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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 20, 1960)
MONDAY. JUKE 20. I960 Eagle Point Bible School Has Program Eagle Point - The Eagle Point Community church pre gented their Daily Vacation Bible school program in the church sanctuary Thursday evening. Total enrollment for this year's school reached 188 with a daily average attend ance of 144. Seventy-six chil dren had perfect attendance and 40 missed only one day of Bible school, it was re ported. Each group presented a story based on the theme of their school this year "Pio neers for Christ", memory verses and sang songs learned during Bible school. The Rev. Joseph Munshaw stated that the cost of the school was approximately six cents per youngster per day. Following the program, open house was held in the class rooms for parents to see the handicraft and work accom plished during the Bible school. HIRES PRESS AIDE Washington-IUPD-Vice Presi dent Richard M. Nixon's cam paign press aide will be Rich ard L. Bean, a former news paperman and public relations executive. It was announced Sunday that Bean, on leave from Lockheed Aircraft Corp., Burbank, Calif., would work in the Nixon - for-President headquarters here. MEDFORD MAIL TRIBUNE. MEDFORD, ORE. A 7 Silverton Guard Unit Wins Award Fort Lewis, Wash.-flOT-The Silverton, Ore., unit was pre sented with one of the two top National Guard awards at the Governors' Day Saturday. The Silverton unit was pre sented with the 41st Infantry Division Association silver bowl. Bremerton, Wash., was pre sented with the Eisenhower trophy, symbol of excellence in training. Govs. Mark Hatfield of Ore gon and Albert D. Rosellinl, Washington, and the respec tive adjutant generals of the two states, attended the review. Adventisls Pack Articles for Chile Eleven members of the Eagle Point Seventh-day Ad ventist welfare center, work ing a total of 78 hours, pack ed 12 cartons of clothing and bedding recently for ship ment for Chilean relief. Cartons contained more than 1,000 articles, it was re ported. Members of the Medford and Valley View churches also packed articles for Chile. Medford Seventh-day Adven tist church had a total of 2,419 garments and. Valley View 2,435. 3rri Anniuftrcarvi 220 N. BARTLETT Next to Greyhound SP 3-4394 Hours -8:30 to 5:30 1 . - - . m 0 4,1 it! .j: Portlander Named To Fish Bureau Portland - (UPD - Appoint ment of William L. Peck, Portland, as assistant program director of the Bureau of Commercial Fisheries in the Pacific Northwest has been announced by the Department of .the Interior. He will be assistant to Dr. L. Edward Perry, program director with headquarters in Portland. Wall Street Chatter New York CUPD Security analyst Walter K. Gutman be lieves that a Rockefeller nom ination would probably result in higher levels for the stock market; particularly for "sen sible" stocks. Now writing for Stearns & Co., Gutman obviously is con vinced that the Rockefeller economic policies are more bullish" than those of vice president Nixon. Gutman said, however, that some of the "romance might suffer under Rockefel ler leadership because the New York governor "might produce excess profits tuxes or more vigorously adminis trated renegotiation of profits made from defense." Chartcraft, Inc., said its chart analysis of S00 stocks adds up to 46 per cent bullish to 54 per cent bearish-up an other 5 points from last week. When the bullish percentage issuescrosses the 50 per cent level, it said, tha buy signal given in the Dow-Jones industrial average at 635 will be con firmed. Chartcraft has no doubt that this will take place very shortly. Bache & Co. said last week's sharp drop In Decca records ' probably resulted from a sell recommendation by one of its brokerage competitors. "We respectfully disagree," Bache says, regarding the weakness as a chance to pick up the stock at lower prices. Decca is headed for earnings of $4 or better this year, the firm believes. HEART OF TEST TRAIN This is the heart of the Minuteman test train inspected over the week end by the Strategic Air Com mand and other military officials and news men. In this section is the command office and communication station, containing spec ially designed antennas and other power supply equipment and radios making it com pletely self sustaining. (UPI Telephoto) Market Often Ignores High Margins by Rising to New Peak LJFOAM RUBBER Ml CONTEMMRARYOFAp Fjl furniture with big buoy ""flf sfciSV a..,.. . iU I I II -II rgJTjV tyl ill In .7 J I M Li jlj tor fabriei. 1 W I 1 K PP173 ll I Sale! Danish chairs, choice of QA33 i I decorator fabrics. Keg. av.ya -Mt 1 f Sale! 2-pc. wing-back living 90 133 AfJ! fSroom suite. Regular 364.00 ' Jt"- S4 fT M , i 33.133 .im HURRY-THEY WON'T LAST LONG (Sale ends June 30) By ELMER C. WAL2ER UPI Financial Editor New York -l)PD- Over the years the stock market has often ignored high margins by s 1 the ai ti I one mu: f I I posit down rising to new highs, and low mar gins by fall ing to new "J lows. Margins are amount ust de- as a P ay- Elmer Waller ment in buy ing stocks or bonds. The rate is set by the Federal Reserve Bank which took over that power under the Security Act of 1934 on Oct. 15 of that year. The first margin the Fed eral Reserve set on Oct. 15, 1934, was 55 per cent. At that level one had to put up $55 to buy $100 in stock. He bor rowed the difference from his broker, who in turn got it from a bank. The amount one borrows is called call money and it commands a certain rate of interest which is high er than the rate the broker pays the bank. Back there in 1934, the market rose during the 55 per cent margin. Then it slip ped after Nov. 1, 1937 when the fed lowered margins to 40 per cent, the lowest they have been since that date. The 40 per cent rate held to Feb. 4, 1945 when it was boosted to 50 per cent. That rise brought a market decline, but prices firmed when on July 5, 1945, the rate was hiked to 75 per cent. 100 Per Cent Margin In the year from Jan. 21, 1946 to Jan. 31, 1947, there were no margins at all. The rate was academically set at 100 per cent which simply meant that all deals had to be made for cash. Despite the elimination of margins, the market moved narrowly for a time and then moved higher until it reached 212.50 in the industrial aver age on May 29. Then the 100 per cent margin took hold and there was a drop to 163.12 on Oct. 9. Here support developed and the year's close was about 14 points higher. A few more points were added by the end of January when there was a cut to 75 per cent which fol lowed by a steady market. Gains resumed after a cut to 50 per cent cut on March 30, 1949. The rise continued on 75 per cent margins which were effective from Jan. 17, 1951 to Feb. 19, 1953. Irregu larity followed on 50 per cent margins which held to Jan. 5, 1955 when they were boosted to 60 per cent followed by further gains. At 70 per cent after April 25, 1955, the rise continued. The fed cut the rate to 50 per cent on Jan. 16, 1958, about two months before the bottom of the recession of that period. Stocks declined despite the cut. Ignored High Marginr- On Aug. 5, 1958, phe rate was raised to 70 per cent and on Oct. 16 It was boosted to 90 per cent, the second highest on record since the Federal Reserve was handling margins. Despite these high rates, the market set new highs. The margin situation shows clearly the type of market of the present time. If the mar gins do not sway prices, the trading must be more invest- i ment than speculative, Wall i Street experts po'nt out. That factor li one of the mainstays in this market and it is the outstanding difference be tween this market and the one that started to crack up in late 1929. Back in 1929, margins were set by the brokers and some of them were mighty low. It ! son to buy stocks by merely putting up $10 on each $100 of stock bought - a ten per cent margin, as margins are calculated today. For a long time the reverse has been true. One had to put up $90 to buy $100 in stock. There were some ways of get ting around this but most of the loop holes were closed and the market practically ruled on a cash basis. Fears Too Much Credit It is pointed out that the Federal Reserve doesn't try to bring market prices up or down by its changes in margin rates. It raises margins if it feels that too much credit is being used or might be used in the market. It lowers the rates when the use of market credit is low or appears to be in a decline. Over the years, a prolonged high margin eventually has brought prices down but first reactions have seldom been what the novice might think declines in stocks on high margins and rises in stocks on low margins. The market develops inertia and doesn't change its course until some thing more potent than mar gins stops it. Market credit Just now is the lowest in two years. Bulky-Knit Go-everywhere wonder! Turns dresses into costumes tops off slacks smartly. In two lengths. Contrast cables outline bul ky - knit jacket. Use two strands of knitting worsted jumbo needles. Pattern 7267; directions size 32-34; 36-38 in cluded Send THIRTY-FIVE CENTS (coins) for this pattern-add 5 cents for each pattern for first class mailing. Send to Med ford Mail Tribune, Household Arts Dept., P. O. Box 168, Old Chelsea Station, New York 11, N. Y. Print plainly NAME, ADDRESS, PATTERN NUM BER. JUST OUTI Our New 1960 Alice Brooks Needlecraft Book contains THREE FREE Patterns. Plus Ideas galore for home furnishings, fashions, gifts, toys, bazaar sellers-exciting, unusual designs to cro chet, knit, sew, embroider, huck weave quilt. Be first with the newest-send 25 cents now! Elmo Smith Asks Establishment of Cold War School Brownsville - (UPD Elmo Smith, Republican candidate for the U. S. Senate, called for establishment of a cold- war academy to train quali fied persons for foreign serv ice at the annual "Pioneer Day" picnic here Saturday afternoon. 'As your U. S. senator," he said, "I would immediately itt troduce legislation to accom plish this goal." He said we should immedi ately establish a cold war academy to begin extensive training of "our most able and qualified people." "These people should be trained in the language and in the customs and traditions and internal problems of the countries to which they will be assigned. "This specially trained corps should be regarded as an asset even more important to our nation than its military force," he said. Smith said that Russia has for years used such a program to exploit Communism to the detriment of the nations they dominate and to the detriment of American prestige. Meat Inspection Is Program Topic Oregon's meat Inspection and livestock disease control program will be the subject of "Dateline Statehouse" at 10:45 o'clock tonight over KBES-TV, Medford. Appearing with moderator Bob Richter will be State Veterinarian Dr. L. E. Boden weiser of the Oregon depart ment of agriculture, who will present and narrate a f 1 1 m showing his agency's work in meat inspection and control of livestock disease. Produced by the depart ment of agriculture, the film is being shown for the first time on television in Medford. Photograph Show Slated for Fair Salem - HIP!) - The 1960 Oregon state fair has announc ed a special show for news paper photographers. Fair Photography Superin tendent A. L. Thompson said if there is enough interest in this first news photo show, it will become an annual event at the fair. Divisions Include news, features and sports. A jury of three newspaper edi tors will do the judging. Attend D.V.B.S. At The Salvation Army 4th and Bartlett St. 9 a.m. to 2 p.m. Daily June 20-Jun 24 Interdenominational Class for All Agei! fj SIMPLE SIMON FROZEN PIES A I f Ev Reg. 49 j ) W PEACH 8nch i j ' ' SVtV. .... Jr'f ' SIMPLE SIMON . ' -Syf -'W Pies lOC 8-Inch Reg. 75c I HEINZ SWw3t Pickles 25-Ounce Jar 4Se You Can shop with confidence - at Groceteria! SWANSON MACARONI and CHEESE FROZEN DINNERS REG. 39e $1100 FOR U er BIG FREE PARKING LOT PORTER ELBOW If you're not Shopping at the GROCETERIA Yeru're Paying Too Much! MACARONI 14-Ounee Pkg. Reg. 23c Barbecued Chicken Hot From Our Rotitierie $1139 u each CLOROX Vi Gallon Lindsay Medium Pitted Ripe Olives No. 1 can 2 Cant 69c SAVE 13c Zee Sandwich Bags Pkg. of 75 23 Zee LUNCH BAGS Pkg. of 20 225 t Early California STUFFED OLIVES S-oi. 55 GROUND CHUCK Nothing But the Best in Our Ground Meati T3lb. La Choy Chow Mein NOODLES No. 303 can 2 cans 0 wasn't uncommon for a per o o 0
