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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 21, 1958)
i 10 MAIL TRIBUNE, KWford, Oregon, Tuidy, October 2T, 1958 Market Expected To Go Down As History's Best Bull Market BY ELMER C. WALZER UPI Financial Editor New York -(CPD- A year ago Wednesday, the stock market touched a new low since May 18, 1955 and it has been nsinir pvpr Tr o ii since in what !what proba- pi tic w bly will go j down as the best gaining S 14 A ' 1 History. LAlMJ On Oct. 22. Elmer Walzer 1957, the Dow Jones industrial average closed at 417.79. That was down 100.93 points or 19 per cent from the 1957 high of 520.77 made on July 12. The rise since Oct. 22, 1957 has amounted to around 127 points or 30 per cent Last week a snakeout oc curred. From the high to the low in that shakeout the de cline amounted to about 20 points or 3.7 per cent. This was quickly regained and a new high record established. This quick recovery indi cated to the experts a strong demand for stocks even at current high prices. Shakeout Expected Even so, the course of the bull market no longer is a one-way street upward, ac cording to the experts. Standard & Poors warns that shakeouts in the market may become more frequent and of greater severity from now on. "The recuperative power demonstrated by the list late last week," says Standard, "in dicated there is plenty of buy ing power awaiting an oppor tunity to acquire well-situated stocks at price concessions. "However, with speculative fever at its present intensity, we would go slow in extend mg commitments. The Fitch survey believes the market would sand a five or ten per cent correction at this juncture about 25 to 50 points in the industrial aver age Such a correction, Fitch holds, "would prove a salu tary force in bulwarking the still powerful forces behind the market's intermediate and long-term upward trends. "Such a healthy develop ment would stimulate in creased participation in more reasonable prices and soundly situated equities by the invest ment funds and others who are definitely waiting for such levels to develop in order to commit idle funds on just such an' occasion." Historic Gain Prentice-Hall, admitting that after three straight quar ters of an across the board ad vance, a sizable correction would normally be indicated, notes: "But there have been prior periods of sustained uninter rupted advance for many more quarters than three. By far the most striking was the advance for ten straight quar ters in the 1953-56 bull mar ket. "Next best performance in the post-war period was the 1949-51 gain for seven straight quarters." Edmund w. labell, ana lyst for Walsfon & Co., be lieves the behavior of the market in the next few days should furnish a clue for the future. "Inability of the market to move out of the 550-536 area on the upside would indicate the possibility of a potential top formation," he says, "and the end of the first phase of the advance. From a longer term point of view, I do not think last week's decline has any great significance. "From a technical view point, I think the market is headed higher over the long term." The only question he finds is whether the first phase of the rise is over with the need of a further technical correc tion and some consolidation before the long-term advance is resumed. ALLAYS TEA FEAR Washington -UPD-Food and Drug Commissioner George P. Larrick says that up to now there is no cause for alarm whatsoever about ra dioactivity in tea. Larrick's re marks Monday were prompt ed by a report by two food and drug officials last week that there has been a sharp statistical increase in radio activity in tea samples since nuclear testing began in 1945. PROPOSES PAY HIKES New York-PD-New York School Superintendent John J. Theobald has proposed merit salary increases for su perior teachers in an effort to end the teacher shortage. EDUCATION sHEAD DIES New York -flJPD- Robert L. Thompson, 50, head of the Vocational Education Depart ment at New York University, died of a heart attack. PUBLISHER DIES New York - (UPD - Roy M. Cohen, 67, meat industry mag azine publisher, died Monday in University hospital. We Give GREEN STAMPS CENTRAL REXALL DRUG Main and Central If 48th ANNIVERSARY MEDFORD ANNIVERSARY MONTH IS DIVIDEND MONTH!! Save your REGISTER RECEIPTS curing October. Redeemable in valuable prizes displayed on our second floor. Eight Tracts Sold In BLM District The Medford district, bu reau of land management, sold eight tracts containing an estimated 20,801,000 board feet of, timber at an oral auc tion sale Oct. 16 for a total price of 5636,602.75, accord ing to Ross Youngblood, dis trict manager. There was spirited bidding for seven of the eight tracts. It was necessary to withdraw a ninth tract that had been advertised. S. H. and W. Lumber com pany. Grants Pass, purchased one tract containing an esti mated 1,494,000 board feet and a second tract containing an estimated 2,153,000 board feet with bids of S35.35 per thousand board feet and $29 per thousand board feet re spectively for the douglas fir, which was the major species in both sales. Both tracts are located in southern Josephine county, one on Little Gray back creek and the other on Elliott creek. Southern Oregon Plywood, Inc., Grants Pass, was success ful in purchasing two tracts. One, located on the head of Deer creek in southern . Jo sephine county, containing an estimated 2,093,000 board feet was purchased with a bid of S30 per thousand for the Achievement Night Held at Shady Cove A 10-year club member and a county medal winner for record books were recognized at the Shady Cove-Elk Trail 4-H achievement Saturday night at the Shady Cove school. Velma Peile received a gold necklace signifying comple tion of 10 years in the Oregon 4-H program, and Margaret Hanson was awarded a Coun ty Fair Board medal for her forestry record book. Wes Nisson, First National Bank of Oregon, Medford branch, presented cards and pins to the 4-Hers attending. Awards went to: tenth year, Velma Peile; eighth year, Rob ert Peile; sixth year, Ira Con nor; fourth year, John Cox; second year, Margaret Han son, Leonard Hanson, Cheryl Miller, Lois Rogers, Lloyd Walkup, Earl Naumann, Lin da Fay Paulson, Carol Hale, Cecilia Kee; and first year, Judy McKenzie, Sherri Wat son, Sharon Hawks, Geneva Lowery, Sue Jean Lowery, Vernon Martin. douglas fir. The other, on Grave creek in northwest Jackson county, containing an estimated 4,144,000 board feet, brought $37 per thousand for douglas fir. The highest price received for douglas fir was an offer by A. C. Smith Logging com pany of Wolf creek of $40 per thousand board feet for an estimated 42,000 board feet of salvage timber located on Grave creek in northwest Josephine county. A close second high offer for douglas fir was $39.50 per thousand board feet made by Caveman Lumber company. The offer was made in con nection with a tract contain ing an estimated 4,031,000 board feet which is also locat ed in northeast Josephine on Clark creek. Spalding and Son, Inc., Grants Pass, was high bidder for a tract containing an esti mated 4,955,000 board feet on May creek in northwest Jack son county. The bid included an offer of $23 per thousand board feet for the douglas fir and $24.30 for the ponderosa pine, the two major species. Brown Brothers Lumber company of Grants Pass pur-! chased the only tract that was sold without competition at $22.50 per thousand board feet for the douglas fir. This tract, located on Williams creek 'in southern Josephine county, contained an estimat ed 1,899,000 board feet. The next timber sale by the Medford district will be Nov. 13, at which time three tracts containing an estimated 6,- 270,000 board feet appraised at $80,208.60 will -be offered. One of these tracts is located J in southern Josephine county and the other two in southern Jackson county. Additional information regarding these tracts may be secured at the office of the district manager in the Medford city hall. Malitz Defends Candidate's Offer Portland-dTD-Robert Mautz, Republican national commit teeman for Oregon, said Mon day that John Johnston, GOP candidate for Congress from the third district, violated no law in offering to donate half his salary to charity if elected. Mautz wrote C. Girard Dav idson, Democratic national committeeman, who had charged that the offer violated the federal corrupt practices act because it offered a con sideration for political sup port. Mautz said that Johnston in making the offer did not name specific people or organ izations and "this obviously does not bring his commend able generosity into the cate gory of improper or illegal acts." VOTE for HUDSON i 4l LOOK TO THE o FUTURE o - Elect - GORDON HUDSON DEMOCRAT STATE SENATOR for ACTIVE, AGGRESSIVE REPRESENTATION Pd. Pol. Adv. Hudson for Sena tor Committee. Joan I. Redden, 2246 Aloha St., Secretary. 1 III values high... styles new... prices low... New styles! Brand new fall anc! winter coats, beautiful ly fashioned in your choice of the latest "looks." Great values! Top quality fabrics, exquisitely tailored. And low, low prices! Come to our amazing October sale for coat fashions at big savings. SIZES 6-16 If I ' I I ; ' f ' VALUES TO 14:98 SPECIAL GROUP WOMEN'S ROBES and DUSTERS Samples and a Special purchase. Prints and plain colors in nylons, rayons, corduroy, cot ton, sanforlans. Many one of a kind in bright and pastel shades. A few slightly irregular. ALL WASHABLE COLORS Confetti Tweeds Zibilene Donegal Tweeds Duve Teen Suede Novelty Weaves LAY-AWAY or buy on one of our liberal credit plans . ... 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