culver-citizen-1961 - Antiquarian and Historical Society of Culver

THE CULVER CITIZEN
TWO
SECTIONS
ON LAKE MAXINKUCKEE • INDIANA'S MOST BEAUTIFUL LAKE
SECOND
SECTION
67TH YEAR, NO. 30 CULVER, INDIANA, WEDNESDAY, JULY 26, 1961 TEN CENTS
Greatest Monopoly
Today Is That
Of Labor U
Supreme Court
Could End It
By ROGER W. BABSOX
No. I U, S. Economist
Babson Park, Mass. — As I
study events in Wall Street, I find
that the first era of speculation
was iu gold. This was accompanied
by some speculation in
Government bonds. Prices were
based on mail reports from London.
There were then no cables.
The Glamourous Railroad Era
Following the Civil War, from
1875 to 1900,
most of the
s p e c u 1 ation
was in railroad
stocks. New
m i 1 e a ge was
constantly being
built, due
to the large immigration
and
cheap labor, accompanied
by
Babson
good crops
which helped
railroad earnings.
The Northern Pacific stock sold
at $1,000 a share. There was
much talk about railroad consolidations,
and the stock market was
especially bullish over a proposed
merger of the Northern Pacific,
Great Northern, and Burlington
Railroads.
Then suddenly, the Supreme
Court issued a decision preventing
this consolidation. This caused a
quick drop in all stocks in 1907.
A member of the New York Exchange
invited me to come on the
floor of the Exchange and help
him.
I actually saw men's hair turn
gray within 48 hours!
Era Of Industrial Trusts
Following the boom in railroad
stocks there developed an interest
in consolidations and big trusts.
This began late in the 1890's.
Then were formed the Tobacco
Trust, the Standard Oil Trust, and
other great trusts. During these
years, the New York Stock Exchange
took a great interest in
industrials.
It was then that Moody's Manuals
and Babson's Reports were
started, and investment services
began to be popular.
Although the above-mentioned
Supreme Court decision directly
referred only to railroads, it indirectly
brought an end to this
Consolidation and Trust Era.
Hence, the panic following affected
both railroad and industrial
stocks. There-were no big
electric utilities in those days.
The Electrical Era
The fourth era of glamour
stocks centered around companies
producing and distributing electricity.
From 1907 to 1912 great
speculation took place in these
electric stocks, culminating in the
1929-1935 collapse of Electric
Bond & Share.
The end came for this Electrical
Era with the formation of the
Securities & Exchange Commission.
Its great powers enabled it
to eliminate, rearrange, or break
up any company manufacturing
and distributing electricity across
state lines.
Although the use of electricity
has continued to increase since
Thomas A. Edison made the first
dynamo, yet the utilities are no
longer considered glamour stocks.
The Present Space Era
I mention all these events
thinking that the recent duPont
— General Motors Supreme Court
decision may put a damper on
speculation in companies producing
missiles, space capsules, and
various electronic devices.
The previous Supreme Court
decisions which I mentioned have
been unexpected. Each has "pulled
the trigger" for a change in
the stock market trend. Whether
this means that present bull market
is now culminating no one
knows, but we should always
watch for the unexpected. Gold,
railroads, trusts, and electricity
were as glamourous in their day
as space and electronics are today.
The Labor Union Era
The recent duPont — General
Motors decision may bring about
a reverse effect.
It may unexpectedly make
Wall Street optimistic. The decision
was basically against monopoly,
as were the decisions of
several years ago.
Yet, the greatest monopoly today
is that of Labor Unions.
What if the Supreme Court
should suddenly dissolve the
Teamsters Union, as now operated
by Hoffa, whom President Kennedy's
brother, the Attorney General,
knows from A to Z?
Such a decision could rule that
previous Congressional legislation
exempting Labor from the Anti-
Trust Law is unconstitutional.
Such a decision, instead of creating
a bear market, could cause
the Dow-Jones Averages to go
sky high.
Surely this is a possibility, and
a reason why Culver Citizen
readers are justified in keeping
certain of their common stocks
and swapping certain of the present
glamour stocks for the oldfashioned
blue chips.
I forecast that some day some
such a decision will be rendered,
followed by Congressional legislation.
If Democracy is to survive
and dictatorship be prevented,
suih a Supreme Court derision
will come some day. Then,
don't be short of good industrials.
1k Oldim&u
"One way to avoid losing
your shirt is to keep the
sleeves rolled up."
WHO WILL BE THE LUCKY MAN?—Carl Bowman. Converse,!
I President of the State Fair Board, selects the name of the senior
'high school principal who will represent his county at State Fair;
(Teachers' Day, August SI. Assisting him is Earl J. Bailey. Lowell.
I Secretary-Manager. Dates for this year's Indiana State Fair are 1
August 30 thru September 7.
Admiral Dreith
To Speak Sunday
At CMA Chapel
JUSTICE OF PEACE REPORT
FILED WITH COUNTY AUDITOR
Clyde L. Shively, 620 Pearl St.,
Culver, in his second quarterly
report filed with the county auditor
for the months of April, May,
and June showed 17 cases handled
in justice of peace court
totaling $364.75.
Of the total, State fines amounted
to $73; State prosecutor, $68;
county prosecutor, $102; Bureau
of Motor Vehicles, $19.50; certification
fees, $3.25; docket, $34;
and J.P. fees were $65.
"Pleasure Of His
Company" Coming
To Playhouse
Witty Comedy To
Open August 1
Commissioners
Studying Lake
Road Project
Venetian Village
Area Toured
REAR ADMIRAL
J. FLOYD DREITH
Rear Admiral J. Floyd Dreith,
director of chaplains and deputy
chief of the U.S. Navy Chaplain
Corps, will speak to 1,502 students
of The Culver Summer
Schools during chapel services
Sunday, July 30.
Admiral Dreith will deliver
the sermon at Woodcraft Camp
services at 10 a.m. and then address
the Naval and Horsemanship
Schools at 11 a.m. The Rev.
Allen F. Bray III, Academy chaplain
and a member of the Navy
Chaplain Corps, is in charge of
the services.
Served In World War II
A Navy chaplain since 1937,
Admiral Dreith has served in
many parts of the world including
duty in the Pacific during
World War II. He first served
aboard the USS ARIZONA in
1937 and five months later was
transferred to the USiS PENSA-
COLA. He was in the Far East
as chaplain on the USS BLACK
HAWK and was assigned to the
Naval Air Station, Seattle, Wash.,
prior to the out break of World
War II.
Admiral Dreith left (Seattle in
March, 1943, Tor duty on the
USS BUNKER HILL, a carrier
which won the Presidential Unit
Citation "for extraordinary heroism
in action against the Japanese."
He became executive officer
of the Naval Tra !
"The Pleasure of His Com­ A tour of four farms and two
pany," a bright, witty, and so­ Lake Maxinkuckee properties
phisticated comedy, will open a southeast of Culver was made
week's run at Maxinkuckee Play­ recently by the Marshall County
house Tuesday, Aug. 1, at 8:30 commissioners at the request of
p.m.
area residents to study the pos­
Centered around a playboy fasibility of extending the highway
ther's returning after 2 0 years from Venetian Village through to
for his daughter's wedding, "The Sycamore Road and constructing
Pleasure of His Company," was a new road around the Lake.
recently made into' a motion picture
that is packing theaters
The farms of Mrs. Edna Rose,
around the country. Pogo Poole,
Dr. Ernest Norris, Clarence Kline,
played in the movie by Fred As- and Lewis Witham were toured as
taire and on Broadway by Cyril well as the property of O. W.
Ritchard, will be portrayed by Macey.
Vaughn McBride who has been Kline Requests Road
seen in Playhouse productions of Clarence Kline made a request
"Look Homeward. Angel" and to the commissioners at their May
"Of Thee I Sing."
meeting to extend the road from
Marie Mastruserio will be seen Venetian Village to Sycamore
as Jessica Poole, the lovely Road.
daughter portrayed in the film Lewis Witham of Hammond,
by Debbie Reynolds, while Diane who owns the property necessary
Turner, featured in the Playhouse for such a connecting road, agreed
production of "Look Homeward, to deed the necessary land to the
Angel," will portray the mother, county provided Kline would give
Kate. access for a public drive to the
Dnn Weaver In Cast Lake front.
Dan Weaver, who scored a ma­ Norris Would Donate Ground
jor hit with Playhouse audiences Dr. Norris has offered to give
in his portrayal of Senator Lip- ground along the south line of
mann in "Of Thee I Sing," will his farm to the county and half
portray Kate's second husband, the necessary footage along the
while Bob Moak, long-time Play­ east fence line, providing that
house favorite, will be seen as
Mr. Savage, the easygoing,
Mrs. Rose gives the same footage,
charming grandfather. Toy, a
for a highway that would start
comic and delightful housegirl
from the Venetian Village road to
employed in Jessica's home, will
the south across the property of
be portrayed by Irene Myers who Macey.
was featured in "The Girls in Macey, who is filling in the low
509" and "Look Homeward, An­ marshland on the southeast part
gel."
of the Lake for a subdivision,
Wayne Gregory Is Director agreed to grant any amount of
The Maxinkuckee Playhouse ground needed for a roadway to
production of "The Pleasure of connect with the Norris property.
His Company" will be directed Commissioners To Study Project
by Wayne Gregory who has di­ Commissioner Omer Bixel said
rected Playhouse productions in that the board of county commis­
previous seasons. He is a noted sioners will study the project and
director in Cincinnati and will take action on the matter during
serve as guest director for this the August meeting. He said to
production.
construct a road across the Macey
Tickets for the Maxinkuckee and Norris property would require
Playhouse production of "The considerable time and money,
Pleasure of His Company" can inasmuch as a channel would be
be reserved by calling the ticket necessary on each side to raise
office at Viking 2-2500. the highway and allow the proper
drainage.
ning Kenneth Paterson, The opening of Venetian Road
through to Sycamore Road would
School for Chaplains at William
and Mary College, Williamsburg. New CMA Officer, be a small project, however, since
it would require only a few
Va., and later assumed command Is Lions Speaker hundred feet of new road, and
of the school in 194 5.
would give better fire and police
Since that time Admiral Lt. Kenneth Paterson, who protection t o residents i n the
Dreith has served as assistant joins the Cavalry Staff at Culver area, according to Mr. Bixel.
chaplain for the Twelfth Naval Military Academy from the Brit­
District at San Francisco, reish Cavalry, will be a guest
ceived graduate instruction at
Union Seminary in New York
speaker at the Culver Lions Club
City, fulfilled a tour of duty for
meeting this evening in the Lions 1he 0(d1m&>
the tenth Naval District out of
Den. He has served with the
San Juan, Puerto Rico, served as
Queen's Guard and has many
post chaplain at the Marine Bar­ interesting things to talk on.
racks at Camp Pendleton, Calit., -Lieutenant Paterson is very
and as assistant for planning. interested in youth and was as­
Chaplains Division, Bureau of sociated with Youth Hostels in
Personnel, Washington, D. C Great Britain. Youth Hostels is
Joins U.S. Fleet In 1057 an organization whereby people
Admiral Dreith was ordered to can explore their country on
sea in 1957 with the U.S. Atlantic horseback, foot, or bicycle under "Isn't it true that dieting is
Fleet and in 1959 reported as of­ supervision of check stations. He i a penalty for exceeding the !
ficer in charge, Naval School In­ has hopes of continuing his ex­ feed limit?"
doctrination for Chaplains at perience with this organization in
Newport. R. I. He recently as­ America.
4-H Fair, Argos, July 31-Aug, f
sumed duties as director of chaplains.
A native of Berthoud, Colo.,
Boating Time
Admiral Dreith was graduated
[The Indianapolis Star Sunday Magazine]
from Concordia College, Oakland,
Calif., an institution which later
awarded him an honorary degree It's time to get out in a boat again, under a friendly sky,
of Doctor of Divinity. Chaplain
Dreith's official residence is in
With a brisk breeze, a warm sun and the current flashing by,
Visalia, Calif., but he is cur­ And the sharp whacks as the bow smacks the frothy seas
rently living in Vienna, Va.
asunder,
And the white wake as the swells break and are swept back
under.
It's time to get out in a boat again on a Hoosier lake or stream
And cut the motor, settle back and drift along and dream,
Or rig up a casting rod and send a shiny lure winging
And thrill to the strike of a hefty pike as the reel starts singing.
Yes, it's time to get out in a boat again — to leave behind once
more
The grim pace of the rat race in the city's rush and' roar,
And find in the breeze and the rolling seas a neat prescription
blended
For sound rest and new zest when the day's run is ended.