MEDrORD (OREGON) MAIL TRIBUNE CTVB
Stock Investor Has Only To fear Himself, Exchange Head Says
Thurtday. Marc 3. 1953
Air Force Jet PBane (Production iVOay
Lead To (Faster Commercaal Transports
Washington (U.R) A new jet Rep. Henderson Lanham (D- likely production facility for the
.plane to be designed or the Air
.force is expected to lead to de
velopment of a- commercial
transport capable of spanning
the continent in about four
hours.
Air Secretary Harold E. Tal
bott said yesterday the Air
Force has contracted with Lock
heed Aircraft to design an ad
vanced jet tanker plane for in
flight refueling to extend the
range of jet bombers
If successfully developed for
military use, the ship almost
certainly would be produced
also as a passenger transport
which could fly at speeds ex
ceeding 600 miles an hour. Such
a plane would be the world's
fastest commercial jet transport.
Talbott also disclosed plans
to order an additional $460,
000,000 worth of jet tankers
from Boeing. The 550 mile-an-hour
Kc-135 Stratotanker al
ready is in production and new
oraers to be placed over an ex
tended period" will bring total
contracts to $700,000,000.
200 Expected To Be Built
Informed sources expect Boe
ing to build at least 200 of the
aerial gas stations which will
team with the mammoth eight
jet B52 Stratofort to comprise
a global hydrogen and atomic
bombing force.
The Stratotanker was devel
oped as a $15,000,000 private
venture and is being offered in
a commercial version, carrying
up to 130 passengers.
Authorities believe the Lock
heed plane, a new departure in
tanker-transport design, would
be built at the huge Marietta,
Ga., plant if the Air Force
eventually orders production.
Designed for very high speed,
the plane will carry its four en
gines as an integral part of its
fuselage, leaving its sharply
rwept-back wings unmarred by
the familiar jet pods on other
U.S. planes.
Talbott said the Lockheed bid
was "technically advanced . . .
of great interest" and the Air
Force "probably would want to
buy cne or more prototypes as
soon as engineering progress
warrants."
Built at Seattle Only
At present, however, the Air
Force will concentrate all jet
tanker production at Boeing's
Kenton plant near Seattle.
Ga.) expressed regret that Lock- Lockheed plane if and when it
heed did not get a share of the eventually is ordered.
new tanker production order.
He thought the outcome would
be disappointing to Marietta.
Other sources, however, said
the Marietta plant, 17 acres un
der one roof, would be the most
The two Air Force projects
open the way for American in
dustry to capture the jet trans
port lead from Britain. Britain
pioneered that field but suffered
a setback when its publicized
Comet jet liner was grounded
after a series of accidents. Later
model Comets, greatly strength
ened, are being built.
Military orders for jets will
help to bring down American
production costs and presum
ably hasten the day when U.S.
airlines buy jet transports.
FALSE DAWN Lighting the sky like a dawn from the
wrong direction, the flash of the "little bomb" detonated
at Nevada Proving Grounds, is seen from Salt Lake City,
350 miles away. The city can be seen in the foreground in
this view looking southwest.
Puppy in Trouble 'Telephones' Operator
Welland, Ont. (U.R) A lo-1 der arrived on the scene, he
cal telephone operator became
alarmed when she heard a moan
ing sound as from someone in
pain came over the wire. She
traced the noise to the telephone
cf an electrical workshop near
here, then called police.
When Constable William Cal-
iouna a young boxer puppy,
owned by the operators of the
shop, had been locked in the
building. The pup had knocked
the phone off the hook and lay
down beside it. The dog's whim
pering had aroused the opera-1
tor,
Nixon En Route
To Haiti on Last
Stop on Mission
Cuidad Trujillo, Dominican
Republic (U.R) Vice-President
Richard M. Nixon flies today to
neighboring Haiti, last stop on
his good will swing through Cen
tral America and the Caribbean.
He returns to Washington Satur
day. There was little doubt of the
success of Nixon's mission to the
Dominican Republic.
Yesterday, the Roman Catho
lic primate of Santo Domingo
and the Antilles gave Nixon his
blessings and a prediction that
the Californiari would be some
day "the full fledged" President
of the United States.
Former President Generalis
simo Rafael L. Trujillo Molina
commented jokingly that he was
"jealous" of Nixon's popularity.
"You have conquered the peo
ple," Trujillo said. "I think you
could be elected president here."
"I'm not running for any
thing," Nixon replied.
Nixon has steered clear of
comment on his future political
plans during his tour. In Puerto
Rico, he said he "certainly
hopes" President Eisenhower
runs again in 1956.
CAR HITS BANK
The driver and passengers of
a California car were shaken up
and bruised last night when a
muffler came off, causing the
car to ram the bank next to the
highway in the Siskiyous, ac
cording to reports made to state
police. The accident happened at
about 10 p.m. Driver was Elbert
M. Dorsey, 34, Redding, and his
passengers were Aletha B. Pow
ell and J. D. Hammocks, both
Willows, officers said. Damage
to the car was minor.
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Senate Banking
Committee Told
Market Healthy
Washington (U.R) G. Keith
Funston, president of the New
York Stock Exchange, said to
day a man with money in the
stock market has nothing to fear
except himself.
The lead-off witness in a full
scale Senate investigation of a
current stock boom, Funston in
vited millions, more Americans
with the cash and the sense to
use it to come in and buy stocks.
The stock market is healthy,
he said, and the 1929 crash isn't
likely to be repeated. This is
true, Funston said, though some
investors "pay more attention to
tips and rumors" than they
should. He credited the boom to
the fact that the public feels
business is good and the future
bright.
"It is true that some of our
citizens may act unwisely and
suffer loss," Funston said in a
prepared statement. "But most
will act intelligently and pros
per. We cannot hope to protect
each imprudent investor against
himself."
A 'Friendly' Inquiry
On the eve of the Senate in
vestigation, the bull market clos
ed Wednesday in New York at
new highs. This continuing
boom . prompted the "friendly"
inquiry by the Senate Banking
committee headed by Sen. J.
William Fulbright (D-Ark.). The
committee wants to know wheth
er the market is on a boom and
bust cycle.
Funston emphasized that
member firms of the exchange
"are not trying to sell stock
indiscriminately to all comers."
"Rather," he said," he said,
"the exchange community is
trying to broaden the base of
corporate ownership among mil
lions of financially able Ameri
can families.
"Market reaserch indicates
that there are up to 20,000,000
Americans who are probably in
a financial position to consider
the purchase of common stocks.
These the exchange and its com
munity wish to encourage," he
said. "But we definitely dis
courage those who cannot af
ford the risk of purchasing cpm
mon stock."
-The exchange estimates that
about 7,500,000 individuals now
own shares in publicly-owned
corporations. This is in addition
to financial institutions.
To Protect Investor
In contrast to 1929, Funston
said, the exchange now polices
itself. Activities also are regu
lated by the Securities and Ex
change Commission and the Fed
eral Reserve board.
In addition, he said security
analysts members of a J'new
profession" provide "t h e
public with a tremendous flow
of accurate information."
"In short," Funston added,
"endeavors have been made to
protect the investor against ev
erything but himself." .
At the outset of the hearings,
Fulbright said surface indica
tions so far are that "1929 and
1955 seem to present separate
cases" in the stock market.
Fulbright promised there will
be no browbeating of witnesses
at the three weeks of public
hearings. None has been sub
poenaed; only invited.
"None is here in the role of
the accused," he said. "Our aim
is education, not accusation."
The committee is not interest
ed basically in prices, he said,
but rather in whether the stock
market is "faithfully and wise
ly" serving the public interest
or whether it could do a better
job in this respect.
Communists Routed In India Election
Picks' Will Mark
Third Anniversary
A third anniversary sale which
opened today at Pick's apparel
shop, 112 East Main St., also
observes the opening of a new
addition to the store which has
doubled the floor space of the
shop. The addition, also in the
Allen hotel building, faces the
Southern Pi-cific right-of-way
and is directly across the street
from Robinson's parking lot
where Pick's customers may
park without charge. The store
now may be entered from Main
or Front streets.
The new section of the store
is devoted to women's dresses,
coats and suits. The modern in
terior is finished in a combina
tion of cactus green and pink.
Mrs. Helen Arthur, now as
sistant buyer and assistant to
Ralph Pickell, the owner, is well
known in the valley in connec
tion with women's retail busi
ness. She also has had charge
of stores in San Francisco and
Salem. Five other sales women
are employed at the store.
The first timber reserve in
the United States was establish
ed in 1891 in Wyoming 1,
239,000 acre.
New Delhi, India (U.R) A
wholesale rout of the Commun
ist party in elections in its
stronghold of Andhra State to
day stunned both the Reds and
victorious Congress party.
"It can't be true," top Com
munists wailed as results of the
state's first election poured in.
Leaders of Prime Minister Jaw
aharlal Nehru's Congress party
were jubilant over success such
as they had never anticipated
even in their most hopeful mo
ments. Latest returns showed the
Congress party won 62 of the 85
seats in the state Legislature
counted so far. The Communists
got five seats, the Praja Social
ists five and Independents 13.
In the last legislature the Con-
Golden Gate Park at San
Francisco is one of the world's
most picturesque parks, with
beautiful gardens, lawns, lakes,
groves, playfields, footpaths, eq
uestrian trails and motor roads.
gress party had 46 seats and the
Communists 45. The Reds top
pled the government of, the
Sobth India state last November
and forced the elections in hopes
of increasing their strength.
1 gS5aB 1
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