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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (June 2, 1958)
PAGE EIGHT HERALD AND NEWS. KLAMATH FALLS. OREGON MONDAY, JUNE 2. 1959 II (71 "I have a dress for the Junior hop and my father's permission to stay out till twelve now I hope someone asks me to go!" Bay Bridge Traffic Jams As Key System Drivers Strike OAKLAND (UPD Kcv System bus drivers and other employes went on strike early today, forcing more than 75.000 Kast Hoy com muters to find other ways of (jet ting to work. The strike beaan at 12:01 a.m after both sides reported they were nnpeiessly deadlocked in nego tiations lor a new wage contract Officers of the Highway Patrol and police of Kast Bay. cities and han francisco prepared for a mai or traffic jam today as commuters took their autos to work Involved in the strike were 1,250 members of the Amalgamated Jtlolor Loach Lmployes union. Di vision 102. All Key System buses operating between East Bay cit ies and across the Bay Bridge were allected. Buses running at 12:01 a.m. fin ished their routes, then returned to their yards. Negotiations broke off at 6:4." p.m. Sunday and the union offi cials then issued a strike call. The contract had expired Saturday night, but both sides agreed to a 24-hour extension in the hope of reaching agreement. Tile union placed pickets at Key Systems three Kast Bay yards. It was the first Key strike since a 7fi day walkout in 1053. The union had demanded a flat 28-cent hourly wage increase, as wen as a list of frinee benefits The company had offered a two- year contract providine for a 4 cent hourly increase this year and i cenis next year. The union then proposed a 20- cent hourly increase, which would raise the basic pay scale for Key workers from $2.08 to $2.28 an hour. The company rejected this counter-proposal.- The fringe benefits asked by the union included double pay for hol idays instead of lime and one-half, a 40-hour work week guarantee, increased diiterential pay for night work, longer paid vacations and improved severance and pension oeneius. No new talks have been" sched uled. Key System serves Oakland. Ala meda. Kmeryvillc, Berkeley, San Pablo, El Ccrrilo, Richmond, San Le'andro, Piedmont. Ilayward and Albany. The system takes in an average of 130.0(10 fares a day in tho East Bay plus 25,000 on Iransbay buses. Five Day Forecast By THE ASSOCIATED I'ltKSS Eastern Washington, Eastern fit-noun on4 l,ll, 'P...,, tures averaging below normal and and precipitation more than nor mal wnn snoweiy periods inroiign oaiuroay. iiigu temperatures gen erally B0-7-I: low W-.iO. Western Wnsliini'lnn nnH U'nsl. crn Oregon Temperatures av eraging dciow normal through Saturday. Occasional showery pe riods with total precipitation more man normal, ingn temperatures generally 60 71) in Western Wash ington and 64-75 in Western Ore gon: minimums, 44-52. DENIAL SAN FRANCISCO HIPP Five, day wealher forecast for Northern California: Scattered showers ear ly in period but precipitation un likely latter half: temperatures near or nelow normal; normal minimum - maximum Sacramento 5.1-8.1. Bed Blulf 611-87, Eureka 50 60. Santa Rosa 46-78, Blue Canyon 47-66. The Leavers for senate commit tee has begun checking endorse ments claimed by Senator Collier. The first three claimed endorse ments checked we hove found to be false. The associations involved are the California Milk Producers Federation, tho California Stale Grange and the California Teachers Association. These groups did not endorse Senator Collier and emphatically stated that they are non political organizations and do not endorse any candidates. This committee feels that en dorsements should he authentic and truthful and should come from people and organizations in . the district served by the candidates. There IS no substitute for hon esty, integrity and ability. Elect Ralph Leavers to the Slate Senate. 'd. Adv.-l.f MVrri for Krnalr Comm. by Ilrura Martin. Vali Street Economist Relates Different Ideas By ELMER C. WALZER NEW YORK (UPD WaU Street for many years has nur tured a pet idea that inflation stimulates common stocks on the upside and buying the equities is a hedge against inflationary consequences. And the street also has held that the best market advances come in times of inflationary tendencies in the economy. Also, the financial community recently has been warning about a new inflationary force develop ing, a force that should brins a market rise of broad proportions. Now comes a Wall Streeter with different views. He is R. L. Weiss man, economist for W. E. Hutton It Co., one of the large brokerage houses. He believes that there is less to he feared from inflation at this time than from a long drag-out ot a condition involving a large scale nonuse of industrial capacity and labor. He sees the beginnings at least of more temperate de mands on the part of labor unions. Weissman believes that fear of or confidence in inflation has been overdone as a reason for buying stocks or expecting higher stock prices. This conclusion, he adds, would have to be revised in the event of serious international developments of the order necessitating defense .outlays substantially beyond the iirujecira ion pillion dollars for fiscal 1959. This economist PYaminoe tU French and British experience wnn innanon and linds that it shows no close correlation existing between price inflation and com mon stock price movements. in tne long run. he says, "in flation cannot he npplpr-lp'rl ac a factor influencing the value of al most everv kind of nrnnerlv in. eluding equities. At the same time, while one may disagree with the late Lord Kpvnpc in cnmft rtt hie Ihanpia, few will care to disagree with his onservation tnat in the long run we are all dead.' 'In the short run. the state nf confidence, profit margins, tax policy and other factors may mod- ny or onset innationary tenden cies." Weissman nlsn shnnle at a tau other pet beliefs in the street. He- noios mat sound monetary policy does not presuppose the existence of the conventional gold standard. A oaianced budget does not nec essarily guarantee a noninflation ary condition, nor does the ab sence of the conventional gold standard necessarily cause an un balanced budget, he says. He finds some consolation in the fact that the increase in prices whether measured by the whole sale index or consumer prices has hardly been of the runaway kind. OSBURN HOTEL EUGENE, ORE. a. J. 8. Early Joa Early Jr. Proprlelert Thoroughly Modern Between 1954 and 1958. he notes thp rise has been on the average about 2 per cent annually. 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