Page 6
Heppner Gazette Times, Thursday, January 2, 1958
Bab son-
(Continued from Page 1)
39 Canadian oil resefVes
should begin to recover in price
unless there is rationing of gas
oline In the United States in late
1958.
40 Most Important factor in
connection with real estate Is the
parking problem, which is a
curse of almost every city. Sub
urban real estate and farms owe
much to the automobile, but the
automobile industry is now reach
ing a stage where it could rev
olutionize present real estate pri
ces. We owe the automobile in
dustry a debt of gratitude for
our present prosperity. It is a
bellweather of general business
for 1958. It is, however, like every
thing else, subject to the busi
ness cycle and may be cause of
the next depression. Another pro
bable cause will be the failure
of one of the big corporations
whose stock is among the "30
Blue Chips" of the Dow-Jones
Industrials.
STOCK MARKET OUTLOOK
41 The "bloom is off the stock
market." We will have rallies
and reactions during 1958, but
the broad trend will be down
ward. This is the first time for
many years that I have said this
in my annual report. There is
too much talk about missiles,
bombs, and fallout.
42 While the stock market
has been going up during the
past few years, the bond market
has been going down. The re
verse will take place during 1958.
While the stock harket is going
down, the bond market will be
gin to creep upward. This espec
ially applies to tax-free bonds,
the purchase of which I strongly
recommend.
43 Good cumulative non-callable
preferred stocks will also
be in demand during 1958. Owing
to the money market, they re
cently suffered In price; but ow
ing to lack of supply, they will
be the first stocks to recover. Re
member, I am now recommend
ing only high grade cumulative
non-callable preferreds.
44 The large fortunes made
in the stock market have come
from buying non -dividend pay
ing stocks at $5.00 a share or un
der. These will be the first to
reach a buying level. If you are
to buy these low priced stocks,
you should seek companies with
out too much cumulative pref
erred stock outstanding. This Is
the opposite of the "preferred"
recommendation in paragraph
43!
45 Large bank balances will
continue to be a good investment
In 1958. Many savings banks are
now paying 3 to 3 Mi percent in
terest. These balances, however,
should not be looked upon as
permanent Investments, but ra
ther as a means of enabling you
to have cash available when
common stocks reach a low level.
This time may NOT come in 1958.
Here again, much depends upon
President Eisenhower's condition.
4G Although many corpora
tions interested In atomic energy,
electronics rare metals and oth
er growth industries will become
more prosperous and profitable
to Investors, some of these new
companies will be wiped out.
Hence, investors should be very
careful in connection therewith.
47 Utility stocks should hold
their own with regard to divi
dends and marketibllity. Electric
power will always be In demand.
48 Most railroad stocks should
be avoided. Most passenger bus
iness is now being operated at
a loss. Trucks, busses, airplane's,
and private automobiles will ul
timately force the government
to take over the railroads. In the
meantime, the securities of the
long-haul railroads, which spec
ialize In heavy freight, will be
the best to own. The short haul
roads should be avoided by Investors.
49 Notwithstanding the above
we cannot now become panicky
or too much bearish. Our country
Is not now operating on the gold
standard which was responsible
for many of our national crises,
but Is now on a Political Stand
ard. Although Newton's law of
Action and Reaction must contin
ue to operate, yea Congress can
for a while lengthen the pros
perity cycles. This It will attempt
to do even If it requires an ec
onomic dictator to temporarily
regulate money, wages, prices,
rents, taxes, and industry in gen
eral. I cannot forecast disarma
ment in 1958. It appears to me
now, however, that the present
race In guided missiles, atomic
underwater navies, surprise sat
ellites, and other tremendously
destructive military equipment
could ultimately rob us of our
freedom and turn us back to
slavery unless disarmament be
comes a serious goal. The Sput
niks should hasten either an
other military world war or the
elimination of world wars. Sput
niks should shorten the cold war
now In progress.
50 Speaking realistically, the
hope of the United States and
the world depends upon our spir-,
itual relationships. Only as we
grow spiritually, along with our
material growth and military
power, can the world be kept in
balance. Therefore, my final ap-
NEW PLASTIC CLAY-
Bakes Easier Than Pie
r" ''-I ' V'' '
iv a,
' tt.
-a
4 r
" " . , 3
v J
' p '?:! 1
fy Jii , jSLBatJJL. A3
w the n.'ime of a remarkable new modeling material that
children can shape into whatever little object they fancy and bake for
tiermanence in mother's own kitchen oven in 15 minutes. Pyrocon
differs from old fashioned earth
clay in that it is a modern pliant
plastic material. It needs no
moistening, is clean and non
messy to work with, and comes in
brilliant basic colors that can be
mixed to any shade or left par
tially blended for marbleized ef
fects. Before baking, it can be
used over and over again, and
stored for months without drying
out. After baking for 15 minutes
at 350F., it becomes hard and
practically unbreakable. Pyrocon
kits include a full range of colors,
basic pattern molds, modeling
tools and complete instructions -priced
at $2.00 at art supply
stores or toy counters. The mate
rial ii also available in bulk for
professional and institutional use.
I'M I A
Over 600 Persons
Attend Open House
At Bank Building
Well over 600 persons attend
ed the open house Saturday of
the new Bank of Eastern Oregon
building and examined the mod
ern facilities of the bank. Man
ager Gene Pierce said nearly 450
persons signed the guest reg
ister and over 600 were served
refreshments by wives of the
bank's directors and officers.
On display were many pieces
of bookkeeping equipment which
will be put Into use here.
A feature of the opening was
prizes for guessing the weight
of the vault door and the num
ber of moving parts in a book
keeping machine. Prizes of $15;
$10 and $5 savings accounts
were offered for both contests.
Weight of the vault door was
5,367 pounds and the closest
guess of 5,380 was made by
sheriff C. J. D. Eauman. Second
prize winner was Gary Jones
with 5,396 pounds, and third
place went to Ervin Anderson
with 5,400 pounds.
The bookkeeping machine had
a total of 7,412 parts and Clyde
Nutting came the closest with a
guess of 7,250; Loyd Burkenbine
was second with a guess of 7,230
and Ray Wright third with7,G00.
HOSPITAL NEWS
New arrivals To Mr. and Mrs.
Joe McMinn, Klnzua, a 6 lb. 4
oz. girl born Dec, 29, named Pat
sy Keylene. To Mr. and Mrs. Hen
ry Robert Krebs, Cecil, an 8 lb
13'a oz. boy born Dec. 23, named
Skye Henry. To Mr. and Mrs.
Richard Carl Donald, Portland, a
6 lb. 4 oz. boy born Dec. 25, nam
ed Daniel Eugene. To Mr. and
Mrs. Keith Llllie, Condon, a 7 lb.
1 oz. girl born Dec. 26, named
Tana Dee. To Mr, and Mrs. John
Campbell, Heppner, a 9 lb. 114
oz. boy born Dec. 29, named Mich
ael Paul. To Rev. and Mrs. Mer
lin Zier, Heppner, a 7 lb. 11 oz.
girl born Dec. 30, named Sandra
Joan.
Patients William I. Jewel
Kinzua, dismissed; Ray Kirk
Heppner; Jerome F. Bush, Con
don, dismissed; Wayne Bates,
Condon, dismissed; Joan Patrick,
Lexington, dismissed; Christina
Young, Lexington, dismissed;
Johnny Jay Stratton, Heppner,
dismissed; George W. Elder, lone;
Allen Walter Wolf, Stanfield, Ira
Lewis, Lexington, dismissed;
Katlirine Lines, Heppner, dis
missed; Mrs. Cleo Marlln, Con
don, dismissed Patricia Tucker,
lone, dismissed; Clyde Caton, Ash
land; Harley Wright, Heppner;
Theatora Siebel, Hermlston; Rita
Gale Rabelih, Condon; dismissed;
Danny Leathers, Hardman; dis
missed; Anne Little, Heppner,
dismissed; Mary Ellen Gates;
Fossil, (deceased); Loren Simonds
Kinzua; Robert Nahiklan, Condon;
Rita Thorpe, Heppner; Maxine H.
Ennis, Heppner.
MOVES TO HEPPNER
Arnold Raymond, formerly
with the McMinnville News-Register,
is now employed as linotype
operator at the Gazette Times.
Mrs. Raymond and two small
children will move here shortly.
peal is for the support of all
churches of all denominations
and their ministers, priests, and
rabbis who are carrying the torch
of righteousness.
Farm Outlook
(Continued from Pag 1)
a probable reduction in the num
ber of layers. Broiler prices for
1958 are likely to be close to the
estimated average price of 19 cent
a pound in 1957; however, produc
tion is expected to be up slight
ly. Turkey prices in early 1958
probably will be below 1957 lev
els. If expected cutbacks In pro
duction tor 1958 are made, prices
of turkeys in the last half of 1958
wdl be higher han in the last
half of this year. With large supp
lies of edible fats and oils ex
pected for the 1957-58 marketing
year and a strong domestic and
foreign demand, prices of butter
this fall and winter will average
about the hame as a year earlier.
But prices of lard and vegetable
oils (cottonseed and soybean)
may be somewhat lower, a9 In
creased coybean output will more
than offset declines in cotton
seed. With record corn, barley, and
sorghum grain supplies, feed
grain prices in 1957-58 are expect
ed to average lower than a year
earlier, influenced by a record
1957 production indicated in Oct
ober, and lower price supports
tli an in 1956. Prospective acreage
of wheat for 1958, and excellent
moisture conditions for winaer
wheat, point to another very large
crop, possible in the ange of 975
1,000 bushels. At the end of the
1958-59 marketing year, no sub
stantial further declines in the
carryover is likely.
Some further reduction In the
carryover of rice is expected by
August 1, 1958. Fewer potatoes
will be available from now until
next spring and prices received
by growers should average sub
stantially above those of a year
earlier.
These judgements about 1958
are based on three main assump
tions - assumptions that seemed
most realistic to the group at the
time but none of which Is certain:
(1) that the domestic business
situation will continue strong,
with no substantial letdown in
production, prices or employment;
(2) that the uncertain internat
ional situation will not touch off
another burst of inflation; and
(3) that there will be no major
changes in government programs
affecting 1958 farm income.
Looking beyonl 1958, they had
this to say; Looking beyond 1958
the most serious problem con
fronting American agriculture Is
to find ways to keep product
ion in balance with market de
mand at prices considered acc
eptable to farmers. In the past
two years, some progress has been
made toward reducing the burd
ensome stocks of wheat, cotton,
and rice. But stocks of feed grains
continue to rise, and probably
will be still larger at the close of
the present feeding season. Sooner
or later, farmer will either have
to reduce the output of feed grains
or else feed larger amounts to
animals, and thereby increase the
output of meat, poultry products,
and dairy products.
o
MOVES OFFICE
The office of the Morrow coun
ty health department is being
moved to second floor space in
the oourt house and will open
there January 2. The rooms the
office has been occupying In
Pioneer Memorial hospital will
be remodeled to provide addit
ional room for nursing home
bods.
First National
Announces New
Savings Plan
A new savings plan called
"Fihstomatic," and featuring the
combination of automatic de
duction from personal checking
accounts with a new high-interest
savings certificate was ann
ounced Thursday by First Nat
ional of Portland.
The plan, first combination of
its kind in the west, allows cust
omers to automatically! deduct
funds from a checking account
and direct them into the new
savings certificates which earn
3 per cent interest, compounded
semi-annually. Or, - customers
may deduct funds for a regular
savings account paying 2Vi per
cent interest, it was explained by
C. B. Stephenson, bank president.
"It is comon Knowledge that
the business economy of Oregon
and the nation is highly depend
ent on the ability and the will
ingness of people to put aside
savings," Stephenson said. "We
feel that anything we can do to
make saving easier a.nd more
convenient will benefit not only
the savers themselves but the
business community as a whole.
The new savings certificate,
which is Issued in multiples of
$25 may be held to maturity at
the 3 per cent rate, or surrend
ered after a 90-day withdrawal
notice, earning 2 per cent, in
terest. o
LADIES NIGHT DATE CHANGED
Elks ladies night has been
changed for this month onlv.
from Thursday, January 2, to
inursaay, January 9.
Justice and
Municipal Courts
Clayton James DeMelt, Jr., no
PUC permit, forfieted $15 bail.
John Lewis Smith, defective
foot brakes, $10 fine.
Stanley LeRoy Schoonover, no
brakes, $10 fine.
Wilbur F. Steagall, failure to
stop at stop sign, $10 fine.
Charles Allen Bloodsworth, vio
lation of basic rule, $25 fine.
Ray Ivan Papineau, failure to
stop at stop sign, $10 fine.
' David Barnett, violation of bosic
rule, $25 fine.
Barton Lyle Boylen, violation
of basic rule, forfieted $14.50 bail.
Judith Ann Collins, violation of
basic rule, $25 fine.
Jack James Van den Biesen,
failure to dim headlights, $10
fine suspended.
John Meadows, parking restrict
ed zone, $1 fine
John Kiggins violation of basic
rule, $15 fine.
o
JAMES MONAHAN
IN HOLLYWOOD
James Monahan, son of Mr
and Mrs. James Monahan, left
Saturday for Los Angeles where
he will be the house guest of
Ellie Shipstal and will attend the
Bob Hope New Year's Eve party
He will also attend the Rose
Bowl game on New Year's day
and return to the University of
Portland January 6.
o
Lyle Jensen, who is, attending
Modar's Barber college in Port
land, was at the home of his par
ents, Mr. and Mrs. Lincoln Nash
for Christmos day Pat Baseel of
St. Helen's was also a guest at the
Nash home.
Local News In Brief
Mr. and Mrs. Joseph B. Green
and family of Pendleton were
here to sDend Christmas day with
his mother Mrs. Alex Green, also
here were Mr. and Airs, jjod
Hagerman of La Grande. They
all had dinner together at the
Cornett Green -home.
Mr. and Mrs. Joe Loss and
babv from Arlington, spent Christ
mas day with Mr. and Mrs. Al
fred Troedson.
Carl F. Soauldina Sr. returned
Friday after spending the Christ
mas holiday witn ms son ana
familv. Mr. and Mrs. Marshall
E. Spaulding, in Parkdale.
Mr. and Mrs. Alfred Mat toon
left Sunday for a vacation in Reno
Mr. and Mrs. Rav Smith and
family spent Christmas with rel
atives in Oregon City.
Mr. and Mrs. Clarence Rose-
wall were Christmas visitors in
Weston.
Mrs. Sophia Ban of Portland
was a guest over the holidays at
the home of here sister and bro
ther-in-law, Mr. and Mrs. Frank
Turner.
CHRISTMAS GUESTS AT NEILLS
Mr. and Mrs. Roy Neill enter
tained their great grandchildren
with a Christmas tree for them
only. Sixteen of them were pres
ent on Christmas day, with their
parents and some grandparents.
Two of the great grandsons
were unable to attend but there
were 35 present altogether.
Twenty eight of the guests
were entertained for dinner at
the home of the Neill's daughter
and son-in-law, Mr. and Mrs.
: Ralph Scott.
Mr. and Mrs. Larry Mollahan of
Eugene are spending the holidays
at the home of his parents, Mr.
and Mrs. P. A. Mollahan.
Mr. and Mrs. Neal Knlghten
and Family of Kennewick spent
the Christmas holidays at the
home of her parents, Mr. and
Mrs. Roy Neill. Also a Christ
mas guest at the Neill home
was Ralph Moore of Couger,
Washington.
Jfr,
Sim
, ,&3Lett
"It's a money tree. I raised
it to p!ease the Dureau of In
ternal Revenue!"
Peck's Richfield
SERVICE
614 S. E. Court St, Pendleton
1 Blk. N. of Til Taylor Park
RICHFIELD PRODUCTS
Goodyear Tires, Batteries
BUD PECK
Everyone Is Invited To Attend
nnya
Moo'lbiinig
OF THE
Morrow County Livestock Growers
ASSOCIATION
Friday, Saturday, Jan. 10 & II
HEPPNER
A Program Of Interest to All
WITH
Robert J. Steward
Director of the State Department of Agriculture, will be banquet speaker
Saturday evening. .
FRIDAY FEATURE
BULL DAY
Bring your bulls to the livestock corrals at the fair grounds and trade, sell
or buy. Have them there by 1 1 a.m. so the afternoon will be free for trading.
Learn about losses occuring from new livestock diseases a special round
table discussion.
SATURDAY FEATURE
"Do We Want A Beef Commission"
Debate by Ted Hyde, chairman of beef aCommission committee and Uma
tilla county feed lot operator.
SOCIAL HOUR SATURDAY
5:00, ELKS LOUNGE
BANQUET - SATURDAY
6:30, FAIR PAVILION
DOOR PRIZES
GIVEN AWAY BOTH DAYS
all events open to the public
FAIR PAVILION FRIDAY
ELKS TEMPLE, SATURDAY