The Austin Daily Herald from Austin, Minnesota on December 17, 1958 · Page 10
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The Austin Daily Herald from Austin, Minnesota · Page 10

Austin, Minnesota
Issue Date:
Wednesday, December 17, 1958
Page 10
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Is Stock Market Getting Too Far Ahead? John Q. Public Worries NEW YORK (AP) - With the, stock market moving into the! newspaper front pages, more and more persons are becoming anxious today lest its exuberance be leading us into trouble. Bull markets and large daily turnover of stocks reflect the public interest. The Federal Reserve Board has indicated its concern lest speculative psychology based on expectations of future inflation may be fed by the Wall Street story. The bulls kept going strong early in the year when the recession was at its worst. They kept going during the first weeks and months of rapid recovery. They have scarcely slackened their pace in recent weeks when the recovery momentum slowed down. Express Confidence They express confidence that after the present backing and filling while stock portfolios are readjusted for tax purposes at yearend, the market will be lively and tending higher. Is the stock market — which started upward long before recovery—setting the pace for the economy? Is it going too fast and getting too far ahead? The president of the New York says no. Talks In Minneapolis "The market is not setting the pace for the economy, but merely reflects what is occurring elsewhere," he tells the Minneapolis Junior Chamber of Commerce. He admits that the stock market's activity has indicated a deep concern over the prospect of con- SANTA ARRIVES IN FORMOSA — Missing are snow, sled and reindeer in sub-tropical Formosa so Santa Glaus rides a pedicab through the streets of the capital city of Taipei to bring cheer to Christmas shoppers. (AP Photofax). 15 Break-ins Just for Food tinned inflation. But he points out: "Whether or not such fear is unreasonable, as some government experts and economists would have us believe, is beside the point. Such fear does exist and it will take more than words to alleviate it." Instead of accusing the stock market of fostering inflation by pumping up inflation psychology, he urges that the roots of the evil be attacked. Sense of Shock He says: "The only answer to inflation is fiscal responsibility. We must impress on government authorities at all levels our sense of shock at higher and higher spending. And we must recognize that more efficient production is the only sound means of raising wages." Market analysts have pointed out that the bull market has other elements than just fear of more inflation. One often cited is the thinness of the market. By this they mean that while by the end of this year some five billion shares will be listed on the exchange—a record number — the vast majority aren't up for trad ing. The comparatively small amounts that are available help their owners to ask and get higher prices. The reason usually cited for the reluctance of many shareholders to sell is that the capital gains tax levy leads investors to lock up billions of dollars worth of stock rather than pay the tax levied on successful investments. Jond lisue Approvcfl by Goylord Voters GAYLORD, Minn. (AP) — A 1400,000 bond Issiw for lehool §*• Mmiton »«t» wa» approved 8tf8 to 141 By ttjtett ID » special •leefioti haw Tueid*y. till ptopotal had been toeiteu twice previously, The money will be used for construction df three additional tmlti, wo tor u«e primarily by lentqf tlgh ichool students and the other for elementary grades. WEATHER FORECAST — It will be generally fair in t the nation tonight. There will be light snow in northern Pennsylvania, western New York, nor- 55TH ANNIVERSARY them Minnesota, North Dakota and Montana. Drizile is expected east of the Cascades with showers to the west of the mountains. (AP Wirephoto Map) Aircraft Into Space? Slayer, 16, Could Get Life Prison Sentence NAGS HEAD, N.C. (AP)-This 55th anniversary of powered flight brought a prediction today that the United States will send a piloted aircraft into .the fringes of space within a year. Sen. A. S. Mike Monroney (D- Okla) linked the prediction with praise for Orville and Wilbur Wright, who made the first successful flight in a powered aircraft in 1903. Monroney's speech was prepared for a luncheon marking the anniversary of the. event, which took place at Kitty Hawk, near here. With the same courage and vision as the Wright brothers," Monroney said, "modern pioneers will strike through the chains that hold man to the earth's atmosphere just as Orville and Wilbur Wright broke the chains which Ithe culprits. ! Two sisters, aged 5 and 8, rocks | clenched in their tiny hands, were PHOENIX Ariz. (AP)-Marvin Phillips reported 13 break-ins at his home during the past month. Each time only food was taken. Valuables were ignored Sheriff's deputies have nabbed just .»» *«* P«pared to window and enter the Wanted Immediately Room & Cocktail Waitresses Dining I smash i house. I They told officers: "We're hun- | gry. Daddy is in jail. Mother doesn't have a job." The deputies released the youngsters to their mother and made this notation on their report: "We'll leave final judgment to the i juvenile officers." King's Wood Hotel HE 3-7373 it j • •. Nowadays people who pay as they go don't do very much going. LEYVYT - FRIG1DAIRE - HAMILTON - NECCHI-ELNA - SUNBEAM GIVE HER A GIFT THAT WILL GIVE HER A LIFT" LEWY1 1959 Vacuum Cleaner Sensational! New! Does Everything! VS9 Gordon's Easy Lay Away Plan Give her a gift that will lighten her burden of house work and lighten her heart on Christmas. This cleaner will do the work that formerly required both an upright and a tank type cleaner. 'The Home of G ORDON ~ T .ri^r-m €L€CTmC INC. • Park In Big Lot Next Door • So. Minn. Top Service Dept. • Reconditioned and Guaran- teed Used Appliances LfWYT - FtlGIDAIRE - HAMJLTON - NECCHI-ELNA - SUNBEAM SAN DIEGO, Calif. (AP)-Slayer Carl A. Elder, 16, under constant guard in the county jail, today awaited the formal legal processes which could send him to life in prison for five killings. The tall, pale youth was arraigned in suburban El Cajon Municipal Court Tuesday on five counts of murder. He stood with bowed head as the names of his victims were read by Judge Fenton Garfleld. The victims, knifed and shot to death in their modest two-bedroom home in El Cajon, were Mrs. Lois Pendergast,-37, and her children, David, 9; Thomas, 6; Diane, 4; and Allen, 2. Judge Garfield certified Eder to the Juvenile Division of Superior Court, which will determine whether he is to be tried as an adult or juvenile. No Death Penalty Under California law a juvenile 'may not be sentenced to death. :But if the Juvenile Court determ- jines that he may be tried as an adult, he could be sentenced to life in prison. If the court decides Eder is to be treated as a juvenile, he could be committed to the California Youth Authority. In that case he would remain under CYA control until he is 25, when he could be released without further action. Eder's capture Monday night ended a search that had started when Thomas Pendergast, 39, a San Diego aircraft plant pipefitter, found his wife and children murdered Friday evening. Taken Into Home Eder, a runaway from a Rochester, N. Y., suburb, had been befriended by the Pendergasts and taken into their home six weeks earlier. Pendergast told newsmen he held us to the ground back In 1903." Tracing the progress of aviation since then, Monroney said: "This year we will put * man into outer space, some 100 miles above the earth, in a man-piloted aircraft. The X15 will be flying before the next Wright Day is observed. . ." The Air Force's X15 space research plane is expected to start test flights soon. DIVORCE COURT, POLITICS DES MOINES W) — A substan tial portion of Iowa's legislators say they'd like to see the Iowa Supreme Court taken out of politics in some way. But many of those answering an Associated Press questionnaire said that whether they'd vote for a constitutional amendment to accomplish this, would depend on how it was done. A stork only occasionally uses trees for nesting purposes. But Europeans have found out that they will almost always make a nest against a cartwheel which is olaced standing up. |H IU AUSTIN (Minn.) HERALD Wednesdoy, Dee. 17, '58 R*id Th* CUulfrtd Adi. Chriitmai Shop at tithtrof * 1M Furniture) Storti .«. where you'll bo euro to find the gift you want. * DOWNTOWN jj. * * ST6RLINO ** . "Alw«yt lew trlcm to .. ~ meet ye*' biidf e»" IT USED UPRIGHT TYPEWRITERS In Time for Christmas, School Practice, Etc. Nilan Printing Go, Inc. 130 W. MapU AUSTIN Ph. HE 3-2055 felt only pity for the boy. "I think he is insane," he said. A psychiatrist who talked with Eder said he did not detect anything unusual "under the circumstances" about the confessed murderer. Private funeral services for the five victims are set for Thursday. Witnesses Due in Liquor Store Investigation MINNEAPOLIS (AP) — The Hennepin County Grand Jury will hear three prominent witnesses Monday in its continuing investigation of alleged multiple ownership of some Minneapolis liquor stores. J. P. Maloney, jury foreman, announced Tuesday night he was calling George MacKinnon, unsuccessful Republican candidate for governor in the recent election, Mayor P. Kenneth Peterson and Alderman Frank Wolinski. Maloney said jurors wanted to i learn "what additional informa - tion" the trio might possibly give. The summons was issued shortly after Peterson had taken jurors to task for not having called certain liquor store operators. The inquiry came after MacKinnon had charged during his campaign that a "syndicate" controlled at least nine liquor licenses in the city. j In the steel industry, molasses is useful in binding sand in foundry molds. Just What He Wants for Christmas FAMOUS COW PUNCHER Red - Tan - Black BOOTS Sizes 5V4. lo 8 , Sizes 8'/i to 3 Sizes 3'i to 6 $4.95 $5.95 $7.95 The Perfect Gift - - - A Schuler Gift Certificate Available in Any Amount Schuler's SHOE STORE 229 North Main Street OPEN EVERY NIGHT UNTIL CHRISTMAS GET ON THE RIGHT TRACK FOR CHRISTMAS SHOPPING! Gifts Galore • Expr»u stop for loiHnimit* shopper*! • Your Grand Central Station for top gift lift**! Amity L«aihe* Goods.... Argn» Camera* ... Evening to P«ri» by Bourjbia... £«slm»n-Kodak Cameras... Jeweliie Brushes . . . Parker Pens ... Remington Shaver* . . . Lenlheric .. v Kings Men Toiletries ... Sylvania Flashbulb* .. . U. S. Time Watches ... and hundreds of other nationally famous gift ideas I GET YOUR FREE TICKET FOR OUR CHRISTMAS TRAIN DRAWING ... The lucky ticket win* a complete LIONEL ELECTRIC TRAIN SET U. S. MADE., ...THE FINEST NAME IN TRAINS Drawing to be held SATURDAY, DEC. 21st 8:00 P. M. Nothing to Buy! No Reservations! fOMCK V Kodak Film ^ Ml TOW *« holiday pictures Carton WE GIVE GOLD BOND STAMPS GIFT RIBBON Regular lOc Open Every Nite 'till Christmas Open Every Nite 'till Christmas Famous Name BUBBLE BATH and BATH SALTS by • Shulton • Yard ley • Blanehard • Wrisley GIFT WRAP 25c 2 ^ 29c 6 f° r 79c Better Buys from Peoples In beautiful Christmas Wrap SehroHU-Whitmon Garrott CHRISTMAS HARD CANDIES 29c I \ \ 203 N. Main HE 3-3161

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