s
TElf MEDfORD (ORZGOIO MAIL. TRIBtmE
ThuMday, Auyuit I, 19S7
Wall Street Grabs Prime Interest Rate As Excuse To Sell
Er ELMER C. WALZER
Uni&d Pren Financial Editor
Nev York W Wall Street
seized upon a rise in the prime
interest rate to sell stocks. That
rise didn't ac
tually do the
trick, but it
was a good ex
cuse, according
to market men.
Higher prime
rates and even
tually higher
discount rates
are foreseen.
The discount
rate of the reserve banks is said
to be far too low on the basis of
other money items.
As far as the market itself is
concerned it is practically a cash
affair.
Elmer Walzer
The market's interest in money
rates on that basis is on the ef
fect tight money has on general
business. So far that effect has
not been too great, it is noted.
But the experts insist that
money tightness will catch up
eventually. If one can interpret
what they mean one would guess
business would get a smack in
the face and fall down.
But market men aren't at all
worried over such a situation.
They feel that the Federal Re
serve is ready to step in the in
stant there is a real threat of de
flation. One market man said he'd be
a lot more worried over the
present market if it weren't for
that belief.
Another item that Wall Street
has been- expecting daily for a
long time is the freight rate in
crease. The rise, about 7 per cent
for eastern and western roads
and 4 per cent for southern
roads, is less than some had an
ticipated. But the freight boosts give the
railroads an additional revenue
of S879 million yearly.
PROVED HIS POINT
Detroit OP Bloomfield HUls
Police Chief Stanley Kevern
said he had arrested a man for
drunkenness but released him
when the man insisted he was
sober. To prove it he flipped
into the air, landed on his hands
and walked that way around the
station.
Adds Fuel To Spiral
Higher freight rates will raise
costs of transportation of most
items in interstate commerce
and thus add fuel to the wage
price spiral, it is pointed out.
If Wall Street is consistent
over its inflation views it would
tend to sell the rails even though
they do get higher rates, the ex
perts point out. Rails with their
fixed income are not considered
the best kind of stock to buy in
an inflationary period. Neither
are utilities.
Right now, however, the mar
ket men assert the rank and file
of traders seem to be more afraid
of deflation than of inflation.
In periods of deflation stocks
tend khver, while bonds rise.
Commodities decline too. Re
cently no one wanted bonds even
though yields were high.
E. J. Rossi Attending
Sales Conference
Mr. and Mrs. E. John Rossi,
Medford, will be in San Fran
cisco Aug. 8. 9 and 10 to attend
a Western Region Sales confer
ence of Investors Diversified
Services at the Fairmont hotel.
Leading salesmen in the West
ern Region were awarded the
trip. Rossi is zone manager of
Investors Diversified Services,
Inc., 910 Whitman ave.
Smokejumpers Flown to
Redding Last Sunday
Cave Junction. Twelve
smokejumpers from the Siski
you project were flown to Red
ding Sunday for stand-by duty,
as a number of Redding jumpers
were out on fire calls.
A trail blazing assignment in
the Chetco district took seven
jumpers away from the local
project last week. Those who
were flown in on the detail in
cluded Harvey Allen, Milan
Ferry, Norman Polowski, Gor
don Kellogg, Don Thomas,
Ralph Bryant and Gid Newton.
Pine Ridge, S.D. (IP) Mrs.
Marcella Big Crow, 34, has 16
children but only gives nine
birthday parties each year. She's
not playing favorites though.
Mrs. Big Crow recently gave
birth to her seventh set of twins.
PAY FORMAL TRIBUTE
Washington UPl The Senate
will pay formal tribute next
Wednesday to the late Sen.
Joseph R. McCarthy (R-Wis.) The
Senate plans to pay formal
tribute to the late former" Sen.
Walter George (D-Ga.) next Mon
day. George died last Sunday.
Portland (TP) Portland Pro
moter Tommy Moyer said today
he is trying to get German light
heavyweight champ Hans Strelz
to meet the victor of Saturday's
Bobo Olson-Pat McMurtry bout
here Sept. 14.
If the German agrees, Moyer
said, it would be his first trip to
the U.S.
' - V '1
- - i It,' . V' ;
GINA AND HER BABY Italian actress Gina Lollobrigida
gazes at her infant ion, Mirko, In the Salvator Mundi
Hospital in Rome where the baby was born. The new
arrival weighed six pounds, seven ounces. It was the
first child for the 29-year-old actress and her 37-year-old
husband, Dr. Mirko Skofic
On The Side By E. V. Durling
(Distributed by King Futuru Syndicate Inc.)
How often have you rushed
from the bathroom or from out
side the house to answer the
telephone and then find some
body has the wrong number?
Most of the wrong number ring
ers never even saf they are
sorry; The majority, judging by
their voices, are moronic, teen
ager females. How about some
genius originating a portable
telephone? Then, at least, you
could answer the "wrong num
ber" caller- on the spot and not
climb out of the bathtub or risk
breaking e leg or something in
the rush to answer.
That Figuv
Note the so-called "Hour Glass
Figure" described as calling for
the following measurements:
Bust, 35; Waist, 22; Hips, 35. Ac
cording to Broadway history,
Lillian Russell in her heyday
featured an "Hour Glass Figure."
As Lilian weighed 165 pounds
that must have been quite an
achievement in form compres
sion. She is said to have had over
200 pairs of corsets at the same
time.
Stogi Department
Considering the sharpness of
the checkers - upper of this
column it is a wonder I have a
stogie left to my name. Recently
I referred to the name Greta
Garbo used when traveling "in
' cognito." A San Franciscan de
manding a well-wrapped stogie
by return air-mail pointed out I
should have written it "incogni
ta." That being the feminine of
"incognito." He was right.
Among The Married
Can the marriage of a femi
nine celebrity and a man of little
importance succeed? Can a mar
riage between a much older
woman and a very young man
result in lasting happiness? These
are frequently discussed ques
tions. The answer is generally
in the negative. Yet Colette, the
brilliant and celebrated French
writer, when at the peak of her
career, married a comparatively
obscure man who was 17 years
younger than she. That marriage
lasted 30 years and was a happy
union all the way ending only
in the passing of Colette.
Asides
There are 635 churches named
St. Patrick in the United States.
Also 99 named in honor of St.
Brigid and 11 in honor St.
Laurence O'Toole . . . Ben Lyon
who used to smoke 70 cigarettes
a day is now smoking a pipe.
Get It Right
There seems to be some confu
sion as to certain details of the
life of the late Aga Khan. For
example, as to what he weighed
in 1946, when presented by his
followers with his weight in
diamonds. The answer is he
weighed 243 Vi pounds. Ask the
nearest jeweler what that would
amount to in money now. And
11 years ago. Who was Aly
Khan's mother is another ques
tion frequently coming up. She
was the Aga's second wife, an
Italian ballet dancer named
Theresa Magleano. Prince Sad
ruddin is the son of the Aga's
third wife, Andree Carron, a
Frenchwoman. That marriage
ended in divorce. The Aga mar
ried the last Begum in 1943. She
was a former winner of a "Miss
France" beauty contest. Their
marriage was very happy. The
Aga's Epsom Derby winner "My
Love" was named after his
fourth and last wife.
Popularity
In the most recent list of the
top 20 best selling records in
Great Britain, 19 of the discs
are by male singers. Only one
female vocalist made this group.
That was Patti Page singing
"Mr. Wonderful." After careful
consideration of the situation, it
is my view that the composers
of popular songs are not writing
enough numbers that are adapt
ed to feminine vocalizing. The
women singers are not to blame
for their seeming lack of popularity.
one's
never enough!
mt . .....
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