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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Aug. 11, 1959)
9 Worst of Market Decline in 4 Years Believed at End New York-dTD-Stock brok ers generally agreed today that the worst of the stock market's most severe decline in almost four years is over. The shakeout Monday wiped about $7 billion from stock values. Brokers agreed ' that the selling which sent the indus trial average down 14.78 points Monday was principal ly the result of profit-taking following the market's recent surge to new all-time highs. New Bass Seen The feeling is that the sell ing will set a new base from which the bull market can resume its advance. Martin Gilbert, analyst for Vanal styne, Noel & Co., summed up the thinking of the majority with the observation: "the worst is over." "The market has experienc ed a good technical correc tion and now is at a support level from which it can rally," he said. However, economist Eliot Janeway termed the correc tion a "significant interrup tion" in the bull market and said the pause may be more protracted ' than many now anticipate. The big drop was "long ov erdue and the market was ex tremely vulnerable," Janeway said. He said the weakness of the market was evident in the spread of the decline from de fense stocks and so-called glamour issues to stocks in such basic industries as steel, copper, auto and aluminum. Visits Discounted Brokers were pretty unani mous in discounting ihe pro posed exchange visits of Pres ident Eisenhower and Russian Premier Khrushchev as a cause of the decline. But they said the meetings could have been an excuse to sell. Monday's sharp decline was the sharpest since Sept. 16, 1955. That was the session fol lowing President Eisenhow er's heart attack. . At the lows Monday, indi vidual losses ran past $12 a share in a number of pivot tals. However, a late rally pared many of the losses. Brokers attributed the late comeback to buying by the big investment funds. They said the funds had been stand ing on the sidelines waiting for a good shakeout. Wild Animals Flee Fire Near Ukiah; Homes Destroyed Ukiah, Calif.-flJPD-Firefight-ers early today contained a timber and brush fire that de stroyed five homes and threat ened this city of 12,000 but a second blaze nearby continued to rage out of control. The second fire already has destroyed more than 2,200 acres. State forestry crews and fire-fighting equipment from nine nearby cities were rush ed here last night to battle the first blaze, which drove terrified animals from nearby hills into the streets, and forced the evacuation of scores of homes. Two men were spared death earlier Monday when a heli copter rescued them from an area surrounded by flames. They had been working on a television cable to a mountain top transmitter. Homes Destroyed Five homes caught in the southeastern path of the flames were burned to the ground. Home owners opened their back yards to stray pets and horses. Frightened animals ran wildly down city streets. One home-owner said he saw a deer and a bobcat loping side by side in front of his house. A young boy led a frightened mare down a path just minutes before flames overran the path. Two other fires were re- Try and Stop Me -By BENNETT CERF- AVERY'SOCIAL-MINDED and serious lady was recently added to the board of a home for delinquent girls. She made it her business to talk to a number of the girls person ally, then came charging in to her first board meeting. "It's high time," she de clared, "that we began try ing to attract a better class of girls to this institution!" Champion Bar of the month is Al LaFarge, in Wisconsin, who declares it was so cold in his town one day in January that when he put a kettle of boiling water outside on his window sill, it froze so fast the ice was still warm! Two chorus girls, intimate friends of Abe Burrows, met backstage. One held out her hand and said affably, "I'm Mrs. Tommy Manvflle. Are you?" Last straw department: the fellow who cooks and serves lobsters In a Hollywood sea food emporium is called the "lobrtptr5o:-" 1959, by Bennett Cert. Distributed by King Feauuui ajuunLiue. Hatfield Discusses Plans for Roseburg Salem, Ore.-UPD-Gov. Mark Hatfield met with Roseburg Mayor Arlo Jacklin here Monday night to discuss plans for rebuilding the downtown area of T.oseburg destroyed by Friday's explosion and fire. Hatfield said national guardsmen would stay on pa trol at Roseburg, a city of 13,000, until building inspec tors complete a survey of damage. "Our first concern is for the welfare and health of the citizens," he said. "Then we will proceed as fast as pos sible to rebuild the area." The blast killed at least 12 persons and caused an estim ated $10 million damage. Nine persons were hospital ized, three of them in criti cal condition. The blast was caused by a fire which touched off a truck load of hijh explosives. ported out of control. One has burned more than 600 acres near Willits, 10 miles north of here. Ukiah is located in the redwood timber country. Portland, Salem Military Funds OK'd Washington-ffiPD-The House Monday passed a bill which appropriates money for mili tary facilities in Portland and Salem. The bill authorizes $588,000 for Air Force reserve con struction in Portland; $321, 000 for a National Guard ar mory in Salem, and .$61,000 for Army reserve construction in Salem. Police Seek Owner 01 Wrecked Car State police were searching today for the owner of a car which had gone over a bank two miles above Elk creek. Officers said the car was found abandoned after it ap parently had gone off the south edge of Highway 99 and smashed into a tree. Nearby residents said the one-car accident occurred about 8:45 p.m. yesterday. Two men, apparently unin jured, climbed out of the car and were picked up by a pass ing car, local residents said. The car was registered to Richard A. Lenhart, Fall City, Ore. Baking "cookies" for better roads Rackets Committee's Findings Lead To Downfall of Unionists Editor's note: This is the second of several dispatches on the work of the Senate Rackets Committee. It tells how the casnmittee's dis closures toppled many union lead ers from power. By WILLIAM J. EATON UPI Correspondent Washington-OIPD-The Senate Rackets Committee's findings have led to the downfall of at least a dozen national un ion leaders in the past 2V2 years. Dave Beck, ex-president of the Teamsters, was the best known victim of the commit tee's inquiry into labor-management misdeeds. But many others were oust ed in the wake of the Senate investigation that sent a shock wave through the American labor movement and touched off bipartisan demands for un ion reform legislation. As a direct result, the AFL CIO booted out the Teamsters on charges of racketeer-domination and ejected the Bakery & Confectionery Workers and the Laundry Workers unions on the same counts. Top officials of the United Textile Workers, Jewelry Workers, Operating Engineers, Distillery Workers were top pled in a house-cleaning cam paign by the AFL-CIO Ethical Practices Committee. Fail To 'Get Hoffa The Rackets Committee fail ed to "get" Teamsters Presi dent James R. Hoffa but may have laid the groundwork for his eventual removal by court appointed monitors on the basis of testimony it received. Beck, who was being pushed out of his top post by Hoffa anyway, decided against run ning for reelection after be ing accused of "taking" hun dreds of thousands of dollars of Teamster money. He was later convicted of income tax evasion and pocketing the funds from sale of a union owned Cadillac. The Rackets Committee act ed as godfather of one new union-the American Bakery & Confectionery Workers (AFL-CIO). This organization was formed when the old bak ers union refused to oust President James G. Cross after he was charged with misuse of union funds. As a result, the Cross -led group was bounced from the AFL-CIO. "Cookies" of asphalt paving are baked and frozen in our laboratories, so we can measure how highways wear in all types of weather. The man is William H. Ellis, one of Standard's scientists who conduct many such tests to improve highway materials and construction methods. We actually build roads, subject them to crushing pressure, try out many paving mixes, work closely with highway engineers. Our work benefits you both as a motorist and a taxpayer. Asphalt costs less than any other pave ment . . . three miles of highway for the cost of two. You also get roads that resist skids, cut down glare, make lane markers easier to see ... roads which are smooth, quiet and comfortable. Asphalt roads are ready for use within hours after laying . . . cost less to maintain and can be even stronger and better after years of service. By such continuing research that brings you better products at lower cost, the people of Standard are planning ahead to serve you better. Standard's asphalt products are made and sold by American Bitumuls. & Asphalt Company, a wholly' owned subsidiary. 9s s a Chessman Hears Execution Date Set for Oct. 23 Los Angeles - (UPD - Caryl Chessman, 38-year-old "Red light Bandit," today is back where he was 11 years ago facing a date of execution. The ruggedly handsome "convict-author" who has liv ed 11 years in San Quentin's grim Death Row was sen tenced Monday to die in the prison's gas chamber Oct. 23. Superior Judge Herbert V. Walker set the latest date of execution after the state Su preme Court again reviewed his case and reaffirmed the death penalty. Convicted in 1948 The condemned man was convicted and sentenced to death in 1948 on 17 counts of kidnap, rape and robbery growing out of preying on couples in lovers' lanes. The "Redlight Bandit" tag came because he used a red filter over his auto's spotlight to pretend he was a police of ficer. Chessman never killed any of his victims, but one of the teen age girls he ravaged went insane and today re mains in a mental hospital. The death penalty was passed under the state's "Little Lindr bergh" law which makes the use of force during a robbery or rape punishable by death. To Continue Fight He has battled the convic tion through the state courts to the U.S. Supreme Court. His attorney said he would continue Chessman's fight, taking his case back to the state Supreme Court on grounds that Chessman was denied due process of law when Judge Walker turned down his request to be present for setting of the execution date. DRIVERS STRIKE BRIEFLY Cape Canaveral, Fla.-ttlPD-Members of the Transport Workers Union staged a brief strike Monday protesting the use of Air Force drivers to bring liquid nitrogen into the missile test center. ' The walkout involving nearly all the union's 1,200 members jiQRRsrcanuK STANDARD OIL COMPANY OF CALIFORNIA BRILL METAL WORKS Commercial Industrial Residential Sheet Metal Work Stainless, Galvanized and Copper Fabrication 2287 West Main PHONE SP 2-4440 These other union leaders left officesome pleading ill health after corruption charges were leveled at them: Quit Under Fire -United Textile Workers President Anthony Valente and Secretary-Treasurer Lloyd Klenert. Both men were ac cused of misusing union funds to make down payments on lavish homes. -Operating Engineers' Pres ident William E. Maloney, charged with running the un ion like a dictator and enrich ing himself in the process, stepped out under fire. He said his health was too poor to continue in office. -Distillery Workers Presi dent Joseph O'Neill, who was accused of failing to take ac tion against welfare fund thieves, gave poor health as the reason for resigning. -Allied Industrial Workers Secretary -Treasurer Anthony Doria was forced out of office after charges that he mishan dled union funds. -Jewelry Workers' Presi dent Joseph Morris and Sec; retary-Treasurer Hyman Pow ell both quit after they were accused of using their union posts for personal gain and tolerating exploitation of Puerto Ricans in New York. Resigns Under Pressure -Meat Cutters Vice Presi dent Max Block resigned un der pressure after the commit tee accused him of failing to account for union funds. -Bakers Vice President George Stuart, accused of milking Chicago area locals of $40,000, resigned after testi mony before the committee on his alleged misdeeds. -Operating Engineers' Vice President Victor Swanson was ousted by the union. Later testimony indicated that he shared profits of $47,000 as the result of a land deal swung with union funds. -Carpenters' Union Presi dent M. A. Hutcheson and two other top officers in his un ion have been indicted in an Indiana highway scandal,, but not yet tried. Meanwhile they have been reelected to office. Hutcheson has retained his seat on the AFL-CIO Execu tive Council although he re fused to answer questions by the Senate group and was later cited for contempt by the committee. i 'Unloaded' Rifle Portland Boy Portland (UPD A Portland boy was fatally wounded Monday with an "unloaded" rifle. The victim, John William Bradford, 9, was shot in the forehead with a .22-caliber rifle while he and a playmate, 12-year-old Michael Mickels, were looking at the rifle. v The Mickels boy told pc- MA1L TRIBUNE, Medford, Ox. Tuesday, Aug. 11, 1959 Winston-Salem, N. C.-(CPD-A shop-lifter who stole two Wake- Forest college rings may have to wait a long time to cash in on them. The rings -samples-bore large engrav ings recording the graduation date: Class of 1969. lice they thought the gun was unloaded. Young Bradford died at Providence hospital about two hours after the accident. Only TRAIL WA YS Offers L ... ..iH8f I I . ) I ! y I i" t I III I II aftM Mw lm DAYS A WEEK PoHli m at Back a 1J mm4 182 N. 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