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