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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (April 22, 1948)
IfC. II -PACE 6 HERALD AND NEWS. KLAMATH FALLS, OREGON THURSDAY, APRIL 22, 1948 Bernard Daly Education : Fund Trustees' Power Broadened By Court Rule ."lAKEVIEW, April 23 Investment powera ol the Bernard Duly Educa tional luud trustees were broadened in a decree tigned liere tins week by Circuit Judge Charles Combs, putting the "prudent man" rule Into effect with regard to investing the principal of the trust lund estab lished by the will of the late Dr. Bernard Daly In 1921. v Under the new ruling, the trustees are limited only by the exercise of the care and discretion that men of prudence and Intellect would use In Investing their own funds, not lor peculation, but for protection and permanent investment of the funds. . Under the ruling established by the will, the trustees were limited to Investing In government and gen eral obligation municipal bonds. Reason for broadening the Invest ment powers of the trustees was Cheap Cancer Test Seen WASHINGTON, April 22 vP Chairman David E. Lilienthal said Kednesday the atomic energy com mission has found that the metal cobalt offers possibilities of provid ing an Inexpensive treatment ol cancer. He made It clear that the discov ery has not been clinically tested, but he said cobalt can be made to have the same radio-active effect as radium. - Lilienthal told reporters of the discovery after a White House call in which he made a preliminary report to President Truman on peacetime uses of atomic energy. He said an important point in connection with radio-active cobalt is that it Is a very common metal found in industry which could be used as a substitute for expensive and scarce radium. There are only about 26 ounces of radium in this country, he said. Radium has been the most effective treatment for cancer. Lilienthal said cobalt could be fashioned into the form of a needle tni put in one of the atomic energy commission furnaces at Oak Ridge and be made "as effective as ra cjum." Two Youths Held After Robbery I PORTLAND. April 22 UP Two youths were arrested here Wednes day after police chased a car from a, second hold-up scene. The proprietor of a suburban fjfcvern was robbed of $25 by a young aian shortly after midnight. Deputy aheriffs, summoned to investigate, feached another nearby restaurant seconds after that one. in turn, had been held up. They gave chase to a fleeing car. ., Police said the two youths were caught as they jumped from their ear and ran into underbrush. the fact that It Is increasingly diffi cult to secure well-paying govern ment and munictiml bonds. Annual earnings of the Duly fund principal, which is over 606.000, have dropiwd from a high of about ISO 000 several years ago to less than (20.000 mure recently. The court decree- will permit the board, within the limits of prudence and Intelligence, to Invest in the Industrial field, mortgages, or other secure types of Investments. The board has In the past, and will con tinue to make investments only on the advice of qualified Investment counsel Burt K. Snyder, chairman of the trustees, and T. R. Conn, secretary, said that since the decree was Is sued, the directors have met and agreed on retaining 7i per cent of the principal in government and municipal general obligation bonds. The other 25 per cent will be put into diversified fields, with advice of investment counsel. They have tentatively aereed that this balance will be maintained by buying, sell ing, re-investing in order to spread any appreciation on the 75-25 basis. The percentage basis Itself is tenta tive, and the directors may decide later to change this 1 lance. The directors hope, by being able to buy and sell, in the Industrial and other fields, to remove any deadwood from their investments and keep the capital working in well-paying equities, stocks, etc. Under the program set up by Dr. Daly's will, the first scholarships were granted In 1922. Since that time, up to last spring, more than 1000 school years of educational benefits had been granted through the fund's earnings. Trustees of the Daly lund have never lost any money through bad investments. Some money was lost to the fund through investments that were handed to the trustees under the will, but since that time all of these losses have been re captured. Any Lake county student who at tends a Lake county high school tor four years and whose local grades are up to standard, may apply for a scholarship. Examinations are given which is graded against the school records, and from the final list, applicants are approved from the top down. Last spring. 11 stu dents were granted scholarships, and the examinations for this spring have been given. The change in investment powers was the outgrowth of a complaint filed by the present trustees against all past trustees. No objections arose in court, and the court sought the advice of investment counsel in reaching Its decision. Present direc tors are Snyder. Conn. W. P. Ver non, Roy Perry and Paul J. Brattain Sr. Singing Here This Week hy II- 'I CJ 'Texas' Given To Texas IIOII8TON. Tex , April 22 i.l'i -The Haltli'Mim Trails, veteran ol two World Wars, was presented to the state of Texas Wednesday by the U. 8, navy. ThoiiMUUts til Trxaii Jumiurd Hie Han Jaiiuto biitllmruiimt to see Hie Texas ttrcntumlsMniird limn the U. a. navy and accepted us the fluu ship ol Hie Texas navy. It will re main luiHiieil as n liirimuiul lo Texas service men. Only a few puces Irom tne per manent mooring Is the towering San Jntintu monument marking the battlelleld where a small group ot Texiina routed Mexican Hernial Santa Annus army ll'j yearn ago to win their Independence. Governor lleautoid Jester, upon aacptlntt the Texas from Awlalanl Secretary of Navy Mark Kilwtn An drews, Immediately ordered tin Texas flag and the Texas Jack hoisted. A navy baud played the "Kyea of Texas," the signalmen broke out the flags and all hands stood at attention. This is the Osiveto Lake Four from Oswrjtu, near I'urtUnd. appearing In the St'KHSQSA show at the Tehran theatre on Friday niclil. April 2.1. Left tu right. Trd i'urtiltl. Irnur; J. A. Van Leeuwen. bari tone; l.ou Lavarherk. lead, and Mark Hrarh. bass. Tirkels may be obtained at the offices of John Houston, 114 X. HIi ; M. L. Shepherd, 545 E. .Main, or from John Crosby at the chamber of commerce. Kansas Wheat Needs Cool Weather TOPEKA. Kansas. April 22 . A major portion of the Kansas 1948 wheat crop Is badly in need of cool weather and moisture, a report of the federal and state departments of agriculture said yesterday. The report asserted that through much of the central and western parts of the state the lack of pre cipitation recently and the relatively high temperatures have resulted in very dry topsoil conditions. These conditions, tne report said, have emphasized the critical situa tion with regard to the lateness ol a large acreage of wheat. i oil Installations, which include the I guards the British corridor between; Eastern Mediterranean's principal I the port and headquarters atop I refinery. . Mount Carmel. There is a military A narrow British-controlled strip hospital In this corridor. New York Subway Fare Doubled NEW YORK. April 22 U The world's biggest ride lor a nickel is doomed. Announcing a 10-cent fare for the city's subway system and a seven cent tariff for bus and trolley lines. Mayor William O'Dwyer Tuesday night ended a tradition as old as the 44-year-old history of the metro politan underground railroad. He said the higher fare would be come effective July 1. The Increase Is expected to furnish $81,010,000 for the city's 1948-49 budget. Pioneer Home To Be Torn Down SALEM, April 22 UP) The 65-year-old palatial borne of A. N. Bush, pioneer Salem banker, was old by the state board of control Wednesday for (850 to the Madson Wrecking company of Salem. The company will begin tearing fie house down next Monday to make way for construction of a 82.000,000 stale office building. The Bush home was one of Sal era's show places when it was built Bush has moved his old family home here. Ship Conversion Job To Open PORTLAND, April 22 HP A 81.000.0(10 ship conversion Job ex pected to take a half-year and em ploy 500 men at the operation peak will be done here. Sven Salen. Swedish shipowner, disclosed that he and associates have contracted to have the aircraft carrier Long Island converted into a cargo ship at Albina Engine k Machine Works here. Battle For Control Of Haifa Opens HAIFA. Palestine. April 22 .,P- Jewlsh-Arab battle for the port city of Haifa opened Wednesday. Gunfire cracked along the slopes of Mount Carmel, near all-Jewish Hadar Carmel and in mixed Jewish Arab areas. 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