Dow Theory Not Rated as High
Acco rd ing to Wa 1 1 Streete rs
By ELMER C. WALZER
uPI Financial Editor
New York -flJPD- Bull mar
kets never die. They just fade
away.
Time was
when the
Dow theorists
were in flow
er that bear
and bull mar
kets per
formed by the
book. When
indust rials
Elmer Walter fell and rails
confirmed the fall through a
crucial level you had a bear
market. And vice versa.
Today, the Dow theorists
aren't rated as highly as they
once were. Even the Wall
Street Journal where the Dow
theory was born, based on the
Dow-Jones averages, doesn't
use that measurement as a
gospel truth in its assay of the
market.
The Wall Street Journal
quoted one analyst as saying,
You have to look pretty hard
to find that kind of technical
theorist under the age of 55
However, this analyst added
that traders are likely to base
their actions sometimes on
what they think such techni
cians will do.
Those who hold to the be
lief that bear markets don't
. die but just fade away point
to the market's fading process
. for some time.
If you don't think we have
had some little bear market,
ask those who have held air-
crafts, oils, and a few other
groups.
- Blus Chips
And one might also add
that those who have held the
bluest of the blue chips
weren't given too much happi-
ness by the market's behav
ior. That is a factor which
leads the experts to point a
finger at the real sellers in
this market, the institutions.
The little fellows have stead-
ily bought on balance, bought
mci j than they have sold as
the odd-lot figures from day to
In the course of market
movements, there are clues in
at 4.1.-1. i i j : : c;
uie averages umi iiuiu sigiuu-
cance for others than the
chartists. These are called re
sistance levels. Wall Street
notes where these points are
as the market rises and falls
and usually can spot them
right on the nose.
There is one resistance lev
el which worries even the
conservatives who aren't im
mersed in theory, and that is
the 590 level in the Dow-Jones
Industrial Average. These ex
perts say there isn't a support
level for a hundred points or
so below that figure.
Where The Break Is
If that group is right, and
if the industrial average
breaks 590 on any kind of
volume, the next stopping
point would be down 100
points or at 490. That would
be the lowest it has been since
July 18, 1958 when it closed
at 436.55.
That 486.55 was in a rise
from the 1958 low of 436.89
touched on Feb. 25 of that
year. The average closed 1958
at a new record high of 583.65
for a gain of 147.96 points on
the year. The rail average in
1958 closed at 157.65 up 60.69
for the year and only a small
fraction under its high for the
year of 157.91 a new top
since Dec. 7, 1956.
Thus the Wall Streeters
who are outside the Dow
theory group fear more from
the industrials than from the
rails at the present time.
A 1 0 0-po in t decline
wouldn't be world shaking to
any but those with slim pro
fits at present, it is held. And
it woudn't mean that the end
of the world had come, the
experts add.
The market, some hold, is
discounting a business reces
sion. Here, too, there are
many who disagree.
Business so far this year
has held high.
But the production figures
have been well below what
had been predicted.
Golden Sixties
This is explained by one
thing and that is the fabulous
part of the Golden Sixties
isn't going tq come right at
the start as manv'had antici
pated. The war babies, it
seems, aren't going to marry
as quickly as they would if
there were some stimulant
like a war to urge them on.
The kids are a serious lot
and they aren't ready to mar
ry until they have something
saved up for a real start, it is
held.
If we are currently in a
bear market it's a quiet one,
say the experts. Sales so far
this year represent a disturb
ance of outstanding stock list
ed on the big board of a little
more than two per cent.
There are some market
men who insist we'll have a
real selling orgy one of these
days and then another fling
at the upside. But this group's
enthusiasm has been dwindl
ing recently as the market
slowly erodes.
Mental Health Group
Votes To Affiliate
With State Association
The Jackson County Mental
Health committee voted last
week to seek affiliation as a
chapter of the Mental Health
Association of Oregon, which
itself is a division of the Na
tional Association for Mental
Health.
The committee has worked
as an informal group in the
field of mental health for a
number of years.
The group has always work
ed on some projects in co
operation with the state Men
tal Health Association and has
appreciated friendly visits
from its staff. Now, however,
it was thought by the local
committee that affiliation
with the state body would be
of assistance in carrying out
its aims both locally and in
the state as a whole.
Committee Formed
The committee was first
formed in 1951 and has been
made up of people interested
in the field of mental health
and of representatives sent by
various community service or
ganizations. The present chair
man is Roland Hartley.
It was this committee which
did the preliminary work
leading to the establishment
of the Child Guidance Clinic
in 1953, and more recently it
has followed a program of
sludy and public education
looking toward the extension
of the work of the Clinic to
include family counselling.
The Mental Health commit
tee also voted to endorse a
campaign for funds to be car
ried out by the state Mental
Health association in the near
future. When more fully or
ganized the local chapter in
tends to submit a budget to
the United Medford Crusade
with the expectation that no
separate campaign for funds
would be made in the future.
About two weeks ago. the
executive secretary of the
Mental Health Association of
Oregon, Dr. Frank Strange,
and a staff member, Mrs.
Pauline Toews, visited Med
ford, and explained to the
committee the policies and
programs of the state body. It
was on the basis of this pre
sentation that the committee
has now decided to seek af
filiation. The program includes pub
lic education, research and
direct assistance to recovered
patients who may be released
from the mental hospitals.
They are endeavoring to ex
pand the program at the pres
ent time in the conviction that
mental illness is now "the na
tion's number one health
problem." The slogan of the
National Association for 1960
is: "Next . . . Let's Conquer
Mental Illness."
Dr. Strange and Mrs. Toews
are expected to visit here
again soon to help set up the
campaign for funds and ob
tain members for the local
chapter. At that time, it is
hoped that people in the com
munity who might be inter
ested in helping to form the
chapter will make themselves
known.
FIRC Membership
Sought by SOCTFA
The Roxy and Sexton radio
systems of the Southern Ore
gon Conservation and Tree
Farm association have taken
out membership in the Forest
Industries Radio Communica
tions association, according to
Dale Prentice, secretary-man
ager of SOCTFA.
The action came at a recent
meeting of the board of direct
ors of the association and was
made' on the recommendations
of the radio committees of the
two systems. The affiliation
will become effective as soon
as the FIRC confirms the ap
plication. Both of the base
stations as well as individual
members of the two forest
industry radio networks are
involved.
FIRC is a national organi
zation that serves in a liason
capacity for the lumber indus
try nationally in dealing with
the federal communications
commission, accord ing to
Glenn Duysen, president of
SOCTFA. The organization is
currently discussing the possi
bility of sharing certain fre
quencies with the petroleum
industry not now available to
the forest Industry, radio
users.
America's farmers with 16
per cent less labor have in
creased their annual produc
tion by more than 60 per cent
in the past 40 years. .
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AWARD . PRESENTED-Holiday House,. Inc.,
Medf ord's new trailer house manufacturing
firm, was presented the Medford Chamber
: of Commerce "Award of Progress" recently
for their faith and confidence in the future
of Jackson county.; Corporation President
David Holmes (holding plaque, right) re
ceived the award from Gerald Latham, pres
ident of the Medford chamber. Also present
were, left to right, Herman Kambeitz, pro
duction manager for the firm; Clarence
Young, awards committee, Medford cham
ber; Jack Walker, local distributor for the
trailer houses; Eugene Spencer, assistant
production manager for Holiday House,
Inc.; Ron Gandee,' chamber awards com
mittee, and BiU Williams,"" sales manager for
the firm.. Distribution is currently, set up in
.12 western states, including Alaska, and
in four Western Canadian provinces. The
main feature of the traUer houses ' is ad-
vanced design and highest possible quality,
Williams said. -
RAILWAY CURVES
New Orleans-The two long
est railway - curves and the
longest uniform single rail
way curve in the U.S. are all
in Louisiana. Longest is . a
9.25 mile curve on the Illinois
Central route. .
WATER NEEDED
New York - About 65,000
gallons of water are needed
to produce one ton of finished
steel, and about 5,000 are
needed to grow one bushel, of
corn.
COAL MOVED .
Detroit - A 3,350-foot con
veyor .keeps coal moving from
unloading . docks of Detroit
Edison's River Rogue plant
on the Detroit river to the
1,500,000-ton capacity storage
yard. - . .
'I Love Lucy1 Wrecked
Marriage, Claims Friend
By RICK DU BROW
UPI Hollywood Correspondent
Hollywood -UPD- "I Love
Lucy" brought wealth and
fame to Lucille Ball and Desi
Arnaz, but it also helped
wreck their marriage.
They got so tired of each
other, from working together
in the TV series and spending
their spare time together too,
that their already fiery tem
pers were stretched to the
breaking point.
. This explanation was given
by one of their closest friends
as a "major reason for their
breakup, which culminated
Thursday when Lucy filed a
divorce suit.
"They worked together day
and night for nine years," the
friend said.. "And I wonder
if any husband or wife could
stand seeing his or her mate
that often. Could you?"
Nerve-Wracking
Some . married - theatrical
teams, such as Alfred Lunt
and Lynn Fontanne, have sur
vived this problem. But few
except Lucy and Desi have
been involved in the nerve
wracking pace of a weekly TV
show.
And the pace took its toU
as Desi assumed more and
more control of production
and sometimes shouted orders
at Lucy on the set.
. "No one event touched off
the divorce," said the friend.
"It's just that they're ex
tremely volatile characters,
and their tempers flared at a
thousand little things.
"I remember the first ar
gument I heard them have,
about 15 years ago, at Christ
mas time. Desi said that in
Cuba, you serve pig at Christ
mas. Lucy said in America
we serve turkey. I want to
teU you, there was a heck of
an argument. We finally had
pig and turkey.
Window Dispute
"Here's another example.
At night, Desi likes the win
dows closed. Lucy likes them
open. It's a heck of a thing.
He'd get up slowly, thinking
she was asleep and close the
windows. But she'd have one
eye open, watch and then
open them again. They'd take
turns going back and forth,
opening and closing a window
harder and harder until pret
ty soon it was broken.
"It was almost as silly as
some of their adventures on
'I Love Lucy. "
Another reason for their
split was Desi's obsession
with his work during the
years he master-minded the
building of the fabulous Desi
lu empire. Weary of his bus
i n e s s associates, including
Lucy, he would go off by him
self on fishing trips to Mex
ico and golfing jaunts in Palm
Springs, Calif.
"He's the genius," Lucy
once said, and she meant it.
It was he who sold the idea
for the series that earned
them a fortune. And it was he
who swung the deal which
gave him and Lucy financial
rights to the re-runs of the
series. Few people understood
the value of re-runs at the
time.
M!L TRIBUNE, Medfori, Or.
Tuesday, March 8, 1960
Neuberger Quits
Weekly Broadcast
Portland-CPD-Sen. Richard
L. Neuberger (D-Ore.) said
Monday he had relinquished
his weekly radio broadcast ov
er a number of Oregon radio
stations to avoid "embarrass
ment to the broadcasters
over demands for equal time.
Federal regulations require
radio and television stations
to provide equal free broad
cast time to rival candidates
for public office. Neuberger
recently announced he would
be a candidate for re-election
this year.
Salem - (UPD - Plans for a
$205,000 bowling alley in
East Salem have been reveal
ed. Realtor Bernard Stewart
said construction will start
within two weeks. It wUl have
16 lapes.
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