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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
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Buttermilk or Sweet
Bradley, 5 inch
FROZEN
PIES
Apple Cherry
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Individual
Size
Pie
SHASTA LO CAL
DRINKS
Pineapple Grapefruit
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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
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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