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.
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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.
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