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
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There have been 16 bear markets in the past 65 years. And
because the lessons of the past can throw strong light on the
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been painstakingly reviewing the previous performance of
the Bear. The facts are all in the new Market Review. In it
you'll find answers to questions like: How long did these
previous bear markets last?. ..What can happen if margins
are lowered?. ..What 25 quality stocks currently yielding
over 4.5 are now selling at prices more sensibly in line
with their earnings?. ..How does the market behave after
heavy selling sparked by runaway emotion?... Which 12
stocks have now become popular with institutions? Answers
every investor seeks right now. Just mail us the coupon below
for your complimentary copy of the Market Review.
TO MAINTAIN RELATIONS
New Delhi -iUPD- Prime Min
ister Jawaharlal Nehru told
Parliament Monday that his
government does not intend to
break diplomatic relations
with Communist China. India
and China have been involved
in a border dispute.
I; Harris, Upham & C2
Members New York Stock Exchange and other leading security
and commodity exchangee 47 Offices from Coast to Coast
44 South Central Avenue, Medford, Oregon
773-7701
Gentlemen: Please send me the Market Review.
T15
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.n ...
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How about you-are you making full use
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In Mrs. Johnson's home
Reddy works 1816 hours per month!
816 h
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ELECTRIC
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Here's what
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the Johnson family:
0 Range
Ef Water Heater
vf Refrigerator
1?! Freezer
y4 Dryer
Washer
Dishwasher
?I Television
' Radio
M lrons-2
Vacuum Cleaner
2 Mixers 2
Electric Blanket
F7f Coffee Maker
& Toaster
2f Fry Pan
3' Waffle Iron
iSewing Machine
3 Power Tools-3
Electric Heat
Lighting
Pump
gf Deep Fryer
g('Shavers-2
Adding Machine
2 Lawn Trimmer and
Edger
How many of these
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Phone 773-7538