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
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Seattle 80
Spokane 82
Yakima 8fi
Eureka 38
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(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
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COURTESY CHEVROLET
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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