Independent from Long Beach, California on February 1, 1960 · Page 2
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Independent from Long Beach, California · Page 2

Long Beach, California
Issue Date:
Monday, February 1, 1960
Page 2
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A.2-INDEPENDENT f--L.A.C. S A Y Sr Frustrating Month : The month of January was frustrating for the great majority of "experts" who had predicted higher fitrjck prices for the first half of 1960. Most of them expected the market to continue its last December rise Info all of January. But January closed out with the Worst slump for a month in the memory of millions of new investors who have been hurt in the stock market. But it was a mild month compared with those remembered by many who lived through some past bad months. ; · * * * ; The Dow-Jones averages fell off 56 points from the all-time high which it reached the early part of the" month. This is a decrease in the D-J averages of over 8 per cent. T,;is is a serious drop in market values at any time. But coming at the end of the steel strike when everyone seemed to think we were on the way to another stock-market boom, it was a greater shock. The question naturally is: how much further down will it go, and will it have enough strength to recover to attain again the 6S5 point this year? The experts are not quite as certain as they seemed to be only a month ago. It is, however, pointed out by conservative advisers that there has been no evidence of distress selling. In many previous stock-market breaks, people had to dump stocks because they bought them on margin. When the brokers called for higher margin deposits the speculator had to sell his stock. That brought about {.tie great panics of previous market breaks. With stock buyers having to pay cash to get stocks today there is little evidence many of them are forced to sell out. ft ft * Again the experts are warning that the present drop in the market is selective, just as its rise had been selective. Not all stocks have dropped during this last 30-day slump. But it is apparent that the stocks selling at very high price-earnings rates have taken a beating. It is also recognized that a number of good stocks are getting down to the ten-to-fifteen-times earnings ratio, and therefore are expected to attract considerable conservative money from individuals, pension and mutual funds. Before us is a graph showing the "dollar cost averaging" schedule for the last 30 years of the stocks in the Dow-Jones averages. This plan is based on the individual buying $1,000 of a company stock each year regardless of the price in any year. It shows that over the past 30 years such an investor would have made tremendous profits. In some years he would be paying a very high price-earnings ratio when the company was suffering losses. In other years the ratio was low. But the average company in the industries represented on the stock market have averaged out well for the investor who held his stock. ft * ft It niay be we will have a much more serious market break before recovery sets in. But there is good reason to believe business conditions are going to continue good. Profits are going to remain high, according to most economists. But stocks that were bought at high price-earnings prices are suffering from their low interest rates compared with the high interest paid on government bonds. But that can change quickly, as it has many times in the past. It is a good thing to remember if you have good stocks with rirpven long-time earning ability. Most stock-marke: fortunes have been made by people who rode out tough weather with good stocks.--L. A. C. (L.A.CA column, by L. A. Collini Sr., like otrnr columns, it an ei- prossion of personal opinion and does not necen/irily reflect the con- lidorcd opinion of iMi ncwipapor.} Insurgents Fight War of Nerves Vietnamese Repel Red Raid SAIGON, South Viet Nam W)--Vietnamese officials said S u n d a y that Communist Vietminh forces attacked an army unit northwest of Saigon, but were driven off with heavy casualties. "(Faced by a quick counterattack, the enemy was forced to withdraw leaving many dead and a great quanity of arms," t h e announcement added. Man and Boy Killed as Train Hits Auto AKRON, Ohio (UPI)--Zel mer H a m m o n d , 45, an Eugene King, 4, Akron, wer killed Sunday when a speed ing Erie p a s s e n g e r train slammed into a car carry ing at least seven person here. Three Tour other chil dren i- ..e car, ranging ir age frjm 2 to 16, were ad milled lo Children's Hospi lal. Several adults were sai to have been in the auto. Hearing Aid! IN THE _ : the amazing u Peanut" by Acousticon NO WIRES'NO BULKY BATTERIES'NO CORDS This it not a "gadqof." It's a REAL hearing aid, complete with volume control. It is especially good for those who do not want to wear a lioarinq aid al! tlio time. When in qroups, in church, cr in theaters, just slip it In your ear and you HEARI When not needed, carry if in welch pocket or coin purte. You have to tee it to believ« ill Free test and trial. Come lo the oHice, phone or mail coupon for home appointment. No obligation. ACOUSTICON of Long Beach Our Ntw, Modtrn Location 207 EAST 4TH ST.-- HE 2-8961 Bomb Blast Kills Five in Algiers ALGIERS (Monday) (/Pi- Hard-core French .insurgents, shaken by the pullout of some of their forces, stuck to their barricades inside a ring of ough army soldiers today. The insurgents pinned their lopes on a new show of sup- lort from Algiers' European lopulation in their fight gainst the government of 'resident Charles de Gaulle. One of the beleaguered de- enders said grimly: "This is war of nerves." * ? * * BOTH SIDES AWAITED he response of the civilian lasses to an insurgent order o continue the week-old genet al strike that has crippled his city since the uprising began. The insurgents previously lad announced that the strike would end today. Adding to the building tension was an Algerian national- st bomb explosion that killed ive persons Sunday and the hreat of further terrorist out- jreaks. From the countryside came news of stepped up nationalist ;uerriila activity while thousands of French troops were n Algiers dealing with the rightist insurgents. * * * * FIRM ARMY A C T I O N brought the first cracks in the josition of the right-wing dissidents, who have been defy- ng the government of President de Gaulle a week. For the first lime the army cordon around the insurgent stronghold in the heart of Algiers kept out the Algiers mob and most of the insur- ;ents' outside support. The marked stiffening of he army's attitude followed he sudden replacement of ?rig. Gen. Jean Gracieux by Jrig. Gen. Kleber Toulouse as on-the-spot commander. Gra- cieux was sent back to the countryside to fight the Al- ,erian nationalist rebels. ff q -\: » NO ASSAULT on the barricades was expected, but it was obvious that the insur- ;ents were wavering in the 'ace of the army's successes. Inside the insurgent strong- wlds, some of the estimated 2,000 holdouts pleaded with one of their leaders, Pierre La- aillarcie, lo surrender before it was too late. Others shouted not to give up--that there was still hope. Governor to Seek $2.5-Rillion Budget SACRAMENTO /P)--Gov. Edmund G. Brown takes his 1960-61 state budget to the Legislature Monday. ^He is exacted to seek a record 2.5 billion dollars for the year start- n g July I . - FRENCH SOLDIER looks at body of fellow paratrooper killed in Algiers by bomb explosion Sunday. Nurse in background hurries toward other paratroopers. --(AP via radio.) COMPLETE WEATHER FORECAST Beach and Vicinity: Considerable cloudiness nioht and morning hours. ( artly sunnv afternoons 1oday and Tuesday. Llltlc change in tempera- .· urc. High today near 61. temperatures. · ^ inshore Wind and Weather Forecast .(Pt. Concepclon to Mexican Border): : Light variable winds night and morning hours becoming west to south: west 10 to 30 m.p.h. In afternoons lodjy and Tuesday. Considerable cloudiness both days but partly sunny afternoons. Little change in . temperature. COASTAL WEATHER SUMMARY Pressures have lowered along the West Coast. Clouds and rain are ' occurring Intermittently along the coast Ironi about Pt. Sur northward · but only cloudy sKles prevail farther south. SUN, MOON AND TIDES Sunrtie: 6:51 n.m.: sunset: V23 p.m. Moonrlsc: 9:39 a.m.; mconsct: 10:21 p.m. Tides: High. 4.6 Icef al 13:08 a.m. and It feel al 11:49 a.m. Low, U . Icet al 6:03 a.m. ant. 0 *: foot at 6:21 p.m. SUNDAY wpaTHFR nppnRT"; · Lono Bench LOIIB Brrtch Alrporl Los Anoplei Avfllon Rakersfleld Bishop . . . . Blyllic CI Centro . . Fresno .. Albuaucrnue Anchoraac Atlanta Bismarck Boston Chicago Cleveland Denver DCS Moines Detroit Fort World Hflcna Honolulu indiiTiaooll* Kansas City ,, Las Veoni ... Memphis Ml SUNDAY WEATHER REPORTS California Newport Beach Pdlm Sunngs Riverside S.iciamcnto H. 1 . 61 43 . 61 46 65 48 .. 62 49 67 42 . 59 21 . 70 42 73 38 ..'.'." '. 65 40 Across the Nation H. L. Prc. 53 33 34 22 .01 50 42 .48 33 51 33 24 .... J3 27 .... 49 24 45 29 -,, i Bcrniidlno San Diego Snn Frond?co Santa Barbara Vlcforvllle . .. , -, 73 33 2/ 60 30 39 30 s; 66 45 n 52 » . 57 50 Milwaukee Minneanolls-St. Paul New Orleans New York Oklahoma City Omaha Philadelphia Phoenix PIlKburgh Portland Reno Richmond St. Uuii S^lt Lokc Cily Seattle Spokane Washington H. L. 61 50 71 39 66 39 59 41 . . 66 37 63 it .. . 5 7 51 61 43 . . . . 70 37 H. L. Prc. 36 23 .... 33 16 ... it 42 ... 39 34 ,, 51 33 ... 39 31 ... « 32 . . . . 65 41 _. 44 35 ... 51 44 51 n . 40 36 .33 3fi 16 ... 37 36 _ 61 41 _. 42 M.inM ' ' : 70 57 .01 Lowest temperature in the 48 adlacent states Sunday was Ifi hi )t Caribou- Me. Highest was 77 nt Presidio, Tex. and Yuma, Arli, /as Ifi below zero 2-Car Collision Takes 6 Lives MEDICINE HAT, Alta. UP) --Six persons were killed and one was injured seriously Saturday night in a two-car c, collision 12 miles east of here. Three of the victims were children. INDEPENDENT Published dally except Sunday at Sixth St. and Pine Ave., Long Bench 12, Calif. Entered as second class nutter Mar. 27. 1943, at Lonn Beach 2, Calif. Adjudicated by Superior Court, Los Angeles County. Oct. 6 1941, Decree No. C-10280. Per Per larrter Delivery By Mall _.L... Slngl* Copy Next 5 days racing ^/ £y for Charity ' , * *** i. ^ ARCADIA, CALIFORNIA · 14 miles from downtown Los Angeles Wednesday - February 3 $25,000 Santa Catalina Handicap for 4-year-olds and up foaled in California-1 mile and a furlong Saturday-February 6 $f/0,000 Santa Margarita Handicap Championship event for fillies and mares -1 mile and a furlong 23rd Running-Richest stakes exclusively for fillies and mares to be raced ··n Western America Santa Anita Foundation 100?i profits from these 5 days of racing go to the Santa Anita Foundation for distribution to approved charitable organizations. R E S E R V E D SEATS NOW AVAILABL E BY MAIL Grandstand Reserved every racing day Clubhouse Reserved-all days except Saturdays and Holidays All seats $1.30 including taxes (regular admission charge to be paid at gate) WRITE: Reserved Tickets. Santa Anita Park, Arcadia, Calif, specifying number of tickets desired. Make check or money order payable to Los Angeles Turf Club. TRANSPORTATION AVAILABLE DIRECT TO TRACT Special buses leave for Santa Anita from many locations in Greater Los Angeles. For information, call your bus company. POST TIME 1:OO PM Japanese Make Gulf Oil Strike TOKYO UP) -- Japan lias struck oil in the Persian Gulf. The Japanese-owned Arabian Oil Co., said in an announcement Sundrty that its No. 1 test well 28 miles off shore on a floating platform in the Saudi Arabia-Kuwait neutral zone, struck oil Friday. It said the well can produce 26*4,170 gallons of oil daily. The budget has grow in size every year but one since World War !1, and this year sn't expected to be an excep- ion. Spending for the current r-ear will total about 2/4 bil- ion dollars. The Senate and the Assem- )ly meet at noon to organize "or the 30-day budget session, then meet jointly to hear the ;overnor's budget message. Brown also will ask the awmakers to approve a one- million-dollar emergency fund 'or the Winter Olympics in case bad weather holds down icket sales for the Squaw Valley games. . THE SESSION in even- numbered years is limited to inancial matters, but the governor can open it to other subjects by calling a special In addition to the Squaw Valley snowy d a y fund, Brown has said he'll s e e k action on anti-smog, legislation and a master plan for higher education at a special Bssion. Both houses plan to recess this week after getting organized. HUNTINGTON HOTEL 1290 E. OCEAN BLVD. ROOM, with orlvnte tile bath and dally maid service; also Includes choice of our V5c club breakfasts and choice ol all our $2.20 dinners, 5.90 ocr day. Two people, room wllh both, Including meals, SB.30 oer day. This Is not a boarding house, but a Boulevard Hole). All rooms with private bath. We serve very excellent food Special weekly rates, $39-05 per week, UP, Including meals, as listed above. For reservations- Phone HE 66153 Urown C. ateteria COMPLETE LUNCHEON DINNER SPECIALS MOW., TUES.. WtD. ONLY, 11 AM. · 8.-JO P.M. -- YOUR CHOICE -- · BAKED HALIBUT · FRIED CHICKEN · SALISBURY STEAK -- INCLUDES -Cole Slaw or Carrot Salad -- Maihed. or Sweet Potato -- Vegetable -- Broad or Soft Roll -Pudding or Fruit Cobbler -- Coffee or Tea "A CROWN CAFETERIA FOR THE QUEEN CITY" ' · ', .FREE PARKING · HOURS: 1 1 A.M. to 8:30 P.M. l O I ALAMITOS AVE. · LONG BEACH · HE 2-5000 SAVE AT BURKS SAVE AT BURKS SAVE AT BURKS I O W E S T - P R / C E D GENERAL f| ELECTRIC 21-INCH CONSOLE-STYLED You get these Advance DESIGN FEATURES: " Powerful "Ultra-Vision" chasm, ful! power tram- former * FulMidality. up-front lound * PrecIjion-eJched circuitry * Slim silhouette, smart styling * 21-INCH overall diagonal, 262 square inches viewable picture a r * a. New G.E. Advance Design Swiveielle TY n General Electric Designer Nower, ilimmor-than-ever styling Front sound, rrch, clear, unmufflcd Console chassis with full power transformer Duit-tealed safety window now at JANUARY CLEARANCE prices TV TODAY! TRADE-IN «o« OPEN EVERY NIGHT TIL 9 OPEN SUNDAYS NOON TIL 7 PAYMENTS UNTIL MARCH 1960 HE 5-6303-SP 5-2919 SAVE AT BURKS SAVE AT BURKS SAVE AT BURKS

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