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About La Grande observer. (La Grande, Or.) 1959-1968 | View Entire Issue (Aug. 20, 1959)
LA GRANDE OBSERVER Observer, La Grande, Ore., Thurs., Aug. 20, 1959 Page 9 MAfL TRAIN PILE UP The smashed locomotive in which the engineer of a Santa Yo mail thiin was killed at Hardin, Mo., is shown across the tracks. One boxcar that Won in collision with the mail train rests on top o( the engine. Political Wheel Turns While Ike Wins Battle By RAYMOND LAHR United Pre International WASHINGTON UPI When President Eisenhower starts to win congressional battles over lahor, housing and highways Hie political wheel has token just a rout one full turn. A year ago. with the slimmest of majorities, the Democrats had the Eisenhower Administration and the GOP on the defensive. Senate Democratic leader Lyndon B. Johnson, for example, seemed to be dragging the Republican Administration into an admission that unemployment was high and that something had to be done about it. With nothing but overconfidence ' "IGUANA GO HOME" Lot Jting out a yell, 6 -year -old ' Michael Hughes of Brooklyn, N.Y., has a monster on his I mind. Actually, he is just kid ding around ar.d using an igu ana lizard fur a hat. Nine-Day Cbar.up Of Mt. Whitney Nets Tons Of Junk LOS ANGELES (LTD Two tons of tin cans and a half-ton of broken glass were removed from 14,495-foot Mt. Whitney dur ing a nine-day cleanup of the famed Sierra peak, leaders of the expedition said today. Tom and Trudie Hunt, Covina, Calif., who led the 30-memher' Sierra Club party, said sardine cans and bed springs were among items gathered along trails a.id at campsites. The debris was packed out by a iimals or burned. The couple said the party as sembled Aug. 8 at the Owens Val ley town of Lone Pine and then packed to a base camp near the 10.300-foot level. Climbers twice reached the summit of Whitney in their search for htter. They also waded in a lake at 12.000 feet to remove 80 pounds of cans. "It was hard to believe persons could leave so much refuse," Hunt said. "The summit, from which we removed nearly 300 pounds of debris and. where we burned ref use for five hours, is 13 miles from the nearest road.' to worry about, the Democrats felt they had the congressional elections won before the first voles were counted. Now they are on the defensive. Triumphant Week For Ike Last week was a triumphant ;i:h perhaps symbolic one for President Eisenhower in his re lations with the Democratic Con gress , Over the opposition of the Democratic leadership md a ma jority of the Democratic-members, the House approved a tough lahor reform legislation which carried his endorsement. And the Senate sustained his veto of the housing bill. The labor vote apparently re sulted from a public clamor to support Ike when he atked for more stringent controls on unions. The veto threat has been even more effective, A majority of the Senate voted to override the housing veto but the move failed when less than the required two-thirds supported it. ' Eisenhower seemed Unable or unwilling to wave the veto threat last year. But now he is less bashful. The veto gives him the equiva lent of 16 votes in the Senate and 72 in the House. As he has said, the constitution makes him part of the legislative process. V hat has happened to the union supported labor bill which Sen. John F. Kennedy D-Mass. ) brought from the Senate commit tee last spring It was toughened on the Senate floor and rewritten in administration language on the house floor. What of the scornful reception Democratic leaders gave to Eisen hower's requests for a gasoline tax increase to help solve the House Ways & Means Committee is ccving in. at least in part, be cause a majority of its members kiiows of no other way to keep the highway program going. Housing Bill Still In Doubt Cn housing. Senate Democrats backed up a little but only a little. Eisenhower calls part of the new bill objectionable but admits legislation is compromise and keeps his own counsel about a veto while the outcome is in doubt. In a minor league contest, Eisen hower objected to one provision of the TVA bond financing bill. But he finally signed it. In what looked like a deal. Congress promptly passed a separate bill to repeal the offensive section. His heavy commitment for a balanced budget and against In flation underlies most but not all of Eisenhower's arguments with Congress. He is said to object to talk about the "new Eisenhower'' but has been persuaded or has persuaded himself to take a more tx-lligfrent stand. But if the political wheel has turned once, it can turn again. The votes in 1960 will not be counted for more than 14 months. ' By ELMER C. WALZER UPI Staff Writer NEW YOKK L'Pl '-Holders of mutual funds hold on to their stock during a market decline and so do the small investors, statistics recently produced in-d.cate. As a matter of record there is more buying than selling of mu tual! during a market decline. In the 18.2 per cent decline of May-October 1946 the value of mutuul fund shares bought amounted to $98,800,000 while volume of shares redeemed to taled t38.700.0OO. In the 5.6 per cent dip of January June 1949 purchases amounted to $133 million and re demptions to $24,700,000. When the Korean War broke out in the week ending June 30, 1930. the market fell 69 per cent. At that time purchases were $9 million and redemptions $8,200,000, almost a standoff. There was some real buying in the period April to September, 1953 when the market declined only 5.7 per cent. At that time purchases of mutual funds soared to $228,400,000 against redemp tions of $69,200,000. It has been that way right along more purchases than re demptions in a market decline. ts- HE'S COT TO CO -Peter Zylsira has been Informed by Ferndale, Mich, police that his fix-month-old lion has to go. A city ordinance prohibits keep ing of animals other than those nor.nally kept as house pets. He intends to take it up in court Georgia-Pacific To Sell Billion Feet Of Timber PORTLAND (UPI) , Georgia- Pacific .Corp. indicated, today it planned to sell one-billion feet of Lane county timber to repay some of the money borrowed to finance the company's 93 - million dollar purchase of the Booth Kelly Lum ber Company's vast holdings. The holdings included three-billion feet of timber. A spokesman confirmed reports that the "word was nut" in log ging circles about the planned cutting program. , Timber industry sources said Georgia-Pacific was seeking con tract loggers to cut the timber at the rate of 200 million feet a year under five-year contracts. Robert Lee, public relations di rector, said the firm previously had indicated that a working cir cle would be established in the Booth-Kelly timber and that the rest of the timber would be sold to other companies. More Buying Than Selling Of Mutuals During Decline ureqonians Unhurt In Earthquake PORTLAND (UPI-The Arthur Brannfors family of Portland was among Oregon residents in the Montana quake area who escaieu injury. Mr. and Mrs. Brannfors and their two children, Erie, 12, and Virginia, 10, returned home Wed nesday night and related how the tremors affected them. They were in a motel in Ennis, Mont., about 60 miles from Hob gen dam, where major damage occurred. Mrs. Brannfors said they felt the quake and heard it rumble about 11:30 p.m. Monday. Beds bobbed like small boats in rough water and floors rippled, she said. No one was hurt and only the bathroom was damaged. SPRINGFIELD UPI Seven teen Springfield Explorer Scouts, who were camped Monday night in the Montana earthquake area, escaped injury. ' The scouts and four adults led by scoutmaster R. L. "Ted" Coth rell of Springfield were camped at Yellowstone park when the quake occurred. Cothrell phoned his wife Wednesday night to re port that no one was injured. Cothrell said when they heard the quake they thought it was a bear shaking their tents. The troop, which left here Sat urday, will stay at Yellowstone until Friday. . . PORTLAND (UPD Two Hepp- ner couples, who were vacationing in Montana's ' Yellowstone park when Monday's earth quakes struck, escaped without injury. Escaping unhurt were Mr. and Mrs. Frank E. Parker and Mr. and Mrs. Ben Anderson, retired wheat ranchers and their wives. The Parkers' daughter, Mrs. Harry W. Nelson of Portland, re ceived a phone call from her par ents and they said they were safe and leaving for Oregon. People ill Wall Street ouUide the mutual fund group hold that small traders often sell in dis gust and decide to tu n oer their market business to the' professionals. Not too many small investors in the market dump then- hold ings either. Keith Kunston. president of the New York Stock Exchange, quotes one of them Philip Miller an industrial supervisor in Au rora. HI.: "Were investing for the long term, and not (or any overnight prolns. So why would we worry alnnit the day-today lips and downs of the market, a.iyway.'' Investors in mutual fiiiulk are mature people. V-.ose who pur cl a e minimis in lump sums average 55 years of age with a family income of Sii.542 a year, hold mutuals valued at $4,171 and corporate stocks directly at a value of $8,187 This investor also has I'. S. savings bonds worth $3,344 and lite insurance in the amount of $8,497. That comimsite investor is measured in the statistics of the National Association of Investment Com panies i The median age of the 12.4ii0.0O0 investors in slocks on their oun is 49. It's an interesting sidelight lo investing to glance at the age of the new investors brought out in the recent slock exchange sur vey of slocUiohlors. This new investor ami theie are 3.90U.OW of them has a median age of 35, a longer pattern of education than the average shurcowner und one out of six is in professional or semi professional occupation. One out of nine holds a man agerial job. Upwards of 27 per cent of the new shareowners ac quired their first stock in the company which employs them. The typical invesl-as-you-go in vestor in mutual funds the typi cal accumulation plan investor is found to be 43 years old, has an annual family income of $7,034, and owns mutual fund shares valued at $1,890. Also he owns $1,696 of corporate stock directly, has savings bonds and bank accounts of $1,970, and in surance in force of $11,950. Closed-End Investor Older The typical investor in closed end investment companies is 55 years old with a family income of $8,850, male, married and holding besides his investment company shares individual stocks I and savings worth $21,850. Closed end investment companies have a fixed number of shares out standing and are traded like cor porate stocks some one must sell to provide stock for a per son to buy. The closed-end companies usually are traded in the stock market. Mutual funds have no fixed niimlH-r of shares, since the fund buys and sells stock as the market develops. The trading in mutuals is over-the-counter. The stock exchange's new in vestors are a much younger lot than any of the mutual fund groups. 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