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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 13, 1962)
8 A WEDNESDAY. JUNE 13. 1962 MEDFOHD MAIL TRIBUNE, MEDFORD, OREGON Your Money's Worth By SYLVIA PORTER Copyright. Hall Syndicate, Inc. STOCK CRASH FORCING US TO FACE REALITIES One of the good development! emerging In the wake of the upheaval in Wall Street is a mounting awareness among key economic-financial policymaker! in our country that we must stop fussing with superficialities and get down now to tackling. the fundamental problems which face the U.S. economy. Among the reasons the stock market tumbled were that it had been bid up to grossly overpriced levels, it had been undermined by speculative excesses and gambling on thin margins, the big buyers had started months ago to move to the sidelines to await more reasonable prices, and the steet mess had not only finally emphasized that the postwar era of Inflation was dead but had also badly damaged business confidence. But slock prices began sliding In early 1962 because of mora basic factors the awakaning io tha fact that our aconomy isn't growing as fast as it should, profits aren't expanding sufficiently to finance Imperative plant modern isation and expansion, jobs are not being created on a scale essential to absorb our labor force, we're into tha toughest competitive trade era of this generation at horns and abroad, and tha U.S. dollar Is vulnerable to foreign attack. The stock market crash was a brutal shock, an unmistak able warning to our decision and policymakers thai we can't drift to solutions to these fundamental problems. We must re examine our viewpoints, discard those which have been made obsolete by time for if we don't, the problems are going to get worse, and the worse they become, the harder II will he In find and arjolv the solutions. For instance, from a liberal economist and a life-long Portland - Bids for paving Democrat came this comment in response to my remark that roads in Crater Lake National across-the-board tax cut lor Business ana inaiviuuain May Employment Sets New Record SaJom-iUPD-Employment in Oregon in May set a new record of 678,400, Slate Em ployment Commission cr David H. Cameron said to day. But he added that the April to May pickup was not as great as expected. The May figure was 9,5110 jobs up from April, and 12, 000 more jobs than in May of 1961. Cameron said unemploy ment in May was 31,400, dropping, 6.400 from April. And unemployment this May dropped 12,100 from the 43, 300 of May, 1961. Cameron said, however, that while this is encourag ing, the April to May im provement in the lumber and wooa products industry was not great. The gain in jobs from April to May was only 1,100 and usually it is about 3,000. Grange News Hoinbrook-H ornbrook Grange held a special meet ing on June 6 for an initiating ceremony. Vayne O. Ralston, district deputy from Gre enhorn Grange in Yreka, conducted the work, assisted by a drill team made up of members from Greenhorn, Gazelle, and Grecnvicw Granges. A cover ed dish dinner, with Mrs Bertha Bradley as chairman, preceded the rites New members received into the order were Mr. and Mrs Kenneth Houston, Mr. and Mrs. Frank Suetta. Mr. and Mrs. Robert Morgan, Mr. and Mrs. John Edwards, Mr. and Mrs. Dean Price, Mr. and Mrs. William Butler, Mr. and Mrs Marion Grieb, Mr. and Mrs Furl Moore, Mr. and Mrs A. E. Ryder, Mr. and Mrs Anthony Shelley, Mr. and Mrs. Leslie Fitzpatrick, Mr. and Mrs. Robert Philps, Mrs. Alex Rutledge, Leonard Bear, Bids Called for Paving in Park an across-the-board tax cut would be the best thing that could happen to business now: "Don't restrict It to the 'best thing that could happen to This is not just what business wants, it's what the nation needs. If a major overhaul of our tax structure and lowering of tax rates ia the way to get this economy movine ud fast again and the way we can create me jods and I think it is then this Is' what we should do. And we shouldn't fiddle around. We should get at the task now." On another aspect, from a leading professional in Wall Street who has always placed a balanced federal budget and a reduction in the national debt high on his list of national necessities came this: "If the alternatives are a budget seriously unbalanced by tax reduction or a contlnulngly sluggish economy threat ened by recession In 1963, I'd say an unbalanced budget is by far the lesser of the evils. I'm more afraid of what a 1963 recession coming on top of a weak recovery would do to the budget deficit and the reputation of the dollar than I am of another deficit caused by tax cuts. And I'd rather have the deficit come from tax cuts than from increased public spending." On still another angle cama this from a Naw York banker who is actutaly awara that foreigners have built massive short-term claims against our gold reserve and that there is constant danger of a devastating run on our gold should our creditors abroad become worried about our fiscal irresponsibility) "Our monetary and fiscal authorities are In a painful dilemma. They shrink from moves they know would stim ulate business because of what the moves would do to our budcol and because they fear how the world's central bankers would react. Yet, they feel they'll have to make the moves. Well, I say that deficits resulting from slow business and recession would have a lot worse impact on foreign psy chology than deficits resulting from efforts to accelerate our economic advance. Only a strong United States can preserve a strong dollar anyway and the world's central bankers know it.' Perhaps these men were beginning to think this way before the near-panic in wall Street, for there has been rising worry about our failure to step up our economic growth rate. But I II wager none would have said these things out loud to me before the stock market slapped tha faces of every thoughtful individual In the nation. park will be accepted here by the bureau of public roads until 1 p.m. June 26. The improvements are be ing financed with National Park Service road and trails funds. Specifications may be obtained at bureau of public road offices in the Morgan building, Portland. Work at Crater Lake in volves paving the combined Annie Spring rd.. Park head quarters rd., and Rim rd. in Klamath county. Included are the reconditioning of 6.3 miles of roadbed and placement of 26-foot minimum width of bi tuminous paving, inclusive of widened paving at pullout areas for parking, the service station area and the cafeteria parking area. Also planned is bituminous curb, sidewalk and water ways. Pace Quickens in Portland Festival Portland -HOT- The pace Is quickening In Portland's Rose Festival. Five navy minesweepers tied up at the Willamette Riv er pcawall Tuesday night, the vanguard of a 13-ship Rose Festival fleet. Another mine sweeper and seven other ves sels were due today. Queen Cherie I, Cherie Lynn Viggcrs, had a round of appearances scheduled, in cluding a visit with her court to Doernbecher hospital. Memorial Coliseum opened to allow the public to watch construction of floats for Sat urday's grand floral parade. Other events scheduled today included a model boat regat ta at Westmoreland Park and the "Aqua-Spectacular" water show tonight, at the coliseum. Mrs. Fern Bigham, Mrs. lone Graham, and Mrs. Rose Mary Cox. In addition, three candi dates from Greenhorn Grange also received the degrees. Deputy Ralston commented that in his 25 years as a deputy master, this was the second largest class to be in itiated. The dining tables, dining room and lodge hall were decorated with a variety of spring flowers. Master Joan Michcls an nounced that the local Grange is sponsoring the street light ing program now under way in Hornbrook. On Monday the Home Eco nomics committee held an open house at the grange hall for all women of the com munity. Hostesses for the event were Mrs. E. E. (Pete) Fisher and Mrs. Frank Bear, chairman and co-chairman, re spectively, of the club. Will bear market history repeat itself? Harris, XJpliam's new Market Review is haded with answers to questions investors are wondering about right now. Send for your complimentary copy. There have been 16 bear markets in the past 65 years. And because the lessons of the past can throw strong light on the prcsent-and the future Harris, Upham's research staff has been painstakingly reviewing the previous performance of the Bear. The facts are all in the new Market Review. 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