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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (May 16, 1963)
g . Q : , THURSDAY. MAY 16. 1963 - ' MEDFOHD MAIL TRIBUNE. MEDrORD, OREGON 4 these stocks lifted the overall has been largely Institutional rected late tills year or early next. But there Is a more opti mistic school which thinks the public was so badly burned last year that it has learned a lesson not soon to be for gotten. These quarters also look for further market gains, but feel they will be orderly and re alistic - that buying in the year ahead will be based much more on performances than on the promises which led the market toward disaster in late 1961. I MM. I HI. IMW.1 market level to vulnerable heights where the buyer was paying an unprecedented av erage of $24 a share for a dollar of corporate profit . . . Then came the big break, and now a recovery that has represented a hard new line of investment thinking. It has centered on undervalued, quality sections of the market and ignored the specialties in all but a handful of cases where glamor actually has been supported by earnings. Up to this point, the buying and professional. Only recent ly has the general public been showing definite signs of re newed interest. Not Speculative To many analysts, the type of buying being witnessed is full and sufficient reason for the failure of speculative mar ket vogues to re-emerge. But the next phase of ad vance, these sources say, will focus on the general list and again produce excessive val ues in speculative issues which will have to be painfully cor Vs. i i i Get the pictures STANDARD & POOR'S 4- i 500 STOCK INDEX i i i MONTHLY FIGURES" SPUE Saul 18831 f CS(EAM YlllliP mmmmj i - ,v-4 i j fUST:' 1 ? TRAOIKS S : MONDAY S0FUCH Pi tthM in -Ji T7 ryWlTAVAi,jy.'!'Tff ' PLUNGE' SHOWN - This New York slock index chart shows fluctuations from May, 1962, through April, 1963. ' The mark hit by the $80 billion plunge (extreme left of graph) early in 1962, has now just about recovered its former strength. (UPI) , . By PETER T. EARLE t Unittd Pros International : New. York - (UPI) - VBlack Tuesday" 1962 was a Wall street epic. " On May 29 last year, the stock market hit the bottom of an incredible plunge-the worst since 1929 - and began to rally m a 14 million share blizzard of trading. At the lowest, point that day, stock values were' down $80 billion from the highest of the pre vious December. " But even more fantastic is the condition of the market one year after the big decline which was supposed, to have shattered Investor confidence for years. Some $75 million of the loss already has been recovered and the popular averages are within striking distance . of .their all - time highs. . , . - , , It took more than a decade to repair the damage caused by the "crash" of '29. Why has it taken just one year to bring the, market , back this time? , .. r The 1929 bust was followed by a deep, decade-long depres sion. In contrast, there have been explosively positive. fac tors to back up the present recovery: List Factors' First, a removal of most of the economic and social forces which clobbered the markot last year, and second, the at tainment of a business level which was only being antici pated, and in the wrong areas, when the market stood at its December, 1961, high... The removal of 1962's bear ish influences, can best be seen by reviewing them, and then making a reexamination in the light of the current situation. -First, the basic law of busi ness - free operation of sup ply and demand - was appar ently revoked by the asser tion of government control over prices in our most basic industry, steel. -Then it seemed that the roots, of American, business ethics and behavior might be challenged by a government The Family Council Krilrnr'a nnfet Tha fiinillv Cuulirll Camilla at a ludri phychlatrist, three cl.r.yman, thrae adlton and woman's editor. Earn arucie is a summary or a lamiiy aisa. raeraeiu presenua u ina Council. The Counrll dealt with problems, major and minor, encountered by guldanra counselors and aoclat workers. Edited by airs. Alma Denny. (Copyright by General Features Corp.) i' Ralph. A. . r . A . .residence home is the best place for him. . ( Mr. F.. A. -. Tout's for .de crepit people. I'm In fine shape..., Ralph A. - My 87-year-old father . has been living with my sister. She was widowed recently and plans to move to a hotel in order to be free to visit her children and to travel, as'she has a right to do. As for me, I have a small apartment but I'm away from it for weeks' at' i 'tlme.' My sister and I want to get our father settled in a fine Home for the Aged', Where he'd' be safe and happy during our absence. selfish get away with It. The vast majority of aged persons accept institutionalization for the advantages it offers, and make their peace with the re strictions . . . Being in good health,-you'll be free to asso ciate with other well resi dents, and you'll be in safe hands should a cold hit you, or an accident lay you low. In addition to giving your children the peace of mind of knowing you're not alone, you'll be gaining for yourself a vast .pool, of companionship and a wide choice of activi ties. Somehow there seem to be. more .100 -year birthday cakes lighted in Homes than in homes. Mr. F. A. - Those Homes are fine for sick people, but I have my faculties; get' around on my own steam, and 1 don't have to be babied In a place like that: l can' take 'cartf of myself in Ralph's apartment when he's away, and when he's in town I can take a room near my daughter. The money asked by the Home is a fan. tastlc amount. Td like to stay out of that place as long as possible - I don t need it yet. Tha Council: Very few pco no want in an In a Hnnin What can be more pleasant than to live out one's days in familiar, comfortable sur rounding?,, among loved. ones and old friends, with no rude dlscombobutationa - in si a smooth ride down an even path to Slccpytown? But only the very lucky, the very rich, the very poor, , or. thq very agency which began a sweep ing investigation of the secur ities industry objective unknown. -Meanwhile, the govern ment said that the basic force behind the postwar market boom, inflation, was petering out and might be replaced by an even more dangerous op p o s 1 1 e, deflation. Further more, '.he U. S. ran into a frightening scries of gold flights to foreign lands which, if unchecked, could have un dermined the currency and forced a devaluation. Steel Price Approved A year later, the President has given approval to selec tive steel price increases with in the supply-demand frame work, apparently removing cause one. The Securities and Exchange commission has re leased a mild criticism of the securities industry and asked for legislation to help it do better, removing cause two. The government is contin uing to budget huge deficits, giving new rise to inflation talk and eliminating cause three. Finally, assurances have been given against dollar devaluation, and the gold reserve situation, while still unsolved, seems to be levelling out - at least sub duing the last cause for the 1962 dive as a market factor. Accompanying this removal of causes are some genuine buincss pickups which did not exist when the market hit a record high In mid-December, 1961. Profits Higher Corporate profits arc high er, the economy has climbed above its high plateau, and of paramount Importance, there is still a possibility for gen eral tax cuts of some kind to further stimulate the econo my. In addition, the Treasury's depreciation rules have been modified to the long-term ben efit of business, and a 7 per cent tax credit is being given on capital expenditures for expansion programs. As 1962 began, the market was still around its peak in anticipation of the fruits of a new American dream, conjur ed up by the -joliticos of both parties in the campaign for the presidency earlier that year. Many Americans had been convinced that these were to be the "golden sixties," achieved through a dynamic political philosophy called the New Frontier. ' Leisure Shares Up It could be seen plainly where investors thought the emphasis would lie. Such lei sure time and easy living items as bowling, vending, electronic and computer shares were driven to tower ing heights. Untrained crap-shooting for Vt -i Ascolano RIPE OLIVES Ascolano variety olives are fa mous for their site, tenderness and rich, nut-like flavor. They have more olive meat in relation to pit than any other canned ripe olive variety. Remember Oberti It's tha BIG olival Write for FREE colorful, Illus trated olive recipe booklet. iWI,! l"'lil Jl" 1 Gardner Leaves for Detroit Conference Wilbur L. Gardner, Med ford shoe repairman whose five-year campaign to' forte shoe manufacturers to labrl shoes with the material used In their construction, left Tuesday for Detroit, Mich., to attend. Hie -16th annual. No tional Shoe Serviceman's Days. The conference Is sponsor ed by the Shoe Institute ot America. f) ' During. 1 n e s conference, plans for the International Congress of Shoe Repairmen's association, which will be held next year1 in the United States, si 4. V5f I LI 3 ft v ..: , ""Vnw' ffr? ' 3 llliliaislsaanSaaaseali 1W i4 TWICE AS NICE SAME f LOW I PRICE Another first for MD Tissuti. Two-ply softness st a jmi-o t : you ordinanly pay for i , Mu is softer, Ktroiurr. pink, aqua, yellow, lilac, is the Wot's beat value. Buv new MD ftt'o-ix'v tissue . today st your Imwite store. It's twice as nice - at the same low price. ' ; l issue. Two-ply softness at a price ' or ordinary ainclr ply tissue. New " W )" -tS ' Tf "JV r. As gentle as its colors too. Pastel M I j45Mr lac, and white. More than ever, MD I '5( T""C - BE SURE-BUY THE BEST ALWAYS AT THE QUALITY MARKET LOCALLY OWNED AND OPERATED SINCE 1940 TREAT THE FAMILY THIS WEEK-END WITH OUR FANCY, TENDER, WELL AGED STEAKS BROILED PAN FRIED OR BARBECUED OUR STEAKS ARE ALWAYS THE BEST!! ALL "CHOICE" GRADE Porterhouse STEAKS (LOIN STEAK WITH LARGE FILLET) $1129 lb. Well Trimmed T-B0NE AND CLUB STEAK $11 09 lb. Well Trimmed Boneless Sirloin Steak NO WASTE- $1139 U ib. FILLET STEAKS $1198 lb. CUT ANY THICKNESS FREE FISHING LURES! Mail 2 Swift's Franks Labels to: P.O. Box 128 Michigan City, Ind. OFFER EXPIRES JULY 1, 1963 SWIFT'S PREMIUM FRANKS Full Pound Pkg. FRESH "CHOICE" GROUND ft C CHUCK U" lain. Juicy, Tender 'CHOICE" AGED BONELESS BEEF OQc ROASTS WUlb BONELESS Pork Loin ROAST NO WASTE 79 FRESH GROUND BEEF 10 r $J75 "SIGMANS" Fully Cooked HAMS Full Half or Whole Limited Supply 4 ib. FANCY LOBSTER TAILS s to io . s-n 39 ! A Each! FRESH SALMON AND FRESH HALIBUT THIS WEEK MIRACLE WHIP NALLEY'S BANQUET WHITE STAR CHUNK STYLE TUNA large No. '4 Tin INSTANT NESTEA 100 PURE TEA Jumbo Bonus Pack Jar 7SC SALAD DRESSING 49c DILL PICKLES 2 79c WISHBONE Italian Dressing 3t;t$l00 Hydrox Cookies : 2 x.89c DEL ROGUE Freeslone Peaches 3N,tr$l00 "BITS O' HONEY" Peas and Carrols 6 s,-!00 KRAFT Caramels 3, sl BONNIE Dog Food 8 sl "DINTY MOOSE" BEEF STE 24-Oz. gik Tins $ MJB COFFEE 1 lb. . 49c 2 lbs. 97' 119 10-Oz. INSTANT DASH Delergenlr$2 19 HORMEL'S CHILI CON CARNE 4 'S-Or. Tim $tl BANANAS No. 1 Fancy 2 lbs. 21 FANCY HAWAIIAN PINEAPPLES ST. 39 &ef SWEET CORN 6 IS 49 Artichokes Red Lettuce Or Romaine Wonderful NuMikt Flavor YOUR CHOICE 3,33 DELIVERY Phone 173-7444 222 West Main Street NEXT TO POWER COMPANY CLOSED SUNDAYS . will be discussed. ...
