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View Sample Pages : Mason City Globe Gazette, September 20, 1961

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Mason City Globe-Gazette (Newspaper) - September 20, 1961, Mason City, Iowa North fowar Daily Newspaper Edited Jor Hit VOL 99 MASON CITY GLOBEGAZETTE The newspaper that makes all North lowans neighbors Allocated Presi United Prew International Full Wirei T MASON CITY IOWA WEDNESDAY SEPTEMBER 20 1941 cTo a Copy ef Four SepHonsSertion One No 297 Its busy time on Wall St Volume on upswing By G KEITH FUNSTON President New York Stock Exchange NEW increasing regularity these days stories about the stock market and in vesting spill over from the fi nancial to the front pages In light of this interest what are the publics major concerns about the market Here are some of the questions most fre quently asked Q Why are we having one of historys busiest markets A For a number of reasons A growing economy greater use of the market by institutional investors an increasing number of shareowners the everex panding list of securities avail able to the public With develop ments such as these its really surprising that the volume of trading hasnt accelerated more sharply Q Are the signs of unwise speculation about which the Ex change community warned ear lier in the year still causing special concern A Not at present During the spring there was evidence that some people were greedily reaching for the quick buck They risked trouble by forget ting the limetested rules about investing and bought shares just because they were lowpriced or because they were new Often people approached these pur chases without knowing the com panys name or what it pro duced or what its prospects were This situation has im proved considerably since then and the Exchange Community will of course continue to watch developments closely But al things considered todays mar kets show no signs of being overlarded with unwise specu lation Furthermore exchange studies continue to show that most people are buying for the long termwith sound objectives Q Is speculation ever good for the economy A Of course it is But its im portant to understand the differ ence between calculated specu Photofax TACTFUL APPROACH Soviet For to torpedo a proposal for a temporary eign Minister Andrei Gromyko exchanges smiles with Tunisias Mongi Slim on floor of U N General Assem bly at United Nations N Y Slim was secretarygeneral who would succeed Dag Hammarskjold and keep U Nex ecutive machinery in action Gromyko has indicated Moscow will settle for elected president of the 16th General nothing less than a threeman secre Assembly The Soviet Union threatens tariat to control the U N Esther clips Virginia New England in path NORFOLK Va AP Hurri ane Esther took a poke at North Carolinas lonely outer banks Wednesday then shifted her ourse to the north easing an earlier threat to the Virginia coast At about noon the US Weath er Bureau at Norfolk said the threat of hurricane winds to Vir N ews in a nutshell FROM OUR WIRE SERVICES relying on known facts not rumors buying stocks for good and considered reasons and not only because the price is low or the issue is new Risking funds you can afford to specu late with and facing up to the risks Speculation is necessary if a free economy is creation of new to spur the jobs higher GM pact assured DETROIT General Motors and the United Auto Workers reached final agreement on a new na tional contract to pave the way for an end to the 10 day strike that has crippled the largest of the na tions automakers The agreement did not signal im mediate end of the strike action since local issues were still unsolved at 27 scattered plants Adenauer wont quit BONN Chancellor Konrad Adenauers resig nation appeared to be the only solution in sight to West Germanys political deadlock but the 85year old statesman was grimly determined to remain at the nations helm Adenauers Christian Democratic Union CDU lost its overall parliamentary majority in Sundays general election To remain in office Ad ginia is very slight But the pop ulous nQrtheasterh seaboard stil faced a major threat from Esthers raging winds and water The weather advisory said it wa likely that hurricane warnings from Hatteras NC to the Vir ginia capes would be replaced shortly by gale warnings The storm center still packing 130 mph winds was expected o pass more than 100 miles to he east of the Virginia capes in midafternoon the bureau report ed This would throw gale force vinds at the Virginia coast and cause tides to run about two feet above normal the bureau said laims Katanga fighting to Tshombe tells of truce if Talks are fruitful FROM OUR WIRE SERVICES NDOLA Rhodesia Katanga President Moise Tshombe an nounced Wednesday that he and Jnited Nations negotiators had agreed on a provisional cease Ire in his rebel province to be effective at one minute after midnight Tshombe announced the agree ment at a news conference at STdola airport as he prepared to ily back to his capital of Elisa jethville after two days of talks iere with U N negotiator Vlahmoud Ehiari of Tunisia The ceasefire signed here by Tshombe and be ratified by United Nations headquarters in New York Tshombe said Tshombes public stand was that the United Nations must withdraw at least from Elisa bethville although he has de mandecl in private talks the U N withdraw its entire contin gent of seces sionist province The alternative was continued war The UN position is that Ka tanga must end its secession and rejoin the central Congolese government The alternative to that was continuedfighting and IVU31UC1CU iUi perhaps fullscale invasion by ports that he FOWLER HAMILTON Hamilton to head foreign aid agency WASHINGTON Kennedy Wednesday picked York attorney Fowler Hamilto to head the new foreign aid agen y The selection was Kennedy solution to a thorny problem obtaining a man who could com mand wide support as director o the Agency for International De velopment George D Woods New Yori inancier had been one of those considered for the post but re 3 U N Plans under study UNITED NATIONS N Y W The U N Gen eral Assembly quickly elected Tunisian delegate Mongi Slim as its president Wednesday but no agreement was in sight on the critical problem of choosing a successor to SecretaryGeneral Dag Hammarskjold The moderate north African received all 96 votes cast after Indonesian Ambassador Ali Sastroamidjojo had withdrawn from the race He took over the chair from the outgoing president Fred erick H Boland of Ireland Slim referred immediately to the death of Hammarskjold Hog kill resumed which has overshadowed normally routine organizational I procedure at the opening meet mgs The shining example that VIr Hammarskjold has given is should be an inspiration to 11 of us in this assembly Him said Slim is expected to play a najor role in the efforts now joing on to work out atempo ary arrangement to keep the iffice of secretarygeneral op erating Western diplomats have been troops of the Leopoldville eminent Tshombe made the announce ment as he emerged smiling from the church where he paid lis coffinside tribute to Dag lammarskjold The agreement was a triumph was a prospec up opposition in Con Forecasters at Washington reIfor Khiari who undertook the difficult task of filling Hammar 5orted at about noon that Esther was centered about 140 miles northeast of Cape Hatteras and was expected to continue in a northerly direction about 15 mph during the next 12 to 18 hours The storms size and in tensity were expected to remain about the same Meteorologist Glenn Sachse said Esthers course was due north All interests along the Atlantic Seaboard from Virginia northward skjolds place at the conference table despite violent attacks on him by Tshombe over his radi Free Katanga The accord called for No troop movements during the period of the ceasefire Establishment of a mixed commission of four members to oversee the ceasefire and seek means to reach a permanen standards of living and greater enauer needs the support of the Free Democrats iwere urged to keep posted on technological advances Specu p tv FDP which has so far refused to join the latcst advisories and bulletins lation in this country after all rmj oovernment as loneas Adenauer Gale warninSs anci a hurricane ic niri QC thp firct rmni in a coaiiuon as Jong as rtxienauei nnrfh nf settlement of the KatangaU N I dispute is as old as the first wheat crop ever planted and unquestion ably many of todays giant cor porations would never h a v e grown to their present size and economic importance if knowl edgeable people werent willing to take a chance by speculating on a new companys chances for the future But by the same token little if any constructive good is ac complished when foolish people reach recklessly for a nonexist ent sure thing They wind up hurting themselves the securi ties industry and the economy Q How then does one invtst sensibly A First You should be able to afford to invest In general that means having some money left over after you have paid your bills and after youve plan ned against possible emergen cies But bear in mind that there is no such thing as a sure thing stock prices can go down as well as up Second Know why youre go ing to invest Have a purpose an objective It may be to pro vide an educational fund for the children to gain extra income now or to build up income for your retirement Then stick to your objective leads it JFK changes plans WASHINGTON President Kennedy has jug gled his plans so as to be ready to deliver a major speech proposing giving the United Nations specific responsibilities in such fields as disarmament The President who hopes to give the world organization new vitality cancelled a news conference scheduled for Thursday Resigns over racial issue WASHINGTON Atty Gen Robert F Ken nedy has resigned his membership in Washingtons exclusive Metropolitan Club because it refuses to ad mit Negroes Khrushchev for once agrees with the Pope watch remained in effect north of j the Virginia capes to Massa chusetts coast including Long Is land Residents in the hurricane watch area should be ready for quick action in case it is neces sary to issue hurricane warnings later the Washington Weather Bureau warned Danger of major destruction in North Carolina appeared past Tides were four to six feet above normal along the North Carolina coast and the weather bureau said tides along the coast north of Hatteras would continue to rise as the hurricane approach es The sheriffs office said roads on North Carolinas Outer Banks suffered the major damage About 300 residents of various fishing communities spent the night in the Buxton School on the Outer Banks Third Never put money appeal Khrushchev said anything unless you carefully investigate it first Seek out the expert advice of a seasoned and responsible broker who will not the imperialists Khrushchev said Emphasizing that he is a Communist and an atheist andi that he does not believe in divine guidance Khrushchev nevertheless said that the Soviet Union has always stood for peaceful solution of interna tional problems and welcomed any appeals for negotiations in he considered such appeals a the interests of peace rcgard MOSCOW UPI Soviet Premier Nikita Khrushchev in a rare statement of solidarity with the Vatican Wednesday welcomed Pope John XXIIIs recent appeal for negotiations to avoid war Answering a question on his reaction to the Popes recent THUNDER STORMS good sign The head of the jless of where they come from Catholici He asked Will such adhcr Church evidently has taken into ents of Ihc Catholic faith like only provide you with the tactsjaccount the sentiments of manyjjohn Kennedy Konrad Aden but who will be able to discussmillions of Catholics in all parts and advise you on your parlicujof the globe who arc disturbed lur investment objectives the military preparations of auor and others listen o Jhc Holy warning of the Pope of Rome North Iowa Considerable cloud iness Wednesday night and Thursday with scattered showers or thundershowers mostly west Lows Wednes day night in upper 50s Highs Thursday in the 70s Iowa Mgstly cloudy with scat tered showers and thunder storms west and north Wed nesday night and Thursday Cooler northwest and extreme west Wednesday night lows in the 50s Highs Thursday 60s northwest to 70s south east Further outlook Cloudy showers and cooler Friday Fiveday Iowa Temperatures will average 5 to 8 degrees be low normal Wednesday night through nekt Monday Normal highs are from near 70 north east to mid 70s southwest Normal lows are from 50 north to lower 50s south Turning cooler Thursday and Friday A little warmer Sunday and Monday Rainfall will average 50 to one inch in showers and thundershowers early in the period Cloudy showers Highs Thursday near 60 gress Woods is chairman of the board of the First Boston Corp which figured in the controversy several years ago over the Dixon Yates contract to supply private power in the Tennessee Valley Authority network Hamilton previously had figured in speculation as to a successor to Allen Dulles as head of the Central Intelligence Agency Hamilton is a 50yearold na tive of Kansas City Mo and a former Rhodes scholar He will be nominated formally soon SAME pushing a move to have him chosen as interim secretary general but he is reported coo to the idea Boland also ha been urged to take over th post but he also is said to b reluctant Whatever temporary arrange merit is made diplomats be lieve probably will have to b done without Soviet support Russias insistence that th United Nations adopt it Troika plan of three secre aries general and opposition to Slims appointment on consti utional grounds that it would confuse the legislative and ex icutive branches of the world irganization made indefinite eadlock likely on the selec ioii of Hammarskjolds succes or Two other plans were gain ng momentum in the delegates rivate talks A number of unaligned coun ries including India Burma iid Indonesia held that the fN machinery designed by Hammarskjold could work with fficiency indefinitely under uidance of the departmental nder secretaries except for he Congo operation They sug ested appointment of a Congo dministrator not necessarily hosen from within the United ations who would be directly i esponsible to the assembly nd the security council he operation Ghana claimed support of al lost a third of the assembly or a rotating troika plan it as promoting The hog killing crew at Jacob Decker and Sons went back P J Thogerson general manager It will be Friday morning lowever before the last of the log processing employes are back at work The workers are called back as production reach es the individual departments The bargaining committee of Local 38 United Packinghouse Workers of America Tuesday afternoon agreed that the mem bers would work according to the contract and follow griev ance procedures the general manager said The suspension of the 115 workers in the hog tilling crew then was lifted No authority to add slogan DBS MOINES State afety Department has no legal uthority to add a slogan to Iowas motor vehicle license plates in the pinion of Atty Gen Evan Hult man Earlier this year State Safety ommissioner Carl Pesch had sked Hultman informally if it ould be proper to have the 1963 cense plates carry the slogan The Hawkeye State On the inside Editorials Page 4 Comics 6 Society News 789 for I Sports 2122 North Iowa News 28 Latest Markets 32 Mason City News 3233 Clear Lake News 3435 Transit Schedule 38 PhotoUx PATH OF ESTHER jto 8 am Wednesday Maximum Minimum Sunset PhotoIiK data up ESTHER jS BARRED A Norfolk OPEN TO THE PUBLIC CLOSED Va merchant stands in front of his TO It refers to the hurri store after boarding up the glass front cane which is now expected to vent its and to add a bit of levity to the stormy fury further north of the city weather painted this sign on the wood 78 55 f I ;