Medford Joke Flops in NY

    SALEM (UPI)--Oregon State Treasurer James Redden says the big money experts in New York City don't have much of a sense of humor.
    Redden said Thursday he had to assure the Easterners that reports of Medford's imminent financial collapse were the result of some tongue-in-cheek objections to congressional aid to New York City.
    Redden had been in New York to sell the latest Oregon veterans' bond issue--$100 million worth. While he was there the rating services "expressed concern over Medford's financial problems, which some observers believe are nearly as serious as those affecting New York City," he said.
    "We were waiting for that one and we were able to assure them that the much-publicized problem in Medford really doesn't exist," Redden said. What does exist, he said, is a lack of sense of humor by the financial community.
    Questions about Medford's credit arose when the City Council sent a telegram to Congress Oct. 17, insisting that if the federal government rescues New York City it should also send Medford $1 million to cover the city's budget deficit.
    "It was a tongue-in-cheek objection to congressional aid for New York City," Redden said. "Most people took it that way, but unfortunately, some didn't."
    Forbes, a widely read financial magazine, did an article comparing Medford's financial plight to that of New York City, overstating the Medford problem, Redden said.
    "The article indicated that Medford's deficit could not be overcome, and it also inferred that the city was borrowing on anticipated revenues to the same extent as did New York City. Neither inference was accurate," Redden said.
    "While Medford faces many of the same problems as most municipalities, the city's response has been just the opposite of New York City's."
Oregon Journal, Portland, January 8, 1976, page 1