8 A .
MEDFORD MAIL TRIBUNE) MEDFORD; OHE.,
TUESDAY. AUGUST 9. 1960
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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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