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About Herald and news. (Klamath Falls, Or.) 1942-current | View Entire Issue (Jan. 31, 1960)
HERALD AND NEWS. Klamath Fairs. Ore. Sundav, Januarv 31. IflfiO PACV. 3A f ' I : V " ' v HB19 I'fel Jfr'k 5"'" pp- . y Stock Mart Ends January By Taking Perplexing Dip By El) MOUSE AP Biisinesi News Writer NEW YORK (AP) The stock market has ended the first month o( the "Golden Sixties" by taking one of the sharpest and most perplexing losses in history. About 19 billion Hollars was shorn from the quoted value of stocks listed on the New York Stock Exchange, based on the decline in The Associated Press average. This brought the total listed value down to 288 billion. The AP BO-stock average fell $13.80 from its Dec. 31 close to 16.70, far below its record high of $235.80 set last Aug. 3. The most useful comparison was the "sputnikerl" market of 19.Y when the AP average toppled from a high of $188 80 on July 12 to a low of $150.!)0 on Oct. 22, a loss of $37.90. The January 10 market, how ever, lacked such dramatic rca sons as a boost in the discount rate, sharp cuts in defense spend- TRYING IT FOR SIZE Encasing about 450 tons of rock, this towering wooden cylinder resembles a gigantic waste basket in Zurich, Switzerland. Set on steel beams and timbers, it was erected and filled with rocks to test whether the ground beneath it was firm enough to support a proposed new apart ment house. The outcome remains a mystery. Youths Given 90 Days NEW YORK (AP) Three youths accused of acting like Nazis were sentenced Friday to 90-day terms in the work house. The trio, who pleaded they were trying to fight communism, are Seth . Ryan, 21, Gilbert Demillo, 20, and Hugh Bruce, 17. Witnesses said the threo strut ted through Union Square park last Tuesday giving Nazi salutes and shouting "Heil Hitler" during a rally in the park protesting re cent antiscmitic acts. Rabbi Harold Marateck, who signed a complaint against them, aid he was taunted with the Nazi salute. Rabbi Marateck is a sur vivor of a Nazi concentration camp. Before sentencing the youths, who had been charged with dis orderly conduct, Magistrate Vin cent Rao said: "The swastika is a symbol of hale. They think they're the only ones who can fight Communists. I find thorn all guilty. I think they are all anlisemitic." NO EAGLE HARTFORD, Conn. (UPI) Golfer Robert C. Tangarone got a par and a birdie on the same hole. The latter was an escaped parakeet which he captured be fore sinking his putt. in? and the launching of the first Soviet sputnik, all of which quick ened the '57 decline. Instead, the January l'.0 mar ket started in a blaze of (.lory. On the first day of trading the market had an agreement to end the prolonged steel strike as news to spur prices. The list advanced and on the second day of trading the How Jones industrial average surged to a new historic closing high of 685.47. That was the last show of strength all month. As trading ended for January, the Dow industrials were down to (j','2.62, a loss of 56.74 since Dec. il; 1959. What happened? With the uncer tainty of the steel labor situation out of the way Wall Street had eliminated its major worry. Steel and auto production began boom ing. President Eisenhower budget cd a surplus. All important ceo nomic yardsticks were climbing. Lven as the market was going to a new high in the Dow, brokers were predicting a highly selective UHiO market. The street began to worry about "light money. In terest rates were boosted in var ious categories of credit and it was feared the Federal Reserve Board would raise the discount rate. In the second week of the new year, there was eager public buy ing of one-year U.S. Treasury bills yielding 5.36 per cent. Most common stocks, particu larly "growth" stocks which hud risen sensationally, yielded little or nothing. Both the public and big institutional investors begun taking shelter from an uncertain stock market by putting money into bonds and shorter-term ob ligations, pending some sign that the market was firmly based and was on a longer-term upward I rend. In the week just ended, the AP 6fl-stock average fell $6.70 to $216.70. its worst weekly loss since 'he week ended Oct. 11, 1957 when it fell $8 20. The Dow industrials last week tell 23.23 to 622.62. Volume was H.0O5.49O snares compared with 14,219.090 the pre vious week. The five most active issues last vcek on the American Stock Ex change were: Silver Creek Precision, off at IH on 183.BOO shares; Webb Si Knapp. unchanged at l'i. Israel-American Oil, off ' at I'm Guild Films, up 'i at 2:1; and New Pacific Coal & Oils, un changed at 11-16. The five most active slinks on the New York Stock Exchange were: Studebakcr Packard (when is sued I, off 2 at I3 on 235.300 shares; American Motors, off 5Ti at 78;, : Studebaker-Packard com mon, off 34 at 17-1; General Motors, oft 2ni at 47'; and Ford, olf 4-' at 79 . Condition Of MacArthur Reported As Not Alarming NEW YORK (AP)-Gen. Doug las MacArthur, who celebrated his 80th birthday last Tuesday, is in Lenox Hill Hospital for an ex amination of a urological condition. 'There is nothing alarming about Gen. MacArthur's condi tion," said Col. Gordon Barclay, Army public information officer. Dr. George W. Slaughter ex amined MacArthur at his Waldorf Towers apartment . Friday, and recommended that he enter the hospital for "medical observation and study." The general, a veteran of two world wars, walked unassisted from his apartment to a limousine which took him to the hospital. lie was reported "resting com fortably for the night." He is ex pected to remain at the hospital several days. The hospital said the tests he is being given include urinalysis, blood count, blood chemistry, chest X-ray and an electro-cardi-agram. The general's chief aide, Maj. Gen. Courtney Whitney, retired, said there was no record that MacArthur had ever been a hospital patient before. On his birthday, MacArthur re ceived telegrams from President Eisenhower and other world lead ers. Vice President Richard M. Nixon and Mrs. Nixon paid him a visit, and nearly 100 of his old military friends attended his birth day party. The general has lived with his wife, Jean, in the 7-room apart ment since former President Har ry Truman relieved him of his Korean command 9 years ago. MacArthur seldom leaves the apartment, almost never makes public appearances. As board chairman of Sperry- Rand Corp., he earns $68,800 a year but his job is largely advis ory. As general of the Army still WHY WESTERNS HOLLYWOOD (UPI) The American .public has taken so strongly to westerns on television because 'they feel resentment at the present' way of life, according to novelist-producer Frank Gruber. "No place else is good old-fashioned rugged individualism so pro nounced as in western stories," says Gruber. "In the days of the old West, a man faced with a problem went out and took care of it his own way. He didn't depend upon someone else or some agency to do it for him Now Open For Business! ODESSA COFFEE SHOP Rocky Point Road . . . 1 Vz Miles "this side" of Tomahawk Ski Lift. Mr. and Mrs. Joseph Adam, Owners. ' SERVING STEAKS, CHICKEN DINNERS SPECIALTY LUNCHES & HOMEMADE PIES HOURS: 8 a.m. to. 9 p.m. For reservations call ELIiort 6-2250 Rocky Point. on active duty, he is entitled to $20,543 a year in pay and allow ances. That rank cannot be re tired. His son. Arthur, 21, is a stu dent at Columbia University and has his own apartment near the campus. r , . , i - ; , f.,i vTui A in. t - -t r y : NEATahplioM STATUE DEFILED A statue of former TJ. S. President Franklin D. Roosevelt is shown in Oslo, Norway, smeared with the words "Potsdam Joedisk Landhandlcr," meaning Potsdam Jewish Peddler. The statue was raised by the Norwegian people in honor of the late U. S. leader. The incident was the latest outbreak of the anti-Semitic dis turbances in much of the world. . r r Emu 234 ACRES Good diversified farm land. Well leveled and all irrigated. Has about 85 ; acres of fine alfalfa hay. Grade A Dairy set up and many good out build ings. Has a fine 4 Bedroom Home. Free irrigation water. Low down pay ment on this and balance on easy terms. Priced to sell! - T. B. 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