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Tribune
M5F0D, OtEGON, MONDAY, JUNE 30, 1958
Pacjei 1 - 8
e
s
Matte Best Gain
Jn1tt$iK Months Since 1945
roai 4fcsC& averted
1959 taa feztfrtt btf anafe
their teat gexceatafe jaw toe
$tt t&t 99r txnee lt9-
79 Sails, Utljed t? US
and(5lj Bl3l MtsuRi n
hope lot fj 9icfu i cr
loadirD ig i tfcond Jli
of th jtr tv r&n f
more then 2 j6r cent from
the clost) of 1857 to frounf
the end of the first half ol
1958.
Industrial in the first hM
have risen by nearly (t
cent, their best first half gain
?ince955 when it ea ii-M
per cent.
Utilities Jumped
Utilities jumped 10 gf cant
in 1958, their best viae ainca
m3 an advance of 11.8 je cent
in 1954. G
Stock trading in t?l fitfi
half of 1958 he jutt aov
equaled that of 196 nt if a
ahead of last yer. It lull 4
well below 1955., If thf gect
set so far this yegr itee? up
the year's total coul ftach
600 million shares evhicft. ac
cept for 1955 fjrould b tha
best year since 1933.
And while the list rie
ing steadily, earninf -were in
a decline in most iettancea
and ' many dividend were
hacked.
Paradox o
Why does the markei rise
when busineate declines?
o The market, it is explained
by the experts, doesn't oper
ate on current conditions. It
rises or falls by what ia tx-
pected in the future Thif is
a process called discounting
the foture.
WOen the maijet Sjeama to
do that discounting, market
men say it is following pre
cedent. "When, it doesn't they
assert it has lost its old-tima
discounting ability This tima
they can say ittis operating on
the old-fashioned bgsis.
Even so not a few of thg ex
perts say the market has over
done things, and they question
the validity of a rise that has
gone far beyond what they
regard as reeasonable in the
price times earnings formula.
Two things stand out be
sides the discounting oper
ation. They are a vast sum of
money seeking investment,
and reluctance of those who
have huge profits to sell their
n stocks because of the 25 per
ctat capita faint tas. The
flrst-monay represent de
efiaa. Tfca aecond represent
a reduced auppi.
OWL,
So Kara ia an operation c4
tha old law of aupply and 4a
ftitni. Refluced supply of
ftccft, and big demand for in
vaatment. Tha analysts are stumped
from time to tima to mete se
lections for their clients. Yet
they mutt make them, for, as
one explains, "you can't just
say stock are high and let it
f o at that. What the prospect
ive buyer wants to know is
whet atocks gre going higher
and what ones are going to
to Best."
Another prominent analyst
ola that a "do-nothing" pol
ice can be disastrous.
' The experts lay you just
can't wait until you are sure
of the market. If yo do, an
analyst explaina, "you will
have missed much, if not
most of the rise in the mar
ket." So it goes. The market has
done milch better than the ex-,
pert have believed it ceuld
do. It did far better than last
year in the averages even
though the averages were then
much higher above 500
for the industrials. In the first
half of 1957 industrial shares
rose less than 1 per cent while
rails fell nearly 4V per cent.
The market, it seems, has
been less worried about the
business recession than many
market operators take the
many bears, for example
and the economists.;
Chemical Succeeds
Against Potato Scab
Madison, Wis. (UPI) Uni
versity of Wisconsin research
ers have reported that an
experimental chemical, urea
formaldehyde conce n t r a t e,
can be used effectively against
potato scab.
The researchers treated the
soil with 150 gallons of the
chemical per acre and found
that the susceptible Chippewa
variety potato was scab free.
Potatoes grown on an untreat
ed . plot adjoining the test
area were badly scabbed,
they said.
However, the -researchers
feel that the chemical is not
commercially feasible now be
cause the concentrate costs
about 80 cents a gallon. Pres
ent research is being conduct
ed to determine if good re
sults can be produced with
a lower dosage per acre.
' '
CHECK-OUT Engineers' hoist a 20" satellite aloft for a last check before placing it
in the nose of the Vanguard rocket to be launched at Cape Canaveran, Fla. Later the
-rockets second stage failed to"ighite and place the;?atellite in orbit -- : -
Honolulu (UPI) The
atomic powered ' submarine
Nautilus surfaced Saturday
off Pearl Harbor for the first
time in nearly three weeks,
after a 6000-mile voyage from
the west coast. ,
travel the
IrjIlilihVlTTTTTTilTTq!
iibiii-jii i "j a ii ii Jtvib
UEAKFAST in MEDFOKD
SUPPEI in lOiSi
. 7:1 amW5' C9 ' II
148 M. trmM ft.
rhees 1 3-1 ass
Project Aimed At Homesteaders
Madison, Wis. (UPD A
University of Wisconsin re
search, team has started work
on a project aimed at luring
homesteaders to frontier set
tlements north of the Arctic
Circle.
Prof. Kirk H. Stone of the
university's geography de
partment will direct the three
year study to determine the
future development potenti
alities of the extreme north
ern areas of Norway, Sweden,
Finland and Alaska.
Stone and six assistants
will study all attempts that
have been made to live in
frigid climates of the north
country and try to come up
with a success formula.
He hopes to lay the ground
work for permanent settle
ments in the four areas which
he says "are of great strategic
importance " and significance
to the free world in both war
and peace."
Stone started a similar
project in 1941 but was cut
short by World War II. The
present effort has the finan
cial backing of the U.S. gov
ernment, the Fulbright pro
gram and the university here.
Idaho Army Officer
Dies of Heart Attack
Fort Devens, Mass! (UPI)
-An Idaho Army officer
found dead on a beach in
southeastern Mass achusetts
last week was victim of a
heart attack, military author
ities said Saturday.
Maj. Robert Moberly of Po-
catello, Ida., died of coronary
thrombosis, the Army dis
closed after an autopsy.
Restraint in Time of
Boom Good Way To
Prevent Downturn
Beirut, Lebanon (UPI)
Army " troops supported by
rocket-firing planes broke up
strong rebel attacks on every
army position in and around
Tripoli Saturday, the govern
ment announced.
5 5c? a DANG-UP 4th of J01Y PICNIC
. . . mvt ,
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For y&Jr Hojdy tat", k4eee e cfri9 tarty,
choose pluny. tender, Qiefon-flrea 9rf$m . . .
so ivM of flavor kJ mririeae aeteW . . ,
because they are MetwaaV frecW, 4fce way y 0t
hn best.. And versa! . . vt fhess
G Inow how to a GOOD ri. aj riy r van
5 " cook the;. rA ey jsa Kr syt 4ne 3mt
Oneats do. Have a ikl G-"Sr
vsrowq Pryerj.
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3
FrQihsf Orp0i-0fc5i fryers fdSrT .
fik 9c and Gz$
New York (UPI) The
best way to prevent serious
downturns in business is to
practice restraint in times of
boom, a group of leading eco
nomists tojd United Press In
ternational. Twelve top economists told
UPI this is the basic lesson
learned from the present re
cession. The economists called for
restraint by government, busi
ness and labor during times
of rising industrial activity to
avaid the excesses which lead
to recessions and depressions.
Roy L. Rierson, vice presi
dent of the Bankers Trust Co.,
said "we have learned that
the best way to reduce a busi
ness downturn, is to curb the
ebullience and excesses in the
preceding boom."
He called for avoiding large
wage hikes under long-term
contracts at the peak of a
business boom, more restraint
by businessmen in expanding
their facilities during a boom,
and for using periods of pros
perity to reduce debts.
Ira T. Gellis, economist for
E. L. DuPont de Nemours &
Co., said "perhaps we have
learned that we can moder
ate th. swings of business ac
tivity by restraining the boom
that precedes the decline."
Gellis also expressed the
view of a number of the
economists when he said "we
have learned that raising
wages and salaries and 'fringe'
benefits by amounts greater
than rising productivity will
cause rising prices, and rising
prces -reduce markets."
Don M. Soule, assistant pro-
KP Duly Thing of
Past at Boiling
Washington (UPI) KP
duty for the 1,200 enlisted
men at the Boiling Air Force
base here is a thing of the
past.
The Prophet Co., a Detroit
Mich., catering firm has taken
on the responsibility of feed
ing all of the men assigned
to the base and the Air
Force dining hall across the
Potomac River at Ft. Myer,
Va., as well.
Col. Edwin D. Miller Jr.,
Boiling commandant, said the
changeover from military to
civilian cooks" and potato peel
ers was intended to "increase
the overall operational .effi
ciency of the base and to pro
vide for full utilization of
manpower (military, that is)
in the many work sections
at Boiling."
The amount of the contract
awarded the Detroit firm was
not disclosed.
Brussels Police '
Pick Up Russian ,
Brussels (UPI) Bolshoi
star ballerina Olga Lepes
jinskaia has been picked
up by police on charges of
shop-lifting two pairs' of
gloves, ah umbrella and other
items from a Brussels depart
ment store. She was released
after nine hours of question
ing. Miss Lepesjinskaia, the So
viet Ballet company's number
two ballerina, was freed when
Soviet Ambassador Viktor
Avilov intervened in her be
half. .-
Police refused to say wheth
er they would file charges,
but informed sources said of
ficials had no wish to repeat
the scandal in London in 1956
when Soviet discus tnrower
Nina Poriomareva was ac
cused of shoplifting five hats
worth $4.68. Miss Ponoma
reva was fined and returned
home to Russia.
Stubborn Inmate
Doesn't Want Freedom
Wethersfield, Conn.--(UPI)
The State Prison here has
been having trouble with a
stubborn inmate that doesn't
want freedom. A homing pig
eon took up residence in the
prison and returns whenever
freed.
SPEECH LABORATORY
. East Lansing, Mich. (UPI)
A language laboratory,
equipped with semi-private
booths and dual-channel tape
records, is being built at Mich
igan State -university to as
sist in the teaching of foreign
languages. The laboratory
also can be used for speech
correction and research work.
(GLASS
Protect, your furniture
with glass table tops
Phone SP 3-3613
SELBYxo
303 North Bartlett
fessor of economics at the
University of Illionis, explain
ed that "because of unwilling
ness to control the boom, we
pay the price of depression."
He said the economy cannot
operate full-blast all the time.
Should Raise Taxes
Gordon W. McKinley, di
rector of economic and invest
ment research for Prudential
Insurance Co. of America, said
the lesson to remember is that
in times of boom taxes should
be raised to curb the exuber
ance of businessmen and con
sumers. Taxes should' be low
ered in times of declining ac
tivity to spur new spending,
he said.
Neil H. Jacoby, dean of the
University of California's
Graduate School of Business
Administration, said "I hope
that, hereafter federal spend
ing for national defense will
not follow a 'roller coaster'
pattern, but -will be based on
firm long-range planning."
Ill-Fitting Shoes
Blamed for Trouble
Buffalo, N.Y. (UPI) Po
diatrists can expect increas
ing business as long as wom
en continue to wear shoes that
are too narrow,. in the opin
ion of Dr. Henry L. Du Vries.
He believes too many women
insist on' sacrificing comfort
for style in buying footwear.
Dr. Du Vries, clinical in--
structor in surgery at the Chi
cago Medical School, com
mented at a podiatrists' scien
tific symposium here that
about 65 per cent of foot sur
gery stems from ill-fitting
shoes.
"Women's shoes are the
worst offenders," he said. "Be
cause the shoes are without
laces and have high heels, the
wearer's toes must hold the
shoe on. This produces an un
due pressure on the toes."
Army Veteran Notes
Changes in Service
Vort Riley, Kan. (UPI)
When Sec. William Panow,
now 65, enlisted in the Army
in 1915 a private's pay was
$15 a month.
"But we made it stretch,"
Panow related. "We usually
rolled our own cigarets, and
other things were a little dif
ferent too.
"A corporal formed and
drilled the company. A buck
sergeant did just about the
same with a battalion. And
a staff sergeant just about
bossed the regiment." ,.
Panow doesn't claim to be
the oldest man on active duty,
but he has seen both World
Wars, received many medals
and commendations and trav
eled around the world.
Panow immigrated from
Poland at 16 and soon en
listed in tl-3 Army where he
served variously as a mess
sergeant, rifleman or instruc
tor. Panow looks forward to re
tirement with both Army pay
and Social Security checks
and plans to spend his time
baking cakes and sitting "in
a sturdy old-fashioned rock
ing chair" on the front porch
of his Duarte, Calif., home.
British Actor Buys
Own Catsup Painting
London (UPI) British
actor Peter Finch up-ended a
bottle of tomato catsup onto
the tablecloth, and the diners
in London's exclusive 500
Club raised their eyebrows.
He added a bottle of Worces
tershire sauce. The raised eye
brows turned to frowns.
Then he demanded a tin of
boot polish, which the man
agement supplied.
He was painting, and he was
so impressed with his paint
ing that he bought it.
The mangement agreed to
let him have the tablecloth
for $3.50.
More than 3,166,000 fish,
including 2,560,000 trout were
planted in Michigan 'fishing
waters during 1957.
TOOK NO CHANCES .
' Washington, Vt. (UPI)
Because Nate Flint's mother,
father, sister and two broth
ers died between their 61st
and 62nd birthdays, Flint
made sure of having his 62nd
birthday celebration by hold
ing a party for himself twa
days before the actual date.
He invited the towns of Barre
and Montpelier and an esti
mated 5,000 persons showed
up. A 55-gallon oil drum was
needed to store all the birth
day cards,.
4 IPS
SNIDER'S
MILK-
THE
GROWING
FAVORITE
John Cue liked to save,
(or at least, wanted to)
But never quite managed, f
(even as me and you!)
He told himself time and
again "I will do it!"
But paychecks were vanished
before he quite knew it.
ii i
IV.-.
One day he was told of the
plan "Firstomatic"
(It makes saving planned,
instead of erratic).
John went to First National,
and signed a small card,
Remarking "The interest
:ate is my reward."
CHECK! ts!6r SAVINGS
At once the Bank transferred
a modest, small sum
"To savings: With mort
small deposits to come."
I
Soon; John became happy
. (in fact, he's ecstatic)
He's saving each month,
and it's all automatic!
I
I
You should try firstomatic Savings. It's tha easy,
sura way to save regularly, as everyone knows he
should. You let the bank worry about transferring
money from your checking account into your sav
. ings account at regular times, eliminating your time
and trouble. Most important, Firstomatic helps you
resolve to save. Ask about the Firstomatic Bank
Savings Plan at your nearby First National Branch.
'
START FIRSTOMATIC SAVING NOW!
Savings made on or before July 10th
earn interest from July 1st!
NATIONAL BAN I
OF PORTLAND
BEDFORD BRANCH
irrs build oeEGON roormir
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