t MAIL TRIBUNE, Mtilori, Oregon, Tutday, January 13, 1959
Dow-Jones Industrial Average
May Reach 600 Before Slump
ill
Elaier Walzer
Br ELMER C. WALZER
UPI Financial Editor
New York -OT- Wall Street
believes the Dow-Jones In
dustrial Average will hit the
600 - level be
fore running
into profit -taking
opposi
tion. That, of
course would
be an all-time
record, exact
ly twice the
level where
the average
closed on Dec. 31, 1928.
This Dow - Jones average,
which has attained fame
throughout the world in its
long life, dates back to Jan.
2, 1897. The first average in
this series on that date was
40.74. The railroad average
on the same day was 51.73.
Rails then were the big mar
ket and industrials secondary.
Rails were the first to hit
100. On March 13, 1901 they
closed at 100.09. That day the
industrials were at 67.18.
Industrial hit the 100 mark
on Jan. 12, 1906 when they
closed at 100.25 with the rails
that day at 136.65.
Rails Left Behind
Then there was a long per
iod of narrow movement and
on May 21, 1917 the indus
trials crossed the rails for the
first time at 93.47 against 93.-
21 for the carriers. The rails
got ahead again and it wasn't
until March 3, 1919 that the
industrials regained the lead.
Both fell below 100, but on
May 14, 1919 industrials
closed at 100.38 and rails at
88.53. After 1921 the rails
never again approached the
industrials.
On Dec. 19, 1927, the in
dustrials first hit 200, closing
that day at 200.93 with rails
at 140.40.
On Dec. 31, 1928, the indus
trials closed at exactly 300.00.
The rails that day were 151.
14. The high for the big bull
market of the 1920s was set
on Sept. 3, 1929, at 381.17
for the industrials and 189.11
for the rails. The rails never
have touched that figure since
but the industrials have ex
plored outer space.
Long Period of Misery
But there was a long period
ILLINOIS VALLEY
Woman Leaves For Guam
By RUTH RAUSCH
Cave Junction - According
to Mr. and Mrs. Edward Hare
of Caves highway, their
daughter, Mrs. Earl L. Street
er left San Francisco Friday
by boat, bound for Guam, to
join her husband Ensign
Streeter.
Mrs. Streeter1 will assume
a teaching post at the Guam
Naval base for children of
Navy personnel stationed
there, Mrs. Hare said.
Bud Akins, Home Gas agent
here, spent the holidays in the
Bay area with his daughter's
family, Mr. and Mrs. William
Steele. He was joined on New
Year's day by Mr. and Mrs.
Jim Akins, now of Crescent
City, who were in San Fran
cisco for the football game.
The Alton Sowells were
hosts to Leland Rosenberg for
Christmas dinner and to the
Jack Sowells New Year's day.
Mr. and Mrs. Jack Williams
and Jackie were in the Los
Angeles area for the holidays
visiting with Mrs. William's
sisters and their families.
On their return trip, they
brought up the first load of
furniture for Mr. and Mrs. Bill
Franklin who are moving to
the Valley from Ontario. The
Franklins have purchased the
Ralph Messenger place on the
Redwood highway and expect
to be moved in by the end of
January.
Mr. and Mrs. H. O. Smith
spent the Christmas holidays
in Eugene at the home of
their daughter and son-in-law,
Mr. and Mrs. Francis Potwin.
Mr. and Mrs. Fred Sal-
have returned from the holi
day week spent with their
daughter's family, the A. K.
Hendricksons, of Granada
Hills ,in the Los Angeles area.
During their stay in southern
California, they also visited
many friends in Santa Ana
and Balboa.
Mrs. Rapael Leonard of Los
Angeles has been a guest at
the home of her daughter-in-law,
Mrs. Ann Leonard, while
attending to business matters
in the Valley.
On Saturday, Mrs. George
Thrasher and Mrs. H. O.
Smith were hostesses at a
bridge luncheon at the Smith
home with Mrs. Leonard as
guest of honor.
On Tuesday of this week,
the Marguerite lodge of the
Rebekahs gave a party at the
Odd Fellows hall, honoring
Mrs. Mattie Seyferth whose
home was completely lost in
a fire last week.
Mrs. Valeria Rauber is home
again after a two month's va
cation with her children in
Albuquerque, N. Mexico.
The Robert Smiths were
hosts at a New Year's day
dinner party held at their
home with Mrs. Smith's moth
er, Mrs. Hazel Halm, of
Grants Pass, Mr. and Mrs. Jim
Allen and daughter and Rob
ert's parents, Mr. and Mrs.
H. O. Smith as guests.
The many friends of Mr.
and Mrs. George Webb pre
sented the couple with a cof
fee table at the combination
house warming and New
Year's eve party held in the
Webb's new home. Card
games were played ' as the
group watched the old year
out.
Sunday, Jan. 4, found the
H. O. Smiths hosting a birth
day dinner party, honoring
two birthdays in the family.
Honorees were granddaugh
ter, Leslie Ann Smith, daugh
ter of Mr. and Mrs. Edwin
Smith of Grants Pass, and
daughter, Mrs. Alvin Wheeler
of Talent.
A partial family reunion
was held when members of
the Boyd and Wilber families
gathered at the home of the
Oliver Boyds in Butte Falls
Christmas day.
Mr. and Mrs. Al Boucher
spent the holiday season with
Al's parents, the Tony Bouch
ers, formerly Valley residents
now living in Balboa, Calif.
Al and Ruthie were gone for
three weeks.
George Ives, now contract
ing in the Los Angeles area,
was here for the holidays
with his family on their new
ranch. '
Mr. and Mrs. Henry Gam
in el and family took advan
tage of the long New Year's
week-end to visit friends and
relatives in Scotts Mill, Ore.
and Eugene. They also stop
ped to visit with the Ralph
Burns who are now living in
Leaburg, Ore.
The O. K.' Livestock club
met on Tuesday evening at
the home of Gloria and San
dra Hare. All members were
present.
It was agreed that the club
would work with the Illinois
Valley Grange in establishing
the Centennial botanical gar
den proposed for the coming
100 -day Centennial observ
ance. A demonstration -in rope
halter making was given by
Clark England.
. Mr. and Mrs. Mike Smith
have returned from their holi
day stay in southern Cali
fornia, visiting with' relatives
in Panorama City, stopping
for a day in Walnut Creek
with Mike's brother and fam
ily, the W. R. Smiths.
A family dinner on New
Year's Day, hosted by Mr.
and Mrs. George Savage, was
also the last time the family
will gather in their present
home, the old Stith-Naucke
mansion recently purchased
by the Illinois Valley Feder
ated Women's club.
The Savages will be mov
ing to their new quarters as
soon as weather permits.
The Wayne Petsch family
were in Olympia, Wash, with
Mrs. Petsch's parents, Mr.
and Mrs. Andrew Viken, for
a part of the holiday season
and in Aberdeen, Wash., visit
ing the families of a brother
and sister.
On their return home
through Portland, the family
stopped for a day with Mr.
and Mrs. Ed Nowak, former
Valley residents.
Mr. and Mrs. Les Henry
were in Modesto, Calif., with
their oldest son's family, Mr.
and Mrs. Ted Greene. The
special attraction taking the
Henrys south for the holidays
was brand new grandson'
born on Dec. 23.
of misery before the rocket
got off the ground. The mar
ket plunged in the 1930s un
til the industrials hit 41.22 on
July 8, the depression low,
and the rails hit 13.23 that
same day.
It took until Aug. 21, 1933
for the industrials to get back
to 100. On Jan. 11, 1946, the
200 mark was passed. The
300 - figure came again on
March 11, 1954 and the 400
figure was passed on Dec. 29,
1954. The 500 - mark fell by
the wayside on March 12,
1956.
Wall Street always likes to
have a target to shoot at and
the 600 level is considered a
nice round number for that
purpose.
Once a goal is achieved,
the usual procedure is to take
profits. Often, however, the
smart traders, anticipating a
bit of selling on achievement
of a goal, do their selling be
fore the goal is attained.
Difficult Goal
Hence, the actual crossing
of 600 may be a bit more dif
ficult than some of the market
operators think.
The all-time low for the
industrial average was set on
April 23, 1897 at 38.49. The
depression low set on July 8,
1932 was 41.22..
The average was below 100
in 1942 when it touched 92.
92, the lowest figure to date.
Some date the current bull
market from the 92.92 figure
set on April 18, 1942. Current
ly it is more than 500 points
above that low.
The average at more than
593 is a puzzle to many who
do not know how it is calcu
lated. The operation is simply
an addition of the 30 stocks
used in it and division by 4.
257 instead of 30. The re
duced advisor compensates
for stock dividend and split
ups, and makes the average
comparable over the years.
Mr. and Mrs. Les Henry
with Mr. and Mrs. Earl Moore,
Sr., attended the Shrine ball
in Grants Pass on New Year's
eve. The festivities were fol
lowed by a New Year's break
fast served at the home of the
Hal Moore's in Kerby. The
party was joined for break
fast by Mr. and Mrs. Art Kel-lert.
A week of holiday enter
taining began for the Paul
Lewis family in Kerby with
a family dinner on Christmas.
Special guest was Mother El
len Lewis of St. Louis, Mo.,
who arrived for a two months
stay in the valley with her
two sons, Paul and Ronald.
Other dinner guests included
Mr. and Mrs. Don Savage.
Grange Hews...
Upper Rogue Grange
Upper Rogue Grange met
Jan. 8 with Master Eda Tor
rance in the chair.
New committee chairmen
are instruction, Bruce Grieve;
decorating, Lucille Barber;
publicity, Helen Axtell; mu
sic, Ann Gillespie; reception,
Rudella Mykleby; HEC, Doro
they Tackstein; agricultural,
Roy Vaughn; legislative, Har
old Barber; building, ,Wyles
Berrry; roads, Ray Gillespie;
education, Robert Work and
ways and means, Taul Tor
rance. Members are reminded that
Grange meetings from now on
will be held only on the first
Thursday of each month.
There will be a party for
members Saturday, Jan. 24,
at 8 p.m. and all members are
urged to come for a social
get-together.
Following the meeting, re
freshments were served by C.
Snodgrass and Mr. and Mrs.
Roy Vaughn.
Griffin Creek Grange
Griffin Creek Grange met
Thursday, Jan. 8, with all of
ficers present for the first
meeting of the new year.
Master Herman Kampling
announnced the names of the
new committees and bills
were read and approved.
Roy LeVander of the agri
culture committee reported
the farmers as beoing some
what neglected as to profits
compared to other industries.
Clyde Sturgill gave a brief
report on the fruit growers
meeting held at Carvallis and
discussions were heard on the
Jackson county planning com
mission. It was reported that Mrs.
William Warner is in a hos
pital in San Francisco for
eye surgery.
Mrs. Mabyl Buchanan, sec
retary, presented her last re
port for 1958 and Mrs. Roy
LeVandsr, HEC chairman,
read her report for the year.
Lecturer Mrs. Clyde Stur
gill, with the aid of the three
graces, Mrs. Cyril Farns
worth, Mrs. Roy Casey and
Mrs. Willard Farnsworth, and
Master Herman Kampling and
Chaplain Mrs. Iva Harper,
presnted a redication service
with a candle lighting cere
mony. Refreshments were served
by Mr. and Mrs. William Dar
by and Mrs. Jessie Minear.
Portland Store Loses
Money To Holdup Men
Portland -ItJPD- Oregon had
its second Safeway store rob
bery; in two days Monday
night.
Two men escaped with an
undetermined amount of
money from a store here.
Late Sunday, two armed
bandits masked with bandan
as got away with "several
thousand" dollars from a
store in North Bend.
The first aerial passenger
tramway in North America
was opened at Cannon Moun
tain in New Hampshire on
June 28, 1938.
Chemical Sales
Earnings Seen
Good in 1959
New York-(UPD-The chem
ical industry is charting good
sales and earnings gains for
1959 after running head-on in
to the 1958 business squall
during which production fell
as much as 10 per cent and
sales almost 15 per cent.
The improved 1959 outlook
is supported by firming chem
ical prices, the attainment of
a payoff stage in many re
search projects and the sop
ping up of excess capacity.
Rising costs and increasing
competive pressures, both for
eign and domestic, are some
of the worries facing chemi
cal industry leaders in 1959,
although the former have
been offset in large measure
by the installation of modern
cost-cutting equipment.
Volume Fell Offf
In 1958 total chemical in
dustry volume fell off from
the 1957 high of $23,400,000,
000, according to the Com
merce Department the third
time in the past decade that
sales of chemicals and allied
products failed to top the pre
vous year.
Chemical m a n u f acturing,
which supplies all branches
of U.S. industry, felt the de
cline to the greatest extent.
The industry's look to the
future is supported by the
more than $500 million a year
being poured into research.
So important has research
become that the two per cent
of sales allocated a decade
ago has been upped to three
or four per cent, and in the
case of some of the drug com
panies six per cent and high
er. And much of the funds
are channelled into funda
mental research, the field in
which a direct profit motive
is absent.
The Manufacturing Chem
ists' Association reports that
products holding years in
clude pharmaceuticals, agri
cultural chemicals, plastics,
synthetic fibers, fluorine
chemicals, exotic fuels and
reactive metal derivatives.
r
SEEKING alimony sum be
fore Santa Monica court,
flame-haired Cara Williams,
divorced wife of John Drew
Barrymore, wanted to know
final amount for self and son.
Lakeview Man Held
On Assault Charge
Elmer Ward, 49, of Lake
view, was arraigned in dis
trict court Monday on charges
of assault with a dangerous
weapon and furnishing liquor
to minors.
He appeared before Judge
Roy Bashaw. The case con
tinued until Wednesday morn
ing to obtain counsel and to
enter a plea.
The Lakeview man was ar
rested Saturday by Jackson
ville police following an inci
dent in which Dorsey Lewis,
17, also Lakeview suffered
a knife gash on the shoulder.
Ward is being held in coun
ty jail on $1,500 bail on the
assault charge and $55 bail
for furnishing liquor to
minors.
Japanese Wedding
Creating Crisis
Tokyo -UPD- The wedding
in May of Crown Prince Aki
hitto to commoner Michiko
Shoda is creating a crisis in
Tokyo business circles.
Business firms reported
that a record number of wom
en employees are quitting
their jobs so they can be mar
ried the same time as the
prince.
Akihito and Miss Shoda
will become formally engaged
Wednesday, and the wedding
is tentatively set for May.
Women office clerks be
lieve that they will have a
better chance for happiness
if they get married at. the
same time.
COLUMBUS GETS BATH
Chicago - (DPD - Christopher
Columbus gets an acid bath
today. A 65-year-old bronze
statue of the discoverer will
be removed from the Colum
bus Building, now being de
molished, and washed in acid
to remove accumulated grime.
I -: (f.
Valley Drive-In
Break-In Reported
Loss and damage totaling
$48.50 resulted from a break
ing and entering at the Valley
Drive - In on North Pacific
highway last week, according
to a report received by Med
ford police.
Don Ivan Evans, 931 Queen
Anne ave., told police that
one panel of a door window
was damage, and that cold
drink cups, paper straws and
popcorn were damaged or
missing.
COMPLETING TOUR of Ford Motor Company in Detroit,
Soviet Deputy Premier Anastas Mikoyan (left) says good
bye to Henry Ford II, who escorted him through big plant.
Really fine
for '59
STEREO fine
MAGNAVOX
at
PURUCKER'S
Music City
More than two out of three i sion a figure exceeded only
Canadian homes have televi-in the United States.
The
Southern Oregon
society
Wishes to thank
all those whose contributions
made possible the continuance
of humane work in this area.
HOST:
Tn TO
II J II
im
WOUL
1859 y)- 1959
Yes, every one of us, who lives here in Oregon, will literally be a host at this greatest of all birthday parties
. . . and the Stanford Research Institute says that eight million guests from all parts of the world will attend!
Although both the Centennial Exposition and the International Trade Fair will be held in Portland, starting
June 10th, actually ALL OF OREGON will become a vast centennial exposition grounds for the entire year,
1959! Centennial year offers an opportunity to tell the world of Oregon's scenic beauties, her cities, her people
. . . her growing industries and bustling trade. Our world-wide guests will see first hand our great resources,
enjoy our matchless tourist attractions, learn about the rich heritage of history that is ours the faith and cour
age of the pioneers who followed the Oregon Trail a century ago! . . . Oregon's Centennial observance is
important to us, here in the Rogue River Valley. We have much to offer and to show Exposition guests who
come in 1959. Here we have incomparable sapphire-blue Crater Lake, great forests and sweeping farms and
orchards, historic Jacksonville and the Shakespearean Festival! . . . We must all be GOOD HOSTS . . . offer
our warmest brand of hospitality to Centennial guests . . ..tidy up our roadsides and communities and put
our best foot forward when company comes. It will be profitable as well as pleasant to be hospitable hosts
in 19591
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MEDFORD MAIL TRIBUNE