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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Dec. 18, 1958)
THURSDAY. DECEMBER IS. 1958 li . I. HERALD AND NEWS. KLAMATH FALLS. OREOOV PAGE ? A "You keep on hating mud and you'll grow up to be a nagging mother1." Armistice On inflation Predicted By Magazine NEW YORK (UPD Not a few of the economists look for what Newsweek magazine describes as an armistice on inflation in the coming year. Inflation, it is held, is dormant just now except in the stock mar ket where the price trend is still said to be higher although at a more difficult pace, Newsweek quotes Jules Back man, economist. New York Uni versity: "The fear of inflation in the period ahead has been tre mendously exaggerated." ... And William C. Jackson Jr., re tiring president of the Investment Bankers Association: "The current armistice should not lull us into forgetting that inflation is likely to be our chronic problem in the future." Newsweek sums up the situ ition as follows: "A strong upward surge in business might solve un employment but provoke serious inflation. Tight money and a slow pace might check inflation, but leave too many jobless too long." "Perhaps the best thing about the mood of U.S. business last week was this," Newsweek says: "It promised the kind of upbeat but moderate pace that could be best lor everyone in the long run. Dr. Marcus Nadler, consulting economist to the Hanover Bank, holds that a sure brake against any inflationary pressures in the near future is. the current low price level of government obliga tions. "If prices of intermediale-term Government obligations remain low and particularly if they should decline further commer cial banks will be very reluctant to sell them at a loss when de mand for credit increases," Dr. Nadler says. Banks, he holds, may be frozen OPEN 'TIL 9 P.M. NOW TO DEC. 23rd FOR YOUR SHOPPING CONVENIENCE! their government holds and that will make tighter Federal Re serve credit policies more effec tive. ' Robert Van Cleave, vice presi dent for research for C. F. Childsi & Co., government bond house.! ees the Treasury compeline in; the money market and bond mar-i ket for new funds in 193.-) wilh: several offerings of new securities. And there'll be a lot of refund ing of government issues that ma ture in 1(159, he adds. He doesn't believe the Federal Reserve will gladly provide a sea of new reserves on which to float these new securities. He does be lieve lack of credit expansion by the Federal Reserve plus greater demand for funds will bring high- r money rates with banks financ ing themselves ;through sale of securities. Van Cleave concludes that inter est rales and bond yields for 1959 will follow a generally upward pat tern. That means lower govern ment bond prices which bears oul the Nadler theory. Nadler, how ever, doesn't believe the banks will sell their bonds at a loss to raise money for credit purposes. The inflation check theory for the period ahead is based on a recovery that will be a slow, steady one. A solid rise without excesses that will lift business without generating a boom. ' Also the economists point out that basic commodities haven't joined the rise in prices and note 'hat consumers haven't been doing any hoarding of goods as they did after the start of the Korean War. Hence if their foresight is ac curate and if the government can get its house of bonds in order, the new year's advance should in- deed be a comortable one. Major Public Utilities Avow Property-Tax War SAN FRANCISCO (UPD Ma jor California public utilities have declared an all-out war on the state's method of taxing their property. Their attack could lop 112 mil lion dollars a year off the tax bills presented them each year by local governmental agencies such as cities, counties and school dis tricts. The utilities went to battle by formally protesting their tax as sessments last week when they, paid semiannual installments. A United Press International survey indica ted that such protests were filed in virtually every county in the state. This action opens the way for hearings before the Board of Equalitation and in the courts. It was taken by Pacific Gas & El ectric Co., and the Southern Pa cific, Western Pacific and Santa Fe railroads. Individual companies have pro tested the assessment system off Toastmistresses Meeting Held Steve Peters, hair stylist, was guest speaker for the December a meeting of the hwauna loastmis tress Club. He concluded his speech with an individual hair styling hint for each member and" guest. Ramona Smith, topicmistrcss. gave "Family Traditions at Christ mas:" Jan McClellan'5 educa tional feature was "Extemporane cus Speaking;" Mickie Zigler, toastmistress. introduced Books for Christmas Giving:" Rose Put- ram's contesl speech was "Indi vidualism?" Margaret Davis. Jan McClellan, Helen Basset! made hook reports. Beverly Ellis rave an "icebreaker" speech. Others fak ing part in lhe program were Vir ginia Morey. critic: Norma Hari' Son. lexicologist; Carol Whetstone. limer: Rowena McDonald, general tvaluator. . Officers elected to serve the text lerm were Helen Bassett, president; Ramona Smith, vice president; Vicki Edge, secretary; Norma Rciche. treasurer. Guests were Imoscne Krois, He! n Keller and Betty Minton. and on for many years, but the utilities have never before banded together in this way. Until now, they mainly made mild complaints to the Legislature, which has con sistently refused changes in the system since 1948. The utilities complain that their property is assessed by the Board of Equalization at 50 per cent of its market value while other property owners are assessed on the average by only 23.7 per cent. This is clear violation of both federal and state constitutions, it is claimed. However, if this ar gument prevailed, local govern ment would see the present 220 million dollars a year it collects slashed by 112 million dollars. Last week's protests followed fi ling of a lawsuit last June aimed at the same objective. The suit was brought in Contra Costa Coun ty by PG&E in a dispute over taxes on the property of its sub sidiary. Pinole Light & Power Co If PG&E wins, the decision would affect all utilities and all counties in the state. George R Reilly, San Francisco, member of the Board of Equalization, has predicted that such a decision would wreck the state's tax structure." He asserted that if current ac tions by the utilities turn into at tempts to raise the assessments of average property owners, "the people will rise up in arms, take over the utilities and run them But Reilly predicted that the suit will be withdrawn by PCiK before it goes to trial. He charged that the suit and last week's protests were intended only as threats which could be used to win other concessions from the Legislature. Tax experts say that the differ ential in assessments developed through many inflationary years in spite of the law because it was felt that utilities were able to pay more than other. If local gov ernments can't get the money in property taxes, they must extract it Irom utilities some other way it is argued. But to this, utility spokesmen reply that ultimately it is the con sumers, not the companies, which pay the taxes, anyway. They say i'.he utility taxes are only passed on to the public in the form of (higher rates. uw 1 MENS' WEAR J Sport Shirts U"'X2.98 P Underwear 1.44 J: Dress Hats -3.99 i- . Ilunna . 1 II I . 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