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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
May 21, 1966
Page
2
The Dow Jones Industrial Average faces a steep decline from its April 21 high as multiple indicators reveal persistent selling. Despite occasional intraday rallies, breadth remains negative, with investors awaiting a potential May–June bottom and a shift back to quality stocks in the second half of 1966.
The piece surveys investor sentiment amid fears of inflation and tighter credit as the Federal Reserve and markets respond. It notes mixed signals from US stocks and bond yields, with the market acting erratically and traders driving much of the turnover.
Government reports show April living costs higher across food, clothing, housing, and services, with a 0.8% rise and a 1.4% year-to-date jump. Labor Department notes factory wages slipped amid rising prices while consumer purchasing power fell to 86.9 cents on the dollar. President Johnson advocates careful policy and stresses the economy is not a roller coaster, as manufacturing slows and price increases outpace other economic indicators.
Indonesian Foreign Minister Adam Malik says President Sukarno strongly objects to proposals that Malik travel abroad for talks with Malaysian officials. Malik reports Sukarno was furious and advised him not to go abroad, offering no elaboration on compliance.
Chief mediator Davis L. Cole plans Sunday talks with Mayor Lindsay as 10 unions seek to end the 28 day strike. Three more unions reach terms, but a major hurdle remains the Newspaper Guild and publishers over staff selection. Cole will brief Lindsay at Gracie Mansion on negotiation sk
New York traders saw a rare two rally week as the Dow Jones rose 0.78 to 876.89 amid a four week downturn. Analysts warned this rebound might be temporary, with many expecting more seesaw action before a true bottom or new uptrend forms.
London reports hundreds of ships idle as merchant seamen strike nears week two. Tuamen refuse to tow vessels, threatening food imports and national welfare. Harold Wilson weighs a state of emergency, Royal Navy potentially manning ships. Market turmoil follows as pound wobbles amid Bank of England support. Labour faces rifts and wage policy doubts as economy strains.
UPI report says IRS will send two agents to Saigon next week to probe currency and black market dealings by American civilians and service members in South Viet Nam. Pentagon confirms 148 people investigated in eight months. 78 military, 46 civilians, with 26 military court martialed and 15 punished other than court martial.
The tax collector reports April net receipts at 9.9 billion versus 8.5 billion a year earlier, boosting expectations for the fiscal year. First ten months total 79.1 billion as economy strengthens. Prospects include a potential 1 to 2 billion positive shift and new corporate tax collection measures starting mid June.
New York physicians from the Department of Public Health agreed to support a mass walkout by city public health nurses over pay. Grace McFadden, head of the nurses, warns she will resign, citing degradation of the profession. City mediator Morris Tarshis plans a meeting to avert the mass resignations as nurses seek parity with municipal hospital staff who recently won higher pay.
Odell C. Hasten and Donald W. McDowell, two Los Angeles convicts with escape plans, were found crouched in a lightly loaded garbage truck at San Quentin's gate. Warden James W. L. Park said the fugitives faced a grim fate if the truck had been loaded for later trips.
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