Stock Transactions To Date
Cross Total for All of 1958
By ELMER C. WALZER
UPI Financial Editor .-
New York HTD Stock
transactions on the New York
Stock Exchange for 1959 to
' 'J' date have
-r. 1 crossed the
J 1 tol for all of
f k7 $ 1958 and set
t a new high
M for this time
timer wizr 1930 stock
ales , t o t a 1 e d 747,058,306
shares. That was the fourth
largest year in market history,
having been exceeded by
1928, 1929, and 1930.
If trading during December
runs at the current average,
the 1959 total will cross the
1930 figure and result in the
third largest year, exceeded
only by 1928 and 1929.
Suppose this stock market
were measured like a steel
plant. You then could say it
was running at less than 15
per cent of capacity. And
that, as everyone knows from
watching the steel figures dur
ing the strike, isn t much.
Means Total Shares
By capacity here we mean
the total number of shares
listed. Back in 1929 when
sales for the year crossed the
billion mark for the only time
in the market's history there
were slightly fewer than a
billion shares listed.
By the latest count, Oct. 31,
there were 5,685,000,000
shares listed. If we were to
operate at full capacity, daily
sales would have to average
more than 22,600,000 shares
daily.
In 1929, sales averaged 4,
276,808 shares daily and the
shares then listed were turned
over 1.19 times or 119 per
cent. During September and
October of this year the turn
over amounted to 13 per cent.
' There are two mighty dif-
See
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300 15.62 19.60 27.77
500 26.04 32.67 46.29
750 39.06 49.01 69.44
1000 52.08 65.35 92.59
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ferences between this market
and the one in 1929.
Investment Market Now
They are:-1. This is an in
vestment market and that pne
was a speculative market; and
2. Taxes today are far higher
than those of 1929 and they
lock in many an investor of
means.
Suppose you bought $1,
000,000 of stocks ten years
ago at a yield of 6 per cent
which is not out of line. You
would be receiving $60,000
annually in dividends today
and your stock probably
would be worth $2,000,000.
If you sold the whole
amount, you'd have a profit
of $1,000,000 on which you
would have to pay a capital
gains tax of $250,000.
That would leave you $1,
750,000. If you invested that
at today's prices, your return
would not run more than 3
per cent or $52,500 a year and
What Is The Law?
This column is prepared as a public service by the
.Colleqe of Law. Willamette University," Salem, to
explain basic legal principles, not to provide legal
advice. The reader is cautioned not to apply these cases
to bis own problems -without an attorney's advice, for
differing facts may change the outcome.
Guarding The Wayward Son
Against His Weaknesses
Junior had never learned
the value of the dollar and
was addicted to games of
chance and expensive lux
uries. His father was able to
provide very adequately for
Junior but it was quite ev
ident before Junior reached
his 18th birthday that he was
going to have great difficulty
keeping out of the "poor
house." What can be done to
protect Junior from his own
weaknesses?
The modern trend of the
law is to make assets more
readily transferable. . Most
rights can be disposed of
without difficulty under the
present law. The courts have
even recognized that a per
son can sell his birthright.
For instance, Junior, assum
ing that he is of age (21),
could sign a paper which
stated that Ae sold all of his
right to inherit from his fa
ther and mother to a designat
ed person. Originally such in
tangible assets (a person's
birthright) could not be as
signed. However, recently
such rights have been assign
able if adequate money or
property is given in exchange
for them.
Property in Trust
Probably the most effective
way for Junior's- father to
provide Junior with a secure
livelihood is to place certain
property, in trust for him. Le
gal title to the property is
transferred to a trustee (us
ually a trust company spe
cializing in handling assets
for others) and the trustee is
directed to periodically pay
the income from the property
to Junior.'
The document providing
for the trust should contain
a provision which states that
Junior does not have the ca
pacity to. anticipate any of
these payments. This provis-
Milk Drinkers
Like It Fortified
Washington (Science Ser-vice-A
sweeter taste may be
why two-thirds of those par
ticipating in a recent test
preferred milk with added
non-fat solids to regular milk,
the U.S. Department of Ag
riculture reported here.
Milk fortified with varying
amounts of non-fat solids was
tested with nearly -100 fam
ilies and in college milk-vending
machines in St. Paul,
Minn. Each family received
two bottles of milk, one forti
fied and the other regular.
They were asked to report
which they liked better, not
knowing which was which.
About 80 per cent of the fam
ilies and 66 p6r cent of those
using the vending machines
reported they preferred the
fortified milk.
The test milk was fortified
at different .levels, varying
from a total non-fat solids
content of 816 per cent to 11
per cent in weight. Normal
milk contains from 8.4 per
cent to 9.2 per cent non-fat
solids. .
Broken Meter Taken
To Police by Driver
Ashland -A local motorist
left evidence Monday that he'
was tired of contributing nick-'
els to the city's parking meter
kitty.
A passerby found the meter, !
which had been knocked com- j
pletely off its stand, shortly';
after 11 a.m. and delivered it'
to Ashland police.
He had a short walk. The ;
meter was located only a half
block from police headquar-j
ters. ' i
In 1958 France shipped to
the United ,States 2,525,000
bottles of champagne.
you'd have high-cost stocks
on your hands.
Your annual income would
be cut by S7.500. So why sell
your stock? That's what the
wealthy stockholders think.
If they should die while
holding the stock with a big
profit, the capital gains tax is
out and the . estate tax takes
over.
Wealthy Might Sell
Now, say the Wall Street
experts, if the capital gains
tax were cut in half, the
wealthy might sell some of
their holdings, making the
market more liquid and less
subject to the wide swings
that come in what is described
as a thin market, not much
stock available for sale.
With many looked in by
taxes, it is doubtful in the
eyes of the experts that we'll
see a turnover like that of
1929. The tickers couldn't
take it anyhow.
ion makes it impossible to
sell his rights under the trust
and for Junior's creditors to
reach his rights. It is palled
a "spendthrift" provision and
the trust is generally known
as a "spendthrift trust."
Certain Exceptions
The courts have recognized
certain exception to the rule
that the "spendthrift" provis
ion freezes the spendthrift's
rights in the trust until he
realizes on such rights in the
form of cash. Creditors who
hav furnished ' him with,
items which would not fall
within the luxury classifica
tion can reach spendthrift's
rights in the trust. Likewise,
the state-and federal govern
ments can satisfy their tax
claims against the spend
thrift out of the trust. Many
courts also permit the di
vorced wife of a spendthrift
to take over his rights in the
trust if the spendthrift is de
linquent in his payment of
alimony or support money.
With the law as it now
stands a person of legal age
who has not been- adjudged
mentally incompetent can dis
sipate his property quite free
ly unless a trust is set up in
his behalf.
PENNEY'S
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FIERY SKELETON Only the flaming skeleton remains
of this small Piper Tri-Champ after it crashed and ex
ploded atop the house of Mr. Harry Gaffney in Compton,
Calif. The plane, attempting to land at the Compton
Airport, struck a high tension wire, dove into the house
and exploded, killing pilot Norman W. Thomas of Tor
rance. Mr. and Mrs. Gaffney and their four "children,
who were asleep below, escaped injury. '
SOC Students Are
Ashland - Southern Oregon
college students today began
a two-week drive to collect
English language textbooks
for Korea's war-torn schools.
Needed are dictionaries,
books on history, literature,
art, music, science, mathema
tics and virtually any other
field covered in college class
rooms. The drive was launched af
ter SOC received a letter from
the Korean-American Scholar
ship committee in which ' it
stressed the need for text
books. Twenty-five per cent of
Korea's classrooms and 90 per
cent of her libraries were de
stroyed during the conflict in
the early 1950s. '
Since English is the second
language of Korea students
HOLD PROTEST RALLY
Damascus, United Arab Re-public-(UPD-Several
thousand
persons demonstrated against
Israel Sunday in a mass pro
test rally marking the 12th:
anniversary of the United
Nations decision to set up an
independent Israeli state.
TOWNCRAFT
RICH 100
ORLON' . .
rJV
MRPPB - runn .i i him
Collecting Books
begin studying it in the sev
enth grade the lack of texts
printed in English is a major
problem.
Receptacles for the books
are located in Britt Student
Center, Churchill hall, and the
library. The drive will end
Dec. 15.
Applications Being
Taken for Courses
Applications' are being ac
cepted at . Medford High
school's adult education office
for enrollment in the quto
mechanics and electronics
codrses, Lindsay Vinsal, di
rector of adult education, has
announced. .?
These two-year courses,
which will meet from 3:30
p.m. to 10:30 p.m. daily, will
continue until May, 1962.
However, they will not meet
from mid-May to mid-September.
Applicants may call at the
school between 8:30 a.m. and
5 p.m. The spring term will
begin Feb. 15.
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Schools Participate
Jn Clothing Driver
Medford public schools are
participating in the annual
Save the Children Federation
Bundle Days Clothing collec
tion program, according to
School Superintendent Dr.
Leonard B. Mayfield.
Leocal schools participate
in the nationwide program,
which started today and ends
Dec. 4, on a biennial basis, Dr.
Mayfield said.
The federation, a non-profit,
non - sectarian organization,
sends the clothing to children,
in underprivileged areas : at
home and abroad. Clothing
this year is especially needed
in southern areas of the U.S.
Those wishing to donate
may take clothing to any Med
ford school or send it to school
in care of any neighborhood
child.
Some needed items are kept
in local areas for distribution
while others are forwarded to
the federation in St. Louis,
Mo. ,
Especially needed this year
are all types of shoes, sweaters
and overcoats. Clothing do
nated should be clean, mend
ed, and serviceable.
Spokane-(UPD - The Western
Forestry and Conservation As
sociation will hold its 50th
anniversary convention here
Dec. 9-11.
LUXURY FABRIC LOOKS TO FALL
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Optical Mirrors
Affect Velocity
New York (Science Ser
vice) - The mirrors used in
optical experiments may af
fect the value found for the
velocity of light, two scien
tists reported here.
They made their sugges
tion to account for the dif
ference in the velocity of
light, a fundamental quantity
of physics, when determined
by optical as against radio
freque-ncy methods.
The lower ; values found
optically are too large to be
due to experimental errors,
so Drs. Richard A. Miller and
Adolfo Lopez of the Manila
Observatory in the Philip
piens suggest that the differ
ence results from the time
taken by reflection at the
mirror surfaces used in optic
al methods.
Drs. Miller and Lopez at
tempted to calculate the de
lay of visible light during re
flection from silver and found
that it accounted for the dif
ference between the early op
tical and recent microwave
determination of light's velo
city, which is about 186,000
miles a second. Their sugges
tion is outlined in the Journal
of the Optical Society of
America.
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Ithaca, N.Y. -dUTI- Cayuga
lake was named after an In
lian tribe which was one of
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the narrow lake. But the Iro
quois name for the lake was
"Tiohero" or "clear water."
f You don't have to be rich to enjoy 1
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Tuesday, Dec. 1, 1959
THE ENEMY
-". Hartford, .Conn.-OJTD-Lerov;
Rakestrau was accused of
nailing the doors of his home
shut because he was sore at
his mother-in-law. He said
she had moved in to "estabr
lish a beachhead for her son
who is coming out of th
Army."
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K