01 Jun 1962
Page 1
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Newspaper
Newport Daily News
Location
Newport, Rhode Island, United States of America
Date
Jun 01, 1962
Page
1
Market activity sharply declined as selling pressure swept through stocks led by industrials and utilities. Major indexes fell while investors queried congressional probes into market practices and the health of credit systems amid volatile trading.
A Naval Base employee drowned in the YMCA pool on Mary Street in Tiverton after falling in and failing to be revived by bystanders and rescue teams. Firemen and rescue wagons responded but efforts were futile. The victim, whose father and wife are named in reports, died at the scene.
Adolf Eichmann walked to the gallows at Ronileh Prison near Tel Aviv after Israel hanged him for his part in the Nazi program to exterminate Jews. The former Gestapo official died quickly on the trap door as authorities announced his execution followed a Supreme Court rejection of his appeal. Eichmann, who had claimed he acted under orders, faced a final public moment as Israel closed a chapter in its reckoning with the Holocaust.
President Kennedy and Mrs Kennedy plan a summer vacation at the Downey home on Squaw Island near their summer place at Myannis Port Massachusetts. Caroline and John Jr will join when agreed. The White House confirms the family will spend mid June through July there with weekend stays for the President.
City funds outlined a stable tax rate at $55 with no change in the rate as assessors prepare new valuations. Mayor Hambly announced after an hourlong closed session with Tax dssencer Seein and Tax Col lector Lewis that growth is anticipated only if assessments rise, while the council approved a budget ordinance unchanged from first reading, cutting $131,000 from the school budget and planning a new city manager search.
In Saigon area an explosion near Tha Son about 120 miles southwest of Saigon wounded one U S Army sergeant and killed four Vietnamese soldiers. Fifteen Vietnamese were injured in the blast reported by an American official.
The Rhode Island Supreme Court unanimously upholds a ruling allowing night racing. Track owners and homeowners challenged the decision, but the court affirmed the Licensing and Regulation Commission’s authority over racing, noting no nearby residences were harmed and citing the state’s revenue considerations.
In Moscow the Soviet Union raised prices on meat and butter to finance a lagging agricultural program amid food shortages. Butter climbs 25 percent to 1.83 a pound, pork and beet up 30 percent to 0.88 a pound. Officials cited lower domestic salaries and defenses, noting city residents will bear much of the burden as state stores fix prices by decree.
Western powers and the Soviet Union agreed to a summer recess for the disarmament talks in Geneva. Negotiations opened March 11 and will pause mid June, resuming July 16 in New York, as nonaligned participants urged a delay. The U.S. and Soviet envoys sparred over base elimination and nuclear weapons delivery, with Stele defending gradual disarmament.
In Saigon South Viet Nam three American missionaries remain unaccounted after a Wednesday night abduction from a Lepet camp by Viet Cong guerrillas. Search teams scoured jungle 130 miles northeast of Saigon near Ban Me Thuot with involvement from Rev Thomas G Mangin director of the Christian and Missionary Alliance in South Viet Nam. Missing are Rev A E Mitchell Ellensburg Washington Daniel Gerber Dalton Ohio and Dr Eleanor A Vietti Houston Texas. Viet Cong left Mitchell's wife and four children and four American nurses unharmed at the camp.
Senator Hubert H. Humphrey urged a 2 to 4 percent cut in corporate taxes and a 2 percent cut in personal taxes to boost the economy. He warned that delaying action will hurt markets as the stock gyrations prompt calls for a 7 million dollar market investigation. The administration indicated no immediate tax cut, while a broader tax overhaul may offset lost revenue with new provisions.
Federal investigators uncovered a safety deposit box linked to Billie Sol Estes in Texas as they pursue names cash or records. Authorities disclosed the discovery on Thursday but Estes and his lawyers showed no willingness to permit a contents check.
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