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.
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