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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (July 19, 1963)
A 12 FRIDAY. JULY 19. 1963 MEDFORD MAIL TRIBUNE. MEDFORD, OREGON H l II, Your Money's Worth By SYLVIA PORTER Copyright, Hill SyndicM. Inc. WHY PUBLIC IS NOT BUYING STOCKS In November 1961, when the stock market on average was approaching its historic peak, a full 26 per cent of America's upper income families and 19 per cent of those with incomes of $3,000 or more thought the "wisest place to invest money" was the stock market. In August-September 1962, after the market crash had slashed stock prices and put many stocks on the bargain counter, only 16 Der cent of America's upper income families and only 11 per cent of those with incomes of $3,000 or over "voted" for stocks as tne best medium ior savings. ' This was the lowest preference shown for stocks in five years. Tho niihllr has been mostly on the sidelines since th stock break of mid-1962 - and these figures, disclosed for h. first tlm in the iust-released 1962 Survey of Consume Finances by the University of Michigan's Survey Research Center, dramatize why. ., We know that public participation in the late 1982-83 stock market comeback nas Deen exiraorainamy utsm. This is Indicated by tha total of trading in stocks. While- daily volume on tha New York Stock Exchange so far In 1983 is trailing 1961 by only a slim margin, trading on tha American Stock Exchange actually Is half what it was in 1961 and volume of trading in tha over Iht counter markat - where public speculation in stocks was at its wildest in 1961 - also is way down. This is underlined by the figures on odd-lot transactions trades In block of less than 100 shares, considered the most revealing barometer of transactions by tne lime investor. Odd-lot sales have exceeded odd-lot purchases throughout the entire stock market recovery of 1962-63. The public obviously is buying much less stock than a couple of vai.i aan This is confirmed by the slide In sales of mutual fund shares and by the decline in activity at brokerage branch offices around the country. Over and over, Wall Street professionals argue the puz zle: Why has the public missed out on this major price comeback? Now the puzzle is solved by this survey's findings. The American public was well aware of the stock slump In early 1962. When questioned in August-September, 68 per cent of those with annual incomes of $10,000 or more and 48 per cent of ail people accurately described what had happened to the market. But although 82 per cent of upper income families said the slump had not affected their personal finances and an astounding 90 per cent correctly forecast that the stock market would not go down further, the percentages who still thought the stock market was the wisest place to invest money had shrunk markedly, as indicated in the opening sentences of this report. A full 32 per cent of upper income families and 63 per cent of those with Incomes of $3,000 or more chose bank deposits, bonds or both as the "wisest" places to invest money in the fall of 1B62, The popularity of these "fixed value" investments was way up, undoubtedly still is. How long will tha public ramaln on tha sidelines? . There are some guides. In the past the small Investor has traditionally cut his participation In the stock market after severe price breaks and has traditionally remained alool until prices have rebounded and a considerable period of time has elapsed. His performance since the 1SS2 decline has been within the classic pattern. Also this time two new forces which may attract many Investors to such mediums as bank deposits and bonds rather than stocks are the sharp boost In Interest rates and the lessening of inflation feara. The professionals took over the stock market in mld-1062. Today, more than a year after the break, they're still domi natlng it and there are no signs yet of the public's "great return. Civil Service Exam Open at Domiciliary Civil service examination is open for the position of food service worker at the VA Domiciliary, White City, ac cording to Enid L. Brown, ex ecutive secretary of the board of U.S. civil service examin ers, VA Domiciliary, White City. Applicants who qualify will be considered for filling fu ture vacancies. The beginning salary for this position $1.61 per hour. Information concerning test requirements is contained in the examination announce ment and may be obtained at the local post office or board of U.S. Civil Service Exam iners, VA Domiciliary, White City. Procrastination on Wilderness Act Said Resulting in Mining Flower Afghan Enrollment at Pacific Reaches Record High Forest Grove Summer school enrollment reached an all-time high at Pacific uni versity during the current ses sion, with 250 students regis tered, according to Mrs. Glen Wulf. registrar. The previous high mark in enrollment had been 193 in the 1961 session. Last year, only 189 students were registered. CAN'T FLY KITES Washlngton-IUPII-Rcp. Frank Thompson (D-N.J.) wants to make kite flying and balloon launching legal in the District of Columbia. In introducing the bill Thursday, Thompson noted that President Kennedy was forced to fly kites in Massachusetts because the sport has been Illegal In the nation s capital since 1892. Irish potatoes are grown in every atate of the Union, By A. ROBERT SMITH Mail Tribune Washington Correspondent Washington - Congressional procrastinating on the pend ing wilderness bill is per- J " '"" mining m i n- ers to invade wilder ness areas and post claims cover ing thousands j of acres of scenic terrain, a c c o rding to Sen. Maurine N e u b e r ger. a nobu smith The Senate has twice passed a bill to tighten up restrictions and make per manent the designation of 83 wilderness, wild, primitive and canoe areas embracing a total of 14.3 million acres. But the bill is stalled in the House Interior Committee because of the misgivings about it held by its chairman, Rep. Wayne Aspinall (D- Colo.). One feature of the bill would restrict mining opera tions. At present, mining- claims may be staked in the customary fashion; and upon valid discoveries, minins od- erations may be carried out with or without securing a patent. The wilderness bill would prohibit mining unless A gay afghan and a pillow can be made in this floral design. Practical-decorative. The flowers can all be the same your favorite color or, what is more fun, varied, using scraps of knitting worsted. Pattern 7130: cro chet directions. THIRTY - FIVE CENTS (coins) for this paltern add 13 cents for each pattern for first-class mailing and special handling. Send to Alice Brooks, Medforo Moll Trib une, Needlecraft Dept., P. O, Box 163, Old Chelsea Sta tion, New York 11, N.Y. Print plainly NAME, AD DRESS, ZIP CODE, PAT TERN NUMBER. 1963's Biggest Needlecraft Show stars smocked accesso ries it's our new Needle craft Catalog! Plus over 200 fresh-to-you designs to knit, crochet, sew. weave, embroi der, quilt. Plus free pattern. Send 25c now. EAT BETTER ! 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As a specialist unit of the i v i s i o n headquarters, the company will assist in proc essing active Army enlisted men who are being dischai-B- ed, or who are being trans ferred to other Army assign ments. Part of the company's duties will include operation of a mess hall in the person nel processing area. Part of the company also will travel by Army aircraft to Camp Roberts, Calif. They will assist in processing indi vidual reservists ordered to summer training. These addi tional reservists will be as signed to basic combat train ing companies as tillers where personnel vacancies exist. i Captain Stephensen said this will be the third year his company has worked with its counterpart at Ft. Ord since the company was formed in June, 1959. The company also controlled and transported In dividual reservists during two summer training periods at Camp Roberts. Clever Trio 3fjj'9369 V 10-18 m Skimmor, tunic, pullover- three fashion hits you'll want and can have In a hurry with this eas.v-to.se w pattern. Make each with, without col lar ... 3 sleeve versions. Misses' Sires 10. 12. 14, 16, 18. See pattern for yardages. FIFTY CENTS in coins (or this paltern add 15 cents for each pattern for first-class mailing and special handling. Send to Marian Martin. Med ford Mail Tribune, Pattern Dept., 232 West lRth St., New York II. NY Print plainly NAME. ADDRESS, with ZIP CODE, SIZE and STYLE NUMBER. CLIP COUPON FOR 30c FREE PATTERN In bill, new Fall-Winter Pattern Catalog, just out: 334 design ideas. Send 30c for Catalog. it involved only subsurface use such as directional drill ing or shafts driven from out side the wilderness area or unless the president rules that such a mining operation is in the national interest. In 1961, when the Senate first passed the wilderness bill, the Forest Service esti mated that there were about 13,000 unpatented mining claims in these areas. In addi tion, there were six mines in operation. New Claims Recorded Since then, Senator Neu berger says the Forest Service has recorded 537 new mining claims filed in wilderness, wild and primitive areas. They cover about 11,000 acres of the wilderness system which could be marred by mining operations. "I am disturbed and dis mayed by continued erosion of our wilderness heritage and the threats against its exist ence," Mrs. Neuberger declar ed. "Indeed, time may be run ning out for our once time less wilderness." The Forest Service reports that there may be many more claims than the 537 they re ported. Mining locations are recorded at the county seat, not with the federal govern ment. Other claims are simply staked and not recorded with the county, a hazardous pro cedure which fails to protect the miner in case another miner jumps his claim. Whether recorded or not, the government must honor valid mining claims. Validity is determned by a mineral examination which costs from $100 to $506 per claim. The new' claims filed in wilderness areas are located in Arizona, 32; Montana, 1; New Mexico, 150; Oregon. 65; Washington. 30; and Wyo ming, 49. The claims in wild areas included 5 in Arizona, 4 in California and 14 in Ore gon. Those in primitive areas involved 40 in California, 84 in Colorado, 2 in Idaho, 50 in New Mexico and 11 in Wash ington state. From that it knows of the claims, the Forest Service thinks that 168 of the 537 claims may be valid and the rest are unknown. Chief Opponent The mining industry has been one of the chief oppo nents of the pending wilder ness bill. The minerals claim ed by the miners include cop per, gold, silver, lead, zinc, tin, titanium, uranium, plati num, limestone, pumice, mo lybdenum, tungsten, iron, cal cite and tellurium. The mining claims in Ore gon, according to the Forest Service report, include 13 in the Three Sisters Wilderness Area in Deschutes National Forest, all for pumice, of which nine may be valid; 52 in Eagle Cap Wilderness Area involving gold, silver, urani um, platinum and limestone, of which 5 claims may ba valid: 13 in Kalmiopsis Wild Area in Siskiyou National For est, gold and iron, of which 4 claims may be valid; and one in Strawberry Mountain Wild Area in Malheur Nation al Forest in which gold i claimed but of unknown validity. 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