28 May 1970
Page 1
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Newspaper
Medicine Hat News
Location
Medicine Hat, Alberta, Canada
Date
May 28, 1970
Page
1
President Nixon held a White House session with a blue ribbon group of business and economic leaders amid a faltering economy. The meeting followed Wall Street’s surge to a record one day gain, renewing hopes for positive signals from the administration.
White House hosted a 45 member dinner of business and financial leaders after the stock market hit a decade low. Officials cited fears of a $9.2 billion deficit versus a $1.3 billion projection, while urging spending cuts and defense restraint amid inflation recession and the Cambodia invasion. Ron Ziegler said the event was to hear concerns and avoid preannouncement of policy moves.
The Tokyo stock average unofficially rose to 2009.10, up 79.46 points after Wall Street’s record rally. Buyers returned with aggressive orders amid hopes of easing the credit squeeze, while Tokyo’s move followed a late NY rebound and broader gains across major markets.
Toronto context of a Toronto Stock Exchange sponsored conference hears US economist Eliot Janeway warn of a Dow plunge toward 500 but note encouraging signs in the economy. Arthur Smith of the Economic Council of Canada urges a growth program for mid term while Margaret Mead pushes ecological business models. Smith advocates growth around five percent annual rate, despite policy tensions.
The New York Stock Exchange ticker runs three minutes behind in heavy trading as orders flood in. By 10 30 a m the Dow Jones industrial average stood at 676 27 up 13 07 with advancing issues leading decliners about five to one.
Ottawa reports rotating postal strikes could extend through the summer as talks with the Treasury Board stall. Union co chairmen Decarie and Houle vow to press the fight, with potential national walkouts and no strike pay while seeking a mediator to end the deadlock. Local strikes began in Winnipeg and Windsor, with negotiations continuing at the committee level.
North Vietnamese and Viet Cong troops fought into Prey Veng, withdrawing after street fighting. In other fronts, a district HQ fell on the Phnom Penh Angkor Wat highway, and an American artillery convoy was ambushed near Mimot. Casualties: 93 guerrillas killed as U.S. toll drops to the lowest weekly figure since May 1.
Rome CP report quotes Canadian External Affairs Minister Mitchell Sharp arguing that a U S sale of jet fighters to Israel would not help the Middle East and that Soviet intervention in Egypt worsens the situation. He criticizes Quebec’s former government for ambiguity and notes the Quebec election clarifies Canada France relations as the Liberal government pledges federalism.
At Expo 70 Trudeau joins a disco theque celebration turning a formal reception into a raucous night. RCMP aid, sunglasses on, he partners with a pavilion worker as reporters scramble to keep pace. The Quebec pavilion hosts a mega afterparty with bands and a VIP crowd, ending after midnight as crowds spill out.
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