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About La Grande observer. (La Grande, Or.) 1959-1968 | View Entire Issue (July 11, 1959)
AVERAGE STOCKHOLDER HAVING
By ELMER C. WALZER
UPI Financial Editor
NEW VOKK HTl With
stocks in hitherto ' unexplored
outer space, the average stock
holder is having difficulty keep
ing pace with the fust moving
news of the various issues.
He's stepping up his reading,
lie knows just what he wants to
read and he's quick to spell out
The New York Stock Kxchansc
found this out when it circulated
a questionnaire to 4.1KXJ of the
14M.0O0 suhscriliers of its maga
zine, "The Exchange," asking
them to say what they liked or
disliked about the publication.
Instead of the 10 per cent re
turn exiiecled, the exchange got
a resMnse of 40 per cent.
Here is what they liked to read:
Kirst of all, news ahout factors
affecting slock values together
Willi jlx-i.lnn.l... m.llA II,
rights, ami market prices. '
Even The Tourists Can See
Ike's Having Golf Trouble
By MERRIMAN SMITH
UPI Staff Writer
WASHINGTON ILJ'K Back
stairs at the White House:
Even the tourists gawking
through the White House fence
realize that President Eisenhower
is having trouble with his golf.
The trouble really may be with
Congress or Nikita Khrushchev,
but the chief executive is sore at
ufoout every club in his bag.
Last weekend at Gettysburg, the
President was threatening loudly
to give up driving entirely because
of live deteriorating quality of his
And last Monday afternoon, he
walked outside his office at the
White House to hit some practice
shots up to his' putting green.
HONOUXU i LTD - Another
battle between a beauty and a
bishop sh.'icd up in Hawaii today
after Judges picked curvaceous
and Catholic I'at Visscr as the
50th state's entrant in the Miss
The Most Iteverend James J.
Sweeney, Dishop of Honolulu, was
out of town until this weekend,
when he returns from a pilgrim
age 'to Koine. Meanwhile, Itomnn
Catholic Auxiliary Bishop John
J. Scanlan acknowledged that the
church generally opiwscs "any
public exhibit inn of a person in a
Pretty dark - haired Pat, who
walked into the Hawaiian-Universe
crown wearing a skin-tight white
bathing suit, said she would he
going to the Miss Universe finuls.
She expressed surprise that the
church had not previously repri
manded her for entering and win
ning two other bathing suit beauty
contests in the past two years.
She bustled off to talk lo a priest
lielorc she Fa id any more, then
nude the following statement:
"My church has stood for whal
is morally right for lit.'fl yea's In
spite of the changing morals of
many eople in many countries.
"It is my sincere desire to re
spect her considered judgment in
all matters, beauty contests not
excluded. My church's decision in
this matter is moreover a person
al matter lelwccn myself and
I'at is the second Unman Cath
olic entered in the Miss Universe
contest to run into opposition
from the church.
Log Cabin Holiday
VEItNON. B.C. ITI- Queen
Elitahelh and Prince Philip rode
through the towering Itocky Moun
tains enroule to a three day log
cabin holiday today.
The royal couple was lo fly Into
the British Columbia interior
alioard a twin cngincd amphibian
bush) lat.e for their first extended
rest away from crowds since they
started their 45-duy. 15.000 mile
Canadian tour June 18.
They will spend the time at an
exclusive lakeside camp 40 miles
from Merrill, B.C., the nearest
community. The camp has been
vacated by its members until July
The royal visitors traveled Fri
day in a spcciul vista dome coach
attached lo their 16 car special
train and in an open convertible
through a half dozen Alliert and
British Columbia towns and vil
lages. During the day they covered
alHiut loo miles of the winding trip
through mountain roads and snow
capicd peaks in the car and final
ly caught up with the (ruin again
at Field. B.C.
MIAMI (UPI i Tracks of a
large animal believed to be a
Florida black bear were found
Friday in a neighlrarhood in
southwest Miami. Exerts said
the claw-tipped, six-inch long,
one-inch deep tracks appeared to
be those of a Florida black bear,
which weigh as much as 330
TIME KEEPING PACE
Thirdly, they wanted to know
ahout the market commitments of
the big investors, such as the in
slitutional ones like mutual
They seldom mentioned pre
ferred stocks or bonds, indicating
their main preference was com
They were more Interested in
capital gains than in dividend in
comegrowth vs. yield.
And they said they read "The
Exchange" from a half hour to
several hours, and many kept
back issues on hand (or ready
They circulated the monthly
magazine among their friends to
such extent that "the exchange''
estimates it has a readership of
They said they liked the maga
zine for its brevity, clarity, and
interest. A few sneered at the
cartoons which decorate the
Here's what the tourists could
The President, standing deep in
his one and only sand trap,
taking a mighty belt at the ball
Ball moved only a few feet, re
maining securely in the grasp of
The President then grasped his
club anew and instead of hitting
at the ball, he pounded the head
on the edge of the trap. He
slammed the club down again,
tossed it to the ground near his
bag and stalked out of the trap.
Furthermore, if he reads this he
might go to club swinging all over
again. Those who should know say
the President is getting a trifle
sore about reading in the news
papers how he dubbed a golfshut
and then commented on same in
a voice rarely heard on radio and
All golfers go through trying
periods when they seem to do ev
erything wrong. Most weekend
hackers attract only the attention
of their foursomes, but when a
president gets angry or vocally
self-critical on a golf course, a lot
of people know it.
If it happens at Burning Tree,
only the members know it. But at
the Gettysburg Country Club,
which is a semi-public course
'outsiders can play by paying a
greens tee slightly higher ' than
that charged members i, the num
ber of people aware of a presiden
tial outburst depends entirely on
where it happens.
If Eisenhower is close to the
club house or near another four
some, it would be most unnatural
for other players or standersby to
ignore a presidential cry of dis
may over a simple iron shot that
either soars over the green or
IKiops out dismally short of it.
The President has sonic good
friends who wish he wouldn't get
so disturbed aliout his golf game.
But their feelings arc teniercd
by the possibility that he's using
golf to let off steam that must
build up within him as he copes
daily with a multitude of crises
any one of which would get the
average man excited for a life
time. It will lie interesting to see
whether his game improves after
Congress goes home.
Heads For Coast
ATLANTIC CITY, N.J. CPU
Tropical storm Cindy swept
through the Atlantic toward Cane
Cod surly today with 45-niilo-an-hour
The storm roared along off the
New England coastline after tak
ing a final swipe at Virginia and
The weather bureau warned
coastal residents from southern
New Jersey to Maine to keep on
the alert and follow storm warn
ings. The next adv isory on the storm
was due at 6 a m. e.d.t. from the
Boston weather bureau.
Small craft warnings were hoist
ed from Atlantic City to Kastport.
Maine, and the weather bureau
suid the storm was expected to
increase in intensity today.
Cindy was located at midnight
e.d.t. Friday about 50 miles east
of Atlantic City with 45-mile winds
at its center and gusts of higher
velocity pitching up severe local
The storm threw several small
tornadoes at areas in Virginia.
North Carolina and Maryland
No injuries were reported but
the small funnels damaged power
lines, a few homes and other
Measles Force Rooney
To Halt Picture Work
HOLLVWtKID U'Pli-A case of
German measles has forced actor
Mickey Kooney to halt work on a
The illness will require the
bouncy little actor to remain at
home three days.
Actress Mamie Van Dorcn ami
other memliers of I lie cast of
"The Private Lives of Adam and
Eve" were ordered to take Injec
tions of gamma globulin to ward
off contracting the disease.
pages and some said the articles
were too neutral.
"The Exchange" of course has
to steer away from recommenda
tions a id hew to the line of ob
jectivity and it has a limited
sj ace in Its 20 odd pages each
alwut the size of a best-seller
In the current issu- just of
the press, "The Exchange" has
an article on the latest additions
and eliminations in the stocks
used to calculate the Dow Jones
average: a feature on the stink
exchange's latest survey on the
number of shureowners of Amer
ican industry; a bit debunking
the old saying , one always buys
stocks at their highs; a page on
a newcomer to the "big board'
chock full o'nuts; buying of stock
of companies with a large num
ber or a small numher of shares
outstanding, and a feature on
Scott Paper's new report tech
nique for college students.
Also "The Exchange" gives
some facts on capital gains taxes
in other countries than ours
which charges a maximum uf 25
per cent on long-term capital
Ne Cains Tax
American stockholders Will be
intercsted to know that there's
no capital gains tax in such
nations as Argentina, Australia.
Bahamas, Bermuda. Belgium.
Canada, Chile, Colombia, Costa
Kica, France, Ireland, Israel,
Italy, Japan, Luxembourg.
Mexico. New Zealand, Nether
lands, Norway, Pakistan, Panama,
Peru. Portugal. South Africa,
Switzerland, United Kingdom and
One could dig out quiz ques
tions from the various articles.
For example, this issue shows
that General Motors has outstand
ing 2H2.Kli8.850 shares and tops
the list of the companies with big
capitalization. Standard Oil iN.J.i
is second with 2!2,889,6!I2 shares
and American Tclehone third with
2I2.310.3W) shares. These are the
only three companies with stock
outstanding in nine figures.
The current issue also would
tell you that International Busi
ness Machines to June 2 rose 129
points above the 1958 high, a gain
of 35.9 per cent; that 4,000,000
housewives and non employed
adult females own stocks; that
simplicity pattern rose 53 6 per
cent to a new high from its 1958
high set on Dec. 1 of that year,
and that bond quotes even on
part-redeemed issues are based
on percentage of par of the
original principal amount.
(Reg. U.S. Pat. Off.)
United Press International
NEW YOltK-Thc National As
social ion for the Advancement of
Colored People, claiming that ad
vocates of massive resistance to
desegregation in (he South were
on the run in 105ft:
iney iosi ground on every
SAN FRANCISCO Mayor !b.
c-t F. Wagner of New York, after
replying affirmatively to a ques
tion as to whether he would ac
cept the 19HO Democratic pres
"If anyone would say thev
would not . . I think Ih.-y would
PITTSBUHGII John Duffy,
brickluyer from West Mifflin, Pa..
on lite visit which Russian First
Deputy Premier Frol Kozlov paid
lo him and his fellow workers at
the Homestead steel mill:
lc wished us luck . . . anil
we wished him the same."
NEW YOHK Former boxer Dun
Slibel. 44, alter he had halted a
fleeing bank roblvery susecl with
a left hook to the jaw:
"It didn't look as if anvhodv
would stop him. I was right in
trout of him and I swung, and
that was that.'
To Be Flown Home
MANILA (ITP The bodies of
the two American military advis
ers killed by terrorists in Viet
Nam last Wednesday have been
flown to the Philippines, it was
Capt. Howard B. Boston, 38.
Blairsburg, Iowa, who suffered a
bullet wound in the jaw during the
subsequent gun battle with the
lied terrorists, accompanied the
bodies to Clark Air Force Base.
Doctors at the Clark Air Base
Hospital reported that Boston's
condition was improving. Smith
The spokesman said the bodies
of Muj. Dale Buis. Imperiul
Beach. Calif , and Master Sgt.
Chester 'Ovynd. Coppers Cove.
Tex., will be flown to their fa
milies in the United States.
The victims were members of
the U.S. Military Advisory Group
assigned to Viet Nam. They were
watching a movie inside an army
billet at Bien lloa, some 22 miles
north of Saigon, when one of the
attackers exploded a bomb.
Besides the Americans, two Viet
namese guards and the attacker
were killed in the raid.
'Observer, la Grande, Ort.,
DREW PEARSON SAYS:
Rebel Republicans Don't
Talk As Much As Demos
WASHINGTON It isn't often
ihat election of a state senator
attracts much attention. Mow-I'M-r,
the glamor packed battle for
-cnalor from Alexandria. Vs.,
onetime district of George
Washington, is being watched all
iver the .Smith.
Fur on its outcome will depend
whether Virginia continues mod
irate integration or bans public
schools. It will also partly de
cide the future uf Virginia's po
tent liyrd machine. Finally, the
romance and red roses of the
lust families oi Virginia arc ti
ed up in the personalities of the
Fighting for the liyrd mach
ine and the probable end of the
public school system is Mar
shall J. Beverly, cousin of Sen
ator liyrd. and great great-grand
sun uf John Marshall.
Fighting againt the machine is
Sen. Aimistcau I.. . Boolhc, dc
eendant of Conferedatc General
(Hat On-Sword at Gettysburg)
Ar mislead; also the son of a man
who served for 50 years on the
Virginia Democratic executive
Battling on each side arc such
Old Virginians as Fitzhugh Lee
Opie, a member of the famous
Lee family and collateral descen
dant of George Washington, who's
behind Beverly; and behind
boolhc, Mary Walton Livingston,
whose great-grandfather was one
of the historic statesmen of the
Old Dominion; and the Charles
Ravenels, than whom there is no
whomer in the aristocratic city
Alexandria. Uoothe's wife is
a Kavenei daughter.
Thus Old Virginia fights Old
Virginia over the issue of whe
ther to put a handful ef Negro
children into a half a dozen
schools or close the schools.
Boothe, though a segregationist,
says the schools should be kept
open under the Almond plan.
Not only is Old Virginia fight
ing Old Virginia as though
crude invaders from Boston or
Philadelphia were upon them,
but they are doing it with in
vective seldom heard among Vir
ginia gentlemen. Boothe, a
Rhodes Scholar and one of Vir
ginia s outstanding legislators,
broke with the Byrd machine.
Thereupon it picked a Byrd rela
tive to try to oust him from the
Beverly, strictly a know-nothing,
got off a remark in a debate
with Boothe the other night that
there were about 400 members
in the Virginia legislature. There
arc 100 representatives and 40
If Boothe is defeated, the nar
row vote in the Virginia legisla
ture could result in defeating
Governor Almond's school plan,
if he is reelected, all the South
will be watching.
Ike's GOP Rebels
II hasn't been advertised, but
President Eisenhower is having
as much difficulty with rebellious
Hcpuhlicans as Senate Leader
Lyndon Johnson, is having with
his divided Democrats. Here are
-.nine GOP squabbles that are I
iiulibling bencathe the surface:
I House Minority Leader
Charlie ll.illcck is readying his
House Republicans. Ix-hind a
Southern move to restrict civil
rights legislation. At the very
same tune. Attorney General Bill
Rogers is bitterly battling
against the llalleck Southern
move. Both men arc supposed
to speak for President Eisenhow
er. 2. Kentucky Sen. Thurston
Morton, who doubles as Itepubli-j
can national chairman, is doing
his best to keep the party from;
endorsing righttowork laws, j
Arizona Sen. Barry Goldwatcr.j
w ho also serves as lie publican
senatorial campaign chairman, is!
striving even more vigorously
to swing the party behind right-to-work
legislation. Both are en-j
ti listed with the job of winning
tor the GOP in liHk).
3. Inside the powerful Senate j
Republican policy committee, the
Eisenhower Republicans continue;
to grumble against President
Eisenhower's policies. They com
plain sourly that he is no long !
er an Eisenhower Republican
At their last secret meeting.
North Dakota's Lanky Sen. Milt
Young protested against the
President's plan to halt the high-J
way program because the Senate
closed to boost gasoline taxes to
finance it. Young objected that;
the countryside will be left "in
a mess if highway construction
is abandoned half-completed.
In North Dakota, we have
bridges witn no roads." he snor
ted. "If we don't finish the
highways we've started, we'll be
stuck with white elephants."
Vermon'ts gnarled Sen. George
Aiken also criticized Ike for
"practicing back-door financing
while he is preaching against it."
Aiken pointed out that the res
ident signed legislation on June
17, authorizing $4,500,000 for the
world bank, lo be financed hy
('irect loans from the treasury.
This by passes the congressional
appropriations committee which
is charged with passing upon
all such financial arrangements
from year to vear.
Aiken complained this was ex
actly the same "backdoor finan
cing" that the President had
condemned for the long range
Sat. July 11, 1959
development loan fund for back
Senate GOP Leader Everett
Dirksen simply shrugged when
Aiken asked him to explain Ike's
At the sume meeting, Kentucky's
soil spoken S 'n. John Cooper pro
tested against President Eisen
hower's refusal to support a s?lf
linancing plan for the Tennessee
This is more opxsition than
Lyndon Johnson normally en
counters inside the Democrat
ic policy committee. The dif
ference is that the Republi
cans manage to keep their dis
agreements confined behind
Note Republican Leaders
llalleck and Dirksen, who bristle
at the sight of each other, are
close to an open break. After
the weekly GOP leaders' meet
ings with President Eisenhower,
they elbow each other to get
at the microphone outside the
President's office. The one who
reaches it first is quoted in the
newspapers, which each consid
ers his rightful privilege as the
President's spokesman on capitol
Hill. In the jostling, the more
agile llalleck usually wins, much
to Dirksen's annoyance.
Boozing Lion Has
Ball In Park Zoo
NEW YORK (UPI A beer
drinking, ice cream-eating lion
stranded here after a convention
of lions of the two-footed variety
is living it up in a $5-a-day cage
at the Central Park Zoo while
city and diplomatic officials pond
er his fate.
The 620-pound lion was brought
to the recent Lions International
convention here by the Capetown,
South Africa, Lions Club as a gift
to the Manila Lions Club.
However, the Manila club, after
accepting the lion named Melvin
Jones in honor of the founder of
Lions International found that
currency restrictions prevented the
payment of transportation charges
in dollars. So Melvin, who is two,
was quartered, temporarily, in the
Central Park Zoo June 10..
Philippine officials, whose aid
had been sought by the city, de
cided Friday to ask American
companies doing business in the
Philippines to help get up the
$3,000 necessary to send Melvin
to his destination.
A! No Extra
In Your New
See Ne, Your Carrier
WHILE YOU WERE
AWAY LAST YEAR...
The 0B..EBVEB Reported . . .
Local Newt And Happenings
Births And Deaths
Covered Society And Club News
Entertained With Your Favorite Comics
You'd Never Guess What
No, or any other day for that matter. The Observer
contains such a wide diversified assortment of local
news and advertising, it would bo impossible, to
make even an approximation of its contents . . . you
must READ it to be fully informed concerning the
activities of your community, your state and your
In order to keep up on local happenings, many of
my subscribers nave asked me to save their copies
LARCENY GREATER THAN GRAND
Purchasing Power Shrinks
In Terms Of Beans, Shoes
By IYLE C. WILSON
United Press International
President Eisenhower will scratch
pen to paper in a day or so and,
PRESTO: The buck in your
pocket or the dollar in your bank
will be it) the process of shrink
ing some more.
This scratch of pen on paiwr
will signify a hike in the top limit
of the national debt, in this in
stance a temporary bounce to
Neither the .weight nor the di
mensions of your dollar or your
folding money will shrink. But
their purchasing power will
shrink in terms of beans, biscuits
butter and baby shoes or in
terms of anything you may buy.
This is larceny on a scale
greater than grand. All of the
footpads and burglars of all time
plus the embezzlers could not
have made away with as much
of the citizens' money as the
process of currency inflation is
accomplishing. There have been
big and little years of currency
inflation in the past 30 years or
so during which the U.S. dollar
has been taking a beating.
The Shrinking Dollar
The year 1942, for example was
a big one in the cycle of cur
rency inflation. The finance com
mittee of the U.S. Senate calcu
lates that in 1942 the dollar
shrank in purchasing power by
9.1 cents. The year 1947 showed
a nine-cent shrinkage. Only 4.4
cents were melted away from the
value of the dollar in 1948 and
only half a cent or less in each
of the following years, according
to the committee's calculations.
In very recent years the inflation
trend has been substantially
checked but not stopped.
The big, bad fact, however, is
that the committee's figures show
that from an arbitrary valuation
of 100 cents in the year 1939.
the dollar has shrunk to 48 cents
or thereabouts. In just 20 years.
1939-59. the purchasing power of
the proud U.S. dollar has gone
off by upward of 52 cents. A $10
bill now in your pocket or bank
is worth slightly less than $5 in
terms of 1939.
Where all of this will end.
none can say; Especially none of
the politicians in Washington who
borrow and spend the money
which puts the government more
in debt and requires the constant
raising of the national debt ceil
Cost To You
get your Vacation-Pac started
- 3161 for
ing. Where another 20 years like
the past 20 would end, of course,
can be calculated simply enough
They would end with something
less than a 25-cent or two-bit dol
lar. What that would do to per
sons on a fixed income of dollars
would be very rough, indeed
Pensioners, social security pa
trons, recipients of insurance
would be hit hard.
Others than pensioners on fixed
incomes have a big stake, also,
in the purchasing power of the
U.S. buck. Tax foundation. Inc.,
of New York, has calculated the
effect over the years of currency
inflation and high taxes on em
Health Officials Fear
Polio Epidemic Spread
DES MOINES. Iowa 'UPD -Health
officials feared today that
Dcs Moines' polio epidemic, the
first in the nation this year,
would spread throughout the state
because of public apathy toward
Des Moines, Iowa's capital city,
and surrounding Polk County have
had 69 polio cases this year.
Three of the patients have died.
One hundred chapters of the
National Foundation in Iowa were
alerted to battle the disease and
Salk polio vaccine was shipped to
all but three of the state's 99
Doctors pleaded with residents
to get inoculations but said peo
ple in general, and teen-agers in
particular, were not responding
Dr. James F. Speers. the city
county health director here, said
he "wouldn't be a bit surprised
if the epidemic sweeps across the
"Iowa has a very poor vaccina
tion record," he said.
Spcaers said Dcs Moines, with
about one-tenth of the state's' pop
ulation, has used half the public
health-dispensed vaccine in the
last few years.
Health officials Tuesday official
ly termed the outbreak an epi
demic, and the U. S. Public
Health Service's communicable
diseases laboratory at Atlanta.
Ga . said the epidemic here was
the first "real outbreak" in the
nation this year.
Is In The Observer Today
of the paper and deliver them after they return
home ... in one convenient bundle, of course.
As an OBSERVER Carrier boy I am a "Little Mer
chant." I buy the papers outright and sell them to
you at a small profit. But like other merchants I,
too, am anxious to be of service to a customer . . .
that's why there is NO EXTRA COST to this VACA
TION PAC Service.
see me today or call
ployed persons. The calculation
was based on the situation of a
married couple with two children.
What this couple must earn
merely lo break even in 1959 is
shown in the following chart in
relations to their 1942 income.
$5,"00 . $9,233
The increase required to break
even ranges from 82 to 87 per
cent. This is a fair measure of
what high taxes and rublcry
money do to the working man, his
wife, and his kids.
Fifteen iron lungs were sent lo
the city by the National Founda
tion. The organization asked the
Red Cross to provide 16 special
nurses to handle the patients in
the crowded polio wards.
Thursday a National Guard
truck, converted into a "hospital
on wheels," sped a Des Moines
patient confined to an iron lung
to Iowa City under police escort.
Officials said university hospitals
in Iowa City had better facilities
to care for the patient, Mrs.
Betty Wesley. 27.
The spread of the disease slack
ened this week, but Speers said
"it's too early to predict that we
may have hit our peak."
"Polio sometimes eases "and
then flares up again," he said.
Portland Man Killed
By Falling Tree t
PORTLAND (UPD Charles
Edward Seymour, 40, Portland,
was killed when struck by a fall
ing tree Friday as he was clear
ing a timber and brush - covered
lot at S.W. 63rd Ave. and Vermont
Deputy Sheriff William Forsyth
said a loading scoop on a tractor
Seymour was operating apparent
ly struck the tree, toppling it on
Seymour was struck across the
head, knocked off the tractor and
killed instantly, the deputy said.