Logansport Pharos-Tribune from Logansport, Indiana on June 3, 1962 · Page 3
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Logansport Pharos-Tribune from Logansport, Indiana · Page 3

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Logansport, Indiana
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Sunday, June 3, 1962
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Page 3
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SUNDAY, JUNE 3,1962 THE LOGANSPORT PRESS, LOGANSPORT, INDIANA PUBLIC LIBRARY PAGE THREE Hectic Week Ends, Etut What's Ahead For Stocks? NEW YORK (AP) - With tl- wildest week since the hecti days of the 1929 crash behind i Wall Street today looked towarc a new week of trading wonderinj "what's ahead?" After last week's roller coaster ride, the ups and downws left the market just about where it was before the week began. Most Wall Street opinion was that trading would- simmer down cautiously while the price of stocks stabilized and investors concentrated on. actual values rather than wild hopes and pipe dreams. This, at least, was the opinion of the world's two biggest brokerage houses as the week ended. Mailed out to customers throughout the world, the "Guide for Investors" of Merrill Lynch, Pierce. Fenner & Smith Inc., largesl brokerage Sum in existence, sale the period ahead should give its clients the chance to apply "more realistic yardsticks which are now 'being re-estaitished." Bache & Co. advised its clients: "Do not panic... Hold issues ol recognized proven quality... New purchases should emphasize current income and current earnings." This attitude followed one of Wall. Street's most historic weeks climaxing a five-month decline from the record market peak of last December. Even though there was no trading on Wednesday (Memoria Day), the week's volume soarec to 40,563,230 shares from 22,988, 850 from the full,' five-day mar ket week preceding. It was the largest volume for any week since the one endec July 22, 1933 when 42,329,633 shares changed hands. Fear was in the Wall Street air as the week began. In the pre ceding week stocks had dropped day after day. Without a single day's losses breaking any record the combined total made it the worst decline for any week in history. "When will we reach bottom?' was the question. Here's how the follpwing week went: Monday: The greatest deelim since Oct. 28, 1929. The 9.35 mii lion shares were the biggest tola since July 2, 1933. Tuesday: Heavy selling contin ued until about noon when slocks fell to their lowest levels since Oct. 25, 1960. A rally followed wiping out the early losses. Stocks ended with the biggest advano smce Nov. 11, 1929. Volume was 14.75 million shares, second on! in market history to the "Blaci Tuesday" total of 16.4 million shares when,the Big Crash wa; at its ''.vorst. Wednesday: Slock exchange: closed for holiday. Brokerage of fices open to clean up paper worl and take orders. "Buy" orders heavily outnumbered "sell' or ders. Thursday: Strong continuation of the rally; 10.7 million share traded, fifth greatest in history Friday: Irregular decline as traders took pre-weekend profits Volume down to 5.76 million shares. Wall Street observers, trying to find reasons for the big .break attributed it in great part to emo tional selling by investors who hac seen stock prices drop for some months. They also attributed it to wha they called a loss of confidence after the big steel battle with President Kennedy over a slee price hike, and a feeling that the days of inflation had come to an end. Stocks have been a tradi tional hedge against inflation. What caused the turnabout? Again there were many factors Among them: buying by such big investors as pension and mutua funds; and the lure of bargains which brought many other inves tors, who had sat on the sidelines for some months, back into the market. When the week was over the financial community sighed in re lief, hopeful that the earlier at Biosphere of fear had disappeared The Dow Jones industrial aver age—which had sunk as low a 666,05 at noon Tuesday clos« the week at 611.05 for a minor loss of .83. The Associated .Press average of 60 stocks posted a smali gain of .80, ending the week at 225.40 In other developments during the week, some congressiona leaders called for concrete actior by the Kennedy administration t< prove once and for all it wasn' BARN BURNS FfllEMONT, Ind. (AP) — Five hundred chickens and nine pieces of farm equipment were de strayed when fire of unknown origin leveled a large two-leve barn on the Bert Saulstey farm in Steuben County Saturday. AUDIENCE EXPECTED VATICAN CITY. (AP)—Reports circulated in Vatican circles Sat urday that Pope John XXM may receive in audience next week Crown Prince Juan Carlos ol Spain and his bride, Princess Sophie of Greece. nti-business, as charged by many clustrialists. Where is the market going from iere? There was no definite answer. ut one research expert, Edson lould of Arthur Wiesenberger & •o.; gave this opinion. "The chances appear good, that the thoroughly oversold market of last Tuesday registered the low of the decline. "The stock price decline did not foreshadow a-business depression nor did it have the earmarks of a Bear Market."' Queen Elizabeth Reviews Guards On Her Birthday LONDON (AP) — Looking slim, trim and regal, Queen Elizabeth n Saturday reviewed her palace guards on, her official .birthday and the ninth anniversary/ of -the coronation. In scarlet tunic and wearing the kingfisher blue Sash of the Order of the Garter, the smiling monarch rode sidesaddle onto a London parade ground for the. traditional Trooping the Color ceremony. Her big chestnut horse, Imperial, obeyed her every touch. More than' 1,600 troopers of the 'brigade of guards,. splendid in their scarlet uniforms and black 'bearskin hats, lined up 'before the queen for Britain's showpiece pageant of the'year. . .' Bright June sunshine breaking through the clouds, played on'the polished breastplates and buttons of the guardsmen and the regiment of household cavalry. In slow' time- to the music of massed bands, the color—it's a flag—of the 2nd Battalion of the Coldstream Guard swas trooped or carried by. The color has been the visible symbol of the troops duly to their sovereign since the 18th century when the ceremony was born. Queen Elizabeth was under the gaze, of a capacity, all-ticket crowd of more tha'n 40,000 as she gave the royal salute on horse of Whitehall. Thousands more lined Hie royal route to Buckingham Palace k> watch the splendors of Britain's past brought to vivid life. Now 36, her birthday is official- ly celebrated on the first Saturday in June—although she was born April 21, The April weather is normally too wet'for outdoor ceremonials. Read the Want Ads STOCKS—BONDS—MUTUAL FUNDS BUY OR SELL ORDERS EXECUTED IN ALL MARKETS E. Y. DENHAM & COMPANY STOCKBROKERS 314 E. 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