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
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' 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."
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NAME PHONE
ADDRESS HOW LONG .
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WHERE EMPLOYED -HOW LONG
CREDIT REFERENCES '.
(Firm Names and Where Located)
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122 t: MAIN MEDFORD
Heiirt: 9:30 a.m. to 5:30 p.m.
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