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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Jan. 17, 1963)
r 7 ft 'k ; w . MEDFORD MAIL TRIBUNE. MEDFORD. OREGON bAILDHS AT SEA - The four female crew by steeplejack Lee Quinn of Los Gatos, i members of the ketch Neophyte pull in a Calif. From left, his crew is Carol Hope, supply of ice cream and cookies from the - 20. Berkelv. Calif Jarlcio Millnr 24 Et Navy amphibious force flagship Estcs Patterson, N. J.; Giselle Meyer, 22, Sausa- wnicn came alongside the 45-foot vessel Iito, Calif., and Susan Bird, 20, Oakland, Come 000 miles nnrthon nt Hnnnlnln Calif II1PT1 I Bound for the islands, the ship is skippered Japanese Fishing Decision Supported Washington - IUPD - Interior Secretary Stewart L. Udall to day supported the decision by the U. S. section of the Inter national North Pacific Fish eries commission to allow Ja pan to join the United States and Qanada in halibut fishing in the Bering Sea. Udall, in a letter to Alaska Gov. William A. Egan, said the decision would only open the eastern section of the Ber ing Sea to Japan, leaving 90 per cent of the halibut fishery to U. S.. and Canadian fisher men. Egan had written Udall Dec. 21 protesting the decision. Udall's reply, made public to day, said that under the I9S2 treaty there was no alterna tive to opening the eastern Bering Sea to the Japanese. He said the United States and Canada had been unable to prove that the fishery was being fully utilized. THURSDAY, JANUARY 17, 1863 BLOCKING BACKS Bedford, England (UPH Six members of a female shop lifting gang were sentenced to jail terms Wednesday rang ing from three months to a year. Police testified one woman would take an item and the other five shielded her from detection. jeiij ii i. i j n i w & SIM. Your Money's Worth By SYLVIA PORTER Copyright, Hall Syndicate, Inc. $25,000 CEILING ON DEPOSIT INSURANCE If the administration's plans are approved by Congress, (he ceiling on government insurance of the deposits of most of us in our nation's banks and savings associations will be hiked from $10,000 to $25,000 this year. Both the Federal Deposit Insurance Corp., which insures 98 per cent of the deposits we have in banks, and the Fed eral Savings & Loan Insurance Corp., which insures about 95 per cent of the assets in all savings & loan associations, are backing the boost. The, Budget Bureau is now studying the move and widespread Congressional support for it is indicated. Why a hike in the insurance limit to $25,000 when few of us have anywhere near the $10,000 maximum in a savings nestegg? First, say supporters of the incraaia. the $10,000 ceil ing voted back in 1950 is distinctly outmoded now. In the words of Joseph P. McMurray, chairman of the Fed eral Home Loan Bank Board, which supervises the savings k loan associations, "With the increase in the savings in the average family income and the amount of savings, certainly a 1951 insurance ceiling of $10,000 does not Jit a 1963 or 1973 economy." Second, they argue that the higher maximum would permit savers who do have big nesteggs -and- who, to get under the ceiling, now split their deposits among several separate accounts or among several institutions to consoli date their funds.. This would be a convenience to the savers and simplify the bookkeeping of the institutions. Third, they forecast that the higher limit will attract additional savings, particularly from , investing institutions and small medium sized business firms. After the last in crease in the limit from $5,000 to $10,000 in 1950, savings in both banks and savings associations increased sharply. Savings associations would welcome more funds which they place in profitable mortgages. Fourth, both insuring agencies emphasize that the higher ceiling would not add to insurance costs or force a rise in insurance fees now charged member institutions. The FDIC's annual assessment of l12th of 1 per cent on deposits has boosted its insurance kitty to $2.3 billion. The FSLIC's charge of 1I2th of 1 per cent on the total dollar amount of insured accounts and borrowed money has created a kitty of $658 million. Both are more than ample. The odds are that when a bill is introduced. Congress will pass it. Opposition is minor, comes from some banks which fear the higher limit will give rival savings associa tions a competitive advantage and from a few who see this as another government move into private enterprise. "A bank ought to have the right to fail," grumbles one die-hard. Most institutions, though, are firmly behind the hike. This spring will mark the 30th anniversary of the dread "Bank Holiday" of 1933 when President Franklin D. Roose velt ordered the banks of the nation shut down after a wave of catastrophic bank failures had wiped out the savings of hundreds of thousands and caused panic across the land. The aftermath of that "Holiday" was the first legisla tion in our history to insure deposits in banks and savings association. The initial insurance limit in January 1934, was $2,500. It was raised to $5,000 six months later, to $10,000 in 1950, is now heading up again. What have been the results? From 1934 to 1962, the FDIC paid out $359.6 million to protect 1,460,000 depositors in 445 failing banks. In the same period, the FSLIC bailed out 41 savings associations, representing total cumulative ret losses of $8,345,412, only 1.5 per cent of the FSLIC's gross income. As far as savings associations are concerned, though, while membership in the FSLIC is compulsory for fedcrally- ' chartered institutions, state-chartered Institutions need not belong, hundreds of them are not insured and there have been some scandalous failures among these (most notably in Maryland) in recent years. Another argument for the higher ceiling is that It may Induce the non-insured to seek coverage if the new limit gives insured associations a com petitive edge. - Deposit insurance ranks as one of the great achievements of the early New Deal. It has been a spectacularly success- program, has made a repetition of the 1933 holocaust an im possibility. Now, when and as the ceiling goes up again, It will strengthen confidence in our country's financial struc ture even more. Korth Graduates at Top of New Class James W. Korth, son of Mr. and Mrs. Don Korth, Pioneer rd.. Talent, was honor gradu ate of the first class to be graduated by the Oregon Air National Gufd's new Radar Interceptor Officers school in Portland. The school, the only one of its kind in the nation, gradu ated ciaht officers on comple tion of a 15-week training course. Brig. Gen. I. G. Brown, chief of the air division of the National Guard bureau, gave the graduation address and presented Lieutenant Konh a silver trophy. The school trains qualified pilots to perform duties of radar observers in the two seated F89J fighter intercep tor aircraft. All members of the fir.t graduating class are second lieutenants. Kennedy's Budget Biggest in History Washington -JITH- President rwcnncay s new duorci is me biggest in U.S. history. It's so big that if ell the nearly $100 billion he seeks were stacked in $1 bills, the pile would reach 6.300 miles into space - which is where he wants to spend much of tt. Grange News Upper Applegate Grange Upper Applegate Grange met recently with guests Mrs Bruce Moffatt, master of Roxy Ann Grange, James E Cornutt, master of Central Point Grange, and Harold Van Hoy, master of Live Oak Grange, present Twenty-six candidates were initiated in the first and sec- ond degrees by the Central Point Grange drill team. They were Mr. and Mrs. Walter Vail, May Lillian Korner, and Laigh Blew, Central Point Grange; Mr. and Mrs. Albert B. Barton, Live Oak Grange; Ralph Etcll, Roxy Ann Grange; Mr. and Mrs. George Norfield, Sams Valley Grange; and Mr. and Mrs. H. W. Barker, the Misses Mary Ann and Madge Barker and Catherine Larson, Lo is Bark er, Mr. and Mrs. Floyd Fogel quist and Miss Judy Fogel quist, Mrs. Glen Travis and Clyde, William and Boyd Travis, Mr. and M-i. Earl Hart, Robert Scott and Fritz Ramsay, all Upper Applegate orange. Members of the degree team were ' introduced by drill master Dee Hendrickson They are- mesdames Arnold Bohnert, overseer; Fred Smith, steward; Chester Wendt and Dee Hendrickson, assistant stewards; Cecil Kce man, lecturer; Charles More nan, chaplain; Marshall Wied house, ceres; Lester Gordon, Pomona; and Dorothy Straus, Flora; Bernice Jantzen, gate keeper; Jean Kirkham, secre tary; O. T. Wilson, treasurer, and Ed Lull, Walter Brown and Walter Ricks, executive committee. Mrs. James Cornutt was pianist and duets were sung by Mesdames Fred Quest and Melvin Hail. There were 38 members and candidates from Central Point Grange present. The tableaux were arrang ed by Mrs. Curtis Gcarhart assisted by a committee of HEC members. Those appear ing in the tableaux were Mrs. Gcarhart, Mrs. Gerald Buck, Mrs. John Byrne, Mrs. Hes ter Knutsen and Curtis Gear hart, all of Upper Applegate Grange. The third and fourth de gress will be conferred by the Roxy Ann drill team at Upper Applegate Grange Jan. 25. All Granges have been invited to attend and bring candidates. Live Oak Grange Live Oak Grange of Rogue River met Jan. .10 with 35 members, including all the new officers present. Master Harold Van Hoy presided. New committeemen were appointed as follows: legisla tive, Lloyd , Bcebe; roads, Frank Hall; agriculture, Ray Franz; publicity, L u z e 1 1 e Benefiel; ways and means, W. Trickey; HEC, Cassie Golding, and business and insurance agent, Ray Franz. The quarterly report was read as was the report of the HEC. The new lecturer, Irene Cassidy, presented a candle lighting ceremony of dedica tion for the new year. Follow ing the meeting, refreshments were served by Edith Osborne and Cassie Golding. News About Servicemen COMPLETES TRAINING James L Collins, son of Mr. and Mrs. Lyle W. Collins, 625 Pennsylvania ave., recently finished recruit training at the U.S. Coast Guard base, Alameda, Calif., and served for a short time aboard the USCG Cutter Gresham. At present, Seaman Collins is at tending radio school at the Coast Guard base in Groton, Conn. He is a graduate of Medford High school.. TWO ENLIST The Ashland units of the Oregon National Guard have announced the enlistment of two new members. They are Michael W. Hicks, son of Mrs. Martha Hicks, 115 California st., Ashland; and Charles F. Flagg, son of Lou ise M. Clark, route 1, box 507, Talent. Both will be in Operations and Intelligence section. Pvt. Flagg is expected to leave for his six months active duty this month. Pvt. Hicks will leave after high school grad uation in June. I Hi .-.C 9 AT PARTY-Cheryl Crane, daughter of actress Lana Turner and rcstaurantcur Steve Crane, is pictured with her father, standing, and her date, actor John Carlyle, at a party in Bov erly Hills, Calif. 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