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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (March 18, 1963)
MtDKOHD MAIL TRIBUNE, MEDFORD, OREGON MONDAY. MARCH IS. 19S3 IS Your Money's Worth By SYLVIA PORTER. Copyright, Hall Syndicate Inc. SMALL INVESTORS HAVE MISSED STOCK REBOUND The stock market, as measured by the familiar Dow Jones average of industrial stocks, has climbed more than 135 points since the historic break of mid-1962 and the run-up in the final months of last year was among the sharpest on record. The small investor has mostly missed this big rebound. He has not been buying stocks on anything approaching the scale of 1960-61. On the contrary, he has been consist ently selling stocks on balance since late summer of 1962, and he's still a net seller of stocks according to spot checks of brokers. Yet the volume of trading on the New York Stock Ex change has continued high. It tops 210 million shares since Jan. 1, more than 30 million above the total of trading in the comparable weeks of 1962. On a typical day trading has approximated 4 million shares a fat volume by any yardstick. Who, then, has been in this market since mid-1962? Institutional investors insurance companies, pension funds, mutual funds, banks, trust companies, etc. Institu tional investors may be accounting for as much as 28 per cent of daily trading on the NYSE. Large individual investors men and women who have fubstantial sums to invest and who buy and sell regularly. Wall street pros men who constantly move in and out of the stock market on both advances and declines. ' The evidence that many small investors who were active in the stock market up to mid-1962 have been sitting on the sidelines since and have mined this mar ket recovery is persuasive. Hem: Trading by odd-lotters little investors who buy or sell blocks of less than 100 shares has been running far below normal levels for months. The average ratio of trading in odd lots to trading in round lots (blocks of 100 shares) has in recent years ranged around 20 per cent on the Big Board. Last November when Dow Jones indus trial average chalked up the biggest monthly gain on record the ratio sank to 14.9 per cent, the lowest ever. The ratio still is at the below normal level of 16 per cent. Hem: Since August odd-lotters have been selling slock on balance. In December, sales of odd lots topped purchases of odd lots by an all-time high margin of 2,659,092 shares. Jn January odd lot sales exceeded odd lot purchases by 667,506, the first time this ever has happened in January. The figures for February aren't in yet, but surveys of brokers indicate the small investor still is selling on balance. Hem: While public buying of mutual fund shares has perked up since fall, there's no oomph in this area. Id January, the last reporting date, purchases of mutual fund shares reached $234.5 million, up for the fourth month in a row, but well below the record of $361.8 million pur chased in January of 1962. - Hem: Trading in the over-the-counter, market has fallen off considerably and this is where the little fellow was speculating so wildly in 1960-61. This is also where millions of little fellows took a brutal licking in 1962. Why has the small investor retreated to such an extent? An obvious answer is that he was badly hurt financially and bitterly disillusioned by the May-June stock market slump and he's not yet ready to try again.. Another explanation could be that, although he sat through the mid-1962 crackup, he's now skeptical of the stock market as a medium for his savings and he has been selling out on the recovery. (It could be too that smart odd-lotters who bought at the May-June bottoms now have fancy profits and are sell ing to take long-term gains; it could be.) Playing a part surely is the general befuddlement about tax reduction and uncertainty about the business outlook. Perhaps some small investors also have been frightened by the Securities it Exchange Commission's probe of .the stock markets, are waiting to see what the SEC's report will say. , Whatever the reasons for their withdrawal, there s no doubting that millions of small investors have missed this advance. Dominating today's stock market to the greatest extent in years are the big boys, the insiders, the pros. School News Method Eliminates Laboratory Animals In Pregnancy Tests By DELOS SMITH I of laboratory animals. The I The test tube is whirled. I thi-tpsi Is "nniiivn i . ..... ,., V . . Crater High School By Karen Griggs . The Ashland GAA attended the Crater GAA playnight re cently. The girls played bas ketball and Crater won 15-14 in two overtimes. Those attending from Cra ter were: Joyce - Anderson, Claudia Chase, Judy Guss, Sharon Isaacs, Yvonne Mc Jvor, Jan Pfaff, Mary Ann Taylor, Donna Thompson, Our servicemen are trained to maintain all Hotpoint Quality Appliances. We give you prompt, depend able service economically. Protect your investment. ...Come in or phone today! MoLpxrinir AUTHORIZED SERVICE mm 214 West Main PHONE 779-1894 Gloria Thompson, and Elaine Young. Six girls, one advisor and one big sister, started out at 6 a.m. for the State FHA con vention at Oregon State uni versity. On arrival, Karen Griggs, district secretary, and Mrs. Frances Willett, adviser, at tended the district officers meeting after which the group attended the opening lunch con. The luncheon was fol lowed by a general session during which Dr. Hester Tur ner spoke on "The Endless Challenge." - The girls stayed at the Delta Zcta Sorority house in Corvallis. A banquet was held Friday evening and Saturday morn ing, Carolyn Barnes, Darlcne Olsen and Mrs. Willett attend ed the president's breakfast. During the general session Saturday, a panel was pre sented on marriage, after which the closing - luncheon was served. The girls started home Sat urday noon stopping to tour the University of Oregon on the way. Attending from Crater were Carolyn Barnes, Ruth Buch oltz, Karen Griggs, Betty Martin, Darlcne Olson, Dar lcne Thompson, Mrs. Willett and Nancy Barnes. Joliene Greene, senior prin cess; Donna Jenkins, junior princess; Kathy Jones, sopho more princess, and Carrie Greene, freshman princes will reign at the annual Spring Formal. Lolly Pops and Daffy Dills is the theme of the formal under the direction of Joliene Greene. Other chairmen are decorating, Jenny Lou Thomp son and Joyce Joscpson; invi tations, H a n n e Jacobscn: stage, Jan Pfaff and Judy Allen; princesses, Marvcllc Lichtensticn; music, Judy Al len; entertainment, Linda ; Gibson and Sharon Snellen ! barger; refreshments, Marian ' Paynes; coronation, Jan Moos ' tcrs; clean up, Jean Fishback; I wall decoration. Judy Wilson: 1 table decoration, C a m 1 1 1 c Merz; tickets, Judy Childress and Carol White; advertising. ; Vicki Bcacham and Kathy Ap ' plegatc: and foyer, Sharon I Shellabargcr. By DELOS SMITH UPI Science Editor New York - IDPU - A new way of detecting pregnancy before it is in any way ap parent offers the promise of ? being easier and cheaper than the now widely used frog and rab bit tests, while being at least as accurate It is a test tube test I strictly cliini- ucios smith naung the use fkOQf Quick Sewing 7i59 r e. Boy i - 2,W . Had 'I (-ton J. a Mb no easy Want a new dress Sew this slim, sleek sheath in a matter of hours! Two main pattern parts, no waist seams - cinch with belt. . Printed Pattern 9161: Miss es' Sizes 10, 12, 14, 16, la. Size 16 requires 3 yards 35 inch fabric. FIFTY CENTS in coins for this pattern - add 15 cents for each pattern for first-class mailing and special handling. Send to Marion Martin,- Med ford Mail Tribune, Pattern Dept., 232 West 18th St., New York 11, N. Y. Print plainly NAME. ADDRESS with SIZE and STYLE NUMBER, FREE OFFER! Couponvln Spring Pattern Catalog-for one pattern free - anyone you choose from 300 design ideas. Send 50 cents now for Catalog. $32,500 Granted For Sewer Work Grants Pass-The commu nity facilities administration has approved a $32,500 ad vance for preliminary and final planning of storm sew ers and drainage facilities at Grants Pass, according to Sens. Wayne L. Morse and Maurine B. Ncuberger and Congressman Robert B. Dun can. Tile estimated total cost of the project is $282,500, and will consist of storm drain age for a portion of Grants Pass and adjacent areas north of the Rogue river. Salem-llifli-IViemDcrs of the Oregon Congness of . Parents and Teachers favor a cigarette tax and a general sales tax, are strongly opposed to any increase in the state income tax, and are split over the need for a special tax election. cum HOW COME Fluhrer's Holsum BREAD NOW TASTES BETTER THAN EVER? BECAUSE PREMIUM QUALITY HOLSUM IS 4 HOURS FRESHER of laboratory animals. The substance tested in the test tube is a sample of blood from any woman who wishes to know whether or not she's pregnant. Into the tube, along with this sample, goes a laboratory made substance which chem ically antagonizes one of the first body chemistry products resulting from a beginning pregnancy. This is chronic gonadotro pin. It is manufactured in the forming outer - membrane of the sac in which the new life will develop, and some of it gets into the woman's blood and other body fluids. The test tube is whirled by machine, not too gently because the two substances must be enough mixed to re act if they're going to, but not too violently mixed, be cause the reaction patterns can be broken up. The eye should then be able to tell if there has been a reaction. If there has been one the woman has tested pregnant. Chorionic gonadotropin also is the basis of the frog and rabbit tests. Samples of a woman's body fluids are put into these animals and if their body chemistry reacts the substance is present and the test is "positive.1 But this procedure takes several days. Laboratory ani mals are expensive to get and to maintain. Another draw back is that the frog is not very sensitive to human cho rionic gonadotropin in sum mer and this invites "false positives." Supervises Test Trial Dr. J. H. Hill, pathologist of the Trinity Lutheran hos pital, of Kansas City, super vised a trial of the new test ing technique with 111 wom en and reported the results to the Missouri State Medical association. At the same lime the wom en were tested with either frogs or rabbits. In 97 of the 111 the animal or "biologi cal" result and the strictly test tube result were in agreement, either positively or negatively. That left 14 women for whom the two testing meih ods were in disagreement. Six actually were pregnant, as it turned out, just as the test tube test said but the biologi cal test denied. But the negative result of the biological test of four oth er women turned out to be correct which meant the "positives" of the test tube test of them were false. The remaining fnur nt h 14 women were not "followed up" for one reason or anoth er. 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