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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (May 10, 1959)
SUNDAY, MAY 10, 1959 HERA ID AND NEWS. KLAMATH FALLS. OREGON PAGE SA Business News By FLORENCE JENKINS For the first time since the Savings-4 Profit Sharing Pension Fund of Sears, Roebuck & Co. employes was established in l'JIti. 27 Klamath Falls members with a vested beneficial interest in Sears slock held by the Fund are to give instructions as to how their stock is to be voted at the company's annual meeting tomorrow ... al together, some 80,000 Sears em ployes in the nation received se cret ballots to be used to vote their Sears stock . . . according to Chuck Burman, new manager ol the Klamath Falls store, the vote will be tabulated by the ac counting firm ot Price Waterhouse & Co. in Chicago . . . approxi mately 95 per cent of the more than 19 million shares of Sears stock held by the Fund (which is 26 per cent of Sears stock out standing) will be voted under the new plan just put into effect. -0 Bids will be opened at 7:30 p.m. Monday by the city council for installing sewers in Sewer Unit 26A . . . work consists of install ing sanitary sewers along Shasta Way, Washburn Way and Pershing Way to serve the Rickfalls Apart ments. 93-unit -apartments being built by Vik Construction Co. . . . the sewers will require 2.516 lin eal feet of cement asbestos, vitri- lied clay or concrete sewer woe In 12-inch and in 14-inch or 15- inch sizes, 10 manholes and mis cellaneous items. of this situation, efforts are being made in the Congress of the U.S. to increase this even more," Correction . . . there was con siderable consternation at Colyear Motor Sales Co., 508 So. 6th last week as a result of 'an uninten tional error in this column last Sunday. . . . F. C. (Shorty) Hoi ston and his son. C. F. (Chuck) Holston, have formed the H & H Grinding Service at 4035 So. 6th . . . that much was accurate . . . but neither of the men has left Colyear Motor Sales Co. as was implied. . . . shorty, with Colyear for 22 years, is shop foreman and Chuck is a machinist with, the company ... the grinding busi ness is on their own time. Roch Bradshaw Is resigning as publisher of C. C. Crow Publica tions of Portland, effective June 1 . Mr. and Mrs, Bradshaw will leave June 19 on a two-month trip to Europe after which he will an nounce his future plans. i Gun Mix Concrete, 1815 Main St., owned and operated by James F. Smith, has been named as franchise dealer for Landon Blue Lake Swimming Pools (oldest and largest manufacturer of swimming pools in the county) . . . franchise covers Klamath, Lake, Jackson and Deschutes counties ... the pools will use Gunite construction . . . firm gives free estimates and terms. Will W. Wood, owner of Wood's Rexall Drugs, 931 Main St., has been awarded the Mortar & Pes tle Trophy, presented by the Rex all Drug Co. as an. annual award to outstanding druggists, for 1958 . . . this is the third successive year the award has come to this local pharmacist . . . the histor ical mortar and pestle, still an im portant implement in the drug, gist's profession for use in pulver izing medicinal herbs, is an an cient symbol of pharmacy ... its use is recorded in histories of an cient Egyptians, Hebrews of Bib Ucal times and the Roman era. The Portland Symphony Orches tra has a date to play in Klam ath Falls on June 29, according to B. K. Swartz, Jr.. coordinator of Centennial activities here . . . conductor is Piero Bellugf who has just signed a two-year contract with the Fortlana group. 0 The 300,000th Volkswagen built for sale in the U.S. left the as sembly line at the Wolfsburg, Ger many, plant on April 29, accord lne to word from Dr. Heinz Nord- hoff, director general, at the na tional meeting of the American Volkswagen distributors last week at Boca Raton, norma. California State Department of Motor Vehicles reports that 2,600 mobile homes and travel trailers were sold in California during Jan uary and February, a gain of 9.1 per cent over last year . . . total 1958 sales in the 11 Western States were 32,000 mobile homes ... it is estimated that more than one million persons in the 11 West ern States live in trailer coaches, 0 Consolidated statement of earn ings for the three months period ending on March 31, 1959, has just been released by uenerai Amer ican Corooration ... in April, at the time the 10 per cent stock dividend was declared. General American common stock was sflline at S335 to $345 a share . on April 30, the directors declared a quarterly dividend of 60 cents per share payame June l to siock holders of record May IS. Appointment of C. Kimball of San Francisco to tne position oi director ot transportation lor ui ey hound Lines' Western division was announced on May 1, by M. C. Frailey. executive vice president nf Western Grevhound ... the Western division includes the en -tire area west of the Rockies. Two contract awards for work for the Air Force have been an nnnneorf hv the 13th Naval Dis trict, Seattle, according to the lo cal Navy contracting office. . . . Thompson & Georgeson, Inc., Portland, on low bid of $98,538, has the contract for installing the utotar lin nlv lines. ACJtW facili ties (Keno), NBY 6633, . . . other bidders were rnocnu-maiinewi i9i nnn. and John Kovtynovlch Eugene. $124,400. . . . Plnniger & Watkint. Klamath Falls, on a low KiH nf i95?n received a contract for renovation of the Electronics Bldg., Naval Reserve Electronics. NBY 23153 . . . other bidders were Ernest Steinlicht, . Bene b.sto, and A. H. Patterson, Klamath Falls, $2742.43. Standard Insurance Co. (Port land) reported one of the best iM,r( In its historv in 1953 . life insurance sales topped the $100 million mark lor tne second con secutive year . . . accident and .;na nraminmc increased more than 40 Der cent ... the interest nn .nmnnnv inVPttmentS im litIC VIII VUII.J-".. r,,H chctantial v to reach the k;nhACi lavitl in more than 20 years . . . also benefit payments to policyowners and bcnencianes reached an all time high. . . . C f.nnnn PnmfiBIlT president, said this in Standard's i MnMt . "Policy- owner In mutual life Insurance -unanlm already carry a tax burden which is almost three times great as the average tax on ether form, of savings. In pit Strout Realty, whose local repre sentatives are Robert and Stella Dchlinger, shows a 40 per cent increase in sales this year to date as its national average over the same period in 1958 ... the first quarter made a Western Division record with March sales up 140 per cent over March last year. . K. H. Myers, president of Strout, the world's largest coast-to- coast real estate brokerage firm said the chief contributing factors to this upswing in real estate ac tivity are population pressures, an expanding economy and a shift to real estate by many investors as a hedge against inflation. Three major changes in Tex- aco's Pacific Coast regional sales organization were announced last week by J. T. Wood, Jr., senior vice president for the company at Los Angeles. . . . I. G. Morgan assistant general sales manager since 1953, nas succeeded u. E Beaton, general sales manager- Pacific Coast region, who retired May 1 alter 40 years with Tex aco. . . . H. E. Paul, manager of lexacos Seattle sales division, succeeds Morgan as assistant gen eral sales manager, Pacific Coast region, and A. G. Daubert. as sistant division sales manager, has become division sales manager in Seattle. .. . California Oregon Power Co. which operates an integrated sys tem in 10 counties in Uregon and California,, serving an estimated population of 250,000 through the operation of 1,874 miles of trans mission lines and 5,038 miles of distribution lines, showed an In crease in book value per share of common stock of $26.36, up from $26.04 last year and an increase in net income despite a big in crease in operating expenses and state, local and miscellaneous fed eral taxes for 1958 . . . earnings per share of common stock stood at $1.98 for 1956 compared with $1.85 for 1957 ... an indication of good company management . at the same time, during 1958. a total of $14,063,595 was spent for additions and improvements com pared with $13,573,715 during 1957 . . . both residential customers and commercial and industrial cus tomers increased in number dur ing the year ... the report to shareholders was signed by A. S. Cummins, president. The lead story in the April Southern Pacific Bulletin which ar rived on May 1 announced operat ing changes ... an excellent pic ture of A. W. Kilborn, SP Shasta division superintendent (at Duns- muir) from 1955 to 1958, was in cluded, with the formal an nouncement of his being named as superintendent of Pacific Lines' Portland division, succeeding L. R. Smith who has moved from Port land to Houston to take over the assistant general manager's post. . Kilborn started with SP at Portland in 1936 as a fireman. . . . story appeared locally some weexs bacx. JH .'.I. imai V'ViA-irTi- trfiw 11 mi auM) i Like Circus Acrobat, Mart Readjusting PRESIDENT EISENHOWER, left, and Sir Winston Churchill confer with ailing former Sec retary of State John Foster Dulles in his quarters at Walter Reed Hospital in Washington. DIGGING 8B jjjjjp ' into the Mr DEEP Sedimtnft should providt ."SSy .cc-iiciizcc 2 answers to proem of gggr r rSFfT'l SEDIMENT jfr V P s K'v "7J -V Original wrlon of tlx fefe; rqK- it? p ""it g ho-v 5 forth moy to Wo SSfe , i CtA t3A ,3 wim.nt, holding kiy t V ' "".y w iJfcT"-'r L y n , ( lOcoon CrUIl)t, : ; r n L i- mi.ii . MOHO Jt ? ' I dom soon 25 milti, dttpor Ili Mmm&Ii'S IX ' 1 f '"""f " -I " ---- --- . bfe. "wntwxma By ELMER C. WAI.ZER LPI Financial Editor NEW YORK (UPD-Remember that old refrain some time buck when business was irregular- rolling readjustment? Today Eldon A. Grimm, analyst for Walston & Co., has applied that term to the slock market. Like an acrobat in a circus," says Grimm, "this market has been undergoing a sort of rolling readjustment. The leadership on the upside has been provided by number of space issues, wonder drugs, etc. Most of the prominent groups of stocks have done little or noth ing. So what's the outlook now for some of these sluggish groups? Which group will lead the next phase of the market?" Steels: Which he believes will perform better if there is a strike than if one is averted "because a strike would result in inventories of steel being used up and then the mills could go into heavy production again. Oils: The good oils wilh large reserves in the ground serve as inflation hedges. Papers: Several paper issues. seem 10 oner excellent values dc cause (1) of the growth of dc mand for paper, and (2) because almost all paper companies boast large holdings of timberlands, and forest lands tend to increase in value. Coppers: Grimm thfnks some of the better companies should show some very good earnings, strike or no strike. Rails: There could be a spark ol life, now and then, in individual rail shares with good earnings. Rails would be aided by a further pickup in heavy manufacturing industries. It's anybody's guess which group will lead. It may be some group not mentioned here, such as the motors which haven't had any real spark in some time. The question of when this change in market activity Is to come is illuminated by Joseph H. Granville, analyst for E. F, Hut ton & Co. , Granville finds the most en couraging indication that the next reaction in the market will be of very temporary duration is the rise in the confidence index to 89.2 from 88.1. Here is how this confidence in dex is calculated, according to Granville: When confidence runs high there is a tendency to move away from primary bonds into secondary bonds. This lowers the yield on secondary bonds in relation to primary bonds. Dividing the sec ondary yield into the primary yield results in an increased con fidence quotient. When confidence runs low, the reverse takes place. Granville, tracing the index back to 1931. finds that it has a strong tendency to signal signifi cant stock trend movements some two months in advance. Currently, he says, the Index has been signalling a reaction to lake place prior to May 26th. However," he concludes, "the fact that the index has now made three consecutive advances, points to the conclusion that the May dip will be followed by a strong recovery with new market highs. "This may coincide with h realization that the second quar ter may be as strong as the first and this would intensify a bullish reappraisal for many issues on the basis that the new price earnings ratios created would look attractively low." Granville doesn't say so, but the market's reaction he looks for could be handled by its ap parent rolling readjustment now soing on. That kind of readjust ment in business, it will be re called, was an adjustment in soma lines while others held strong to steady the economy. Railroad ties, the wooden beams on which the steel tracks are laid, cost an average of $3 each. i o in - 1 NOMINATED for Achievement Awards sponsored annually by the National Council of Teachers of English are that Klamath Union High School seniors: from loft, Don Isensee, Mikell Thurston and Pamela LeSrando. Winners wilj b announced next January. Students are- judged by writing ability and literary knowledge. If they win, they will re ceive recommendations for scholarships at c o 1 1 g f or universities they attend. About 5,000 top students through out the nation are expected to get the awards. " ' Scientists Drill Toward 'Inner' Space The same issue of the SP Bul letin has a four page article, with pictures, of the Lakeview Mining Company's uranium mining and milling operation at Lakeview . . . one picture shows Al Kusler, dis trict freight and passenger agent, and Barry Donnelly, traveling freight and passenger agent 'both of Klamath Falls), listening to John Veechies, assistant mill su perintendent at Lakeview, explain how the uranium ore is extracted and comes out yellow cake for the AEC. Three bids were received by the 13th Naval District, Seattle, for providing a water supply line to AC&W Facilities (Keno). , . . NBY 6633. . . . Thompson & Georgeson, Portland. $98,538. . . . Phoenix-Matthews, Klamath Falls, $121,000. . . . John Kovtynovich, Eugene. $124,400 . . . bids are under advisement. Lonnie Hartman, representative for General Foods Corp., Institu tional division, for the entire Ore gon area, was a recent visitor here from Portland . . . visiting, also, with E. G. Hedlund, engrav ing dept. head for Herald and News, with whom -he worked be fore joining General Foods more than 18 years ago. Nick Vanlklotii of Medford Southern Oregon representative for Pillsbury Mills, said here last week that he is being transferred into the Portland district late in March. . . . George Maness to succeed him and call oa Klamath Basin area. WASHINGTON MV-This month, while missile scientists at Cape Canaveral, Florida, watch their creations roar toward outer space, scientists several hundred miles to the southeast will be taking the first big step in probing inner space. The project is called, "Drilling the Mohole." In brief, it's an at tempt to obtain an actual sample of the mantle, the largest of the three layers forming the interior of the earth and never before touched by man's instruments. It gets its odd name from the Moho" (short for Mohorovicic discontinuity), an indefinite boun dary between the crust and the mantle. Willard Bascom, technical direc tor of the project, points out that in addition to first certain knowl edge of the composition of the mantle, sample cores on the way down will provide a new picture on what the earth and life on it was like up to more than 515 million years ago. The probable site of the drilling is an area about 100 miles north of Puerto Rico. About the middle of May, geologists on three vessels will explore! the ocean bottom there to see if it Is a likely site for drilling the first preliminary hold. Russian scientists are reported doing the same in the sea of Japan. Once preliminaries are over, the scientists intend to drill a series of shallow holes as test. Even tually, they will drill into the mantle of the earth. The drill will pass through a layer of sediment on the ocean bottom before reach ing the crust, Moho and mantle. The sediment, scientists believe, has been formed since life began in the primordial oceans. Samples of fossils may help determine the process of evolution. Scientists, in drilling Mohole, naturally want a spot where the crust ol the earth is thinnest and the mantle closest to the surface Rut because of the earth's struc lure, the crust is thinnest in the ocean, thickest under land mass- To reach the Moho under a con tinent could mean drilling 20 miles four times the depth of the deep est oil well. But, from parts of the ocean, the Moho may be only 3't miles under the ocean floor. One of the project's biggest problems is finding a drilling rig that can operate m neen water. Oil companies have drilled wells off the Gulf States and Califor nia coasts, but no one up to now has tried to drill a major hole in waters 214 to 3 miles deep. One obvious problem will be how to hold the drilling barge directly over the hole in the middle of an ocean too deep for convention al anchors. Bascom is confident that engi neers either will modify existing oil rigs to do the job or design new one that can. But he says the difficulties are so great lie cannot make a time-table for drilling. The Mohole, Bascom explains. has no known military significance and the race with the Russians is purely a scientific one. He adds: "We would like to race the Rus sians, not to get to the Mohole first, but to get the most informa tion about It." Mohole actually started as joke, but as scientists became more aware of the importance, of sucn a project, ine national Acad emy of Sciences, a private organ ization which advises the govern ment, became interested and gave its backing. - The National Science Foundation, a government agency, provided funds for the present preparatory studies. Nuclear Fallout Centered On Northern Hemisphere WASHINGTON (AP) Radioac tive fallout from huge Soviet- nu clear weapons tests is concen trated in the Northern Hemisphere and reaches the earth much fast er than expected, top government scientists now believe. Their teslimony on the Soviet- produced fallout was presented to senate-House Atomic energy subcommittee Tuesday. The scientists said fallout from United States and British tests also was descending faster than they had originally estimated. though not at the rate of the Sovi et - produced debris. Evangelists Holding Rites Revival services are being held at the Lakeside Nazarene Church starting Sunday, May 10, and con tinuing through Sunday, May 17, with the Rev. L. D. Wright, Klam ath Falls and Ihe Rev. Roscoc Pershall bringing the evangelistic messages. Services will begin each evening at 7:30 at the church, Quarry and Acosta. The Rev. W. R. Trusty, local pastor, invites the public to be present for the services. The Rev. Pershall, Oregon City, is a full-time evangelist in the Church of the Nazarene. He is also director of evangelism for the Ore gon Pacific District. His lormal school was at Northwest Nazarene College, Nampa, Idaho. He pas- tored Nazarene churches for 10 years. . Atomic Energy Commission Chairman John A. McCone sound ed a reassuring note. In a speech to the National Press Club, Mc Cone said a scientific advisory committee soon "will give further reassurance to the people of the world about the very small hazard resulting from fallout," The three nuclear powers the Soviet Union, Britain and the United Stales are in the North ern Hemisphere where the fallout rate is highest. At Geneva they now are trying to reach agreement to suspend all atomic tests. N Dr. Willard F. Libby. the scien tist member of the AEC, told the subcommittee in 1957 he believed the radioactive debris falls to earth in 5 to 10 years. Tuesday he said he had modified his thinking considerably. He es timated that Soviet fallout, mostly from tests in the Far North, de scends m one year. That from u.S and British blasts, principally In the Pacific near the equator takes four to five years, he said. Dr. Lester Machta, U.S. Weath cr Bureau meteorologist, testified that strontium 90 one of the most deadly fallout substances is much heavier in the north temper ate zone. He said that over-all fallout In the Northern Hemisphere probably is 2'k times the world average. This spring, after the big Soviet blasts of last October, "promises to produce the highest fallout rate of any spring this far, the mete orologist said. Old Swedes Church in Philadel phia is the oldest church in the city. It was built in 1700. BE WISE! MARTINIZE DRIVE-IN CLEANERS 2041 Radcliffa So. 4th Letha Irene Pride, a 12-year- old cow near Princeton, N.J., set a world's record by producing 1,733 pounds of butterfat as well as 34.810 pounds of milk in 365 days. That is about four times the average of tht usual cow. 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