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.
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