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Mason City Globe Gazette Newspaper Archive: April 2, 1963 - Page 1

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Publication: Mason City Globe Gazette

Location: Mason City, Iowa

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   Mason City Globe-Gazette (Newspaper) - April 2, 1963, Mason City, Iowa                             Tax battle shaping up See story on page 3 A SEC takes long look at market No drastic changes seen By RICHARD SPONG GlobeGazette Editorial Research Bureau WASHINGTON One reason the stock market has been show ing modest gains in recent ses sions is an advance hint that the c tuiiuctuiJ as ueen seieciect becunties and Exchange Comas Mrs Iowa of 1963 She will mission is going to go easy on represent Iowa in the Mrs brokers America contest at Miami Beach Fla April 2229 Photofax MRS Foster 31 Granger last years state runnerup has been selected CLOUDY No drastic changes are in the works New legislation probj ably is in the offing but not until the commissioners have studied a report about to be issued after a sweeping in vestigation and have conferred on it with leaders of the secur ities industry Publication of the SEC report could have a bullish effect on the market Anticipatory jitters about the report were believed to have kept the market narrow and quiet until one of the com missi9ners provided the sooth ing syrup Manuel F Cohen told a Har vard audience that alarming rumors were unfounded and that the report would not pre sent a picture of widespread j fraudulent activity like that of the late 1920s and 1930s The report will be as critical if not more so of the commission as of the industry Cohen said Neither of these probably re quire any drastic reconstruc tion The past year has been a rough one for the stock market and the people who live by it Last year at this time stock prices were falling sharply the decline in part perhaps due to the S750000 SEC investigation Congress had authorized Then came the crash in May fol lowed by a long slump in trad ing Early in 1962 the SEC had Issued a scathing report on to 8 am Tuesday North Iowa Mostly cloudy and mild Tuesday night lows in mid 50s Occasional showers and thunderstorms Tuesday night and Wednesday Strong shifting winds and turning colder Wednesday highs mid 60s west to low 70s east o w a Mostly cloudy with strong shifting winds Tues day night and Wednesday Occasional showers or thun derstorms east and south and rain possibly changing to snow northwest Lows Tues day night 4550 extreme west to near 60 elsewhere Much colder extreme west and colder over the state Wednes day highs 45 northwest to low 70s southeast with temper atures falling west during the day Further outlook Partly cloudy and colder Thursday ews in a utshell FKOM OUK WIRE SERVICES OK for streets DES MOINES The Mechanicsville muddy streets distress bill was sent to Gov Harold Hughes for signature as the House overrode ob jections and passed the measure 1002 The bill legalizes a pav ing project only about 40 per cent completed which has been held up for nearly two years by a series of court suits Wilsons fiere old Wilson Britains La bor party leader called on President Kennedy to tell him what the United States can expect from the United Kingdom if his party wins the next general elections Good turnout CHICAGO M a y o r Richard Daley bid for a third term against the challenge of a former party mate in Chicagos mayoralty election Chi cagoans trooped to the polls in bright sunshine in numbers that would indicate a turnout of 65 to 71 per cent of the 17 The newspaper that makes all North lowans neighbors MASON CITY million tion voter registra Wonts crackdown The Kennedy administration was under pressure to deny reentry to the United States of refu gees who participate in hitandrun raids on Cuba Sen Wayne Morse DOre said he a s awaiting an answer to a letter in which he pro posed enforcement of Neutrality Act provi sions against Americans and noncitizens taking Minnesota Cloudy heavy rain Colder highs Wednesday in 50s GlobeGazette Weather Data American Stock Exchange That cited the failure of the statu tory scheme of selfregulation in the public interest It pre cipated a sweeping reorganiza tion of the nations second larg est securities market Then last summer came a report on mutual funds pre pared for SEC by the Wharton School of Finance and Com Jlaximum Minimum Precipitation Sunrise Sunset 73 52 04 merce This may engender Planes laws on regulation of mutualflve bursts of Russian jets fire near private plane BERLIN jei r fighter PaneS fired four or Ann GLOBEG VOL 703 MASON CITY IOWA TUESDAY APRIL 2 1963 10c a copy No 45 quest san inajority in Congress and Iv i ui gruup naci committee all agree on this he two abreast toward the LcFIorc County Courthouse part in expeditions to other countries The last step The Senate passed and sent to the White House a resolution to make Sir Winston Churchill an honorary citizen of the United States Woman slain at Burlington BURLINGTON AP Edith Fink 84 was slain in her home Tuesday apparently by a house keeper she had employed Sunday Police Inspector Robert Dunhamieffort is essential to VS report of the Clay committee a Utilities bill survives its f i rst test DES MOINES tflA bilt to give the State Commerce Com mission authority to regulate rates and services of private utilities survived a test in the Iowa House Tuesday A compromise agreement JFK Follows advice of Clay New billion WASHINGTON Kennedy asked Congress Tuesday for billion in new foreign aid money slashing million from the total he proposed before Gen Lucius D Clays aid advisory committee reported the current program is much too big Last year Congress cut the Presidents foreign aid request to billion and oppo nents want to pare even deeper this year In a special message to Capitol Hill Kennedy outlined a sixpoint program aimed at improving the big overseas assistance program He drew heavily on findings of the Clay committee with which he agrees Our world is near the climax of an historic convulsion Ken nedy said He declared that US aid will help determine whether large segments of the world chose consent or coercion as a way of life Despite noisy opposition from the very first days Kennedy added US military and economic nelp has advanced freedom and tne uo national interest around t the world Past Democratic and broke up a voter registration march headed by NearoKl hlJ inot in Republican presidents a biparticomedian Dick Greirorv ietio a mutual telephone company be noTis WANTS TO REFORMA11 she wants to enjoy her family So says Candy Barr exstripper who walked out of a Goree Tex prison on parole alter serving3 years of a sentence for pos session of marijuana Her daughter Troylene looks affectionately at her mother in the home of Candys parents at Edna Tex burg sponsor of the amend ment said the exemptions make the bill discriminatory and would give the exempt firms a rate advantage because the reg ulated companies would have to pay the costs of the commis sions regulatory functions Rep Charles Frazier RKeo kuk declared the amendment if adopted would put many small companies out of business al GREENWOOD Miss UPI Police Tueidw immcdiatelvHe said rate v j uetuljr reeulatinn is nnt Gregory mad as law ends march Claims revolt crushed Argentine navy units hold out BUENOS AIRES re tired army generals proclaimed a revolt in Argentina Tuesday Four hours later President Jose Maria Guido announced that his government had crushed the efforts to oust him Navy troops that surrounded Guides executive palace in downtown Buenos Aires began to withdraw just after the gov ernment communique announc jing the crushing of the revolt j The troops answering a cafl jfrom the rebel generals had set up machinegun emplacements throughout the city and road blocks But shortly before noon they dismantled their fortifications and marched away Some naval ground units were still on the loose at some interi or points and tanks sent out by the army were meeting resist ance reports said The rebels had announced their revolt was aimed at blocking elections in which they believed followers of exdictator Juan D tt iuuuwcii ui VI ekend would win control among those affected by the proposed regulation was ex pected to smooth the bills path through the House But the de bate quickly indicated that the by no means agreement was unanimous The first of numerous amend ments taken up by the House would have brought municipally owned utilities cooperatives mutual telephone companies and telephone companies having loss than 2000 stations under state regulation They had been exempted by the compromise Guido struggling to achieve a return to constitutional govern ment through the elections said in his communique There has not been any fighting as the rebel communiques claim The armed forces remain in absolute cohe sion obeying the orders of their natural commands in backing tha executive power to guarantee the peace and tranquility of the na tion The president said that rebels in surprise assaults took three local radio stations to pro This is worse than Russia complained Gregory when the band of 40 Negroes dispersed The group had been marchinc 1i said The presidential message of Gov Ross Barnetts aunched the annual legislative ciation of demonstrations in this battle over the politically unpopraciailylense Delta city ular aid bill A half hour after lie group A preliminary skirmish has thcf Gregory said he had decided to lead the group in defiance The Chicago entertainer was cause the members themselves control the rate Rep David Stanley RMuica tine said the same was true of a rural electric cooperative The amendment was voted down 9111 Another attempt by Rep Ray mond Fisher RGrand Junction to bring telephone companies DES MOINES UPI less than 2000 stations un Loosen rules on road tax D caim their revolution to block na Rep Harold Fischer RWells cional elections in June The sta tions were back to normal broad casting at noon The navy had been reported from the beginning to be in sup port of the rebel generals who came on the air with their revolt proclamation about 8 am Retired Gen Benjamin Meiwn dez 75 and Gen Federico Toran zo Montero broadcast their rebel proclamation over Radio Argen tina Their forces apparently had seized the central telephone ex change a block from the presi dential palace in downtown Buenos Aires The exchange has a master switchboard controlling the government radio network The rebels caJled on the ci vilian population to support iheir effort to overthrow Guido nstalJed a year ago after anti Peronist military leaders re moved Arturo Frondizi from the presidency ine unicago entertainer uai wv aiauuua un t r r ly conceived and implemented Rt hnrH ujJ y ioua J5enatcl An amendment by Reps Scott said He funds The SEG really has been tak ing a hard and searching look at laws which were written about 30 years ago The Secur ities Act of 1933 is primarily a disclosure s t a t u tc But the Securities Exchange Act of 1934 is a regulatory law It was de signed to insure maintenance of fair and honest markets in securities but on the exchanges and in overthecounter unlisted securities markets by regulat ing trading practices A study by the SEC 25 years ago led to the adoption of new constitutions by stock exchanges The general feeling on Wall Street is that the securities in dustry has done a better job of selfpolicing than any other industry The primary reason toj fear an unfavorable SEC report was that it xvould shake public confidence and cause investors to shun the market The upcoming report repre sents another stage in a continu ing process of strengthening protection of investors By direct action and moral suasion SEC and other policing agencies including the markets them selves have been tightening regulations New tough rules on advertising by investment ad visers went into effect on Jan 1 1962 And SEC nudging of the National Association of Securities Dealers has brought stricter control of the overthe counter market There is stili apprehension on Wall Street that even a favor able SEC report may be mis read as a sort of expose of the stock market But there also is good reason to believe that a report that docs not reflect SEC hostility properly shots in Retver lb ot Gladstone 111 a temnt nt told Miss Fink with an unsuccessful attempt to force a private plane being flown in the Berlin Air Corridor by a British television star Hughie Greene to land in East Ger many a British spokesman said Tuesday SAME a butcher knife three or four times in the left chest as the elderly woman was reading a newspaper Tuesday morning Dunham said four stab wounds were found on the body was immediately 0 i JSwisher DIowa Citv and Wil h back liam RNofth mtu to the House because of extenlo add an exemption for unin u Jary com Lvwords which Kennedy quoted I the Negroes after they naa But the group concluded the onlv three blocks of r mig rant program is a halfbillion doli the halfmile separating the gives villages which own In re tnrt Tt i tiiu ni hnnrl in A i lisi J i iiv iiaiiiiiiit SL JJ lars too big It passed no judg headquarters from ment on Kennedys request for the house No motive learned The inspector said Miss Keever told him that her mother had died two months ago and that her 13yearold brother is dying of a brain tumor and that she want ed to be with them She said that she had been under treatment for two years and seven months at the Galesburg 111 Research Hospital and had next fiscal year In the new money request would go for arms reduction from the January Lary addressing the group a megaphone said authori ties had no objection to Negroes taking voter tesls but that dem onstrations would not he pcr v wincn own the court f a hand in dccidingtheir own distribution svstem couuhow hc m0ncy shnll bc uscd for was adoptcd Swjshcr sajj thjs street improvement projects to exempt the Amana Colo J j On the inside Editorials Page 4 Comics Society News 789 North Iowa News 10 Farm News H Sports 304 Clear Lake News IS The present law passed two nies years ago requires 75 per cent of the money to be spent on arterial streets and 25 per cent ViUUiVI U 000000 for economic assistance a milted A woman who marched strects PERFECT RECORD cutback alongside GrcSorylda Sen WASHINGTON airlines maintained a perfect Mason City News 1617 been in weeks Burlington about two fr T M i o piiitii I orK anait KUimonsafety record in J962 for the sec other r Most of the economic aid savsaid we understand we have vvas successful in amending the ond consecutive vear the isiaJillnPs rrc J r 11 n hill in m i WWI HERO IMPROVES NASHVILLE Tenn UPI World War I hero Sgt Alvin C York 75 apparently an ings postponements of the time when developing countries are ex pected to be ready to qualify for loans and from reducing from million to million the amount of the presidential contin gency fund used for emergencies They said million seemed ample for any foreseeable emer gencies i T uiiotiitvn v Mar ine ivaI PPS UTC offcwls stem fromjthc right to walk the remove the 7525 eartional Air Carrier Association oh tome SdjJ from sT mements of the whpn no rt marking provision isairi irom bL recent events inj we cannot Due to Greenwood large groups said Lary As the marchers gathered Gregory said Barnett couldnt pass that voter registration test if the clerk didnt want him to My effort here is to spur ac tion on the part of the federal government he said JThomas Hospital Violence at prison Mason Cityan has part in escape try FORT MADISON aljtheft of an automobile from a In addition to the state sen cmpted break out at the IowaMason City garage in September fences hafa 15 foicdMonda1961 When they were arrested term to serve in a jiight when a guard shot and Rasmussen was carrying a confor two convictions of bank rnh iwounded a prisoner climbing weapon Truesdell wasberv ot bank rot irft i first out of a cell block to 10 years also Warden John Bennett said three j other prisoners were involved in the escape plot and a fifth may have taken part T Tuir T r T T x Al LIKbKAL A spec later Liberal party rally BC pets r hotofax trying to hold his arm Liberal Leader Lester Pearson made his speech despite noisy crowd at the rally hostility properly read will wiui uiuerai pariv rauy m Vancouver tA freis made his speech despite noisy crowd at the rallv bring investors into the market set to throw something toward scene of scuffle bepart of campaign for Canadas April 8 ireneril elec in numbers i tween police and demonstrators Man behind him is tion The wounded inmate was Harold Buck 33 sentenced from Des Moines to a 10year term for forgery He was reported in seri ious condition Tuesday with wound in both j One of the inmates svas Thorn las Gone Rasmussen 31 who is serving two concurrent 10year for larceny and carrying a concealed weapon Ho wasj sentenced from Cerro Gordoj County and entered the institu tion April 25 1962 j Rnsmussen and Kenneth Trucsdell 32 Waterloo were convicted of larceny of a motor vehicle in connection with thej THOMAS RASMUSSEN He and Truesdell were con victed in federal court in Sioux City last April of the robbery of the Rock Falls bank and the Plainfield bank They were taken into custody in Mason City in February several hours after the hold up at Plainfield The robbery of the Rock Falls hank two earlier had touched off a widespread search for the pair The warden said a thorough count of the inmates WTS made and all were accounted for Bennett said that guard William D Hartley on duty in the tower shot Buck with a 3030 rifle about pm as the prisoner was crawling feet first out of a win dow on which the bors had been sawed through The window on third   

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