Florence Morning News Newspaper Archives May 28 1970, Page 1

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Florence Morning News (Newspaper) - May 28, 1970, Florence, South CarolinaOur 47th year no. 148 the Only daily paper published in Eastern South Carolina Florence s. C., thursday morning May 28, 1970 daily Loc sunday 15c stocks score spectacular gain new York a the Stock Market in its worst slump in Over two decades turned bullish wednesday and racked up its biggest single Day gain Ever on uie Dow Jones average. The Dow average of 30 Indus trials stocks skyrocketed Points to 663.20. The former record closing gain was 32.03 Points set on nov. 26, 1963. The Dow average has registered daily Price fluctuations since 1896. The new York Stock Exchange tape ran one minute late at the close. It was the second heaviest trading Day this year with 17.46 million shares Chang ing hands. The heaviest Day was March 25 when 17.5 million shares were traded. The american Stock Exchange Price Index scored its largest single Day jump since it was initiated in october of 1962. It galloped ahead 0.60 to 19.96. Advances outpaced declines by issues on the new York Stock Exchange. The Stock Market s record breaking upsurge came too late in i he Day however to bolster prices in most of the world s major Stock exchanges. Stock prices closed either slightly lower or mixed on most foreign Stock markets. The Only exceptions were the Montreal and Toronto exchanges. The to Ronto Industrial Index surged ahead 4.60 Points to 146.21. The Montreal Market moved higher in All sectors. Analysts said there were no specific news developments to account for the spectacular gain. They had been anticipating a sizable rally for Days be cause of heavy Selling during the past six weeks. They said eager investors would be drawn into the Market by the exceptionally Low prices prevailing. Prices had been going Down without interruption at a rate that was said John w. Schulz a partner in the new York brokerage firm of Abra Ham co. The Market has been Panicky and irrational. The idea that stocks Are too cheap eventually penetrates even an irrational watching the Market men crowd around window of Park Avenue broker age House in Manhattan wednesday to get a look at the Stock Market quotations. The Dow Jones average showed a record gain of 32.04 Points breaking a Steep decline Over the past few weeks. A Sof fat cats lbs opens fire president confers with Trade chiefs Washington a for Mer president. son led democratic spokesmen wednesday night in giving at re cent Stock Market reverses under the Nixon administration As democrats launched their drive to retain control of Congress. This is a wonderful crowd considering the Price of admission an considering the Dow Jones Johnson told More than congressmen senators party aides and lobbyists Nalany of whom paid a ticket j i Don t believe the Republican fat cats could Muster a j crowd like this John j son added. J said of the Veteran Massachusetts Democrat that he always put his country above his Par in the closest he came to al luding to his own presidential troubles Over Vietnam Johnson said Mccormack never said or did anything that made the Job of the president More difficult whether that president was Democrat or a referring the1 Nave be elections wished i fellow democrats All the bless Ings that i know they desert and that i. Believe we will receive next panel eyes Apollo insulation damage both Johnson making his first political appearance in Washington since leaving the presidency 16 months ago and House democratic Leader Carl Albert of Oklahoma referred to the recent severe drop in Stock prices. The Market reversed its recent trend and went up referring to the former Dent s attendance at a presiden tial luncheon earlier in the Day for retiring House speaker John w. Mccormack Albert noted Lyndon Johnson returned to the White House and the Stock Market went up 30 and Johnson told the Story of a Texas Farmer who told a for Mer White House aide that even i had enough sense to sell All the stocks i had after the 68 the dinner honoured Mccormack who announced last week he would Kot seek re elec Tion this. November. Johnson space Center Houston Tex. Chairman of the Apollo 13 review Board said wednesday there is indication wiring insulation in an oxygen tank probably received major damage prior to the space Craft s april 11 launch at Cape Kennedy. An explosion Tore away part of the spacecraft s service mod ule the night of april 13, causing the Mission s planned lunar Landing to be cancelled. Edgar m. Cortright the re View Board chairman said in a status report a special preflight de tanking procedure was applied to the service module s no. 2 oxygen tank probably caused the major damage to the wiring insulation. Cortright director of the Lan Gley research Center in Virginia said the probability that Sig ing the de tanking procedures was discovered during tests the last few Days at the Beach air Craft corp. Plant at Boulder Colo. Additional tests Are under Way to try to determine the manner in which the tank finally failed and what mechanism was needed to cause the outer panel of the service module to blow off. Cortright said results of these and other tests to substantiate the findings so far will be placed review Board when it. Meets Here next Mon Day. Southside loses state title bid Union routed a hapless Southside club capture the state baseball championship. See Page in. Federal Grants amounting to million will make it possible to begin construction on a million health careers training facility late this year. See Page -3a. A Federal court has overturned a massive busing plan for desegregation of schools Sec Page 8b. Index classified 11a comics 7b deaths 2a kid trials 4a Horoscope 71 markets sports in women Fia Carswell fund drive under Way Washington a a nationwide drive to raise Mil lion to finance the Campaign o g. Harrold Carswell the reject cd supreme court nominee Foi a . Senate seat from Florid was announced wednesday by sen. Edward j. Gurney r. Fla he said plans Are underway to form a committee of one Mil lion in a conservative crusade for Carswell. Gurney said the goal is to raise million through a drive aimed at conservatives who feel Carswell was turned Down by Ultra Liberal senators who did t want to see a conserva live on the supreme a Washington firm which con ducts fund raising drives for conservative candidates Only Richard a. Viguerie co. Inc., will handle the direct mail Economy Strong stans new York a Secre Ary of Commerce Mauric Slans said wednesday the has c american Economy is a Strong As Ever and the 1970 will show a tremendous asked about the current 1 quiddity stans a forme Wall Street financial Leader said i Don t concede there s liquidity crisis or any other Typ of crisis in the As for the current gloom Ove the Economy stans told news men that while the Stock Marke was Down one third from the thigh Point of the Dow Jones a Economy of the country has not gone Down any Hing close to he said he had Learned during Lis years on Wall Street where he was president of Glore for an William r. Staats inc., never to say which Way the Market will go. But the Market fund raising Campaign said. Gurney Width in partly Cloudy and warm through Friday with Chance of afternoon and evening . Highs in upper 80s lows in 60s. Details Page 7a. Carswell resigned some weeks ago from the . Fifth circuit court of appeals to run against rep. William c. Cramer Tor the Republican nomination for the scat of demo Colic sen. Specs Sard Holland who is not seeking reelection. Resume and Advance i hink relatively stans met reporters while the Dow Jones average was in the midst of its 32-Point est single Day gain Ever. Stans also was asked about lie possibility of Price and wage controls. He replied we think lose who propose wage and Rice controls forget How much Ley disliked them when we had Iem he further predicted that the Market should respond by Loving upward further when be . Military Effort in Cam Odia ends. The Commerce Secretary poke to newsmen after and Ressing the annual financial conference of the american Ilan gement association. Meanwhile Secretary b f labor George p. Shultz said wednesday he saw no Chance of the administration moving to impose wage or Price controls because of the economic situation. I Don t believe there s any Chance Well have wage or Price he told a news conference. The president is firmly against them and i just think that is not a realistic pro Spect in the cambodians guard Viet Cong sympathizers in water filled ditch captured men allegedly tried to make map of cambodian positions u. S. Warplanes attack antiaircraft positions Saigon a american warplanes attacked antiaircraft guns in North Vietnam for the first time since the massive raids May 2-3, the . Com Mand said wednesday. A communique said two air Force f4 phantom fighter bombers struck at gun positions about 100 Miles North of the de militarized zone after the ene my fired on an unarmed recon Naissance plane. Results of the raid which occurred monday were unknown and spokesmen said no . Planes were hit. As in the past the command described the attack As a protective reaction an inherent right of . Reconnaissance aircraft and their armed escorts had flown unchallenged Over North Vietnam since the first weekend n May when scores of planes rail freight rate hikes approved Washington a the interstate Commerce commis Ion a u t h o r i Zed railroads wednesday to put selective Reight rate increases of up to 5 or cent into effect on 10 Days notice. The higher rates would be temporary and subject to refund f the commission finds later hey Are excessive. The commission announced he temporary authority As it Rico cd imposition Tif a 6 pc cent rate increase across the Board which the railroads had asked in March. The 6 per cent increase was suspended pending a full investigation. Most of t no railroads filed for the increase March 3, contend ing that sonic lines were in financial Straits despite an ear Lier 6 per cent increase approved by the commission last november. A spokesman for the rail roads Penn Central lawyer Edward a. Kaier said the Industry is disappointed the full increase was not granted but added it is encouraged that additional revenues will be made available to meet rising costs. The railroads arc confident that the completing its investigation will find the original proposal was completely justified and will approve the full Kacir said. Ranged across the Border and blasted gun and missile e placements. . Reconnaissance planes escorted by fighter bombers have been photographing North vietnamese defences and troop and Supply movements since the bombing halt of nov. Nine planes have been shot Down since last during the May 2 raids. Elsewhere enemy gunners shot Down two . Helicopters in Cambodia and two in South Vietnam and a fifth crashed on cambodian soil from an in sown cause spokesmen said. The three copters lost in Cam Jodia wounding six crewmen brought to 28 the number of . Aircraft downed in Cambodia since the Allied offensive was launched april 29. Two americans were killed and one wounded in a Light observation helicopter that was hit enemy ground fire and exploded in the air about two Miles from the cambodian Bor Sec Wak planks Page secrecy cloaks Parley Washington a presi Dent Nixon invited 45 businessmen Bankers Finan Ciers and personal the White House wednesday Light for a closed discussion of he faltering Economy the devastated Stock Market and the military move into Cambodia be met during the Day with his our principal economic advis Heads of the Treasury department the Council of eco nomic advisers and the budget Bureau plus the chairman of the quasi Independent Federal re serve Board. The White House would pro vide no details of this meeting but All its participants except budget director Robert p. Mayo were on the guest list for the White House dinner. Twenty five of the 45 non gov Ern ment guests Are from new York City. They include both the president and chairman of the new York Stock Exchange Robert w. Haack and Bernard Lasker and Ralph s. Saul chairman of the american Stock Exchange. The president s Friend and neighbor c. G. Bebe Rebozo if key Biscayne fla., and or. V. Kenneth Riland a new York who once treated Nix in also were invited. One conspicuous Absentee was avid Rockefeller chairman of he Chase Manhattan Bank who arlier this week urged Nixon to make a Public Appeal for a Nore responsible attitude to Ward wage and Price increases n the part of both business and Abor. Rockefeller normally is in used in the government s discussions with Bankers but dept 7 press Secretary Gerald l. Barren said he did not know Hether the new yorker had Een invited the White House would pro Ide almost no information bout the dinner and said the advisers meeting was not specifically in preparation for it. Even As the four advisers let the Stock Market provided s first cheery news in Days Ith a record 32.04-Point Rise in be Dow Jones Industrial Index it to 663.20. The in More than made up for in precipitous declines on Mon a and tuesday. Some observers attributed the Harp gain to Hopes Nixon would suggest some positive action using his meeting with Finan ers but whip e House press pc rotary Ronald l. Ziegler said in discussion would concern economic policies which we ave discussed Nixon is faced with rising pressure for some sort of Effort exert direct influence on age and Price increases. Paul w. Mccracken chair Lan of the Council of economic advisers emphatically rejected mandatory Price and wage con ols at a los Angeles news on Ferenec tuesday and said he cos Little Merit in voluntary iras urls

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