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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Dec. 27, 1962)
MtvrunU mil. iitisuitbi i'iivt jiu, oiibuwii MI) p TOW F SI FRAME FOR CAPITOL - The Capitol of the United States at Washington, D.C., is framed in snow-covered branches as the area re ceived its heaviest snow year on record. (UPI) for tills time of If' UNIVtRSIir imutttw Of LAW Editor's note: This column presents general principles of law as determined by a par ticular court. It is not to be taken as legal advise. Slight changes In facts may change the outcome of a case. If you have a problem, see an attorney. AUTO EXPORTS INCREASE Paris -IUPD- French auto mobile exports increased 15 per cent this year over 1061 to 560,000 cars, according to an announcement here. French auto industry officials said the record year for car exports occurred in 1059, when 604,000 cars were sent abroad. Family-Type Farm Recommendations Told by Committee Washington -4UPII- The Na tlonal Adviwry Committee on Rural Areas Development has :' v A,' 'J . Life Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicate, Inc. WALL STREET FEARS STOCK MARKET REPORT Throughout 1962. the key people in the nation's securi ties firms have been filling out lengthy questionnaires sent to them by the government's financial policing agency, the Securities & Exchange Commission, as part of its investiga tion of the stock markets. The questionnaires have contained queries in just about every sensitive area of the markets ranging from "insider" dealings, to the activities of public relations organizations prior to sales of new slock, to handling oi transaction in the over-the-counter markets. Now the SEC Is working on the report It Is scheduled to submit to Congress on April 3, 1963. Now. while In nubile Wall Strcelers say they welcome the probe, In private they admit their fears about the report's findings, proposals and impact. Why is Wall Street worried? If nothing is basically wrong- particularly on the stock exchanges - and what abuses do exist can he cleared up by greater sclf-rogulalion, why should brokers be so apprehensive? A check around Wall Street Indicates three primary reasons for the rnncern and they go far beyond a natural distaste for new controls. For Instance, one reason that was repeatedly mtnlion ed has nothing to do with Iht probe at all. Rather, It stems Irom the tough year 1962 generally has been lor financial houses. The year started with the stock market falling sharply and eroding the profits oi professionals as v.ll as the public. Than came the historic crash ol lata May, which was a catastrophe for many Wall Slreetors and their llrms. Then came the slump in the public's buying and selling ol stocks, which sent Wall Street into a depres sion el its own at a time when expanses for automated equipment, training programs, branch oltices, etc., were soaring. "All we need on top ol this is a report denouncing how we operate" was a typical comment. A second reason mentioned frequently was that govern ment criticism is simply not warranted, for the securities business has done a belter job of policing itself than any other industry. A typical remark: "Sure there have been cases where rules have been broken or ignored, but as (al as the whole industry Is concerned, we've dune a good job of regulation. We'll listen to suggestions hut we are bolter able than the government to police this business." I he American Slock Exchange origin of the scandals In 11161 which kicked off the entire investigation has since gone through a loploboltom reorganization. William D. Moran, who afler 24 1 3 years on the SKC recently went over to the other side to become a vice president of the ASK. put it this way: "I have scoured the SEC report on the old days. I ask myself are there any possibilities of anything like this happening again? I think we have covered 'about every practical area to block off objectionable practices." A third reason lor the apprehension Is uncertainty about how you, th Investing public, might react to a cri tical report en slock market operations. Again, a typical commenli "It will be another reflection on Wall Street. Coming on lop of Iht stupid thefts ol securities and the Wharton School study on mutual lunds. it could shake the public's confidence. This wouldn't be warranted." This point about the investor's reaction was made by every man interviewed. In public, the statements of leading Wall Stioelers are conciliatory and restrained. In response to a question, Edwin D. Elherlngton, the ASE'a new president, said: "It is ap propriate for the SEC to take a hard and searching look at ecuritles lawa which were written nearly 30 years ago . . . I'hls could be a very Informative document and we have every reason to hope the public, the industry and every oody will benefit." Even more cooperative was the statement of Amvas Ames, senior partner of New York's Kidder Peabody ft Co , ind new president of the Investment Banker Assn : "We need (Oine pusliing and leadership by the government . . . Mistakes lave been made ... It is time to take a careful look in ee what can be done to improve the quality of our busi less performance." In private, though. Wall Stntlcrs talk difl.-n-iiilv a his report indicates. April 3 Is not a dale llirv re looking 'orward lo with pleamte or confidence. Quite the contrary. approved unanimously a se ries of recommendations de signed to help family-type agriculture. The recommendations were drawn up by a family farm subcommittee headed by .lames G. Patlnn, president of the National Farmers Union The recommendations would discourage the corporate, fac tory-in-the-field type of farm ing operation. The subcommittee defined a family farm as "a family enterprise, a farm operated by and for a family. Small enough to enable a family to provide most of the labor, management, and control of the capital required. Y t, suf ficiently productive and prof itable to support a family." the subcommittee said sue of a family farm varies ac cording to the type of agrl culture pursued. Family farm lug may be had on a 10-acre truck farm, on a 160-acre dairy farm, a 2,000-acre wheat farm, and a 10,000-acre ranch. Tiie recommendations in cluded: -- Practical limitation ot federal price support, rredit, conservation, crop Insurance. and oilier assistance bolh monetary and technical to larger than family farms. - S t a I u t o r y provisions against the use of operating losses in farming by an indi vidual or corporation to off set profits in non-farm busi ness enterprises. - Authority to provide credit for government pur chase of large tracts ot good agricultural land that is suit able for sub division into fam ily farm units. - Interest rates of govern ment agencies making loans lo family farmers and their cooperatives should be ad justed to current levels of farm income. - Removal of any restric tions that would prevent farm cooperatives from acquiring existing facilities or merging present facilites and servces, or otherwise to bargain col lectively in marketing, proc essing, or purchasing for farmers Establishment ol a mini mum wage for agriculture workers. Piscnui ai;e feed compa nies, hatcheries, chain stores, packing, and canning compa nies from financing fanning operations or entering into re strictive contracts with laim ers The subcommittee also strongly endorsed the firmer committee system used to op erate government farm pro grams, and recommended that only bona fide farmers who are participating in the pro grams be eligible to hold of fice The subcommittee called on the extension services, col leges of agriculture, and other federal and slate agencies to place more emphasis upon farmers' need for new mar krtinc iiwiituliont rather than a constant expansion of I production. RAIL TERMINAL S'JED A 72-year-old widow was travelling from Denver to In-1 dianapolis on passes issued to j her by two railroads, the Un-, ion Pacific and the Wabash. In Kansas City, Mo., it was necessary for her to change j trains. She hired a redcap at the station to carry her bag and direct her from the Un-i ion Pacific train 10 the Wa-j bash train which was on the j other side of the station. He ! took her up one escalator to ; the main level and down an other to the track level. The first attempt to reach the Wa bash train was by way of a blocked passage. He then had her follow him to another passage. He suddenly said, "Lady, there's your car, right through here." He indicated that she was to go between two baggage trucks. The light ing was poor and the passage was narrow. In attempting to get through, she tripped and fell over the unseen protrud ing handle of one of the truck and was injured. She sued the terminal com pany, which is owned by 12 railroads, and was formed to operate the Kansas City termi nal. The terminal company pointed nut that she was travelling on passes which provide that the user "as sumes all risk" of Injury, loss of property, etc. One of the passes even includes a risk of death. Both absolve "any company honoring this pass from all liability." The woman countered this with the argument that she hired the redcap by a separate contract and paid him, as agent of the terminal com pany, a valuable considera tion of 15 cents to perform such services for her. She claims that because of this, the injury occurred at a time when the terminal company was not honoring either of the two passes issued by the railroad companies, but was acting separately and 'a it's own behalf. She asked for $25,000. The jury awarded j her $7,500. The trial court set aside the verdict of thei jury and entered Judgement in favor of the defendant terminal company. Plaintiff appeals. THE COURT HELD: The upper court agreed with the trial court and refused dam ages to the plaintiff. The court pointed out that when a pay ing passenger is involved it is impossible for the railroad or a terminal company to con tract away Its liability. Such a contract would be declared void as a matter of public policy. However, when a pas senger Is travelling on a pass, as in this case, it is possible and is customary for the com panies to be absolved et lia bility. The court concluded that the payment of 15 cents to the redcap did not convert her free pass into a contract based on consideration. The court said. "It would no more do so than would her paying for her meals on the train diner or her paving for any special service in connection with her otherwise free trans portation." McKaig v. Kansas City Terminal Rv. Co.. Mis souri, 1062, 335 S W, 2d 409. Laura Scudders Potato Chips Reg. 69c Bag It's time 'to extend our best wishes for happiness in 1963, to our many friends and customers and to say "thank you" for your patronage. Rods Cheese Dips ah 2t (S)e Flavors J I! We Give ll 11 & Redeem I I Silver Dollar J I Stamps Toasted Peanuts 'HT 39 instant Coffee Sanka New Giant 8 ex. Jar 98 Wax Paper Cut Rite 125 ft. Roll ea. 19 Steinfeld's SWEET PICKLES TINY KOSHERS 15 oz. Jar Betty Crocker REFRIGERATED BISCUITS Buttermilk or Sweet Bradley, 5 inch FROZEN PIES Apple Cherry Boysenberry Individual Size Pie SHASTA LO CAL DRINKS Pineapple Grapefruit Orange Pineapple Grape STRAUSS CHOICE HEATS Armour Star Mb. Cartons Bacons 2,t,35 Armour Star Pure Pork Sausage 3, A 00 Fresh Lean Ground Beef J9 Pot Roast 59 Frash large Pacific III I Chase & Sanborn Dennison's COFFEE F S Cnili vi,h Beans 9 HQ' 2 R:r 5Lo100 Grinds i, Tin IJO 1 Hot ""If1 R U Sweet, Juice 88 size C Q $rW oranges 2 mmm i 1 i 1 '!rrf:f Crisp-Tender r Yellow Dr, j NOgPf! Celery 13 Onions 5, Solid Heads EB R'Pe. Thin Skin ff pf Cabbage Jj Avocados ,llU l I jl fl?Tlle Whirlpool WfMi PAULSEN l&MmlpofH . n " s.. . - (- o l Easy . , Prices Effective Thursday Thru Monday RCA Victor Color ' LKlJLlIiT Limit Rights Reserved STORE HOURS Tappan I?!.." LQTS QF FRE PARKING S A.M. to 7 P.M. Hoover TOO MANY FREELOADERS Milton Rf pis. England -LP1' Mrs. Alice Norris, who won SSfi.OOO in soccer pools, closed shop at her King s Arms Pub on Wednesday because of a flood of old customers who she said deserted her in recent years. "Ever since the week end." she said, "the place has been full of people hoping everything was on the house. I'm fed up. If they think it's free drinks from now on, they've got another think coming." (Try)- Crescent Nuts
