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
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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
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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