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
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so naturally it's better
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m at u rand view m
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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
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LOCKERS
O
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LAKE AVENUE
Shop daily 9 a.m. 'til 9 p.m.,
Sundays 9 a.m. 'til 8 p.m. Ad
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No sales to dealers. We reserve
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A real "cook-out" treat
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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
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