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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Sept. 17, 1963)
16 A TUESDAY, SEPTEMBER 17, 1963 MEDKOKD MAIL TKIBU.NE, MEDKOKD, OHEGON Plea (or Lumber Import Quotas Said Rejected WASHINGTON (UPI) -The Kennedy administration has re jected a plea signed by 106 con gressmen for quotas on Cana dian softwood lumber, a Maine congressman disclosed Monday. Rep. Clifford G. Mclntire (R- Maine) made public a letter from Christian A. Herter, spe cial representative for trade ne gotiations, turning down t h e idea of trade restrictions b u t announcing that U. S. -Canadian talks on lumber will be held in Washington during the fall. Hertcr's letter, dated Sept. 13 was in response to a petition signed by 106 congressmen Aug. 29 calling on President Kennedy to take action against Canada's growing export of softwood lum bor. Canadian softwood lumber ex ports to the United States to taled about $280 million last year. The petition said that unless Kennedy acted, "there appears to be no other alternative but that the Congress enact legisla tion to provide a quota." Commitments Cited But Herter said, "The admin istration has sought to deal with the fundamental problems be setting the lumber industry without resort to devices inimi cal to our expansion of United States exports or contrary to our international commit ments." He said lumber imports were an "improtant factor" in t h e competitive situation, but that the U.S. industry faced other ba sic problems such as timber supply, forest access roads and transportation costs. "Measures other than import restrictions must be brought into play to meet these condi tions, Herter said. He said he believed U. S.-Ca- nadian meetings coupled with domestic action under the six point program announced by President Kennedy last year "can best make a positive con tribution lo solving the prob lems of this industry." Herter did not set a dale for the U.S.-Canadian lumber con sultations. Similar talks were held about a year ago, b u t there was no reduction in Cana dian shipments of lumber to the United States. Your Money's Worth By SYLVIA PORTER Copyright, Hill Syndicate, Inc. Said Unqualified For Federal Grant WASHINGTON (UPI) - Sen. Karl E. Mundt says watch i n g the girls go by may be fun for the boys, but that doesn't qual ify it for a government grant. Mundt said the government has outdone itself in "how to spend money without even try ing" by indexing in a govern ment education publication a volume called the "Official Girl watcher's Manual." Mundt said the Department of Health, Education and Welfare signed a $21,850 contract for the 814 page book, "A Guide to Programmed Instructional Ma terials Available to the Educa tor by September. 13." Mundt said the HEW publica tion is a compilation of Library of Congress index cards on ma terials available for would - be users of teaching machines. Rata Published At Mundt's request the Con gressional Record published the volume's data on the "Official Girlwati'hers Manual." said to be published by Grnficroll Sys tems, inc., La Masa, Calif., listed as prerequisite notebook. A spokesman (or the U. S. Of fice o( Education said the cat alog was compiled by a "very reputable" non - profit educa tional organization in New York which had been awarded a gov ernment research grant for the job. "Personally." the spokesman said, "I would not have let the 'girlwatchers' item slip in." He discounted reports by other sources that the controversial Item was inserted as a joke. THE LITTLE STOCK HOLDER WAS NEVER THERE Ever since the stock market crash of mid-1962, Wall Street has repeatedly been asking, "Where's the public?" And I along with other financial reporters have been lamenting that the little individual investor was so badly disillusioned and hurt by that crackup that he retired to the sidelines and, as a result, he has mostly missed the market's spectacular comeback on average to new all-time peaks. Now comes starting evidence suggesting that from the start the small investor is "the little man who wasn't there" on the scale we thought. We have been giving him credit for a much more dominant position in stocks than is warranted. While, of course, millions of moderate-income families have entered the stock market in recent years for the first time in their lives, all of us have been exaggerating the proportion of outstanding stocks owned by these families. Item: Individuals and families with taxable incomes of over $100,000, representing a liny 110 of 1 per cent of all families filing income tax returns account for 20 per cent of total holdings of stocks by individuals. Item: Families with gross incomes of over $25,000, represent a scant 1 per cent of all filing income tax returns, account for almost 50 per cent of total holdings of stocks by individuals. Item: The managerial group (executives, both salaried and self-employed businessmen) and professionals are by far the big gest owners of stocks. When the retired and not gainfully em ployed are eliminated, the managerial group accounts for almost one-half and the professionals for an additional one-quarter of individuals stockholdings. Item: Even in the under $10,000 income class, the managerial group and professionals own about as much stock as clerical or sales workers or professionals. Many large stockholders in the under $10,000 income class are retired men who accumulated sub stantial wealth during their working years, or widows and minor children of upper income men; so they loo might "more appro priately be assigned" to top income brackets. These are just a few of the findings of a Wharton School study on "Characteristics of Slock Ownership" presented by Jeanne Crockett and Erwin Friend of the University of Pennsyl vania at a recent meeting of the American Statistical Assn. in Cleveland. The study is based on I960 income tax returns and provides the most accurate data available to date on the distribu tion of stock ownership in this country. How well did the little fellow who was there make out during the stock market slump of 1961-1962? Here too the Wharton School study suggests evidence diametrically opposed to the general opinion. First, remember that the big losers in that debacle were Uie high-priced growth stocks, the risky unlisted issues, siocks in volatile industries. Now read on. The under $10,000 stockholders "had a very much stronger preference" than wealthy individuals for "less speculative" stocks l i-i i ...... .i. i ..: ..iitii:n in,. in SUCO as Cicpiiuiie ftlULr,, cil-imi: dim (,cia uuiiui-n. iiic iuw in come groups held relatively small amounts oi tneir portfolios in the riskier Ivncs of unlisted stocks", while the upper income groups were "much more heavily committed to such investment." The lower income groups had "a higher risk aversion" lo the fancily priced growth than the high income classes. In short, it was the big fellow who was the major owner of the stocks which went through the wringer in the Hli;i-li2 break not the small investor. In the measured words of the Crockett-Friend report, the lower income family's "market experi ence must be considered rather favorable" in comparison which well may explain why Wall Street's near panic of May, 1902, didn't lead lo a nationwide crisis. No one denies that numerically the small investor is in the stock market on the heaviest scale in history. But lhat one statis tic 1 per cent o( U.S. taxpayers own almost halt of all stocks held by individuals puts the little fellow's percentage owner ship in perspective. It has been clearly s big boy's slock market this past 12 months. It always has been a big hoy's stock market. They'll Do It Every Time By Jimmy Hatlo 1 - . .1 WAS SWEETNESS ?PrtoP5v!$ ME-'AP W&LPjl TOO.'J TUB EARLY 1 ,.J I JiZ&jPi STAGES OF fFTy Ae3,cA (A)) wi'-'TC&'.V ' PLANNING TUE vMAf I COURSE. ') Wfc 1 jZjrRfe? ' CUIBS W NOW IT'S TWO TSrnS DAYS BEFORE VE JOB" tell ME EVERYTHING ) V$W) THE BIG EVENT Sf YOU'VE TOiEDiEOTD ,l0T59 AND WAR IS (QtZU ) 10 BE TW yl'jJlHwdm BREAKING OUT WT? ( cfl&hi ft & AMON6 THE GIRLS.'.' The Family Council fcdltor's no'e: The rimltjr Council conslsti of I": (.nvinamst, tone cleriynien, three editor! and women, eaitnr. Kjrh a-licle i a summary of 1 family duanreement presented U the oiinci:. T,t Council deals with problems, major ana mm"'j ett.unterod bv culdance counselors and social workers, tdlted by Mrs. Alma Denny. (Copyright bv General feature .orp.) Charles T. - I'm lucky lhat 1 to marry a 36-year-old widow rthoda will have me. j happens to be only 22 himself. l, F T. At h s aire whv I ne a ""i cnug.. ... age, start out with two children? Charles T. I can't under stand why my mother is making such a fuss over my interest in a young woman. When I brought Rhoda to the house she acted cold, almost rude, to her, and when I leave for a date, her parting words are, "Don't get involved, you'll be sorry." She has no idea of what a fine person Rhoda is, and she shuts ; her own Charlie very well her mind to change, just because j either: But she knows the mar Rhoda is a widow with two chil- riage she'd like him to make dren. land this isn't it! We won't fall ' I into the trap of saying Rhoda Mrs. F.T. My big-shot of a ! is too old for Charlie, because son who says that he's ready everyone knows a May-Decem- making a good salary as a sales man, but this woman makes him look like a sap. She tells him she's 36 and he believes her, but I'll bet she's my age 42. She tells him she has money saved up. Once she has Charlie, she'll tell him it's the children's money. The Council: Mamma may not know Rhoda; she may not know ber combo which did succeed. Instead we advise this young man to pour a bucket of cold water over his head and then sit down to examine his mo tives clearly. Is Rhoda's appeal that of a mother, more gentle and benevolent than his own? Does her bank account fan his ardor? Would a ready-mada family put him so far ahead of his 22-year-old pals as to fill them with awe and respect (or him? Or does he pursue Rhoda to get his mother's goat? . . . Before his head fogs up again he should gain, from these questions, the answer to whether it's love or exhibitionism which draws him to so complex an alliance. As for Mrs. T., Charlie makes it by a year. He's over 21. LARGE KINGDOM The World's animal kingdom includes more than on2 million species. Some form 0; animal life exists nearly every w here from the ocean deaths lo the highest mountains. The Chatter of Cards West Favors Bridge Cards Speaking In Language Easier To Understand Try and Stop Me By BENNETT CERF 3 . CTUDENTS AT university graduate schools are seldom J required to attend the lectures. For one course at Yale, a bright young man attended only one lecture the entire semester, then amazed his rather miffed profes sor by rating 95 per cent on his final examination. The professor summoned him and demanded, "How could you attend only one of my lectures, and then pull down a 95 on your test?" "Frankly," replied the student, "I could have made 100 per cent, I'm sure but your lecture confused me." Kal horyn L a u n t z, of Washta, Iowa, Assures us, 'A man may have a battered hat and Ms trousers mav bo shiny. but if his children have their noses flattened apainst the window pane a half hour before ho Is due home lor supper, you can trust him with anything you have." A rool champion stared so lined at a bald-headed man lhat the latter jrrew tnilipiant end demanded, "Have you never seen a bald-headed man before?" "Suit, mire," mitl'tlia champ. "It a Just that I could have awotn I put It tn a side-pocket last night." I 11, I'V Bunnell Or'. tlt"hnled hy Kln- Features Syndlratb By DICK WEST WASHINGTON (UPI) Most newspapers nowadays carry a bridge column. Which is good. But these col umns are writ ten by bridge experts. Which is bad. Every now and then I read one of the columns and when I do I am a I wavs amazed by how loquacious the cards are. I was aware, of course, of Hoyle's decree that "The cards speak for themselves," but un til I started reading bridge col umns I did not realize they were such gabby little things. When a bridge columnist is I analyzing a hand, the cards chatter away like so many mag pies, somewhat as follows: "East led the club nine. It I and aimed at the party bridge told west that east was short-1 set. Perhaps something along suited in diamonds and the this line: spade jack was unprotected. j "North-south were the host 'West captured the trick with the club king and re turned a low heart, w hich said thai he could establish the diamond queen and would ruff ! the second spade lead." This ability of cards to ex- j press themselves so fluently is 1 West and hostess and also vulnerable North opened the bidding with a diamond. "An opening diamond bid bv the host Iclls the hostess lhat I he ash trays arc getting full and that she should onin- Iv thrm the next time she is altogether marvelous expect duniiiiv. that they have a basic speech 1 "East mentioned two hearts. defect. I A jump bid following an open- Most of us bridge players ing diamond said she had on a limit ourselves lo what is called ! new dress and would like west "party bridge," or what is ; lo comment. known in my circles as "drink- "West bid three hearts. A ing bridge." J raise in partner's suit said the We can understand what our ; dress looked verv nice but was own cards are saying perfectly . a little snug around the hips. wen, nut we nave trouuie near- 'North passed. Declarer s ing what the other cards say. failure to pursue his opening therefore, it seems to me mat diamond bid said he thought someone should start a bridge snug-fitting dresses were real column written by a non-expert sexy." yOU pay no more for conger-morris finer funeral service . . . and what you pay is your decision. Our complete selection of services starts with most reasonable prices ff C onper-zJvCorrk O WF5T MAIM AT C.IYTH I Priced for EVERY family r 'Versatile' Cave Found in Texas BURNET. Tcs. (UPI) -Long-horn cavern, the world's third largest scenic cave, also may have been the most versatile. The huge cavern that stretch es scenically into the scrub brush, hilly area of central Tex as was formed of the limestone of the age 500 million years ago. Remains of prehistoric bears, elephants, deer and bison have been discovered there. The cave may have been ref uge for prehistoric man and beast. During the Civil War, it was used as a gunpowder factory and storage place by Confeder ate troops. Later, Burnet area residenls used the cave for picnics. Once a night club was nestled among ils big rooms. Texas acquired (he cave in 1 1932 as a state park lhat is visited by upwards of 35,000 an nually. I PRESCRIPTIONS! DIAL 772-2330 Dick GI411 Call Anytime DAY or NIGHTI Persontliied Pickup and Delivery Star Hour.; 9.00 A.M. lo 6:00 P.M. Your Hcidquirltrl lor Greeting Cards Ceimelici fatty I Wtddine Supplies Gifts Veterinarian Supplies Your Charge Account Invited Al Weil Main your pteicrip tion is tilled "UP le a standard NOT don to a price." West Main Pharmacy 135 W. Main at Crap - Ph. 772-2330 IMPORT VINT FASHION ACCESSORY, Till: FUR COLLAR... THE SLEEK ELEGANT TOUCH FOR FALL . . . DYED FOX full shawl in black. Origin: Canada. 37.50 p.t. NATURAL MINK full shawl in pastel. Origin: U.S.A. 60.00 p.t. C. PETER PAN COLLAR for coat or suit. Natural Mink Tails, Pastel or Tourmaline. Origin: U.S.A. 15.00 p.t. I I Pastel or 32.50 p.t. COAT COLLAR MINK TAILS Tourmaline. Origin: U.S.A. DYED RED FOX BOA in black. Origin: Canada. 25.00 p.t. F. NATURAL MINK FUR BOA, our most beautiful fur piece. Origin: U.S.A. 90.00 p.t, G. SMALL MINK WEDDING RING BOA Origin: U.S.A. Ranch Mink 27.00 Pastel 27.00, Silver Blue 50.00 p.t. (prices plus tax) lTF;'.-it.JK F. lVe fj f fy$fM . I e wsjiawii il.in giiiing.a,ii.iiij.iiiniiniii 111 (iiuin,eMji
