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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.
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