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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 20, 1966
Page
2
The Dow weakens to the 810s amid a broad market decline. Analysts flag a potential test of 860 as a pivotal bottom before any sustained rebound. Labor talks and higher prime rates dampen hopes for quick recovery while bonds and currencies add to the market's cautious mood.
The list opened modestly lower on Thursday as news spread that several union leaders urged members to reject the pending airline settlement. Trading proved thin with few issues able to participate until late. Industrial averages closed at new yearly lows, while rail and utility indices posted a seventh straight session of losses.
The Los Angeles based Accidental Oil Corps reports discovery of iron ore at Walker River Reservation Nevada. Holes yield 46.5% iron with copper ore up to 1.5 percent. depths reach 3 200 feet. Company plans more drilling and stockholder letters over the weekend.
Anatoli Derberashvili rode a specially equipped motorcycle to the 18,481 foot peak of Mount Elbrus, Europe's highest, in Russia. Despite subzero temperatures and strong winds, Tass reported he left the bike at the summit and descended on foot, proving the feat after two years of effort.
In Sunnyvale a banker ignored a warning and called police when a demand for 20000 in small bills was received. Paulette Basdlanon, 44, reportedly freed herself from ropes after two men posing as deivorymen tied her to a chair during the aborted June and the incident prompted a large police response.
Federal judge Bonsal ruled two Texas Gulf Sulphur insiders Crawford and Clayton traded on undisclosed information about a Timmins copper strike, while ten other insiders and the company were cleared. The ruling found Stephens, Fogarty, Lamont and others not charged. details mix stock moves with unrelated violent incident notes.
Washington Udall secretary of interior accuses a California lumber company chief of pressuring to move operations to protect a proposed national park. The discussion touches on mill quotas and the use of whips at a prison in Arkansas amid broader convicts negotiations and park plans.
Sen. Robert F. Kennedy urged the Johnson administration to boost Head Start funding, arguing $327 million reaches only about 30 percent of deprived children. He contrasted this with massive spending on a supersonic jet and Vietnam aid, urging $200 million more to aid 210,000 children. Shriver defended current limits, noting other programs compete for money.
In a secretary statement the focus was on the location of logging operations along the state park boundary and within Mill Creek watershed. The emphasis remains on preserving great trees as the main purpose of the park and its surroundings.
In Chamonix France two German alpinists stranded on a ledge since Sunday remained alive as rescue teams hovered above and below their sleeping bags. Officials said the climbers, exhausted and low on food, were willing to move but had little energy as sun threatened to melt ice.
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