Conservatives Wonder
If Market Gloom is
Wail Street-Inspired
BY ELMER C WALZEH
Uniled Presi Financial Editor
New York TP Conservative
market observers are wonder
in e, if the gloom that's circu-
I ', .m la ting isn't
largely Wall
S t r e e t in
spired. Not that
Wall Street is
working with
the Russians
who want a
bust in the
American
Elmer Walzer economy. But
there's a cause for gloom in re
cent dull markets which have
hacked away at financial dis
trict income.
While many in the street look
for something of a boom over
the Russian first in satellites,
they feel this may take some
time because it would involve
Congress raising the debt limit
possibly early in 1958.
Market men have put together
some predictions made in 1958
this far and these look like any
thing but a business bust. Here
are a few of them:
More Construction
Construction Architectural
forum estimates construction of
all types in 1958 will reach $48,
700,000,000, a record high and a
raise of 3 per cent over 1957.
The forum ventures its figures
might be an underestimate.
Retail trade Dun & Brad
street says consumer spending is
likely to raise steadily, reaching
an annual rate of $294,100,000,
000 in the third 1958 quarter.
Automobiles L. L. Colbert,
president of Chrysler Corp.,
said auto dealers probably will
retail about six million new cars
in 1957 and the total "may rise
above the six million mark in
1958."
S'.eel No estimate as yet on
1958 production but many think
there'll be a record set in 1957.
Standard & Poor's finds the steel
industry just as optimistic as
ever about the basic growth
trend and adds some long range
planners foresee the need for an
additional 50 million tons of in
got capacity by 1970. That, it
says, would mean an average an
nual increase of four million tons
from the present 133 million tons
of capacity.
Future Looks Good
The utility industry continues
to expand and plans big outlays
of money next year.
Not long ago, Standard of Jer
sey announced it will sell $250
million to $300 million in stock
for expansion and exploration.
The future plans of corpora
tions to expand and modernize
plants is seen as anything but an
indication of pessimism.
All these things should cheer
Wall Street up a bit. Right now
the street is getting a bit of di
version from its gloom by the
World Series which rates almost
as high in importance as market
statistics.
NEGATIVE RESULT
Paris OP) Abdel Kadar Her
kous, 23, an ex-convict, was
back in jail today. Police said
he dropped a fullface photograph
of himself at the scene of a re
cent burglary.
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Cole Plans To Use
Commies on IAEA
Vienna (m Rep. W. Ster
ling Cole said today he will put,
Russians and other Communists
in some of the key roosts of the
new International Atomic En
ergy Agency (IAEA).
But the New York Republican
said he had not given any such
pledges in advance to insure his
election as head of the atoms-for-peace
organization.
Cole was elected unanimously
Monday as the first director-general
of the 60-nation group. He
will serve for four years be
ginning Dec. 1.
"The leading posts in the
agency will be filled in such a
way as to give the broadest pos
sible representation to all the
world's major nuclear powers,"
Cole told United Press.
He said he believes the new
agency's main function will be
to act as broker between coun
tries that have nuclear fuel sup
plies and those that need it.
Tanker Aground
On Pacific Reef
Honolulu M The 14th Na
val District said today that the
Navy-chartered tanker Mission
San Miguel reported it ran
aground at top speed on Laysan
Reef, 775 miles northwest of Ha
waii, but a search plane from
Midway radioed there was no
sign of it there.
The search plane was' diverted
to Maro Reef 65 miles to the
southeast, where the vessel was
believed to be aground.
The plane said it dropped
flares and made several low runs
over Laysan, but was unable to
find anything.
The 22-000-ton ship, carrying
a crew of 45 civilians, was en
route to Seattle from Guam. It
requested immediate assistance.
The captain of the tanker ra
dioed that the hull was ruptured
when the vessel hit the reef at
top speed of 15 knots. He said
the ship was being pounded and
driven harder aground by the
strong surf. He said the ship was
resting in 24 feet of water, with
its bow in the air and water
pouring into its stern tanks.
New Zealand Topic of
Rotary Club Meeting
Wednesday. October 9, 1957
MEDFORD (OREGON) MAIL TRIBUNE NINE
"Rotary idealism is two-way
traffic," a New Zealand Rotar
ian told the Medford Rotary
club yesterday noon at a lunch
eon at the Rogue Valley Coun
try club.
"While we send our young
men to visit you, you should also
send yours to visit us. It is
through such personal contacts
that international good will can
be developed.
Speaker Vic Butler accompan
ied eight young businessmen to
this country on a - Rotary ex
change program. The party was
visiting the Medford area as part
of the United States tour.
Butler, headmaster of the Mt.
Auckland grammar school, ex
plained the delegation was
picked from a total of 500 appli
cants. More Practical
"We think it is more practical
to send businessmen on these
tours than professors since so
many businessmen are assuming
leadership roles in international
affairs," the New Zealand head
mast explained.
Doug McLeay, a young busi
nessman in footwear, described
the country. New Zealand, he
explained, is 1,200 miles south
east of Australia and 7,000 miles
from the United States, and the
area is equivalent to the com
bined area of Washington and
Oregon. Temperature ranges
from 50 to 80 degrees with an
overall average rainfall of 50
inches.
Another member of the dele
gation, Don Hopkirk, a young
sheep farmer, said New Zealand
depends entirely on agriculture.
Sheep raising is a large indus
try there, he said, particularly
in the interior of North island.
They are raised entirely on
grass, he added.
Another large industry there
is dairying, conducted mainly
along the coast of North island,
he said. Ninety per cent of New
Zealand's export income is from
the sale of animals and their
products. The country also raises
most types of stone and citrus
fruits, plus hops and tobacco.
Main Exports
New Zelander Trevor Martin
noted that main exports are
wool, frozen meat, butter, cheese
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and hides. New Zealand indus
try depends on imports of met
als, he said.
The two-island country has a
parliamentary type of govern
ment, Archie Mason explained.
The two main parties are "Na
tional" and "Labor." The Na
tional party is. liberal-conservative
by nature. Labor party is
inclined to be socialistic, he
said.
A degree of socialism suits
New Zealand economy "very
well," Mason said. The govern
ment furnishes electric power
in bulk, postal service, tele
phone communications and tele
graph, the airlines and the rail
roads. Social security has been pro
vided in New Zealand for 20
years or more, he explained.
Under the system, the govern
ment deducts 7Vi per cent from
an individual's wages and IVi
per cent of a firm's profits to
pay for doctor bills, hospitaliza
tion, pharmaceutical benefits,
unemployment, old age benefits
and sickness benefits.
"New Zealand has ' a strong
background of private enterprise
coupled with a trend toward so
cial welfare," Mason said.
Scenic Benefits
Describing the scenic benefits
of his country, Michael Jeune
said New Zealand has "every
attraction seen on a world tour."
It has boiling mud pools and
geysers, numerous lakes and
mountain ranges. The highest
peak" rises to 12,300 feet and
there are 17 peaks more than
10,000 feet high, which' are
snow-covered all year. It also
has a coastal area similar to
Puget Sound. With its average
Parents of Boating
Victim File Suit
Boise (IP) The parents of a
17-year-old Apple Valley, Idaho,
boy who was killed Aug. 12
while boating on the Snake river
at Nyssa, Ore., Tuesday filed
suit here in Federal District
Court against the Parr-Hansen
Construction Co., Spokane, for
$51,052.
The teen-ager, Darrell Clay
ton Burcher, was killed when he
struck a steel anchor line across
the river while piloting an out
board motor boat. The line had
been strung in connection with
the construction of a new Snake
river bridge.
of 50 inches of rainfall the en
tire' country is green, he added.
Fred Watson said education
in New Zealand is similar to
that in the United States. Main
difference is that children are
required to wear uniforms of
black skirts and white blouses
for the girls and black, sweaters
and shorts for the boys. During
the third year of high school
each student takes an examina
tion for the university.
The university, he said, is
composed of four regular col
leges and two agricultural
colleges. There are many more
part-time students than full-time
ones, he added.
Winding up the discussion,
John Wilson said New Zealand
is active internationally, being
a member of the United Nations
and two mutual defense pacts.
It is also active in promoting
the economic welfare of other
countries through special programs.
Malheur Auditor's Indictment Quashed
Vale (IP) Circuit Judge M.
A. Biggs Tuesday quashed a
county grand jury indictment
which charged Malheur County
Auditor Don Hosier with accept
ing money illegally.
The grand jury had indicted
Hosier for allegedly accepting
unauthorized expense payments
in connection with his work in
construction of an old folks
home at Vale.
Hosier's attorneys asked that
the indictment be quashed be
cause it was not correctly worded.
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