Medford mail tribune., May 29, 1958, Image 5

Wall Street Expert Says
Market Remains Bullish
By ELMER C. WALZER
UPI Financial Editor
New York (UPI) A lead
ing Wall Street expert holds
that we still are in a bull
r
market and
w. t that
!-'YM .. . - . - t .
11 win
7 Vji last until 1962
' J which in nis
reckoning
would make it
' i a 20-year bull
1 movement, the
longest in his
tory. Thai ex
pert is Arthur
Elmer Walzer w leseiiuerger,
head of the stock exchange
firm that bears his name.
He believes that one can
o reduce cash holdings now by
purchasing common stocks.
Last July he recommended
a 70 per cent invested, 30
per cent liquid position. Now
he would cut the cash down
by one-third and buy more
stocks.
As Wiesenberg calculates
the bull market, it started
tit : t
. 1 1 -A
1 1 r 3
- I
Gobel Has Vacation
Near Weasel Farm
Editor's note: Vrrnon Scott is
on vacation. Today comedian
i.rnrzc Gobel takes over with
advice on how not to spend a
vacation.
Br GEORGE GOBEL
For
United Press International
Hollywood (UPI) For no
particular reason that I can
think of, I am remincfed of a
vacation trip I went on just
last summer. See, it all came
about one day when Alice
you know Alice. She's an in
come tax deduction that
never quite paid off.
But anyway, Alice said,
"George, I think it's time we
got away from it all." By
House Uncovers
Attempt to Tamper
With Commission
o
Washington (UPI)
Rap. Oren Harris (D-Ark.),
aidt oday his house investi
gating subcommittee has un
covered a pattern of attempt
ed political interference with
the Federal Communications
commission.
"This type of thing has
showed up repeatedly so far
in one form or another," he
9 told United Press Internation
al "There will be more of the
same as we go along with the
investigation."
Harris' statement followed
' a day-long hearing in which
the subcommittee traced in
tricacies of the Springfield,
HI., Channel Two fight to the
prison cell of former Illinois
Hodge.
Wodge, imprisoned for em
tttzzling more than one mil
lion dollars in state funds, had
previously told the subcom
mittee in a statement made at
Illinois State penitentiary
that he tried to enlist the aid
ofhigh ranking Republicans
in an effort to help his friends
the Cohen family in the Chan
nel Two case.
The Cohens the brothers
Herman and Louis and Louis'
son, Richard had an inter
est in seeing that WMAY-TV
Inc., obtained Channel Two.
However, an FCC examiner
had recommended that the
channel go to the Sangamon
( Valley Television company.
Hodge said he asked Sen.
Everett M. Dirksen (R-Ill.),
House GOP whip Leslie C.
Arends (111.), and Rep. Sid
Simpson (R-Ill.), and "pos
sibly" former Republican Na
0 tional Chairman Leonard W.
Hall to try to sway the FCC
in favor of WMAY-TV.
FIRST FEDERAL
SAVINGS & LOAN
Association
will be
closed
Friday fir Saturday
May 30 -31 st
... . so that members of our staff may
observe Memorial Day, a traditional Ameri
can holiday, and enjoy a three day vacation.
on April 28, 1942 when the
Dow-Jones industrial average
closed at 92.92. It hasn't gone
down to anywhere near that
level since, and hence the
argument would seem to hold
that the bull market still is
in progress.
Other calculations have
brought out several bull and
bear markets since that date
and some of them say we cur
rently are in a bear market.
Three Phases
But most of the experts
agree with his thesis on bull
market phases:
"Every long bull market
comprises three phases: (1)
recovery from the fear and
panic of the previous decline;
(2) a further recovery and ex
tension of stock prices, based
upon solid business improve
ment and resultant earnings
and dividend expansion; and
(3) a Jurther great rise that
feeds upon inflation and a
confident rosy view of the
future. It is this last rise
"all" she meant three child
ren, a dog named Spooky,
two parakeets, a goldfish and
her mother which I have
listed in the order of their
importance.
"George," she went on, as
is her wont, "It's time we
went away on a second hon
eymoon." And I said, "What
are you talking about? The
one hasn't even taken yet."
Sign Indicates Atmosphere
Well, this went over like a
bucket full of turkey eggs,
so we went to the . hide-away
lodge, and I knew it was gon
na be a fun spot as soon as
I saw the sign that said "Bar
Closed on Saturday Night."
But we took a room and
I'll say this for it: it had a
beautiful view, overlooking
an abandoned weasel farm.
I think they're nice x
Then as soon as we got un
packed we went down to din
ner, and that was kind of an
adventure. See, at this place
they gave each guest a nap
kin ring and a napkin and
you had to use this napkin
for three meals. And let me
say this, after a chop suey
dinner, a goulash breakfast
and a spaghetti lunch you had
yourself a pretty greasy nap
kin. But I will say this it
made it a lot easier to slip
through your ring.
Fellow Vacationer Met
Any way, after dinner, we
went into a recreation room
and right away a guy rushes
up to me and says, "My name
is Simpson and I'm in oil." I
said, "My name is Gobel
and you musta been using
my napkin."
Well, it turns out this Simp
son is there with his wife and
she was another fun-loving
sport. See, she hated televis
ion and everybody in it
especially short comedians
with crew cuts. And if this
wasn't bad enough, she once
knew a fellow named Gobel
who gave her the mumps.
This little trip taught me
one thing and I'd like to pass
it on to you: With vacation
time coming up be sure to
watch out for four things.
Poison ivy, poison oak, snake
bite and anybody who says
to you, "Let's go on a Vaca
tion." .
Seeks Salary Increase
Portland (UPI) City
Commissioner Stanley Earl
said Wednesday the salary of
Portland's mayor should be
raised to $15,000 a year. Pre
sent salary of Mayor Terry
Schrunk is $12,880. Earl said
the present salary leaves the
mayor's position "vastly un
derpaid" when compared with
other cities and with industry.
which sows the seeds for the
subsequent inevitable whirl
wind." He sees no signs of this bull
market ending.
"We date the beginning of
this market at April 28,
1942," he says. "The 12 prior
years witnessed the precipi
tous decline from 1929 to
1932, then the series of
bounces that came to rest
in 1942, while the welfare
state was conceived and
brought through infancy and
adolescence."
So far in this bull market
he finds two phases the pe
riod of 1942-1946 the first
and the period 1949-1956 the
second. The third which he
says is a period of inflation
and drastic over - valuation
based on wild, unrestrained
imaginings of the future,
hasn't been seen yet.
This third phase, he notes,
could be omitted but "history
suggests that this will not be
the case."
Slow Motion
This is a market in slow
motion so there's no need for
haste in buying securities,
Wiesenberger says.
He notes further that this
market may be somewhat
vulnerable to reaction over
the period immediately, ahead,
and adds that if prices should
come down a favorable op
portunity to do some buying
would occur.
"But whether they do or
not," he adds, "it seems the
part of wisdom, in the light
of all available evidence, to
reduce reserves by about one
third for five or six weeks."
This categorical statement
on the bull market is the first
of its kind to come in a long
time. The general run of
brokerage comment has been
cautious with most of the' rec
ommendations in defensive
issues.
Some of the fund managers
have said they were bearish
on the market for the near
term and Wiesenberger ad
mits the market may have a
bit of difficulty. Wall Street
generally is impressed with
the behavior of the market in
recent weeks, noting that on
each reaction trading light
ens and on each rally it picks
up.
48 Phoenix High
Students Receive
Diplomas Tuesday
Phoenix Forty - eight
Phoenix High school gradu
ates received diplomas from
Curtis Barnes, chairman of
the school board Tuesday.
Dr. Clifford Miller of
Southern Oregon college gave
the commencement address
Alma Stovall, valedictor
ian of the class, was pre
sented with the Phoenix Lions
club scholarship of $100 to
be used at the college of her
choice.
Nadine Brood, salutatorian,
was awarded a $300 scholar
ship to George Fox college,
and was also named as an
alternate for a Southern Ore
gon college scholarship.
Presented Award
Rose Mary Kusel was pre
sented an award for ranking
third in scholarship in the
senior class.
Charles Swingle received
the school award as the out
standing' senior in general
achievement during his four
years. He also was named as
an alternate for an Oregon
State college " scholarship
award, and for a scholarship
to Southern Oregon college.
Larry Smith received the
school citizenship award, and
was named an alternate for
a Southern Oregon college
scholarship. Henry Scott and
Charlotte Unruh were also
named as alternates for South
ern Oregon college scholar
ships. Ronald Daugherty received
recognition as the student
body president, and Gary
Simmonds and Nadine Brood
were named as those students
most active in boys and girls
activities.
A plaque was presented by
Student Body President Ron
ald Daugherty to Curtis
Barnes, who, as chairman of
the Phoenix school board, is
completing his first term as
school board member.
Graduating Class
Members of the graduat
ing class receiving diplomas
were Carole Gean Anderson,
Marilyn Lucille Beeson, Na
dine M. Brood, Michael Klar
in Campbell, Margaret Louise
Chisum,, Carol Ann Clark,
LaDonna Margaret Daniels,
Mary L. Daniels, Ronald De
Wayne Daugherty, Earl F.
Dillree, Fred Paul Faytinger,
Ruth Jean Floyd, Wava
Marie Glasscock, Janice
Marie Grove, Dale Collins
Haggard, Glenna Smith Hag
gard, James Heath, Alice Rae
Hendrickson, Dennis Ray
James, Lynn Rodney John
ston, Larry Gene Kidwell,
MAIL TRIBUNE, Mdford, Oregon, Thursday, May 29, 1958 S
Quotes From the News
B7 United Press International
Montreal The older sister of two of the publicity shy
Dionne Quintuplets, Mrs. Rose Girourard, on reports Cecile
and Annette both are expecting babies:
"I haven't heard anything about it. I thought I would
have been the first to know."
Montreal The husband of Dionne Quintuplet Annette,
Germain Allard, reporting his wife expects a baby in Sep
tember: "We're hoping for a boy."
East Lansing, Mich. Michigan University scholarship
Director Robert J. Stewart on the university's offer of a
scholarship to Ernest Green, first Negro graduate of Little
Rock's Central High school:
"We have a good program for international studies
what we understand he's interested in and he's a good
student and fine boy."
Washington Walter Davis, World War II Army veteran
who lost an arm, after watching the ceremonies for the
unknown soldiefs of World War II and Korea, saHd:
"It's beautiful, but I hope there will never be any
more." ,
Presbyterians Say
Hypocrisy
Pittsburgh (UPI) Pres
byterian leaders said today
that America has been guilty
of "hypocrisy" in its foreign
policy.
They warned that God may
use Communist Russia as an
instrument to "c h a s t i s e"
America unless this "nominal
ly Christian" nation starts
practicing the religious prin
ciples it professes. .
These stern strictures were
contained in a 2,500 word
message addressed to all con
gregations of the United Pres
byterian church in the U.S.A.,
a new three-million-member
demnomination established
Jury To Receive
Bod ,-in-Well Case
Some Time Today
Portland (UPI) The sec
ond trial arising out of the
body-in-a-well murder case in
connection with the slaying of
Robert Holloway, 44, Port
land, last year, was scheduled
to go to the jury today.
Harold Keith is on trial for
first degree murder in con
necUon with the slaying. Ear
lier, Lee ' Parker was con
victed of second degree mur
der. Keith's trial was highlight
ed by the testimony of Mrs.
Violet Bostwick, 39, that she
had made up a story connect
ing the defendants to Hollo
way's murder because she
was afraid she would be jailed
if she didn't tell something.
The state Wednesday
brought Lt. Al Nelder of the
San Francisco homicide di
vision here. He testified he
questioned her about the case
in San Francisco at the re
quest of Portland police and
played a tape recording of the
interview for the jurors. The
tape indicated she told Nelder
basically the same story she
had told jurors regarding re
marks the two defendants al
legedly, made to her about
the case.
Halloway's body was found
last December in a well near
Vernonia about two months
after he disappeared from
Portland.
Rose Mary Kusel, Mona
Marietta Lane, Lynn Frank
May, Elmer J. McDonald.
Wayne D. McDonald, Alton
Ray Medcalf, Mary, Ellen
Mitchell, Wanda Oetken,
Elizabeth Ardis Parmann,
Carolyn Elaine Price, Lorena
Rose, Elizabeth Louise Rupp.
Lester John Schleigh, Henry
Lawson Scott, Gary Lee Sim
monds, Larry Bennett Smith,
Lloyd Christian Smith, Alma
Lou Stovall, Jim Stout,
Charles Raymond Swingle,
Robert Lexas Taylor Char
lottee Faye Unruh, Jim Allen
Waldron, Donald Dee Wal
lace, June Louise Whitmore,
Dauglass Alen Whitt, and
Stanley Michael Zwan.
Twins Born When
Daughter Graduates
Silverton (UPI) Mr. and
Mrs. Ben Scharer became par
ents of twins Wednesday, the
same day their oldest daugh
ter was graduated from? high
school here. The twins were
their 14th and 15th children.
Sale Ends Saf. May 31
You Can Buy Carpet With
Nothing Down 3 Years to Pay
During Our Big "Change of Ownership" Sale at
Lucas & Howard f"ZT
With National Brands YOU Know
Hiway 99 South of Central Point
North of Medford - Phone NO 4-2243
in U.S.
here Wednesday bv the mer
ger of two Presbyterian
bodies. Its members include
President -Eisenhower and
Secretary of State John Fos
ter Dulles.
The message was drafted by
the denomination's policy
making General Council. It
was presented for formal
adoption today by 1,200 voting
commissioners of the General
Asembly.
No Righteous Nation
"While some nations are
greater sinners than others,
there is NO righteous nation
upon earth," the message de
clared. "We Americans are in dan
ger of rejecting the heritage
which, made us what we are.
As a people we are becoming
less interested in righteous
ness than in national security
and international superiority.
Relations between us and
other peoples are no longer
primarily determined by
moral principles or by con
siderations of human need.
Self-interest is becoming the
great absolute."
Presiding at today's assem
bly session was the Rev. The
ophilus M. Taylor, who was
elected unanimously late
Wednesday as the first mod
erator of the united church.
Taylor, 49, is a professor at
Pittsburgh-Xenia Theological
Seminary.
Charges Sought
Against France
United Nations, N.Y. (UPI)
Tunisian Ambassador Mon
gi Slim sought instructions
from his government today on
whether to press a charge
against France in the United
Nations Security council.
Tunisian President Habib
Bourguiba announced Mon
day that his government
would bring France before
the council as a result of re
newed clashes with French
forces, particularly last week
end. Slim, after consulating with
Secretary-General Dag Ham
marskjold, talked privately
with most of the 11 members
of the security council Tues
day and then withheld the for
mal filing of his government's
complaint.
The council met Tuesday on
Lebanon's complaint of "mas
sive interference" by the
United Arab Republic in the
Lebanese rebellion.
It postponed until next
Tuesday any consideration of
the complaint in order to give
the Arab League, which meets
at Tripoli, Libya, Saturday, a
first chance to straighten out
the intra-arab dispute.
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