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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 2, 1955)
TWO-&MEDFORD (OREGON) MAIL TRIBUNE Sunday, October 2, 1955 Hike's Dllness Touched OT First EUHajor ShocE in America's (Biggest '.Bull:. Market BY ELMER C. WALTZER United Press Financial Editor New York (U.R) America's biggest bull market, which cele brated its sixth birthday on June 13th, got its. first major shock Monday on xa rash of selling touched off by President Eisen hower's illness. Wall Street termed the selling an "emgional spasm" not like ly to last long. It didn't. Next day therS was a sharp come back and another rally came on Wednesday? And then, like sim ilar situations in the past, there was a secondary reaction that wiped out part of the recovery. In the six years and nearly four months this bull market has been growing, it rose from 161.80 in the Dow-Jones industrial av erage to B7.45 on Sept. 23, a gain of 325.85 points or 202 per cent. Rails rose 300 per cent in the same period and utilities 93 per cent. None of the interruptions in the rise was of broad scope Monday s knocked down Indus- trials by 6V per cent and the whole market about 6 per cent Market Was Vulnerable Wall Street termed the period since the election of 1952 as the Eisenhower market. In that (period until a new bull market high was set on Sept. 23, the industrial average rose 217.22 points or 80 per cent from 270.23 to 487.45, the latter a record high. Having achieved sensational gain3, the market was in what the experts called a weakened technical position, subject to wide declines on selling. Hence when the financial district was shocked by news of the Presi dent's illness over the week end the first reaction was to dump stocks. Orders to sell piled Up In the brokerage ffices. On Monday, specialists grouped these orders into ljuge blocks, r&nging to 75,000 shares in United States Steel. For every share scd there had to be a buyer and hence it took some time to cpen these stocks in the absence $f buyers. The specialists had to buy vast amounts for their own account. They sold this on Tuesday. Reassuring statements from market experts, business men, economists, and government of ficials helped clarify the situa tion and resulted in a return to normal in the trading. No im pairment was seen for business which is expected to set new high records in production, earning and dividends for 1955 with big demand for all major lines go ing well into 1956. Business men announced readiness to carry forward expansion programs ranging to $500,000,000 for the Ford Motor Co. In the course of the week's market operations, many records were set or broken, including: Monday's dollar decline: A total of SH.000,000,000 in val uation of all listed stocks was wiped out, a record for a single day. Industrial decline: The indus trial average fell 31.89 points on Monday, most for a single day since Oct. 28, 1929, when it fell 38.33 points, and the second largest decline in history. m ROBERT E. LEE OPTOMETRIST 909 EAST MH ST. .. .aui. a-.x...' Years of specialized study with practice for preventative visual troubles make possible highly satisfactory results with lenses and treatment. ' V ' "fit LATEST PHOTO President Eisenhower is shown as he returned to the Summer White House in Denver after a four-day fishing trip. This picture is the latest of the chief executive before he was felled by what has been described as a "mild heart attack." Railroad decline: A drop of 11.15 points in the railroad av erage on Monday was a record for that average which dates back to 1894. The utility average had its worst decline since Sept. 3, 1946 2.46 points. Sales on Monday: Monday's volume, swelled by the huge blocks, amounted to 7,720,000 shares, most for any session since July 21, 1933. This was only two tenths per cent of all stock list ed. Hence, Wall Street took some comfort from the fact that 98.8 per cent of all stock held on the previous day was still intact. There are 3,492,069.854 shares listed on the New York Stock Exchange. Industrials Rally Sharply Tuesday rally: On Tuesday, the market met some early ir regularity when specialists were selling the stock they bought Monday to open many issues. When that was out of the way the market moved up easily and scored a rise of 10.37 points in the industrial average, widest gain for that figure since Oct. 6, 1931, when it rose 12.86 points. Sales volume for the five days amounted to .21,700,000 shares, largest since the,week ended Jan 7. That was the week the marg ins were raised from 50 per cent to 60 per cent. Averages closed the week as follows: . . Industrials, 466.62, off 20.83 from the previous week and the widest , decline since May 18, 1940, when it declined 22.42 points. - Railroad, 155.05, off 9.23 points and widest decline since July 22, 1933, when that aver age lost 10.37. Utility, 63.05, off 2.36, and 65 stocks, 165.56, off 7.95. In the Tuesday-Wednesday rally, the value of all stocks came back $4,500,000,00 from their ' $11,000,000,000 Monday loss. They gave up $1,500,000 000 of the recovery and closed the week off $8,000,000,000. Republicans Cheer First Farm Price Boost Since April Washington (U.R) Republi cans Saturday cheered a new in crease in farm prices the first since April and called for an end to "pessimistic" talk about agriculture. Democrats have been ham mering at (the farm price decline as a major issue tor me iaao presidential campaign. Report "Heartening" House GOP Whip Leslie C. Arends of Illinois said the 1 per cent monthly price rise reported Friday by the Agriculture De partment is heartening. He said that "while there is a farm prob lem, there has been more politi cal noise than realistic thinking about it." Sen. George D. Aiken (R-Vt.), ranking Republican on the Sen ate Agriculture Committee, said he was "fed up" with "pessimis tic" talk about American agri culture. . He said prospects for the fu ture are' "brighter than they ever have been" for the nation's "commercial farmers." The Agriculture Department said the 1 per cent price increase occurred during the month which ended Sept. 15. The rise was due chiefly tchigher prices received for eggs, milk, cotton and com mercial vegetables, but it still left the farm price index 4 per cent below September of last year, Below Parity While prices received by farm ers increased, costs paid by farm ers for living and production items also declined, raising the average of all farm prices to 85 SEVENS Raleigh, Tenn. (U.R) When something happens in Dixie Lee Beall's life, there's usually the number seven involved. She was married on the seventh day of the month, wears' size seven shoes, size seven - gloves, has moved seven times into - seven states and recently went to the hospital for the seventh time. per cent of parity. Parity is a price calculated to give farmers a fair price for their produqts in relation to the price of things they must buy. In mid-August prices averaged 84 per cent of parity. In mid September last year,, they aver aged 88 per cent of parity. Air Force Grounds C-47 Cargo Planes Washington . (U.R) The Air Force has temporarily grounded "several hundred" C-47 air planes, because an unauthorized compound was used in some of their fuel tanks. ' : A spokesman emphasized there was nothing, wrong with the cargo planes to cause the grounding order, issued by the Air Material Command at Day ton, O. It was found that an un authorized "slushing compound," a coating, had been used in the fuel tanks of some C-47's, "prob ably only at one air base. N We are grateful to the people of Medford and the Rogue River Valley for their generous patronage, which has made necessary new and larger quarters. Starting tomorrow, Monday ... WE ARE MOVING TO OUR vn UXlLs Y7X7 iyyva U 31 NORTH BAGffllETT STREET SO THAT WE CAN SERVE YOU BETTER THAN EVER This new, larger, more convenient location will enable us to feature larger stocks and greater selections, and to serve you quicker and better. COMPLETE LINES of office supplies and equipment and school supplies will be featured in our new expanded store. Come in and visit us the next time you are down town. JEUITT OFFO pplv NEW LOCATION - 31 N. BART LETT ST - PHONE 3-3133 ' ' ,. tv ' ON HIS WAY HOME Paul Romanowsky, 63 (above) is shown as be talked to news men in Moscow. He is first German prisoner to have reached Moscow since the So viet amnesty announcement. Romanowsky said he had to work in a central Asian mine for six years to pay bis fare out of Russia. He served a three-year prison term after being convicted in 149 of trying to cross the Soviet zone-West German border. He had sent his family into West Germany earlier. Betty IBenedicto IPDaced Under Guard To Prevent Suicide Try San Francisco (U.R) Bttnde and buxom Betty Jean Berildic to, 27 charged with kidnaping newly-born Robert Marcus from the Mt. Zion hospital nursery, was placed under a 24-hour sur veilance at the city prison. Sat urday to prevent a possible sui cide attempt. - The unprecedented action at the city prison was taken after the highly emotional Stockton woman staged another hysteric al outburst and was taken to Harbor Emergency Hospital early Saturday morning with a blood-stained ear, but found no injury. Faking Injury "She was faking," the doctors said, speculating on the possi bility that Mrs. Benedicto had cut her gums with a fingernail, then spread blood on her ear. She was returned to prison at 4:50 a.m. after her second trip to Harbor Springs hospital. She collapsed Friday when she ap peared for arraignment in Mu nicipal Court on the criminal in formation filed against her. Municipal Judge Alvin E. Weinberger Friday gave Mrs. Benedicto until Oct. 7 to change her mind on pleading to the kid nap charge. E. R. Williams, coun sel employed by her husband, in dicated she might plead inno cent by reason of temporary in sanity, but later said he did not know exactly what he would ad vise. . "The impression I have to date," Williams said "is that we have to get her calmed down. She is very upset and hysterical, Malayan Federation Would Be Rich Prize for Commies richest Asian prizes for the Communists would be the tiny Federation of Malaya, -. which just took a giant step toward full independence from Britain. But there is little chance the nine-state federation 'wealthy in tin and rubber will go over to the Reds, even when it final ly does win full independence. A jungle war with Red terror ists has raged with varying de grees of ferocity for more than seven years, but the Commun ists have made no gains toward driving out the British and tak ing over the nation. I ' The Malayan campaign to win independence by peaceful means however, is making steady prog ress. In July, for the first time in history, Malayan citizens elected a majority to the Federal Coun cil their law-making body. -And for the first time, Malaya on Aug. 9, got its first chief min ister Tengku Abdul Rahman, son of a sultan, former playboy and champion of the peasant. Tengu'i Warning . .. Malayans thus won control of their government, with the ex ception of defense, finanoial and foreign affairs which are still handled by the British.. Tengku, head of a three-party alliance coalition, was elected on a platform calling for, full independence . from Britain in four years and amnesty to Com munist terrorists in the jungle.; But despite the amnesty offer by the Cambridge-educated lead er, there were no indications the Reds would find him easier to deal with than the British, v . Tengku feels that since bullets have failed to stop the jungle war, some other means must be tried. Money spent in the war against the Communists, he be lieves, can better be utilized for social betterment of the country. But, he warns, if the Reds re ject the amnesty offer, "I will mobilize the country's men and material to wage a war to the death against the Communists." No Red Ties Although the , British oppose any amnesty, there were indi cations Tengku may. get his way. After a recent conference with Another 'Turncoat' May Return To U.S. Vandergrift, Pa. (U.R) Anoth er of the "turncoat". GI's who renounced freedom and elect ed to throw in with Red China after the Korean War apparent ly has changed his mind and will be permitted to return home. A letter received by a Vander grift - couple ihdentified the soldier seeking repatriation only as "Tenneson." A Richard R. Tenneson, of Alden,' Minn., was one. of the 21 prisoners of war who originally refused repatria tion. The letter, written by James G. Veneris, formerly of Vander grift, made only a passing re ference to Tenneson in a descrip tion of a party given by Chinese Communist officials last Aug. 26 in celebration of Veneris' first year of work in a paper mill in Tsinan. " ' ' - " TONING DOWN TEENERS' Meriden, Conn. (U.R) Start ing this" fall, high school . boys and girls here will not 'be: al lowed to wear dungarees, sun dresses, , slacks,' .beach wear, shorts and cowboy boots. Shirts must be tucked inside trousers and extreme haircuts will not be tolerated. School Supt. Malcolm B. Rogers said the object is to eliminate "some of the bizarre dress habits" of the high school set. Dead line for Sunday CliMified ii at noon Saturday. high British officials on the sub ject,' he. said that "a very con siderable measure of agreement has been reached." The' Communists have yet to be heard from. Tengku has placed his tiny nation firmly on the side of the west. : He has promised that an inde pendent Malaya will remain within the British common- weaitn ana will cooperate in "matters of national defense against external aggression." On trade and foreign aid, Malaya is independent but anti- Red. - "A free Malaya can seek the economic help of any democratic nation," Tengku says. "But a free Malaya should not seek any form of aid from Soviet Russia because she is on the other side. Until Malaya acquire sevgov- ernment or independence, the question of recognition or trade with Red China does not arise, although some rubber quarters have been agitating for trade with the Red mainland in order to boost the price of rubber. But Britain's adherence to the United Nations' embargo pre vents any such step. A self-governing Malaya, even within the commonwealth however, could trade with Red China, just as Ceylon is . doing now. Bond Release Stirs Rumors In Till Case Greenwood, Miss. (U.R) The release of bond of two white men accused of kidnaping' Em- mett Louis Till stirred a new wave of rumors about the no torious wolf whistle case Saturday. Authorities said the prelim inary hearing Friday for half brothers J. W. Milan and Roy Bryant meant busy nights checking telephone reports that the 14-year-old Chicago Negro was still alive. . Deputy Sheriff Ed Cothran said a siege of telephone calls began on the eve of the hearing. During the first protests over Till's fate for allegedly insult ing Bryant's wife with a wolf whistle, ominous rumors of law less vengeance brought -out a company of National Guardsmen here. The reports of Till being seen alive 'in Chicago, Detroit, New York and other places apparent ly stemmed from the charge of Sheriff H. C. Strider that the body found in adjoining Talla hatchie County was a substitute. to the point where one can hard- . ly talk to her." Mrs. Benedicto tried unsuccess. fully to plead guilty Friday dur ing an arraignment on charges she kidnaped three-day-old Rob ert Marcus from Mt. Zion Hos pital Sept 19. The infant is the son of Dr. and Mrs. Sanford Marcus. Defender Appointed Weinberger appointed Public Defender Edward Mancuso to represent the 27-year-old wo man despite her tearful plea that "I don't want no lawyer ... I don't want anything. I took baby Marcus ... I done it." "I think you better think this over," Weinberger toia ner. or the purpose of instruction, I think it best that I appoint Pub lic Defender Mancuso." He con tinued the case until Oct. 7. Minutes after her eourtroom appearance, Mrs. Benedicto col lapsed in a dead faint while be ing escorted to the jail elevator. She was revived five minutes later and was given a sedative. Dr. Morris Gordon, acting jail physician, said the kidnaper was suffering from "hysteria." HOW CHRISTIAN SCIENCE HEALS Station KWIN 1400 K.C. Sundays 10:15 A.M. NO CASH DOWN! 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