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
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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.
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Receiving Company
ToSfarf Training
Receiving Company, 104th
Division (Training) Medford,
will fly to Ft. Ord, Calif.,
Saturday night to commence
wo weeks of annual active
duty training, according to
Capt. Robert D. Stephensen,
Ashland, company command-
r.
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.
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Misses' Sires 10. 12. 14, 16,
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FIFTY CENTS in coins (or
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Send to Marian Martin. Med
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Dept., 232 West lRth St.,
New York II. NY Print
plainly NAME. ADDRESS,
with ZIP CODE, SIZE and
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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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