HERALD AND NEWS. Klamath Fairs. Ore.
Sundav, Januarv 31. IflfiO
PACV. 3A
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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
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A in. t -
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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
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acres of fine alfalfa hay. Grade A Dairy set up and many good out build
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T. B. WAITERS
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