Ifflasty vRetreat fey - Kennedy Indicates Tax (Plan in Trouble
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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!
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put. Backed by exclusive
$500 Warranty Bond.
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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.
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