MEDKORD MAIL TRIBUNE. MEDrOHD. OREGON
THURSDAY. APRIL 11. 1IS3
IT'S
YOUR LAW
MnpKt for ( Mka PwwUCf l"t
Editor's note: The following
article is prepared ai a pub
lic service by the Oregon
State Bar. It is not intended
as legal advice. Persons hav
ing a legal problem should
take all of the facts to an at
torney. A slight variance in
facts may completely change
the outcome of a case.
IN HOBBY FAIR One of the features of
ni.n tjtHi.i.tt n.i..iii..wt-
nn nnnnv hair Ann '11 ynn will
a large exhibit of photographs trick.
Here Charles A. Mathews, member, presi
dent of the Rogue Valley Phologrhapcrs as
sociation, prepares to use phuto enlarge!'
He is assisted by H. C. Thomas, one of
some 25 member student photographers.
I jf-Bpr ,F0mi AFStk lARGE -T
1 amJMm SElECT0N tw? (
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BANKRUPTCY
Possibly on the first of the
month when bills come in,
you might wake some refer
ence to going bankrupt. As
a general rule, however, most
of us never give this phase
of the law much thought. But
did you know that the right
to pass laws relating to bank
rupty is specifically given to
Congress in our Constitution?
At the time the Constitu
tion was drafted, the laws
of England and other coun
tries permitted imprisonment
for debt. Thus, a person in
debt could be thrown into
prison and held there until
someone paid his bills.
Under our federal bank
ruptcy laws, a person who
cannot pay his debts because
of poor business conditions,
too much credit buying, or
unexpected loss of income,
can go into bankruptcy. This
can be done cither as a vol
untary act of the debtor or
at the request of creditors.
When a person goes into
bankruptcy, he must place all
of his property, both real and
Slate Redistricting
Proposal Revived
Salem-IUPti-The House Plan
ning and Development Com
mittee has breathed new
life into a bill to reorganize
Oregon's congressional dis
tricts. The committee had tabled
the proposal Monday night,
but revived it Wednesday at
the request of House Speaker
Clarence Barton, Committee
Chairman Edward Whclan ID
Portland) explained.
Tile proposal, introduced
by Rep. John Mosser (R
Bcaverton) would realign the
state's four congressional dis
tricts on a basis of nearly
equal population.
personal, in the hands of the
court. Exceptions are made
as to certain items of person
al property and clothing. The
bankrupt must file under oath
detailed schedules of all his
debts and all his assets.
Should a person after know
ing himself to be insolvent
give away or sell property in
an attempt to defraud his
creditors, the court will take
the property back. If his
statement to the court is
false, he can be punished for
receiving all of the
debtor's assets, the court will
convert his property into
cash and distribute it to his
creditors. After this is done,
the bankrupt will be dis
charged, and his creditors can
no longer pursue him on these
obligations. The bankrupt is
no longer in disgrace but free
to keep on working without
fear of court action or prison.
Most of us will keep right
on paying our bills, but it
surely is good to know that
if it ever becomes necessary
that we can get a second
chance.
Explosive in Mail
Traced to Captain
San Francisco -OJPD- A U.S.
Army captain was scheduled
lo be returned from Viet Nam
today "for psychiatric inves
tigation" in connection with
a bomb explosion at San Fran
cisco International Airport.
The bomb exploded in the
Airport post office March 18.
Postal officials in San Fran.
Cisco announced that the bomb
nad been traced to the officer
in haigon. He was not identi
fied. Chief postal inspector John
H. Van Meter said the officer,
assigned to a quartermaster
unit in Saigon, had admitted
mailing the explosive device
to his wife.
The blast injured two air
port employees, blew out 12
windows and set fire to sev
eral stacks of mail.
Historic Brooch
Presented to SOC
Ashland - Mrs. C. J. Baugh
man, Ashland, historian of the
Southern Oregon college Old
Timers association, which is
composed of those who at
tended the "Southern Oregon
State Normal school" prior to
'910, has presented the col
lege with a historic brooch,
the gift of Mrs. Robert Rosen
stiel of Corvallis.
Mrs. Baughman explained
that the brooch was formerly
the property of Mrs. Roscn
stiel's mother. Fannie Haynes
Purdy, a resident of Ashland
many years ago.
On the brooch is a picture
of the old college and t t e
training school, buildings
which were located about a
mile south of the present col
lege. Dr. Arthur S. Taylor.
SOC professor of history, said
the brooch was rare and of
much historic interest. The
gift will be stored with other
Interesting mementos until a
museum is constructed.
In 1895, W. T. Van Scoy
took over the presidency of
a school that had been organ
ized out of the remnants of
the old Ashland college and
normal school which in turn
were decendants of an acade
my instituted by the Meth
odist Episcopal church in
1889.
In 1910, the college was dis
continued for lack of legisla
tive support officially closing
in June of 1910 with enroll
ment of 172 and under the
presidency of Harry M. Sha
fer. Shafer, an energetic, able
man stayed with the school
until its closing.
Ashland citizens and the
teachers gave notes to the
banks so they in turn could
pay the teachers' salaries un
til the end of the year, thus
enabling the students to fin
ish out the final term's work.
Ex-Union President
Guilty of Embezzling
Washington - WPD - A U.S.
district court jury Wednes
day convicted former bakery
and confectionary workers
union president James G.
Cross of embezzlement.
Cross was charged with
.'olldboratmg with former
union Vice President James
Landriscina in embez z 1 i n g
J35.000 from the union in
1959.
THIRSTY, PERHAPS
Plymouth, England - itlFP -
Gerald Pomfrel. 37, former
cellar foreman at a bonded
warehouse, has been fined
$140 for stealing and drink
ing 34 gallons of sherry, 20
gallons of port, 83 bottles of
whisky. 46 bottle of gin. 24
bottles of rum and 32 bottles
of brandy in an eight year
period.
"I realize what a fool I
have been and what a hold '.he
drink got of me," Pomfret
said Wednesday.
Watch
For
Dean & Taylor's
Friday
Surprise
5-9
TOPIC NOTED
Ashland - "Man in Search
of Himself" was the topic of
Dr. Arthur Kreisman, chair
man of the humanities di
vision at Southern Oregon col
lege when he addressed the
Ashland High School Seminar
in Humanities recently.
HEARINGS SLATED
Washington (UrD A Senate
judiciary subcommittee will
hold hearings May 21-23 on
the first civil rights bills be
fore Congress this year. The
constitutional rights subcom
mittee headed by Sen. Sam
Ervin (D-N.C.) will conduct
hearings then on proposals to
extend the life of the Civil
Rights Commission.
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PLUSES AND MINUSES
Seated at the luncheon table in the heart of Wall Street
yesterday were two nationally-known economists, also a fi
nancial columnist with a fine business forecastine record
and I: Each of us with the Identical set of statistics in our
heads or on paper and prepared to debate where our economy
is going from here.
At luncheon's end. one of the economists and the financial
columnist were arguing that we will move from this high-
level plateau into a downturn. The other economist and I
were arguing that we will move from here into an upturn.
as an illustration of the extent to which economic fore
casting is still an art, I give you yesterday's luncheon. As an
example of how identical statistics can be used to support
diametrically opposed conclusions, I also submit our lengthy
debate.
But of course this report has more meaning than the
above, for what's important is that thoughtful observers the
nation over are having the same debate on where the econ
omy is heading. Here, therefore, in simple language, is a
summary of the pluses and minuses.
First, we all admit thai on this April 11. 1963, the
economy continues a "mixed bag" of up, down and tide
ways movements. The 12 "leading indicators" selected
by the National Bureau of Economic Research at the
most valuable in telegraphing in advance business up
turns or downturns are still presenting almott at frut
tretingly an inconclusive pattern as in January. To be
precite, five of the indicators are pointing up. five are
indifferent, two are pointing down - hardly a clear
picture!
Second, we all agree that this economic expansion, which
began in February, 1961, Is now old in comparison with the
average lifetime of previous expansions. At 26 months, it
already has lasted one month longer than the 1958-60 upturn.
It also is old in comparison with the average 28-month life
time of eight peacetime business cycles since 1919. This is
one of the points which President Kennedy has been empha
sizing as he has warned of tiie danger of a recession if Con
gress doesn't vote a substantial tax cut.
Third, we all recognize that the country faces several
deeply disturbing problems - particularly, our high rate of
unemployment, the persistent deficit in our baluncc of pay
ments and the threat this poses to our dollar, the sluggisli
pace of our growth.
Then we split and here arc the big areas of difference.
The two of us who look for an upturn from this plateau
put much greater weight on the indicators which arc pointing
up than on those which arc indifferent or pointing down.
For instance, one of the bright signals is the sharp upswing
in new orders for durable goods. This telegraphs a coming
upturn in manufacturing of the durable goods and is among
the most vital clues we have lo future trends In industrial
production. Another bright signal is the rise in corporation
profits. This telegraphs increasing spending by business on
new plants and equipment, for when a corporation's prolils
arc climbing its managers are more inclined to invest in
plants and this type of spending has far-reaching impact on
our economy.
The two who look for a downturn from thit plateau
do not separata the indicatort thit way. Their key point
it that the total pointing down or acting indifferently
outweigh! the total pointing up. Frequently in the past,
a mixture of thit tort at thit late ttage in a butinett
advance hat signalled an impending recettion.
The two of us who look for an upturn also put far greater
weight on such intangibles as consumer and business psy
chology and consumer and business intentions. The fact that
every survey of consumers indicates they plan to maintain
or hike their spending already at a record - is encouraging.
In the face of this, businessmen can hardly cut their inven
tories; rather they'll have to increase them.
With consumer, business and government spending up.
we cannot see the economy moving downward.
The two who foresee a downturn, though, refuse lo give
such weight to intangibles." They say - and they can point
to history to prove it - that things usually never look better
than at a peak.
Obviously, it's far from a cinch bet. But I'm betting on
plateau-to-upturn and the stock market seems to be sayinj
this now too.
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