Wednesday, Oct. 30, 1957 University Daily Kansan
Page 2
Economist Sizes Up Stock Market
Sputnik and the Turkish-Syrian situation were no doubt the causes for the sharp drop in the stock market last week, according to Le land J. Pritchard, professor of economics and business administration.
"Sharp drops from pure panic and jittery speculators such as this one don't happen too often," Dr. Pritchard said.
The market closed about 10 points below the previous day's close on Tuesday and rebounded to the normal on Wednesday.
"When it does happen. Mr. Eisenhower calms the fears with a statement on our good condition and progress and the market returns to normal.
"Sputnik is evidence that the United Statts can not wage atomic diplomacy any longer. Also, with long range missiles, our systems of airbases are now obsolete along with the atomic bomb protection," he said.
The stock market goes down on any kind of an uncertainty or crisis such as this. Dr. Pritchard said.
LELAND J. PRITCHARD
"The nation's economy has indicated soft spots, such as excessive inventories, and has been easing up since July. The market began a gradual fall at that time," he said.
The situation is more conducive now for recession than at any time since World War II, according to Dr. Pritchard.
"A depression but prehaps not a serious recess will be avoided through federally initiated programs which will involve another expansion of government debt," he said.
"All of this will involve further expansion of the money supply and fore inflation.
"If I wanted to invest in stocks, I would not do it now, but would wait for lower prices. Besides, you
To Visit Continental Oil Co.
James R. Surface, dean of the School of Business; Jack Steele, associate professor of business, and W. Keith Weltmer, associate professor of business will leave Friday to visit the Continental Oil Co., in Ponca City, Okla.
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must go by the price of the individual stock and not the market average when deciding to buy." Dr. Pritchard said.
"Prices are so high now that the market seems to have discounted not only the future but also the hereafter," he said.
VI 3-2572
914 Mass.
Careers Explained To Students
"Strive for the goals of achievement rather than the almighty dollar." Philip Gibson, manager of Ray Beers Clothing Co., Topeka, told students at the career conference Tuesday night.
Mr. Gray pointed out that pro and income are the four reasons for fession, opportunity, independence entering selling.
Other guest speakers were William Koerper, account executive of Potts-Woodbury, and Don Gray, sales manager of Hallmark Cards, Inc., both of Kansas City, Mo. This conference covered the fields of retailing, advertising and selling.
Mr. Koerper said, "The function of advertising is to create the desire for people to buy-to buy more and to buy earlier."
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