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. But
what about the poor Brazil
ian wives who have to go liva
in cold, cold Moscow? I think
it's not so good for them."
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