Stock Market Investors Warned
To Beware of Year Ending in 0
By ELMER C. WALZER
UPI Financial Editor
New York (UPD Beware,
this is the year of the cipher.
This year. 1960, ends in
r ""f zero. And
that have
been bad for
the stock mar
ket, says Jac
ques C o e of
the Stock Ex
change firm
that bears his
name.
Elmer Walxer "The year
1960 had plenty of strikes
against it even before it start
ed," he says. "It begins a new
cycle year ending in zero
which may sound foolish to
many serious-minded people,
yet, as Al Smith said 'let's
look at the record':
"1920-Serious bear market.
"1930-even worse.
"1940-very bad.
"1950-Not so bad (because
we were coming out of the
1948-1949 down market but
there did occur an incisive
period during the summer
months when there was a
temporary collapse from 230
to 195)."
Coe might have added 1900
when a bear market ended at
mid-year, and 1910 which had
a sharp decline.
"It's one of those quirks in
statistics that develop from
time to time. Like saying the
market performs best on Tues
days. It has so far this year.
But it didn't do well last Tues
day with the industrial aver
age breaking to a new low
since April on a drop of more
than six points."
Coe says we've been in a
bear market since the be
ginning of 1959.
"Many of us," he adds,
"have been delightfully swin
dled by the behavior of the
Dow - Jones averages which
made people believe we were
still in the bull market during
the summer of 1959 and again
in December of 1959.
"Those poor unfortunates
who have not had portfolios
consistent with the Dow-Jones
group certainly knew we
were in a bear market a long
time ago.
"Examinations of their own
portfolios must have disclosed
the grim truth that 'the party
was over as far back as the
spring of 1959."
And what about the rest of
this year after the big January
decline? Here is Coe's view:
"We witnessed during Jan
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uary, a decline in blue chips
which increased their yields.
We have seen also a lessening
of money tightness with an
advance in high-grade bonds.
Collapse of Wall
Damages Building
Pendleton - (UPD - Damage
estimated at $10,000 was
caused Sunday when the east
wall of a building that was
partially destroyed by fire
Jan. 19 fell on another build
ing, damaging two businesses.
The S t a n g i e r Brothers
building, which fire partially
destroyed, was in the process
of being razed. The east wall
of the structure caved in un
der high winds. The brick
wall fell through the roof of
the Del Brown shoe store and
adjoining Sherwood and Rob
erts realty and finance build
ing. Gas Explosion
Takes Four Lives
Bluff Springs, Fla.- UPD -A
66-year-old woman and three
of her grandchildren burned
to death Sunday night when
a gas explosion ripped
through . their small frame
home.
The victims were identified
as Mrs. Little Mae Merchant,
Kathy Adams, 7, William
Boyd Merchant, 18, and Rich
ard Merchant, 4. A neighbor
who heard the explosion said
he could "see people running
around in the house and
heard them screaming, but
couldn't get close enough to
help them."
Forester Named
Conference Head
Eugene -OirD- J. W. Fores
ter, publisher of the Pendle
ton East Oregonian, was elect
ed chairman of the Oregon
Press Conference, at its 41st
annual meeting Saturday.
He succeeds Giles French,
Moro, publisher of the Sher
man County News.
Carl Webb was reelected
secretary and Verne McKin-
ney of the Hillsboro Argus
was reelected press confer
ence representative at large
on the Eric W. Allen Memo
rial Fund Board of Trustees. I
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The gap at long last is be
ginning to narrow."
Coe holds that many un
seasoned issues have been
"frightfully over-priced."
"Enthusiasm, combined!
with imagination, stirred with
a lot of loose talk and the
promise of pie-in-the-sky," he
says, "has induced much spec
ulative, indiscriminate and
loose buying by people who
in their greedy quest, never
looked into the true values.
"Urgent want of quick
profit overcomes an ordinary
sense of producence."
Coe is one of the few who
think a bear market already
is here.
Most of the analysts hold
that we still are in the bull
market which began ten years
ago. Some slice off a few
months for a fast bear market
in the period July 12. 1957 to
Oct. 22, 1957, when the mar
ket fell 100.98 points in the
industrial average.
Those who say this still is a
bull market hold that it is in
its last phase. They believe
the last gasp of the bull will
see the industrial average
mount to 700 or better.
Not a few of these bulls
looked for the spurt to come
in the first half of the year.
Now they have revised their
view to have it occur in the
second half.
Many of the experts do not
look for a prolonged bear
market to follow this bull
market. They look for a long
period of consolidation and
then a real spurt into unex
plored territory.
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Brookings Jail
Prisoners Rescued
Brookings-fUPD-Two prison
ers were rescued from a cell
in the Curry county jail Satur
day night after a mattress
caught fire.
Deputy Sheriff Sam" Gott ,
made his way into the smoke- !
filled jail to unlock doors so
volunteer firemen could reach
the two prisoners. The prison
ers were taken to a Crescent
City, Calif., hospital for treat
ment of smoke inhalation and
minor burns.
Gott said the men appar-
ently started the fire to get
out of jail. He said no one
else was in or near the jail-
1 house when the blaze started.
Son-in-Law Sues
Comedian, Wife
Tucson, Ariz. - (UPD - Come
dian Pinkey Lee and his wife
have been sued for $2 million
in an alienation of affections
suit, filed by their son-in-law.
Lyle R. Palant, 23, a real
estate broker, accused the
Lees of breaking up his mar
riage with their daughter,
Patricia, 19. He filed the suit
Friday, two hours after his
wife divorced him.
Palant and Miss Lee were
married May 23, 1958, and
separated last September.
They have a daughter, Lau
ren Beth, 10 months.
Calzada de Calatrava, Spain
-(UPI) - Eight persons were
killed Saturday when a Span
ish air force plane crashed in
flames near here. All the vic
tims were Spaniards.
'T ,.ibi ,, , zv"$r?&3&irt -it-www -f tsr. ? ?wr
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.v.w- II rKEE kauu ran wirn warns r i t - 11 1 , rrsHS3
2hau - c? m ii mm .
j Man-of-War Birds Once Were
Weather Warnings for Man
Near seacoasts, human eyes
look with mild apprehension
at fluttering storm flags. The
birds of the air, too, and ani
mals of the field and forest
note weather changes. They
do not look for the coiorec
flags, but being highly sensi
tive to atmospheric changes,
they each react in an individ
ual way to what is about to
happen as it pertains to wind
and weather.
Birds that live along a sea
coast feel the impact of
change and coming events,
and act accordingly. Seeming
ly, one of the most accurate
"weather signs" along coasts
where tropical storms some
times roar and rage is the so-
POWER OF THE PRESS
South Orange. N. J. -'UPD-Members
of the Sisterhood for
Three Temples were flattered
when two men showed up for
their luncheon meeting and
identified themselves as news
paper reporters assigned to
cover the affair. But their joy
vanished when it was discov
ered that the men belonged
to something other than the
Fourth Estate. Before disap
pearing, the "reporters" stole
three mink coats valued at a
total of $11,000 from the
cloakroom.
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Small Worlds
Around Us
By Lynn M. Watkins
called man-of-war bird. An
cestors of today's frigate bird
can be credited with saving
countless human lives. Before
radio and newspapers brought
news of impending storms,
people on isolated islands de
pended on the "hurricane
bird" to give warning of the
approach of a tropical storm.
Felt Storm First
Sailing as they do on stiff
ened wings high above the
sea, the man-of-war bird felt
the coming storm long before
earth-bound creatures felt the
first gentle breeze. Without
hesitation, the birds left the
off-shore air and moved in
over the mainland, although
still circling high in the air.
The people on the isolated
shore or off-shore islands '
looked up and saw the pecul
iar shaped frigate bird and
knew a storm was brewing. '
Today, of course, people
everywhere know where the i
storm is, how long it will be i
before it arrives, and have
some knowledge of where it ,
is apt to go. The most isolated j
islander now knows a long j
time in advance that a storm
soon will be howling about
his ears. i
But for the sea birds that
also have their homes on iso
lated islands or lonely
beaches, the problem remains
the same. They, too, want-to
survive.'
Some will find refuge in
some protected area. The
foolish ones will take no pre
cautions; they will suffer in
the storm. There are humans,
too, who refuse to believe the
signs, even when the signs
are in the form of a direct
.warning from the weather
bureau. These folks, like the
foolish birds, often suffer in
the storm.
Many Survive
Most of the birds guess
right. This is attested to by
the fact so many survive a
terrific storm. Of course some
misjudge the force of coming
events, or stupidly try to ride
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out the wind. These are blown
inland or killed against trees,
wire or buildings. But the
majority take precautions,
often they gather in flocks in
an area that some mysterious
sixth sense informs them will
not be swept by destructive
winds.
Slow flyers, such as pel
icans, know their limitations
and disappear entirely from
the scene, long before the
first stiff breeze ruffles the
storm flags.
Certainly the Creator of all
living things, whose invisible
power exercises control over
all the creatures of the wild.
must guide them to places of
i iJ
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3
Monday, Feb. 22, 1960
comparative safety through
the terror-filled nights of vio
lent tropical storms.
(Released by, The Register
and Tribune Syndicate. 1960)
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