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. He said such a system was
still being developed, and his
office was work.ng to refine
punch card machines most fit
ted to this state.
Setty's Market
Stewart Ave. Medford
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