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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 22, 1962)
Stock Market Prices Drop To Lowest Level of 1962 New York-'lTti - The slock market took another header Thursday, slipping to a new 1962 low. ' The Dow-Jones industrial averages fell to their lowest point since 1958. The decline of S6.3 billion in paper values came when " many analysts felt the market might be leveling off or per haps even due for a rise. Volume on the New York Stock Exchange rose to 4.580, 000 shares, up 1,344.088 shares from Wednesday. But 13 of the 15 most active slocks showed losses. The two which gained made only fractional . increases. The Dow-Jones industrials closed at 550.49, off 12.59 points. It was the lowest clos ing level since its post-reces- sion standing of Nov. 26, 1958. j No new 1962 highs were 1 recorded and 189 issues fell to new lows. In all, 990 issues were lower and only 133 showed gains. Among the losers were the glamor stocks. IBM was off $12.25, Polaroid fell S9.25, Xerox $5.75 and American Telephone and Telegraph $2, to $101 per share. Many traders were disap pointed that Wednesday's short interest figures, released after the market closed, did not kick off an advance in prices Thursday. The May 15-June 15 short interest figures showed the biggest monthly increase since the New York exchange , started keeping such records 'in 1931. Short interest occurs when ' traders sell borrowed stock I in the expectation of buying j it back at a lower price and showing a profit, j There was little in the day's dispatches to cheer about on Wall Street. Several j industries were beset or i threatened with strikes, al ' though this does not always I reflect in slock prices. " ----- "l"Vn--. fl PITTSBURGH fe Jst,., SPECIAL SALES EVENT SUMMER VALUE FESTIVAL - ..-- jn WALLPAPER xyyjd0' a BUY ONI ROLL jyf '. 1 O 'tfyl AT MOUlAt fN 'I'ClfvX M.ICI... OIT A SICONO IPln ..1.,. IIIHCIIIO J Three Vehicles Are Involved in Crash Three vehicles received moderate damage, but nobody was reported injured, in an accident Thursday on the South Pacific highway south of Mcdford. According to Oregon stale police, a pickup truck driven by Richard Douglas Florey, 16, of route 2, box 44 IE, Med ford, had stopped in the inside southbound lane to make a left turn, when it was hit by a car driven by Eugene Mad den, 65, of Hoisington, Kans. The impact forced the pickup truck into a tractor and trail er driven by Burton Albert Staus, 44, of 615 West Jack son St., Mcdford. Activities Increase At Crater Lake Although snow still pre vents the use of all the fa cilities at Crater Lake Na tional park, interpretive ac tivities for visitors began June 15, according to W. Ward Yeager, park superin tendent. . The exhibit building is now open from 8:15 a.m. until 6 p.m. Talks on the origin of I the lake are given daily at 9 ! and 10:30 a.m. and at 1, 3, and 4:30 p.m. i Campfire programs are given at the lodge at 8:30 p.m, i They began at Mazama camp ; ground June 20. Conducted boat trips are ex- 1 pected to begin Saturday with a naturalist accompanying the trips, leaving the boat land ing at 10 a.m. and 1:30 p.m. As soon as the snow per mits, two field trips will be conducted daily at 9:30 a.m. and 2 p.m. along the Gar field Peak and Discovery Point trails, Yeager said. The largest commercial con sumer of silver is the photo graphic industry, which uses light-sensitive silver com pounds in film and sensitized paper. Foreign Briefs LIBEHIAN PRESIDENT IN JERUSALEM Jerusalem-Wli-Presidani William Tubman of Liberia ar rived here Thursday to start a 10-day state visit to Israel. HUNGARY TO ENTER DIPLOMATIC RELATIONS Vienna - UPII - Communist Hungary and Dahomey will establish diplomatic relations at the embassy level, according to a radio Budapest broadcast monitored here. PITTSBURGH FENCE, SHAKE, SHINGLE ( $S99r i ETHIOPIANS TO RETURN FROM CONGO Kampala-aHMi-Eighi U. S. Air Fore planes will bring 3,000 Ethiopian troops home from the Congo by July 8. ac cording to the U. S. information service here. An announcement Thursday said that beginning today j the planes will make 185 landings at Entebbe airport in ! Uganda in a shuttle service that will carry troop replace j menls for Ethiopian soldiers withdrawn from the 17. N. ; Congo force. IXCHLINI FOR OUTDOOR FURNITURE, RUSTIC SlOiNO, ROOFING, ITC. Selling Batters Already Beaten 1 Stock Market New York-WFD-Widespread selling continued to batter an already beaten stock market today following Thursday's break that pushed the list to its lowest level in four years. Heavy early trading sent high-speed tickers as much as six minutes behind floor trans action. "Flash prices" show ed Du Pont, Woolworth, and Goodyear off a point or more. American Telephone open ed late off Vi. Electronics, chemicals and aircrafts took the brunt of the selling but nearly all groups, including foods, utilities, rails, stores, rubbers, drugs and tobaccos suffered badly. Ford dipped about 1 in the autos and Texas Gulf Produc ing and Amerada weakened among the oils. Gimbel, Unit ed Carbon, Ingersoll-Rand, IBM, and Singer Manufactur ing lost 2 or more. Thousands Idled by Strikes DOW JONES AVERAGES New York - UPII - Dow Jones final stock averages: 30 industirals 550.47, off 12.59: 20 railroads 118.77, off 1.71; 15 utilities 106.50. off 1.59, and 65 stocks 192.54, off 3,70. Sales Thursday were about 4.56 million shares compared with 3.36 million shares Wednesday. prices nn selected .... 49 'i ... 18li ... 4P, ... I3H. ...101 ... 32 ... 40 ... 52 's ... .ID. ... 23 ... 32 ... 7fi ... 34 ... 30', ... 41'., ... 13', ... IS ... 43 ...172'i ... 27'. ... 32 . . w, ... SB ... 03", 461, . . 32 . 231. . 35. ... 55. 27', 315 . 2H ... 41. .... 9'j Pittsburgh paints. , 3JUJI HI MlUJf l7l'im.E'...J 1 West 6th St., Medford 773-8295 HlADOUAtfltS FO PAINT, SRUSHIS, WAUPAMRS AND SUNDRIES NEWSPAPER QUITS OVER WAGE DEMANDS Buenos Aires-ilil'l-The newspaper Correo de la Tarde I suspended publication as of Thursday following a demand ' from its printers for a wage increase. : 'FESTIVAL OF TWO WORLDS' OPENS IN ITALY Spoleto, Ilaly-illl'luGian-Carlo Menotti's annual "Festival ', of Two Worlds" opened Thursday night with a presentation of Prokofiev's opera "The Love of Three Oranges." A glittering crowd from Rome, New York, Paris, London I and elsewhere attended the curtain-raiser in this old umbrian hilllown. TURKISH PRESIDENT REFUSES RESIGNATION Ankara, Turkey - illl'll - President Cemal Gursel refused Thursday night to accept Premier Ismet Inonu's most recent ratinnitlinn. mvlnn Turkey's nolitlrnl treuhlsn can be cleared I w ' ' ' ' up within 24 hours, j Inonu resigned Monday night for the second time in less I than three weeks, saying he had found it impossible to form I a coalition of Turkey's three leading parties. By United Press International Two strike threats were averted and a major walkout settled, but nearly a quarter of a million American Job holders remained idle today because of labor disputes. Some 160,000 others faced possible idleness because of strike threats in the aircraft, construction and shipping in dustries. Trans World Airlines Thurs day came to terma with the Flight Engineers Union, end ing the threat of a walkout by 615 men. However, the union immediately announced it may call strikes against Pan American and Eastern Air Lines. West Coast shipping firms reached agreement with Sea men's, Firemen's, Cooks and Stewards Union Thursday night, ending the threat of possible resumption of a walk out of 6,700 men. Their pre vious strike dealt a severe blow to Hawaii's economy between- March 16 and April 11, when the government ob tained a Taft-Hartley injunc tion ordering a work resump tion during an 80-day cooling off period. The injunction would have expired June 30. Government mediators were to try again today to settle a work quotas dispute involv ing 25 United Auto Workers which has brought shutdown Thursday stocks: Alum Co Am American Air Llnei American Can American Motors AT&T American Tobacco . Anaconda Copper ... Bendix Corp Boeing Air Brunswick Caterpillar Corp . . Coca Cola CBS Continental Can Crown Zellerbach . Crucible Steel CurtUi Wright Dow Chemical Du Pont Eastman Kodak Firestone Ford General Electric General Food General Motors . . . Georgia Pacific Greyhound Gulf Oil Homestake Idaho Power IBM. Int Paper Johns Manville Kennprott Conner Lockheed Aircraft 42' Montana Power 31 '4 Montgomery Ward - 26a National Biscuit 37 New York Central 1H, Northern Pacific 33'i Pac Gai Elec . . . 27. Penney J. C. 393. Penn RR 104 Phillip 444 Procter & Gamble filJ. Radio Corp .. ... 40 Richfield Oil . .. . 34 Weaiher FORECASTS Medford and vicinity: Fair and warm through Saturday. Little temperature chance. Up-valley breeze during afternoon. Low to night 45-50. High Saturday 68-92. Western Oregon: Mostly aunny Saturday, except for low clouds and some fog along coast, clearing during afternoon, and conslder.tble low clouds in northern inland val leys late night and morning. Chance of light drizzle along coast rliirin,. Into meht iinri .urlv in.irn. I tng. A little cooler Inlind valleys I Saturday. Low tonight 43-35. Hieh ! Saturday 6R-7R in north. 80-83 in south and 60-P5 on coast. Northern California: Fair totiight and Saturday, except fog and low rlouds near coast. Slightly cooler Saturday. LOCAL DATA TEMPERATURE: Mean yester. day ): above normal 3 Record high this date 102 in 1926. Record tow this date 40 in 1943. PRECIPITATION : 24 hours to midnight, none. Midnight to 10 a.m.. none. Total this month .IS inch, .63 inch helow normal. Total since Sept. I. t5.38 inches. 2.22 inches helow normal HUMIDITY: Lowest yesterday 2trc. hiRhest this am. B3F'. tilth 4:0(1 21- Yestrr- a.m BOOKS MORE COLORFUL New York-IUPD-Books, even religious ones, are getting more colorful according to J. F. Tapley Co., New York book manufacturers. The firm says more and more firms are finding that giving books in dividuality and color pro duces a favorable effect on sales. Safeway 41 'i Sears d3J. Shell Oil 32 'i Socony Mobil Oil 47 -:2 Southern Co. 42 Southern Pacific 23 :'t Sperry Rand 137. Standard California 52 Standard Indiana 4S?fc Standard N. J 49 ' Sun Mines 9 Texas Co 48 Texas Gulf Sulfur 12 ij Texas Pacific Land Trust ... 14 " Thioko! M, Transamerica 31 '4 Trans World Air tt'i Tri-Continental 36 Union carbide 87 Union Pacific 28"4 United Aircraft 40 United Airlines 23 U. S. Plywood 42 U. S. Rubber 41', U. S. Steel . IT, West Bank Corp 26 Westinghouse 26 1. Youngstown 73 'a of Ford Motor Co. plants em ploying 75,000 persons. Com-1 pany officials raid if the dis pute remains unsettled. through the week end anoth er 45,000 persons may be laid off. Some 15,000 New York Telehone Co. repairmen and installers returned to work Thursday following a one-day walkout which began Wed nesday when union officials were fired for leading a pre vious work stoppage. U.S. Labor Department sta tistics indicated that the num ber of Americans on strike this month will be well above last June's postwar low of 211,000 but far short of the 990,000 who walked off their jobs in June of 1952. The status of strikes and walkout threats: Autos - No progress was re ported in negotiations to end the strike over hourly quotas for quarter panel production on Ford Motor Co. Comet cars, which began June 6 when 3,200 employees left their jobs at a Cleveland, Ohio, plant and subsequently has idled 75,000. Construction - Negotiations continued in the seven-week strike of construction -workers which has left 140,000 per sons unemployed in 46 north ern California counties. In Southern California 55,000 carpenters were threatened with loss of jobs in a labor dispute with 2,000 builders. Some 150 structural iron workers Thursday began a strike at missile base sites near Lewiston, Mont. A strike of iron workers in Washing ton, Oregon and Northern Idaho idled 2,500 men. The possibility remained of a h'tch in still unratified con tract terms involving 35,000 Arizona construction work ers. A strike of iron work ers halted construction of the Kellogg Co. technical center at Battle Creek, Mich. North ern Nevada carpenters con tinued their three week strike. Newspapers - There were no reports of progress toward settling the strikes which have halted publication of the Minneapolis Star and Tribune since April 12 and the Mil waukee Sentinel since May 27. Airlines - Federal media tors scheduled day-long meet ings in an effort to avert an Air Line Pilots Association strike against Ozark Air Lines u,hiK u,a u-hrriuleri to beein i their S3.25 an hour pay. Six at midnight. Flight engineers I hundred warehousemen walk- for Pan American and EasV ern Air Lines refused to ac cept the same terms which brought settlement oi tneir dispute with Trans World Air line? Thursday. Mines - Potash mines at Carlsbad, N.M., remained shutdown by a strike of 2,500 men. The Morton Salt L.0 ed off their jobs at Macyi Department Store facilities at Long Island City and Queens. N.Y., Thursday after rejecting a contract negotiated by Teamsters Union leaders. Two New York Teamster locals re jected contract terms offered in an effort to end a five week strike asainst United Regional Edition Medford Page 2-A Tribune MEDFORD, OREGON, FRIDAY, JUNE 22, 1962 M-o-v-i-n-g?, mine at Grand Saline, lex., rarcei omvi. me nn"' was closed by a strike of 220 Co. plant at Kohuta, Pa., ;-e-workers. I mained shut down by a strike Shipping -Marine engin-! of 650 chemical workers. cers threatened today to tie ! up 29 ships of American ex port lines at East Coast ports. . Aircraft - International As sociation of Machinists nego tiators had authorization for a strike of 70,000 workers to enforce their contract de- j mands in talks with Aerojet I General, General Dynamics and Douglas Aircraft com panies, i Others - Pharmacists struck at Las Vegas, Nev., drug j stores Thursday, asking a boost of $1.75 an hour over Diivunaiii saaaaasvkw 6 VAM UNCI. 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PS l.ow Prec. 47 Los AngcltA Phoenix Denver Chicago j Miami Beach 1 New York , WafthinKUm, D 80 109 . flfi Rn C. 80 At ; HVF-!Y FORF.l" AST (Thrnunh June 171: U'estrrn OretjonVetrn Waih 1 incinn Maximum temperatures tn : 7i and minimum.1, m 40s. LVtoler Sunday and Monday with tempera ' ture averaging below normal. Showers likely about Sunday. Northrrn California No precipi tation likclv , Temper a I lire near irmai CHEVROLET'S GOT THE CHOICE TO PLEASE CHOOSY PEOPLE COKVAIR MO.NZA Somethinc JKT-SMOOTII CM K. V K(M.KT CHEVY H NOVA Holdine out for aportv? Manv it familv man's Here's about all I bo room, rule Itvolinos and luxury at a price turned all-out, a'fidomnio ah or sum- and rolincnient you want -and it that won t rack your budget . plingMnnza'srwr-enginohaiidlmp. all comes at. a Chevrolet price. oda, the new Chevy 11 .Nova. Batkgroutd: Cormir Monza ;-t.r f'Hn FottmmH: CVrrnrt lmrln Coxrrtihlt Fijkl: (' Aora Swf Conpt Pick from 34 models during Chevy's Golden Sales Jubilee a Sec thettew ChemM. Chen 1 and Cormir at your hml authorized Cherrnlrt dealer' i COURTESY CHEVROLET FREE PARKING 9TH & BARTLETT MEDFORD PHONE 772-6115 JMCUUirs IN HOXIWSII1I 24S S. Central at 10th (IDIPIEN ffldDTUSIE SATURDAY JUNE 23 10 A.M.-3 P.M. 5 Small Amuriiiveipsairy! The Pacific Power & Light Co. Service Center, located on South Grape street near Stewart avenue in Medford, will be opened to public inspection Sat urday, June 23, between the hours of 10 A.M. and 3 P.M. The Open House event commemorates the 52nd Anniversary of the founding of Pacific Power & light Co. Residsnts of Jackson County, served by Pacific Power & Light Co., are invited to visit and examine first hand the nerve center of customer services. Com pany personnel will be present to serve as hosts and answer questions. Refreshments will be served; parking assistance has been planned for the convenience of visitors. PACIFIC POWER & LIGHT COMPANY 1 A
