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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Feb. 16, 1961)
Psychology Said Important To Thinking Along Wall Street By HENRY J. BECHTOLD UPI Fa.ircial Editor New York-IUPD-Psychology, rawer man statistics, is more important to Wall Street thinking these days, accord ing to S. B. Lurie. The research executive of Josephthal & Co. believes that a sense of direction an understanding Henry Becntold of the subtle ties of the times is far more important than a knowledge of statistics. "No one ever rings a bell that every potential buyer or seller can hear," he declared. "There are no speculative Paul Reveres." Josephthal sees the direc tion today being towards a more comfortable speculative year than the one just ended. It said few if any illusions re main and the cycles have become much shorter and less severe since World War II. Bright Future Seen Lurie holds the twin be lief that: The business, trend either has turned, or soon will turn upward, and the year will end on a much more buoyant note than it started. Corporate earning power will have much greater recupera tive power and resiliency than is popularly expected. He said these points 'cannot be proved statistically, but added that the "direction" is there if one is willing to ac cept beneath-the-surface indi cations. While adjustments still are occurring in some industries, Lurie is more impressed by the promise of upward mo mentum in areas that account for nearly five-sixths of the gross national product. Secondly, he said last year's huge shift in corporate inventory policy a major factor in the business decline now appears to be over. He also noted that corporate op erating efficiency in most cases now is better than it was a year earlier. Steel Is Indicator Lurie cited the steel indus try as being a mirror of what is happening in the business world as a whole: i While automotive demand for steel has slackened, the operating rate has been sus tained by improvement in other consuming areas. Despjte the December wage boost and a depression low operating rate, the better situated steel companies are comfortably in the black. -With the cost cloth cut to fit the new production pat tern, 1961 profits may in crease even if tonnage is little changed from last year. Thus, he declared, "There are beneath the surface pluses even in the industry under the greatest suspicion up to now." The -research specialist also said there is no arithmetic formula which can be used to prove conclusively that the so-called specially endowed companies are either too high or too low. , Too Much History Available No doubt a great many are quite fully priced based on all past yardsticks, let alone common sense, he stated. But he was quick to add that Wall Street sometimes suffers from too much history being too easily available. Furthermore, he said, the plain fact of the matter is that new yardsticks of valuation have developed. "We live in a common stock-minded so ciety and everyone now knows that the company with the greatest 'exposure' to a particular development offers the best appreciation poten tial." As a result, he declared, special premiums will be paid for specially endowed com-panies-as long as the "direc tion" is right. MEDFORDf Tribune SECTION B MEDFORD, OREGON, THURSDAY, FEBRUARY 16, 1061 PAGES I to 8 Oregon Elections Committee Sees Vote Machinery Salem - OIPD - The House Elections committee watched electronic voting machinery in operation Wednesday, and heard an eloquent plea from Secretary of State Howell Ap pling Jr. to give Oregon a swift mechanized. 20th cen tury balloting system. In addition to accuracy and speed, Appling said, voting machines would be cheaper in the long run than hand-balloting and hand-counting. Primi tive people voted by "clash of spears . . . vocal clamor . . . and shells," until the first written ballot was used in Rome 1,822 years ago. "For the most part, we have clung ever since to the out moded habits of that distant aqe," he said. 467,000 Hours Spent In (lie 1960 primary and general elections. Appling said, clerks spent 467.000 Russian Rockets Measure Eclipse Moscow (UPI) Three days after it rocketed a piggy-back space station toward the planet Venus, Russia has announced it fired a series of rockets that photographed and measured the total eclipse of the sun from sta tions in the stratosphere. At specified points ill the stratosphere, an unstated number of instrument-loaded "geophyscial stations re mained stabilized throughout their flight through the lunar shadow zone" and made pho tographs and other recordings before, during and after to- SHORT TRIPS Detroit - Almost 80 per cent of all trips by motor trucks in the U.S. are said to be less than 20 miles in distance. day's total eclipse, Tass said. Photographs were returned to earth by parachute, the of ficial news agency announce ment said. SOVIET SHIPS LEAVE Washington IUP1I The Navy says four Russian missile tracking ships which took up stations in the Pacific early last month finally have headed for home. The vessels, loaded with radar antennas and electronic gear, probably played some 'part in tracking Russia's 7.1-ton Sputnik VII launched Feb. 4 and in the launching of the Soviet shot toward Venus last weekend. Klamath Falls Man Bound Over to Jury Wendell Floyd Long, Klam ath Falls, was bound over to the grand jury yesterday in district court on charges of burglary not in a dwelling. He waived right to a pre liminary hearing and attor ney, and is being held in the Jackson county jail in lieu of SI, 500 bail. Long is charged with the burglary of a Medfnrd store Feb. 0. hours counting votes, and the cost to taxpayers for the two elections came to nearly $1 million. Appling said a punch card system, where the voter would record his choice by machin ery onto a punch-card ballot, appeared best suited to Ore gon. 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