07 Dec 1965
Page 1
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Newspaper
California Pasadena Independent
Location
Pasadena, California, United States of America
Date
Dec 07, 1965
Page
1
New York traders reacted to a discount rate rise with early losses on Monday. The Dow Jones industrials fell 17.60 points in the opening hour before partial recovery, as investors sold large blocks of shares amid tighter financing. Volume surged to 1148 million shares, marking a four th heavy day for the NYSE.
New York AP reports the Federal Reserve Board raised the discount rate for member banks to 4.34 percent and boosted the ceiling to 5.4 percent. The action signals higher money costs and broad economic ripple effects as financial institutions adjust to the tighter stance.
Secretary McNamara announced a broad base closing plan affecting 349 installations at home and abroad. It includes deactivation of two air units in Southern California, the 94th Transport Squadron at Van Nuys and the 44th Troop Carrier Group at March Air Force Base, with many facilities reduced or consolidated. Critics argue the move risks Viet Nam war readiness while McNamara defends it as surplus-to-need cuts aimed at preserving military effectiveness.
Bertea Products will relocate its headquarters and production from Pasadena to a new 100000 square foot plant at the Irvine Industrial Complex near Orange County Airport. The move, driven by space and land costs, will consolidate administrative and engineering departments and support future growth. Bertea, with 850 employees and over 15000000 in annual sales, has operated in Pasadena since 1942 and also runs facilities in El Monte and Expresses.
Washington reports Rep. Joseph Karth says testing has improved Surveyor lunar landing progress. He notes delays push the first launch to May and credits Jet Propulsion Laboratory in Pasadena and Hughes Aircraft Co. in Culver City for addressing instrument package bugs while continuing oversight.
President Johnson and Federal Reserve Chairman William McChesney Martin met at the LBJ Ranch to discuss the impact of higher interest rates. Both officials reported a full exchange of views with no mind change, and Martin said the board aims to work closely with the administration despite the rate move.
Gemini 7 mission near 37th orbit as James Lovell and Frank Borman fly in space without spacesuits aboard the Gemini 7 spacecraft from NASA Houston. The crew reports comfort and a novel approach to flight as radio plays “Fly Me to the Moon” during the mission.
The McCone Commission warned that explosive conditions among Negroes in Los Angeles could trigger new violence worse than last summer’s riots, risking 34 deaths and $40 million in damage. It urged costly employment, education, and community relations efforts to avert a deeper racial crisis. The 101 page report to Gov. Brown said inaction would raise segregation walls and worsen violence, while crediting funding from Ford Foundation and California. The piece also briefly mentions Gemini 6 and 7 spaceflight preparations and moon mission techniques.
Moscow reports a second failure to achieve a soft landing on the moon with the Luna vehicle. Tass says the final stage malfunctioned while other stages operated, with signals detected from the crash site two seconds after the abort. The setback delays the Soviet lunar program but officials claim a partial advance toward a future soft landing.
Ninety six young readers aged 6 to 11 are reminded that Friday at 4 p.m. is the deadline for The Independent Star-News free classified ads for kids day. The Sunday edition invites children to sell trade or buy items of interest. The event is the paper’s annual Christmas gift to San Gabriel Valley youngsters. Rules and a special classified form appear in today’s advertising section.
The Watts riot commission reported Pasadena police handling prevented the situation from getting out of control after rioting began two miles from the zone. Looting of liquor and gun stores occurred nearby and Molotov cocktails and fire bombs were thrown at police cars. The report also noted burning in Monrovia.
The McCone Commission report on police relations with the Negro community states deep-seated criticism of Chief Parker yet acknowledges his fairness and effective leadership. It cites repeated charges of police brutality but notes police explanations for force used during arrests. The commission heads by John A. McCone finds current steps to bridge gaps insufficient and urges action.
Pasadena area listed as formerly Sycamore 7.0311 and East Valley 45 1434 with Zenith and Murray exchanges in Los Angeles 614871. Details note line numbers or internal codes. Summary reflects naming of telephone exchanges and central offices in the Pasadena Los Angeles region.
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