NOME, ALASKA, WEDNESDAY, MAY 30, 1962
Rally R,
,-srJir BuiAirc
item t mj'uivjkj
N V F ™U
n*i • liAui
R,
vnliarura Kn«*nmn
Aviiau^v • • • uai gam
Hunters Snap Up Blue Chip Stocks
By Jack Lefler
NEW YORK (M — A spectacular
rally propelled the stock market
toward what appeared to be a gen
eral advance late yesterday after
noon.
Enthusiastic buyers took over
from despondent sellers who Mon
day forced the market into its
worst fall since 1929.
With, the ticker tape more than
two hours late in reporting trans
actions at the 3:30 p.m. close of
trading, the whole picture was ob
scured.
But newest tape readings showed
the major blue chips — standard
bearers of the- rally — holding
their gains.
Volume weired to an estimated
12 million shares, which would be
the second or third highest in his
tory.
Some brokers hailed the turn
, around as the end of the devastat
ing plunge.
Not Worried
Keith Funston, president of the
New York Stock Echange, said in
San Antonio, Tex., that the rally
was “a good sign — we’re not
worried.” ~
He added that his presence in
San Antonio to address a college
commencement exercise indicates
he does not think there is any rea
son for panic. If there was, he
said, he would be in New York.
“Buy orders have poured in
from institutions and funds all
across the country,” said Eldon
Grimm, vice president of the
brokerage firm of Walston & Co.,
as he watched die New York Stock
Exchange’s high-speed ticker tape
report sales and prices more than
0 hours after they had occurred.
“A mass of bargain hunters are
•ending in orders to buy collapeed
stocks, be said.
The recovery movement ap
parently was enough to turn the
market higher after a tremendous
battering Monday and again yes
terday morning. The full picture
would not be clear, however, until
after the tape lag was caught
up and final prices became known.
American Telephone, which sold
off $2.12 on the opening trade
was ahead for the day by more
$8 late in the afternoon.
International Business Machines
ped to a gain of $17. Polaroid
was ahead $5.25 and DuPont held
a gain of about $8.
Prices Melted Rapidly
Earlier almost the entire field of
prices had melted rapidly as selling
ballooned beyond the massive vol
ume of Monday — highest in 29
years.
The panicky desire to get rid
of stocks swept across the nation,
ignoring all accounts of good busi
ness, and had world-wide rever
berations.
The London Stock ' Exchange
its deepest decline since
Munich crisis of September
1938.
Steep losses on heavy sell-offs
were felt by exchanges in Paris,
Zurich, Frankfurt and Japan.
Soviet news agency Tass
York Stock Exchange
“assumed catastrophic
to bring on the
along at a rapid
pace?
“The market is unraveling the
speculative excesses of the past
three or four years when antici
pations of values far exceeded the
realization of earnings and sales
growth,” suggested the big broker
age firm, Bache & Co.
“We cannot say that this will be
the low because who knows where
emotion goes, and the general
healthy state of the U.S. economy,
stocks are rapidly becoming real
istic.”
Others blamed the great rush to
get rid of stocks on a widespread
belief that inflation is over. When
inflation is in force, investors feel
that their money will grow in
stocks. When a non-inflationary
trend sets in they convert to bonds
and savings deposits.
President Kennedy’s chief econ
omic adviser, Walter Heller, said
he believes that the stock market’s
action indicates that “the convic
tion that inflation is not a way of
life is beginning to permeate the
economy.”
J. PAUL GETTY IS BUYING
NOT SELLING STOCKS
LONDON UPi — J. Paul Getty —
one of the world’s richest men —
said today in London he is buying
not selling stocks. -
In an interview he said that on
Black Monday, when the New
York Stock Exchange suffered its
worst slump since 1929, the Ameri
can oil man asked his broker to
buy stocks.
Getty said:
“My brokers picked up between
40,000 and 50,00 oil shares for me,
and I would have bought some
more if I’d been able to get them.”
Getty’s vast fortune comes pri
marily from oil.
Asked for his version of why the
stock market sagged to badly, he
replied:
“I think it was largely emotion
al. Some speculators had been
forced to sell after pushing their
luck too far.”
Getty said there was also an ele
ment of panic involved in Wall
Street.
“When some folks see others
selling they automatically follow
suit,” he explained. “I do the re
verse — and buy.”
Asked what he thought the fu
ture held, the oil man answered:
“I don’t think the slide will go
on. In fact, I think there will be
a rather substantial rise and very
shortly.”
--
KHRUSHCHEV ATTACKS
EUROPEAN COMMON MARKET
MOSCOW UP) — Soviet Premier
Khrushchev attacked the European
Common Market today calling for
an international trade conference
to thwart what he termed the
Common Market’s aggressive de
signs. Khrushchev said in a Mos
cow speech that the United Nations
should call the conference. Diplo
mats in Moscow had a ready ex
planation of the outburst: The
Common Market must be succeed
ing.
Boucher leaves to
e to attend a con
xdated Press editors
expects to take in the
the Malaspina, the
ferry, on Monday mor
In Memoriam s * * i
By Pierce Lehmbeck
Associated Press Staff Writer
On a spring day in 1865, some
where in the Civil War-ravaged
south, a small group of women and
children walked into a field and
placed flowers on the fresh graves
of their fathers, husbands and sons.
Like gunfire echoing across the
valleys, word spread and the act
was repeated — first in neighbor
ing communities and thence into
the north where on May 5, 1867,
Gen. John A. Logan issued a gen
eral order to the newly organized
Grand Army of the Republic.
“The 30th day of May is desig
nated for the purpose of strewing
with flowers or otherwise deco
rating the graves of comrades who
died in the defense of their country
in the late rebellion and whose
bodies now lie in every city, vil
lage and hamlet churchyard in the
land,” the order said.
The nation pauses again today
to honor those who died in her
defense—at Bull Run and El Caney,
in the Argonne. on Pacific beaches,
at the Chanjin Reservoir, in the
air, on the sea, and at an ehau ift
South Viet Nam.
Observances will take place from
the National Cemetary in Arling
ton, Va., to the decks of the partly
submerged USS Arizona in Hawaii’s
Pearl Harbor.
Historians believe northern oc
cupation troops, moving south
ward in April and May of 1865, ob
served conmramwts a r c v r a ung
Confederate graves and relayed
| the word back home.
The graves of federal soldiers
buried in the south also were re
membered. Small groups of union
ists performed the rite, and fre
quently Negroes joined in taking
flowers to the Union graves.
CUBANS CHARGE U.S. WITH
VIOLATING AIRSPACE
KEY WEST, Fla. tf* — Havana
radio asserted today that Cuban
newspapers have published pic
tures of a U.S. military plane al
legedy flying over a Soviet ship
and violating Cuban airspace in the
process.
The radio said the two pictures
were taken May 17 of fthe coast
of Cuba’s Matanzas Province. The
claim echoed a charge last Sunday
by the Moscow newspaper Pravda
which said a Soviet ship had been
stopped by a U.S. destroyer on
the same date and buzzed by a
U.S. plane. -
FBI TAKES OVER
KANSAS CITY <# — The FBI
has taken the job of finding the
source of the explosive which rip
ped open a jet airliner over north
east Missouri May 22 and sent
45 persons to their death from
39,000 feet.
W. Mark Felt, in charge of the
FBI office in Kansas City, de
clined to comment about the in
vestigation. However, agents were
known to be checking into the
background of a passenger, Thomas
Doty of Kansas City. Doty was
reported to have about $300,000 in
insurance and faced charges of
robbery and carrying a concealed
NEW QUEEN ENTRY
With the entrance of Peggy
Roberts into the Queen Contest
of the Midnight Sun Festival, Nome
now his five entries for this coveted
honor. 5
Peggy Roberts, who is employed
at the North Star is the daughter
of Fred Yenney, and former Nome
resident. She is sponsored by the
Board of Trade.
EICHMANN APPEALS TO
I SR A E Ut PRESIDENT TO
SPARE HIM FROM GALLOWS
JERUSALEM W — Adolf Eich
mann appealed to Israeli President
Ben-Zvi today to spare him from
the gallows.
Eichmann’s West German de
fense counsel, Dr. Robert Servatius,
submitted the condemned man’s ap
peal and one of his own to Ben-Zvi.
The attorney asked that the death
sentence not be carried out on the
Gestapo officer convicted of being
a major accomplice in the Nazi
massacre of the Jews.
Executive clemency is the only
escape avenue open to Eichmann
after the Israeli Supreme Court
yesterday rejected his appeal
against his conviction by a special
three-judge tribunal. Israel’s jus
tice minister now has three days to
submit his recommendations to the
president concerning action on the
clemency request.
Ben-Zvi has received a number
of appeals from abroad that Eich
mann be spared.
If he rejects the clemency plea,
it is expected that Eichmann will
be executed soon after in Ramleh
prison, near Tel Aviv, where he
has been held in solitary confine
ment since his trial.
I
France's Cardinals Make Appeal
PARIS UP) — France’s Roman
Catholic Cardinals today addressed
a joint public appeal to Europeans
of Algeria, calling for a halt in
bloody terrorist activity. The mes
sage said:
“We appeal to all men of good
will to cease or to cause to cease
these killings without Sfiiiic and
nearly without number. They are
unworthy of Christianity . , . of
civilization.” - ,
Stowaway Found
In Cargo Box
On NCA Plane
ANCHORAGE <*) — “It’s the
first time anything like this has
every happened to me in 28 years,”
Ray Petersen, president of North
ern Consolidated Airlines, said.
This morning in a 206-pound box
marked, “Fragile—Canned Goods,” ,
two NCA employes found a very
much alive 20 year old youth con
signed to Dillingham.
The box was scheduled to be
shipped to William Miner at Dil
lingham, but two alert employes,
Lee Twing and Harry Franzen,
aoted the box moving.
When taken out of the box the
pouth identified himself to security
aolice at Anchorage International
Airport as Fred Milbocker of Lake
Drion, Mich. He said he and Miner,
a friend, had driven to Alaska over
the highway in attempt to seek
work.
It was only a shortage of funds
which forced the pair to try the
scheme, he indicated. He was en
cased in a sleeping bag and an air
mattress in a large cardboard box.
“When the box wiggled, the men
figured either an animal, a per
son or Mexican jumping beans were
being shipped as canned goods,”
Petersen said.
Petersen pointed out, marked as
canned goods, would normally bej
stored at the bottom of the cargo
hold. The youth could easily have
been suffocated when other freight
was piled on top of the box, he
stated.
FAA and FBI officials, when
queried, said they were unable at
this time to indicate what charges,
if any, will be filed against the
Rodger Ward Wins
500-Mile Derby —
Sets New Record
INDIANAPOLIS UP) — An old
pro skinned the “young hot dogs’*
today as steady Rodger Ward won,
his second 500-mile motor derby.
Starting from the second post
position in the first row, the 41
year-old veteran tracked the flying
early leaders, Parnelli Jones and
A. J. Foyt. He snarled past the
front-runners shortly after the 300
mile marker and drove home in
record time. Unofficially, Ward
was clocked at an average speed of
140.292 miles per hour.
Ward, also won the race in 1959,
was follow'ed to the finish by his
teammate, Len Sutton. Both men
drove Leader Card 500 Roadster
Specials. Eddie Sachs was third,
Don Davis was fourth and Bobby
Marshman with fifth.
Jones, the record-breaker of the
qualifying runs, rushed to the front
at the start for the first 300 miles
of the race. However, brake
trouble slowed him after that and
he fell back steadily.
There were few erackups, al
though a number of drivers — in
cluding Foyt — had to leave the
race because of motor trouble. Foyt,
in fact, lost a wheel on the back.
i stretch, walked away from that
1 one, took over for another driver
1 and again was forced to the side
| lines by engine difficulties.
west turn early in the race sent
four drivers to the sidelines and
one of them, Jack Turner, to the
track hospital. He suffered multi
ple injuries, including pelvis and
big toe fractures and a facial burn
but his condition was listed as
good.
There was one fatality at the
track. A spectator died of a heart
attack.
The one-two finish by the Ward
Sutton team was reminiscent of the
domination of the race by Mauri
Rose and Bill Holland who drove
Blue Crown cars in the 1940’s and
won several times.
The race began under low and
threatening skies but despite high
humidity the rain stayed away.
And the sun managed to break
through often.
Unofficial final standings of the
leaders at the finish of the 500
mile race:
1. Rodger Ward, 2. Len Sutton.
3. Eddie Sachs, 4. Don Davis, 5.
Bobby Marshman, 6. Jim Mc£l
reath, 7. Pamelli Jones, 8. Lloyd
Rub, 9. Jim Rathman, 10. Johnny
Boyd.
Average speed 140.292 mph, new
record; old record 139.130 mph by
A. J. Foyt, 1961.
USE DOG POWER
Air power was reduced to dbg
power Monday evtning at Elim
when the Wien crew rushed from
Nome to rescue the bush plane
which had landed on the ice on
wheels and had sunk through the
ice.
Plane skis were attached to the
plane and a dog sled under the tail,
it was reported, and 17 sled dogs
went to work and pulled the plane
off the ice to safety.
Minor damage to the plane will
be repaired.
■First "Dog Tags"
Some of the first “dog tags” were
devised by Civil War soldiers be
cause of heavy casualties. A.
soldier often wrote his name and
address on a piece of paper
pinned it to his uniform
1 going into battle.