TWELVE MTDFOHD (ORECOIT) MAIL TRIBUNE
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Long Veek End Good
Time for Wall Street
To Take Inventory
EM
By ELMEH C. WALZER
United Press Financial Editor
New York IP This week
will be a short one with the
Independence Day holiday sand
wiched between the Wednesday
I HmtirJ: "1 and Friday
gPk"'-Z'A-- I sesssions.
It' 2- ' . J It ..Mil t,o c
long week end
h o 1 i d ay for
many in the
f i nancial dis
trict as well as
for many in in
dustry. Hence
things all
Elmer Waizer around are ex
pected to be slow, a good time
for the street to take inventory
of favorable and unfavorable
market factors.
The bears have listed a group
of arguments they say are in
favor of a declining market.
This group hasn't lost hope but
.its ranks aren't too thickly pop
ulated with real short sellers,
though many talk a bood bear
lingo.
A bear argument often heard
Is on automobile production. The
bruins say the output of 1957
will be only 5,800,000 units,
against some guesses earlier by
others that it would be 6,200,000.
In Different Light
I. O. Hooper, analyst for W. E.
Hutton & Co., looks at this one
in a different light. He takes the
5,800,000 figure, but points out
that four million cars are being
scrapped annually.
This, he notes, leaves 1,800,000
cars for new owners, families
which graduate into the mul
tiple exports.
Most of the cars which were
bought on liberal credit terms
in 1955 now are becoming fully
paid for, Hooper notes. Hence,
he looks for a better year in 1958
than 1956 or 1957 for the auto in
dustry. And, Harris, Upham & Co., in
its monthly market review notes
that the bulls find our general
economy less affected than form-
1 - F
V . . M
-in i"
REVEALS BLOOD BATH
Red Chinese Premier Chou
En-Lai (above) told the
People's Congress in Peip
ing that one out of every six
persons accused of counter
revolutionary activities by
the Reds in China was exe
cuted. It is probably one of
the largest blood baths in
history.
erly by the auto and building
industries.
Incidentally, the bear argu
ment on building, notably home
starts, was knocked down last
week by expert estimates that
the bottom has been seen in that
line.
Making Much of Inflation
Bull are making much of in
flation as a market force on the
theory, often mentioned, that
common stocks are a hedge
against inflation. Many have this
view and Standard Sc Poor's lists
it as an advantage of investing.
Bears are stressing the pros
pect of armament cutbacks
which they hold would slow busi
ness and hurt the market. Bulls
admit the impact of arms talk
hurts the market but doubt there
will be any sweeping reductions.
The conservatives hold there
will be a series of little bear and
bull markets for some time, an
other way of saying there'll be
selectivity.
Northwest Sends
Lumber To Korea
Washington, D.C. Current
shipments of lumber to Korea
for use by United States armed
forces are being supplied entire
ly by Pacific Northwest pro
ducers, according to a letter re
ceived from the Department of
the Army by Rep. Charles O.
Porter (D-Ore.).
The letter, from the office of
the Secretary of the Army,
which was in answer to a re
quest by Congressman Porter
for information on such pur
chases, noted that "lumber pur
chase assignments are made on
the basis of ultimate delivery
point and, due to Far East re
quirements, have resulted in the
Portland purchasing office plac
ing 60 per cent of the total
quantity principally with pro
ducers in the Pacific Northwest."
The letter goes on to say that
"current Korean shipments are
being supplied 100 per cent by
Pacific Northwest producers."
Repre sentative Porter had
written to Lt. Col. Donald T.
Kellett, Chief of legislative Liai
son at the Army Department,
asking him specifically where the
bulk of the 500 million board
feet of lumber a year that the
Department of Defense uses is
purchased. He further asked
where the Army was purchasing
the 10 to 15 million board feet
per month for shipment to Korea
which Colonel Kellett had earl
ier mentioned to Porter.
Court Records
DISTRICT COITRT
Charles Lewis Francis, overwidth,
$15.
Harold Ray Wilson, no motor ve
hicle license, $6.
Wallace Gerald Groleau, failure to
stop at stop sign, $10.
William Donald McLeod, violation
of basic rule. $5.
Nolan Clarence Vaughn, inadequate
binder, $15.
Elmer Wesky Settell. foul hooking
salmon, $25.
CIRCUIT COURT
Philip Louis Lausten vs. Dorothy
Fay Lausten, divorce complaint.
William L. Cardin vs. Betty L. Car
din, divorce complaint.
James A. Johnson vs. Anita Louise
Johnson, divorce complaint.
Charlene Ann Pardee vs. James
Stanley Pardee, divorce complaint.
Consiglia Maria Edwards vs. William
Douglas Edwards, divorce complaint.
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"CHOICE" TENDER STEER
Ground Chuck
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