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
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