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. (UP1)
' i
KING SIZE IVORY (
LIQUID
DETERGENT
SAVE
24c
75
Mayonnaise
fr-J-JM
T"ff!'3
few ;jA
Mbit
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SAMPLING ,
Saturday Onlyl
e4f 1 ev fill I I t If rnm "V lT7J
i(5)c ,ZK.
NALLEY'S
FULL QUART
ORO WHEAT
English Muffins
; Ufa,
(I, , -
39
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failS BSl
Snow's
Clam Chowder
15-Oz. Can
Minced Clams
7'2-Oz. Can
00
FLOUR a 25iH89
Capt. Kitt 1
Cat Food
Vi Size Can
HormaU fresh Slieejd
SLICED
BEEF
Randy'i eaf or V.al
CUBE
STEAKS
' KLEENEX
FACIAL
TISSUES
Assorted Colors 400 Count
OO
KLEENEX
PAPER
TOWELS
Assorted Colon
IP) Roll. U
Swoothtart Brand Skinl.s.
LINK
SAUSAGE
Fresh lean
GROUND
BEEF
17lTE
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39
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Betty Crocker Cake Mixes
White, Yellow, Devilsfood
9 Flavors, Betty Crocker Tl F 1 QO
Frosting llix . . . . jj
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Hills Bros.
All Grinds
6 oz. Insttst . . . . . . 7&8
10 oi. Instsat ... tZz
BANANAS
Golden Ripe Hindi
lb.
10
CARROTS .swft, 2 : 19
POTATOES ' 10 39
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Local A
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in
vmii&M
paulseh &1ates7 p27l
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Prices Effective Thursday thru Saturday
LOTS OF FREE PARKING - LIMIT RIGHTS RESERVED
Whirlpool
Amana '
Motorola
Easy
RCA Victor Color
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Hoover
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