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
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' 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. ...