Image provided by: University of Oregon Libraries; Eugene, OR
About La Grande observer. (La Grande, Or.) 1959-1968 | View Entire Issue (July 11, 1959)
AVERAGE STOCKHOLDER HAVING DIFFICULT 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 his noeds. 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 tee shots. And last Monday afternoon, he walked outside his office at the White House to hit some practice shots up to his' putting green. Beauty, . Bishop To Battle 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 Universe Contest. 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 bathing suit." 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 her." I'at is the second Unman Cath olic entered in the Miss Universe contest to run into opposition from the church. Log Cabin Holiday PlannedForQueen 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 15. 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. BEAR TRACKS 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 pounds. i TIME KEEPING PACE Thirdly, they wanted to know ahout the market commitments of the big investors, such as the in slitutional ones like mutual funds. They seldom mentioned pre ferred stocks or bonds, indicating their main preference was com mon stocks. They were more Interested in capital gains than in dividend in comegrowth vs. yield. Ready Reference And they said they read "The Exchange" from a half hour to several hours, and many kept back issues on hand (or ready reference. They circulated the monthly magazine among their friends to such extent that "the exchange'' estimates it has a readership of 400,000 persons. 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 see: 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 trap. 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 television. 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. Tropical Storm 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 winds. The storm roared along off the New England coastline after tak ing a final swipe at Virginia and North Carolina. 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 squalls. The storm threw several small tornadoes at areas in Virginia. North Carolina and Maryland Friday. No injuries were reported but the small funnels damaged power lines, a few homes and other buildings. 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 picture. 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 book. 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 gains. 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 Uruguay. 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. QUOTES FROM THE NEWS (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 iroiu. 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 idential nomination: "If anyone would say thev would not . . I think Ih.-y would be lying." 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.' American Bodies 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 announced today. 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 said. 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 two candidates. 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 committee. 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 Senate. 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 senators. 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 himself. 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 Pagt 6 development loan fund for back ward nations. Senate GOP Leader Everett Dirksen simply shrugged when Aiken asked him to explain Ike's inconsistency. 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 Valley Authority. 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 closed doors. 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. GOING ON ILL SAVE of A! No Extra 0BSERV In Your New Vacalion-Pac 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 Sports Events 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 nation. In order to keep up on local happenings, many of my subscribers nave asked me to save their copies To Phone 3 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 2115 billions. 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 Every Issue Your 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 Two-Bit Buck 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 inoculation. 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 counties. Doctors pleaded with residents to get inoculations but said peo ple in general, and teen-agers in particular, were not responding well. Dr. James F. Speers. the city county health director here, said he "wouldn't be a bit surprised if the epidemic sweeps across the state." "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. VACATION? 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 VACATION-PAC 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. I!H2 1959 $2,000 $3,743 $3,000 $3,613 $5,"00 . $9,233 $10,000 $18,190 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 St. here. Deputy Sheriff William Forsyth said a loading scoop on a tractor Seymour was operating apparent ly struck the tree, toppling it on the tractor. Seymour was struck across the head, knocked off the tractor and killed instantly, the deputy said.