Krushchev Visit Likened To
Fifth Wheel for Stock Market
K JHiSJk complex
1
1 &ZMU
By ELMER C. WALZER
UPI Financial Editor
New York - (UPD - Sidney
Durie, analyst for Josephthal
& Co., likens the Khrushchev
visit to a fifth
v-X 3 market.
3f It o o m .
thing new and
add
ed to the mar
ket and for
the market
to worry
about, he
Elmer Walzer finds.
Noting that it will be six
or eight weeks before a bal
anced appraisal of the visit
can be made, he finds it's sig
nificant that the fundamental
evidence previously had indi
cated the market climate was
less exhilarating than it was
a year ago at this time.
Durie believes that the at
tempted rapprochement could
be the excuse for a natural,
normal and healthy pause
which was dictated on other
grounds.
For the long - term view,
there's a bright side to the
coin of peaceful co-existence,
says Lurie. This apart from
the probability that a whole
sale or overnight revision of
our defense program is most
unlikely, he says.
Peace Is Good Business
' Even if later events were
to dictate a change, there
would be compensations via
the facts that:
"1. A real understanding
could provide a tremendous
lift to foreign trade. The
world is hungry for our goods
and talents
"2. A smaller defense bud
get would pave the way for
tax reduction and tax reduc
tion is a more potent business
force than armament spend-
ing. Fundamentally, stocks
are worth more in a truly
peaceful world than in a
world beset by animosities and
tensions:
Lurie notes that everybody
isn't happy just now, "which
means it's well to re-examine
the four legs on which the
stock market stool has rested
Business trend This is the
strongest of all the supporting
elements. Consumers are buy
ing. Capital goods spending is
trending sharply upward and
state and local government
spending still is rising.
Creeping inflation - This is
seen as the weakest leg of the
market stool just now. Lurie
finds the defeatist philosophy
that nothing can be done to
stop the price spiral has dis
appeared. Supply - demand equation -Demand
is less pressing than
it was a year ago because of
the lessening of inflation fears
plus higher margins and more
stringent regulations. Also the
inlit if 4 lT-l.l-OOe-lT'l ft
Investment In Efficiency
Industry's new operating ef
ficiency - This, Lurie calls the
science of professional busi
ness management, evidenced
by first half reports, the pay
off for the $158 billions in-
the past five years.
Tight money may not be as
great a threat as earlier ap
peared likely, this market ex
pert believes. If inflationary
pressures lessen, there is less
need for restrictive credit
policies, he observes.
"Defense is only one in
eredient in the business stew,"
Lurie finds. "Witness the fact
that defense spending declined
$10 billion between 1933 ana
1955 but the economy never-
4ka1aee nrncnaral fin4 TMru
gressed.
"Ours is a dynamic economy
which rests on many lets -
such as a technological revo
lution, the demands which
will come from a rising rate
of family formations in the
1960s, the good life.
"Summer strength and au
tumn weakness often have
taken place in the past. But
it's likewise " true that the
characteristic of our new type
market has been: (1) An abili
ty to correct individual spec
ulative excesses from within;
(2) At the same time, demon
strate demand for specially
favored issues. That is why I
have held - and still do - that
there are individual oppor-
Lower Jobless
Tax Slated for
Insured Firms
Salem - (UPD - The State Em
ployment Department predict
ed Thursday that more than
one-third of the 26,400 firms
insured by Oregon's unem
ployment compensation law
will pay a lower unemploy
ment tax in January, 1960.
However, the reduction will
be short lived, affecting one
payment only.
State law provides a reduc
ed payroll tax for employers
having steady employment
histories, but only when the
unemployment trust fund is
above a certain floor and all
insured employers were then
required to pay a uniform 2.7
per cent tax. v
Fund Higher
This month the trust fund
stands at $35,671,000-a figure
some $3 million higher than
this year's "floor of $32,596,-
500.
David H. Cameron, depart
ment commissioner, said "un
der present economic condi
tions it is improbable that the
agency will pay out $3 million
between now and Sept. 30
when fourth quarter rates are
computed."
"This means .that 9,075 cov
ered employers will be en
titled to an experience ratine
for their fourth quarter pay
roll tax which is payable next
January," he said.
Employers still will pay a
uniform 2.7 per cent for their
third quarter payroll tax due
this October, Cameron said.
Salem Infant
Scalded by Water
Salem -flJPD-A three-month-
old Salem boy was in serious
condition today after slipping
from the arms of his baby sit
ter into a bathtub, of hot
water.
Attendants at Salem Gen
eral hospital said the boy,
Timothy Scott Tungate, son
of Mrs. Donna Rae Tungate,
had third degree burns over
60 per cent of his body.
The baby was being
watched by Murial O'Hara, a
10-year-old niece of the Tun
gates, when the accident oc
curred Wednesday. She told
detectives she had the baby in
her arms after drawing the
hot water in the tub and
dropped him as she leaned
over to turn on the cold water.
At first she did not realize
the child was burned, she told
police, and put him to bed.
But in a few minutes she
checked the child, spotted the
burns and called first aid men.
The child was rushed to the
hospital.
"
DUX
Imported Scandinavian Originals
Q j PHONE MU 5-8771)
3a3iC!XLXi3QQa3
ft
Li
SXH GREEN STAMPS
ON ALL CASH PURCHASES
tunities even though the mar
ket as a whole may be enter
ing a broad trading area.
"Coming weeks may, at
times, be trying - but they'll
also be rewarding to the discerning."
Medford
Tribune
2nd SEaiON MEDFORD, OREGON, FRIDAY, AUGUST 14, 1959 Pages 1-8
No white man to date has
ever completely explored the
mijes of winding channels in
the Everglades which spread
over four million acres.
Summer temperatures at
Adak in the Aleutian islands
averages only about 25 de
grees higher than the 30-de-gree
average for the winter.
Bauxite, an important
source of aluminum, was orig
inally discovered at Les Beax,
France, from which it de
rives its present name.
Dam Name Idea Not 'Needling' Morse
Washington-ttJPD-Sen. Rich
ard L. Neuberger's office de
nied Thursday that Neuberg
er's bill to change the name of
the proposed Green Peter
dam in Oregon to Douglas
McKay dam was designed to
"needle" Sen. Wayne Morse.
Lloyd Tupling, administra
tive assistant to Neuberger,
said State Rep. Keith Skelton
(D-Eugene) was quoted to that
effect earlier this week.
"Such s definitely not the
case," Tupling said. He said
Neuberger believed that po
litical partisanship should not
be carried beyond the grave.
Mr-Kay, former interior sec
retary, died last month.
There are more than 800,-
000 municipal firemen in the.
United States, but only about
one of eight is a full-time pro
fessional firefighter. The oth
ers are volunteers.
,We Give
GREEN STAMPS
CENTRAL REXALL DRUG
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