Medford mail tribune., June 29, 1962, Image 2

Stocks Soar To Year's
Second Highest Level
New York-MD-Wall Street
celebrated the Fourth of July
a week early in a iiscal fire
works display which sent
pricei rocketing to the sec
ond highest level of the year
Thursday.
When stock tickers finally
clicked to a halt more than
59.5 billion had been added to
paper values and the DOW'
Jones industrial average
showed a gain of 20.37 points.
"It was just violence against
violence," said one smiling
analyst. "That's how you cure
things. After all, when you
have a lousy cold you drink a
lot of whiskey, don t you?"
Volume soared to 5,440,000
shares, a gain of about 1.5
million from Wednesday.
Glamor stocks led the ad
vances, but utilities, electron'
ics, industrials and even rails
spurted ahead. At times, the
ticker tape was left as much
as 13 minutes behind floor
transactions.
American Telephone and
Telegraph was up $2.63 to
$104.63 on a volume of 12,000
shares. Polaroid Corp., the
day's most active issue, gain
ed $5.25 to close at $98 on
101,400 shares. .
Major steel issues advanced
on news of a rise in steel
scrap prices at major market
ing points. IBM was up $15
to $344.
Although some market re
searchers remained cautious
about a continuation of the
upturn, an advisory service
cheerfully handed out this ad
vice: "Why sell? The bad news Is
out. Use Idle funds to buy and
hold onto your diversified
positions for what I believe
will be one of the most fan
tastic rallies, to the end of
this year, that we have ever
seen."
Of the 1,286 Issues traded,
1,024 were up and 131 showed
losses.
Another 131 were unchanged.
24 People Take
Final Examination
Twenty-four people took
the final e lamination this
week fo- rv,e June session of
the Jacii',on county driver's
Improvement school, accord
ing to Medford Police Capt.
Clyde Fichtner, school super
visor. A new class starts Tuesday,
July 3, residents are remind
ed. The school consists of
four weekly sessions at the
county courthouse auditor
ium at 7 p.m. each Tuesday.
The sessions last for about
two hours and are open to
all interested persons. Driv
ers Interested In reviewing
Oregon1 traffic laws may at
tend only the third session
which will be held July 17.
The advance was the big-1 when the market made a re-
gest single day rally since covery from the May 28 sell
May 29, a month ago today, I off.
Foreign Briefs
VENEZUELA TO FIRE COMMUNISTS
Caracas, Venesuela-dlPll-InUrior Minister Carlos A. Peres
announced Thursday night that Communists and other ex
tram leftists holding government Jobs will be fired at once.
Peres told a news conference President Romulo Belan'
court plans to wage "war without quarter" against the Reds
io insure the orderly transfer of power to his successor.
BAGDAD ENVOY RETURNS TO BONN
Eonn-fl'PU-Werver von Bargen, West Germany's ambaS'
sador to Bagdad, returns to Bonn today for consultations on
Iraq's establishment of consular relations with Communist
East Germany, a foreign office spokesman announced.
KING HUSSEIN RETURNS FROM ROME
Rapallo, ItalylPli-King Hussein of Jordan arrived from
Rome Thursday night with his wife. Princess Muna, and
small party.
BRITISH LABOR LEADER DUE IN WASHINGTON
London-UPD-Labor party deputy leader George Brown
files to Washington next Thursday for meetings of the West.
em European union defense committee, of which he is vice-
chairman, it was announced today.
Brown also is expected to meet defense secretary Robert
S. McNamara and possibly Secretary of State Dean Husk.
BRITISH GUIANA SIGNS PACT
Georgetwon, British Guiena-IUPD-Britlsh Guiana signed a
$1 million rice agreement with Communist Csechoslevaki
Thursday.
Measure To Raise
Debt Ceiling Sent
To White House
Washington - IUPD- The Sen
ate, turning back a Republi
can economy push, has pass
ed and rushed to the White
House a bill temporarily rais
ing the national debt ceiling
to a record $308 billion.
President Kennedy's signa
ture on the measure will pre
vent the ceiling from revert
ing automatically to the per
manent limit of $285 billion at
midnight Saturday.
Final Senate action came
on a 55-34 vote after a GOP
move to cut the administra
tion request by $2 billion was
rejected 52-37.
Tax Cut Rebuffed
The Senate also turned
down a proposal by Sen. Hom
er E. Capehart (R-Ind.) that
would have put the Senate
on record In favor of an im
mediate tax cut of $5 billion
and a cut of $7.5 billion in
government spending.
It was an Increase of $8
billion over the current tem
porary limit of $300 billion.
Sen Harry F. Byrd (D-Va.)
sparked debate by urging the
removal of Budget Director
David E. Bell because "there
is simply no evidence that he
is a strong fiscal officer."
"I sincerely believe," Byrd
said "that, the best Interest
of the country would be
served if Mr. Bell were re
placed ... by a man sympa
thetic to the hard require
ments of fiscal responsibility
and discipline." Byrd is chair
man of the Finance Commit
tee. In offering the amendment
to put the temporary limit at
$308 billion. Sen. John J.
Williams (R-Del.) charged the
administration does not want
a balanced budget next year.
Planned Deficits
Byrd said records of his fi
nance Committee show Bell is
"addicted to planned deficits
when they suit his philosophy
and he thinks balancing the
budget each year is not the
proper standard to follow."
The proposal was defend
ed by Sen. Robert S. Kerr
(D-Okla.) who said there was
no reasonable or Justifiable
alternative to approval of the
House-passed debt ceiling
bill.
Market Continues
Thursday's Rally
In Early Trading
New York-dlfO-Stocks met
stubborn resistance from sel
lers but managed a moderate
continuation of Thursday's
rally in heavy early trading
today.
Few blue chlpr including
the leading steels, autos and
oils managed more than nom
inal gains, but there were
exceptions. Du Pont, Union
Carbide, Texaco, Alcoa and
Procter & Gamble were up
around a point each. Rails
and utilities were steady.
In the general list the lead
ing growth stocks were
showing mostly losses with
Zerox off 2'i, Litton and
Beckman at least a point and
IBM about unchanged.
Drugs racked up many
gains running past a point
and Carter Products was up
24. Kennecott and Magma
were ahead a point or so in
the coppers. Some stores and
foods were also up a point or
more.
DOW JONES AVERAGES
New York - IWB - Dow
Jones final stock averages:
30 industrials (57.3S, up
20.37i 20 railroads 111.21.
up 2.27i IS utilities 107.08,
up 3.1$, and It stocks
193.91, up (.01. Sales
Thursday were about $.44
million shares compared
with 3.19 million shares
Wednesday.
on selectee
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Alum CO Am ...
American Air Uni ........
American Can
American Motors
AT&T .......
American Tobacco
Anaconda Copper .. -
Armco ........ -..
Bendlx Corp .
Bethlehem Steal ...
Boeing Air
Bruniwfck ..
Caterpillar Corp ,
Chrysler Corp
Coca Cola
C.B.S
Continental Can
Crown Zellerbach
Crucible Steal
Curtlss Wriht
Dow Chemical
du poni ....
Eastman Kodak
Firestone ....
Ford
General Electric -
General Food
General Motors , .
Georgia Pacific
Greyhound .
Gulf Oil .....
Homes take ...
Idaho Power
IBM
Int Paper ...
Johns Manvllle
Kennecott copper
Lockheed Aircraft
Martin Co. .
Merck
Montana Power
Montgomery waro
National Biscuit
New York Central
Northern Pacific
Pao Gas Elec ..
Penney J. C
Penn RR
Pernia Cement
Phlllipa
Procter Gambia
Radio Corp .
Richfield OU
Safeway
Sears
Shell Oil
Socony Mobil OU .............
Southern Co
Southern Pacific -
Sparry Rand .....
Standard California
Standard Indiana
Standard N. J
Stokely Van Camp
Sun Mines ...
Texas Co. ...
Texas Gulf Sulfur
Texas Pacific Land Trust
Thlokol
Transamerlca
Trans World Air
Tri Continental
Union Carbide
Union Pacific
United Aircraft ........
United Airlines
U. S. Plywood
U. S. Rubber
U. S. Steel .
Wet Bank Corp
Westlnghouse
... 10
... IB Is
12
I3'i
104a
3Ha
... 40
.... 46 U
82
33 U
40 V,
23 n
in.
... 43!
- a
... 40
... 43".
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33 li
... 24
38
54 !l
344
JS',i
... 44 V.
.. 69''.
.. 43 V.
.. 19
69
... 30.4
!6
10 V,
... 1114
12',
... 37
.. 4UI
.. 10
- 13
.. 4414
- 81
.. 2V,
. 33
.. 41V.
.. 83
.. 30
.. 49
. 41
. 34
. 13
.. 53
.. 44
.. 49
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.. 9
.. 48
... 13",
.. 13
.. 30
.. 31
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f7
. 28
. 424
- 22
.. 42
- 42
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.. 28
.. 26
Duncan To Instruct
Orientation School
Salem - Robert Duncan,
speaker of the Oregon state
House of Representatives,
will head a class in leader
ship of House and Senate at
an orientation school for can
didates July 3 In Salem.
The school will be held in
the Marlon hotel. Its purpose
Is to acquaint candidates for
state office with problems of
the state.
E. D. Spencer, chairman of
the Democratic party of Ore
gon, said the candidates'
school will precede the op
ening of the state convention.
All new candidates should
find it rewarding, he added.
Beulah Hand, Mllwaukle,
Is chairman of the school.
PftSB PAAMIHjS ;
U. S. Chamber of Commerce Calls
For Prompt Across-Board Tax Cuts
Washington -flJTO- The U.S.
Chamber of Commerce called
today for an immediate
across-the-board cut in indi
vidual and corporation In
come taxes to encourage busi
ness investment and pep up
the economy.
H. Ladd Flumley, president
of the chamber, said that pro
portionally the proposals
would give the greatest tax
relief to individuals in upper
income bracketj.
Plumley announced the
chamber's proposals at a news
conference after they were
approved at a meeting of the
chamber's 100 directors.
The AFL-CIO said mean
time that the business recov
ery may "sputter to a halt"
unless the administration
takes Immediate action to cut
taxes for low and middle in
come groups.
The labor federation's op
position to an across-the-board
tax reduction starting next
year, as the administration
has proposed, was spelled out
in an editorial in the AFL
CIO News.
The News added that a tax
cut now in the area where
purchasing power can be
augmented - the millions in
the low and middle income
groups will put money im
mediately into the spending
stream and "can avert the
piling up of new economic
work." .
Plumley said the cost to the
Treasury of the chamber's tax
relief package would be be
tween $5.5 billion and $7.5
billion a year. He was unable
to apportion the revenue loss
between individuals and cor
porations. Plumley emphasized "the
need to restore business
growth" through more invest
ment in productive facilities.
Although he used the word
"deteriorating" in a prepared
statement, Plumley told re
porters he does not believe
Regional Edition
Medford
Page 2-A
Tribune
the economy is heading into a
fifth postwar recession.
But, he said, there are
"soggy" factors in the present
business situation.
The proposals marked the
Loftin Named Head
Of James' Campaign
George Loftin, route 2, Cen
tral Point, has become the
campaign manager for Ralph
James, Sams Valley, Demo
cratic candidate for county
judge.
James said Loftin replaces
Jean Mills who was recently
elected Democratic Central
committee chairman.
MEDFORD, OREGON, FRIDAY, JUNE 20, 1062
SHIP IT LflSME
te er (rem Oakland, San Fran,
dace, Le Anaelst and ether
California points.
6 Jack
23 Fitzgerald
773-7761 y
first time in memory that the I liberately unbalancing t h
chamber recommended de-1 federal budget.
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