SECTION
TWO
The Roundup
Russia claims that- the spy
plane incident is a threat to
world peace. But as 1 see it,
there is no threat, unless Russia
wants to make something out of
it. Therefore, full responsibility
for any consequences rests en
tirely in Russia’s latp.
When a strong religious body
goes on record in convention as
opposed to the election of a
Roman Catholic to the office of
the Presidency of the United
States, then it should be appar
ent to any thinking person that
we still have religious bigotry
and intolerance to contend with.
There was a time in our past
history—which I was hoping was
ever in the past when such
narrowness and bias was the
accepted w'arp and woof cf the
cleric mind. But it now ap
pears that we are still living
in tlie Dark Ages; and 'the pres
The National Outlook
Prospects For Stock Prices
By Ralph Robby
For weeks the New York stock
market has been nervous and
sentiment has been jittery.
When the Paris summit confer-.
ence was destroyed by Khru-!
shchev the market behaved as!
though it was a jumping jack.
This raises the question of
whether one should sell and j
hope to buy back at lower
prices, or continue to hold a
substantial investment portfolio, j
To answer this question it is!
necessary to recall a little re
cent history of the market.
There are numerous attempts J
to measure the behavior of stock i
prices. The one most frequent- !
ly used by professionals is the 1
•Dbw Jones average. This cov- ■
erfc, in so far as industrials are |
concerned, only thirty com- ]
panics. It _is most widely used I
because it is the only average
carried by the Dow Jones stock
ticker, and this is the only tick-!
er which reports every single j
transaction on the market. Fur- i
ther the average is calculated
on an hourly basis, and this is
more or less important to brok
ers, and is used in the applica
tion of the so-called Dow
theory.
The high of the market—the
all-time high—was last January
5. On that day the Dow Jones
industrial average closed at
685.47. After this the market
backed and filled and finally on
March 8 reached a low of 599.10.
Now, according to the Dow
l| ©IIVER il
ent age, which is supposed to
be an age of enlightenment and
tolerance, is still Struggling in
a morass of religious prejudices.
THE WEST—W e modems think
we are different from our grand
parents in everything we do.
But we are not, except in the
matter of degree. Everything
we do today had its counterpart
in the past. We travel today,
faster and farther, than our fore
parents ever dreamed of; but
they traveled too. By horse
back, prairie-schooner, Stage
coach or t'hc early trains, they
got from place to place. And I
they suffered the same discom
forts, and enjoyed the same
pleasures of travel, in more or
less degree, that we of today
experience. But with the pass
age of time, and the coming of
change, customs of travel also
changed.
theory, once a low has been es
tablished it is necessary for the
market to have a rally and then
come back down and test the
previous low. If the previous
low is not' broken, the market'
again starts up and may or may
not go to another new high.
The test of the March 8 figure
came an May 2. Oh that day
the market closed at 599.61. The
difference obviously was not
great, but it--was great enough
to prevent the necessity of hav
ing another test, pxcept that
there was no selling climav—no
selling in such volume that the
reporting ticker could not keep
up with the market To ardent
Dow theorists this was a serious
defect in the test of the previ
ous low.
How many Dow theorists
there are ip not known, but we
are not among them. Nonethe
less enough traders watch the
theory for it to have a major
impression on the market.
:One final point. The Dow
Jones industrial average can
move with amazing rapidity.
For example on May 18, the day
of the extraordinary and inex
cusable press conference by.
Khrushchev, the difference bc-
Uvecn the high and the low was
over 12 points. On that day
the market closed at 623, which
was only a little above the pre
vious closing.
With tins background how
does one answer the question
THE CHOWAN HERALD
On display in a Westicana mu-,
seiun at San Juan Bautista, Cali
fornia, is a pester dating from
1858, giving advice and travel
tips to lihe stagecoach traveler.
Here are a few highlights: (1)
If the team runs away, sit still
and take your chances. If you
jump, nine times out of ten, you
will get hurt. (2) Don’t keep
the stage waiting. Don’t smoke
a strong pipe inside the coaoh.
Spit on the leeward side. If you
have anything to drink in a
bottle, pass it around. (3) Don’t
shoot on the road as the noise
might frighten the horses. (4)
Don’t grease your hair because
travel is dusty. Don’t imagine
fpr ‘a moment that you are go
ing on a picnic. Expect annoy
ances, discomfort and some hard
ships . . . See what I mean?
Grandma and Grandpa had their
little discomforts, but they trav
eled, they traveled.
1 propounded above?
The first point to make is
i that the market will not go up
j ctey by day from here on. It
'never docs. On the other hand
. there is no real basis for as
jsuming that the previous lows
■ Will be broken. This means that
I there is no point in selling
good securities at this time, be
cause the possible decline will
.not be enough to offset the tax
' and get back in even a com
parable stock at a profit. Os
epurse, if one holds a stock
( which is fully priced it is de
sirable to sell, because such a
security is not likely to advance
much more.
J Secondly, if one has idle cash
{it. is time to make investments,
but this must be done with ut
rhost care. It is not time to buy
I highly speculative issues, unless
j one is going to sit over the
, ticker.
1 'M* • , -
I In other Words, in spite of
, set-backs, we shall have a ris
| ing market in coming months.
The uptrend will be a bit labored
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W. Carteret St PHONE 2313 Edenton, N. C.
* ■
because business profits are
again in a squeeze, and many
other elements' are not too fav
orable, but if one selects his
securities with great care he
will make money.
A & P Sales, Profits
At New High Peak
For the second straight year,
sales by The Great Atlantic and
Pacific Tea Company, Inc., ex
ceeded the $5-billion mark dur
ing the fiscal period ended last
February 27, according to the
annual report being mailed to
! stockholders.
Both sales and earnings were
!at an all-time high for any 52-
I week iperiod, according to Ralph
! W. Burger, president and board
i chairman.
| Sales for 1959 were $5,048,574,-
1 241 as compared with the rec
j ord mark of $5,094,741,391 es
! tablished a year earlier, and net
income was $51,996,369, compar
ed with $53,905,170 in fiscal
1958. Earnings per share, based
on $22,284,983 shares of common
stock, were $2.33, compared with
$2.42.
A&P's store development pro
gram also was maintained at a
rate comparable with that of the
previous year, the report disclos
ed. It embodies the opening of
237 new retail outlets, the mod
ernization of another 413, and
the closing of 213.
This phase of the company’s
operations, according to 'Mr.
Burger, “was accelerated on a
basis that was both steady and
economically sound, consistent
with population shifts, suburban
expansion and the changing pat
terns of consumer demands.”
The report showed that at the
close of the fiscal year, the na
tion’s leading food chain was op
erating 4.276 retail stores in 37
states, the District of Columbia
and Canada.
FOR SALE OR RENT
Due to health conditions, I am of
fering for sale or rent my store on
North Granville Street. Anyone in
terested apply
VIVIAN BAKER
315 North Granville Street
Ibis is
the Law
JEL
By ROBERT E. LEE
(For the N. C. Bar Association)
Three brothers, all of adult
age. inherit real property in
equal shares from their father.
One of the brothers wants to
sell his interest in the land, but
I'he others do not want to do so.
What can the one brother do?
The three brothers hold their
inherited property as “tenants
in common.” Any one of the
three can sell his one-third in
terest to whomsoever he desires
without the consent of the
others.
If he cannot find a purchaser
of his one-third interest in the
whole, he may petition the Su
perior Court for a partition of
the property. The Superior
Court then will appoint three
disinterested commissioners to
divide and apportion the real
property among the three co
owners. Where necessary and
in order to make an equitable
partition, the commissioners may
charge a more valuable tract of
land with a sum of money to be
paid to the person receiving a
tract of land of inferior value.
Where the inherited property
is a single house or building, or
other type of property that can
not be actually divided satisfac
torily, the court may order a
sale of the entire property and
a division* of the proceeds among
t'hc several co-owners.
The costs of proceedings for
partition are cnarges upon the
•several shares in proportion to
their respective values. In this
case, the three brothers bear
equally the expense incurred.
Joe Smith and Henry Brown,
good friends and neighbors, pur
chased a summer cottage as
“tenants in common.” May a
creditor of Joe Smith have his
one-haif interest in the cottage
levied upon and sold to satisfy
a judgment he has obtained
against Joe Smith?
Yes. The- interest of each of
the co-owners may be reached
and sold by his creditors. Henry
Brown cannot object to the pur
chaser at the execution sale
moving in and sharing the cot
tage with him.
Mitchell and Sapp purchased
a farm. Mitchell died, survived
by three children, leaving no
will. Does Sapp become the
sole owner of the farm?
No. He becomes a tenant in
common with the three children
of Mitchell. Sapp will own a
one-half interest in the farm,
and each of the three children
l of Mitchell will ow.n a one-sixth
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interest.
Mitchell could have by will
left his one-half interest to
whomsoever he desired.
Two sisters own a house. One
refuses to permit the other to
enter and enjoy with her the
possession of the premises. What
can the ousted sister do?
She may bring a court action
requiring her sister to permit
the house to be shared in com
mon by both. The ousted sister
cannot oust the sister that
ousled her. Neither can obtain
D-D STORY
IN COLOR
A dramatic picture story com
memorating the 16th anniversary
of D-Day . . . unforgetable pho
tographs by unknown American
cameramen, many of whom gave
their lives to achieve a priceless
record of the courage, chaos, the
sacrifice and glory of the battle
that doomed the enemies of th_>
Free World. See them in the
June 5 issue of the American
Weekly with the
BALTIMORE AMERICAN
on sale at your local newsdealer
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Entertaining
Pat—When I sat down to play
the piano they laughed.
Ed—Why?
Pat—There was no piano stool
there.
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* DURHAM, N. C.
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