1962-05-31; Saline Reporter |
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The Saline Reporter
VOLUME 14, NUMBER 37 - THURSDAY, MAY 31, 1962
Salinians Not: Napping
When Market Plunges
Saline businessmen and women Tuesday watched the plunging stock market with considerable interest — but with little
alarm, and no surprise
Said one local investor smugly: "I sold all my holdings three
weeks ago."
Said another: "I've been saying they could look for a bunch
of 8 - million - share days any
time now." (Six million were
traded Friday, 9%'million Monday, and an estimated 12 million Tuesday.)
Probably the calmest investment club member in town was
Pat Roesch: "What's to be
alarmed about? I've got the
same paper today that I had
yesterday. It's not too big a
deal, as far as I'm concerned."
Said Bob Estes: "I think it's
all going to come back up . . .
in about 90 days, say the first
of September."
Said Vivian Kluwe: "We're
just starting to talk about it
. . . I've learned a lot since I
joined a club a year ago."
He has been "expecting this
Fundamental
Church Seeks
Building Site
The congregation of Fundamental Baptist Church is seeking a building site of "at least
an acre" in the northern part
of the city, or near it on which
to erect a new church.
The church, started here in
December of 1959, first met in
the Saline Savings Bank meeting room. Now with seven member families-and "others who
attend", it has outgrown its
present meeting place — a former hardware store on W. Mich--
igan Ave., according to the Rev.
K, W, Mosher.
No building plans have been
selected yet, the Rev. Mr, Mosher said; "the big thing is to
find the land." But it is hoped
the new church may be completed by the end of summer.
Members of the congregation's building committee include him, Alton Ealy, Arthur
Katterjohn, and Howard Kuhl,
chairman. Persons interested in
selling a suitable site are asked
to contact Mr. Mosher by calling HA 9-7344. —~
The northern part of the city
is preferred, he said, "because
it looks as if that is where the
major home development will
be." ,.. •_*»!■-.._
jte*"""' _-=
School Typing
Class Open to
Students, Adults
Saline High School has opened a summer typing class to
adults, and to students of any
grade except those now scheduled to take typing next year.
The course, to be given by
High School teacher Larry
Smith, is specifically designed
for pre-college students, and
would be useful to adults who
wish to type for their own convenience, Principal Elmer
Houghton said.
It is "non-business typing",
he specified, not preparatory to
a business course. But it carries
a one-quarter credit for High
School students who complete
it.
Total cost of the course will
be $240, divided among all students enrolled. It is estimated
that individual cost will range
between $15 and $22.
The classes, expected to open
June 11, will run from 8 to 10
a.m., five days a week, for six
weeks. All the basic skills now
taught in the first-year typing
course will be given, Houghton
said, "but there will not be as
much in-school practice time".
Interested persons are asked
to call the High School office
within the next few days.
for months," said Ed Redies.
"This whole thing started when
they started boosting the roaring '60's ... we didn't have anything to back it up. You don't
make your appraisals over just
a week or two; you make them
way back two years ahead of
that."
Among causes, he listed "lack
of confidence in Administration
policies. When you get a President not sympathetic to business ... well, for the last 25
years every generation has been
taught, even in the public
schools, to be anti-business."
Said Leonard Wight: i'This
is not too serious, and far from
a panic. Everything has been
priced too high and it's just
leveling off. A lot of little fellows will probably be hurt real
bad, but Saline and other small
communities will be the last to
feel it. or be hurt."
Said Henry Leutheuser:
"They will separate the boys
from the men this time! Personally, I think it was overdue,
but this thing between Kennedy and the Steel companies probably brought it to a head a little quicker."
"I'm not getting alarmed," he
added, "but I feel sorry for the
boys who bought on the margin."
"The country's not going to
the dogs," said Leutheuser.
"For every seller, there's a buyer. Many stocks were inflated
to the point where something
had to happen."
The selling wave can't be described as a panic — "anyway,
not yet", said banker Carl Curtiss. "It would be silly to panic;
that would cause a disaster."
He feels the economic climate
is stable and'that no serious-de^
pression is on the way. Banjc
stocks are not affected, he pointed out, since they are not listed on the exchange.
"Definitely, it's a panic," said
banker Bill .Crim, "whether
there's any fire or not. The market got shaky a long time ago
because it's been way too high.
Everybody knew it, but we were
hoping."
The recent steel fracas is "undoubtedly the thing that set it
off," he believes. "Sure, it was
six weeks ago that it happened,
but it takes a long time for 180
million people to make up their
minds; But I don't know what
the repercussions could be . .-.
sales are good, and income is
good."
Many of the factors that led
to the crash of 1929 and subsequent depression years are no
longer present, he pointed out.
Among the safety factors now
in effect:
Federal Deposit Insurance
Corporation insures deposits
and makes a run on the bank
a thing of the past.
Margin buyers at one time
could borrow all but 10 per
cent of their investment. The
present limit is 70 per cent.
Before 1932, mortgages were
almost never put on a-monthly
payment basis; the entire sum
could come due and be called
at once. Monthly payments on
mortgages have sharply reduced the likelihood of foreclosures.
But with all of the Saline ears
tuned to the market reports on
the radio, few of the listeners
would venture a financial prediction.
10c PER COPY — $3 PER YEAR
Allocation Board Reduces
Local Schools to 9.32 Mills
Road-E-O contestant Serge Vaisman turns in his p*oint
average to Jaycees Ron Finkbeiner and Herman Radloff, at"
the local contest at the High School Sunday. Vaisman, who
placed second in the contest for teen-age drivers, will enter
the district event Saturday, as will first-place winner Mike
Johnson. Although 14 young drivers had entered the contest, only 12 competed.
Ladies Aid Marks
75th Anniversary
The Ladies Aid Society of 1887 by Mrs. Hannah Lederer, t^S^S^'^^
Trinity Evangelical Lutheran whose husband, C. A. Lederer, Howard Schrader Vank^H
2^±J!L.02Sr^S.1!i:?1 Tl ^J!L*L*Z*« ftSS 299poLtsImTtte
Mike Johnson f;
S. Vaisman j-
Top Drivers
Two young Saline drivers will
compete in the—district Jaycee-
sponsored Teen-Age Road-E-O
Saturday in Be Id ing: Mike
Johnson, son of Mr. and Mrs.
Howard Johnson, of 494 S. Ann
Arbor St., and Serge Vaisman,
son of Mrs. Daniel Scroggins,
of 402 N. Harris St.
The pair are first and second
place winners in the local Road-
E-O, held at the High School
Sunday afternoon.
Among 12 participating teen-
age drivers, Johnson placed
first, with 315 points of a possible 400.. He received a $25
savings bond and a plaque.
Vaisman, who placed second,
Ordinance
Allows Water
Regulations
County Gets
4.76 After
Hectic Meet
Saline school district's tax
millage was dropped to 9.32
mills Saturday after a heated
meeting of the county Tax Allocation Board in Ann Arbor.
The local schools, which had
asked for 12 mills "and need
12, but expected 10", according to Superintendent Leo Jensen, found their share of the
available 15-mill direct property tax cut even lower than the
~9.58 allotted to them in the preliminary figures issued before
the hearing.
The meeting was attended by
_ .. „ , . Jensen and local Board of Edu-
Both Baccalaureate services cation members, Mrs. Robert
and Commencement will be held
At the unearthly hour of 5:30 a.m. Saturday, High
School seniors cluster around the buses that will take them
to Washington, D.C., and then to New York City. The seniors
will return this week-end, with barely enough time to catch
up on sleep before Baccalaureate services Sunday evening.
COMMENCEMENT WEEK
EVENTS SCHEDULED
Tefft, Oliver Steiner, and Dean
Burkhardt, who presented the
anniversary this month. The oc- that time. There were 13 char
casion will be observed at the ter members, one of whom is
are juniors at Saline High.
Jaycee Ed Doll was chairman
regular morning worship ser- still living in the Saline area. „* +£Q „.„_+ „c.„j„+„j t, ■□ ulation of water use in the ev-
_ ■ « , . _ -,, .-wja- ■•-.* « • - vi. **ne event, assisted oy xton
vice on Sunday morning, June She is Mrs. Barbara Bameth, Finkbeiner and G. Merritt Mar- ent of an emergency.
3, and the entire congregation 97, of Mooreville Rd. t^i
is invited to an informal pot- Mrs. Lederer served as presi- '
luck dinner following the ser- dent of the group from 1887 to j>„„ j r«l™Anv
vice at 12:30 p.m. i922. Mrs. Lydia Lindenschmidt ^^ ™*£™?0/1
The society was organized in was the organization's first se- Sales Reach 680
cretary, and Mrs. Gottliebe Approximately 680 Commun
Laing, the first treasurer.
Currently, there are 40 La- far in the annual sales drive
dies' Aid members with Mrs. by Band Parents, Mrs. Regis
in the High School gymnasium _
and both will begin at 8:15 p.m., ^-^Tcase.
„ „ Mndred HasweU, director of the The lower millage for schools
City Council last week adop- Commencement Week activities, followed a revised allotment for
ted Ordinance 161 to allow reg- reminded the public this week. fte cbunty _ 4 76 miUs as com.
The Baccalaureate program pared with 4 mills for its 1962
is scheduled for 8:15 p.m. Sun- budget. The amount of county
day, June 3. The Commence- tax was settled only after four
The ordinance was introduced ment program will open at 8:15 votes were taken by the Tax
by Councilman George Johnson p.m. Thursday, June 7. Free Allocation Board. Had the dead-
so that "if a long dry period oc- Press columnist Judd Arnett iocif not Deen resolved, the mat-
Date Reset
For Hearing
Oii^JuoJ<y3ird
curred, we could enforce regu- will be the speaker.
lations against unnecessary use, • .
.. _ . , _ ■ _ ,, such as car washing and lawn _. , ~ ,
^^fl^^J01^ watering-. Tickets on Sale
He added: "I hope we never J?qy Farm CoUHCU
Erwin Henes, president; Mrs. Wolfinger, co-chairman of the have to use it, but it will be a
Clara Bredernitz, vice presi- sale, announced today.
dent; Mrs. Raymond Klumpp, Final reports have not been
secretary; and Mrs. Edna Burk- made on the sale, to end this
hardt, treasurer. week, she said-, and everyone
A hearing on the suit of John Mrs. Alice Hack is chairman who has not been called on "is
and Wesley Feldkamp, seeking 0f the dinner committee; she asked to notify her by calling
a declaration of their rights as will be assisted by Mrs. Albert HA 9-5010, or her co-chairman,
owners of a Saline township Hoeft, Sr., and Mrs. Herman Mrs.- Robert Mittendorf, HA 9- P^P05^ k threatened by any finance chairman.
good safety measure, in case..." AlUlUal oar-JO-v!
The ordinance defines an em- Tickets for the annual Wash-
ergency as a -"period of. time tenaw county Farm Council
during which.~fhe adequacy'of charcoal-broiledOncken Bar* -
the supply of water available b.q ^e now on ^^ according ter, .5; Northfield, .81, Saline,
to the City of Saline for all to Frank Haggard of Dexter, .92; and Sylvan, .37. Only Saline township is in the Saline
ter would have been referred to
the State Tax Commission for
a decision.
All schools in the county —
except those whose districts are
inter-county — were cut in millage, Jensen said. The inter-
county districts' millage rate is
decided at,a later meeting.
Townships given millage included Augusta, .43; Manches-
cause whatsoever" and provides The Farm Council board of area school district. A request
60 directors, and Mrs. Simon Gir- from Pittsfield township, for
days' imprisonment for viola- bachi of Ann Arbor, general half a mill, was withdrawn, at
tion of rules to be set up by chairman of the event, anti- the meeting. '
Council when, such an emergen- cipate 5000 peopie ^1 att- Even before the Saturday
cy occurs. tend the feast on June 17 meeting, Jensen had said last
Most major cities have such Guests are urged to buy tick- week that Saline schools would
ordinances, Johnson pointed ets well in advance so that the "almost certainly" have to ask
ALL AROUND SALINE
amounts of food. later this year.
Area ticket chairmen include: ■
Jay Hopkins, Grass Lake; Don rj • TV00k
Gill, Ypsilanti; Ralph McCalla, ^lObing YV eeK
Chelsea; Fred Wedmayer, of Schedule For
Pleasant Lake; William McCal- Schools Listed
la, Ann Arbor; Robert Bevier,
Willis; Willis Hassett, Manch- All Saline area schools will
Child Injured When
Car Strikes Wall
junkyard, will probably be re- Mamarow. Dinner will be serv- 7497. Proceeds of the sale help _-__ltv f ojinn «__ nr
scheduled, their attorney, John ed by daughters of the society's to finance the Band's annual *o„^T^,?L™""* JUL °,j,
Laird of Ann Arbor, said today, members. trip-to Interlochen National Mu- """ "~ """""v' °"
The Feldkamp brothers oper- Program chairman is Mrs. sic Camp,
ate an auto scrap business un- Albert Bredernitz. Her commit- The calendars sold so far con-
der the name J. & W. Wreckers, tee members are Mrs. John tain about 1800 listings, Mrs.
at 9280 Feldkamp' Rd. They Kohler and Mrs. George Cam- Wolfinger said.
have asked the court to deter- burn. — ,, *. .
mine their rights with regards Mrs. Henes will give the wel- The Saline Chamber of Com- out, allowing them to control committee can prepare adequate ^fJ^^^-" mmage vote
to regulations issued by the Sa- coming address and slides will merce will meet at 8 p.m. Tues- water uses in periods of extend
line township board which be shown of the congregation day, at the Saline Savings Bank ed drought, or for other rea
would prevent burning of trash down through the years. meeting room. sons,
on their property, would prevent transfer of ownership of
the business, and ~ among other requirements — call for an
eight-foot aluminum fence around the junkyard. A family party was held on Decatur, Ind., acompanied them. He is a 1958 graduate of Brit- ester; Duane Rogers, Saline; hold only morning sessions on
The township board's require- Sunday night at the home of They were the guests of her ton High School and started Wesley Amsdill Dexter; Rob- Monday, Tuesday and Wednes-
ments also limit the business to Mr. and Mrs. Charles Uphaus daughter, Mrs. John Nicholson, his association with the Metro- ert Leland, Whitmore Lake; day, June 4, 5, and 6, and there
20 wrecked cTrs and 20TtonJ of in celebration of their son and family in Oak Ridge. politan organization in 1961. personnel at the Washtenaw will be no school on Thursday,
scraTat a time and Umitthe Craig's third birthday and the . * -. * * * * county Farm Bureau office on June 7.
araif use to a section "con! birthdays of Craig's aunts, Mrs. Work started last week on Gene Luckhardt, a long-time Saline-Ann Arbor Rd., and the Students wi^eturn to school
cealed from the road" which Ralph Uphaus and Mrs. Car- the refurbishing of the Stierle employee of Klager Hatcheries Cooperative Extension office m on J^>J™*>^J™*
was staked out by the board. melo Crespo, all of which are home on Saline-Ann Arbor Rd., and known to many Saline area the County Building ^ enough to pick up tneir report
Basis of the controversy is m May- ms- CresP° is the for" which was recently struck by people, is a patient at St. Joseph All proceeds from the Bar-B- cards
Basis of the controversy is Uphaus. fire Accordins to the family Mercy Hospital in Ann Arbor. Q will go toward the construe- Kindergarten children in the
the township zonmg ordinance, » J P . fire Acconhnf ^ a goof ob He entered the hospital last tion of a new show building at morning session will meet the
which lists the Feldkamp pro- S^STto^oIittsSr Saturday for surgery. His room the Farm Council center and first three days of the week,
perty for agricultural use only. Jf^^J^^^ DUt not the contents" number is 6058, and he expects maintenance of present facili- The afternoon session wiU close
^ZS£%£Fl£. £?£££t£££££L *H T"? to be there for at least two ties. for the year on Frid^Junel.
two years after the brothers undergoing medical treatment Mr. and Mrs. Fred Rieckhoff weeks- # ^ #
opened their wrecking business since May 24. Up until then, and their daughter Keita re-
at the site. she had been a patient at the turned home Sunday night from uTh e ,***"*". R.°"" spen!
The-Circuit Court hearing, Saline Convalescent Home. a weekend in Illinois where *e weekend at their cottage at
originally scheduled for Tues- * * * they visited her mother and Hef * Late. They drove upiSa*.
day, June 12, will probably be L/Cpl. Harry Feeman, son of .family, the Joe Millers in West "™aJ and returned to _anne
rescheduled to June 5 or June Mrs. Gilbert Dicks of Willis Chicago, and attended a recep- JSl£^^"h2,£rtend^_5
19, Laird said, so that all in- Rd., ended a six weeks'furlough tion Sunday afternoon at the J^i'^'r
terested parties could be pre- Wednesday when he left for Hotel Shoreland in Chicago in classmate *-aren lyiurray, ac
Camp Lejuene, N.C., where he honor of the 80th birthday of ^f^lg ^ °Sie !aLT Ss
Circuit Court has ordered will serve with the Marine Mrs. W. G. Dudman, Mrs.-Rieck- are staymg at tne iaKe tnis
both the plaintiffs and the de- Corps. He returned from over- hoff's grandmother. week while their fellow _ajine
fendants to maintain the sta- seas duty in April. * * * Hl^ classmates are on their
tus quo during pendency of the * * * Bill and Ethel Muir are en- semor t^pj
A former Saline resident, joying a vacation in Colorado
suit.
Earl Bailey, who now lives in with their son-in-law and JAYCEES,' AUXILIARY
~~- VUWWW-W-WV%wvw_WrtJ Detroit, visited his son-in-law daughter, Jim and Sharon M-VN JOINT INSTALLATION
Summer Recreation Schedule
"> The summer recreation program this year will start
Monday, June 18, and continue through Friday, August 3
(7 weeks). Registration will be held at the Intermediate
School Friday, June 15, from 9 a.m. to 4 p.m. Anyone interested in participating in any phase of the program must
be registered. The minimum age is seven years old at the
time of registration. Given below is a schedule which will
be followed in general throughout the seven weeks. A more
detailed schedule regarding times of departure, fees, etc.,
will be distributed to each individual at the time of registration.
Five-year-old Jennifer Cook,
of Tecumseh, received face and
head lacerations Wednesday afternoon, May 23, when the car
in which she was riding skidded
off the road at 658 W. Michigan
avenue during a heavy rain, arid
struck a retaining wall about
six feet from, the road. *
She was treated and released
at Saline Community hospital.
The car was driven by Lynelle
Eloise Cook, 34, of Tecumseh.
COUNCIL PETITIONS
DUE BEFORE PRIMARY
and daughter, Mr. and Mrs,
Fred Winkler, here on Saturday.
Petitions for City Council * * *
candidates in the November Mr. and Mrs. Norman Guen-
election must be filed in the ther have returned north for back in Saline June 12,
office of the City Clerk prior the summer after spending the
Brinks, and their two small The Saline Jaycees and Auxi-
grandchildren. They live at Ar- liary will hold a joint installa-
vada, not far from Denver. The tion dinner at 7 p.m., June 6,
Muirs, who set out on their' at the Saline Hotel. David Cobb
trip last Tuesday, plan to be will install Jaycee officers and
present awards.
• * - * . - ■
to the August 7 primary election, potential candidates were
reminded-this week.
Three Councilmen and a Mayor are to be elected in-the November balloting.
VWy%W«VVV\AftAWW-V_W.
winter months in Inglis, Fla. Tom Conrad,-10761 W. Mich- The American Legion Auxil-
* *. * igan Ave., was recently awarded iary's poppy sale last Friday
Mr. and Mrs. Earl M. Culli- the Distinguished Salesman's and Saturday was "very suc-
ton recently spent a week in Award by the Washtenaw Sales cessful", poppy chairman Lola
Oak Ridge, Tenn., and the Smo- Executive Club for his outstan- Dell announced today. The sale
ky Mountains. Mrs. Culliton's ding performance during the yielded proceeds of $300, she
sister, Mrs. Thelma Pence of monthsi. of March and April, said.
SWIMMING (at YMCA) — Every Mon., Wed., & Fri.
from 1 p.m. to 2:30 p_n. for beginner and intermediate swimmers
1st bus — Beginners only — leaves at 12:30 p.m.
2nd bus — Beginners &, intermediate — leaves 1:15 pjn.
SWIMMING (at Wamplers' Lake) — Every Tues. & Thurs.
for swimmers only. Bus leaves about 12:30 p_n.
GIRLS' SOITBALL — Every .Mon., Wed., & Fri. at 3:15
(after swimming) for all girls over 7 who are in-^
terested (sign up at your respective schools)
ARTS & CRAFTS — Every Mon., Wed., & Fri. at 3:15 pm
(after swimming) at the Intermediate School.
REGISTRATION: Fri., June 15, at Intermediate School.
FEE: 25 cents per person.
Object Description
| Title | 1962-05-31; Saline Reporter |
| Date | 1962-05-31 |
| Publisher | Paul Tull |
| Description | An issue of a Saline, Michigan newspaper. Published weekly. Focused on Saline and the surrounding Washtenaw County area. Previously published in Ann Arbor with the title Reporter. In May 1958, the newspaper offices moved to Saline and the title of the publication changed to Saline Reporter. No longer published. |
| Subject/Keywords | Saline (Mich.) Newspapers; Washtenaw County (Mich.) Newspapers; |
| Copyright Permission | This material is in the public domain. |
| Type | Newspaper |
| Format | JPG/JPEG |
| Language | English |
Description
| Title | 1962-05-31; Saline Reporter |
| Date | 1962-05-31 |
| Publisher | Paul Tull |
| Description | An issue of a Saline, Michigan newspaper. Published weekly. Focused on Saline and the surrounding Washtenaw County area. Previously published in Ann Arbor with the title Reporter. In May 1958, the newspaper offices moved to Saline and the title of the publication changed to Saline Reporter. No longer published. |
| Subject/Keywords | Saline (Mich.) Newspapers; Washtenaw County (Mich.) Newspapers; |
| Copyright Permission | This material is in the public domain. |
| Type | Newspaper |
| Format | JPG/JPEG |
| Language | English |
| Transcript |
The Saline Reporter VOLUME 14, NUMBER 37 - THURSDAY, MAY 31, 1962 Salinians Not: Napping When Market Plunges Saline businessmen and women Tuesday watched the plunging stock market with considerable interest — but with little alarm, and no surprise Said one local investor smugly: "I sold all my holdings three weeks ago." Said another: "I've been saying they could look for a bunch of 8 - million - share days any time now." (Six million were traded Friday, 9%'million Monday, and an estimated 12 million Tuesday.) Probably the calmest investment club member in town was Pat Roesch: "What's to be alarmed about? I've got the same paper today that I had yesterday. It's not too big a deal, as far as I'm concerned." Said Bob Estes: "I think it's all going to come back up . . . in about 90 days, say the first of September." Said Vivian Kluwe: "We're just starting to talk about it . . . I've learned a lot since I joined a club a year ago." He has been "expecting this Fundamental Church Seeks Building Site The congregation of Fundamental Baptist Church is seeking a building site of "at least an acre" in the northern part of the city, or near it on which to erect a new church. The church, started here in December of 1959, first met in the Saline Savings Bank meeting room. Now with seven member families-and "others who attend", it has outgrown its present meeting place — a former hardware store on W. Mich-- igan Ave., according to the Rev. K, W, Mosher. No building plans have been selected yet, the Rev. Mr, Mosher said; "the big thing is to find the land." But it is hoped the new church may be completed by the end of summer. Members of the congregation's building committee include him, Alton Ealy, Arthur Katterjohn, and Howard Kuhl, chairman. Persons interested in selling a suitable site are asked to contact Mr. Mosher by calling HA 9-7344. —~ The northern part of the city is preferred, he said, "because it looks as if that is where the major home development will be." ,.. •_*»!■-.._ jte*"""' _-= School Typing Class Open to Students, Adults Saline High School has opened a summer typing class to adults, and to students of any grade except those now scheduled to take typing next year. The course, to be given by High School teacher Larry Smith, is specifically designed for pre-college students, and would be useful to adults who wish to type for their own convenience, Principal Elmer Houghton said. It is "non-business typing", he specified, not preparatory to a business course. But it carries a one-quarter credit for High School students who complete it. Total cost of the course will be $240, divided among all students enrolled. It is estimated that individual cost will range between $15 and $22. The classes, expected to open June 11, will run from 8 to 10 a.m., five days a week, for six weeks. All the basic skills now taught in the first-year typing course will be given, Houghton said, "but there will not be as much in-school practice time". Interested persons are asked to call the High School office within the next few days. for months" said Ed Redies. "This whole thing started when they started boosting the roaring '60's ... we didn't have anything to back it up. You don't make your appraisals over just a week or two; you make them way back two years ahead of that." Among causes, he listed "lack of confidence in Administration policies. When you get a President not sympathetic to business ... well, for the last 25 years every generation has been taught, even in the public schools, to be anti-business." Said Leonard Wight: i'This is not too serious, and far from a panic. Everything has been priced too high and it's just leveling off. A lot of little fellows will probably be hurt real bad, but Saline and other small communities will be the last to feel it. or be hurt." Said Henry Leutheuser: "They will separate the boys from the men this time! Personally, I think it was overdue, but this thing between Kennedy and the Steel companies probably brought it to a head a little quicker." "I'm not getting alarmed" he added, "but I feel sorry for the boys who bought on the margin." "The country's not going to the dogs" said Leutheuser. "For every seller, there's a buyer. Many stocks were inflated to the point where something had to happen." The selling wave can't be described as a panic — "anyway, not yet", said banker Carl Curtiss. "It would be silly to panic; that would cause a disaster." He feels the economic climate is stable and'that no serious-de^ pression is on the way. Banjc stocks are not affected, he pointed out, since they are not listed on the exchange. "Definitely, it's a panic" said banker Bill .Crim, "whether there's any fire or not. The market got shaky a long time ago because it's been way too high. Everybody knew it, but we were hoping." The recent steel fracas is "undoubtedly the thing that set it off" he believes. "Sure, it was six weeks ago that it happened, but it takes a long time for 180 million people to make up their minds; But I don't know what the repercussions could be . .-. sales are good, and income is good." Many of the factors that led to the crash of 1929 and subsequent depression years are no longer present, he pointed out. Among the safety factors now in effect: Federal Deposit Insurance Corporation insures deposits and makes a run on the bank a thing of the past. Margin buyers at one time could borrow all but 10 per cent of their investment. The present limit is 70 per cent. Before 1932, mortgages were almost never put on a-monthly payment basis; the entire sum could come due and be called at once. Monthly payments on mortgages have sharply reduced the likelihood of foreclosures. But with all of the Saline ears tuned to the market reports on the radio, few of the listeners would venture a financial prediction. 10c PER COPY — $3 PER YEAR Allocation Board Reduces Local Schools to 9.32 Mills Road-E-O contestant Serge Vaisman turns in his p*oint average to Jaycees Ron Finkbeiner and Herman Radloff, at" the local contest at the High School Sunday. Vaisman, who placed second in the contest for teen-age drivers, will enter the district event Saturday, as will first-place winner Mike Johnson. Although 14 young drivers had entered the contest, only 12 competed. Ladies Aid Marks 75th Anniversary The Ladies Aid Society of 1887 by Mrs. Hannah Lederer, t^S^S^'^^ Trinity Evangelical Lutheran whose husband, C. A. Lederer, Howard Schrader Vank^H 2^±J!L.02Sr^S.1!i:?1 Tl ^J!L*L*Z*« ftSS 299poLtsImTtte Mike Johnson f; S. Vaisman j- Top Drivers Two young Saline drivers will compete in the—district Jaycee- sponsored Teen-Age Road-E-O Saturday in Be Id ing: Mike Johnson, son of Mr. and Mrs. Howard Johnson, of 494 S. Ann Arbor St., and Serge Vaisman, son of Mrs. Daniel Scroggins, of 402 N. Harris St. The pair are first and second place winners in the local Road- E-O, held at the High School Sunday afternoon. Among 12 participating teen- age drivers, Johnson placed first, with 315 points of a possible 400.. He received a $25 savings bond and a plaque. Vaisman, who placed second, Ordinance Allows Water Regulations County Gets 4.76 After Hectic Meet Saline school district's tax millage was dropped to 9.32 mills Saturday after a heated meeting of the county Tax Allocation Board in Ann Arbor. The local schools, which had asked for 12 mills "and need 12, but expected 10", according to Superintendent Leo Jensen, found their share of the available 15-mill direct property tax cut even lower than the ~9.58 allotted to them in the preliminary figures issued before the hearing. The meeting was attended by _ .. „ , . Jensen and local Board of Edu- Both Baccalaureate services cation members, Mrs. Robert and Commencement will be held At the unearthly hour of 5:30 a.m. Saturday, High School seniors cluster around the buses that will take them to Washington, D.C., and then to New York City. The seniors will return this week-end, with barely enough time to catch up on sleep before Baccalaureate services Sunday evening. COMMENCEMENT WEEK EVENTS SCHEDULED Tefft, Oliver Steiner, and Dean Burkhardt, who presented the anniversary this month. The oc- that time. There were 13 char casion will be observed at the ter members, one of whom is are juniors at Saline High. Jaycee Ed Doll was chairman regular morning worship ser- still living in the Saline area. „* +£Q „.„_+ „c.„j„+„j t, ■□ ulation of water use in the ev- _ ■ « , . _ -,, .-wja- ■•-.* « • - vi. **ne event, assisted oy xton vice on Sunday morning, June She is Mrs. Barbara Bameth, Finkbeiner and G. Merritt Mar- ent of an emergency. 3, and the entire congregation 97, of Mooreville Rd. t^i is invited to an informal pot- Mrs. Lederer served as presi- ' luck dinner following the ser- dent of the group from 1887 to j>„„ j r«l™Anv vice at 12:30 p.m. i922. Mrs. Lydia Lindenschmidt ^^ ™*£™?0/1 The society was organized in was the organization's first se- Sales Reach 680 cretary, and Mrs. Gottliebe Approximately 680 Commun Laing, the first treasurer. Currently, there are 40 La- far in the annual sales drive dies' Aid members with Mrs. by Band Parents, Mrs. Regis in the High School gymnasium _ and both will begin at 8:15 p.m., ^-^Tcase. „ „ Mndred HasweU, director of the The lower millage for schools City Council last week adop- Commencement Week activities, followed a revised allotment for ted Ordinance 161 to allow reg- reminded the public this week. fte cbunty _ 4 76 miUs as com. The Baccalaureate program pared with 4 mills for its 1962 is scheduled for 8:15 p.m. Sun- budget. The amount of county day, June 3. The Commence- tax was settled only after four The ordinance was introduced ment program will open at 8:15 votes were taken by the Tax by Councilman George Johnson p.m. Thursday, June 7. Free Allocation Board. Had the dead- so that "if a long dry period oc- Press columnist Judd Arnett iocif not Deen resolved, the mat- Date Reset For Hearing Oii^JuoJ |
