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Margin Requirement Increase
Being Talked on Wall Street
By ELMER C. WA.LZER
UPI Financial Ediior
Ne York d"PD Wall
Street is beginning to talk
and write about the prospect
'Zfctf&ZL of an increase
ln margin re-nuirements.
J Nobody is
fright ened
over the talk
J and possibly
5 n n o wnillrl
be frightened
into selling if
the Fed e r a 1
n , i-nnf4
Elmer Walzer xvesei ve ouaiu
did move the margins up. The
reason for that is that the
markets in the past just
haven't gone down when mar.
gins were boosted.
The current margin rate is
50 per cent which means one
can borrow only half of the
price of a stock and must put
up at leasthlf in cash on a
purchaser or short sale.
That 50 per cent is the low
est margins have been since
Nov. 1, 1937 when they were
cut to,40 per cent from 55 per
fcent, .he first margin fixed
by.the FED. They have been
50 per cent on several oc
casions. International Statistical Bu
reau in aits business and in
vestment service says the
Federal Reserve will "certain
ly move rapMly to prevent
excessive peculation. An
" eft-ly increase in maiins on
stock prices would not be sur
prising." A Different Matter '
The brokerage house of
Reynolds & Co., noting that
theOrecovery in business is
not yet sufficiently robust to
warrant any chjmge in' the
FED's easy money policy, says
tie stock market is a differ
ent matter.
"And the first sign of dis
pleasure at its rate of advance
will probably manifest itself
in a hike in margin require
ments.
When margins were raised
from 40 to 50 per cent on
Feb. 5, 1945, the Dow-Jones
industrial average stood at
155.35. The market kept on
going up and on July 5 with
the industrials at 164.25, the
FED gave the margin another
boost this time to 75 per
cent. But the rise continued.
On Jan. 21, 1946, with the
industrial average at 196.62,
the FED boosted margins to
100 per cent which meant no
margins at all. And the mar-
Barstow, Calif.,
Has Flood Damage
United Press International
Thunderstorms e r u p t.e d
from coast to coast Tuesday
night, triggering a million-dollar
flash flood at Barstow,
late Tuesday, sending a tor
rent of water a foot deep rac
ing through the downtown dis
trict. Hundreds of windows were
smashed by the hail and util
ity lines were knocked out for
hours. Authorities estimated
damage to homes and busi
nesses at about $1 million.
Flash floods swept other
sections of Southern Cali
fornia, marooning hundreds
of campers near Redlands and
trapping scores of motorists
in run-off from hills blackened
by recent forest fires.
ket went merrily on its way
up until it hit 212.50 on May
30, 1946. Then it turned down.
On Jan. 17, 1951, margins
were raised from 50 per cent
to 75 per cent. The average
which stood at 248.01 on Jan.
17, 1951, rose steadily for
several months.
Ups and Downs
The FED raised margins on
Jan. 5, 1955, from 50 per cent
to 60 per cent. On that day
the Dow-Jones average was at
397.24. On April 25, 1955,
when 'the average had risen
to 426.86 the FED raised mar
gins again, this time to 70
per cent and the prices con
tinued upward until the all
time high was set at 521.05
on April 6, 1956.
And the reverse is true too.
Prices do not always rise
when margins are reduced,
but eventually the rise gets
under way. The margins were
cut on last Jan. 16 when the
industrials were at 445.23.
The market continued to de
cline until the average touch
ed 436.89 on Feb. 25. It has
been rising ever since.
Not all of the market men
feel that a margin rise is even
close.
They point out that there
is plenty of money seeking
employment in the banks at
the present time and that the
Federal Reserve isn't apt to
get upset over the market un
tli there is a bigger demand
for money from other than
market sources.
There is just this much
about the whole thing that
squelches rumors: . The Fed
eral Reserve never tells in
advance what it is going to
do.
Value of Timber
On O&C Lands in
State Increases
Portland Vaule of timber
sales on O and C and recon
veyed Coos Bay Wagon road
lands under supervision of the
bureau of land management in
western Oregon was 519,521,
374 in fiscal year 1958, ac
cording to Virgil T. Heath,
state supervisor.
Additional receipts amount
ed to S3,280,333 from con
trovered O and C land admin
istered by the forest service,
bring total receipts for the
year to 822,801,707.
The value of the 760,737,000
board feet sold from BLM
lands in 1958 was slightly
higher than the 818,951,187
value of the 624,505,000 board
feet sold in fiscal year 1957,
Heath noted. For the second
year, the average value per
thousand board feet has de
clined, he added. The average
was 837.64 in fiscal year 1956,
830.25 in 1957, and S25.78 in
year which ended June 30,
1958.
Increase in Cut
Heath said increases in al
lowable cut permitted the
bureau to offer more timber
in 1958 than in previous years.
The offering in 1958 was 612,
270,000 board feet, compared
to 759,336,000 in 1957. Both
figures include salvage tim
ber which is not included in
the allowable cut calculation,
he noted.
The latest O and C and
CBWR allowable cut figures
is 769,300,000 board feet an
nounced last week, Heath
pointed out.
The 1958 volume establish
ed a new record, exceeding
the record 664,835,000. board
feet sold in 1956 when the
record value of 525,024,063
was also established. 1
Huckleberries
Ripe on Mt. Hood
Portland (UPD The hot
weather last week caused
many things and the latest re
sult is that the crop of huckle
berries in the Mt. Hood Na
tional forest has ripened
early.
The forest service said the
huckleberries at lower, eleva
tions are ripe and ready for
harvest.
Officials advised that maps
showing the spots where
huckleberries may be obtain
ed could be picked up from
ranger districts or from the
Mt. Hood National forest of
fice in Portland.
iii
TTrfimam mt m (Makes 4 to 6 tarings)
No more dried out hamburgers !
Morning Milk
keeps hamburgers
moist and tender
right through
cooking
While ground beef mixture made with ordinary milk often become
dry, crumbly and tasteless, the same mixtures made with Morning
Milk remain tender, moist and juicy right through cooking
whether grilled, broiled, pan fried or baked as meat loaf. Why?
Morning Milk's special blending and double rich qualities axe the
reason qualities not found in any other form of milk.
Sr. tr vmi rhitrlnnr On- W' a f rr-v
-
tip to rememoer anytime you gnu
L f I L .... .. C
uamouigcrs; sjrouna veej aiuji
moist, never crumbles, when you
add better-blending Morning Milk.
Try this easy recipe and see I
li pounds ground beef
IK teaspoons salt
W teaspoon pepper
Vs cup undiluted Mcming Milk
W cup finely chopped onion
I tablespoon prepared mustard
t tablespoon prepared .
horseradish,
EVAPORATED
HIUL
o Lightly mix all ingredients is mixing bow!. Divide meat mixture
into six equal parts. Shape gently into patties. Place on grill or in
folding wire broiler. Cook over glowing coals 4 to 5 minutes on
each side, or until done as desired.
BARBECUE BURGERS
While grilling hamburgers, brush several rimes with spicy Barbecn
r$auce made from recipe found in tree folder at your grocer's
Morning Milk display. (Details at right).
1
FREE AT YOUR GROCERS!
This folder of outdoor eating
recipes includes Barbecue Bur
gers with Barbecue Sauce, Fried
Chicken, Bleu Cheese Dressing,
iHomemade Strawberry Ice Cream
and others. See how versatile
Morning Milk can be in outdoor
cooking. Get yours today ... at
your .grocer's Morning Milk
r J -
j
0 Morning Milk ...tlie modern, convenient cooking milk
'
MAN. TRIAUK-E, MeJfetd, SrecM, bms, , f If
FAN FAN I SPEAKS TO HOUSE Italian Prime Minister
Amintore Fanfani is shown addressing the House, of
Representatives in Washington. Seated behind him is
Speaker of the House Sam Rayburn.
, ,
55r liff Si
SPIRALING LINE is artist's conception of route rocket
would travel in first moon shot to be attempted by United
States, scheduled for August 17. Rocket would travel
around moon, returning to gravitational influence of earth.
Pruning, Shearing Will
Help Chri$tmc$ Troo
Corvallis Pruning and
shearing will help grow
Christmas trees that bring top
prices, Gary H. Sander, ex
tension forest products mark
eting specialist at Oregon
State college, has advised.
The new federal grading
system started last year makes
it more likely that uniform,
high-quality Christmas trees
will sell for premium prices,
Sander said. To qualify for a
Premium or U.S. No. 1 rating
top grades under the new
voluntary grade standards
trees need to have compact
ness of growth and a uniform,
symmetrical shape.
Growing this type of tree
usually requires some pruning
and shearing as trees mature,
Sander pointed out. Trees
should be pruned and sheared
Social Workers Are
Needed in VA Work
Problems for which veterans-
need the specialized
help of Veterans Administra
tion social workers have not
decreased in the years since
Korea and World War II, S. T.
Brannock, officer in charge
of the Medford Veterans ad
ministration office, said today.
Indications are that sick and
disabled veterans have only
traded wartime problems for
peacetime ones.
In fact, Brannock stated
that the VA social work case
load is increasing.
For comparison, the ag
ency's social work division in
Washington, D.C., completed
sevice for more than 250,000
veterans in fiscal 1957, com
pared ' with approximately
248,000 during fiscal 1956.
Vacancies for social work
ers exist at VA hospitals and
outpatient clinics across the
nation, Brannock stated.
Those who hold a graduate
degree in social work may
apply for VA employment to
the central board of U. S.
civil service examiners, Vet
erans administration central
office, Washington 25, D.C.
Use Tribune Want Ads
for the first time whe they
are 2Vi to J feet high, usually
the second or thir year after
planting. Then, a yearly
treatment is netd, up to but
not including the yyir of harv
est. Pruned in Late lummr
Fir and spruce may be
pruned and sheared in lste
summer, fall, or winter, San
der said. Pines should be
pruned and sheared from
June to mid-July, before new
buds form. :
Pruning calls for removal
of injured or deformed parts,
and the top leader is usually
cut back to eliminate spindly
growth. If there is a double
leader, the weaker one should
be removed or cut back.
Limbs over the' rest of the
tree should be sheared to en
courage new growth buds and
bushier, more compact de
velopment. The shearing, how
ever, should remove only part
of the current year's growth.
And be sure and shear the
entire tree not just the up
per branches Sander said.
Shearing only the top branch
es mkes the tree sqirfM
Vide anj sparse at thj later.
More information o frufe
inf and shearing Clmetnrls
trees can be obtained? ieom
county extension ageri or
local foresters, Sander added.
MONEY
At Crater Finance yo nay
borrow far ony rth
while purpose e fewe
FURNITURE -SAL4T
and repay in rionffclf
stallmentS. few ?
choose the tarrm m&wt-1
able to you f e f$d
months.
Loan may be paifl
vanee or in full a tjtlt
Crater Finooco
CORPORATION
135 Pine Strej&
Central Peiet
Phone NO 4-1 tTW
Frank Wilkinson, Mgr.
Convenient Parkin
CHUCK'S MARKEf
838 W. McANDREWS ROAD
Red Snapper 16 SCs
Round Steak .......... It
Chuck Roast ...III. 4Cs
Pork Steak ....IEi 57c
Boneless Sirloin Tips ... lb. 85c
Rolled Roast........... lb. 85c
Hearts and Tongue ea. 59c
m
n
on any size package of
t 1
f '
I 'I
It
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rasois
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LIMIT: one per family. Expiration date: October 30, 1958