtai: asset growth; has been the; increased por-Ji tion of pension fund money going into common stock. Last year common stock holdings rose by nearly $1.7 billion all but $100 million of this representing new purchases. ; Common Stocks Popular. . r Over the past five years alone, corporate pension fund assets have doubled while their common-stock holdings have soared 250 per cent, in cluding market- appreciation, Of the $25 billion in corpor ate pension fund assets, $7.71 billion, or 30.5 per cent, was invested in common stocks; This figure includes $773 mil lion in stock which funds hold in their own companies. In 1958, the:fands had $6.04 bilr lion or--27 per'.cent of thqir assets ih' comrtiori- stocks. v : The iuhds-' 'last -year also held $12.8 billion of. corpor ate bonds,'- or 50.5 per cent, against $11.7 billion in 1958! Holdings of U.S. government bonds amounted to $2.15 bil lion, or 8.5 per -cent, against $1.98 billion the' year 'before. Miscellaneous investments, including ' preferred - stocks; mortgages, cash'iand: deposits, made up the remaining $2.65 billion compared with. $2.34' billion in -1958. ' ' Standard- and Poor, inoted that corporate -pension- .funds last year wereagain the larg est single institutional, buyer of equities. In contrast," there, was a "slowing- down -in the growth of holdings; of -corpor ate bonds.; ,; - .-. Pension Funds Important . ... ; .The .statistical agency ,also stated that the - proportion' of 'net receipts invested; in' com mon stock last year'ws -especially large ior funds, in. the (Oil-; 'auto', communicati'onsand tta'de 'industries, "prp.of -. that more and more funds are get ting 'aboard the common-stock bandwagon." ' - " '..".' " " .. Pension- . funds f,' continued the- rriost important suppliers of :funds in the eapital market last- year.,. Not ionly did. ..they buy more stock- than,any.-other group, . but .thgir acquisitions were equivalent to, -38 per cent of new' equity issues. This compares with -32 per cent in 1958,; 28 per cent in !l957,- and -approximately 24 in the 1954-56 period. . ; .Despite their large acquisi tions, Standard-and Pqor said, pension funds currently own only about:3,per- cent of all outstanding stock of American corporations. -But their- total Stake,' in industry ,is mounting despite a recent slowing in the rate of asset growth. City Policeman Shortage Cited in Annual Report cause of this, n was dimcuii Traffic enforcement by Medford police decreased dur ing the past year because of a shortage- of policemen and an, increase in major crime. ' This ' was Chief Charles Champlin's analysis of the po lice department's annual re- Port:, ',.,' , i. TheVreport, which was re leased yesterday, showed that traffic. Citations and parking tickets decreased during the past 'fiseal year. At the same time,- major crimes increased by 1.80 eases. - Because 't h e department was as much as three officers -short,, at least one officer had to .be .taken away from park ing .ftieter' patrol and other officers; had to neglect traf fic.'1 '.to':-, investigate' criminal cases,, Chainplin said. ' The department, which was shorthanded during . a good part, of the year, is now back to full strength. An increase in July traffic citations seems to indicate the department's increased effectiveness, Champlin said. vStill another reason for the drop in traffic citations was the lack of a radar unit. The radar was at the factory for a' number of months being repaired, he said., Low pay was the principle reason for the shortage of officers. Champlin said. Be- to induce young men to go into law enforcement. The July 1 city-wide pay increase for municipal em ployees raised the average patrolman's monthly pay by about $20. The rookie patrol man now receives $350 per month while the top patrol man's salary is $430. Specific figures included in the report include; major crime 1,203 offenses compared to 1,043 last year; parking meter tibkes issued, 39,748 Six Arrested for Fishing Violations State police made six ar rests at Fish lake over the week end for fishing viola tions. Three arrests were made for exceeding the limit and three for not having angling licenses. Fines for such viola tions varies from $25 to $500, state police said. (3,237 less than last year); traffic citations issued, 5,610 compared to 6,490 last year; basic rule citations, 875 com pared to 1303 last year; and automobile accidents, 777 (an increase of 79 over last year.) 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