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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 10, 1962)
serve Board Cuts Margin Requirements for Buying Stock Regional Edition MEDFORD, OREGON, Foreign Briefs SOUTH AFRICA RESTRICTS NOBEL WINNER Aarhus, Denmark - illPII - Nobel priit winner Alberl Luthuli. a former Zulu chitf, laid in a latter to the World Aiiembly of Youth conference here Monday that he could not attend became of restriction! impoied on him by the government of South Africa. Luthuli it reitricted to hii out government permiifion. humiliated" when he went Nobel prize. South Africa let Luthuli go to Olio on the condition he would not make political ipeechei. TEXAS. MEXICO BARRISTERS MEET Mexico City-IUPII-Two thousand member of the Texai and Mexico Bar associations are holding a two-day Joint meeting here. William L. Kerr, pieiident of the Texai bar, called the conference to order Monday, SHOT ALARMS FARMER IN ENGLAND Larkhill, England-HIPIi-Farmer Philip Hue looked up from hii tractor Monday in lime to lee a 105 MM artillery hell level part of hit cornfield with an exploiion and blind ing flash. "I wasn't worried about that shell," Hues said later, "What I was concerned about was the next one." The shell had overshot Its target n a nearby military reservation, authorities said, SOVIET ENVOY TO JAPAN RELIEVED Tokyo - IIIPII - The Kyodo news agency said today that Nicolai T. Fedorenko, Russia's ambassador to Japan, has been relieved of his post and will leave for Moscow next Sunday. The news agency said no replacement for Fedorenko has yet been announced. CHINESE REFUGEES DUE IN FORMOSA Taipei-IUI'li-Ninety-one Chinese refugees who fled to Hong Kong from Communist China will arrive Wednesday in Keeling, northern Formosa, according to relief officials nere They said the group will be the second admitted to Na iionalist China since the government announced its decision to admit an unlimited number of refugees but the relief officials said more than 5,000 additional Chinese still were waiting resettlement. Deluge of Orders On Stock Market As Margins Pared New York - WN Stocks took giant steps ahead on blistering trading in the first hour today following an nouncement of a cut in mar gin requirements from 70 to 50 per cent. With gome key issues, In cluding Ford and IBM, still unopened after 10:30 a.m. ann other pivotals up over 3 points in some cases the high speed licker was sending "flash" prices, reflecting the deluge of buy orders. Cnins of more than a point dotted the elements com prising the Dow Jones indus trial average and many rails and utilities scored similar advances. Opening blocks In many cases were larger than 20,000 shnres and Jersey Standard opened up only ' point as a 70,000 share unit changed hands. With the ticker running nearly a quarter hour late near the end of the first hour flash prices showed American Telephone up 3U on 35,000 share opening, Chrysler up 2U, Du Ponl up 2?, Sears Roebuck up 2, Wesllnghouse up 2'h, United Aircraft up l7s. Union Carbide up ls, Standard Oil of California up I'.i. U.S. Slecl up V and Anaconda up l'j. DOW JONES AVERAGES New York -UT.i- Dow Jonei final stock avtragts: 30 industrials 580.82, up 4.65; 20 railroads 121.81. up 0.37; 15 utililioi 1 12.72. up 0.36; 65 slocks 202.10. up 1.18. Sales Monday were aboul 2.95 million shares, compared with 3.11 million shares Friday. Mnmlav's prices on selected t'K'KV Alum Co A' . American Air Lines .. Amcrlcnn C'n American Motors . .... A T A T American Toharcn . Anaconda Copper Arnico . Hcttriix Col p llclhlrhem Sterl . . norma Air Hi miKwirk Caterpillrr Corp , Chnlcr Corp Coca Cola Continental Can CBS Cro n Zellrrbach , . Crucible Steel . Dow Chemical . . . I)u Ponl Kmtmfin Kodak .. Firm tone . F-mt Crpvhnimd r;iif on ... Hon intake i n m Int. Paper , . II', inn , . 34 . 401 .. 47', . 33 , . 344 . 40', i.v, .12', '4 CUTTER -V DCDCI V New cream formula is concentrated so Unit a little bit goes a long, long way. Non-greasy, non-sticky. Picas-an(-smclling, easy to use. Comes in pocket size, unbreakable flask. Page 2-A Tribune TUESDAY. JULY 10, 1862 home and cannot travel with He laid he had been "much to Olio lait year to collect his '!hn Mmwlll 14 ' ncimruMi i.ii!n II Lockheed Aircralt 4A Martin Co , Ifl'i Merck fif), Montana Powr 32 Montgomery Ward. New York OntiU la'k Northern Pacific 3SJii Pac Gai Elec 29 i Pennev J. C 41' Penn flR II Perrna Cemtnt I3i Phillips 4.1 Procter A Gambit , fl4Ji Radio Corp 43 Richfield Oil 3'k Safeway 4.'l Sean Art Shell Oil ... 31 a; Soconv Mobil Oil !H; Soul hern Co 4.1 Southern Pacific 21 Sperry Rand I3! Standard California .15 Standard Indiana 41; Standard N. J. .101 4 Stokelv Van Camp Sun Mines Texas Co Texas Gulf Sulfur Texas Pacific Land Trust . Thiokol . . Trans America Trans World Air . TrUContlnental lfi Union Carbide Union Pacific tted Aircraft 4 'J', 2.1 United Air Linea tl. S. PI v wood U S Rubber U S. Steel . Weal Rank Corp weiungnousc Heirs Said Found To Man's Estale Portland-UtPl) - An attorney has found 41 purported rela tives of a man whose estate went to the Stale Land Board hecauae he died with no known heirs, The stale Rot the $4,824 estate of John Jakob Pulton- en, a native of Kinlnnd, three years bro. However, attorney G. A. Heikkla. who Is also the Finnish consul for Oregon, found nieces, nephews, grand nieces and Rrandnephews 41 of them. Monday they filed suit In prnhnte court here for the return of the estate. Probate Judge William Dickson must determine whether the claimants are rightful heirs. If not, the estate will remain with the land board and he put Inlo the common school fund. RESERVISTS ARRIVE Washington - HTH - The first one hundred of more than 190,000 Berlin crisis rr servists lo be mustered out of service as a group returned from Europe Monday. One group received a surprise wol. come from President Kenne dy. INSECT I CMT Jffi msici imiim 50 PerCentof Price Required By New Ruling New York - IUPI) - Wall Strecters today nominated the Federal Reserve Board slash in margin requirements for buying stock as about the best news of 1D62, and found other reason for joy in what the FRB said while taking action. After the close of the Ea.it ern exchanges Monday, the board at Washington an nounced that effective today persons using credit to make an Initial purchase of stocks or a short sale would have to post only 30 per cent of the price in cash instead of the 70 per cent which has been, the case since July 28, 1060. Most Stocks Climb Traders across the nation expected effect of the action to follow the pattern shown on the Pacific Coast Stock Exchange immediately after the announcement. The coast s big securities market was still open when the word came; trading speeded Immediately and most stocks climbed $2 to $2.30, almost as rapidly. In simple terms, what the board action meant was this: Assuming that your credit was good and you wanted to buy a share of stock without paying the full price of it, you today could put up $50 where Monday you would have had to post $70. This is your mar gin. There are requirements to maintain the margin, once you have it, and these were not affected by Monday's board action. Where $350 would have al lowed you to buy five shares of a $100 value stock Mon day, today it would allow you to get seven shares.' Hail Board's Action . Officials of the New York Stock Exchange and the American Stock Exchange were quick to hail the board's action, and so were represen tatives of the brokerage houses. Martin Gilbert, Van Al styne, Noel & Co., said it was the "kind of news Wall Street has been waiting for." One reason was, he said, that the investor could see Washing ton was interested in doing something to help the market. He called it "one of the most helpful market developments to come our way in some time." Gerald M. Loeb, a partner In E. F. Hutton & Co., said it was both "timely and con structive'' and should have a "beneficial" effect on the market. Telstar Facts By United Press International Telstar - A communica tions satellite) the first privately owned satellite. Purpose - To test micro wave communications in space environment for com munications satellites; test satellite tracking tech niques. Designer-builder - Amer ican Telephone 8t Telegraph Co. Bell Laboratories. Launch - By National Aeronautics and Space Ad ministration, paid for by ATfcT (S3 million). Launch vehicle - Three stage Delta. Launch site - Cape Cen averal, Fla. Principal ground ilalion Andover, Me. Others at Holmdel, N.J.: Goonhilly. England; Pleumeur Bodou, France. Orbit-Elliptical. Inclined 45 degrees to equttor, vary ing from 600 miles lo 3. miles Irom earth. Orbit period. J hours. 40 minutes. Satellite-Magnesium and Aluminum; 34i - inch dia meter; 170 pounds. Radio Moscow Calls Pacific lest 'Crime' Moscow iHPH Moscow Radio Monday denounced the United States high altitude nuclear explosion as a "crime'' committed by "Amer ican atom-mongers." The radio relied on western news agencies In presenting tile bare facts about the test about an hour afler the ex plosion and told its Soviet listeners: "The crime has been committed." Moscow Radio said "nil mankind has angrily protest ed" the blasl. TRANSLATOR PROBLEM Falrhaven. Mass. IITI'- Board of Selectmen Chairman Wal ter Horowki isn't sure if Japan's ambassador to the United States will attend the I town's sesqulrentennial cele bration starting July 15 al though he has received an answer. The reply Is In Japa nese and Borowiez has no translator The invitation was written by a Japanese-speaking person at Otis Air Force Rase who has left. Thornton Defends Record of Office Against 'Smear Attacks' Used by Hatfield, Appling Salom-IUPU-Atty. Gen. Rob ert Y. Thornton said today the record of his office is "again being grossly misrepresented, and for partisan political pur poses." The Democratic nominee for governor issued a news release answering what he Test Blast in Sky Hailed In Europe, Rapped in Japan London-UIPIi-America's high altitude nuclear test in the Pacific received editorial backing in Western Europe today, but was denounced in Japan as a "barbaric act." Moscow Radio said "all mankind" protested the spec tacular blast, which Illumi nated the skies for thousands of miles across the Pacific Monday. But Communist China was strangely silent. Peiping Ra dio had not carried a word about the test 24 hours after the explosion. The London Daily Mail de clared editorially that "na tional security . . . com pelled" the United States to go through with the test. The German newspaper Frank furter Allgemeine said the Johnston Island test shot was a "forced countermeasure" to Soviet nuclear tests. 'Hell Bomb In Paradise' In Japan, the only nation to suffer the effects of a nu clear attack, Sankei Shimhun said in a headline, "Hell Bomb Rages in Paradise " "We protest many times against the injustice of the United States," the news paper said. It called the test an "evil deed." "It was a barbaric act against mankind." said Dr. Masatsuka Miyaji, chief of the Tokyo Astronomical Ob servatory ". . . The test was nothing but a violent act ex panding the nuclear arms race into space." The Japanese Foreign Of fice called the shot regret- France, Germany Said in Agreement Bonn-lUPIl - Chancellor Kon rad Adenauer said today France and West Germany agree neither will side against the other In reaching separate agreement with the Soviet Union. AdenHuer told one of his rare news conferences lie and French President Charles de Gaulle agreed it is their spe cial task to make this clear lo the French and Germany peoples. Reporting on his state visit to Fiance last week, Aden auer said French-German re conciliation is complete. But he said he and De Gnulle agreed "such a relationship must not be limited to the governments." "It must be self-understood by the people that one govern ment cannot enter in a pact of any kind with Soviet Rus sia against t lie other country," he said.- For Your Convenience i Savings Big Double load Washers Ss-UTM LAUNDROMAT t0T0W VWtST termed "smear attacks" by Republican Gov. Mark Hat field and Secretary of State Howell Appling Jr. at Bend Saturday, Hatfield and Ap pling sharply criticized legal opinions from Thornton's of fice. Thornton said during his table and reaffirmed its inten tion to seek compensation for any damage suffered by Japa nese nationals but said no of ficial protest was planned. Ant i-bomb demonstrators clashed with police outside the American Embassy London's Grosvenor Square Monday. About 20 persons were arrested as the crowd chanted, No more tests, no more tests." Called Stupid Fools Philosopher Bcrtrand Rus sell, who heads a British anti- nuclear arms group, said the test was an act of "wanton recklessness" by the United States. Canon L. John Col lins, president of the Cam paign for Nuclear Disarmn ment, called Americans "stu pid fools." In Australia, the Sydney Daily Mirror said the test reflected "recklessness" and "no amount of scientific jug gling with words, no assur ance from however high a level can remove feelings of Three Accidents Reported in City Three non-injury vehicles accidents were reported lo Mcdford city police Saturday. No citations were issued, offi cers said. A vehicle driven by Earl Junior Melton, 35, Talent, struck a car registered to Fredrick Lance Berryhill, 525 North Riverside ave., while it was parked in front of his residence. The mishap oc curred about noon. Leonard Stephen Lyons, 621 Albert St., told city police his car was damaged by an unknown vehicle about 1:05 a.m. while it was parked on Sixth st. between Riverside ave. and Bartlett st. A vehicle driven by Ed ward Arthur Minkle, 35, Jack sonville, collided with the side of a house trailer being towed by Wesley Harrison Gibson, 65, Vallejo, Calif., at Highway 99 and Highway 62 about 2:35 p.m. Police said damage to ve hicles was minor or moderate in ail three accidents. SHIP IT LflSME to or from Oakland, Sin Fran cisco, Los Angelct and other California points. Call 773-7761 Ss-STIWART 9 'i years as attorney general, the Oregon Supreme Court has affirmed 69.6 per cent of his department's cases, modi fying or reversing 40.4 per cent of them. This, he noted, is better than the record of circuit courts. During the same period, the high court deep unease throughout the world." Communist propagan do outlets and delegates at tending the World Confer ence for Disarmament and Peace in Moscow bitterly at tacked the nuclear blast. Duncan Encourages More Participation Cave Junction - "The in creasing complexities of mod ern living; of governmental functions and influences de mands the greatest possible participation at all levels of government by every citizen," Robert Duncan, candidate for Congress from the Fourth dis trict, told the Illinois Valley Democratic club Monday. "If we are to pass on to our children and grandchildren the fruits of America's great experiment in self govern ment, everyone must do his part. It is almost inconceiva ble that some should consider service on school boards, city councils, public committees; membership in political clubs, and even voting as a burden some chore, when most of the people of the world do not have the right to do so," Duncan said. "Perhaps the time has come when we should strike the expression of 'right and privi lege to register and vote,' and substitute therefore, 'the duty and obligation to vote.' Only a fully informed and partici pating general public can pre serve our way of life, and pro vide hope for our neighbors who live in slavery," Dun can concluded. 1 HOW BE Since you listened to marches on a gramaphone? m : j czo li . -J ';','')s h affirmed 61.7 per cent of the cases appealed from the cir cuit level, he said. "If you were to take out the cases where political pow er or control in the state was at stake, such as the secretary of state dispute, the Elmo Smith voters' pamphlet mat- ter, the liquor commission in - 2 5 D Mora ond mora people -SEE YOUR LOCAL J. R.'s WHITNEY IT ' - HAS Now then... Are you still trying tn make do with a refrigerator just a step ahead of the ice dclivcry days? Wouldn't ivt I'.i i' ha ix (I SLTKRMARKfT in !i'. r kitchen? Put mcals-at-your-ringcr-tips . . . save on food budget? . . . add ease of preparation ... all by putting in your kitchen a truly modern ELECTRIC REFRIGERATOR FREEZER! Refrigerators in most kitchens today are com pletely outdated . . . won't hold enough, do not protect flavor and freshness well enough, do not have the added compartments and controls of 1962 model refrigeration units. Trade iip to modern living . . . put that super market in your kitchen . . . Talk to your favorite Cal Ore Electrical League Dealer about a new HEFUIGKRATOR-FR K K 7.Y.R t oda v! vestigation case, etc., our 'batting average' would be even more impressiv e," Thornton said. "Several of the cases which we lost in the Supreme Court were cases which we had won in the circuit courts, but the circuit court decisions were 1 reversed or modified by the fice i -i-i tuft MiWrg-Tiir- r rrri"ii jnro-i ora buying Oldsmobuesl And now's tha bast lima to buy! AUTHORIZED OLD5MOBILE QUALITY OEALERI OLDSMOBILE, 415 So. Riverside Ave. mm Since you purchased ''refrigeration" in block form and left a trail of liquid "refrigeration'' all the wav to the house? higher court," he added. Thornton said '. he made survey of supreme court ai peal records, and found tha circuit judges appointed b Hatfield have been affirme in 61.2 per cent of their case: contrasted to the 69.6 pe cent record of Thornton's o; OLDSMOBILE W
