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,
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PHONE
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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
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$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. The four instances in which
the test tube said a woman
was pregnant when she was
not, Hill attributed to the in
experience of the laboratory
technicians in estimating the
chemical reactions in the lest
tubes.
Like New
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VOIGHTS
lth I Grape Mcdtord
BUY A NEW
$85 SUIT AT,
BARKER'S
WHIIE THE - I
SELECTION IS
SO TERRIFIC.. '
Emm
1
I
Ill W '
fllf
AT YOUR
Nearby
SAFEWAY
VJ
01
CASH
2 It's fun to play 5
Spell "C-A-S-H" :
and fun to shop at Safeway! 2
Come in to one of our conven- 2
2 iently located stores and look 2
2 around. At Safeway you'll find
2 you save money, and satisfac- 5
2 Hon is guaranteed on any item
2 you purchase.
SO SIMPLE TO PLAY
1
Get "Spell C-A-S-H" card each
j time you visit Safeway.
2PI.ce the card under running 0 Colloet ctrdt until you can tpt
. water to remove the ink .pots "C-A-S-H". No Purcha I,
nd find the letter. quired. '
SAVE MORE ON YOUR TOTAL FOOD BILL AT SAFEWAY
Dint Dam Town Home
4-tb. pkg.
MJB Rice i'2ZG$
Sandwich Spread
Yuban Coffee d.r,Ld,"k
Nestles' Quik -Sz.
Cookies s:.tr,f.
- 59c
59c
59c
b 69c
ib. 45c
39c
Campbell's
Tomato Soup
Bumble Bee Tuna
. Chunk Style-No. Vi Can
1 1
Cottage Cheese
lOVi-ox. lean.
10
' 'V ....
5r: W
lk. .i. 98 49i 25
Calf Liver
Tender, fancy,
sliced young
calves liver.
Ib.
79'
Meat Pies
Manor House Beef,
Turkey, Chicken, Tun.
8 oz. size
4,1
Grade A Cut-Up
STEWeBS
Manor House pen-ready
lowers. Flash frozen to
protect fresh flavor.
lb.
' . : ' " ' "'... U :
!.''.: i'-.l . I ;
Safeway hat
the finest
produce.
Pascal variety. Fresh and
crisp. Especially good stuff
ed with cream cheese.
Each Stalk
-ivy!
POTATOES
U.S. No. 1. In
the "tee thru" bag
APPLES
Winesap, extra fancy.
Best for munchin'
10-lb.
bag
39
DitttA DIllA ('"
Save, Save, Save
GOLD BOND
Valuable STAMPS
Prkes effective M a n 4 a y,
March 11 thrv Wedneio'tr,
March 20 at Safeway In
Mee'tera'. limit rights re
served. I
GOLDEN VIG0R0
3
Guaranteed 35-lb
not to burn. Sack
69 Blue Bell
6Vi-oz. Pkg
KORH KURLS
39c
HANDY ANDY
75
Cleaner with
Ammonia 28-oz.
54-ez. pkg.
Surf Detergent 7.w 72s
Condensed "All" ;0
Dishwasher "AH" C:
Flnf f u " All" rt
imii j mi
Liquid "All"
detergent. 3-lb.
For dlthtl
32-otv