Market Drops as Rates Rise Hit Stock Trading
NYSE stocks weaken after rising rates widen losses. The Dow fell to near a three month low, with General Motors slipping to 57 and Phelps Dodge active amid large share blocks. US Home tumbled as Ben Harrison resigns and stock buyback plans proceed. Composite index slid to 52.56, market value down 0.38.
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Hy Chet
NEW York (Ap
Dan Jones
Phelps Dodge
General Motors
Saudi Arabia
US Home
Ben F. Harrison
Harrison
NYSE
American Stock Exchange
Reagan outlines plan to preserve canal sovereignty and shift budget
President Reagan defended U S sovereignty over the Parana Canal and surrounding zone and proposed a treaty to phase out canal control. He pledged a systematic transfer of about a quarter of the 96 billion federal budget to state and local governments, funding welfare programs and arts ends, while some programs could be canceled.
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Reagan
Parana Canal
National Endowments For the Arts and Humanities
Independent News Shop Advertises Subscriptions
The High Point Enterprise presents a general subscription offer with mail payments and local delivery details. It lists prices, payment terms, and states it is published as a secondary matter of the Post Office. Delivery and distributor responsibilities are noted.
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High Point Enterprise
Estamiines
Reiipocer Dunes
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Subic
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Ece
Natendl Advertising Representabves
O Neill Favored For Speaker With Broad Support
Washington AP report says Thomas P ONeill Jr drafted letters to 287 Democrats confirming his candidacy for speaker and seeking backing. The Massachusetts native and liberal, with 165 to 166 pledged votes, is viewed as likely to become speaker if Democrats keep their House majority after November elections.
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Thomas P
Tip" O'Neill Jr
House of Representatives
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Oklahoma
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Congress
House
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California
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Missouri
Albert
Cambridge
Mass
Democratic Party
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Elizabeth Ray Promises Second Book On Washington Scandals
Washington AP report notes guard placed in Rep Wayne Hays office after threats amid a sex payroll scandal. Elizabeth Ray says she has started a second book about her Washington experiences, discusses recordings, and recounts her past role on the Administrations Committee staff.
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Wayne Hays
Capitol
Hays
Rayburn House
James M Powell
Washington Star
Elizabeth Ray
Ins Administration
New
Alexandria
Ohio
Miss Ray
Administration Committee
Carol Clawson
Ohio Democrat
Democratic Congressional Campaign Committee
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Powell
Thesman
First Lady Betty Ford Joins Brown Campaign Stop
Los Angeles AP report says California Gov Edmund Brown Jr and First Lady Betty Ford shook hands on campaign trails. Brown, a Democrat, welcomed Mrs. Ford to California as hospital dedication events marked the visit. Mrs. Ford’s husband seeks the Republican nomination in the GOP primary.
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Los Angeles
California
Edmund Brown Jr
Betty Ford
Brown
Ford
Republica
Ford-Heralded Split Delegates Poll On Veep Picks
The AP survey shows 389 Ford delegates prefer Reagan as second choice by about 25 percent, while Connally garners scattered second-choice mentions mostly from Reagan backers. Rockefeller attracts about 15 percent of Ford delegates. Baker and Richardson trail. Interviews continue as the race tightens ahead of the convention, with Ford criticizing Reagan's foreign policy and asserting restraint on busing and military action.
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Rockefeller
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Lew Howard Baker
Tennessee
Dam Collapse Floods Idaho Regions After Reservoir Breach
Thousands faced evacuation as a earthen dam failed spilling its reservoir amid delayed construction. Sheriff Ford Smith said the event triggered alarms and area warnings. Downstream rivers swelled threatening farms, homes, and businesses with hundreds damaged or destroyed and many evacuated into temporary housing on Saturday.
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Bureau of Reclamation
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Idaho
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Rev Moon Admits Arms Making
NEW YORK AP The Rev Sun Myung Moon says 10 percent of output in its Korean tool factories are small weapon parts for South Korea s government Newsweek International says This is Moon s first admission of arms production He has built a Korea industrial group with 15 million dollars in annual sales making heavy machinery to shotguns His church thrives under Park Chung Hee s regime Rep Peter Peyser NY and the IRS are examining the church s tax exempt status
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Sun Myung Moon
South Korea
Newsweek International
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Unification Church
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Park Chung Hee
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Internal Revenue Service
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