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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 18, 1962)
10 MONDAY, JUNE IB. 1S62 MEDFORD MAIL TRIBUNE. MEDFOHD. OREGON Your Money's Worth By SYLVIA PORTER Copyright, Hill Syndicate, Inc. WOMEN TO BLAME FOR STOCK CRASH? NUTS1 Was It the "little woman" who panicked on Black Mon day, May 28, in Wall Street, then in unreasoning terror dumped her stocks in skyrocketing volume and thereby et off one of the worst stock market slumps of this century? This Is the accusation Wilbert H. Teepe, a vice president of Merrill Lynch, Pierce, Fenner & Smith, made on TV that chaotic week. He declared that 75 per cent of the sell orders he received on Black Monday and no buy orders came from panic-stricken female investors. The Insider's Newsletter of Cowlcs Magazines picked up the spectacular quote, queried Mrs. Ruth Hagy, vice president of United Shareholders of America, who "conceded that most of the heavy selling did come from unseasoned investors and that women formed a large part of this group. Nuts to Mr. Teepe and Mrs. Hagy and I've evidence to back up my derisive retort. What Teepe claimed and what Mrs. Hagy conceded wasn't so, and what's more, it couldn't have been so. Item: Merrill Lynch itself is now making an exhaustive Investigation of the 174,000 transactions through its firm that one week and, Although its study isn't yet finished, it has enough data to give its own Teepe the back of its statistical hand. To start with, only on of every five of Merrill Lynch's stock customers it a woman and so, ai another vice presi dent said, "Obviously women couldn't be responsible for 75 per cent of ih selling in our firm." The week's trans actions haven't been broken down by sex at this writing, but this official flatly states, "We know females didn't cause it, there weren't enough of them in the market and our trading records from day to day and month to month show women aren't nearly as important in trading ' as some think." Actually, on the Thursday following the crash May 31 odd lot buying at this largest brokerage firm In the world topped odd lot selling by three to one. Buying in odd lots that one day totaled $10.5 million, selling $6.4 million and for the week odd-lot buying totaled $49, million against $40 million of selling. Since odd lots are transactions in less than 100 shares each, it's logical to believe a lot of un seasoned females would be in this group. Item: Bache & Co., a second firm high in the top 10, agrees and goes even farther. Says Bachc's Henry Gcllcrman, "She behaved as she always does she sees a bargain and buys it." Gcllcrman adds significantly that, "More women opened new accounts during those hectic days of the sell off than ever before!" A random survey of Wall Street firms indicator this was a fairly general experience and the new accounts were predominantly buying. Item: From a third brokerage firm this one asking not to be identified came more confirmation. Since Black Mon day it has made a serious effort to find out whether women customers behaved differently from men during the market break. Its findings suggest that, "If anything, women were more conservative and far less active. If 1 had to guess," says an official of this house, "I'd put it three to one the other way three men panicked for every woman." Item: From a fourth firm which had been highly active In new, hot stock issues in 1961, willing to comment but not to be named: "The ones who dumped were men who had gone over their heads in once hot issues and who saw their capital lading away. Women didn't Ret as much of a chance to gel in on those issues. The panic-stricken werp the men who had been 'lucky enough In have hart the tips." Item: While women are participating in the Rlock market on a record scale, they still accounted tor well under 30 per cent of all trading by public individuals at the last census, hardly a majorlly. Other responsible surveys have emphasized women lend to become attached to favorite stocks such as Tele phonewon't sell no matter what advice they get. These are behavior patterns, not easily changod. You know who panicked on TV May 28? Mr. Teepe. You know who used "unseasoned" judgement in conceding his accuracy? Mrs. Hagy. Russia Hammers Wedge into South America 3. . . tin , if V B , jrl JO GRIVMOUMD SEATTLE 6 Buses Daily ONE WAY $11.40 SAN FRANCISCO 5 Buses Daily ONE WAY $8.85 6 Busss Daily ONE WAY $14.65 LOS ANGELES . J. A. TOMJACK, AGENT 21? N. Bsrtlett St., MtdtotJ, Or. Prion. 772-3202 i It'i 10 convenient to tiks i Greyhound but. ..and leave tho driving to us. By JOSEPH SIM? Rio de Janeiro, Brazil-rtfPti-The Soviet Union is success fully hammering a cultural and economic wedge into South America through Bra zil despite mounting anti communist opposition. The focal point of the con flict has been a Soviet in dustrial fair opened recently here. Hundreds of thousands of spectators have flocked to view Russian heavy machin ery, a mockup of the Gagarin space cabin and a fashion show by Moscow models. However, anti - communis! WHMessMlsssssssssssssssssssssl groups began waging psycho logical warfare against the exposition before it opened early this month. Posters showing bott'oj of poison atop a table labeled "Soviet Expo sition" were plastered on Rio buildings and walls. Drew Crowds The United States informa tion agency added its bit by scheduling an exhibition of Astronaut John Glenn Jr.'s space capsule. While the U.S. exhibit drew large crowds it failed to cut into the attend ance at the Soviet fair. A mysterious oomk was the latest move against the Rus sian show. Some experts be lieve it was meant to destroy the exposition, while others think it was merely to fright en away the Brazilian public. In any case, it failed on both counts. Another side of the Soviet economic offensive was a trade mission headed by for eign commerce m.'.iister Niko lai Patolichev. Patolichev signed a $40 mil lion trade pact with Brazil on May 7 covering the pur chase of Brazilian coffee in exchange for Russian oil, wheat and machinery. On the cultural front, the Russian Berliozk dance group had a successful Brazilian lour this month and several Soviet movie stars are now in Rio for a week-long Russian film festival. Anti-communists sold thousands of 'ake tickets for the dance performances, provoking opening night dis turbances. But there have been no moves against the film stars themselves. A pro-West Rio de Janeiro paper, O Globo, calls the Mos cow offensive "a Soviet inva sion of Brazil." It has attempt ed to prove that the Russians are increasing their spying activities as well as their other forays. When renewed relations were announced, Foreign Min ister San Thiago Dantas-who is often accused of having communist sympathies-assured his critics the Russian em bassy staff would be "limit ed." The siz' of the staff is now estimated at 250 persons. Sharp Increase O Globo has also agreed with observers who said that one result of the coming and go ing of Soviel cultural and eco nomic missions is a sharp in crease in the number of spies in Brazil. Whatever their mission to Brazil, no one denies the number of Russian visitors is growing. One now hears Russian spoken in cafes and on the streets. Brazilians are aware of the Russian presence and seem proud that Brazil merits such attention from Moscow. A shopkeeper, who had just sold jewelry to two Russian speaking women, said: "This business of renewed relations between Brazil and the Soviet Union is good. These two wo men came all the way from that iceberg of a country tt our hot, beautiful Brazil, It is a good deal for them. 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NO SAtES TO DEALERS
