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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Jan. 28, 1959)
MAIL TRIBUNE, Medford. Oregon, Wednesday, January 28, 1959 3 Tokyo Exchange Compared o Business Along Wall Street 1 y. r. It., ' ', 1 M ' A By ELMER C. WALZER UPI Financial Editor New York -JUPD- The stock market has been running at an average rate of more than "3Jf four million .i j, BL Idr 111 15Ji) -a billion yj shares for the lull year ana a turnover oi of 20 per cent of listed is sues. If you think ELaier Walzer that S active, you ought to see the Tokyo Stock Exchange. A busy day thereruns to 100,000,000 shares. At that rate in New York, the whole five billion listed shares would turn over in 50 days with the yearly rate of turnover 500 per cent. Mrs. Morton Seidel of Bev erly Hills, Calif., has just re turned from a visit to Tokyo and she gives her impressions of this roaring market, sel dom seen by women in con trast with New York where women visitors outnumber men on the stock exchange gallery. Mrs. Seidel, a contributor from time to time to this col umn, is considered an author ity on stocks, having learned their intricacies from her in vestment banker husband. Noise Similar She says the noise from the Tokyo floor is similar to that in the New York Stock Ex change. The Tokyo floor reminded her of a blue curtain with the members wearing blue coats. The saitore, specialist mem bers, wear brown coats. There are 102 regular mem bers and 15 saitori. The regu ' lar members act as broker and dealer. In New York, ex cept for the odd-lotters, all are brokers. The saitori work for the regular members on a commission basis. The Tokyo trading floor is large 23,500 square yards -divided into spaces for trading in bonds and in stocks. The stock side has horseshoe trad ing posts and counters. Hand Signali Used Like the old New York Curb Exchange the Tokyo brokers signal with their hands. Palms of the hand to ward the trader indicates he is a buyer and the reverse if he is a seller, to cite a simple example. Trading involves round lots of 500 shares each, in contrast with 100-share round lots in New York. Tokyo also has a Dow-Jones average, but a small one com pared with New York. At the close of 1958 it stood at 666 yen - about $1.75. The New York Industrial average re cently was Just a mite under 600. "In view of the low prices," Mrs. Seidel observes, "this would be a good place for the women who insist upon tak ing chances, and who have plenty of money to take chan ces, to invest in a few Japan ese securities." They'd have their troubles. There is a five per cent limit on the stock a foreigner can own in a Japanese company. Some are bought up and can only be traded by Japanese. Also, if you spend your dol lars for Japanese stocks, the brokers will take your money but it will be at least two years before you can take out dollars. How this giant market runs? Mrs. Seidel reports it's all done by machinery and elec tronics. There's a big Univac to help things along. She ad mits it was impossible to com prehend. But when the prices are posted the electronics are gone. The board boys use headsets that went out of style here years ago to get their quotes. The bets here are that if Tokyo didn't have those re strictions against foreigners that market would get a lot of American business. Here are a few prices Mrs. Seidel jotted down: Kawasaki Steel, 86 yen or about 25 cents a share; Mitsui Mining and Smelting, about 28 cents; and Tokyo Electric, about $2 a share. A few 100-for-one splits would produce similar prices in New York and then we'd have big volume. Oregon News Briefs MILL TO CLOSE Prineville -OJPD The Alexander-Steward Lumber com pany Tuesday announced the forthcoming closure of its mill here. The mill employs about 210 men. Company President M. P. McCullough said the amount of timber owned by toe com pany is not enough to war rant further operations. He said the closure would start March 1 with the end of log ging operations and be com pleted by Sept. 1 when the shipping department ends op erations. Local officials, faced with a possible cut off of state funds because of overcrowded schools, said it would make a study to see how the mill shutdown would affect school population. OREGON HAILED Boise -(UPD- The Idaho Leg islature passed a resolution Tuesday congratulating Ore gon on its Centennial year. HILL SWEARING-IN , Salem -(UPD- Jonel C. Hill will be sworn in Friday morn ing as Oregon's new public utilities commissioner. Acting Commissioner C. G- Hieber will return to his career po sition as head of the PUC's finance and accounts department. PRISONERS MAY WORK Portland -(UPD- Mayor Terry Schrunk asked legal advice today on whether city 'jail prisoners could work on snag removal and maintenance in the city's Bull Run watershed. Schrunk said similar work has been done by state pris oners with minimum risk in mates. TEACHERS ASK MONEY Portland - (UPD - Portland teachers organizations have proposed a new salary sched ule that would give exper ienced teachers increases of $200 to $1,300 a year. They also want medical and sabbat ical leave benefits. The pro posal, to be presented to the school board next week, would cost about $2,500,000 in the first year. CANDLES BY THOUSANDS Portland (UPD Retired fire captain Eddie Boatright said today an appeal for candles to be melted down into a huge birthday candle, for Oregon's Centennial had more than ac complished its goal. Boatright estimated the project had gathered at least 15 tons of candles. Among the problems now: How to build a big birthday candle which will burn 100 days and what will happen to it when the sun shines on one side. THIEVES BREAK IN Pendleton (UPD Burglars broke into the Pendleton Country Club early Tuesday, taking $540 in cash and five bottles of liquor. Security Insurance & Realty ' l II Will ' ' ' - ' - ifiJSW L There Is A Difference Between an Insurance Policy and Insurance Protection! It's Personal Service ... Of a Qualified Independent Insurance Agent It's Planned Protection . . . To Recommend Proper Coverage of All Your Insurance Needs It's Advice and Assistance . . . In Case of Loss or Claim ALL FORMS OF INSURANCE! Visit Our New Office 48 Hawthorne Ave. (Next to Red Cross Bldg.) With Off Street Parking Phone SP 3-7325 Vern Robinson Al Potter John Ripley Hank Hart Chris Barker MAN COMMITTED Portland -(UPD- Robert Sla ter, 53, Portland, who police said shot and killed Larry Banyar.d, 16, Tigard, Dec. 23 on the Sunset highway, was ordered committed to the Eastern Oregon State hospi tal Tuesday by Probate Judge William Dickson. Slater, po lice said, turned the gun on himself after the boy was shot. He has been in critical condition. MAYOR SENTENCED Roseburg -(UPD- Mayor Arlo Jacklin of Roseburg, convict ed Monday on a charge of possessing and .operating a game of chance, today was sentenced tA 30 days in the county jail. He remained free on $250 bail pending an ap peal. Sentence was pronounced by District Judge Warren A. Woodruff. Jacklin's attorney gave oral notice of appeal and the case will be assigned to Circuit court. The mayor had been charg ed with paying off with mon ey games won on a pinball machine in his bowling alley last December. MONEY ALLOCATED Salem - (UPD Apportion ment of highway revenues for the three months ending Dec. 31, 1958, totaling $2,943,789, to Oregon counties, was an nounced today by Howell Ap pling, Jr., secretary of state. The largest allocation, $825,560 went to Multnomah county. Lane county was sec ond with an allocation of $243,788. Counties receiving more than $100,000 included Marion, $171,634; Clackamas, $160,360; Jackson, $129,332; Washington, $128,535; and Douglas, $115,788. MISS BAKER CONTEST Baker, Ore. -(UPD- The Ba ker Junior Chamber of Com merce Tuesday night decided to sponsor a Miss Baker con test this year with the winner to compete in the annual Miss Oregon contest at Seaside. Committee Heads Named for Kapers Fred Morlan, advertising chairman for the 1959 Med ford Kiwanis Kapers an nounced special committee appointments at a breakfast meeting this morning. They are Abner Clark, den tists; John Dellenback, attor neys; Fred Gatter and Gordon McKenzie,. insurance; Robert Voegtly and Les De Armand, wholesale lumber and mills; Richard Payne and Willard Hunter, fruit industry; Ted Sickles, doctors; Darrell Mil ler, automobile dealers; Bill Clark, Lou Cranston and Paul Selby, retail gasoline distribu tors; Dwight Houghton, banks savings and loans; Paul Mit chell and John Judy, retail grocers; Art Savard and Boyd Budge,, special advertising; Jack Edson, retail lumber; Laverne Watrud, electrical; Brad Prichett, concessions, and Vic Milnes, program. The Kapers, March 4-7, will be a minstrel and musical re vue. The title, "Now and Then," is appropriate during the Oregon Centennial. Ka pers presentation will be at Medford High school, using the entired Medford Kiwanis club membership and other interested groups. Curt Ne sheim is general chairman. OUTLAWS BABY SALES Wash in ft nn (TP!) Spn r,sies j.eiauver iu-ienn..j nas introduced legislation to out law interstate sales of babies. Kefauver said in a statement that the measure was needed to stamp out "interstate baby racketeers" and to protect the estimated 160,000 illegiti mate children born in the na tion each year, their mothers and prospective foster parents. AUTOMATIC ? Model LW-44 'SMl PRICED g Model LC-44 U Full-time built-in lint filter V m ' for both Pushbutton heat . for cleanest washing ever ... I selection, for fast, fluffy If pushbutton pre-selection of washrinse Nfg" w Yor old washer will mora IL drvin9 precision electric I water temperatures . . . Jet-Spray N than make the down payment. - timer . . . safe, even and Deep Overflow Rinse .. . Si 8 iVionth jmh ( jfP ' Calrod electric heat . . . toe- yj V Automatic Sediment Swirlout ... All w r touch door opener . . . choice w-cehain, inside and out. mqfcmn9 colorsowh gPHpra HOTPOINT I w WHY SPEND THE MONEY FOR AN OLD-TIME KITCHEN . . . 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