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Mason City Globe-Gazette (Newspaper) - October 27, 1959, Mason City, Iowa Daily Newspaper Edttid lor Homo HOME EDITION T M rVe XI I N r t h low a n s N e i g h b o r s VOL Auoeiated Preu United Preu ruU UiaM WlrM MASON CITY IOWA TUESDAY OCTOBER in 1 Crash on WallStreet Recalled Market Booms on Anniversary of 1929 Panic By JOSPH R SLEVIN New York Herald Tribune r News Service ASHINGTON It was 3 rs ago this month that th market crashed and th door slowly swung open to th black depressed decade of th 1930s market is boil Ying again The United States i more prosperous xthan it eve has been Incomes are large and are excite ment ishigh Many people hav extra cash Someare investin money in stocks they intend t keep Others are buying and selling stocks to gamble Twelve own stock in American corporations and the number is increasing value ofthe shares liste on the New York Stock Ex change totals about Billion Many stockholders are wonder ing if there can be anothe erash THE ANSWER IS be but anothe 1928 isnt Last Saturday was the sort o anniversary that many peopl would like to forget but that the country will do well to remeni ber Oct 24 1929 Black day that 650 shares were dumped on th N Y Stock Exchange fay pan icky holders the day a power ful group of bankers made a valiant but vain effort to ha the price the firs of three days that were to sound the knell of the new era the golden era of the 1920s the panic flared anew on Oct 28 1929 when more than 9 mil Jion shares were sold and prices plummeted On Oct 29 the fol lowing day more than 16 mil lion shares poured into the mar ket anothe 1929 debacle was an accomplished fact THE VALUE OF the shares listed on the N Y Stock Ex change plunged from billion on Sept 1 1929 to billion in mid1932 The total loss amount ed to billifln Anyone who is certain there cant be another crash will do well to think about what hap pened last month September saw the sharpest stock market break since 1931 It was a warn ing a reminder that stocks that go up can come down Either of two developments could cause a stock market crash A fresh speculative orgy could trigger the break So could a deep and prolonged business recession THE COUNTRYS chances of preventing a market collapse are only as good as its pros pects for keeping either of these developments from materializ ing The belief that there can be a crash but not another 1929 stems from a widespread con viction that the economy will not again be allowed to become as weak as it was in 1929 that the market will never again be shot through with the specula tive excesses and downright dis honesty that tore it apart in 1929 that there cannot again be the devasting combination of economic and financial weak ness and riotous speculation that shattered the market 30 years ago Nobody thinks the United States has learned how to con trol the business cycle but there is reason to hope that we have learned how to help re cessions from becoming de pressions Ittakes the automatic re sponse of built T in stabilizers along with adminsilration will ingness to use the taking and spending powers of the federal government if overt action be comes necessary Mason City Mostly c 1 o u d y through Wednesday Warmer night lows 3236 Very light rairi Wednesday warmer highs 4046 Iowa Mostly cloudy Tuesday night and Wednesday with oc casional very light rain begin ning west and moving east w a r d Warmer northwest Tuesday night and southeast Wednesday L o w s Tuesday night upper 30s to lower 40s Highs Wednesday 40s north to lower 50s south Further out cloudy and cold er Minnesota Cloudy showers a little warmer Highs Wednes day 4048 data 43 31 32 18 GlobeGazettev weather up to 8 Tuesday Maximum Minimum At 8 Precipitation Tirade by which dropped bombs and leaf ets on Havana were flown by counterrevolutionists based in theU S 2 Said Cuba will buy airplanes meaning rom the Communist its overtures to buy jets from Brit ain fail 3 Virtually signed the death varrant of Maj Hubert Matos ormer commander of the armed orces in Camaguey province and key figure in the latest gov irnment crisis FIRING SQUADS Firing squads the crowd roared as Castro asked them to approve he execution of Matos who ac cused the regime of going Com munist It was a repetition of Opera ion the public rally Cas ro drummed up last January when the speedy executions of socalled war criminals were be ng severely criticized abroad But there was one big differ ence In January at least a mil ion persons turned out kaiser arid in Pact Judges to Give Verdict FROM OVm WISE SERVICES PITTSBURGH Company bj company negotiations resumes in the 105day steel strike Tues day with one I major produciei signed and an Appeals Cour ruling on a backtowork injunc tion expected by late afternoon Individual bargaining session between the United Steelwork ers Union and management rep resentatives began at 9 the fourth day such talks have been held here in a effort to end the most cost strike in steel industry history Before the began an industry spokesman said the court rulinggon th backtowork order will be in favorof govern He added however tha the union has arranged forah immediate appeal and that the U S Supreme Court has agreed to hear arguments vir tually Theunion would not comment MEANWHILE Kaiser employes returned to work a plants in California under a new agreement which will be in force until June 30 196ir Kaiser the nations ninth big gest producer pierced the in dustrys solid f T o n t Mondaj Thls rf Two 7c night by signing a Monday separate Fidel Castro angrily promised a wildly cheering crowd of several lundred thousand Monday night again hand over the en emies of his revolution to mili tary tribunals and firing squads In fiery speech of more than three hours devoted largely to lis most violent antiAmerican tirade yet Castro also T GAVE hint his announced a contract agree government may try to drive ment with Detroit Steel the the from its naval nations ieth largest producer base at Guantanamo in south eastern Cuba He claimed planes peace with the union after near ly five hours of negotiations in Washington United Sleelworkers Union President David J McDonald a McDonald said the agreement vas on the same basis as the settlement in Washington with Kaiser Detroit Steel has not been strikebound It has been operating under a contract ex tension with the union It em ploys about But the other 10 big companies said the two defections would not affect their determination to resist what they termed an inflationary settlement THE NEWCONTRACT calls for an added 10 cents in fringe benefits for the first year and cents more the second year including a 7centsanhour pay boost Company officials de clined to say what ers made before the strike be gan The industrywide average was an hour Toplevel talks between the union and the industrys regu lar fourman bargaining team have been recessed R Conrad Cooper chief industry negotia tor and vice president of U S Steel said no further meetings are scheduled HIDDEN SIDE NO LONGER UNKNOWN Rus sia says thisisthe hidden side of the moon by instruments in Lunik III Identifi 300 kilometer in diameter sea crater Moscow15 Sea Bay of Moscow Sea of South Sea on MobiiSreverserslde ofmain Tziblkoysky Chilly Curie crater mountain range Dream Sea Solid line across diagram Moons AMAZING RUSSIAN REVEAL AP Photofax equator dotted line is border line between seen and of moon from earth Solid lines around objects show absolutely established objects deter mined in preliminary processing Dotted line around objects show objects needing clarity fine dots around objects show on which classification is now taking numbers are those objects on seenside of Moon Sea of Crisis Sea of Waves Smith Sea of Fertility Hidden Side of Moon Drab MOSCOW The hidden side ported these The un of the moon is largely drab seen part of the moon is con plains with far fewer landmarks siderably more monotonous than han we see on its face Soviet scientists report They presented this analysis of photographs ascribed to pic uretaking apparatus aboard Lu nik Oct 7 as the Soviet rocket station passed beyond the moon Russian names are being iven eight landmarks As presented Monday night on Moscow TV the pictures meant ittle to ordinary observers A helpful announcer pointed to certain areas and said That s a sea This is a BUT PROF ALEXANDER Mikhailov in a broadcast re the side turned toward the earth It contains N fewer seas and fewer He said the general monotony of the landscape is beyond doubt associated with the ques tion of the origin of the config uration of the ABOUT 30 per cent of Luniks exposures showed the already chartered face of the moon The dark patches of the so called seas are clearly Mikhailov said Some of them extend to the other side of the The Russians say the pic lures were transmitted to earth AP Photofax HAPPY FELLAS The grin comes easyfor Edgar Kaiser and David McDonald president of the steelworkers union following the signing of a con tract which for Kaiser ended a 104dayold strike It was the first break in tha industrywide walkout Cold Weather Due to Remain Few More Days Many places in Iowa got their irst snowfall of the season Mon day night but most of the snow melted as fast as it fell The colder weather which be moving into the state Mon lay was expected to linger for at least a couple more days Temperatures hovered withiu few degrees of the freezing Monday Tuesdays owest temperatures included 31 t Cedar Rapids Mason City and Spencer and on up to 37 t Burlington Wednesdays lows are expecl sd to be from the upper 20s jn he east to elsewhere Afternoon highs are due to be in the 4Qs Young Mother Tied tp Chair by Youths DAVENPORT 18 yearold mother complained to police here Monday that two youths broke into her apartment and bound her to a chair with an apron and dish towels Mrs Kay Charlene Sharp was freed by her husband Thomas whcn hereturned home from work Mrs Sharp said the boys did not molest her but mdy hsve been frightened away by her screams over distances up to when was not an nounced Among the eight features named is the Sea of Tass said this sea is a 180mie wide depression north of the lu nar equator It was described as situated between the 20th and 30th par allels and the 140th and 160th meridians A bay in the southern part of this sea has been called the Bay of The name Tsiolkovsky was given to a crater more than 60 miles in diameter with a central elevation clearly discernible in the southern Two big craters were reported situated north of the lunar equa On the Inside Editorials 4 Clear Lake Society North Iowa News Sports News Latest Mason City Comics Farm News German Shoemaker Found Crucified FRANKFURT G e f m a n y tor on the dividing line of the visible and invisible parts of THEY WERE NAMED Lo monosov and The late Mikhail Lononosov a Russian is credited here with developing the first working model of a helicopter Federic JoliotCurie a French nuclear scientist who was a member o the French Communist partys Central Committee died at 58 last year A mountain range stretching south from these craters towarc the equatorial area was named A sea called the Mechta the south crn hemisphere on the very edge of the moons invisible Tass said The eighth feature is a con tinuation of the southern sea fromthe earthviewed side of the moon A team of scientists chose the names This onena tion operation is a departure in science The socalled seas mountains and craters on the moons side facing the earth have been named by scientists of many lands down through the ages DR FRED WHIPPLE direc tor of the U S satellite tracking program described the photo graphs as a remarkable UPI Two tccnage I Question in my n mind that this is authentic The walked into a shoe repair shop piclurc definitely sccms to it nrt f3 n ir nfl 1 fl O I 4 1 J L Monday and found the shoe maker dead his body nailed to LUNIK IH This is the first nnnp Th picture of the payload of Rus sia s on rollers from shown which the the floor and wall The victim i was George Krausert 64 Au with what we know of the he added These socalled seas are photos of the back side of the moon were taken It weighs more than 600 SAME FIGUUKS re ones we have re a4U UNta wu jiavc fanatic and may have cooper tained sjncc wc believed there ated with another person in was water on the deathly crucifixion Krauscrt had inflicted wounds on himself in thepast Collides With Cousin Dysart Man Killed KEYSTONE WKClarence G Harder 45 Dysart farmer was killed late Monday when his car collided with a pickup truck driven by his cousin RalplrJ Selk about 43 also a Dysart former The accident occurred at a rural intersection about five miles northwest of here Whipple says I fee that it is entirely proper that the Russians should name these In Manchester England Prof Lovell director of the Jodrell Banks called the picture an outstand ing achievement and said it opens up very great possibili ties for photographing other planets particularly Mars and British moon expert Patrick Moore called the photo graph amazing and said I was absolutely staggered with its N Iowa But Prospects Remain Good By CHUCK WALK GlobeGazette Farm Editor Crop harvest prospects for North Iowa appear pretty good the rains ever stop and the armers are able to get back nto the fields Anyway thats the consensus of seven county extension direc ors in the area In Cerro Gordo County Rob ert Judd says the bean combin ing would probably have been completed last week if it been for the rain AS IT NOW stands the har vest is about 80 per cent com pleted with yields averaging about 25 bushels an acre with some yields ranging up to 40 aushels an acre Although ear corn harvesting had just gotten under way when the Judd believes the yields will run very high with 100 bushel corn not being unusual He does say however that certain areas were fairly hard hit by drought in July and others suffered some hail dam age To the north Bill St Clair in Worth County figures the bean harvest is about 75 cent completed with yields av eraging about 25 bushels to the acre This is somewhat better than the farmers had first thought they would get St Clair says VERY LITTLE ear corn has been picked St Clair continues but there has been some done by pickershelters He estimates that about 40 per cent of the bean ground has been plowed In Franklin County R Pearl Kelsey is looking for the largest corn harvest in the farmers can get into the fields Perfect summer weather con ditions are the reasons for the record estimate While much of North Iowa was experiencing a dry June and July Franklin County had plenty of moisture Little of the corn in Franklin County has been picked yet Kelsey says except for high moisture cornor that which is being picked and dried THE BEAN HARVEST is also behind in the county as a result of the rains in the last week Kelsey thinks about half or two thirds of the harvest is now in with yields running between 25 and 30 bushels an acre To the east Dale Studt Floyd County says the rain halted bean combining with about half of the harvest completed Yields were running about av erage and that isnt very good in Floyd Studt ex plained Some areas near Rudd had very poor bean harvests because of extreme age Studt estimates that about half the corn fields in the coun ty have been opened although only about five to 10 per cent of the total corn harvest has been picked RESULTS FROM 11 entered in a corn yield contest in Floyd County show yields running from 88 to 124 bushels an acre Studt thinks the county wide average will be down slightly fronv last years 71 bushels an acre In Kossuth County Dean Barnes says the bean harvest is pretty well completed although the rain slowed it somewhat The yields were running be tween 25 and 35 bushels to the acre with some as high as 40 The corn harvest was just get ting a good start when the rain started Barnes says the yields are spotty but should average out about the same as last year Fall plowing is progressing rapidly where the bean harvest is done EDGAR DOROW in Mitchell County says that countys bean harvest is about 80 per cent completed Yields are down slightly fromlast year due to a bad drought in the northern part of thecounty One farmer whohad a special fiveacre corn plot told Dorow ie averaged 130 bushels an acre Dorowl thinks the county aver age will he about 60 or bush els an acre iln Wright County nearly 90 per cent of the bean harvest it V ;