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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Nov. 30, 1958)
14 MAIL TRIBUNE, MxHorJ. Qrtgon, Suwihy. NovemW 30, 195S Market Drops, Then Rises; Most Nov. Sales Since 1 928 By ELMER C. WALZER UPI Financial Editor New York -CPS Stocks fell harply on Monday and Tues day of last week and then ral- 4 lied sharply, 0X1 closing the month on a strong note. The Mon- ' 1 day decline of 14.68 points in industrials was the wid est since Sept. Elmer Walzer laoo, uie first session after President Eisenhower's heart attack. At that time the market plunged 31.89 points, second widest drop on record. The Tuesday decline was mailer but carried through the list with closing prices around the lows. These two days of decline plus a loss the previous Friday brought the three-day drop to 25.72 points in the industrial average; 6 points in rails; and 3.4 points in utilities. The rise on Wednesday car ried industrials up 8.63 points, the -best gain in exactly a year to the time when the market was recovering from the drop that came on the President's cerebral occlus ion. After the holiday the mar ket gathered new strength and finished sharply higher on Friday. . Two-Thirds Restores The Friday and Wednesday recoveries combined restored 66 per cent of the loss in in dustrials, 92 per cent in the rials, 30 per cent in the util ities and 65 per cent in the 65 stocks contained in these three averages. For the week as a whole the net changes in the averag es amounted to very little. The industrial average clos ed at 557.46 off 2.11 on the week. Rails, the best perform ers, rose 0.69 to close at 155.68 in their average. Util ities, the heaviest losers per centagewise, were at 85.25 off 1.56. The 65 stocks in the three averages lost 0.90 to 194.05. The market's dollar loss was $1,100,000,000. There was nothing unusual in the news to account for the decline which Wall Street ex perts said was technical. They held that the market had been carried too high too fast and was due for a corrective Reac tion. The subsequent recovery came also without benefit of special developments and was the more encouraging to the bulls because the experts had said a real ' sensation would be required in the news to re store losses. Search for Causes Business news leaned to the bullish side although when prices were in a decline, mar ket men stressed the adverse items and interpreted practic ally every development bear ishly. The foreign situation, ignor ed when the market was ris ing, was seen as ominous when it was declining. It was forgotten again when prices turned up. The street was helped in its buying return by strength in automobile production long held down by strikes. Dunn & Bradstreet reported good sal es of new passenger cars. Pro duction rose during the week despite the Thanksgiving day holiday. The holiday failed to slow steel output which was above the previous week and a year ago. Most other lines held high. Christmas promo tions helped retail trade. Also helping the market were many dividend increases or year-end special or extra dividends. A few companies omitted or reduced dividends but they were in the minor ity. Several stock splits, in cluding Pennsylvania Power & Light, Ideal Cement, Mopco Chemical, and General Cigar, also were on the bullish list. Heavy Sales Sales for the week averag ed 4,235,000 shares daily, against a daily average in the previous week of 4,143,000 shares. The week's trades for the four sessions lifted the total for November to the highest level for that month since 1928 at 74,365,770 shares. In that month 30 years ago, the market was moving upward to a whirlwind close that brought cheers in Wall Street on that New Year's Eve with the industrial average at an even 300, contrasted with to day's figure of 557.46. December usually is a month of gain for the market with traders reinvesting the money received in interest and dividends and with tax selling out of the way. This year with the market around its record highs, there are some doubters who think it may level off to consolidate its position. , However, the bulls went home Friday with conviction the end had not come in the bull market. They expect fur ther gains and further new highs. 1 . 4-H Club News Coffee was a popular drink In Arabia before the 16th century. Central Point Beef Club The regular meeting of the Central Point Beef club was held Monday, Nov. 24, at the grade school gym. There were 18 members present. The president asked if the members had their steers yet and found some who didn't. Our Beef club meets every third Monday of each month. Carol von der Hellen and Marilyn Watson , served re freshments. Carolyn Sidener, Reporter. Phoenix 4-H Club The Phoenix 4-H Club had its second meeting Nov. 24. It was called to order by the President, Nedra Harris. The roll was called and the min utes of the last meeting were read by the secretary, Penny Simmonds. The president announced that the sewing club is sup posed to bring canned or fresh foods to the next sewing meeting, Dec. 6, to make up a Christmas basket for some needy family. The vice-president, Gene Holt, appointed Johnathan Johnson to help him pick out a program committee. The program committee will serve refreshments at the next meet ing. Dorothy James Reporter Have Needle. Will Travel The Have Needle, Will Sew club meeting was held at the home of Tara Hill, rte. 2, box 419. The girls finished their needle cases and will start on head scarfs next week. The next meeting will be held at the home of Krista Baker, 937 South Ivy st. Anne Depner and Jeanne Rossi gave a demonstration on the entertaining of guests. Lunch and refreshments were served and meeting was ad journed. Judy Dunlevy Reporter Cooking and Sewing Suzies Cooking and Sewing Suzies held their second meeting at Mrs. Gonzalez' home. A dem onstration on making cocoa was given by Alice Doyle and Susan Gourley. Our officers are Anna Gon zalez, president; Rita Gon zalez, vice president; . Alice MEDFORD SPECBAL AT PURCHASE VALUES TO 59.95 Fashions newest in Silhouettes so varied and so seasonal that the per fect choic for you is no trouble at all to find. Styles that are trim and tapered or gracefully flared. Many colors to choose from. Sizes 8-20 Velour Polished block Tweeds Novelty fabrics 3 J00 Doyle, secretary; and Delcy Dibble, news reporter. We also celebrated Alice Doyle's birthday with a cake and gifts. At -our next meet ing, we are going to make spoon burgers. Delcy Dibble, Reporter. ' Howard Feeders On Nov. 9 a 4-H Rabbit club meeting was held at the house of Dale Newman, 126 Elk st. The following officers were elected: president, Woody Newman; vice president, Gary Spires; secretary, Cathy Carlson, and reporter, Cathy Carlson. There was discussion- of Miss Rundell on Kansas Honor Roll Emporia, Kan. Miss Gayle Rundell, daughter of Mr. and Mrs. R. K. RundeU, Crater Lake National park, received honorable " mention on the Dean's honor roll at College of Emporia for the first half of the present semester. She is a sophomore.' Hon orable mention is given stu dents with a B average or better. Her father is assistant superintendent at the park. summer activities. Next meeting will be held Dec. 13. ' Cathy Carlson, Reporter Convict Ex-Convid Twice In Succession rH Law-1 Alexanri Eueene -UPD- Bernard Law rence Alexander, 27, was found guilty Friday in circuit court of being a convicted person in possession of con cealed weapons. SACKED LIBRARY OPENED Beirut, Lebanon -flJPD-The new American library in Bei rut was open for business yes terday. It replaced the build ing that was burned and sack ed on the first day of the Leb anese rebellion last summer. The U. S. information service library in Tripoli, also burn ed during the rebellion, will be reopened later in the year. recently mT" nviciea beatingprUt court of Mrs. Fior refnn leader while she ken , Reed Cook in her home e5H:oilvict action came" hnf Uit court on the assault s!ntence count was pending ttery Alexander win ' onbailuntUTuesdaif6 is scheduled fc Madame Curie's father a professor of physic mathematics . The edible roolToTthe vam may weigh as much as i0o pounds. was and THIEF AT SECRET BASE London -ffiPD- A burglar broke into the super-secret U. S. Air Force base at Bentwat er Friday, and stole two .45 caliber Sten-type machine guns, the Air Force reported yesterday. 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