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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 11, 1957)
TWELVE MEDFOHD (OREGON! MAIL TRIBUNE Thursday. July II. 1957 Stock Market Again Backs Off As Record High Within Grasp BY ELMER C. WALZER United Press Financial Editor New York 1? The stock market has done it again back fi swav whon it had a record high for the industrials in its grasp. This is life in Wail Street, say the ex -perts, who hold the mar ket b e haved a c c ording to Hoyle. tuner Vvaizer Here's why: A lot of people bought stock dn this territory twice before, in April of 1956 and in August of 1936. They were eager to get out and ready to sell when the Si market hit a new. top. Professionals, ever eager to capitalize on the frailities of human nature, jumped the gun and sold just before the high was attained. Result: A bit of a decline. ! DOC POUND EXPRESS I Detroit W Police said today ' they have not yet heard from I the owner of an unwanted pas J senger who took a long free ride 1 on a suburban Detroit bus Wednesday. The passenger, a j dog about two-years old, boarded j the bus when it made a sched ; uled stop in the downtown area. It snoozed comfortably in the I crowded aisle until the driver I summond police who took the 'hitcbiker to the dog pound. Novices Look Silly If the little fellows who want ed to wait for a new high fol lowed the professionals and sold they may have the same thing happen to them that has happen ed to many before them. The market may make them look j silly by resuming its rise to levels at wh'.ch they might have made good profits. Expert traders in the finan cial district always have played on market psychology. The nov ice wants to wait for the last eighth. The pro Is willing to lose an eighth or two to ge out before the mob sells. The use of "mob" is old fash ioned. There was no heavy sell ing. In fact, sales declined after the list backed away from the top. Wall Street hasn't given up hope for a new top in the in dustrials. As the professionals calculate th3 top they use the in traday high. The intraday top for the market was set April 9, 1956, at 524.37. The market practically made a double top with an intraday high at 523.33 Aug. 2, 1956. On Monday of this week it touched 521.71. The closing record high was set April 6,-1956, at 521.05. When and if a new top is set, the market men look for a down ward reaction as the market as similates its advance. Talk of Inflation None looks for a sharp break at this time even though there's said to be a summer lull in pros pect for business. That dip isn't expected to be big either and the experts look for a substantial recovery in the autumn. Inflation talk goes on and in flation is supposed to be a big incentive to buy stocks. Now the street is looking for ward to the rails to give the market a new shot in the arm. Rails are said to be poor in flation hedges with rate in creases slow to come and earn ings restricted by law. But the talk goes on in favor of the rail. Chart readers still hold the view that a rise in the industrials must be confirmed by the rails to indicate further bull move ments ahead. TELL TALE STRIPES Chicago ilfl Robert Holmes was quiet enough but his shirt was too loud. Holmes and two others managed to elude police for six hours Wednesday by hid ing behind false walls of a Chi cago theater. But a policeman spotted Holmes' brightly striped shirt through a hole in the wall and arrested the trio on burglary charges. : X 4.-' i tC4V -v 'tth ! "I JUST PUSHED HER' Robert 0. Blakely (right) com forts his wife, Irma, in San Francisco after their daughter, Nancy Elaine, 12, died of brain injuries received when Blakely "gave her a little push" and she fell to the floor and "looked kind of funny" during an argument Blakely said he "knew" Nancy, heir to a $153,000 trust fund, "was taking dope and sneaking away from home." He has been charged with manslaughter. SHADY COVE-TRAIL Woman Plans Canada Trio BY EVALYN P. WATSON Shady Cove-Trail Mrs. . Ade line Carl, of Shady Cove, will leave shortly for a trip to Can-J ada. where she will visit with relatives and friends. Charles Boatwright, of Shady Cove, left Monday for Mitchell, S. D-, where he was called by the illness of his sister, Evelyn Teterson. Recent guests of Mr. and Mrs. Ronald Axtell, of Folding Hills ranch. Trail, have been Mr. and Mrs. George Renaker, Mr. and Mrs. W. Peabody Mr. and Mrs. Carl Morris, all of Mcdford, the group had a picnic at the ranch. Other guests over the fourth of July were Mr. and Mrs. Phil Gales and children. Glen Wilson, of Ashland, and Mr. and Mrs. John Axtell and daughter, Cathy of Mcdford. Hicks and daughters, Betty and Michelle, stayed at the Strother home while the Strothers were on a trip to Portland recently. Mr. and Mrs. Kenny Vaughn and children, of Medford, spent the fourth of July holidays visit ing Kenny's parents, Mr. and Mrs. Roy Vaughn, of Taril. Mr. and Mrs. Bob Edminster of Merced, Calif., are house guests of Mrs. Edminster's par ents, Mr. and Mrs. Scott Brill of Trail. The Upper Rogue Grange will hold a dance on Saturday, July 13, at the Grange hall. Bob Con ger is in charge of arrangements. Admission will be by donation and refreshments will be served. Orin Train has returned home from the Rogue Valley hospital after spending several days there for observation and medical treatment. Mrs. A. J. Sandoz and daugh ter, Joli. of Longview. Wash., are visiting Mrs. Sandoz's par erts. Mr. and Mrs. Ed Strother. of Shady Cove. Gen and Mrs. J. Frank Pettigrew, of Trail, has returned to his home on Laurel hurst Road after spending a year at the Camp White domiciliary. Word has been received by friends here 'that' Mrs. Johnny j (Sally) Jones, a former resident 1 of Shady Cove, has undergone major surgery at a hospital in Panama City, Fla. The Jones' . address is 127 East Beach drive, , Panama City, Fla. i Mr. and Mrs. Carl Richardsor. 1 of Trail, were dinner guests at j the home of Mr. and Mrs. Ray Gillespie and family recently. Mrs. C. S. Harris and son, of Atherton, Calif., are staying in their home near McLeod for the summer season. Ralph Train, of Creswell, Ore was a guest over the fourth of July holidays at the home of his sister and brother-in-law, Mr. and Mrs. Albert Eastin, of Trail. KEEP COOLifiWEJ ' arnnf Make rne n.w.a - m c.P. UWC00KED JAWS! 0 NO fww'- . ustussun-onMOM r THEV'RC FINER JAMS than vn th rfulr coekd on bcu4. by I'miniting th usual cooking and boil'". ALL th trvsh fruit and brry flavor and color prrvd wttactt Cost L Than 15c Pw MUTUAL CITRUS PRODUCTS CO.. Amheim, Calif. M C P. 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