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Mason City Globe Gazette: Tuesday, May 29, 1962 - Page 1

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   Mason City Globe-Gazette (Newspaper) - May 29, 1962, Mason City, Iowa                                Iowas Daily Newspaper Edited for iv CITY HOME EDITION j The newspaper that makes all North loworis neighbors VOL M2 Praw UftlUd Prcw latcrutlOMl Full LMM MASON CITY IOWA TUESDAY MAY 29 1H2 10e Paper of Two New life pumped into stock market Advocates prompt tax cut Grahams 3 target Chicago 1 y Evangelist sets goals By SHELLEY SINGER CHICAGO UPI Billy Gra ham came to Chicago Monday to launch a crusade in the town that Billy Sunday cant shut Graham ranked as one ofthe greatest evangelists of his time will preach for three weeks start ing Wednesday in hopes of strik ing the spark for a spiritual awakening in Chicago His crusade director the Rev Walter Smyth said a1 spiritual awakening in Chicago would be known theworld over Chicago has been the scene o some memorable crusades con ducted by some of the greates evangelists of the 20th century 7 V Billy Sunday preached here and is remembered in the tune Chicago for his inability to shu Chicago down Back an Eriglishfnar named William T Stead stirra Chicago to reform with a boo and speeches underthe headin If Christ Came to There are oldtimers who ca still remember the night in 1909 when anotherEnglishman evan gelist Tipsy Smith led a band of thousands on a hymnsinging marchtnrough the notorious levee where the plushest bawdy and slowest dives were located SmithYand AP Photofax market ticker A LONG AND TEDIOUS Associated Press The and yardsof tape reports of stock ex was2 hours late in recording orierof vt thebiggest drops in history Monday and ran many minutes late again Tiies day charige transactions are piled high near desks of tabulators 4n financial depart ment of the New York Bureauof The Happy birthday JFK knelt ii famous leigh Is1 My Wandering and recited the 23rd t A Billy Graham crusade is a far more modern and polished than the revivals of Sunday Stead andSmith But its purpose is the same to stir a city to save souls And Chicago is still regarded by many as a city in need of salvation The Midwest metropolis has yet to outlivea reputation acquired in the 20s as a symbol of power Chicago leaders disclaim1 the reputation but there have been 15 gangstyle J killings in Chicago since the start ofthis year Graham is in Chicago the Rev Smyth said because it is significant American city the second lalrgest in the mid continent He said he has noted sub stantial spiritual interest the crusade Since April 30 hesaid there tavebeen prayer meetings connected cnisade in more than 100 offices and factories organized by a local prayer com mittee Some members of the crusade team have been here since September working with local committees and i churches The Rev Smyth and 14000 volunteers have offered to work forv the crusade thejlargest number weve had anywhere in the world Troubled but he isjjfeiid Hodges in appeal for confidence reason x for panic WASHINGTON of Commerce Luther H Hodges recommended Tuesday that the administration adopt positive ac tion rather than words to help counter the J jolt to confidence caused by slumping stock prices Hodges told a news conference he believes two steps should be taken 1 I would favor an announce ment as quickly as possible that we ought to have a tax overhaul be said Elaborating he expressed hope that such an overhaul would include a net reduction in both individual and income taxes 2 The Treasury should make a very early announcement of its revision of depreciation schedules that govern tax writeoffsin busi ness investment in plant and equipment j Secretary of the Treasury Doug las Dillon 40 days ago that the depreciation schedules would be forthcoming in late June or earlyJuly Hodges recommended the de partment announce the revisions in a piecemeal basis as quickly What theyre saying WASHINGTON Ladd Plumley president of the US Chamber of Commerce called today for White House leader ship in rebuilding business confidence Plumley blamed the stock market on the coincidental impact of two con fidenceupsetting factors a dimming of profit expectations and PresidentKennedysquashingof the steel price increase SAN ANTONIO Tex Keim Funston president of the New York Stock Exchange feels the sharpest plunge in the stock Black Friday 1929 is no Itis nothing more than a manifestation of a free economy Funston said The stock market goes up and down Today it is down Blue chips manage to post gains Trade tops WASHINGTOMrSenate Democrats and Republicans traded MW verbal blows over me economy Senate Democraticwhip Hubert H Humphrey Minn denied GOP charges that Ken nedy had failed to keep his campaign pledges Sen Barry Goldwater1 RArix said there had been too many words and not enough action from the House 12 mi I lion William L Gary of the Securi tiesA ExchangeCommissionttold the House Commerce com mittee his agency hadlaunched a study of who and what groups figured in heavy stock sales which led to the market break N ews in a FROM OUR WIRE SERVICES Kennedy celebrated his45th birth day Tuesday with a quiet family gathering at his country place in Virginia The Presidents birthday brings no relief from pressures of prob ably vthe toughest job in the world but does add to his share of the family fortune The value and workings of trust funds setup bythe Presidents ather Joseph P Kennedy forall he Kennedy brothers and sisters tiave never been discussed On the basis of what White House press Pierre Salinger j Kennedy is receiv ing an annual income of after taxes ffomt liis share Estimate thetotalbefore taxes at and figure the income at 5 and you get a bal ance of million in the trust fund If the President xreceived 25 per cent ofthe principal at the age of 40 another 25 per cent at 45 as reported his 45th birthday is worth between million and f4 million Salinger said before the inau guration that Kennedy had con verted his assets other than cash t into federal state and local bonds ft was understood at the time he had 45th birthday share ofthe trust fund to be in government bonds Kennedy leave the White House thisevening for the birthday party at Glen hunt country estate where Mrs Kennedy and the two children Carolineand John Jr willgreet him along with other members of the family At age 45 theyoungest presi dents ever elected to the off ice is described by friends as both feel ing fine and happy in his work ttheT whole package Hodges session with newsmen cameon the heels of ahighlevel White House conference on the market situation There was nothing to indicate directly however Jthat he was reporting on decisions reached at that discussion aide repre sented Hodges at the White House Drive with yourlights on t DES MOINESp Iowa motorists asked to drive with theircar on safe driving re manJErbe asked ring ats5vpm their lights noon The Highway Patrol plans every uniformed mem jber 4 f DES to beplacedorithe state capitol grounds will arrive here Fridayf GpvuNormanLA Erbe said gift from Jowas sister state riri Japanwill be flown herefrom Oakland Calif in a National Guard plane t a NEW YORK A flood of buying reversed 4 Celling slam pede and sent the stock market into sharp rally Tuesday after noon 3 t The beleaguered m ar k e t mounted ta partial recovery from its worst collapse 1929 L i f W VlV The advance mainly ing blue chip stocks which had been hammered down bvy shat7 tering selling at least temporarily a devastating plunge H Buy erderihave poured in from institutions Tand across the country said Eldon Grimm vice president the brokerage tiy Co watpliedMhe New York Stock Exchangers fhigH speed ticker tape report sales and prices more than two hours after had occurred 1 rtt vWJi i A mass of 7 i it sendirifTin buy t f was still a heavy be ing and again ti i this morning 5 when the shde ac Sv t The crusade opens Wednesday evening at McCormick Place June 3 Graham will speak to an estimated 10000 recruits at the Great Lakes Naval Station At his final rally ion 17 the evangelist in cavernous Soldier Field on the Chicago lake front A crusade really starts the Rev Smyth said nine months before it opens Team i members teach classes for T volunteers and meet with church groupsTwelve ministraUve committees also work lo prepare the crusade and as sociate evangelists speak to civic groups and other organizations Grahams N initial invitation to come to Chicago arrived at crusade headquarters two years ago from a group of 600 Chicago area ministers and laymen the Rev Smyth said The number grew to 2000 persons who have formed an executive committee incorporated as a nonprofit policy making body The Rev Smyth said the local Iowa Falls girl among crash dead IOWA Ann Lettow 18 Iowa Falls and Mrs Otto Elizabeth 73 Dysart were killed a headon collision at 9Mile Corner south of Iowa Falls on High way 65 late Monday They were passengers in a car Mrs Hoffners daughter Mrs Charles Myr tle Wagaman 45 Dysart when it collided with another driven by Jay Oliver Ryan 71 Grin nell Patrolman CarlCondon saic the Ryan car swerved across the center line and v into the path of the Wagaman car Charges willbe filed agains Ryan Condon Mrs Wagaman was criticallj injured and was moved to Uni versity Hospitals Tuesday morning Iowa City Ryan als injured was taken to Iowa City Monday night Another passenger s in the Wagaman carwas Joan Wood ley 18 daughter of Mrs Harley Wootlley low Falls She t hospitalized i good condition at Ellsworth Mu nicipal Hospital here Miss Lettow daughter of Mr andsMrs Leonard Letlow an Miss Woodley were graduate from High Sehoo lastFriday The two girls had been at a senior class picinc a Appeal by Eichmann tovtell IIOIII tnO news North Iowa cloudi ness with showers and thunderstorms some possibly heavy Tuesday night lows around 60 Partly cloudy Wed nesday highs in the 70s o w a Scattered showers and thunderstorms east and north Tuesday night locally heavy thunderstorms likely mostly north Lows night 50s northwest to 60s southeast Part ly cloudy Wednesday highs 70s northwest to 80s southeast Fur ther cloudy and warmer Thursday f Minnesota Cloudy showers cooler Highs Wednesday around re 70 GlobeGazette weather data up to 8 Tuesday Maximum 69 Minimum f 58 At 8 a m 63 Precipitation 59 Sunrise 438 Sunset YEAR AG6 Maximum 77 Minimum 49 AUSS1ES ARRIVE BANGKOK Aus tralian jet fighter squadron ar rived Tuesday to join other Southeast Asia Treaty Organiza tion SEATO forces aligned in Thailand as a bulwark against in neighbor ing Laos JERUSALEM Israeli Supreme Court rejected Adolf Cichmanns appeal Tuesday and eft the former Gestapo officer nly the slender chance of execu ive clemency to escape the gal ows for his part in the Nazi mas sacre of millions of European ews The 56yearold former chiefof he Gestapos Jewish Affairs Sec tion the five Su preme Court judges as Associate fustice Simon Agranat began reading the judgment affirming hesitation or reserve he death sentence imposed on Sichmann last December Eichmanns defense counsel Or Robert Servatius was to submit an appeal for clemency to Israeli President Izhak BenZvi Justice Ministry officials said a decision is not likely before mid A certificate rejecting clemency would constitute an execution or der Eichmann probably would be tianged soon after behind the grim sandstone walls of Ramleh Prison near Tel Aviv committees budget for the crufew miles south of Iowa Falls sade nine months preceding itlMrs Hoffner and Waga and three months after is He said the local committee handles all finances and Mr Graham gets nothing personally Thursday at 2 pm at the Im manuel Lutheran Church here Shehad received a scholarship to Ellsworth Junior College for man are grandmother and auntnext fall Her father is theas Miss Woodley isistant postmaster here She i Funeral services for Carolynjalso survived by a younge Leltow are tentatively set for brother Tne modernistic auditorium in which Eichmann was tried las year by a special threejudge trr bunal was again packed with spectators Relativesof many o them were victims of the Nazi slaughter which befell the Jews Eichmann again sat1 in the bul letproof glass cage as the judg ment was read in Hebrew ant translated into German English and French Still wearing the darkUnternal bleeding suit and striped tie he wor through his 41Amonth trial Eich mann occasionally pressed his lips together and twitched his mouth 7 Dillon had emerged White House talk men We vdont seeany reason for panic selling in the stock market Key economic and financial ad visers to the administration had been summoned to the conference with Kennedy President Kennedys chief eco nomic adviser Walter Heller said believes that the stock mar ets action indicates that the onviction that inflation is not a ay of life is beginning to per meate the economy f There will come a point of cor rection be added in atalk to ic Womens Democratic Club in Washington For those of you vanling to buy stocks I cant ell you whereJ that point will xme on the Dow Jones index He said he holds the longterm onviction that the basic outlook or the economy flatly contradicts he disturbing developments in the lock market oftodayX f Voters gout o the i i i Telephone which i thj openiHg utracleWas day bj more late in the after noon Floridavpicked theif candidatesvin tions Tuesday of tfieattention focusedon Alabama wherenine House membersare bidding for eight available jobs May eliminate periscope s BOULDERf ColoHProject Mercury officialsre thinking abdutTthe possibility of eliminating the peri scope on space capsules to permit them to carry more fuel International p Ma chines Polaroid was ahead and Du Pont held a gain of about i v i another f day and one of thev greatest in 1 tiistbryl1 He said it was an unwarranted misinterpretation of the govern ments aims to consider that the selling wave in Wall Street repre sents business ffars oftheKen nedy administrations policies The administrations attitude to ward from its actions in forcing the steel indus ry to pull back a price increase one of many factors which are being blamed for investors ears Others arevthat a recession is ikely in 1963 a profit squeeze on business competition from On the t v Editorials Page 4 Newsv Mason City NeWs S9 Latest Markets 9 Sports Hlf North Iowa News 13 Comks 14 Clear Lake News e 16 Farm Features 17 hours European Common Market the and continuing international crises Sat York takes A s turn for worse JAMESTOWN Tenn Sgt Alvin C York 74 Americas fabled World Warlhero took a turn for the worse Tuesdjry and was rushed by ambulance to a hospital in Nash vine Col T C Sizemore of tovm publisher of the Upper here said Cumberland Times Yorks doctor told him that York apparently suffered more He had been hospitalized here i IAP PARTICLES FLY PAST right fly past Scott Carpenters space cap sule during his triple orbital flight around the earth left is brilliance of the sun This picture was taken who used a Germanmade Robot 35mm camera The particles resembling snowflakes Saturday but there had been and reported by other astronauts remain a mystery optimistic reports on his con dilion althbugh they could be escaping fuel or condensation from the side of the capsule and23 minutes 5Mondaywnenthe mar ket oroppedMo a 33yearlow Turnover than12 million sharescompared with sMpndays 93J5 million trading on American Stock Exchange second largest of the1 nations exchanges was at 2610000 after only two hours of trading close to its figure for the entire day Monday Stock markets Canada Western Europe and Japan reflected the wave of selling that resulted in a pa per million Mon day on the New York slock market London reported its heaviest oneday drop jn years International stocks dropped as much 60 points in Amster dam Heavy selling of German stocks was reported tia France were hopeful that the market might soon show signs of hitting a level from which t it would turn upward a socalled techni callevel But few ventured a guess when it would be reached fey the usual signs it was over due Some heavy blocks of stocks were coming into the market Tuesday representing bunching of small orders What happened to bring on the slock price debacle while the economy is rolling along at a rapid pace The market is unraveling the speculative excesses of the past three or four years when antici pations of values far exceeded the realization of earnings and sales growth suggested the big brok erage firm Bache i Co We cannot say that this will be the low because who knows where emotion goes but on the figures the statistics the earn ings the dividends and the gen eral healthy stale of the US economy stocks are rapidly be coming realistic Others blamed the great rush to get rid of stocks on a widespread belief that inflation is over When inflation is in force investors feel that their money will grow in stocks When a noninflationary trend sets in they convert to bonds and savings deposits   

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