10 Jul 1962
Page 1
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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jul 10, 1962
Page
1
Bell and NASA back a tele-satellite set for dawn launch promising global phone dialing. Amarillo readers hear about distance dialing, data processing, and future speech driven numbers while pondering how daily talk will change with faster, wider communication.
Joe Corpstein of Nortonville a 4000 acre farmer aims for the GOP nomination to the U S Senate. He pledges to dump federal programs and rejects federal money citing land as sacred and productive unless government ties are cut. The World calls him progressive and controversial for brushing with the Agriculture Department.
The article notes stock transactions tied to a bank on North Taylor with a par value of 60 dollars set at February 1959. More than half of 5500 shares were acquired by Smith, involving over 500000 dollars. About 100 attendees represented 5300 shares at the bank session, which previously listed 171 stockholders. Smith plans further purchases from sellers at the same price, with continued buybacks in the near term.
The Federal Reserve Board lowered downpayment rules from 70 percent to 50 percent effective Tuesday. This allows buying about $2,000 worth of stock with a $1,000 downpayment, up from $1,429 under prior rules. The shift aims to counter a recent stock price slide and may boost psychological confidence and buying activity.
James F. Smith of Amarillo, a Panhandle banking figure since 1927, is named the majority stockholder in the North State Bank of Amarillo. Shares were purchased at 185 dollars per share, per bank president Frank Sharman.
Wall Street analysts doubt the 20 point drop in margin requirements will have lasting market impact but view it as a potential sign of government support. Some foresee an immediate but brief stock price rally while Keith Funsten of the NYSE calls the move helpful. The Fed cut the initial margin from 70 to 50 percent after East Coast markets closed, permitting a buyer to put down 500 on 31 000 of stock with the broker financing the rest.
A seven year old girl Donnia Page Smith of 307 N. Grant died after an eight inch piece of lumber to the side of a moving pickup struck her in the head at about 8 18 p m Monday. Police said the lumber protruded from the truck and did not hit the girl with the vehicle. Ambulance crews arrived but she died instantly. Neighbors described the scene as bystanders watched as the accident occurred near their homes.
The SI Million Moonlet Countdown started Monday for the launch of Telstar the world’s first international communications satellite. AT&T built Telstar for just under a million dollars.
Private Telstar mission aims to prove live transatlantic television as a first step to global space communications. NASA's Charles P. Smith says everything looks go for launch. Three stage Thor Delta rocket will lift the 170 pound satellite into an 575 to 3450 mile high orbit. Douglas Aircraft built the rocket which has nine straight satellite launches. AT&T funds the project with about fifty million dollars bearing launch costs and the satellite’s development. Page 2 reference noted.
An 181 of 189 days of sun in Amarillo during 1962 is noted. Comparative readings at 3 PM Monday show wind, visibility, and sky conditions with data for Amarillo and nearby areas including Oklahoma City and surrounding locales.
Honolulu reports a record hydrogen bomb test at Johnston Island reaching 400 miles high and visible across Hawaii. The five million ton blast intended to study radar and radio disruption aims to test electronic defenses and raise protests from scientists and Iron Curtain nations.
Staff writer John Holt reports that rising prices and budget strains are forecast across sectors. Analysts cite inflation pressures, supply chain delays, and wage growth as drivers of higher expenses for businesses and households.
Officials from the Municipal Water Authority warned that the recent schedule shifts and cost increases threaten months of delay. Amarillo and other cities may exercise an option to change takeoff points, altering distribution and raising overall project costs and timing.
A letter to the editor arguing doctors oppose government Medicare fearing political control and payment incentives. The writer cites a neighbor who recalls free Army medical care and favors incentives, suggesting doctors work harder if paid well. D. E. Scott Weilington.
A station wagon left the road and struck a tree near Hereford at 6:20 p m killing Mrs MaBle McDonald Bartos 50 and her sister Mrs Maudie McDonald Musick 30 who died later in hospital. Musick s two sons Kenneth 12 and Terry 6 were injured with Terry critically hurt and Kenneth in fair condition. Highway Patrolman Ken Meadows reported the collision.
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