Hull Signs Security Charter
HERALD AND NEWS THREE
-IT
WAR ON REAL
ESTATE
Thursday, July 8, 1845
BOARD
OPENS
I.? ..rum Aim. -
BOOH
By MAX HALL
WASHINGTON, July 0 (P)
Tho iiuvurnmimt today begun un
uttiick HHUlnnt liilliitlon In tho
Hold u roul estate und securi
ties. Worried over npccultitluu und
rliiliiif prices, Ihu lU-inim eco
nomic stnblluiilloii bourd huud
vd by Wlllluin H, Duvis Im report-
I'd lU llHVU U)ll'OWd llIIIIIlllllUUH-
ly a thruo-polnt pruKriini.
Tho firm point was to limit
louiut fur buying stuck cxcIiuhko
securities, The fudurul reservo
bourd did Unit by ruining tint
nnirulii requirements from 00 to
73 pur cont, effective toduy.
Other Polnti
Tho othor two point will bo
hurdcr to put through. They uro:
1. Limiting Iuuiih for buylnK
roul estate. This needs an order
from tho White House, Tha
KUib!ll.utlon bourd him recom
mended Hint President Trumun
give tho fodcrul reserve bourd
nuthorlty to ri'ituliito inortguKi's
on farms and homoii tho way It
now regulates atock murkot
" tho reserve bourd probably will
require, cortnln down piiymonbi
In buying furma and urban roul
..estate.
2, Slapping heavier taxes on
those who buy roul estate or
tocka nnd acll them quickly at
a profit. This needs an act of
congress. Tho present law anya
such profits uro exempt from In
come tuxes if tho property ia
hold alx months or more, Tho
proposal la to extend tills to
three your, thus discouraging
speculators who might wnnt to
sell in n shorter time.
Not Announced
Dnvla, director bf economic
stabilization, has made no an
nouncement of tho prniirnm. Ap
parently If la up to higher au
thorities to curry tho bull from
. I.tllt It lliak nfrll.H I IdMIIMfl
hero nllhfir War Mnblllzor
rrort Vinson or Mr. Truman
himself.
Raising nf tho margin re
quirement! Involved no rod tape
because congress lonI ago gave
the federal rcservo board this
authority.
A margin of 75 per cont means
that anyone buying atock ex
chanHO securities on credit must
put up 78 per cent of the nrlee
himself and can borrow only 25
per cent from his banker or
broker.
Tht reserve board acted after
consulting with Dnvls. It U rep
resented on tho stabilization
board, along with several cabi
net members and olher federul
officials, plus representatives of
labor and Industry, '
FROM LOCAL HOUSE
The home o Phil J. Brick, S38
Lincoln, was illegally entered
somctlmo during tho night of
. July 2, according to a police re
port, with entry being gained
through an unlocked window.
Tha houso wua thoroughly
ransacked and burned mutches
were found strewn over tho
floors. The only thing found
missing was a piggy bank con
taining approximately $10 In
amnll change Police aro Inves
tigating. George IIowo of Wlnncmucco,
Nov., posted $:i bnll for making
an Improper U turn, and Lewis
Itundell, route 3, Klamath Falls,
posted $5 bull for having no
operator's license.
Fifteen drunks appeared In
police court this morning. An
additional 16 drunks, lour dis
orderly conduct cases, and one
drunk and disorderly conduct
case bnilcd out. There aro 33
men and two women in tho city
Jnll at present, .
Tropical orchids bloom In the
snow-rlmmcd volcnnlc crater of
Anlukehuk, on tho Alaskan pen
insula. .
(NBA T.Upholot
Cordd! Hull, former Secretary of State and member of U. 8. delegation
to Bun Frunclsco's World Security Conference, signs the charter adopted
t history-making parley. Because of 111 health, Hull was unable to at
tend conference but signed charter la Washington. . .
Flashes of
Life
READY CASH
MANCHESTER, Conn,, July 8
(!') Uus Waltz didn't expect to
be rewarded so quickly lor his
good deed.
When ho stopped his bus to
remove a pllo of broken glass
from the puvcincnt ho found a
dollar bill und a 28-ccnt pioco.
.
SETS LOFTY GOAL '
SEATTLE, July 8 (T) Dr.' J.
Howard Snivcly, a mountain
climber desplto ills 67 years, has
clambered up 00,000 feet of
mountain so vosj this season.
With his two - aons, - Bob . and
Howard. Jr., ho has mustered
13 peaks, - Including B701-foot
Ml. St. Helens.
- Ho wants, mild Dr. Snlvely, to
get 100,000 feet of altltudo under
his boots before tho summer
closes.., i - ,
. .
1 WAVES' WA8H WAVES
PUEULO. Colo., July 8 (!)
Milady's dainties hung from
clotheslines airing up In a boxcar
attached to a passenger train
which passed through Pueblo.
It developed tho train was
toudcdwlth Waves. .. .
THEY'D WALK A MILE
SAN FRANCISCO, July 8 (VP)
Charles M. Jones, 27, and Clar
ence M. Jucobscn, 30, wcro re
captured 24 hours after they had
scaled tho walls of the county
prison farm at San Bruno,
Their excuso for flight: They
wcro short of cigarettes and It
preyed on their nerves. They
produced packages to prove It,
LESSON
ALBUQUERQUE, N. M.. July
S (!') Bill Bellamy, plainclothes
officer, called a cub.
Tho driver proceeded the
wrong' way through a one-way
alley despite Bellamy's comment,
then turned agaltiht a red light,
double-parked when there was
space at the curb and finally
doublc-puikcd again.
Then Bellamy got out, paid
his fare, presented ' a truffle
ticket reciting three charges and
called another cub.
OREGON FALLS SHORT
PORTLAND, July 8 (!') With
only three days left to gb, Ore
gon's E bond sales were, still
more than seven million dollars
short of tho $38,000,000 goal to
day. Sales aro now $47,883,447. On
tho allover. totul, Oregon aoared
ahead to $171,469,647188 per
cent of. tho quota.
'e'4
is closed for the annual
staff vacation . . '. and will
re-open Thursday, July 12.
KILLED IN BORNEO
NEAR BALIKPAPAN,' July 4
(Delayed) OP) Two Australian
war correspondents were killed
yesterday by a burst of Japanese
machine gun fire as they rested
by a building in tho ruins of
northern Ballkpapan.
They wcro William Smith,
Australian department of in
formation reporter . sometimes
called the Australian Ernlo Pylc,
and John Elliott,' news com
mentator for the Australian
broadcasting commission.
Officers said they wandered
700 yards ahead or me Ausira
llan lines to within 300 yards
of the enemy. Eighteen Aus
tralian correspondents and photo
graphers have been killed in all
theaters of war.
STODDARD FINED
TULELAKE Guy Stoddard,
37. resident of Klamath Falls.
charged with' drunk ' and dis
orderly conduct, paid a fine of
$28 in pollen court Monday
night. i
Stoddard, arrested by Police
Chief Frank Rhodes,' appeared
before Police . Judge - Irving
Capck. ' --, 1 nvr--Classified
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INIUIANCE : COM PANY
LYNN ROYCROFT
EVA LONG
118 N. 7th Street '
Klamath Falls, Oregon
.Sdk '
rarer
MEN'S
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PAJAMAS
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- ...
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36x72 BEACH TOWEL .
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PHOTO ALBUMS SCRAP BOOKS
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WWII ifuaiiaj iimuw..
Cvpltn and JPssier
298 v
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m
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99c
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