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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 19, 1963)
Ifflasty vRetreat fey - Kennedy Indicates Tax (Plan in Trouble -'ft' 31 3 1 4 .V.;:-'i it Reflional Edition MEDFORD Page 2A Tribune MEDFORD, OREGON, FRIDAY, JULY 19, 1963 Stocks Continue To Drop; Foreign Issues Bear Brunt Special Levy on Foreign Stock Purchases Eyed New York - Wrl) - Stocks continued to move lower to . day. foreign stocks, the first to break Thursday after Presi dent Kennedy asked that Con gress grant a temporary new tax on American Investment in foreign securities, again bore the brunt. Aluminum, Ltd., Royal Dutch, Canadian Pacific and International Nickel lost large fractions to a point. Motors and steels were eas ier. Du Pont tumbled nearly 2 ',4 in the chemicals and Vir ginia-Carolina tacked on roughly a point. Alcoa lost about 1 in the metals on low er earnings. Reynolds Tobac co rose close to a point on higher earnings. Oils and drugs were mix ed, foods moved lower and a few utilities weakened. DOW JONES AVERAGES New York-fUPII-Dow Jones final stock averages: 30 In dustrials 695.90, off 3.82; 20 railroads 170.28, off 1.09; IS utilities 137.76, off 0.12 and 65 stocks 251.22, off 1.20. Sales Thursday were about 3.71 million shares com-, pared with 3.94 million shares Wednesday. Thursday's prices on selected ' stocks: Allied Chemical 47l Alum Co Am i HSU American Air Lines 23 'a American Can . 453a American Motors . 17 AT&T 120 American Tobacco ..... 28', Anaconda Copper 47 Armco 344 American Standard ....... 16 Bendix Corp 53 Bethlehem Steel 30 Boelns Air 4 334 Caterpillar Corp ... 44'k Chrysler Corp 58 'a uncfl uoia ui C.B.S 811, Columbia Gas .... ao1,' Continental Can 48 H Crown Zellerbach ....... 47 It Crucible Steel 21 CurtlM Wright .. ,. 47V, Dow Chemical 57 Du Pont 237 Eastman Kodak 107 Firestone 33 Ford SO", General Dynamics 24 General Electric , 711 General Foods 80'-, General Motors 88 General Portland Cement 20 Georgia Pacific 48 Greyhound - - 40 Gulf OH 47 HomestaKe 31 Idaho Power 34 U I.B.M - 420 'i Int Paper 28 Johns Manvllle 48 Kennecott Copper 73 Lockheed Aircraft 31 Martin 18 Merck 82 Montana Power 37 Montgomery Ward 37 National Biscuit 31 New York Central 20 Northern Natural Gas 30 Northern Pacific .... 43 Pac Gas Elec 31 Penney J. C 40 Penn RR 18 Permanente Cement 16 Phllllos 30 Procter A Gamble 73 Radio Corporation 67 Richfield Oil 42 Safeway 37 Santa Fa 20 Sears . H!i Shell Oil 14 Knconv Mobil Oil HO Southern Co. . 14 Southern Pacific 33T! Snrrv Rand 14a,i Standard California 63 Standard Indiana n Stsndard N. J ' 68 Sun Mines 1 1 141: 211; Texas Co Texas Gulf Sulfur Texas Pacific I-anrf Triial Thlokol 21 Trans World Air 17 1'. Trl-Contlncntal 43 Union Carbide ..103 Union Pacific 40 United Aircraft 47 U. S. Plywood .. .. 57 U. S. Rubber ... 44 "s u. o. attei 4.0;; Cyclist Proves Police in Error Buffalo, N.Y. -WPII- In the evening twilight of July 9, a policeman motioned a motor cyclist to the curb and charged him with operating his vehicle without his lights on. The cyclist, Joseph F. Cun ningham, 33, of Buffalo, ap peared In court Thursday after having done some home work In the law and solar statistics. The charge was dismissed when Cunningham showed he received the ticket at 9:20 p.m., 24 minutes after the sun set, according to an almanac. The law requires that lights be turned on 30 minutes after sunset. Foreign Briefs CZECH SEMINARY PRODUCES 42 PRIESTS : Vienna-flji'll-The last lwo Catholic seminaries remaining In Communist Ciechoslovakla have produced 42 priests so far this year, according to statistics In a Ciech bulletin which reached here Thursday. RED CHINESE REPRESENTATIVE ARRIVES IN CUBA Tokyo-WIWGen. Liu Ya-lou, commander of Communist China's air force, arrived in Cuba Wednesday to attend ob servances honoring Premier Fidel Castro's "26th of July" movement, the New China News agency said. The broadcast also said a delegation representing South Viet Nam's Cong guerrillas also is In Havana. Brown Prepares To Sign Three Tax Reform Bills Sacramento UPf Gov. Ed mund C. Brown, winner in a major legislative battle, hoped today to sign three tax reform bills headed by one to accel crate the state's bank and cor poration tax. The bills slipped out of the Assembly Thursday and went to the Governor's desk over Republican objections. Two of them created only minor controversy. The lower chamber voted 62-13 to ap prove Brown's bill to acceler ate collection of the gross in surance premium tax. lhe lawmakers agreed 72-3 on a measure to transfer revenue from the surplus line brokers tax to the general fund. Republicans Opposed But Republicans bitterly op posed the other measure. Big gest money maker of Brown's entire revenue package, it would raise $82.7 million this fiscal year by eliminating the installment privilege on the bank and corporation tax and speeding collections. Speaker Jesse M. unruh, relying on opinions of both the legislative counsel and Atty. Gen. Stanley Mosk, ruled the bill needed only a simple majority, 41 votes, to clear the lower chamber. But Assemblyman Charles J. Conrad (R-Sherman Oaks) minority floor leader, Insisted the bill needed a two-thirds majority, 34 votes, under a constitutional provision that requires that majority when ever the tax is altered. Charging that the Governor "is gambling with the econ omy of California," Conrad said the bill would "unques tionably" be challenged In court and if it was ruled un constitutional "we will be faced with fiscal chHOs." NIXON LEAVES BUDAPEST FOR VIENNA Budapeit-liro-Former Vice President Richard Nixon left Budapest today for Vienna. He described hit three-day visit to lhe Hungarian capital as strictly private. OIL STORAGE TANKS EXPLODE IN VENEZUELA Maracaibo, Venesuela-flJPh-A number of small oil storage tanks exploded here Thursday, killing at least lour persona. The explosions apparently were started by a welding crew. One of the victims was Canadian Supervisor Jack Jaggard. W! pi vented-recessed gas Counter-flow Wall Furnace So simple to install. No re modeling. No expensive duct work. Fits snugly into or against wall. Saves space. Powerful blower pulls room nir in at lop, delivers heated air at bottom. Spreads a car pet of warmth and circulates comfort from room to room. Fully automatic with safely shut-off and safety vent 50,000 and 65,000 BTU in put. Backed by exclusive $500 Warranty Bond. NATURAL GAS EQUIPMENT CO. Httrini tea Air Conditioning Phon 772-2322 111 W. Main, Medford For Tank Gas or Natural Gas CALL US TODAY for FREE ESTIMATES TERMS Nothing Down Up to 36 Months To Pay INSTALL NOW . . . Pay Later! DOMESTIC GAS COMPANY Serving Jtckun end Josephine Counties Mrtlord: Phone 771-1114 i0 No. Pacific Hwy. Grants Past; Ph. 474-460 912 Rosue Rior Hw. POLICE RAID HOME Dublin -IUPII- Police seized machine guns, rifles and am munition believed to belong to the outlawed Irish Repub lican Army in a raid on a mountain home in County Tlppcrary Thursday, accord ing to officials here. VISIT YUGOSLAVIA Belgrade -IUPII- Soviet Pre mier Nlklta S. Khrushchev and Hungarian Premier Janos Kadar will visit Yugoslavia separately next month but their pHths may cross, inform ed sources here said Thursday. Washinglon-WPri - A hasty, tactical retreat by President Kennedy indicated today that Congress will reject at least part of his plan to Impose spe cial taxes on Americans who buy foreign stocks and bonds. The new taxes were ad vocated by Kennedy Thursday to retard the flow of Amer ican capital abroad and con serve this country's dwindling stocks of gold. The proposal took Congress and Wall Street completely by surprise. Wave of Selling It touched off a wave of selling that drove down prices of stocks of foreign corpora tions on the New York Stock Exchange. For example, the price of shares of Aluminum Ltd Canadian Corporation and Royal Dutch, a European firm, both dropped more than 4 per cent. By the time the market closed Thursday, more than $2 billion had been slash ed from over-all market values. Striving to restore stability to the market, the administra tion hastily amended the tax proposal which Kennedy had outlined in a special message to Congress earlier in the day. Timetable Changed The timetable was chang ed for the 15 per cent pur chase tax that Kennedy had asked Congress to levy on Americans who buy foreign stocks from foreign owners. Kennedy had proposed that Congress apply the tempor ary tax retroactively to Thurs day's transactions and to those occurring thereafter through 1965. But the Treasury announc ed Thursday night that the proposed new tax would not go into effect until Aug. 16 on purcnases or ioreign-own-ed stock on American stock exchanges. Opportunity To Adjust A Treasury spokesman said the delay was designed to give the stock market "an op portunity to adjust to the new tax proposal and avoid con fusion." However, in view of the administration's embarrassing aboutfacc. it seems likely that Congress will insist that stock market transactions be part ly or completely exempt from the proposed new lax. Coos Delegation Seeks Highway 42 Improvement; Highway Commission Points To Lack of Funds Salem fUPIt More spending to improve Highway 42 was sought by a Coos county dele gation at Thursday's meeting of the Oregon State Highway Commission. Coos County Commission er J. J. Geany led the Coos delegation which asked more work on the highway between Coquille and Myrtle Point and improvement of the Pow- Injured Mountain Climber Rescued Jackson, Wyo. fUPD- An in jured 18 -year -old mountain climber from Grandvlew, Wash., was rescued by heli copter early today from 13,-766-foot Grand Teton Peak. The climber, David Wycoff, was injured Thursday when he was struck by falling rocks at about the 12,600-foot level on the majestic peak In Grand Teton National Park. A ground party moved him to the lower saddlo at an eleva tion of 11,500 feet, where heli copter pilot Jerry Noland of Grcybull, Wyo., snatched him up this morning. National Park Servlco au thorities said the youth Was believed to have suffered a compressed skull fracture. Bunker Hill Firm Gets Clatsop Permit Astoria UPI) A temporary mining permit will be issued to Bunker Hill Co. of Kellogg Idaho, for prospective opera tions on Clatsop Plains. The Clatsop County Court said Thursday it would be willing to issue the permit pending negotiations of min ing leases for which the com pany has applied. Bunker Hill, one of the leading mining companies in the United States, last week applied for leases on 4,000 acres of federally - owned shoreland on the Clatsop Plains north of Camp Riiea and south of the Columbia River jetty. The company wants to find out if there is enough iron ore in the sands to justify a long-term mining operation. The company would then build a $12 million reduction plant and conduct mining op erations with a dredge. ers secondary highway from Rhoda Creek to Powers. Commission members said the request would be studied but pointed to the lack of funds for new highway work. Major Road Asked Members of the Highway 99 Alternate Road Associa tion requested making Ore gon Highway 74 a major road between Forest Grove and Longview, Wash. They also sought improvements on the road between Forest Grove and Yamhill. The commission earlier add ed the widening of Cox Creek bridge on the Waverley Lake section of old Highway 99 north of Albany to this year's list of state projects. Work on six county roads was authorized as part of the I construction work on county federal aid secondary high ways for the 1964 fiscal year. To Cost $522,000 The projects in Clatsop, Lake, Lane, Lincoln, Malheur and Wallowa counties will cost $522,000. The Lincoln county job in volves paving 1.1 miles of the road which will serve the new A TOUGH JOB Boulder, Colo.-OIPD-Univer-sity of Colorado English pro fessor J. D. A. Ogilvy, in an article dealing with "The Problems of a President," concludes: The job of a presi dent of a modern university "combines the attractions of a bath in a cement mixer with those of a trip through hell in a paper shirt." Oregon Slate Un 1 v e r s i t y oceanograph facilities on Ya quina Bay. Clatsop county's project will involve grading and cul vert installation of the Camp Creek section of the Lewis and Clark river road. The Lake county project calls for surfacing and oiling 4.3 miles on the Dry Creek California state line section of Dry Creek county road. Structure Planned In Lane county a reinforced concrete structure is planned on the Mohawk river road over Shotgun creek. The Cash creek bridge will be replaced with a concrete box culvert. Grading, surfacing and oil ing 1.9 miles1 of Broadhurst Lane is planned in Malheur county. In Wallowa county three ; bridges will be built south of : Enterprise on Hurricane' Creek road. Accident Reported On Unopened Road ; Oregon state police lata last night investigated an auto- I mobile accident on the un- ', opened section of Interstate 5 , near the exit ramp at Talent. " The accident occurred about '. 9:30 p.m. when a vehicle op- ; erated by James Conley Tol- ley, 21, North Riverside! Apartments, Medford, failed ' to make a curve as he turned -onto the off ramp and turned : over, officers said. ; No injuries were reported. ANOTHER MEETING SET Washington- (UPD -Ambassa dors from West Germany and Italy will meet again next inursday with Under Secre tary of State George W. Ball for more discussion on crea tion of a multi-lateral nuclear force for NATO. n Free Lecture on Christian Science Entitled "Do You Know Who You Really Are?" by Lenore D. Hanks, C.S.B., of Portland, Oregon Member of the Board of Lectureship of The Mother Church, The First Church of Christ, Scientist, in Boston, Massachusetts Sunday July 21 8:00 p.m. First Church of Christ, Scientist 100 Windsor Ave One Block South of East Main Air conditioned auditorium and nursery facilities provided Medford Geographic Names Board Will Meet in Medford on July 27 Members of the Oregon Geographic Names Board will meet In Medford at the Rogue Valley Country club, July 27 to consider problems arising from controversial names and proposals for naming new tea1 tu res In the state. Phil Brognn, Bend, chair man of the board, will pre side, with Eric W. Allen Jr.. Medford, serving as host to fellow members. The board an official state agency oper atcd by the Oregon Historical Society makes its recommend atlons to the U.S. Board on Geographic Names in Wash ington, DC, for official map approval. Names, present, new I changed to be considered: name a lake, Ceruleaun lake, on the slopes of Irish Moun tain near Cultus lake, in the southwestern part of Des chutes county; name a rock promontory rising approxi mately 8.400 feet one mile from Broken Top Mountain in Deschutes county, Battleship Oregon Rock, because it ap pears to have a battleship superstructure, prow and hull; name a mountain near Rogue River, in Jackson coun ty, Lowd Mountain, for George Lowd one of the first fire wardens in the Rogue River National forest; name a gulch in the same vicinity, Schicffclin Gulch for the do-1 nation land claim by the same name; name a large rock, In dianhead Rock, located in Hood River county 10 miles southeast of Cascade Locks; rename Mack Arch, Max's Arch In Curry county because of historical data indicating that the arch was named for Max Langevln, an old resi dent of lhe area, rather lhan Mack Anderson, a transient; and to clarify the name Hell gale canyon rather than Hells gate canyon in Josephine county. Anyone with suggestions for naming features may sub mit them directly to the board at 235 SW Market st., Port land, Ore. Members of the stale board are Allen, Medford; Horace L. Arment, Ontario; Edwin R. Bingham, Eugene; Brogan, Bend; Joseph M. Dyer, As toria; Robert Fraiier, Eugene; L. E. George, Salem; Bert M. Keith, The Dalles; Dr. R. E. Klcln.orge, Silverton; Warren A. McMinimec, lllllsboro: Laurence L. Shaw, Klamath Falls; Stewart Weiss, Sweet Home; Robert E. Fessenden. Jeffrey Holbrook, Harold E. Hughes, John F. Kilkenny. Lewis L. McArthur, Capt. Fred Nalella, Robert C, Scottt, Donald J. Sterling, Jr., J. Her bert Stone. Thomas Vaugltan, all of Portland. i First Come First Served Every Model On Sale1. '"',;, . ' ; , .... vf ii n n"" i .... , t . "t&s' I ' R QQA 1 U , ON CERTAIN NEW W " N0 6PANS L- -t . --r 1 riMPEWAL "550" IMPERIAL 500 I M 1 jj-t-c-a-i- I . . , , Bedroom. 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