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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jun 04, 1966
Page
4
The market drifted in a dull, inconclusive pattern with the Dow around the 900 area and the industrial average showing limited upside. Volume remained weak while rails showed better forecasting and several electronics issues like General Instrument and Magnavox rose modestly on favorable charts.
In Hremerton Washington on Thursday officials reported narrow market interest with 1 345 issues crossing the tape. The discussion centers on proposed tax exemption for taxpayers supporting a mentally retarded dependent, amid broader patterns linked to Sen Warren G Magnuson and mid May D-Wash trade discussions.
A lengthy market analysis notes a rally after a weeks-long drop from 860 to 800 with the Dow Jones Industrial Average near 880. Experts compare the pattern to a year ago, citing oversold conditions, a potential double bottom, and the need for quiet consolidation. The piece also mentions anticipated summer moves and warnings of further bear risk. A separate AP brief reports Rev. James Nixon, pastor of a Grosse Pointe church, is transferred to Saginaw after inviting Black congregants.
U S officials warn rationing wheat for foreign markets may be needed as stockpiles shrink from 1.411 billion to about 455 million bushels by year end. Labor reports show strong hiring for graduates in engineering, science, and teaching with starting salaries up to 850 monthly, while many grads delay due to military service.
A dense ledger lists investment trusts, securities, and market figures including Berkshire Hathaway, Pioneer National, and Union funds. It notes bond and stock prices, fund totals, and various corporate entities with scattered references to growth, infrastructure, and energy sectors.
In Croydon, three doctors with a large national health practice began providing chauffeured rides to private patients. Patients are picked up, visiting the doctor, then driven home. They report fewer house calls, more emergencies covered, and limited costs as insurers and car expenses are shared.
San Diego dispatch reports twenty survivors and the captain’s wives aboard the 441 foot Greek freighter Aktor claim they will not disclose details of the sinking. Coast Guard officials said the vessel, owned by Aktor Shipping Co and registered in Cypriot registry, departed Havana for Redu China with a cargo of sugar when bad weather struck 800 miles southwest of here. All 27 aboard were aboard the Pigneee Main. seven crewmen were rescued by Kendall Fish and are en route to Iono tulu. Survivor Fotis Vogiagis, with a broken leg, is among those arriving.
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