Medford mail tribune., March 19, 1963, Image 6

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Li
i!
SEC To Aik End of 'Double
The Securities & Exchange commission is about to ask
Congress to pass a law ending the odd and unjustifable
"double standard" with which
vestor in the stock markets
To the millions of us who
stocks, this will be the most important recommendation the
eovernment's financial policing agency will make in the
snecial stock market report it
While the details of this
exhaustive 14-month probe
still an extraordinarily well
William L. Cary gave a clear
ommendation in extemporaneous remarks he made to
Columbia Law School audience of lawyers a few days ago
Wnrn'c (hp tnlp.
When you buy shares of
exchange today, you can be
annual report revealing us nnanciai position aim ufiuui
You can be sure that if and when your company's officers,
Hirorinr or larBe stockholders trade in your stock, this In
formation will be made public. You can be sure that when
vou act a proxy from your company, it will contain aaia you
nnoH in reach a sound decision on how to vote.
You can be sure of all this because under the basic dis-
Hnoiirn renuiremcntu of the
companies with shares listed
give you this Information.
But when you buy shares of a corporation riot listed on
any exchange and traded only in the over-the-counter
markets, you cannot be sure you'll get any of this. Your
company may be of the highest quality and it may, if it so
decides, give this information to you. But the law does
not require unlisted corporations to make periodic fi
ancial reports or to tell you about insider deals or to give
you full proxy information.
This is scarcely a minor matter. As Keith Funston, presi
dent of the New York Stock
back as November 1961, of around ZS.UUO corporations wun
shares being traded in the U.S., only about 2,2000 are listed
on any exchange and thus come under the disclosure pro-
uk nni nf Mr 1934 act. UI
3,600 are widely enough held to be considered "publicly
!.,nH " Thnsn 3.(100 nubliclv-ownod companies are in gen
eral under no obligation to
their activities.
From the viewpoint of the public Interest, there is no
valid reason why you, an Investor In an uniisted company,
should be denied Information automatically given to an in
vestor in a listed company and as a result of its probe the
'SEC apparently has finally caught up with Funston and
other thoughtful 'Wall Street leaders on this. ,
Whaf would happen if Congress does go along and does
require basic financial information from all publicly-hed
companies with a specified total of stockholders? What
would happen would be a powerful movement by unlisted
companies to lilt their shares on one of tho regional stock
exchanges in our country today. (Funston sees few going
on the Big Board because not many companies not now
listed would qualify for the NYSE, but he does see "the
smaller, publicly-held companies as well suited to listing
on the regional exchanges.")
This would not only mean that you would get much more
information on companies in which you buy stock. It also
would mean you'd get better information on the price at
which your stock Is selling at any time during a trading day
and on the volume of daily transactions. 11 would provide a
nivnno sour to more effective self-regulation of the securities.
for the exchanges have machinery to police themselves. It
surely would help raise the standards for securities salesmen
nnri Rni'iiritles firms.
No one ever-has convincingly argued that tho double
uinnriiirri in In the best nterest of the investor ana tins
applies particularly to large, important companies. The 1060
61 scandals in the over-the-counter markets on "hot" new
issues, phony quotations, high-pressure selling techniques
have simply underlined that it Isn't and now the SEC ,will
set the stage for Congressional action.
Break-Ins Reported in
Area During Week End
Jackson county sheriff's of
ficers reported a series of
break-ins in the Gold Hill
area last week end.
Some damage was done in
breaking In, but nothing was
reported taken, deputies said.
A pry bar was used on the
side door of the Sportsman's
tavern and cafe early Monday
morning. Thieves broke Into
an amusement machine and
juke box.
Thieves also pried the door
to a class room at St. Patrick's
elementary school to enter it
Sunday night. Also pried
open were the door to the of
fice, to the teachers' room
and to a closet in the teach
ers' room. Filing cabinets
were pried open and desks
were rifled.
Rogue River Trading-Post
at Rogue River reported that
scrap Iron taken from the
rear of the shop Saturday.
Thieves broke into the Jed-
dcloh mill at Gold Hill by
breaking In a rear window.
Cabinets were moved and
desks were rifled romcllmc
Sunday night or early Mon
day morning, but apparently
nothing was taken.
Ray B. Roberts reported to
deputies Sunday that several
tools and miscellaneous items
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TUESDAY, MARCH 19. 1963
Your Money's
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By SYLVIA PORTER
Copyright, Hall Syndicate, Inc.
Standard' in Stocks
you must contend as an in
of our country today.
now own or will be buying
will submit to Congress April 3
report the result of the SEC's
of the securities markets are
- guarded secret, SEC chairman
hint of .this far-reaching rec
a corporation listed on a stock
sure that your company files an
Securities fcxenange Act 01 lad
on an exchange are required to
Exchange, emphasized as far
me remaining
tell the investing public about
were taken from a house he is
building at 1600 South Co
lumbus ave.
Vandalism Reported
To Medford Police
Three cases of air being let
out of tires while the vehicles
were parked at residences
were reported to Medford po
lice early Sunday.
The cars belonged to Ger
ald Walter Brog, 30 South
Kecne Way; MaJ. William E.
Rickcn, 24 South Kcene Way,
and John H. Lusk, 1810 East
Main st.
Also Investigated by police
Sunday was a break and en
try at Hoover school. Four
windows were broken in vari
ous rooms of the school and
several drawers had been ran
sacked in offices, N.l nothing
was reported miming.
Friday evening several in
cidents of streets in the city
and county were reported
blocked by persons moving
construction barricades from
work sites. One was located
on Kings highway near Gar
field st. One blocked the wesi
entrance lo the Rogue Valley
Country club.
MINIMUM
ORDER
$1.90
Spatting Onlyl
CONNECTING FLUME Foreman C. J.
Kclley of Eagle Point Irrigation is shown
above 'connecting the last section of flume
Irrigation
Eagle Point Reconstruc
tion of the Eagle Point irri
gation 2,000 feet syphon
flume washed out during the
Dec. 2 flood is expected to
be completed later this week.
The syphon is located about
two miles north of Eagle
Point on the Brownsboro high
way. Approximately 147 feet
of the steel structure were
lost and destroyed during the
flood.
About 1,200 -acres of land
received irrigation water
through the flume, which car
DIRKSEN TALKS OF MARIGOLDS
Senate Talk Noted About Adopting
New Rule of Germaneness This Year
By DICK WEST
Washington - IUPII - There
has been some talk in the
Senate this year about adopt
ing a new
rule of ger
maneness. It
o c currcd to
me that many
citizens may
not have
much trouble
with gcrmane
n c s s and
hence do not
weit under stand
how it came lo be a problem
in the Senate.
If so, perhaps I can shed
onio; light upon the subject.
i nave nere a few Illustra
tions, removed Intact and still
in. mint condition from a re
cent edition on the Congres
sional Record.
On this particular day, Sen
alo Republican Leader Ever
ett M. Dirksen of Illinois fa
vored his colleagues with an
oration on the glories of tag
etescrecla, which he identi
fied as the botanical name
for marigolds.
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Flume Gets Repairs
ries a maximum of 2,100 cu
bic feet per second, according
to Eagle Point Irrigation Dis
trict Manager Larry Silveira.
According to Silveira, all
of the work from the installa
tion to the steel work fabrica
tion, which was done in the
district's shops, was done by
district employees. C. J. Kelly
is foreman of the crew with
Pete Lane, Jim Bunker and
J. R. Long assisting him. Con
struction cost has been kept to
less than $2,000.
The flume was originally
His remarks, of course, had
nothing to do with germane
ness. They were concerned
with germination. It is best
not to get the two terms con
fused. Germaneness, as the term
applies to the Senate, occurs
when a senator says some
thing that has some connec
tion with the subject under
discussion.
On the day that Dirksen
memorialized the marigolds,
the Senate session began with
a prayer by the chaplain.
More Short Addresses
Then the Senate heard a
number of short addresses,
the topics of which included
strip mining, rain making, in
land waterways, uniform lime
standards, record falsification,
dual rate contracts, anchor
lights and fog signals, unfair
commercial activities and air
pollution.
These were followed by a
scries of other short address
es on human treatment of
animals, conservation of ana
dromous fish, flying the flag
over the wrekage of the
USS Utah and honorary citi
zenship for Winston Church
ill. Then there was a brief trib
ute to Sen. A. Willis Robert
son (D-Va.) a speech on un
necessary expenditures, a
speech on test ban nego
tiations and a speech on
Seabee Day in Rhode Island.
Then there were speeches
in tax office consolidation,
the Bay of Pigs, the welfare
Qewld'utc
Page:
n
i i
MA
The Unlikeliest Star
An unusual actress, who does
not look, dress, talk or live like
a star, but who may win an
Oscar this year for her brilliant
talent
. . this is the Geraldine
Pago that Peer J. Oppen
heimer tells about in a re
vealing interview
in the MARCH 24TH
Issue of
jFlamily
Weekly
witti your copy el Hit
MEDFORD
MAIL TRIBUNE
If l '!! 1
MEDFORD MAIL TRIBUNE, MEDFORD, OREGON
i
in place as repairs of a 2,000-foot flume near
completion. The flume was washed out dur
ing the Dec. 2 flood.
constructed of wood staves in
the 20s and replaced with a
steel structure about the mid
40s.
Silveira said the district
had completed the major por
tion of ditch cleaning, using
18 additional men. He said:
"We are exerting every effort
to get the ditches all in the
best possible shape for the
water users this year, espe
cially in view of the district
expecting about 60 to 70 per
cent of the normal flow of
its water supply."
of farmers, registration of
foreign agents, tho birthdays
of Thomas Maseryk and Am
erigo Vespucci, a visit to Mad
ison, Wis., by Prof. John M.
Gaus, the Edward P. Morgan
essay contest the York, Pa.,
Airport.
Other topics included su
perficial changes in Russia,
the birthdays of Johan Lud
vig Runeberg and "Champ"
(-lark, the SOtn anniversary
of the Labor Department and
a tribute to Mrs. Virginia L.
Mathias of Waiakoa, Maui.
I have only hit some of
the high spots of the topics
discussed, but I think the
point Is' clear. There are
times In the Senate when ger
maneness covers everything
but hiccups.
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New Restaurant Opens Monday
At Medford Municipal Airport
A completely new restaur
ant opened Monday afternoon
at the Medford municipal air
port. The restaurant has been
closed for the past several
months for remodeling. It is
now operated by Vern Lan
ford, formerly of Napa, Calif.,
who has been associated with
The Brave Bull and The
Colony here.
The restaurant will seat 00
and will be open from 6 a.m.
to 9 p.m., seven days a week,
It has a staff of seven. The
restaurant has white walls,
and modern steel chairs and
tables of charcoal, olive green,
aquamarine and brown. The
windows along the wall front
ing on the landing strip have
vertical louvers. The modern
lighting fixtures are of green,
blue and orange glass.
A counter, seating 12 per
sons, is along the west wall.
Reviews History
During a luncheon Monday
for city officials and other
invited guests. City- Manager
Robert A. Duff reviewed the
history of eating establish
ments at the airport.
The first was established in
the old hangar building when
it opened in 1929 and was
operated by Dean Dow until
World War II. At that time
the operation was taken over
by the Red Cross and was
open 24 hours a day as Wing
Inn. It served food to the
thousands of service person
nel who passed through the
airport during the war.
In 1947 Mr. and Mrs. W. E.
Gun Safely Course
Set at Eagle Point
Eagle Point-A gun safety
class for youngsters who are
12 years or older will be giv
en here on learning how to
handle, care'and use a gun as
well as safety rules necessary
to obtain a license for hunting
this fall.
The class will start Wed
nesday at the Eagle Point
Scout Community building at
7 p.m. Theodore Hoffman will
be the instructor, with the
course being sponsored by the
Oregon state game commis
sion.
Oregon state law requires
teenagers to have an Oregon
hunter safety course before is
suing them a license.
Hoffman pointed out that
the course is free and all
young people expecting to use
a gun or be around others us
ing a gun should take the
course before hunting season.
Why clutter up your modern home with
furnaces, flues, vents, fuel tanks, pipes?
If clean-as-light electric energy provides per
fect, draft free comfort . . . why bring fire
inside your home and with it fumes, odors,
and messy flame by-products?
If you can install an electric heating system
for less money ... if an electric system
requires almost no cleaning, maintenance, and
repairs . . . why add these costs to your
annual heating bill?
Before You Build
Rosenbalm assumed manage
ment of the restaurant. An
item in the Mail Tribune on
Oct. IS that year stated:
"Scores visit the airport on
business daily and in addition
many others drive out to
watch the coming and going
of the planes, and perhaps en
joy a bite to eat at the res
taurant which, known as
Wing Inn, was a world-famous
refreshment spot for fliers
during the war."
Building Reserved
Later the operators were
Mrs. Rosenbalm and Mrs.
Judith Fisher. One wing of
the building was reserved for
the restaurant, the other wing
was converted into a resi
dence which was sold In 1981.
With the opening of the
new Medford Airport Union
terminal building on April
27, 1953, the restaurant
moved into the new structure
and was operated by Mr. and
Mrs. Robert Towne.
1 :
Claim Holders to
Contact Bureau
The Portland land office of
the bureau of land manage
ment is asking holders of min
ing claims in Jackson county
to contact it concerning the
surface rights on their claims.
Public Law 167, passed in
1955, provides for multiple
use management by the gov
ernment of the surface re
sources of unpatented mining
claims so long as it does not
interfere with mining oper
ations. The land office wants to
know if there are any un
patented mining claims locat
ed prior to the 1955 act, so
that rights to timber and com
mon varieties of mineral ma
terials can be determined.
The law automatically gives
the government the right to
manage or dispose of surface
resources on unpatented min
ing claims located after July
23, 1955, but does not affect
the rights of mining claimants
to prospect and mine their
claims. Therefore, verified
statements should only be
filed if the claims were locat
ed before the 1955 act.
The area involved Is land
under the jurisdiction of the
BLM and located in various
parts of Jackson county. Any
one having an interest in any
mining claims in that area
may obtain additional infor
mation on the subject by con
tacting the manager, land of
fice, bureau of land manage
ment, 710 NE Holladay St.,
Portland 12, Ore.
or Remodel... INVESTIGATE!
The opening was a gala oc
casion and was attended by
some 460 persons, according
to an article in the Mail Trib
une. The article stated:
"The dinner, one of the
Jackson County Chamber of
Commerce's regular member
ship meetings, was open to the
public to hear talks on avia
tion and airport progress, and
inspect the new building.
Provided by Elks
"Tables provided by the
Medford Elks lodge were run
the length of the 120 foot long
concourse of the building, and
through the lobby."
The Townes operated the
restaurant, called Tolk o'
Towne, until Aug. 26, 1954,
when it was sold to Mr. and
Mrs. William H. Fisher to con
tinue to operate it until Nov.
22, 1962.
The restaurant is now
called "The Skyroom."
During the Monday lunch
eon Medford Mayor James
Dunlevy introduced the res
taurant's owner commenting
on his "faith in our city."
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