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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 30, 1963)
4 B WEDNESDAY. OCTOBER 30, MK3 MEDKUKD MAIL TRIIUJM.. MtDKOKD, OKICUUtt Measure To Take Another Look at Puerto Rico Vote Your Money's WASHINGTON (CQ) A com promise plan for taking a fresh look at the status of Puerto Rico has cleared the House and been sent on to the Senate. The House bill would estab lish a joint U.S.- Puerto Rico Commission to examine wheth er the Caribbean island should become a state, be pointed to ward ultimate independence, or continue, in one form or anoth er, the status of self - governing "commonwealth" which was procalimed in 1952. ' Puerto Rican advocates of complete independence have suffered dwindling popular sup port in the past decade. This is attributed in part to widespread appreciation of the economic benefits derived from a close association with the United States. Rising Statehood Sentiment Pro-statehood sentiment, how ever, has been on the rise. It received a big boost when Ha waii, also an island territory of ethnicaly mixed population, en tered the Union in 1959. As a state, Puerto Rico would be entitled to two Senators, and its 2.3 million population would give it six members in the House of Representatives more voting power than 23 states have at the present time. Aspirations for state hood flourish especially among the growing Puerto Rican middle class and are centered in the Statehood Republican party, which has links with the main land GOP. Minoz Favors' Commonwealth A leading opponent of state hood is the island's popular Gov ernor, Luis Munoz Marin. Since 1948, when he became the first person elected to the office, Gov. Munoz has continued to win the mandate of Puerto Rican voters. Munoz is chief architect of the commonwealth formula, but there is some question whether the widespread support accord ed him and his Popular Demo cratic party stems from prefer ence for commonwealth. Admi ration for the Governor's "Oper ation Bootstrap," which has grpatly improved the island's economy, may be the chief foundation of his popularity. Fears that statehood advo cates were gaining ground were undoubtedly a factor in Munoz' decision to set in motion the steps leading to the study Com mission approved Oct. 23 by the House. Another factor has been criticism charging that Puerto Rican self - government was "illusory" and subject to can cellation at the whim of Con gress. Cuban propagandists be rale the current arrangement as a form of colonialism. Munoz and the Popular Dem ocrat - dominated Puerto Rican legislature in December called on Congress for "prompt settle ment" of the status of the is land. A bill introduced April 30 by Rep. Wayne M. Aspinall, D Colo., chairman of the House Interior and Insular Affairs Committee, called for a Com mission whose purpose would be to draw up a "compact of per manent union" continuing the commonwealth status. This compact was to be submitted lo Congress for approval, and lo Puerto Rican voters in a referendum which included statehood and independence as alternative choices. Plan Denounced The Aspinall bill was de nounced by statehood advocates m May hearings on- grounds that it would commit Congress to the commonwealth status and would "load" the plebiscite in favor of commonwealth. The Kennedy Administration also registered objections, saying Congress should not "attempt to foreclose for all time the vari ous alternatives to common wealth status." As a result, the Committee substantially amended the bill before reporting it Oct. 7. The Commission is now intended merely to study "all factors" and report back by January, 1966. It is to be composed of seven non-Puerto Ricans ap pointed by the President and Congress and six persons desig nated by Puerto Rico. During House debate, Rep. Leo W. O'Brien, D-N.Y., chair man of the subcommittee which handled the bill, said it was de signed to provide a better com pass for the future" and "calm temporarily the winds and waves of controversy." He said both major Puerto Rican parties supported the re vised bill. (Copyright 196.1, Congressional Quarterly Inc.) $2.3 Trillion in ChecksExchanged Each Year in U.S. Checks exceeding $2.3 trillion exchange hands each year in the U.S., and without this meth od of transferring funds the economy of the nation would come to a halt. Uf this sum $800 million worth of checks are bad. These facts were highlighted in a luncheon address here Tuesday by John H. Williams, special agent in charge of the Federal Bureau of Investigation at Portland, Ore. Williams spoke before the Medford Rotary Club at the Kogue Valley Country Club. Strangers are not all crooks, but statistics reveal that most bad checks are passes by strang ers, the FBI agent told Rotari- ans. Any check made by the hands of man can be dupli cated, he warned. Of the 12,000 bad check pass ers arrested last year, 10,000 were men and 2,000 women. Al though local authorities general ly handle check cases, the FBI acts when false names are cm- ployed, non-cxistant banks used and inter-state commerce in volved. Holds Assignments Williams, who has held 18 field assignments for the FBI during the past 25 years, has participated in numerous nation ally - known crime cases and served in counter intelligence during World War II, stressed the fact that identification is the most important factor in break ing a bad check case. Here is where the FBI's comprehensive fingerprint files and laboratories plav vital roles. Four rules for businessmen to follow, as outlined by the speak er, include: do not accept a check without identification, do not hesitate to prosecute if bad check is received and cashed, do not hurry a transaction, and immediately advise the police if there is suspicion a check is bnd. Joe Dunn- special agent in charge of FBI affairs here, in troduced the speaker. By SYLVIA PORTER CorttU, Hall Synllcar., Ik. WALL STREET - WORLD MARKETPLACE' "Wall Street is not 'the nation's marketplace,' as you claim It is 'the world's marketplace'," a North European banker told a New York Stock Exchange official a while ago. He ex plained that, when asked about investements, bankers in his part of Europe think immediately about securities traded in New York, not on their own exchanges. "The people with wealth in my country invest, if at all, in one horsepower industries which they can control personally," a visitor from a less developed country added. He explained that since his country can't get far on one horsepower, the government has to undertake the large industrial projects needed. Wall Street has become "the world's marketplace" to a degree actually embarassing our country now. New York's mar kets are so good they're almost too good. From all over the world foreign governments and cor porations have been coming here to get money and take it home. In 1962 alone, new foreign securities sold in New York totaled a huge $1 billion, on top of $800 million sold in 1961, another $700 million sold in 1960. This is one reason why the gap between the amount of dollars we send abroad and the amount we earn abroad has remained so big and there has been a threatening drain on our gold reserves. This is why the Kennedy administration has proposed an historic first move by the United States toward official re strictions on the outflow of capital. The barrier would take the form of a tax on purchases by U.S. investors of foreign securities. This is why the administration is urging other countries particularly in Western Europe to develop adequate capital markets of their own so they can raise the funds they need at home and can stop tapping our markets on such a vast scale. Why is the New York market so superior to all others? In addition to tight government controls which limit Europe's markets and the economic disruption caused there by two world wars, there are five special factors favoring us. . First, is the simple fact that we do have a central market place in New York which serves the entire United States. There is nothing akin to this in Europe. Instead, as the Morgan Guaranty Trust Co. says in a study of Europe's setup, "There are many markets, some national, some local, very few of them equipped to handle international financing in a big-time way. Second is the simple fact that we are one large country with one currency and with an economy capable of creating billions of dollars of saving each year for investment. There is nothing akin to this in Europe either. Instead, while Europe has been uniting, it still consists of many countries with many different currencies and with economies of varing strength Third is the relative price stability and liquidity (ease of buying and selling) of New York s markets. Illustrating foreign confidence in our markets' stability is the fact that when stock prices on the NYSE broke 7 per cent on May 28-29, 1962, the crash made world headlines. Kill when prices on the Milan Borsa broke 10 per cent on one recent day, the news was reported casually in only a few big city newspapers. Underlining the confidence, too, is the fact that no one even considers U.S. government support of securities prices in this country. But when the West German government sold 3.6 million of Volkswagen shares in 1961, it felt it had to guarantee a price near the sale price In prevent political upheave) In case the market went into a tailsnln. Fourth is the supervision of our markets by government and self-imposed industry regulations. The regulations are far from perfect but they re the best in the world. And fifth is the extent to which securities tranactions are. reported in New York. No other marketplace anywhere has so complete a system for reporting transactions, prices, trading volume. The day will come when other world marketplaces will be developed. The trend has begun. But for a long time no matter what barriers we put up there will be no marketplace even approaching New York s in depth or breadth. Prizes Awarded In Parade Event A number of area youngsters were awaruea prizes lor me cos- tumes they wore in the Youth Honor Day Halloween parade Saturday. The prizes, which were donat ed by Medford merchants, were! presented at a theater party! given by the management of the Holly theater at 1 p.m. The parade was sponsored by the Medford Women of the Moose and the City Park and Recreation department. Prizes were awarded on the basis of costume originality and seasonal theme. In the group aged six and under, first prize went to Mike Campbell, who was dressed as a goblin. Dean Bowman won second place and Lorie Spoonts was awarded third prize. Among youngsters aged six to 10, Cindy Garret, dressed in 1900 vintage clothing, won first nrize. Second prize went to Marsha and Jimmy Fazier, and third prize was won by Bill Carnegie. in tne 10 to 14 age group. Eric Miner, in a mechanical ro bot costume, won first prize. Second place winner was Mary nous ana lerry Allen was awarded third prize. Soviets Quit Moon Race Because Food Supersedes Rockets 'W , ' &&J i -""""" I LONDON (UPD- The Soviet Union dropped out of the moon race with the United States be cause it must put "food before rockets," diplomatic sources said today. The agricultural crisis that forced Russia lo buy millions of tons of grain in the West cannot be solved without huge investments and there simply is not enough money at Premier Nikila S. Khrushchev's disposal to finance both this program and the moon shot, the sources said. One alternative would be to cut military spending, but Khrushchev is believed deter mined to keep this at a high level until agreement can be . P. V'l,' : w7 RING FOUND About a month ago David Brown, Hirshburg Jr., right, lost his 1960 Springhill College graduation ring while fishing in Mobile Bay, Alabama. Bill Rice, left, caught a shrimp which was inside the ring while trawling in the bay. Hirshburg was located through the initials engraved in the ring from records of the college. (UPD Items Reported Gone From Medford Home William Irwin March Jr., 803 Sherman St., reported to Med ford police Monday that a van -ety of items valued at about $365 were missing from his rcsi3 dence. March told officers that two cameras and an electric shaver were missing from his resi tigating the incident. On Display The largest Selection of GAS HEATING EQUIPMENT in Southern Oregon Space Heaters Wall Hearer Wall Furnaces Forced Air Furnace Suspended Furnaces Infra Red Heaters Comb. Gas Heater & Air Conditioner A Large Selection of Makes and Models Authorized Coleman Dealer NATURAL GAS EQUIPMENT CO. Heating and Air Conditioning 111 W. Main Ph. 772-2322 Open Fridays 'Til 8 P.M. Saturdays 'Til Noon Negro Has Less Chance to Succeed CORVALLIS (UPD The U. S. commissioner of education, speaking at Oregon State Uni versity's Charter Day exercises here Tusdav, said the Negro has much less of a chance to j succeed in life than the white man. Francis Keppel concluded that job opportunity is a hollow cry without equal educational oppor tunities. He said the Negro baby born today has half as much chance of completing high school as the white baby, one-third the chance of completing college, and one seventieth the chance to earn $10,000 a year. "But the Negro has twice the chance of becoming unemploy ed," he added. The assembly was in com' memoration of OUS's 96th year. NOW YOU KNOW By United Press International Primitive cave drawings un covered recently near a copper mine in Peru have been tested and found to be more than 9.000 years old the oldest known traces of Peruvian civilization, according to Popular Mechan ics Magazine. SUB FOR TWO DALLAS (UPD - Neiman Marcus specialty store today offered the "ultimate in togeth erness" in its Christmas cata log a "his-and-her" subma rine. The two-placer cruises at seven miles an hour and sells for $18,700. 200 Men Idled by Pulp Plant Strike ANDERSON, Calif. (UPD A wildcat strike Tuesday idled about 200 men at the construc tion site of the $60 million Kimberly-Clark pulp plant here. Pickets were thrown up by Construction and General Labor ers Union Local 961, reportedly disputing alleged infringement of jurisdiction by Millwrights Union Local 12. A laborer's union spokesman said the strike was not recog nized by the unions, but that workers had refused to cross the laborer's picket lines. The Dougherty Co. is mech anical contractor at the project. I C. M, Litwiller WE ARE PROUD . . . of our funeral home. "There is none finer anywhere in So. Orcqon." This comment is not ours it comes from outsic who should know. Mrs. Litwiller Economy Ambulance Service, Non-Emergency for Medford! CALL LITWILLER 18,1 Ashland St. 482-2816 FUNERAL HOME Ashland weekend getting Russia out of the competition to land a man on the moon was believed to i portend a multi - billion dollar ! snving. ' ! The Soviet budget for the ! coming year is now under study. It will be presented in j December. British experts said all signs point to the (act that there is "just not enough" to cover the ; costs of the moon program and to meet industrial and consum er needs. A high Communist source in London frankly conceded that the money saved from giving up the moon race would be put I into the chemical fertilizer in- j dustry to step up food output. A figure ot $4.4 billion has been reached with the West on arms mentioned ., ' required to build reduction Billion lliilliii Savings Khrushchev's slntemenl j enough fertilizer plants to per mit Soviet production to equal ast ; that of the United Stales. F.mls Aren't Meeting j Information has been reach ing the West (or some time that the Soviets are having I hard going with the demands of high spending for defense, 1 space, and domestic needs ' It is considered significant here that the Soviets arc push ing reciprocal arms budge! cuts with the West as a measure In ease the cold war The Soviet defense budget is listed at $15 4 billion this year, but hidden costs are believed lo j make it much more The scien J I if it- budget of $5.2 billion is be lived to cover many defense ; items There has been no price tag placed on llic hcviet moon pro- Former Oregonian Faces Prison Term ST. PAUL (UPD - Royal K. Hayes ,lr., Jti, former Oregon state mental hospital patient, today faced a 20-year term in the Minnesota state prison on a drug theft. Hayes was sentenced Mundav. j He had pleaded guilty to a I charge of first degree robbery in the theft of drugs from a Minneapolis drug store. Hayes escaped from an Ore gon hospital Aug. II, five days before the rohberv. He had been sent to the Slate gram, but President Kennedy Hospital following the fatal said in 1WI that the U.S. effort shooting of a guard at the Jour- to land a man on the moon be nal building in Portland. fore 1!170 would cost an estima- led $40 billion. MAKING COMKBACK Holding her pet cheetah "Kinnn" on a chain, silent screen heroine Pola Negri holds a press conference In the classic Hollywood manner in London. The former vamp, now 64, is making a comeback in the forthcoming Walt Disney film, "Moon Spinners." (UPD New Boat Sinks of Portland Yacht Club PORTLAND (UPD -A new 34-foot boot valued at $:t0.000 sunk in 20 feet of water at the Portland Yacht Club moorage r ?rea in the Columbia River Tuesday. I The boat is ow ned by James Bayless. 43, Portland. Cause of the sinking was not known. How To Hold FALSE TEETH More Firmly in Ploce rvi your Uls tth tnnoT una tm bnrniM by iUHuiif. dropping or ob. llrt( whwi vou rl. Imi;:i or HIKr Jim iprtnklf I llttl r ASTKKTH ort tour vUtrs Thl lkllnr mon-s.-irti powdrr hold fals irrth mom nrnilf and moi cvmfrtruolv No summr. foofj. pu IW or frrltns IVrn not HMir Checks "nUt odor ' iri-ntun krrxru nl FAS TfcETH lodt U trtr drill oountar What happens if you don't cash in your Savings Bonds when they come due? Vou pay $:i;.,-,() for a Series E Savings Bond and in 7 years and ! months it grows to $50. Rut what if you don't cash it in? Fact is it keeps right on growing. At the current interest rate, when if 10 years old it wil be worth $33.66. At 15 years its value will be fM.n... And at 1 years and 0 months, $72.50. There's no trick at all to letting your E Bonds work m T ?r you th,f "ay- Vo" don,t even hve to remen ber to renew them. The Treasury Department does it automatically. '0I' P-i"fr Bond., are makinp vou wi' , y 1T;M,'"K per America strong in a world Wmjor T UP l 'he fnemiCS 0f frCedom Important tad, about U.S. Saving, Bond, . U tot M for frv u malurilT . Yo tR vor money .nyl.m, . Vor Rnd, . rfplactd free lo... Moler, or d,rov,d . you ,hcm ork on the Payroll Sarins!. Pln Keep freedom in your future with U.S. SAVINGS BONDS iku Kt n O (G) () (S)
