Big Stocks Change Little Since 1929; Splits Make Difference
By ELMER C. WALZER
UPI Financial Editor
New York-CP-Every time
the averages of all stocks list
ed on the New York Stock
Exchange rises 20 cents, the
valuation of
"J- all the listed
' snares rises by
-V i more than SI
- M Ulillllll.
That's be-
are more than
I f i v e billion
, shares lis ted
on the big
KUner Waizer board-the last
total available as of Jan. 31
was 5,074,653,334 shares.
Incidentally, as of the end
of January, the value of all
the listed, shares amounted to
$280,825,782,527. That's only
about $5 billion less than the
national debt
Of course, if anyone tried
to liquidate that stock to pay
the debt through confiscation
of the stock-as might be
done in Russia -the value
would shrink like a sponge in
reverse.
For the big stocks, this mar
ket is pretty much the same
as it was in 1929 when the
listings first reached the billion-share
mark. The out
standing difference today is
that the shares are in small
er pieces and there are more
of them. It's nearly all done
by splitups.
G.M. Good Example
Take General Motors Corp,
for example. Back in 1907
there were 825,588 shares of
GM outstanding. In 1920
there was a 10 for 1 split
which listed the total to 20,-
539,344 shares
In 1924 GM had a reverse
split - 1-f or-4 which brought
the shares down to 5,161,099.
A 50 per cent stock divi
dend in 1926 raised the total
to 8,700,000 shares. In 1927,
a 2-for-l split brought the to
tal to 43,500,000 shares in
1929
There was a long interval
until 1950 when a 2-for-l split
boosted the outstanding stock
to 88,208,680 shares. A 3-for-
1 split in 1955 lifted the total
to 280,980,096.
The company issues stock
from time to time for its in
centive plan and today it has
282 million shares outstand
ing. This tops the list. -
The other big listings in
clude in order of size: Stand.
Jury Being Chosen
To Try Mrs. Duncan
Ventura, Calif. -TO- The
selection of jurors continues
today for the trial of Mrs.
Elizabeth Duncan, 54-year-old
Santa Barbara, Calif., matron
accused of hiring two men to
kill her pregnant daughter-in-law.
Attorney S. Ward Sullivan,
. Mrs. Duncan's lawyer, de
spaired of seating a jury after
day-long questioning of pros
pective jurors Monday for
the murder trial expected to
last up to a month. '
"It's going to be very dif
ficult, if not impossible, to
find a fair and impartial
jury in Ventura county," Sul
livan, veteran Los Angeles
criminal lawyer, said. "Peo
ple up here seem to have
their minds made up."
Sixten prospective jurors
were questioned and nine of
them were excused for
"cause." All said they already
had made up their minds on
the guilt ofMrs. Duncan.
ard Oil (N.J.) 215 million
shares; American Telephone
(after April 15) 212 million;
General Electric 88 million;
Sears Roebuck, 75 million;
Standard Oil of California, 63
million, Texas Co., 60 mil
lion; U.S. Steel, 53 million;
Socony Mobil. 49 million, and
Du Pont 46 million.
These members of the big
ten have together a total of
843 million shares or about
17 per cent of all the stock
Try and Stop Me
- By BENNETT CERF :
"rpKT.T. ME the truth, Joe," begged an insurance man of his
J- associate. "Did I get sozzled at the convention banquet
last night?" "Indeed you did not," was the reassuring answer.
"In fact, you spent the
whole last hour of the oc
casion under the table pro
testing about the low ceil
ing." "No more.dates with egg
heads for me," insisted a
stenog to her pal one morn
ing. "He took me to see
Macbeth Saturday night
When I told him I adored
Shakespeare, I never meant
for a U'hole evening.'"
A Houston o3 magnate let
his new foreign car get out of
control and ran into 11 other machines before he could stop it For
tunately, it all happened in his own garage.
The proudest flea at the flea circus was the one who boasted, "My
children are growingmp superbly. They've all gone to the dogs!"
1939. by Bennett Cert Distributed by King Features Syndicate,
Oregon News Briefs
EXPOSITION MONEY
Portland -UPD - H. Quentin
Cox, Oregon Centennial expo
sition and fair manager, said
Monday that the Oregon Cen
tennial Exposition and World
Trade fair will draw between
six and eight million visitors
who will spend approximate
ly 5177,480,000.
lne exposition will run
from June 10 to Sept. 17-100
days. .
FLU CASES
Portland - (UPD - The State
Board of Health said today
that although reported flu
cases in Oregon are running
higher " than . last year no
Asian flu has been reported
in the state. Dr. Harold Erick-
son, state health officer, said
Oregon was experiencing
only a mild influenza out
break now common to the
time of year. But he recom
mended that expectant moth
ers and others weakened by
other diseases receive flu
vaccine from physicians.
- V a-
RIVER GAUGE
Portland-fUPD-From now on
readings of the Willamette
river in Portland and the Co
lumbia river at Vancouver,
Wash., should be about the
same.
A new river gauge was
placed in operation at Van
couver by the weather bu
reau Monday. Officials ex
plained that the old Vancou
ver gauge read .8 of a foot be
low that in Portland for the
past 56 years.
duced a bill Monday which
would set up a maximum
$500 fine or 60-day jail sen
tence for anyone who wilful
ly abandoned a dog or cat,
DISPLACED PERSONS
Salem-niPD-Sen. Alfred Coi
bett (D.-Portland) and others
Monday introduced a meas
ure which would require the
Highway department to study
availability of housing when
ever 25 or more persons in
one year lost their homes be
cause of highway projects.
The measure was asked by
Mayor Terry Schrunk of Port
land ' who said some 5.000
persons will be displaced in
Portland in the next 11 years
because of highway work.
JAPANESE STEEL
Portland-UPl-Four times as
much Japanese-made steel is
being imported into Oregon
this year as last year, the
Multnomah County Central
Labor council was told Mon
day night.
The United Steelworkers
Union reported the increased
tonnage was being unloaded
here for use in state and pri
v a t e projects after being
"mixed in" with American
made steel.
The council approved a res
olution supporting legislation
that would control use of for
eign steel on state projects.
SAFE LOOTED
Portland - (UPD - Two men
wearing stockings over their
heads forced the manager of
a car wash business to drive
him to the firm and open the
safe last night. They got
away with about $800, police
said.
DOGS AND CATS
Salem 1CPD - Sen. Walter
Leth (R.-West Salem) intro-
OPTIONAL
Salem-OIPB-The House Mon
day passed and sent to the
Senate a bill which would
make cancellation of a motor
carrier permit by the public
utility commissioner optional
rather than mandatory for
certain infractions. The bill
would allow the discretion
for failure to file an annual
report, failure to appear for
hearing after notice a license
was under investigation and
for not furnishing service for
a period of six months.
DRINK ON POLICE
Portland- (UPD -Someone de
cided to have a drink on the
Portland police department,
Burglars broke into the po
licemen s clubhouse and stole
nearly 70 bottles of various
liquors and half a case of
Scotch whisky.
Lad 7J Dad Night
Set at Lone Pine
A Lad 'n Dad night will be
held at Lone Pine school to
night for all boys in the first
three grades and their fathers.
Sponsored by the Y Indian
Guides, the program is de
signed to provide fun and fel
lowship for the boys and their
fathers who take part.
The evening's activities at
Lone Pine school will consist
of games, stories, Indian ritu
al, slide films and sign lan
guage. The time set for the
start of the meeting is 7
o'clock. Activities will be con
cluded by 8:15.
BOARD CHAIRMAN DIES
New York (CPD William H.
Pouch, 84, board chairman
of the Concrete Steel Co. and
a leader in the Boy Scout
movement for more than 30
years, died Monday after a
long illness. '
INSISTING it was an acci
dent, Duane Anders, 17, high
school honor student, tells
of slaying father at Estacada,
Ore., home with rifle, then
burning body in barn.
State Employees
Group Sets Meeting
Oregon State Employees as
sociation chapers in Jackson
and Josephine counties will
meet at 8 pan. Wednesday,
Feb. 18, in the Carpenter's
Union hall, 123V2 West Main
st., Medford, according to
Doyle Stockton, president of
Southwest Oregon chapter.
Jim Daniels, executive sec
retary of the OSEA, will dis
cuss the current legislative
session and Max Manchester
will speak on the public em
ployees retirement system.
All state employees are in
vited" whe':her they are OSEA
members or not
VODKA MARTINI or BLOODY MARY?
'Both drinks ore best made with smooth, flawless Smirnoff. Just be
sure you use the Vodka of Vodkas... and have it your own way
, pwf.
if leaves you breathless
&mirnotr vodka
tfi i 100 Proif. Distillii fiia jniL Sta. Finn Smiraiff FU. (tit if Histliii). Birtfut Can
listed. Thus they make up a
little stock market of then
own. If each one would rise
$1.25 a share, their total list
ings would rise in value by
more than $1 billion.
When American Tele
phone's 4-for-l split becomes
fact on April 15, the date of
the stockholders' meeting, the
total of listed shares will rise
by 141 million shares.
Book Value Differs
The value of a company's
stock doesn't mean that's the
asset value of the company as
carried on its books. General
Motors as of the end of 1957
carried its stock at the par of
$1167 a 'share with a value of
$468,315,160. Right now it's
worth nearly $13 billion in
the market.
Standard Oil (N.J.) carries
its assets around $8 billion
and its stock is worth more
than $11 billion.
All of the foregoing is car
ried to indicate that the dol
lar changes in stock valuation
do not mean that anyone is
richer by the big figures. All
the holders of all the stock
listed are richer on paper by
$1 billion if the market goes
up 20 cents a share on aver
age. Where does one get such, an
average? It's the Standard &
Porr's Index of 500 stocks
which has . been uncannily
running neck and neck with
the actual market average as
calculated each month by the
exchange of all stocks. For
example, on Jan. 30, the aver
age of all stocks by actual
figures was $55.34 and the
Standard & Poor's Index was
S55.42.
Cub Scoufs
Cub Seoul Pack 8
Pack 8 committee will meet
with the Den Mothers at 7:30
pjn. Thursday, Feb. 19, in the
small gym at Jackson school.
Plans for the annual Blue
and Gold dinner will be discussed.
POLICE REPORTER DIES
New York;-flIPD- James J.
O'Connor, 55, veteran police
reporter for the New York
World - Telegram and Sun,
died Monday night after a
long illness.
Pencils of about 70 differ
ent colors are available today.
MAIL TRIBUNE, Medford, Oregon, Tuesday, February 17. 1939 S
Examinations Told
For Federal Jobs
, JNew examinations for ge
ologist and patent advisers
have been announced by the
United States Civil Service
commission.
The geologist positions will
be for openings throughout
the United States while the
patent advisers are mainly in
the Washington, D.C., area, it
was reported.
For application forms and
further information contact
the local office of the civil
service commission at. the
Medford post office.
ANNOUNCE CASUALTIES
Algiers, Algeria (DPD The
French military command an
nounced Monday that 532 Al
gerian rebels were killed,
wounded or captured in clash
es with French security forces
last week. French losses for
the -week ending Sunday
were given as. 27 dead. The
rebel casualty list was not
broken down.
Jenny Lind, the famed
"Swedish Nightingale." who
won American hearts in 1850,
was married to Otto Gold
schmidt, a noted musical con
ductor in Boston.
lit y,
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