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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Sept. 11, 1959)
Price 1 0 Cents Medford 2nd SECTION MEDFORD, OREGON, FRIDAY,, SEPTEMBER 11, 1959 Pages 1-10 54th Yea? ir A T Can Bull Market Exist Without i - - Inflation? Market Experts Ask KUaer Waher Br ELMER C. WALZER UPI Financial Editor New York-flJTO-Wall Street is asking if the bull market, reputedly built on an inflation premise, can exist without inflation. This ques- f. tion comes up at a time when the prime in terest rat e rate for the best credit rating borrow i n g s is at 5 per cent with talk of, an event ual 6 per cent. ..' High money " rates " could bring deflation eventually, the experts point out. Also it is noted that so far the adminis tration has kept a firm hand on the budget which , many had thought would be out of whack. - -," y High.' money, a balanced budget, fairly steady prides, prospect of a non-inflationary steel settlement, and talk of a possible cutback in defense spending all spell deflation. Rise Without Inflation Many experts refuse to go along with the idea that infla tion has been licked. And some experts hold that we can have a rising market without the aid of inflation. -' - An advocate of the latter a rising market without infla tion is the big mutual fund sponsor, Distributors Group, Inc. It has. this to say on the subject: ; - 7 ' :-, , "If we accept , inflation as virtually , the only reason for -investing in common stocks market will rise in proportion to the decline in the value of the dollar we find a sizeable increase in common stock prices still unaccounted for. Stock Prices Tripled "According to this idea, the stock market, during the past 20 years, should have doubled to offset the halving of the dollar's buying power and no more. But the price of com mon stocks has nearly tripled, Why the additional apprecia tion?' ..' . "This significant 'additional' appreciation is due to the in herent dynamic qualities of common stock." The firm notes a steady rise in expenditures for new plant and equipment and lor re search, and believes this is a sound reason for investment in common stocks today en tirely aside from inflation. "Also," it adds, "it is a posi tive, reason, and a more thoughtful one than the pure ly negative desire to "flee the dollar" by holdiig only mini mum reserves in such sound investments as bonds and sav ings deposits where inflation erodes the buying power of principal faster, than interest can add to it. ' Other Side of Coin ' Now for a look at the other side of the coin to answer the question if inflation, has been licked The New York Federal Re serve Bank points out that the current situation which forces the Treasury to issue nothing but short term issues is infla tionary. "As the debt shortens, ownership tends to shift from . and the idea that the stock ''savings-type'- investors to in- 4yli ., tf v (pi TT38 ISP Li-i J BLAST DAMAGE This Is what remains of the fire chiefs city-owned station wagon after dynamite explo sions destroyed it and . two office" buildings in Little Rock, Ark. The bombs destroyed the Little Rock School Board office and the mayor's office. There were no injur ies reported. ' . ' j 1 , - vestors who hold governments as a "money substitute,' " says the bank. "Thus the Treasury, in ef fect, borrows funds that would otherwise be idle and releases longer term funds that flow into active use Incidentally higher rates of interest being paid by the Treasury will add to govern ment outlays. Barron's esti mates the increase in inter est payments on the national debt this year will boost the budget figure by a half billion dollars. Other Additions . ; - Barron's also sees other ad ditions to the expenditure side that will throw the budget out of whack upward momen tum of such programs as the development loan fund, soil bank, space activities, veter ans' pensions, and public hous ing, and works is figured at $1.5 billion. Other additions include $350 million to the postal de ficit because of failure to raise postal rates; $100 million for medical research. Barron's looks for a $79 bil lion expenditure in this fiscal year, against an estimated $77 billion. And sees another $2 billion added for fiscal 1961. 4-H Club News G. E. Stitchers 4-H Club The G. E. Stitchers 4-H club held its final meeting of the year Sept. 4 at the home of Mrs. James Edge. The morn ing was spent with the final entries and completion of rec ord books. . The secretary, Bonnie Gbeh ring, reported that the club had completed 18 of the 19 goals it chose at the beginning of the year. All of the girls with the exception of one fin ished and exhibited projects. AH of them placed giving the club one champion, Vonnie Lee Goehring; seven first places, five second places, and one third place winner. All the girls who participat ed in the style show jreceived awards,, giving the club two first and two third place win ners. The club expressed its appreciation to "the leaders, Mrs. Ben Gardener, Mrs. Dick Wheeler,' anch Mrs. James Edge. , . -s Club members had a picnic lunch and went swimming in the afternoon with two 4-H sewing clubs from ShadyXove as guests. They included Linda Paulson, Sheri Watson, Linda Weitman, and Carol Hale of the Streamline Stitchers,' and Marilyn Learning, Judy Waltz, Sandra Paulson, Marilyn Ma son, Edith Lowery and Donna Weitman, of the Shady Cove Cut-Ups. Janet Burk, '. Reporter ' Title Insurance Firm Opens Ashland Branch The Crater Title Insurance company, 510 West Sixtn st., Medford, has opened a branch office in Ashland at 362 Lithia Way, Arthur L. Cook, mana ger . of . the branch, : has an nounced. -J ! -; ' ', . Cook was assistant manager of the Medford office, which was opened in April, this year. He said the purpose of the Ashland office would be to of fer direct title insurance fa cilities to the Ashland area. Triple Dead Heat In Talent Portion Of Bea uty Pageant " Atlantic City, N. J.-DPD-A seamstress, a shapely flute player and a peroxide blonde night club singer were in the money today in the first triple dead heat in the history of the Miss" America pageant. The opening round of com petition in the 32nd running for the beauty crown, worth nearly $100,000 to the winner, made history in several ways. It marked the first time a girl had won in the talent di vision because she could sew. No one could recall a flute having figured so prominently in a beauty contest. Makes Own Clothes That's right. Not sing, dance, play the marimba or recite the "White Cliffs of Dover," but design and make her own clothes. 'There have been twin ties before in the contest, . but never have three girls stump ed the judges so completely that all were put in first place. The dead heat was between a Connecticut milkmaid who makes all her own clothes; a Pensylvania s c h o o 1 teacher who paints, plays the flute and composes music, and a Wash ington, D.C., night club singer whose father, is a policeman. Miss Pennsylvania, Lois Piercy, 21, of Springfield, ap peared in artist's attire to dis play an oil painting titled "Night Rain On The City" and play her own composition on the flute. Hot Rendition Miss District of Columbia, 21-year-old Virginia - Pailes, who lives in Hyattsville, Md., sang a hot rendition of "It All Depends on You" while wear ing a shocking pink chiffon evening gown. 1 The dark horse of the eve ning was Diana Klug,. of Tor rington, Conn., 21-year-old daughter of a dairy farmer. Miss Klug said she likes to sew so much that she has been known to run up a dress just to relax while cramming foi college finals. - ; The first bathing suit judg ing was won by Miss Washing ton State, Sharon Vaughn, 21, of Seattle. She stands 5 feet 7 inches tall, weighs 120 pounds and has measurements of 36-22-36. She wore a white bathing suit. Loyals Recapture Laos Territory Vientiane, Laos -(UPD-Loyal troops have recaptured much of the territory in northern Laos taken by the Commu nists earlier this month, but Red guerrillas are now active in southern Laos, it has been reported. informed sources said gov ernment troops, advancing al most unopposed in northern Laos, are near the Nanma riv er, starting line for the Reds' Aug. 30 offensive. Some Communist activity, said to involve both native Reds and invaders from North Viet Nam, was reported in northern Laos. ' . Tulelake, Calif. (DPD Game officials have reported that duck populations in the Na tional Wildlife refuges in the Klamath Basin have reached the half-million mark. I L S ff W M W m m zMM M W M M M WWW 0 0 the formation of a new home owned Oregon legcl reserve insurance cosnpcay 1 .--"fesssKS. INSURANCE COMPANY OFiOlERJCA offers .aninyestment for .'a himtea dumber uuW"" it.rr.v.-.-.'A l ?roB"p-of Oregon"sinessmen 'v-bmHiiig vr UWjnsurancexQmpany whoaMn fKumimurnVSu. 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