Mason City Globe Gazette, August 26, 1960 : Front Page

Publication: Mason City Globe Gazette August 26, 1960

Mason City Globe-Gazette (Newspaper) - August 26, 1960, Mason City, Iowa y North Iowas Daily Newspaper Edited for the Home MASON CITY GLOBE VOL 98 The newspaper that makes all North lagans Associated Press and United Press International Full Lease Wires MASON CITY IOWA FRIDAY AUGUST 26 1960 neighbors 7c 3 Copy Paper of Two Oria Ho 274 c I He made I a killing 8 in stocks Noted night club dancer tells how By RICHARD SPONG GlebeGazette Editorial Research Bureau WASHINGTON Always those that dance must pay the music wrote the 17th century poet John Taylor and a flock of stock market speculators seem determined to prove the point These are the wideeyed fol lowers of a new kind of Pied Piper the professional night clmb dancer Nicholas Darvas whos responsible for the run away best seller How I Made in the Stock Market Darvas is the Hungarianborn 40yearold male half of the ball room team of Darvas and Julia shes his known to cabaret audiences of 35 nations In his spare time hes atop stockmarket speculator THERE ARPEARS to be no doubt that he did make a good deal more than million in the market in only 18 months The yarn so impressed the American Research Council that its editors persuaded the dancer to write a book outlining his method Ac cording to the publishers 125 000 copies of the slim manual which sells for are now in print Darvas calls himself a tech nofundamentalist which to oversimplify a bit means that he operates quite as much on WILLING TO NEGOTIATE WITH U S Cuban Foreign Minister Raul Eoa wearing glasses is sur rounded by newsmen and members of Cubas dele gation as he leaves session of Organization of Amer AP Pliotolax lean States in San Jose Costa Rica Roa expressed willingness to negotiate with the United States dur ing speech in which he praised Fidel Castro regimes friendship with Soviet Russia and Red China The weatherman promised a the basis of price patterns of a given stock in relation to the market as a whole as he does on t h e basis of fundamental worth in relation to price He makes sure of purchases and sales with on stop orders These are basic to the Darvas technique but there is nothing especially new or individual about them Orders to buy a stock on stop are placed at a limit above the current market marked by an official 72 of a respite for central lowans after two days of rains and high winds took one life caused severe property damage and knocked out power lines The weathermans forecast calls for dry weather with cool er temperatures between the and 85 degree marks THURSDAY NIGHTS sudden thunder and lightning storm was price prders to sell on stop as stop loss orders trigger sales at a price below the current market The latter device which automatical ly limits Darvas loss on a given stock to the number of points he is willing to gamble he calls his trailing stop loss insur ance streetlevel floors inch of rain at the Des Moine weather station although som parts of the Iowa capital citj reported as much as two inche of rainfall Mason City received 58 of an inch during a violent downpour in midafternoon Downtown Des Moines busi ness establishments were over BROKERS HAVE been failUrGS ing since the Darvas book wasjthe water to run published in June a sharp in crease in the number of stop loss orders In a falling market these have not been nearly the insurance they are intended to be inasmuch as a stoploss or der is an authorization fora broker to sell whenever the stock falls to a certain price but it is by no means a guarantee that a sale can be made at that price Indeed John W Schulz part ner in a New York brokerage firm points out that Darvas im itators by sheer weight of num bers have turned his weapon against themselves Stop orders accumulate creating false de mand to buy or sell as the case may be Particularly when they are orders to sell they can prove disastrous for they are often executed in blocks well below the stop desired price SCHULZ SEES the plethora of stop orders as responsible for the sharp and sudden breaks noted in many popular stocks in July Early August stop orders in Lionel common stock had so bunched that the New York Stock Exchangeannounced that all such order were to be can celled by Aug 11 As for Darvas overall method Schulz remarks dryly We must congratulate him on his success somewhat in the same way that we should congratulate a man who has gone over Ni agara Falls in a barrel and sur the store cars were stalled in hubcap deep water and falling power lines broughi more than a score of families seeking shelter with neighbors ELECTROCUTED during the deluge was a circus worker at the Iowa State Fair An employee of the Olson En tertainment Shows Robert V Tuttle 31 Long Beach Calif was killed as he stepped onto a trailer hitch while one foot was in a puddle of water on the ground Power failure at both Mercy and Iowa Lutheran Hospitals in Des Moines for about a half hour caused some panic but both WIRE SERVICES LEOPOLDVILLE Congo Six U S Air Force planes ferried 775 Belgian soldiers home from the Congo Friday The move came as Premier Patrice Lumumba said he would demand that all UN troops leave as soon as the Belgian withdrawal is complete WASHINGTON Chairman Overtorr Brooks DLa of the House Space committee predicts the Soviet Union will launch a manned space ship into orbit arourjd the earth during October or before the end of the year NEWPORT R I Sen Thruston B Morton chairman of the Republican National Committee said the campaign treasury is in pretty poor shape Morton told a news conference After we meet our payrolls and expenses next week we will have be tween 850000 and 860000 left and well shortly have a bill for for upcoming TV programs WASHINGTON The AFLCIO executive coun cil has overwhelmingly endorsed Democratic presi dential nominee John F Kennedy and his running mate Sen Lyndon B Johnson Merrygoround stolen at park CLEAR LAKE Anybody see a merrygoround floating around Members of the Clear j Lake Park Commission are looking for one The merry goround in City Park a half block from the police station was reported missing Friday morning by the custodian as he reported for work The piece of playground equipment was lifted off its base and would have to be loaded in a truck to be moved The loss was reported to city police CABINET SHAKEN UP ANKARA Turkey W Turk ys ruling military junta Fri Background Story on Page 3 FROM OUR HIRK SUKVKKS WASHINGTON Thc House passed compromise legislation o provide governmentfinanced medical care for persons ovci 65 nol having financial re sources lo pay for needed treat ment c Senate was expcctcc aler Friday to send the mcas ire lo the While House for resident Eisenhowers certain iignalure Terms of thc new program vorkcd out by a SenateHouse Conference c o m m i 11 c e fell horl of the rival plans for a iroatler coverage of benefits upportcd by Democratic and iepublican presidential candi John Kennedy and Vice President Richard Nixon THE NEW federalstate pro in its sixyearlong dispute with gram would become effective the United Auto Workers UnionOct 1 but it was expected to go The board found dial the Shejinto operation gradually Back boygan Wis plumbing fix lure ions figured that Ihe program firm committed a series of unjal least in early years of op fair labor practices after a 54oration probably would provide clay shutdown of its plant followactual benefits each year for ing a strike thai began April Sjless than 10 per cent of the 1951 million persons over xuc AAK KM rB Coverage would depend on THE FIVEMAN NLRB oxlcnt to which sblUs m mously directed the Kohler lo sharc jn thc to bargain collectively with UAW lhc of elderly persons WASHINGTON W The Na tional Labor Relations Board Friday ruled the Kohler Co had refused to bargain in good faith ainst sou IKOH out WIHK WASHINGTON The Unitedilombia States broke diplomatic rela tions with the public Friday Dominican Uc Tho about Slate members aggression in Coland represent US business 11 crests in the country Department said Tnc Slate Department said a Oi power which it would and requested Embassy in Chubd Trujillo arejnoL name but wnjch apparently recall of the Dominican recalled hut that rcat Britain has been asked ma ic mission IUTO ihaps a dozen consular represent US diplomatic in Ihe action followed a vole by of the embassy are expected tokrcsts jn the Dominican Repub remain hero But officials said Dominican the Organization of American States OAS in San Jose Cost a Rica for all OAS countries to sever relations with Generalisjmeclcd for the consular staff to lie I Slate Deportment officials government permission is i i n u r 4i isaid US travelers to the Canb ibean coiiiiry should be simo Rafael Tnijillos They would handle visas North Iowa Generally fair through Saturday Cooler southeast Friday night Highjing up its Communist tics aware of ho fact they will not be under diplomatic protection The action followed a blast at iho Costi Rica meeting by secretary of Slate Herter who caller Cuban Premier a dic and said his regime hag expressed open contempt for the interAmerican system HERTER CHARGED that Thursdays speech by Cuban Foreign Minister Raul Roa clearly indicated the Castro regime has no intention of giv Sal 11 relay 75 lo 80 night r o 58 ow Friday night he said made it clear the Castro regime will con tinue to place reliance on the and help bloc and will not submit itself to the princi Friday Cooler Ihe SinoSoviet Iowa Mostly fair and Saturday cast Friday night A lillle warmer extreme northwest Saturday Low Friday nightiplcs and discipline of the inter upper 40s northwest toncar CO Aincrcan systcm extreme southeast High Sal Ie called on Cuba lo re unlay 70s northeast lo 8onounco Communist aid and ac southwest Outlook for Sunday cPl frcc elections Partly cloudy possible show ers and slightly warmer Fiveday Iowa Temperatures will average near to slightly above normal Saturday L through next Wednesday with only minor daily changes Aft ernoon highs will average 80 Hellers reference to Castro as a dictator came after he tinted that it has been asserted the Castro regime represents will of the Cuban people and does not need elections IN CUBA Herter said the jnly political party permitted to 85 degrees and overnightany activity is the Communist lows 55 to 60 degrees Jfairifalliparty I hough perhaps it is will average 50 to 75 of amoperafing under another name inch as recurring showers andjaubas Communist party is of Ihnmlcrslonns throughout llicjficially titled thepopular period Minnesota Fair ami cooler Highs Saturday in 80s Socialist parly Kighl small nations worked a mild toned resolution I which they had hoped would be weather data upiacceptablc to the United States Local 833 I to 8 am Friday Maximum Minimum At 8 am Precipitation who can pass means tests to Four of the five board prescribed by each of the bcrs held that what began as participating states an economic strike after a Thc merjicai care pan offors On the inside 2Minute Mystery Page 3 was converted by finance Editorials 4 8 55 J2 58 breakdown in contract granls to slatcs tions into an unfair labor practice Q tne 2400000 persons over strike on June 1 1954 by an un65 wno are on reljcf rons and lawful wa strikers increase to non1 2 0thCr needy persons over f5 Society News67 Mason City News89 Latest Markets 9 who arent so destitute The fifth NLRB member for ciiecks for food seph A Jenkins said the strike and nousing bul stju dont have should be considered an unfair res0urces enough lo pay for labor practice walkout from its nectied medjCal attention North Iowa News 10 OTHER PROVISIONS of the ORDERED OUT George Winters 39 economic expert at the U S Embassy in Mos cow has been ordered out of inception He said the company bad exhibited fixed intent lo precipitate a situation whichlegislation would add at least would enable it to rid itself of 700000 persons to the more than the union 112000000 now on the benefit Sports 1112 North Iowa Features 15 Comics 16 Clear Lake News 17 TV Guide Rollout Section HOWS THAT AGAIN DALLAS Tex fUPI The and Cuba Those favoring a softer stand were said o include Bolivia Venezuela Mexico Panama Peru Ecuador El Salvador and Honduras Sowa State Fair I opens officially DES MOIXES Iowa i State Fair opened officially Fri jday in a soggy atmosphere re 1 suiting from a thunderstorm which deluged parts of the fair and the city of Des I Moines Thursday evening j As is customary opening day at the State Fair was free for j youngsters under 16 Thursday was the last of the TUC u members Jenkins the Social Security Cleaners has a sign adpreparation days during which day fired 10 of thc 18 members Russia because of alleged cs were able to put emergency the civilian provisional Cabi pionage activities He was erators into operation net set up after thc overthrow charged with being caught The storm let up within about of Premier Adnan Menderes redhanded handing a U S 90 minutes and the water in the street soon receded May 27 The announcement agent instructions secret ink the shakeup gave no reason I and a large sum of money Modest adequate living vivcd Be that as it m a y Darvas doesnt have to depend on his market profits Hes currently making a week as a 567 in Chicago The exhaustive survey by the departments Bureau of Labor Statistics also estimated the income of such a family conservatively is to as an author cvenj 500 It said income typically at the paltry royaltyof 10 per1 outstrips budget needs by 15 cent which is probably much1 to 20 per cint loo low hes made over Thc budget is based on a WASHINGTON WtThe La bor Department calculated Friday it costs about a year to maintain a fourperson city workers family on a mod est but adequate living level An actual survey of 20 cities showed costs ranging from in Houston Tex to so far family consisting of an em ployed husband aged 38 a wife not employed outside the home a daughter aged 8 and a son aged 13 all living in a rented dwelling in a large city or its suburbs The survey was made in 20 cities The budget cosl for such a family was calculated for other cities as follows Atlanta Baltimore 718 Boston Cincinnati Cleveland De troit Kansas City 964 Los Angeles Min neapolis New York 970 Philadelphia Pills burgh Portland Ore St Louis San Francisco Scranton 693 Seattle and Wash ington D C To make the survey the bu reau determined the needs of such families in all the cities balancing them with scientific studies of nutritional needs and other family require ments It compiled them into a typical budget for such a fam ily Then it went out and priced the items in all the cities Money needs are slightly less in smaller towns the de partment said with cheaper housing and transportation ac counting for most of Ihe dif ference fourjgram and relax thc Sl200 a yearivising its customers to Havcijudging was completed or start earnings test for retired workyour wash n wear clothes oxled in thc livestock textile and Kohler caused the strike by illeers drawing full benefits i pertly cleaned and pressed divisions gal practices All five NLRB members agreed on an order that Kohler reinstate strikers who had not been permanently replaced prior to June 1 1954 even if the com pany had lo dismiss replace ments hired since then The board said that if after thc dismissals there were in sufficient jobs for the returnin workers those remaining shcnl be placed on a preferential hir ing list Thc board largely upheld rec ommcndations made earlier b trial examiner George A Down ing It rejected contentions b the Kohler Co thai it had i fact bargainer union fairly with In SEGREGATION ENDS HOUSTON Tex Lunch counler segregalion in eight ma or retail stores ended Thursday in a quiet move hat took Ne groes and whites by surprise SAME NOW THEYRE JUST FOUR Posing with the trophy each hopes to take homfi these four have reached thc semi finals in the U S Womens Amateur Golf tournament at the Tulsa Okla AP Pholofax Johnstonc Mason City Iowa Jean Ash ley Chanute Kan JoAnne Gunderaon Kirkland Wash and Judy Eller Old Hickory Tcnn Matched together for thc semifinal play are JohnstoneAsh Country Club Left to right Ann Casey ley and GundersonEller ;

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Publication: Mason City Globe Gazette

Location: Mason City, Iowa

Issue Date: August 26, 1960

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