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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 21, 1962)
o Your Money's Worth By SYLVIA fORTER Copyright, Halt Syndicate, Inc. i Medieval Castle in Connecticut Turned Into Stat Park iHOW A STOCK ORDER IS HANDLED ON THE EXCHANGE k Editor's note: This is the second in a series of three columns on the Floor of the New York Stock Exchange. J In the weeks since the historic stock crash of late May, : pictures of the floor of the New York Stork Exrha nee havp appeared all over the world. On this floor-two-thirds the size of a football field in a hall five stories high an awe some total of more than 24 million dollar shares of stock changed hands on the two chaotic days of May 28 and 29. On this floor, the buy and sell orders of millions of Amer icans are being executed and fortunes have been lost (and made too) in recent days. To this floor, accompanied by Keith Funston, president of the NYSE and a group of NYSE vice presidents, I went last week to watch exactly what happens when you place an order to buy or sell stock through a member firm of the NYSE. Let's say you, Mr. Jones, want to buy 100 shares of ZYX stock today and you, Mr. Smith, want to sell the 100 shares of ZYX you own. For every buyer, there is a seller in this open auction marketplace and vice versa. Now here goes. You. Jones, have phoned your broker, told him to buy ZYX and you, Smith, have phoned your broker telling him to. sell. Both of you want your transaction done "at the market", which is the way most orders are handled and which means you're trading at the best price you can get today. Upon hearing from you, each of your brokers im mediately transmits your orderi to your firm's order room. From there, the message is flashed to your firm's telephone clerk stationed on the floor. The telephone clerks then send signals via two huge annunciator boards on the walls of the exchange hail to the members rep resenting your firms on the floor that there are messages for them. Each member goes to his clerk, one gets Jones' order to buy ZYX, the other gets Smith's order to sell, Jones' broker hurries to the wooden, U-shaped post at which ZYX is traded (the rule is "you gotta walk, not run") and Smith's broker docs the same. Around ZYX's trading i post and 17 others are clustered most of the 2,200 menj on the floor of the NYSE on a typical day now. i How s ZYX? ' asks Jones' broker. "55 to W, says the specialist who handles ZYX stock and is responsible for keeping an orderly market in ZYX. That ancient idiom of the auction market means $55 is the highest price at which anyone is willing to buy ZYX and S55.25 is the lowest price at which anyone is willing to sell the stock. "I'll give an eighth for 100", says Jones broker, meaning he is willing to pay up to 55's for 100 shares. "Sold", says Smith's broker, meaning he willing's to take one-eighth less because it's the best deal he can make. It is done. Each member then jots on a little piece of paper the badge number of the man with whom he has just traded ZYX, the name of the other's firm, the total of stock traded, the price. Each member then reports back to his telephone clerk what has occurred, the telephone clerk relays the mes sage to your broker's order room, the message goes to the broker with whom you originally talked, then you are informed about the transaction on a confirmation slip sent by mail and in between you may get a phone call. Meanwhile, an employee of the NYSE called a "reporter" and stationed at ZYX's trading post also has jotted down on a third piece of paper the ticker symbol of ZYX, the volume traded (100 shares), the price at which the deal was made (55 '-a). This third piece of paper is placed in a plastic cartridge, which is inserted in a pneumatic tube and shot up to a ticker operator sitting five stories above the floor. When the slip on ZYX arrives at this ticker plant, it is removed from the carrier tube, time-stamped and carried on a short belt conveyor to a ticker operator always a woman who is seated at a ticker machine that looks like a typewriter. She records the sale on the keyboard - ZYX 55 '-s - thereby perforating a six-channel punch tape. Under normal circumstances, in a couple of minutes or so, that transaction ZYX 55'8 appears on the 3,800 fa miliar ticker tapes in 675 cities in the U.S. and Canada and this is how anyone interested in ZYX (or other listed stocks) knows what is going on. Jones and Smith, of course, find out Individually what has occurred and the two little pieces of paper confirming the verbal agreement between the two brokers become part of the records of the firms involved. Next: The floor an antiquated, automated paradox. By RAMON J. GEREM1A United Press International East Haddam, Conn. -HW-The famous actor William Gil lette lived in a medieval castle atop a hill overlooking the winding Connecticut river. When he died in 1937, his ! will instructed the executors j "to see to it that the property j did not fall into the hands of i some blithering saphead who has no conception of where he is or with what he is sur rounded." They turned it over to the state in 1943 to be used as a state park. And so it stands today. The massive gray stone walls rise majestically from the forested slope guarding the dream of Gillette, whose portrayal of the role of Sherlock Holmes brought him fame and the wealth to build the imposing structure. Building Wasn't Easy Building the castle wasn't easy. After buying 122 acres of land in 1913, Gillette con structed an aerial tramway to haul building materials and workmen to the remote and lofty peak. He named his estate the Seventh Sister because the hill was the highest of a se ries known as the Seven Sis-1 ters that rise from the banks of the river and blend into the rolling countryside. Gillette designed every inch of his castle inside and out. From the southern white oak and native stone to the colored glass light fixtures and the carved wooden door latches Gillette impressed his non conforming personality. Lack of Consistency There is an amazing lack of consistency in the structure. The granite walls are hung with Javanese raffia mats which contrast with the hand hewn oak trim, Rube Gold berg t pe locks, standard bed room furniture and a gallery of mirrors by which Gillette could see fnjm his bedroom door who was entering the liv ing room through the French doors. The four - foot thick stone walls taper to two feet at the tower that rises above the building on the strength of heavy steel beams. Gillette built what he wanted and he wanted a cas tle, so he waited five years and spent well over $1 million before it was finished. Gillette lived the way he wanted to also, with 15 cats, i a variety of goldfish and two i frogs in the castle. He was an I enthusiastic railroad fan and ! indulged in his hobby by I building a miniature railroad j big enough to carry people through the grounds. ' Now An Attraction The private railroad, now an attraction at an amusement park in Bristol, Conn., started at "Grand Central" depot in front of the castle and wound through the forested hillside to "125th Street" near what is now the main entrance to the estate. Gillette's amalgamated product of past and present is situated a short distance from Route 82. but can also be reached by a trip up Route 9 on the western side of the river and a short ride on the Hadlyme Ferry. The castle is open to the public daily from 11 to 5 from May 30 to Oct. 12. One of the high points of a trip through Gillette's unique home is the view of this section of South ern New England that enfolds beneath the castle terrace built by a man who was one of the world's most unusual do-it-yourselfers. RADIUM NEEDLES LOST Catanzaro, Italy UPl Tech nicians with geiger counters searched through refuse in the city dump today looking for two costly and dangerous radium needles. Authorities said the needles were thrown away absent-mindedly by a hospital nurse Wednesday. Colorful, Varied Floor Covers Shown at Furnishing Market Chicago - nw - Floor cover. ings at the International Home Furnishings market are colorful and varied in tex ture. New colors, textures and patterns for fall come in the whole range of floor cover ings, from budget priced rugs to luxurious carpets for the most elegant rooms. Hot oranges, russets and copper tones, in carpets and rugs with heavy textures that appear hand crafted, blend with the Spanish design in fluence in furnishings. Blues and greens are espe cially prominent in carpets and rugs designed to comple ment Mediterranean styles. Greens range from mint and apple to moss, bronze and emerald tones. Blues include federal and dresden, peacock and turquoise tones. Increasing Favor Pastels are gaining increas ing favor, and beiges and browns continue as the favor ite neutrals. Large blocks of contrasting color or bright splashes of color dress up striped and plaid area rugs. Color and texture are link ed in the new collections. Rugs with contemporary styling have a thick, shaggy or looped texture and strik ing colors. In classic texture effects such as swirl designs, tones are more subtle. Some solid color carpets come in varied textures for a dual tone effect. One all wool carpet has a cut and loop pile surface de sign in shades of one basic color. A new tufted carpet of 'continuous filament nylon is imulti-hued in 12 color effects. ! Part of Design i Another rug new at the summer market is a four-foot : round with continuous fila iment nylon tufted through I shiny black vinyl which be j comes part of the design itself 'and looks like patent leather. Throughout the new intro- ductions there is continued emphasis on neat patterns and precise textures. Fibers include wool, contin uous filament nylon, acryline fibers, staple nylon, and some rayons and cottons. Polypro pylene, newest of the man made fibers, is represented in several new styles. ; EXCUSED FROM DUTY I Auston, Tex. -HTIi- Judge Herman Jones has excused a man for jury duty in his 53rd j District Court because "he is ; not a resident of Travis coun ty." The man is Lyndon B. i Johnson, vice president of the I United States. FISHERMEN TO LOBBY Washington -HTD- Fisher men will soon have a lobbying group in Washington to help them get higher prices for their catch. The Seafarer's Union announced that its 16 locals would be represented by an organization known as the National Conference of Fishermen and Fish Cannery Workers. The group will at tempt to remove a provision of an anti-trust law that bars fishermen's unions from bar gaining on prices of fish be fore they sail on a voyage. gjgtt IB Produced end Battled In "Njpi Valley"(f' Bw Rm.law Rrnt I,- UAI.H. f-.UI V . made naturally... so naturally it's better ROUND STEAKS m at u rand view m 11 USDA CHOICE Cut Thick or Thin 3) AM Meats at Grand view Are the Finest, and UNCONDITIONALLY GUARANTEED You Mutt Be Satisfied T GUARANTEED fS A SECTION C PAGES 1 to 10 MEDFORDfejrRIBUNE MEDFORD. OREGON, THURSDAY, JUNE 21. 1962 OSU Named Host To Biology Meeting NIAGARA DRY STARCH ,.. 2 45c SALAD OIL NSoyi4,.,i,. 29c PILLSBURY FLOUR 10 pound sack 79c SPANISH RICE Uncle Ben's S3c site package 33c ENERGY DETERGENT Blue or White, giant pkg. 59c UNDERWOOD DEVILED HAM 4.,.....,. 2 ,or 45c MEXICAN DINNERS R,i,. f,o.c. u.o.. Pka9e 69c CREAM STYLE .CORN Di,m.d a. 303 5to, SI BARBECUE BEANS s.hou... 300 2 ,or 35c MCP PECTIN X-..H".....' 7 $1 KARO WHITE SYRUP 1?JZXti.T. 55c BLU WHITE BLUING 27t p.c.,9. ,0, 10c NESTLE'S QUIK ttZXJZ. NUCOA MARGARINE One lb. pkgs. 4 for 5' DEL MONTE TUNA h. ,. 3 ,0, 89c PINEAPPLE-GRAPEFRUIT DRINK 5?.?E 3 ,0, $1 PINEAPPLE JUICE M M. ... . 3 (or $1 Tasty, Large FRANKS old fashion) lb. CUSTOM MEAT CUTTING WARM ROOM LOCKERS O 2330 CRATER LAKE AVENUE Shop daily 9 a.m. 'til 9 p.m., Sundays 9 a.m. 'til 8 p.m. Ad prices effective through Sunday. No sales to dealers. We reserve the right to limit. A real "cook-out" treat USDA CHOICE BONELESS RUMP or SIRLOIN TIP ROASTS lb. CHET'S FROZEN PIES 8-inch apple, boysenberry, cherry, peach GET TICKETS HERE for "Food 'n Fun to Entertain" cooking demonstration by MARTHA LOGAN (Swift & Co. home economist) Be sure to attend TUESDAY, JUNE 26 at the Armory . PRIZES SURPRISES! WHITE CAKE MIX Duncan Hines Deluxe Packages While Stocks Last i-,iii nne of the na tion's largest scientific meet ings - that of the American Institute of Biological Sci encesis scheduled for Aug. 2B to 31 at Oregon State uni versity. More than 4,000 American scientists will participate in Douglas Welfare Head Gets Post Salem -UPD- State Welfare Administrator Andrew F. .luras said today that the wel fare administrator of Douglas county. Jack Summerfield, has been named to a national work simplification group by federal officials. The work simplification committee is under the U.S. Department of Health. Edu cation and Welfare. The ap pointment was made by Kath rvn D. Goodwin, director of the department's family ser- t,wrc hnrpail Tho rnmmittee was formed at the reauest of HEW Secre- 1 Ahraham Ribicoff to stress the need for cutting down unnecessary paper work in the welfare program. First meeting of the com mines will be June 28-29 in Washington. DC. Members include federal, state and county welfare officials. thp AIRS spesinns and the joint meetings of the Pacific division of the American As sociation for the Advance ment of Science. A total of 36 regional and national scientific associa tions will be included in the giant scientific conference. This is the largest number in the history of the American Institute of Biological Sci ences. A total of 2.132 scientific papers will be presented dur ing the sessions. The A1BS meetings are held each fall on the campus of a leading science institu tion. Stanford university is the only other western uni versity ever selected to host the conference. All of the university dor mitories will be used to house the scientists and their fam ilies and even the area adja cent to the football practice tieias win De usea as tem porary camp sites for visitors who are camping enthusiasts. Dr. Roy A. Young, head of the Department of Botany and Plant Pathology, is gen eral chairman. Dozens of oth er staff members will head up plans for the various mem ber societies. RAISIN BRAN FLAKES STRAWBERRIES (Local) Can 'Em Now! . . Post Cereal's 29c Packages 2:35c CORN ON THE COB Fresh, lender, large, well-filled ears! DOZ. THE DANMOORE HOTEL 1217 SW. Mormon St. PORTLAND, OREGON All transient guests. All those who ISrfftc Three Generofions Shore Some Birthday St Louis - 'in- - r . vp" , come, return. R hi,h. no, Kay Leach, her uncle and her ; JV t zranrifather all were born on ; RipirtiM , ,!,,. the same day. 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