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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Oct. 23, 1958)
Uneasy Feeling Prevails Among Followers of Stock Market By ELMER C. WALZER UPI Financial Editor " New York-dTD-Wall Street is having premonitions that something is going to happen x, to this stock market. 1 f It just doesn't tfc,P know what 5", will happen or w h e n. isut there's that un easy feeling. T. W Hnnn. ! vQl2?'iS er analyst for t tW IfZ W.' E. Hutton Elmer waizer & Co., recalls how the late Prof. W. Taus sig of Harvard in discussing the business cycle used to talk about what he called "a pre monitory ctaill," an advance warning of something to come. Hooper suspects that last week's rapid sell-off and equally rapid almost complete recovery, was a premonitory movement a warning that the first important contra trend correction is on the way. He admits the timing of such development is very dif ficult, but he is convinced it does not have to stem from any new cause and that a rel atively small amount of con centrated selling could put it in motion. No One-Way Street "Such correction," Hooper holds "would not signal the end of the broader upward movement, but it could be quite unpleasant to this gen eration of speculators who have come to assume, per haps unconsciously, that a vio lent market is a one-way street, "The more violent a stock market move like this be comes, the less likely it is that it will be a one-way street. A great many market peo ple would welcome a setback on the basis set forth by Moody's that it would provide an opportunity to buy on more attractive terms. A lot of people have fat profits in this market. Some may elect to take part of these profits. But many are locked in by two factors: 1'. The capital gains tax which clips 25 per cent of the profit for long-term gains. Un less he wanted to spend his capital such trader would find it difficult to discover stocks which would give him' the re turn he now has on' an invest ment cut' down by the tax. . Supply of Slocks Cut 2. Those with stocks on margin at say 50 per cent. If they sell and want to buy oth er, stocks the margin of 90 per cent recently instituted is effective. And with prices higher than when they made their original purchase they'll be unable to get as much stock. . These two situations tend to reduce the floating supply of stock. With supply down and demand high prices would seem to be headed higher and higher. However, some of the specu lative owners of stock might well sell at least part of their holdings, forcing prices down and giving the prospective buyers a chance to get into the market. The solution to the market problem of supply would be to clip down the capital gains tax or eliminate it and reduce margins. Such procedure it is held, .would bring a more liquid market and a more normal one with fluctuations smaller. Another thing that would give the market a bit more liquidity would be to instill greater confidence in the dol lar, say ' the experts. This would swing some stock money into bonds and give the stock market the compe tition it heeds. Also it would help the Treasury with its giant financing problems. Argt entine Soon Faces Three Duels Buenos Aires-dW-Congress- man Carlos H. Perette today faced challenges to three sep arate duels, inspired by heat ed words he spoke during a recent congressional debate on power nationalization. When Perette returned Wednesday from a visit to his home district, he learned that Sen. Armande L. Turane, for mer publisher Paul Damonte Taborda and congressional re porter Rodolfe Baltierrez all want to met him on the field of honor." Seconds . for the four men are discussing ar rangements. 1 jri.ITr.Li. I.i. 1 'l ifc.- mmm W i ' n mijfjij, imiiHi 'H i Hi' gam i i m 4 m t$s m ' ' : . . 1 ' ' :: 1 .. . K I mi. fc f W Jill I I iWl I i l l jjmiH mi i ilililiLlUiijujU 1 " , : : : """" Hp I f I 4 alilli.llillillil khenlCll is the most RESERVE I rewarding whisky you can buy The way to judge whisky is by the pleasure it gives you. And Schenley Reserve gives you' more real pleasure per glass than any other whisky. Every bottle is uniformly light, richly mellow in flavor , and velvet-smooth. Reward yourself with more pleasure . the taste pleasure that only Schenley Reserve can give you! 2 S?90 S4'45 ' PINT " is QT. Coda No. 255C Code No. 255 B chenlcu ': Schenley Distillers Co , N.Y.C. Blended Whisky of Elegance 86 Proof, 65 Grain Neutral Spirits " -ami ' ' f? T'3 au ' MAIL TRIBUNE, MtdferJ, Oragen, Thurtdiy, October 23, 1958 11 TRIPPING concealed cam era in frequently burglarized Decatur, 111., service station, Robert Tate Jr., 20, provides police with evidence leading to his arrest for S3.65 theft. Crafer Senior Wins Prize for Posier Luella Rone, a' senior at Crater High school, has won third prize in posters in the amateur division of a contest sponsored by Art Instructions, Inc., an art and correspond ence school in Minneapolis, Minn. The contest was open to amateur and professional artists throughout the nation. Her poster, done in art class at Crater High last year, was a travel poster in an ad vertising unit on Algeria, ac cording to her instructor, Warren Holbrook. The work will remain for permanent showing at the school and will be reproduced in the Jan uary, 1959, issue of Illustra tor, a publication for students and professional artists issued by the school. Miss Rone is a daughter of Mr. and Mrs. Jesse Rone, 6115 Crater Lake ave. Rate Boost Denied On Fruit Packages Salem -UPD- Denial by the Interstate Commerce commis sion of an increase on express shipment and gift packages of fruit from Oregon to all parts of the country will save ship pers between $600,000 and $900,000 a year, Public Util ity Commissioner Howard Morgan said today. The Railway Express com pany had proposed increasing the charges on such shipments to $2.31 per shipment, he said. Oregon sends between 1, 500,000 and two million pack ages of fruit to' the rest of the country annually, Morgan said. Morgan said the industry was vital to growers and to the economy of southern Ore gon and the Hood River area. Two Jailed for Medical Practice Portland -(UPD- Two elder ly men from Sacramento, Calif., Wednesday were sen tenced to jail terms here on charges of practicing medi cine without a license. Leon DeSeblo, 83, pleaded guilty to the charge and Thomas Habib David, 77, had been found guilty by a jury trial. Both pleaded for mercy claiming ignorance of the law and showing photographs of their families but Judge Rich ard J. Burke sentenced them to 120 days each, in county jail. The Judge said ''shunt ing them off to another state won't deter this practice." The two were accused ' of practic ing medicine while engaged as health lecturers. Court Records MUNICIPAL COURT William Lowell Hicks Jr., dis obeyed traffic sign, S5. Aleta Kay Livingston, disobeyed traffic sign. So. August Monroy Farfan, disobeyed traffic sign. S5. , Jesse D. Janssen, improper right turn, $5. Jeff Erik Fowler, failure to dis play vehicle registration plates, S5; no Oregon operator's license, $10. Norman Albert Ditsworth, im proper right turn, $5. .. William John Thompson, dis obeyed traffic sign, $5. Winifred Lucille Langston, viola tion basic rule, $10. LeRoy Allen DeVore, disobeyed traffic signal. $5. - ' Wilton Joseph Moore, disobeyed traffic signal. S5. Franklin William Couch, dis obeyed traffic sign, $5. Paul William Hammonds, dis obeyed traffic sign, $5. David Rath, violation basic rule, $10. Ardythe Lorraine Kornstad, vio lation basic rule. $10. Mary Cecilia Rice, driving withw out licensed driver in vehicle, $10. DISTRICT COURT Ray E. Stewart, hunting during prohibited hours, S30. Reter S. Johnston. 2737 Howard ave., Medford, drunk on public highway. $30. John M. Inlow, no operator's li cense. S10. William E. Raines, no operator's license. S10. George M. Ricks, violation of ba sic rule. $15. Roy C. Price, overwidth. S15. Roberta A. Hemingway, defective brakes. $10. Richard E. Rogers, no operator's license, $10. C.RCUIT COURT Phillip L. Lay vs. Peggy G. Lay, divorce complaint. MARRIAGE LICENSE ' APPLICATION'S Robert William Anderson, Indio, Calif., and Ethel Johnson, Ashland. 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