V
Wtdntsday, April i, If 60
MAIL TRIBUNE, Mtdford, Or.
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BRIDGE CLIMBER ARRESTED - Dan E.
Smiley, USMC, points to a tower of the
Golden Gate bridge at San Francisco as ar
resting officer Blair Barclay of the Califor
nia highway patrol talks to him. Smiley was
arrested after he crossed the bridge the hard
3
way - by cable. On a dare, Smiley climbed
the cable supporting the span and clamber
ed over the bridge. Officers estimated he
traveled some 4,000 feet this way and at the
peak of his climb was 746 feet above the
water and 526 feet above the bridge deck.
(UPI Telephoto)
Oil Exploration
To Be Reconsidered
Portland (UPI) - A request by
the Humble Oil Company for
oil and gas exploration rights
on the Summer Lake water
fowl management area in
Lake county will be reconsid
ered by the State Game Com
mission at a public hearing
in Portland, April 22.
Some 160 million cars of
2.000 different makes have
been offered to Americans
since the first powered road
vehicle was designed in
France in 1769. To familiarize
motorists with the luxury and
convenience of today's new
models, auto manufacturers
invested an estimated $97.2
million for new passenger car
advertising in newspapers last
year.
State Buys Property
For Future Mall Use
Salem IlTD - The state has
purchased some more prop
erty for future use in the de
velopment of the Capitol Mall.
The latest acquisition is the
A. R. Sieemund DroDertv at
Union and CaDitol sts. Price
was $50,125.
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Buying, Selling Stocks for
Public Becoming Big Business
:.
Urn
r
3a mum
BtRerow I
By LEROY POPE
New York (UPD - Buying and
selling stocks for the pub'
lie is getting to be a busi
ness for costly machines-and
human speialists.
The physical plant operat
ed today by a big national
house like Walston & Co., for
example, is a multi-million
dollar electronic, fairyland
backed up by 70 expensive
air-conditioned offices stretch
ing from coast to coast.
'Big brokerage companies
like ours couldn't exist with
out electronic machines." con
cedes Emmet Eation, Walston
assistant vice-president.
Back in the 1870s, that
prominent Wall Streeter,
Clarence Day of "Life With
Father," got along with one
ticker and one telephone -which
he seldom used be
cause he didn't like it. "Even
the great bull market of
1929, brokerage houses were
small by today's standards,"
says Eation. "So in those five
million share days they fell
three to four weeks behind
in their bookkeeping - in spite
of working armies of clerks
nround the clock."
Flood of Orders
He might have a.ided that
often in those days brokers
were so swamped with or
ders they , couldn't execute
them-and the customers suf
fered losses.
Today, thanks to electron
ics and large efficient orga
nizations like Walston's -one
of about 25 coast-to-coast
brokerage houses - every or
der from the most remote
point is transmitted virtual
ly instanly and usually ex
ecuted within a few minutes,
Eaton explained.
Each day's bookkeeping !s
completed the same day and
checks or statements mailed
by automatic machines op
erated by punch cards or mag
netic tape.
With assets of around $98
million, Walston currently
trades about $2 billion worth
of securities a year. The com
pany does an underwriting
business and trades in bonds
and to some extent in com
modities for customers. But
its bread and butter is com
missions and interest on cus
tomer's margin accounts.
"We have 300,000 customer
accounts - 70,000 of them ac
tive," Eaton explained. "To
service these active accounts,
our I.B.M. punch card clerks
pull in an average of 25,uuu
cards a day from the files."
Huae Clerical Siaff
In spite of all the electron
ic and punch card equipment,
it takes 1,200 clerical work
ers to back up the 550 "cus
tomers men" or salesmen in
the Walston organization. It
takes almost 100 order clerks
to take orders off the com
pany's 35,000-mile network of
leased wires and send them
to the stock exchange floors
and the company accounting
departments.
Walston's teletype circuits
have automatic switching and
overflow equipment to take
on additional lines all the way
across the country instantly
if the volume of orders starts
to swamp the basic 75-word-a-minute
network.
All the bigger Walston of
fices also have expensive au
tomatic electronic quotation
boards in their board rooms.
At first glance, Walston's
main boardroom at 74 Wall
Street looks as big as the
auditorium of the Metropol
itan Opera House. It isn't
really that big, but it's the
biggest in New York and it
marks one of the main reas
ons Vern Walston, the pres
ident, gives for his firm's
growth.
for Walston has been in
Wall Street only a dozen
years, moving its headquar
ters from San Francisco,
where it was founded as a
small regional brokerage com
pany in depression 1932.
'Supermarket' Approach
Walston believes in the
"supermarket" approach to
selling stocks - big comfort
able boardrooms at street
level open to the public,
which is always welcome,
staffed by a large able force,
backed up by a strong re
search staff and lots of rapid
"service."
All Walston offices are in
expensive locations and all
are proportionately spacious
and attractive, although not
ornate.
Those in San Francisco,
Chicago. Denver and Tucson
are almost as impressive in
their way as the Wall Street
h e a dquarters. Incidentally,
Walston has seven offices in
New York City and two in
Europe.
The mailing operations of
a big modern brokerage house !
can be astounding to the un-1
informed. Besides checks,
dividends, stock certificates I
and statements, the company ;
mails its market letters and
much literature about specif-1
ic securities and answers
thousands of customer re
quests for information every
day.
The cost of the mailing can
be deduced from the fact j
that not long ago one medium-'
sized Wall Street house j
discovered a mail room em
ployee had pilfered half a j
million dollars in postage ;
stamps in half a dozen years
without the shortages being
noticed.
It's a big, expensive busi
ness. But it gives its custom
ers the fastest and most
complete service of any busi
ness ever devised.
The Family Council
Editor'! Note: The Famllv Council eon.lit. nf Jortr. . n.VHhi.t-i.
thrre clergymen, a newspaper editor, a women's editor and two writers
Each article Is a summary of an actual . use history. The Council reports
on prohlema that have been dealt wl o by responsible asenclea and
counselors.
Violent S.-I want to take
Clyde to a psychiatric clinic.
Kenneth S.-My son's not
goofyl
e
Violet S.-My husband and
I have been married ten years
and have four children. Our
big problem is our oldest boy,
Clyde, 9.
Clyde has always been hard
to handle, but in the past year
or so things have gotten much
worse. I just can't get him to
do a tiling. His teachers have
been complaining that he up
sets the whole class with his
carrying-on. They say he is a
bright boy but they can't do
a thing with him.
I have been going to school
regularly to take this up with
his teacher. She has advised
that I take him to a psychi
atric clinic connected with the
school system. When my hus
band heard about this, he hit
the roof. He says he won't al
low it.
Kenneth S.-I should say 1
won't have them taking my
boy off to some head-shrinker
to tell him he's nuts before
the kid has even had a chance
to grow up.
There's nothing wrong with
Clyde that can t be taken care
of by a few good wallopings.
But any time I've laid a finger
on him Vi has screamed,
Don't touch my child!" Now
she never tells me what's go
ing on with the kid.
Anyway, i don't minic uiyae
is a bad kid-a little wild, may
be. But he's a real boy and
Vi wants to make a softy out
of him. On top of that she
and this teacher decide he's
goofy and needs a doctor.
Then he'll have that on his
record for the rest of his life.
The Council: Kenneth seems
to have a legitimate beel, ai-
ihmieh we do not think he
has taken the attitude that will
most help his child. I
Women
Of Pr
Targ
oposed
et
Law
1 We do not blame him for
his concern about giving his I
child a psychiatric "record,
but we think he should try
to recognize that when both
a teacher and mother throw
up their hands helplessly over
the behavior of a 9-year-old,
things have gotten serious and
a couple of spankings would
be no solution.
We get the impression that
Kenneth has been pushed out
of the picture in relation to
bringing up his son and it has
taken this crisis to bring him
back where he belongs as a
father. He certainly has every
right to assert himself.
Possibly it was the "wal
lopings" that first instigated
Violet to take matters Into her
own hands. Possibly there was
some more hidden motive. In
any case, we don't think she
dealt with the problem very
effectively. Instead of pro
testing against such treatment
of "my child" she should have
waited until everyone's tem
per had cooled and then dis
cussed with Kenneth more
constructive way of dealing
with "our son's" misbehavior.
When things had gotten to
the point where there werfe
"regular" consultations with a
teacher, it was certainly time
for Kenneth to become active
ly Involved. He should have
been called in on these consul
tations. It was not fair to sud
denly spring on him an out
sider s decision regarding nis
child'
If Kenneth had been
brought in on some of the
prelim inary discussion, he
might have gotten a better un
derstanding of the nature of
psychiatric treatment and
would not fear that his child
would get a record as a "nut."
It is quite possible that the
elimination of the father from
this boy's daily life has a great
bearing on his problems. It is
time to bring back tne lamer,
(Copyright 1960,
General Features Corp.)
MARKET
NON-FOOD MID-WEEK
SHOE - SPORTING GOODS DEPARTMENT
Men's
0 Women's
Children's
Many
Colors
THRIFT DEPARTMENT
BOWLING BMjS
Salem-TOPD-A Massachusetts
state senator would like to see
a law passed prohibiting or
restricting women from wear
ing slacks, shorts or trousers
in public. But he doesn't want
to he alone in the fight.
The senator has written the
Justice Departments in the 50
states asking their advice.
Attorney General Robert Y.
Thornton got his copy Tues
day. It seems that so far in
Massachusetts at least it has
been up to the Judge and po
lice to decide how much of a
lady should be in view and
where this transcended in
decent exposure.
Thornton advised that Ore
gon has no state law on the
subject except indecent expo
sure. He said some Oregon
cities might have ordinances
which cover the subject.
Eight Polk Districts
Vote Consolidation
Dallas, Ore. - (UPD - Eight of
nine school districts In Polk
county voted Monday to con
solidate into a proposed east
Polk county administrative
school district. The dissenting
district was Riverside, The
vote there was 19-0.
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