0o
O o
Varying
By JESSE BOr.iiF
UPI Financial Edilor
New York -Wlu The morn
ing after New Years Day.
trading on the New York
Stock Exchange opened with
73 HW Jones averaS;;s a'
Thursday at the opening o
trading: 654.04.
, Difference: 77.10.
Wall Streeters differ in
their regard for all the tech
meal values of indexes; but
. they all watch them. This par
ticular set represents the gen
eral levels of 30 industrial
. stocks.
People ask: What happened
to the level of stocks? Is there
something wrong in the slock
market?
Out in Chicago, engineer
Robert E. Lyke said he is
"perplexed."
-' "All the business indicators
point to a rise, but the bottom
keeps dropping out." he said.
" But down in Washington
-Tuesday Secretary of Com
merce Luther H. Hodges,
pointing on jumps in the rate
of personal income for April
over the figures for the pre
ceding month and a year ago,
said what was happening in
the stock market was "not a
. reflection of what we find in
the economic picture."
( Varying Theories
Traders and analysts - the
men who try to keep track of
"MORE ECONOMY"
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Theories Offeree? as Bottom
what the market is doing
have varying theories on its
behavior. But most agree it is
not o'ne single thing, but a
combination of many, which
has led investors to watch
IBM go from 579 last Dec. 29
to 457 Tuesday: American Tel
ephone and Telegraph from
136' to 120' 2 and others per
form similarly.
They talk about the "earn
ings ratio." That is the ratio
of the dollar value of a stock
at the current market price to
the dollars it earns-the divi-
dends-per year
More simply: How much of
. r ".
a dollar comes back for the
dollars tied up?
Some investors during the
latter months of 1961 and on
into 1962 certainly had the
feeling that the earnings ratio
was too high.
In a frame of mind of this
kind, one may or may not
choose to ignore whatever
might be the long-range worth
of the company or industry
behind the stock; decide simp
ly that the price to pay-or the
price one could get for a
share - was such that there
might be a better opportuni
ty elsewhere.
After all, banks and other
financial institutions raised
interest rates. Or perhaps the
growth potential-the amount
by which one's stock could
hope to increase just because
f vaV m
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of the population figures or
the opportunity for a business
expansion-was not growing as
fast as it had in the past.
For(y dollars of a man's
money might be tied up to get
him $1 a year. He might be
able to get $1.60 by putting it
into a bank and leaving it
there for a while.
So he doesn't buy the stock.
He may even sell it. Pull out
for a while and see what
comes next. Sit still.
Matter of Arithmetic
All this is pretty much a
matter of arithmetic. But a
Q"""' u""",1 "ul "sc" ,mu "
etnrlr mnrkpt- snmo nnp nuts
it there.
Scientists' Demand
Remaining High
Corvallis D e m a n d s for
highly trained scientists, for
both teaching and research,
are running far ahead of
present numbers being gradu
ated, it was reported recently
at Oregon State university.
While the number of scien
tists in this country with doc
torate degrees has doubled
since 1950, available funds
for scientific research have
increased five times in the
same period, it was noted.
In a special report, Dr. Roy
A. Young, OSU botany and
plant pathology department
head, said many scientists
'with Ph.D. degrees are being
! drawn into teaching to fill
critical gaps in that field.
I Adding to the demand are
j greatly expanded programs
by the National Science Foun
! dation. National Aeronautics
i and Space Agency, U.S. Pub
lic Health Service and other
federal agencies.
The big problem is to make
it financially possible for stu
dents with bachelor degrees
to continue the necessary
three or four additional years
work for Ph.D.. degrees,
Young said. He is chairman
for the meetings of the Ameri
can Institute of Biological Sci
ences that will be held in Au
gust at OSU and that will
draw some 4,000 scientists to
the campus.
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Customer
6th & Fir St.
Last Monday, so many peo
ple sold stocks that for a time
the tape-the '4-inch wide pa
per strip which reports trans
actions on the market - was
more than 30 minutes behind
telling what was going on at
the floor of the exchange.
There were too many sales
for the machinery to cope
with.
It could have been bad news
from Laos, and that small in
Try and
-By BENNETT CERF-
BORIS KARLOFF was giving a party one evening in
Hollywood, and one guest called ud to get directions.
"Is it far from where I am
about fourteen miles,"
estimated Karloff,
the bat flies."
"as
From . personal column
in a western gazette: "Gent
who smokes, drinks, and
carouses, wishes to meet
lady who smokes, drinks,
and carouses. Object: smok
ing, drinking, and carous
ing." Sidney Harris, acidulous
Chicago critic, won the un
dying enmity of a fat, pro
lific lady novelist with a
one-sentence review of her
newest potboiler, "Miss Black's
underwhelming."
We understand that a budding scientist at Amherst is trying
to calculate what the speed of lightning would be if it didn't
top to zig-zag.
e 1963. by Bennett Cerf. Distributed by Kins Features Syndicate
Forest Service's
Recreation Report
Applegate district - Many
of the roads and trails are
still blocked by snow in the
high country of the Applegate
district. Depending on the
weather, most of them should
be open by late May. Roads
now open may be difficult to
drive during and immediately
following rainstorms.
Fishing has been good in
Squaw lakes.
Ashland district - Fishing
at Fish lake is reported to be
fair to good. The road from
Butte Falls to Fish lake is
open to all traffic, but rough
in a few spots. ,
The Big Elk road from the
Dead Indian highway to Fish
lake is open for all types of
vehicles, but it is rough. The
road from Fish lake to Lake
of the Woods and Fourmile
lake is closed.
Camping space is available
at no charge in the Fish lake
campground. House trailers
and tent campers may use the
trailer spaces at the resort.
The nominal fee for trailer
parking at the resort covers
the charge for use of Ihe re
sort facilities and utility hook
ups.
The Mt. Ashland Loop road
is closed by snow drifts above
Bull Gap.
Bulla Falls district - Whis
key Springs and Fourbit
Creek campgrounds are open
and in good condition. All
other campgrounds in the
higher elevations are still cov
ered with snow.
The Fish lake road is in
good condition to Willow lake,
but motorists are cautioned to
watch for road equipment.
The Fish lake road above the
lake is in fair to good condi
tion. It is advised that motorists
keep to the main traveled
roads, since many of the high
elevation roads have not been
opened for the season.
Members of Forum
Receive Certificates
Ashland - Certificates were
awarded 19 members of the
Administrative Management
for Small Business forum
which has been sponsored
jointly by Southern Oregon
college, the Ashland Chamber
of Commerce, and the Federal
Small Business administra
tion, at a special presentation
dinner this week at the Mark
! Antony hotel, Ashland.
Medford contractor Armin
Richter was speaker for the
event, and Dr. Esby C. McGill,
SOC assistant to the presi
dent, awarded certificates.
Coordinator instructor for
the forum, which was designed
; to promote sound procedural
i practices in small business op
! eratlons, was Dr. Loy E.
I Prickett, chairman of the col
lege business department.
J Receiving certificates were
I Bruce Brasten, Melvin Hall,
Richard Hensley, E. C. How
I ell, Jack Mllhoan, William
I Thorndikc, Clyde Wheaton,
1 Donald Wood, Medford; HaT
i old C. Buck, Thomas Carter,
Clifford Craft, Chester Fitch,
Jessie Fitch, Shurman Gard
ner, Mae D. Lay, Florence
; Martin, Gene Morris, Robert
Onstad, M. E. Roberson, Phil
ip Selby, Richard Strong, Wal
ler Tanner, Bert Wright. Ash
land; and Henry C. Martin,
GrifJiH Pass.
vestors were worried. Or
there were some solid figures
about business expansion and
the general outlook out of, a
conference of business leaders
and administration figures at
Hot Springs, Va., but nothing
to indicate any sudden spec
tacular push upwards.
Then about midday, the
market turned around and
started to climb. By the end of
the day, the averages were up.
Stop Me
now?" asked the guest.
"Oh,
new book,
noted Harris, "is
Fishing in Big Butte creek
is fair, while many anglers
have taken their limit from
Willow lake.
Union Creek district-There
are still snow blockades at
some points along all of the
forest roads on the Union
Creek district.
Fishing has produced poor
results this spring. Natural
Bridge campground is now
open and Union Creek camp
ground may be open by the
week end.
Bcckie's cafe and the Union
Creek Resort are open for
business and have had several
customers stop on their way
to Seattle.
JE55I Students To
Visit PP&L Men
High school junior and
senior boys who are interested
in careers in engineering, and
also are enrolled for the
Junior Engineers' and Scien
tists' Summer Institute at Ore
gon Slate university next
month, will visit with Pacific
Power and Light company's
top technical specialists in
Portland as part of their two-
week JESSI program, the com
pany has reported.
'PP&L s sponsorship of the
career seminar affords these
bright young men an oppor
tunity to see engineers and
scientists on the job at the
company's engineering, re
search and industrial develop
ment departments, ' the com
pany's Medford manager, F.
A. Bencsh, said.
'JESSI is widely endorsed
by engineering and education
al leaders as helpful to high-
school age youth seeking vo
cational guidance," he said.
The JESSI session will be
gin June 10 at the OSU cam
pus in Corvallis and provides
a program of typical college
class instruction sessions in
19 fields of technical and sci
entific study. Arrangements
for enrolling can be made
through local high schools.
Already registered to attend
JESSI from the local area are
Curtis Barnes, Todd Jones,
and Wayne Singley.
KEEPS COSTS D1WN
Gary, Ind. - rtJPD - Willard
Van Horn waged a thrifty
campaign as the unopposed
Republican candidate for nom
ination to a Lake county
judgeship. Van Horn said he
spent four cents to mail his
declaration papers and four
cents to mail an account of
his campaign expenses.
QUEEN REPORTED ILL
London -UTO- A sore throat
and temperature forced Queen
Elizabeth to cancel to pi'ilic
Elizabeth to cancel two public
ham Palace announced.
CUTTER
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New cream formula is concentrated
so that a little bit goes a long, long
$ay. Non-greasy, non-sticky. Pleas-ant-Mncllinc,
easy to use. Comes )
pocket .Lie, unbreakable flask.
Keeps
Institutions and funds came
into the market to try for the
stocks at the low prices, and
they bought. But Wednesday,
the market was a bit aimless
again.
"This market has fooled a
lot of people," said one ana
lyst. "Two weeks ago. it
looked like it might have 'bot
tomed out,' reached a low lev
el for the time. It fooled me
. . . the indicators this time
didn't work.
"It has been in an emotion
al state."
In the Day's News
y FRANK JENKINS
The latest on Laos:
The United States and Rus
sia agree on the necessity for
an "effective" cease-fire there.
The agreement is reached at
a Washington meeting be
tween U.S. Secretary of Slate
Rusk and Soviet Ambassador
Dobrynin. After conferring
with Secretary Rusk for 35
minutes, Dobrynin tells re
porters: "It is necessary to
put into effect an agreement
reached at Vienna last year
by President Kennedy and So
viet Premier Khrushchev for
a neutral and independent
Laos."
The agreement leaves un
answered the question wheth
er pro-communist Pathet Lao
forces will return to the cease
fire line they broke through
recently.
WHO are these Pathet Lao
Irnnti!1'
They were supplied origin
ally by the Soviet Union. They 1
were trained by North Viet
Nam COMMUNIST officers.
They probably include a lot
of Red Chinese "volunteers."
You will probably remem
ber the Red Chinese "volun
teers" In Korea and what they
were there for. They were
there to GRAB KOREA for
Red China. It can be assumed
that these Red Chinese "vol
unteers" are in Laos lo grab
tor Red China, if possible.
15UT
At least
The agreement reached In
Washington indicates that Old
Kroosh isn't ready YET to go
to war over Laos which is of
much more importance to Red
China than to Red Russia.
That's SOMETHING.
rVNE more question:
" How much is a commu
nists word worth on an
agreement, or anywhere else?
TN AN effort to find an an
a swer to that question, let's
go back lo Vladimir Ilyich
Lenin the founder of mod
ern communism. World revo
lution was his meat. By means
of world revolution, he sought
to conquer the world. As a
part of his program, he put
together what he called the
Ten Commandments of Revo
lution.
Of these ten commandments
for communists, the third
reads: "There are no morals
In politics: There is only EX
PEDIENCY." The sixth com
mandment reads: "Truth docs
not count unless it serves an
end." The ninth command
ment reads: "Promises are like
piecrusts: Made to be broken."
Here is his tenth command
ment."
'Scheme . . . zigzag . . .re
treat ...ANYTHING to
hasten the coming to power
of communism."
OO-
-J Aftor all
What good is an agreement
with a communist?
WE CAN all agree, I think,
that ANYTHING that
avoids ... or even postpones
. shooting war away over
there In Southeast Asia is
worth a try. Other than friend
ly trade and commerce, we
have little business In that
corner of the world. It is out
side our orbit. We are proper
ly concerned there only with
lending our good offices to the
cause of peace.
But let's keep our fingers
crossed on communist prom
ises. Let's not jump to the con
clusion that an agreement
with a communist guarantees
an honorable settlement of
ANY issue.
ENTERS HOSPITAL
Reno, Ncv. - lUPli - Enter
tainer Danny Kaye, who had
complained of "feeling bad"
for several days, was ordered
hospitalized Thursday night
by his physician. Dr. Clifton
Wright of oake Tahoe ordered
Kaye to St. Mary's hospital in
Reno. There was no Imme
diate explanation for the
action.
INSECT
J
-i-
msfCl lEPltum
0 FRIDAY. MAY 18.
Dropping From
"The ntorket Is nervous,"
said another. "People don't
know what is coming."
Will Draw Debate
The question of confidence,
or lack of it, is one which will
draw debate from Wall
Streeters, depending on the
short or the long view.
The quick reaction of the
administration to a proposed
steel price increase dropped
the stock averages on the sec
ond trading day alter the pro
posal was announced. They
climbed again, then fell off
steadily for the last five trad
ing days of April. Last week
WESTERN
M6 Values!
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Foam Rubber Patio Cushions, 1 I Q I AO
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EVERAIN
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98c Unguentine Spray
75c Whit. 1 UD Ointment 49c
$1.69 Preparation H $1.11
$1.69 Driiran, 50 Tabl.H $1.11
$1.25 Abiorblnt Ji 83c
$1.25 An.cln, 100 Tiblcli g3e
73c Br Alpirin, 100'. 49c
u mm u 1 r
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'gMkuriyC MEDF0RD,S ORIGINAL DISCOjJTISjOJjil
OPEN WEEK DAYS 8:00 TO 9:00 -
they slid every day.
Premise here is that with
government keeping prices
and wages in check, the fac
tors that would drive stock
prices up are restrained.
And some find the Secur
ities and Exchange Commis
sion's year-long investigation
of stock market dealings a
curbing factor; it brings cau
tion, and there are a few who
eye this quality skeptically in
a risk capital market.
Statistics Look Good
But the statistics-moslly-looked
good this week. Indus
trial production; payrolls; the
THRIFT
2.49
85c
HOSE
fl.
RUBBER HOSE,
cord re-inforced
$3.99
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PAPER 91 1
PLATES I
always
on Taxable Merchandise
-j
100
. , ,
1962 (J
Stocks
hours that people worked,
and the personal income fig
ures went up.
And that inflation: "I can't
see that it is over," said one
member of a brokerage firm
who has been working in Wall
Street since 1927. "It may ba
in check for a while. But it'll
keep on."
"You need a good economy
for a good market," said an
other. "You need business to
create jobs if it is going to ba
sound. The administration will
be trying to stimulate business
again, maybe in a subtla
way."
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ELECTRIC FANS
AT DISCOUNT PRICES
Immediate Service
Our pharmacists, slocks and laboratory are
ready to fill your prescriptions
quickly, Avoid annoying waits.
Bring your prescriptions
here for fast service.
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Fret Delivery in Medford
SUNDAYS 9 TO 5
0