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.
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! 11
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Important Products''
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