Logansport Pharos-Tribune from Logansport, Indiana on May 17, 1962 · Page 19
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Logansport Pharos-Tribune from Logansport, Indiana · Page 19

Logansport, Indiana
Issue Date:
Thursday, May 17, 1962
Page 19
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Logansport, Indiana Pharos-Tribune MANY VIEWS Survey 'Drop' in N, Y. Stock Market NEW YORK (UPI)-The morning after New Year's Day, trading on the New York Stock Exchange opened -with the Dow Jones averages at 731.14. Today at the opening of trading: '654.04. Difference: 77.10. Wall Streeters. differ in their regard for all the technical values of indexes; but they all watch them. This particular set represents the general levels of 30 industrial stocks. People ask: What happened to the level of stocks? Is there something wrong with the stock market? Out in Chicago, engineer Robert E. Lyke said he is "perplexed." "AH the business indicators point to a rise, but .the bottom keeps dropping out," he said. But down in Washington Tuesday .Secretary of Commerce Luther H. Hodges, pointing on jumps in the rate' of personal income for April over the figures for the preceding month and a year ago,, said what was happening in the stock market was "not a reflection of what we find in the economic picture." ness expansion—was not growing as fast as it ,had in the past. Forty dollars of .a man's money might be tied up to get him 4'1 a year. He might be able to.get $1.60 by putting it into a bank and leaving it 'there for a while. So he doesn't buy the stock. He may even sell it. Pull out for a while and see what comes next. Sit still. Traders and analysts—the men who try to keep track of what the market is doing—have varying theories on its behavior. But most agree it is not one single thing, but a combination of many, which has led investors to watch IBM go from 579 last Dec. 29 to 457 Tuesday; American Telephone and Telegraph from 136!/s to 120V 2 and others perform similarly. They talk about the "earnings ratio." That is the ratio of the dollar value of a stock at the current market price to the dollars it earns—the dividends—per year. More simply: How much of a dollar comes back for the dollars tied 'up? Some investors during the latter months of 1961 and on into 1962 certainly had the feeling that the earnings ratio was too high. In a frame .of mind of this kind, one may or may not choose to ignore whatever might be the long-range worth of the company or industry behind the stock; decide simply that the price to pay —or the price one could get for a share — was such that there might be a better opportunity elsewhere. After all, banks 'and other financial institutions raised interest rates. Or perhaps the growth potential — the amount by which one's slock could hope to increase just because of the population figures or the opportunity for a busi- Sfudenf Rotarians To Conduct Meeting Next Monday Noon All student Rotarians who have served as such during the pa'st year, will be in charge of the weekly meeting of the Rotary club Monday noon. Those who will participate in the program include David Steinhilber, Paul Hillis, John Busch, John Dawson, Arthur Lovell, Jack Gray, Stanley Hillis, Robert Justice, Paul Beck, Chuck Fiedler, John Fiedler, William Medland, Paul Bauer, Richard Gray, Wes Parmeter, Paul Hipsher, .Larry Parmeter and Robert Wolf. All this is pretty much a matter of arithmetic. But a dollar doesn't put itself into a slock market; some one puts it there. Last Monday, so many people s.old stocks that for a time the tape 1 —the %-ineh wide paper strip which reports transactions on" the market—was , more than 30 minutes behind telling what was going on at the floor of the exchange. 'There were too many sales, for the machinery to cope with. It cou'd have been bad news from L^os, and that small investors were worried. Or there were worried. Or there were some solid figures about business expansion and the general outlook out of a conference of business leaders and administration figures at Hot Springs, Va., but nothing lo indicate" any sudden spectacular push upwards. Then about, midday, the market turned around and starled to climb. By the end of the day, the averages were up. Institulions, and funds came into the market to try for the stocks at the low prices, and they bought. But Wednesday, the market was- a bit aimless again. "This market has fooled a lot of people," said one analyst. "Two weeks ago, it looked like it might have 'bottomed out.' (re_ached a low level for the time). It fooled me ... the indicators this time didn't work. '.'It has been in an emotional state." "The market is nervous," said another, "people don't know what is coming." The qucslion of confidence, .or lack of it, is one which will draw debate from Wall Streeters, depending on the short or the long view. The quick reaction of the administration to a proposed steel price increase dropped the stock averages on.the second .trading day after the proposal was an nounced. They climbed again then fell of steadily for the lasl five trading days df April. Lasl week they slid every day. Premise here is lhat with-government keeping prices and wages in clwck, the factors that would drive stock prices up are retrained. And some find Ihe Securities and Exchange Commission's yearlong investigation of stock markel dealings a curbing factor; il brings caution, and there are a few who eye this quality skeptically in a risk capital market. PACKERS SIGN SLADE CHICAGO (UPI) - The Chicago Packers of the National Basketball Association Wednesday signed Jeff Slade of Kenyon College. The 6-6 Slade was the club's No.,3 draft choice and averaged 24 points a game in three varsity seasons. But the statistics — mostly — looked good this week. Industrial production; payrolls; the hours that people worked, and the persona) income figures went up.. And that inflation: "I ean't see that it is over," said one member of a brokerage firm who has been working in Wall Street since 1927. "It may be in check for a while.-But it'll keep on." "You need a good economy for a good market," said another "You need business to create jobs if it is going to be sound. The administ/alion will be trying to stimulate business again, maybe in a subtle way." SPEEDY LOVE AFFAIR—Holland E. Barney is 87, and his bride, the former Mary Lambert, is 70, but they certainly didn't waste any time in their courtship. It took only six weeks—and the "permission" of Mrs. Barney's (she's a widow) ten children. She didn't bother asking her 52 grandchildren and 22 great-grandchildren. The couple is shown 'after they were wed in San Francisco Wednesday. (UPI Unifax.) I ' ' ' ' - ' .-I PRINCIPAL HONORED-Miss Agda Rafter, retiring principal at Longfellow school, is surrounded by fellow members of the Logansport high school class of 1912 at a surprise reception and reunion -Wednesday night. In the first row (from left) are Miss Dorthy Wilson, George Santa, .Miss Rafter, Mrs. Ada (Porter) Arnold and Mrs. Helen (Kuppenheimer) WiJer, In-the second row arc Mrs. Ruby (Fitzer) Maore,, Miss Helen Railsback, Mrs. Marie (Patterson) Hennessey, Mrs. Mable (Briggs) Bcthke, Mrs. Verna (Light) Eikclberncr and Mrs. Blanche (McAllister) Cochlcy. Checking Big Decrease in One Stock WASHINGTON (UPI)—The Se- 'urities & Exchange Commission' oped to reveal today the story lehind a vending machine stock nhose price, dropped from $18 to 0 cents in seven • months. John D. Dunbar, senior partner n charge of the West Coast of- ices of Shearsori, Hammill & Co., estified. Wednesday that his Los Vngelcs office was the principal ealer in the stock, traded over- he-counter. He 1 related that 290,000 shares 3f United" 1 States Automatic Merchandising Co, were offered to the mblic at $1 a share on Nov. 8, 960. Dunbar said he became a lirector of the firm several months earlier. He said' the firm s now being liquidated. By March, 1961,. Dunbar told SEC counsel Eugene Rotberg, the price.had climbed to $18; It held here until about May. By December, he said, shares were sell- ng for 25 or 50 cents, which he guessed'was the price now. The hearing is part of a broad SEC investigation of the securi- ,ies industry. So far, testimony las been confined mainly to qualifications, trainng and sales echniques of mutual fund and securities salesmen, with no recitals of market manipulation. At Wedhesday's session, a vice ^resident of Merrill Lynch, 3 ierce, Fenner' & Smith, biggest jrokerage house in the nation, admitted that eight of .the firm's salesmen sold shares in a firm which Merrill Lynch would not :nowingly liave recommended even as a speculation. ' Donald T. Regan testified that lis firm had paid back to 82 cus- omers losses they suffered as a result of being steered into the stock, Aquafilter Corp., by Merrill Lynch salesmen. Regan said the salesmen were 'ined from $500 to $2,000. One quit •ather than pay the fine, he said. RETIRING •• .PRINCIPAL 2 Programs Honor Miss Agda Rafter Miss Agda Rafter, retiring principal of Longfellow school, was honored Thursday afternoon with a program, "The Agda Rafter Story", reviewing the highlights of her career from 1912 to the present. Taking part in the program, were Longfellow, school children and teachers who presented Miss Rafter.with'a gift. Refreshments of punch and 'cake j were served. The program was a repeat of lhat given at a surprise reception for Miss Rsifter Wednesday evening. The principal' was honored by the school's teachers at a dinner at the Ben Hur.'As she was driven past the school following dinner, he noticed a crowd at the.build- ng and, stopping to investigate, he was escorted to the auditor- urn where she'received a stand- ng ovation. "The Agda Rafter Story" Tea- ured snapshots, photographs and lewspaper 'articles projected on screen along with color slides o illustrate the story. A comedy skit depicting her famous pupils was presented by Tim lirschauer, Donald Simpson, Da /id Moore and Gary Baker. A reunion of the Logansport ligh school class of 1912, from Young America OES ^eads Invitations Several invitations were read during the ^regular stated meet- ng of the Young America chapter No. 1,91, OES, recently. Marilyn', Peter, worthy matron, welcomed her officers and guests with .a poem, "Because of Those." Charles Chambers was reported 11 al St. Elizabeth hospital, Lafayette. Invitations were read by the secretary, Georgia Long, to a reception lo be held in Goshen high school auditorium on May 26 for the worthy grand patron David J. Miller, and to a recep- lion for Emma Maudlin, grand representative to South Dakota in Indiana, at Fidelity chapter 58, transport, on June 5. An invita- ;ion was also read to Fidelity chapter 58 on June 19 for the visit of the District Deputy, Doro, ;hy Greist. A letter of greetings and recommendations was read from, the worthy grand matron, Sarah Scott, and worthy -grand patron, David J. Miller. , The worthy matron appointed :he following as members of the 'inance research committee: Caroline Billings, • chairman, Yvonne Hayden and Ivan Hayden. Refreshments were served in :,he dining room at the close of ,he meeting by Carrie Swain, Jo- iephine Freeland and Ruth Alexander. The refreshment committee for the May 24 meeting will be Ethel Beck chairman, Cleo Polk, Orville Polk, Elsie Polk and Earnest Polk. . BHAFB WIVES The CDS Wives, of the Bunker Hill AFB held their regular monthly meeting recently af the Base .Service duj». Following the business session, the 14'. members ...attending participated in games with . prizes going .to Faye Minks, Nancy Carpenter and Jan:}Cnox. The door prize was won by Stella Baty.. The next meeting will be June 18 when a white elephant sale wil be conducted. Each- member is asked to bring a wrapped gift for the sale. -~ <,• which Miss Rafter graduated, was liold in conjunction with the coptipn. Also present were a group of the first pupils she taught in 1913 and former members of the Potlowaltomie Campfire girls ~ of which she was a leader. Included in the program were special music and a style show featuring fashions from 1912 to 1062. Models and Ihe periods they represented were 1912, Mrs. Ben Coppedge; 1918. Mrs. Tom Hirsch.- auer; 1920, Mrs. Wiley %Baker; 1H30, Mrs. Burdetle Patty; 1940, Mrs. Dan Powlen; 1930, Mrs. Donald Duddy; and Campfire Girl 1D14-1922, Mrs. Jack Regan. . An engraved'testimonial certificate, corsage and' a cash gift were presented to Miss Rafter following the program. Refreshments were served in the first floor rooms and hallways, Miss Thelma Sines, who is also retiring this spring as director ol elementary vocal music, was presented' with a corsage and gift. The program was sponsored by the PTA. Serving on the committee were,Mrs, Forest Kniesiy and Mrs. William Densborne, co-chairmen; Mrs.. Jack Regan, Mrs. William Moore, Ray Simpson, Joe Marshall and Robert Honick. Search Cincinnati for Three Jail Breakers CINCINNATI, Ohio (UPI)—The: search for William Triplett, .itc- cused hired gunmap and star witness in a gangland slaying case, and two other fugitives from the "took County (111.) jail centered around this area early today. Everett Me, 49, Kankakee, IB., conlacled police'in suburb-an Voodlawn late Wednesday night and said he had been kidnaped by hrce men who fit the fugitives' description. ' Irle, father of six and a salesman for'an industrial supply com- iany, said the men' grabbed him at Mattesom after -he iriade a sale about 10 a.m. Wednesday and orced him to drive them to Indianapolis an.d then here. The FBI said Irle's description of the men fits and they are,con- .inuing theiir investigation. Irle said he recognized the men because of their conversation and .he car radio reports. Irle told police that Triplett, 37, Detroit, and Michael A. Huntington, took off in his car after leaving him, and Paul Muhlig • standing on a corner here. He 1 said they apparently planned to steal another car. .' . • ., After an hour .and a half passed and they had not returned, Muhlig decided something was wrong, Irle said. Muhlig went to a drive- restaurant'and jumped into,a *ray 'Ford with an unidentified man and drove off. The man is presumed still a hostage. Irle said! Triplett and Huntington - were driving his I960 red Rambler station wagon and look his watch and wallet with $28. Triplett, who named his uncle Dana Nash, 41, as the killer of a union leader here last year, anc (he other two fled from specia quarters for state's attorney's wit nesses on the fifth floor of the jail administration building. Criminals sometimes call th( quarters "a roost for stooL pigeons," those who have broken Ifangland's cardinal rule of never informing on underworld cohorts Authorities feared for Triplet!' life .(because he broke this iron law in, confessing his part in th< Idlliiig last Oct., 20 of John A Kilpatrick, international presiden of the,United Industrial Worker: of America. In the confession to FBI agent; in .Detroit, Triplett said he am Nash were hired to beat Kilpal rick but that his uncle shot th union leader to death instead. - "I know I'm dealing with dan gerous people and'I'm afraid .might not live too long," Triplet said after making the admissions The daring escape threatene to doom chances for the first sue .cessful prosecution of a Chicagi 'gangland assassination in mon than 17 years. The Chicago Crime Commission called Kilpatrick's killing the "most significant" of 15 gangland style killings in the area las year. Read'fhe Want Ads! Tragic Crash Of T29; Nine Vten Aboard HARUNGEN. Tex. (UPI)—The ,ir Force sent two planed into Mexico' today to' bring back the x>dies of a crew aboard an Air 'orce T29 that crashed in rugged mountains during a "wild goose base" hunt for an aircraft that lad already been found. Mexican authorities also sent up >lanes at dawn today looking for larach'utes which could menn the jossibility of 'survivors. But a spokesman for the U.S. embassy n Mexico City said reports from he desolate crash sight indicated t was "not likely" any of the nine airmen aboard the plane survived. The pilot 'of a U.S. Air Force C54 search plane found the wreckage southwest of San Luis IPotosi about 400 miles below the United tales "Iwrder. He said the wreckage! was scat- ered and burned, and it appuarec :here were no. survivors. Soldiers,dispatched by this Mexican Defense Ministry went to the scene in jeeps. They repartee "inding one body with doj; tags on it. The plane, based at the Harlingen, Tex., Air Force bas<>, was ast heard from at 6:40' p.m Monday. It was hunting for a myate plane piloted by Marcus Hoyt Hooks of. Donna, Tex;.,, tha earlier in the day was listed as missing on a Sight' from Texas jo Mexico City. Shortly after the Air Force plane began its search, reports filtered into Mexico City from Solo la Marina, a small town in Tamaulipas stale, that .Hooks had made an emergency landing the previous Saturday. ftkf£>&ite(fr True Life AdVentures~| Afe BIRD BUPFOON RUNNER IS -fHE. COMET71AM OT= ••THE ,:v: ""* THE iD-OVv/N <£AM TURN TKAQEC')ASJ / ANt7 WSFAT11H A RATTtEK WITH A -SH-USUE THRUST. £-17 Thursday Evening, May 17, 1962 DESEGREGATION Historic Ruling of Court 8 Yetors Ago WASHINGTON (UPI) - Two government officials-said today :he Supreme Court's historic desegregation ruling eight years ago las led to significant but pain- 'ully slow progress toward aboli- ion of racial, barriers in the vision's public schools. This was the appraisal given by Assistant Atty. Gen. Burke Marshall, head of the Justice Department's Civil Rights Division, and 3erl Bernhard, staff director of lie federal Civil Rights Commis- lion, in interviews wilh United Press International.' More than 1,900 school districts n 17 southern or border states still segregate Negro and white children. Three states—Albania, Mississippi and South Carolina — have not integrated a single classroom. .It is estimated that less than 250,000 Negro youngsters—or 7.6 • cent of Negro enrollment' — are in racially mixed schools in these slates. The 1954 decision also has focused new attention on northern cities that frequently • have ail- Negro and all-white schools because their neighborhoods are segregated. This.has led to demands for positive action lo achieve in tegra'tion.. the Supreme Court unanimously ruled eight years ago that "separate but equal" schools were inherently unequal in violation of constitutional guarantees. It ordered desegregation "wilh all deliberate speed." Marshall told UPI today that the government was considering new steps to get faster compliance with the high court's decision. For one thing, he said, (lie Justice Department would file a test 60 Attend Annual -WF May Brunch Division 7 served (he annual May brunch to 60 members and guests at the monthly meeling 'of the General CWF of the Ninth street Christian church featured Wednesday morning atithe church. The rooms were decorated with spring flowers and eaclr table featured a floral centerpiece. Various type s pf favors were worn as corsages. Following the. welcome,: local and out-of-town guests were introduced. 'They were: Mrs. Gladys Black, Mrs. Delia Gerrard, Mrs. Margaret Moore, -Mrs. Gladys Moore, Mrs. Roberta Kahl, Mrs. Thelma Coltrell, Mrs. Shilling, Mrs. Robert Mischmeyer, Mrs. Joseph Bean, Mrs. R. T. Gilenden- ning, Mrs, Freida Picrco, Mrs. Virginia. Hinkle and Mrs;. Ruddick. The blessing was offered and following the brunch, tho guest speaker, Mrs. Huddicfc, was introduced by, Mrs. Inabelle Morrical. Mrs.. Ruddick, who recently) made a trip around the world, spoke on Thailand, showing slides of some of the cities with their temple!!, customs, missions and other interesting things. Mrs. Verna Beasey gavip devotions and the Divisions presented their blessing box collection with Mrs. Beasey offering prayer. Mrs. Morrical and Mrs., Nan Obenchain were on the decoration and entertainment committee. DIVISION 6, CWF Twenty-one members of Division 6, CWF, of the Ninth street Christian church, met .Monday evening wilh Mrs. ' Inabdle Morrical, 145 Highland street. Mrs. Florence Bickel, president, opened the meeting wilh the prayer for the month of May. He- ports were given by Mrs. Pearl Eichensehr, secretary; Mrs, Edna Smith, treasurer; Miss Sarah Ferguson, flower and card; Mrs. Vera Bell, adopt-a-patient report; and Mrs. Lacy Moon, of the gifl committee. Announcement was made of the May brunch to be held this morning at the church and the installation of officers and tea al the General meeting on June 20 Mrs. Esther Hamilton used She topic "Your Church and Latin American Problems" for the I-2S- sen, followed with the worship service presented by Mrs. Ada Arnold, using the theme, "Ye Shall Be My Witness Through Suffering." Refreshments were served by the hostess, assisted by Miss Wil da Marshall. The June meeting will be held with Mrs. Hamilton. WALTON RAINBOW GIRLS! The Walton assembly No. 48 Order of Rainbow for Girls, 'telt its regular business meeting lion day evening at the Masonic hall Walton, with six advisory boarc members and 43' girls attending Kathy Hinkle, Tish Winn, Kathy Heitman, Connie Ream and Kalhy Busch have been invited lo joii the assembly. A rummage sal will be held Saturday, May lit, a 407 E. Market street. A smorgasbord will be held ii the basement of the Walton Chris tian church at 6 p.m., preceding the inspection of the assernblj on. May 28. New officers will Ix installed on June 2 at 7:30 p.m suit "pretly suon" to '[ry' and c-rce integration of a southern :(ihool now receiving U.S. funds ci alleviate tiic impact on tho community of federal military or civilian employes in the area. The aim would be to establish lie federal government's right to nie for desegregation, if neces- i.iry, of 3,600 such "impacted" whool districts which receive U.S. aid. They represent one-tenth, of .he nation's 35,000 school districts. Marshall saw signs of progress, n the -start of school desegrega- ion in Memphis, Dallas, Atlanta and New Orleans during t'ie current school term. In some cases, only a single grade or a few rades were integrated and the nbmber of Nejp-oes admitted was not a' very hi.gh percentage. "These are < ities of great sym- >olic importance," Marshall said. 'Their decisions affected the liinking of thousands of southerners who now realize change is nevitable and not too far away." He said officials in other cities lave a duty to make desegregation plans and start carrying iiiem, out without waiting for a 'ederal court order in each case. Bernhard, in a separate interview, said over-all progress was "Very slow" on removing racial restrictions in schools since the andmark decision. "But there is a growing acceptance of the law!s requirements jind a growing desire to prevent Jiny type of ugly racial incidents," e said. "Many business leaders now seem willing to get together with (ity officials and Negro leaders .0 work out their differences." The Civil Eights Cimrnission's staff director also said it has led lo recognition that segregation in schools is a national problem and lot confined 'lo the southern iitates. A key-case affecting northern :itics was the suit against 'he New Rochclle, N.Y., school ward. The board was ordered to de- uegregate the city's schools after ,l federal judge found that its districts were, in effect, gerrymandered to preserve racial separation. Similar complaints, aboul segregation by geography have arisen in New Jersey, Philadelphia and Chicago. Public school systems in southern states" have developed a variety of. techniques to mitigate the impact of tho 1954 ruling. Some — such as pupil assignment, transfer rights and grades-year integration — have received federal court sanction in some slates. The Supreme Court ruling has been under fierce attack in the South by critics who contend the judges were taking over the role of lawmakers from Congress instead of staying in their own field. Prince Edward County, Va., is the only area in the nation, however, where public schools remain shut in defiance of a desegregation order from a fedcsral court. i About 1,700 Negro children in the county are not attending any formal school. Most white children are enrolled in a private institution. Th«y pay their tuition with the aid of state grants that .provide virtually all ol the cost. Ally. Gen. Robert F, Kennedy, who travelled to Roanoke, Va., recently,, called the Prince Edward situation a "blight on Virginia and the nation." The cass is still before a federal court where Negroes are seeking relief' from the present situation. BRITAIN WILL BACK U. S. IN THAI ACTION LONDON (UPI)—Primcj Minister Harold Macmillan said (oday Britain is prepared to back) United States moves in Thailand and send troops there if requested. He told the House of Commons that Ihe governments of Australia and New Zealand also were ready to contribute to the defense of the ea. Answering a question from opposition leader Hugh Gaitskell, Macmillan.'said lhat no .request from Thaland bad yet been received. He said that if such a reque_st is received in the next f«iw. days the government had decided it would be prepared to semi a contingent. He said, the force would probably take ithe form of Royal Air Force units. I Macmillan's-announcement was greeted with cries of 'Ishame" from the opposition Labor party benches. I PRISONER OF LOVE—High school student llunnic Eubanks went into a Montgomery, Ala., phone; booth Wednesday to call his girl friend and wound up a prisoner for an how,'. Policeman C. J. Maggelet and city fireman F. D'. Peterson work to free Eubanks. (UPI Unifiix.)

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