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WEDNESDAY. DECEMBER 18,
8 A
MEDI OHD .MAIL TRIBUNE, MEDFORD. OREGON
dtf "4 U V
t.UAKD EiSIKANtE Miners, armed wilh
rifles, guard the entrance to Calavi where
four American and 17 other hostages are
being held in Catavi, Bolivia. Bolivian Vice
President Juan Lechin has offered to resign
fc m ffeliiiryaiim
and release the hostages held by his mine
worker supporters it the government will re
lease three jailed Communist agitators, il
was reported. (UPI)
fefcH " ""4
wPu m V MAKE THIS
m Imp 'the merriest...
ftkA vfef' HAPPIEST CHRISTMAS i
EVER... ::J)i:
JL AnV tote ?f' o 77? Ktog? Cwi ". -
j'v'V r A Srif" fnjoy eery rtUxing, pulsaiing momrnt it The rSr'',
-j .. I- Village Green... Orfgon'sdijiinetive, charming moiorhoif I. ' ,, . ' fl''"'; V
' v'-'-P ' 1 - ".''. U The (wo of you will find The Village Green oflerj luxurious K T .'If CU c1-
;?"; , ' w accommodation!, the finrsi in food and service and the friendly A"irv? 'J'"'ttV
j, -' welcome of Aomf., .Christmas dinner. . . a midweek Mayor, per- " ' f-
hapi, a second honeymoon . . . what finer way lo say Merry Christ- re5'"'f is ''
2'." 'V "(I 1 mai than lo jay it al The Village Gieen ... 4i fiirWrnff in iie pj ,f,J '(J:''1';;,v
r. 'i '" rn Write, wire or call me for rcserveitont. Ht "v"" J1
' bS Waro' Ringlanti, Green Matter ,r ' j tV'-;
Pi, VILLAGE GREEN
resortand business hotel S?r&WA j
t ' k -vy.ti."ii-V' P. 0. oi 277. Coll.,. Or., Of(M . - 'jjtr A
i ; wh 2-2491 i.-y
Ircn Gate Dam
Motion on File
SALEM (UPI) -A motion to
intervene in the case of the De
partment o( Fish and Game o(j
California versus the Federal
Power Commission was filed in
the ninth U.S. Court of Appeals, j
Ally. Con Robert Y. Thornton1
said today. j
The case involves construction
o( a $1 million fish hatchery on
the Klamath River near the site
of the Pacific Power and Light
Company's new Iron Gate dam
just south of the Oregon-California
border.
Thornton said the power com
mission's decision requiring Cal
ifornia lo assume 20 per cent of
the operation and maintenance
cost of the fish facilities
"creates a precedent which will
have a serious impact upon
projects in Oregon."
Thornton said he thinks the
case may establish a valuable
precedent for requiring the Ida
ho Power Company to build one
or more hatcheries on the Mid
die Snake River to make rest
tution for 10,000 salmon killed at
the Oxbow Dam in 1058.
Your Money's
Worth
By SYLVIA PORTER
Cprtf kr. Hall Syndic, t.. Inc.
Negro Describes
Committee Hopes
PORTLAND (UPI) A 22
year-old Negro worker for the
Student Non-Violent Coordinalin
Cnmmillne said here Tuesday
lhal "we hope to destroy Mis
sissippi ami annihilate Mont
gomery, Ala., next year."
"These, perhaps, are violent
words but we will do it through
non-violence," Bruce Gordon, a
funnel' student at Morris
Brown College at Atlanta, Ga.,
said at a news conference.
The conference was to de
scribe the aims of SNCC, an
agency organized to stimulate
and foster the growth of local
Negro protest movements.
Gordon said that President
Kennedy's assassination had se
verely hindered Hie cause of
civil rights. "We have been lold
in the South that 'you're next,'
he said.
Court Records
Ml IM MRh Ml Nlril'M, rornT
I lintnaj. niif.rrll Ahhntt, rim
nl)pvrH (raffic MRnnl, $1(1. niis
prmlcrl (; v Will tam Duttnn. rlisobrvrd
tr.-itlic MO
lima II' no Allen, violation pf ba
sic mlr Ml'
Williimi NU DahMrnm, rtls
nhrvivt traMic sicnal. Mil.
(i;irv l,nn Lilla. disiihrvert traf
flr Mtinnl. HO.
ITiin.l h v Ht(rhiir1 Qiitnn, linpro
prr rmlil turn. Mil.
Phyllis TUntUiitrt Paller-on. rlln
obpvcd t r h 1 1 if Siena 1. 3 10
Coritrry Knmk Vovfra. vlnlfttinn
nf hnsHT rulp. y'.
Meet
My. A. B.C.
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T
7
STOCK .MARKET SHL iDOWN
In the 2.) minutes following the fist news flash to Wall Street
at 1:42 p.m., Friday, Nov. 22, that President Kennedy had been
shot, the following things occurred at the New York Slock Ex- -change,
the world's largest, most orderly and most disciplined :
stock exchange. :
The Exchange's president was reached at a business lunch-1
eon nearby in the Wall Street area, other governors were reachd
at other luncheons or in their offices or on the NYSE floor, and all
were summoned at once to a meeting of the board of governors on
the sixth floor of the NYSE building at 11 Wall Street.
A quorum of seven out of the 33 governors was rounded up
by 2 p.m., and in less than a minute they reached the historic
decision to halt all trading on the exchange.
At 2:07 p.m., the board's vice chairman mounted the rostrum
above the trading floor, and rang the gong announcing the first
emergency closing of the exchange since Aug. 4, 1933, when the
floor was emptied because of a leakage of gas.
Meanwhile, in those 25 minutes a total of 2.2 million shares
of slock changed hands on the NYSE alone, about half the normal
total in a five and one-half hour trading session these days. So
heavy was the volume that the last price transaction wasn't print
ed on the ticker tape until 34 minutes after actual trading had
been stopped.
The familiar Dow-Jones average of industrial stocks crashed
24 points, and by the end of the day $15 billion in paper values on
the NYSE had been wiped out.
Many individual stocks were driven down 5 to 10 per cent and
some were down 15 to 20 per cent all this in less than a half-hour.
So violent were the price changes that even before the gong
was rung shutting the exchange, officials who could on their own
halt trading in individual stocks had ordered cessation of buying
or selling in about 40 active stocks including General Motors,
IBM, Chrysler.
There was no missing the dumping of slocks hy nervous
traders who were sitting in brokerage offices during those mo
ments of crisis. There was no missing the dumping nf stocks
by professional traders, big and small. There was no riouht that
many speculators and investors from coast lo coast would have
sold in that period if they could have reached their brokers hut
the telephone wires were clogged and they couldn't get through to
place their orders.
Not ever before had Wall Street's policymakers been hit
by news of such shattering impact during market trading
hours. Considering this and considering the fact that the
NYSE's constitution today requires a majority vole by a
quorum of the governing board to halt trading, the governors
acted about as well and as rapidly as could be expected.
Hut comparatively good as it was, it wasn't good enough.
In those 25 minutes a financial debacle was in the making.
In that half-hour, investors were at the mercy of traders and
speculators who were dumping stocks indiscriminately either
because Ihry had panicked or because of other even less de
fensible reasons.
It will not happen again.
The New York Stock Exchange is now seriously reviewing its
procedures lo permit instantaneous closing nf the market under
clearly extraordinary circumstances. The odds are the NYSE
constitution will he amended to provide for a small executive com
mittee which will at all times have power to act at once when
conditions call for drastic action.
It may be years or even decades before an emergency of this
magnitude reoccurs, hut when it does it won't matter whether the
NYSE's president is at lunch or one key governor is at the barber
shqp or another is meeting the trustees of his church in the
suburbs.
Panic psychology and wild speculation (up or down) should not
be so dominant in a market which lays claim to the investment
character that the NYSE does. Both the stock crackup Nov. 22
and the sensational upsurge Nov. 26 downgrade the caliber of
Wall Street.
Machinery will he set up to prevent a repetition of this. Wall
Street's responsible leaders recognize that even that 25-minuto
interval was far, far too long.
MAKE
K-.! -.Ill V $
cJ444Wjjffl i
YOUR WIFE HAPPY . .
Get ED for Your Home!
Sure its from G.E.
SAVES TIME
SAVES WORK
SAVES HEALTH
SAVES
SAVES
SAVES
HANDS
BREAKAGE
HOT WATER
95
239
Model SP-503
OTHERS
AS LOW AS
$13995
BUDGET PRICED
30
Hi
23" Master Oven
HNSpeed Calrod Units
Removable Oven Door
Push-button Controls
Clean-easy Oven
MA
: - He Works for our Advertisers
He is one of the experienced cirnilatlon nuditors on tlio M-aff
of the Audit. Bureau of Circulations.' Just as n bank examiner
makes a periodic chock of the records of your hank so does
Mr. A. B.C. visit our office at ropular intervals to make an
exacting inspection and audit of our circulation records. Thft
circulation facts thus obtained are condensed in easy-to-read
audit reports which tell our advertisers: How much circu
lation we have; where it rocs; how it was obtained; ami many
other FACTS that tell advertisers what they get for their
money when they advertise in this newspaper.
Advertisers ore invitrd to for a copy
of our lateil A B C. report.
Ihe Audil Bureau of Cirrn'o
dons, of which this newjpoocr
is a member, is a coopern'tve,
nonprofit oisoemtion of nearly
i 000 advertisers, advertising
agencies and publishers. Or
qonired in 1PM, ABC
brOi-oM Otder out of advertising
choos by eitblisltinq A def
inition for poid circulation, ruin
ond itnndardi for auditing and
reporting the circulations of
newspopors and periodicals.
Families Planning
To Purchase Boat
Should Look Now
By JACK WOI.ISTOV ! Icrs lhal n((cr some Ml varia
l nilcd Press Inlr rnntinnal ' tions of pilch and diameter lo
Anvnne planning on ioininc cover most stern drive require-
Ihe pleasure bnalinc fraternity ments and fill in some paps in
S1J088 ULi
1 tffiP
EASY TERMS C"T
twj " Inch
IBSa Sereen
il
C U MM II Ml I -
AMERICA'S OWN
LIGHTWEIGHT
BIG SCREEN
PORTABLE TV
So sy to eirry you'll take It along
vcrywhere '
"Daylight Blue" picture gives sharp,
bright pictures
Convenient fwnt controls for picture and
tound
Built-in adjustable
antenna
telescope menopole
$(095
when the sraMin rolls around
nel year would he wise to look
the market over now during the
off season. I
This is a period when sales '
are comparatively dull, and
dealers are ready to offer size- j
ahle discounts, aiong with other i
incentives such as free winter '
storage and free launching in t
the spring.
While prices won't be knocked j
down much on Ihe new lfltM
models, many dealers have on j
hand unused 1:) boats which j
they would like to clear out nf j
their inventory. Discounts on
some of these may run as high
as '.'5 per cent. j
Then there are used boats. I
Prices on these also are at their
lowest in the fall and winter
: months when demand is least.
Additionally, many used boats
I include a lot of equipment that
would be costly when il came
to fitting out a new boat in Ihe
i spring.
I Inspect I'secl Nital
I Hefore buying any used boat,
however, it should be given a
thorough inspection, preferably .
by a marine surveyor who
knows where to look for rot and
I decay and other signs of deter
I loiation in a wood boat and for
signs of structural weakness in
t a fiberglass craft.
A marine sumnm's charge is
j usually only a small percentage
! of llie amount about lo be in
i vested in a used boat and is
' well w orth it
1 One good bet in the used
I boat market is an aluminum
craft. These metal craft arc not
Ihe inboard and outboard lines
will be exhibited at Ihe ltlfil
boat shows by C'olumbiant
Bronze Corp.
Leo P. Traeger. the comp
any's sales manager, said Ihe
new styles were being produced
in the belief that with the cur
rent expansion of the stern
drive market "there will be a
significant demand this coming
season for the same variety in
outdrive propellers that we of
fer in our inboard line."
"We expeel that closer atten
tion will be paid by outdrive
owners to propeller selection.
sinre there has been accumulat
ed a sufficient backlog of ex
perience to determine Ihe fac
tors that will produce increased
efficiency the mating nf the
propeller to boat usage or en
gine performance being im
portant ones." Traeger said.
"Too. there are now a sub
stantial number nf older out
drives which could benefit by
a change in propeller pitch or
diameter "
Previously, the company has
provided mostly standard re
placement propellers for stern
drives. The new stvles will give
stein drive owners the same
wide ranee of propeller-encinr-
hull usae matching pnsMr
lies as that given inboard and
outboard users.
Don't Buy Any TV Until You See
G.E.!
MEDF0RDt4'iJrRIBUNE
Sfofion Wagons Get
Mixed Up in Seattle
SEATTLE d'Pn - Harold
Rowc of Seattle parked his sta
tion wagon near a barber shop
subject to many ot the Hazards recently and went m for a hair-
that affect wood and tinergiass.
and many four and (ivo-ycar-old
aluminum boats are uist as ser
viceable today as the day they
were built.
In buying any used boat, the
dest ihmg is to look (or a
"brand name" boat put out by
a l im that still is doing busi
ness. Theie aie hundreds of
craft on the used boat market
now that were manufactured by
companies which since have
gone nut of business many
of ihrm purmply berause their
products were sub-standard.
Three new styles of propel-
cut.
When he returned to Ihe park
ing space, the vehicle was gone.
Howe notified Ihe police.
Later in Ihe day. police re
ceived a call from W ide Ash
ley, operator of a used car lot.
.h!ev hail parked a station
wagon of Ihe same nnsicl and
color near Ihe barber shop, and
when his wile came by. Ashley
told her she could drive the sta
tion wagon home.
Surprisingly, the ignihnn kev
In the station wagon frnm Ihe
Used car lot worked perfectly
on Howe's vehicle.
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303 SO. FRONT ST. Ph. 772-5595
0