anaheim-bulletin 1959-04-06

A.B.—Anohlm (Cal.) Bulletin Monday, April 6, 1959 YOUR MONEY’S WORTH Warn Greedy, Get-Rich-Quick Stock Speculators to Beware of ‘Tips’ By SYLVIA PORTER Never have Wall Street’s responsible authorities been as alarmed about what the greedy, guillible, get-rich-quick speculator is doing in the stock market as they are today. If you are among this group — and you well may be if you are playing with the so-called glamor electronics, atomic or space stocks, or putting your cash into low-priced shares on a tip — BEWARE! The stock market has been churning around in a frenzied way in the last several weeks. While prices of top-notch stocks have been just drifting along or even sliding, there have been spectacular upswings in stocks selling under $10 a share when 1959 began. While trading in shares of established companies listed on the New York Stock Exchange has been heavy but not extraordinary, there has been an astronomical climb in trading in securities of questionable value listed on smaller, less regulated exchanges in the United States and Canada. Rumors of “hot” stocks are flying from coast to coast. Swindlers are unquestionably operating on a big scale in the markets. Countless thousands of little fellows who shouldn’t be risking a dollar in today’s stock market are putting their nesteggs into shares of companies which may not even be in existence a few years from now. This is not just prissy advice from me. For instance: ITEM: Today, Keith Funston, president of the New York Stock Exchange, flashed one of the bluntest warnings ever made by a man in his position to “inexperienced investors who are becoming their own worst enemies — spurred on by gullibility and greed.” In today’s issue of “The Exchange,” Funston to think twice before they invest in low-priced, so-called glamor stocks. The glamor may rub off all too quickly — leaving the investor with little cash and bad memories. “It is just possible that a company with a stock selling for $3 or $4 or $5 a share may develop into one of tomorrow’s blue chips. But when you think of the number of promising companies which have fallen by the wayside — killed by the development of a better product, poor management, lack of adequate capital or smarter competition — I just wonder how ‘cheap’ many low-priced stocks really are.” You have been warned. For your own security, heed the message! (Distributed 1959 by The Hall Syndicate, Inc.) (all Rights Reserved) putting their nesteggs into shares of companies which may not even be in existence a few years from now. This is not just prissy advice from me. For instance: ITEM: Today, Keith Funston, president of the New York Stock Exchange, flashed one of the bluntest warnings ever made by a man in his position to "inexperienced investors who are becoming their own worst enemies — spurred on by gullibility and greed." In today's issue of "The Exchange," Funston spells out "DON'T AND DOS to novice investors designed to emphasize the need for caution. The New York Exchange also has just sent letters to all its member firms asking them to prevent the use of their facilities "for reckless speculation by the uninformed." ITEM: Many reputable firms are acting on their own to curb speculation. The world's largest brokerage house, Merrill Lynch, Pierce, Fenner and Smith, is publicly advertising, "We are concerned about the number of people who have been buying stocks in recent months for what we believe are the wrong reasons — wrong at least for them." A small New York firm, Spingarn, Heine and Co., is refusing to accept buy orders for stocks quoted under $10 a share and not listed on the New York Stock Exchange. Other major brokerage houses are similarly banning trading in "cat and dog" stocks. ITEM: The Federal Reserve Board is again tightening its curbs on stock trading. Any day now, it will announce a new move to restrict more drastically the use of credit for buying or carrying securities. The drive is not against healthy speculation by individuals who have cash and know how to gamble and can afford to lose. It is against the innocent who is now excitedly gambling on tips, listening to stock touts. Urges Funston: Don't act on tips or rumors, don't even answer a stranger who phones or wires you that he has a stock "sure to double or triple." Don't rush to buy stocks or be fooled by talk that "XYZ common" is sure to skyrocket soon because it sold much higher in 1946. Don't fall into the error of thinking a stock is cheap because it's low-priced, or expensive because it's high-priced. Do have a reasonable objective when you invest, consult and act only through a reputable broker, investigate, keep learning. And when I called on Funston to ask for more details, he asked me to "Tell investors everywhere mon" is sure to skyrocket soon because it sold much higher in 1946. Don't fall into the error of thinking a stock is cheap because it's low-priced, or expensive because it's high-priced. Do have a reasonable objective when you invest, consult and act only through a reputable broker, investigate, keep learning. And when I called on Funston to ask for more details, he asked me to "Tell investors everywhere TRY OUR PERSONALIZED SHIRT SERVICE TOO! - Professional finish for perfect fit - Missing or broken buttons replaced - Starch "As you like it" Try it now — you'll be glad you did! Sesma CLEANERS and LAUNDRY East Anaheim Alpha Beta Shopping Center West Anaheim 1217 W. La Palma at Enclid Downtown Anaheim 130 Elm Street KE 5-3819 Betty Hutton's Latest Marriage Goes On Rocks SANTA MONICA, Calif. (UPI) Bouncy actress-singer Betty Hutton today sought a divorce from her television executive husband of four years, Alan W. Livingston. In a suit filed in Superior Court here Friday, the actress asked that Livingston, 38, appear in court April 10 to show cause why she should not leave the family home in Beverly Hills which she said was purchased with her own money. The 38-year-old actress charged Livingston, an executive of the National Broadcasting Co., with causing her mental anguish. Miss Hutton also asked for a fair share of community property and reasonable alimony. She said Livingston earns about $75,000 nearly. The couple was married at Las Vegas, Nev., in March, 1955. Don't Fence Me In WASHINGTON (UPI) — World population is now 2.8 billion, according to the Population Bulletin. The 1958 increase was 47 million. At current rates, there will be about 3.4 billion people in the world in 1969 and six billion by century's end. ECONOMY RUN ROUTE — The exact route of the 1959 Mobilgas Economy Run — an 1898.4-mile course leading over one of the highest mountain passes in North America — was revealed Friday by Chief Steward Art C. Pillsbury. Details of the course were kept secret by the United States Auto Club to prevent contestants making practice runs ahead of yesterday morning's start. The 1959 route is the longest in the Run's 23-year history, and the first to finish in the Midwest. It carries the record field of 47 cars across nine states and through 147 towns and cities. They must maintain an average speed of 41.12 miles per hour for the entire route. CLOGGED UP DRAINS? EMERGENCIES—CALL US!! Ph. Day KE 5-6105—Night KE 5-4279 BILL WARD, The Plumber — 246 E. Center ow you can have money as you need it with Security Bank's new Custom Credit not a credit card plan— not a "one-time" loan— but credit you can use anywhere, any time ut credit you can use anywhere, any time by writing a check. SECURITY Custom Credit AVAILABLE ONLY AT SECURITY FIRST NATIONAL BANK MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION The Diamond Store of Anaheim LAY-A-WAY GRADUATION GIFTS NOW! • See our vast selection of gifts for the graduate. Including certified perfect diamonds, fine watches, birthstone rings and jewelry of all kinds. A small deposit will hold your selection until wanted. • Budget terms at no extra cost. All our prices include federal tax. 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