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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Oct. 29, 1959)
PAGE 10 A HERALD AND NEWS, Klamalh Falls, Ore. Thursday. October 29, 19.r9 Stock Market Crashed Thirty Years Ago Today By SAM DAWSON AP Businesa N'cwi Anaylst NEW YORK, (AP)-Like the survivors of the blizzard of 1888 the survivors of Black Tuesday on the stock market have long mem ories. It was 30 years ago today Oct. 29. 1929 that the bottom dropped out of the stock market. Today's stock market has been booming. But most brokers stress all the measures taken since 1929 to keep the debacle from happen ing again. And they think the majority of Americans are more sensible now. Stock prices had been riding high in 1929 ridiculously high, whether measured by earnings assets or prospects. Many of the stocks were new and untried, and some were phony or close to it. The little fellow was in the Baptists Hit Segregation KANSAS CITY, Mo. 'APl-Thc Missouri Baptist Convention ap proved a report Wednesday stat ing that "racial segregation can not be maintained in a truly Christian society." The report said public places "designed to serve all the people cannot be regarded as private in stitutions from which a group may be excluded because of color. That is a denial of basic human rights in a democracy; it' is a rejection of Christian ethics. "White people in America must learn to separate their private lives from their public institutions to reach a solution of the prob lem." Adopted without a dissent by about 1.000 persons, the report said: "Let us insist on respect for our colored neighbors in Mis souri and actively support their rights as fellow Americans and. in many cases, as fellow Christians." Beck Takes New Office SEATTLE, Wash. (AP)-Dave Beck, who once directed the af fairs of the big Teamsters' Union is now taking quarters in a down town Seattle parking lot. It Is not out of any need, though. Beck owns the block-square lot. Besides, he still receives an an nual pension of $30,000 from the Teamsters. Beck said he decided to take over active operation of the lot because business was "not build ing up (he way it should" with hired help. "It's building up very well, now," he said. "We're doing very well." Beck, 65, puis in a full day at the lot. It is located across the street from the Teamsters Union Building, where he once made his headquarters and from where he now gets a lot of parking business. He has an appeal pending on his Feb. 19 conviction of evading $225,000 in income taxes lor the years 1950-53. market up to his neck and often over it. He had taken his life sav ings to gamble. Often he had only a 10 per cent equity in his hold ings. The rest was borrowed money. So, many were wiped out over night. Banks tottered. The de prcssion not prosperity was just around the corner. A lot of big boys were in there, loo, and on shaky ground. Many of them also were wiped out and some committed suicide or died of heart failure. On Black Tuesday a record 16.410.030 shares were traded on the New York Stock Exchange in the frantic clfort to unload. In a scries of lesser falls prices kept on going down until mid-1932. But in the wake of Black Tues day came a long scries of meas ures by Ihe government and by private business and financial in stitutions to tidy up stock market practices and guard against repetition of Ihe disaster. True, stock prices have recov ered and pulled well ahead of 1929 hitting a new record high this August. Trading is often fairly heavy but not at the rate of the four and five million share days ot the late 1920s. This year daily trading aver aged 3,800,000 in the first three months, 3,200.000 in the second quarler, and 2,800,000 in the third This year you must have a 90 per cent cash down payment when you buy a share, not 10 per cent The Securities and Exchange Commission (born in the 1930s) takes a close look at any new stock offered for sale. It and the stock exchanges police the activi ties of corporal ions whose stocks are listed. And they demand de tailed financial information Irom the companies. This is available to the buyer. They also police the activities of brokers and dealers. Federal insurance agencies back bank deposits and guarantee home mortgages. To get wiped out over night you really must have every thing in one basket. You can get badly hurt in the stock market today. That's for sure. PV H"L y r:J" AWARD WINNER David Saks, left, Klamath Falls, was named the year's outstanding Oregon Journal carrier at a meeting of Midland Grange last week. Dale Maxwell, Journal area supervisor, made the presentation. GRANGE NEWS MICHAEL P. LAVENIK, left, and OTTO L. SMITH Youth Office Tells Rundown The County Juvenile Office re ported today that 48 juveniles were arrested on 48 traffic charges dur ing September. The arrests bring lo 349 the number of arrests for the year to dale. As usual, moving violations were numerous. The ottice reported 23 of these, including nine arrests for running traffic lights or stop signs, and six arrests for speeding. Of a total ot 25 oilier violations, nine were for loud mufflers and six were for having no operator's license. For the month, the office report ed 14 repeat violators, an esti mated $227 in property damage, and six license suspensions. Most arrests (15) were of young sters between 17 and 17'4 years old; there were 11 arrests of driv ers between IB and 16'4 and 11 ar rests of drivers between lli'i and 17. KC Honor Given Man Michael P. Lavcnik was present ed with an honorary life member ship pin in the Knights of Colum bus during Ihe October IB meeting in the KC Hall. Presentation of (lie emblem pin and membership card to the honored member was made by Olio L. Smith, past state deputy and present district mas ter of the Fourth Degree for the stale of Oregon. Mr. Lavcnik is a past grand knight and charter member ot the local council. To quality for a life member ship the candidate must have been a inomher for 25 years and 75 years old. Ml. McLaughlin Council was or ganized in 1921. The new life mem ber, known by knights throughout Oregon, has been a member for 38 years, and has been one of the .lost active of the council mem bers. He was elected grand knight in 1923 and again in 1';I25. He re ceived the honor of the fourth de gree as a charter member of Arch bishop F. N. Blanclictl Grand As sembly, Klamalh Falls, in 1944 and was elected faithful navigator in 19411. The presentation followed initia lion. Weather Table By THE ASSOCIATED PRESS COATS are topping everything this winter. Our prettiest selection of prc cen, 8-14, girl's 7-14 ond 3 6x. In imported llolion Iwccdi, herringbones, wool, wool ond costimcre fleeces. Left: pre tn 8-14 In grey tweed with hit otlon fur collar, $24.98. R'Qht: Wool ond cashmere 'te In brown, red or blue, 8-14, $22.98. itti ill , rrn u Panel or red colotH Inr? cor cools for the 7-14 cScrw. Completely washable r only $17.98. Others, $ $ io $14.98. YOUNG SHOP High Low Pr. Albany, clear 43 27 Albuquerque, cloudy 70 51 .01 Anchorage, cloudy , 49 32 .05 Atlanta, rain 61 49 .17 Bismarck, snow 48 30 T Boston, clear 49 34 Buffalo, clear 40 33 Chicago, cloudy 4(i 40 Cleveland, clear 45 33 Denver, snow 5li 33 .61 Dos Moines, clear 55 37 Detroit, cloudy 42 32 Fort Worth, clear 66 48 Helena, snow 43 32 .11 Honolulu, clear 85 74 Indianapolis, clear 51 33 Kansas City, clear 60 45 Los Angeles, clear 73 57 Louisville, clear 57 36 Memphis, cloudy 58 43 Miami, clear 84 80 Milwaukee, cloudy 42 35 Mpls.-St. Paul, clear 42 38 New Orleans, rain 59 57 .87 New York, clear 49 37 Oklahoma City, clear 65 44 Omaha, clear 55 38 Philadelphia, clear 51 31 Phoenix, clear 87 65 Pittsburgh, clear 48 27 Portland, Me., cloudy 46 28 Portland, Ore., cloudy 56 33 Rapid City, cloudy 53 33 Richmond, cloudy 56 34 St. Louis, clear 54 39 Salt Lake City, cloudy 54 36 San Francisco, clear 71 57 Seattle, cloudy 54 42 .02 Tampa, cloudy 81 73 .02 Washington, cloudy 56 37 MIDLAND David Saks. Oregon Journal newspaperboy in Klamath Falls, received the Philip L. Jackson Me morial award, ollcred annually by the Journal to one of its carriers in the state, during a meeting of Midland Grange Wednesday ol last week. The award was presented by the Journal sales representative. It is a newspaperboy slaluettc mounted on a polished wooden base. Citizenship, scholastic standing, leadership and business achieve ment are' criteria used in selec tion. Boys throughout the state first are nominated then considered by a selection committee which reviews their qualifications, includ ing records as news carriers. Saks, grandson of Mr. and Mrs. Alex Cammock, 2042 Vine Ave nue, is 16 years old, a vice presi dent of the Klamalh Union High School student body, a member of the KUHS K Club and a member of the junior varsity football squad. He has played baseball for the KU team two years, has studied the sport for eight years. Last summer he was catcher for the American Legion baseball team in Klamath Falls. He is a member of Sacred Heart Catholic Parish and of the Royal Neighbors of America Lodge and of Midland Grange 781. The boy was congratulated by County Grange Deputy L. W. Bar leen, Mr. and Mrs. Jack Kemnit- zer and Thomas Ward, formerly his teachers; Mrs. Christine Mur ray, a customer: John Paxton Saks' baseball coach for the past eight years, and Mrs. Paxton; and Margaret Gallager, a fellow stu dent. Saks also received a framed cer tificate signed by executives of the newspaper. Lecturer Mayme Cammock opened the meeting at 8 p.m. A large crowd attended. Chaplain Nellie Motschenbacher recited a prayer. At the close of the lec turer's prograffi the attendance sang "May the Good Lord Bless and Keep You." Officers, under direction of Mas ter James Flowers, performed the opening drill, flag presentation and the closing drill. Agricultural and legislative reports were given. Eleanor Sukraw and her Home Economics Committee served a no host dinner after the session. Serv ing on the Hospitality Committee were Mr. and Mrs. Floyd Hoover, Mr. and Mrs. Hip Largent, Leon Andricu, Mrs. Laura Walker and Mrs. Gertie Hurt. EASTS1DE GRANGE NEW PINE CREEK The East mann with his bid. He also bought Ihe travel iron donated by Lucas and Howard Furniture. The case of corn donated by Lakeview Marke teria went to Carroll Mulkey and t?is wife, Clem, bought the gallon of paint donated by Adams Home Service. A newly-weaned Landrace baby pig donated by Carroll Mulkey was Children were kept busy at the fish pond, and dart game. Danc ing concluded the evening with music furnished by the Grange Players. side Grange Bazaar" was one of the U'0B by I,rvin L' Faris' Aln!osl ' IT Trace) Local Business Man Found Guilty George Clark, a resident of Klamath Falls for 30 years, has been found guilty of several counts of contributing to the delinquency of an adult, Clark says it all started wilh the opening day of Oregon's deer season. A veritable army of deer hunters converged on Klamath Falls and among them friends of the defendant. He says he had a lapse of memory and forgot to take heed of his obli gations to the people of Klamalh County. (Editor's Note: Should mention that George Clark sells aluminum storm windows, combi nation doors and is an authority on winterizing your home.) Clark is not going to jail but promises to sell and install storm windows and no more interruptions till next lime. For the best in storm, windows and doors phone 'I'll 4-3241 or McGaughey's Trading House, 2508 Altamont Drive, TU 4893. Paid Adv. George Clark Windows manufactured by Cliff Wilson Co. adv. I biggest grange events held here in several years. Gross proceeds from the bazaar totaled $428.80, with more to come in. There will be some expenses on which a lull report will be made at Ihe next regular grange meeting, Novem ber 7. Home Ec Chairman Clem Mul key and other cooperating grange workers who made Ihe bazaar pos sible wish to extend their warm appreciation to Valley Falls i Grange members who attended in J a large group. They also wish to', thank all others for their support j which contributed much lo the suc cess of the venture. The hamper filled wilh usciul . items contributed by Home Ecj ladies went to Kellon Butler. At the auction the slab of bacon i donated by Bond Brothers meat packers was won by Mearle Loeh- dozen cakes were won in the cake walk game. World's Only fully Automatic Cleaner EI.ECTROLUX TARKEL TWEET Ph. 4-7167 2550 Whit. 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And now, with Its now ilim cote and handtome face, it took good enough lo 90 onywher T1 mttmtrn "If irAi 3 yror, tht Ant trttit failt to ptrferm through any mrrAriniro' drfrctt foMJufr flir), w trtll repair if Jrtr ejrhargt." tAs loni use fi tmosenco', crystal ind crown lntct 701 Main 9:30 to 5:30 tn w Mill fir r wwt ij New Tailored Verve Style R & 13 fk nix (8s m ra vast ia y u 1 SILD7ADL$ WITH FLASHING SIDE STONES (o)5 7 A Urge, centrally mounted toliteire diamond wilh trine smaller stones set on each side in a flourish de sign. All are mounted in an exquisitely carved 14 karat gold setting. STYLES SIMILAR IN DESIGN 7950 to 85000 NO MONEY DOWN f ' YSJ PAY NEXT YEAR S&:iW$ fJlst Payment in Jan., 1960 WSSt 701 Main 9:30 To 5:30
